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All Journal Jurnal Akuntansi & Auditing Indonesia JDM (Jurnal Dinamika Manajemen) JEJAK JAM : Jurnal Aplikasi Manajemen Journal of Indonesian Economy and Business Asia-Pacific Management and Business Application International Research Journal of Business Studies (E-Journal) JRMSI - Jurnal Riset Manajemen Sains Indonesia JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Jesya (Jurnal Ekonomi dan Ekonomi Syariah) JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) International Journal Of Science, Technology & Management (IJSTM) Bima Journal : Business, Management and Accounting Journal Journal of Community Service and Society Empowerment Jurnal Pengabdian kepada Masyarakat Dewantara RESLAJ: Religion Education Social Laa Roiba Journal International Research Journal of Business Studies
Berto Usman, Berto
Department of Management, Faculty of Economics and Business University of Bengkulu,
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry 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 Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Mechanical Engineering Public Health Social Sciences Transportation

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PENGARUH KINERJA CSR DAN VARIABEL MAKRO EKONOMI TERHADAP KINERJA PERUSAHAAN Anjariyah, Rofi; Usman, Berto
Jesya (Jurnal Ekonomi dan Ekonomi Syariah) Vol 7 No 1 (2024): Article Research Volume 7 Number 1, January 2024
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi Al-Washliyah Sibolga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36778/jesya.v7i1.1435

Abstract

Tujuan dari penelitian ini adalah untuk menguji pengaruh kinerja CSR dan variabel makro ekonomi terhadap kinerja perusahaan yang diukur dengan pengukuran menurut kinerja pasar, yaitu Tobin’s Q. Penelitian ini termasuk ke dalam jenis penelitian kuantitatif. Teori yang digunakan adalah signaling theory dan investment theory. Pengumpulan data dilakukan dengan tahapan studi literatur yang mempelajari buku, jurnal, hasil laporan, dan data sekunder lainnya. Populasi penelitian ini adalah seluruh saham perusahaan yang tergabung di BEI. Sedangkan sampel penelitian diambil dengan menggunakan metode purposive sampling dari 32 perusahaan dengan periode waktu pengamatan dari tahun 2018 sampai dengan tahun 2022. Penelitian ini menggunakan analisis regresi data panel dengan 160 observasi (perusahaan-tahun). Analisis menerapkan Common-Effect Model (CEM). Hasil penelitian menunjukkan bahwa dari seluruh variabel yang diteliti, hanya variabel exchange rate yang memiliki pengaruh terhadap kinerja perusahaan berdasarkan Tobin’s Q. Hal ini menunjukkan bahwa fluktuasi exchange rate dapat mempengaruhi nilai perusahaan dan kinerjanya. Meskipun penelitian mencakup kinerja CSR dan variabel makro ekonomi lainnya seperti inflasi, GDP, dan suku bunga, hasil menunjukkan bahwasanya variabel-variabel tersebut tidak memiliki pengaruh terhadap kinerja perusahaan berdasarkan Tobin’s Q. Ini mengindikasikan bahwasanya dalam konteks penelitian ini, faktor-faktor tersebut tidak menjadi penentu utama kinerja perusahaan berdasarkan Tobin’s Q.
Does Bid/Ask Spread React to the Increase of Internet Search Traffic? Nurazi, Ridwan; Usman, Berto; Kananlua, Paulus S.
International Research Journal of Business Studies Vol. 8 No. 3 (2015): December 2015 - March 2016
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.8.3.181-196

Abstract

This article solely examines the effect of investor attentions on bid-ask spread. We find that investors’ attention surrogated by Internet Search Traffic (IST) contribute positively and significantly toward bid-ask spread (SPREAD). This result indicates that the incoming information directs the market within the stack circumstance and thin trading activity. Here, our samples were obtained from the manufacturing index, in the Indonesia Stock Exchange (IDX) during the period of observation ranging from 2009 to 2011. The hypothesis testing in this research is performed by using panel data regression analysis (Fixed Effect Model). Test result reveals that the search of online information through Google is beneficially one of the efforts to reduce asymmetry information between informed investors and uninformed investors. Besides, we also note that asymmetric information not only exists between the informed and uninformed investors, but also happens to market makers and informed investors. Finally, our findings lead to a conclusion, in which the high search of information tends to help investors in making appropriate investment decisions.
Greening Business For Sustainability: The Strategic Role of Green HRM, Innovation and Employee Behavior in Coal Power Plants in Sumatera, Indonesia Zeqing, Liu; Alfansi, Lizar; Usman, Berto
International Journal of Science, Technology & Management Vol. 6 No. 6 (2025): November 2025
Publisher : Publisher Cv. Inara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46729/ijstm.v6i6.1294

Abstract

This study examines the influence of Green Human Resource Management (GHRM) on Sustainability Performance (SP) in coal-fired power plants (PLTUs) in Indonesia, with Green Innovation (GI) and Employees’ Green Behavior (EGB) as mediators. Results show that GHRM significantly drives both GI and EGB, and directly improves SP. Indirect effects are even stronger, as GI and EGB enhance sustainability outcomes across environmental, social, and economic dimensions. These findings confirm GHRM as a critical driver of sustainability in energy-intensive industries. Based on the results, this study contributes theoretically by integrating GHRM with the Triple Bottom Line, extending the Resource-Based View and AMO framework, and linking micro-level green behaviors to macro-level sustainability outcomes. It also highlights the contextual relevance of GHRM in high-impact industries and underscores innovation as a strategic HRM outcome. Practically, energy companies should embed sustainability in HR practices, strengthen eco-innovation, and foster green behaviors through incentives and cultural alignment. Policymakers are encouraged to enhance regulatory support, while collaboration across sectors can accelerate the diffusion of sustainable practices. Overall, aligning HRM with green strategies provides both theoretical enrichment and actionable guidance for advancing corporate sustainability.
The Impact of ESG (Environmental, Social, Governance) Disclosure on Company Value with Audit Quality as a Moderating Variable Raflesiana, Widhea Putri; Usman, Berto; Santi, Fitri
JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) Vol. 9 No. 3 (2025): December
Publisher : Program Studi Akuntansi Universitas Langlangbuana Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/jasa.v9i3.2923

Abstract

The purpose of this study is to analyze the impact of Environmental, Social, and Governance (ESG) disclosure on company value and to demonstrate the role of audit quality in moderating this impact. This study applies a quantitative approach. The population in this study includes all companies in the financial sector listed on the Indonesia Stock Exchange, while the sample consists of financial companies that regularly publish annual reports and sustainability reports between 2021 and 2023. This study applies panel data regression analysis, which combines two types of data, namely time series and cross-section, and applies Random-Effect Model (REM) analysis. The findings of this study indicate that ESG disclosure has a positive effect on company value, but individually, environmental disclosure has no effect, social disclosure has a significant positive effect, and governance disclosure has no effect, and audit quality moderation has no effect on ESG disclosure on company value.
Stock Risk as a Moderator in the ESG-Return Relationship: Evidence from the Indonesian Capital Market ZULI, WAHFI; Usman, Berto; Nikmah, Nikmah
BIMA Journal (Business, Management, & Accounting Journal) Vol. 6 No. 2 (2025)
Publisher : Perkumpulan Dosen Muda (PDM) Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37638/bima.6.2.1439-1448

Abstract

Purpose: This study analyses the influence of Environmental, Social, and Governance (ESG) performance on stock returns, with stock risk—measured by volatility—introduced as a moderating factor. Methodology: Using a sample of 33 companies listed in the IDX ESG Leaders and SRI-KEHATI indices between 2021 and 2023, ESG data were derived from the CESGS Universitas Airlangga dataset, returns were calculated through capital gains, and volatility was estimated from standard deviations of monthly returns. Panel regression with a Fixed Effect Model was employed. Results: Findings demonstrate that ESG performance negatively affects stock returns, and this negative impact intensifies in conditions of higher volatility. Findings: These results suggest that investors in Indonesia prioritise short-term financial risk over sustainability credentials, which weakens the signalling role of ESG. Novelty: This research introduces volatility as a moderator in the ESG–return nexus and provides evidence from ESG-specific indices in Indonesia (IDX ESG Leaders and SRI-KEHATI). Originality: The research highlights the Indonesian market context, showing that ESG has not yet emerged as a positive driver of stock returns. Conclusion: The study highlights that ESG in emerging markets requires stronger regulatory support and enhanced disclosure to translate sustainability practices into financial value.. Type of Paper: Research article.
Green accounting and firm value: The moderating role of external assurance in Indonesia Wiguna, Nandina Putri; Sriwidharmanely, Sriwidharmanely; Usman, Berto
Jurnal Akuntansi dan Auditing Indonesia Vol. 30 No. 1 (2026)
Publisher : Accounting Department, Faculty of Business and Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jaai.vol30.iss1.art6

Abstract

This study examines the effect of green accounting on firm value and the moderating role of external assurance in energy sector firms listed on the Indonesia Stock Exchange during 2017–2023. Using a quantitative approach, panel data regression with a Random Effect Model and robust standard errors is applied to 82 firm-year observations after outlier treatment using the Z-score method. Green accounting is measured using GRI-based environmental disclosure, while firm value is proxied by Tobin’s Q. The results show that green accounting has a marginally significant negative effect on firm value. However, external assurance significantly strengthens and reverses this relationship, indicating the importance of credibility in sustainability reporting. The findings extend signaling theory by demonstrating that environmental disclosure enhances firm value only when supported by independent verification. This study highlights the contingent role of assurance in shaping market interpretation of sustainability information in emerging markets. The analysis is limited to the energy sector, suggesting avenues for broader future research.
Co-Authors Alfansi, Lizar Anjariyah, Rofi Aprisella, Rhienta Ardhana, Amelia Bakrie, Abdurrachman Chairil Afandy Darmansyah Delima Eduardus Tandelilin Fiona, Febzi Fitri Santi Hasworini, Fidela Ifebri, Rihan Irianto, Kurniawan Budi Kamaludin Kamaludin Kamaludin Kananlua, Paulus S. Kananlua, Paulus S. Kassie, Nega Muhabaw Misliniyati, Rena Nikmah Nikmah Purnama, Soni Ayi Raflesiana, Widhea Putri Ridwan Nurazi, Ridwan Samosir, Nikolas Sriwidharmanely, Sriwidharmanely Stevany Angelia Manik Wahyudi, Fitra Wibowo, Hariz Eko Wiguna, Nandina Putri Willy Abdillah Yennita Zeqing, Liu Zoraya, Intan Zuli, Wahfi