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All Journal JABI (Jurnal Akuntansi Berkelanjutan Indonesia) Jurnal Pendidikan Indonesia (Japendi)
Maya, Sylviana
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Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice

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Corporate Governance And Company Value: An Investigation Into The Role Of ACSG Score Chanry, Kevin; Maya, Sylviana; Siahaan, Uke Marius
JABI (Jurnal Akuntansi Berkelanjutan Indonesia) Vol. 6 No. 3 (2023): JABI (JURNAL AKUNTANSI BERKELANJUTAN INDONESIA)
Publisher : Universitas Pamulang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32493/JABI.v6i3.y2023.p247-267

Abstract

This study investigates the complex relationships between Good Corporate Governance (GCG) scoring, specifically the ASEAN Corporate Governance Scorecard (ACGS) score and company value. The ACGS score, a standardized measure of corporate governance, is used to assess the performance of publicly traded companies in Indonesia from 2017 to 2020. The study reveals a significant negative impact of the ACGS score on firm value, suggesting that while the ACGS score provides a standardized measure of corporate governance, it may not fully capture the nuances of individual company practices. The checkbox-based nature of the ACGS score might be seen as a mere compliance requirement rather than a true reflection of the company's corporate governance performance. However, when control variables are introduced, the effect of the ACGS score on firm value weakens and becomes insignificant. This suggests that the firm value is influenced more by financial performance compared to corporate governance performance. The study concludes that while the ACGS score can provide some insights into a company's corporate governance performance, its impact on firm value can be overshadowed by other factors. Therefore, a comprehensive approach that considers various control variables is necessary to accurately assess firm value.
Business Pivoting Strategy in the Mining Industry (Case Study: PT Membara Bersama Abadi, East Kalimantan, Indonesia) Darmawan, Edward; Siahaan, Uke; Maya, Sylviana
Jurnal Pendidikan Indonesia Vol. 6 No. 5 (2025): Jurnal Pendidikan Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/japendi.v6i5.7805

Abstract

PT Membara Bersama Abadi (MBA), a coal mining company in East Kalimantan, Indonesia, is facing a critical business challenge due to the impending expiration of its mining license in 2029 and increasing pressure from global energy transition trends. The company risks significant revenue loss unless it finds a sustainable business model beyond coal. This research aims to evaluate the financial feasibility and strategic viability of converting MBA’s existing coal hauling road into a commercial logistics corridor. The study employs a quantitative approach, analyzing project cash flows, Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period, and Weighted Average Cost of Capital (WACC) using different financing models. The results indicate strong financial performance with a positive NPV ranging from IDR 37.1 to 46.2 billion and IRR exceeding 40%, ensuring payback within 1–2 years. Sensitivity analysis reveals volume risk and regulatory delays as the main threats. The study concludes that infrastructure monetization is a viable strategic pivot for PT MBA, offering long-term financial stability while aligning with Indonesia’s sustainable development goals. The findings provide a model for similar firms navigating post-mining economic uncertainty.
Co-Authors Chanry, Kevin Darmawan, Edward Siahaan, Uke Marius Uke Siahaan, Uke