Saiful Anwar

This study examines the relationship between Environmental, Social, and Governance (ESG) performance and corporate cash holdings, considering the joint influence of regulatory pressure through mandatory ESG disclosure and firms' internal resource capacity, as reflected by firm size. The sample comprises 13,107 firm‐year observations from 1781 non‐financial firms across the Asia‐Pacific, Europe, and Middle East and Africa regions over the 2016–2023 period. The hypotheses are tested using a moderated moderation model estimated with PROCESS Model 3. The results indicate that under a voluntary ESG disclosure regime, ESG performance has a positive and significant effect on corporate cash holdings for both large and small firms. However, under a mandatory ESG disclosure regime, this relationship becomes negative for small firms while remaining positive and significant for large firms. These findings suggest that regulatory pressure fundamentally alters the implications of ESG performance for corporate liquidity. In contrast, firms' internal resource capacity, as proxied by firm size, determines their ability to absorb regulatory compliance costs. Nevertheless, this resource‐capacity advantage becomes less pronounced under a mandatory ESG disclosure regime. The significant three‐way interaction further demonstrates that firm size conditions the moderating effect of mandatory ESG disclosure on the relationship between ESG performance and corporate cash holdings. These findings remain robust across a series of robustness and endogeneity tests, including alternative variable proxies, pooled ordinary least squares (OLS) with firm‐clustered standard errors, lagged independent variables, propensity score matching (PSM), and the generalized method of moments (GMM). Overall, the findings underscore the importance of designing ESG disclosure regulations that are proportionate to firms' resource capacity.

This study aims to investigate the effect of CEO social capital on corporate environmental transparency, emphasizing how leadership dynamics and governance structures affect environmental reporting. Specifically, this study explores the moderating role of board gender diversity and socio‐political factors such as CEO tenure, organizational culture, and corporate political connections. Using a sample of 1076 firm‐year observations from companies listed on the Indonesia Stock Exchange (IDX) during the period 2017–2023, panel data analysis is conducted with robustness and endogeneity tests to ensure the validity of the results. The findings indicate that CEO social capital has a positive effect on corporate environmental transparency, indicating that CEOs with extensive and quality social networks are more likely to drive accountable environmental reporting practices. In addition, board gender diversity and socio‐political variables significantly strengthen the relationship. These results underscore the importance of inclusive leadership and executive social networks in shaping corporate sustainability strategies. This study contributes to the corporate governance and sustainability literature by highlighting the role of leadership networks and board diversity in driving environmental transparency, particularly in emerging markets such as Indonesia.

Book review: Sustainable finance and ESG; risk, management, regulations and implications for financial institutions - Author: Saiful Anwar, Dewi Rahmawati Maulidiyah, Ega Rusanti, Mochlasin Mochlasin

The omnichannel, a new concept in retailing, has surpassed the genre of electronic business (e-commerce) and has significantly influenced consumer thoughts and decisions. This approach refers to a retailing approach that has transformed the way customers shop, seamlessly transitioning between online and offline platforms due to the increased usage of smartphones and tablets. Presently, retailers are focusing on delivering excellent service experiences. However, despite being a prominent topic in the retail sector, bibliometric and systematic reviews exploring omni-channels are scarce. To contribute to further research collaboration and expand knowledge in this subject area, a bibliometric study was conducted to examine omni-channel research trends, including publication outputs, notable journals, top-performing authors, leading countries, and author keywords. A total of 773 articles were acquired from Scopus databases from 2013 to March 2023. The findings revealed a continuous increase in the number of omni-channel publications each year, indicating its growing relevance in the retail industry. Among the 61 countries analysed, Chile had the highest number of active paper publications, followed by Sweden and Spain. The systematic analysis conducted using VOSviewer identified 2103 keywords. This research explores focal points in research, evaluates trends in evolution, visualizes collaboration networks, and identifies a prominent topic in the field of omni-channel research. Cluster analysis revealed prominent topics of interest within the omni-channel context, including the grocery, fashion, luxury, and tourism domains. As a result, this study provides an information and implementation direction for the development of omni-channel retailing.

Cloud enterprise resource planning (ERP) is one of the most sought-after information technology (IT) solutions for improving business performance due to its affordability, scalability, and pay-per-use subscription model. The impact of cloud ERP implementation on business performance, on the other hand, remains inconclusive. Additionally, an important factor that transverses all organizational processes, including IT implementation, is top management support (TMS). However, the TMS’s role in the latter stage (business value realization) of cloud ERP implementation is unclear. The purpose of this paper is to examine the mediating and moderating impacts of top management support (TMS) on the relationship between cloud ERP implementation and financial performance. A total of 204 small and medium enterprises (SMEs) in Malaysia were surveyed, and data analysis was conducted using partial least square structural equation modelling (PLS-SEM). The results demonstrate that TMS plays a partial mediating role in the relationship between cloud ERP implementation and financial performance and that this relationship is significantly stronger in SMEs with low TMS levels. As a result, it is concluded that top management should provide the required support following successful cloud ERP implementation in order to achieve positive financial results. However, such support must be adjusted in order to avoid the deterioration of the firm’s financial performance.

ABSTRAKPandemi covid-19 berdampak pada perekonomian seluruh negara dengan meningkatnya resiko dalam berinvestasi. Hal ini akan mempengaruhi perilaku investor, apakah akan berinvestasi atau tidak. Investasi salah satu faktor penggerak pembangunan perekonomi suatu negara. Penelitian ini bertujuan menganalisis pengaruh herding, experience regret, religiosity terhadap keputusan investasi dengan financial literacy sebagai variabel moderasi. Jenis penelitian ini adalah penelitian kuantitatif yang populasinya investor milenial muslim saham syariah. Teknik pengambilan sampel menggunakan purposive sampling dengan responden sejumlah 52. Alat analisis yang digunakan moderated regression analysis. Hasil penilitian ini menunjukkan bahwa herding tidak berpengaruh signifikan terhadap keputusan investasi, experience regret tidak berpengaruh signifikan terhadap keputusan investasi, religiosity berpengaruh positif signifikan terhadap keputusan investasi. Financial literacy mampu memoderasi pengaruh herding, experience regret, religiosity terhadap keputusan investasi.Kata Kunci: Herding, Experience Regret, Religiosity, Keputusan Investasi, Financial Literacy. ABSTRACTThe Covid-19 pandemic has an impact on the economy of all countries by increasing the risk of investing. This affects the behavior of investors, whether to invest or not. Investment is one of the driving factors for the economic development of a country. This study aims to analyze the effect of herding, experience regret, religiosity on muslim millennial investors sharia stock investment decisions with a financial literacy as a moderating variable. This type of research is a quantitative study with a population of muslim millennial investors sharia stock. The sampling technique used is purposive sampling 52 totaling respondents. The analytical tool used is moderated regression analysis. The results showed that herding does not have a significant effect on investment decisions, experience regret does not have a significant effect on investment decision, religiosity significant positive effect on investment decision, financial literacy is able to moderate the influence of herding, experience regret, religiosity on investment decisions.Keywords: Herding, Experience Regret, Religiosity, Invesment Decisions, Financial Literacy. DAFTAR PUSTAKAAdiputra, I. G. (2020). Pengaruh overconfidence, herding effect, self-monitoring terhadap investment decision pada masa pandemi covid-19. Jurnal Manajemen dan Kewirausahaan, 2(3), 595–602.Afriani, D., & Halmawati. (2019). Pengaruh cognitive dissonance bias, overconfidence bias dan herding bias terhadap pengambilan keputusan (Studi empiris pada mahasiswa Fakultas Ekonomi Universitas Negeri Padang yang melakukan investasi di Bursa Efek Indonesia). Jurnal Eksplorasi Akuntansi, 1(4), 1650–1665.Ahmad, S., Javed, T., Ul, W., & Qudsia, H. (2020). Demographic factors and herding behaviour of investors: Moderating role of islamic religiosity. 3(2), 193–203. https://doi.org/10.47067/ramss.v3i2Alquraan, T., Alqisie, A., & Shorafa, A. Al. (2016). Do behavioral finance factors influence stock investment decisions of individual investors? Evidences from Saudi Stock Market. American International Journal of Contemporary Research, 6(3), 159–169.Anendy, R., & Isbanah, Y. (2020). Faktor-faktor yang mempengaruhi keputusan investasi pada investor saham di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197–209.Audini, A. F., Mus, A. M., & Sjahruddin, H. (2020). Pengaruh literasi keuangan terhadap keputusan investasi dengan perilaku keuangan sebagai variabel moderasi. NIAGAWAN, 9(2), 102–107.Danepo, M. (2018). Pengaruh bias perilaku investor terhadap keputusan investasi di pasar saham (Studi pada Bursa Efek Indonesia). Tesis tidak dipublikasikan. Bandar Lampung: Universitas lampung.Eka, S., Natassia, R., & Yolanda, H. (2020). The effect of religiosity moderation with loss aversion on the investment decision of personal investors kind of stock security in Padang City. AMAR: Andalas Management Review, 4(1), 40–55. https://doi.org/10.25077/amar.4.1.40-55.2020Fachrudin, K. R., & Fachrudin, K. A. (2016). The influence of education and experience toward investment decision with moderated by financial literacy. Polish Journal of Management Studies, 14(2), 51–60. https://doi.org/10.17512/pjms.2016.14.2.05Fauziah, L. N. (2019). Analisis pengaruh tingkat literasi keuangan dan religiusitas terhadap keputusan investasi: Studi pada mahasiswa fakultas ekonomi UIN maulana malik ibrahim malang. Skripsi tidak dipublikasikan. Malang: UIN Malang.Fitriarianti, B. (2018). Pengaruh literasi keuangan, perilaku keuangan dan pendapatan terhadap keputusan berinvestasi. Proseding Seminar Nasional Akuntansi, 1(1), 1-15.Hayat, A., & Anwar, M. (2016). Impact of behavioral biases on investment decision; Moderating Role of Financial Literacy. 1–14. https://dx.doi.org/10.2139/ssrn.2842502Hidayati, A. (2020). Hubungan religiusitas dengan minat investasi emas di perbankan syariah pada mahasiswa jurusan manajemen dakwah fakultas ilmu dakwah dan ilmu komunikasi UIN Syarif Hidayatullah Jakarta. Skripsi tidak dipublikasikan. Jakarta: UIN Syarif Hidayatullah Jakarta.Jamaludin, N. (2013). Religion and individual investment choice decision: The case of Malaysia. International Journal of Business and Social Science, 4(1), 104–113.Khairunizam, & Isbanah, Y. (2019). Pengaruh financial literacy dan behavioral finance factors terhadap keputusan investasi (Studi terhadap investor saham syariah pada galeri investasi syariah UIN Sunan Ampel Surabaya). Jurnal Ilmu Manajemen, 7(2009), 516–528.Khan, D. (2016). Cognitive driven biases, investment decision making: The moderating role of financial literacy. SSRN Electronic Journal, 1–25.Mutawally, F. W., & Asandimitra, N. (2019). Pengaruh financial literacy, risk perception, behavioral finance dan pengalaman investasi terhadap keputusan investasi mahasiswa surabaya....

The purpose of this study was to show the effect of mudharabah, musyarakah, and profit-sharing ratios on profitability with non-performing financing as moderating variables in Islamic commercial banks. This research method was designed using a quantitative approach. The sample used in this study was nine banks with a sampling technique using purposive sampling. The analytical method used is multiple linear regression. The results showed that mudharabah financing had a positive and significant effect on profitability, musyarakah financing and profit-sharing ratio did not affect profitability. Non-performing financing can moderate the effect of mudharabah financing and profit-sharing ratio but cannot moderate the effect of musyarakah financing on profitability. This research practically develops financing that can increase profitability and reduce non-performing financing to reduce losses for Islamic Commercial Banks.

The purpose of this study was to determine the effect of Mudharabah Financing, Musyarakah Financing and Profit Sharing Ratio on Profitability with Non Performing Financing as Moderating Variable in Islamic Commercial Bank. The sample used in this study was 9 banks with the sampling technique using purposive sampling. The analytical method used is multiple linear regression. The result show that the variable Mudharabah Financing has a positive and significant effect on Profitability. While Musyarakah Financing and Profit Sharing Ratio has no effect on Profitability. And Non Performing Financing can moderate the offect of Mudharabah Financing and Profit Sharing Ratio on Profitability. But cannot moderate the effect of Musyarakah Financing on Profitability.

This study aims to determine the effect of e-service quality on e- loyalty with e-satisfaction as an intervening variable for muslim travellers. The population are Traveloka users in Java. Purposive random sampling are used. The sample was obtained from 170 respondents by online collecting data questionnaire. SPSS 21.0 program are used to data analyze. The analytical tool were Multiple Regression and Path Analysis. The results showed that: e-service quality aspects of reliability, tangible, and empathy had a positive and significant effect on e-satisfaction. E- satisfaction and E-Service have a positive and significant impact on e- loyalty. E-satisfaction can mediate the impact of reliability, tangible, and empathy on e-loyalty, while responsiveness and assurance do not mediate the effect of e-satisfaction on e-loyalty The results of this study can theoretically strengthen the existing theory that e-satisfaction can mediate the effect of reliability, tangible and empathy on e-loyalty, while responsiveness and assurance do not mediate the impact of e-satisfaction on e-loyalty. The practical implications in this study are used as input for platform provider to improve the quality of services provided by platform provider to muslim travelers.