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All Journal JURNAL VISIONIDA Jurnal Pengabdian Masyarakat (ABDIRA) Journal Of World Science International Journal of Multidisciplinary Research and Literature (IJOMRAL) Utsaha: Journal of Entrepreneurship Journal of Social Studies, Arts and Humanities (JSSAH) International Journal Administration, Business & Organization The Es Economics and Entrepreneurship The Es Accounting and Finance
Indrayono, Yohanes
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The influence of ROA and Sales Growth on Firm Size Hamzah, Zeze Zakaria; Gursida, Hari; Indrayono, Yohanes
The Es Accounting And Finance Vol. 2 No. 03 (2024): The Es Accounting And Finance (ESAF)
Publisher : Eastasouth Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/esaf.v2i03.326

Abstract

The Industrial Revolution is a time when human work in various fields began to be replaced by machines. This study wants to examine how the effect of Return of Assets and Sales growth on firm size. The population in this study were 263 companies. And observations were made in accordance with the criteria and found a total sample of 40 companies. The data analysis method used in this research is Regression. The results are 1) Return on Assets has a negative effect on financial distress 2) Sales Growth has a negative effect on financial distress is rejected.
Determinants of Financial Distress and the Role of Firm Size the Variables are CR, DAR, to FD and FS as Moderation Hamzah, Zeze Zakaria; Gursida, Hari; Indrayono, Yohanes
The Es Economics and Entrepreneurship Vol. 3 No. 01 (2024): The Es Economics And Entrepreneurship (ESEE)
Publisher : Eastasouth Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/esee.v3i01.317

Abstract

The objective of this study is to determine the elements that account for the impact of financial ratios on financial difficulty. This will be achieved by treating firm size as a moderating variable that either enhances or diminishes the independent variable in connection to the dependent variable during the Covid-19 pandemic. The survey comprised a total of 263 companies. Observations were carried out consistent with the specified criteria, resulting in a total sample size of 40 companies. This study use regression as the data analysis technique. 1) Finding shows current ratio has adverse effect to financial distress. 2) The debt-to-asset ratio positively affects financial stability. 3) The significance of the current ratio on financial difficulty is reduced with the size of the firm. 4) The debt-to-asset ratio during financial crises is influenced by the size of the firm.
MSME FINANCIAL LITERACY MODEL AS A MEASURING TOOL FOR MSME FINANCIAL PERFORMANCE: Case Study of Bogor, Depok and Kuningan MSMEs Setiawati, Sri; Gursida, Hari; Indrayono, Yohanes
UTSAHA: Journal of Entrepreneurship Vol. 4 Issue 1 (2025)
Publisher : jfpublisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56943/joe.v4i1.710

Abstract

Micro, Small, and Medium Enterprises (MSMEs) are vital to the economy but often struggle with financial management due to limited financial literacy. This leads to poor accounting practices and weak financial reporting, hindering growth and competitiveness. The rapid changes of the industrial revolution 4.0 further challenge MSMEs to adapt. This study examines financial literacy’s role in enhancing MSME financial performance in Bogor, Depok, and Kuningan. It identifies key influencing factors and their impact. Using an associative methodology with quantitative and qualitative approaches, data were collected from 399 MSME practitioners via surveys, interviews, and Focus Group Discussions (FGDs). Structural Equation Modeling (SEM) with Partial Least Square (PLS) was used for analysis. Findings show financial behavior, attitude, bank product usage, credit/loans, and financial inclusion positively affect financial performance through financial literacy. However, risk preference and digital literacy had no significant impact. The study underscores the need to improve financial literacy and recommends developing a financial reporting application to help MSMEs manage finances effectively.
CORPORATE GOVERNANCE DETERMINANTS OF BANK FINANCIAL PERFORMANCE THROUGH GREEN BANKING IN INDONESIA Dalimunthe, Ibram Pinondang; Gursida, Hari; Indrayono, Yohanes
UTSAHA: Journal of Entrepreneurship Vol. 4 Issue 2 (2025)
Publisher : jfpublisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56943/joe.v4i2.768

Abstract

The return on equity (ROE) is used as an indicator of profitability that is of concern to the bank’s internal and external parties; the pressure on the increasingly difficult environmental situation urges banks to be involved in their role in reducing the impact of damage without setting aside profitability. This research analyzes the effect of institutional ownership, managerial ownership, audit committee, independent commissioner, and ASEAN corporate governance scorecard on return on equity through disclosure of green banking practices in Indonesia. This research method uses a quantitative approach with secondary data. The sample of this study was 13 banks that were members of the Indonesian Sustainable Finance Initiative (IKBI) in 2018-2023, and they were analyzed by path analysis using SmartPLS version 4. The results indicate that institutional ownership negatively affects the green banking disclosure index, while managerial ownership, the audit committee, and independent commissioners show no effect. The ASEAN Corporate Governance Scorecard positively affects the index. In turn, the index positively influences return on equity (ROE). Institutional ownership does not affect ROE directly, but its negative impact is fully mediated by the disclosure index. Managerial ownership has a negative effect on ROE, while independent commissioners have a positive one; the audit committee and the governance scorecard show no direct effect on ROE. The disclosure index does not mediate the effects of managerial ownership, the audit committee, or independent commissioners on ROE, yet it fully mediates the positive effect of the governance scorecard.
THEORETICAL MODEL EVALUATION OF STOCK PRICE AND EXCHANGE RATE RELATIONSHIPS IN BRICS COUNTRIES Sianipar, Makmur; Indrayono, Yohanes; Sasongko, Hendro
International Journal of Multidisciplinary Research and Literature Vol. 4 No. 4 (2025): INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND LITERATURE
Publisher : Yayasan Education and Social Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53067/ijomral.v4i4.354

Abstract

This study investigates the theoretical and empirical relationships between stock prices and exchange rates within the BRICS countries (Brazil, Russia, India, China, South Africa, and Indonesia), particularly focusing on Indonesia following its official inclusion in BRICS on January 6, 2025. Using a daily time series dataset from June 2023 to May 2025, this research applies the Granger Causality Test to evaluate the direction of causality between capital and foreign exchange markets. The study is grounded in four major theoretical frameworks: flow-oriented, stock-oriented, portfolio balance, and asset market models. The analysis reveals a heterogeneous structure of interdependence across BRICS countries, encompassing both unidirectional and bidirectional causalities. Notably, Indonesia’s capital market (JSX) demonstrates predictive influence over the domestic exchange rate (IDR), supporting the stock-oriented hypothesis. Moreover, the South African Rand (ZAR) exhibits dominant influence across multiple BRICS markets, while China’s Yuan (CNY) significantly affects the South African stock index, confirming China’s pivotal economic role. The study also identifies feedback loops between several country pairs, indicating strong financial integration and information transmission. This research contributes to the literature by incorporating daily data analysis and exploring the impact of Indonesia’s BRICS membership, an area previously underexplored. It offers theoretical enrichment by mapping empirical findings onto established models and provides policy insights for enhancing macro-financial coordination and volatility risk management among BRICS nations.
Analysis Of The Effect Of Npl, Bopo And Ldr On Car With Roa As An Intervening Variable In Banking (Case Study: Conventional Commercial Banks on the Indonesia Stock Exchange (IDX) for the 2016-2021 Period) Iqbal, Muhammad; Indrayono, Yohanes; Herdiyana, Herdiyana
Journal of Social Studies Arts and Humanities (JSSAH) Vol 3, No 1 (2023): Vol 3, No 1 (2023) Journal of Social Studies, Arts and Humanities
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jssah.v3i1.7456

Abstract

Financial performance for bank financial institutions demonstrates how management is focused on managing the business and balancing the interests of shareholders, consumers, monetary authorities, and the general public whose activities are tied to banking. This study aims to provide a rationale for the relationship between Non-Performing Loans (NPL), Operating Costs on Operating Income (BOPO), Loan to Deposit Ratio (LDR), and Capital Adequacy Ratio (CAR) in Conventional Banks listed on the IDX for 2016–2021. 35 conventional commercial banks in Indonesia that will still be in operation by 2021 make up the population of this study. Purposive sampling was used in the sampling process, and 7 banks financial institutions were chosen as samples. The study's findings show that: (1) NPL has no significant impact on ROA; (2) BOPO has a substantial impact; (3) LDR has a significant impact; and (4) CAR factors have a large positive impact on ROA. The findings of this study show that the higher the CAR, the higher the ROA attained by the bank since the capital of the bank is better able to maintain the potential of the danger of losing its business, which also improves performance.
Capital Market Reactions to The Covid 19 Pandemic Umayi Ananda, Woro; Gursida, Hari; Indrayono, Yohanes
Journal of World Science Vol. 2 No. 3 (2023): Journal of World Science
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jws.v2i3.252

Abstract

This study aims to determine and analyze the capital market's reaction to the Covid 19 Pandemic in biotechnology companies listed on the Nasdaq. The method used in this study uses a type of quantitative method. This study uses an event study. The sampling method in this study was carried out using a non-probability random sampling approach. The announcement of the COVID-19 pandemic by the WHO and the commitment to produce a COVID-19 vaccine have had a significant impact on abnormal stock returns and trading volume activities of biotech companies listed on the NASDAQ stock market. However, there is no significant effect on the liquidity of biotech company stocks. In addition, the announcement of the COVID-19 pandemic also affected the volatility of biotech company stocks. In contrast, the announcement of a commitment to producing a COVID-19 vaccine did not significantly impact the volatility of biotech company stocks. So, it shows that the NASDAQ stock market reacts sensitively to announcements about the COVID-19 pandemic and efforts to produce COVID-19 vaccines by biotech companies. This shows that the COVID-19 pandemic has significantly impacted the stock market, especially in the biotechnology sector. The event study approach is used to test the market with a semi-strong form of market efficiency by demonstrating that the stock price reflects all published information (all publicly available information).
Empirical Study on Event Study Model on Biotech Stock Market Umayi Ananda, Woro; Gursida, Hari; Indrayono, Yohanes
Journal of World Science Vol. 2 No. 4 (2023): Journal of World Science
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jws.v2i4.270

Abstract

Biotechnology today is used to develop and play an important role both in terms of the discovery of drug development that is a breath for the continuity of the pharmaceutical industry. The purpose of this research is to find out and analyze empirical studies on the event study model in the biotech stock market. This study uses a type of quantitative method, sampling using purposive sampling. Based on the results of the study, there is an influence of financial literacy, personal interest, and environment on interest in investing in the biotechnology stock market, there is an influence of financial literacy on interest in investing in the biotechnology capital market, there is an influence of personal interest on interest in investing in the biotechnology capital market, there is an influence of environment on interest in investing in the biotechnology capital market. Biotechnology plays an important role in the development of medicines and has a positive impact on the stock market and economy. Investing in biotech stocks requires adequate knowledge and a wise approach to avoid irrational investment practices and risks. It is expected that the younger generation will consider investing in the biotech sector, particularly in the pharmaceutical industry, to achieve sustainable profits.
Profitability as a Moderator in the Effect of RGEC-Based Banking Health on Firm Value: Evidence from IDX-Listed Banks (2019–2023) Marsifa; Gursida, Hari; Indrayono, Yohanes
International Journal Administration, Business & Organization Vol 6 No 3 (2025): IJABO
Publisher : Asosiasi Ahli Administrasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61242/ijabo.25.545

Abstract

This study examines the effect of banking health, measured using the RGEC method comprising Risk Profile (Non-Performing Loans/NPL), Good Corporate Governance (GCG), Earnings (BOPO), and Capital (Capital Adequacy Ratio/CAR), on firm value with profitability, represented by Return on Assets (ROA), as a moderating variable. The research is driven by inconsistencies between theoretical expectations and empirical data in Indonesia’s banking sector during 2019–2023. It aims to determine the extent to which RGEC components affect firm value and whether ROA strengthens or weakens these relationships. The sample consists of banking companies listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023. A quantitative approach is employed using panel data regression to examine direct effects and Moderated Regression Analysis (MRA) to assess interaction effects. The findings reveal that the impact of NPL, GCG, BOPO, and CAR on firm value (measured by Price to Book Value/PBV) varies across indicators. While ROA significantly influences firm value, its moderating effect is only partially confirmed. These results indicate that profitability does not consistently amplify the influence of RGEC variables on firm value, suggesting the presence of other influencing factors such as macroeconomic conditions or managerial practices. This study emphasizes the importance of strengthening financial performance alongside good governance, effective risk management, and capital efficiency to enhance sustainable firm value. The findings provide practical implications for bank managers and regulators in aligning profitability strategies with efforts to increase market valuation.
Analysis of Fraud Hexagon Dimensions and Their Effect on Financial Reporting Fraud Using the Beneish M-Score: Evidence from Infrastructure Companies Listed on the IDX (2020–2024) Melani Purnama; Hardiyanto, Arief Tri; Indrayono, Yohanes
International Journal Administration, Business & Organization Vol 6 No 3 (2025): IJABO
Publisher : Asosiasi Ahli Administrasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61242/ijabo.25.569

Abstract

Financial statement fraud poses a major risk to stakeholders as it obscures a firm’s true financial condition, disrupts market efficiency, and weakens corporate governance. This study investigates the determinants of financial statement fraud in Indonesian infrastructure firms listed on the stock exchange by applying the Fraud Hexagon framework, comprising pressure, opportunity, rationalization, capability, ego, and collusion, while incorporating political connections and discretionary accruals as additional factors. Using a quantitative approach with logistic regression on panel data from 2020–2024, the results show that external pressure, financial performance targets, weak monitoring, market outcomes, and political ties significantly increase the likelihood of fraudulent financial reporting. Discretionary accruals also demonstrate a strong association with fraud, indicating managers’ opportunistic earnings manipulation. The findings empirically support the extended Fraud Hexagon framework in the Indonesian context and highlight the reinforcing role of political connections in unethical financial behavior. This study contributes to theory and practice by offering insights for regulators, auditors, and policymakers to strengthen fraud detection and prevention mechanisms.
Co-Authors Agung Fajar Ilmiyono Hamzah, Zeze Zakaria Hardiyanto, Arief Tri Hari Gursida Hendro Sasongko Herdiyana, Herdiyana Hurriyaturrohman Hurriyaturrohman ibram pinondang dalimunthe, ibram pinondang Indra Cahya, Kusuma Lupiyanto, Lupiyanto Marsifa Melani Purnama muflihah muflihah Muhammad Iqbal Primata, Lusiana Ratna Salsabila, Sharah Sianipar, Makmur Sri Setiawati, Sri Umayi Ananda, Woro