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This study aims to investigate the moderating role of industry sensitivity in the influence of environmental, social, and governance disclosures (ESG disclosure) on financial distress risk. The population used are nonfinancial companies listed on the Indonesia Stock Exchange (IDX) in 2019-2021. The sample collection method chosen is the purposive sampling method. With this sample collection method, 849 companies were added to the sample pool. The type of data used in this study are documentary data in the form of annual financial statements and annual reports of companies that are tested using multiple linear regression analysis subgroup method. The results of this study indicate that simultaneously dan partially, environmental, social, and governance disclosures have a positive and significant influence on Altman score. The higher the Altman score obtained indicates the lower the risk level of a firm’s financial distress. In addition, industry sensitivity regarding environmental issues does not moderate the relationship between environmental, social and governance disclosures on financial distress risk. The implications of this study are to provide an overview and consideration for the company in order to increase awareness and responsiveness to the social and environmental aspects surrounding the company and encourage the company to implement good governance practices. Another implication of this research is to provide input for users of financial statements, especially investors, to pay attention to environment, social, and governance disclosure as a consideration in making investment decisions.

Purpose: This study aims to examine the effect of environmental management control systems on environmental performance. Testing is carried out directly or through the environmental strategy mediation role. Theoretical framework: In contrast to previous studies, this research focuses on managerial activity processes that enable, encourage, ensure how a company and facilitate practices that achieve environmental performance and strategies to achieve it. The research model is built on the basis of stakeholder theory and contingency theory. Design/methodology/approach: The research was conducted through an online survey of hotel managers in Makassar City, Indonesia. Data analysis was performed by regression, path analysis and Sobel test. Findings: The results of the study prove that the environmental management control system has a positive and significant effect on environmental strategy and environmental performance. The Sobel test also proves that environmental strategy mediates the influence of environmental management control systems on environmental performance. Research, Practical & Social implications: This research covers hotels in Makassar, not all of them in Indonesia; therefore, generalizing the findings of this study should be exercised with caution. Secondly, this study assumes hotel homogeneity and does not consider hotel type. The findings of this study also provide recommendations on public policy and business practices to integrate environmental issues into managerial processes and decision-making as well as corporate control. Further research can expand this research by considering contextual and other contingency aspects. In addition, future research may use a larger sample and longitudinal data which allows to investigate changes in strategic environmental management control system policies over time. Originality/value: Improvements in research on environmental management control systems have become a very important issue in supportin

This study aims to examine the effect of financial performance and foreign ownership on firm value (empirical study on LQ 45 index companies in 2017-2019. Financial performance in this study is measured by Return on Equity (ROE) while firm value is measured by Tobin's Q. This type of research is explanatory research and the theory used in this study is Signaling Theory. The population in this study was obtained using a purposive sampling method on the LQ 45 index companies listed on the Indonesia Stock Exchange (IDX) during the 2017-2019 period which were included in the LQ 45 list respectively. The number of samples is 32 companies using secondary data, namely annual reports and financial statements. The analytical method used is multiple linear regression analysis with SPSS (Statistical Product and Service Solutions) tools. The results showed that financial performance had a significant positive effect on firm value. Foreign ownership has a significant positive effect on firm value.

The purpose of this study is to investigate the effect of sustainability report disclosure on firm value which is tested both directly and through the role of systematic risk. The research model is built on the arguments of stakeholder theory and agency theory to explain the relationship between research variables. The population used in this study are non-financial companies listed on the Indonesia Stock Exchange (IDX) with a research period of 2017-2019. This research uses purposive sampling method. The number of samples obtained as many as 28 companies. Path analysis was used to analyze the data and the mediation hypothesis was tested using the Sobel test. The results of this study indicate that the sustainability report has a negative and significant effect on systematic risk, systematic risk has a negative and significant effect on firm value, and the sustainability report has a positive and insignificant effect on firm value. The results of the Sobel test show that systematic risk mediates the effect of sustainability reporting on firm value.