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All Journal Jurnal Manajemen dan Agribisnis Jurnal Manajemen Terapan dan Keuangan Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Al-Muzara'ah Jurnal Tata Kelola dan Akuntabilitas Keuangan Negara Bina Hukum Lingkungan Jurnal Ilmiah Manajemen Kesatuan Jurnal Ekonomi Indonesia Indonesian Journal of Multidisciplinary Science Bina Hukum Lingkungan Jurnal Ekonomi dan Pembangunan Indonesia
Linda Karlina Sari
School Of Business, IPB University, Indonesia
Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Public Health Social Sciences Other

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Infrastructure-360: Analyzing the Performance of the Infrastructure Sector from Multiple Sides Helmi Adam; Noer Azam Achsani; Roy H.M. Sembel; Linda Karlina Sari
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 4 (2025): JIMKES Edisi Juli 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i4.3688

Abstract

The infrastructure sector serves as the backbone of national economic growth, with both state-owned enterprises (SOEs) and non-state-owned enterprises (Non-SOEs) playing strategic roles in public service delivery and investment. However, the Covid-19 pandemic has disrupted the sector's stability and performance, highlighting the need for a more comprehensive analysis of the internal and external factors influencing company performance across different periods. This study aims to examine the impact of corporate fundamentals, macroeconomic indicators, the Indonesia Composite Index (ICI), and Environmental, Social, and Governance (ESG) factors on the profitability and stock returns of SOEs and Non-SOEs in the infrastructure sector before, during, and after the Covid-19 pandemic. Using a descriptive quantitative approach and quarterly financial data from 2018 to 2023 for 42 companies, the study finds that SOEs demonstrate greater financial stability, while Non-SOEs exhibit higher operational adaptability. ESG-implementing firms generally report better profitability and healthier capital structures, albeit with higher volatility. These findings suggest the importance of enhancing operational efficiency, reinforcing ESG adoption, and maintaining sound financial structures to ensure business sustainability. Future studies are encouraged to explore qualitative aspects such as strategic innovation and governance transformation for more holistic insights.   Keywords: Infrastructure, SOEs, Non-SOEs, Company Performance, Covid-19 Pandemic
Dampak Spillover Antara Harga Komoditas dan Dinamika Pasar Keuangan: Spillover Effect Between Food Commodity Prices and Financial Market Dynamics Linda Karlina Sari; Agustina Widi Palupiningrum; Ani Nuraisyah
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 2 (2024): JABM, Vol. 10 No. 2, May 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.2.585

Abstract

Background: Interconnectedness among finacial and commodity prices beyond what can be explained by fundamentals, saw a significant rise from 2004 to 2008, reaching their highest point during the global financial crisis. The problem of this research addresses the increasing interdependence and volatility caused by financialization.Purpose: This study examines the complex spillover effects between financial markets and commodity prices from January 2021 to March 2024.Design/methodology/approach: This study employs two approaches: a qualitative approach through a systematic literature review (SLR) and a quantitative approach. Using data from major stock indices and key, we employed Vector Autoregressive (VAR) models to analyze the dynamics.Findings/Result: The study literature indicates a lack of research comprehensive analysis of the spillover effects between financial and commodity markets. Results indicate significant impacts of stock market shocks, particularly in the U.S., on energy prices, and the substantial influence of commodity market fluctuations on the Hong Kong stock market. Conclusion: These findings highlight the critical role of financial markets in driving commodity price volatility and emphasize the need for strategic portfolio diversification and robust risk management. Continuous monitoring and adaptive strategies are essential to mitigate cross-market impacts and ensure market stability, providing valuable insights for policymakers and market participants.Originality/value (State of the art): The value of this research lies in its focus on the recent period, its use of a mixed method approach, and its identification of specific impacts of market shocks on different instruments. Keywords: commodity prices, financial markets, spillover effect, systematic literature review, Vector Autoregressive model
The Influence of Motivation, Ability, and Opportunity (MAO) and Strategy on The Use of Auto-Debit in Paying JKN Contributions Nunki Malahayati; Arif Imam Suroso; Linda Karlina Sari
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 2 (2026): JABM, Vol. 12 No. 2, May 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.2.423

Abstract

Background: As of August 31, 2025, 32,456,829 Indonesians have registered as PBPU participants, with 47.9% being inactive due to premium payment arrears, totaling IDR 20.1 trillion. The mandatory digitalization (auto-debit) of JKN premium payments for PBPU participants is a management strategy to maintain and increase participant activeness.Purpose: This research aims to analyze the actual behavior and characteristics of PBPU participants that influence their use of digitalization (auto-debit) using the Motivation, Ability, and Opportunity (MAO) theory. It also formulates alternative strategies as recommendations for organizational improvement in refining existing policies.Design/methodology/approach: This research was conducted from January to October 2024 with 300 respondents. The respondents' answers were processed using descriptive analysis, top two boxes and bottom two boxes, crosstabulation, PLS-SEM, and priority/performance matrix.Findings/Results: The results show that the benefits of auto-debit for PBPU participant activeness have the strongest influence on motivation, knowledge about paying mandatory auto-debit premiums has the strongest influence on ability, and knowing information about mandatory auto-debit payments has the strongest influence on opportunity. Meanwhile, the intention to continue using auto-debit has the strongest influence on auto-debit usage.Conclusion: The results indicate that Mandatory auto-debit for JKN premium payments has not been effective in maintaining and increasing PBPU participant activeness. Therefore, management needs to improve educational information provision on auto-debit usage to enhance literacy skills and refine policies that impose sanctions to increase compliance among PBPU participants.Originality/value (State of the art): A systematic, structured, massive, and sustainable JKN campaign program and education effort can be an effective strategy to increase PBPU participants' knowledge and literacy about JKN participation administration, including mandatory auto-debit payments, to enhance participant activeness. Keywords:  PBPU participants, auto-debit, strongest influence, JKN premium, digitalization
Do Geopolitical Shocks Shape Sectoral Stock Performance? Evidence from Indonesia’s Emerging Market Anggi Mayang Sari; Linda Karlina Sari; Tanti Novianti
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 2 (2026): JABM, Vol. 12 No. 2, May 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.2.624

Abstract

Background: Geopolitical shocks have emerged as a significant determinant of market volatility and abnormal returns, particularly in emerging markets such as Indonesia. Sectoral indices in the Indonesia Stock Exchange (IDX) respond differently to domestic and global political events, reflecting varying levels of exposure and resilience.Purpose: This study aims to examine how major geopolitical events affect sectoral stock performance in Indonesia, providing empirical insights for understanding market sensitivity and formulating central bank policy responses.Design/methodology/approach: Using the event study methodology and the Market Adjusted Model (MAM), this research analyzes abnormal returns (AR) and cumulative abnormal returns (CAR) for ten sectoral indices on the IDX from 2018 to 2025. Seven geopolitical events are observed, including Indonesia’s presidential election, the U.S. presidential inauguration, and bilateral trade negotiations between Indonesia and the U.S. A 120-day estimation window and three event windows (±2, ±5, and ±10 days) are applied to capture short-term market reactions.Findings/Result: The findings reveal that the finance, healthcare, and basic materials sectors experienced statistically significant abnormal returns, particularly within the ±10-day window, indicating higher exposure to policy-related uncertainty and global sentiment shifts. The technology sector showed notable fluctuations but lacked statistical significance. In contrast, non-cyclical and cyclical sectors demonstrated muted responses, suggesting their defensive market nature.Conclusion: The results highlight that sectoral responses to geopolitical shocks are asymmetric across industries. These variations underscore the importance of developing more granular and sector-specific financial stability measures. Central bank communication, stress testing with geopolitical risk parameters, and coordination with fiscal authorities are essential to mitigating systemic risks.Originality/value (State of the art): This study extends the limited literature on geopolitical-financial linkages in Southeast Asian emerging markets by offering a sectoral perspective. It provides actionable policy insights for central banks in managing financial stability under rising geopolitical uncertainty. Keywords:   abnormal return, behavioral finance, emerging markets, event study, geopolitical risk
DETERMINAN DINAMIS STRUKTUR MODAL DAN PERAN PENGAWASAN KEPEMILIKAN INSTITUSIONAL: BUKTI PANEL DINAMIS DARI EMITEN PERKEBUNAN KELAPA SAWIT INDONESIA Iqbal, Nadim Muhammad; Siregar, Hermanto; Sari, Linda Karlina
Jurnal Manajemen Terapan dan Keuangan Vol. 15 No. 03 (2026): Jurnal Manajemen Terapan dan Keuangan (On Proses)
Publisher : Program Studi Manajemen Pemerintahan dan Keuangan Daerah Fakultas Ekonomi dan Bisnis Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/jmk.v15i03.59285

Abstract

Abstrak Penelitian ini menganalisis determinan struktur modal serta peran kepemilikan institusional pada perusahaan perkebunan kelapa sawit yang terdaftar di Bursa Efek Indonesia periode 2017–2024. Kajian struktur modal pada sektor ini umumnya menggunakan estimator statis yang mengabaikan persistensi leverage dan endogenitas profitabilitas. Penelitian ini menutup celah tersebut melalui estimasi empat spesifikasi panel dinamis two-step difference Generalized Method of Moments atas sebelas perusahaan dengan 88 observasi panel seimbang dan 66 observasi efektif. Struktur modal diproksikan dengan Debt to Equity Ratio (DER) dan logaritma naturalnya, profitabilitas diukur menggunakan Return on Assets (ROA) dan Return on Equity (ROE) pada model terpisah, sedangkan kepemilikan institusional diuji sebagai determinan langsung sekaligus sebagai moderator. Hasil estimasi menunjukkan bahwa struktur modal perusahaan perkebunan kelapa sawit di Indonesia dipengaruhi secara konsisten oleh profitabilitas pertumbuhan perusahaan, dan kepemilikan institusional. Temuan ini mendukung Pecking Order Theory dan monitoring hypothesis, sekaligus menunjukkan bahwa kepemilikan institusional berfungsi sebagai determinan langsung dan bukan sebagai pengubah sensitivitas profitabilitas terhadap keputusan utang. Penelitian ini menunjukkan bahwa struktur modal perusahaan perkebunan kelapa sawit perlu dibangun berdasarkan kekuatan fundamental perusahaan. Produktivitas aset menjadi sumber utama peningkatan kapasitas pendanaan internal, sedangkan utang digunakan secara selektif untuk mendukung pertumbuhan dan investasi produktif. Kata kunci: kepemilikan institusional; panel dinamis GMM; pecking order theory; perkebunan kelapa sawit; struktur modal
Co-Authors Abdullah, Asaduddin Achsani, Noer Azham Agustina Widi Palupiningrum‬ Ahmad Heri Firdaus Anggi Mayang Sari Anggi Mayang Sari Ani Nuraisyah Arif Imam Suroso Asnaedi, Asnaedi Bagus Sartono Bustanul Arifin Devi Nurmalasari Dominicus Savio Priyarsono Drajat Martianto Dwi Afriyanti, Erlisa Anggraini Erliza Noor GUSTARI, IRVANDI Harianto Harianto Helmi Adam Herawati, Rafidah Hermanto Siregar Iqbal, Nadim Muhammad Joyo Winoto, Joyo Lukytawati Anggraeni M. Rafi Nunki Malahayati Rafif, Kevin Roy H.M. Sembel Salsa Dilla Tanti Novianti Tolegenov, Bakyt Zenal Asikin