{"id":"https://openalex.org/W7225205308","doi":"https://doi.org/10.36985/58y3vp12","title":"The Effect of Environmental Performance, Firm Size, and Leverage on the Financial Performance of Mining Sector Companies Listed on the Indonesia Stock Exchange 2018\u20132024","display_name":"The Effect of Environmental Performance, Firm Size, and Leverage on the Financial Performance of Mining Sector Companies Listed on the Indonesia Stock Exchange 2018\u20132024","publication_year":2026,"publication_date":"2026-11-03","ids":{"openalex":"https://openalex.org/W7225205308","doi":"https://doi.org/10.36985/58y3vp12"},"language":"en","primary_location":{"id":"doi:10.36985/58y3vp12","doi":"https://doi.org/10.36985/58y3vp12","is_oa":true,"landing_page_url":"https://doi.org/10.36985/58y3vp12","pdf_url":"https://jurnal.usi.ac.id/index.php/jia/article/download/2784/2523","source":{"id":"https://openalex.org/S4210186636","display_name":"Jurnal Ilmiah AccUsi","issn_l":"2620-5815","issn":["2620-5815"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210086065","host_organization_name":"Universitas Simalungun","host_organization_lineage":["https://openalex.org/I4210086065"],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Jurnal Ilmiah Accusi","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://jurnal.usi.ac.id/index.php/jia/article/download/2784/2523","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5089623974","display_name":"Sri Windarti","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210146629","display_name":"Universitas Mercu Buana Yogyakarta","ror":"https://ror.org/048c8ew36","country_code":"ID","type":"education","lineage":["https://openalex.org/I4210146629"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Sri Windarti","raw_affiliation_strings":["Universitas Mercu Buana Yogyakarta"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Mercu Buana Yogyakarta","institution_ids":["https://openalex.org/I4210146629"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5021213659","display_name":"Ratri Paramitalaksmi","orcid":"https://orcid.org/0000-0002-4618-3477","observed_orcids":["https://orcid.org/0000-0002-4618-3477"]},"institutions":[{"id":"https://openalex.org/I4210146629","display_name":"Universitas Mercu Buana Yogyakarta","ror":"https://ror.org/048c8ew36","country_code":"ID","type":"education","lineage":["https://openalex.org/I4210146629"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Ratri Paramitalaksmi","raw_affiliation_strings":["Universitas Mercu Buana Yogyakarta"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Mercu Buana Yogyakarta","institution_ids":["https://openalex.org/I4210146629"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5106817323","display_name":"Hasim As\u2019ari","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210146629","display_name":"Universitas Mercu Buana Yogyakarta","ror":"https://ror.org/048c8ew36","country_code":"ID","type":"education","lineage":["https://openalex.org/I4210146629"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Hasim As\u2019ari","raw_affiliation_strings":["Universitas Mercu Buana Yogyakarta"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Mercu Buana Yogyakarta","institution_ids":["https://openalex.org/I4210146629"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5002099557","display_name":"Ika Wulandari","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210146629","display_name":"Universitas Mercu Buana Yogyakarta","ror":"https://ror.org/048c8ew36","country_code":"ID","type":"education","lineage":["https://openalex.org/I4210146629"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Ika Wulandari","raw_affiliation_strings":["Universitas Mercu Buana Yogyakarta"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Mercu Buana Yogyakarta","institution_ids":["https://openalex.org/I4210146629"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I4210146629"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.88045856,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"8","issue":"2","first_page":"711","last_page":"726"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9667999744415283,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9667999744415283,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13957","display_name":"Corporate Governance and Financial Management","score":0.016899999231100082,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.003700000001117587,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/environmental-performance","display_name":"environmental performance","score":0.9800000190734863},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.9800000190734863},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.949999988079071},{"id":"https://openalex.org/keywords/financial-performance","display_name":"financial performance","score":0.9869999885559082},{"id":"https://openalex.org/keywords/mining-companies","display_name":"mining companies","score":0.9599999785423279},{"id":"https://openalex.org/keywords/energy-companies","display_name":"energy companies","score":0.800000011920929},{"id":"https://openalex.org/keywords/proper-rating","display_name":"PROPER rating","score":0.8140000104904175},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.824999988079071},{"id":"https://openalex.org/keywords/debt-equity-ratio","display_name":"debt to equity ratio","score":0.9129999876022339},{"id":"https://openalex.org/keywords/commodity-price-cycles","display_name":"commodity price cycles","score":0.7210000157356262},{"id":"https://openalex.org/keywords/indonesia-stock-exchange","display_name":"Indonesia Stock Exchange","score":0.7940000295639038},{"id":"https://openalex.org/keywords/legitimacy-theory","display_name":"legitimacy theory","score":0.7900000214576721},{"id":"https://openalex.org/keywords/stakeholder-theory","display_name":"stakeholder theory","score":0.8769999742507935},{"id":"https://openalex.org/keywords/agency-theory","display_name":"agency theory","score":0.9879999756813049},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.9959999918937683}],"concepts":[{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.6653000116348267},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6184999942779541},{"id":"https://openalex.org/C56017942","wikidata":"https://www.wikidata.org/wiki/Q204037","display_name":"Natural logarithm","level":3,"score":0.5511999726295471},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.548799991607666},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.5295000076293945},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.5256999731063843},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.4758000075817108},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.41510000824928284},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4047999978065491},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3862999975681305},{"id":"https://openalex.org/C30472729","wikidata":"https://www.wikidata.org/wiki/Q955421","display_name":"Fixed asset","level":3,"score":0.3822999894618988},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.37389999628067017},{"id":"https://openalex.org/C73116969","wikidata":"https://www.wikidata.org/wiki/Q16954906","display_name":"Debt-to-capital ratio","level":5,"score":0.37299999594688416},{"id":"https://openalex.org/C98014903","wikidata":"https://www.wikidata.org/wiki/Q832161","display_name":"Financial ratio","level":2,"score":0.3686999976634979},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.36800000071525574},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.36500000953674316},{"id":"https://openalex.org/C2781027943","wikidata":"https://www.wikidata.org/wiki/Q192907","display_name":"Financial statement","level":3,"score":0.35409998893737793},{"id":"https://openalex.org/C27574286","wikidata":"https://www.wikidata.org/wiki/Q320723","display_name":"Variables","level":2,"score":0.3522999882698059},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.34779998660087585},{"id":"https://openalex.org/C44970651","wikidata":"https://www.wikidata.org/wiki/Q17014030","display_name":"Fixed effects model","level":3,"score":0.3463999927043915},{"id":"https://openalex.org/C199521495","wikidata":"https://www.wikidata.org/wiki/Q181487","display_name":"Audit","level":2,"score":0.33709999918937683},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.33239999413490295},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3280999958515167},{"id":"https://openalex.org/C152877465","wikidata":"https://www.wikidata.org/wiki/Q208042","display_name":"Regression analysis","level":2,"score":0.31709998846054077},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.3028999865055084},{"id":"https://openalex.org/C195487862","wikidata":"https://www.wikidata.org/wiki/Q850210","display_name":"Revenue","level":2,"score":0.30070000886917114},{"id":"https://openalex.org/C141441539","wikidata":"https://www.wikidata.org/wiki/Q1970908","display_name":"Boom","level":2,"score":0.2976999878883362},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.28780001401901245},{"id":"https://openalex.org/C58980837","wikidata":"https://www.wikidata.org/wiki/Q1372876","display_name":"Hausman test","level":4,"score":0.28769999742507935},{"id":"https://openalex.org/C100363876","wikidata":"https://www.wikidata.org/wiki/Q690661","display_name":"Nonprobability sampling","level":3,"score":0.2815000116825104},{"id":"https://openalex.org/C66204764","wikidata":"https://www.wikidata.org/wiki/Q219416","display_name":"Sustainability","level":2,"score":0.27970001101493835},{"id":"https://openalex.org/C202451310","wikidata":"https://www.wikidata.org/wiki/Q328554","display_name":"Accounts receivable","level":2,"score":0.2535000145435333},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.2529999911785126}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.36985/58y3vp12","doi":"https://doi.org/10.36985/58y3vp12","is_oa":true,"landing_page_url":"https://doi.org/10.36985/58y3vp12","pdf_url":"https://jurnal.usi.ac.id/index.php/jia/article/download/2784/2523","source":{"id":"https://openalex.org/S4210186636","display_name":"Jurnal Ilmiah AccUsi","issn_l":"2620-5815","issn":["2620-5815"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210086065","host_organization_name":"Universitas Simalungun","host_organization_lineage":["https://openalex.org/I4210086065"],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Jurnal Ilmiah Accusi","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.36985/58y3vp12","doi":"https://doi.org/10.36985/58y3vp12","is_oa":true,"landing_page_url":"https://doi.org/10.36985/58y3vp12","pdf_url":"https://jurnal.usi.ac.id/index.php/jia/article/download/2784/2523","source":{"id":"https://openalex.org/S4210186636","display_name":"Jurnal Ilmiah AccUsi","issn_l":"2620-5815","issn":["2620-5815"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210086065","host_organization_name":"Universitas Simalungun","host_organization_lineage":["https://openalex.org/I4210086065"],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Jurnal Ilmiah Accusi","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.48510000109672546}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225205308.pdf","grobid_xml":"https://content.openalex.org/works/W7225205308.grobid-xml"},"referenced_works_count":11,"referenced_works":["https://openalex.org/W2155439576","https://openalex.org/W2162412465","https://openalex.org/W3049827197","https://openalex.org/W4200052579","https://openalex.org/W4313333592","https://openalex.org/W4388143548","https://openalex.org/W4402456564","https://openalex.org/W4405376186","https://openalex.org/W4407909044","https://openalex.org/W4414909328","https://openalex.org/W4415646596"],"related_works":["https://openalex.org/W3160281290","https://openalex.org/W3197939517","https://openalex.org/W7155716445","https://openalex.org/W2934860825","https://openalex.org/W7217738982","https://openalex.org/W6926540764","https://openalex.org/W7213531803","https://openalex.org/W7163123564","https://openalex.org/W7220768286","https://openalex.org/W4379196501"],"abstract_inverted_index":{"Drawing":[0],"on":[1,30,42,133],"legitimacy,":[2],"stakeholder,":[3],"agency,":[4],"and":[5,16,26,84,92,99,128,138,158,193,219],"trade-off":[6],"theories,":[7],"this":[8],"study":[9,76],"examines":[10],"whether":[11],"environmental":[12,217,246],"performance,":[13],"firm":[14,111,142,194,220],"size,":[15],"leverage":[17,120],"are":[18,206],"associated":[19,169,241],"with":[20,147,154,170,235,242],"the":[21,31,47,63,67,88,108,114,122,203,226,245],"financial":[22,82,129],"performance":[23,104,130,218],"of":[24,46,87,90,117],"mining":[25],"energy":[27],"companies":[28],"listed":[29],"Indonesia":[32],"Stock":[33],"Exchange":[34],"over":[35],"2018\u20132024.":[36],"The":[37,179],"novelty":[38],"is":[39,105,168,182,196,238],"its":[40],"focus":[41],"within-firm":[43],"change:":[44],"15":[45],"17":[48,97],"sample":[49],"firms":[50,98],"shifted":[51],"PROPER":[52,85,109,180],"(Company":[53],"Environmental":[54,103],"Performance":[55],"Rating":[56],"Program)":[57],"rating":[58],"at":[59],"least":[60],"once,":[61],"which":[62],"model":[64],"separates":[65],"from":[66,80],"commodity":[68,228],"cycle":[69],"common":[70],"to":[71,124],"all":[72],"firms.":[73],"This":[74],"quantitative":[75],"uses":[77],"secondary":[78],"data":[79],"audited":[81],"statements":[83],"decrees":[86],"Ministry":[89],"Environment":[91],"Forestry;":[93],"purposive":[94],"sampling":[95],"yielded":[96],"119":[100],"firm-year":[101],"observations.":[102],"proxied":[106],"by":[107,113,121,131],"score,":[110],"size":[112,195,221],"natural":[115],"logarithm":[116],"total":[118],"assets,":[119],"debt":[123],"equity":[125],"ratio":[126],"(DER),":[127],"return":[132],"assets":[134],"(ROA).":[135],"After":[136],"Chow":[137],"Hausman":[139],"tests,":[140],"a":[141,171],"fixed":[143],"effect":[144],"panel":[145],"regression":[146],"year":[148,215],"effects":[149],"was":[150],"estimated":[151],"in":[152,166],"R":[153],"firm-clustered":[155],"standard":[156],"errors":[157],"wild":[159],"cluster":[160],"bootstrap":[161,189],"p-values.":[162],"Each":[163],"one-unit":[164],"increase":[165],"DER":[167],"3.223":[172],"percentage-point":[173],"lower":[174],"ROA":[175],"(p":[176,186,199],"<":[177,212],"0.001).":[178,213],"coefficient":[181],"positive":[183],"but":[184],"weak":[185],"=":[187,191,200,209],"0.113;":[188],"p":[190,211],"0.071),":[192],"not":[197],"significant":[198,207],"0.208);":[201],"jointly,":[202],"three":[204],"variables":[205],"(F":[208],"11.733;":[210],"Without":[214],"effects,":[216],"become":[222],"significant,":[223],"indicating":[224],"that":[225],"2021\u20132022":[227],"boom":[229],"partly":[230],"drives":[231],"their":[232],"apparent":[233],"association":[234],"ROA.":[236],"Leverage":[237],"most":[239],"stably":[240],"profitability,":[243],"whereas":[244],"link":[247],"requires":[248],"caution":[249]},"counts_by_year":[],"updated_date":"2026-11-05T12:25:35.769452","created_date":"2026-11-04T00:00:00"}