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The Analysis of Return on Invested Capital Stephanie, Maurent Lavena; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.06

Abstract

The increasing attention to Environmental, Social, and Governance (ESG) issues, as well as environmental concerns, has prompted companies to implement practices that focus on environmental, social, and governance aspects. The growing interest in green investments has led companies to shift towards ESG practices as an effort to gain the trust of various stakeholders and achieve profits from sustainable investments. This study aims to describe the ESG values and the Return on Invested Capital (ROIC) of companies indexed in the IDX ESG Leaders. The research was conducted on 12 companies during the period from 2020 to 2024, utilising purposive sampling for sample selection. A descriptive approach was employed to analyse the ESG values and ROIC of the companies, where ESG values were measured using indicators from the Global Reporting Initiative (GRI). The results of the descriptive analysis indicate that companies are increasingly attentive to and striving to implement ESG practices, encompassing environmental, social, and governance aspects. Furthermore, the level of return on invested capital demonstrates that companies have successfully achieved profits from their capital investments. These findings underscore the importance of integrating ESG practices into business strategies to achieve sustainability and profitability.
Market reaction Analysis on Stocks Listed in the SRI-KEHATI Index Amalia Astari, Nurul; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.4.04

Abstract

This study aims to understand investor behavior toward sustainable investment drives the need to analyze market reaction surrounding changes in the SRI-KEHATI Index, a benchmark for ESG-oriented stocks in Indonesia. This study aims to assess market reaction in response to additions and removals of stocks from the index during the 2022–2024 period. Employing an event study method with an 11-day observation window (t–5 to t+5), the analysis uses Cumulative Average Abnormal Return (CAAR) as proxies for market reaction. The study examines 42 stocks affected by index composition changes over five evaluation periods. Results show that stocks included in the index experienced positive CAAR, suggesting positive sentiment and buying pressure. In contrast, excluded stocks displayed negative CAAR, indicating negative sentiment and selling activity. These outcomes align with signaling theory, where inclusion in the index signals positive prospects to investors. The findings imply that SRI-KEHATI Index revisions contain meaningful information that shapes investor perceptions and trading behavior, reinforcing the role of ESG indices in influencing capital market dynamics.
Analysis of the Decision to Purchase Motorcycle Towing Services Taruwara, Apta Tantra; Wijayanti, Risna
Jurnal Manajemen Pemasaran dan Perilaku Konsumen Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmppk.2025.04.3.25

Abstract

The increase in motorcycle towing business in Indonesia, particularly in Malang City, is the reason for this research to be conducted. Its objective is to identify the internal and external aspects for people’s decision of use the towing service in Malang City. The sample of this qualitative descriptive research was selected using purposive sampling technique, resulting in the inclusion of eight informants. The data was harvested via interviews and documentation. This study finds that the internal aspects that drive people’s decision to purchase the motorcycle towing service are consumer’s need for the service, the quality of the service, and the cost for having the service. Meanwhile, the external aspects are lifestyle, culture, motivation and involvement. Based on the identified aspects, it can be concluded that service quality is the most important factor. High service quality can produce satisfaction for customers and make them to repurchase the service. Another crucial factor for the purchase decision is marketing network. Broad marketing network can enhance company visibility and improve people’s awareness of the offered service. Tantra Storing Malang needs to conduct its own research in order to identify other factors that can also influence the decision to purchase motorcycle towing service in Malang City, by which the company can have a better understanding about customer needs and develop more effective marketing strategies.