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All Journal Conference In Business, Accounting And Management (Cbam) 2012 Maksimum : Media Akuntansi Universitas Muhammadiyah Semarang Jurnal Manajemen Bisnis JDM (Jurnal Dinamika Manajemen) JURNAL AKUNTANSI UNIVERSITAS JEMBER BAKI (Berkala Akuntansi dan Keuangan Indonesia) Jurnal Akuntansi Bisnis Benefit: Jurnal Manajemen dan Bisnis Jurnal Ekonomi dan Bisnis Jurnal Bisnis dan Akuntansi Perspektif Akuntansi E-Jurnal Akuntansi TSM Jurnal Pijar : Studi Manajemen dan Bisnis Jurnal Akuntansi Manado (JAIM) Jurnal Akuntansi
Mitha Dwi Restuti
Universitas Kristen Satya Wacana
Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences Other

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ESG AND FIRM PERFORMANCE: THE MODERATING ROLE OF BOARD DIVERSITY Amalia Adnindya; Mitha Dwi Restuti
Jurnal Bisnis dan Akuntansi Vol. 26 No. 2 (2024): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34208/jba.v26i2.2518

Abstract

ESG likely affects firm performance because better ESG practices improve firm image among investors, stakeholders, and the public. Besides, ESG practices will reduce long-term operating costs and facilitate firms to acquire access to capital from their investors. In this respect, board diversity, especially gender and age, is critical because boards of directors are crucial in implementing ESG practices. Board diversity likely strengthens or weakens the relationship between ESG performance and firm performance. This study seeks to test the impact of ESG on firm performance among Indonesian publicly listed firms in 2014-2022. Studies on ESG in Indonesia, especially using ESG scores, remain limited, thus necessitating further studies. Our sample is Indonesian firms engaging in ESG practices, as indicated by ESG score in 2014-2022, resulting in 305 firm-year observations. We test the hypotheses using multiple linear regression. The results demonstrate that ESG positively affects firm performance. Further, board diversity, especially gender, strengthens the positive impacts of ESG performance on firm performance. Nevertheless, the board of directors’ age diversity does not moderate the positive effect of ESG on firm performance, suggesting that better ESG practices will improve firm performance and the impact is stronger when firms have more female directors.
STRATEGIC TYPOLOGY AND ITS CONTEXTUAL ROLE IN SHAPING THE ESG-FIRM VALUE NEXUS Karina Praadhi Pambudyaningtyas; Mitha Dwi Restuti
Jurnal Bisnis dan Akuntansi Vol. 27 No. 2 (2025): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34208/7dny8941

Abstract

 In the pursuit of long-term survival and growth, firms must strengthen investor relations and secure stakeholder trust to enhance share prices, thereby reflecting greater firm value. Investment decisions today extend beyond financial metrics, incorporating sustainability considerations through the Environmental, Social, and Governance (ESG) framework. To fully capture ESG’s value-creating potential, firms operate within distinct strategic typologies that shape their competitive responses. The prospector typology emphasizes innovation and market exploration, whereas the defender typology focuses on efficiency and market stability. This study examines the influence of ESG performance on firm value, while recognizing strategic typology as a contextual factor in this relationship. Using 639 firm-year observations from Indonesian Stock Exchange–listed firms with ESG scores from Refinitiv Eikon (2014–2024), regression results reveal that ESG performance significantly enhances firm value. This positive association persists across both prospector and defender strategies, highlighting ESG’s universal relevance as a driver of firm value. This research underscores ESG performance as a sources of value creation for firms and highlights the importance of aligning sustainability practices with firms' strategic characteristics, particularly within the context of emerging markets.
Unmasking Cost Stickiness in The Era of Digital Transformation Phan Meliana Wijaya; Mitha Dwi Restuti
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 1 (2026): Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.16.1.2026.049-065

Abstract

This study examines how digital transformation shapes cost behavior in Indonesia’s consumer non-cyclical sector. Analyzing 326 firm-year observations (2021–2023) using Generalized Least Squares, the findings reveal cost anti-stickiness: firms cut expenses more aggressively during revenue declines. Digital transformation, however, increases cost stickiness due to high upfront investment, adjustment barriers, and strategic optimism, while labor productivity and working capital improve cost flexibility. The results highlight a paradox: digitalization constrains short-term flexibility but reinforces long-term resilience. Firms must therefore balance technology investments with operational agility to build adaptive cost structures in volatile environments.
PERAN KINERJA ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) DAN KEPEMILIKAN INSTITUSIONAL DALAM MENINGKATKAN NILAI PERUSAHAAN Angelina Verity Iskandar; Mitha Dwi Restuti
E-Jurnal Akuntansi TSM Vol. 6 No. 2 (2026): E-Jurnal Akuntansi TSM
Publisher : Pusat Penelitian dan Pengabdian kepada Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34208/ejatsm.v6i2.3402

Abstract

Sustainability has emerged as a central consideration for investors, stakeholders and society, driving firms to balance financial performance with long-term responsibility. The growing integration of the Sustainable Development Goals (SDGs) into investment decision making further amplifies the strategic importance of Environmental, Social, and Governance (ESG) practices. This study examines the effect of ESG performance and institutional ownership on firm value among firms listed on the Indonesia Stock Exchange (IDX). Using a sample of 446 firm-year observations from 2014 to 2022, with ESG score obtained from Refinitiv Eikon, the analysis is conducted using Generalized Least Squares (GLS) method. The findings reveal that ESG performance positively influences firm value, suggesting that firms with stronger ESG practices are better positioned to achieve sustainable growth and mitigate long-term risks. In addition, institutional ownership is found to enhance firm value, highlighting the effective monitoring role of institutional investors in improving corporate performance. These results underscore the strategic importance of ESG integration and ownership structure in driving firm value, particularly in emerging markets.
Co-Authors - Melvina Amalia Adnindya Angelina Nadia Saputra Angelina Verity Iskandar Arlin Effendy, Arlin Carolina Carolina, Carolina Cecilia Nathaniel Devira Nourma Anjani Diva Cicilya Nunki Arun Sudibya, Diva Cicilya Evi Linawati Firdha Ayu Anggraeni Hadiluwarso, Melina Alicia Karina Praadhi Pambudyaningtyas Kurnia Rizki Amanda Luluk Widyaningrum Maria Rio Rita Masiakh , Johan Arista Rapha El Novrianto patawaran Phan Meliana Wijaya Pratiwi, Sri Nahda Rizky Putri, Alika Shahrani Yeterina Widi Nugrahanti