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Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL)
Published by Transpublika Publisher
ISSN : 28099222     EISSN : 28098013     DOI : https://doi.org/10.55047/marginal
Core Subject : Economy, Science, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences
Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL) provides a scientific discourse about accounting, business, management, and economic issues both practically and conceptually. The published articles at this journal cover various topics from the result of particular conceptual analysis and critical evaluation to empirical research. The journal is also interested in contributions from social, organization, and philosophical aspects of accounting, business, management and economic studies. MARGINAL goal is to advance and promote innovative thinking in accounting, business, management, and economic related discipline. The journal spreads recent research works and activities from academician and practitioners so that networks and new links can be established among scholars as well as creative thinking and application-oriented issues can be enhanced.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 382 Documents
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The Effect of Green Investment, Eco-efficiency, and Carbon Emission Disclosure on Firm Value Refika Afriani; Mellya Embun Baining; Puteri Anggi Lubis
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2232

Abstract

Growing apprehensions regarding environmental stewardship have amplified compulsory demands on corporations to assimilate conscientious practices into their operative strategies, particularly within capital markets that incorporate ethical and environmental screening criteria. This research aims to identify the bearing of green investment, eco-efficiency, and carbon emission disclosure on firm valuation among enterprises enumerated on the Indonesian Sharia Stock Index (ISSI) spanning the 2022–2024 period. A quantitative investigative approach with purposive sampling was employed, yielding 45 observations from 15 companies across three years. Ancillary data were procured from annual reports and sustainability reports and scrutinised through panel data regression utilising EViews 12. The empirical outcomes divulge that green investment exerts a propitious and consequential bearing on firm value, whereas eco-efficiency manifests a deleterious and statistically significant effect, intimating that market participants construe environmental efficiency undertakings as transient fiscal encumbrances rather than enduring value catalysts. Carbon emission disclosure demonstrates an affirmative yet inconsequential bearing on firm value. Concurrently, the three variables conjointly and substantively impinge upon firm value. These findings augment the burgeoning compendium of literature on sustainability conduct and firm valuation within the purview of Islamic capital markets, proffering empirical elucidations germane to investors, practitioners, and policymakers operating within Sharia-compliant investment frameworks.
Evolving Weak Form Market Efficiency in BRICS+ Markets Rifka Indi; Danes Quirira Octavio; Adhi Widyakto
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2286

Abstract

The Efficient Market Hypothesis (EMH), particularly in its weak form, remains a subject of debate, especially in emerging and developing markets where structural, institutional, and behavioral factors may hinder informational efficiency. The recent enlargement of the BRICS group to BRICS+ now includes a wider range of diverse economies. Therefore, a thorough reexamination of weak‑form market efficiency across these markets is required. This study explores weak‑form efficiency in BRICS+ stock markets and determines if stock returns follow a random walk or display predictable trends over time. This study analyzes daily returns of nine stock indexes including Brazilian, Russian, Indian, Chinese, South African, Saudi Arabia, Egyptian, and United Arab Emirates, and Indonesian between January 2006 and December 2024. We employed run tests, unit root tests (Augmented Dickey-Fuller and Phillips-Perron), and variance ratio tests to determine the randomness and predictability of returns. Conflicting evidence emerges from the empirical analysis of weak‑form efficiency. On one hand, randomness is supported by both run tests and unit root tests for every BRICS+ index. On the other hand, variance ratio tests produce significant results that contradict the random walk hypothesis. Such opposing findings indicate that BRICS+ stock markets are not consistently weak‑form efficient. They instead confirm the Adaptive Market Hypothesis, a framework that is only partially applicable and varies with context. This hypothesis is influenced by evolving economic circumstances, the maturity of institutions, and the actions of investors. It highlights the need to adopt adaptive investment strategy and flexible regulation strategies in dynamic market environments.

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