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The Effect of ESG Risk Rating and Ownership Concentration on Firm Value: Leverage and Size as Moderation Alfredo, Harold Kevin; Mufahamah, Euis; Anita, Anita; Wuryanti, Lestari
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 4 (2025): Dinasti International Journal of Economics, Finance & Accounting (September - O
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i4.5126

Abstract

This study aims to analyze the effect of leverage and company size as moderating variables on the relationship between ESG Risk Rating and ownership concentration on firm value. This research is included in the type of quantitative research and uses companies listed on the Indonesia Stock Exchange and have an ESG Rating value by Morningstar Sustainalytics. This research method uses linear regression in calculating the effect of independent variables (ESG Risk Rating, and ownership concentration) moderated by Leverage, and Firm Size variables on the dependent variable (Tobin's Q). The results found that the impact of firm size and leverage on the moderation of ESG score with firm value and the moderation of ownership concentration with firm value is not uniform. Specifically, leverage exerts a more substantial effect as a moderator between ESG risk score and ownership concentration and firm value than firm size.
Analysis of Fama and French 3-Factor Model Variables in the Formation of Expected Stock Returns (Issuers of Lq-45 Index Member Stocks for the Period 2020 – 2022) Harold Kevin Alfredo
Edunity Kajian Ilmu Sosial dan Pendidikan Vol. 2 No. 7 (2023): Edunity : Social and Educational Studies
Publisher : PT Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/edunity.v2i7.122

Abstract

Fama and French Three Factor Model is one of the models for calculating expected return on stock portfolios that can be used by investors. This model was developed by Eugene F. Fama and Kenneth R. French by adding two factors, namely company size (SMB), and company book value (HML) to the CAPM calculation model. The purpose of this study is to determine stock issuers that can provide high expected returns to investors, determine the overall influence and each variable in Fama and French Three Factor Model (market return, SMB, and HML) on the expected return of each portfolio used in this study consisting of 6 portfolios, namely Big High, Big Medium, Big Low, Small High, Small Medium, and Small Low, and to all 6 portfolios in 2020, 2021, and 2022 respectively. This study used 28 selected stock issuers listed on the LQ-45 Index consecutively from 2020 - 2022 using the purposive sampling method from the period 2020 - 2022. The Multiple Linear Regression method is used to determine the level of influence of the whole and each independent variable on the dependent variable. The results show that mining sector issuers are the issuers that provide the highest expected return to investors during the period 2020 - 2022. Based on the results of Linear Regression, there is a significant difference in results, between doing linear regression for each portfolio (Big High, Big Medium, Big Low, Small High, Small Medium, and Small Low) and doing linear regression on portfolios divided by observation year (2020, 2021, and 2022).
Does inflation provide a more accurate expected return than sharia bonds? Harold Kevin Alfredo
JPPI (Jurnal Penelitian Pendidikan Indonesia) Vol. 10 No. 3 (2024): JPPI (Jurnal Penelitian Pendidikan Indonesia)
Publisher : Indonesian Institute for Counseling, Education and Theraphy (IICET)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29210/020243901

Abstract

Expected return is an important factor for investors in determining their portfolio strategy. Islamic bonds (sukuk) and inflation are often used as indicators in determining the expected rate of return. However, there is a challenge in determining which instrument is more accurate in describing the expected return. This study aims to test the Carhart Four Factor model with Islamic bonds and inflation as a substitute for Rf. This study uses a quantitative research method using MAD and determines the effect of each research variable using linear regression. The quantitative method was chosen in this study because it is appropriate for measuring and analyzing the relationship between numerical variables objectively and systematically. The results show that sukuk is superior to inflation in terms of expected return accuracy. Although inflation provides accurate results in some portfolios, especially in 2018 and 2021, sukuk consistently shows better accuracy in other years. These findings have significant implications for Islamic finance theory, indicating that sukuk can be a more reliable investment instrument in return planning.
Analisis Dampak Market Risk Terhadap Sukuk Syariah di Indonesia Muhammad Irfan Pratama; Anita Anita; Harold Kevin Alfredo; Hiro Sejati
Journal of Innovative and Creativity Vol. 6 No. 1 (2026)
Publisher : Fakultas Ilmu Pendidikan Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/joecy.v6i1.6182

Abstract

Sukuk, or Islamic bonds, have experienced significant growth in Indonesia over the period 2020 to 2025. This financial instrument not only serves as a financing alternative for the government and corporations, but also as a catalyst for the development of the Islamic finance industry in the country. The Indonesian government has consistently increased the issuance of State Sukuk to finance various development projects. In 2020, the issuance of State Sukuk reached its peak with a total of IDR 367 trillion. This study aims to analyze the effect of inflation, interest rates and exchange rates on Islamic sukuk in Indonesia from 2010 - 2024. This study uses multiple regression analysis and classical assumption tests. It was found that inflation and interest rate variables have no influence on sukuk variables, while exchange rate variables have a positive and significant influence on sukuk variables. The findings are expected to provide important implications for policy makers and investors in formulating investment strategies and sharia-based fiscal policies.
The Impact of Agribusiness Mudharabah Financing on Community Welfare: Assessing the Moderating Role of Eco-Literacy in the Sustainable Development Goals (SDGs) Normasyhuri, Khavid; Huda, Ahsanal; Alfredo, Harold Kevin
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.8739

Abstract

The primary issue identified is the unequal access to mudharabah financing in the agricultural sector, which impedes farmer empowerment. Additionally, sustainable natural resource management is adversely affected by the public's inadequate comprehension of eco-literacy. The objective of this investigation is to investigate the impact of agribusiness mudharabah financing on community welfare, with an emphasis on the role of eco-literacy as a moderating variable in the pursuit of the SDGs. SmartPLS 4.0 software was employed to analyse data using a quantitative approach. Purposive sampling was employed to gather primary data, which was subsequently analysed using a Likert scale with a total of 350 respondents. The study's results suggest that mudharabah financing has a beneficial effect on community welfare, and this relationship is further bolstered by eco-literacy. The achievement of SDGs such as No Poverty, No Hunger, Reduced Inequality, and Gender Equality is influenced by the more efficient and environmentally favourable management of enterprises by farmers who comprehend sustainability. This research contributes to the comprehension of the ways in which Islamic financing and eco-literacy can facilitate sustainable development. These results establish a foundation for the creation of financing products that are more sustainable and inclusive, as well as practical suggestions for policymakers to enhance ecological literacy among producers.
Analysis of Firm Value Using Financial Ratios and Board of Directors Characteristics Through the Tobin's Q Method Bella Aldama Hardi Rahayu; Euis Mufahamah; Harold Kevin Alfredo
International Journal of Management, Economic and Accounting Vol. 4 No. 2 (2026): April 2026
Publisher : Yayasan Multidimensi Kreatif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61306/bc3m5k19

Abstract

This study aims to analyze the influence of inclusive culture and promotion flexibility on the performance of ASN through employee engagement as a mediating variable to improve public services of ASN in the Pringsewu Regional Government. The research method used is a quantitative approach with Structural Equation Modeling (SEM) analysis through SmartPLS. The data used are primary data from ASN respondents via questionnaire and secondary data on ASN regulations in a certain research period. The results of the study show that inclusive culture and promotion flexibility partially have a significant effect on the performance of ASN. Employee engagement has been proven to play a significant role as a mediating variable in the influence of both on the performance of civil servants and public services. This finding implies that strengthening inclusive culture and promotion flexibility through employee engagement has an important role in optimizing the performance of civil servants, so the leadership of the Pringsewu Regional Government needs to implement inclusivity training policies and merit-based promotion reforms to improve public services.
The effect of global geopolitical risk and world oil prices on abnormal stock returns in the energy sector, with global market volatility as a moderating variable Safira Azzahra; Lestari Wuryanti; Harold Kevin Alfredo
International Journal of Management, Economic and Accounting Vol. 4 No. 2 (2026): April 2026
Publisher : Yayasan Multidimensi Kreatif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61306/24a78m71

Abstract

This study aims to analyze the influence of global geopolitical risks and world oil prices on abnormal returns of energy sector stocks with global market volatility as a moderation variable. The study uses a quantitative approach with secondary data from energy sector companies listed on the Indonesia Stock Exchange, where global geopolitical risk is measured using the Geopolitical Risk index (GPR), world oil prices are represented by international crude oil prices, global market volatility is proxied by the VIX index, and abnormal returns are calculated using market models. The analysis method used was panel data regression with an interaction model. The results of the study show that global geopolitical risks do not have a significant effect on abnormal returns of energy sector stocks, while world oil prices have a negative and significant effect on abnormal returns of energy sector stocks, which indicates that the increase in world oil prices is responded negatively by the market. In addition, global market volatility is unable to moderate the relationship between global geopolitical risks and world oil prices to abnormal returns in energy sector stocks, thus showing that the dynamics of world oil prices are more dominant in influencing abnormal returns than other global external factors in the Indonesian capital market.
Digital Training Components and Civil Servants’ Digital Productivity: The Mediating Role of Adaptive Competence Wulan Sari; Euis Mufahamah; Harold Kevin Alfredo
Digital Innovation : International Journal of Management Vol. 3 No. 2 (2026): April: Digital Innovation : International Journal of Management
Publisher : Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/digitalinnovation.v3i2.704

Abstract

Digital transformation in the public sector encourages civil servants to utilize technology not only for administrative purposes but also to improve efficiency, accuracy, and work performance. This study examines the influence of Intelligent Learning-Based Training and Digital Training Components on the Digital Productivity of civil servants at the Bureau of Economic Affairs of the Regional Secretariat of Lampung Province, with Adaptive Competence serving as a mediating variable. A quantitative approach with a non-experimental survey design was applied, and data were collected through structured questionnaires distributed to employees engaged in digital-based work activities. The data were analyzed using structural model testing procedures. The findings reveal that Intelligent Learning-Based Training does not significantly influence Adaptive Competence or Digital Productivity. Conversely, Digital Training Components positively and significantly affect both Adaptive Competence and Digital Productivity. Adaptive Competence also has a positive impact on Digital Productivity and mediates the relationship between Digital Training Components and Digital Productivity. However, Adaptive Competence does not mediate the relationship between Intelligent Learning-Based Training and Digital Productivity. These results indicate that civil servants’ digital productivity is more effectively improved through practical, relevant, accessible, and well-evaluated digital training programs than through intelligent learning systems alone. Therefore, public institutions are encouraged to develop digital training initiatives that align with employees’ daily work demands while strengthening their adaptive competence in responding to technological changes.
Knowledge Sharing and Knowledge Leakage in Monitoring Opportunity toward Supply Chain Performance: A Study at the Library Office of Mesuji Regency Intan Abelia Nirwana; Euis Mufahamah; Harold Kevin Alfredo
Green Inflation: International Journal of Management and Strategic Business Leadership Vol. 3 No. 2 (2026): May: Green Inflation: International Journal of Management and Strategic Busines
Publisher : Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/greeninflation.v3i2.706

Abstract

This study aims to analyze the effect of Knowledge Sharing and Knowledge Leakage on Supply Chain performance, with Monitoring Opportunity as a mediating variable at the Library Office of Mesuji Regency. The research problem arises from the limited structure of knowledge-sharing practices, weak documentation of organizational knowledge, and the potential risk of knowledge leakage that may disrupt the effectiveness of library service supply chains. This study employs a quantitative approach using a survey method. Data were collected through questionnaires distributed to 115 employees of the Library Office of Mesuji Regency and analyzed using Structural Equation Modeling based on Partial Least Squares with SmartPLS. The results show that Knowledge Sharing has a positive and significant effect on Supply Chain performance and Monitoring Opportunity. Knowledge Leakage does not have a significant direct effect on Supply Chain performance, but it has a negative and significant effect on Monitoring Opportunity. Furthermore, Monitoring Opportunity significantly mediates the relationship between Knowledge Sharing and Supply Chain performance, but does not mediate the relationship between Knowledge Leakage and Supply Chain performance. These findings indicate that knowledge sharing becomes more valuable when supported by monitoring capability, while knowledge leakage should be controlled through documentation, access control, and knowledge protection mechanisms. This study contributes to knowledge management and supply chain literature in public library service organizations.
The Influence of Electronic Health Record Demands, Information Overload, Turnover, and Technostress on Nurse Recruitment Policy at Budi Medika Hospital Bandar Lampung Abid Akhmad Rasyid; Euis Mufahamah; Harold Kevin Alfredo
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: 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.v3i2.468

Abstract

This study examines the influence of Electronic Health Record (EHR) demands, information overload, turnover, and technostress on nurse recruitment policy at Budi Medika Hospital Bandar Lampung. The implementation of digital health systems in hospitals has changed nurses’ work patterns, particularly through digital documentation, data input, system navigation, and technology-based administrative tasks. These changes may create additional workload and affect human resource management decisions, especially recruitment policy. This study used a quantitative explanatory approach with survey data collected from 100 nurses at Budi Medika Hospital Bandar Lampung. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS. The measurement model was evaluated through outer loading, Average Variance Extracted, Cronbach’s alpha, and composite reliability, while the structural model was assessed through R-square, Q² predictive relevance, and path coefficient testing. The results show that the model has strong explanatory power, with an R-square value of 0.836 and Q² value of 0.817 for nurse recruitment policy. The hypothesis testing results indicate that EHR demands have a positive and significant effect on nurse recruitment policy, with a path coefficient of 0.912, t-statistic of 16.500, and p-value of 0.000. Meanwhile, information overload, turnover, and technostress do not have significant direct effects on recruitment policy. These findings indicate that nurse recruitment policy in a digital hospital environment is mainly influenced by EHR-related work demands. Therefore, hospitals should not only recruit nurses based on clinical competence, but also consider digital readiness, EHR adaptability, and documentation competence as important recruitment criteria.