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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 IIJSE 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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Developer Perception and Interest in Solar Power Plant Investment: Case Study To Encourage Clean Energy Investment Irwansyah, Muh Zuhdi; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51319

Abstract

Despite Indonesia’s vast solar energy potential and supportive regulatory frameworks, private sector investment in solar power plants remains limited. This study aims to explore developer perceptions and investment interest in the solar power plant sector and identify key factors influencing their decision-making. Employing a qualitative case study approach, data were collected through in-depth interviews with developers experienced in both fossil-based and renewable energy projects. Thematic analysis reveals that consistent regulation, revenue certainty through Power Purchase Agreements (PPAs), and land availability are critical drivers of investment interest. Additionally, perceived regulatory risks, cost of capital, and local policy requirements such as domestic content obligations shape developers’ strategies toward solar project participation. This study contributes to the literature by offering developer-centered insights on investment behavior in emerging renewable markets.
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
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
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.
Co-Authors Agustina, Melia Akhmad Syakhroza Ali Djamhuri Ananda Chairunnisa Andi Hakim Apriliansyah, Apriliansyah Bitia, Ruthana Chairunnisa, Ananda Chika Fajarini Daniel, Echo Eric S Wicaksono Fajarini, Chika Fauzan, Danang Haikal, Shalahuddin Helman Arif Husodo, Zaafri A. Irwansyah, Muh Zuhdi Melia Agustina Nasution, Mustafa E. Rachmadi Agus Triono Rachmawati, Ayu Kartika Rifqi Satria Dinandra Romulo*, Cesar Samuel Septiana, Eva Shalahuddin Haikal Sidabutar, Iman Satria Sinaga, Dianto Kurnia Parulian sisca Triono, Rachmadi Triono, Rachmadi Agus Umar, Sabi Ode Vega Alberta Wasilah Wasilah Wasilah Wasilah Wisnu P, Ranggaditya Wiwaha, Gustian Yudhistira, Muhamad Alfin