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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 Journal of Ekonomics, Finance, and Management Studies 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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The Effect of Carbon Emission Disclosure, Green Accounting, Leverage on Company Performance with Firm Age as a Moderating Variable in Energy Sector Companies in Indonesia 2021-2023 Jessica Hutarso; Regina Jansen Arsjah
Journal of Research in Social Science and Humanities Vol 5, No 2 (2025)
Publisher : Utan Kayu Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47679/jrssh.v5i2.351

Abstract

This study aims to prove the impact of carbon emission disclosure, green accounting and leverage on firm performance in energy companies in Indonesia; and to verify whether firm age moderates the effect of green accounting, carbon emission disclosure and leverage on firm performance. This research was conducted by analyzing information from companies engaged in the energy sector in 2021 to 2023, in Indonesia and listed on the Indonesia Stock Exchange (IDX). This study uses a descriptive analysis method with a quantitative approach, where this study aims to describe and explain phenomena that occur factually based on data based on numbers and statistics. Analysis of this study shows that carbon emission disclosure, green accounting and leverage are not proven to have a positive effect on company performance in energy companies in Indonesia from 2021 to 2023. Meanwhile, firm age is proven to moderate (strengthen) the positive effect of Carbon Emission Disclosure, Green Accounting and Leverage on Company Performance.
Analisis Pengenaan Pajak Atas Natura pada Perhitungan PPh 21 Pegawai Berdasarkan PMK Nomor 66 Tahun 2023 (Studi Kasus pada PT. ABC) Nur Fitri Yani; Regina Jansen Arsjah
AKUA: Jurnal Akuntansi dan Keuangan Vol. 4 No. 3 (2025): Juli 2025
Publisher : Yayasan Pendidikan Penelitian Pengabdian Algero

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54259/akua.v4i3.4906

Abstract

This study was conducted to analyze the PPh 21 calculation for PT ABC employees in accordance with PMK Number 66 of 2023 and its impact on the income received by employees. This research focuses on analyzing PPh 21 calculation data on company salaries based on principles consistent with agency theory and accountability theory. PT ABC operates in the packaging machinery distributor sector, providing in-kind facilities to its employees such as vehicles, employee meals, uniforms, and sports facilities. This study was a single case study using a descriptive qualitative approach based on case studies. Data was collected through observation, interviews, archival records, and documentation studies. The analysis results indicate that several components of PT ABC's employee PPh 21 calculation require deductions for PPh 21 on Fringe Benefit  in accordance with the provisions of PMK Number 66 of 2023. The addition of these PPh 21 calculation components for employees will affect the net income received by PT ABC employees. Thus, this research provides recommendations to provide education or information to employees regarding the additional PPh 21 calculation components for the Benefits in Fringe Benefit.
Rekasi Pasar Modal Indonesia terhadap Pengumuman MSCI terkait Transparansi dan Free Float: Studi Peristiwa pada Saham LQ45 Hasyidan Rifky Razan; Regina Jansen Arsjah
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 8 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i8.13064

Abstract

This study aims to analyze the reaction of the Indonesian capital market to the MSCI announcement regarding market transparency and free float through an event study on LQ45 stocks. This research uses a quantitative approach with the event study method. The event date is set on January 28, 2026, as t0, which represents the first trading day when the Indonesian capital market responded to the MSCI announcement. The observation period uses an 11-trading-day event window, consisting of five days before the event, one day on the event date, and five days after the event. The research sample was selected using a purposive sampling technique, resulting in 39 LQ45 companies that met the research criteria. The data used in this study are secondary data consisting of daily closing stock prices, the Jakarta Composite Index (JCI), stock trading volume, and the number of outstanding shares. Market reaction is measured using abnormal return, cumulative abnormal return, and trading volume activity. Expected return is calculated using the Market Adjusted Model, while hypothesis testing is conducted through normality tests and the Paired Sample t-Test. The results show that there is no difference in the average abnormal return of LQ45 stocks between the periods before and after the MSCI announcement regarding market transparency and free float. In addition, there is no significant difference in cumulative abnormal return between the periods before and after the MSCI announcement. However, the results indicate that there is a difference in the average trading volume activity of LQ45 stocks between the periods before and after the MSCI announcement. These findings indicate that the MSCI announcement was not significantly reflected in stock price changes, but was responded to by investors through increased stock trading activity.
PENGARUH ESG DISCLOSURE, ESG FINANCIAL MATERIALITY DAN CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN Ni Nyoman Sundani; Regina Jansen Arsjah
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 1 (2026): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/5ap0r772

Abstract

Penelitian ini bertujuan menginvestigasi dampak dari Keterbukaan Informasi Lingkungan, Sosial, dan Tata Kelola (ESG) yang bersifat material secara finansial, serta praktik Tata Kelola Perusahaan terhadap Ukuran Nilai Entitas Bisnis. Pendekatan empiris yang diterapkan dalam studi ini adalah metode kuantitatif, dengan pemanfaatan analisis regresi data panel yang difasilitasi oleh perangkat lunak EViews versi 13. Implementasi Model Efek Acak (Random Effect Model - REM) dipilih sebagai kerangka analisis model, berdasarkan evaluasi hasil uji pemilihan model yang relevan. Data empiris yang digeluti bersumber dari data sekunder yang dihimpun dari laporan tahunan entitas bisnis di sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) dalam rentang waktu 2022 hingga 2024. Analisis statistik menunjukkan bahwa seluruh prediktor independen menunjukkan koefisien pengaruh yang signifikan secara statistik terhadap variabel dependen, yang dibuktikan dengan nilai probabilitas untuk setiap prediktor yang diperoleh berada di bawah ambang batas signifikansi 0,05. Secara spesifik, Keterbukaan Informasi ESG menampilkan nilai probabilitas sebesar 0,012, mengindikasikan adanya hubungan positif dengan nilai perusahaan. Sementara itu, Materialitas Finansial ESG menghasilkan nilai probabilitas sebesar 0,021, yang secara substansial membuktikan bahwa penyampaian informasi ESG yang relevan secara finansial memiliki kapasitas untuk mengoptimalisasi valuasi perusahaan. Tata Kelola Perusahaan juga berpengaruh signifikan dengan probabilitas 0,033, menunjukkan bahwa praktik tata kelola yang baik mendukung peningkatan nilai perusahaan. Selain itu, variabel nilai perusahaan dalam model memiliki probabilitas 0,000 dan menjadi faktor paling dominan. Secara keseluruhan, penelitian ini menyimpulkan bahwa ESG Disclosure, ESG Financial Materiality, dan Tata Kelola Perusahaan berpengaruh positif dan signifikan baik secara parsial maupun simultan terhadap nilai perusahaan.
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.
Co-Authors 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 Egi Gumala Sari Erliana Banjarnahor Erna Gresia Hartini Hasyidan Rifky Razan 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 Yanti, Harti Budi Yumiarsi