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All Journal Abdimas Talenta : Jurnal Pengabdian Kepada Masyarakat Journal of Economic, Bussines and Accounting (COSTING) International Journal of Social Science and Business Jurnal Mantik Ilomata International Journal of Tax and Accounting International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) International Journal of Applied Finance and Business Studies Jurnal Ipteks Terapan : research of applied science and education Jurnal Akuntansi dan Keuangan International Journal of Applied Business and International Management International Journal of Economics, Accounting, and Management Jurnal Pengabdian Masyarakat Multi Disiplin Ilmu PESHUM Harmoni Economics: International Journal of Economics and Accounting Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Keulana Erwin
Fakultas Ekonomi Dan Bisnis, Universitas Sumatera Utara, Medan, Indonesia
Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Astronomy Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Environmental Science Health Professions Immunology & microbiology Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Medicine & Pharmacology Neuroscience Nursing Physics Public Health Social Sciences Veterinary Other

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THE EFFECT ESG DISCLOSURE ON FIRM VALUE: THE MEDIATING ROLE OF FINANCIAL PERFORMANCE IN MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING THE 2020–2024 PERIOD Julia; Keulana Erwin; Rina Br. Bukit
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, with financial performance serving as a mediating variable, in manufacturing companies listed on the Indonesia Stock Exchange (IDX). Firm value is proxied by Tobin’s Q, while financial performance is measured using Return on Assets (ROA). The study employs panel data from manufacturing companies during the 2020–2024 period and uses the Bloomberg ESG Disclosure Score as a proxy for ESG disclosure. Data were analyzed using panel data regression and the Sobel test with the assistance of EViews 13 software to examine the mediating effect of financial performance. The results of the main analysis indicate that ESG disclosure does not significantly affect firm value. In addition, although ESG disclosure significantly affects ROA, the direction of the relationship is contrary to the proposed hypothesis. Furthermore, ROA does not significantly affect firm value and is unable to mediate the relationship between ESG disclosure and firm value. However, the robustness test using a one-year time-lag approach reveals that ESG disclosure has a positive and significant effect on both ROA and Tobin’s Q in the subsequent period. The Sobel test further confirms that ROA partially mediates the relationship between ESG disclosure and firm value under the time-lag model. These findings suggest that the benefits of ESG implementation in manufacturing companies are not immediately reflected in financial performance and firm value. Instead, the positive impact of ESG tends to emerge over time, indicating the presence of a time-lag effect. Therefore, ESG should be viewed as a long-term strategic investment capable of creating sustainable value for firms.
THE EFFECT OF PROFITABILITY, LIQUIDITY, LEVERAGE, ACTIVITY RATIOS AND AUDIT COMMITTEE ON PROFIT GROWTH WITH MANAGERIAL OWNERSHIP AS A MODERATING VARIABLE IN AUTOMOTIVE AND COMPONENT COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE (IDX) FOR THE PERIOD Boy Baba Raja Sihaloho; Azhar Maksum; Keulana Erwin
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 5 (2026): October (ON-PROGRESS)
Publisher : CV. Radja Publika

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This study aims to analyze the effect of profitability, liquidity, leverage, activity ratios, and audit committee on profit growth, with managerial ownership as a moderating variable in automotive and component companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Profit growth is an important indicator in assessing company performance and sustainability, particularly in the automotive industry, which faces dynamic economic conditions and intense competition. This research employs a quantitative approach using secondary data obtained from the companies’ annual financial statements. The population of this study includes all automotive and component companies listed on the IDX, with samples selected using purposive sampling techniques. Data analysis is conducted using Moderated Regression Analysis (MRA) to examine the direct effects of independent variables on profit growth as well as the moderating role of managerial ownership. The results of the study indicate that profitability, leverage, and activity ratios have a significant positive effect on profit growth. Furthermore, liquidity and audit committee involvement have no significant effect on profit growth. Managerial ownership has a significant negative effect on profit growth. Additionally, managerial ownership was found to be unable to strengthen the relationship between these financial variables and profit growth. These findings indicate that management’s involvement in stock ownership can enhance the effectiveness of corporate management and drive more sustainable profit growth. This study is expected to provide a theoretical contribution to the development of corporate finance research and serve as practical guidance for management, investors, and stakeholders in decision-making.
Co-Authors Abdiyanto Abdiyanto Adam Afiezan Agung Wahyudhi Atmanegara Aninditya Amanda ayu kurnia sari Azhar Maksum Boy Baba Raja Sihaloho Dena Viona Br Kembaren Deri Sembiring Elisa Fransiska Girsang Erlina Erlina Erlina Fahmi Natigor Nasution Fahmi Natigor Nasution Firza Azzahra Frisky Anistya H. Adam Afiezan Hendra Saputra Intan Wahyuni Nasution Iskandar Muda Julia Meidarti Gea Nara Pelita Sari Kaban Nelly Reinalda Sidabutar Noviani Parapat Gultom Pesta Maria Pasaribu Rina Br. Bukit Rina Bukit Roma Gunarty Pakpahan Sambas Ade Kesuma Sambas Ade Kesuma Shara Ketty Moretta Situmorang Siti Nurmala Lubis Sri Wahyuni Sukarja, Detania Susan Cornelya Hermina Syafrizal Helmi Situmorang Taufik Kurniawan Thalita Syafira Tri Murti Lubis Tulus Manurung Virna Natasya Angeli Siburian Wilda Anabia Prasasti Wintari Harahap