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All Journal Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Wiharyono, Aisyah Sayidul Lintang
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Influence of ESG Performance, Asset Productivity, Financial Risk, and Market Valuation on Financial Performance Wiharyono, Aisyah Sayidul Lintang; Vahlevi, Dewi Riza Lisvi
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

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Abstract

This study investigates the impact of Sustainability (ESG Score), Asset Productivity (TATO), Financial Risk (DER), and Market Valuation (PBV) on Financial Performance (ROA). The study subjects were 20 dual-listed companies listed on ISSI and ESG Sector Leaders (IDX-KEHATI) (60 observations, 2022–2024). Using panel data regression analysis, the results show that TATO and PBV have a significant positive effect on ROA, highlighting the importance of operational efficiency and market prospects in improving profitability. Conversely, DER and ESG have a significant negative effect on ROA. The negative influence of ESG implies a trade-off between short-term compliance costs, which depress net income. Conclusively, operational fundamentals (TATO and PBV) are the most dominant determinants of financial performance (ROA). These findings have implications for the formulation of future Sharia-ESG Index criteria, recommending a high TATO filter, positive PBV, and low DER to select issuers with superior bottom-line and sustainable performance.
The Influence of ESG Performance, Asset Productivity, Financial Risk, and Market Valuation on Financial Performance Wiharyono, Aisyah Sayidul Lintang; Vahlevi, Dewi Riza Lisvi
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study investigates the impact of Sustainability (ESG Score), Asset Productivity (TATO), Financial Risk (DER), and Market Valuation (PBV) on Financial Performance (ROA). The study subjects were 20 dual-listed companies listed on ISSI and ESG Sector Leaders (IDX-KEHATI) (60 observations, 2022–2024). Using panel data regression analysis, the results show that TATO and PBV have a significant positive effect on ROA, highlighting the importance of operational efficiency and market prospects in improving profitability. Conversely, DER and ESG have a significant negative effect on ROA. The negative influence of ESG implies a trade-off between short-term compliance costs, which depress net income. Conclusively, operational fundamentals (TATO and PBV) are the most dominant determinants of financial performance (ROA). These findings have implications for the formulation of future Sharia-ESG Index criteria, recommending a high TATO filter, positive PBV, and low DER to select issuers with superior bottom-line and sustainable performance.
Co-Authors Vahlevi, Dewi Riza Lisvi