This study is motivated by the growing importance of Environmental, Social, and Governance (ESG) in global investment decision-making and the increasing inconsistency among ESG rating agencies. This study aims to examine the impact of ESG rating divergence on market dynamics and corporate performance while identifying the key factors underlying such discrepancies. This study employs a Systematic Literature Review (SLR) method using the PRISMA framework to ensure transparency and reproducibility in the study selection process. Data were collected from major academic databases and analyzed qualitatively to identify patterns, trends, and inconsistencies across empirical findings. The findings indicate that ESG rating divergence increases information asymmetry, leading to higher stock price volatility and reduced market liquidity. Furthermore, divergence weakens investor confidence and diminishes the reliability of ESG signals in explaining corporate financial performance. The impact on corporate outcomes is reflected in increased financing constraints, which reduce firm productivity and value, although divergence may generate a risk premium under certain conditions. This study concludes that ESG rating divergence has significant implications for market efficiency and corporate performance, highlighting the need for improved transparency and standardization in ESG assessment practices.
A. Gau, Rio Dhani Laksana· The International Conference...· 0 citations
This article examines how Enterprise Risk Management (ERM), Good Corporate Governance (GCG), and Environmental, Social, and Governance (ESG) disclosure shape corporate financial performance an increasingly pressing concern given growing demands for transparency, governance quality, and sustainability in today's business environment. The study seeks to understand how the joint application of these three governance mechanisms affects firm financial outcomes, particularly across emerging economies. To this end, a literature review was conducted on nine peer-reviewed articles published between 2018 and 2026, drawn from a diverse range of contexts including Indonesia, Malaysia, Vietnam, the ASEAN-5 region, Iran, Ghana, the United Kingdom, and the Nordic countries. The synthesis of these sources suggests that ERM consistently has a positive and significant effect on financial performance and firm value. GCG mechanisms, especially audit committee expertise, board size, and foreign ownership also contribute meaningfully to financial performance, although their effectiveness varies across institutional settings. ESG disclosure emerges as more than a direct determinant of firm value; it also serves as a moderator that strengthens the positive influence of ERM on corporate outcomes. Based on these findings, this study recommends that companies integrate ERM, GCG, and ESG simultaneously to enhance both financial performance and long-term organizational resilience.
Baskara Adi Prasatya, Rio Dhani Laksana· The International Conference...· 0 citations
This study examines the effect of cultural attractions on tourist satisfaction and its subsequent impact on tourist loyalty. It also investigates differences between first-time and repeat visitors using a multi-group analysis approach. Data were collected from tourists visiting Malioboro, Yogyakarta, Indonesia, using a self-administered questionnaire and a convenience sampling technique. The study employs Partial Least Squares Structural Equation Modeling (PLS-SEM), along with Measurement Invariance of Composite Models (MICOM) and Multi-Group Analysis (MGA). The results reveal that cultural attractions significantly influence tourist satisfaction, which in turn strongly affects tourist loyalty. However, other destination attributes, such as general attractions, heritage attractions, and supporting facilities, do not show significant effects on satisfaction. Furthermore, the findings indicate significant differences between first-time and repeat visitors in the relationship between satisfaction and loyalty. This study contributes to the cultural tourism literature by highlighting the critical role of cultural attractions in enhancing visitor satisfaction and encouraging revisit intentions. The results also provide managerial implications for destination managers in developing effective cultural tourism strategies.
Rio Dhani Laksana, Intan Shaferi, Juni Supriyanto· Proceedings of the Internati...· 0 citations
