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ESG Performance and Its Role in Mitigating Stock Price Crash Risk: Evidence from Indonesian Listed Companies Isnaini Nuzula Agustin; Julia Ananda Caesaria; Hery Haryanto
Golden Ratio of Auditing Research Vol. 6 No. 1 (2026): July - January
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i1.1820

Abstract

This study examines the extent to which ESG performance influences stock price crash risk (SPCR) among companies listed on the Indonesia Stock Exchange (IDX). Using ESG Score data from the Refinitiv database, this study analyzes 232 firm-year observations from 2018 to 2023. SPCR is measured using Negative Skewness (NSKEWNESS), an indicator capturing the asymmetry of return distributions that reflects the buildup of hidden bad news and Down-to-Up Volatility (DUVOL), which captures downside volatility relative to upside movements. Regression results show that the aggregate ESG Score significantly reduces SPCR when measured with NSKEWNESS, indicating that firms with stronger ESG engagement are less likely to experience extreme negative price declines. When decomposed, the Environmental and Social components significantly mitigate SPCR, while Governance exhibits a negative but insignificant effect. However, none of the ESG components significantly influence DUVOL, suggesting that ESG practices may be more effective in addressing long-term crash risk rather than short-term price volatility. These findings highlight the role of ESG in promoting market resilience and underscore the importance of transparent and comprehensive sustainability reporting for corporate managers, investors, and regulators.
Analysis of the Impact of Environmental, Social, and Governance (ESG) on Company Profitability: The Role of Digital Transformation as a Moderating Variable Eva Juliana; Hery Haryanto; Hesniati Hesniati
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 6 No. 2 (2026): Juli : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v6i2.9705

Abstract

This study examines the relationship between the implementation of Environmental, Social, and Governance (ESG) and corporate financial performance, with digital transformation as a moderating variable. Profitability is measured using the indicators return on assets (ROA)and return on equity (ROE). The objects of this study are companies listed on the Indonesia Stock Exchange during the period 2019-2023 and have published sustainability reports annual reports containing ESG information. The sampling method used was purposive sampling, resulting in a number of companies that met the research criteria. The results of this study indicate that ESG has a negative and significant effect on ROA. However, the effect on ROE is not significant, which indicates that an increase in ESG is not directly correlated with an increase in equity returns. On the other hand, digital transformation is proven to strengthen the relationship between ESG and ROA, but does not significantly moderate the relationship between ESG and ROE. This study provides important implications that ESG-based sustainability strategies and digitalization contribute to increased efficiency and operational performance, but are not always reflected in returns to shareholders. Therefore, companies need to consider broader performance metrics in assessing the impact of ESG.
Gen-Z financial keys: the impact of self-control and financial literacy mediated financial behavior Yandi Suprapto; Sania Valentina; Hery Haryanto
Manajemen dan Bisnis Vol 24, No 2 (2025): September 2025
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/mabis.v24i2.974

Abstract

This study investigates the relationship between self-control and financial literacy on the financial well-being of Generation Z, with financial behavior serving as a mediating variable. A quantitative research design was employed, utilizing a convenience sampling technique by distributing questionnaires to Gen-Z individuals residing in Batam. The final sample consisted of 415 respondents, and the data were analyzed using partial least squares structural equation modeling (PLS-SEM). The structural model assessment reveals that both financial literacy and financial behavior exert a significant positive influence on financial well-being, whereas self-control does not exhibit a direct significant impact. Nonetheless, financial behavior effectively mediates the relationship between self-control, financial literacy with financial well-being. These findings highlight the crucial role of enhancing financial literacy and fostering sound financial behavior to improve the financial well-being of the younger generation.