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All Journal ETIKONOMI EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis AFEBI Management and Business Review Journal of Islamic Monetary Economics and Finance BASKARA: Journal of Business and Entrepreneurship Jurnal Manajemen dan Usahawan Indonesia Jurnal Akuntansi dan Keuangan Indonesian Capital Market Review Eduvest - Journal of Universal Studies Riwayat: Educational Journal of History and Humanities IIJSE JMUI
Dalimunthe, Zuliani
Faculty Of Economics And Business, Universitas Indonesia
Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Health Professions Industrial & Manufacturing Engineering Neuroscience Social Sciences Other

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HOW FEASIBLE IS A CONVERTIBLE IJARAH CONTRACT FOR SME FINANCING?: A SIMULATION APPROACH Dalimunthe, Zuliani; Syakhroza, Akhmad; Nasution, Mustafa E.; Husodo, Zaafri A.
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (401.213 KB) | DOI: 10.21098/jimf.v5i2.1070

Abstract

Islamic financial institutions have relied for decades on margin-based contracts to provide financing for the business sector, despite the basic idea that Islamic finance is expected to provide an equity-based or a profit and loss sharing (PLS) contract. This fact raises the need to encourage the use of a margin-based instrument with an innovative scheme that allows for conversion of the contract into a PLS-based contract. Moreover, we propose a convertible ijarah contract to fill this need. A convertible ijarah contract is an ijarah (rent) contract that is convertible to a PLS contract according to the Islamic financier’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b) musharaka as a PLS contract and (c) a convertible ijarah contract. The aim is to evaluate whether the convertible ijarah contract will provide a higher return for the financier compared to the other contracts. The main input of the simulation is nine sectors of Indonesian SMEs’ financial performance. We found that when the financial performance of Indonesian SMEs was measured by short-term financial performance, the convertible ijarah contract outperformed the murabaha contract for all sectors but did not outperform the musharaka contract, except for low-margin sectors. However, when the financial performance of Indonesians SMEs was measured by long-term economic performance, we found that the convertible ijarah contract outperformed the murabaha contract and musharaka contract for almost all sectors. Kami menemukan bahwa kontrak ijarah konversi mengungguli kontrak murabahah dan
The Effect Of Environmental, Social, And Governance (ESG) Score On Firm’s Bankruptcy Risk Wiwaha, Gustian; Dalimunthe, Zuliani
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 13 No 3 (2025): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v13i3.7644

Abstract

Avoiding bankruptcy is vital for corporate risk management and governance, impacting both companies and stakeholders. This study analyzes the effect of Environmental, Social, and Governance (ESG) practices on bankruptcy risk in G20 countries (2016–2023). Using panel data regression analysis, results indicate that strong ESG performance significantly reduces bankruptcy risk, as evidenced by higher Altman Z-Scores. Among the three pillars, the social dimension has the most substantial impact, with initiatives focused on employee welfare and community engagement enhancing operational stability. The study also finds ESG practices more effective in top carbon-emitting countries (China, the U.S., India, Russia, Japan) due to stronger stakeholder demands and access to sustainability investments, whereas other nations face challenges like limited ESG funding and weaker stakeholder pressures.
Effect of Related Party Transaction and Tax Haven Utilization on Tax Avoidance Moderated by Country-by-country Reporting Romulo*, Cesar Samuel; Dalimunthe, Zuliani
Riwayat: Educational Journal of History and Humanities Vol 7, No 1 (2024): Januari, History of Education, and Social Science
Publisher : Universitas Syiah Kuala

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jr.v7i1.36333

Abstract

This research investigates the influence of Related Party Transactions and Tax Haven Utilization on Tax Avoidance with and without Country-by-Country Reporting regulations, which were introduced in Indonesia at the end of 2016, as moderating variables. This research uses a purposive sampling method as sample selection. The data in this study was collected from the financial reports of 96 multinational companies registered between 2012 and 2021. To test the hypothesis, this study used regression with Random Effect Model. The results of this research are that Tax Haven Utilization has a significant effect on Tax Avoidance and Related Party Transactions have no effect on Tax Avoidance. Other results show that Country-by-Country Reporting regulations are unable to moderate the influence of Related Party Transactions and Tax Haven Utilization on Tax Avoidance. The findings of this research provide recommendations for the government to launch CbCR regulations in order to prevent tax avoidance through mechanisms for utilizing tax havens and related party transactions as well as increasing understanding of the principles of implementing CBCR.
Analysis of PT Hakaaston's Business Transformation Wisnu P, Ranggaditya; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51383

Abstract

This study analyzes the role of leadership and organizational culture in supporting the business transformation of PT Hakaaston, which shifted from a construction-related manufacturing company to a toll road operations and maintenance service provider. Using a qualitative case study approach, data were collected through in-depth interviews with 13 management-level respondents and financial report analysis covering the 2018–2024 period. The findings reveal that agile and transformational leadership played a crucial role in shaping strategic vision, fostering two-way communication, and empowering employees through coaching and training initiatives. Organizational culture also supported the transformation through the internalization of AKHLAK core values and the development of an adaptive and agile culture that enabled the company to respond flexibly to environmental changes. Although revenue declined due to the change in business focus, the transformation led to improved operational efficiency and financial structure. These results affirm that the integration of visionary leadership and a supportive organizational culture is fundamental to successful strategic transformation, offering practical insights for state-owned enterprises and other organizations navigating long-term structural change.
Analysis of Investor Behavior Types in Choosing Capital Market Investment Preferences in Indonesia Yudhistira, Muhamad Alfin; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51403

Abstract

The increasing number of retail investors and advances in the digitalization of investment services have driven significant growth in the Indonesian capital market. The proliferation of digital investment platforms and rising retail investor participation have notably transformed the landscape of the Indonesian capital market. Understanding investor behavior types and their investment preferences is crucial for market development and regulatory policy formulation. This research aims to identify investor behavior types based on the Behavioral Investor Types framework and analyze their influence on investment style preferences using Social Network Analysis (SNA) and statistical testing methods. The researcher identified investor behavior types based on four Behavioral Investor Types, namely Preserver, Follower, Independent, and Accumulator, and analyzed their influence on investment style preferences, specifically Capital Gain or Dividend, using a Social Network Analysis (SNA) approach and statistical tests. SNA visualization revealed that Independent investors (58.3%) constitute the majority, followed by Preserver (18.1%), Follower (14.6%), and Accumulator (13.1%) types. Most investors prefer Capital Gain over Dividend investment strategies. Statistical analysis showed that only the Accumulator type significantly affects investment style preferences (p = 0.048), while other investor types showed no significant relationship. This research contributes to the development of behavioral finance literature and can serve as a strategic reference for investors, securities companies, and capital market regulators.
Analysis of Greenwashing Measurement on Internal Company Factors in Indonesia Sinaga, Dianto Kurnia Parulian; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51404

Abstract

This research addresses the critical need to understand the relationship between internal company factors and greenwashing practices in Indonesia's emerging ESG landscape. With increasing investor focus on environmental claims and regulatory scrutiny of corporate sustainability reporting, understanding the drivers of greenwashing has become essential for market transparency and investor protection. This research investigates the relationship between internal company factors and greenwashing risk using data from 30 Indonesian-listed firms on the ESG Leader index from 2021-2023. Employing a linear regression panel data model, the research examines the influence of tax ratio, state-owned enterprise status, profit margin, and capital structure on greenwashing, while controlling for firm size, cash flow, and board size. The findings indicate a significant negative relationship between profit margin and greenwashing risk, suggesting that financially healthier companies are less prone to greenwashing. A higher effective tax rate is associated with lower greenwashing activities. Conversely, cash flow from operations and firm size positively correlate with greenwashing risk. No significant influence was found for state-owned enterprise status or capital structure. The research highlights the crucial role of corporate profitability and tax management in mitigating greenwashing, while noting that larger, cash-rich firms may be more susceptible to such practices.
The Impact of Silicon Valley Bank Bankruptcy on Startup Funding Apriliansyah, Apriliansyah; Dalimunthe, Zuliani
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7710

Abstract

This research explores how the collapse of Silicon Valley Bank (SVB) influenced startup funding trends in the United States. Using panel data comprising 23,061 startup funding rounds sourced from S&P Capital IQ, the study evaluates shifts in investment behavior before and after the collapse through Ordinary Least Squares (OLS), Difference-in-Differences (DiD), and subsample regression methods. The results show varied impacts depending on the funding stage. Early-stage startups saw a notable 9% rise in funding after the SVB incident, whereas later-stage startups experienced an equivalent 9% decline. Syndicated investments were linked to higher funding amounts at all stages, with more pronounced effects in early-stage rounds. In addition, established tech companies secured significantly less funding compared to non-tech firms in the post-collapse period, highlighting a broader reassessment of valuations within the tech industry. Overall, the findings indicate that the SVB failure led to a reallocation of capital rather than a universal funding downturn, with investors shifting toward more cautious, targeted investments particularly favoring smaller, early-stage ventures amid heightened systemic uncertainty.
Co-Authors Agustina, Melia Akhmad Syakhroza Ali Djamhuri Ananda Chairunnisa Andi Hakim Apriliansyah, Apriliansyah Chika Fajarini Daniel, Echo Fajarini, Chika Haikal, Shalahuddin Helman Arif Husodo, Zaafri A. Melia Agustina Nasution, Mustafa E. Rachmadi Agus Triono Romulo*, Cesar Samuel Septiana, Eva Shalahuddin Haikal Sinaga, Dianto Kurnia Parulian Wasilah Wasilah Wasilah Wasilah Wisnu P, Ranggaditya Wiwaha, Gustian Yudhistira, Muhamad Alfin