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The Relationship between Corporate Social Responsibility Disclosure, Profitability, and Firm Value Ni Kadek Ari Ayuningsih; Made Gede Wirakusuma
Global Economics: International Journal of Economic, Social and Development Sciences Vol. 2 No. 4 (2025): December: Global Economics - International Journal of Economic, Social and Deve
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/globaleconomics.v2i4.444

Abstract

This study aims to examine the relationship between Corporate Social Responsibility (CSR) disclosure and profitability with firm value. The research was conducted on companies in the oil, gas, and coal sub-sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The independent variables in this study are corporate social responsibility disclosure and profitability, while firm size is employed as a control variable. Firm value is proxied by Price to Book Value (PBV), whereas profitability is measured using Return on Equity (ROE). This study is grounded in Stakeholder Theory and Signaling Theory to explain the relationships among the variables. The sample was determined using purposive sampling, resulting in 29 companies. The data analysis techniques applied include Pearson correlation analysis and multiple linear regression to examine both the simple relationships and the effects of corporate social responsibility disclosure and profitability on firm value. The results indicate that corporate social responsibility disclosure has a negative relationship with firm value, while profitability shows a positive and significant relationship with firm value.
Pengaruh Inflasi dan Karakteristik Perusahaan terhadap Underpricing IPO: Peran Moderasi Reputasi Underwriter Fahrudin, Edi; Yasa, Gerianta Wirawan; Wirakusuma, Made Gede; Widanaputra, Anak Agung Gde Putu
J-MILE: Journal of Management and Industrial Engineering Vol 2 No 1 (2026): April 2026
Publisher : J-MILE adalah jurnal akademik yang ditinjau sejawat (peer-reviewed) yang diterbitkan oleh CV Knowlexa Indonesia, terbit dua kali setahun (biannually) pada bulan April dan Oktober. Jurnal ini menampilkan penelitian teoretis dan empiris di bidang manaj

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

Abstract

Studi ini mengkaji dampak faktor makroekonomi dan faktor spesifik perusahaan terhadap underpricing IPO di Indonesia, dengan fokus khusus pada inflasi dan peran moderasi reputasi underwriter. Berpijak pada teori sinyal (Spence, 1978), penelitian ini menyelidiki apakah inflasi, usia perusahaan, ukuran perusahaan, profitabilitas, dan likuiditas memengaruhi underpricing pada IPO yang tercatat di Bursa Efek Indonesia (BEI) selama periode 2020–2023. Studi ini juga menguji apakah reputasi underwriter memperkuat atau memperlemah hubungan tersebut. Dengan menggunakan metode kuantitatif dan analisis regresi linier berganda, hasil menunjukkan bahwa inflasi secara signifikan meningkatkan underpricing, sementara karakteristik spesifik perusahaan seperti usia, ukuran perusahaan, profitabilitas, dan likuiditas tidak berpengaruh signifikan. Lebih lanjut, reputasi underwriter tidak memoderasi hubungan antara inflasi atau karakteristik perusahaan dan underpricing. Temuan ini menunjukkan bahwa mekanisme pensinyalan klasik mungkin memiliki daya penjelasan yang terbatas dalam konteks IPO di Indonesia, di mana perilaku investor kemungkinan besar lebih dibentuk oleh perilaku keuangan, tren industri, dan dinamika pasar jangka pendek. Studi ini menyiratkan perlunya model teoretis yang lebih kontekstual yang mencerminkan karakteristik pasar modal negara berkembang. Secara praktis, penelitian ini menyarankan investor untuk mengevaluasi IPO di luar metrik dasar, mendorong perusahaan penerbit untuk meningkatkan keterbukaan informasi, dan mendesak regulator seperti OJK dan BEI untuk meningkatkan transparansi pasar dan edukasi investor. Penelitian selanjutnya sebaiknya mempertimbangkan variabel alternatif seperti tata kelola perusahaan, sentimen pasar, atau kepercayaan investor untuk lebih menangkap dinamika underpricing IPO di Indonesia.
Tri Hita Karana-Based Governance and Financial Performance of Village Credit Institutions (LPDs): Moderating Effects of Location and IT Made Gede Wirakusuma; I Made Mertha
International Journal of Accounting and Finance in Asia Pasific (IJAFAP) Vol 8, No 3 (2025): October 2025
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijafap.v8i3.4208

Abstract

Village Credit Institutions (Lembaga Perkreditan Desa/LPDs) in Bali play a strategic role in community-based financial empowerment, yet many face governance and performance challenges. This study aims to examine the effect of Tri Hita Karana (THK)-based governance on the financial performance of LPDs and to test whether institutional fundamentals, specifically location and information technology adoption, moderate this relationship. Using legitimacy theory as the underlying framework, this quantitative research employed data from 94 LPDs across nine regencies in Bali, analyzed through Moderated Regression Analysis (MRA). The results indicate that THK-based governance has a positive and significant effect on financial performance (? = 0.412, p 0.05). Furthermore, both location (? = 0.217, p 0.05) and information technology adoption (? = 0.294, p 0.05) strengthen the relationship between governance and performance. These findings demonstrate that the integration of cultural ethics and digital transformation enhances institutional accountability and sustainability. The study contributes theoretically by extending good corporate governance (GCG) through cultural and technological perspectives and offers practical insights for policymakers to reinforce THK-based governance in LPDs
Pengaruh Overconfidence dan Herding Bias pada Pembuatan Keputusan Investasi dengan Tingkat Pendidikan sebagai Variabel Moderasi Komang Linda Puspa Damayanti; Made Gede Wirakusuma
OPTIMAL Jurnal Ekonomi dan Manajemen Vol. 5 No. 4 (2025): Desember OPTIMAL: Jurnal Ekonomi dan Manajemen
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/optimal.v5i4.7921

Abstract

This study aims to analyze the influence of overconfidence and herding behavioral biases on investment decisions, and examine the role of education level as a moderating variable in this relationship. This study is based on behavioral finance theory, which states that investment decisions are not always rational but are strongly influenced by psychological factors, such as overconfidence and the tendency to follow the majority (herding). Primary data were collected from 384 Indonesian capital market investors selected using a purposive sampling method, based on specific criteria relevant to the research objectives. The data collection instrument was a structured questionnaire designed to measure the variables studied. Data analysis was conducted using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach using SmartPLS 4.0 software to test the causal relationship between variables and the moderating role of education. The results show that overconfidence and herding biases have a positive and significant influence on investment decisions. This means that the higher the level of self-confidence or the tendency to follow the majority, the greater the likelihood that investors will make investment decisions that may not be based on fundamental analysis. Interestingly, the results of the moderation test indicate that education level actually strengthens the influence of both biases. This contradicts the initial hypothesis that higher education would reduce the impact of behavioral bias. These findings suggest that formal education alone is insufficient to suppress behavioral bias in investment decision-making. In fact, the higher the education level, the more likely investors are to have greater analytical confidence in their own abilities and remain susceptible to herding behavior. Therefore, more practical and contextual financial literacy is needed to balance intellectual knowledge with psychological control in investing.
Co-Authors - Nurhayati A.A. Gde Dwi Aditya A. A.A. Putri Pintari Dewi AA Gde Trisna Dwija Putra Agusta Amamda Wulandari Ajeng Saraswati Ali, Amjad Amalia Nur Chasanah Anak Agung Ayu Ratih Radityastuti Anak Agung Eka Darmayanthi Anak Agung Gde Putu Widanaputra Anak Agung Istri Pawitradewi Anak Agung Ngurah Bagus Dwirandra Anak Agung Ngurah Mahaputra Bismantara Andini Permata Sari Angelia Putri Surya Haryanti Ayu Nikita Vira Bagus Ananta Diva Muria Sidhi Bayu Darma Putra Budi Anggiriawan Byantoro Istahargyo Cahyani, Ni Luh Pipin Chrismendo Haniel Caesario Cok Krisna Yudha Dea Handrika Desak Made Gita Lestari Dewa Ayu Try Wahyuni Dewa Gede Wirama Dewa Ketut Wira Santana Dewa Made Adi Kesuma Yudha Dewangga, Anak Agung Bagus Dharma Putra Dian Prawitasari Diana Puspitasari DODIK ARIYANTO EKA ARDHANI SISDYANI Eka Ardhani Sisdyani Fahrudin, Edi Febriana, Artha Ferawati, Laeli Fery Riyanto Firdaus, Alifia Firmanda Gayatri Gayatri Gede Rama Wirya Nanda Gerianta Wirawan Yasa Hanafi Cahyadi Herry Subagyo I Dewa Gede Dharma Suputra I Dewa Made Sukadana I Gde Ary Wirajaya I Gede Aditya Baskara I Gede Kurniawan Wijaya I Gede Sunar Ardika I Gusti Agung Sri Mustika Putra I Gusti Ayu Nata Dewi Utari I Gusti Ayu Ratih Permata Dewi I Kadek Satria Nova I Ketut Buana I Ketut Sujana I Made Arthana I Made Dwi Sumba Wirawan I Made Mertha I Made Ryan Ananta Putra I Made Ryan Ananta Putra I Made Sukartha I Putu Laksmana Narayana I Wayan Ramantha Ibrahim, Nor Fauziana Ida Ayu Gede Purba Dianthi Ida Ayu Nirma Pameswari Ida Ayu Nyoman Utari Gandawati Ida Bagus Ngurah Indra Pramana Ida Bagus Putra Astika Indah Berliana Istiani, Defi Jelita Citrawati Jihan K. Budiartha Kadek Ari Dyah Wilatini Kadek Gita Amdika Putri Kadek Gita Arwinda Sari Kadek Meinawati Kadek Rosita Dewi Indra Pratiwi Ketut Riandita Anjar Saraswati Khan, Faisal Khan, Usman Komang Krishna Yogantara Komang Linda Puspa Damayanti Lina Andriyanti Luh Gede Ayu Nidya Wulandari Luh Made Intan Pratiwi Maaz Ud Din Made Aditya Bayu Pradhana Made Ayu Prilla Winda Puspita Made Dwi Harmana Made Hardy Suardinatha Made Indira Dwijayanti Maria Meiatrix Ratna Sari Muhimatul Kibtiyah Natasha Rizky Annisa Ngakan Made Dwi Purawan Ni Kadek Ari Ayuningsih Ni Kadek Ari Puspa Sari Ni Kadek Meigi Antika Putriani Ni Ketut Junika Dewi Ni Ketut Rasmini Ni Ketut Ressa Mahayani Ni Ketut Wardayanti Ni Komang Ayu Anita Dewi Ni Komang Meilantari Sukrasta Ni Komang Putri Sari Talamaosandi Ni Komang Rima Susanti Ni Komang Sri Ariyani Ni Komang Sutrisni Ni Luh Dina Rahayu Ni Luh Made Dian Purnami Putri Ni Luh Putu Lestari Dewi Ni Luh Putu Ratna Wahyu Lestari Ni Luh Putu Wiagustini Ni Made Adhika Verawati Ni Made Ayu Nirmalasari Putri Erawan Ni Made Dwi Ratnadi Ni Made Liestya Oktarini Ni Made Rai Juniariani Ni Made Regina Amandani Ni Made Resita Purnama Dewi Ni Made Trisna Savitri Ni Made Vita Indriyani Ni Made Wiryathi Ni Nyoman Ayu Adelina Trisnawati Ni Nyoman Sri Rahayu Damayanti Ni Putu Ari Kusmirawati Ni Putu Ayu Bawantari Ni Putu Ayu Desy Indrayanti Ni Putu Shanti Millawati Ni Putu Sri Harta Mimba Ni Putu Widyantari Ni Wayan Arikarsita Ni Wayan Ayu Kasmini Ni Wayan Lady Andini Ni Wayan Ristiari Jananti Ni Wayan Septia Wini NI WAYAN YUNIASIH Nyoman Putra Yuna Aditya Nyoman Suta Artama Oktavia, Vicky Olipyantari, Ni Putu Eka Pande Putu Maha Gayatri Putri Permata Sari, Anggi Pratama, Arif Yuda Nur Purusa, Nanda Adhi Putu Agus Ardiana Putu Amanda Yadiari Putu Arimbawa Putu Bayu Eka Yustikarana Putu Budi Anggiriawan Putu Gede Wisnu Permana KAWISANA Putu Malindasari PUTU MANIK CINDRAWATI Putu Pande Ariawan putu sri wartini Putu Widiantari Putu Yudha Asteria Putri Rai Gina Artaningrum Rajwa, Jilan Nafiatur Safitri, Maria Sih Darmi Astuti Silvia Angruningrum Surya, Putu Pryanka Chitta Susianto, Tony Natayo tiara kusuma dewi Ud Din, Maaz Vanda Grace Novelia Ohee Yoana Dharmawan