Judul: The Impact of ESG on Corporate
Performance: A Systematic Literature Review
Abstrak: Penelitian ini mengevaluasi pengaruh Environmental, Social, and Governance (ESG) terhadap kinerja perusahaan. Penelitian ini dilatarbelakangi oleh meningkatnya urgensi untuk mengimplementasikan ESG yang tidak diikuti dengan informasi dan data yang memadai. Tujuan penelitian ini adalah menganalisis perkembangan praktik ESG, dampaknya terhadap kinerja perusahaan, serta pelajaran yang dapat diambil untuk perkembangan ESG di Indonesia. Metode penelitian yang digunakan adalah systematic literature review. Hasil penelitian menunjukkan perkembangan praktik ESG dikategorikan ke dalam tahap eksplorasi awal, menengah, dan lanjutan. Implementasi ESG berdampak terhadap kinerja keuangan, mencakup peningkatan kinerja dan pengurangan risiko keuangan, serta investasi dan obligasi. ESG juga berpengaruh pada aspek non-finansial, meliputi reputasi, manajemen dan tata kelola, dan keberlanjutan perusahaan. Pelajaran yang dapat diadopsi di Indonesia adalah pembuatan regulasi, peningkatan literasi ESG, perluasan akses investasi, dan integrasi tujuan finansial dengan ESG., This study evaluates the impact of Environmental, Social, and Governance (ESG) on corporate performance. The research is motivated by the increasing urgency of ESG implementation that has not been supported by adequate information and data. The study aims to analyze the development of ESG practices, their impact on corporate performance, and lessons for the development of ESG in Indonesia. The research method used is a systematic literature review. The results indicate that the development of ESG practices can be categorized into initial exploration, intermediate, and advanced stages. ESG implementation affects financial performance by improving performance and reducing financial risk, as well as influencing investments and bonds. ESG also impacts non-financial aspects, including corporate reputation, management and governance, and sustainability. Lessons that can be adopted in Indonesia include the creation of supportive regulations, increased ESG literacy, expanded investment access, and the integration of financial goals with ESG.
Keyword: sustainability, corporate performance, ESG, ESG implementation, literature review, social responsibility

Judul: Corporate Environmental, Social and Governance (ESG) and the Influence toward Firm Performance and Value
Abstrak: The contribution of businesses to economic growth was inevitable, yet at the same time poses an emerging risk to future sustainability. The concept of corporate environmental, social and governance (ESG) is prominently highlighted as an approach to addressing the challenges. Extant literatures have empirically documented the positive influences corporate ESG performance on firm performance and firm value. However, several literatures found modest corporate ESG initiatives in small-medium enterprises (SMEs). Hence, this study aims to investigate corporate ESG performance in Indonesian public SMEs as well as its influence on the performance and value of the firms. The study was conducted using a sample of firms consisting of 17 non-financial public SMEs consistently listed in the IDX PEFINDO25 index over the period 2016-2020. Secondary data sourced from the published financial reports, annual reports and sustainability reports were utilized in this study. The descriptive method was adopted to describe the corporate ESG performance while exercising its impact on operational and financial performance as well as firm value through a panel data regression model. We employed other firms’ fundamental factors such as firm size, leverage, liquidity, CAPEX intensity, sales growth and dividend yield as additional explanatory variables. The study found a trend of annual increase in corporate ESG disclosure and performance of SMEs. Furthermore, fixed-effects model (FEM) regression analysis revealed an insignificant impact of corporate ESG performance on operational and financial performance, which proxied by return on assets (ROA) and return on equity (ROE) ratios respectively. These results indicated that the direct impact of corporate ESG performance on firm’s internal performance did not acquire in short-term. Conversely, the study exhibited a significantly positive influence of corporate ESG on firm value, measured by Tobin’s Q ratio. It denotes a positive market response and valuing public SMEs above their book value for their efforts to improve ESG performance. The result also revealed a fairly similar influence of firm fundamental on operational performance, financial performance, and firm value.
Keyword: Corporate ESG, Firm Performance, Firm Value, SMEs, Sustainability

Judul: Antibodi anti-idiotipe sebagai kandidat vaksin rabies, Anti-idiotype andibody as a rabies vaccine candidate
Abstrak: Anti rabies serum (ARS) called antibody 1 (Ab1) was used as the antigen to immunize laying chickens. Anti-Ab1 chicken immunoglobulins (IgY), the antiidiotype antibodies against rabies (Ab2) was isolated from chicken blood every week for ten weeks. The highest titer of Ab2 was found at the third week after the last immunization. Immunoglobulin Y was separated by means of ammonium sulfate precipitation, then dialyzed using PBS pH 8.0 for 24 hours at 2 – 8 oC and purified using affinity chromatography column for IgY lead the proteins molecules with 185,000; 95,000 and 49,000 dalton in weigth. Purified IgY was used to immunize New Zealand White rabbit and the antibody response (Ab3) was detected using Agar Gel Precipitation Test (AGPT). The Ab3 showed specific reaction with Ab2 as well as rabies virus. Interestingly, Ab2 and rabies virus express partial identity reaction. This lead the insight, that not all parts of Ab2 are internal image of rabies virus. The efficacy of Ab3 was detected using enzyme linked immunosorbent assay (ELISA) and indicated that the level of Ab3 titer is protective according to WHO standard (more than 0.5 IU/ml). The conclusion of this study is the anti-idiotype antibody can induce protective immune response against rabies virus and can be used as an alternative for rabies anti-idiotype vaccine. Key words : anti-idiotype vaccine, antibody, rabies
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