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INDONESIA
Moneta : Journal of Economics and Finance
Published by PT Penerbit Ilmiah Indonesia
ISSN : -     EISSN : 30308666     DOI : https://doi.org/10.61978/moneta
Core Subject : Economy,
Economics, Econometrics & Finance
Moneta : Journal of Economics and Finance with ISSN Number 3030-8666 (Online) published by Indonesian Scientific Publication, published original scholarly papers across the whole spectrum of economics and finance. The journal attempts to assist in the understanding of the present and potential ability of accounting to aid in the recording and interpretation of international economic transactions and taxation practices.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 56 Documents
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Determinants of Financial Performance in Indonesia’s Renewable Energy Sector: The Interplay of Green Financing, Capital Expenditure, and Leverage Alwani; Rosmini Ramli
Moneta : Journal of Economics and Finance Vol. 4 No. 2 (2026): April 2026
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v4i2.1251

Abstract

This research investigates how green bonds, green investment, capital expenditure, and leverage influence the financial performance of renewable energy firms listed on the Indonesia Stock Exchange between 2022 and 2024. The study is driven by the escalating challenge of global climate change, where the energy sector remains the largest source of greenhouse gas emissions. This situation has accelerated the transition toward renewable energy, accompanied by a consistent decline in return on assets among renewable energy companies. The novelty of this work lies in its simultaneous examination of four financial and sustainability variables within a single empirical framework applied to Indonesia’s renewable energy industry. The sample comprises 21 renewable energy firms selected through purposive sampling based on continuous listing status, availability of complete financial data, and sustainability disclosure during the observation period, observed over a three-year period. A quantitative method was employed, with panel data regression analysis conducted using EViews 13. The results of partial testing reveal that both green bonds and leverage exert a negative impact on financial performance, while green investment and capital expenditure show no significant effect. These findings underscore the short-term financial considerations associated with green financing and capital structure decisions during the energy transition, and offer empirical insights into the short-term financial implications of green financing and capital structure decisions in Indonesia’s renewable energy sector.
The Influence of Good Corporate Governance, Corporate Social Responsibility and Firm Size on Firm Value Moderated by Financial Performance (Study on Sri-Kehati Index Companies in 2020 - 2024 Angelia Irdipani; Ferikawita Magdalena Sembiring
Moneta : Journal of Economics and Finance Vol. 4 No. 2 (2026): April 2026
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v4i2.1316

Abstract

This study aims to analyse the influence of Good Corporate Governance, Corporate Social Responsibility, and firm size on firm value, with financial performance as a moderating variable. The research focuses on 10 companies that are members of the SRI-KEHATI index during the 2020–2024 period. The data used is secondary data obtained from annual reports, sustainability reports, and financial statements published by companies and the Indonesia Stock Exchange. The analysis method used was panel data regression with a moderation approach The results indicate that institutional ownership (KI) does not have a significant direct effect on firm value. In contrast, managerial ownership (KM), corporate social responsibility (CSR), and firm size have significant effects on firm value. Furthermore, the moderation analysis shows that financial performance, proxied by ROA, moderates the relationships between all independent variables (KI, KM, CSR, and firm size) and firm value, resulting in significant effects after moderation. These findings show that the firm's value is more influenced by its characteristics and capacity, as reflected in its size, with optimal financial performance supporting this. This research is expected to contribute to investors, management, and the development of the literature on sustainability-based firm values. This study extends prior research by examining firm value in sustainability-oriented firms listed in the SRI-KEHATI Index, which is important because these firms integrate environmental, social, and governance principles that may influence financial performance differently from conventional firms.
Blue Economy-Based City Branding Strategy for Coastal Tourism in 3T Areas (Disadvantaged, Frontier, and Outermost) Sa'diyah El Adawiyah; Mawar; Joana Juanita Tuhumury; Abdul Rahman; Suci Lestari Handayani
Moneta : Journal of Economics and Finance Vol. 4 No. 2 (2026): April 2026
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v4i2.1353

Abstract

Kupang Regency in East Nusa Tenggara (NTT) is categorized as a 3T region (Disadvantaged, Frontier, and Outermost) with substantial coastal tourism potential to support sustainable regional development. This study examines the implementation of blue economy based coastal tourism city branding in Kupang Regency using Kavaratzis’ (2004) city branding framework. The study employs a descriptive qualitative design, utilizing direct observation, in-depth interviews, and documentation. Data were collected through purposive sampling of ten key informants from relevant local government agencies, tourism related business actors, and community stakeholders. Semi structured interviews were conducted to explore branding strategies and implementation practices, and the data were analyzed using thematic coding techniques. Data credibility was ensured through triangulation of sources and methods, as well as member checking, while ethical considerations were addressed through informed consent and confidentiality assurance. The findings show that coastal tourism city branding in Kupang Regency is implemented through five interconnected stages: research, deliberation, consultation, action, and communication. The action stage is manifested in community-based ecotourism initiatives, infrastructure and accessibility improvements, and cross-sectoral stakeholder collaboration. These efforts align with the regional development vision of “Kupang Regency Towards Gold 2026” by integrating blue economy principles into coastal tourism development. This study contributes theoretically by contextualizing Kavaratzis’ city branding framework within a coastal tourism setting in 3T regions and practically by offering policy-relevant insights for sustainable tourism branding in resource-constrained areas.
Legal–Fiscal Integration in PPP Models for Sustainable Financing of Free Nutritional Meal Programs Iwan Kusnawirawan; Yofi Syarkani; Hernayati; Dwi Ratna Sari Handayani; Muhammad Arsyad Subu; Imam Waluyo
Moneta : Journal of Economics and Finance Vol. 4 No. 2 (2026): April 2026
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v4i2.1325

Abstract

The expansion of Free Nutritional Meal Programs (FNMPs) has intensified fiscal and governance challenges, particularly in countries operating under constrained public budgets and evolving regulatory frameworks. While Public–Private Partnerships (PPPs) are increasingly promoted as alternative financing mechanisms, existing studies tend to treat legal and fiscal dimensions separately, creating a critical gap in understanding how integrated governance design supports sustainability.This study examines how PPP models can be leveraged through a legal–fiscal integration framework to ensure sustainable FNMP financing. Using a qualitative document-based policy analysis, the research systematically reviews academic literature from Scopus and Web of Science, combined with policy and evaluation reports from institutions such as the World Bank and OECD. A total of 48 documents were analyzed using thematic coding and an evidence-linkage matrix to ensure transparency and analytical rigor. The findings identify three interdependent governance mechanisms: hybrid financing structures, performance-based payment systems, and adaptive risk allocation frameworks. These mechanisms collectively demonstrate that sustainability in FNMP-oriented PPPs is not determined by single policy instruments, but by the integration of legal enforceability and fiscal design.This study contributes by developing an integrated legal–fiscal governance framework for nutrition-focused PPPs, offering a novel policy perspective that bridges public finance and legal design. The framework provides actionable guidance for policymakers to transform politically driven nutrition programs into fiscally sustainable and institutionally robust public health systems.
Firm Value in The SRI-KEHATI Index : Audit Committees, Independent Commissioners, Corporate Social Responsibility, Investment Opportunity Set, and Firm Size Aulia Wilianti; Esi Fitriani Komara
Moneta : Journal of Economics and Finance Vol. 4 No. 3 (2026): July 2026
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v4i3.1365

Abstract

Among the companies included in the SRI-KEHATI index, this study looks at the impact of audit committees, independent boards of commissioners, firm size, corporate social responsibility, investment opportunity sets, and firm value from 2020 to 2024. In this study, ten firms that were part of the SRI-KEHATI index from 2020 to 2024 are examined. Secondary data is sourced from company and Indonesia Stock Exchange publications, including annual reports, sustainability reports, and financial reports. We employed panel-data regression with a Random-Effects Model and conducted Chow and Hausman tests to determine which model was the most reliable and appropriate for drawing conclusions. Using a random-effects panel regression, the number of audit committee members is negatively associated with Tobin’s Q. The proportions of independent commissioners, CSR disclosure, and IOS are not statistically significant. In contrast, firm size is positively associated with Tobin’s Q. These findings suggest that firm size demonstrates a stronger association with firm value than the CSR, IOS and corporate governance proxies used in this study. This study provides new evidence that, within sustainability-screened firms in the SRI-KEHATI Index, corporate governance and CSR mechanisms function more as baseline requirements than as value-enhancing signals, making firm size the dominant determinant of market-based firm value. The findings of this study should be useful for management, investors, and future research on the topic of sustainability-based corporate value.
The Influence of Managerial Ownership, Capital Structure, Dividend Policy and Company Size on Company Value (Study on Sri-Kehati Index in 2020-2024) Fairus Aulia Azzahra Hadian; Desmiza
Moneta : Journal of Economics and Finance Vol. 4 No. 3 (2026): July 2026
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v4i3.1373

Abstract

This research intends to dissect the correlations between firm value and factors such as managerial ownership, capital structure, dividend policy, and company’s size. For the years 2020–2024, this study looks at ten different firms that make up the SRI-KEHATI index, which represents companies with strong sustainability and ethical considerations in the Indonesian capital market. The data used is secondary data obtained from annual reports and financial statements published by companies and the Indonesia Stock Exchange. Panel data regression is the process put into play for the analysis, with the estimation conducted using the Random Effects Model (REM). The results of the study show that managerial ownership and size have a positive impact on the Tobin’s Q, meanwhile the debt to equity ratio and dividend payout ratio do not affect Tobin's Q. Simultaneously, managerial ownership, capital structure, dividend policy, and company size affect the Tobin’s Q. These results show that regular financial choices don't have the same level of interest for investors as things that show a company's sustainability, long term prospects, and future growth potential.

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