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Abstrak :
ABSTRACT
The budget spending in the Regional Government Budget (APBD) is one of the indicators of the success of the regional development. DKI Jakarta Province APBD spending is seen to be sub optimal, with the average of 75.79% in the last 5 years (2012-2016), below the 95% target set out by the Minister of Finance. As such, a study is required to review why it happens and what factors need to be addressed to optimize the DKI Jakarta Province APBD spending. The previous study conducted to analyze the low spending in the Ministries/Institutions and Regional Government in general. This study is conducted to understand the sustainability of the budget spending and to identify the types of spending that might be the driver to optimize the DKI Jakarta Province APBD spending, enabling the province realized its development target and directly providing a desirable impact the public and the business world, increase their trust to the government and in turn will push the DKI Jakarta economic growth. This study uses Multidimensional Scaling (MDS) with a secondary data from The Regional Government Financial Report (LKPD) of DKI Jakarta Province for the year of 2012 to 2016 and the End of Term Accountability Report (LKPJ AMJ) of DKI Jakarta Province of the Year 2013 to 2017 (2016). The result of this study shows that the average DKI Jakarta Province APBD spending of the last five years (2012-2016) is 47.64 or fall under the category of less sustainable, whereas the spending items causing the unfavorable result are the social benefits, grants, land acquisitions and buildings and structures spending. As such, it is recommended that the DKI Jakarta Provincial Government establishes a more measurable policy on planning, budgeting and execution and to increase the competence of its apparatus.

Abstrak :
Penelitian ini bertujuan untuk menginvestigasi pengaruh ESG Combined Score dan Environmental Expenditure terhadap nilai pasar perusahaan. Jumlah perusahaan 122 dengan total 1220 observasi pada perusahaan publik di Asia Timur: Jepang, Korea Selatan, Taiwan, Hong Kong, dan Cina selama periode 2013-2022. Pengolahan data dilakukan dengan menggunakan pendekatan data panel. Hasil penelitian tidak menemukan bukti cukup bahwa pengungkapan ESG Combined Score berpengaruh terhadap nilai perusahaan yang diukur dengan Tobin’s Q. Temuan yang sama juga berlaku atas Environmental Expenditure. Dengan demikian, penelitian ini menyimpulkan bahwa baik pengungkapan skor ESG maupun Environmental Expenditure tidak direspon positif oleh investor di Asia Timur: Jepang, Korea Selatan, Taiwan, Hong Kong, dan Cina. ......This research aims to investigate the influence of ESG Combined Score and Environmental Expenditure on company market value. The number of companies is 122 with a total of 1220 observations on public companies in East Asia: Japan, South Korea, Taiwan, Hong Kong and China during the 2013-2022 period. Data processing was carried out using a panel data approach. The research results did not find sufficient evidence that ESG Combined Score disclosure had an effect on company value as measured by Tobin's Q. The same findings also apply to Environmental Expenditure. Thus, this research concludes that neither the disclosure of ESG nor Environmental Expenditure scores was responded positively by investors in East Asia: Japan, South Korea, Taiwan, Hong Kong and China.