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Equity
Published by Universitas Pembangunan Nasional Veteran Jakarta
ISSN : 02168545     EISSN : 26849739     DOI : https://doi.org/10.34209/equ
Core Subject : Economy,
Economics, Econometrics & Finance
Equity offers a platform for the extensive sharing of knowledge and research in diverse domains of Accounting and Finance. It includes research articles and conceptual papers in the following fields: Accounting and Finance Reporting Cost Accounting and Management Audit and Forensic Accounting Tax Accounting Information System Corporate Governance Public Sector Accounting Sharia Accounting Corporate Finance CSR and Sustainable Accounting
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 158 Documents
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Kinerja ESG pada stock liquidty dengan kepemilikan keluarga sebagai variable moderasi Ali Firdaus; Cynthia Afriani Utama
EQUITY Vol 28 No 2 (2025): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v28i2.12473

Abstract

This study explores the extent to which family ownership moderates the linkage between ESG performance and stock liquidity. A purposive sampling strategy, categorized under non-probability sampling methods, was adopted in this study to ensure the selection of samples aligned with the research objective. The sample consists of 45 companies, yielding 225 firm-year observations over the 2019–2023 period. The data were obtained from Thomson Reuters and manually from each company’s annual reports. The empirical results reveal that Environmental, Social, and Governance (ESG) performance does not have a statistically significant impact on stock liquidity within the Indonesian market. Additionally, family ownership, as a moderating variable, does not demonstrate a significant moderating effect neither attenuating nor amplifying the relationship between ESG performance and stock liquidity. This study contributes to addressing the gap in the literature regarding the interaction between ESG performance and family ownership in relation to stock liquidity in emerging markets. This study offers significant practical implications for various stakeholders, including regulators, listed firms, and investors in their decision-making processes. The number of companies meeting this criterion is limited, which restricts the generalizability of the findings to all firms in Indonesia. Keywords: ESG Performance; Stock Liquidity; Family Ownership; Indonesia.
Artificial Intelligence and Sustainability Reporting: Performance Outcomes in ESG Investing Lin Oktris; Siti Fathimah Azzahra; Nengzih Nengzih; Nurhafifah Amalina; Maisarah Mohamed Saat
EQUITY Vol 28 No 2 (2025): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v28i2.13063

Abstract

The convergence of artificial intelligence and sustainable finance represents a fundamental transformation in investment decision-making, yet empirical evidence concerning effectiveness remains fragmented across diverse research domains. This study synthesises evidence from 43 peer-reviewed investigations spanning 2020 to 2024, examining artificial intelligence applications in environmental, social, and governance investing through systematic meta-analysis following PRISMA 2020 guidelines. Random-effects models demonstrate that artificial intelligence technologies significantly enhance risk-adjusted financial returns (standardised mean difference = 0.58; 95% confidence interval: 0.44-0.72; p<0.001), translating to approximately 5.2 per cent annual performance improvement, and environmental, social, and governance prediction accuracy (standardised mean difference = 0.53; 95% confidence interval: 0.38-0.68; p<0.001), representing 15 per cent error reduction compared with traditional methodologies. Ensemble machine learning demonstrates robust performance (standardised mean difference = 0.64; I²=45 per cent), whilst deep learning exhibits highest effects with substantial variability (standardised mean difference = 0.71; I²=68 per cent). Implementation success depends critically on data quality infrastructure (identified in 88 per cent of studies) and phased deployment strategies (effective in 64 per cent of cases). Moderate evidence certainty supports that artificial intelligence represents genuine capability advancement, though unexplained heterogeneity (I²=58-62 per cent) limits precise outcome prediction in specific contexts. Findings provide evidence-based guidance for investment managers adopting artificial intelligence technologies, policymakers developing regulatory frameworks, and researchers identifying future research priorities. Keywords: artificial intelligence; sustainable finance; ESG investing; meta-analysis; machine learning; investment decision-making; financial technology
PENGARUH ESG SCORE, TAX AVOIDANCE, DAN TRANSFORMASI DIGITAL TERHADAP VOLATILITAS HARGA SAHAM. Nimas Ichsanti; Rosiyana Dewi
EQUITY Vol 29 No 1 (2026): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v29i1.13853

Abstract

This study examines the effects of ESG performance, tax avoidance, proxied by the effective tax rate (ETR), and digital transformation on stock price volatility among energy sector companies listed on the Indonesia Stock Exchange during 2022–2024. Using a quantitative approach, panel data regression, and purposive sampling, the study obtained 135 firm-year observations. ESG data were sourced from Bloomberg, while financial and stock market data were collected from annual reports, sustainability reports, and Yahoo Finance. Model selection was conducted using the Chow, Hausman, and Lagrange Multiplier tests, resulting in the Fixed Effect Model. The results show that ESG performance positively and significantly affects stock price volatility, suggesting that stronger ESG performance may increase market sensitivity. ETR negatively and significantly affects volatility, indicating that greater tax compliance reduces market uncertainty. Digital transformation positively and significantly affects volatility because digital initiatives create growth expectations and implementation risks. These findings enrich energy-sector volatility literature.
Capital Structure, Firm Size and Market Value of Share Price - Empirical Evidence from Transportation & Logistics Sector in Bursa Malaysia Fatin Aryssa Yasmeen Zamani; Manisa Tharumalingam; Abdul Razak Bin Abdul Hadi
EQUITY Vol 29 No 1 (2026): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v29i1.14045

Abstract

The main objective of this study to examine the impact of capital structure and firm size on firm value in the transportation and logistics sector in Bursa Malaysia. This study primarily puts its focus on investigating how the market value of share price of 25 logistics companies listed in the main board would respond to dynamic changes in capital structure and firm size (as measured by total assets).  Methodologically, we deploy static panel data regression models to estimate the theoretical model within the context of capital structure and asset utilization theories.  Our observation period spans over ten years starting from 2015 through 2024 involving yearly time series data.  The statistical results from both Pooled Ordinary Least Squares (OLS) and Fixed Effect models show that firm size and sales exert significant influence on firm value but this does not apply to capital structure.  Our findings suggest that total assets and sales are the primary indicators of firm’s financial health that drive up the market value of share price (increased valuation). It is therefore evidential to us that the Modigliani-Miller and Signaling theories provide meaningful explanations on the relationship between firm size, sales and firm value in the transportation and logistics sector in Bursa Malaysia.
Integrasi Analisis PESTEL dan Akuntansi Manajemen Lingkungan dalam Strategi Manufaktur Hijau Satria Yudhia Wijaya; Tiolina Evi Nausta Pardede
EQUITY Vol 29 No 1 (2026): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v29i1.14054

Abstract

Sustainability transformation has become an increasingly important issue for manufacturing firms, particularly in response to growing environmental pressures and changing stakeholder expectations. While prior studies have widely examined sustainability practices and firm performance, relatively limited attention has been given to how external environmental pressures are translated into internal strategic actions. This study addresses that gap by proposing a conceptual framework that integrates PESTEL analysis and Environmental Management Accounting (EMA) in explaining the development of green manufacturing strategy and its implications for sustainable performance. Based on institutional theory and the resource-based view, this study adopts a conceptual approach based on a systematic literature review. The analysis suggests that PESTEL factors operate as multidimensional external pressures that encourage firms to pursue sustainability transformation. However, these pressures do not automatically lead to improved performance outcomes. Instead, firms require internal organizational capabilities that enable environmental information to be interpreted and incorporated into strategic decision-making processes. In this context, EMA is positioned as a mediating capability that supports the implementation of green manufacturing strategy.
Green Intellectual Capital and Firm Value: Evidence from Green Human, Structural and Relational Capital in Indonesian Manufacturing Companies Nico Alexander; Ariesta Tika K.P.S. Putri; Ade Hanifa Putri
EQUITY Vol 29 No 1 (2026): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v29i1.14088

Abstract

Sustainability has become a key objective for companies, encouraging environmentally friendly innovations through the development of green intellectual capital. In accordance with the resource-based view and stakeholder theories, effective management of green intellectual capital can enhance firm value by utilizing resources for stakeholders’ benefit. This research aims to provide empirical evidence on the effect of green intellectual capital on firm value. As its novelty, this study examines each component of green intellectual capital individually to identify which component contributes to firm value. The sample comprised 162 manufacturing companies listed on the Indonesia Stock Exchange during 2022–2024 by using purposive sampling. The results indicate that green intellectual capital increases firm value, with green relational capital being the primary contributor. This is because companies engage stakeholders to ensure sustainability, leading to a positive perception of the company and consequently driving an increase in corporate value. These findings provide a theoretical basis for companies to develop sustainability-supporting resources, particularly by maintaining relationships and collaborating with stakeholders to achieve their sustainability objectives.
The Environmental Performance, Carbon Performance, and Green Innovation: Impact on Carbon Emission Disclosure Khalisah Oktavia; Husnah Nur Laela Ermaya
EQUITY Vol 29 No 1 (2026): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v29i1.14138

Abstract

This study was designed to empirically test the influence of environmental performance, carbon performance, and green innovation on carbon emission disclosure with profitability and firm age as control variables. The research was conducted on companies in the basic materials sector listed on the Indonesia Stock Exchange during the 2022-2024 period with a total sample of 96 observations from 32 companies. This study used a quantitative approach with multiple linear regression analysis using STATA v.17 software. This study found that environmental performance and green innovation have a positive effect on carbon emission disclosure, but carbon performance has no effect on carbon emission disclosure. In addition, the control variables show that profitability has no effect on carbon emission disclosure, while firm age has a positive effect.
Does ESG Disclosure Matter? The Moderating Role of Leverage Fatimah Sariri; Ika Permatasari; Lintang Venusita
EQUITY Vol 29 No 1 (2026): EQUITY
Publisher : Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34209/equ.v29i1.14292

Abstract

The studies look at how sharing ESG information influences a company's cost of capital and how the level of debt in the company affects this cost. This research uses data from companies that are listed on the Indonesian stock exchange for the years 2021 through 2024. This study looks at the total cost of capital, which has two parts: how it affects the cost of debt and how it affects the cost of equity. The study shows that sharing ESG information helps lower the overall cost of capital by reducing the cost of equity, but it did not affect the cost of debt. Moreover, the test results show that ESG has a conditional effect on the cost of capital, meaning its impact is less noticeable when the level of debt is high. For companies that don't have much debt, some ESG disclosures can make a bigger difference in how much it costs them to get capital.But for companies with a lot of debt, the financial risk is more important, and ESG factors don't matter as much to investors. This study adds to what we already know by showing that sharing ESG information doesn't always lead to a lower cost of capital for a company.Instead, it can act as a boundary condition in this relationship. It also shows that investors and creditors in emerging markets react differently to this kind of information.

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