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All Journal MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah JAM : Jurnal Aplikasi Manajemen
Rahmania, Thriyani
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering

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The Impact of Risk-Based ESG Scores, Return on Asset (ROA) and Return on Equity (ROE) on Firm Value Rahmania, Thriyani; Ermawati, Wita Juwita; Suprayitno, Gendut
MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah Vol. 20 No. 2 (2025): Manajemen IKM
Publisher : Institut Pertanian Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/mikm.20.2.167-179

Abstract

The urgency to understand the impact of risk-based Environmental, Social, and Governance (ESG) and financial factors on firm value remains high, especially for listed companies in Indonesia. Indonesia is a disaster-prone country. World Risk Report in 2021 shows that Indonesia ranks 38th out of 181 countries in the "High" disaster risk category, with an index score of 10.67, and in the "Very High" Risk Exposure category, with an index score of 21.30. This study examines the impact of risk-based ESG scores, ROA, and ROE on firm value. Using a quantitative and purposive sampling method, the research applies a panel data regression analysis of 300 observations from companies listed on the Indonesian Stock Exchange (2019–2023) with Sustainalytics ESG Risk Ratings. While the combined effect of ESG risk scores, ROA, and ROE significantly influenced firm value, partial analysis revealed no individual significance. The results underscore the need for Indonesian firms to integrate ESG practices holistically to enhance stakeholder trust and financial outcomes, while regulators should refine policies to incentivize ESG risk mitigation, particularly in high-risk sectors.
Beyond ESG Scores: Exploring Financial Mediation for Energy Sector Growth in Indonesia and Thailand Rahmania, Thriyani; Ermawati, Wita Juwita; Suprayitno, Gendut; Thanasrivanitchai, Jul
Jurnal Aplikasi Manajemen Vol. 23 No. 4 (2025)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

Indonesia and Thailand face high disaster risks and severe environmental degradation, particularly due to unsustainable practices in the energy sector. This situation highlights the urgent need for companies to adopt sustainable business models to ensure long-term growth and resilience. The purpose of this study is to examine the impact of Environmental, Social, and Governance scores on the Sustainable Growth Rate of energy sector companies in Indonesia and Thailand, considering the mediating role of financial performance. The research employs a quantitative explanatory approach. The population consists of all energy sector companies listed in Indonesia and Thailand, with non-probability Sampling used to select companies that disclose ESG data in the Refinitiv database for the period 2019 to 2023, resulting in a total of 55 observations. Using panel data regression with a Random Effects Model and the estimation method Cluster-Robust Finite-Sample Standard Error. This estimation approach was chosen to overcome the limited number of companies and the potential for heteroscedasticity between cross-sectoral units. The results show no significant direct impact of Environmental, Social, and Governance on Sustainable Growth Rate, in contrast to financial performance, which has a significant influence. Additionally, financial performance does not have a mediating effect between Environmental, Social, and Governance pillars and Sustainable Growth Rate. This suggests that ESG implementation in these energy sectors has not yet evolved into a key strategy for sustainable growth, highlighting the need for stronger policy enforcement and comprehensive Environmental, Social, and Governance integration to improve sustainability and investor confidence.
Co-Authors Gendut Suprayitno Thanasrivanitchai, Jul