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Green Financing and Energy Innovation Driving Firm Performance in Southeast Asian Energy Firms

Aptisi Transactions on Technopreneurship (ATT) · Vol. 9 No. 1 (2026) · hlm. 103–120

DOI
10.34306/att.v9i1.994
ISSN
2656-8888, 2655-8807
Terbit
2026-11-03
Penerbit
Pandawan
Bahasa
en
Lisensi
creativecommons.org/licenses/by/4.0

Abstrak

This research investigates the impact of sustainability initiatives and financial variables on Return on Assets (ROA) in Southeast Asian energy companies. The study analyzes the relationships between Renewable Energy Investment (REITI), Carbon Emission Disclosure (TCED), Fiscal Incentives for Renewable Energy Investment (FIREI), Green Financing (GFTF), and Green Energy Market Demand Growth (GEMDG), alongside financial variables like Debt-to-Equity Ratio (DER) and Dividend Payout Ratio (DPR). Using regression analysis, the research finds that REITI negatively affects ROA, while TCED positively correlates with it. Surprisingly, FIREI is negatively associated with ROA, suggesting market distortions or a focus on long-term investments. GFTF and GEMDG do not exhibit significant direct effects on ROA, and DER consistently shows a negative impact on ROA with a nuanced moderating role. DPR, however, lacks significant influence on ROA. These findings highlight the complex dynamics between sustainability efforts and financial performance, emphasizing the need for strategic financial management and careful evaluation of policy instruments to align long-term sustainability goals with financial outcomes.

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  • Universitas Raharja
  • Satya Wacana Christian University
  • Indonesia Open University
  • Universitas Catur Insan Cendekia Cirebon
  • State University of Semarang
  • Universitas Airlangga
  • Universitas Banten Jaya
  • Organisasi lain
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  • Organisasi sama
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Tampilkan sebagai tabel
Rekan penulisOrganisasiArtikel bersama
Qurotul AiniUniversitas Raharja20
Ninda LutfianiUniversitas Raharja12
Danny ManonggaSatya Wacana Christian University7
Irwan SembiringSatya Wacana Christian University7
Alfiah KhoirunisaUniversitas Raharja4
Nuke Puji Lestari SantosoUniversitas Raharja4
Po Abas SunaryaUniversitas Raharja4
Sucihatiningsih Dian Wisika PrajantiState University of Semarang4
Fitra Putri OgandaUniversitas Raharja3
Dwi ApriliasariUniversitas Raharja3
Sutarto WijonoSatya Wacana Christian University3
Shofiyul MillahUniversitas Raharja3
Fauzul AdzimState University of Semarang3
Hersugondo HersugondoDiponegoro University3
Chandra LukitaUniversitas Catur Insan Cendekia Cirebon2
Eka Purnama HarahapUniversitas Raharja2
Sudaryono SudaryonoUniversitas Banten Jaya2
Desy AprianiUniversitas Raharja2
Nur AzizahUniversitas Raharja2
Mohamad RakhmansyahUniversitas Raharja2
Ihsan Nuril HikamUniversitas Raharja2
Agung RizkyUniversitas Raharja2
Adam FaturahmanUniversitas Raharja2
Natasya Aprila YusufUniversitas Raharja2
Umi NarimawatiUniversitas Komputer Indonesia2
Joko SiswantoPoliteknik Keselamatan Transportasi Jalan2
Hindriyanto Dwi PurnomoSatya Wacana Christian University2
Indri HandayaniUniversitas Raharja1
Sudaryono SudaryonoUniversitas Gadjah Mada1
Firman HanafiUniversitas Raharja1
Suwandi SuwandiUniversitas Catur Insan Cendekia Cirebon1
Chairun NasUniversitas Catur Insan Cendekia Cirebon1
Rochmawati RochmawatiUniversitas Raharja1
Eko SediyonoSatya Wacana Christian University1
Sri Yulianto Joko PrasetyoSatya Wacana Christian University1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://att.aptisi.or.id/index.php/att/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Green Financing and Energy Innovation Driving Firm Performance in Southeast Asian Energy Firms</dc:title>
	<dc:creator xml:lang="en">Lestari, Etty Puji</dc:creator>
	<dc:creator xml:lang="en">Rahardja, Untung</dc:creator>
	<dc:creator xml:lang="en">Sunaryo, Deni</dc:creator>
	<dc:creator xml:lang="en">Handoyo, Rossanto Dwi</dc:creator>
	<dc:creator xml:lang="en">Lase, Sepandil Laras</dc:creator>
	<dc:subject xml:lang="en">Carbon Emission Disclosure</dc:subject>
	<dc:subject xml:lang="en">Debt to Equity Ratio</dc:subject>
	<dc:subject xml:lang="en">Fiscal Incentives</dc:subject>
	<dc:subject xml:lang="en">Renewable Energy Investment</dc:subject>
	<dc:subject xml:lang="en">Return on Assets</dc:subject>
	<dc:description xml:lang="en">This research investigates the impact of sustainability initiatives and financial variables on Return on Assets (ROA) in Southeast Asian energy companies. The study analyzes the relationships between Renewable Energy Investment (REITI), Carbon Emission Disclosure (TCED), Fiscal Incentives for Renewable Energy Investment (FIREI), Green Financing (GFTF), and Green Energy Market Demand Growth (GEMDG), alongside financial variables like Debt-to-Equity Ratio (DER) and Dividend Payout Ratio (DPR). Using regression analysis, the research finds that REITI negatively affects ROA, while TCED positively correlates with it. Surprisingly, FIREI is negatively associated with ROA, suggesting market distortions or a focus on long-term investments. GFTF and GEMDG do not exhibit significant direct effects on ROA, and DER consistently shows a negative impact on ROA with a nuanced moderating role. DPR, however, lacks significant influence on ROA. These findings highlight the complex dynamics between sustainability efforts and financial performance, emphasizing the need for strategic financial management and careful evaluation of policy instruments to align long-term sustainability goals with financial outcomes.</dc:description>
	<dc:publisher xml:lang="en">Pandawan</dc:publisher>
	<dc:date>2026-11-03</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://att.aptisi.or.id/index.php/att/article/view/994</dc:identifier>
	<dc:identifier>10.34306/att.v9i1.994</dc:identifier>
	<dc:source xml:lang="en">Aptisi Transactions on Technopreneurship (ATT); Vol. 9 No. 1 (2027): March; 103-120</dc:source>
	<dc:source xml:lang="id">Aptisi Transactions On Technopreneurship (ATT); Vol 9 No 1 (2027): March; 103-120</dc:source>
	<dc:source>2656-8888</dc:source>
	<dc:source>2655-8807</dc:source>
	<dc:source>10.34306/att.v9i1</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://att.aptisi.or.id/index.php/att/article/view/994/580</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Etty Puji Lestari, Untung Rahardja, Deni Sunaryo, Rossanto Dwi Handoyo, Sepandil Laras Lase</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>