Indonesian Journal of Sustainability Accounting and Management
Indonesian Journal of Sustainability Accounting and Management (IJSAM) is a peer-reviewed journal publishing high-quality, original research and published biannually (June and December) by Universitas Pasundan, Indonesia. IJSAM emphasizes the linkages between these environmental issues and social and economic issues in corporations, governments, education institutions, regions, and societies. Its aim is to publish scholarly accounting, economics, energy, entrepreneurship, environmental, management, and social sustainability of human beings research that are relevant to Indonesian studies and in global perspectives, especially those providing practical implications to promote better business decision-making and public policy formulation. Through our published articles, we aim at helping societies become more sustainable.
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<![CDATA[Environmental Disclosure Practices in Publicly Traded Companies of Bangladesh ]]>
<![CDATA[Shakhawat Hossain Sarkar]]>;
<![CDATA[Razu Ahmed]]>;
<![CDATA[Md. Ashraful Alam]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
Publisher : <![CDATA[Universitas Pasundan ]]>
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DOI: 10.28992/ijsam.v7i1.219
<![CDATA[This study strives to identify the level of corporate environmental disclosures and their relationship with various corporate attributes using secondary data sources. The data for this study were collected under the dichotomous procedure through content analysis of the annual reports of 190 companies. The statistical results depict that the practice of the Environmental Disclosure Index (EDI) is poor, with the banking sector securing the highest and the IT sector unveils the lowest EDI observed under the study. The regression model implies that company category, company nature, profit after tax, dividend nature, ISO 14001 certification, company age, capital employed, and total revenue are statistically significant. However, net assets value per share and multi-nationality are statistically insignificant. The research will provide valuable guidance to policymakers in formulating appropriate policies for safeguarding society through the protection and reduction of environmental degradation. It will improve the livability of the Earth for future generations. Additionally, it will aid the corporate sector in implementing measures to reduce environmental pollution resulting from their activities. This research investigates the intensity of environmental consciousness among corporations in Bangladesh and reveals the link between corporate attributes and environmental disclosure.]]>
<![CDATA[The Role of Moral Norms and Religious Orientation in Predicting Consumer’s Pro- Environmental Behavior ]]>
<![CDATA[Havidz Kus Hidayatullah]]>;
<![CDATA[Ayu Ekasari]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
Publisher : <![CDATA[Universitas Pasundan ]]>
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DOI: 10.28992/ijsam.v7i1.466
<![CDATA[Sustainability has been popular in the recent marketing literature. Scholars take their role by investigating how to positively influence people to be more proactive in green consumption behavior. While a green attitude failed to predict green behavior, thus relying on a green attitude is not the solution. Scholars need to find out what factors need to be improved to shape consumers’ green attitudes. This study uses a relatively new perspective by examining the role of Moral Norms and Religious Orientation in predicting pro-green Behavior through forming Green Attitude Purchasing. Moral Norms and Religious Orientation, two common values which are highly concerned by most common societies in Indonesia, have never been tested together as predictors of green behavior. The proposed model is tested through hypothesis testing and 250 respondents who are daily convenience users of green products were involved. The sequential equation modeling analysis result shows that the model is fit, and all hypotheses are supported. Hence, Moral Norms and Religious Orientation can be used together to predict Green Behavior through forming of Green Purchasing Attitude. This finding contributes new perspectives that Moral and Religiosity can be applied simultaneously to any green marketing campaign, especially in Indonesia.]]>
<![CDATA[Increasing Business Performance in Property Management by Implementing the Green Habit ]]>
<![CDATA[David Kiki Baringin MT Samosir]]>;
<![CDATA[Yvonne Augustine]]>;
<![CDATA[Ratlan Pardede]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
Publisher : <![CDATA[Universitas Pasundan ]]>
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DOI: 10.28992/ijsam.v7i1.477
<![CDATA[The objective of this study is to analyze the impact of green habits on property management business performance in Indonesia. This research is relatively new because the variable used, that is the green habit. The data used are the primary data in accordance with a mixed methods approach. The research findings have proven that green habits have a significant influence on business performance, which means green habits can improve business performance. Consumer habits toward environmental sustainability are the determinants of product sales and will ultimately have an impact on increasing sales and company performance. The results of this study contributed both scientific and practical aspects. From the scientific aspect, it supports the theory of organizational behavior, in which companies can run more effectively and influence performance improvement by applying science or something new that is useful. From the practical aspect, the company not only pays attention to profits but must pay attention to environmental aspects and the community around the company, especially property management. It is time to implement sustainability, one of which is green habits so that they can be more developed by increasing business performance and competitiveness.]]>
<![CDATA[Determinant Factors of Corporate Social Responsibility Disclosures in Hospitality and Tourism Companies in Indonesia and Thailand ]]>
<![CDATA[Saarce Elsye Hatane]]>;
<![CDATA[Jennifer Eugene Chandra]]>;
<![CDATA[I Gusti Ayu Purnamawati]]>;
<![CDATA[Hatane Semuel]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
Publisher : <![CDATA[Universitas Pasundan ]]>
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DOI: 10.28992/ijsam.v7i1.570
<![CDATA[Corporate Social Responsibility (CSR) is increasingly recognized as one aspect of sustainable business development. Within the tourism industry, CSR plays an important aspect in integrating social and environmental concerns in strategies, policies, and business operations in interactions with the community and the company’s stakeholders. This study aims to assess and examine the critical factors that influence the formation of Corporate Social Responsibility Disclosure (CSRD) in hospitality and tourism sector companies. The motivation for this research stems from previous studies that showed contradictory results regarding the factors that influence CSRD. Furthermore, research on the factors that influence CSRD in Indonesia and Thailand’s hospitality and tourism industries is rarely done. This study uses company data from 2015 to 2019 with the Generalized Least Square and Weighted Least Square methods in data analysis. This study examines the effect of Profitability, Leverage, Firm Value, Liquidity, and Firm Size on CSRD. In addition, this study contributes to research on the influence of Firm Value on CSRD, which is still rarely done. This study shows that Leverage and Firm Size have a significant positive effect on CSRD, while Firm Value has a significant negative impact on CSRD.]]>
<![CDATA[Is the Markowitz Model Still Effective in Forming an Optimal Stock Portfolio? Empirical Evidence from the IDX ESG Leaders Index ]]>
<![CDATA[Erik Syawal Alghifari]]>;
<![CDATA[Ardi Gunardi]]>;
<![CDATA[Nugraha Nugraha]]>;
<![CDATA[Ika Waspada]]>;
<![CDATA[Maya Sari]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
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DOI: 10.28992/ijsam.v7i1.585
<![CDATA[The current portfolio calculation was basically developed by Markowitz (1952) who gave rise to the Modern Portfolio Theory. However, along with the development of science, other models emerged in portfolio calculation. This study tried to provide a flashback to whether the Markowitz portfolio model is still effective in forming an optimal portfolio compared to other portfolio calculation models. This study used descriptive research with a quantitative approach. This study used secondary data in the form of daily stock prices of companies, including the IDX ESG Leaders Index on the Indonesia Stock Exchange for the period of December 2020 to March 2022. The results showed that 11 stocks out of 25 stock samples were included in the optimal portfolio in both the Markowitz model and the Single Index Model but with different stock compositions. In terms of portfolio performance, the Markowitz model is still superior to the Single Index Model. This can be seen from the calculation results of the three indexes used, including the Sharpe Index, Treynor Index, and Jensen Index. This study provided an important contribution that the Markowitz model portfolio formation can be used and has proven to perform well in the formation of a stock portfolio.]]>
<![CDATA[Integrated Framework for Measuring the Impact of Corporate Sustainability Performance on Financial Performance via Customer Attraction ]]>
<![CDATA[Emmanuel Obinali Obioha]]>;
<![CDATA[Heinz Eckart Klingelhöfer]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
Publisher : <![CDATA[Universitas Pasundan ]]>
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DOI: 10.28992/ijsam.v7i1.594
<![CDATA[The study aims to develop an integrated framework for measuring the impact of corporate sustainability performance on financial performance via customer attraction. The study explores and communicates by literature the linkages and factors affecting corporate sustainability performance (i.e. socio-economic and environmental activities): how do proper socio-economic and environmental management translate to corporate socio-economic and environmental performances; how can factors of socio-economic performance (e.g. socio-economic development and human rights) and environmental performance (e.g. environmental process and product focus) translate via customer attraction to different measures of profit. The results prove that socio-economic development, human rights, environmental process, and product focus translate to corporate socio-economic environmental performance, and then – via customer attraction – positively influence financial performance. The study assists management to know how to achieve competitive advantage and increase their triple bottom lines by attracting and retaining customers, thus, how it ultimately influences environmental, social, and economic success. The value of the study is that it delivers an integrated framework for measuring the impact of corporate sustainability performance on financial performance via customer attraction.]]>
<![CDATA[Joint Impact of Financial Performance and Corporate Social Responsibility on Firm Value: Does Legitimacy Matter? ]]>
<![CDATA[Fransiskus Eduardus Daromes]]>;
<![CDATA[Suwandi Ng]]>;
<![CDATA[Korina P. Legaspi]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
Publisher : <![CDATA[Universitas Pasundan ]]>
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DOI: 10.28992/ijsam.v7i1.651
<![CDATA[The purpose of this study is to examine the effect of the interaction of financial performance and corporate social responsibility disclosure on firm value. The research model was constructed from the theory of legitimacy and used a purposive sampling method. The companies in the sample were non-financial companies listed on the Indonesian Stock Exchange for the period 2017-2019 that disclose annual and sustainable development reports respectively. Analysis of data by moderate regression analysis. The results of this study indicated that neither financial performance nor corporate social responsibility had a significant effect on firm value. On the other hand, the interaction between financial performance and disclosure of corporate social responsibility had a significant positive effect on firm value. Furthermore, the implications of the research both theoretically and practically have been discussed.]]>
<![CDATA[Examining the Role of Nuclear Energy and Financial Development on Biodiversity Risk in France: New Evidence from NARDL ]]>
<![CDATA[Foday Joof]]>;
<![CDATA[Ahmed Samour]]>;
<![CDATA[Turgut Tursoy]]>;
<![CDATA[Marlina Widiyanti]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
Publisher : <![CDATA[Universitas Pasundan ]]>
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DOI: 10.28992/ijsam.v7i1.692
<![CDATA[This study aims to investigate the nonlinear effect of nuclear energy, economic complexity, and financial development on biodiversity in France using the NARDL. Unlike other traditional proxies of ecological quality (CO2 and EF), this study utilized the “Biodiversity habitat index”. The analysis revealed that positive shocks in nuclear energy led to sustainable biodiversity in France. Moreover, negative shocks from nuclear energy led to biodiversity losses both in the short and long term. Moreover, financial development and economic complexity were found to exhibit favorable conditions for biodiversity in the long term. Contrarily, economic growth accelerates biodiversity loss in France. Policymakers should endeavor to promote investments in nuclear energy, green finance, and implementation of climate-related risk management frameworks.]]>
<![CDATA[Is the Environmental-Economic Performance Relationship Symbiotic? Evidence from Listed Non-Financial Firms in Nigeria ]]>
<![CDATA[Mohammed Kayode Ajape]]>;
<![CDATA[V. Santi Paramita]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
Publisher : <![CDATA[Universitas Pasundan ]]>
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DOI: 10.28992/ijsam.v7i1.694
<![CDATA[This study aims to examine whether environmental sustainability disclosure (ESD) connects symbiotically with the economic performance of non-financial listed firms in Nigeria. The study employed ex-post facto design by collecting secondary data on return on equity (ROE) and measures of ESD from annual financial reports of eighty-six (86) listed non-financial firms with environmentally significant operational impact in Nigeria. Descriptive statistics, including mean and standard deviation were used to describe the properties of the data while the Granger causality test was applied to test the stated hypothesis. The results indicate the existence of a bi-directional association between the measures of ESD and economic performance. Thus, it portrays the economic consequence of listed firms’ operations. The study took a detour from examining mere relationships to delve into causality and thus, implies that commitment to ESD presage benefits to both the host communities and firms. The value of the study lies in the fact that it disentangled the question of causality between ESD and the economic performance of listed non-financial firms in Nigeria. Therefore, within the Nigerian context, the study is pioneer evidence of symbiotic relations between ESD and ROE and hence, improves sustainability discourse.]]>
<![CDATA[Investment Decision in Indonesia Stock Exchange: The Demographic of Environmental, Social, and Governance Investors ]]>
<![CDATA[Yanuar Trisnowati]]>;
<![CDATA[Noer A. Achsani]]>;
<![CDATA[Roy Sembel]]>;
<![CDATA[Trias Andati]]>
<![CDATA[ Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. 1 (2023): June 2023 ]]>
Publisher : <![CDATA[Universitas Pasundan ]]>
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DOI: 10.28992/ijsam.v7i1.699
<![CDATA[Current investment decisions in stocks need to consider environmental, social, and governance factors in their investment analysis, in addition to considering aspects of the level of return and risk. The study aims to analyze who invests in Environmental, Social, and Governance (ESG) that fits a particular profile and whether that profile differs significantly from that of ordinary investors. In this survey, 415 individual Indonesian investors were surveyed. Survey respondents include those who invest according to ESG principles and those who are not interested in ESG, to determine if there are demographic differences. The research method used in the research is to use analysis of variance (ANOVA). The paper finds that the ANOVA assumption on the test of homogeneity variance states that the independent variable group has the same variance. Age variable has a significant effect on investment decisions. Meanwhile, gender, education, experience, and amount of investment variables do not affect investment decisions in ESG and non-ESG stocks. The demographic profile of investors who invest in ESG stocks has a significant difference to investors who make decisions to invest in non-ESG stocks. This study contributes to investors considering ESG factors in their investment decisions, and companies must also run their operations more with ESG principles.]]>
