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International Journal Management and Economic (IJME)
Published by Asosiasi Dosen Muda Indonesia
ISSN : 28290399     EISSN : 28290526     DOI : https://doi.org/10.56127/jaemb.v1i2
Core Subject : Economy,
Economics, Econometrics & Finance
International Journal Management and Economic (IJME) is published three times a year, in January, Mey and September by Asosiasi Dosen Muda Indonesia. IJME aims to: Promote the latest research results on Management and/or Entrepreneurship and also Economic. Only publish the results of Subjects suitable for publication include but are not limited to the fields of Marketing Management, Finance Management, Strategic Management, Operation Management, Human Resource Management, E-business, Knowledge Management, Management Accounting, Management Control System, Management Information System, International Business, Economics, Business Economics, Business Ethics and Sustainable, and Entrepreneurship, etc. IJME welcomes papers with the above objectives and scope. The editor decides the paper to be published in IJME after being reviewed by an appointed reviewer (double blind review)
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis dan Menejemen Intetrnasional
Articles 132 Documents
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AUDIT ANALYTICS OF MULTI-ASSET INVESTMENTS IN BITCOIN, GOLD, AND STOCKS DURING 2022–2024: FINANCIAL REPORTING, RISK, AND GOVERNANCE PERSPECTIVES Tommy Kuncara; Fera Riske Anggita
International Journal Management and Economic Vol. 5 No. 1 (2026): January: International Journal Management and Economic
Publisher : Asosiasi Dosen Muda Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56127/ijme.v5i1.2576

Abstract

Multi-asset allocations combining Bitcoin, gold, and stocks have become increasingly common, yet they raise heightened challenges for financial reporting reliability, downside-risk communication, and governance assurance because these assets differ in volatility, custody mechanisms, and valuation evidence chains. Objective: This study aims to develop and apply a multi-asset investment audit perspective for Bitcoin, gold, and stocks over 2022–2024 by integrating market-risk evidence with financial reporting and governance implications to support more risk-informed assurance and disclosure practices. Methodology: The research uses a quantitative design based on secondary daily closing price data for Bitcoin (BTCUSD), gold (XAUUSD), and stocks proxied by the S&P 500 index (^SPX) for 2022–2024. Data were collected from a public market database and analyzed using comparative return–risk measures, cross-asset correlation, drawdown analysis, and tail-risk indicators (VaR and CVaR/Expected Shortfall), complemented by a structured audit evidence-chain mapping to translate risk signatures into audit and control priorities. Findings: Bitcoin produced the highest annualized mean return (38.90%) but also the highest annualized volatility (55.47%), deepest maximum drawdown (-67.02%), and most severe tail risk (daily CVaR/ES 95% = -7.59%). Gold exhibited the most stable profile (14.51% volatility; -20.84% drawdown), while stocks were moderate (17.50% volatility; -25.38% drawdown). An equal-weight portfolio reduced overall volatility (22.89%) and tail risk (daily CVaR/ES 95% = -3.12%) relative to Bitcoin alone, yet still experienced a meaningful maximum drawdown (-35.65%). Bitcoin also showed stronger co-movement with stocks (0.441) than with gold (0.116), indicating equity-like risk sensitivity during this period. Implications: The results support a risk-weighted approach to auditing multi-asset investments, emphasizing valuation governance, disclosure specificity, and custody/existence assurance for digital assets, while aligning portfolio narratives with observed tail-risk concentration and dependence patterns. Originality/value: The study contributes an integrated framework that links downside-focused risk analytics (drawdowns and CVaR) with audit evidence-chain and governance mapping in a single multi-asset setting.
THE IMPACT OF CORPORATE GOVERNANCE AND SUSTAINABILITY PERFORMANCE ON FIRM VALUE: EVIDENCE FROM ENERGY SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE Yusuf; Umam, Danang Choirul
International Journal Management and Economic Vol. 5 No. 1 (2026): January: International Journal Management and Economic
Publisher : Asosiasi Dosen Muda Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56127/ijme.v5i1.2591

Abstract

This study investigates the impact of corporate governance mechanisms and sustainability performance on firm value in energy sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Using balanced panel data and employing a Fixed Effects Model, the analysis examines the roles of board independence, board size, audit committee, institutional ownership, sustainability performance, and firm size in explaining firm value. The results show that independent commissioners have a positive and significant effect on firm value, indicating that effective board independence enhances monitoring quality and investor confidence. Other governance attributes and sustainability performance do not exhibit significant effects, suggesting that formal governance structures and sustainability initiatives are not immediately reflected in market valuation. The overall model is statistically significant and explains a moderate proportion of the variation in firm value. These findings imply that investors in the energy sector prioritize governance quality over structural compliance and short-term sustainability disclosures. The study provides empirical evidence on the relevance of corporate governance in shaping firm value within a capital-intensive and environmentally sensitive industry context.

Page 14 of 14 | Total Record : 132

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