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All Journal Jurnal Reviu Akuntansi dan Keuangan Jurnal Akuntansi & Auditing Indonesia Media Riset Akuntansi Journal The Winners Akuntansi Krida Wacana Journal of Accounting and Investment Riset Akuntansi dan Keuangan Indonesia Indonesian Journal of Sustainability Accounting and Management Jurnal Kajian Akuntansi JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Jurnal Ilmiah Manajemen Kesatuan Jurnal Ilmiah Akuntansi Kesatuan Jurnal Akuntansi dan Keuangan Indonesia Proceeding National Conference Business, Management, and Accounting (NCBMA) Jurnal Dinamika Akuntansi dan Bisnis (JDAB) Indonesian Journal of Sustainability Accounting and Management Proceeding of International Conference on Entrepreneurship (IConEnt) Riset Akuntansi dan Keuangan Indonesia Jurnal Akuntansi
Antonius Herusetya
Department Of Accounting, Faculty Of Economic And Business, Universitas Pelita Harapan, Tangerang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Mathematics Social Sciences

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Dividends, Investment Opportunities, and Company Performance: The Moderating Role of Corporate Governance Triandolla, Bunga; Herusetya, Antonius
Jurnal Akuntansi, Keuangan, dan Manajemen Vol. 7 No. 1 (2025): Desember
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7i1.5338

Abstract

Purpose: This study aims to analyze the influence of dividend policy and investment opportunities set on firm performance, with corporate governance as a moderating variable. The study focuses on mining sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Methodology/approach: This study is quantitative approach. Firm performance is proxied by Return on Equity, dividend policy by Dividend Payout Ratio, and IOS by the ratio of capital expenditure to total assets. Corporate governance is assessed through an index comprising 17 indicators aligned with the principles of Good Corporate Governance. Data analysis was conducted using panel data moderation regression with the Generalized Least Squares. Results/findings: The results indicate that dividend policy tends to positively influence ROE, whereas IOS shows no direct significant impact on ROE. Conversely, corporate governance negatively moderates the relationship between dividend policy and ROE, suggesting that stricter corporate governance weakens the positive effect of dividend policy on firm performance. However, corporate governance does not significantly moderate the relationship between IOS and ROE Conclusion: Dividends positively affect ROE; IOS has no direct effect; governance weakens the dividend effect on ROE but does not moderate the IOS–ROE relationship. Limitations: This research was limited to mining companies in Indonesia. Therefore, the results are limited to one industry and cannot be generalized to all companies in Indonesia. Contribution: This study offers practical implications, emphasizing that management of mining companies should carefully design balanced dividend policies, considering their long-term effects and highlighting the importance of effective corporate governance implementation.
Dividends, Investment Opportunities, and Company Performance: The Moderating Role of Corporate Governance Triandolla, Bunga; Herusetya, Antonius
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 1 (2025): Desember
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7i1.5338

Abstract

Purpose: This study aims to analyze the influence of dividend policy and investment opportunities set on firm performance, with corporate governance as a moderating variable. The study focuses on mining sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Methodology/approach: This study is quantitative approach. Firm performance is proxied by Return on Equity, dividend policy by Dividend Payout Ratio, and IOS by the ratio of capital expenditure to total assets. Corporate governance is assessed through an index comprising 17 indicators aligned with the principles of Good Corporate Governance. Data analysis was conducted using panel data moderation regression with the Generalized Least Squares. Results/findings: The results indicate that dividend policy tends to positively influence ROE, whereas IOS shows no direct significant impact on ROE. Conversely, corporate governance negatively moderates the relationship between dividend policy and ROE, suggesting that stricter corporate governance weakens the positive effect of dividend policy on firm performance. However, corporate governance does not significantly moderate the relationship between IOS and ROE Conclusion: Dividends positively affect ROE; IOS has no direct effect; governance weakens the dividend effect on ROE but does not moderate the IOS–ROE relationship. Limitations: This research was limited to mining companies in Indonesia. Therefore, the results are limited to one industry and cannot be generalized to all companies in Indonesia. Contribution: This study offers practical implications, emphasizing that management of mining companies should carefully design balanced dividend policies, considering their long-term effects and highlighting the importance of effective corporate governance implementation.
Analysis of Internal and External Factors Affecting Stock Prices in the Energy Sector Listed on the Indonesia Stock Exchange During 2020–2024 Almadi, Destian Fazri; Herusetya, Antonius
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 6 (2025): JIAKES Edisi Desember 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i6.4748

Abstract

The Indonesian energy sector plays a strategic role in supporting economic resilience, yet its stock performance has been highly volatile in recent years due to global commodity price fluctuations, macroeconomic instability, and major external shocks. This study aims to investigate the influence of internal financial indicators and external macroeconomic factors on the stock prices of energy-sector firms listed on the Indonesia Stock Exchange during the period 2020–2024. This study uses a quantitative method using multiple linear regression tests. The analysis includes 315 firm-year observations from 63 companies selected using purposive sampling. Profitability and leverage represent internal performance variables, while crude oil price, coal reference price, inflation, and exchange rate serve as macroeconomic predictors. The results reveal that profitability has a negative and significant effect on stock prices, while leverage shows no significant impact. Regarding macroeconomic factors, crude oil prices negatively influence stock prices, whereas coal prices, inflation, and the exchange rate exert positive and significant effects. The study concludes that stock price movements in the Indonesian energy sector are more strongly shaped by external macroeconomic conditions than by firm-specific financial ratios. These findings provide important insights for investors, managers, and policymakers in navigating the dynamics of a commodity-driven market.
Managerial Ability and Carbon Emission Disclosure: Do CEOs Care About This Matter in Indonesia? Rian Nur Aulia; Antonius Herusetya
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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

Abstract

ABSTRACT This study examines the relationship between entity managerial capability and carbon emission disclosure of publicly listed companies on the Indonesian Stock Exchange, covering the years 2019–2023. Managerial capability is measured using data envelopment analysis (DEA) at the firm level as a decision-making unit using the Demerjian et al. (2012) model, while carbon emission disclosure uses a score for carbon emission disclosure. A final set of 301 firm-year observations was obtained by using a purposive sampling method and the available carbon emission disclosure data. Data analysis using multiple linear regression found evidence contradicting the study's hypothesis, where CEO managerial capability is negatively related to carbon emission disclosure for publicly listed companies in Indonesia. This study's findings imply that carbon emission disclosure, which is part of the global temperature reduction efforts outlined in the 2015 Paris Agreement and part of the Environment, Social, and Governance (ESG) program promoted by regulators, is still not a priority for publicly listed companies in Indonesia.
The Influence of Environmental, Social, and Governance on Firm Value with Audit Quality and Ownership Structure as Moderators Yuvinus, Charles; Herusetya, Antonius
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 1 (2026): JIMKES Edisi January 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i1.4745

Abstract

In an increasingly competitive business environment, the disclosure of Environmental, Social, and Governance (ESG) practices has become a crucial factor in enhancing firm value. This study aims to examine the effect of ESG on firm value in the banking sector, considering audit quality and ownership structure as moderating variables. The sample consists of 22 banking companies listed on the Indonesia Stock Exchange during the 2017–2024 period. The research employs panel data regression analysis using the Fixed Effects Model, processed through STATA software. The findings indicate that ESG positively and significantly increases bank firm value, with audit quality acting as a positive moderator that strengthens this effect. In contrast, ownership structure does not moderate the relationship between ESG and firm value, suggesting that variations in ownership do not influence the positive impact of ESG implementation. These results highlight the importance of ESG adoption supported by high-quality audits in creating higher and sustainable firm value.
Co-Authors Ahmad Kamil Almadi, Destian Fazri Amabel, Vania Amelia Susanto Angelina Novena Tjiano Cyrilla Stefani Hadisurja, Andrea Chrysanti Halim, Yiska Cornelia Hartiwi Prabowo Hartiwi Prabowo, Hartiwi Kezia Natalie Lawu, Sintya Andrey Natalie, Kezia Purba, Golrida Karyawati Reisha Pujilestari Rian Nur Aulia Sambuaga, Elfina Astrella Synthia Atas Sari Synthia Atas Sari, Synthia Atas Tantomi, Gabriella Thalia, Michelle Totong, Allysa Triandolla, Bunga Vionna Lievia Wijaya, Hana Yiska Cornelia Halim Yuvinus, Charles