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All Journal Jurnal Reviu Akuntansi dan Keuangan JAAKFE UNTAN ( (Jurnal Audit Dan Akuntansi Fakultas Ekonomi Universitas Tanjungpura) IMAGE JURNAL ILMU MANAJEMEN DAN BISNIS Journal of Business and Behavioural Entrepreneurship Jurnal ASET (Akuntansi Riset) Jurnal Riset Akuntansi dan Keuangan International Journal of Applied Business Research Jurnal Pendidikan Akuntansi dan Keuangan Al-Ta'lim Jurnal Ilmiah Akuntansi dan Bisnis Jurnal Wacana Ekonomi Akbis: Media Riset Akuntansi dan Bisnis Al-Kharaj: Journal of Islamic Economic and Business Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Finansha: Journal of Sharia Financial Management International Journal of Management Science and Information Technology (IJMSIT) Journal of International Conference Proceedings Journal of Islamic Economics and Business Inkubis: Jurnal Ekonomi dan Bisnis Journal of Accounting Research, Organization and Economics (JAROE) West Science Social and Humanities Studies Journal of Islamic Contemporary Accounting and Business International Journal of Economics, Business and Innovation Research Jurnal Wacana Kinerja: Kajian Praktis-Akademis Kinerja dan Administrasi Pelayanan Publik
Heryana, Toni
Universitas Pendidikan Indonesia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences

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Does Green Finance Matter? Sustainability Disclosure and Financial Performance Dwi RT, Dita Rari; Azis, Yunia Mulyani; Heryana, Toni
Jurnal ASET (Akuntansi Riset) Vol 17, No 2 (2025): JURNAL ASET (AKUNTANSI RISET) JULI-DESEMBER 2025
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jaset.v17i2.95780

Abstract

The increasing awareness of environmental and social issues has encouraged companies to be more transparent in disclosing their sustainability information. At the same time, green finance has emerged as a crucial instrument that not only supports environmentally friendly projects but also has the potential to impact the financial performance of companies. This study aims to analyze the impact of sustainability disclosure on the economic performance of companies, as well as to examine the role of green finance funding as a moderating variable on the financial performance of companies. The method used in this research is a quantitative approach, utilizing secondary data from the annual reports of companies listed on the Indonesia Stock Exchange (IDX) that have received the ESG Star Award during the period 2020-2024. The sample selection was carried out using the purposive sampling method. Sustainability disclosure is measured using a sustainability disclosure index based on ESG standards, while financial performance is measured with the Return on Assets (ROA) and Return on Equity (ROE) indicators. The moderation variable of green finance funding is measured based on the company's access to green financing instruments (for example, green bonds or green loans). Data analysis was conducted using moderation regression, including interaction tests to examine the moderation effects. The results of this study are expected to provide empirical evidence regarding the positive impact of sustainability disclosure on financial performance, as well as to identify whether green finance can strengthen or weaken that relationship. These findings are expected to benefit investors, company management, regulators, and other stakeholders in decision-making related to sustainable investments and the development of the green finance market in Indonesia. In addition, this research is also expected to contribute to the literature on sustainable finance and environmental accounting.
Moderating Effect of Foreign Capital Flow on Investor Sentiment and Stock Returns in ASEAN Hadi Ahmad Sukardi; Nugraha Nugraha; Toni Heryana; Yayat Supriyatna
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.238

Abstract

Background: ASEAN capital markets exhibit persistent return volatility that is inconsistent with macroeconomic fundamentals, suggesting the influence of behavioral and structural factors beyond the Efficient Market Hypothesis (EMH). Objective: This study examines the direct effect of investor sentiment on stock returns across six ASEAN economies and tests the moderating role of foreign capital flows in this relationship. Methods: Using quarterly panel data from 2003 to 2024 (N = 504) covering Indonesia, Malaysia, Singapore, Thailand, the Philippines, and Vietnam, this study employs moderated regression analysis within a fixed effects model (FEM). Investor sentiment is proxied by the Consumer Confidence Index (CCI), stock returns are measured using national composite indices, and foreign capital flows are operationalized through Foreign Direct Investment (FDI). The Hausman test confirmed FEM as the appropriate estimator. Results: Investor sentiment exerts a positive and significant effect on stock returns (β = 0.187, p < 0.05). Although FDI alone does not significantly predict returns (p = 0.177), the interaction term CCI × FDI is highly significant (β = 0.115, p < 0.01), confirming a catalytic moderating effect. Conclusion: Foreign capital inflows amplify the sentiment–return relationship in ASEAN markets. These findings offer critical insights for policymakers and portfolio managers regarding behavioral market dynamics and capital flow surveillance in emerging economies.
The Effect of Learning Environment on Vocational High School Students’ Work Readiness with Work Motivation as a Mediating Variable and Gender as a Control Variable Musael Nur Aziza; Budi Santoso; Toni Heryana; Yusuf Murtadlo Hidayat
Jurnal Wacana Ekonomi Vol 25 No 3 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i3.43981

Abstract

This study examines the effect of Learning Environment on Work Readiness of Vocational High School (SMK) students, with Work Motivation as a mediating variable and Gender as a control variable. A quantitative approach was employed using primary data collected from 204 Grade XII students from several vocational schools in Bandung Regency via purposive sampling and questionnaire. Conditional Process Modeling (CPM) through PROCESS Hayes Model 4 in SPSS was applied for data analysis. Results show that: (1) Learning Environment has a significant positive direct effect on Work Readiness (β = 0.192; p = 0.001); (2) Learning Environment significantly influences Work Motivation (β = 0.492; p < 0.001); (3) Work Motivation has a very strong positive effect on Work Readiness (β = 0.889; p < 0.001); and (4) Work Motivation partially mediates the relationship between Learning Environment and Work Readiness (indirect effect = 0.437; 95% CI [0.261; 0.582]). Gender functions as a significant control variable (β = −1.180; p = 0.009). The model explains 66.1% of variance in Work Readiness (R² = 0.661). These findings imply that improving student work readiness requires not only enhancement of the learning environment but also systematic strengthening of work motivation.
Co-Authors A Sobandi A.A. Ketut Agung Cahyawan W Abdullah, Sulthan Yusuf Ali Djamhuri Amalia, Shendy Andriana, Denny Ansamu, Umar Arim, Arim Aristanti Widyaningsih Basuki, Teguh Iman Budi Santoso Burhonov Azizbek Delina Herdian Septiani Delina Herdian Septiani Della Fauzia Kundari Disman Disman Disman, D Dita Rari Dwi R.T Edi Suryadi, Edi Febriani, Devi Gilang Ramadhan H. Nugraha Hadi Ahmad Sukardi Hartono, Pierdijono Heraeni Tanuatmodjo Hermayanti, Alma Bella Hidayat, Yusuf Murtadlo Ho, Thuy Tien Ida Elis Mediawati Ikaputera Waspada, Ikaputera Ikin Solikin Imas Purnamasari Indah Fitriani Indi Nur Fajriani Islami , Imas Nurani Jumaniyozov Jasur Xolmurod O’g’li Kudratov Inomjon Nemat Ugli M. Arief Ramdhany Mahfirah, Titis Fatarina Maya Sari Maya Sari Maya Sari Maylia Pramono Sari Medidjati, Adam Medidjati, R Adam Medidjati, R. Adam Mohidin, Rosle MONICA DEWI Muhamad Syahwildan Muhammad Afif Muhammad Yusuf Mulyani, Heni Musael Nur Aziza Nabilah Adzhani Nadeak, Thomas Nkansah, Obed Kwabina Opoku Nono Supriatna Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha, H. Nugraha, N Nurlaela, Fitri Oktaviani, Dita Aulia Purniati, Anies Purnomo, Budi Supriatono Rahayu, Mikanti Annisa Sugrining Risa Ratna Gumilang Rozmita Dewi Yuniarti, Rozmita Dewi Saputra, Cahya Annaas Sartono Rahman, Ano Suherman, Suherman Supriatna, Yayat Thomas Nadeak Umar Faruk Umi Widyastuti Utama, Wahyudayanto Wastuti, Wahyu Yayat Supriyatna Yulandri, Elsa Yunia Mulyani Azis