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A Recent Literature Review on Corporate Political Connections Trinugroho, Irwan
JDM (Jurnal Dinamika Manajemen) Vol 8, No 2 (2017): September 2017
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v8i2.12766

Abstract

It has always been an interesting issue deliberating the connectedness between corporation and political power. There have been a substantial number of papers in the academic literature empirically studying what so call “corporate political connections” over the last 17 years. Using 81 papers published in 2010-2017 in finance, economics, accounting, management and other journals, in this present paper, I provide a recent literature review on firm political connections particularly with respect to the empirical studies discussing the impact of being politically connected firms. A number of issues related to the effect of political connections on corporate strategy, behaviors and outcomes have been addressed. Few other papers provide different perspective by looking at the antecedents of corporate political connections and the contingency role of such connections. Little is found on the development of new measures of corporate political connections. Finally, it could be suggested that the interaction between political connections and the technological-based business innovation would be an interesting issue to study.
Revenue Diversification, Performance and Bank Risk: Evidence from Indonesia Hafidiyah, Mutiara Nur; Trinugroho, Irwan
JDM (Jurnal Dinamika Manajemen) Vol 7, No 2 (2016): September 2016
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v7i2.8198

Abstract

This paper examines the effect of revenue diversification on bank performance and bank risk by studying 101 conventional commercial banks in Indonesia over the period of 2010-2014 resulting in 505 observations. By employing panel least square technique, our results show that revenue diversification negatively affects bank performance. Moreover, it is found that diversified banks are riskier than specialized banks. The risk is diminished when state-owned banks diversify their business. Joint venture banks are riskier than other banks when they engage in non-interest income activities.
DO ESG RATINGS DRIVE STOCK PERFORMANCE? AN EMPIRICAL STUDY OF INDONESIAN LISTED FIRMS Imamah, Nur; Arifin, Layyin Nafisa; Darmawan, Ari; Trinugroho, Irwan; Krissanti, Aurence Dea
Jurnal Akuntansi dan Bisnis Vol 25, No 2 (2025)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jab.v25i2.1643

Abstract

As Indonesia advances its Green Economy and Sustainable Finance initiatives, Environmental, Social, and Governance (ESG) considerations have become increasingly important in corporate evaluation. The Indonesian Stock Exchange (IDX) now provides publicly accessible ESG ratings that significantly influence investor decisions, while the Financial Services Authority (OJK) actively promotes sustainable finance practices. This study examines the relationship between ESG ratings and financial performance among Indonesian publicly listed companies, specifically investigating whether profitability moderates the impact of ESG ratings on stock price performance. Using a quantitative research design, we analyze data from Indonesian public companies listed on the IDX over a defined period. Multiple regression analysis is employed to examine the relationships between ESG ratings, stock price performance, and profitability measures, including return on assets (ROA). Classical assumption tests ensure the validity of our statistical models. We hypothesize that higher ESG ratings positively influence stock price performance, reflecting growing investor preference for companies with strong sustainability practices. Furthermore, we propose that profitability serves as a moderating variable, with highly profitable companies experiencing stronger positive effects from superior ESG ratings compared to less profitable firms. The findings provide valuable insights for multiple stakeholders. Investors can better understand how ESG factors interact with financial performance in the Indonesian market context. Corporate managers can make informed strategic decisions regarding sustainability investments and their potential market impact. Policymakers can assess the effectiveness of current ESG initiatives and develop enhanced regulatory frameworks. This research contributes to the growing literature on ESG financial materiality in emerging markets.