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Peran Sekuritisasi Sebagai Pendanaan Ekspansi Kredit Pemilikan Rumah Pada Bank BTN Dede Hikmat Maulana; Hari Gursida; Yohanes Indrayono
Owner : Riset dan Jurnal Akuntansi Vol. 9 No. 1 (2025): Artikel Riset Periode Januari 2025
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v9i1.2422

Abstract

Banks as intermediary institutions collect funds from the public in the form of and provide credit, one of which is Home Ownership Credit/KPR. However, there is a risk of a mismatch between funding and bank financing. KPR credit which has a long term is not comparable to funding sources from bank customer deposits which have a tenor of less than 1 year. Bank BTN as a bank that focuses on housing financing continues to pursue mortgage credit growth, one of which is by means of mortgage securitization. KPR securitization as a relatively cheap source of long-term funding is one of Bank BTN's ways of expanding KPR credit. The aim of this research is to determine the impact of securitization on the financial performance and company performance of Bank BTN.  This research is expected to provide an understanding regarding KPR securitization and the development of KPR credit in Indonesia, especially KPR securitization carried out by Bank BTN in the period 2018 to 2023. The analytical method used in this research is qualitative descriptive analysis. The data used in this research uses secondary data sources, including publications of company financial reports, government policies and regulator reports. Data collection techniques in this research used documentation, observation and interview techniques. The research results show that although KPR securitization has a positive impact on Bank BTN's liquidity and is used as an alternative source of financing for KPR expansion, it does not have a significant impact on shareholder profits.
Modeling Sustainable Consumer Behavior among Generation Z in Bogor City Rumna; Hari Gursida; Doni Wihartika
Journal of Economics, Entrepreneurship, Management Business and Accounting Vol 4 No 3 (2026): Volume 4, Issue 3, May 2026
Publisher : CV. Sakura Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61255/jeemba.v4i3.1068

Abstract

Purpose – This study develops and tests an integrative model of sustainable consumer behavior (SCB) among Generation Z in Bogor City by examining the influence of Emotional Intelligence (EI), Social Influence (SI), and Perceived Value Alignment (PVA) on SCB through Sustainable Consumer Intention (SCI) mediation. Theoretically, this research extends the Theory of Planned Behavior (TPB) by integrating affective, social, and value alignment dimensions. Design/methodology/approach – This quantitative research uses a survey of 401 Generation Z students in Bogor City which was analyzed with SEM-PLS. Finding/Results – The results showed that EI and PVA had a significant positive effect on SCI and SCB, while SI had no direct effect on SCB. The model demonstrated a very high predictive ability for sustainable consumer behavior (0.873), indicating that the influence of external factors and emotional capacity is mediated by behavioral intentions before manifesting in sustainable consumption actions. SCI emerged as the most dominant mediator, confirming the critical role of behavioral intentions in translating social influences into sustainable consumption behavior. Originality/Value – This research provides an integrative framework that extends TPB by combining EI, SI, and PVA to explain sustainable consumer behavior, offering theoretical insights and practical implications for promoting sustainable consumption among Generation Z.
DETERMINANTS OF DIVIDEND POLICY AND ITS IMPLICATIONS FOR STOCK RETURNS: AN EMPIRICAL STUDY OF COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE 2019-2024 Baliyah Munadjat; Hari Gursida; Yohanes Indrayono
Multidisciplinary Indonesian Center Journal (MICJO) Vol. 3 No. 3 (2026): Vol. 03 No. 3 Edisi Juli 2026
Publisher : PT. Jurnal Center Indonesia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62567/micjo.v3i3.2558

Abstract

This study aims to analyze the determinants of dividend policy and their implications for stock returns among companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Specifically, the study examines the effects of Return on Assets (ROA), Current Ratio (CR), Debt-to-Equity Ratio (DER), Sales Growth (SG), and Firm Size (SIZE) on Dividend Payout Ratio (DPR), as well as the impact of DPR on stock returns. The research employs a quantitative approach using secondary data obtained from the annual financial reports of dividend-paying companies listed on the IDX. The sample consists of 822 firm-year observations selected through purposive sampling. Data analysis was conducted using path analysis with multiple regression models, supported by classical assumption tests including normality, heteroscedasticity, multicollinearity, and autocorrelation tests. The results indicate that during the overall period of 2019–2024, ROA, DER, and SG significantly and negatively affect DPR, while CR and SIZE do not have significant effects. Furthermore, CR negatively affects stock returns, whereas SG and DPR have positive and significant effects on stock returns. The findings also reveal that the relationships among financial performance, dividend policy, and stock returns vary across pre-crisis, crisis, and post-crisis periods. Overall, dividend policy plays an important mediating role in influencing stock returns, particularly during and after periods of financial uncertainty. These findings provide valuable insights for investors, corporate managers, and policymakers in formulating dividend and investment decisions under different economic conditions.
Peningkatan Pangsa Pasar UMKM di Desa Wisata Bojong Rangkas melalui AI Marketing Metya Lutviani; Valeriana Darwis; Sumarno Sumarno; Hari Gursida
Center of Knowledge : Jurnal Pendidikan Dan Pengabdian Masyarakat Volume 5 Nomor 2 Agustus 2025
Publisher : Pusdikra Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51178/cok.v5i2.2949

Abstract

Usaha Mikro, Kecil, dan Menengah (UMKM) memiliki peran strategis dalam perekonomian nasional karena berkontribusi besar terhadap penyerapan tenaga kerja dan Produk Domestik Bruto (PDB), namun masih menghadapi tantangan dalam aspek pemasaran dan pemanfaatan teknologi digital. Kegiatan pemberdayaan masyarakat ini dilaksanakan dengan tujuan untuk meningkatkan pemasaran produk yang dihasilkan oleh 25 pelaku UMKM di Desa Wisata Bojong Rangkas melalui penerapan artificial intelligence (AI) marketing. Proses pemberdayaan masyarakat dilakukan dengan menggunakan metode ekspositori dan inkuiri. Pelaksanaan kegiatan berlangsung di balai desa dengan penyampaian materi terkait AI marketing, serta kunjungan lapangan ke sentra pengrajin tas dan lokasi agrowisata. Untuk mengetahui kondisi eksisting terkait dimensi manajemen pada UMKM, digunakan instrumen kuesioner yang dianalisis secara deskriptif melalui perhitungan skor rata-rata Likert. Hasil analisis menunjukkan bahwa pada dimensi pemasaran, sekitar 80% responden telah aktif menggunakan media sosial dan marketplace, namun belum memanfaatkannya secara optimal untuk memasarkan produk. Pada dimensi keuangan, sebagian besar UMKM belum memiliki pencatatan keuangan yang profesional. Sementara pada dimensi sumber daya, hanya sedikit UMKM yang mengembangkan pengetahuan terkait pemasaran produk. Pada dimensi pengembangan produk, hanya 32% UMKM yang meluncurkan varian baru dalam kurun waktu satu tahun terakhir. Setelah mengikuti penyampaian materi dalam kegiatan pemberdayaan masyarakat ini, para pelaku UMKM mulai mendapatkan pencerahan dan merasa lebih percaya diri bahwa peluang pasar UMKM dapat meningkat apabila mereka memasarkan produknya melalui strategi AI marketing.
Akselerasi Pangsa Pasar UMKM Inovasi Rendah melalui Literasi AI Marketing di Desa Wisata Bojong Rangkas Bambang Siswanto; Iman Ibrahim; Hari Gursida
Center of Knowledge : Jurnal Pendidikan Dan Pengabdian Masyarakat Volume 5 Nomor 2 Agustus 2025
Publisher : Pusdikra Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51178/cok.v5i2.2968

Abstract

Transformasi digital telah menjadi kebutuhan strategis bagi UMKM untuk mempertahankan daya saing di era ekonomi berbasis teknologi. Namun, sebagian besar UMKM, khususnya yang berada pada kategori inovasi rendah, masih menghadapi keterbatasan dalam pemanfaatan teknologi digital, kreativitas pemasaran, dan pengambilan keputusan berbasis data. Berdasarkan permasalahan tersebut, penelitian ini bertujuan untuk meningkatkan literasi AI Marketing sebagai strategi akselerasi pangsa pasar UMKM inovasi rendah di Desa Wisata Bojong Rangkas. Penelitian ini menggunakan pendekatan evaluatif-deskriptif dengan metode pre-test dan post-test yang mencakup empat aspek utama yaitu marketing, produksi dan inovasi, keuangan, serta sumber daya manusia. Program pelatihan meliputi penggunaan ChatGPT untuk pembuatan konten otomatis, Canva Magic Resizer untuk desain multiformat, Perplexity untuk riset pasar cepat, serta simulasi dasar periklanan digital berbasis AI. Pendampingan tambahan diberikan pada aspek perilaku wirausaha dan pencatatan keuangan digital. Hasil penelitian menunjukkan peningkatan signifikan pada seluruh aspek kompetensi UMKM dengan capaian marketing sebesar 86 %, produksi dan inovasi 88 %, keuangan 84 %, dan sumber daya manusia 86 %. Temuan ini menunjukkan bahwa literasi AI mampu mengurangi hambatan inovasi, meningkatkan kualitas konten digital, memperluas jangkauan pemasaran, dan memperkuat profesionalisasi pengelolaan usaha. Penelitian ini menyimpulkan bahwa teknologi AI berperan sebagai akselerator pangsa pasar UMKM melalui peningkatan efisiensi operasional, kreativitas pemasaran, serta pengambilan keputusan berbasis data. Rekomendasi diberikan pada perlunya penguatan ekosistem pendampingan digital berkelanjutan dan integrasi pelatihan AI dalam pengembangan UMKM di tingkat lokal.
Strategy For Improving Employee Performance Through Job Characteristics Strengthening Program, Empowerment & Work Motivation (Empirical Study On Chemical Industry Employees In Bogor Regency) Riza Aditriawan Anggorodi; Hari Gursida; Widodo Sunaryo
International Journal of Economics Accounting and Management Vol. 2 No. 3 (2025): IJEAM - September 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i3.1474

Abstract

This study aims to analyze the influence of job characteristics and empowerment on employee performance, with work motivation as an intervening variable, among employees in the chemical industry in Bogor Regency. The method used is a mixed methods approach, namely quantitative through questionnaires and qualitative through interviews with employees at PT. RDA Reindo Dinamika, PT. Mulia Agung, and PT. Kimia Utama with a total sample of 232 respondents. The data analysis techniques used were path analysis and the Delphi technique. The results of the quantitative approach show that job characteristics and work motivation have a positive and significant impact on employee performance. Empowerment does not show a significant direct effect on performance, but it has a positive impact on work motivation. Work motivation acts as a mediator in the relationship between job characteristics and empowerment on employee performance. The qualitative approach reinforces the quantitative results, where employees express that aspects such as skill variety, autonomy, feedback, and job meaning can enhance work enthusiasm and quality. Empowerment that is not accompanied by effective communication and consistent management support tends to have less direct impact on performance improvement. Work motivation emerges as an important factor that strengthens the positive influence of the work environment on performance. Improvement of job characteristics and empowerment, when supported by high work motivation, can be an effective strategy in enhancing employee performance.
Financial performance, capital structure, and firm's value: The moderating role of dividend policy N Rusnaeni; Hari Gursida; Hendro Sasongko; Dani Rahman Hakim
Journal of Business, Social and Technology Vol. 4 No. 1 (2023): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v4i1.77

Abstract

This study examines the effect of financial performance and capital structure on firm value with dividend policy as a moderating variable. The sample in this study was 13 property and real estate sector companies from 2011 to 2020, with a total of 130 observations. This study found that financial performance and capital structure positively affect firm value. Meanwhile, this study finds that dividend policy cannot moderate the effect of financial performance and capital structure on firm value. The results of this study indicate that property and real estate investors still prioritize the firm's financial performance. Investors are relatively more cautious in investing in property and real estate sector companies even though the dividends offered are pretty high. Thus, property and real estate sector companies need to be more creative in improving their financial performance and obtaining resources to develop their business.
Sustainability Management in Gojek's Marketing Strategy: Impact on Brand Image and Customer Loyalty Veta Lidya Delimah Pasaribu; Reza Khairul Hadi; Doni Wihartika; Hari Gursida
Jurnal Sosial, Politik dan Budaya (SOSPOLBUD) Vol. 5 No. 1 (2026): January 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/sospolbud.v5i1.16138

Abstract

Sustainability has become an important issue in the modern business world. Companies are required not only to pursue economic profits but also to pay attention to social and environmental aspects. This study aims to analyze the implementation of sustainability management in Gojek's marketing strategy and its impact on brand image and customer loyalty. The research uses a qualitative descriptive method with a literature study approach. The analysis results show that Gojek has successfully integrated the Triple Bottom Line principles into marketing activities through environmentally friendly programs, driver partner empowerment, and sustainability communication. These initiatives have proven to strengthen the company's positive image and increase customer loyalty. However, challenges remain, especially in terms of implementation costs and the still low consumer awareness.
Analysis of the Influence of Severity, Firm Size, Free Asset, and Asset Retrenchment on Corporate Turnaround in the Property & Real Estate Sector Listed on the Indonesia Stock Exchange for the Period 2020-2024 Adhi Wichaksono; Hari Gursida; Yohanes Indrayono
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9792

Abstract

This study aims to analyze the effect of severity, firm size, free assets, and asset retrenchment on the success of corporate turnaround in Indonesian property and real estate companies experiencing negative return on assets (ROA). The study uses a quantitative approach with binary logistic regression on 21 companies selected through purposive sampling in the 2020–2024 period. Corporate turnaround is identified based on the company's ability to continuously emerge from negative ROA conditions. The test results show that severity has a negative effect on the probability of corporate turnaround success, although it is not statistically significant. Meanwhile, firm size, free assets, and asset retrenchment also had no significant effect on the success of performance recovery. These findings indicate that conventional financial indicators and ratios are not yet able to adequately explain the dynamics of corporate turnaround in the property and real estate sector, which is asset-intensive, illiquid, and highly influenced by economic cycles. This study confirms the gap between the theoretical framework based on financial indicators and the empirical reality of the property sector, and emphasizes the importance of a multidimensional approach that incorporates non-financial factors in the analysis of corporate turnaround.
The Effect Of Leverage, Liquidity, Inventory Turnover On Financial Distress With Profitability As An Intervening Variable (In Construction Sector Companies Listed on the Indonesia Stock Exchange for the Period 2017 - 2023) Dodi Haryadi; Hari Gursida; Herdiyana Herdiyana
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 3 (2026): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i3.10318

Abstract

This study aims to analyze the impact of Leverage, Liquidity, and Inventory turnover on Financial Distress with Profitability as an intervening variable in construction sector companies listed on the Indonesia Stock Exchange (IDX) during the period of 2017–2023. The research adopts a quantitative approach using regression analysis with EViews 13 and mediation testing using the Sobel Test. The results indicate that Leverage has a significant negative impact on Financial Distress, but does not mediate this relationship through Profitability. Meanwhile, Liquidity does not have a significant effect on Financial Distress, either directly or through Profitability. Inventory turnover has a significant positive effect on Profitability, but does not significantly affect Financial Distress, either directly or through Profitability as an intervening variable. On the other hand, Profitability was found to have a significant positive impact on Financial Distress, indicating that higher profitability increases the likelihood of experiencing financial distress. The mediation test results show that Profitability does not mediate the relationship between the independent variables (Leverage, Liquidity, and Inventory turnover) and Financial Distress significantly. These findings suggest that, although good financial management is important, in the construction sector, other factors such as project management and capital structure have a greater impact on a company's financial condition. This study provides practical implications for construction sector management in planning more cautious financial strategies and considering sector dynamics that can affect the stability of company finances in a more comprehensive way.
Co-Authors Ade Ratna Sari, Ade Ratna Adhi Wichaksono Afif, M Nur Agus Setyo Pranowo Aminudin Aminudin Andy Lasmana Andy Lasmana Anggorodi, Riza Aditriawan Ardhiati Octaviani Baliyah Munadjat Bambang Siswanto Chih Seong SU Dani Rahman Hakim Dani Rahman Hakim, Dani Rahman Dede Hikmat Maulana Dodi Haryadi Doni Wihartika Doni Wihartika Doni Wihartika Endi Suyatno Endi Suyatno Endi Suyatno Enok Tuti Alawiah Erna Herlina Firman Ferdian Gandhy, Abel Hafidz Hanafiah Hammad Hammad Hammad Hammad Hammad Hammad hammad, hammad Hamzah, Zeze Zakaria Hanan, Sufrin Hardiyanto, Arief Tri Hari Muharam Hendro Sasongko Herdiyana Herdiyana Herdiyana herdiyana, Herdiyana Herdyana Heri Susanto Herlin Widasiwi Setianingrum Hinka Lutfiah Ibram Pinondang Dalimunthe ibram pinondang dalimunthe, ibram pinondang Iman Ibrahim Indra Cahya Kusuma Indra Cahya, Kusuma Indrayono, Yohanes Isnurrini Hidayat Susilowati Isnurrini hidayat, Isnurrini Karina Apriyani Kiki Intan Saputri Lakonardi Nurraditya Lisdiana, Vera Mailini, Dini Maman Suryaman Mamay Komarudin Marsifa Maulana, Nurnita Hayatun Metya Lutviani Moeins, Anoesyirwan N. Rusnaeni Nancy Yusnita Nancy Yusnita Novalida Nurdyane Ramon Hurdawaty Ramon Hurdawaty Retno Martanti Endah L Reza Khairul Hadi Rina Rustikasari Riza Aditriawan Anggorodi Rochman Marota ROOSGANDA ELIZABETH Rukmana, Dwita Rumna Rumna Rumna Salmah Shabrina, Hafiyya Siahaan, Matdio Siddik, Ibnu Sri Setiawati Sri Setiawati, Sri Sumarno Sumarno Sunarta, Ketut Sutarto, Bambang Suyatno, Endi Thiar Cnur Umayi Ananda, Woro Valeriana Darwis Veta Lidya Delimah Pasaribu Warizal Widasiwi, Herlin Widodo Sunaryo Widodo Sunaryo Wihartika, Doni Wiwik Widiyanti, Wiwik Yandi Asmana Yayan Hadiyat YOHANES INDRAYONO Yohanes Indrayono Yohanes Indrayono Yohanes Indrayono Yohanes Indrayono Yohanes Indrayono Yohanes Indrayono Yohanes Indrayono Yohannes Indrayono yusnita, nancy Zaini, Oktori Kiswati