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All Journal Indonesia Accounting Research Journal Economic and Business Horizon
Keulana Erwin
Universitas Sumatera Utara, Indonesia
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Effect of ESG Disclosure and Ownership Structure on Firm Value: The Moderating Effect of Profitability Annisa Rizki Pratiwi; Abdillah Arif Nasution; Keulana Erwin
Economic and Business Horizon Vol. 5 No. 3 (2026): May
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.3.2026.1173

Abstract

This research is important to understand the factors that influence firm value in the manufacturing sector. This study aims to analyze the effect of ESG disclosure and ownership structure, which includes managerial ownership, institutional ownership, and foreign ownership, on firm value, with profitability as a moderating variable in manufacturing companies in the chemical and pharmaceutical subsectors listed on the Indonesia Stock Exchange (IDX). This study uses a quantitative panel data regression approach with 10 chemical and pharmaceutical manufacturing firms listed on the IDX (2020–2024), analyzed using EViews 13. The results show that ESG disclosure has a negative and significant effect on firm value in manufacturing companies in the chemical and pharmaceutical subsectors listed on the IDX. Meanwhile, managerial ownership has a positive but insignificant effect on firm value. Institutional ownership shows a negative and insignificant effect on firm value, while foreign ownership has a positive but also insignificant effect on firm value. In addition, profitability is found to be unable to moderate the relationship between ESG disclosure, managerial ownership, institutional ownership, and foreign ownership on firm value in manufacturing companies in the chemical and pharmaceutical subsectors listed on the IDX.
Green Accounting, CSR Disclosure, and Profitability on Firm Value: The Moderating Effect of Firm Size in Palm Oil Companies Henri William Dani; Keulana Erwin; Ibnu Austrindanney Sina Azhar
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1424

Abstract

Growing environmental concerns and stakeholder expectations have encouraged companies to integrate sustainability practices into value creation. This study examines the effect of green accounting, Corporate Social Responsibility (CSR), and profitability on firm value, and investigates the moderating role of firm size in palm oil companies listed on the Indonesia Stock Exchange during 2018–2024. Using a quantitative approach, secondary data were collected from annual reports and financial statements of 15 palm oil companies, resulting in 105 panel observations. Panel data regression and Moderated Regression Analysis (MRA) were employed using EViews. The findings show that green accounting has no significant effect on firm value, whereas CSR disclosure and profitability have significant positive effects. Firm size has no direct effect on firm value but negatively moderates the relationship between green accounting and firm value and positively moderates the relationship between CSR disclosure and firm value. However, it does not moderate the relationship between profitability and firm value. The independent variables significantly affect firm value, highlighting the importance of CSR, sustainability transparency, and financial performance in enhancing long-term market value.
Integrity moderation in village governance, professionalism and village financial accountability Desyana Putri; Iskandar Muda; Keulana Erwin; Agung Wahyudhi Atmanegara
Indonesia Accounting Research Journal Vol. 13 No. 3 (2026): March: IT Governance, Finance, Accounting, Management
Publisher : Institute of Accounting Research and Novation (IARN)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/iacrj.v13i3.613

Abstract

This study examines the effects of village governance and professionalism on village financial accountability and investigates the moderating role of integrity in strengthening these relationships. The research adopts a quantitative design using a survey method. Data were collected from 211 village governments in East Aceh Regency using purposive sampling. Questionnaires were used to measure the research variables, and data were analyzed using PLS SEM to test for direct and moderating effects. The novelty of this study lies in the development of a multidimensional village financial accountability model that integrates structural aspects (governance), competency (professionalism) and ethical (integrity) has not been widely explored in the literature on village government accountability.  The results of the study indicate that village governance and professionalism have a positive and significant influence on village financial accountability. Moderation analysis indicates that the integrity of village officials can strengthen the influence of village governance and professionalism on village financial accountability. The study concludes that improving governance quality, strengthening professionalism, and fostering integrity simultaneously are essential strategies for enhancing village financial accountability. These findings provide theoretical implications in the development of a public sector accountability model based on local governance as well as practical implications for village governments in strengthening the capacity and professionalism of village officials to improve the quality of village financial accountability.
Co-Authors Abdillah Arif Nasution Agung Wahyudhi Atmanegara Annisa Rizki Pratiwi Desyana Putri Henri William Dani Ibnu Austrindanney Sina Azhar Iskandar Muda