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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 Kajian Akuntansi 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 Jurnal Analisis Bisnis Ekonomi
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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How Does Human Capital’s Impact to Cost of Financial Distress? Widarwati, Estu; Haryono, Tulus
Proceeding ISETH (International Summit on Science, Technology, and Humanity) 2019: Proceeding ISETH (International Summit on Science, Technology, and Humanity)
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/iseth.1413

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.
Corporate Investment and Corporate Performance: Do Crisis Matter? Widarwati, Estu; Nugraha, Muhamad Mugi; Nurmalasari, Nunik; E. Wityasminingsih, E. Wityasminingsih
Jurnal Kajian Akuntansi Vol 7 No 2 (2023): DESEMBER 2023
Publisher : Universitas Swadaya Gunung Jati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33603/jka.vol7.no2.a18

Abstract

Corporate performance is an achievement of success from a series of corporate activities in several predetermined strategies. Investing in goods and capital increases the firm's value and therefore the firm's performance will be different during the economic crisis and normal conditions. The study aims to examine the relationship between corporate investment and corporate performance. Furthermore, this study also does a different test of the corporate investment effect on corporate performance between the normal and crisis periods. We use the Capital Expenditure and Net Working Capital as measurements of corporate investment and firm performance proxied by operating profit margin. The sample used are 243 non-financial industries firms listed on the Indonesia Stock Exchange (IDX) for the 2017-2021 period, then there is 1215 observation data. The data were analyzed descriptively, and then panel data regression was used for testing the hypotheses. The results showed that the company's investment had a positive effect on the company's performance and there was a significant difference in these influences in both normal and crises periods. This finding has implications that companies can continue investing to improve their performance with economic growth as main consideration for investment decision-making.
Strategic Approach for Optimizing of Zakah Institution Performance: Customer Relationship Management Widarwati, Estu; Afif, Nur Choirul; Zazim, Muhamad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 9 No. 1 (2017)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | 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 
PERINGKAT SCORE GOOD CORPORATE GOVERNANCE DAN HUBUNGANNYA DENGAN RETURN SAHAM Widarwati, Estu; Mulyawati, Selvi
Jurnal Analisis Bisnis Ekonomi Vol 13 No 1 (2015)
Publisher : Universitas Muhammadiyah Magelang

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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.
Co-Authors Ahmad Arif Zulfikar Apriandi, Devy Widya Arizal Hamizar Asep Solihin Audina, Revina Nita Bismantara DEWI SARTIKA Dewi Sartika E Wityasminigsih E. Wityasminingsih, E. Wityasminingsih 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 Nugraha, Muhamad Mugi 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, Tulus Zazim, Muhamad