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All Journal Owner : Riset dan Jurnal Akuntansi International Journal of Social Science and Business International Journal of Supply Chain Management Jurnal Sains Sosio Humaniora Seminar Nasional Lahan Suboptimal Jurnal Mantik Management Studies and Entrepreneurship Journal (MSEJ) EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Jurnal Akuntansi dan Keuangan Kontemporer (JAKK) International Journal of Educational Review, Law And Social Sciences (IJERLAS) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Jurnal Ipteks Terapan : research of applied science and education Journal Of World Science Utsaha: Journal of Entrepreneurship Proceeding of The International Conference on Economics and Business Ranah Research : Journal of Multidisciplinary Research and Development Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Jurnal Penelitian Pendidikan Indonesia Harmoni Economics: International Journal of Economics and Accounting Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Rina Br. Bukit
Faculty Of Economics And Business, University Of North Sumatra Medan, Indonesia
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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

Show Abstract | Download Original | Original Source | Check in Google Scholar

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.
“Effects of Government Size, Capital Expenditure, and Transfer Funds on Financial Performance: Economic Growth Moderation” Tifani Napitupulu; Rina Br Bukit; Khaira Amalia Fachrudin
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 3 (2026): August: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v3i3.487

Abstract

This study aims to analyze the influence of government size, capital expenditure, and balancing funds on the financial performance of provincial governments in Indonesia, with economic growth as a moderating variable. The study employed a quantitative approach with secondary data obtained from the Regional Government Financial Report (LKPD), the Directorate General of Fiscal Balance (DJPK), and the Central Statistics Agency (BPS). The study sample consisted of 26 provincial governments in Indonesia during the 2021–2024 period, resulting in 104 observations. The analytical method used was panel data regression with a Random Effects Model (REM) and Moderated Regression Analysis (MRA) approach. The results showed that government size had a negative but insignificant effect on financial performance with a coefficient of -393.6595 and a probability of 0.5738. Capital expenditure had a positive and significant effect on financial performance with a coefficient of 90.07727 and a probability of 0.0033, while balancing funds had a negative and significant effect with a coefficient of -50.91438 and a probability of 0.0158. Moderation tests indicate that economic growth is unable to moderate the effect of government size on financial performance with a probability of 0.5020, and it is unable to moderate the effect of balancing funds on financial performance with a probability of 0.0525. However, economic growth is able to strengthen the effect of capital expenditure on financial performance with an interaction coefficient of 16.58822 and a probability of 0.0193.
Co-Authors Abdillah Arif Adi Widjajanto Alfida, Selia Angel, Yolanda Aremi Evanta Br Tarigan Aried Sumekar ARUAN, ROBERTO BOBHOPE Azhar Maksum Badaruddin Badaruddin Cutserly Utari Devi Rosdal Yanti Erlina Erlina Erlina Fara Maretta Fedinanda Kusumastuti Febriana Roosmawati Firman Syarif Gaddafi, Muammar Gracelin Nonifati Hulu Heli Herdini Br Sitepu Iskandar Muda Istikha Ruchitra Hayudirga Wasesa Johanna Gracella Tambunan Julia Karneji Sumarlin Bucika Sormin Keulana Erwin Khaira Amalia Fachrudin Khairunnisa Br Manurung Marpaung, Pertiwi Masse, Finka Azzahra Utami Morita Rahel Promovenda, Bella Nasution, Abdillah Arif Nasution, Fahmi Natigor Nia Dwi Syafira Nova Fernita S Nuri Wandasari Parapat Gultom Rahma Sari Harahap Rizma Nazriah Hasibuan Rizma Nazriah Hasibuan Rona Lamretta Sinurat Rona Lamretta Sinurat Rujiman Rujiman Rujiman Ruth Inggrid Hutauruk Sabariah Sabariah Sambas Ade Kesuma Sarah Poppy Siregar Sinaga, Ananda Sabrida Tora Br Siregar, Narumondang Bulan Sirojuzilam Hasyim Situmeang, Chandra sriati sriati Syahyunan syahyunan syahyunan Taufik Kurniawan Tifani Napitupulu Wahyul Huda Nanda yeni absah yeni absah Yosep Halomoan Sirait