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Sustainability and Capital Structure: Financial Performance in Logistics Companies Nurmaria Sarosa; Edhie Budi Setiawan; Nofrisel Nofrisel; Okin Purba
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 5 (2025): JIAKES Edisi Oktober 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i5.3701

Abstract

The logistics and transportation sector plays a critical role in global and national supply chains but is also characterized by high energy consumption and environmental emissions. Despite the increasing adoption of Environmental, Social, and Governance (ESG) practices, empirical evidence on their financial implications in Indonesian logistics companies remains limited. This study examines the impact of ESG performance on corporate financial performance, measured by Return on Assets (ROA) and Return on Equity (ROE), with capital structure (Debt-to-Equity Ratio) as a control variable. Using panel data from 44 listed logistics companies in Indonesia over the period 2019–2023, this research employs Partial Least Squares Structural Equation Modeling (PLS-SEM) and multigroup analysis to compare national and multinational firms. The results indicate that environmental performance has a positive and significant effect on ROA, while social performance positively influences ROE. Conversely, governance performance shows a negative association with ROE, suggesting potential compliance and administrative cost trade-offs. The capital structure variable does not significantly affect financial performance. Furthermore, the ESG–financial performance relationship is stronger among multinational companies compared to national firms. These findings contribute to the sustainability accounting and corporate governance literature by demonstrating that selective ESG integration creates financial value in the logistics sector, particularly through environmental and social initiatives, while governance mechanisms should be implemented efficiently to avoid reducing operational and financial flexibility. The study provides implications for regulators, corporate managers, and investors in strengthening ESG-based financial and reporting strategies in emerging markets. Keywords: Environmental, Social, Governance, Financial Performance, Logistics Companies
Peran Modernisasi Sistem Ticketing dalam Subsidi Public Service Obligation (PSO) Tepat Sasaran Penumpang Kereta Rel Listrik Asdo Artriviyanto; Lira Agusinta; Edhie Budi Setiawan; Soemino Eko Saputro
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.v4i6.1726

Abstract

Modernisasi sistem ticketing pada layanan Kereta Rel Listrik (KRL) menjadi langkah strategis dalam memastikan efektivitas penyaluran subsidi Public Service Obligation (PSO) yang lebih tepat sasaran. Penelitian ini bertujuan untuk mengevaluasi sistem ticketing konvensional dan merancang sistem ticketing modern yang terintegrasi dengan data kependudukan serta teknologi digital. Metode penelitian yang digunakan adalah pendekatan kualitatif dengan studi kasus pada operator KRL di wilayah Jabodetabek, dilengkapi dengan wawancara mendalam, observasi lapangan, dan studi literatur. Hasil penelitian menunjukkan bahwa sistem ticketing modern berbasis identitas digital dapat meningkatkan akurasi pendataan penumpang, mengurangi potensi penyalahgunaan subsidi, serta mendukung transparansi dan akuntabilitas dalam proses alokasi PSO. Rekomendasi dari studi ini mencakup pengembangan sistem ticketing berbasis NIK (Nomor Induk Kependudukan), integrasi dengan aplikasi digital, serta penerapan sistem evaluasi subsidi berbasis data real-time. Dengan implementasi yang tepat, modernisasi sistem ticketing berpotensi menjadi instrumen vital dalam transformasi layanan transportasi publik yang adil dan berkelanjutan.
Co-Authors Aang Gunawan, Aang Aditya Wardhana Agusinta, Lira Aisyah Rahmawati Aji, Adnan Bayu Alfi Kamil Rafi Amanda, Anggi Nurul Amrulloh Ibnu Kholdun Ana Faizah Andjar Budi Wibawanti Andri Setyadi Artanti, Dian Asdo Artriviyanto Asep Suparman ASEP SUPARMAN Ashur Harmadi Asnia Harun Aulia Mutia Alda Basri Fahriza Basri Fahriza Bestari, Viqy Esha Budi Prasetiyo Chevy Herli Sumerli Damanik, Ade Irfani Nugraha Datonabolon Datonabolon Dedeng Wahyu Edi Deni Apriansyah Dian Artanti Arubusman Dian Artanti Arubusman Dian Artanti Arubusman Dian Artanti Arubusman Didin Dwi Novianto Dinar Dewi Kania Dwi Yulika Edi Abdurachman Edi Abdurachman Elly Adriani Sinaga ENDRI ENDRI Euis Saribanon, Euis Fachrial, Peppy Frans Sudirjo Fransisca, Ribka Galih Quinndito Wijaya Ginting, Purnomo Ramadhani Handayani, Sri Handini Salsabila Handini Salsabila Heri Subagyo Herino Herino Hilya Fisar Nazwany Ichwan, Gema Akbar Ikhsan, Ridho Bramulya Indra Setiawan, Prasadja Ricardianto, Indrawati, Dewi Suci Intan Pawreski Isa Amsyari Jermanto Setia Kurniawan, Jermanto Setia Josua Sahala Kadarisman, Muh Karnawi Kamar Kristanto Maruliasi Kristianto, Jati Kusumayanti, Firda Amalia Lira Agusinta Lira Agusinta M. Yogi Riyantama Isjoni Maman Zakaria Maulina, Evaf Maysandra, Indriani Mimbar, Ahmad Misrofingah Misrofingah Muhammad Taris Hasibuan Muhammad Thamrin Muhammad Thamrin Aroba Mustika Sari Nadhila Cory Sabrina Nila Finarti Nofrisel Nofrisel Nofrisel Nofrisel Nofrisel, Nofrisel Nurmaria Sarosa Nursery Alfaridi Nursery Alfaridi S Nasution Octaviani, Reni Dian Okin Ringan Purba Prasadja Ricardianto Prasadja Ricardianto Prasadja Ricardianto, Prasadja Pratiwi, Sekar Widyastuti Pratiwia, Sekar Widyastuti Purba, Okin Ringan Purwoko, Harry Rachmi, Irsafanti Ratnawati Ratnawati Rifki, Salman Riki Saputra Rully Indrawan Rusydi Fauzan Salsabila Khairunnisa Sandriana Marina Saputro, Soemino Eko Satyagraha, Anggit Sembiring, Honny Fiva Akira Septiano, Renil Setiawan, Ferdy Trisanto Siahaan, Julyanthi Marine Sijabat, Eduard Alfian Syamsa Siti Maemunah Siti Maemunah Situmeang, Atika Hartari Soekirman, Atong Soemino Eko Saputro Sri Rahardjo Sri Raharjo Sudewo, Gatot Cahyo Sugiyanto - Suharto Abdul Majid Suraharta, I Made suryawan, ryan firdiansyah Suryobuwono, Abdulllah Ade Taufik Akbar Thamrin, HM. Theresye Yoanyta Octora Tri Susilowati Utami, Nabilah Puteri VERONICA VERONICA Vivin Marthalina Wahyu Wibowo Wahyu Wibowo Wandi Kurniadi Wiguna, Esa Setia Yana Tatiana, Yana Yosi Pahala Yosi Pahala, Yosi Yuliantini Yuliantini Yuliyanto, Agus Zaenal Abidin Zaenal Abidin Zaenal Abidin Zaenal abidin Zaenal Abidin Zahroni, Zahroni Zaroni, Zaroni