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All Journal Jurnal Manajemen Teknologi Journal of Business and Management The Asian Journal of Technology Management (AJTM) Syntax Literate: Jurnal Ilmiah Indonesia Journal of Economic, Bussines and Accounting (COSTING) International Journal of Supply Chain Management EQIEN - JURNAL EKONOMI DAN BISNIS Jemasi Jurnal Ekonomi Manajemen dan Akuntansi Community Engagement and Emergence Journal (CEEJ) JATI EMAS (Jurnal Aplikasi Teknik dan Pengabdian Masyarakat) EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) Jurnal Darma Agung Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Jurnal Manajemen dan Profesional Jurnal Transportasi Multimoda Jurnal Social Library Economic Reviews Journal Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Journal of Accounting and Finance Management (JAFM) International Journal of Science and Environment International Journal of Management, Entrepreneurship, Social Science and Humanities (IJMESH) Journal Integration of Social Studies and Business Development Journal Integration of Management Studies
Yunieta Anny Nainggolan, Yunieta Anny
School Of Business And Management, Institut Teknologi Bandung
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Physics Public Health Social Sciences Transportation Other

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Unveiling the Impact of Green Financing and Sustainability Reporting on Indonesian Banks: Two-Fold Analysis using Tobins’Q and RoRWA Marlene; Nainggolan, Yunieta Anny
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.320

Abstract

The primary objective of this research is to investigate the two-fold impacts of portfolio Green Financing (GF) and GRI-based Sustainability Reporting Disclosure (SRD) on the financial performance of Indonesian banks. At the focal points of the country’s sustainability transition, banks play a catalytical role in directing capital between environment protection, climate risk policy, societal impact, industry adaptation, and long-term financial resilience. Using a panel data set of 44 IDX-listed commercial banks from 2021-2023, the research applies a dual-lens empirical framework: Tobin’s Q to measure market perception and Return on Risk Weighted Assets (RoRWA) to capture internal regulatory-aligned profitability. The result reveals that Green Finance and Sustainability Reporting Disclosure consistently improved RoRWA, confirming the strategic financial merit of green lending. Nonetheless, Tobin’s Q revealed that GF does not have a substantial effect, suggesting that the market may undervalue banks' sustainable business initiatives. SRD initially demonstrates significance but loses its explanatory power when the full model is introduced, indicating immaturity and narrative-heavy disclosure, which lack integrated rigorous financial materiality. Research emphasizes the importance of aligning SRD transparency and GF execution to accelerate new taxonomy-based reporting, develop RoRWA-linked ESG metrics, and explore potential macro and micro-prudential incentives. This research provides policy and managerial insight to support the scalability of green finance and credible sustainability reporting in Indonesia and other emerging markets.
Investment Feasibility Analysis for Sustainable Capacity Expansion of Aircraft MRO in Indonesia Davirza, Puri Alodia; Nainggolan, Yunieta Anny
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.323

Abstract

According to global market outlooks, the aviation industry is expected to demand 43,975 new aircraft between 2024 until 2043, which will significantly increase the need for Maintenance, Repair, and Overhaul (MRO) services. As the leading MRO provider in Indonesia, Aeroantara Technic is well positioned to capture this growth. However, it faces internal challenges due to its prolonged negative equity position. This study assesses the investment feasibility of an investor to develop a new wide body aircraft hangar with two to four additional slots that would be operated by Aeroantara Technic under an Operation Management (OM) scheme. The analysis is approached from two perspectives. First, whether the project is financially viable for the investor since without a feasible investment return, Aeroantara Technic would not be able to lease the hangar. Second, if the project is indeed feasible, the study estimates the potential benefit that Aeroantara Technic could gain from operating the hangar under this arrangement. The analysis integrates financial data projections using discounted cash flow modelling, supported by publicly available data inputs from industry and internal insights utilized to build credible assumptions and enhance the realism of projections. The results indicate a robust return on investment with a positive NPV of USD 19.2 million, an IRR of 14.2%, and payback period 10.6 years, confirming adequate profitability and feasibility. To further account of uncertainties, a sensitivity analysis using Monte Carlo simulation is conducted, strengthening the confidence in the project decision under varying risk scenarios. Align with international aviation sustainability goals (ICAO’s CORSIA and IATA’s Fly Net Zero), Aeroantara Technic could incorporating ESG aspects that may unlock green financing, government incentive, and customer preference for sustainable MROs. In conclusion, expanding Aeroantara Technic’s capacity for aircraft maintenance through a new hangar represents a financially sound strategic move aligned with the industry growth forecasts.
The Analysis of Carbon Credit Monetization in the Mining & Energy Company Demario, Patrick; Nainggolan, Yunieta Anny
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.328

Abstract

This study examines the recently launched Indonesian carbon market, IDX Carbon, with a focus on its applicability to publicly listed mining and energy companies. The research compares IDX Carbon with established carbon trading systems in the European Union and China to assess structural differences and pricing mechanisms. Using emissions data from 2020 to 2023, the study calculates annual emission surpluses and deficits based on Phase 1 carbon accounting. Findings reveal that most Indonesian companies are in a carbon credit deficit, resulting in added operational costs. Although the potential for monetizing carbon credits exists, particularly for companies with emission surpluses, the overall financial benefit remains limited under current market conditions. Notably, the price per ton of CO₂e in Indonesia is significantly lower than in the EU and China, indicating that the Indonesian carbon market is still undervalued and lacks liquidity. These conditions may discourage active participation and weaken the market’s role in driving corporate decarbonization. This research contributes to the understanding of early-stage carbon market implementation in developing economies and highlights areas for improvement in regulatory design, carbon pricing, and reporting transparency. It also provides a basis for future studies on sustainable finance and carbon policy reform in Indonesia, especially in high-emission sectors like mining and energy.
Financing Low-Carbon Urban Transport through Subnational Green Bonds: A Review in Emerging Economies Liongson, Edward; Nainggolan, Yunieta Anny
Journal Integration of Management Studies Vol. 3 No. 2 (2025): (Special Issue)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i2.362

Abstract

Subnational green bonds offer promising potential to finance low-carbon urban transport in emerging economies but remain underutilized due to a range of systemic barriers. This study uses a narrative literature review to examine how green bonds have evolved globally and how they are applied at the municipal level in the transport sector. Drawing from academic literature, multilateral reports, and real-world case studies, it identifies six persistent challenges: fragmented project pipelines, weak MRV systems, difficulties with ESG integration, legal and regulatory hurdles, low municipal credit ratings, and limited investor appetite. Despite the growth of the global green bond market, only a small share supports subnational urban transport projects. Cases such as Mexico City and Johannesburg demonstrate that the absence of enabling frameworks hinders feasibility but broader replication. This review contributes to the climate finance literature by advancing its scholarship by shifting attention from national-level instruments to local institutional realities and proposing five future research directions to support more inclusive and viable green bond mechanisms for sustainable transport in emerging markets.
Optimizing ESG Strategy Through ESG Rating Analysis: A Case Study Of PT. X (A State-Owned Enterprise In Indonesia) Patmanegara, Iqball Dwi Candra; Nainggolan, Yunieta Anny
Journal Integration of Management Studies Vol. 3 No. 3 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i3.365

Abstract

This study investigates the strategic function of ESG (Environmental, Social, and Governance) Ratings in enhancing sustainability transformation within PT. X is a leading state-owned enterprise in Indonesia's digital sector. Despite maintaining an "A" MSCI ESG Rating from 2020 to 2023, the company lags behind 43% of global peers, raising concerns about ESG maturity and global alignment. Using a qualitative single-case study design, the research draws on in-depth interviews with internal stakeholders and document analysis, examined through thematic and content analysis frameworks. Findings reveal that ESG Ratings serve not merely as compliance instruments but as strategic levers for investor signaling, risk identification, and internal planning. ESG considerations are integrated into KPIs, OKRs, and governance mechanisms, signaling institutionalization of sustainability. However, operational gaps persist, including ESG data infrastructure limitations and inconsistent cross-unit alignment. These insights highlight the evolving role of ESG Ratings as tools for both external market positioning and internal organizational learning. Practically, the study offers guidance for SOEs and emerging-market firms to use ESG Ratings as catalysts for long-term value creation, aligning with national sustainable finance mandates. It recommends investments in ESG data systems, standardized disclosures (e.g., GRI, SASB), and managerial ESG competency-building.
The Evolving Roles Political Connections in Firm Performance: Insights from a Two-Decades Review Widyastuti, Arie; Wiryono , Sudarso Kaderi; Nainggolan , Yunieta Anny
Jurnal Manajemen Teknologi Vol. 24 No. 1 (2025)
Publisher : Unit Research and Knowledge, School of Business and Management, Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2025.24.1.5

Abstract

Abstract. This study examined the impact of political connections on firms' performance. Using bibliometric data, we analysed key research areas, top journals, important studies, leading scholars, and prominent institutions and countries in this field of research. Our review of 709 articles demonstrates a significant increase in publications on this topic, highlighting the valuable role of political ties for firms across both emerging and developed economies. Greater attention is paid to not only business and economic areas, such as market and financial performance, corporate governance, and mergers and acquisitions, but also the economic consequences of green and sustainable practices on the performance of politically connected firms. Due to the interdisciplinary nature of research on political connections, this study provides valuable insights for decision-makers in using political connections as a non-market strategy by mapping knowledge development in the research field over the last two decades, as well as facilitating future research to more easily identify relevant references and presenting emerging themes in the research domain. Keywords: Firms' performance, political connections, bibliometric analysis, knowledge mapping, web of science
Unlocking the Nexus Between Green Financing, Net Zero Roadmaps, and Science-Based Targets Initiatives in Indonesia's Infrastructure Sector Panjaitan, Nathania Adella; Nainggolan , Yunieta Anny
Journal Integration of Management Studies Vol. 3 No. 3 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i3.352

Abstract

Infrastructure sectors, especially energy, construction, and transport, are pivotal to Indonesia's net-zero transition due to their emissions intensity and capital demands. This study investigates how Science-Based Targets Initiatives (SBTi) disclosures and financial health affect green finance uptake. Using a mixed-method approach and logistic regression on 65 IDX-listed infrastructure firms within the 2023 fiscal year, this research incorporates firm-level data from annual and sustainability reports. It applies indicators including Return on Equity (ROE), Debt-to-Equity Ratio (DER), Cost of Debt (COD), and SBTi-aligned disclosure scores (CNZSTot). The results show that COD is the only significant financial predictor, while SBTi disclosure scores outperform net-zero roadmap availability in explaining green finance engagement. Disclosure gaps, limited third-party assurance, and sectoral inconsistencies reduce credibility. The findings imply that formal, verifiable climate disclosures aligned with science-based frameworks are pivotal in accessing the green capital, enhancing regulatory incentives, and disclosure standards also become essential to advance Indonesia's infrastructure decarbonization agenda.
Stock Valuation and Financial Performance of PT Indofood Sukses Makmur Tbk Harlan, Ruliff; Yunieta Anny Nainggolan
Journal Integration of Management Studies Vol. 3 No. 3 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i3.353

Abstract

In recent years, external factors may have influenced the performance of PT Indofood Sukses Makmur Tbk (INDF). Unusual weather patterns have allegedly disrupted supply chains and caused volatility in global wheat prices. This led to a revenue decline in both the agribusiness and Bogasari segments during 2023 and 2024. These pressures and market sentiment led to a relatively low P/E ratio of 6.34 in early 2025. However, other business segments, such as Consumer Branded Products and Distribution, continue to grow strongly. This raises concerns that INDF's market price may not fully reflect its intrinsic value. This study aims to assess INDF's fundamental condition, estimate its intrinsic price, and provide recommendations for prospective investors. It begins with a macroeconomic assessment, Porter's Five Forces, industry market ratio comparison, financial ratio analysis, and absolute and relative valuation. The findings suggest that INDF has stable fundamentals and a competitive advantage. In addition, the valuation methods estimated that the intrinsic price of INDF shares is IDR 18,328. Compared to the market price of IDR 7,850, the potential upside could be 133.4%. This condition shows an opportunity for future price appreciation and thus is considered a good option for long-term investors.
Sustainable Banking in Practice: Stakeholder Responses and Implementation Challenges in a Regional Bank Prabowo, Hadi; Nainggolan, Yunieta Anny
Journal Integration of Management Studies Vol. 3 No. 2 (2025): (Special Issue)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i2.377

Abstract

This study analyses the adoption of Environmental, Social, and Governance (ESG) principles in a regional development bank in Indonesia via the perspective of Stakeholder Theory. Using a qualitative approach, the research analyses how the bank connects with and responds to its internal and external stakeholders within the framework of national rules, particularly POJK 51/2017 and the Indonesian Green Taxonomy. Although the bank has demonstrated formal compliance, as evidenced by submitting Sustainable Finance Action Plans and releasing GRI-based sustainability reports, findings indicate that ESG integration remains inconsistent across units and functions. Major problems include insufficient ESG literacy among employees, the absence of stakeholder-oriented performance metrics, fragmented ESG-related data systems, and a lack of organised engagement tools that facilitate dialogue and responsiveness. Despite these impediments, positive indications from stakeholders, such as increased public awareness and substantial investor interest in sustainability bonds, reflect the growing reputational value of ESG commitments. However, the study reveals that stakeholder engagement strategies are primarily one-directional, with limited institutional frameworks for co-creation, feedback, or collaborative governance. To address these shortcomings, the report advises constructing inclusive stakeholder forums, embedding ESG indicators into key performance metrics, centralizing ESG data infrastructure, and conducting organised capacity-building programs. This study contributes to the growing discourse on stakeholder-responsive ESG implementation in regional banking, providing strategic insights for enhancing trust, inclusion, and long-term sustainability performance.
Profitability Impact Of Reducing Coal Lending Exposure: A Scenario Analysis of Bank Permata's Sample Loan Portfolio Nugraha, Aditya; Nainggolan, Yunieta Anny
Journal Integration of Management Studies Vol. 3 No. 2 (2025): (Special Issue)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i2.399

Abstract

The global shift toward a low-carbon economy has intensified regulatory, market, investor, and societal pressures on banks to align lending portfolios with sustainable finance principles. In Indonesia, where coal remains central to the energy mix, banks face a strategic trade-off between sustaining profitability from coal financing and complying with green taxonomy requirements. This study evaluates the profitability implications of the coal sector phase-out for Bank Permata, a leading Indonesian commercial bank, and examines mitigation strategies. The analysis integrates Signaling Theory, Resource Dependence Theory, Stakeholder Theory, and Sustainable Finance to frame the strategic, risk, and stakeholder considerations in portfolio reallocation. A quantitative scenario analysis was applied to four publicly listed coal companies with existing credit facilities at Bank Permata, which were selected as a sample. Using a profit planning approach, financial projections were developed for income statements, balance sheets, and cash flows based on public disclosures and validated assumptions. Results were compared across a baseline (no phase out) and three phase out scenarios, with the most stringent targeting zero exposure by 2030. Findings indicate that phasing out in the short term will affect declines in interest income, driven by reduced loan balances and yields, but highlight long-term benefits through reduced regulatory non-compliance risk and lower reputational exposure to transition risks. Potential losses can also be mitigated by reallocating to green taxonomy-aligned sectors with competitive yields. The research offers a replicable scenario-based modeling framework for quantifying the financial effects of coal phase-out strategies in emerging market banking. It underscores the importance of strategic portfolio realignment, diversification into sustainable sectors, and strengthened ESG risk assessments to maintain profitability while supporting national and global sustainability goals.
Co-Authors Abieza, Talitha Rhea Adam Aliya Silmi ADITYA NUGRAHA Aditya Pratama Afgani, Kurnia Fajar Akbar Grady Serano, Dillon Ariando, Heribertus Arie Widyastuti Arifani, Yusnia Talitha AGnes Asep Darmansyah Bastaman, Irsyad Muhammad Cahyono, Tomy Dwi Christian, Nicolas Rendy Dadang Suryana Davirza, Puri Alodia Demario, Patrick Dematria Pringgabayu Dermawan, Dicky Dhea Rakhmatika Utami Eko Susanto El Gibran, Pangeran Alif Endang Dwi Astuti Esa, Abrori Ahmad Noor Fahriandi, Dwika Ghea Revina Wigantini Hanna Pramadhia, Jasmine Harlan, Ruliff Isrochmani Murtaqi Khairunnisa, Carla Latif Alfiyan Zuhri Lazuardi Kitri, Mandra Liongson, Edward Marlene Matsuura, Yoshiyuki Mega Fitriani Adiwarna Prawira Meliana Meliana Muh. Alif Rumansyah, A. Muhammad Dzaki Naufal, Muhammad Dzaki Muhammad, Zikri Mulyati, Widia Muzaffar, Mumtaz Nagoro, Damar Panuluh Natama, Jennifer Magdalena Nita, Arfenia Octaviani Ratnasari Santoso Pane, Josua Febrico Renaldo Panjaitan, Nathania Adella Panjaitan, Renhard Patmanegara, Iqball Dwi Candra Prabowo, Hadi Purbayati, Radia Putri Pradana, Dian Putri, Yolli Eka Putro, Lucky Wahyu Pratomo Raden Aswin Rahadi Rahmatsyah Putranto, Nur Arief Rifka Indi Robert Chowiendo RR. Ella Evrita Hestiandari Santosa, Jason Gamaliel Septyandi, Chandra Budhi Sita Deliyana Firmialy Sitorus, Ganda Glen Michael Subaryata, Subaryata Subiakto Soekarno Subiakto Soekarno Sudarso Kaderi Wiryono Sulestiowidagdo, Ignatius Dwi Sumirat, Erman Arif Syaputri, Annisa Rizkia Syifaa Novianti Trihermanto, Febi Verdana, Faza Vichsanzy, Falahariq Wiryono , Sudarso Kaderi Wiryono, Sudarso Kaderi Witjaksono, Aryo Dimas Yansil, Eko Thio Ady