Article Per Year (5 Year)
p-Index From 2021 - 2026
3.035
P-Index
This Author published in this journals
All Journal Journal of Management Review Syntax Literate: Jurnal Ilmiah Indonesia InPrime: Indonesian Journal Of Pure And Applied Mathematics Jurnal Ekonomi MATHunesa: Jurnal Ilmiah Matematika Jurnal Locus Penelitian dan Pengabdian Indonesian Capital Market Review The South East Asian Journal of Management Jurnal Indonesia Sosial Sains Eduvest - Journal of Universal Studies Image : Jurnal Riset Manajemen
Lenny Suardi
Department Of Management, Faculty Of Economics And Business, Universitas Indonesia
Aerospace Engineering Humanities Astronomy Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Environmental Science Health Professions Immunology & microbiology Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Neuroscience Physics Social Sciences Other

Published : 22 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 22 Documents
Search

 1   2   3 
Estimating Structural Models of Corporate Bond Prices in Indonesian Corporations Suardi, Lenny; Syamsudin, M.
The Indonesian Capital Market Review Vol. 2, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This paper applies the maximum likelihood (ML) approaches to implementing the structural model of corporate bond, as suggested by Li and Wong (2008), in Indonesian corporations. Two structural models, extended Merton and Longstaff & Schwartz (LS) models, are used in determining these prices, yields, yield spreads and probabilities of default. ML estimation is used to determine the volatility of irm value. Since irm value is unobserved variable, Duan (1994) suggested that the irst step of ML estimation is to derive the likelihood function for equity as the option on the irm value. The second step is to ind parameters such as the drift and volatility of irm value, that maximizing this function. The irm value itself is extracted by equating the pricing formula to the observed equity prices. Equity, total liabilities, bond prices data and the irm's parameters (irm value, volatility of irm value, and default barrier) are substituted to extended Merton and LS bond pricing formula in order to valuate the corporate bond.These models are implemented to a sample of 24 bond prices in Indonesian corporation during period of 2001-2005, based on criteria of Eom, Helwege and Huang (2004). The equity and bond prices data were obtained from Indonesia Stock Exchange for irms that issued equity and provided regular inancial statement within this period. The result shows that both models, in average, underestimate the bond prices and overestimate the yields and yield spread.
Catching the Behavior of Stock Market: Numerical Approach to Estimate the Catalytic Chemical Model Parameters Husodo, Zäafri Ananto; Suardi, Lenny; Setiati, Ririen; Hudiyono, Risca Fleureta
The Indonesian Capital Market Review Vol. 7, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This research proposes a numerical approach in estimating the trend of behavior of this market. This approach is applied to a model that is inspired by catalytic chemical model, in terms of differential equations, on four composite indices, New York Stock Exchange, Hong Kong Hang Seng, Straits Times Index, and Jakarta Stock Exchange, as suggested by Caetano and Yoneyama (2011). The approach is used to minimize the difference of estimated indices based on the model with respect to the actual data set. The result shows that the estimation is able to capture the trend of behavior in stock market well.
THE EFFECT OF CREDIT GROWTH ON CREDIT RISK AT REGIONAL DEVELOPMENT BANKS IN INDONESIA Vicia Dwiartha Rini; Lenny Suardi
Jurnal Ekonomi Vol. 12 No. 3 (2023): Jurnal Ekonomi, 2023, September
Publisher : SEAN Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Credit risk is an important indicator in determining the health of a bank. This study aims to investigate the impact of credit growth on credit risk in Regional Development Banks in Indonesia. This research uses panel data regression methods on 21 Regional Development Banks in Indonesia for the period from 2011 to 2021, with data sourced from the annual financial reports of each bank. The results of the data analysis show that credit growth significantly affects credit risk. This study can provide information on the impact of the phenomenon of credit growth on credit risk in Regional Development Banks in Indonesia, which becomes the basis of information and policy consideration in optimizing credit levels and the depiction of credit risk in Regional Development Banks.
Analisis Pengaruh Financial Distress Terhadap Berita Negatif Pada Perusahaan Asuransi di Indonesia Dadang Dwi Panjaya Permadi; Lenny Suardi
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v7i9.13979

Abstract

Perusahaan asuransi merupakan lembaga jasa keuangan yang berbasis kepercayaan, yang memiliki peran sebagai pelindung keuangan maupun berkontribusi terhadap perekonomian suatu negara. Dalam beberapa tahun terakhir, beberapa perusahaan asuransi di Indonesia menghadapi permasalahan karena gagal membayar klaim asuransi. Berita gagal bayar tersebut telah tersebar di berbagai media massa baik cetak maupun elektronik dan membuat banyak masyarakat memberikan stigma negatif terkait industri asuransi di Indonesia. Penelitian ini bertujuan untuk mengetahui pengaruh financial distress terhadap berita negatif pada perusahaan asuransi di Indonesia. Penelitian ini juga melakukan pengujian terhadap faktor lain yang berpotensi mempengaruhi berita negatif yaitu rasio likuiditas dan ukuran perusahaan. Metode analisis mengunakan uji regresi data panel dengan pendekatan Fix Effect Model. Penelitian menggunakan sample 120 perusahaan asuransi konvensional yang berizin di OJK per 31 Desember 2021. Penelitian menggunakan data selama 5 tahun (2017 – 2021). Variabel berita negatif diperoleh dengan menghitung jumlah berita negatif terkait perusahaan asuransi di 12 media online di Indonesia, sementara variabel financial distress diukur berdasarkan rasio kesehatan keuangan yang telah diatur oleh OJK yaitu solvabilitas (RBC), rasio kecukupan investasi, dan ekuitas. Hasil penelitian menunjukkan bahwa financial distress berpengaruh signifikan terhadap berita negatif. Rasio likuiditas dan ukuran perusahaan tidak berpengaruh signifikan terhadap berita negatif perusahaan asuransi.
Households Perceptions on Factors Affecting Resilience towards Natural Disasters in Indonesia Viverita, Viverita; Kusumastuti, Ratih Dyah; Husodo, Zaäfri Ananto; Suardi, Lenny; Danarsari, Dwi Nastiti
The South East Asian Journal of Management Vol. 8, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Most areas in Indonesia are prone to natural disasters. Learning the lessons from the Aceh Tsunami in 2004, areas with high risks of natural disasters are in the process of preparing themselves for such an unexpected event, by increasing their resilience. The objective of this study is to shed more lights on factors affecting the resilience from two sources namely, existing literatures and the application of disaster management in four disaster-prone areas in Indonesia -Padang, Sleman, Cilacap, and Palu. To enrich our analysis, we collect data from the field to compare the preparedness and to get insights on people’s perceptions towards the factors of resilience in those areas.We employ IDI and FGD to identify the factors of resilience and the preparedness in the areas investigated. Thereafter, a preliminary survey is conducted to identify people’s perceptions towards the aspects of resilience in the areas. Results from the survey conducted to 800 households in Padang and Cilacap indicates that from the social aspect, community’s value cohesiveness is one of important factor affecting their resilience towards natural disaster. In addition, since almost 85 percent of their income was spending to fulfill their daily basic needs such as foods, clothing, and housing. Therefore, when disaster occurred, they heavily relied on the help of debt or selling some of their assets, as well as used cash in hand as emergency funds. In general, respondents in all sample cities are able to re-start their economic activities as soon as two weeks after the event of disaster. In addition, the survey found that most of respondents were aware that the government has programs to educate people on the disaster mitigation.
Pengaruh Pengungkapan Enterprises Risk Management (ERM) Terhadap Profitabilitas Perusahaan Terbuka di Industri Keuangan Tahun 2021 Hakim, Fahmi; Suardi, Lenny
Journal of Management Review Vol 7, No 2 (2023)
Publisher : Magister Manajement Studies Program

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25157/jmr.v7i2.10655

Abstract

Penelitian ini bertujuan untuk mendapatkan bukti empiris pengaruh pengungkapan Enterprise Risk Management (ERM) terhadap profitabilitas perusahaan terbuka di industri keuangan. Populasi pada penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia pada industri keuangan tahun 2021. Data nonkeuangan yang terkait pengungkapan ERM diperoleh dari laporan tahunan menggunakan pendekatan content analysis, sedangkan data keuangan terkait ROA, diperoleh dari terminal Bloomberg. Selanjutnya pengujian hipotesis dilakukan dengan menggunakan analisis regresi linier. Hasil menunjukkan bahwa ditemukan pengaruh positif atas pengungkapan ERM terhadap profitabilitas.
Survival Analysis of Stroke Incidence in National Health Insurance Participants from 2015 – 2020 Ilmi, Irfan; Suardi, Lenny
InPrime: Indonesian Journal of Pure and Applied Mathematics Vol 7, No 2 (2025)
Publisher : Department of Mathematics, Faculty of Sciences and Technology, UIN Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/inprime.v7i2.49104

Abstract

This study aims to analyze the survival of stroke patients enrolled in the National Health Insurance (Jaminan Kesehatan Nasional, JKN) program and factors affecting it during the 2015–2020 period. Survival analysis was utilized using the Kaplan-Meier estimator and the Cox Proportional Hazards model. The dataset consisted of 12,773 stroke patients sampled from BPJS Kesehatan administrative records. The results indicate that since being registered as BPJS Kesehatan participants or from the baseline year 2015, stroke patients had an average survival time of 2,264 days, with a 95% confidence interval between 2,240 and 2,287 days. The Cox model revealed that patients aged 18–35, 36–50, 51–65, and >65 had Hazard Ratios (HR) of 1.30, 1.69, 2.47, and 3.52, respectively. Female patients exhibited a lower risk of death (HR = 0.81) than males. Employment segment effects were modest, and regional disparities were observed, with the Eastern region showing a higher risk (HR = 1.29). Comorbidities further increased hazards, with hypertension (HR = 1.70) and diabetes (HR = 2.17) significantly raising mortality risk. As one of the first large-scale survival analyses using JKN national data, this study offers novel evidence on key determinants of stroke outcomes in Indonesia. Its findings highlight critical risk factors and support more targeted, data-driven strategies for stroke prevention under universal health coverage.Keywords: Cox Proportional Hazard; Kaplan-Meier; National Health Insurance Agency; Stroke; Survival Analysis. AbstrakPenelitian ini bertujuan untuk menganalisis survival pasien stroke yang terdaftar dalam program Jaminan Kesehatan Nasional (JKN) dan faktor-faktor yang memengaruhinya selama periode 2015–2020. Metode yang digunakan adalah analisis survival dengan pendekatan Kaplan-Meier dan model Cox Proportional Hazards. Data yang dianalisis diambil dari sampel BPJS Kesehatan peserta JKN selama 2015–2020, yang berjumlah 12.773 pasien. Hasil penelitian menunjukkan bahwa sejak terdaftar sebagai peserta BPJS Kesehatan atau sejak tahun dasar 2015, pasien stroke memiliki waktu survival rata-rata 2.264 hari, dengan interval kepercayaan 95% antara 2.240 dan 2.287 hari. Model Cox mengungkapkan pasien berusia 18–35, 36–50, 51–65, dan >65 memiliki HR masing-masing sebesar 1,30, 1,69, 2,47, dan 3,52. Perempuan memiliki risiko lebih rendah (HR = 0,81) dibandingkan laki-laki. Efek pada segmen pekerjaan relatif kecil, dan disparitas regional teramati, dengan wilayah Timur menunjukkan risiko yang lebih tinggi (HR = 1,29). Komorbiditas semakin meningkatkan risiko, dengan hipertensi (HR = 1,70) dan diabetes (HR = 2,17) secara signifikan meningkatkan risiko mortalitas. Sebagai salah satu analisis survival skala besar pertama yang menggunakan data nasional JKN, studi ini menawarkan bukti baru tentang determinan utama luaran stroke di Indonesia. Temuannya menyoroti faktor risiko kritis dan mendukung strategi pencegahan stroke yang lebih terarah dan berbasis data dalam kerangka jaminan kesehatan semesta.Kata Kunci: Cox Proportional Hazard; Kaplan-Meier; Jaminan Kesehatan Nasional; Stroke; Analisis survival.  2020MSC: 91G05.
Analysis of Factors Affecting the Financial Health of General Insurance Companies and Life Insurance Companies in Indonesia for the Period of 2013 – 2021 Beaty, Zuly Puspita; Suardi, Lenny
Jurnal Locus Penelitian dan Pengabdian Vol. 4 No. 11 (2025): JURNAL LOCUS: Penelitian dan Pengabdian
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/locus.v4i11.5056

Abstract

Financial health is an important factor for insurance companies. This study aims to analyze the factors that affect the level of financial health of general insurance companies and life insurance companies in Indonesia. This study uses logistic regression analysis and survival analysis. The results of the analysis show that the return on assets has a negative influence on the non-fulfillment of the financial health of life insurance companies or the general public. Meanwhile, the claim ratio has a positive influence on the financial health of the insurance company. In life insurance companies, the placement of insurance in bond instruments or debt securities has a negative effect on the non-fulfillment of the financial health condition of the insurance company. The results obtained between logistics regression and survival analysis for life insurance companies are not much different. However, the results of the survival analysis produced for general insurance companies are biased. This study contributes to understanding insolvency risks in emerging-market insurance systems using dual-model analysis, offering practical implications for regulators and practitioners in developing economies with limited policyholder protection mechanisms.
IBNR Reserve Estimation Using Chain-Ladder and Bootstrap Chain-Ladder Methods Euodia Adriana Sinaga; Yogo Purwono; Lukman Hanif Arbi; Lenny Suardi
Image : Jurnal Riset Manajemen Vol. 13 No. 2 (2025): May 2025 - October 2025
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/image.2025.188

Abstract

The Incurred But Not Reported (IBNR) claims reserve is a crucial component in maintaining the financial stability of insurance companies. However, traditional deterministic approaches such as the Chain-Ladder method provide point estimates based on historical claim development patterns but do not capture the uncertainty inherent in future claim outcomes. As claim data often exhibit variability across development periods, stochastic approaches are required to quantify this uncertainty and improve the reliability of reserve estimates. Among various stochastic reserving methods, the bootstrap approach is particularly suitable due to its simplicity and direct compatibility with the traditional Chain-Ladder framework. However, empirical applications of bootstrap-based reserving methods in Indonesian motor vehicle insurance remain limited. This study addresses this gap by applying the Bootstrap Chain-Ladder method as a stochastic extension and comparing its performance with the conventional deterministic approach. Using semiannual motor vehicle claim data from PT Asuransi XYZ over the period 2019–2023, the deterministic Chain-Ladder method produced an IBNR estimate of Rp 40.17 billion, while the Bootstrap Chain-Ladder resulted in an estimate of Rp 40.94 billion, reflecting the incorporation of variability in the estimation process. Although the deterministic approach achieved slightly lower prediction errors, as measured by Mean Absolute Error (MAE) and Root Mean Squared Error (RMSE), the bootstrap method generated a more conservative estimate and provided additional insight into reserve uncertainty. These findings suggest that integrating stochastic elements into traditional reserving frameworks enhances financial prudence while maintaining practical applicability in the general insurance industry.
Identifying Risk-Free Asset Proxies in Companies Listed on the Indonesia Stock Exchange from 2017 to 2023 Using the Zero-Beta Capital Asset Pricing Model Ghazali, Fajri Alan, Mr.; Suardi, Lenny, Mrs.
The Indonesian Capital Market Review Vol. 18, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study evaluates Bank Indonesia Certificates (SBI), IndONIA, and gold as zero-beta proxies for Indonesian equities. Using daily returns for 213 firms listed on the Indonesia Stock Exchange (2017–2023) and the Jakarta Composite Index as the market return, we estimate firm-level zero-beta CAPMs and compute Wald statistics test to identify the appropriate risk- free asset proxy for each individual company; and firm-level outcomes are then aggregated under a Bernoulli/Binomial criterion with a 95% threshold. Empirical results show that gold satisfies the zero-beta condition for 207 of 213 firms (97.18%), whereas SBI and IndONIA satisfy it for five (2.35%) and six (2.82%) firms, respectively. The findings indicate that, despite nonzero variance, gold behaves as a zero-beta asset for Indonesian equities during 2017–2023; practitioners may consider gold as an alternative risk-free proxy in CAPM applications, while noting limitations related to daily data frequency, exchange-rate influences, and the need for robustness checks.
Co-Authors Agung Wicaksono Anindito Dwi Apriano Beaty, Zuly Puspita Dadang Dwi Panjaya Permadi Dhanawan Prasidya Soegondo Dwi Nastiti Danarsari Euodia Adriana Sinaga Ghazali, Fajri Alan, Mr. Hakim, Fahmi Ilmi, Irfan Irfan Ilmi Joshua Aditia Nugroho Lukman Hanif Arbi M. Syamsudin M. Syamsudin, M. Mariam Benazir Maulia Dita Agistia Muthaqin Dhamar Widhoro Jati Radifan Taufiqul Hafizh Ratih Dyah Kusumastuti Ririen Setiati Risca Fleureta Hudiyono Siska F Malau Siti Ayu Setia Nastiti Vicia Dwiartha Rini Viverita Yogo Purwono Zaafri Ananto Husodo Zaäfri Ananto Husodo