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All Journal Journal of Business and Management International Journal of Supply Chain Management Journal of Accounting and Finance Management (JAFM) International Journal of Science and Environment
Anny Nainggolan, Yunieta
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Agriculture, Biological Sciences & Forestry Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Environmental Science Industrial & Manufacturing Engineering Mathematics Physics Transportation

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Long-term performance of politically connected winning firms after 2014 indonesian presidential election Akbar Grady Serano, Dillon; Anny Nainggolan, Yunieta
Journal of Business and Management Vol 8, No 2 (2019)
Publisher : Journal of Business and Management

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Abstract

This research discuss whether there is a difference between the long-term value of firms that is politically connected to president Jokowi and firms that is politically connected to runner up president Prabowo after Indonesian presidential election in year 2014. This research aims to investigate (1) long-term value of politically connected firms after 2014 election, (2) long-term value of politically connected winning and losing firms after 2014 election, and (3) whether politically connected winning firms have higher long-term value than politically connected losing firms. This research collect 52 politically connected firm’s data that is connected to the winning and losing side from year 2014 to 2019. The result of this study is that there is a difference between the long-term values of firms that is politically connected to the winning side compared to firms that is politically connected to the losing side. The result of the event study that has been done is to come to the conclusion that politically connected winning firms (PCWs) result in an average abnormal return of -37% compared to politically connected losing firms that result in an average abnormal return of -84%. This finding can also be seen through ABHAR testing, for the total difference in the research period is 47% and is statistically significant in a 1% level. Lastly, this result can provide a guideline for investors that it is more profitable to invest long-term in politically unconnected firms after a presidential election. KEYWORDS: Firms Long Term Performance, Indonesia, Political Connection, Presidential Election.
Y - Generation and Its Supply Chain Strategy for Housing Affordability: An Evidence From Indonesia Aswin Rahadi, Raden; Putri Pradana, Dian; Nita, Arfenia; Lazuardi Kitri, Mandra; Anny Nainggolan, Yunieta; Rahmatsyah Putranto, Nur Arief; Muhammad, Zikri
International Journal of Supply Chain Management Vol 9, No 5 (2020): International Journal of Supply Chain Management (IJSCM)
Publisher : ExcelingTech

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59160/ijscm.v9i5.5156

Abstract

Y - Generation of Indonesian has a lack of affordability in purchasing a house. It has become a much-discussed issue and attracted the researchers attention, both in terms of preferences, indexes, and solutions to deal with the problem. Generation Ys preferences in purchasing a house were also investigated in this research to understand which preferences will affect the demand and price of the houses because price is also an indicator used to identify the affordability. In addition, those preferences also will help some parties involved in housing transactions to create a strategy that will increase the affordability index. The data in this research is gathered using mixed methods in which the qualitative is used in the 5 interviews with the property experts to gain the questionnaire items, and the questionnaire as the quantitative method with 206 respondents limited to Generation Y who have fixed income every month and are willing to have a house in Jakarta. The data then further processed using PLS-SEM analysis. This research finally found that Generation Ys preferences are divided into four categories which are product specifications, future considerations, supplemental factors, and dweller characteristics (stated in sequence from the most influential to the least influential). In terms of affordability, according to five banks with lowest interest rate, BTN as well BRI and Mandiri have become the most affordable bank for Generation Y to do KPR because the indexes were 4.41% (can afford) and 95.59% (cannot afford) or the highest compared to BJB and BCA.
The Role of ESG Component in Shaping Corporate Cost of Debt and Cost of Equity in Indonesia Hanna Pramadhia, Jasmine; Anny Nainggolan, Yunieta
Journal of Accounting and Finance Management Vol. 5 No. 6 (2025): Journal of Accounting and Finance Management (January - February 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i6.1241

Abstract

This study aims to analyze how the ESG combined score and its components affect the cost of debt and equity for listed companies in Indonesia. Otoritas Jasa Keuangan (OJK) has issued regulations to encourage the inclusion of companies' ESG performance in investment decisions. This has resulted in companies getting incentives to improve their ESG performance. However, the actual impact of lower capital costs due to improved ESG performance is still unavailable in Indonesia. This study attempts to fill this gap by considering the impact of the assessment of the components that underlie ESG values: emission reduction, resource use, environmental innovation, workforce, community, human rights, product responsibility, CSR strategy, management, and shareholder rights on the cost of debt and equity. The results show the ESG combined score has no impact on the cost of debt. However, components such as emissions, environmental innovation, and human rights can directly affect the company's debt cost. In addition, the results show that the combined ESG score and almost all components that build the ESG score affect the company's equity cost. However, this study found that the majority had a positive relationship with heavy-polluting companies and a negative relationship with non-heavy-polluting companies.
The Influenced of ESG Environmental Performance on Financial Performance: A Study of Indonesian Publicly Listed Companies Muh. Alif Rumansyah, A.; Anny Nainggolan, Yunieta
Journal of Accounting and Finance Management Vol. 5 No. 6 (2025): Journal of Accounting and Finance Management (January - February 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i6.1565

Abstract

Environmental, Social, and Governance (ESG) factors have become crucial in corporate strategy and financial decision-making. This study examines the impact of environmental performance on financial performance—measured by Return on Assets (ROA) and Return on Equity (ROE)—of publicly listed companies in Indonesia. Using panel data regression, the research analyzes companies in the IDX ESG Leaders, SRI-KEHATI, and ESGQ-KEHATI indices from 2019 to 2023. Environmental performance indicators include emissions, energy consumption, water usage, and waste management, with firm size, leverage, and governance characteristics as control variables. The findings indicate that environmental performance influences financial performance, though its effects vary across indicators. Some sustainability practices improve financial outcomes, while others incur short-term costs. The study highlights the risk of greenwashing, emphasizing the need for standardized ESG reporting. These insights are valuable for corporate decision-makers, investors, and regulators to develop effective ESG strategies that balance sustainability with financial growth.
Goto Group's Path To Profitability: A Financial Performance Analysis 2022-2024 Muzaffar, Mumtaz; Anny Nainggolan, Yunieta; Soekarno, Subiakto
International Journal of Science and Environment (IJSE) Vol. 6 No. 1 (2026): February 2026
Publisher : CV. Inara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijse.v6i1.309

Abstract

This is a case study concerning the path to profitability of the GoTo Group in 20222024. The study follows a quantitative descriptive research design and uses secondary data retrieved in reference to audited financial statements, annual reports, and presentations made to investors, to make an integrated financial model to indicate the key drivers behind the improvement in Adjusted EBITDA. Results show that GoTo achieved a significant profitability turnaround with Adjusted EBITDA improving by IDR 16.34 trillion from negative IDR 16.01 trillion (2022) to positive IDR 0.33 trillion (2024). Three reinforcing levers drove this improvement: (1) monetization uplift with net take-rate rising from 1.85% to 2.95%, (2) subsidy rationalization with promotions declining from 2.97% to 0.53% of Core GTV, and (3) fixed cost efficiency maintained at 44.84% of net revenue. Scenario analysis demonstrates that profitability sustainability exists within a narrow operating corridor. The study establishes quantified profitability guardrails: promotion intensity ≤0.59% of Core GTV, net take-rate ≥2.84%, and fixed opex ≤46.91% of net revenue. This study recommends implementing guardrail-based governance to maintain profitability while growing Core GTV without returning to subsidy-dependent growth.
Co-Authors Akbar Grady Serano, Dillon Hanna Pramadhia, Jasmine Lazuardi Kitri, Mandra Muh. Alif Rumansyah, A. Muhammad, Zikri Muzaffar, Mumtaz Nita, Arfenia Putri Pradana, Dian Raden Aswin Rahadi Rahmatsyah Putranto, Nur Arief Subiakto Soekarno