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Pengaruh Environmental, Social, Governance (ESG) Disclosure dan Green Innovation terhadap Nilai Perusahaan dengan Board Gender Diversity sebagai Moderasi Clauvilia, Ega; Daud, Ilzar; Mustika, Uray Ndaru; Wendy, Wendy; Azazi, Anwar
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 5 No. 4: Mei 2026
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v5i4.16311

Abstract

Meningkatnya tekanan pemangku kepentingan mendorong perusahaan mengintegrasikan pengungkapan Environmental, Social, and Governance (ESG) dan green innovation dalam strategi keberlanjutan. Penelitian ini bertujuan menganalisis pengaruh ESG disclosure dan green innovation terhadap nilai perusahaan dengan board gender diversity sebagai variabel moderasi pada perusahaan manufaktur yang terdaftar di Indonesia Stock Exchange periode 2021–2024. Penelitian menggunakan pendekatan kuantitatif dengan sampel 52 perusahaan yang dipilih melalui purposive sampling. Analisis data dilakukan menggunakan regresi data panel dan Moderated Regression Analysis (MRA) dengan bantuan EViews. Hasil penelitian menunjukkan bahwa environmental disclosure berpengaruh positif terhadap nilai perusahaan, sedangkan social disclosure tidak berpengaruh signifikan. Sebaliknya, governance disclosure dan green innovation berpengaruh negatif terhadap nilai perusahaan. Board gender diversity memperkuat pengaruh environmental disclosure, memoderasi negatif governance disclosure, namun tidak memoderasi social disclosure dan green innovation. Temuan ini menegaskan pentingnya kualitas pengungkapan keberlanjutan dan tata kelola yang inklusif dalam meningkatkan nilai perusahaan.
Green Finance, Capital Structure, and Firm Value: The Mediation Role of Sustainability Disclosure in Indonesia Sukma Febrianti; Mustaruddin Mustaruddin; Wendy Wendy
Al Qodiri : Jurnal Pendidikan, Sosial dan Keagamaan Vol. 24 No. 1 (2026): Al Qodiri: Jurnal Pendidikan, Sosial dan Keagamaan
Publisher : Universitas Islam KH. Achmad Muzakki Syah Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53515/alqodiri.v24i1.30

Abstract

  ABSTRACT Background of study: The growing global concern regarding environmental sustainability has encouraged companies to integrate sustainable finance and transparency practices into corporate strategies. Green Finance and Sustainability Disclosure have become important instruments in supporting long-term corporate value creation. Aims and scope of paper: This study aims to examine the effect of Green Finance and Capital Structure on Firm Value with Sustainability Disclosure acting as a mediating variable. The research focuses on understanding how sustainable financial practices contribute to corporate valuation. Methods: This study aims to examine the effect of Green Finance and Capital Structure on Firm Value with Sustainability Disclosure acting as a mediating variable. The research focuses on understanding how sustainable financial practices contribute to corporate valuation. Result: The findings indicate that Green Finance has a positive and significant effect on Firm Value and Sustainability Disclosure. Capital Structure does not directly influence Firm Value but significantly affects Sustainability Disclosure. Furthermore, Sustainability Disclosure partially mediates the relationship between Green Finance and Firm Value. Conclusion: The results suggest that Green Finance enhances Firm Value both directly and indirectly through improved Sustainability Disclosure. Integrating sustainable financing with transparent sustainability reporting is essential for strengthening investor confidence and supporting long-term corporate performance.  
The Effect of Green Finance and Corporate Social Responsibility on Profitability with Capital Adequacy Ratio as A Moderating Variable Evi Safitri; Helma Malini; Ana Fitriana; Wendy; Anggraini Syahputri
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2039

Abstract

This study aims to analyze the effect of green finance and corporate social responsibility (CSR) on profitability and to examine the moderating role of the capital adequacy ratio (CAR). This research employs a quantitative approach using panel data regression analysis. The data used are secondary data obtained from the annual financial reports of banking companies over a five-year observation period. The sample consists of 16 banking companies with a total of 80 observations. The analytical model applied in this study is the Common Effect Model (CEM). The results show that green finance has a positive and significant effect on profitability, indicating that sustainable financial practices can enhance financial performance. In contrast, CSR does not have a significant effect on profitability. Furthermore, the moderation analysis reveals that CAR strengthens the relationship between green finance and profitability but does not moderate the relationship between CSR and profitability. These findings imply that the implementation of green finance plays an important role in improving banking profitability, particularly when supported by adequate capital strength. This study contributes to the development of the sustainable finance literature and provides insights for financial institutions in formulating strategic financial policies.
Determinant IPO Underpricing in the Post-Pandemic Period: The Effects of Underwriter Reputation Moderation Marselina Selie; Ahmad Shalahuddin; Anwar Azazi; Wendy; Anggraini Syahputri
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2327

Abstract

This study aims to examine the effects of firm age, proceeds, market return, and return on assets on IPO underpricing, as well as the moderating role of underwriter reputation. Grounded in signaling theory, information asymmetry theory, and behavioral finance theory, the study explains how company characteristics and market conditions influence investor perceptions and uncertainty before an initial public offering. This research employs a quantitative approach using secondary data obtained from company prospectuses and official economic sources. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA), supported by descriptive statistics, classical assumption tests, and robustness testing to address potential heteroscedasticity issues. The findings reveal that firm age has no significant effect on underpricing, whereas proceeds, market return, and return on assets significantly influence underpricing. Furthermore, underwriter reputation is only able to moderate the relationship between firm age and underpricing, while it does not moderate the relationships between proceeds, market return, return on assets, and underpricing. These findings provide empirical implications for understanding the role of company fundamentals, market conditions, and underwriter credibility in shaping IPO underpricing behavior in the post-pandemic capital market environment.
Co-Authors Achmadi Achmadi Ade Elbani Ade Mirza Afifah Afifah Afrizal - agustin, isnaini nuzula Agustina Listiawati Agustina, Dela Ahmad Shalahuddin Ahmad Shalahuddin Ahmad Shalahuddin, Ahmad Aini Nurul Aktris Nuryanti, Aktris Alhadiansyah Alisa, Alisa Alya Asyura Amanda Dwi Damayanti Amanda, Zhakia Putri Ana Fitriana Ana Fitriana Andi Ihwan Anggraini Syahputri Anggraini Syahputri Anwar Azazi Anwar Azazi Anwar Azazi Arman Jaya Asep Nursangaji Aswandi - Bintoro Bagus Purmono Bistari Budiman Sutrisno Candy Candy Chaniago, Sheren Rahmawati Clarissa Fransisca Clauvilia, Ega Daud, Ilzar Dedi Hariyanto Deri Apriadi Dwi Zulfita Edy Suasono Eka Purwanda Elly Suharlina Elvi Yuli Machmudah Endang Kristiawati Ericko, Ericko Erna Listiana Erni Djun Astuti Eva Dolorosa Evi Safitri Fahruna, Yulyanti Fajar Fajar Fifani Anggraini, Cinthia Fitri Imansyah Gavin Satria Pangestu Girang Permata Gusti Giriati Giriati Giriati Giriati Giriati Giriati Giriati Giriati, Giriati Hadary, Ferry Halimah, Putri Hamdani - Harry Setiawan Harry Setiawan Hasanudin Hasanudin Helma Malini Helma Malini Helma Malini, Helma Hendry Wijaya Heni Safitri Heni Safitri Heriyadi Heriyadi Heriyadi Heriyadi Heriyadi, Heriyadi Herry Sujaini Ilzar Daud Imam Ghozali Irdhayanti, Efa Ismawartati - Jennifer Wirawan Jogiyanto Hartono Juniwati Juniwati Kalis, Maria Christiana Iman Kalista, Apriwina Yulita Khairunnisa Khairunnisa Kurnia, Depi Lestari, Eko Budi Liana, Ana LIANTI, LIANTI LISTIANA SRI MULATSIH Lucky P, Muhammad M. Irfani Hendri Mandjar, Sherlla Merlinda Laurencia Maria Christiana Iman Kalis Mariana Oktasia Marseliana Marseliana Marselina Selie Marwan Asri Mazayatul Mufrihah B11212091 Meilisa Alvita Meiran Panggabean Meisa, Meisa Memet Agustiar Mita Mita, Mita Mochammad Meddy Danial Muanuddin - Muhamad Dafa Ilhani Salim Muhamad Risal Tawil Muhammad Yusuf Muhsin Muhsin Mustaruddin Mustaruddin Mustaruddin Mustaruddin Mustaruddin Mustarudin Mustarudin Mustarudin Mustarudin Mustika, Uray Ndaru Muzasti, Riri A. Nanda Nanda Nanda Novita, Nanda Ndaru Mustika, Uray Nelly, Apri Yeni Ningsih, Kurnia Ningsih, Welly Putri Nur Afifah Nurmainah - Oviska, Astrid Permata Gusti, Girang Phengdrawan, Jonassen Precillia, Cecillia Angelica Priyo Saptomo Pualam, Akira Putri Purba, Tiurniari Purwaningsih - Rachmawati Rahmidiyani - Ramadania Ramadania Ramadania Ramadania, Ramadania Ratna Herawatiningsih Rayenda Khresna Brahmana Resta Maulita Angreani Riduansyah - Risal Ristati, Ristati Ristiyawan, M. Ridwan Rizani Ramadhan Rizky Fauzan Rommy Patra Rosari, Carviena Alia Samsaga, Fika Angry Sandika Utama Sapitri, Elsi Nanda Setia Budi Sholva, Yus Sianturi, Rosita Naomi Silvia Uslianti Siti Hadijah Siti Halidjah Stepanus Sahala Sitompul Sukma Febrianti Surachman - Sutrisno, Budiman Sy. Hasyim Azizurrahman Syahbandi Syahbandi Syahputri, Anggraini Syaifurrahman Syaifurrahman Syamswisna , Tarigan, Radar R. Theliya, Theliya Theodora, Cindy Tri Wiyono Kurnianto Uray Ndaru Mustika Uray Ndaru Mustika Utami, Eva Yuniarti utari, Della Uti Asikin Vennerico, Nextcell Winoto Vivi Bachtiar Vylexta, Vicella Vyrcellica Wahyuni, Adinda wijaya, dwi nova Winanda Epriyanti Windhu Putra Witarsa - Wulansari, Dinda Marsela Yankhi, Yankhi Yasin, Maulana Yen, Siau Yohanes Gatot Sutapa Yuline - Yulis Jamiah Yulyanti Fahruna Zubaidah R