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The Role of ESG and External Assurance in Firm Performance: External Assurance as a Moderator Naibaho, Eduard Ary Binsar; Raudhotuzanah, Dara
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 1 (2025): JASF (Journal of Accounting and Strategic Finance) - June 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i1.572

Purpose: This study seeks to assess the impact of Environmental, Social, and Governance (ESG) factors and External Assurance on Firm Performance, with External Assurance acting as a moderating variable in the ESG-Firm Performance relationship. This research is based on agency theory, which explains the potential conflict of interest between management and shareholders over sustainability spending. Method: This research employs a quantitative methodology, utilizing panel data regression analysis. The sample consists of 120 publicly listed non-financial companies from ASEAN-5 countries over the period 2019–2023. Secondary data were obtained through a literature review from S&P Capital IQ and Thomson Reuters Eikon, and the sample was selected using a purposive sampling technique. Findings: The study’s results indicate that ESG and External Assurance have a negative impact on Company Performance, as indicated by Tobin’s Q, with coefficient values of -0.013 and -0.214. However, neither does it show a significant influence when measured by ROA. Furthermore, External Assurance influences the relationship between ESG and Company Performance (Tobin’s Q) with a coefficient value of -0.002. Still, it does not affect the relationship when ROA is used as a measure of Firm Performance. Novelty/Value: This study contributes to the current literature by providing empirical evidence on the moderating effect of External Assurance on the relationship between ESG and Firm Performance within the ASEAN-5 countries, incorporating two performance metrics.

Factors Affecting Voluntary Switching of Public Accounting Firms: What is the Role of Auditor Reputation? Naibaho, Eduard Ary Binsar; Amanda, Silvisia
Accounting Analysis Journal Vol. 13 No. 1 (2024)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/aaj.v13i1.2074

Purpose : The research examines the effects of audit opinion, company growth, and financial distress on voluntary public accountant firms’ switching, with the auditor’s reputation acting as a moderating variable. Method : Voluntary Public Accountant Firms Switching and Audit Opinion in this study are measured using dummy variables. Company Growth is measured through a proxy of sales changes, and Financial Distress is gauged using the Debt-to-Equity Ratio. The study uses a purposive sampling method and secondary data from 76 companies in the ASEAN 5 region, Japan, and Australia, all falling under the Consumer Staples sector in the S&P Capital IQ, during 2013-2022. The study uses a regression logistic model. Findings : The research indicates that audit opinion, company growth, and financial distress do not significantly impact voluntary public accountant firms’ switching. The study also demonstrates that an Auditor’s Reputation cannot moderate the impact of Audit Opinion, Company Growth, and Financial Distress on Voluntary Public Accountant Firms Switching. Novelty : Employing two periods of auditor switching, each spanning five years, to comprehensively examine the voluntary auditor switching phenomenon.

PREDICTION OF HEALTH INSURANCE PRODUCT PURCHASE ALLOCATION IN VARIOUS INDUSTRIES IN INDONESIA USING THE RANDOM FOREST METHOD Achmadi, Hendra; Naibaho, Eduard Ary Binsar; Sembel, Sandra; Lusmeida, Herlina
Milestone: Journal of Strategic Management Vol. 4 No 2 September 2024
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v4i2.8752

The objective of this research is identifying which industry can absorb the product of wealth management such as health insurance. Secondly is to identify what the most factors important to determine closing the health insurance premium. The life insurance penetration and density in Indonesia is the lowest level among the Asian country, so the data population in this research is from 38 different companies from different types of industries with 143 data sample, by using the purposive sampling. Most factors which influence the purchasing of health insurance are Listrik, Industry, domicile, age and position, whether the industry that the most contribution for the health insurance sales is banking and education industry. The methodology that is used in this research is called CRIPS-DM (Cross Industrial Standards Program Data Mining). The first steps what is the purpose of the organization, and the second is what data that needed, and continue to data preparation, after modeling, it will make an interpretation of the result, and the final steps is deployment, it will plan how it will be implemented in the real world, and the accuracy score from this model is 58%. From the result of the projection closing health insurance from each industry, it can be concluded that the most industry that closed the health insurance is Banking Industry, the second is from insurance and the third is education and the next is education, retail, health, manufacturing and finance, hospitality, legal, publishing, technology and government and service industries.

The Influence of Corporate Governance and Corporate Social Responsibility on Financial Performance in ASEAN-5 Eduard Ary Binsar Naibaho; Pande Saputra Nadeak
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study aims to analyze the influence of Corporate Governance and Corporate Social Responsibility on corporate financial performance in ASEAN-5, focusing on two performance indicators, namely Tobin's Q and Return on Assets (ROA). The method used was a regression analysis of panel data with secondary data from 144 companies listed on S&P Capital IQ during the period 2019 to 2023. This study employs the Fixed Effects research model for Model 1, while Model 2 utilizes the Random Effects model. The results of the study show that external corporate governance has no significant effect on financial performance, as measured by Tobin's Q. In contrast, debt financing has a negative impact on ROA's financial performance. In addition, market competition, as measured by the Herfindahl-Hirschman Index (HHI), did not affect Tobin's Q or ROA, while the ESG score showed no significant impact on either Tobin's Q or ROA. These findings offer valuable insights for companies to manage debt and develop sustainable strategies that enhance financial performance in a competitive market.

The effect of sustainability report disclosure on corporate financial performance with external assurance as moderation Naibaho, Eduard Ary Binsar; Nabilah, Silvia Gema
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.26885

Research aims: This study examines does sustainability report disclosure and external assurance affect Indonesian publicly listed enterprises' financial performance. This study analyses how external assurance moderates sustainability disclosure and business financial performance.Design/Methodology/Approach: This quantitative analysis uses 71 Indonesia Stock Exchange-listed non-financial companies over 5 years. Financial records, company sustainability reports, and the Indonesia Stock Exchange database gave five years of data. Sustainability report disclosure and business financial performance were examined using multiple linear regression with external assurance as a moderating variable.Research findings: Economic and social disclosures in sustainability reports improve firm financial performance. External assurance improves financial outcomes directly and supports the favorable influence of sustainability disclosures on corporate performance. These findings demonstrate the strategic importance of transparent and validated sustainability reporting for financial success.Theoretical contribution/Originality: Results demonstrate that external assurance boosts sustainability disclosure and financial success. Credible reporting supports stakeholder theory by meeting expectations and building trust. It supports legitimacy theory, which says assurance fosters company social norms. Signaling theory says external assurance indicates to investors that the firm is transparent, improving its credibility.Practitioner/Policy implication: According to the findings, practitioners should use external assurance in sustainability reporting to promote transparency, stakeholder trust, and financial performance. According to theory, credible and externally confirmed disclosures boost business sustainability efforts. To encourage accountable and trustworthy corporate reporting, policymakers could incentivize or mandate external assurance.Research limitation/Implication: The study only covers Indonesian companies; thus, future research should expand or add qualitative perspectives to acquire deeper insights.

The Influence of Corporate Governance and Corporate Social Responsibility on Financial Performance in ASEAN-5 Eduard Ary Binsar Naibaho; Pande Saputra Nadeak
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study aims to analyze the influence of Corporate Governance and Corporate Social Responsibility on corporate financial performance in ASEAN-5, focusing on two performance indicators, namely Tobin's Q and Return on Assets (ROA). The method used was a regression analysis of panel data with secondary data from 144 companies listed on S&P Capital IQ during the period 2019 to 2023. This study employs the Fixed Effects research model for Model 1, while Model 2 utilizes the Random Effects model. The results of the study show that external corporate governance has no significant effect on financial performance, as measured by Tobin's Q. In contrast, debt financing has a negative impact on ROA's financial performance. In addition, market competition, as measured by the Herfindahl-Hirschman Index (HHI), did not affect Tobin's Q or ROA, while the ESG score showed no significant impact on either Tobin's Q or ROA. These findings offer valuable insights for companies to manage debt and develop sustainable strategies that enhance financial performance in a competitive market.

Pengaruh Risiko Operasional, Risiko Kredit, dan Risiko Likuiditas terhadap Kinerja Perusahaan Naibaho, Eduard Ary Binsar; Ali Rachman, Fikram
Jurnal Kajian Akuntansi Vol 9 No 2 (2025): DECEMBER 2025: Article in Progress
Publisher : Universitas Swadaya Gunung Jati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33603/jka.v9i2.9743

This study aims to test and obtain empirical evidence regarding the impact of operational risk, credit risk, and liquidity risk on firm performance. The independent variables used in this study include operational risk, credit risk, and liquidity risk. Firm performance is measured using return on assets (ROA) and Tobin’s Q as dependent variables. The sample used consists of secondary data from the financial statements of non-financial sector companies published on the official website of the Indonesia Stock Exchange during the period 2018-2023, with a total of 606 data points. The sampling technique applied is purposive sampling, and the data analysis is conducted using multiple linear regression with the help of STATA software. The results of the study indicate that operational risk does not affect company performance (ROA) and has a negative effect on company performance (Tobin’s Q), credit risk positively affects firm performance, and liquidity risk negatively affects firm performance.

The Influence of Organizational Slack on Firm Performance Moderated by Managerial Ability Eduard Ary Binsar Naibaho; Fricilia Hardiata
Jurnal Akuntansi dan Keuangan Vol. 27 No. 1 (2025): MAY 2025
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.27.1.1-22

This study examines the influence of organizational slacks on firm performance with managerial ability as a moderating variable. We divide organizational slack into three categories: available slack (current ratio), recoverable slack (sales, general, and administrative expenses ratio), and potential slack (debt-to-equity ratio). Data envelopment analysis (DEA) measures managerial ability and firm efficiency. We collected secondary data from 678 companies in ASEAN 5, excluding the financial sector, on S&P Capital IQ for the period of 2019-2023. We used a fixed-effect panel data model with purposive sampling. The results show that available slack has a positive effect on Tobin's Q and a negative impact on ROA. Recoverable slack, potential slack, and managerial ability have a negative effect on firm performance. Managerial ability can moderate the relationship between organizational slack and Tobin's Q. Additionally, managerial ability can moderate the relationship between recoverable slack and ROA. In contrast, managerial ability cannot moderate the relationship between available slack and potential slack with ROA.

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