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Advancing SDGs 1 through Sustainable Microfinance Institutions: The Roles of Competition, Double Bottom Line Performance, and Digitalization. Djoko Karyono; Djoko Suhardjanto; Irwan Trinugroho; Izza Mafruhah
Journal of Current Studies in SDGs Vol. 3 No. 3 (2027): September
Publisher : Sekolah Tinggi Agama Islam Sabilul Muttaqin Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63230/jocsis.3.3.286

Objective: The study examines the financial and social performance of microfinance institutions (MFIs) and assesses whether digitalization and its interaction with institution size are associated with operational self-sufficiency and outreach. Method: The analysis uses an unbalanced panel from the MIX Marker database. The descriptive output covers 1999-2019 and contains up to 20,120 institution-year observations. Fixed-effects panel regressions are reported for operational self-sufficiency (OSS) and the number of active borrowers (NAB), with profitability, loan volume, capital adequancy, funding structure, proverty outreach, total assets, and digitalization as explanatory variables. Result: Return on assets in positively associated with OSS, while loan volume is strongly associated with NAB. A higher depositto-loan ratio is linked to stronger OSS. The share of cliencts below the proverty line is positively associated with OSS but negatively associated with NAB. The direct digitalization coefficient and the digitalization-total-assests interaction are statistically insignificant in the reported models. Novelty: The study separates financial sustainability from social outreach and test whether digital maturity changes the size-performance relationship in an international MFI panel. The result show that digital adoption alone does not guarantee stronger double-bottom-line performance.

Optimal portfolio strategy: A stock index-based analysis Darma Saputra; Irwan Trinugroho; Faizul Mubarok
Sebelas Maret Business Review Vol 9, No 2 (2024): December 2024
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v9i2.95170

The classification of stock indices published by Indonesia Stock Exchange (2021) has resulted in variations of stock indices, whereby a stock index may contain stocks that are the same, similar, or different from other stock indices. Based on the portfolio theory in Hartono (2014) and the Markowitz model in Lutfi and Hendrian (2020), variations or differences in portfolio performance can be influenced by the variations or differences in stock indices. This article analyzes the differences between optimal portfolio performances based on these variations of stock indices. Based on a sample of 88 stocks from 10 stock indices over the last 10 years, divided into 3 data periods of stock price, we found no significant difference between optimal portfolio performances based on stock indices. We also found that no stock index can be the suitest for constructing a portfolio exhibiting optimal performance. Thus, the ability of a stock index to represent the performance of IHSG or whole stocks is the same as other stock indices. In this research, we also found that the line of risk-free returns to optimal portfolio performances, which were constructed without a short-selling approach, did not effectively engage the outermost boundary of the efficient portfolio frontier.

DO ESG RATINGS DRIVE STOCK PERFORMANCE? AN EMPIRICAL STUDY OF INDONESIAN LISTED FIRMS Nur Imamah; Layyin Nafisa Arifin; Ari Darmawan; Irwan Trinugroho; Aurence Dea Krissanti
Jurnal Akuntansi dan Bisnis Vol 25, No 2 (2025)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jab.v25i2.1643

As Indonesia advances its Green Economy and Sustainable Finance initiatives, Environmental, Social, and Governance (ESG) considerations have become increasingly important in corporate evaluation. The Indonesian Stock Exchange (IDX) now provides publicly accessible ESG ratings that significantly influence investor decisions, while the Financial Services Authority (OJK) actively promotes sustainable finance practices. This study examines the relationship between ESG ratings and financial performance among Indonesian publicly listed companies, specifically investigating whether profitability moderates the impact of ESG ratings on stock price performance. Using a quantitative research design, we analyze data from Indonesian public companies listed on the IDX over a defined period. Multiple regression analysis is employed to examine the relationships between ESG ratings, stock price performance, and profitability measures, including return on assets (ROA). Classical assumption tests ensure the validity of our statistical models. We hypothesize that higher ESG ratings positively influence stock price performance, reflecting growing investor preference for companies with strong sustainability practices. Furthermore, we propose that profitability serves as a moderating variable, with highly profitable companies experiencing stronger positive effects from superior ESG ratings compared to less profitable firms. The findings provide valuable insights for multiple stakeholders. Investors can better understand how ESG factors interact with financial performance in the Indonesian market context. Corporate managers can make informed strategic decisions regarding sustainability investments and their potential market impact. Policymakers can assess the effectiveness of current ESG initiatives and develop enhanced regulatory frameworks. This research contributes to the growing literature on ESG financial materiality in emerging markets.

Proposed Framework To Explore The Role Of Consumer Protection And Ecosystem Orchestration In The Banking Industry: Supporting SDG 9 Anto Prabowo; Wimboh Santoso; Djoko Suhardjanto; Irwan Trinugroho
Journal of Current Studies in SDGs Vol. 3 No. 1 (2027): March
Publisher : Sekolah Tinggi Agama Islam Sabilul Muttaqin Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63230/jocsis.3.1.315

Objective: The banking industry is experiencing significant transformation driven by increasing demands for consumer protection and digital ecosystem development. This study aims to propose a conceptual framework for examining the role of consumer protection and ecosystem orchestration in improving financial and digital performance within the banking industry. The study contributes to Sustainable Development Goal (SDG) 9 by highlighting the importance of innovation and digital infrastructure development in strengthening the competitiveness of financial institutions. Method: A conceptual research approach based on the Structure-Conduct-Performance (SCP) paradigm. The proposed framework integrates firm size as a structural variable, consumer protection and ecosystem orchestration as conduct variables, and financial performance and digital performance as outcome variables. The conceptual model is developed through theoretical exploration of previous studies related to banking transformation, consumer protection, digital ecosystems, and organizational capabilities. Results: The proposed framework suggests that firm size may influence consumer protection and ecosystem orchestration capabilities, while both consumer protection and ecosystem orchestration are expected to contribute to financial performance and digital performance. The framework provides a comprehensive perspective on how banks can balance digital innovation with consumer trust and protection. Novelty: The study offers a novel integrated framework by combining consumer protection and digital ecosystem orchestration within the SCP paradigm. The proposed model provides a foundation for future empirical research examining how banking institutions can achieve sustainable digital transformation aligned with SDG 9.

Advancing SDGs 1 through Sustainable Microfinance Institutions: The Roles of Competition, Double Bottom Line Performance, and Digitalization. Djoko Karyono; Djoko Suhardjanto; Irwan Trinugroho; Izza Mafruhah
Journal of Current Studies in SDGs Vol. 3 No. 3 (2027): September
Publisher : Sekolah Tinggi Agama Islam Sabilul Muttaqin Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63230/jocsis.3.3.286

Objective: The study examines the financial and social performance of microfinance institutions (MFIs) and assesses whether digitalization and its interaction with institution size are associated with operational self-sufficiency and outreach. Method: The analysis uses an unbalanced panel from the MIX Marker database. The descriptive output covers 1999-2019 and contains up to 20,120 institution-year observations. Fixed-effects panel regressions are reported for operational self-sufficiency (OSS) and the number of active borrowers (NAB), with profitability, loan volume, capital adequancy, funding structure, proverty outreach, total assets, and digitalization as explanatory variables. Result: Return on assets in positively associated with OSS, while loan volume is strongly associated with NAB. A higher depositto-loan ratio is linked to stronger OSS. The share of cliencts below the proverty line is positively associated with OSS but negatively associated with NAB. The direct digitalization coefficient and the digitalization-total-assests interaction are statistically insignificant in the reported models. Novelty: The study separates financial sustainability from social outreach and test whether digital maturity changes the size-performance relationship in an international MFI panel. The result show that digital adoption alone does not guarantee stronger double-bottom-line performance.

Proposed Framework To Explore The Role Of Consumer Protection And Ecosystem Orchestration In The Banking Industry: Supporting SDG 9 Anto Prabowo; Wimboh Santoso; Djoko Suhardjanto; Irwan Trinugroho
Journal of Current Studies in SDGs Vol. 3 No. 1 (2027): March
Publisher : Sekolah Tinggi Agama Islam Sabilul Muttaqin Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63230/jocsis.3.1.315

Objective: The banking industry is experiencing significant transformation driven by increasing demands for consumer protection and digital ecosystem development. This study aims to propose a conceptual framework for examining the role of consumer protection and ecosystem orchestration in improving financial and digital performance within the banking industry. The study contributes to Sustainable Development Goal (SDG) 9 by highlighting the importance of innovation and digital infrastructure development in strengthening the competitiveness of financial institutions. Method: A conceptual research approach based on the Structure-Conduct-Performance (SCP) paradigm. The proposed framework integrates firm size as a structural variable, consumer protection and ecosystem orchestration as conduct variables, and financial performance and digital performance as outcome variables. The conceptual model is developed through theoretical exploration of previous studies related to banking transformation, consumer protection, digital ecosystems, and organizational capabilities. Results: The proposed framework suggests that firm size may influence consumer protection and ecosystem orchestration capabilities, while both consumer protection and ecosystem orchestration are expected to contribute to financial performance and digital performance. The framework provides a comprehensive perspective on how banks can balance digital innovation with consumer trust and protection. Novelty: The study offers a novel integrated framework by combining consumer protection and digital ecosystem orchestration within the SCP paradigm. The proposed model provides a foundation for future empirical research examining how banking institutions can achieve sustainable digital transformation aligned with SDG 9.

ESG Performance and Capital Investment in BRICS Countries: The Moderating Role of Environmental Innovation Nimas Melenia Mutiara Akbary; Irwan Trinugroho; Putra Pamungkas; Fadli Septianto
Jurnal Organisasi dan Manajemen Vol. 22 No. 1 (2026)
Publisher : LPPM Universitas Terbuka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33830/jom.v22i1.13787.2026

Purpose – This study aims to investigate the relationship between Environmental, Social, and Governance (ESG) performance and capital investment decisions in non-financial firms across BRICS countries. Specifically, it explores how environmental innovation moderates this relationship, and how the three ESG pillars - environmental, social, and governance- individually affect capital investment behavior. Methodology – The research utilizes a panel dataset comprising 3,120 firm-year observations covering the period from 2015 to 2024. To ensure robust estimation and address potential endogeneity and unobserved heterogeneity, the study applies both fixed-effects and system Generalized Method of Moments (GMM) regression techniques. Findings – The empirical results show that ESG performance, as well as its environmental and governance, has a positive and significant with capital investment. These findings suggest that ESG commitments help firms focus on long term investment, make it easier for them to access financing, and build trust with investors, which in turn encourages them to invest more in productive capital assets. The social pillar, however, does not have a significant effect on capital investment. Originality – This study contributes to the growing ESG–investment literature by disaggregating ESG into its three dimensions and introducing environmental innovation as a moderating variable. It offers novel insights into the interaction between investment efficiency and sustainability oriented practices in emergent market contexts by concentrating on BRICS.

The Influence of Environment, Social and Governance on Optimal Portfolio Risal Rinofah; Pristin Prima Sari; Yhoga Heru Pratama; Irwan Trinugroho; Galuh Mira Saktiana
Jurnal Literasi Akuntansi Vol 6 No 3 (2026): September 2026
Publisher : Yayasan Literasi Ilmiah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55587/jla.v6i3.415

Purpose: This study aims to examine the effect of Environmental, Social, and Governance (ESG) performance on optimal portfolio formation among energy and mineral companies listed on the Indonesia Stock Exchange (IDX). It further investigates the individual contribution of each ESG dimension in explaining portfolio optimization. Method: This study employs a quantitative research design using secondary data from the sustainability reports and annual reports of energy and mineral firms listed on the Indonesia Stock Exchange during 2020–2024. A purposive sampling technique was applied, resulting in 32 firms (160 firm-year observations). ESG performance was measured using the Global Reporting Initiative (GRI) indicators, while the optimal portfolio was assessed based on expected return and portfolio risk. The hypotheses were tested using multiple linear regression analysis. Findings: The findings reveal that Environmental, Social, and Governance (ESG) jointly have a significant effect on optimal portfolio performance. Partially, environmental and governance dimensions positively influence optimal portfolios, whereas the social dimension does not show a significant effect. The results indicate that investors place greater emphasis on environmental and governance practices than social initiatives when evaluating optimal portfolios in the Indonesian energy and mineral sector. Novelty: This study extends the ESG literature by integrating GRI-based ESG disclosure with optimal portfolio theory in the context of Indonesia's energy and mineral sector. Unlike previous studies that primarily examine the relationship between ESG and firm performance, this research provides empirical evidence on how individual ESG dimensions contribute to portfolio optimization using expected return and risk as the investment performance framework.

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