PENANOMICS: International Journal of Economics

DOES SUSTAINABILITY DISCLOSURE CREATE FIRM VALUE? THE ROLE OF CORPORATE SOCIAL RESPONSIBILITY AND CARBON EMISSIONS DISCLOSURE IN INDONESIA’S ENERGY SECTOR

Asepma Hygi Prihastuti, Eka Putri Gus Safrianti, Novian Novian — Sat, 15 Aug 2026 00:00:00 +0000

This study aims to examine the effect of Corporate Social Responsibility (CSR) disclosure and carbon emissions disclosure on firm value in energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2021–2025. This study employs a quantitative research approach using secondary data obtained from annual reports and sustainability reports of energy sector companies. The population consists of 91 energy sector companies listed on the IDX, while the sample was selected using purposive sampling based on predetermined criteria, resulting in 11 companies and 55 observations. CSR disclosure was measured based on the indicators of SEOJK No. 16/SEOJK.04/2021, while carbon emissions disclosure was measured using GRI 305. Firm value was proxied by Price to Book Value (PBV). The data were analyzed using multiple linear regression with SPSS. The results indicate that CSR disclosure has no significant effect on firm value, with a significance level of 0.878. In contrast, carbon emissions disclosure has a negative and significant effect on firm value, with a significance level of 0.003. Furthermore, CSR disclosure and carbon emissions disclosure simultaneously have a significant effect on firm value, with an F-statistic of 6.801 and a significance level of 0.002. The adjusted R-square of 0.177 indicates that the two independent variables explain 17.7% of the variation in firm value. These findings suggest that investors in the energy sector may perceive carbon emissions disclosure as an indicator of environmental risks and associated costs, while CSR disclosure alone may not be a primary determinant of firm value.

ANALYZING CRITICAL SUCCESS FACTORS IN PROJECT LIFECYCLE STAGES IN: CONTRIBUTION TO PROJECT MANAGEMENT SUCCES IN CONSTRUCTION FIELD

Mon, 10 Aug 2026 00:00:00 +0000

Project management plays a crucial role in ensuring the successful completion of projects across various industries. The project lifecycle consists of multiple phases, each requiring effective management to achieve project objectives. This study aims to analyze the critical success factors (CSFs) that influence project performance throughout the project lifecycle. A quantitative research approach was adopted using a structured questionnaire distributed among individuals involved in project management activities. The collected data were analyzed to identify the most significant factors contributing to project success. The findings indicate that factors such as effective communication, leadership, stakeholder involvement, and proper planning significantly impact project performance across different lifecycle phases. The results of this study provide valuable insights for project managers and organizations in improving project execution and achieving successful project outcomes.

The Value Equation of Talent: A Human Capital Economics Perspective on Workforce Investment, Employee Engagement, and Firm Performance in the Free Trade Economy of Kepulauan Riau

R. Rudi Alhempi, Abdul Hamid, Budi Alamsyah Siregar — Thu, 20 Aug 2026 00:00:00 +0000

Human resource management (HRM) is increasingly understood not merely as an administrative function but as an economic decision domain in which firms allocate scarce capital to workforce development, compensation, and engagement in pursuit of measurable returns. This article develops an integrative, economics-oriented perspective on HRM human capital economics and applies it to the distinctive labor-market context of Kepulauan Riau, Indonesia's frontier free trade economy anchored by Batam's manufacturing and logistics industries and by the province's public-sector and state-owned enterprise workforce. Synthesizing evidence from Human Capital Theory, the Resource-Based View, and Conservation of Resources theory, the article traces the economic logic connecting workforce investment, compensation design, employee engagement, and firm-level performance. Drawing on recent empirical studies conducted in Batam's manufacturing sector and in Kepulauan Riau's state-owned enterprises and regional government institutions, alongside a broader international literature on human capital investment and compensation-performance relationships, the article proposes an integrated conceptual model in which human capital functions as an appreciating economic asset whose returns are realized through engagement-mediated productivity. The analysis suggests that in free-trade-zone economies such as Batam, where firms compete simultaneously on labor cost and productivity, workforce investment decisions carry outsized economic consequences relative to more mature industrial economies. The article concludes with policy and managerial implications for treating human capital as a strategic investment portfolio rather than a recurring operating cost, and outlines an agenda for future empirical research in the region.

THE EFFECT OF IPAK, REGIONAL GDP PER CAPITA, UNEMPLOYMENT RATE, AND HUMAN DEVELOPMENT INDEX ON THE TAX RATIO IN INDONESIA FOR THE 2020–2024 PERIOD

Florida Salvi Aso, Sri Yani Kusumastuti — Sun, 02 Aug 2026 00:00:00 +0000

This study aims to analyze the influence of the Anti-Corruption Behavior Index (IPAK), Regional Gross Domestic Product (GRDP) per capita, unemployment rate, and Human Development Index (HDI) on the tax ratio across 34 provinces in Indonesia over the period 2020–2024. The tax ratio is a key fiscal performance indicator; however, Indonesia’s tax ratio remains relatively low compared to its economic potential and the regional average of Asia-Pacific countries.This study employs a quantitative approach using panel data comprising 34 provinces over 5 observation years (2020–2024), yielding a total of 170 observations. The analysis utilizes panel data regression with the Fixed Effect Model (FEM), selected based on the results of the Chow Test and Hausman Test. Data were obtained from the Central Bureau of Statistics (BPS), the Ministry of Finance, and the Corruption Eradication Commission (KPK).The results indicate that, partially, the unemployment rate has a significant negative effect on the tax ratio, meaning that higher unemployment leads to lower tax revenue. Meanwhile, IPAK and GRDP per capita have a positive but insignificant effect on the tax ratio, while HDI has a negative but insignificant effect. Simultaneously, all four variables jointly exert a significant influence on the tax ratio in Indonesia. An Adjusted R-Squared value of 0.7313 indicates that 73.13% of the variation in the tax ratio is explained by the four variables in the model.This study recommends that the government focus on creating quality employment in the formal sector, improving the effectiveness of tax administration, broadening the tax base, and enhancing human resource quality through education, healthcare, and economic empowerment programs, in order to sustainably improve the tax ratio.