Economics

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https://hdl.handle.net/20.500.14576/16

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Browsing Economics by Author "Dionisius Ardiyanto Narjoko"

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    The impact of ESG implementation on financial performance : a case study of Indonesia stock market
    (Universitas Islam Internasional Indonesia, 2024) Dio Darmawan; Fajar B. Hirawan; Dionisius Ardiyanto Narjoko
    This Study examines whether there is a relationship among companies between disclosure of environmental, social, and governance (ESG), operational performance (ROA), financial performance (ROE), market performance (Tobin’s Q), and market value (PER). And if these relationships are positive, negative, or simply neutral. This study aims to assess the influence of Environmental, Social, and Governance (ESG) implementation in Indonesia, comparing it to the situations in Japan and South Korea. It will consider the discrepancies in results found in previous studies conducted in other countries. Panel regression analysis was used to examine the study hypothesis. The study sample from companies listed on the Jakarta Composite Index with a total sample of 87 companies or 696 observations for the period 2015 to 2022 is used. During the given observation period, the sample data from Japan, as reported on the Nikkei 225 Index, consisted of 221 firms, totaling 1768 during the observation time. Similarly, South Korea, as listed on the Kospi Index, has a sample size of 294 companies, totaling 2352 throughout the observation period. The analysis indicates that the introduction of Environmental, Social, and Governance (ESG) practices in Indonesia has a significant negative impact on market performance, particularly measured by Tobin's Q. ESG implementation has no significant impact on other variables. The comparison of countries shows vary. The implementation of Environmental, Social, and Governance (ESG) practices in Japan has a significant negative influence on Return on Assets (ROA) and Tobin's Q. Meanwhile, South Korea has a negative relationship with market value as measured by PER.
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    The impact of fish production, government policy, climate change, and marine biodiversity as blue economy factors on food security : a panel data analysis
    (Universitas Islam Internasional Indonesia, 2024) Azzam Robbani; Dionisius Ardiyanto Narjoko; Herbert Wibert Victor Hasudungan
    This study explores the intersection between the blue economy and global food security, focusing on twelve Asia-Pacific countries from 2015 to 2021. As the blue economy becomes increasingly vital in sustainable development, particularly in regions reliant on marine resources, this research aims to quantitatively assess how key blue economy factors—such as fish production, government policies, marine biodiversity, and climate change—affect food security outcomes. Using a robust dataset sourced from reputable international organizations like the Food and Agriculture Organization (FAO) and the World Bank, the study applies panel data analysis using the Fixed Effects Model (FEM) based on the Hausman test, which confirmed FEM as the most appropriate model to account for country-specific characteristics and unobserved heterogeneity. Diagnostic checks for normality, heteroscedasticity, autocorrelation, and multicollinearity were conducted to ensure the robustness of the regression models. The findings reveal that climate change exerts a statistically significant and negative impact on food security, underscoring the vulnerability of food systems to environmental variability, particularly in regions where agriculture and fisheries depend heavily on natural rainfall and stable climatic conditions. Conversely, other blue economy factors—fish production, government policies, and marine biodiversity—do not show a significant direct influence on food security within the scope of this study. This suggests that while these areas hold potential, they may require more targeted and effective policy interventions to enhance their contributions to food security. The study emphasizes the need for policy recommendations that include the promotion of sustainable aquaculture and fisheries management, climate change mitigation strategies, and the development of comprehensive regulatory frameworks. Additionally, integrating urban planning into food security strategies and engaging local communities in the implementation of Marine Protected Areas (MPAs) are crucial for conserving marine biodiversity and supporting food security. The research also highlights the importance of diversifying blue economy activities to better integrate them into the broader economic system, thereby enhancing their contribution to food security.
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    The impact of tourism development on CO2 emissions : evidence from ASEAN economies
    (Universitas Islam Internasional Indonesia, 2024) Arif Rahman; Rizky Wisnoentoro; Dionisius Ardiyanto Narjoko
    For several decades, the tourism sector has played a pivotal role in driving economic growth across ASEAN economies. However, the sector now faces significant challenges due to its vulnerability to climate change. This study investigates the correlation between the growth of the tourism industry and CO2 emissions in ASEAN countries from 2010 to 2019. Utilizing a random effects model, we analyse the impact of tourism on CO2 emissions, a key contributor to climate change. The results indicate that sustainable tourism practices, such as ecotourism, sustainable tourism and cultural tourism, can significantly reduce CO2 emissions by promoting biodiversity and preserving natural beauty. Furthermore, the study finds a positive correlation between real GDP per capita, energy intensity, and carbon emissions. The regression results confirm that international tourists prefer less-polluting destinations with efficient infrastructure, indicating a strong attraction to environmentally friendly travel options in ASEAN economies. This preference has significant implications for sustainable tourism development in ASEAN economies. Policy recommendations include pursuing sustainable, eco-friendly tourism through comprehensive and integrated sustainable tourism policies. These policies should focus on maintaining environmental quality, promoting green infrastructure, adopting clean technologies, and preserving forests to attract foreign tourists while minimizing environmental impact. Ultimately, integrated sustainable tourism policies will position ASEAN as a leading sustainable and eco-friendly destination, fostering both economic growth and environmental stewardship. By implementing these recommendations, ASEAN countries can balance economic development with environmental sustainability, contributing to the global effort against climate change.