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All Journal AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis Journal of Innovative and Creativity
Ovalia Rukmana
Universitas Bakrie Jakarta
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Mathematics Social Sciences Other

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Peran Environmental, Social, and Governance (ESG) terhadap Price to Book Value (PBV) Saham PT Energi Mega Persada pada Periode 2022–2024 Agung Budi Darmoyo; Vera Salma Meilania; Ovalia Rukmana
Journal of Innovative and Creativity Vol. 6 No. 1 (2026)
Publisher : Fakultas Ilmu Pendidikan Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/joecy.v6i1.6981

Abstract

This study aims to explore the effect of Environmental, Social, and Governance (ESG) performance on the Price-to-Book Value Ratio (PBV) of PT Energi Mega Persada Tbk (EMP) during the period of 2022–2024, which was marked by global energy volatility and increased sustainability disclosure requirements, and to examine whether increased ESG disclosure in the Sustainability Annual Report can result in higher market valuations, especially in the energy sector, which faces scrutiny regarding corporate environmental, social, and governance transparency. Data collection was conducted through semi-structured interviews with two sources: the investor relations department of PT. Energi Mega Persada and representatives of the majority shareholders of ENRG, with the aim that investor relations have full access to public data and are considered valid to answer issues related to PBV, ESG, and corporate performance. Meanwhile, the majority shareholder's representative will influence the company's strategic direction and the majority investor's expectations regarding ESG, PBV, and company performance in a valid manner, and will also explain the majority shareholder's perspective to understand ESG issues, financial performance, and company strategy in an integrated manner. The analysis in this study uses a qualitative approach, supported by content analysis in NVivo, to explore how Environmental, Social, and Governance (ESG) disclosure relates to Book Value Price (PBV). The results show that ESG disclosure, overall, has a positive but variable effect on PBV. The environmental dimension contributes through emission-reduction initiatives and improved waste management, while the social dimension demonstrates consistency with increased CSR investment. Improvements in governance, such as establishing an ESG Committee, strengthen the company's credibility. PBV remained relatively stable throughout the observed period, reflecting stable investor confidence.
Analisis Faktor-Faktor Penyebab Kepailitan Sritex Mutia Karunia Antap Wulan; Sayuti Chow; Susan Ratna Salim; Ovalia Rukmana
AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis Vol. 6 No. 2 (2026): AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis
Publisher : Perhimpunan Sarjana Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/jmeb.v6i2.1915

Abstract

The bankruptcy of PT Sri Rejeki Isman Tbk (Sritex), once one of Indonesia’s largest and most prominent textile manufacturers, represents a significant case of strategic failure within an increasingly competitive global manufacturing environment. Despite its long-standing reputation as a major exporter and supplier to international fashion brands and military institutions, Sritex ultimately collapsed under mounting financial and strategic pressures. This study aims to identify and explain the key internal and external factors that led to Sritex’s bankruptcy, while drawing strategic lessons for firms operating in export-oriented manufacturing industries. The research adopts a qualitative case study approach using secondary data collected from academic publications, industry reports, corporate documents, and credible news sources from 2023-2024. Data were analyzed through an integrated strategic management framework comprising SWOT analysis, Porter’s Five Forces, and the VRIO model to assess competitive pressures, strategic positioning, and resource sustainability. The findings indicate that Sritex’s former competitive strengths were no longer sufficient to withstand structural changes in the textile industry. Intense global competition, rising imports, and shifting demand patterns were compounded by internal weaknesses, including excessive leverage, rigid operations, and inadequate risk management. These factors collectively accelerated the firm’s financial distress and organizational breakdown. The study highlights the importance of strategic adaptability, prudent financial governance, and alignment between internal capabilities and external industry dynamics.
Co-Authors Agung Budi Darmoyo Mutia Karunia Antap Wulan Sayuti Chow Susan Ratna Salim Vera Salma Meilania