Article Per Year (5 Year)
p-Index From 2021 - 2026
0.444
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This Author published in this journals
All Journal Research of Finance and Banking Journal Integration of Management Studies
Ali, Qaisar
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Effects of ESG on Firm Performance and Firm Value: A Study of Indonesian and Malaysian Listed Companies Rasyad, Rafi Kennaufal; Afgani, Kurnia Fajar; Ali, Qaisar
Journal Integration of Management Studies Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v1i2.118

Abstract

The effect of ESG on firm value and financial performance of a company is a well-researched and controversial topic in academic research, as many authors conclude different results in their studies. Previous studies suggest that ESG has a positive effect on firm value or financial performance, while some studies suggest the opposite, while some studies also suggest that only specific factors within ESG such as environmental, social, and governance factors significantly affect firm value and financial performance of a company. To contribute to current literature in the field and to resolve the dispute in controversial results, this study aims to assess the significance of ESG on firm value and financial performance of Indonesian and/or Malaysian public-listed companies, to deduce whether ESG has positive or negative effect of firm value and financial performance, and to determine which individual factors of ESG has the most affect to the overall ESG score of each Indonesian and/or Malaysian public-listed companies. As there has been limited research on the topic in Indonesia and Malaysia, the author uses PLS-SEM to analyze the effects of ESG scores on firm value and financial performance of 10 Indonesian public-listed companies and 15 Malaysian public-listed companies using available financial and ESG scoring data from YahooFinance during the 3rd quarter of the 2022 year. The study done using PLS-SEM suggests that ESG has a significant positive effect on financial performance (proxied using ROA or Return of Assets) while ESG has no significant but positive effect on firm value (proxied using Tobin’s Q value). In addition, factor analysis of the PLS-SEM model shows that from three pillars of ESG, only social and governance scores have a correlation with the overall ESG score.
How Green Lean Six Sigma and Environmental Dispositions Support Circular Economy Practices Sulistiyo, Mohammad Herman; Noveria, Ana; Ali, Qaisar
Research of Finance and Banking Vol. 4 No. 1 (2026): APRIL 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v4i1.601

Abstract

Despite growing interest in the circular economy (CE), strategic frameworks supporting its implementation in the financial sector remain underexplored. This limitation restricts banks’ ability to integrate circular principles with sustainability goals, operational efficiency, and long-term value creation. Previous studies have mainly focused on manufacturing and industrial sectors, with limited attention to how Green Lean Six Sigma (GLSS) and managers’ environmental beliefs support CE adoption in banking. Addressing this gap, this study investigates the direct effect of GLSS and the mediating role of managers’ environmental beliefs in facilitating CE implementation in banks, based on the Resource-Based View (RBV) theory. Data were collected from 713 managers in Malaysian banks and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that GLSS has a significant positive effect on CE implementation. Managers’ environmental beliefs significantly mediate the relationships between green and lean strategies and CE, while the mediation effect of Six Sigma is insignificant. These findings extend RBV theory by identifying GLSS as a strategic organizational resource and managers’ environmental beliefs as an important capability supporting CE implementation in the financial sector.
Co-Authors Afgani, Kurnia Fajar Ana Noveria Rasyad, Rafi Kennaufal Sulistiyo, Mohammad Herman