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All Journal Eduvest - Journal of Universal Studies Research Horizon Economic and Business Horizon
Lucy Sri Musmini
Universitas Pendidikan Ganesha, Indonesia
Aerospace Engineering Arts Humanities Computer Science & IT Economics, Econometrics & Finance Education Health Professions Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences

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The Influence of Financial Slack and Gender Board Diversity on The Quality of Sustainability Report Disclosure With Board of Commissioners' Effectiveness as A Moderating Variable Ni Luh Apriani; Lucy Sri Musmini; Desak Nyoman Sri Werastuti
Eduvest - Journal of Universal Studies Vol. 5 No. 3 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i3.51014

Abstract

This study aims to examine the effect of financial slack, board diversity gender on the quality of disclosure of sustainability reports with the effectiveness of the board of commissioners. The population used in this study is banking companies listed on the Indonesia Stock Exchange (BEI) in 2019 - 2023. The sample used is based on predetermined criteria. The analysis technique used is descriptive analysis, SEM PLS and hypothesis testing using the Smart PLS 4.0 program. This study shows the results that: (1) Financial slack has no effect on the quality of disclosure of sustainability reports in the banking industry. (2) Board diversity gender has a significant positive effect on the quality of disclosure of sustainability reports in the banking industry. (3) The effectiveness of the board of commissioners has a significant positive effect on the quality of disclosure of sustainability reports in the banking industry. (4) The effectiveness of the board of commissioners is unable to moderate the relationship between financial slack and the quality of disclosure of sustainability reports in the banking industry. (5) The effectiveness of the board of commissioners is unable to moderate the board diversity gender relationship on the quality of disclosure of sustainability reports in the banking industry.
The Effect of ESG and Financial Constraints on Cost of Equity: Institutional Ownership as a Moderating Variable Desak Putu Arde Suari; Gede Adi Yuniarta; Lucy Sri Musmini
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1468

Abstract

Environmental, Social, and Governance (ESG) disclosure and financial constraints influence investors’ risk perceptions and the cost of equity, yet the moderating role of institutional ownership remains inconclusive. This study examines the effects of ESG disclosure and financial constraints on the cost of equity, as well as the moderating role of institutional ownership, among non-primary consumer companies listed on the Indonesia Stock Exchange. A quantitative approach was employed using balanced panel data from 63 companies during 2022–2024 (189 firm-year observations). The study employed the CAPM, ESGDI, SA Index, and institutional ownership ratio to measure the variables. The data were analyzed using random-effects panel regression with robust standard errors clustered and the firm level and moderated regression analysis in Stata. The results show that ESG disclosure significantly reduces the cost of equity, whereas financial constraints significantly increase it. However, institutional ownership does not significantly moderate the effects of ESG disclosure or financial constraints on the cost of equity. These findings suggest that investors place greater emphasis on sustainability disclosure and firms’ financial conditions than on ownership structure when evaluating investment risk. The study provides evidence that strengthening ESG disclosure and maintaining financial flexibility are effective strategies for reducing equity financing costs in emerging markets.
Corporate Social Responsibility Reporting and Management Practices for Sustainable Community Development: A Study of Elevate Bali I Putu Gede Handi Junio; Lucy Sri Musmini; I Made Pradana Adiputra
Research Horizon Vol. 6 No. 3 (2026): Research Horizon - Juni 2026
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.6.3.2026.1392

Abstract

Sustainability has become an essential aspect of organizational practices as companies are increasingly expected to balance economic performance with social and environmental responsibilities. In the hospitality sector, Corporate Social Responsibility (CSR) programs play an important role in supporting sustainable community development. This study aims to examine the financial reporting and management practices of CSR programs at Elevate Bali during the 2022–2025 period, focusing on CSR financial data, accounting systems, and program planning effectiveness. This study employed a qualitative interpretive approach using a case study design to gain an in-depth understanding of CSR reporting practices and management processes. The results indicate that CSR funding increased consistently over the years, reflecting the company’s growing commitment to social and environmental responsibilities. However, the existing accounting chart was not specifically designed to track CSR activities in detail, limiting financial transparency and program evaluation. Furthermore, several CSR initiatives lacked structured strategic planning, reducing their long-term community empowerment potential. This study contributes by highlighting the importance of developing structured CSR accounting systems and strategic planning to enhance transparency, accountability, and sustainable development outcomes.
Co-Authors Desak Nyoman Sri Werastuti Desak Putu Arde Suari Gede Adi Yuniarta I Made Pradana Adiputra I Putu Gede Handi Junio Ni Luh Apriani