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The objective of this study is to assess the level of corporate governance (CG) compliance and identify determinants of high compliance in Indonesian publicly listed corporations including family and nonfamily firms. The country uses a voluntary disclosure approach to enforce its regulations; thus, it is important to identify the factors affecting compliance.

Employing a logistic regression model, this paper analyzes the CG index of high-compliance vs. poor-compliance companies and emphasizes factors that contribute to better governance compliance. The CG index of high-compliant firms is almost twice as high as that of low-compliant firms.

The study explores factors that contribute to high CG in an emerging market like Indonesian corporations. The study's findings indicate that family-owned businesses predominate in the low-compliance group. High-compliance firms are older and larger with higher financial performance, free float and leverage, as well as a positive influence of the founder's great leadership. The results support theoretical arguments that concentrated ownership and excessive majority shareholder control are key factors in determining the likelihood of good governance practices by firms. Hence, the market and regulators should devise effective strategies to encourage and reward high compliance.

The findings of the research offer several implications for the academic community and policymakers. Improving CG at the firm level is a viable goal, even though the agenda to reform minority investor protection laws and increase judicial quality is challenging and may take a long time to show significant results. Moreover, this study has some limitations that could be addressed in future research. The study focuses on a single-country setting, Indonesia. There are cultural aspects and governance settings that may be unique in the Indonesian context, which may limit the applicability of the findings to other countries with their own cultural settings and institutional legal framework.

The study investigates the factors that influence high governance compliance in specific CG regulations designed for the emerging Indonesian market. The study also discovers evidence that the crisis period has a favorable impact on the firm's decision to comply with governance provisions.

The study aims to construct a cross-firm corporate governance index to predict firm performance. The index consists of 15 governance elements from a large sample of the Indonesian firms covering the period from 2003 to 2013.

This study presents robust results as the findings are tested by applying the generalized method of moments (GMM) estimator to eliminate endogeneity problems and unobservable heterogeneity posed by the relationship between performance and firm-level governance practices.

The results indicate that the corporate governance index is associated with enhanced corporate financial performance. Likewise, the findings reported under the pooled ordinary least squares and GMM also indicate corporate governance sub-indexes (elements), which have significant effects on performance: whistleblower mechanism, audit quality, board of director size and blockholders.

In the emerging market context, this study supports the notion that active and self-regulated governance practices are appreciated by the market and, in the end, can have a positive impact on financial performance. The analysis adds to the empirical literature by providing insights into how governance provisions are being actively implemented in the micro level. With regard to weak governance practices, this study is consistent with previous studies, according to which, firms have the opportunity to use corporate governance as a way of differentiating themselves from other players in countries with poorly regulated investor protection and institutional settings.

This study makes a positive contribution, as it looks at the impact of Indonesia’s corporate governance compliance on the basis of a set of 15 unique governance provisions, including the findings of the positive influence of corporate governance in family business.

Studies on sustainable finance examine how it is interrelated with economic, social, governance and environmental issues. Using financial data on publicly traded firms in Indonesia, this study aims to explore the interplay between the cost of capital, firm performance and the COVID-19 pandemic.

This study uses firm-level data sets of publicly listed firms from 2012 to 2021. The regression analysis reported in the study includes the Driscoll–Kraay estimator, propensity score matching model and fixed-effects regression.

The study revealed three significant findings. First, on average, non-environmental, social and governance (ESG) companies’ cost of capital is lower than that of ESG firms. Second, ROE in ESG enterprises is significantly impacted by capital costs. Third, the cost of capital has a negative impact on the market value (Tobin’s q) of non-ESG firms. The study specifically shows that after accounting for the pandemic, ESG firms did not benefit during the troubled COVID-19 crisis after controlling for the pandemic dummy years of 2020 and 2021. These results indicate that the adoption of green or sustainable finance is still in its infancy and that the sector requires more time to establish an enabling environment.

This study benefits from capital structure and ESG theories. It supports the argument that the debt utilization ratio is still relevant to a company’s value because it affects its financial performance. Moreover, adopting ESG principles helps businesses survive crises. Thus, the analysis confirms the superiority of ESG-based firms.

This study draws two conclusions. First, the results could be a reference for academics and practitioners to understand the effect of pandemic-related crises on a firm’s capital structure and performance. In terms of survival during a crisis, such as the COVID-19 pandemic, this study demonstrates how firms with strong ESG may perform differently than those without ESG. Second, this study supports the need for an empirical study and examination of the development of sustainable finance in the country while considering setbacks.

The results should be of interest to policymakers who focus on the ESG market and academics conducting ESG-related research on emerging markets.

This study contributes to the literature by establishing empirical evidence on the relationship between the cost of capital and firm performance of ESG- and non-ESG-rated enterprises in the Indonesian setting while controlling for the impact of the pandemic.

This study aims to evaluate the impact of Law No. 11 of 2018 on Islamic Financial Institutions in Aceh, Indonesia. It also aims to understand the balance between the economic rights of individuals under Shariah law and the broader concept of God’s rights, as interpreted by this legislation. In addition, the research argues that the implementation of Law No. 11 of 2018 is untimely, with a focus on examining its influence on the cumulative abnormal return (CAR) of Shariah banks and its slight contribution to the direct economic impact.

This study adopts a mixed-methods approach that integrates qualitative and quantitative analyses. The qualitative aspect uses a black-letter law approach for legislative scrutiny, whereas the quantitative aspect assesses economic indicators and firm performance using an event study analysis. The study also includes a two-tailed assessment to test hypotheses related to the law’s direct impact on institutional performance.

The study reveals that Law No. 11 of 2018 had minimal impact on national-scale corporate performance and a notable increase in poverty indices in Aceh, indicating a potential misalignment between the law’s intention and its economic consequences. The results also show the law’s ineffectiveness in significantly influencing the CAR of Islamic banks, highlighting a clash of norms and a lack of substantial economic substance in the implementation of Shariah compliance.

This research is geographically and legally focused on Aceh, Indonesia, with a short-term analysis that may not fully capture the long-term impacts. It primarily considers the stock price performance of specific institutions for quantitative analysis and identifies potential clashes and disharmony-in-law implementation from a qualitative perspective.

The findings suggest the need for legal frameworks that better comply Shariah principles with economic realities. Regional governments should consider modifying policies to balance religious values and economic objectives.

This research highlights the importance of balancing religious obligations with economic rights, indicating that strict interpretations of religious law can lead to adverse socioeconomic effects.

This study is unique in its comprehensive analysis of the convergence between religious law and economic rights, offering insights into the challenges faced in implementing Shariah-based economic policies in diverse economies, such as Indonesia.

This paper aims to examine containership routing and speed optimization for maritime liner services. It focuses on a realistic case in which the transport demand, and consequently the collected revenue from the visited ports depend on the sailing speed.

The authors present an integer non-linear programming model for the containership routing and fleet sizing problem, in which the sailing speed of every leg, the ports to be included in the service and their sequence are optimized based on the net line's profit. The authors present a heuristic approach that is based on speed discretization and a genetic algorithm to solve the problem for large size instances. They present an application on a line provided by COSCO in 2017 between Asia and Europe.

The numerical results show that the proposed heuristic approach provides good quality solutions after a reasonable computation time. In addition, the demand sensitivity has a great impact on the selected route and therefore the profit function. Moreover, the more the demand is sensitive to the sailing speed, the higher the sailing speed value.

The vessel carrying capacity is not considered in an explicit way.

This paper focuses on an important aspect in liner shipping, i.e. demand sensitivity to sailing speed. It brings a novel approach that is important in a context in which sailing speed strategies and market volatility are to be considered together in network design. This perspective has not been addressed previously.

This paper aims to investigate low-income households in Indonesia with regard to their perspective on charity-giving and its comparison with acquiring debt behavior as their tendencies on taking and giving behaviors toward monetary form. The research framework is seen from the Islamic perspective.

Theory of social production function and theory of planned behavior are used as a theoretical framework. A total of 98.89% of the distributed questionnaires were collected and analyzed using structural equation modeling. Behavior of giving charity and acquiring debt are compared according to the given determinants.

Under the given Islamic framework, charity is found to be not confined to the donor’s wealth. It is rather centered on religiosity and faith. Subjective norm does not influence intention toward charity. Hence, it only depends on consideration and awareness of a person toward regular giving of charity. Unlike debt that is confined by a person’s wealth, the intention to take debt consecutively of low-income households are also affected by their attitudes, significant others and experiences.

Respondents are residents of six Indonesian territories that represent West, Middle and East Indonesia.

Findings are useful for social, as well as microfinance practitioners who are interested in the financial education on low-income households and study their perspective and behavior.

This paper indirectly contributes to changing the perspective of society about charity-giving, especially in philanthropy subject. This paper is also highly recommended for regulator’s input on financial education, as well as for practitioners, consultants and educators.

Charity basically can assist low-income households experiencing financial hardship, which may be the consequence of consecutive taking debt. Most of the studies on charity-giving focus on high-income households, likewise the debt behavior. Charity-giving in voluntary form is also not widely discussed in view of behavior, specifically in Asian countries like Indonesia.

This paper aims to problematize existing conceptualization of corruption by presenting alternative perspectives on corruption in Indonesia through the lens of national/cultural identity, amidst claims of the pervasiveness of corruption in the country. In so doing, the paper also sheds light on the micro-processes of interactions between global and local discourses in postcolonial settings.

The study applies discourse analysis, involving in-depth interviews with 40 informants from the business sector, government institutions and anti-corruption agencies.

The findings suggest that corruption helps government function, preserves livelihoods of the marginalized segments of societies and maintains social obligations/relations. These alternative meanings of corruption persist despite often seen as less legitimate due to effects of colonial powers.

The snowballing method of recruiting informants is one of the limitations of this paper, which may decrease the potential diversity and lead to the silencing of different stories (Schwartz-Shea and Yanow, 2013). Researchers need to contextualize corruption and study its varied meanings to reveal its social, historical and political dimensions.

This paper strongly suggests that we need to move beyond rationalist accounts to capture the varied meanings of corruption which may be useful to explain the limited results of existing anti-corruption efforts.

This study calls for a greater use of qualitative methods to study broad social change programs such as anti-corruption from the perspective of the insiders.

This paper contributes to the discussion of agency at the interplay between the dominant and alternative discourses in postcolonial settings. Moreover, the alternative meanings of corruption embedded in constructions of national identity and care ethics discussed in this paper offer as a starting point for decolonizing (Westwood, 2006) anti-corruption theory and practice.