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p-Index From 2021 - 2026
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All Journal Journal of Business Economics : Needs, Services, and Money
Yusron Toto
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Impact of Environmental, Social, and Governance Disclosure on Firm Value: Evidence from Energy and Basic Materials Companies in Indonesia Herni Ponia; Yusron Toto
Journal of Business Economics : Needs, Services, and Money Vol. 1 No. 2 (2026): Journal of Business Economics:Needs, Services, and Money
Publisher : Institut Bisnis dan Ekonomi Indonesia

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Abstract

This study aims to examine the influence of environmental, social, and governance disclosure on company value (PBV and Tobin's Q). While the independent variables are environmental and social, then governance. The population in this study is energy and basic materials sector companies listed on the Indonesia Stock Exchange for the 2017- 2023 period. The sampling method used is the purposive sampling method so that 7 companies were obtained. The total number of data processed in this study is 49 data. The type of data used is secondary in the form of annual financial statements of companies in the energy and basic materials sectors listed on the Indonesia Stock Exchange for the 2017- 2023 period. The data analysis method used in this study is descriptive statistics with a significant level value of 5%. The results of this study show that ESG has an effect on the company's value (PBV and Tobin's Q). Keywords: Environmental, Social, Governance, Corporate Value
Financial Knowledge, Socialization, and MSME Financial Management Behavior: Evidence from a Perceived Behavioral Control Perspective Siska Putri Utami; Yusron Toto
Journal of Business Economics : Needs, Services, and Money Vol. 1 No. 2 (2026): Journal of Business Economics:Needs, Services, and Money
Publisher : Institut Bisnis dan Ekonomi Indonesia

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Abstract

This study examines the determinants of financial management behavior among micro, small, and medium enterprises (MSMEs) by integrating Behavioral Finance Theory and the Theory of Planned Behavior. Specifically, it investigates the roles of financial knowledge and financial socialization, with perceived behavioral control as a mediating variable. Using a quantitative approach, data were collected through a structured questionnaire from 160 MSME owners in Pontianak City, Indonesia. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal that financial knowledge does not directly influence financial management behavior but significantly enhances perceived behavioral control. In contrast, financial socialization has both direct and indirect effects on financial management behavior. Perceived behavioral control is found to significantly influence financial management behavior and fully mediates the relationship between financial knowledge and financial management behavior, while partially mediating the relationship between financial socialization and financial management behavior. These results suggest that cognitive financial knowledge alone is insufficient to drive effective financial behavior unless individuals perceive adequate control over financial decisions. This study contributes to the behavioral finance literature by highlighting perceived behavioral control as a key psychological mechanism in shaping MSME financial behavior. The findings provide practical implications for policymakers and practitioners to design financial empowerment programs that emphasize behavioral control and social learning alongside financial literacy.
Co-Authors Herni Ponia Siska Putri Utami