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: The Effect of ESG Risk Rating on Company Performance  and Value in Indonesia
Abstrak: Peningkatan kesadaran masyarakat akan isu ESG (Environmental, Social, dan Governance) menyebabkan tren investasi ESG meningkat. ESG berkaitan dengan SDGs sehingga ESG dijadikan salah satu parameter pelaksanaan pembangunan SDGs dalam industri keuangan di Indonesia. Namun, implementasi ESG di Indonesia masih menghadapi beberapa kendala, padahal risiko ESG terkait dan berpotensi dapat menggambarkan kinerja dan nilai perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh ESG risk rating terhadap kinerja operasional, kinerja keuangan, dan nilai perusahaan di Indonesia. Sampel dipilih menggunakan teknik purposive sampling dengan jumlah sampel sebanyak 19 perusahaan yang termasuk dalam indeks IDX ESG Leaders (IDXESGL) yang konsisten tercatat pada 5 periode evaluasi mayor pada Maret 2021 – Maret 2023 sehingga jumlah sampel observasi adalah 95 observasi. Analisis data dilakukan menggunakan analisis statistik deskriptif dan regresi data panel menggunakan Microsoft Excel dan Eviews 9. Hasil analisis data menunjukkan ESG risk rating tidak berpengaruh signifikan terhadap kinerja operasional (ROA), kinerja keuangan (ROE), dan nilai perusahaan (Tobin’s Q)., The increased awareness of society towards ESG (Environmental, Social, and Governance) issues led to a rise in ESG investment trends. ESG was related to SDGs, making it one of the parameters for implementing SDGs in the financial industry in Indonesia. However, the implementation of ESG in Indonesia still faced several challenges, even though ESG risks are related and have the potential to depict company’s performance and value. This study aimed to analyze the effect of ESG risk rating on operational performance, financial performance, and company value in Indonesia. The sample was selected using a purposive sampling technique, consisting of 19 companies listed in the IDX ESG Leaders index (IDXESGL) that consistently recorded over 5 major evaluation periods in March 2021 - March 2023, resulting in total of 95 observational samples. Data analysis was performed using descriptive statistical analysis and panel data regression using Microsoft Excel and Eviews 9. The results of data analysis indicated that ESG risk rating did not have significant effect on operational performance (ROA), financial performance (ROE), and company value (Tobin's Q).
Keyword: company value, ESG risk rating, financial performance, operational performance, SDGs

Judul: Cycle Hamilton pada Graf Lengkap, Graf Regular, dan Graf 2-Connected 4-Regular Berorder Kurang dari Sepuluh
Abstrak: Suatu graf disebut graf Hamilton apabila graf tersebut memuat cycle Hamilton, yaitu cycle yang melewati setiap vertex tepat satu kali. Menentukan keberadaan cycle Hamilton pada suatu graf dapat menggunakan syarat cukup yang berupa teorema-teorema yang telah diperkenalkan sejak tahun 1950-an. Beberapa syarat cukup yang dibahas dalam karya ilmiah ini adalah syarat cukup yang berhubungan dengan graf lengkap dan graf regular. Suatu graf lengkap berorder 𝑛������ ≥ 3 dan graf r-regular berorder 𝑛������ ≤ 2𝑟������ + 1 merupakan graf Hamilton, Karena kedua graf tersebut memuat cycle Hamilton. Selanjutnya, syarat cukup tersebut digunakan untuk menentukan keberadaan cycle Hamilton pada graf 2-connected 4- regular berorder kurang dari 10.
Keyword: graf Hamilton, graf regular, graf lengkap, graf 2-connected 4-regular