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All Journal Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Journal of Accounting and Investment Jurnal Analisis Bisnis Ekonomi ACCRUALS (Accounting Research Journal of Sutaatmadja) Proceeding of National Conference on Accounting & Finance Jurnal Pasar Modal dan Bisnis TSARWATICA (Islamic Economic, Accounting, and Management Journal) Business Review and Case Studies Indonesian Capital Market Review Proceeding ISETH (International Summit on Science, Technology, and Humanity) Amal: Jurnal Ekonomi Syariah
Estu Widarwati
Sekolah Tinggi Ilmu Ekonomi Sutaatmadja
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PERINGKAT SCORE GOOD CORPORATE GOVERNANCE DAN HUBUNGANNYA DENGAN RETURN SAHAM Widarwati, Estu; Mulyawati, Selvi
Jurnal Analisis Bisnis Ekonomi Vol 13 No 1 (2015): Volume 13, Nomor 1, April 2015
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (172.824 KB)

Abstract

Penelitian ini bertujuan untuk mengetahui hubungan rating score good corporate governance dari perusahaan terhadap return sahamnya yang salah satu faktornya menyebabkan perusahaan memiliki return yang besar untuk menarik lebih banyak investor dengan posisinya terhadap prinsip-prinsip dasar good governance perusahaan. Penelitian ini menggunakan metode survei dan data dianalisis dengan analisis regresi linier sederhana. Hasil penelitian menemukan bahwa skor kategori peringkat good corporate governance dari perusahaan yang terdaftar di Bursa Efek Indonesia periode 2007-2011. Hasil pengujian menunjukkan bahwa GCG memiliki nilai R2 0,269 berarti menunjukkan bahwa 26,9% dari variasi yang terjadi dalam variabel return saham dijelaskan oleh angka score good corporate governance sedangkan 73,1% sisanya telah dijelaskan oleh faktor lain yang tidak diteliti dalam penelitian ini . Secara parsial, variabel peringkat GCG pada nilai signifi kansi (α = 5%) , yang berarti variabel independent positif berpengaruh terhadap variabel dependen. Akhirnya, penelitian ini menemukan bahwa peringkat penerapan GCG di perusahaan memiliki dampak positif terhadap kepercayaan investor untuk berinvestasi yang secara otomatis akan meningkatkan return saham mereka.
PERINGKAT SCORE GOOD CORPORATE GOVERNANCE DAN HUBUNGANNYA DENGAN RETURN SAHAM Widarwati, Estu; Mulyawati, Selvi
Jurnal Analisis Bisnis Ekonomi Vol 13 No 1 (2015): Volume 13, Nomor 1, April 2015
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (172.824 KB)

Abstract

Penelitian ini bertujuan untuk mengetahui hubungan rating score good corporate governance dari perusahaan terhadap return sahamnya yang salah satu faktornya menyebabkan perusahaan memiliki return yang besar untuk menarik lebih banyak investor dengan posisinya terhadap prinsip-prinsip dasar good governance perusahaan. Penelitian ini menggunakan metode survei dan data dianalisis dengan analisis regresi linier sederhana. Hasil penelitian menemukan bahwa skor kategori peringkat good corporate governance dari perusahaan yang terdaftar di Bursa Efek Indonesia periode 2007-2011. Hasil pengujian menunjukkan bahwa GCG memiliki nilai R2 0,269 berarti menunjukkan bahwa 26,9% dari variasi yang terjadi dalam variabel return saham dijelaskan oleh angka score good corporate governance sedangkan 73,1% sisanya telah dijelaskan oleh faktor lain yang tidak diteliti dalam penelitian ini . Secara parsial, variabel peringkat GCG pada nilai signi? kansi (? = 5%) , yang berarti variabel independent positif berpengaruh terhadap variabel dependen. Akhirnya, penelitian ini menemukan bahwa peringkat penerapan GCG di perusahaan memiliki dampak positif terhadap kepercayaan investor untuk berinvestasi yang secara otomatis akan meningkatkan return saham mereka.
Digital Finance For Improving Financial Inclusion Indonesians’ Banking Estu Widarwati; Asep Solihin; Nunik Nurmalasari
Signifikan: Jurnal Ilmu Ekonomi Vol 11, No 1 (2022)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v11i1.17884

Abstract

A digital finance service breakthrough is essential to get better financial assistance to optimize financial inclusion, and the effectiveness requires technological support in banking financial services. The study investigates the effect of digital finance on financial inclusion in Indonesians’ banking industry. We develop the new measurement, namely average digital finance (ADF), and use loan transactions to proxy financial inclusion. The samples are six banking during 2013-2019, and we use panel data regression to test the hypothesis and do a robustness check. Our result confirms that ADF positively impacts financial inclusion and finds evidence of bank size’s role in digital finance and financial inclusion. It implicates banks’ strategy for optimizing financial inclusion based on its characteristics such as age, profitability, and efficiency. It contributes to digital finance’s government policy for using explored internet banking and mobile banking stimulatingly.Widarwati, E., Solihin, A., & Nurmalasari, (2022). Digital Finance For Improving Financial Inclusion Indonesians’ Banking. Signifikan: Jurnal Ilmu Ekonomi, 11(1), 17-30. https://doi.org/10.15408/sjie.v11i1.17884.
Strategic Approach for Optimizing of Zakah Institution Performance: Customer Relationship Management Estu Widarwati; Nur Choirul Afif; Muhamad Zazim
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 9, No 1: January 2017
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2124.789 KB) | DOI: 10.15408/aiq.v9i1.4010

Abstract

Zakah is part of the Indonesian economy, which requires the development and structuring. The funds of zakah must be well managed by organizational zakah system which should be improved its performance. Therefore, there is a need of new approach concerning the zakah management based on muzakki’s behavior as an important resource in zakah institution. This paper explores the role of Customer Relationship Management (CRM) in zakah institution linked the important of muzakki’s contribution who use services of its. Then it aims to expand the understanding about how CRM as one of strategic approach for organization such zakah institution to improve its performance which employes three main aspect of CRM, which are form of personnel (behavior of personnel), business process, and using technology. Furthermore, this paper tries to depict how CRM is able to raise the zakah funds collection from Moslem society especially Middle Class Moslem in Indonesia by customer (muzakki) satisfaction and cost reduction of zakah institution.DOI: 10.15408/aiq.v9i1.4010 
The Role of Efficiency Management for Optimizing Corporate Sustainability Performance Estu Widarwati; Nunik Nurmalasari; Ivan Yusriful Fajar; Nabilla Nur Rohmah
Jurnal Pasar Modal dan Bisnis Vol 4 No 1 (2022)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37194/jpmb.v4i1.120

Abstract

The improvization of sustainability performance for creating the long-term value requires good governance in order to achieve a high productivity and control costs. Firm’s ability managing assets efficiently should be synergized with good corporate sustainability information disclosure. Efficiency management is important for corporate sustainability. A better firm’s managerial improvement will increase firm’s sustainability performance. This is early study analyzing the firm efficiency for achieving corporate sustainability performance in terms of economic, environmental, or social aspects. Furthermore, the study test the impact of efficiency management on corporate sustainability performance in Indonesian’s non financial industry. This study uses purposive sampling technique and the samples include infrastructure, healthy, industrial, basic material, and non primer sector of IDX in 2019-2020. The analytical tools using descriptive statistic, simple regression, and T-test The results show that efficiency management has a significant effect on corporate sustainability performance. Separated effect of efficiency management significant on economic aspect but different finding on environment and social aspect. Next research should explore deeply the topic using long period and complex model approac. The finding this study lead to the significance of efficiency management as breakthrough for optimizing corporate sustainability performance.
PENGARUH STOCK SELESCTION SKIIL, MARKET TIMING ABILITY, TURNOVER RATIO DAN CASH FLOW TERHADAP KINERJA REKSA DANA SYARIAH Mega Mustika Sari; Sri Mulyati; Estu Widarwati
TSARWATICA (Islamic Economic, Accounting, and Management Journal) Vol 1 No 1 (2019)
Publisher : STIESA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35310/tsarwatica.v1i01.80

Abstract

Mutual funds syariah are other investment opportunities with measurable risk and return is high enough with enough capital affordable to the community. Mutual funds syariah have an Investment Manager with the ability and knowledge of the market it is or will happen. Therefore, mutual funds syariah selected by investors because it is cheap, easy and "managed by the experts". This research analysted do stock selection skill, market timing ability, Turnover ratio and Cashflow can influence the performance of equity mutual funds syariah in Indonesia. The data used in this research are data on financial statements , Net Asset Value (NAV), SBI, IHSG, yearly data and prospectus of 10 equity mutual fund syariah that were sampled during this research report from 2011-2014. As a research methodology, we used F test and t test to examine research’s hypothesis, also used assumption classic test there are normality test, autocorrelation test, heteroscedasticity test and multicolinearity test. These results can be viewed on multiple regression analysis and the coefficient of determination, the R value of 0.513 means the relation between the stock selection skill, market timing ability, Turnover ratio and Cashflow to profitability by 51.3%, meaning that the relationship between variables was most closely. Adjusted R Square value of 0.545 which means 54,5% achievement of profitability can be explained by the stock selection skill, market timing ability, Turnover ratio and Cashflow. The remaining 45,5% can be explained by other factors not examined in this research..
BANK EFFICIENCY ANALYSIS ON THE PERFORMANCE OF ISLAMIC BANKING IN INDONESIA (Case Study of Islamic Commercial Banks Listed on the IDX for the Period 2014-2018) Jashinta Efril; Estu Widarwati; Nunik Nurmalasari
TSARWATICA (Islamic Economic, Accounting, and Management Journal) Vol 2 No 2 (2021)
Publisher : STIESA Press

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Abstract

The purpose of this study is to determine the efficiency and performance of Islamic banking in Indonesia and the effect of the relationship between efficiency on the performance of Islamic banking in Indonesia. This type of research is descriptive. With the research object is the financial statements of 11 Islamic banks in Indonesia. The data analysis method used is Data Envelopment Analysis (DEA), ratio analysis, and panel data. The results showed that based on the DEA analysis, the overall average of Islamic banks reached an efficiency of 95.1%, and in several periods the 11 banks had an efficiency level of 100%. In the ROA ratio analysis, it shows that Islamic banks are in bad condition, the NIM ratio analysis shows that Islamic banks are in good condition. The analysis of the effect of the DEA analysis with the ROA and NIM ratios shows that the ROA ratio is not significant and has a negative effect on DEA. The NIM ratio has a positive and significant effect on the DEA analysis. Sharia banking listed on the IDX 2014-2018 should be able to manage time, funds, costs as best as possible. As well as avoiding risks and interests between investors or funders so that banks avoid Increasing and Decreasing. The next researcher should be able to add other variables such as other ratio performance variables.
Governance and Bank Performance: Does Bank Risk Matter ? Estu Widarwati; Soni Karmila; Nunik Nurmalasari
ETIKONOMI Vol 21, No 2 (2022)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v21i2.24364

Abstract

Governance becomes a guideline for the banking management system and is essential for banking survival during regular economic crises. We investigate the impact of governance on performance in the Indonesians' conventional and examine the mediating role of bank risk in bank governance and performance relationship. The samples are 18 conventional banks listed on Indonesia Stock Exchange (IDX) from 2014 to 2021 and analyzed using panel data regression and sobel test. We find the risk of state-own bank higher than private bank and foreign bank that could leads to lower performance. Then the results indicate that board size and board age influence bank risk and bank performance. Banks should consider the board size for efficiency and also the maximum standard of their directors' age based on arguments related to innovation-based work productivity in the competitive banking industry. The subsequent exploration of banking governance research is needed by examining the differences in bank ownership and bank characteristics linked to bank risk which is strong evidence as mediation in this study.JEL Classification: G20, G30, G32, G34
Cost of Financial Distress and Firm Performance Widarwati, Estu; Sartika, Dewi
The Indonesian Capital Market Review Vol. 10, No. 2
Publisher : UI Scholars Hub

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Abstract

The business performance become an important thing to be main goal of firm activities to get the competitive advantage, but it is contrary with the recession may bring a probability of firm’s decreasing and liquidation. The uncertainty of global economy provides the importance in developing model to monitor, identify and asses potential risks which can threat business sustainability. Cost of Financial Distress (CFD) is one of tools for identifying firm performance decline early risk such as sales growth and stock return, so it can reduce the loss possibility before all lead to bankruptcy. This research aims to explain the evidence of CFD in Indonesia by using opportunity loss and consequency to firm performance. The datas used are 231 firms of Indonesia Stock Exchange (IDX) in 2011 – 2015 and panel regression used for presenting the impact of CFD to firm performance. Consistency of the theory that cost tend to increase following cash flow realization which may be lower in uncertainty of economiy. The analysis finds that Indonesia’s industry have higher CFD and low sales growth after based year of uncertainty economy. The regression result also finds CFD have negative impact to firm’s sales growth. The result propose that CFD can be used as an early detection tool for reducing loss possibility of firm’s market share.
How Does Human Capital’s Impact to Cost of Financial Distress? Estu Widarwati; Tulus Haryono
Proceeding ISETH (International Summit on Science, Technology, and Humanity) 2019: Proceeding ISETH (International Summit on Science, Technology, and Humanity)
Publisher : Universitas Muhammadiyah Surakarta

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Abstract

Purpose: The important of human capital relation to firm financial distress still get limited attention, but there is some evidence that firm reduce the cost of human capital when its get a declining financial performance due to bankcruptcy. This study aims exploring the cost of financial distress determinant by human capital.Methodology: We use the data of manufacturing industry in Indonesia Stock Exchange (IDX) during 2011 – 2017. We use monetary approach for measuring human capital by income-base indicator i.e wage/salary and cost of financial distress measured by the difference of firm sales and industry sales. Furthermore, this study illustrates a tendency of cost of financial distress which controlled by firm size, firm age, and leverage. We analyze using static panel data and also doing robustness check as analysis completement. Results: The results find that human capital has positive significant impact to cost of financial distress and excess salary is a breakthrough of indicator for measuring human capital. Furthermore, the usage of firm size, firm age, and leverage as control variable, we find that larger and older firms able to more control their human capital against the cost of financial distress, thus, they can get the benefit of human capital increasing as their competitive strategy. Applications/Originality/Value: Based income indicator, exceess salary as measurement of human capital that built in this study supports the previous empirical studies in describing human capital’s impact to cost of financial distress. The results has practical implication that a firm should concern to welfare of employee as long as it does not exceed the firm’s revenue for avoiding firm’s bankruptcy. Furthermore,the goverment may should thinks about optimal standard of employee salary or wages in distressed firm according our finding of human capital role in firm costs.
Co-Authors Ahmad Arif Zulfikar Apriandi, Devy Widya Arizal Hamizar Asep Solihin Audina, Revina Nita Bismantara Dewi Sartika DEWI SARTIKA E Wityasminigsih Erny Wityasminingsih Euis Yunita Purnama Sari Hambali, Bahrul Mulki Hana Afifah Fauziah Holle, Mohammad. H Indra Maulana Ivan Yusriful Fajar Jashinta Efril Mega Mustika Sari Moeljono Muhamad Zazim Mulyawati, Selvi Mulyawati, Selvi Mutqi Sopiawadi Nabilla Nur Rohmah Nunik Nurmalasari Nur Choirul Afif Nurlela, Ilma Nurul Hamidah Pipit Rengganis Rohmah, Nabila Nur Shinta Qurrota Aini Soni Karmila Sri Mulyati Tigin Lugiani Tulus Haryono