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Pengaruh Rating, Profitabilitas, Indikator Makroekonomi Terhadap Yield to Maturity: Studi Komparatif Non-Green Bond dan Green Bond di Indonesia Putra, Friska Agril Perdana; Hamidi, Masyhuri; Adrianto, Fajri
Jurnal Disrupsi Bisnis Vol. 8 No. 4 (2025): Jurnal Disrupsi Bisnis
Publisher : Prodi Manajemen, Fakultas Ekonomi, Universitas Pamulang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32493/drb.v8i4.52072

Abstract

Penelitian ini bertujuan untuk menguji pengaruh rating kredit, profitabilitas (Return on Assets/ROA), inflasi, dan nilai tukar dengan jenis obligasi (green bond dan non-green bond) sebagai variabel moderasi terhadap Yield to Maturity (YTM) obligasi di Indonesia selama periode 2018 sampai dengan tahun 2024. Metode penelitian yang digunakan adalah penelitian kuantitatif kausal komparatif, memanfaatkan analisis regresi data panel tidak seimbang dengan bantuan perangkat lunak statistik. Data yang digunakan adalah data sekunder yang bersumber dari laporan keuangan emiten, Bursa Efek Indonesia (BEI), Kustodian Sentral Efek Indonesia (KSEI), Badan Pusat Statistik (BPS), dan Bank Indonesia (BI). Hasil analisis menunjukkan ROA berpengaruh signifikan terhadap YTM secara negatif, tetapi pengaruh negatif ini melemah dengan jenis obligasi sebagai variabel moderasi; inflasi berpengaruh signifikan terhadap YTM secara positif, tetapi pengaruh positif ini melemah dengan jenis obligasi sebagai variabel moderasi; nilai tukar berpengaruh signifikan terhadap YTM secara positif, tetapi pengaruh positif ini melemah dengan jenis obligasi sebagai variabel moderasi; rating tidak berpengaruh signifikan terhadap YTM, dan interaksi rating dengan jenis obligasi tidak dapat diestimasi. Variabel dummy green bond sendiri berpengaruh signifikan terhadap YTM secara positif, mengindikasikan adanya greenium negatif. Penelitian ini dapat memberikan kontribusi untuk menambah literatur terkait dinamika pembentukan YTM pada green bond dan non-green bond di pasar berkembang, serta menjadi dasar pertimbangan bagi regulator dan investor dalam mengembangkan ekosistem obligasi berkelanjutan yang lebih responsif.
ENTREPRENEURSHIP ORIENTATION AND BUSINESS PERFORMANCE: THE ROLE OF GOVERNMENT SUPPORT AS MODERATION (In Gen Z as Culinary Serving MSME Actors in Padang City) Saputra, syailendra Eka; Lukman, Syukri; Hamidi, Masyhuri; Rahim, Rida; Adrianto, Fajri
JURNAL ECONOMICA : Research of Economic And Economic Education Vol 12, No 2 (2024): Economica: Journal Of Economic And Economic Education
Publisher : Economic Education Faculty of Economics and Business Universitas PGRI Sumatera Barat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22202/economica.2024.v12.i2.7003

Abstract

This study aims to empirically prove the effect of entrepreneurial orientation and government support on culinary MSME business performance in Padang City. In addition, this research also aims to prove the role of government support to strengthen the relationship between entrepreneurial orientation and culinary MSME business performance in Padang City. In this research, as many as 120 culinary actors managed by gen Z or business actors aged between 16 and 23 years were used at this time. Data collection was carried out through distributing questionnaires. The data analysis method used is quantitative by using path analysis. The results of testing the hypothesis found that entrepreneurial orientation will encourage increased culinary MSME business performance managed by gen Z in Padang City. The research results obtained also found that government support in the form of financial or non-financial has a strong influence on the performance of micro business businesses managed by gen Z in Padang City. Another finding obtained through our research is that government support moderates the relationship between entrepreneurial orientation and business performance. These findings show that the implementation of an entrepreneurial orientation will be carried out and on target if it gets financial or non-financial support from the government so that it can encourage increased business performance.