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All Journal International Journal of Business Studies Eduvest - Journal of Universal Studies
Lukman Hanif Arbi
Universitas Indonesia
Aerospace Engineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Health Professions Neuroscience Social Sciences

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Does Foreign Ownership Affect Firm Performance? The Moderating Role of Indonesia’s Omnibus Law Jungjungan Sitorus; Lukman Hanif Arbi
International Journal of Business Studies Vol. 10 No. 1 (2026): International Journal of Business Studies
Publisher : Sekolah Tinggi Manajemen IPMI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32924/ijbs.v10i1.409

Abstract

This study investigated the complex relationship between foreign ownership (FO) and firm performance, focusing on the moderating role of institutional reform in the context of Indonesia’s Omnibus Law (Job Creation Law). While prior literature suggests that foreign investors enhance performance, the impact may be conditional upon the host country's institutional quality. This research addressed this gap by analyzing different types of foreign investors (corporate and institutional) and their interaction with large-scale regulatory changes. Using a panel dataset of 147 Indonesian manufacturing firms listed on the IDX from 2018 to 2023, resulting in 882 firm-year observations, the study employed a two-way fixed effects regression model with clustered standard errors. The results indicated that overall FO, Foreign Corporate Ownership (FCO), and Foreign Institutional Ownership (FIO) did not have a significant direct impact on firm performance (ROA, ROE, and Tobin's Q). Crucially, the Omnibus Law generally failed to strengthen the FO-performance relationship. However, a significant specific finding emerged: the interaction between FIO and the Omnibus Law negatively and significantly affects Tobin's Q. This suggests that during the implementation and transition phase of major institutional reform, highly mobile foreign institutional investors became more cautious, leading the market to assign a lower valuation to FIO-held firms. The findings support Institutional Theory, emphasizing that the effectiveness of FO in enhancing corporate performance is critically dependent on the stability and maturity of the supporting institutional.
The Effect of Performance on Reinsurance Decisions of Indonesian General Insurance Companies: An Empirical Review of the Pandemic and Post Pandemic Period Helena Nadine Hapsari; Lukman Hanif Arbi
Eduvest - Journal of Universal Studies Vol. 6 No. 8 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i8.53195

Abstract

This research aims to analyze the effect of ROE on REINS of general insurance companies in Indonesia, comparing the pandemic period (2020–2022) and the post-pandemic period (2023–2024). Using panel data from 50 companies over the 2020–2024 period (250 observations), this study employs three empirical models: Model 1 (2SLS two-way fixed effect with insurance leverage as instrument), Model 2 (OLS one-way fixed effect with contemporaneous ROE), and Model 3 (OLS one-way fixed effect with a one-period lag of ROE). Estimation results show that in Model 1 and Model 2, ROE has no significant effect on REINS. In Model 3, the lag of ROE has a positive coefficient (0.01967) and is significant at the 10% level (p = 0.074), which does not support the underinvestment hypothesis. Financial leverage consistently shows a positive effect, while premium growth consistently shows a negative effect. Comparative period analysis reveals that during the pandemic, the lag of ROE is not significant, whereas in the post-pandemic period, the lag of ROE becomes positive (0.199) and significant (p = 0.009). The Chow test yields a p-value of 0.05758, significant at the 10% level. Model 3 is selected as the main model as it better reflects the real-world decision-making process. This study concludes that the effect of ROE on REINS in Indonesia differs from previous findings, and that the relationship pattern changed after the pandemic. These findings have implications for insurance company management and regulators in formulating reinsurance strategies based on past performance, leverage, and premium growth.
The Effect of Multinational Status and Industry Cyclicality on Corporate Leverage: A Study of Consumer Companies on the Indonesian Stock Exchange David Tampi; Lukman Hanif Arbi
Eduvest - Journal of Universal Studies Vol. 6 No. 8 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i8.53201

Abstract

This research aims to analyze the effect of multinational status and industry cyclicality on the leverage of consumer companies listed on the Indonesia Stock Exchange. Multinational status is proxied by Foreign Sales to Total Sales (FSTS) and Foreign Assets to Total Assets (FATA), while leverage is measured using LEV and LOGDER. This study used quarterly panel data of consumer cyclical and consumer non-cyclical companies during the 2020–2024 period. The analysis method used is two-way fixed effect panel regression with firm fixed effects, time fixed effects, and clustered standard errors at the firm level. The results show that FATA has a positive and significant effect on leverage, while FSTS does not have a significant effect. This indicates that multinationalism reflected through foreign assets is more relevant in explaining corporate financing decisions than foreign sales. In addition, ROA and current ratio have a negative effect on leverage, while growth asset has a positive effect on leverage. Additional analysis shows that FSTS lagged from one to four quarters does not have a significant effect, and the effect of FATA is more evident among consumer non-cyclical companies. This study concludes that leverage decisions among consumer companies in Indonesia are influenced by international involvement, profitability, liquidity, and asset growth.
Co-Authors David Tampi Helena Nadine Hapsari Jungjungan Sitorus