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All Journal Journal of Social And Economics Research Jurnal Mutiara Ilmu Akuntansi Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen Riset Ilmu Manajemen Bisnis dan Akuntansi International Journal of Economics, Commerce, and Management International Journal of Economics and Management Sciences International Journal of Economics, Management and Accounting journal of social and economic research Jurnal Ekonomi Manajemen Bisnis dan Akuntansi
Susi Sarumpaet
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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The Effect of Board Characteristics on Firm Performance with Intellectual Capital as a Moderating Variable: (An Empirical Study of Conventional Commercial Bank Companies on the Indonesia Stock Exchange in 2019–2023) Hepy Wijayanti; Susi Sarumpaet
International Journal of Economics, Management and Accounting Vol. 2 No. 1 (2025): International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v2i1.774

Abstract

In the traditional commercial banking industry, this study attempts to provide empirical data about the impact of board size and gender diversity on business performance, using intellectual capital as a moderating variable. The research population includes all companies in the conventional commercial bank sector as many as 39 companies, with purposive sampling technique resulting in 36 companies as samples. The analysis methods used include descriptive statistical analysis, classical assumption test, multiple linear regression analysis, and moderation regression analysis. Multiple linear regression results demonstrate that board size significantly and favourably affects business success, while gender diversity has no significant effect. In addition, moderation regression analysis results demonstrate that intellectual capital can fortify the relationship between board size and company performance, but does not strengthen the connection between business performance and gender diversity.
The Influence of Good Corporate Governance on the Financial Stability of Indonesian Stock Exchange Manufacturing Companies with Technological Innovation as a Mediating Variable Arvela Fadila Putri; Susi Sarumpaet
International Journal of Economics and Management Sciences Vol. 2 No. 4 (2025): November : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v2i4.967

Abstract

Financial stability in manufacturing companies is an important issue, especially when facing national and global economic uncertainty. Good corporate governance is considered a framework that can drive technological innovation to enhance corporate excellence and achieve sustainable financial stability. This study aims to analyze the influence of the size of independent board of commissioners, managerial ownership, and institutional ownership on financial stability, with technological innovation as a mediating variable. The research data for this study were obtained from the annual financial reports of manufacturing companies listed on the Indonesia Stock Exchange for the period 2020 to 2023. Data analysis was performed using panel data regression and mediation testing using the Sobel test approach. The research findings indicate that the size of the independent board of commissioners has a positive effect on technological innovation, while managerial ownership has a negative effect and institutional ownership has no significant effect on technological innovation. However, the size of the independent board of commissioners, managerial ownership, institutional ownership, and technological innovation all have a significant effect on financial stability. The technology innovation variable also proved to mediate the influence of the size of the independent board of commissioners on financial stability. This finding emphasizes the importance of good corporate governance and technological innovation in maintaining the financial stability of manufacturing companies.
PENGARUH CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE TERHADAP FINANCIAL PERFORMANCE PERUSAHAAN PADA PERUSAHAN PERBANKAN DI BURSA EFEK INDONESIA TAHUN 2020-2022 Yohanna Earlene Margaretha Simarmata; Susi Sarumpaet
Journal of Social and Economics Research Vol 5 No 2 (2023): JSER, December 2023
Publisher : Ikatan Dosen Menulis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/jser.v5i2.250

Abstract

Penelitian ini bertujuan untuk menyajikan bukti empiris mengenai pengaruh pengungkapan tanggung jawab sosial perusahaan (CSRD), serta ukuran dan usia perusahaan sebagai variabel kontrol, terhadap kinerja keuangan pada perusahaan perbankan di Indonesia yang terdaftar di Bursa Efek Indonesia selama periode 2020-2022. Temuan penelitian dapat disimpulkan sebagai berikut. Pertama, hasil penelitian tidak mendukung hipotesis bahwa CSRD berpengaruh negatif terhadap profitabilitas (ROE), meskipun pengungkapan CSRD memengaruhi perolehan pendapatan berdasarkan modal perusahaan. Faktor-faktor seperti penurunan laba dan penghimpunan dana akibat pandemi COVID-19 juga ikut memengaruhi profitabilitas. Kedua, tidak terdapat dukungan untuk hipotesis bahwa CSRD berpengaruh negatif terhadap pertumbuhan (SG). Meskipun tingkat CSRD memengaruhi pertumbuhan penjualan, namun tidak secara signifikan karena dampak penurunan penjualan produk perbankan akibat pandemi COVID-19 juga turut berkontribusi pada pertumbuhan perusahaan. Ketiga, hasil penelitian mendukung hipotesis bahwa CSRD berpengaruh negatif dan signifikan terhadap nilai pasar (PER) perusahaan. Tingkat PER menjadi indikator penting bagi investor dalam membuat keputusan investasi, mencerminkan bagaimana perusahaan menjaga kinerja tanggung jawab sosial perusahaan. Keempat, hipotesis terakhir ditolak, menunjukkan bahwa CSRD berpengaruh negatif tetapi tidak signifikan terhadap nilai tambah (MVA). Meskipun pasar memberikan respons negatif pada perusahaan yang tidak melakukan CSRD, penurunan nilai pasar saham akibat pandemi COVID-19 juga turut berdampak pada nilai tambah perusahaan.
Information Nudges and Tax Service Quality Moderate The Effect of Tax Digitalization and Tax Knowledge on Taxpayer Compliance in Lampung Province Rizky Oktaviana; Susi Sarumpaet; Ninuk Dewi Kesumaningrum
Jurnal Ekonomi Manajemen Bisnis dan Akuntansi Vol. 2 No. 1 (2025): (July) Jurnal Ekonomi Manajemen Bisnis dan Akuntansi
Publisher : PT. Altaf Publishing Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70895/jemba.v2i1.54

Abstract

This research is motivated by low tax compliance despite various reforms, including the use of technology and behavioral approaches. The study used a quantitative approach with a survey method in the form of a questionnaire for individual taxpayers who are in business or freelance, analyzed using SEM-PLS. The results show that tax digitalization, tax knowledge, and information nudges have a positive effect on taxpayer compliance. However, information nudges cannot moderate the effect of digitalization or knowledge on compliance, while the quality of tax services proved to be a significant moderator, strengthening the influence of digitalization and tax knowledge on compliance. However, the quality of tax services did not directly affect taxpayer compliance. This finding confirms that technology, knowledge, and public service strategies complement each other in encouraging taxpayer compliance. This study provides practical recommendations for the Directorate General of Taxes (DGT) to continue improving user-friendly digital services and integrating nudging techniques into tax communication strategies because their presence continues to directly show a positive effect on compliance.
The Effect of Sustainability Reporting Practices on Environmental Performance in Manufacturing Firms Listed on the Indonesia Stock Exchange from 2018 to 2022 Gianina Geralda Ginting; Susi Sarumpaet
International Journal of Economics, Commerce, and Management Vol. 2 No. 4 (2025): October : International Journal of Economics, Commerce, and Management
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62951/ijecm.v2i4.1010

Abstract

Sustainability reporting has been increasingly popular in recent years as businesses become more aware of environmental challenges. 96% of the top businesses in the world have implemented sustainability reporting practices, according to a KPMG survey. The effect of sustainability reporting practices on environmental performance is examined in this study. Sustainability reports, the implementation of GRI standards, and external assurance are used to gauge sustainability reporting procedures; firm size is used as a control variable. In this study, 305 observational data from manufacturing firm over a five-year period (2018-2022) were analysed quantitatively using binary logistic regression. The findings indicate that while the use of GRI standards has a positive and significant effect on environmental performance, sustainability reports and external assurance have no significant effect. These findings show that the implementation in GRI standards encourages business commitment to sustainable practices and transparency, both of which have a significant impact on environmental performance. In the meanwhile, external assurance and sustainability reports tend to be mostly symbolic and do not demonstrate a real commitment to environmental improvement. Environmental performance is positively impacted by the control variable, firm size. These findings suggest that a company's environmental performance is correlated with its size. As a control variable, firm size contributes to maintaining and clarifying the relationship between environmental performance and sustainability practices while ensuring objective and valid study findings. This study emphasizes the importance of strengthening the quality of sustainability reporting and expanding the application of external standards and assurance to improve the credibility and accountability of corporate environmental performance in Indonesia.
The Effect of ESG Ratings on Firm Performance with ESG Rating Disagreement as The Moderating Variable Azaria Nabila; Susi Sarumpaet
International Journal of Economics and Management Sciences Vol. 3 No. 1 (2026): February : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v3i1.1135

Abstract

This study examines the effect of Environmental, Social, and Governance (ESG) ratings on firm performance and the moderating role of ESG rating disagreement within the Indonesian capital market. Using a panel dataset of 63 companies listed on the Indonesia Stock Exchange from 2021 to 2023 and employing a fixed-effects regression model, the analysis measures firm performance with Tobin’s Q, ESG ratings from Refinitiv Eikon, and ESG rating disagreement as the standard deviation between Refinitiv and Bloomberg scores. The empirical results indicate that ESG ratings do not have a statis-tically significant effect on firm performance, and ESG rating disagreement does not significantly moderate this relationship. These findings suggest that ESG-related information has not yet been fully internalized into firm valuation in Indonesia, with current ESG practices perceived as largely symbolic rather than substantively integrated into corporate strategy. The study concludes that both ESG ratings and rating disagreement fail to serve as effective mechanisms for enhancing firm performance in the Indonesian context, reflecting the early-stage development and compliance-driven nature of ESG adoption in emerging markets.
The Impact of Profitability, Institutional Ownership, and Managerial Ownership on Dividend Payout in Indonesian Energy Sector Keisha Justina Siagian; Susi Sarumpaet
International Journal of Economics and Management Sciences Vol. 3 No. 1 (2026): February : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v3i1.1138

Abstract

This study investigates the determinants of dividend payout policy in energy sector firms listed on the Indonesia Stock Exchange during the 2020–2024 period. Dividend policy is a critical issue in emerging markets, especially in capital-intensive industries with high investment needs and earnings volatility. The research examines whether profitability and ownership structure—specifically institutional and managerial ownership—significantly influence dividend payout decisions, considering firm characteristics. The study analyzes the effect of profitability, institutional ownership, and managerial ownership on the dividend payout ratio, while controlling for firm size and leverage. A quantitative approach is used, employing pooled ordinary least squares (OLS) regression on 245 firm-year observations. Dividend payout ratio is measured as dividend per share divided by earnings per share, profitability is proxied by return on equity, and ownership variables are expressed as shareholding proportions. Descriptive analysis and classical assumption tests precede hypothesis testing. The results show that profitability positively and significantly affects dividend payout, suggesting that firms with better financial performance tend to distribute higher dividends. Firm size also positively influences dividend policy, while leverage negatively impacts it, reflecting the role of financial capacity and capital structure. However, institutional and managerial ownership do not show significant effects on dividend payout decisions. The findings indicate that dividend policy in Indonesian energy firms is primarily driven by financial performance and structural characteristics rather than ownership-based governance mechanisms. This study offers sector-specific evidence that refines agency and signaling perspectives on dividend policy in emerging markets, with practical implications for managers, investors, and regulators.
The Impact of Good Corporate Governance and Corporate Social Responsibility (CSR) Disclosure on Tax Avoidance Practice: Empirical : Study on Multinational Companies in Idonesia Anggun Cahyanti Simanjuntak; Susi Sarumpaet
International Journal of Economics and Management Sciences Vol. 3 No. 1 (2026): February : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v3i1.1139

Abstract

This research aims to investigate the impact of Good Corporate Governance (GCG) which are measured by 3 indicators; institutional ownership, managerial ownership, board indeoendence, and Corporate Social Responsibility Disclosure on Tax Avoidance in Multinational Companies on Indonesia. The study used multiple linear regression with periods start from 2022 until 2024. The sample of this study is a multinational companies in Indonesia with the total of 47 samples for 3 years, the criteria of the company can be said multinational companies is if the companies had a entities in more than one country. Tax avoidance is measured using the Cash Effective Tax Rate (CETR), while GCG variables and CSR disclosure are measured based on relevant ownership structures, board composition, and the Global Reporting Initiative (GRI) index. The result shows that Institutional ownership had a significantly negative effect of tax avoidance, while the other three independent variables had no significant power in Tax Avoidance. This study concludes that tax avoidance in multinational companies is a complex phenomenon influenced by various internal and external factors beyond the scope of this research. The findings provide practical implications for regulators and investors and suggest that future research should consider additional variables, longer observation periods, and alternative tax avoidance proxies.
Impact of ESG Risk Ratings on Stock Prices: Evidence from ESG Leaders Index Companies (2020–2023) Celvin Yusra; Susi Sarumpaet; Agrianti Komalasari; Sari Indah Oktanti Sembiring
International Journal of Economics, Management and Accounting Vol. 3 No. 1 (2026): International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v3i1.960

Abstract

This study investigates the impact of Environmental, Social, and Governance (ESG) Risk Ratings on stock prices of companies listed in the ESG Leaders Index on the Indonesia Stock Exchange during the period 2020–2023. Using the Ohlson (1995) valuation model as the theoretical framework, the research examines the value relevance of financial information—proxied by Book Value per Share (BVPS) and Earnings per Share (EPS)—and non-financial information in the form of ESG risk ratings. The study employs purposive sampling, resulting in an unbalanced panel dataset of 120 firm-year observations. Panel regression analysis with the Random Effect Model (REM) is applied, supported by classical assumption tests and sensitivity analysis. The findings reveal that BVPS has a positive and significant effect on stock prices, highlighting its role as a stable and value-relevant measure for investors. By contrast, EPS shows a positive but insignificant relationship, confirming the declining relevance of earnings in the Indonesian market. Moreover, ESG Risk Ratings exhibit a negative but statistically insignificant effect, suggesting that while firms with higher ESG risks tend to be valued lower, sustainability considerations are not yet consistently incorporated into equity valuation by Indonesian investors. These results imply that financial fundamentals, particularly BVPS, remain the dominant factor in stock price determination, whereas ESG information has not yet achieved value relevance in the Indonesian context. The study underscores the need for stronger regulatory enforcement, standardized ESG disclosure, and greater investor awareness to enhance the integration of sustainability risks into capital market decision-making.
The Effect of ESG Score on Financial Performance Mediated by SDG Disclosures in Indonesian Listed Companies 2021-2023 Shela Sasmitha; Susi Sarumpaet
International Journal of Economics and Management Sciences Vol. 3 No. 1 (2026): February : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v3i1.1157

Abstract

This study examines the mediating role of SDG disclosure in the relationship between ESG score and financial performance within the mandatory reporting context of non-financial firms listed on the Indonesia Stock Exchange during 2021-2023. Using a purposive sample of 59 companies (177 observations), the analysis employs panel data regression and the Sobel test to evaluate ESG metrics from Refinitiv Eikon alongside disclosure and financial data from corporate reports. Empirical results show that ESG score does not significantly predict SDG disclosure nor directly affect financial performance measured by ROE. Furthermore, SDG disclosure shows no significant association with financial performance and fails to mediate the ESG-ROE relationship. Firm size is the only variable positively related to SDG disclosure, suggesting that reporting practices are more strongly driven by organizational resources and public visibility than by substantive ESG performance. Overall, the findings reveal a decoupling phenomenon, where sustainability reporting in Indonesia tends to reflect symbolic compliance rather than value-creating integration. The study concludes that a credibility gap exists in the capital market, as SDG disclosure has not yet functioned as an effective mechanism for converting ESG performance into financial gains. This study provides evidence on the limitations of SDG disclosure as a value transmission mechanism in emerging market, offering insights for regulators and market participants seeking to enhance the economic relevance and credibility of SDG reporting.
Co-Authors Anggun Cahyanti Simanjuntak Arvela Fadila Putri Azaria Nabila Celvin Yusra Gianina Geralda Ginting Hepy Wijayanti Keisha Justina Siagian Komalasari, Agrianti M. Alimuddin Nesa Delfi Eftasari Ninuk Dewi Kesumaningrum Octa Viorica Aulia Putri Ria Mairosa Rizky Oktaviana Sari Indah Oktanti Sembiring Shela Sasmitha Sri Nurdiyanti Stefanus Irfan Thika Tri Aprilia Tiara Chairunissa F Yohanna Earlene Margaretha Simarmata