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All Journal TEKMAPRO Journal of Industrial Engineering and Management EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia Journal of Economic, Bussines and Accounting (COSTING) JURNAL LENTERA BISNIS Journal of Research in Social Science and Humanities Golden Ratio of Finance Management Golden Ratio of Auditing Research AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis Jurnal Akuntansi dan Keuangan Jurnal Ekonomi Trisakti Jurnal Akuntansi dan Keuangan Indonesia JURNAL ABDIKARYASAKTI Jurnal Magister Akuntansi Trisakti Media Riset Akuntansi Auditing & Informasi International Journal of Contemporary Accounting International Journal of Business and Applied Economics (IJBAE) Dirkantara Indonesia Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam El-Mujtama: Jurnal Pengabdian Masyarakat Golden Ratio of Taxation Studies Jurnal Cendekia Ilmiah Jurnal Ekonomi, Manajemen, Akuntansi Jurnal Akuntansi
Regina Jansen Arsjah
Universitas Trisakti
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Social Sciences Other

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Do ESG Score and Cash Holding Drive Firm Value? Insights from Institutional Ownership in Indonesia Reza Virly Alfriansyach; Regina Jansen Arsjah
Golden Ratio of Auditing Research Vol. 6 No. 2 (2026): February - June
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i2.1966

Abstract

This study examines the effect of ESG score and cash holding on firm value, as well as the moderating role of institutional ownership, using a sample of 91 energy companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. ESG performance is measured through content analysis based on 93 GRI disclosure indicators. At the same time, firm value is proxied by Tobin's Q. Using unbalanced panel data and Random Effects Model estimation, the findings reveal that ESG scores do not significantly influence firm value, indicating that the Indonesian capital market has not yet fully valued sustainability initiatives as a driver of corporate value. In contrast, cash holding demonstrates a strong positive effect, suggesting that liquidity remains a critical financial signal in the energy sector, which is characterized by high volatility and substantial investment needs. The moderating analyses show that institutional ownership does not strengthen the ESG value relationship and even weakens the positive impact of cash holding on firm value, reflecting the passive monitoring role of institutional investors in emerging markets. Overall, the study provides empirical evidence that firm value in Indonesia is more sensitive to financial fundamentals than sustainability practices, while external governance mechanisms remain limited in effectiveness. These insights contribute to the corporate governance and sustainable finance literature and offer practical implications for companies, investors, and regulators regarding the strategic integration of ESG and financial policies.
Pengaruh Pertumbuhan Perusahaan, Kepemilikan Manajerial, Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Dinda Putri Zahra; Regina Jansen Arsjah
J-CEKI : Jurnal Cendekia Ilmiah Vol. 5 No. 2: Februari 2026
Publisher : CV. ULIL ALBAB CORP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/jceki.v5i2.15116

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh pertumbuhan perusahaan, kepemilikan manajerial, dan ukuran perusahaan terhadap kinerja keuangan perusahaan sektor properti dan real estate yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Latar belakang penelitian ini didasarkan pada karakteristik industri properti yang padat modal, berjangka panjang, dan sangat dipengaruhi oleh kondisi ekonomi makro, sehingga kinerja keuangan menjadi indikator penting bagi keberlanjutan usaha. Penelitian ini menggunakan data sekunder yang diperoleh dari laporan keuangan tahunan perusahaan dan situs resmi Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi data panel dengan pendekatan Random Effect Model, setelah dilakukan uji pemilihan model dan uji asumsi klasik. Hasil penelitian menunjukkan bahwa pertumbuhan perusahaan dan ukuran perusahaan berpengaruh positif dan signifikan terhadap kinerja keuangan yang diukur dengan Return on Assets (ROA). Sebaliknya, kepemilikan manajerial tidak menunjukkan pengaruh signifikan terhadap kinerja keuangan. Temuan ini mengindikasikan bahwa kinerja keuangan perusahaan properti dan real estate lebih dipengaruhi oleh faktor fundamental perusahaan dibandingkan mekanisme kepemilikan manajerial. Hasil penelitian ini diharapkan dapat memberikan kontribusi bagi pengembangan literatur akuntansi dan keuangan serta menjadi bahan pertimbangan bagi manajemen, investor, dan regulator dalam pengambilan keputusan strategis.
Marketplace Tax Regulations and SME Seller Behavior: Insights from the Implementation of Minister of Finance Regulation Number 37 of 2025 Herlin Hanly; Regina Jansen Arsjah; A. Andri; Y. Yulianto
Golden Ratio of Taxation Studies Vol. 6 No. 2 (2026): June - November
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grts.v6i2.1905

Abstract

This study examines the impact of PMK 37/2025 on the tax compliance of MSME sellers operating on Indonesian marketplaces. Using a qualitative approach with six informants three MSMEs and three tax practitioners the research explores their understanding, experiences, and perceptions of the regulation. Findings show that although PMK 37/2025 provides clearer rules, its implementation is hindered by low tax literacy, limited outreach, inconsistent marketplace systems, and complex administrative procedures. MSME compliance increases formally but not yet voluntarily due to differing perceptions of fairness. The study concludes that effective digital tax policy requires clearer communication, simpler processes, and stroger collaboration between the government, marketplaces, and tax practitioners to suppor sustainable MSME tax compliance.
Co-Authors A. Andri Alfiyyah Salsabila Salsabila Amelia, Clara Arifin Ilham Arrafi, Helmi Yudha Asih, Rayi Retno Dwi Aswarul Haq Ayu Aulia Oktaviani Chandra Surya Zebua Chen, Robin Dian Rudiana Dinda Putri Zahra Egi Gumala Sari Erliana Banjarnahor Erna Gresia Hartini Hasyidan Rifky Razan Herlin Hanly Hotman T Pohan Huzaifah Ahmad Nugroho Idrianita Anis Jessica Hutarso Jessica, Deliana Junius Piter Kalumbang Juwita Tanamal Lailatun Hasanah Laras Azzahra Widyasari Lenggogeni Liem Sien Niang Marsha Indah Putri MURTANTO Ni Nyoman Sundani Novita Andriani Nur Fitri Yani Paradila, Chika Priscilla, Tiara Victoria Purba, Ary Martha Purnomo, Anugerah Septian Putri, Marsha Indah Putri, Maulita Irmaya Rahma Febriana Rendi Tri Syaputra Reza Virly Alfriansyach Rian Bekti Safa'at Riki Sanjaya Tjan Rocky Romando Ryan Rajasa Pratama Rifkinnanda Sukma Putra Safa Shinta Kinanti Safira, Amelia Saighotun Haniyah Sekar Mayangsari Silfi Alfiani Silitonga, Clara Alverina Siti Alfiah Sulaiman, Novi Suryawanti, Ades Syahilul Amri Tyas Handayani Valencia, Valencia Winata, Cynthia Liusca Y. Yulianto Yanti, Harti Budi Yumiarsi