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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Keuangan dan Perbankan Kinerja Jurnal Widya Manajemen & Akuntansi JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) International Research Journal of Business Studies (E-Journal) JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Abdimas Umtas : Jurnal Pengabdian kepada Masyarakat Business and Finance Journal Ekonis : Jurnal Ekonomi dan Bisnis Jurnal Bisnis dan Akuntansi MABIS: Manajemen dan Bisnis International Journal of Economics, Business and Accounting Research (IJEBAR) Revitalisasi : Jurnal Ilmu Manajemen Review of Management and Entrepreneurship Jurnal Manajemen Jurnal Performa : Jurnal Manajemen dan Start-up Bisnis Jurnal Ilmiah Manajemen Kesatuan Budimas : Jurnal Pengabdian Masyarakat Jurnal Riset Manajemen dan Bisnis BIP'S : Jurnal Bisnis Perspektif Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) International Journal of Review Management Business and Entrepreneurship International Research Journal of Business Studies

Christian Herdinata

Universitas Ciputra

Author-ID : 1238560

Religion Agriculture, Biological Sciences & Forestry Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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KEBANGKRUTAN VERSUS RESTRUKTURISASI: EVALUASI DAN PREDIKSI KELANGSUNGAN HIDUP PERUSAHAAN PASCA KRISIS KEUANGAN 1997 Kaaro, Hermeindito
KINERJA Vol 8, No 1 (2004): Kinerja
Publisher : Faculty of Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v8i1.805

The purposes of this study are to evaluate the persistence in healthy firms during financial crisis periods, to predict healthy firms based on some relevant variables, and to evaluate the effectiveness of the change of company strategic attributes to cope with the financial distress, and to avoid firms bankruptcy in the future. This study provides a methodology that useful to evaluate and predict firm performance. This study uses statistical and qualitative approaches in order to get comprehensive conclusion whether non-healthy firms can increase their performance or not.Twelve selected variables are employed to predict the healthy firms from one through four periods (from 1994 through 1999) before the events (from 1998 through 2000). Seven strategic attributes are identified during the crisis periods to evaluate the change of firm performance. Four major research findings can be summarized as follows. First, there is persistence in the firm performance. The non-healthy firms underperform healthy firms and they also persistently have the worst performance in one and two next years. Second, two business risk proxies, sales stability and standard deviation of return on investment, are consistently significant in predictingthe healthy firms. The effect of investment opportunity, leverage (financial risk), and liquidity in predicting the healthy firms is relatively moderate from one through four years before the event years. While other variables including dividend policy, earning stability, and assets structure are less consistent to predict the healthy firms due to the bias of multicolinearity effects. This study also finds that using univariate t-test, most variables of the two sub-samples (healthy versus nonhealthy firms) are significantly different for all periods, except 1994. Third, the results of predictionmodels are robust. The models provide highly accurate results in matching the classifications of actual observations and the prediction results, range from 86,8% through 100%. Fourth, four strategic attributes, the change of director boards, the composition change of capital ownerships, strategic alliances, and acquisitions, are effective to increase the firm performance. However, surprise that debt restructuring is less powerful to cope with the firm financial distress during three year periods of analysis.Keywords: healthy firm, debt restructuring, corporate strategy, business and financial risks

Control Mechanism And Value Of Firm: Empirical Evidence From Indonesia Capital Market Hermeindito Hermeindito, Christian Herdinata, Eduardus Tandelilin,
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 6, No 1 (2013): April-July 2013
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (173.979 KB)

This research discusses about the roles of institutional ownership and leverage as control mechanism over agency conflict and how it affects corporate performance. Agency conflict is a result of expropriation via tunneling on asset utilization. This study uses panel data with a sample of 136 companies in Indonesia between 2001-2012.Simultaneous model testing using Three Stage Least Square estimation technique is also used in this study. Results suggest that institutional ownership and leverage have a non-linear effect on asset utilization. Institutional owner-ship can be used as a control mechanism at higher levels of owner ship.However, when the ownership surpasses certain level, institutional owners will be able to conduct expropriation through tunneling. Low-level leverage will result in expropriation through tunneling by institutional owners. On the other hand, higher level of leverage makes it possible to use leverage as control mechanism.This study also sug-gests that there is a substitutional correlation between the implementation of control mechanism and leverage. This research also proves that the effect of control mechanism on asset utilization will improve corporate performance. This research does not specifically investigate the proportions of institutional ownership and leverage as borderline threshold which shows that the two variables can be used as control mechanism.It also implies that the control mechanism over agency conflict which happens as a result of expropriation through tunneling can be done using institutional ownership and leverage. Institutional ownership and leverage must, in this case, be conducted properly to-wards asset utilization so that it can improve corporate performance.This research provides evidence and solutions for agency conflicts that happen as a result of expropriation through tunneling. This study also contributes to the agency theory testing model by using simultaneous equation and considering non-linear testing method.DOI :Â https://doi.org/10.21632/irjbs.6.1.45-62Keywords: Institutional Ownership, Leverage, Asset Utilization, Corporate Performance, Tunneling

Asset Utilization and Company Performance Herdinata, Christian
Jurnal Bisnis dan Keuangan Vol 4 No 1 (2019): Business and Finance Journal
Publisher : UNUSA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v4i1.1091

This study examines the expropriation that occurs in asset utilization due to tunneling. This study aims to examine the effect of asset utilization on company performance. This study used a sample of 130 companies in Indonesia to examine the effect of asset utilization on company performance. This research uses simultaneous equation model with Three-Stage Least Square tech- nique. The results showed that asset utilization has a positive and significant effect on company performance. The result of the research shows that asset utilization which is managed and well controlled has influence to improve company performance.

PENGARUH REGULASI DAN KOLABORASI TERHADAP LITERASI KEUANGAN DALAM UPAYA PENERAPAN FINANCIAL TECHNOLOGY PADA USAHA KECIL DAN MENENGAH Herdinata, Christian; Kohardinata, Cliff
Jurnal Bisnis dan Keuangan Vol 4 No 2 (2019): Business and Finance Journal
Publisher : UNUSA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v4i2.1358

Financial Technology (Fintech) telah memberikan akses kepada banyak pihak yang tidak memiliki rekening bank untuk masuk ke sektor usaha formal. Penerapan Fintech terbukti mampu membuka akses yang lebih besar terhadap layanan jasa keuangan formal, mendorong pertumbuhan ekonomi, serta pembangunan inklusif dan berkelanjutan. Untuk mendukung penerapan Fintech di Indonesia, maka tujuan penelitian ini adalah mengetahui pengaruh regulasi dan kolaborasi terhadap literasi keuangan pada usaha kecil dan menengah di Jawa Timur - Indonesia. Penelitian ini dilakukan melalui pendekatan kuantitatif dengan menggunakan teknik analisis regresi berganda. Hasil dari penelitian ini yaitu regulasi dan kolaborasi berpengaruh signifikan terhadap literasi keuangan. Maka dari itu, penelitian ini dapat membantu banyak pihak yaitu pemerintah, pengusaha, dan konsumen dalam memberikan pemahaman secara lengkap dan menyeluruh berkaitan dengan literasi keuangan pada usaha kecil dan menengah berkaitan penerapan financial technology.

REAKSI PASAR TERHADAP PENGUMUMAN EMPLOYEE STOCK OWNERSHIP PROGRAM Herdinata, Christian
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : UNIVERSITY OF MERDEKA MALANG

In Indonesia, the increasing of Employee Stock Ownership Program (ESOP) was relative known new, so itneeded any evidence for the market reaction in Indonesia stock exchange. From the latest problem, the purposeof this research was to know how the market reaction for the announcement of ESOP in Indonesia StockExchange. Samples on this research were the companies which were listed in BEI that had announced ESOP forperiod January 1st, 2000 December 31st, 2010. Analysis technique on hypotesis test related with marketreaction for ESOP announcement was done by event study to calculate abnormal return. Research resultshowed that market tended to ignore ESOP announcement. And it meant that ESOP announcement was notconsidered as a signaling, which gave a good information for the investor in Indonesia to achieve profit.

Analisis Pengaruh Kebijakan Deviden serta Leverage terhadap Keputusan Pendanaan Joko, Fx Agus; Ka'aro, Hermeindito
Jurnal Widya Manajemen & Akuntansi Vol 2, No 1 (2002)
Publisher : Fakutas Ekonomi Unika Widya Mandala Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (3465.216 KB)

This research examines and extents Kaaro' study (2001) that founded that there are significant relationships between leverage and dividend in high uncertainty conditions, but the association is disappear if business risk included in the model. This paper attempts to conduct Kaaro' study by including period analysis both in less uncertainty conditions and in high uncertainty conditions. Other attributes of pecking order theory also included in this study. This study supports Kaaro findings that there are significant associations between dividend and leverage in high uncertainty condition if business risk ignored. However, this study also finds that there are no strong relationship between dividend and leverage in less uncertainty condition even though the business risk variable is not included in the model. Other attributes that considered in this study partially support pecking order theory.

Analisis Pengaruh Rasio-rasio Operasi dan Keuangan Tertimbang serta Rasio Persaingan Industri terhadap Kinerja Perusahaan: Studi Empiris Perspektif Internal dan Perspektif Eksternal Organisasi Ka'aro, Hermeindito
Jurnal Widya Manajemen & Akuntansi Vol 1, No 1 (2001)
Publisher : Fakutas Ekonomi Unika Widya Mandala Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2916.573 KB)

This research investigates operating and financial weighted ratios and competitive ratios influencing the three elements of company performance, return on assets, net income growth, and market share. The sample is go-public Indonesian manufacturing company. Data for this study are the financial ratios calculated from financial statements over nine year's period of 1990-1998. Canonical correlation analysis technique is used to examine the effect of some independent variables on three dependent variables simultaneously. Wilks' lambda test will be employed to test the significance of the relationship of them. Research finding show that; first, two of three canonical functions relationship have statistically significant; second, the inventory share and market share are the most importance variables which are contribute to the first functions; third, total assets to sales and return on assets are the most importance variables which are contribute to the second functions; forth, the power of independent variables influencing dependent variables is relatively moderate.

PREDIKSI KINERJA PERUSAHAAN BERBASIS INVESTMENT OPPORTUNITY SET DAN RASIO KEUANGAN TERTIMBANG HERMEINDITO KAARO
Jurnal Bisnis dan Akuntansi Vol 4 No 1 (2002): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

The purpose of this study is to investigates the usefulness of traditional and weighted financial ratios as presictors of return on assets. This study also employ financial decision and investment opportunity set in order to predict return on assets. The second objective is to identify the managerial behavior in order to maintain tradeoff between current and future company performance. Data for this study comparises of the financial ratios calculated from the financial statement of the go-public manufacture companies in Indonesia over the eight-year period 1990-1997. The data used in this study are pooled time series cross-section data for consecutive years 1990-1994 for the sample analysis and three consecutive years 1995-1997 for the holdout sample prediction. This research explores twenty-four ratios as proxies if traditional and weighted financial ratios, leverage ratio and investment opportunity set aspredictors of return on assets. Logit model (logistic regression) is used to this study and forward likelihood ratio selection procedure was used to determine set of ratios that should be included in the model. The research finding can be summarized as follow. First, seven ratios have statistically significant in order to predict return on assets. Those ratios are cost of good sold to inventories of the companies, equity to sales of the companies, fixed assets to sales of the companies, accumulated retained earning to total assets of the companies, total assets to sales of the companies, current liabilities to equity of the companies to industries ratio, and equity to sales of the companies to industries ratio. Two, the model has a stable and moderate power to predict return on assets to the next three years. Third, investment opportunity set is superior to predict return on assets than other predictors.

KEBIJAKAN PENDANAAN DAN DIVIDEN DENGAN PENDEKATAN INVESTMENT OPPORTUNITY SET Christian Herdinata
Jurnal Keuangan dan Perbankan Vol 13, No 2 (2009): May 2009
Publisher : University of Merdeka Malang

This research aimed to identify policy difference of debt and dividend policy amongcompanies having potency high and low growth with approach of investment opportunity setin Indonesia Stock Exchange (BEI). To classify company growth, it was applied five proxiesInvestment Opportunity Set (IOS) that was market to book of asset ratio (MVE/BE), price earningratio (PER), value book of plant, property, and equipment to asset ratio ( PPE/BVA) and capitaladdition to book of asset ratio (CAP/BVA). The variables were analyzed using common factoranalysis. In identifying debt policy to apply proxy debt equity ratio and dividend policy, proxydividend yield was applied, then it was analyzed using difference test mean and test u mannwhitney. The empirical results showed that company having potency to grow high had higherdebt and lower dividend payment than companies having potency to grow low.

PENERAPAN METODE BOOTSTRAP FINANCING PADA USAHA KECIL DAN MENENGAH DI SURABAYA Tommy C. Efrata; Christian Herdinata
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Application of bootstrap financing methods had been very popular among small-scale entrepreneurs in Indonesia.This was because their access to capital was still very limited. Although bootstrap financing methodswere used by many entrepreneurs, the risk factors, timing, market share, education, age, and gender was not yetknown. This study aimed to determine whether there was an influence of risk, time, market share, education,age, and gender of the application of bootstrap financing methods. The sample in this study was small andmedium entrepreneurs in the city of Surabaya. The sampling method used was stratified random sampling.The analysis technique used was multiple regression. The results of this study showed that the risk factors,time, age, and gender affected significantly to the application of the bootstrap method significant financing,while the market share and education had no significant effect.

Co-Authors Adella Novita Candra AHMAD JUNAEDI Angela Grace Santosa Angelica Satryo Annabella Claudia Kurniadi Annabella Claudia Kurniadi Aria Ganna Henryanto Arviana, Vanessa Princessa Auditia Setiobudi Audrey Amadea Bramantyo, Paskalis Dio Christanty, Nanda Rika Christina Whidya Utami Cliff Kohardinata David Sukardi Kodrat Devi Rahnjen Wijayadne Eduardus Tandelilin Eric Harianto Erni Saputri Halim Erwin Setiawan Esfandiani Widyakin Farren Ardina Fitra Muhammad Fauzi Fransisca Desiana Pranatasari Gabriel Aprilia Gani, Ervina Abdul Gavrila Evania Prambudi Gunawan, Novita Cicilia Hana Chyntia Harijanto, Griffin Septian Hermeindito Joko, Fx Agus Kevin kevin Krismi Budi Sienatra Kusuma, Meidiahna Liestya Padmawidjaja Liliana Dewi Linda Setyawati Nusabika, Awdiqit Dwi Olasode, Tikristini Putri, Ayu Novianti Kresna Radiany, Ade Asria Rama Septriduta Surya Negara Retika, Steward Robert Gain Santosa, Angela Grace Sembiring, Murpin Sonata Christian Sudirman, Maya Paramitha Dewanty Susanto, Veronica Puspitasari Tommy Christian Efrata Tri Cahyono Trianggoro Wiradinata Yuli Kartika Dewi

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