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Yohanes Indrayono
Universitas Pakuan, Bogor, Indonesia
Economics, Econometrics & Finance

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Empirical Study of Environmental, Social & Governance (ESG) on the Stock Returns of Mining Companies With Profitability as an Intervening Variable Listed on the Indonesia Stock Exchange for the Period 2018-2023? Ardhiati Octaviani; Hari Gursida; Yohanes Indrayono
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.8295

Abstract

This study aims to examine the influence of ESG on the stock returns of mining companies listed on the Indonesia Stock Exchange, as well as to assess whether profitability (ROA) plays a mediating role in that relationship. This study was conducted using a quantitative approach and employed panel data regression analysis on 16 companies over six years of observation (2018–2023), with a total of 96 observation data points. The model used is the Random Effect Model with heteroscedasticity correction through the EGLS method. The findings indicate that ESG disclosures, whether environmental, social, or governance, do not affect profitability and stock returns. Profitability (ROA) has a positive effect on stock returns, but it does not mediate the impact of ESG on those returns. This indicates that investors in the mining industry still prioritize conventional financial indicators over sustainability information in the investment decision-making process. Therefore, it is important for companies to enhance the relevance and integration of ESG into their business strategies in order to make a tangible contribution to market value. This research also opens up space for the exploration of other moderating factors that may strengthen the relationship between ESG and financial performance.
Analysis of the Influence of Severity, Firm Size, Free Asset, and Asset Retrenchment on Corporate Turnaround in the Property & Real Estate Sector Listed on the Indonesia Stock Exchange for the Period 2020-2024 Adhi Wichaksono; Hari Gursida; Yohanes Indrayono
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9792

Abstract

This study aims to analyze the effect of severity, firm size, free assets, and asset retrenchment on the success of corporate turnaround in Indonesian property and real estate companies experiencing negative return on assets (ROA). The study uses a quantitative approach with binary logistic regression on 21 companies selected through purposive sampling in the 2020–2024 period. Corporate turnaround is identified based on the company's ability to continuously emerge from negative ROA conditions. The test results show that severity has a negative effect on the probability of corporate turnaround success, although it is not statistically significant. Meanwhile, firm size, free assets, and asset retrenchment also had no significant effect on the success of performance recovery. These findings indicate that conventional financial indicators and ratios are not yet able to adequately explain the dynamics of corporate turnaround in the property and real estate sector, which is asset-intensive, illiquid, and highly influenced by economic cycles. This study confirms the gap between the theoretical framework based on financial indicators and the empirical reality of the property sector, and emphasizes the importance of a multidimensional approach that incorporates non-financial factors in the analysis of corporate turnaround.
Analysis of Regional Financial Management and the Performance of the Bogor Regency Local Government Innayatu Robania; Yohanes Indrayono; Arief Tri Hardiyanto
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.10246

Abstract

This study aims to analyze regional financial management and its correlation with the performance of the Bogor Regency Local Government, particularly in mandatory government affairs related to basic services. The background of the research is based on the phenomenon that an increase in budget realization is not always followed by an improvement in performance achievement. This study uses a descriptive approach by utilizing secondary data sourced from the Accountability Report (LKPJ) for the 2023 and 2024 Fiscal Years. Analysis was conducted on the budget absorption patterns, performance achievements of regional apparatus, and the effectiveness of regional financial management. The research results show that although the budget absorption rate is relatively high, the performance achievements among departments and regional apparatuses still vary. In addition, there was a backlog of budget realization at the end of the year, which has the potential to reduce the effectiveness of program implementation. The relationship between regional financial management and performance is not linear, where an increase in budget realization does not automatically improve performance outcomes. The more influential factors include the quality of planning, the effectiveness of implementation, as well as performance control and evaluation. Therefore, regional financial management needs to be directed toward an outcome-based approach.
Co-Authors Adhi Wichaksono Ardhiati Octaviani Arief Tri Hardiyanto Hari Gursida Innayatu Robania