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All Journal Jurnal Ilmiah Manajemen Kesatuan ASEAN Marketing Journal Journal of International Conference Proceedings Eduvest - Journal of Universal Studies
Wulandari, Permata
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Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Neuroscience Social Sciences

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The Effect of Covid-19 Pandemic on Stock Returns: An Evidence of Indonesia Stock Exchange Mugiarni, Ajeng; Wulandari, Permata
Journal of International Conference Proceedings Vol 4, No 1 (2021): Proceedings of the 9th International Conference of Project Management (ICPM) Mal
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v4i1.1122

Abstract

The pandemic Covid-19 caused panic not only in health sectors but also weakened the world’s economy. The stock market, as one of the barometers of the economy, was hit by the pandemic Covid-19. The impact of Covid-19 on the stock market provides a signal for investors. Stock returns are what investors look for when investing in stocks. Returns on the stock exchange respond to several events, one of which is the news about health related to the Covid-19 pandemic. This study aims to seek whether the Covid-19 outbreak affects stock returns in Indonesia Stock Exchange. Using daily data of Covid-19 confirmed case, daily data of Covid-19 death cases, and stock returns data in Indonesia from January 2, 2020, to December 31, 2020. The panel-data regression model is used to estimate the result of the study. This study shows that stock returns in Indonesia Stock Exchange respond negatively significantly as the number of confirmed cases increases also stock returns in Indonesia respond negatively significantly to the daily growth of death cases. This study also finds that stock return in consumer goods and basic chemical industry were the impacted industries caused by pandemic Covid-19. Empirical findings could be used for the practitioner to consider investing in the stock market to avoid the significant impact of such outbreaks in the future.
Merger and Acquisition Analysis in Creating Value for Shareholders in The Infrastructure and Utility Sector Widianova, Valentina Hemas; Wulandari, Permata
Journal of International Conference Proceedings Vol 4, No 1 (2021): Proceedings of the 9th International Conference of Project Management (ICPM) Mal
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v4i1.1136

Abstract

Trough 20 – years period their merger and acquisition (M&A) in sector infrastructure and utilities are the pledge of the most country in the world, especially in Asia with most emerging countries. This study aims to know the relation about M&A activities to value shareholders in infrastructure and utilities sector in during last 20 years and year of crisis in 2020. Observe for acquire and target companies using event study approach to find Cumulative Average Abnormal Return (CAAR) on M&A activities that represent the value for the shareholders. Set event window for 31 days, consist of 15 days before the announcement and 15 days after announcement. Using sample of listed companies who making acquisition activities in Asia which size of the deal above USD 30 million. The result shows that the acquirers give positive CAAR that statistically significant 10% and the targets give positive CAAR statistically significant 5 %. The target company has higher cumulative abnormal average return than the acquirer company. Then M&A activity during crisis shows that for acquirer give positive not significant CAAR with 4,6% abnormal return and target give positive CAAR 3.4% but not significant. The target gives higher CAAR positive for t-15 to t+7 than the acquirer.
Satisfaction as a mediator between perceptions of service quality and loyalty related to the Indonesian Social Security Mobile app Balqiah, Tengku Ezni; Nilakurnia, Roswita; Astuti, Rifelly Dewi; Wulandari, Permata; Supriadi, Arief Dahyan; Saragih, Tarimantan Sanberto; Augustin, Eldest; Pradana, Fadly Eka; Mahaganti, Fergie S; Pramasanti, An Nisa; Hutabarat, Rendra Hymne Fajar
ASEAN Marketing Journal
Publisher : UI Scholars Hub

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Abstract

Manuscript type: Research Article Research Aims: to determine whether the perceived service quality factors could promote user Jamsostek Mobile (JMO) satisfy and continue to use JMO Design/methodology/approach: Data was gathered through an online survey of JMO users to analyse three hypotheses using Structural Equation Modelling (SEM) method with SmartPLS Research Findings: the result demonstrated that all hypotheses are supported that indicate there are three dimension of JMO attributes could develop Perceived Service Quality. Moreover, this variable could enhance loyalty through satisfaction. Theoretical Contribution/Originality: Using the Stimulus–Organism–Response (S-O-R) Model, this study develop framework to strengthen the explanation of the sequential relationship between stimulus, organism, and response toward mobile apps, in the context of social security insurance. Practitioner/Policy Implication: As the highest contributors, company could increase user perception in service and function by enhancing authenticity, interactivity, and understandability toward Jamsostek Mobile (JMO). Research limitation/Implications: User response depends on their ability to remember the previous experience, do not consider the user app frequency, and do not focus on specific service of insurance that could deliver different impacts on responses. Future studies should consider to conducted an exploratory to identify measurement of JMO attributes. Moreover. consider enjoyment, and risk as organisms.
Corporate Sukuk vs. Bonds in Indonesia’s Dual Financial System: 2010–2024 Noor, Irvan Yulian; Wulandari, Permata
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 4 (2025): JIMKES Edisi Juli 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i4.3492

Abstract

Indonesia, a leading global sukuk issuer, sees only 25.6% of corporate debt issuances as sukuk from 2010 to 2024, indicating barriers to adoption despite its dual financial system supporting both Islamic and conventional instruments. This study investigates why Indonesian corporations prefer sukuk over conventional bonds for long-term financing. It aims to identify key determinants influencing this choice within the dual financial framework, integrating conventional capital structure theories with Islamic finance principles. Employing a two-stage binary logistic regression on 1,095 debt issuances from the Indonesia Stock Exchange, the study examines issuance-specific, firm-specific, ownership, and external factors. Findings reveal that lower credit ratings, higher leverage, and significant government or institutional ownership increase sukuk issuance likelihood, with a notable surge during the COVID-19 pandemic. These results align with agency and pecking order theories, suggesting sukuk serves strategic purposes beyond Sharia compliance. The study concludes that sukuk adoption reflects financial constraints and ethical alignment, offering practical implications for regulators to enhance market competitiveness through improved liquidity and incentives, and for corporate managers to leverage sukuk for accessing Sharia-compliant capital, particularly for firms with specific financial and ownership profiles.
Analysis of the Financial Performance Implications for Establishing an Ecosystem State-Owned Holding in Indonesia Dewi, Tri Kartika; Wulandari, Permata
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51285

Abstract

This research examines differences in financial performance resulting from the establishment of Indonesia's State-Owned Holding (SOH) by comparing the periods before and after its formation. While many countries have adopted centralized SOH models, the effect on State-Owned Enterprise (SOE) performance under SOH remains unclear. This case study employs a mixed-method approach, incorporating secondary data analysis of quarterly financial reports from six holding members from 2018-2023, alongside primary data obtained from in-depth interviews with five CFOs in the State-Owned Member Holding and relevant government stakeholders. Descriptive statistics and the Wilcoxon Signed-Rank Test were used to identify differences in financial performance before and after the establishment of the holding. In parallel, qualitative analysis was conducted to explore the underlying factors influencing financial outcomes. The research findings reveal that the formation of the holding has not uniformly improved the financial performance of all members in pre- and post-holding financial metrics in profitability indicators (ROE, ROA), liquidity (Quick Ratio), and leverage (DER). Interview results suggest that the timing of the holding's formation—during the COVID-19 pandemic—and the varying initial financial conditions of member entities, due to corporate actions prior to integration, played significant roles. Additionally, some members faced constraints in accessing bank facilities and were burdened with government assignments for economic and social objectives. Results are consistent with prior studies, which highlight that the performance of SOEs under SOH may deteriorate when government intervention persists, particularly when driven by non-commercial, social objectives.
Co-Authors Augustin, Eldest Dewi, Tri Kartika Hutabarat, Rendra Hymne Fajar Mahaganti, Fergie S Mugiarni, Ajeng Nilakurnia, Roswita Noor, Irvan Yulian Pradana, Fadly Eka Pramasanti, An Nisa Rifelly Dewi Astuti Saragih, Tarimantan Sanberto Supriadi, Arief Dahyan Tengku Ezni Balqiah Widianova, Valentina Hemas