In the contemporary landscape, ESG (environmental, social, and governance) performance has emerged as a pivotal concern for capital market investors. Despite its prominence, the ongoing debate in the literature regarding the value relevance of ESG underscores the need for empirical insights. This study addresses this gap by investigating the moderating role of ESG disclosure quality in shaping the relationship between earnings, annual changes in earnings, and stock returns. Drawing on a dataset comprising 254 firm-year ESG reports in Indonesia from 2017 to 2022 and employing panel data regression, the research unveils compelling results. It demonstrates that high-quality ESG disclosure not only reinforces the impact of earnings and annual changes in earnings on stock returns but also signifies a lower risk of future sustainability and long-term growth. These findings substantiate the idea that robust integration of sustainability principles in business practices contributes significantly to the creation of shareholder value. Importantly, this research carries profound implications for Indonesian companies, emphasizing the critical role of ESG disclosure in fostering sustainable business practices and enhancing shareholder value in the evolving landscape of capital markets.

This study constitutes a novel concept that provides a complete analysis of the holding business at an Islamic-based school (Pesantren) and the halal value chain. The halal value chain provides a standard for sharia-compliant production, distribution, or consumption activities. This case study was based in Pesantren Al-Rifa’ie, addressed in Malang East Java Indonesia. This study collected data through interviews, contract data, SOP, financial statements, BMT reports, and observation. The data were analyzed using the heuristic case study. The results showed that the holding business at Pesantren Al-Rifa'ie was in the form of a cooperative since it combines business units. The cooperative has funding, financing, and BMT activities. BMT is profit-oriented through establishing business units. Business units supporting the halal value chain were husbandry, bus rentals, and One Pesantren One Product (OPOP) starting from the input, process, and output. This research strengthens the New Institutional Theory and provides insight into the need for technical requirements to establish the company holding in Pesantren.

The purpose of this study is to compile financial reporting about Indonesia's MSMES Las Kopi Malang. This study is important since MSMEs contribute significantly to Indonesia's food and beverage industry despite poor financial management. This study uses a qualitative case study method, utilizing observation, documentation, and interviewing methods to gather data. Technical and source triangulation were the two triangulation methods used in this investigation. Data reduction, data display, and conclusion are all steps in data analysis. The study's findings demonstrate that Las Kopi use the Pawoon application to track sales transactions. This application's purpose is to solely display the sales; it does not prepare financial reports under SAK EMKM. To create financial reports, researchers go through four stages: identifying opening balances, transactions, accounting procedures, and financial report creation.

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