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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 BERDAYA: Jurnal Pendidikan dan Pengabdian Kepada Masyarakat 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 Ilmu Multidisplin 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 Society 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 Public Health Social Sciences Other

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Do ESG Score and Cash Holding Drive Firm Value? Insights from Institutional Ownership in Indonesia Alfriansyach, Reza Virly; Arsjah, Regina Jansen
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 ESG DISCLOSURE, ESG FINANCIAL MATERIALITY DAN CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN Sundani, Ni Nyoman; Arsjah, Regina Jansen
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.
Pengaruh Managerial Ownership, Cash Holding dan Capital Expenditure terhadap Nilai Perusahaan pada Perusahaan Manufaktur di Bei Tahun 2020-2024 Kusumayani, Citra Hanifah; Arsjah, Regina Jansen
Jurnal Ilmu Multidisiplin Vol. 4 No. 6 (2026): Jurnal Ilmu Multidisplin (Februari - Maret 2026)
Publisher : Green Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jim.v4i6.1751

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh managerial ownership, cash holding dan capital expenditure pada nilai perusahaan pada sektor manufaktur yang tercatat pada BEI (Bursa Efek Indonesia). Penelitian ini memakai pendekatan kuantitatif melalui metode regresi data panel. Sampel Penelitian ini meliputi 332 observasi perseroan manufaktur periode 2020–2024 yang dipilih lewat purposive sampling. Analisis dijalankan memakai aplikasi EViews 13 dengan pemilihan model Random Effect sebagai model terbaik. Hasil penelitian ini memaparkan managerial ownership tidak berpengaruh signifikan pada nilai perusahaan, Cash holding berpengaruh negatif signifikan pada nilai perusahaan, capital expenditure berpengaruh signifikan positif pada nilai perusahaan. Variabel kontrol profitabilitas dan ukuran perusahaan juga terbukti signifikan pada nilai perusahaan.
Pengaruh Operating Capacity, Leverage, Liquidity, dan Firm Size Terhadap Financial Distress pada Perusahaan Sektor Consumer Cyclical Sebelum, Saat dan Sesudah Pandemi Covid-19 Lailatun Hasanah; Regina Jansen Arsjah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 3 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i3.7031

Abstract

This study aims to analyze the effect of operating capacity, leverage, liquidity, and firm size on financial distress in cyclical consumer sector companies before, during, and after the COVID-19 pandemic. This study uses a quantitative approach and the research data uses financial reports from 60 companies with the largest total assets listed on the Indonesia Stock Exchange during the period 2018-2023. The results showed that operating capacity has a negative and insignificant effect on financial distress before the pandemic, but has a significant positive effect on financial distress during and after the pandemic. Leverage and Firm size have a positive effect on financial distress before the pandemic, but this effect becomes negative during and after the pandemic. Liquidity has a positive effect on financial distress before, during and after the pandemic.
Pengaruh Operating Cash Flow, Operating Capacity, Sales Growth, dan Leverage Terhadap Financial Distress Silfi Alfiani; Regina Jansen Arsjah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 10 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i10.9243

Abstract

This study examines the relationship between operating cash flow, operating capacity, sales growth, and leverage on financial distress in cyclical consumer sector companies in Indonesia during the 2021-2023 period. Using a quantitative approach and panel data regression model, this study aims to identify operational and structural indicators that play a role in reflecting the financial condition of companies. The findings show that operating cash flow has a positive effect on financial distress, contrary to the initial assumption that higher cash flow reflects financial resilience. On the other hand, operating capacity and sales growth have no effect on financial distress. Leverage shows a negative effect on financial distress, indicating that firms with higher levels of debt in certain contexts can better manage financial stress. These results highlight the importance of understanding operational dynamics and capital structure contextually in an effort to anticipate potential corporate financial crises.
Pengaruh Audit Report Lag, Komite Audit, Financial Health, dan Pertumbuhan Perusahaan terhadap Opini Audit Going Concern Saighotun Haniyah; Regina Jansen Arsjah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 10 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i10.9262

Abstract

This study aims to examine the effect of audit report lag, audit committee, financial condition, and company growth on going concern audit opinion. This study uses a quantitative approach with secondary data obtained from the financial statements of infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) with the research year 2021 to 2023, a total of 61 companies included in the research sample lasted for three years resulting in a total of 183 samples obtained by purposive sampling technique. This study uses descriptive statistical analysis, binary logistic regression analysis, hypothesis testing for its analysis. The results of this research analysis indicate that audit report lag has a positive effect on going concern audit opinion, audit committee has no effect on going concern audit opinion, financial health has a negative effect on going concern audit opinion, and company growth has no effect on going concern audit opinion.
The Impact Of Transfer Pricing, Thin Capitalization, And Capital Intensity On Tax Evasion, With Sales Growth Serving As A Moderating Component. Food & Beverage Sector Companies Listed On The Indonesia Stock Exchange: Empirical Study (2019-2023) Chandra Surya Zebua; Regina Jansen Arsjah
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 13 No 4 (2025): Oktober
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v13i4.8426

Abstract

This study aims to analyze the effect of transfer pricing, thin capitalization, and capital intensity on tax avoidance, and to evaluate the role of sales growth as a moderating variable. The phenomenon of tax avoidance is a crucial issue in the context of economic globalization, especially in the increasingly complex and cross-jurisdictional corporate sector. This study uses a quantitative approach with secondary data obtained from the annual financial reports of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. The analysis method used is panel data regression with the Fixed Effect Model (FEM) approach. The results of the study indicate that transfer pricing, thin capitalization, and capital intensity have a significant negative effect on the effective tax rate (ETR), which is an indicator of tax avoidance. In addition, the sales growth variable is proven to strengthen the influence of the three variables on tax avoidance, indicating that companies with high sales growth tend to be more aggressive in carrying out tax planning. These findings provide important implications for tax regulators to tighten supervision of transfer pricing practices and complex corporate capital structures, especially in companies experiencing rapid growth.
Pengaruh Financial Literacy, Self Control, and Financial Technology Utilization terhadap Financial Behavior Generasi Z Akbar, Ikhsan Permana; Arsjah, Regina Jansen
Jurnal Ilmu Multidisiplin Vol. 5 No. 1 (2026): Jurnal Ilmu Multidisplin (April - Mei 2026)
Publisher : Green Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jim.v5i1.1810

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh financial literacy, self control, dan financial technology utilization terhadap financial behavior mahasiswa Generasi Z. Penelitian menggunakan pendekatan kuantitatif dengan desain eksplanatori. Data primer dikumpulkan melalui kuesioner yang disebarkan kepada 226 mahasiswa Generasi Z di wilayah Jakarta yang telah menggunakan layanan keuangan digital. Teknik pengambilan sampel menggunakan purposive sampling, sedangkan analisis data dilakukan dengan regresi linear berganda menggunakan perangkat lunak SPSS. Hasil penelitian menunjukkan bahwa financial literacy, self control, dan financial technology utilization berpengaruh positif dan signifikan terhadap finansial behavior, baik secara parsial maupun simultan. Nilai Adjusted R Square sebesar 0,569 mengindikasikan bahwa ketiga variabel independen mampu menjelaskan 56,9% variasi perilaku keuangan mahasiswa. Temuan ini menegaskan bahwa perilaku keuangan mahasiswa Generasi Z tidak hanya dipengaruhi oleh tingkat pengetahuan keuangan, tetapi juga oleh kemampuan pengendalian diri serta pemanfaatan teknologi keuangan secara efektif. Penelitian ini memberikan kontribusi teoretis melalui integrasi Theory of Planned Behavior dan UTAUT2, serta implikasi praktis bagi perguruan tinggi, regulator, dan penyedia layanan financial technology dalam mendorong perilaku keuangan yang lebih bertanggung jawab di era digital.
Co-Authors Ahmad, Syakif Akbar, Ikhsan Permana Alfiyyah Salsabila Salsabila Alfriansyach, Reza Virly 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 Faruqi, Faris Gresia Hartini Hotman T Pohan Hutarso, Jessica Huzaifah Ahmad Nugroho Idrianita Anis Jessica, Deliana Juwita Tanamal Kalumbang, Junius Piter Kusumayani, Citra Hanifah Lailatun Hasanah Laras Azzahra Widyasari Lativa, Lativa Lenggogeni Liem Sien Niang Marsha Indah Putri MURTANTO nirdukita ratnawati, nirdukita Novita Andriani Nugraha, Ahmad Zacky 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 Rian Bekti Safa'at Rifkinnanda Sukma Putra, Ryan Rajasa Pratama Riki Sanjaya Tjan Rocky Romando Safa Shinta Kinanti Safira, Amelia Saighotun Haniyah Salfinnia, Masni Sekar Mayangsari Silfi Alfiani Silitonga, Clara Alverina Siti Alfiah Sulaiman, Novi Sundani, Ni Nyoman Suryawanti, Ades Syahilul Amri Tyas Handayani Valencia, Valencia Winata, Cynthia Liusca Yanti, Harti Budi Yumiarsi