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KETERKAITAN MANAGERIAL OWNERSHIP DAN LEVERAGE TERHADAP NILAI PERUSAHAAN: DALAM KONTEK HUBUNGAN KEAGENAN PERUSAHAAN DI INDONESIA Ekadjaja, Margarita; Rorlen, Rorlen; Setiawan, Fanny Andriani; Nuringsih, Kartika
Jurnal Muara Ilmu Ekonomi dan Bisnis Vol 5, No 1 (2021): Jurnal Muara Ilmu Ekonomi dan Bisnis
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmieb.v5i1.10859

Manajemen dan nilai perusahaan memiliki keterkaitan yang tidak dapat dipisahkan. Dimana manajemen perusahaan merupakan penggerak roda perusahaan dan berorientasi pada nilai perusahaan. Peran seorang manajer adalah memaksimalkan kekayaan bagi pemegang saham. Namun, manajer yang tidak memiliki kepemilikan saham yang signifikan di perusahaan dapat memilih untuk memaksimalkan keuntungan bersih mereka sendiri dengan mengorbankan pemilik perusahaan. Akibatnya, pemilik terpaksa mengeluarkan biaya agensi untuk memastikan bahwa manajemen perusahaan bertindak dengan cara yang tepat. Cara untuk mengurangi biaya agensi adalah memaksa perusahaan untuk meningkatkan hutang. Tujuan penelitian adalah menguji hubungan simultan pertukaran antara ownership, leverage, dan nilai perusahaan sehubungan dengan keagenan pada perusahaan manufaktur di Indonesia dari tahun 2012-2018. Penelitian ini menambah pemahaman mengenai keterkaitan antara ownership dengan leverage, dan nilai perusahaan. Analisis data untuk argumen tentang keterkaitan simultan antara ownership, leverage, dan nilai perusahaan melalui data panel regresi berganda 2 SLS (Two Stage Least Square). Bidang penelitian ini diperluas dengan mempertimbangkan model empiris di mana ownership dan leverage masing-masing diperlakukan sebagai variabel endogen atau ditentukan bersama. Dalam metode 2 SLS ada 2 kali variabel yang diobservasi secara simultan untuk menghindari bayes sehingga variabel tersebut tidak bias, di mana variabel managerial ownership dan Leverage merupakan determinan non linier nilai perusahaan sebagai bagian integral dari pengambilan keputusan perusahaan dalam kerangka keagenan. Persamaan Regresi hasil uji 2SLS memunjukkan keterkaitan nilai perusahaan dengan managerial ownership dan leverage. Hasil menunjukkan interaksi positif tidak signifikan antara managerial ownerhip dengan nilai perusahaan, interaksi positif signifikan antara nilai perusahaan dengan leverage, dan interaksi yang negatif signifkan antara managerial ownership dengan leverage. Management and corporate value have an inseparable relationship. Where the company management is the driving force of the company and oriented to corporate values. The role of a manager is to maximize wealth of shareholders. However, managers who do not have a significant share in the company may choose to maximize their own net profits at the expense of the company owners. As a result, the owners are forced to incur agency costs to ensure that company management acts in an appropriate manner. The way to reduce agency costs is to force the company to increase debt. The research objective is to examine the exchange simultaneous relationship between ownership, leverage, and corporate value with respect to agency in manufacturing companies in Indonesia from 2012-2018. This study adds to the understanding of the relationship between ownership and leverage, and corporate value. Data analysis for arguments about the simultaneous relationship between ownership, leverage, and firm value through 2 SLS (Two Stage Least Square) multiple regression panel data. This field of research is extended by considering empirical models in which ownership and leverage are treated as endogenous or co-determined variables, respectively. Ownership and Leverage as an integral part of corporate decision making within an agency framework, which in turn will affect the value of the company. In the SLS 2 method, there are 2 variables that are observed simultaneously to avoid bayes so that the variable is not biased, in which the managerial ownership and leverage variables are nonlinear determinant corporate value as an integral part of corporate decision making within the agency framework, which in turn will affect firm value. The 2SLS regression equation results show the relationship between firm value and managerial ownership and leverage. The results prove that there is a positive interaction between managerial ownership between firm value, a significant positive interaction between firm value and leverage, and a significant negative interaction between managerial ownership and leverage.

KOINTEGRASI BURSA EFEK INDONESIA DENGAN BURSA EFEK AMERIKA SERIKAT, JEPANG, HONGKONG, DAN MALAYSIA Setyawan, Ignatius Roni; Rorlen, Rorlen; Ekadjaja, Margarita
Jurnal Muara Ilmu Ekonomi dan Bisnis Vol 5, No 2 (2021): Jurnal Muara Ilmu Ekonomi dan Bisnis
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmieb.v5i2.11838

Penelitian ini bertujuan untuk menganalisis kointegrasi bursa efek di negara Amerika Serikat, Jepang, Hongkong, Malaysia, dan Indonesia dari tahun 2008-2020 dengan menggunakan model Vector Autoregressive Model. Penelitian ini dilakukan pada rentang waktu selama 156 bulan, di mana data yang diamati pasca krisis global di dunia (2008-2014) dan saat kemajuan ekonomi Cina yang berdampak pada perang dagang dengan USA (2014-2020). Berdasarkan hasil olah data dengan menggunakan aplikasi eviews 9.0 ditemukan adanya kointegrasi antara bursa efek di negara Amerika Serikat, Jepang, Hongkong, Malaysia, dan Indonesia yang diproksikan indeks DJIA, Hang Seng, Nikkei, KLCI, dan IHSG pada tahun 2008-2020. Hasil uji Vector Error Correction Model menunjukkan tidak adanya kausalitas jangka pendek antara pergerakan indeks Dow Jones, Nikkei, Hang Seng, KLCI, dan IHSG. Hasil uji impulse response menggambarkan impact dari perubahan pada indeks Dow Jones, Hang Seng, Nikkei, dan KLCI terhadap IHSG bersifat jangka panjang untuk kembali ke posisi setara dengan perlahan (slow response).Indeks DJIA yang menguat dipercaya dapat memberikan pengaruh positif bagi saham di Indonesia. Sehingga naik atau turunnya indeks DJIA akan diikuti pula naik atau turunnya IHSG. Implikasi dari penelitian ini adalah terkointegrasinya indeks bursa efek negara di Amerika Serikat, Jepang, Hongkong, Malaysia, dan Indonesia memberikan prediksi bagi investor terhadap fluktuasi indeks saham yang akan terjadi. This research is an empirical study regarding the cointegration of stock exchanges in US, Japan, Hongkong, Malaysia, and Indonesiafrom 2008-2020 using the Vector Autoregressive Model. This research was conducted over a period of 156 months, where data was observed after the global crisis in the world (2008-2014) and when Hongkong's economic progress had an impact on the trade war with the USA (2014-2020). Based on the results of data processing using the eviews 9.0 application, it was found that there was a cointegration between stock exchanges in the United States, Japan, Hongkong, Malaysia, and Indonesia, which were proxied by the DJIA, Hang Seng, Nikkei, KLCI, and IHSG indexes in 2008-2020. The results of the Vector Error Correction Model test show that there is no short-term causality between the movements of the Dow Jones, Nikkei, Hang Seng, KLCI, and Indonesia Composite index. The impulse response test results illustrate the long-term impact of changes in the Dow Jones, Hang Seng, Nikkei, and KLCI indices on the Indonesia Composite Index to return to an equivalent position slowly (slow response). The stronger DJIA index is believed to have a positive impact on stocks in Indonesia. So that the increase or decrease in the DJIA index will also be followed by an increase or decrease in the Indonesia Composite index. The implication of this research is the cointegration of stock exchange indexes in United States, Japan, Hongkong, Malaysia, and Indonesia can help investors to predict the fluctuation indexes.

Assessing Future Purchase Intentions in E-Commerce: An Empirical Study on Digital Consumers Rorlen, Rorlen; Ekadjaja, Margarita; Tjandra Bravo, Christiandinata
International Journal of Management Science and Information Technology Vol. 5 No. 2 (2025): July - December 2025
Publisher : Lembaga Otonom Lembaga Informasi dan Riset Indonesia (KITA INFO dan RISET)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/ijmsit.v5i2.4736

The purpose of this study is to investigate the determinants of consumers' intention to make online purchases. With the advent of digitalization, consumer shopping behaviour has been altered and this trend has started to affect their decisions to buy products online. Purchase intention is a measure of the likelihood of making purchase decision after exposure to digital media. User experience, platform trust, quality of service, and the weight of promotions and offers should all be weighted in this decision. Moreover, the effect of social media and their content quality also influences the customer loyalty and repurchase intention. The method in this paper uses a quantitative method approach by employing the PLS-SEM (Partial Least Squares Structural Equation Modeling) which uses SmartPLS. 14 Analysis of Results The results indicate that IBS exert significant influence on ABS as well as it does on FPI. In addition, CBF and IQS also affect purchase intention in the future mediated by IBS. Such results also indicate a need to increase consumer involvement when using e-commerce platform, particularly with social media to enrich consumers' relationships and increase sales conversions.

Assessing Future Purchase Intentions in E-Commerce: An Empirical Study on Digital Consumers Rorlen, Rorlen; Ekadjaja, Margarita; Tjandra Bravo, Christiandinata
International Journal of Management Science and Information Technology Vol. 5 No. 2 (2025): July - December 2025
Publisher : Lembaga Otonom Lembaga Informasi dan Riset Indonesia (KITA INFO dan RISET)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/ijmsit.v5i2.4736

The purpose of this study is to investigate the determinants of consumers' intention to make online purchases. With the advent of digitalization, consumer shopping behaviour has been altered and this trend has started to affect their decisions to buy products online. Purchase intention is a measure of the likelihood of making purchase decision after exposure to digital media. User experience, platform trust, quality of service, and the weight of promotions and offers should all be weighted in this decision. Moreover, the effect of social media and their content quality also influences the customer loyalty and repurchase intention. The method in this paper uses a quantitative method approach by employing the PLS-SEM (Partial Least Squares Structural Equation Modeling) which uses SmartPLS. 14 Analysis of Results The results indicate that IBS exert significant influence on ABS as well as it does on FPI. In addition, CBF and IQS also affect purchase intention in the future mediated by IBS. Such results also indicate a need to increase consumer involvement when using e-commerce platform, particularly with social media to enrich consumers' relationships and increase sales conversions.

THE INFLUENCE OF ENTREPRENEURIAL ORIENTATION, WORK-LIFE BALANCE, AND CAREER CHOICE ON THE ENTREPRENEURIAL INTENTION OF GENERATION Y Ie, Mei; Rorlen, Rorlen; Buana, Salsabila Ayunda Martsa; Gunawan, Ferdyanto
International Journal of Application on Economics and Business Vol. 3 No. 3 (2025): Agustus 2025
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v3i3.1269-1276

Entrepreneurial intentions in Generation Y are influenced by various factors that reflect their preferences and life orientation. Entrepreneurial orientation will form a proactive mindset and dare to take risks. Work-life balance is also an important consideration for Generation Y who crave flexibility and balance between their personal and work lives. Meanwhile, career choice determines the direction of an individual's decision in choosing the career that best suits their aspirations, including the tendency to become an entrepreneur. Therefore, these three factors are seen as interrelated in influencing the entrepreneurial intention of Generation Y. The purpose of this research is to enrich the literature related to the variables of entrepreneurial orientation, work life balance, and career choice on the entrepreneurial intention of Generation Y. The sample amounted to 100 employee respondents in the age range of generation Y.

Financial Statement Fraud Detection: The Hexagon Fraud Model Approach Yulianti, Yulianti; Sari, Ratna Novita; Santoso, Aprih; Ekdjaja, Margarita; Rorlen, Rorlen
Atestasi : Jurnal Ilmiah Akuntansi Vol. 7 No. 1 (2024): March
Publisher : Pusat Penerbitan dan Publikasi Ilmiah, FEB, Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/atestasi.v7i1.856

The purpose of this study is to examine the likelihood of financial statement fraud using the fraud hexagon model, including pressure (financial stability), opportunity (ineffective monitoring), rationalization (auditor change), capability (director change), arrogance (frequent CEO pictures), and conspiracy (connection with government projects) on financial statement fraud. The sample of this study is manufacturing companies listed on the Indonesian Stock Exchange from 2019 to 2021, with a total of 73 companies. The data was processed using SPSS 22 software. The results of this study indicate that financial stability has a positive effect on financial statement fraud. However, ineffective monitoring, change of auditor, change of directors, frequent number of CEO pictures, and connection with government projects do not affect financial statement fraud.

THE EFFECT OF WORKING CAPITAL MANAGEMENT ON COMPANY FINANCIAL PERFORMANCE Rorlen, Rorlen; Siswanto, Halim Putera; Ekadjaja, Margarita; Krisnaputra, Ariel
International Journal of Application on Economics and Business Vol. 1 No. 2 (2023): May 2023
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v1i2.557-565

The purpose of this study is to determine the effect of the company's efforts to manage working capital in improving the company financial performance. One way to operate the company's working capital properly, is by implementing the cash conversion cycle. Cash conversion cycle is a cycle of cash flow in the company which is measured by using the ratios of the Average Collection Period, Inventory Turnover, and Average Payment Period, and indirectly has an influence on the profitability of the company. The research subjects are retail companies listed on Indonesia Stock Exchange (IDX) between 2017-2020. Using double regression analysis with the EViews application, the result was obtained that the Average Collection Period (ACP) has a positive but not significant effect on financial performance. Different results were obtained from the variables of Average Payment Period (APP) and Inventory Collection Period (ICP), in which each of them has a significant and negative effect on financial performance of the company.

Investment Strategies for Strengthening the Organizational Knowledge System in Industrial Business Entities Ekadjaja, Margarita; Rorlen, Rorlen
International Journal of Management Science and Information Technology Vol. 5 No. 2 (2025): July - December 2025
Publisher : Lembaga Otonom Lembaga Informasi dan Riset Indonesia (KITA INFO dan RISET)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/ijmsit.v5i2.5917

Companies in the industrial sector can continue to advance on the challenging path of innovation and trade competitiveness in this era of knowledge management. This study aims to discuss effective investment strategies that will be implemented in building organizational knowledge systems in Indonesian industrial commercial entities. This study uses literature analysis and secondary data focusing primarily on three critical areas: innovation and research, employee education and training, and Information and Communication Technology (ICT). The Organizational Knowledge Index is used as a measure of the effectiveness of Miami's knowledge system, over the period 2019-2024. The findings indicate that investment in R&D and innovation has the greatest impact on strengthening communicative organizational knowledge systems. This covers 47.2% of the total, with ICT in second place at 32.5%, followed by staff training at 20.3%. Less dichotomous are companies that find a balance between the three investment items. Their operational efficiency, ability to innovate, and competitiveness are seen to improve significantly. The results also show that when technology investment and human resource capacity development are combined, this plays a significant role in strengthening organizational knowledge systems. This study offers empirical evidence for designing investment strategies tailored to knowledge management objectives.

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