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All Journal Jurnal Pendidikan Indonesia (Japendi) Eduvest - Journal of Universal Studies
Jemitra, Jemitra
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Aerospace Engineering Computer Science & IT Education Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences

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Integration of Green Innovation in Default Risk Management with Altman's Z"-Score and ZMIJEWSKI'S Zm-Score Jemitra, Jemitra; Wibowo, Buddi
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51361

Abstract

This study analyzes the effect of green innovation on the default risk of non-financial companies in Indonesia and China during the period 2018–2024. Both countries were selected because they have banking-based financial systems but face different environmental challenges. Default risk is measured using a combined accounting-based approach, namely Altman's Z”-Score, and Zmijewski's ZM-Score. The estimation results using the Fixed Effect Model show that in aggregate, green innovation has no significant relationship with default risk. However, when analyzed per country, the effect of green innovation is proven to be significant and negative on default risk in companies in China, while in Indonesia the relationship is not statistically significant. These findings indicate that the effectiveness of green innovation as a financial risk mitigation strategy is greatly influenced by institutional readiness and national policies. This study provides important insights for policymakers and market players in developing countries regarding the importance of supporting the green innovation ecosystem to strengthen financial stability.
The Influence of ESG on Operational Risk of Bank Issuers in Indonesia for the Period of 2019 – 2023 Mukti, Rizky Jati; Handi, Handi; Nuswantoro, Kresna; Jemitra, Jemitra; Hanggraeni, Dewi
Jurnal Pendidikan Indonesia Vol. 6 No. 1 (2025): Jurnal Pendidikan Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/japendi.v6i1.6777

Abstract

This study investigates the relationship between environmental, social, and governance (ESG) scores and operational risk of banks in Indonesia. Using panel data from 17 bank issuers in Indonesia during the period 2019–2023 with a dynamic panel regression approach, the results showed that ESG scores did not have a significant influence on operational risk, although the coefficients showed indications of a negative relationship. These findings reflect the limited implementation of ESG in Indonesia's banking sector and the lack of uniform reporting standards and supporting infrastructure. In contrast, internal variables such as bank size (SIZE), profitability (ROA), and equity (ROE) show a significant relationship with operational risk. Bank size is negatively correlated with operational risk, while profitability shows a significant positive correlation. This study provides new insights into the importance of managing internal factors in mitigating operational risks, as well as highlighting the need to strengthen ESG regulations in Indonesia to improve the sustainability of the banking sector
Co-Authors Buddi Wibowo HANDI, HANDI Hanggraeni, Dewi Mukti, Rizky Jati Nuswantoro, Kresna