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Analysis of the Effects of Environmental Disclosure, Social Disclosure, and Governance Disclosure on Financial Performance in Companies Listed in the ESG Sector Leader Index of the Indonesia Stock Exchange in 2023 Rosalia, Rosalia; Prihandini, Wiwiek
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 8, No 1 (2024): IJEBAR : Vol. 8, Issue 1, March 2024
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v8i1.13882

This study aims to analyse the influence of Environmental, Social and Governance Disclosure on the Financial Performance of Companies Listed in the ESG Sector Leader Index of the Indonesia Stock Exchange in 2023. It is hoped that this research will provide investors with new insights into the factors that can influence financial performance as measured by Economic Value Added (EVA). In this way, investors and other financial stakeholders can consider the research findings in their decision making. The data were processed using ordinary least square (OLS) analysis, which includes a series of classical assumption tests and multiple linear regression tests to examine the results of the influence of independent variables on the dependent variable. The test results indicate that environmental disclosure, tested using four sub-variables, showed that operational carbon disclosure did not affect EVA, while product and service carbon disclosure positively affected EVA, natural resource use disclosure positively affected EVA, and emissions, effluents, and waste disclosure did not positively affect EVA. Social disclosure, tested using two sub-variables, shows that community relations disclosure and occupation health and safety disclosure do not affect EVA. Governance disclosure, tested using two sub-variables, showed that governance disclosure did not affect EVA, while business ethics disclosure did not positively affect EVA. Keywords: Environmental Social Governance (ESG), Environmental disclosure, Social disclosure, Governance disclosure, Economic Value Added

PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN PADA SEKTOR ENERGY DAN BASIC MATERIAL YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE TAHUN 2021–2023 Muhammad Azril Fakhrizal Anshari; Wiwiek Prihandini
JURNAL ILMIAH EDUNOMIKA Vol. 8 No. 4 (2024): EDUNOMIKA
Publisher : ITB AAS Indonesia Surakarta

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

This reseacrh aims is to examine the impact of environmental, social, governance (ESG) disclosure and financial performance consisting of profitability ratios, liquidity ratios, solvency ratios and activity ratios on firm value which is proxied by Tobin’s Q. The data used in this study are secondary data, including financial statements, annual reports, and sustainability reports published by the company. The sample of this reseacrh consisted of 105 observations selected using purposive sampling from energy and basic material sector companies listed on the Indonesia Stock Exchange during the 2021-2023 period. This research is a quantitative study using a multiple linear regression model with fixed effect (FEM). The data was analyzed using eviews 12. The result of this researchs show that financial performance proxied by total asset turnover ratio has a positive and significant influence on firm value. Meanwhile, environmental, social, governance (ESG) disclosure and financial performance proxied by the return on equity ratio, current ratio and debt to equity ratio has no significant influence on firm value. Keyword: ESG Disclosure; Financial Performance; Firm Value

ESG Disclosure in the Sustainability Reports of Indonesian Banks 2022 Prihandini, Wiwiek
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 8 No 4 (2024): IJEBAR, VOL. 08 ISSUE 04, DECEMBER 2024
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v8i4.16854

The increasing global emphasis on Environmental, Social, and Governance (ESG) principles has led to heightened expectations for corporate transparency and accountability, particularly in the banking sector. ESG disclosure in sustainability reports serves as a key instrument in ensuring that banks integrate sustainable finance practices into their operational and investment strategies. However, variations in ESG rating methodologies and reporting frameworks present challenges in assessing the credibility and comprehensiveness of ESG disclosures. This study examines the extent of ESG disclosure in the sustainability reports of Indonesian banks, comparing the practices of state-owned and private banks. Using content analysis, this research evaluates ESG disclosures based on 31 indicators derived from the International Finance Corporation (IFC) ESG Framework. The findings indicate that while some banks provide structured ESG disclosures, many still lack depth and quantitative detail, with key environmental and governance aspects often underreported. The results also highlight a correlation between ESG disclosure and bank size, where larger banks tend to have more structured and transparent sustainability reports. Additionally, ESG disclosure levels in sustainability reports are found to align with bank rankings in the IDX ESG Leader Index, suggesting a potential relationship between voluntary disclosure practices and external ESG assessments. This study contributes to the ongoing discourse on ESG reporting standards by advocating for more standardized, comprehensive, and globally aligned ESG disclosures in the Indonesian banking sector. The research provides recommendations for regulators, investors, and banks to enhance ESG transparency, reduce greenwashing risks, and strengthen the credibility of sustainability reports. Keywords: ESG Disclosure, Sustainability Reports, Banking Sector, IFC ESG Framework, IDX ESG Leader, Content Analysis

The Determinants of Tax Avoidance during the Covid-19 Period in the Property and Real Estate Industry Published on the Indonesia Stock Exchange (IDX) 2020-2022 Khoirulloh, Hafizh; Prihandini, Wiwiek
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 7 No 4 (2023): IJEBAR, Vol. 7 Issue 4, December 2023
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v7i4.12356

This research aims to analyze the determinants of Tax Avoidance during the Covid period. The observed variables are Profitability, Leverage, Sales Growth, and Company Size. Agency theory is employed to explain the effect of these four variables on Tax Avoidance. The Property and Real Estate industry listed on the Indonesia Stock Exchange is chosen as the research sample, given its susceptibility to government policies during COVID-19. The results indicate that Profitability, Sales Growth, and Company Size affect Tax Avoidance, while Leverage does not affect Tax Avoidance. The research results do not show a difference in the research model between the period before and during Covid-19. Keywords: Tax Avoidance, Profitability, Leverage, Sales Growth, and Company Size

Analysis of the Effects of Environmental Disclosure, Social Disclosure, and Governance Disclosure on Financial Performance in Companies Listed in the ESG Sector Leader Index of the Indonesia Stock Exchange in 2023 Rosalia, Rosalia; Prihandini, Wiwiek
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 8 No 1 (2024): IJEBAR : Vol. 8, Issue 1, March 2024
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v8i1.13882

This study aims to analyse the influence of Environmental, Social and Governance Disclosure on the Financial Performance of Companies Listed in the ESG Sector Leader Index of the Indonesia Stock Exchange in 2023. It is hoped that this research will provide investors with new insights into the factors that can influence financial performance as measured by Economic Value Added (EVA). In this way, investors and other financial stakeholders can consider the research findings in their decision making. The data were processed using ordinary least square (OLS) analysis, which includes a series of classical assumption tests and multiple linear regression tests to examine the results of the influence of independent variables on the dependent variable. The test results indicate that environmental disclosure, tested using four sub-variables, showed that operational carbon disclosure did not affect EVA, while product and service carbon disclosure positively affected EVA, natural resource use disclosure positively affected EVA, and emissions, effluents, and waste disclosure did not positively affect EVA. Social disclosure, tested using two sub-variables, shows that community relations disclosure and occupation health and safety disclosure do not affect EVA. Governance disclosure, tested using two sub-variables, showed that governance disclosure did not affect EVA, while business ethics disclosure did not positively affect EVA. Keywords: Environmental Social Governance (ESG), Environmental disclosure, Social disclosure, Governance disclosure, Economic Value Added

Digital Resilience and Financial Stability: Rethinking the Strategic Role of FinTech, AI, and CBDC in Indonesia and Emerging Economies Prihandini, Wiwiek; Safaria, Siti
Journal of Business, Finance, and Banking Vol. 1 No. 1 (2025): Journal of Business, Finance, and Banking (JBFB)
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jbfb.v1i1.970

In the era of accelerating digital transformation, financial systems in emerging economies face a dual challenge: harnessing the potential of innovation while safeguarding systemic stability. This paper examines the strategic role of Financial Technology (FinTech), Artificial Intelligence (AI), and Central Bank Digital Currency (CBDC) in enhancing financial resilience and ensuring macroprudential stability, with a particular focus on Indonesia as a leading example of digital financial integration in the Global South. Drawing on comparative policy analysis, global regulatory trends, and Indonesia's policy innovations—such as the Quick Response Code Indonesian Standard (QRIS), Bank Indonesia’s Garuda Project, and the Financial Services Authority’s (OJK) regulatory sandbox—this study proposes an integrative framework that links digital innovation with governance architecture and institutional readiness. The findings reveal that while FinTech accelerates inclusion, AI enhances predictive supervision, and CBDCs improve monetary control, their effectiveness depends on adaptive regulation, cross-sectoral coordination, and data governance. The paper also highlights the risks of regulatory fragmentation, algorithmic bias, and digital inequality if innovations outpace institutional preparedness. In response, the study outlines policy recommendations centered on principle-based supervision, digital financial resilience strategies, and ethical frameworks for AI and CBDC. Theoretically, this research contributes to the evolving discourse on digital-era macroprudential governance; practically, it offers a roadmap for policymakers to build robust, inclusive, and sovereign financial ecosystems.

Digital Financial Literacy and Financial Inclusion in Indonesia’s Digital Economy Prihandini, Wiwiek
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 9 No 3 (2025): IJEBAR: Vol. 9, Issue 3, September 2025
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v9i3.18500

The digital economic transformation in Indonesia has expanded public access to financial services through the development of fintech, digital banking, and electronic payment systems. However, this increased access has not been matched by a corresponding ability to understand and manage digital financial risks. This study aims to analyze the current condition of digital financial literacy (DFL) in Indonesia, the challenges that hinder digital financial inclusion, and strategies for strengthening DFL policies. Using a qualitative descriptive approach based on literature and document analysis, this research draws on data from Financial Services Authority and Central Statistics Agency (SNLIK 2024–2025), Bank Indonesia, AFTECH, as well as literature from the OECD, World Bank, and IMF. The findings reveal that although financial inclusion has reached 80.51%, the DFL rate remains relatively low (around 54–56%), creating a gap between digital access and financial capability. Social and behavioral factors, combined with weak inter-agency coordination, exacerbate online fraud risks and erode public trust. Therefore, enhancing DFL requires cross-institutional policies, integration of digital literacy into the national financial inclusion strategy, and community-based financial education programs. Improving DFL is key to building a secure, inclusive, and equitable digital financial ecosystem that supports Indonesia’s sovereign digital economy. Keywords: digital financial literacy, financial inclusion, digital economy, financial behavior, Indonesia

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