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Analisis Pengaruh Struktur Kepemilikan Keluarga terhadap Kinerja Perusahaan: Studi Empiris pada Perusahaan Non Keuangan Terdaftar di Bursa Efek Indonesia Periode 2009-2014 Eva Septiana; Zuliani Dalimunthe; Wasilah Wasilah
Jurnal Manajemen dan Usahawan Indonesia Vol 43, No 1 (2020): Jurnal Manajemen dan Usahawan Indonesia
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Indonesia

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Penelitian ini bertujuan untuk menganalisis bagaimana struktur kepemilikan perusahaan keluarga berpengaruh terhadap kinerja perusahaan. Kinerja perusahaan diukur menggunakan Tobin’s Q untuk dapat melihat bagaimana pasar merespon terhadap strategi dan kebijakan yang diambil oleh perusahaan keluarga. Penelitian ini mengambil sampel 147 perusahaan keluarga yang terdaftar di Bursa Efek Indonesia selama 2009-2014. Hasil penelitian ini menunjukkan bahwa perusahaan keluarga mempunyai kinerja yang signifikan lebih rendah dibandingkan perusahaan non keluarga, tetapi hubungan antara porsi kepemilikan saham oleh keluarga berbentuk kuadratik dimana terjadi pembalikan arah pada tingkat kepemilikan 76%. Penelitian ini juga menemukan bahwa kinerja perusahaan adalah lebih rendah ketika CEO perusahaan keluarga dikelola oleh generasi kedua dibandingkan ketika dikelola oleh generasi pertama.

Apakah Social Influence Mempengaruhi Intensi Meminjam melalui Peer to Peer Lending Melia Agustina; Zuliani Dalimunthe
Jurnal Manajemen dan Usahawan Indonesia Vol 43, No 2 (2020): Jurnal Manajemen dan Usahawan Indonesia
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Indonesia

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Penelitian ini bertujuan untuk menganalisis hubungan social influence dengan intensi meminjam melalui platform peer to peer (P2P) lending dengan menyertakan faktor trust kepada pengelola platform sebagai variabel moderasi. P2P lending merupakan bentuk teknologi finansial yang memfasilitasi transaksi peminjam (borrower) dan pemberi pinjaman (lender) secara online. Menurut technology acceptance model, salah satu komponen yang bisa mempengaruhi seseorang untuk mengadopsi teknologi baru adalah social influence, namun apakah social influence berhubungan terhadap intensi seseorang untuk melakukan peminjaman melalui platform P2P lending, khususnya di Indonesia, belum banyak dibahas. Penelitian ini menggunakan data primer menggunakan analisis regresi dengan bantuan software SPSS 20. Pengumpulan data berlangsung pada November-Desember 2018. Unitanalisis adalah individu yang memahami P2P lending sebanyak 102 responden. Penelitian ini menemukan bahwa social influence berpengaruh positif secara signifikan terhadap intensi seseorang untuk meminjam (intention to borrow) melalui P2P lending. Di sisi lain, faktor trust kepada pengelola platform terindikasi juga berpengaruh positif terhadap intensi, meskipun tidak dapat dikatakanberpengaruh positif secara signifikan. Hal yang perlu mendapat perhatian adalah bahwa terdapat indikasi bahwa faktor trust pada pengelola platform memperlemah hubungan social influence terhadap intensi meminjam melalui platform P2P lending tersebut.

The Probability of the Financing Sustainability of Micro-firms Supported by Islamic Social Fund Andi Hakim; Zuliani Dalimunthe
ETIKONOMI Vol 21, No 1 (2022)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v21i1.12316

This study aims to identify factors that influence financing sustainability, thereby determining the probability of attaining the subsequent financing from Islamic social funds. Islamic social funds provide funding for micro-firms using a financing scheme that differs from conventional financing terms. For the lower level, Islamic social funds usually offer a limited amount of no-cost financing called qard. In contrast, for more profitable micro-firms, Islamic social funds provide low-cost financing called murabahah. However, most micro-firms need financing in sustainable terms, either using a qard scheme or a murabahah scheme. We assume that only micro-firms showing business growth may generate higher financing using the murabahah scheme. We use data from 1,346 micro-firms. We found several factors that contribute significantly to a micro-firm having a higher chance of generating further funding, such as group-type financing, amount of funding (plafond), time to maturity, and demographic aspects such as age and number of dependents. However, we found that the initial contract scheme. How to Cite:Hakim, A. & Dalimunthe, Z. (2022). The Probability of Financing Sustainability of Micro firms Financially Supported by Islamic Social Fund. Etikonomi, 21(1), 127-138. https://doi.org/10.15408/etk.v21i1.12316.

CAN TRADITIONAL RETAILERS USE STRATEGY TO FIGHT AGAINST MODERN ATTACKS? Rachmadi Agus Triono; Zuliani Dalimunthe; Helman Arif
AFEBI Management and Business Review Vol 3, No 1 (2018)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Despite rapid growth in online type, the majority Indonesian retail market is offline shopping because of households disperse across thousand cities and islands. However, the threat comes from corporatized modern retailers. Typically, attacks from modern retailers in the form of franchised minimarkets endangered the existence of traditional retailers which generally are small sized and independently owned by individual or household. This research investigates how traditional retailers can deliver a strategic response to the presence of modern retailers, and to examine whether there are differences in performance among business entities that use different strategic responses. We also investigate if there are differences, which strategic response would give the best result in performance. Questionnaires were distributed to 109 respondents using convenience sampling. An ANOVA was done at respective types of retailers' buyers. There is no significant evidence that the strategic response developed by traditional retailers differed from one another. Furthermore, we found that the performance of traditional retailers are below modern retailers, except for those that belong to a higher tier of performance. Higher tier traditional retailers are the best strategic group in traditional retailers and their performance statistically could equate to the performance of modern retail. Keywords: Indonesian retail market, small-scale retailer strategy, strategic group, strategic response

Indonesian Stock’s Influencer Phenomenon: Did Financial Literacy on Millennial Age Reduce Herding Behavior? Ananda Chairunnisa; Zuliani Dalimunthe
Jurnal Akuntansi dan Keuangan Vol. 23 No. 2 (2021): NOVEMBER 2021
Publisher : Institute of Research and Community Outreach - Petra Christian University

In Indonesia's capital market, there was a phenomenon that famous influencers seem to lead to behavioral bias in the stock market. The stock price changed significantly after those stock influencers shared information or recommended certain stocks. This research examined how the stock influencer's credibility affected investors' investment in recommended stock. We collected data from 132 individual investors who participated in the research. We used a questionnaire with a 5-Likert scale. The result showed that an influencer's credibility had a significant influence on investors' herding behavior. However, there was no significant evidence that financial literacy matters in that relationship. Interestingly, we found there was no significant difference in herding behavior between millennial and non-millennial investors.

What Information Needed to Present in a Fundraising Campaign through Equity Crowdfunding Fajarini, Chika; Dalimunthe, Zuliani; Haikal, Shalahuddin
The Indonesian Capital Market Review Vol. 13, No. 2
Publisher : UI Scholars Hub

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This study aims to determine success factors on equity-based crowdfunding project fundraising in several countries in Asia. We evaluated three categories of factors: campaign characteristics, human capital factors, and social capital factors. We evaluate models using 201 project samples on various platforms from Indonesia, Malaysia, United Arab Emirates, Israel, and South Korea from January 2018 until December 2019. We used Ordinary Least Square (OLS) as the method of hypothesis testing. We found that the most critical variable in the campaign characteristics is the financial information provided. Meanwhile, unless the number of team members, each human capital factor significantly positive to campaign success. Lastly, both social networks and business advisor's presence have a significant positive relationship to crowdfunding project fundraising success. However, we do not found a significantly different pattern between high-income and lower-income countries evaluated.

CAN TRADITIONAL RETAILERS USE STRATEGY TO FIGHT AGAINST MODERN ATTACKS? Rachmadi Agus Triono; Zuliani Dalimunthe; Helman Arif
AFEBI Management and Business Review Vol. 3 No. 1 (2018): June
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47312/ambr.v3i1.128

Despite rapid growth in online type, the majority Indonesian retail market is offline shopping because of households disperse across thousand cities and islands. However, the threat comes from corporatized modern retailers. Typically, attacks from modern retailers in the form of franchised minimarkets endangered the existence of traditional retailers which generally are small sized and independently owned by individual or household. This research investigates how traditional retailers can deliver a strategic response to the presence of modern retailers, and to examine whether there are differences in performance among business entities that use different strategic responses. We also investigate if there are differences, which strategic response would give the best result in performance. Questionnaires were distributed to 109 respondents using convenience sampling. An ANOVA was done at respective types of retailers' buyers. There is no significant evidence that the strategic response developed by traditional retailers differed from one another. Furthermore, we found that the performance of traditional retailers are below modern retailers, except for those that belong to a higher tier of performance. Higher tier traditional retailers are the best strategic group in traditional retailers and their performance statistically could equate to the performance of modern retail. Keywords: Indonesian retail market, small-scale retailer strategy, strategic group, strategic response

Apakah Social Influence Mempengaruhi Intensi Meminjam melalui Peer to Peer Lending Agustina, Melia; Dalimunthe, Zuliani
Jurnal Manajemen dan Usahawan Indonesia Vol. 43, No. 2
Publisher : UI Scholars Hub

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This study aims to analyse the relationship between social influence and intention to borrow through peer to peer (P2P) lending platforms by including the factor of trust in platform as a moderating variable. P2P lending is a form of financial technology that facilitates transactions between borrowers (borrowers) and lenders (lenders) online. According to the technology acceptance model, one of the components that can influence a person to adopt new technology is social influence, how- ever, whether social influence is related to a person's intention to borrow through P2P lending platforms, especially in Indonesia, has not been widely discussed. This study uses primary data using regression analysis with the help of SPSS 20 software. Data collection took place from November to December 2018. The unit of analysis was 102 respondents who understood P2P lending. This study found that social influence has a significant positive effect on a person's intention to borrow through P2P lending. On the other hand, it is indicated that the trust factor to the platform also has a positive effect on intentions, although it cannot be said that it has a significant positive effect. What needs to consider is that there are indications that the trust factor in the platform manager is weakening the social influence relationship on borrowing intentions through the P2P lending platform.

Analisis Pengaruh Struktur Kepemilikan Keluarga terhadap Kinerja Perusahaan: Studi Empiris pada Perusahaan Non Keuangan Terdaftar di Bursa Efek Indonesia Periode 2009-2014 Septiana, Eva; Dalimunthe, Zuliani; Wasilah, Wasilah
Jurnal Manajemen dan Usahawan Indonesia Vol. 43, No. 1
Publisher : UI Scholars Hub

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The study aims to analyse how the ownership structure of a family company affects the company’s performance. The company’s performance was measured using Tobin’s Q to see how the market re- sponds to strategies and policies taken by the family company. The study took samples of 147 family companies listed on the Indonesia Stock Exchange during 2009-2014. The results showed that the family company had significantly lower performance compared to non-family companies, but the relationship between ownership by the family is a quadratic in which there is a direction reversal at the 76% ownership rate. The study also found that the company’s performance is lower when the CEO of the family company is managed by the second generation than when administered by the first generation.

Is there a Conflict of Interest in Indonesia’s SOE Investment Decision? Daniel, Echo; Dalimunthe, Zuliani
BASKARA : Journal of Business and Entrepreneurship Vol 6, No 2 (2024): BASKARA : Journal of Business and Entrepreneurship
Publisher : Universitas Muhammadiyah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54268/baskara.v6i2.19201

In financial management, the Director of State-Owned Enterprises (SOEs) in Indonesia synergizes with the Ministry of SOE to make investment decisions. One of the most common types of investment in SOEs is the purchase of shares in private companies. Through buying shares, SOEs can expand their business lines and project bigger profits. However, it is often found that the decision to purchase private company shares is made by SOEs due to a conflict of interest. This paper aims to determine the level of involvement of conflicts of interest in the decisions of SOEs in Indonesia to invest in the purchase of shares of private companies. Due to data limitations, the authors used a qualitative technique with an explanatory case study to meet the research aims. The analysis tested of 14 Indonesian SOEs' investment decisions when investing in the purchase of shares in private companies during the 2013–2022 period. The findings show allegations of conflicts of interest in several share investment decisions made by SOEs in Indonesia. This conflict of interest can occur because of a family relationship between the Board of Directors of SOEs and the management of private companies. In addition, there is also a political-party relationship between the parties involved. These findings can help several parties, including SOE and the Ministry of SOE, better understand the limits of investment that can be made. In the long run, the Ministry of SOE, as the supervisor of SOEs, can establish an early warning system to determine whether or not the investments made are appropriate. Most of the previous research only examined the effects of a company's investment and its impacts. It explores the company's stock price valuation process. No research has been found that specifically discusses SOE investment in Indonesia in private company shares.

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