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The Moderating Role of Enterprise Risk Management on the Influence of Environmental Performance, Firm Size, and Managerial Ownership on Financial Performance: An Empirical Study in Indonesia Triwibowo, Ari; Kurniasih, Augustina
International Journal of Social and Management Studies Vol. 6 No. 4 (2025): August 2025
Publisher : IJOSMAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5555/ijosmas.v6i4.516

Abstract

This study aims to examine the effects of environmental performance, firm size, and managerial ownership on the financial performance of transportation and logistics companies listed on the Indonesia Stock Exchange (IDX), and to analyze the moderating role of Enterprise Risk Management (ERM) in these relationships. A quantitative study with a causal design was employed, utilizing Moderated Regression Analysis (MRA) on panel data with the Fixed Effect Model (FEM).The research was conducted using secondary data obtained from the annual reports and sustainability reports of transportation and logistics companies listed on the IDX, covering the period from January 2021 to December 2024. The sample consisted of 30 transportation and logistics companies that met the sampling criteria. Financial performance was measured using Return on Assets (ROA), environmental performance using the GRI 300 disclosure index, firm size using the natural logarithm of total assets, managerial ownership as the percentage of shares held by management, and ERM using the COSO ERM 2017 disclosure index. Firm size and managerial ownership have a positive and significant effect on financial performance, while environmental performance shows a significant negative effect. ERM significantly strengthens the influence of environmental performance on financial performance but does not significantly moderate the effect of firm size. Furthermore, ERM negatively moderates the effect of managerial ownership on financial performance.
The Reaction of the LQ45 Stock Market Listed on the Indonesia Stock Exchange to the Results of the Presidential and Vice Presidential Elections and the Factors Influencing Them Alifah Nur Hanifati; Augustina Kurniasih
Indonesian Journal of Business Analytics Vol. 5 No. 4 (2025): August 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v5i4.15288

Abstract

The capital market plays an important role in the global economy as an indicator of economic stability and as a means of raising funds through investment. This study aims to examine the reaction of the Indonesian capital market to the announcement of the 2024 presidential and vice-presidential election results released by the General Elections Commission on March 20, 2024, as well as the factors influencing this reaction. The research focuses on companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX). This study employs two approaches: event study and causality. The event study is conducted to determine whether there is a capital market reaction by observing abnormal return (AR) and abnormal trading volume activity (ATVA) within an 11-day event window, covering 5 days before the event, the event day itself, and 5 days after the event. Meanwhile, the causality approach is used to explore the factors affecting AR and ATVA by examining the influence of Return on Equity (ROE) and firm size on the observed AR and ATVA. The findings indicate that the event did not generate significant abnormal return (AR) or abnormal trading volume activity (ATVA) during the 11-day period. Furthermore, profitability did not have a significant effect on either AR or ATVA. In contrast, firm size significantly influenced AR and ATVA, albeit in different directions. Firm size had a positive and significant effect on AR, but a negative and significant effect on ATVA.
Development of Green Bonds in Indonesia Mutia Wahyuningsih; Utami, Wiwik; Endri, Endri; Kurniasih, Augustina
International Journal of Indonesian Business Review Vol. 3 No. 1 (2024)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijibr.v3i1.876

Abstract

Purpose –This paper explains the development of Green Bonds in Indonesia by providing information regarding the characteristics of green bonds and macroeconomics during the 2018 – 2023 period.Methodology/approach –Research that provides information regarding the characteristics of green bonds and macroeconomics by collecting data on 29 green bonds issued in the 2018 - 2023 period. Findings –It was found that from the results of descriptive statistics the research variables in the form of Maturity, Rating, Coupon, BI Rate, Inflation and Exchange Rate can explain the development of Green Bonds in Indonesia from the 2018 - 2023 period.Novelty/value –Because green bonds were only issued in 2018, it is very important to understand the development of Green Bonds in Indonesia by looking at the characteristic variables of green bonds along with macroeconomic variables on the first date of green bond issuance.