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Analisis Moderasi Good Corporate Governance terhadap Hubungan Antara Solvabilitas dan Kinerja Keuangan Perusahaan Asuransi Syariah di Indonesia Alfian, Mukhlisul; Atmaji, Atmaji
Jurnal Locus Penelitian dan Pengabdian Vol. 4 No. 6 (2025): JURNAL LOCUS: Penelitian & Pengabdian
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/locus.v4i6.4347

Abstract

This study aims to analyze the effect of solvency, measured by Risk Based Capital (RBC), on the financial performance of Islamic insurance companies in Indonesia, with Good Corporate Governance (GCG) serving as a moderating variable. Financial performance is proxied by Return on Assets (ROA), while GCG is represented by the number of board of commissioners, board of directors, and sharia supervisory board members. The data used are secondary data obtained from the annual reports of 16 full-fledged Islamic insurance companies registered with the Indonesian Sharia Insurance Association (AASI) during the period 2019–2023. The analysis method employed is panel data regression using the Common Effect Model approach, with robust standard error correction to address classical assumption violations. The results show that solvency (RBC) has a positive and significant effect on financial performance. Additionally, the board of directors and the sharia supervisory board also have a positive influence on ROA. However, moderation is only significant in the interaction between solvency and the sharia supervisory board, while interactions with the board of commissioners and the board of directors are not statistically significant. These findings highlight the importance of strengthening corporate governance based on sharia principles to optimize the financial and operational performance of Islamic insurance firms. This study provides strategic implications for management and regulators in enhancing governance frameworks aligned with Islamic values.
Executive Compensation, Institutional Ownership, and Financial Performance (A Study on Manufacturing Companies in Indonesia) Anwar Ibrahim, Zaky; Atmaji, Atmaji
Journal of World Science Vol. 2 No. 12 (2023): Journal Of World Science
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jws.v2i12.509

Abstract

This research aims to determine and analyze Executive Compensation, Ownership and Financial Performance of Manufacturing Companies in Indonesia. The method used in this research is quantitative. The population of this research is all companies operating in the manufacturing sector registered on the BEI in 2019 - 2022. The sample in this study was selected using a purposive sampling method. The research results show that executive compensation significantly impacts manufacturing company performance through ROA but is less significant about ROE. Nonetheless, well-compensated executives are motivated to increase profits, potentially reducing agency costs. However, factors such as initial solid performance and external events such as COVID-19 may influence the impact of executive compensation on performance. In addition, institutional ownership does not significantly influence company performance because institutional investors tend to prioritize their portfolios and remain passive towards managerial activities, thereby rejecting the hypothesis that supports a significant positive effect of institutional ownership on performance.
The Influence of Corporate Governance and Profitability on Corporate Value with Corporate Social Responsibility as a Mediating Variable Anggraini, Suci; Atmaji, Atmaji
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.52207

Abstract

The purposes of this study is to examine the effect of corporate governance and profitability on firm value, and to test whether corporate social responsibility mediates the effect of corporate governance and profitability on firm value. This research was conducted in the energy and basic material sectors from 2013-2022. The number of samples in this study were 610 data, which were obtained through annual reports listed on the Indonesia Stock Exchange. The results of the analysis show that board size, board independence, profitability, corporate social responsibility have a positive influence on firm value. In addition, corporate social responsibility mediates the positive influence of board size, board independence and profitability on firm value..
Effect of Investment Fraud on Individuals’ Risk Preference and Investment Portfolio Yudhianto, Antonius; Atmaji, Atmaji
JDM (Jurnal Dinamika Manajemen) Vol 14, No 1 (2023): March 2023
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v14i1.38521

Abstract

This study aimed to determine the effect of investment fraud on individual risk preference and to determine the effect of investment fraud an individual investment portfolios. This is a descriptive study that employed a quantitative approach. The research population was the victim of investment fraud in the Solo Raya area. The sample was in the Solo Raya area which included 5 districts and 1 city. The research sample was taken using a non-probability sampling technique by applying a purposive sampling technique which resulted in 100 respondents. The results showed that Illegal Investment Fraud has a positive and significant effect on the Individual Risk Preference of investment fraud victims in the Solo Raya area. Illegal investment fraud has a negative and significant effect on the individual investment portfolio of investment fraud victims in the Solo Raya area. In other words, if illegal investment fraud increases, the investment portfolio of individuals who are victims of investment fraud in the Solo Raya area will decrease.