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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 Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Manajemen dan Usahawan Indonesia Jurnal Akuntansi dan Keuangan Indonesian Capital Market Review Eduvest - Journal of Universal Studies Innovative: Journal Of Social Science Research Riwayat: Educational Journal of History and Humanities Jurnal Manajemen dan Usahawan Indonesia
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 Law, Crime, Criminology & Criminal Justice Neuroscience Public Health 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
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.
Analisis Faktor-Faktor Yang Memengaruhi Non-Performing Loan Pada Perusahaan Pembiayaan Otomotif PT XYZ Sidabutar, Iman Satria; Dalimunthe, Zuliani
Innovative: Journal Of Social Science Research Vol. 4 No. 4 (2024): Innovative: Journal Of Social Science Research
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/innovative.v4i4.12994

Abstract

PT XYZ, sebagai salah satu pemain kunci di sektor pembiayaan otomotif, menghadapi kompleksitas risiko kredit, termasuk risiko gagal bayar dan pelunasan. Manajemen risiko kredit yang tidak memadai akan memicu timbulnya informasi asimetris, sehingga mempersulit perusahaan untuk menentukan evaluasi kredit yang baik atau buruk. Adverse selection, perilaku yang muncul sebelum perjanjian kontrak, dan moral hazard, perilaku yang muncul setelah perjanjian kontrak, merupakan fenomena yang timbul akibat informasi asimetris, dapat menjadi faktor terjadinya kredit bermasalah (NPL). Rasio NPL PT XYZ sendiri telah mengalami peningkatan hampir dua kali lipat dalam periode year-on-year bulan Desember 2020 terhadap bulan Desember 2021, sehingga hal tersebut perlu mendapat perhatian khusus dan manajemen strategi lebih lanjut. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang berkontribusi terhadap NPL di perusahaan pembiayaan otomotif, khususnya pengaruh implikasi adverse selection dan moral hazard terhadap NPL. Penelitian ini dilakukan kepada debitur aktif perusahaan pembiayaan otomotif PT XYZ dari Januari 2021 hingga Desember 2023, dimana pengumpulan data dilakukan menggunakan data laporan kinerja kredit debitur yang dicatat setiap bulannya. Model penelitian ini adalah untuk menganalisis pengaruh Area, Jenis Pembayaran Angsuran Awal, Loan to Value (LTV), Tipe Pekerjaan Debitur, Memiliki Pinjaman Lain, Nomor Handphone Tidak Valid, Alamat Rumah Tidak Sesuai, dan Unit Digunakan Pihak Lain terhadap NPL. Model penelitian diuji dengan analisis regresi logistik biner untuk mengetahui variabel-variabel yang memengaruhi terhadap terjadinya NPL. Hasil dari penelitian ini menunjukkan bahwa variabel dari fenomena adverse selection berdampak signifikan dan berpengaruh positif terhadap terjadinya NPL, variabel dari fenomena moral hazard berdampak signifikan dan berpengaruh negatif terhadap terjadinya NPL, dan fenomena adverse selection, yang menunjukkan ketidakmampuan bayar dari debitur, memiliki pengaruh yang lebih tinggi untuk terjadinya NPL daripada fenomena moral hazard, yang menunjukkan ketidakmauan bayar dari debitur.
Impact Analysis Of National Assignment Projects (PSN) On State-Owned Construction Enterprises As Project Assignment Recipients (A Case Study On The Assignment Of State-Owned Construction Enterprises For The Period 2014-2022) Vega Alberta; Zuliani Dalimunthe
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 3 (2024): Dinasti International Journal of Economics, Finance & Accounting (July - August
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i3.2745

Abstract

This research aims to assess the impact on two main aspects: profitability performance and solvency performance of construction state-owned enterprises (BUMNs). It evaluates changes in net profit and related profitability indicators, as well as changes in the debt-to-equity ratio and other solvency indicators during the assignment period. By examining these aspects, the research aims to provide a scientific perspective on how the assignment of national strategic projects affects the financial health of the assigned companies. The study utilizes a case study approach with a descriptive method, focusing on financial data extracted from the annual reports of three BUMNs: PT Waskita Karya (Persero), PT Hutama Karya (Persero), and PT Adhi Karya (Persero). These companies have been tasked with executing National Strategic Projects (PSNs) since 2015. The scope of the study spans from one year prior to the assignment in 2014 to the performance year of 2022. The sample selection is based on the significant roles of these companies in implementing PSNs in Indonesia.The research data includes elements from the companies' financial statements, such as the balance sheet, income statement, and cash flow statement, gathered from annual financial reports accessible through official websites or financial databases. Financial analysis techniques, including Common Size Analysis, Ratio Analysis, Z-Score Analysis, Economic Value Added (EVA), and Du Pont Analysis, will be applied to analyze and compare the financial performance of the three BUMNs throughout the study period. The research findings suggest that PSN assignments had a significant impact on the profitability of PT Hutama Karya (Persero), PT Waskita Karya (Persero), and PT Adhi Karya (Persero). All three companies faced increased financial pressure due to interest burdens, indicating internal financial strains affecting profits. While PT Hutama Karya experienced increased interest burdens, PT Waskita Karya showed limited revenue growth, and PT Adhi Karya witnessed a decline in net income. Solvency varied among the companies, with PT Adhi Karya and PT Hutama Karya demonstrating good short-term liquidity, whereas PT Waskita Karya experienced decreased liquidity. Economic value added decreased for all three companies, reflecting challenges in generating returns equivalent to capital and debt utilized. PT Adhi Karya and PT Hutama Karya improved capital structure, while PT Waskita Karya showed limited improvement.
The Impact of Debt Rating Mediation on ESG Scores and Corporate Debt Costs in Indonesia for the Period 2018 - 2023 Rifqi Satria Dinandra; Zuliani Dalimunthe
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 3 (2024): Dinasti International Journal of Economics, Finance & Accounting (July - August
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i3.2800

Abstract

This study aims to determine the impact of debt rating mediation on ESG scores and corporate debt costs in Indonesia for the period 2018 – 2023. This research falls under quantitative research with data collection consisting of secondary data available to the public (Indonesia Stock Exchange) and Refinitiv. The type of data used is cross-sectional data. The sample in this study comprises 235 bond data points from 22 companies listed on the Indonesia Stock Exchange, issued between 2018 and 2023. The type of data used is cross-sectional data. The research findings indicate that ESG score performance, debt ratings, state-owned enterprise status, and decarbonization acceleration regulations influence corporate debt costs. Additionally, debt ratings fully mediate the relationship between ESG scores and corporate debt costs.
How Is The Implementation Of IFRS 17/PSAK 117 And Its Impact On Risk Based Capital Of Life Insurance Companies? Sisca; Zuliani Dalimunthe
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 3 (2024): Dinasti International Journal of Economics, Finance & Accounting (July - August
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i3.2809

Abstract

The implementation of IFRS 17 in 2025 will impact the reporting of insurance contracts and potentially affect the calculation of Risk Based Capital (RBC) for insurance companies. This study evaluates how IFRS 17 affects insurance contract liabilities and solvency ratios in insurance companies, using a sizeable Indonesian life insurance company as a case study. The research covers traditional products, health insurance, and unit-linked products, with findings validated through interviews with actuarial or accounting heads from five other life insurance companies. The study reveals that liabilities for traditional insurance contracts increase, unit-linked product liabilities decrease, and short-term health insurance liabilities remain unchanged. These changes will impact RBC calculations even though IFRS 17 does not alter the inherent business risks of insurance companies. The study recommends that regulators adjust RBC calculations to ensure financial statements accurately reflect insurance companies' financial health and risks.
Evaluation of Investment Returns through Equity Crowdfunding Platforms in Indonesia in 2023 Eric S Wicaksono; Zuliani Dalimunthe
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 3 (2024): Dinasti International Journal of Economics, Finance & Accounting (July - August
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i3.2812

Abstract

This research aims to investigate the factors influencing Return on Investment (ROI) in SMEs in Indonesia utilizing equity crowdfunding as a funding method. This research employs a quantitative approach with the aim of describing the relationship between the variables under examination, namely the relationship between equity crowdfunding and the financial performance of SMEs in Indonesia. The population in this study includes all SMEs in Indonesia that have engaged in equity crowdfunding up to the year 2023. A sample of 31 SMEs was selected for the study. Data analysis techniques involved testing the research model to ensure its acceptance and produce valid and reliable findings. This testing process included several essential steps, namely classic assumption tests, F-tests, and t-tests. The results of the study indicate that the campaign duration in equity crowdfunding has a significant relationship with the Return on Investment (ROI) obtained by SMEs. The variable 'Campaign Duration Score' shows a statistically significant relationship, supporting the hypothesis that the longer the campaign duration, the higher the ROI that can be achieved. This suggests that longer campaigns provide investors with more time to research and make better investment decisions, ultimately increasing trust levels and potential ROI. The amount of funds raised during the equity crowdfunding campaign does not have a significant relationship with the ROI obtained by SMEs. The variable 'Log Raised Funds' does not show statistical significance, challenging the assumption that the amount of funds raised is a key factor in determining ROI. This indicates that other factors such as efficient fund usage, post-funding business strategies, and market conditions may have a greater influence on SMEs' financial success post-crowdfunding. The industry sector in which SMEs operate has a significant impact on ROI. The variable 'Industry Score' shows a significant negative impact on ROI, especially for SMEs in the Restaurant/Food & Beverage sector compared to other sectors. This emphasizes the importance of industry context in determining financial performance after obtaining funding through equity crowdfunding. The Restaurant/Food & Beverage sector may face additional challenges such as intense competition, lower profit margins, and consumer demand fluctuations, which can reduce ROI potential.
Bank Ownership and Decline in Loan Growth due to the Pandemic Bitia, Ruthana; Dalimunthe, Zuliani
The Indonesian Capital Market Review Vol. 14, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to analyze the effect of bank ownership structure on loan growth before and during the pandemic. Specifically, we developed four models to capture different loan types provided in the Indonesian banking system; working capital, investment, consumer, and total loan growth. This study used 150 observations of commercial banks for 2019 (before the pandemic) and 2020 (during the pandemic). We conducted the regression method to test hypotheses. The main finding of this study was that foreign banks’ consumer credit growth significantly lower than domestic banks. Similar findings occurred for other types of loans, and this conclusion has controlled for the adverse effects of the pandemic. This finding means that foreign banks in Indonesia are not substitutes for loan suppliers in the domestic market and tend to behave pro-cyclical. The government needs to carry out regulations to reduce the risk-accelerate nature of foreign banks in the Indonesian economy
Are Social Media Users Blindly Following Influencers’ Recommendations on Investing? Dalimunthe, Zuliani; Chairunnisa, Ananda; Triono, Rachmadi Agus
The Indonesian Capital Market Review Vol. 15, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Previous studies show that general information shared by an influencer through social media has been received without sufficient validity testing. However, hardly any study has evaluated whether a stock recommendation by a social media influencer will also be followed blindly. This study evaluates the impact of the credibility of stock influencers on investors’ intention to invest in recommended stocks and whether the relationship can be explained by the perception that the influencer has inside infor- mation or is solely due to fear of missing out (FoMO). This study uses primary data from investors in the Indonesian model market. We collected 135 valid data points and found that a social media influencer’s credibility can explain why an investor intends to invest based on those recommenda- tions. Furthermore, we found that FoMO is a more significant explanation than the perception that the influencer holds a piece of inside information.
The Effect Of Environmental, Social, And Governance (ESG) Score On Firm’s Bankruptcy Risk Gustian Wiwaha; Zuliani Dalimunthe
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.
Co-Authors Agustina, Melia Akhmad Syakhroza Akhmad Syakhroza Ali Djamhuri Ananda Chairunnisa Andi Hakim Bitia, Ruthana Chairunnisa, Ananda Chika Fajarini Daniel, Echo Dianto Kurnia Parulian Sinaga Eric S Wicaksono Fajarini, Chika Fauzan, Danang Gustian Wiwaha Haikal, Shalahuddin Helman Arif Husodo, Zaafri A. Melia Agustina Muhamad Alfin Yudhistira Mustafa E. Nasution Nasution, Mustafa E. Rachmadi Agus Triono Ranggaditya Wisnu P Rifqi Satria Dinandra Romulo*, Cesar Samuel Septiana, Eva Shalahuddin Haikal Sidabutar, Iman Satria sisca Triono, Rachmadi Triono, Rachmadi Agus Vega Alberta Wasilah Wasilah Wasilah Wasilah Zaafri A. Husodo