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PurposeThe objective of this comparative quantitative study is to examine hypotheses regarding the impact of asset management and intellectual capital (IC) on the financial performance of the construction sector in the ASEAN-5 throughout 2019–2022 with enterprise resource planning (ERP) as a mediator variable.Design/methodology/approachA final sample of 65 construction industries listed on stock exchanges during 2019 and 2022 in ASEAN-5 (Indonesia, Philippines, Malaysia, Thailand and Singapore) was selected using the purposive sampling method. This research employs market-to-book value (MBV) as a measure of IC. The study also used path analysis, the Sobel test and analysis of variance test (ANOVA).FindingsThe findings demonstrate that asset management, intellectual capital and ERP have a significant and favorable impact on return on asset (ROA). Additionally, the asset management and IC of the ERP display weak and substantial outcomes. The implementation of ERP was also shown not to operate as a mediating factor. The ANOVA results on financial performance indicate significant differences for the year 2019. Furthermore, the use of various ERP software types demonstrates a comparable impact on enhancing financial performance.Originality/valueThis is the first study that utilizes ERP to mediate management asset and IC on financial performance. The ASEAN-5 construction sector is representative of developing nations' economic condition, offering the possibility to avoid the global economic collapse in 2023 and recover despite economic volatility.

The purpose of this study was to determine the effect of tunneling indicated transactions on the profitability of SOEs banks. Tunneling indication can be seen from the related transactions in the form of related receivables and related debt. The data processed in the form of transaction data from the annual report of the SOEs Bank as many as 4 banks with a observation period for 9 years, from 2010-2018. Data obtained through the website of the Ministry of SOEs and the website of the SOEs Bank directly. The statistical analysis used is a regression model to determine the effect of related transactions on profitability using the eviews 9 application. The results of this study indicate that in the partial receivable from related impact significantly on the profitability of state-owned banks, while the related debt has no effect. But simultaneously there is an influence on transactions related to the profitability of SOEs banks. This indicates that the government as the largest shareholder of SOEs should make regulations related to related transactions so that there are no injured parties. Much research has been done regarding related transactions, tunneling and company performance which generally uses private companies as research objects, while in this study the authors use the SOE Bank object. Furthermore, the results of this study are expected to provide a picture of consideration for the government at preparing regulations related to related transactions in SOEs.Bahasa Indonesia Abstrak: Tujuan penelitian ini adalah untuk mengetahui pengaruh transaksi terindikasi tunneling terhadap profitabilitas Bank BUMN. Indikasi tunneling dilihat dari transaksi berelasi berupa piutang berelasi dan utang berelasi. Data yang diolah berupa data transaksi dari laporan keuangan (annual report) Bank BUMN sebanyak 4 Bank dengan periode pengamatan selama 9 tahun yaitu dari tahun 2010-2018. Data diperoleh melalui website Kementerian BUMN maupun website Bank BUMN secara langsung. Analisis statistik yang digunakan yaitu model regresi untuk menentukan pengaruh transaksi berelasi terhadap profitabilitas dengan menggunakan aplikasi eviews9. Hasil penelitian ini menunjukkan bahwa secara parsial piutang berelasi berpengaruh secara signifikan terhadap profitabilitas Bank BUMN, sedangkan utang berelasi tidak berpengaruh. Namun secara simultan terdapat pengaruh atas transaksi berelasi terhadap profitabilitas Bank BUMN. Hal demikian mengindikasikan bahwa pemerintah sebagai pemegang saham terbesar BUMN hendaknya membuat regulasi terkait transaksi berelasi agar tidak terdapat pihak-pihak yang dirugikan. Banyak penelitian telah dilakukan mengenai transaksi berelasi, tunneling dan kinerja perusahaan yang pada umumnya menggunakan perusahaan privat sebagai obyek penelitian, sedangkan dalam penelitian ini penulis menggunakan obyek Bank BUMN. Selanjutnya hasil dari penelitian ini diharapkan dapat memberikan gambaran pertimbangan bagi pemerintah dalam menyusun regulasi terkait transaksi berelasi di BUMN.

Purpose: This study investigates whether Business Ethics Disclosure (BED) contributes to Environmental, Social, and Governance (ESG) disclosure and ESG performance, and how these factors influence firm value.Methods: Using data from publicly traded companies listed on the Indonesia Stock Exchange (IDX), we employ multiple regression analysis to examine the relationships between BED, ESG disclosure, ESG performance, and firm value.Findings: Our results indicate that BED significantly moderates the relationship between ESG disclosure and firm value. While ESG disclosure alone does not consistently impact firm value, the inclusion of BED enhances the positive effects of ESG practices on firm valuation.Novelty: This study contributes to the literature by highlighting the moderating role of business ethics in the ESG performance-firm value nexus, offering new insights into the interplay between ethical disclosures and ESG outcomes.Research Implications: The findings suggest that companies should integrate ethical disclosures into their ESG strategies to improve firm valuation. Policymakers and regulators are encouraged to establish comprehensive reporting standards that include ethical practices to enhance transparency and investor confidence.

This research aims to investigate how Artificial Intelligence (AI) integration enhances creative productivity and leads to improved outcomes in financial performance. The advancement of technology enables the improvement of knowledge sharing, absorptive capacity, skills, and innovation, fostering greater efficiency in achieving organizational goals. This pioneering research develops a holistic framework that integrates AI as a moderating factor, highlighting its transformative role in achieving a competitive advantage. A sample of 499 MSMEs in the Indonesian creative sector was obtained from a total of 34,000 HIPMI members through purposive and judgment sampling methods. Using the scrutinize method, this study provides an in-depth analysis of the interactions between technological advancements and organizational capabilities, offering strategic insights for sustainable growth. Regression analysis results indicate that knowledge sharing, absorptive capacity, skills, and innovation have a significant and positive effect on the creative performance. AI also has a significant positive impact on financial performance. The integration of AI strengthens the association between innovation and creative performance, but it does not reveal a substantial impact on the link of knowledge sharing, absorptive capacity, and skills with creative performance. This study provides theoretical and practical contributions to support decision-making in technology policy in the creative sector.

PurposeThis paper explores the influence between intellectual capital (IC) and the risk of stock price crashes by using company performance as an intervening variable.Design/methodology/approachThis study empirically analyzes the impact of the efficiency of IC on stock price crash risk using a sample size of 152 companies listed on the Indonesia Stock Exchange (IDX) during 2018. To test the research hypotheses, regression analysis and path analysis were applied. In addition, the researchers added exploration to several studies to strengthen the results of this study.FindingsThis study's findings indicate that investors' optimistic (pessimistic) sentiment regarding stock price volatility has obscured aspects of the financial performance of listed companies. This finding implies that investor sentiment has dominated influence on stock price crash risk so that the aspects of IC are obscured.Originality/valueThis research provides new information that IC disclosure in the stock market needs to include knowledge of the volatility of stock prices in order to reveal stock price crash risk.

How Relative CSR Performance Affects Analyst Recommendations in the Indonesian Market. Our quantitative examination of data from Indonesian firms from 2019 to 2023 explored how analysts assess relative CSR performance and improvements. Screening theory was employed to comprehend how these metrics influence analyst recommendations, considering various contextual aspects. The findings indicate security analysts favor companies with higher or improving CSR performance, though the impact of improvement diminishes over time. Corporations' relative CSR placements notably affect analysts' recommendations, with higher positions resulting in more favorable evaluations. The positive consequence of CSR performance enhancements is accentuated for enterprises with higher relative positions and is impacted by factors for instance the number of experts covering the business, the analysts' experience, and competitive and institutional pressures. This research is restricted to the Indonesian setting, and generalizing the outcomes to other regions or nations with dissimilar CSR practices necessitates further exploration. Additionally, while the concentration is on analysts' viewpoints, future studies could benefit from inspecting how other stakeholders, for example government agencies or third-party organizations, assess CSR performance. Enterprises in Indonesia ought to center around accomplishing and preserving high relative CSR execution to guarantee positive recommendations from experts. Creating long-haul systems to support CSR performance and understanding the impact of competitive and institutional stresses are pivotal for heightening expert assessments. This investigation adds to the CSR literature by framing CSR competition as a pivotal factor in analysts' appraisals and broadening screening theory to incorporate unintentional signs. It gives important learning for businesses aiming to skillfully navigate CSR competition and align their procedures with expert desires.

This study aims to provide empirical evidence related to the potential for financial distress experienced by State-Owned Enterprises. Through this research, a description of the potential financial distress experienced by PT Wijaya Karya (Persero) Tbk and PT Adhi Karya (Persero) Tbk can be obtained during the period 2010 - 2019. The Financial distress prediction model uses the Altman Model (Z-Score) and Springate Model (S-Score). The results show that from 2010 – 2019, PT Wijaya Karya (Persero) Tbk is still in a healthy condition so that the possibility of going bankrupt is very small. However, year by year, the condition of PT Wijaya Karya (Persero) Tbk is still in a gray condition where in this condition the company is prone to bankruptcy and experiencing financial problems that must be handled by the company's management appropriately. Meanwhile, PT Adhi Karya (Persero) from 2010 – 2019 showed the potential for financial distress which was strengthened by an unhealthy balance sheet because most of the funding sources came from debt. This study shows that the potential for financial distress arises because of a shift in government policy in development.