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Pengaruh Kinerja ESG, Green Innovation, dan Struktur Modal Terhadap Nilai Perusahaan: Peran Mediasi Kinerja Keuangan: Studi Empiris pada Perusahaan yang Terdaftar di Indeks Kompas 100 Periode 2020-2022 Siti Haisyah; Giriati; Wendy
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 8 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i8.7961

Abstract

Currently, attention to sustainable development is increasing along with global awareness of environmentally responsible business practices. The application of these sustainability principles drives changes in corporate business practices, which focus on managing environmental, social, and governance aspects, as well as green innovation to support the long-term sustainability of the company. This study analyzes the effect of ESG performance, green innovation, and capital structure on firm value with financial performance as a mediating variable. The study population is companies listed on the Kompas 100 Index for the period 2020–2022, using panel data regression and the Sobel test. The results show that ESG performance and green innovation have a positive and significant effect on financial performance, but are not significant on firm value. Capital structure has a negative effect on financial performance, but has a positive and significant effect on firm value. Financial performance has a positive and significant effect on firm value, but does not mediate the relationship between ESG performance, green innovation and capital structure, on firm value.
Analisis Reaksi Pasar Saham di Sektor LQ45 Sebelum dan Sesudah Peristiwa Peringatan Darurat Garuda Biru: Studi Average Abnormal Return dan Trading volume activity Annisa Abdullah; Wendy
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 8 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i8.7962

Abstract

The Blue Garuda Emergency Alert event was first announced on August 21, 2024, through the Instagram account of Narasi by Najwa Shihab. This study aims to analyze the stock market reaction before and after the event, focusing on companies included in the LQ45 stock index on the Indonesia Stock Exchange. Hypothesis testing was conducted using a paired sample t-test for Average Abnormal Return (AAR) with SPSS, while Trading Volume Activity (TVA) was tested using the Wilcoxon Signed-Rank Test due to the non-normal distribution of the data. This event study observes a 10-day window before and after the Blue Garuda Emergency Alert event. The expected return was calculated using the market model with an estimation period of 200 trading days. The results of the study indicate a significant difference in Average Abnormal Return (AAR) before and after the event, with a significance value of 0.027. Additionally, Trading Volume Activity (TVA) also showed a highly significant change, with a significance value of 0.000. These findings suggest that the Blue Garuda Emergency Alert had a tangible impact on the stock market, both in terms of abnormal returns and trading volume activity, reflecting the market's reaction to the event.