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All Journal Jurnal Paradigma Ekonomika JURNAL PEMBANGUNAN DAN KEUANGAN DAERAH Syntax Literate: Jurnal Ilmiah Indonesia JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Ihtifaz: Journal of Islamic Economics, Finance, and Banking Gema Wiralodra Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) JAMBURA: JURNAL ILMIAH MANAJEMEN DAN BISNIS Indonesian Capital Market Review Jurnal Pendidikan Indonesia (Japendi) Eduvest - Journal of Universal Studies
Hanggraeni, Dewi
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Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences Other

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Unusual Market Activity Impact on Abnormal Liquidity Risk, Abnormal Volatility, and Abnormal Return in Indonesia Capital Market Kurnia Putri, Famy; Christina Pasaribu, Maria; Hanggraeni, Dewi
Jurnal Pendidikan Indonesia Vol. 6 No. 7 (2025): Jurnal Pendidikan Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/japendi.v6i7.7711

Abstract

This study aims to analyze the influence of the management control system consisting of enabling control and constraining control on organizational performance and management innovation in heavy equipment and truck companies operating in North Kalimantan. Management control systems that involve enabling controls that encourage organizational creativity and development, as well as constraining controls that provide constraints to ensure efficient operations, are analyzed to see their impact on management innovation and organizational performance. This study uses a quantitative descriptive approach by collecting primary data through a survey of 57 supervisors in 10 relevant companies. The data was analyzed using the Structural Equation Modeling (SEM) method with PLS 4 software. The results of the study show that enabling control has a significant positive influence on organizational performance, while constraining control, both through a limitation system and diagnostic control, has a negative effect on organizational performance, although the diagnostic control system plays a positive role in encouraging management innovation. These findings indicate that to improve organizational performance, companies need to make more intensive use of enabling controls, while considering the implementation of diagnostic control systems that can support innovation
Navigating Sustainability: Bank Dynamics, Market Structure, and Enterprise Risk Management in ASEAN Exchanges Naomi, Jane; Hanggraeni, Dewi
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.v5i9.51258

Abstract

The banking sector plays a vital role in economic stability and sustainable development. As financial institutions face increasing pressure to align profitability with Environmental, Social, and Governance (ESG) commitments, Enterprise Risk Management (ERM) has gained prominence as a tool for enhancing both financial outcomes and ESG performance. While prior research has explored the impact of bank characteristics and industry concentration on performance, the mediating role of ERM remains underexamined, especially in emerging markets. This study addresses this gap by investigating how bank characteristics (ownership concentration, complexity, international diversification) and industry concentration affect financial and ESG performance, with ERM as a mediating variable. The analysis draws on data from ASEAN-listed banks between 2019 and 2023 using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results show that ownership concentration negatively influences financial performance, whereas bank complexity and international diversification have no significant financial effects. Industry concentration also lacks a significant financial impact. For ESG performance, bank complexity and international diversification show positive effects, while ownership concentration has no influence and industry concentration exerts a negative effect. ERM does not mediate relationships with financial performance or the effect of industry concentration on ESG outcomes. However, it mediates the relationship between international diversification and ESG performance. The findings highlight the conditional role of ERM in advancing ESG goals, especially in internationally diversified banks. Regulators are urged to revisit ownership concentration policies, and banks are encouraged to integrate ESG into core strategies and reinforce governance frameworks to manage structural risks.
The Influencer of ESG and ERM on Financial and Non-Financial Performance of Energy Companies Listed on the Indonesia Stock Exchange for the 2019-2023 Syamsi, Rachmii; Hanggraeni, Dewi
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.v5i9.51345

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) practices and Enterprise Risk Management (ERM) on both financial and non-financial performance of energy companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The main objective is to examine whether ESG and ERM significantly affect profitability (ROA and ROE), market valuation (Tobin’s Q), and investor trust, particularly in the context of a post-pandemic economic landscape. The novelty of this research lies in its integrated analysis of ESG and ERM as simultaneous predictors of firm performance, while incorporating non-financial outcomes that are often overlooked, such as investor perception. This study also adds value by offering empirical evidence from an emerging market context and focusing on the energy sector, which plays a strategic role in sustainable development and economic resilience. Empirical findings reveal that ESG significantly influences Return on Assets (ROA), indicating that sustainability initiatives contribute to more efficient asset utilization. However, ESG does not show a significant effect on Return on Equity (ROE) or investor trust, implying that its long-term benefits may not be immediately reflected in equity returns or stakeholder perception. Conversely, ERM demonstrates a significant impact on ROA, ROE, and investor trust, highlighting the importance of structured risk management in enhancing financial outcomes and building investor confidence. These findings suggest that both ESG and ERM can play a strategic role in improving firm performance, but their influence may vary depending on the dimension of performance being assessed.
Capital reserve calculation analysis of operational risk in submarine cable service portfolio Kusumawardhani, Febriyati; Hanggraeni, Dewi
Gema Wiralodra Vol. 15 No. 1 (2024): Gema Wiralodra
Publisher : Universitas Wiralodra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/gw.v15i1.602

Abstract

This study analyzes the amount of capital reserves required for the Submarine Cable Service PT AAA to mitigate the risk of delays in completing work without disrupting the company's cash flow. Data used in this paper is the operational loss of delay work in the Submarine Cable Service portfolio from 2016 to 2019. The method and analysis used in this paper are the Monte Carlo simulation to calculate Operation Risk Variance (OpVar) by analyzing the distribution of severity and frequency. The result of the study shows that delayed work is the risk that has the most influence on the company's cash flow. PT AAA needs Rp 2.16 billion per event as capital reserve PT AAA to mitigate the risk of work delays in the Submarine Cable Service portfolio. Risk mitigation needs to minimize the potential loss are choosing the right partner in the operational process, scheduling the cable repair process, and securing the amount of capital reserve that has been counted.
Do Enterprise Risk Management and Good Corporate Governance affect the Performance of Insurance Companies in ASEAN-5 Countries? Hartono, Cipto; Hanggraeni, Dewi
Eduvest - Journal of Universal Studies Vol. 4 No. 7 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i7.1573

Abstract

This study aims to analyze the influence of Enterprise Risk Management (ERM) and Good Corporate Governance (GCG) on the performance and profitability of companies among 30 insurance companies in the ASEAN-5 countries during the period of 2018-2022. The Panel Data Regression method is utilized to analyze data obtained from financial reports and corporate sustainability reports. The results of the analysis indicate that the simultaneous implementation of ERM and GCG does not have a significant positive influence on the financial performance of insurance companies, measured by indicators such as Return on Assets (ROA), Return on Equity (ROE), Loss Ratio, Combine Ratio, and Tobins Q. It is noteworthy that some individual parameters show a positive influence on company performance. This suggests that ERM and GCG play a crucial role in enhancing performance and profitability in the context of insurance companies in the ASEAN region during the research period.
Unveiling Gender Dynamics in Strategic Risk-Taking and Risk-Aversion Among Indonesian Executives Steven, Steven; Hanggraeni, Dewi
Eduvest - Journal of Universal Studies Vol. 4 No. 10 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i10.34664

Abstract

In this research, we aims to examine how gender disparities among corporate leaders (executives) and their level of risk aversion can impact the organization's strategic risk-taking. A questionnaire survey method was employed to collect data from executives in Indonesia holding minimum positions of senior manager (BOD-1), director or commissioner (C-Level). Standard behavioral economics expected utility approach is employed to quantify the degree of risk aversion, while respondents will also make investment choices to assess their inclination towards strategic risk-taking. The research employed the t-test and linear logistic regression analysis to examine the hypothesis. The research findings indicate that female executives exhibit a higher degree of risk aversion compared to their male counterparts. In line with most st udies, risk averse executives prefer to engage in more cautious strategic risk-taking. Nevertheless, there are no discernible disparities between female executives and male execautives when it comes to engaging in strategic risk-taking.
Revealing The Impact of ERM and ESG Disclosures on The Performance of Non-Financial Public Companies in Indonesia: An Empirical Study From 2017-2022 Junaidi, Wakhid; Hanggraeni, Dewi
Eduvest - Journal of Universal Studies Vol. 4 No. 11 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i11.44745

Abstract

This study investigates the impact of Enterprise Risk Management (ERM) disclosure on working capital efficiency, profitability, and firm value of non-financial public companies in Indonesia during the period 2017-2022. Additionally, it examines the moderating role of Environmental, Social, and Governance (ESG) disclosure on the relationship between ERM disclosure and these three variables. The research adopts a quantitative approach, utilizing secondary data from companies' annual reports. Working Capital Turnover (WCT) measures efficiency, profitability is assessed by Return on Assets (ROA), and firm value is evaluated using Tobin’s Q ratio. ERM and ESG disclosures are assessed based on the COSO ERM 2017 framework and GRI Standards, respectively. The findings reveal that ERM disclosure has a significant positive impact on firm value but shows no significant effect on working capital efficiency and profitability. Furthermore, ESG disclosure positively moderates the relationship between ERM disclosure and firm value, highlighting the synergistic benefits of integrating robust ERM practices with comprehensive ESG disclosures. This study underscores the necessity for companies to enhance the quality of their risk management and ESG-related disclosures to improve financial performance and corporate value. By providing empirical evidence on the benefits of ERM and ESG disclosures, this research contributes to the literature and offers practical implications for non-financial public companies in Indonesia.
Corporate Governance and Corporate Performance: Tobin's Q Analysis on Financial Sector Companies on the Indonesia Stock Exchange Rahman, Fadli; Tamala, Putri; Hanggraeni, Dewi
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v10i5.58703

Abstract

This study examines the effect of the corporate governance mechanism (insider shareholding, board size, and institutional ownership) on firm performance measured by Tobin’s Q in financial sector companies listed on the Indonesia Stock Exchange (IDX) in 2023. Using a sample of 99 companies and secondary data from Bloomberg, the study employs multiple linear regression to analyze the relationship between governance variables and market performance. The results show that none of the three governance variables has a statistically significant effect on Tobin’s Q. These findings suggest that traditional internal governance mechanisms may not significantly influence firm market value in Indonesia’s financial sector context. The study contributes to the corporate governance literature by providing empirical evidence from a developing country and recommends exploring additional factors such as executive compensation and investor sentiment in future research.
Mendorong Pertumbuhan Ekonomi 8% Melalui Pasar Modal Indonesia Alam, Dipo; Kurniawan, Adithya; Hanggraeni, Dewi
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v10i5.58706

Abstract

Pasar modal Indonesia memiliki peran strategis dalam mendukung pertumbuhan ekonomi melalui peningkatan investasi dan pendanaan untuk perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh kapitalisasi pasar, penerbitan obligasi, inflasi, dan nilai tukar terhadap pertumbuhan ekonomi Indonesia. Menggunakan model regresi linier, penelitian ini mengidentifikasi hubungan antara variabel-variabel tersebut dan pertumbuhan ekonomi, yang diukur dengan logaritma Produk Domestik Bruto (lnGDP). Hasil analisis menunjukkan bahwa kapitalisasi pasar memiliki pengaruh positif dan signifikan terhadap pertumbuhan ekonomi dengan koefisien sebesar 0,0015 dan p-value 0,0000. Sebaliknya, penerbitan obligasi memiliki pengaruh negatif terhadap pertumbuhan ekonomi, dengan koefisien sebesar -0,0442 dan p-value 0,0000, yang mengindikasikan bahwa peningkatan penerbitan obligasi yang tidak terkelola dengan baik dapat menurunkan stabilitas ekonomi. Inflasi menunjukkan hubungan positif terhadap pertumbuhan ekonomi, dengan koefisien 0,3758 dan p-value 0,0084, sedangkan nilai tukar tidak memiliki pengaruh signifikan. Temuan ini menunjukkan bahwa penguatan kapitalisasi pasar dan pengelolaan obligasi yang lebih bijaksana dapat meningkatkan efektivitas pasar modal dalam mendukung pertumbuhan ekonomi. Oleh karena itu, kebijakan yang mendukung penguatan pasar modal dan pengelolaan instrumen keuangan secara optimal sangat diperlukan untuk menciptakan ekonomi yang stabil dan berkelanjutan.
Analisis Pengaruh Insider Trading Terhadap Pergerakan Harga Saham pada Indeks Lq45 Bursa Efek Indonesia Wilopo, Rinaldi; Hanggraeni, Dewi
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v10i5.59313

Abstract

Fenomena insider trading yang melibatkan informasi material yang belum tersedia untuk publik dapat menciptakan ketidakseimbangan informasi dan memengaruhi pergerakan harga saham. Namun, efektivitas aktivitas insider trading sebagai sinyal prediktif terhadap return saham di pasar modal Indonesia, khususnya pada saham-saham dalam indeks LQ45, masih belum jelas dan perlu dianalisis lebih lanjut. Penelitian ini bertujuan untuk mengkaji pengaruh aktivitas insider trading terhadap return saham periode berikutnya pada perusahaan konstituen indeks LQ45 di Bursa Efek Indonesia. Metode yang digunakan adalah regresi linier berganda dengan data transaksi insider trading dan return saham bulanan selama Januari 2021 hingga Maret 2025, serta variabel kontrol berupa EPS, PBV, dan return pasar. Hasil analisis menunjukkan bahwa nilai transaksi insider trading tidak berpengaruh signifikan terhadap return saham, sementara volume transaksi insider trading menunjukkan hubungan negatif signifikan dengan return saham ketika kategori insider dipisahkan. Temuan ini mengindikasikan bahwa aktivitas insider trading tidak selalu mencerminkan perubahan fundamental perusahaan, melainkan juga dipengaruhi faktor lain seperti kebutuhan likuiditas. Implikasi penelitian ini adalah perlunya kehati-hatian dalam menafsirkan aktivitas insider trading dan peninjauan kembali regulasi pengawasan insider trading. Penelitian selanjutnya disarankan untuk memisahkan analisis transaksi beli dan jual serta memperluas sampel penelitian.
Co-Authors Abdurrahman, Mumtaz Januarsah Abinaya, Salsabil Raditya Adrian, Filipus Bertrand Akbar, Lolita Aliya Prianto, Nashwa Ananda Raf’i, Muhammad Anita, Vera Anugrah, Bimo Arief Hadiwibowo Armansyah, Shafwan Nugraha Arum Handayani, Gabriela Ayu Nindita, Safira Cahyaningrum, Ni Kadek Nadia Dwita Christina Pasaribu, Maria Damayanti, Evita Darmawan, Rahmat Dimas Denita Siagian, Lina Dipo Alam, Dipo Fadli Rahman, Fadli Fajri Fierdausz, Muhammad Faiz Farid Rahmadani, Dwi Fathia Farrin, Nayla Febriyanti, Laksmita Filzah, Syarifina Aulia Fredrick Kaban, Ferry Galuh Savitri, Ardila Gustama, Abi HANDI, HANDI Hanifah, Nuha Salma Hartini, Eka Rathmanty Merry Hartono, Cipto Haryanti, Rika Ayu Hidayat, Sofyan Irawan, Panji Jauhari, Tantowi Jemitra, Jemitra Junaidi, Wakhid Kurnia Putri, Famy Kurnia, Robby Kurniawan, Adithya Kurniawan, Ferdian Ari Kusumawardhani, Febriyati Kuswanto, Luna S. Latif Rustam, Mohamad Abdul M. IQBAL ALFARISI Mujaddid Ahwali, Ahmad Mukti, Rizky Jati Naomi, Jane Nuswantoro, Kresna Pranata Ganda Dimulya, Aditya Putri Pratama, Riza Rahayu, Renata H. Ramadhan, Muhammad Irsyad Rasyid, Huzaifah Ar Sijabat, Rizky A. Sinulingga, Grace Meintha Carolina Steven Steven Susanto, Philipus Syamsi, Rachmi Syamsi, Rachmii Tamala, Putri Triana, Dea R. Utari, Karina Widianto, Naura Khansa Wilopo, Rinaldi Wowiling, Lucky G.