Management Science Research Journal

The Effect of Environmental, Social, and Governance (ESG) Performance on Firm Value with Managerial Ownership and Profitability as Moderating Variables

2026-06-20T04:31:56+07:00

This study is motivated by the inconsistent empirical evidence regarding the effect of Environmental, Social, and Governance (ESG) performance on firm value, particularly in the energy sector. This study aims to examine the effect of ESG performance on firm value, with managerial ownership and profitability as moderating variables. The sample consists of 121 energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Using a quantitative approach, this study employs secondary data obtained from annual reports and sustainability reports. The data were analyzed using SPSS version 25 through descriptive statistical analysis, classical assumption tests, and hypothesis testing. The results indicate that ESG performance has a significant negative effect on firm value, while managerial ownership and profitability have a significant positive effect on firm value. Furthermore, managerial ownership and profitability moderate the relationship between ESG performance and firm value by weakening the negative effect of ESG performance on firm value. These findings suggest that managerial ownership and profitability play an important role in mitigating the adverse impact of ESG performance on firm value in energy sector companies

The Contingent Role of Innovative Leadership in the Digital Era: How Competence Drives Employee Performance While Learning Agility Lags

2026-06-19T21:19:52+07:00

This study examines the influence of work competence and learning agility on employee performance, with innovative leadership as a moderating variable, within the context of digital transformation in the Indonesian agribusiness sector. Using a quantitative approach with Partial Least Squares Structural Equation Modeling (PLS-SEM), data were collected from 71 employees of PT Agrobisnis Banten Mandiri (Perseroda), a regional-owned enterprise in Banten Province. The findings reveal that work competence significantly and positively affects employee performance (β = 0.582, p < 0.001), confirming its critical role as a foundational capability in the digital era. However, learning agility demonstrates no significant direct effect on performance (β = 0.128, p = 0.453), and innovative leadership neither directly influences performance nor moderates the learning agility–performance relationship. Interestingly, innovative leadership negatively moderates the competence–performance relationship (β = -0.343, p = 0.032), suggesting that excessive emphasis on innovation may dilute the contributions of technical competence in bureaucracy-laden organizations. These findings challenge the universal applicability of learning agility and innovative leadership as performance drivers, contributing to the contingency perspective of human resource management. The study offers practical implications for organizations in transitional economies where bureaucratic structures may constrain the effectiveness of progressive management approaches.

The Influence of the Fraud Pentagon on Financial Statement Fraud: Evidence from Financial and Banking Companies Listed on the Indonesia Stock Exchange from 2021 to 2024

2026-06-11T13:05:22+07:00

This study aims to identify the factors influencing fraudulent financial statements based on the fraud pentagon theory, proxied by financial target, ineffective monitoring, total accruals, director turnover, and political connections. Fraudulent financial statements are measured using the F-Score model. The sample consists of 396 observations from financial and banking sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Data were analyzed using panel data regression with STATA 17. The results indicate that financial target, ineffective monitoring, total accruals, and political connections do not have a significant effect on fraudulent financial statements. Meanwhile, director turnover has a negative and significant effect on fraudulent financial statements.

COMPARATIVE ANALYSIS OF STOCK PORTFOLIOS PERFORMANCE IN INDONESIA, MALAYSIA, AND SINGAPORE

2026-06-08T18:47:59+07:00

This study compares the performance of stock portfolios in Indonesia, Malaysia, and Singapore over the period 2021–2025. The objective is to evaluate and compare portfolio returns, risk levels, and risk-adjusted performance across the three capital markets. Using a quantitative approach and secondary stock market data, country-specific portfolios are constructed based on selected blue-chip stocks and evaluated using equally weighted portfolio techniques. Portfolio performance is assessed through mean return, standard deviation, beta, Sharpe Ratio, Treynor Ratio, and Jensen’s Alpha. The analysis provides insights into differences in portfolio performance among the three markets and examines the extent to which risk is compensated by return. The findings are expected to contribute to the portfolio management literature and provide practical guidance for investors seeking diversification opportunities within Southeast Asian equity markets.

ANALYSIS OF THE IMPLEMENTATION OF OBLIGATIONS FOR WITHHOLDING, PAYMENT AND REPORTING INCOME TAX ARTICLE 23 FOR OUTSOURCING SERVICES AT PT TEKNOLOGI RISET GLOBAL INVESTAMA

2026-06-05T21:29:45+07:00

This writing aims to determine the implementation of the obligation to withhold, deposit, and report income tax article 23 on outsourcing services at PT Teknologi Riset Global Investama and to determine whether it is in accordance with applicable provisions. This paper uses a descriptive method with data collection techniques in the form of observation and documentation. The object of the paper is PT Teknologi Riset Global Investama. Based on data obtained in the field during the observation process in 2024, especially in June, there was an error in the withholding process, namely an error in determining the Taxable Basis (DPP), resulting in overpayment of tax to the state and underpayment to vendors. Based on the overpayment, the PT Teknologi Riset Global Investama made transfers (PBK) to several tax periods and other types of taxes and for the periods of July to December as well as 2025 and 2026, the withholding has been carried out in accordance with applicable provisions. The deposit process in 2024 to 2026 has been carried out on time according to the specified deadline. In addition, there was a delay in the reporting process for the 2024 period for the June tax periods due to the transfer process and perioed for the July SPT corrections. For the August to December period and in 2025 and 2026, Article 23 income tax reporting was completed in accordance with applicable regulations

The Effect of Interpersonal Communication on Employee Performance: The Mediating role of Teamwork (Study on Banten Provincial General Election Commission)

2026-05-31T23:10:14+07:00

Employee performance is a key factor in determining the effectiveness and efficiency of public services. This study examines interpersonal communication and teamwork as factors influencing employee performance. The novelty of this study lies in the use of teamwork as a mediating variable in the relationship between interpersonal communication and employee performance. This study employed a quantitative research approach. The research was conducted at the Banten Provincial General Election Commission, involving a population of 60 employees. Data were collected using a questionnaire measured on a 10-point scale and analyzed using SmartPLS 4. The findings indicate that: (1) interpersonal communication has no significant direct effect on employee performance; (2) interpersonal communication has a positive and significant effect on teamwork; (3) teamwork has a positive and significant effect on employee performance; and (4) teamwork significantly mediates the relationship between interpersonal communication and employee performance.

THE EFFECT OF SERVICE QUALITY, PROMOTION AND PRICE PERCEPTION ON CUSTOMER LOYALTY AT THE BUMANTARA COFFEE SHOP IN SURABAYA CITY

2026-05-14T20:43:09+07:00

This study aims to analyze the effect of service quality, promotion, and price perception on customer loyalty at Toko Kopi Bumantara in Surabaya. The research employs a quantitative approach, with data collected throughquestionnaires distributed to customers and analyzed usingthe Partial Least Square (PLS) method. The independentvariables include service quality, promotion, and priceperception, while the dependent variable is customer loyalty. The results indicate that service quality, promotion, and priceperception have a positive and significant effect on customerloyalty. These findings suggest that improving servicequality, implementing effective promotional strategies, andmaintaining favorable price perceptions can enhancecustomer loyalty sustainably.

The Influence of Hedonic Shopping Motivation, Flash Sales, and Twin Date Promotions on Impulse Buying of Miniso Products on TikTok Shop among University Students in Surabaya

2026-05-23T09:40:17+07:00

This study aims to analyze the effect of hedonic shopping motivation, flash sale, and Twin Date promotion on impulse buying behavior of Miniso products on TikTok Shop among university students in Surabaya. This research employs a quantitative approach using a purposive sampling technique involving 180 respondents. Data processing and analysis were conducted using SmartPLS 4.0. The results indicate that hedonic shopping motivation, flash sale, and Twin Date promotion have a positive and significant effect on impulse buying. These findings highlight the importance of digital promotional strategies and consumer behavior understanding in enhancing impulsive purchasing behavior.

The Influence of Consumer Dissatisfaction and Variety Seeking on Brand Switching (A Study of Tumbler Tupperware Users in Surabaya)

2026-05-11T16:41:44+07:00

This study aims to analyze the influence of consumer dissatisfaction and variety seeking on brand switching among users of Tupperware water bottles (tumblers) in Surabaya. The research method used was a quantitative approach with purposive sampling of 90 respondents who had used Tupperware and switched to another brand. Data collection was conducted via a questionnaire using a Likert scale, followed by analysis using Partial Least Squares (PLS-SEM). The results indicate that Consumer Dissatisfaction has a positive and significant effect on Brand Switching, with a coefficient of 0.338 and a p-value of 0.000. Additionally, Variety Seeking also has a positive and significant influence with a coefficient of 0.631 and a p-value of 0.000, and it is the more dominant variable in influencing Brand Switching. The research model explains 57.3% of the variation in Brand Switching.

Dynamic Correlations Between Gold, Oil, Bitcoin, and Global Equity Markets in the 2024–2026 Crisis Period: A Cross-Country Empirical Study

2026-05-13T19:24:23+07:00

This study investigates the correlation dynamics among gold prices, crude oil prices, Bitcoin, and stock market indices of ten selected countries (USA, China, India, Germany, Japan, Saudi Arabia, Indonesia, Brazil, Vietnam, and Russia) over a 27-month period from January 1, 2024, to March 31, 2026—a condensed era marked by trade wars, oil shocks, geopolitical conflicts, and digital asset evolution. Using daily closing prices and Pearson correlation analysis, we examine six hypotheses grounded in modern portfolio theory, safe-haven theory, and macroeconomic spillover frameworks.

Descriptive statistics reveal that Bitcoin exhibits the highest volatility, while gold shows moderate positive skewness, and stock indices display mixed distributional characteristics. Correlation results indicate that Bitcoin is most strongly correlated with the US stock market, followed by Brazil and Germany, supporting the integration hypothesis. Gold shows weak positive correlations with most stock indices, consistent with its role as a weak hedge. Oil exhibits near-zero or negative correlations with equities, particularly in oil-importing nations. The gold-oil correlation is positive but weak, while Bitcoin-gold and Bitcoin-oil are negligible, suggesting decoupling during crises. These findings provide crucial implications for portfolio diversification, risk management, and policy formulation in an era of compounded global shocks.

Keywords:Gold, oil, Bitcoin, stock markets, safe haven.