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ESG Performance and Its Role in Mitigating Stock Price Crash Risk: Evidence from Indonesian Listed Companies Agustin, Isnaini Nuzula; Caesaria, Julia Ananda; Haryanto, Hery
Golden Ratio of Auditing Research Vol. 6 No. 1 (2026): July - January
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i1.1820

Abstract

This study examines the extent to which ESG performance influences stock price crash risk (SPCR) among companies listed on the Indonesia Stock Exchange (IDX). Using ESG Score data from the Refinitiv database, this study analyzes 232 firm-year observations from 2018 to 2023. SPCR is measured using Negative Skewness (NSKEWNESS), an indicator capturing the asymmetry of return distributions that reflects the buildup of hidden bad news and Down-to-Up Volatility (DUVOL), which captures downside volatility relative to upside movements. Regression results show that the aggregate ESG Score significantly reduces SPCR when measured with NSKEWNESS, indicating that firms with stronger ESG engagement are less likely to experience extreme negative price declines. When decomposed, the Environmental and Social components significantly mitigate SPCR, while Governance exhibits a negative but insignificant effect. However, none of the ESG components significantly influence DUVOL, suggesting that ESG practices may be more effective in addressing long-term crash risk rather than short-term price volatility. These findings highlight the role of ESG in promoting market resilience and underscore the importance of transparent and comprehensive sustainability reporting for corporate managers, investors, and regulators.
- DIGITAL SALES BOOST: OPTIMALISASI MEDIA SOSIAL PADA UMKM AKONG KOPITIAM Agustin, Isnaini Nuzula; Purwianty, Lily; Putri, Inda Meyllya
Jurnal Gembira: Pengabdian Kepada Masyarakat Vol 3 No 06 (2025): DESEMBER 2025
Publisher : Media Inovasi Pendidikan dan Publikasi

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

Abstract

Kegiatan pengabdian ini bertujuan untuk mengoptimalkan pemanfaatan media sosial sebagai strategi pemasaran digital bagi UMKM Akong Kopitiam. Permasalahan utama UMKM adalah rendahnya konsistensi promosi digital, keterbatasan pengetahuan pemasaran online, serta belum optimalnya penggunaan platform seperti Instagram dan TikTok. Metode yang digunakan meliputi wawancara, observasi, dan analisis dokumen untuk mengidentifikasi kebutuhan mitra. Implementasi dilakukan melalui penyusunan konten kreatif, penjadwalan unggahan, penggunaan Instagram Ads dan TikTok Ads, serta kolaborasi dengan food vlogger lokal. Hasil kegiatan menunjukkan peningkatan signifikan pada jangkauan dan engagement akun media sosial UMKM. Instagram mencapai 14.722 tayangan dan peningkatan akun yang dijangkau hingga 6.822, sedangkan TikTok memperoleh 4.829 tayangan dengan pertumbuhan pengikut baru. Strategi digital marketing terbukti meningkatkan brand awareness, memperluas jangkauan pasar, serta mendukung potensi peningkatan pendapatan UMKM. Kegiatan ini memberikan rekomendasi bagi UMKM untuk mempertahankan konsistensi konten dan mengalokasikan anggaran rutin untuk periklanan digital.
Assessing the moderating role of geopolitical risk in the nexus between ESG performance and stock price crash risk: a GMM approach Agustin, Isnaini Nuzula; Tan, Michelle; Marheni, Dewi Khornida
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.v26i3.26923

Abstract

Research aims: Amid rising global geopolitical upheaval, geopolitical risks progressively influence market volatility, particularly in Indonesia. This study examined the relationship between sustainable performance and stock price crash risk (SPCR), with geopolitical risk as a moderating variable.Design/Methodology/Approach: Data were collected from companies with environment, social, and governance (ESG) scores in the Refinitiv database over 2019-2023, resulting in 236 observations. Data analysis was conducted using the system generalized method of moments (GMM) approach, effectively addressing small sample size and endogeneity.Research findings: ESG performance imposed a negative and significant impact on SPCR. Furthermore, integrating ESG and geopolitical risk could reduce a stock market crash risk. A robustness test using coarsened exact matching provided consistency in these results.Theoretical contribution/Originality: This study introduces geopolitical risk as a moderating variable in the ESG-SPCR relationship, an area underexplored in current literature, particularly within Indonesia’s stock market. The results support the buffering hypothesis, reinforcing the need to incorporate geopolitical risk assessment while mitigating market crashes through ESG practices.Practitioner/Policy implication: Insights from this study guide policymakers and investors in mitigating market risks by integrating ESG performance and geopolitical risk assessment, particularly in environmental management,Research limitation/Implication: Reliance on a single ESG rating source may limit generalizability. Future research should incorporate multisource databases to capture measurement divergence.
Analisis Resiko Bank Terhadap Kinerja Keuangan pada Bank Konvensional dan Bank Syariah Daren Daren; Yulfiswandi Yulfiswandi; Isnaini Nuzula Agustin
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 3 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v7i3.10140

Abstract

Penelitian ini bertujuan untuk mengeksplorasi dan menganalisis efek dari Risiko Kredit, Risiko Likuiditas, Risiko Pasar, serta Pertumbuhan Ekonomi terhadap kinerja perbankan. Sampel yang digunakan dalam penelitian ini mencakup 47 bank yang terdaftar di IDX dalam kurun waktu 2019-2023. Sampel didapatkan dengan metode purposive, menghasilkan total 47 bank sebagai sampel. Variabel independen diukur melalui rasio-rasio tertentu, yaitu NPL untuk Risiko Kredit, LDR untuk Risiko Likuiditas, NIM untuk Risiko Pasar, dan GDP untuk Pertumbuhan Ekonomi. Kinerja Bank sebagai variabel dependen diukur menggunakan rasio ROA dan ROE. Temuan analisis menunjukkan bahwa ROA, ROE, dan Pertumbuhan Ekonomi tidak memiliki dampak signifikan terhadap Kinerja Bank, sedangkan Risiko Pasar terbukti memberikan pengaruh yang positif dan signifikan terhadap kinerja bank tersebut.
Gender Diversity and CEO Profile in Relation to Firm Value in Indonesia: Insights from Dividend Payout Ratio Analysis Candy, Candy; Wendy, Wendy; Agustin, Isnaini Nuzula
Jurnal Ilmu Manajemen Vol. 15 No. 2 (2026): Jurnal Ilmu Manajemen (On Progress)
Publisher : Universitas Muhammadiyah Palembang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32502/jim.v15i2.1280

Abstract

This study investigates the moderating effect of the dividend payout ratio on the relationship between gender diversity, CEO profile, and firm value. CEO profile is assessed through gender, age, education level, and tenure. The study uses a sample of 130 companies listed on the Indonesia Stock Exchange (IDX) over 2019–2023 period, with secondary data obtained from company websites and the IDX portal. Panel data regression analysis was conducted using EViews 12 to examine the direct effects of gender diversity and CEO characteristics on firm value, as well as the moderating role of the dividend payout ratio. The results reveals that CEO education, profitability, and tenure have a positive and significant effect on firm value, while CEO age and firm size exhibit negative effects. The dividend payout ratio significantly moderates the relationship between gender diversity, CEO characteristics, and firm value, highlighting its strategic importance in corporate governance.
Revisiting EKC hypothesis through Income Inequality and Environmental Degradation in ASEAN-5 Countries Agustin, Isnaini Nuzula; Putri, Inda Meyllya; Marheni, Dewi Khornida
Jurnal Economia Vol. 22 No. 1 (2026): February 2026
Publisher : Faculty of Economics and Business, Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/economia.v22i1.82118

Abstract

This study examines the influence of GDP, corruption, financial development and Trade Openness on environmental degradation within the framework of the Environmental Kuznets Curve (EKC) hypothesis in ASEAN-5 emerging countries. Further, this study investigates the mediating role of income inequality. Utilizing panel data from 1990 to 2022 and the Autoregressive Distributed Lag (ARDL) approach, the findings found support the existence of a U-shaped EKC hypothesis, implying that while economic growth initially degrades environmental quality, it ultimately leads to improvements at higher income levels. The results noted that corruption exacerbates income inequality while trade openness and financial development affect income inequality in the long run. Additionally, the results posit the role of income inequality as a mediator. The results highlight the importance of implementing policies aimed at reducing corruption and income inequality to enhance environmental outcomes thus providing crucial insights for policymakers seeking to balance economic development with environmental sustainability.
Foreign Direct Investment in Indonesia and Its Macroeconomic Dynamics Candy, Candy; Ng, Charles; Agustin, Isnaini Nuzula
Studi Ilmu Manajemen dan Organisasi Vol 6 No 4 (2026): Januari
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/simo.v6i4.6175

Abstract

Purpose: This study investigates the effects of exchange rates, interest rates, human capital, and Gross Domestic Product (GDP) on Foreign Direct Investment (FDI) inflows in Indonesia in both the short and long run. Research Methodology: This study employs secondary monthly time-series data from January 2014 to June 2024 and Applies the Autoregressive Distributed Lag (ARDL) approach to examine the dynamic relationships among variables. The analysis was conducted using EViews 12, supported by stability tests and multicollinearity diagnostics. Results: The ARDL bounds test confirms the existence of a stable long-run cointegrating relationship among the variables. The estimation results show that GDP has a positive and statistically significant effect on FDI in both the short and long run. In contrast, the exchange rate, interest rate, and human capital do not exhibit statistically significant effects on FDI in either period. Model stability tests indicate that the ARDL specification is structurally stable, although a relatively high degree of multicollinearity is observed between human capital and GDP. Conclusions: The findings indicate that Foreign Direct Investment (FDI) inflows in Indonesia are primarily driven by economic growth, as reflected by Gross Domestic Product (GDP), while other macroeconomic variables play a limited direct role. Limitations: This study was limited by multicollinearity issues and the use of a relatively narrow set of macroeconomic variables. Contributions: This study provides empirical evidence on the determinants of FDI in Indonesia using the ARDL framework and offers policy-relevant insights emphasizing growth-oriented investment strategies.
Co-Authors Agustino Agustino Aisyah Fitriana Albert Lee Alex Alvin Alvin Amanda Az Zahra Amelia Putri Amelia Putrii Ana Anchao, Wang Andre Steven Andryanto Andryanto Arienda Gitty Ramadani Audrey Saudjhana Caesaria, Julia Ananda Candy, Candy Charles Tjan Danielson Daren Daren Devin Devin Dewi Sunarwati Dian Sabrina Syaharni Ellen Ellen Elvi Juriana Erick Erick Erika Gustian Fauzi Erlin Erlin Erni Erni Fahlevi, Renza Fariono Fariono.ong@gmail.com Febby Lionna Febryna Adinda Syafutri Fiona Lysion Giorgyna, Giorgyna Gita Aulia Hans Yonathan Hendri Wijaya Hendry Charles Hernando Hery Haryanto Hesniati, Hesniati Ilianto Tri Sagianto Ivander Luktio Jasmine, Florentina Jeffry Setiawan Hartono Jeffry Setiawan Hartono Jennifer Jennifer Jenny Jenny Jenny, Jenny Jesty, Jesty Johny Budiman Joy Happy Jones Justyanita, Justyanita Kelvin Kelvin Kenny Marcella Lily Purwianti Lim, Michelle Angel Limanda, Kelfi Yanti Lina Lina Liu, Michelle Selvia Lukito, Ivander lydia then Maggie, Maggie Mahendra, Rizky Adi Marheni, Dewi Khornida Ma’muriyah, Ni’matul Meliana Meliana Melodya, Deslyn Michell Phang Milke Selviah Muhamad Fajar Ronansyah Nathalia Kristiani Nevi Ariyu De Utami Ng, Charles Nia Rusiana Nopry Nopry Novi Aprillia Novita Chris Ohanna, Nida Oskar, Franky Pebiana Pebiana Purwianty, Lily Putra Ramadhan Putri, Ayesha Antonia Putri, Inda Meyllya Rehman, Saeeda Rico Lim Gestu Robin Robin, Robin Ryan Harsana Jasa Safitri, Destiana Salsabilah Sirait Samuel, Yang Songsen Sembiring, Eginta Imanuel Septiyani, Estin Rose Sherina Yoren Shevia, Shevia Steven Steven Suhendri, Nindi Suprapto, Yandi Suryati Suryati Suryati Suryati Tan, Michelle Tasya Gebee Hasvia Then, Lydia Tiara Maharani Tina Sulistiawati Tri Suhartati Ur Rahman, Haseeb Vannesa Flesya Venny Angelin Vernando, Lovis Vincent Vincent, Vincent Vivian Vivian Wendy William kho Willyana Willyana Winda Lius Yodiputra, Jason Yulfiswandi, Yulfiswandi