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All Journal Jurnal Keuangan dan Perbankan INTECOMS: Journal of Information Technology and Computer Science EKUITAS (Jurnal Ekonomi dan Keuangan) Jurnal Bisnis dan Akuntansi JMD: Jurnal Riset Manajemen & Bisnis Dewantara Jurnal MEBIS (Manajemen dan Bisnis) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Locus Penelitian dan Pengabdian Journal of Applied Sciences in Accounting, Finance, and Tax Factory Jurnal Industri, Manajemen dan Rekayasa Sistem Industri International Journal of Multidisciplinary Sciences and Arts Journal Research of Social Science, Economics, and Management Eduvest - Journal of Universal Studies Jurnal Pengabdian Masyarakat dan aplikasi Teknologi International Journal of Business and Management Technology in Society (IJBMTS)
Hakim, Muhammad Saiful
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Aerospace Engineering Automotive Engineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Mathematics Neuroscience Social Sciences Other

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The Influence of CEO Characteristics On Environmental, Social, & Governance (ESG) Strategies In Non-Financial Sector Companies Listed On The Indonesian Stock Ex-change (IDX) Safitri, Ika; Hakim, Muhammad Saiful; Dewangga, Leonardus Arya; Jauhari, Muhammad Haris
Eduvest - Journal of Universal Studies Vol. 4 No. 7 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i7.1578

Abstract

Global issues such as climate change, social injustice, and corporate misconduct have driven the emergence of the Environmental, Social, & Governance (ESG) concept as the foundation of business and investment strategies. While Indonesia has been a pioneer in ESG bond issuance, further steps are still needed to support national policies and ensure alignment with ASEAN and G20 goals in supporting sustainable finance. This study aims to determine the effect of CEO characteristics, namely Gender and Education, on the Environmental, Social, & Governance (ESG) of companies listed on the Indonesia Stock Exchange (IDX). The literature shows that Gender, Education, and CEO Experienxe affect the company's funding policy and capital structure, but the impact on ESG implementation is unclear. This study used a sample of 365 with a total of 73 companies. The data processing method used is panel linear regression analysis using RStudio software. The results showed that CEO gender has an insignificant positive effect, CEO education has a significant positive effect, and CEO experience has a significant negative effect on the ESG strategy score. The results of the study are expected to help companies in making policies to improve ESG and help investors in choosing ESG companies.
Does intellectual capital determine the firm's investment efficiency? Evidence from Indonesia Khasanah, Siskha Nur; Hwa, Pan Wei; Hakim, Muhammad Saiful
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 4 (2024): Dinasti International Journal of Economics, Finance & Accounting (September - O
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i4.3150

Abstract

Companies now recognize that success depends not only on physical assets but also on effectively utilizing intangible assets like intellectual capital to outperform competitors. In other hand, achieving the most effective investment decisions is a core concern in corporate finance and a primary objective for management in a company. However, uncertainty of outcome and a lack of measurement metrics often lead to inefficient investments. This study intends to assess the relationship between intellectual capital (IC) on investment efficiency (IE). The data is processed using panel data regression on non-financial public companies in Indonesia with an observation period of 2010-2023. Our analysis discovered that the human capital (HCE) of a firm statistically has a significant positive impact on investment efficiency. Second, the capital component (CEE) is negatively affecting investment efficiency. At the same time, no relationship was found between structural capital and investment efficiency.
THE MODERATING ROLE OF MANAGERIAL OVERCONFIDENCE IN THE NEXUS OF MANAGERIAL ABILITY AND FIRMS LEVERAGE Kunaifi, Aang; Ninglasari, Sri Yayu; Cempaka, Santy Dwi; Hakim, Muhammad Saiful
Jurnal Bisnis dan Akuntansi Vol. 27 No. 2 (2025): Jurnal Bisnis dan Akuntansi (in progress)
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34208/c5yktm43

Abstract

This study aimed to investigate the impact of managerial ability on corporate financial leverage and examine the moderating role of managerial overconfidence in Indonesian publicly listed firms. The analysis was based on 1,440 firm-year observations from 2017 to 2020 and used fixed-effects regression models with firm clustered standard errors. The results showed that higher managerial ability was positively associated with greater financial leverage. Furthermore, it was found that managerial overconfidence increased this effect, suggesting that highly capable yet overconfident managers were more inclined to increase debt levels, potentially due to greater risk tolerance. This study contributed to the corporate finance literature by showing how cognitive biases interacted with managerial competence to influence leverage decisions, an interaction largely overlooked in traditional capital structure theories. These results offered practical implications for corporate governance, emphasizing the importance of complementing evaluations of managerial ability with behavioral assessments to minimize excessive risk-taking. In the context of emerging markets, this study emphasized the need for institutional reforms that consider both managerial skills and psychological traits in executive decision-making. 
ESG and Technology Investment: Evidence of Their Synergistic Effect on Corporate Valuation Al Badar, Muh Havid; Hakim, Muhammad Saiful
International Journal of Multidisciplinary Sciences and Arts Vol. 5 No. 1 (2026): International Journal of Multidisciplinary Sciences and Arts, Article January 2
Publisher : Information Technology and Science (ITScience)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/ijmdsa.v5i1.7809

Abstract

This study examines the individual and synergistic effects of digital technology application, represented by information technology capital expenditure (Capex IT), and Environmental, Social, and Governance (ESG) performance on corporate valuation, measured using Tobin’s Q. The analysis investigates whether technology investment and sustainability performance operate as complementary strategic drivers of firm value. The empirical results indicate that Capex IT exhibits a consistently positive and statistically significant influence on corporate valuation, suggesting that technology-related investments enhance operational efficiency, competitive advantage, and market expectations of future growth. In contrast, ESG performance demonstrates a negative and significant relationship with Tobin’s Q across several baseline model specifications, implying that ESG initiatives may not yet be fully priced by the market or may involve short-term costs that outweigh perceived benefits. However, when ESG is decomposed into its environmental, social, and governance components and included simultaneously, the aggregate ESG effect becomes positive and significant, indicating that a more balanced and integrated sustainability structure contributes to value creation. Moreover, the interaction term between Capex IT and ESG Score reveals a positive and significant effect on firm value, providing strong evidence of a synergistic relationship. This finding suggests that digital technology investment enhances the effectiveness, transparency, and market relevance of ESG initiatives. Overall, the results highlight the role of technological capability as a critical enabler that amplifies the value relevance of sustainability performance, offering important implications for managers and investors seeking to integrate digital transformation and ESG strategies to strengthen long-term corporate valuation.
Feasibility Study of Bitumen Asphalt (Asbuton) Plant in Mass-Production Scale Silalahi, Rochelle Trixie; Hakim, Muhammad Saiful; Baihaqi, Imam; Sinansari, Puti; Putri, Anandita Ade
International Journal of Business and Management Technology in Society Vol. 2 No. 2: December 2024
Publisher : Direktorat Riset dan Pengabdian Kepada Masyarakat, Institut Teknologi Sepuluh Nopember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12962/j30254256.v2i2.7930

Abstract

Purpose – This study aims to assess the operational and financial feasibility of mass-producing Asbuton (Buton natural asphalt) as a sustainable alternative material for road construction in Indonesia. Methodology – This study adopts a feasibility study framework integrating operational and financial analyses. The operational assessment covers plant location selection, plant capacity determination, facility layout planning, and production process evaluation. Financial feasibility is analyzed through projected cash flow estimation based on capital and operational expenditures, employing investment appraisal indicators such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP). A sensitivity analysis is further conducted to evaluate the impact of price variations on project viability. Findings – The results indicate that the proposed Asbuton production plant is both operationally and financially feasible. The financial indicators demonstrate satisfactory investment performance, while sensitivity analysis shows that the project remains viable under reasonable fluctuations in key economic variables. Technological advancement and efficient operational planning play a critical role in improving cost efficiency and competitiveness. Originality – This study offers a comprehensive feasibility assessment by integrating operational design, financial evaluation, and sensitivity analysis for large-scale Asbuton production. It contributes empirical evidence to the limited literature on natural asphalt commercialization in emerging economies, particularly Indonesia.
Co-Authors Aang Kunaifi Al Badar, Muh Havid Alfarizi, Muhammad Anandita Ade Putri, Anandita Ade Anwar, Aldi Khoirul Arofah, Ulfa Cempaka, Santy Dwi Dewangga, Leonardus Arya Fatah, Saifullah Firmansyah, Maulidin Iqbal Hakim, Nabila Silmina Hwa, Pan Wei Imam Baihaqi Inaya, Laylatul Jannah, Hannifah Miftakhul Jauhari, Muhammad Haris Khasanah, Siskha Nur Liu, Chih Liang Muslimah, Ana Hanifah Nareswari, Ninditya Nikmah, Uliyatun Noer , Lissa Rosdiana Noer, Bustanul Arifin Safitri, Ika Setyaningrum, Radini Vindy Silalahi, Rochelle Trixie Sinansari, Puti Sri Yayu Ninglasari Windoko, Sindhu Priyo Yunita, Rizki Dini Sandra Zharifa, Naila Qanita