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All Journal Diponegoro Journal of Management Diponegoro Journal of Accounting Scientax: Jurnal Kajian Ilmiah Perpajakan Indonesia
Endang Kiswara
Accounting Department Faculty Of Economics And Business Diponegoro University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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PENGARUH EMISI KARBON TERHADAP NILAI PERUSAHAAN (Studi Kasus pada Perusahaan Sektor Energi dan Sektor Perindustrian yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2023) Annisa Nur Laily Yuniasari; Endang Kiswara
Diponegoro Journal of Accounting Volume 14, Nomor 4, Tahun 2025
Publisher : Diponegoro Journal of Accounting

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This study aims to analyze the effect of carbon emissions on firm value in the energy and industrial sectors that received PROPER ratings on the Indonesia Stock Exchange (IDX) during the 2021-2023 period. The main issues examined are whether carbon emissions, firm size, leverage, and institutional ownership affect firm value, and whether carbon emissions produced in the energy sector comply with Indonesia’s carbon tax framework. This research is adapted from Han et al. (2023) entitled “Firm-Value Effects of Carbon Emissions and Carbon Disclosures: Evidence from Taiwan.” The research method used is panel data regression, utilizing secondary data obtained from annual reports, sustainability reports, and PROPER data from the Ministry of Environment and Forestry. The research sample consists of 13 companies in the energy and industrial sectors that consistently received PROPER ratings during 2021-2023. The results show that only firm size has a positive and significant effect on firm value. Carbon emissions, leverage, and institutional ownership do not show significant effects on firm value. In addition, the data disclosed by energy sector companies is not sufficient to draw conclusions regarding the alignment of carbon emissions with the carbon tax framework in Indonesia. These findings indicate that environmental factors, especially carbon emissions, have not yet become a main consideration for investors in assessing firm value in Indonesia during the research period.
EMISI KARBON, NILAI PERUSAHAAN, DAN PENGUNGKAPAN LAPORAN KEUANGAN: TINJAUAN TEORI LEGITIMASI DAN TEORI SINYAL (Perusahaan Energi Batubara yang Terdaftar di BEI Tahun 2022-2023) Rizqy Kurnia Mulyadi; Endang Kiswara
Diponegoro Journal of Accounting Volume 14, Nomor 3, Tahun 2025
Publisher : Diponegoro Journal of Accounting

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This study aims to analyze the relationship between three main aspects: total carbon emissions, voluntary carbon emissions disclosure, and firm value among coal companies listed on the Indonesia Stock Exchange for the period 2022-2023.  Using legitimacy and signalling theory approaches, this study seeks to understand the motivation of companies in disclosing carbon emissions and its impact on market value. This research uses a comparative qualitative descriptive method with descriptive statistics. The results of the study show that overall, PT Bayan Resources Tbk. stands out as the company with the best environmental performance, while PT TBS Energi Utama Tbk. consistently records the worst performance in various carbon emission ratios. PT Harum Energy Tbk. did excel in the aspect of voluntary disclosure, but due to the high ratio of carbon emission to operating income which reached 133, its final environmental performance score became less optimal than PT Bayan Resources Tbk
TELAAH KRITIS TERHADAP PERSPEKTIF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE DALAM LAPORAN KEUANGAN PEMERINTAH PUSAT REPUBLIK INDONESIA Wahyu Rangga Saputra; Endang Kiswara
Diponegoro Journal of Accounting Volume 14, Nomor 4, Tahun 2025
Publisher : Diponegoro Journal of Accounting

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This study analyzed the correlation between Environmental, Social, and Governance (ESG) disclosure, Audit Quality, ROE, Leverage, Firm Size and the Public Value of the Indonesian Central Government. Utilizing secondary data from the Central Government Financial Statements (LKPP) and Audit Board (BPK) findings (2021-2023) through qualitative descriptive content and correlation analyses, findings revealed a very weak positive correlation for overall ESG with Public Value. Specifically, Environmental showed a weak positive, Governance a very strong positive, and Social a very strong negative correlation. These results suggest that despite the government possessing various ESG-related data, its lack of integration into a comprehensive reporting framework limits its optimal impact on government legitimacy and Public Value.
PENGARUH INDEKS TATA KELOLA PERUSAHAAN TERHADAP AKUN PAJAK TANGGUHAN DAN TINGKAT PENGEMBALIAN SAHAM (Studi Kasus pada Perusahaan Sektor Teknologi di Bursa Efek Indonesia Tahun 2020-2023) Anggita Putri Maharani; Endang Kiswara
Diponegoro Journal of Accounting Volume 14, Nomor 3, Tahun 2025
Publisher : Diponegoro Journal of Accounting

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This study was conducted to examine the effect of the Corporate Governance Index (CGI) on Deferred Tax Accounts and Stock Return, also adding control variables such as Sales Growth, Profitability, Leverage, and Capital Expenditure. This research refers to research of Abdelfattah, T., Aboud, A. (2020) which is updated by using a sample of technology sector companies on the Indonesia Stock Exchange in 2020-2023.This study uses secondary data with samples taken using a double sampling method. The final sample obtained was 9 technology sector companies listed on the Indonesia Stock Exchange in 2020-2023 with a total of 36 observations. This study uses the panel data regression analysis method in the Eviews13 application to test the hypothesis regarding the effect of the Corporate Governance Index on Deferred Tax Accounts and Stock Returns.The results showed that the corporate governance index has a significant positive effect on deferred tax accounts on deferred asset side. Meanwhile, the corporate governance index has no significant effect on stock return.
PENGARUH PENGUNGKAPAN ESG, RISIKO HUTANG, DAN INTENSITAS MODAL TERHADAP KINERJA KEUANGAN PERUSAHAAN (Studi Kasus pada Perusahaan BUMN Tahun 2021-2023) Razaysa Alika Khansa; Endang Kiswara
Diponegoro Journal of Accounting Volume 15, Nomor 1, Tahun 2026
Publisher : Diponegoro Journal of Accounting

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This study aims to examine and analyze the effect of ESG disclosure on the financial performance of state-owned enterprises (SOEs) in 2021–2023, the effect of leverage on the financial performance of state-owned enterprises (SOEs) in 2021–2023, and the effect of capital intensity on the financial performance of state-owned enterprises (SOEs) in 2021–2023. The population of this study was state-owned enterprises (SOEs) in 2021–2023. The sample was selected using a simple random sampling method that met the following criteria: The research subjects were state-owned enterprises (SOEs) in 2021–2023, SOEs that published annual reports and sustainability reports consecutively for the 2021–2023 period, and SOEs that used the Global Reporting Index (GRI) to prepare their sustainability reports for 2021–2023. The data used in this study were secondary data, with Eviews data analysis techniques. Based on the analysis of State-Owned Enterprises (SOEs) consistently from 2021 to 2023, several conclusions can be drawn: (1) The study shows that ESG disclosure does not have a significant impact on financial performance, therefore, hypothesis H1 is rejected. (2) The study shows that leverage has a negative and significant impact, therefore, hypothesis H2 is accepted. (3) The study shows that capital intensity has a positive and significant impact on financial performance, therefore, hypothesis H3 is accepted.
KINERJA LINGKUNGAN, SOSIAL, TATA KELOLA, DAN NILAI PERUSAHAAN: STUDI KASUS PADA PT ASTRA AGRO LESTARI TBK PERIODE 2015-2023 Jovan Christian Tambunan; Endang Kiswara
Diponegoro Journal of Accounting Volume 14, Nomor 3, Tahun 2025
Publisher : Diponegoro Journal of Accounting

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This study aims to analyze the influence of Environmental, Social, and Governance (ESG) factors on the firm value of PT Astra Agro Lestari Tbk during the period 2015–2023. Firm value is measured using three key indicators: Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM), while ESG performance is assessed through the GRI Index and ESG_DS. In addition to ESG, leverage (measured by Debt-to Equity Ratio/DER) and company size (measured by total assets) are also examined to evaluate their combined relationship with firm value.The research uses a qualitative descriptive analysis approach grounded in legitimacy theory, which emphasizes how companies align their operations with societal norms and expectations to gain acceptance. Data were collected from annual reports, sustainability reports, and secondary sources such as news articles and academic journals. The findings indicate that ESG performance is closely associated with fluctuations in profitability, with improvements in ESG scores often coinciding with higher ROA, ROE, and NPM, particularly in certain years. However, leverage and company size also significantly influence this dynamic.Overall, the study highlights the importance of integrating sustainability practices into business strategies to enhance long-term firm value. It also supports the legitimacy theory, suggesting that transparency and alignment with social expectations strengthen a company's position among stakeholders.
Departemen Akuntansi Fakultas Ekonomika dan Bisnis Universitas Diponegoro Rayendra Tegar Baruna; Endang Kiswara
Diponegoro Journal of Accounting Volume 15, Nomor 2, Tahun 2026
Publisher : Diponegoro Journal of Accounting

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This study confronts the predictive power of Altman Z-Score, Springate S-Score, and Zmijewski X-Score across 39 automotive observations on the IDX (2022-2024). Both Friedman and Wilcoxon Tests confirm a significant divergence among the models (Sig. 0.000). Strikingly, Zmijewski reigns superior with an 87.18% accuracy rate, followed by Springate at 82.05%. Conversely, the classic Altman model stumbles at a meager 20.51% due to severe Grey Area constraints. However, for risk-averse investors, Springate and Altman yield a flawless 0% Type I Error. Ultimately, Zmijewski’s emphasis on leverage and liquidity offers the most adaptive diagnostic tool for the automotive sector.
Co-Authors Aldo Ganesha Andhika Iman Wafi Anggita Putri Maharani Annastasya Wahyuningtyas Pratiwi Annisa Nur Laily Yuniasari Aprilia Maha Saputri Chuswatul Chasanah Cindy Aliya Sekar Kharisma Denny Prasetyo Suparno Devi Kharisma Dewanti Dian Cahya, Respati Dimas Daffa Saputra Ela Adiana Fadillah, Aulya Zahra Fahmi Ahmad Riyadi Felita Khuriani Ardia Fitri Rahmawati Fuad Harlinda Siska Pradini Helen Sophia Siahaan Intan Bias Papeke Josua Paimatua Hizkia Jovan Christian Tambunan Karima Suci Ariani Mariani Mariani Melinda Regita Cahyani Nathania Najwa Aureliya Risdiana Octaviani, Tarizma Ardis Pradesta Ariningtika Rayendra Tegar Baruna Razaysa Alika Khansa Rendi Octorio Siregar Reza Fadillah Ricko Daniswara, Ricko Riza Haryoprasetyo Rizki Fadzilatunisa Rizqy Kurnia Mulyadi Rochman Adi Bowo Rochman Adi Bowo, Rochman Ryan Belva Selado, Ryan Salsabilla Dinta Aulia Azzahra’ Sholihati, Lilis Sumantaningrum, Yohana Lalitya Wahyu Rangga Saputra Widyatama, Widyatama Wisnu Agung Indra Purbaya Atmaja Putra Zuhaf Riany Musdalifah