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All Journal Measurement : Jurnal Akuntansi Jurnal Manuhara: Pusat Penelitian Ilmu Manajemen Dan Bisnis Akuntansi Pajak dan Kebijakan Ekonomi Digital
Merry Sukartini
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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Pengaruh Good Corporate Governance, Intellectual Capital dan Leverage Terhadap Nilai Perusahaan Melansari Siti Nurtiara; H.M. Taufik Aziz; Merry Sukartini
Akuntansi Pajak dan Kebijakan Ekonomi Digital Vol. 2 No. 3 (2025): Akuntansi Pajak dan Kebijakan Ekonomi Digital
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/apke.v2i3.1423

Abstract

This study aims to analyze the influence of Good Corporate Governance (GCG), intellectual capital, and leverage on firm value in technology sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. GCG is measured through three indicators: managerial ownership, institutional ownership, and the presence of an audit committee. Intellectual capital is measured using the Value Added Intellectual Coefficient (VAIC™) method, while leverage is measured using the Debt to Equity Ratio (DER). Firm value as the dependent variable is measured using the Tobin's Q ratio. This study uses a quantitative approach with secondary data obtained from annual reports and financial statements of companies accessed through the official IDX website and each company's website. A purposive sampling technique was used to determine the sample, and eight companies were obtained with a total of 32 observation data over a four-year period. The results show that leverage has a significant effect on firm value, indicating that appropriate and proportional debt structure management is a key factor in increasing the value of companies in the technology sector. Meanwhile, managerial ownership, institutional ownership, the presence of an audit committee, and intellectual capital did not show a significant effect on firm value. This suggests that, in the technology sector, external financing strategies play a greater role than internal company factors such as ownership structure and intangible assets. These findings are expected to serve as a reference for company management and investors in formulating financing policies and managing knowledge-based resources.  
Pengaruh Carbon Emission Disclosure, Eco-efficiency , Dan Cash Holding Terhadap Nilai Perusahaan Tia Lestari Fauziah; Mohammad Taufik Aziz Taufik Aziz; Merry Sukartini
MEASUREMENT : Jurnal Program Studi Akuntansi Vol 19, No 2 (2025): MEASUREMENT : JURNAL AKUNTANSI DESEMBER 2025
Publisher : Universitas Riau Kepulauan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33373/mja.v19i2.8250

Abstract

Penelitian ini menganalisis keterkaitan antara carbon emission disclosure, eco-efficiency, serta cash holding terhadap nilai perusahaan yang bergerak di sektor energi yang tercatat di Bursa Efek Indonesia selama periode 2020-2024. Dengan menggunakan pendekatan kuantitatif melalui analisis regresi data panel, hasil penelitian ini menunjukkan bahwa carbon emission disclosure dan cash holding berpengaruh positif secara signifikan terhadap nilai perusahaan. Sebaliknya, eco-efficiency memberikan pengaruh negatif terhadap nilai perusahaan. Namun, secara bersama-sama ketiga variabel tersebut memiliki pengaruh positif signifikan terhadap nilai perusahaan. Hasil penelitian ini dapat dijelaskan melalui perspektif Signaling Theory, carbon emission disclosure dan cash holding menjadi sinyal positif bagi investor, mencerminkan komitmen terhadap lingkungan dan kesiapan dalam mengelola risiko keuangan. Namun, eco-efficiency yang diukur melalui sertifikasi ISO 14001 berdampak negatif, hal ini bisa terjadi karena investor belum melihat adanya keuntungan finansial langsung dari biaya implementasi tersebut. Oleh karena itu, temuan ini menekankan pentingnya strategi keberlanjutan serta pengelolaan aset internal dalam memengaruhi penilaian investor terhadap nilai suatu perusahaan.
Analisis Komparatif Cost of Debt antara Green Bond dan Obligasi Konvensional Sektor Energi ASEAN-3 Periode 2021-2025 Tri Mahesa Rahayuningtias; Merry Sukartini; Desty Cristya Anisa
Jurnal Manuhara : Pusat Penelitian Ilmu Manajemen dan Bisnis Vol. 4 No. 3 (2026): Jurnal Manuhara: Pusat Penelitian Ilmu Manajemen dan Bisnis
Publisher : Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/manuhara.v4i3.2650

Abstract

This study compares the Cost of Debt, proxied by Yield to Maturity (YTM), between Green Bonds and conventional bonds issued by energy-sector firms in Indonesia, Malaysia, and Singapore during 2021-2025. Amid the global energy transition and rising demand for sustainable financing, it remains unclear whether the “green” label translates into a lower cost of capital for issuers, a phenomenon known as the Greenium. Using a matched-pair sampling technique, 30 Green Bonds were paired with 30 conventional bonds sharing similar issuer characteristics, tenor, and credit rating, yielding 60 observations. Data normality was confirmed with the Shapiro-Wilk test, and mean differences were examined using the Paired Samples T-Test, both for the pooled ASEAN-3 sample and for each country separately. The results show no statistically significant difference in YTM between Green Bonds (mean 5.35%) and conventional bonds (mean 5.05%) at the regional level (Sig. = 0.353), a pattern that also holds for Indonesia, Malaysia, and Singapore individually. Consistent with the Efficient Market Hypothesis, these findings suggest that green labeling alone has not yet produced a measurable Greenium in ASEAN-3 energy bond markets, implying that credibility-building measures beyond labeling are needed for green instruments to meaningfully lower issuers' cost of financing.
Co-Authors Desty Cristya Anisa Melansari Siti Nurtiara Mohamad Taufik Azis Mohammad Taufik Aziz Taufik Aziz Tia Lestari Fauziah Tri Mahesa Rahayuningtias