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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
Religion Agriculture, Biological Sciences & Forestry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Social Sciences Other

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Corporate Sosial Responsibility and Firm Value: The Mediating Role of Profitability and Governance Hana Afifah Fauziah; Estu Widarwati; Nunik Nurmalasari; Tigin Lugiani
Proceeding of National Conference on Accounting & Finance Volume 5, 2023
Publisher : Master Program in Accounting, Faculty of Economics, Universitas Islam Indonesia

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Abstract

TFirm value is a value that can be observed through stock prices by investors and one of the factors that affect it is corporate social responsibility (CSR). This study aims to find empirical evidence regarding the relationship of CSR to firm value by using profitability and corporate governance as moderating variables as a novelty value in this study. We use CSRDI as measurement of CSR and firm value proxied by Tobins’Q, then managerial ownership for corporate governance proxy, and Return on Asset (ROA) for profitability proxy. The sample is 10 non-financial companies on the Indonesia Stock Exchange (IDX) from 2015 to 2021 included consumer non cyclical, industrial, energy, basic material, and infrastructure sector. We analyzed the datas using panel data regression and also moderating regression analysis (MRA) for the test the hyphoteses. The results indicate that CSR has a positive effect on firm value and profitability significant moderate the relation of CSR and firm value, while corporate governance has no moderating role. We also find significant role of firm size as control the relation of CSR, Firm Value, Profitability, and Governance. It important to manage the efficiency of asset management for improving firm value linked to CSR decision.
Intellectual Capital and Firm Performance: The Mediating Role of Governance Pipit Rengganis; Estu Widarwati; Nunik Nurmalasari; Mutqi Sopiawadi
Proceeding of National Conference on Accounting & Finance Volume 5, 2023
Publisher : Master Program in Accounting, Faculty of Economics, Universitas Islam Indonesia

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Abstract

Intellectual capital is an intangible asset, resource, science and technology and knowledge owned by a company that distinguishes it from other companies. Intellectual capital has developed and has become a very important capital and is a critical part for companies to gain competitive advantage in facing economic developments where competition is getting stronger. This study aims to examine the effect of intellectual capital on financial performance with corporate governance as a moderating variable in companies on the Indonesia Stock Exchange. Intellectual capital is proxied by value added intellectual coefficient (VAICTM), financial performance measured by return on equity (ROE), then corporate governance proxied by independent commissioners and audit committees. The sample are 33 companies all sectors listed on Indonesia Stock Exchange (IDX) from 2015 to 2021 and the datas analyzed using panel data regression and moderating regression analysis (MRA). The results show that the intellectual capital variable on financial performance has significant positive effect. We find that the audit committee as a moderating variable can significantly strengthen the relationship between intellectual capital and financial performance, but there is no strong evidence independent commissioners has significant moderating role. However, Companies that are able to manage intellectual capital and implement good corporate governance will achieve competitive advantage in improving the company's financial performance.
The impact of Income Diversification on Performance and Risk Taking: Case in Indonesia’s Shariah Banking during covid-19 Indra Maulana; Estu Widarwati; Nunik Nurmalasari; E Wityasminigsih
TSARWATICA (Islamic Economic, Accounting, and Management Journal) Vol 4 No 2 (2023)
Publisher : STIESA Press

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Abstract

The banking development is increasingly rapid and competition is an important aspect for maintaining the existence of a bank that can achieved by income optimalizing and minimazing of risk taking. This study examines the effect of income diversification on sharia bank’s performance, and also aims to test the effect of income diversification on performance and risk taking. The sharia bank’s performance proxied by return on equity and measurement of risk-taking using z-score. The samples are sharia banks registered in the financial services authority during 2019-2020. We use the descriptive statistic analysis and panel data regression processed by eviews 9. We found that income diversification not effect on both of performance and risk taking. During covid, sharia bank tends to have lower income diversification as same as lower performance, but having higher risk taking.
The THE EFFECT OF DIVERSIFICATION STRATEGY ON FINANCIAL PERFORMANCE WITH GOVERNANCE AS A MODERATING VARIABLE Estu Widarwati; Nurul Hamidah; Nunik Nurmalasari
ACCRUALS (Accounting Research Journal of Sutaatmadja) Vol 7 No 01 (2023): Accruals Edisi Maret 2023
Publisher : Sekolah Tinggi Ilmu Ekonomi Sutaatmadja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35310/accruals.v7i01.1006

Abstract

Financial performance is an important factor and needs to be considered by companies, because financial performance is always needed to evaluate the performance of a company and the performance of a certain period of time. One of the efforts made by the company to improve its performance is to carry out a diversification strategy. A diversification strategy requires proper management in order to optimize its performance. The existence of proper governance can assist decision-making in choosing a diversification strategy to improve the company's financial performance. The goal to be achieved in this research is the effect of diversification strategy on financial performance with governance as a moderating variable. The object of research applied in this study is to analyze the effect of the diversification strategy using the Hierschman Herfindah Index (HHI) proxy on financial performance using the Return on Equity (ROE) proxy with governance as a moderating variable proxied by Managerial Ownership and the Board of Commissioners. This study uses a quantitative approach because the data is in the form of statistical analysis numbers, further research is descriptive verification because it tests the hypothesis. The population in this study are financial companies listed on the IDX. The sample in this study was 15 companies in non-financial companies on the IDX for the 2016-2021 period. This research is a panel because it combines cross section and time series data, and is tested using the E-views9 software application. Based on the results of the study, it is known that the results of the diversification strategy t test have a significant negative effect on financial performance with firm size as a control variable. The results of the MRA H2a test show that managerial ownership strengthens the effect of diversification strategies on finances. The results of the H2b MRA test show that the Board of Commissioners weakens the effect of the diversification strategy on financial performance. The implication in this study is that the diversification strategy carried out by non-financial companies listed on the IDX for the 2016-2021 period has not provided optimal results on company performance. However, the existence of a supervisory mechanism in the form of managerial ownership has proven to be able to encourage managers to make decisions that can reduce the total risk of a diversified company. And it is necessary to increase the supervision of the board of commissioners in diversified companies in order to improve their financial performance.
THE EFFECT OF DIVERSIFICATION ON PERFORMANCE AND RISK (Case on Shariah Bank in Indonesia Period 2019-2020) Shinta Qurrota Aini; Estu Widarwati; Nunik Nurmalasari; E Wityasminigsih
TSARWATICA (Islamic Economic, Accounting, and Management Journal) Vol 5 No 1 (2023)
Publisher : STIESA Press

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Abstract

Banks has been able to increase its capability by diversified their services and invesment hat implicate increasing their credit risk, market risk, operational risk, liquidity risk, legal risk, strategic, compliance risk, and reputation risk. This study aims to examine the impact of diversification on the bank performance which risk as moderation variable. Samples used are 10 sharia banks listed in Authority Indonesian Authority Service (OJK) during 2019-2020. Income diversification as proxy bank diversification, bank performance measured by Return on Equity (ROE), and Z-score used to measure the bank risk. The results showed there is no significant impact of diversification on the bank performance and bank risk. Anyway, bank should keep the quality in good condition for improving the performance and minimizing the risk based on macro factor consideration such abnormal economic affected pandemic.
THE EFFECT OF GOVERNANCE ON RISK RATING (CASE STUDY ON ESG INDEXED BANKS PERIOD 2021-2022) Euis Yunita Purnama Sari; Estu Widarwati
ACCRUALS (Accounting Research Journal of Sutaatmadja) Vol 8 No 01 (2024): Accruals Edisi Maret 2024
Publisher : Sekolah Tinggi Ilmu Ekonomi Sutaatmadja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35310/accruals.v8i01.1153

Abstract

The global economy still affects the performance of the banking industry to date. However, economic and banking conditions this year are better compared to the previous year as global pressures begin to ease. Banking must be managed as much as possible in order to always obtain profits and avoid all forms of losses. Losses experienced by banks can affect the health of the bank itself. This study aims to examine the effect of governance on risk rating. In this study the independent variable is governance measured by ownership while for the dependent variable in this study is risk rating measured by ESG Score, and bank size measured by total assets The sample in this study is the state-owned bank listed in the ESG Index 2021-2022. The sampling technique uses the purposive sampling method, and produces 4 bank as samples. Linier regression used to test the hyphotesis. The results showed that governance had no positive effect on the risk rating. Although not strong evidence of governance impact to risk rating, a bank should concern to manage it activities that keep stable of risk rating
Financial Behavior and Financial Technology: A Case Study of Peer-To-Peer Lending Estu Widarwati; Nunik Nurmalasari; Moeljono; Arizal Hamizar; Ahmad Arif Zulfikar; E. Wityasminingsih
Business Review and Case Studies Vol. 5 No. 2 (2024): BRCS, Vol 5 No 2, August 2024
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/brcs.5.2.169

Abstract

Background: A digital-based economy is one of the pillars of economic growth and per capita income. Financial Technology (Fintech), which adapts technological change combined with the financial sector, is expected to introduce a more instant, convenient, and modern financial transaction process. Purpose: This study examined the influence of financial behavior due to Fintech Lending (Peer-to-Peer Lending/P2P), focusing on respondents who had made fintech lending loans. Design/methodology/approach: The research approach used an explanatory survey with a sample of 132 respondents from several regions of Indonesia. Data collection was conducted using an online questionnaire distributed via the GF link during the period of 2022-2023. The data were processed by testing data quality, including validity testing, reliability testing, and classic assumption testing.Findings/Result: The study showed that individuals with higher incomes tended to take out loans, with the majority using these loans for business capital, daily needs, debt payments, and consumption. Financial behavior significantly impacted fintech lending, highlighting the importance of personal financial management to minimize fintech risks, particularly those associated with online loans (P2P).Conclusion: It needs to be a government concern to carry out better financial literacy so that people understand the risks of fintech lending, in this case, online loans (P2P).Originality/value (State of the Art): Personal financial behavior becomes a main determinant in personal fintech lending management. Keywords: financial behaviour, fintech, risk, peer to peer lending, Indonesia
ANALISIS STRATEGI DIGITAL UNTUK PENINGKATAN KEUNGGULAN KOMPETITIF DALAM RANGKA IMPROVISASI KINERJA KEUANGAN UMKM Nurmalasari, Nunik; Widarwati, Estu; Audina, Revina Nita; Apriandi, Devy Widya; Bismantara; Holle, Mohammad. H
AMAL: Jurnal Ekonomi Syariah Vol. 6 No. 1 (2024): June 2024
Publisher : IAIN Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33477/eksy.v6i1.7124

Abstract

Micro, Small and Medium Enterprises (MSMEs) have a major role in most economies in developing countries and their improvisation is determined by the Government's commitments. MSMEs have been impacted by the Covid 19 Pandemic so their financial performance had decreased due to the government policy in the imposition of restrictions on community activities (PPKM). MSMEs' financial performance can be determined by MSMEs' strategies and one of popular is the digital implementation in their business process for increasing the competitive advantage. This study aims to examine the role of digital strategy on financial performance that is mediated by competitive advantage in MSMEs. The sample selected owner MSMEs as respondents from some sub-districts of Subang. The questions are analyzed by the Method of Successive Interval (MSI), then processed with the regression model and Sobel test for testing the hypotheses. The results showed that MSME’s digital strategy has significant impact on incresing their competitive advantage. Furthermore, MSMEs’s financial performance depend on their quality of digital strategy and competitive advantage. The implication of finding is that MSMEs must be able to optimize their digital strategies for taking a lot of opportunities from their competitive advantages to improve the financial performance. Keywords: Strategy Digital, Competitive Advantage, Financial Performance, MSMEs
THE EFFECT OF APPLIED FINANCIAL TECHNOLOGY PRODUCTS (FTPs) ON FINANCIAL PERFORMANCE: CASE OF SHARIA BANKING IN INDONESIA 2017-2021 Nurlela, Ilma; Estu Widarwati, Estu
TSARWATICA (Islamic Economic, Accounting, and Management Journal) Vol 5 No 2 (2024)
Publisher : STIESA Press

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Abstract

Banking is an institution that has a role to carry out the intermediary function of the flow of funds in an economy. Proper business digitization in the Islamic banking and finance sector is a must that will lead to achieving growth in the Islamic finance market share. The financial technology system can help the financing process become faster and more measurable by mitigating risks that can be done early on. Based on this, it is an opportunity for Islamic banking to use financial technology. The purpose of this study is to examine the effect of applied financial technology products on financial performance. This study uses a sample of Islamic banks registered in the OJK for the period 2017-2021. The sample selection method used in this research is purposive sampling. Hypothesis testing used in this research using panel data regression analysis. The method used in this research is a descriptive verification method using a quantitative approach. Hypothesis testing using the Eviews9 application. The results show that financial technology products have an effect on financial performance proxied by ROA and financial technology products have no effect on financial performance proxied by BOPO, CAR, FDR, ROA. It is expected that Islamic banks will make adjustments and improve the application of financial technology products so that it can improve banking performance. In addition, to promote banking products to the general public so that people are interested in investing and applying Islamic banking products.
Green investment and firm value: Does corporate governance matter? Widarwati, Estu; Rohmah, Nabila Nur; Wityasminingsih, E; Nurmalasari, Nunik; Apriandi, Devy Widya; Sopiawadi, Mutqi
Journal of Accounting and Investment Vol. 25 No. 3: September 2024
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v25i3.22159

Abstract

Research aims: This study examines the effect of green investment on firm value with corporate governance moderation.Design/Methodology/Approach: Green investment is proxied by the green-firm investment ratio, Tobin's Q measures firm value, and corporate governance is proxied by board size. The sample is 34 companies receiving PROPER awards listed on the IDX for the 2017-2021 period from the primary material, consumer non-cyclical, and consumer cyclical sectors. The data were analyzed using panel data regression, T-test, and moderate regression analysis tests.Research findings: The results showed that green investment positively affects firm value. Meanwhile, this study has not found strong evidence about the moderation role of board size in the effect of green investment and firm value.Theoretical contribution/Originality: This research strengthened previous empirical evidence that companies' implementation of green investment activities will impact increasing firm value and board size as part of effective governance needs to be paid attention.Practitioner/Policy implication: This research has implications for companies to include green investment as an important investment decision because it is proven to be an advantage for companies to increase their valueResearch limitation/Implication: This research's determining factor for firm value is only green investment, and the corporate governance proxy only uses board size. Therefore, it is hoped that future research can explore other new models that consider industry characteristics, economic conditions in the research period, and other measures of the variables studied.
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