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All Journal Owner : Riset dan Jurnal Akuntansi eCo-Buss eCo-Fin Journal of Artificial Intelligence and Digital Business Journal of Educational Management Research
Uray Ndaru Mustika
Universitas Tanjungpura
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Social Sciences

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Pengaruh Modal Intelektual, Ukuran Perusahaan, dan Leverage terhadap Nilai Perusahaan: Profitabilitas sebagai Mediasi pada Perusahaan LQ45 (2019–2023) Syafiah Syafiah; Anwar Azazi; Anggraini Syahputri; Uray Ndaru Mustika
eCo-Buss Vol. 8 No. 2 (2025): eCo-Buss
Publisher : Komunitas Dosen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32877/eb.v8i2.2612

Abstract

The fluctuation of company value (reflected in stock prices) amidst fierce business competition and the importance of strategic adaptation in the digital era. This study aims to analyse the extent to which Intellectual Capital, Firm Size, and Leverage influence Firm Value with Profitability as a mediator. The sample consists of 28 LQ45 companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, resulting in 119 panel data observations after outlier treatment. The analysis, conducted with rigorous methodology, utilizes multiple linear regression and path analysis (SPSS 27). The findings reveal that intellectual capital positively influences Profitability, while firm size and leverage significantly adversely affect Profitability. Intellectual capital and firm size significantly negatively impact firm value, while leverage does not considerably affect firm value. Profitability plays a crucial role in enhancing firm value and effectively mediates the relationships between the three independent variables and firm value. The research implications highlight challenges in communicating or realizing the full value of these intangible assets in the market, as well as indicating that large scale and the utilization of leverage do not always guarantee superior financial performance.
Peran Moderasi Profitabilitas dalam Pengaruh CSR dan GCG terhadap Nilai Perusahaan pada Perusahaan Tambang di Indonesia Deni Triamanda; Helma Malini; Uray Ndaru Mustika; Anggraini Syahputri
eCo-Fin Vol. 7 No. 3 (2025): eCo-Fin
Publisher : Komunitas Dosen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32877/ef.v7i3.2594

Abstract

This study examines the effect of Corporate Social Responsibility (CSR) and Good Corporate Governance (GCG) on firm value, with Return on Assets (ROA) as a moderating variable. The research was conducted on mining sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period, using purposive sampling techniques with a total of 120 observations (firm-year). Data analysis was performed using panel data regression with the Random Effect Model approach and interaction testing through Moderated Regression Analysis (MRA). The results show that CSR and GCG have no significant effect on firm value (proxied by Price to Book Value/PBV). Meanwhile, ROA has a negative and significant effect on firm value. In addition, the interactions of CSR_ROA and GCG_ROA are also not significant, indicating that profitability does not moderate the relationship between CSR and GCG on firm value. These findings indicate that in the mining sector, profitability, CSR, and GCG are not yet strong indicators influencing investor perception. Profitability without a clear earnings utilization strategy can reduce market confidence, and CSR or GCG implementation that is merely formal does not enhance firm value.
ESG Disclosure, Financial Performance, and Firm Value: The Mediating Role of Competitive Advantage Haya Inayah Khaulah; Anwar Azazi; Ana Fitriana; Mochammad Ridwan Ristyawan; Uray Ndaru Mustika
Journal of Educational Management Research Vol. 5 No. 4 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i4.2017

Abstract

Understanding how sustainability disclosure and financial performance shape firm value remains an important issue in corporate governance and capital market studies. The purpose of this research is to examine the influence of Environmental, Social, and Governance (ESG) disclosure and financial performance on firm value, with competitive advantage acting as a mediating variable. A quantitative approach was employed using panel data from 46 publicly listed companies over the 2021–2024 period. The analysis utilized panel regression combined with path analysis to evaluate both direct and indirect relationships among variables. The findings indicate that financial performance has a positive and significant effect on firm value, confirming its central role in determining market valuation. In contrast, ESG disclosure does not show a significant direct effect on firm value. Furthermore, ESG disclosure demonstrates a negative relationship with competitive advantage, while financial performance positively influences competitive advantage. Mediation analysis reveals that competitive advantage does not mediate the relationship between ESG disclosure and firm value but partially mediates the relationship between financial performance and firm value. These findings imply that companies should strengthen financial performance as a strategic foundation while integrating ESG practices more effectively to enhance long-term competitive positioning and firm value.
Peran Literasi Keuangan, Digital Financial Behavior, Dan Hedonic Lifestyle Terhadap Financial Well-Being Gen-Z: Moderasi Peer Influence (Studi Kasus Pada Generasi Z di Kalimantan Barat) Astrid Oviska; Juniwati Juniwati; Helma Malini; Mustaruddin Mustaruddin; Uray Ndaru Mustika
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 5 No. 2 (2026): Mei-Juli
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v5i2.9099

Abstract

Penelitian ini bertujuan untuk menganalisis peran Literasi Keuangan, Digital Financial Behavior, dan Hedonic Lifestyle terhadap Financial Well-Being Generasi Z di Kalimantan Barat dengan Peer Influence sebagai variabel moderasi. Penelitian ini dilatarbelakangi oleh meningkatnya penggunaan teknologi digital dan perubahan pola konsumsi pada Generasi Z yang memengaruhi perilaku keuangan serta tingkat kesejahteraan finansial mereka. Generasi Z sebagai generasi yang tumbuh di era digital memiliki karakteristik yang dekat dengan teknologi finansial, transaksi digital, serta gaya hidup modern yang cenderung konsumtif. Oleh karena itu, penting untuk memahami faktor-faktor yang memengaruhi Financial Well-Being agar dapat menjadi dasar dalam meningkatkan kualitas pengelolaan keuangan generasi muda. Metode penelitian yang digunakan adalah pendekatan kuantitatif dengan jumlah sampel sebanyak 250 responden yang dipilih menggunakan teknik purposive sampling. Data penelitian dikumpulkan melalui penyebaran kuesioner online kepada Generasi Z di Kalimantan Barat dan dianalisis menggunakan metode Partial Least Square-Structural Equation Modeling (PLS-SEM) dengan bantuan software SmartPLS 4. Hasil penelitian menunjukkan bahwa Literasi Keuangan dan Digital Financial Behavior berpengaruh positif dan signifikan terhadap Financial Well-Being. Sementara itu, Hedonic Lifestyle tidak berpengaruh signifikan terhadap Financial Well-Being. Selain itu, Peer Influence tidak mampu memoderasi hubungan Literasi Keuangan dan Digital Financial Behavior terhadap Financial Well-Being, namun mampu memperkuat hubungan Hedonic Lifestyle terhadap Financial Well-Being. Penelitian ini memberikan implikasi bahwa peningkatan kesejahteraan finansial Generasi Z lebih dipengaruhi oleh faktor internal, seperti pengetahuan dan perilaku keuangan yang baik, sedangkan pengaruh sosial lebih berperan dalam memperkuat gaya hidup konsumtif.
Does Institutional Ownership Moderate the Effects of CAR, Tax Avoidance, and CSR on Firm Value? Evidence from the Indonesian Banking Industry Muhammad Aimar Gimnastyar; Mochammad Ridwan Ristyawan; Anggraini Syahputri; Wendy; Uray Ndaru Mustika
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 2 (2026): Artikel Research April 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i2.3228

Abstract

This study aims to examine the effects of Capital Adequacy Ratio (CAR), Tax Avoidance, and Corporate Social Responsibility Disclosure (CSRD) on firm value in banks listed on the Indonesia Stock Exchange that meet the eligibility criteria from 2020 to 2024, as well as to evaluate the role of Institutional Ownership (IO) as a moderating variable. The sample was selected using purposive sampling, resulting in 27 banks with a total of 125 observations. Data were analyzed using panel data regression with moderated regression analysis (MRA), employing both Random Effects Model (REM) and Fixed Effects Model (FEM) to investigate the direct and moderating effects among the variables. The results indicate that CAR has a positive and significant effect on firm value, confirming its role as a key indicator of financial stability and market confidence in the banking sector. In contrast, Tax Avoidance does not significantly affect firm value, while CSRD also shows no direct significant impact. Moderation analysis reveals that IO strengthens the positive effect of CAR on firm value, does not significantly moderate the relationship between Tax Avoidance and firm value, and negatively moderates the effect of CSRD on firm value. These findings highlight the importance of capital adequacy as a primary financial signal and suggest that institutional investors are selective in responding to CSR practices. The study provides practical implications for investors, banking management, and regulators in enhancing corporate governance and improving the interpretation of financial signals in the Indonesian banking sector
Co-Authors Ana Fitriana Anggraini Syahputri Anwar Azazi Astrid Oviska Deni Triamanda Haya Inayah Khaulah Helma Malini Juniwati Juniwati Mochammad Ridwan Ristyawan Muhammad Aimar Gimnastyar Mustaruddin Mustaruddin Syafiah Syafiah Wendy