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All Journal International Journal of Economic Integration and Regional Competitiveness
Wiwit Hariyanto
Muhammadiyah University of Sidoarjo, Indonesia

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BUSINESS RISK, DIVIDEND POLICY, CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE: A STUDY IN INDONESIAN PHARMACEUTICAL COMPANIES Nurasik; Endra Wahyu Ningdiyah; Wiwit Hariyanto
International Journal of Economic Integration and Regional Competitiveness Vol. 1 No. 10 (2024): Journals International Journal of Economic Integration and Regional Competitiv
Publisher : Antis Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61796/ijeirc.v1i10.275

Abstract

General Background: Financial performance is a key determinant of a company's success and sustainability, particularly in the pharmaceutical industry, which faces unique challenges such as regulatory requirements, innovation costs, and market competition. Specific Background: In Indonesia, the pharmaceutical sector has shown significant growth, but companies face risks related to business dynamics, financial decision-making, and investment strategies. Factors such as business risk, dividend policy, and capital structure are critical in shaping financial outcomes. Knowledge Gap: Despite extensive studies on financial performance determinants, limited research focuses on how these factors interact specifically within the Indonesian pharmaceutical context, particularly over recent years. Aims: This study aims to analyze the effects of business risk, dividend policy, and capital structure on financial performance in Indonesian pharmaceutical companies during the 2017–2023 period. Results: The findings reveal that business risk significantly impacts financial performance, highlighting the importance of risk management in operational and strategic planning. Similarly, dividend policy influences financial performance, underscoring the role of payout strategies in shareholder value creation. Capital structure also affects financial performance, indicating the critical balance required between debt and equity financing. Novelty: This research offers new insights into the interplay of these factors in the pharmaceutical sector, using a focused dataset of eight companies, and provides empirical evidence specific to the Indonesian market. Implications: The study suggests that pharmaceutical companies must adopt comprehensive financial management practices to mitigate risks, optimize capital structures, and design effective dividend policies. Policymakers and industry stakeholders can use these findings to develop frameworks that support sustainable growth in the pharmaceutical sector. Further research could expand on this foundation to explore other factors influencing financial performance across different industries and regions.
THE UTILIZATION OF BEHAVIORAL FINANCE MODELS IN ANALYZING INVESTMENT DECISIONS Bagas Adi Prayoga; Wiwit Hariyanto
International Journal of Economic Integration and Regional Competitiveness Vol. 2 No. 7 (2025): International Journal of Economic Integration and Regional Competitiveness
Publisher : Antis Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61796/ijeirc.v2i7.402

Abstract

Objective: This study analyzes the impact of student financial behavior on investment decisions using a Behavioral Finance model. Method: Data were collected through interviews and observations with a descriptive qualitative approach. Result: The findings show that financial behaviors, such as adherence to payment schedules, budgeting, and price comparison, significantly influence investment choices. Emotional and psychological factors, like status quo bias, risk aversion, and overconfidence, also affect decision-making, often leading to suboptimal outcomes. Interviews confirm that these factors frequently hinder rational choices. However, the study’s limitations include sample representation and generalizability. Novelty: This research contributes to understanding Behavioral Finance in investment decisions and highlights the need for better financial education, emphasizing how behavioral and psychological aspects shape students’ investment behaviors.
FINANCIAL DISTRESS IN TRANSPORTATION AND LOGISTIC COMPANIES IN INDONESIA : COMPARATIVE STUDY OF THE COVID-19 PANDEMIC CRISIS Eka Frema Hidayati; Wiwit Hariyanto
International Journal of Economic Integration and Regional Competitiveness Vol. 2 No. 9 (2025): International Journal of Economic Integration and Regional Competitiveness
Publisher : Antis Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61796/ijeirc.v2i9.412

Abstract

Objective: This study aims to analyze the differences in the level of financial distress among transportation and logistics sompanies in Indonesia between the periode during the pandemic Covid-19 (2020-2021) and after the pandemic Covid-19 (2022-2023). Method: The research sample consisted of 30 companies that met the criteria using purposive sampling techniques. The method use id a quantitative approach with descriptive statistical analysis, normality testing, and a mean difference test. Results: The result show that there is a significant difference between the two periods, with a significant value 0f 0,034 < 0,05. The average level of financial distress increased after the pandemic, accompanied by a decrease in standard deviation, indicating improvements and greater stability in the financial condition of companies post-pandemic. Novelty: These findings support signaling theory, in which changes in a company’s financial condition reflect positive or negative signals to the market and stakeholders.
Co-Authors Bagas Adi Prayoga Eka Frema Hidayati Endra Wahyu Ningdiyah Nurasik