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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Gadjah Mada International Journal of Business Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan MABIS: Manajemen dan Bisnis The Indonesian Journal of Accounting Research Kontigensi: Jurnal Ilmiah Manajemen Jurnal Akuntansi dan Keuangan Indonesia Journal of Indonesian Economy and Business Jurnal Akuntansi Kontemporer
Erni Ekawati
Universitas Kristen Duta Wacana
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Social Sciences

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Empowering Nonprofits: The Role of Sustainable Spiritual Leadership in Driving Performance Kristanto, Agus Budi; Ekawati, Erni
Kontigensi : Jurnal Ilmiah Manajemen Vol 12 No 2 (2024): Kontigensi: Jurnal Ilmiah Manajemen
Publisher : Program Doktor Ilmu Manajemen, Universitas Pasundan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56457/jimk.v12i2.621

Abstract

This study investigates the impact of sustainable spiritual leadership on the performance of nonprofit organizations, specifically focusing on 64 churches within the East Java Christian Church (GKJW) Synod from 2021 to 2023. The research uses quantitative data and a multiple regression model to assess spiritual leadership across three dimensions: Pastoral Ministry, Church Ministry, and Leadership. The findings reveal that Church Ministry has a positive and significant effect on organizational performance, while Pastoral Ministry and Leadership have negative yet significant impacts. These results suggest that improving Pastoral Ministry and Leadership may temporarily reduce performance but is essential for fostering long-term sustainable spiritual leadership. On the other hand, Church Ministry produces immediate performance benefits. The study emphasizes the complexity of promoting sustainable spiritual leadership, as all three dimensions need to be harmonized for long-term organizational success and societal impact. The research offers empirical evidence, highlighting the need for balancing short-term performance outcomes with the development of sustainable leadership practices in nonprofit organizations.
The Relationships between ESG Responsibility, Earnings Management, and Tax Aggressiveness: Evidence of the Halo Effect from Indonesia Ekawati, Erni
Journal of Indonesian Economy and Business Vol 40 No 1 (2025): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i1.10099

Abstract

Introduction/Main Objectives: Sustainable firms should develop competitiveness by seeking interconnections between financial and non-financial goals. This research investigates the halo effect to shed light on the motives behind environmental, social, and governance (ESG) responsibility and tax aggressiveness engaged in by the firms dealing with real earnings management (REM). Background Problems: Do higher ESG scores improve corporate value due to corporate credibility and ethical practices, or due to the motive of doing good to cover up irresponsible practices? Novelty: Only a few studies have investigated the motivation of Indonesian companies in carrying out ESG, associated with REM and tax aggressiveness to test for a halo effect. Research Methods: This study is based on a sample of manufacturing companies listed on the Indonesia Stock Exchange between 2015 and 2019. Panel data regression models are used in testing the hypotheses. Finding/ Results: ESG scores have a positive effect on market value. The halo effect is present in manufacturing firms practicing REM. Firms entering into REM have significantly higher ESG scores. REM has a negative effect while ESG scores have a positive effect on tax aggressiveness. Conclusion: ESG scores could increase firms’ value. However, the presence of the halo effect results in higher ESG scores for firms engaging in REM. The REM activity prevents firms from aggressive tax planning, while governance responsibility encourages them to do so. The halo effect opens up the opportunity to engage in REM and tax aggressiveness. Thus, the government requires scrutiny considerations in order to avoid the unfavorable side effects of ESG enforcement.
INVESTMENT PAYOFFS OF TOP ESG PORTFOLIOS IN THREE-LARGEST ASIA’S COUNTRIES Maria Christiani; Erni Ekawati
Jurnal Akuntansi Kontemporer Vol. 17 No. 1 (2025)
Publisher : Widya Mandala Surabaya Catholic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33508/jako.v17i1.5951

Abstract

Research Purposes. The purposes of the study are to evaluate the performance of the top Environment Social and Governance (ESG) portfolios in the three largest economies and most populous countries in Asia: Indonesia, China, and India, and to capture the dynamics and payoffs of socially responsible investing (SRI) in these markets. Research Methods. The Top ESG portfolios for each country are formed by the 30 firms with the top ESG scores listed on their respective stock exchanges from 2016 to 2022, and their performance is evaluated using the five-factor Capital Asset Pricing Model (CAPM), with a Brown portfolio of firms with no ESG scores from high-sensitive industries serving as a benchmark. Research Results and Findings. The research results indicate that the Brown portfolio consistently generates abnormal returns in three countries, indicating a high level of risk, while the abnormal returns for the Top ESG portfolio vary: none were found in Indonesia and China, but they are significant in India. The findings imply that high ESG scores provide high legitimacy in the market that could drive the stock price up, and eventually benefiting SRIs through financial rewards.
Co-Authors Butar Butar, Ursula. M. R. Dea Mitzi Yusphita Eduardus Tandelilin Emy Rosiana Swandewi Candra Kristanto, Agus Budi Maria Christiani Pondaag, Rianty Nikita Lotazia Rachmat Sudarsono Rahmaniati , Ni Putu Gita Suad Husnan Umi Murtini