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All Journal JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen
Sukartha, Putu Dyan Yaniartha
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Economics, Econometrics & Finance

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Beyond profit: How ESG performance influences company value across industries? Dwimayanti, Ni Made Desy; Sukartha, Putu Dyan Yaniartha; Putri, I Gusti Ayu Made Asri Dwija; Sisdyani, Eka Ardhani
JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen Vol. 20 No. 1 (2023): JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen
Publisher : University of Islam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31106/jema.v20i1.20574

Abstract

Evaluating Environmental, Social, and Governance (ESG) scores is essential for understanding a company's long-term sustainability and value. These scores serve as a barometer of a firm's commitment to ethical, environmental, and social practices—attributes that are increasingly valued by both investors and consumers. However, despite their importance, previous studies have been constrained by their focus on smaller sample sizes and exclusive attention to the financial sector. Our study addresses this gap by delivering a comprehensive analysis of the impact of ESG scores on the valuation of companies across diverse industries, while purposefully excluding the financial sector, listed on the Indonesian Stock Exchange from 2019 to 2021. We analyzed 2,169 company-year observations, collected through non-probability purposive sampling, using multiple linear regression in STATA. Our findings reveal a robust correlation between ESG scores and company value, with firms boasting superior ESG scores consistently demonstrating enhanced size and profitability. These results emphasize that a genuine commitment to ESG principles not only elevates performance but also boosts attractiveness to investors, going beyond mere statutory compliance or superficial adoption.
Navigating uncertainty: The dynamics of financial distress and opinion shopping ongoing concern audit opinions in the COVID-19 era Anggarini, Ni Made Anggi; Sukartha, Putu Dyan Yaniartha; Widhiyani, Ni Luh Sari; Ratnadi, Ni Made Dwi
JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen Vol. 20 No. 2 (2023): JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen
Publisher : University of Islam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31106/jema.v20i2.20747

Abstract

This study delves into the intricate relationship between financial distress and opinion shopping in the context of going concern audit opinions, particularly during the challenging COVID-19 pandemic. Focusing on non-financial firms listed on the IDX from 2019 to 2021, the study employed a non-probability, purposive sampling method for selecting relevant samples. Data collection was primarily conducted through non-participant observation, and logistic regression techniques were utilized for analysis. The novelty of this study lies in its temporal focus, situating the analysis within the unique financial and audit challenges posed by the pandemic. One of the key findings is the significant inverse correlation between financial distress, measured by the Altman Z-Score, and the likelihood of receiving a going concern audit opinion. The study demonstrates that increased financial distress significantly raises the probability of a firm receiving a going concern audit opinion. In contrast, the practice of opinion shopping, where firms might switch auditors to obtain a more favorable opinion, is found to decrease the likelihood of receiving such an opinion during the pandemic.
Exploring the relationship between intellectual capital and firm value: Evidence from the Indonesian banking sector Agustina, I Komang Rupa; Sukartha, Putu Dyan Yaniartha
JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen Vol. 22 No. 1 (2025): JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen
Publisher : University of Islam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31106/jema.v22i1.23942

Abstract

Intellectual capital has become a critical driver of firm value in the global shift toward a knowledge-based economy. Extensive research has explored intellectual capital, but most have used short periods, focused on broad industries, or combined all components into a single measure. Thus, to fill those gaps, this study empirically examines the relationship between intellectual capital components and firm value in the Indonesian banking sector. This study used proxies of human, innovation, customer, and process capital to offer insights into how intangible assets influence performance. Using multiple linear regression techniques, the analysis was based on panel data from banks listed on the Indonesia Stock Exchange from 2001-2022. The results revealed that innovation and customer capital are significantly associated with firm value, which aligns with resource-based theory. Only the capital adequacy ratio (CAR) significantly affects control variables. Innovation and customer capital are vital to firm value, while human and process capital are not. This finding highlights the need for bank managers and investors to prioritize intangible assets, especially innovation and customer relationships when evaluating and enhancing firm value.
Co-Authors Agustina, I Komang Rupa Anggarini, Ni Made Anggi Dwimayanti, Ni Made Desy Eka Ardhani Sisdyani I Gusti Ayu Made Asri Dwija Putri Ni Luh Sari Widhiyani Ni Made Dwi Ratnadi