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All Journal ETIKONOMI JURNAL ECONOMIA Economic Journal of Emerging Markets Jurnal Keuangan dan Perbankan MUQTASID Assets : Jurnal Ekonomi, Manajemen dan Akuntansi Jurnal Promosi Pendidikan Ekonomi PROFIT : Jurnal Administrasi Bisnis Equilibrium Journal of Accounting and Investment Jurnal Mirai Management Tazkia Islamic Finance and Business Review Jurnal Riset Akuntansi dan Keuangan Agregat: Jurnal Ekonomi dan Bisnis JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen EKONOMIS : Journal of Economics and Business Jurnal Ekonomi & Keuangan Islam REKAMAN (Jurnal Riset Ekonomi Bidang Akuntansi dan Manajemen) TIJAB (The International Journal of Applied Business) Distribusi Muqtasid: Jurnal Ekonomi dan Perbankan Syariah EQIEN - JURNAL EKONOMI DAN BISNIS Jurnal Manajemen Strategi dan Aplikasi Bisnis YUME : Journal of Management Almana : Jurnal Manajemen dan Bisnis Jurnal Bisnis dan Akuntansi JURNAL PEMASARAN KOMPETITIF Jurnal Ilmiah Poli Bisnis Dialektika: Jurnal Ekonomi dan Ilmu Sosial Jurnal Sains dan Teknologi Jurnal Manajemen Bisnis dan Kewirausahaan Prosiding National Conference for Community Service Project Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Inovasi Ekonomi Jurnal Pengabdian kepada Masyarakat Nusantara EKOMABIS: Jurnal Ekonomi Manajemen Bisnis Jurnal Disrupsi Bisnis Jurnal Investasi Islam Komitmen : Jurnal Ilmiah Manajemen Asian Management and Business Review International Journal of Science and Society (IJSOC) Jurnal Minfo Polgan (JMP) Jurnal Pengabdian Masyarakat : Pemberdayaan, Inovasi dan Perubahan Golden Ratio of Finance Management Golden Ratio of Auditing Research JAMBURA: JURNAL ILMIAH MANAJEMEN DAN BISNIS JURNAL ECONOMINA Media Bina Ilmiah Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Conference on Management, Business, Innovation, Education and Social Sciences (CoMBInES) Conference on Community Engagement Project (Concept) Madani: Jurnal Pengabdian Masyarakat dan Kewirausahaan GEMBIRA (Pengabdian Kepada Masyarakat) Business Innovation Management and Entrepreneurship Journal Jurnal Manajemen Maranatha Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Jurnal Ilmu Manajemen
agustin, isnaini nuzula
Universitas Internasional Batam
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Financial Literacy as a Moderator of Behavioral Biases in Investment Decisions Johny Budiman; Dewi; Isnaini Nuzula Agustin
Agregat: Jurnal Ekonomi dan Bisnis Vol. 10 No. 2 (2026)
Publisher : Universitas Muhammadiyah Prof. DR HAMKA.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/agregat_vol10.i2/23816

Abstract

This study examines how four behavioral biases overconfidence, herding, loss aversion, and mental accounting affect investment decisions among stock investors in Indonesia. Primary data were collected through questionnaires from individual stock investors, yielding 506 responses, of which 400 valid responses were analyzed. Data analysis employed Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS 4. The results indicate that overconfidence, herding, loss aversion, and mental accounting have significant positive effects on investment decisions, with mental accounting showing the strongest influence. Financial literacy significantly moderates the relationships between overconfidence, loss aversion, mental accounting, and investment decisions. However, financial literacy does not significantly moderate the relationship between herding and investment decisions. These findings suggest that investment decisions are influenced not only by behavioral biases but also by investors’ financial literacy, highlighting the importance of financial knowledge in understanding and managing behavioral tendencies in investment decision-making.
THE IMPACT OF CARBON RISK ON STOCK RETURNS AND VOLATILITY: THE MODERATING ROLE OF ENVIRONMENTAL INNOVATION Isnaini Nuzula Agustin; Darwin; Yandi Suprapto
KOMITMEN: Jurnal Ilmiah Manajemen Vol. 7 No. 2 (2026): KOMITMEN: Jurnal Ilmiah Manajemen
Publisher : FEBI UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jim.v7i2.59376

Abstract

The growing carbon risks Indonesian businesses confront as the nation moves toward a low carbon economy are the driving force behind this study. Increased regulatory expenses, reputational hazards, and market uncertainty are some of the ways that carbon concerns can impact stock performance. The purpose of this study is to examine how carbon hazards affect stock returns and stock volatility and to determine whether environmental innovation plays a moderating function. Using secondary data from 76 businesses listed on the IDX between 2016 and 2024 a total 474 observations, the study takes a quantitative approach. Panel data regression was used to analyse the data, and control variables included ROA, ROE, company size, market capitalisation, and leverage. The findings show that stock returns and stock volatility are positively and significantly impacted by carbon risk. Additionally, it was discovered that while environmental innovation had moderate effect on stock volatility, it also weaken the impact of carbon risk on stock returns. These results imply that one important tactic for reducing the effects of carbon risk and boosting investor confidence is environmental innovation. In order to assist carbon risk management and the sustainability of Indonesia’s capital market, this study has implications for businesses, investors, and regulators.
FROM CARBON EXPOSURE TO RISK MITIGATION: THE STRATEGIC ROLE OF ESG PERFORMANCE Isnaini Nuzula Agustin; Raymond Willim; Badriatul Mawadah
Distribusi - Journal of Management and Business Vol. 14 No. 2 (2026): Distribusi, September 2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/distribusi.v14i2.709

Abstract

Indonesia's economic growth has been closely linked to carbon risk over the past few decades, which has posed a threat to market risks. Although Indonesia has recently viewed carbon risk as a threat, government regulations and policies can influence fluctuations in firm stock performance. Therefore, Environmental, Social, and Governance (ESG) is a moderating variable that can mitigate this issue. Using panel data consisting of 389 firm-year observations from 71 companies listed on the Indonesia Stock Exchange, this study distinguishes the impact of carbon emissions on two firm risk dimensions: idiosyncratic risk and systematic risk. The findings indicate that carbon risk significantly influences both idiosyncratic risk and systematic risk in the baseline model. Furthermore, ESG performance has a weakening effect on the relationship between Carbon Risk and systematic risk. This demonstrates the important role of ESG performance indicators in mitigating corporate risk at the macro level. These results emphasize the role of ESG performance not only as a measure of regulatory compliance but also as an important safeguard for companies facing low-carbon transitions in the Indonesian capital market.
Carbon Footprints and Indonesia Market Dynamics: The Risk-Mitigation Role of Artificial Intelligence Innovation Isnaini Nuzula Agustin; Frendy Wijaya; Lusianus Heronimus Sinyo Kelen; Johny Budiman
Business Innovation Management and Entrepreneurship Journal (BIMANTARA) Vol. 5 No. 02 (2026): OCTOBER ISSUE
Publisher : University of Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/bimantara.v5i02.44398

Abstract

Climate transition has increased investors' concerns about carbon risk, yet evidence remains limited on how firms' technological capabilities shape market responses, particularly in emerging markets. This study examines the effect of carbon risk on stock performance and the moderating role of AI innovation among non financial companies listed on the Indonesia Stock Exchange during 2016 - 2024. Drawing on Asset Pricing Theory, Signaling Theory, and Stakeholder Theory, this study argues that AI innovation reduces investors' uncertainty by enhancing firms' environmental management and signaling stronger technological capability. Indonesia provides a relevant setting because its carbon regulation, sustainability reporting, and AI adoption are still evolving. The results show that carbon risk is marginally associated with lower stock returns and increases stock volatility, while AI innovation significantly weakens the positive effect of carbon risk on stock volatility but has no direct effect on stock returns. This study contributes to the climate finance literature by providing evidence from an emerging market and demonstrating that AI innovation serves as a strategic mechanism for mitigating the financial impact of carbon-transition risk. The findings offer implications for managers, investors, and policymakers in supporting a more resilient low-carbon transition
Does Artificial Intelligence Moderate the Effect of Carbon Risk on Firm Financial Risk in Indonesia Isnaini Nuzula Agustin; Jolin; Badriatul Mawadah
International Journal of Science and Society Vol 8 No 4 (2026): International Journal of Science and Society (IJSOC)
Publisher : GoAcademica Research & Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/ijsoc.v8i4.1787

Abstract

This study aims to analyze the effect of carbon risk on firm financial risk and examine the moderating role of Artificial Intelligence Innovation. The research focuses on carbon-intensive companies listed on the Indonesia Stock Exchange (IDX) using a quantitative research approach. Secondary data drawn from financial statements, annual reports, and sustainability reports over the period 2018-2024 (407 observations) . The data were analyzed using panel data regression and Moderation Regression Analysis (MRA). The research findings indicate that carbon risk has a positive and significant effect on firm financial risk driven by higher compliance costs, regulatory pressure, and reputational risks faced by companies with high carbon emissions. Additionally, AI innovations weakens this link by improving efficiency, risk analysis, and decision-making. The implications of this study indicate that firms should make greater use of Artificial Intelligence in their risk management strategies to strengthen financial resilience and promote sustainability. The novelty of this study lies in its analysis of the moderating effect of Artificial Intelligence on the relationship between carbon risk and firm financial risk, particularly in developing countries such as Indonesia.
GENDER DIVERSITY AND ESG PERFORMANCE: THE MODERATING ROLE OF BLOCKHOLDER OWNERSHIP Hesniati; Gladwin, Ivania Maretha; Agustin, Isnaini Nuzula
Assets: Jurnal Ekonomi, Manajemen, dan Akuntansi Vol 16 No 2 (2026): Assets : Jurnal Ekonomi, Manajemen dan Akuntansi
Publisher : Universitas Islam Negeri Alauddin Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/assets.v16i2.67796

Abstract

Purpose: This study examines the effect of gender diversity on ESG performance and the moderating role of blockholder ownership. Method: Using OLS regression, this study analyzes an unbalanced panel of 413 firm-year observations from companies listed on the Indonesia Stock Exchange during 2018–2024, selected through purposive sampling. ESG data were obtained from Refinitiv. Findings: Gender diversity positively impacts on ESG performance when measured by both the proportion of female directors (FEMALE) and the Blau Index (BLAU). In addition, the interaction terms between blockholder ownership and gender diversity are significantly positive, indicating that ownership concentration strengthens the positive effect of gender diversity on ESG performance. The robustness analysis further confirms that the positive effect of gender diversity is evident only among firms with higher blockholder ownership. Implications: Firms should promote gender-diverse boards and maintain effective governance mechanisms to maximize ESG performance. Originality/Value: This study contributes to the literature by demonstrating that the effectiveness of gender diversity depends on ownership structure, particularly in Indonesia, where ownership concentration is high and female board representation remains relatively low.
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 Badriatul Mawadah Badriatul Mawadah Candy Candy Charles Tjan Cika Maylani Cuandra, Fendy Danielson Daren Daren Darwin Devin Devin Dewi Dewi Khornida Marheni Dewi Sunarwati Dian Sabrina Syaharni Ellen Ellen 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 Florentina Jasmine Frendy Wijaya Giorgyna, Giorgyna Gita Aulia Gladwin, Ivania Maretha Hans Yonathan Hendri Wijaya Hendry Charles Hernando Hery Haryanto Hesniati, Hesniati Ilianto Tri Sagianto Inda Meyllya Putri Ivander Luktio Jasmine, Florentina Jeffry Setiawan Hartono Jeffry Setiawan Hartono Jennifer Jennifer Jenny Jenny Jessica Tania Jesty, Jesty Johny Budiman Johny Budiman Johny Budiman Jolin Joy Happy Jones Julia Ananda Caesaria Justin Justin Justyanita, Justyanita Kelvin Kelvin Kenny Marcella Lila Aprilliah Lily Purwianti Lim, Michelle Angel Limanda, Kelfi Yanti Lina Lina Lisa Teo Liu, Michelle Selvia Lovis Vernando Lukito, Ivander Lusianus Heronimus Sinyo Kelen 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 Nia Rusiana Nopry Nopry Novi Aprillia Novita Chris Ohanna, Nida Oskar, Franky Pebiana Pebiana Purwianty, Lily Putra Ramadhan Putri, Inda Meyllya Raymond Willim 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 Stefhani Susanto Steven Steven Steven Suhendri, Nindi Suprapto, Yandi Suryati Suryati Suryati Suryati Tan, Michelle Tasya Gebee Hasvia Tiara Maharani Tina Sulistiawati Tri Suhartati Ur Rahman, Haseeb Vannesa Flesya Venny Angelin Vernando, Lovis Vincent Vincent Vincent Vincent, Vincent Vivian Vivian Wendy Wendy William kho Willyana Willyana Winda Lius Yandi Suprapto Yodiputra, Jason Yulfis Wandi Yulfiswandi, Yulfiswandi