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Stock Return Volatility and Financial Distress: Ownership Effects Affan Fardan Navandra; Rahmat Setiawan
Studi Akuntansi dan Keuangan Indonesia Vol 8 No 2 (2025): Studi Akuntansi dan Keuangan Indonesia (SAKI)
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/saki.8.2.97-111

Abstract

This study aims to analyze the effect of stock return volatility on financial distress moderated by corporate ownership structure. The study uses data from 1,007 observations involving six regression models that include various independent variables, including total asset turnover, net profit margin, profitability, audited firm, as well as moderating variables such as state ownership, foreign ownership, institutional ownership, and blockholders ownership. The results showed that stock return volatility has a positive significant effect on financial distress. Moderating variables provide mixed results, where state, foreign, and blockholders strengthen the positive relationship between stock return volatility and financial distress, while institutional ownership has a weakening effect. This study provides implications for corporate management in mitigating financial risk by ownership structure as part of the corporate governance strategy.
Institutional Ownership, Newly Appointed CEO, and Dividend Initiation Rahmat Setiawan; Erry Wisudawan Pradana
Journal of Economics, Business, and Accountancy Ventura Vol. 22 No. 3 (2019): December 2019 - March 2020
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v22i3.1725

Abstract

The purpose of this study is to examine the effect of institutional ownership on dividend initiation with newly appointed CEO holding a role as a moderating variable in non-financial companies listed on the Indonesia Stock Exchange. This research used a logistic regression model and Moderated Regression Analysis (MRA). The data were obtained from the public company's Financial Report and Annual Report published in the 2012-2017 period. Dividend initiation is the dependent variable measured using dummy variable, and institutional ownership is the independent variable proxied by the percentage of shares held by institutional investors. Newly appointed CEO is the moderating variable. The result shows that institutional ownership has a significant positive effect on dividend initiation and the newly appointed CEO strengthens the positive effect of institutional ownership on dividend initiation. It is advisable that the companies should improve their corporate governance’s quality by increasing the degree on institutional ownership.
The role of independent commissioner in the effect of family ownership on capital structure in family companies in Indonesia Rahmat Setiawan; Nunik Dwi Kusumawati
The Indonesian Accounting Review Vol. 10 No. 2 (2020): July - December 2020
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v10i2.1972

Abstract

The purpose of this research is to analyze the effect of family ownership on capital structure with independent commissioner as a moderating variable in family companies in Indonesia. The study used the population consisting of  family businesses listed on Indonesia Stock Exchange. The data were taken from  the Indonesian Capital Market Directory (ICMD), financial statements, and annual report and the observation period was done from 2012 to 2018. The sampe was taken by  a purposive sampling based  the specified criteria. Based on the analysis result, it can be concluded that family ownership has a significant negative effect on capital structure. Independent commissionerweakens significantly the negative effect of family ownership on capital structure. Furthermore,firm sizehas a significant positive effect on capital structure, but profitability has a significant negative effect on capital structure.
The effect of covid-19 on bank proftability: Evidence of m-banking and e-banking in Indonesia Anggraeni Anggraeni; Basuki Basuki; Rahmat Setiawan
The Indonesian Accounting Review Vol. 12 No. 2 (2022): July - December 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v12i2.2889

Abstract

Covid-19 affected the banks’ financial acitivities globally and, therefore, mobile banking can become solution for doing a distancing transaction. This study tries to observe if mobile transaction has significant effect of income in private and public bank in Indonesia. This study collects the data about bank profitability and the number of mobile banking users before and during Covid-19 pandemic from BCA and BNI in Indonesia. The data of mobile transaction is divided into three, mobile, internet, and SMS banking. The data of income divided into two, premium/net and operational income. The data is analyzed using linear regression method to observe if mobile transaction has effect toward income variables. The data is analyzed using SPSS. The result showed that before pandemic, those three mobile transaction have strong correlation toward the increasing number of net and total operational income in BNI. In BCA, mobile banking has a significant effect on net and total operational income. During pandemic, mobile transactions have negative correlation toward net income, while operational income has positive one for BNI, but negative for BCA. It can be concluded that  internet, mobile, and SMS banking have correlation toward net and total operational income.
PENGARUH SKOR PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN: PERAN MODERASI KUALITAS AUDIT DAN INOVASI TEKNOLOGI Lisfi Dita Anggraini; Rahmat Setiawan
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 3 (2026): Journal of Economic, Bussines and Accounting (COSTING)
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/v5xrym49

Abstract

Environmental, Social, and Governance (ESG) disclosure has become an increasingly important indicator of corporate sustainability performance. However, prior studies in Indonesia show inconsistent findings regarding the effect of ESG on firm value. This study aims to analyze the influence of ESG disclosure on firm value and examine the moderating roles of audit quality and technological innovation. The research uses secondary data from 24 public companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period, comprising 120 observations (unbalanced panel data). Firm value is measured using Tobin's Q, audit quality is proxied by a Big Four audit dummy, and technological innovation is measured using R&D intensity. Moderated regression analysis is employed with firm size and leverage as control variables. The findings show that ESG disclosure has a positive and significant effect on firm value, and this effect becomes stronger when companies are audited by Big Four auditors. However, technological innovation does not moderate this relationship. This study contributes to the ESG literature in developing countries and provides practical implications for companies in enhancing firm value through sustainability practices and high-quality audits.
Transformasi Tradisi Do’a Dana pada Masyarakat Suku Mbojo(Studi di Desa Maria, Kecamatan Wawo, Kabupaten Bima) Setiawan, Rahmat; Mustari, Mohammad; Haslan, Muhammad Mabrur
Journal of Authentic Research Vol. 5 No. 2 (2026): May
Publisher : LITPAM

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36312/v8hvzv05

Abstract

Penelitian ini dilatarbelakangi oleh adanya perubahan dalam tradisi Do'a Dana pada masyarakat Suku Mbojo di Desa Maria, Kecamatan Wawo, Kabupaten Bima, yang sebelumnya dikenal dengan istilah Kasaro sebelum masuknya Islam. Tradisi ini tetap dipertahankan hingga saat ini, terutama karena Desa Maria merupakan salah satu desa wisata yang memiliki kekayaan budaya lokal. Subjek penelitian ini adalah tokoh adat, tokoh agama, tokoh masyarakat, dan masyarakat umum. Namun, belum terdapat kajian ilmiah yang secara rinci mengkaji transformasi pelaksanaan tradisi tersebut. Penelitian ini bertujuan untuk menganalisis bentuk transformasi tradisi Do'a Dana serta faktor-faktor yang mempengaruhinya. Hasil penelitian menunjukkan tiga bentuk transformasi: perubahan bentuk ritual, perubahan makna ritual, dan perubahan fungsi ritual. Keempat faktor yang mempengaruhi transformasi adalah faktor religius, interaksi budaya, pendidikan, dan identitas budaya. Penelitian ini menggunakan jenis penelitian kualitatif dengan pendekatan deskriptif kualitatif. Teknik pengumpulan data dilakukan melalui wawancara, observasi, dan dokumentasi. Hasil penelitian menunjukkan bahwa tradisi Do'a Dana mengalami transformasi. Transformasi yang terjadi pada tradisi Do'a Dana mencakup: (1) perubahan pada bentuk ritual, (2) perubahan makna ritual, (3) perubahan fungsi ritual. Perubahan tersebut dipengaruhi oleh beberapa faktor utama yaitu: (1) faktor religius atau perubahan sistem kepercayaan, (2) interaksi budaya, (3) pendidikan, (4) kebutuhan identitas. Transformasi ini menunjukkan adanya proses adaptasi budaya yang tetap mempertahankan nilai-nilai lokal, namun disesuaikan dengan perkembangan zaman dan ajaran Islam.
Investor Preferences in Choosing Digital Investment Applications: A Study on Banking and Non-Banking Securities Platforms Novita Juni Astutik; Rahmat Setiawan
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 5 No. 4 (2025): July 2025
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v5i4.934

Abstract

The digital transformation has reshaped Indonesia’s retail investment landscape through the emergence of digital investment applications from both banking and non-banking institutions. Despite the growing adoption of such platforms, user preferences toward different types of applications remain underexplored. This study aims to examine the factors influencing user preferences in selecting digital investment applications, by comparing banking and non-banking securities platforms. A quantitative approach was employed, involving 124 active users of digital investment apps selected through purposive sampling. Five key variables were analyzed: ease of use, trust in technology, institutional trust, perceived financial benefit, and social influence. Data were analyzed using descriptive statistics and binary logistic regression. The findings reveal that most users prefer non-banking applications. Among the analyzed variables, institutional trust emerged as the most significant predictor of user preference. These findings suggest that digital investment platforms should focus not only on enhancing technological features, but also on strengthening institutional reputation and building user trust. These findings suggest the importance of incorporating institutional trust in the development of technology adoption models in the digital finance sector. Practically, app developers need to prioritize building institutional reputation and user trust, in addition to enhancing technological features.
RECONCEPTUALIZING “GOOD LITERATURE” IN EFL EDUCATION: CRITERIA AND TEACHER COMPETENCIES FROM LECTURERS’ PERSPECTIVES Adhim, Syarif; Setiawan, Rahmat
JELT (Jambi-English Language Teaching) Vol. 10 No. 1 (2026): Vol. 10, No. 1 (2026)
Publisher : Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This research aims to explore literature lecturers’ perspectives on the criteria of literary works that are appropriate for use in English as a Foreign Language (EFL) classroom and the competencies required of teachers to effectively integrate literature into the teaching and learning process. This study is grounded in the theories of literature integration in language learning, literary literacy, and a humanistic pedagogical approach that emphasizes cultural values, critical reflection, and character development through literary texts. This research employed a qualitative design with a descriptive-interpretative approach. The data were collected through semi-structured interviews with two expert lecturers from the Faculty of Literature who specialize in literary studies and have extensive experience in teaching literature. The data were then analysed using thematic analysis to identify patterns of meaning and major themes. The findings reveal two main results. First, literary works considered pedagogically appropriate fulfill three essential aspects: cultural enrichment, civilisation conformity, and pedagogical adaptability. Second, the effectiveness of using literature largely depends on teachers’ competencies, including literary literacy, contextual knowledge enrichment, a humanistic approach, as well as public speaking and storytelling skills. This study concludes that literature can function as a contextual, reflective, and meaningful medium for language learning when mediated by teachers who possess adequate literary and pedagogical competencies.
International Diversification, Kinerja, dan Risiko Perusahaan Rahmat Setiawan; Ririn Permatasari; Nabilla Aisyah Nurdi
Economics and Digital Business Review Vol. 5 No. 1 (2024)
Publisher : STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/ecotal.v5i1.1026

Abstract

Penelitian ini bertujuan untuk menguji pengaruh diversifikasi internasional terhadap kinerja dan risiko pada perusahaan non-keuangan yang melakukan penjualan luar negeri yang terdaftar di Bursa Efek Indonesia. Penelitian ini menggunakan model analisis regresi linier berganda, data diperoleh dari laporan keuangan perusahaan yang dipublikasikan selama periode 2010-2014. Variabel independen dalam penelitian ini adalah diversifikasi internasional yang diproksikan dengan rasio penjualan luar negeri terhadap total penjualan. Variabel terikat dalam penelitian ini adalah kinerja dan risiko perusahaan. Kinerja perusahaan diproksikan dengan ROA dan Tobins Q. Risiko Perusahaan diproksikan dengan standar deviasi return. Hasil penelitian menunjukkan diversifikasi internasional mempunyai pengaruh berbentuk U (U-Shaped) terhadap kinerja perusahaan, sedangkan diversifikasi internasional mempunyai pengaruh positif terhadap risiko perusahaan.
CEO CHARACTERISTICS AND NET OPERATING WORKING CAPITAL Rizka Dita Zhafira; Rahmat Setiawan
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.214-231

Abstract

Introduction: This study examines the effect of CEO characteristics, specifically CEO age, tenure, and gender on net operating working capital (NOWC) in non-financial firms listed on the Indonesia Stock Exchange. Methods: Using panel data from 320 firms over the period 2018-2025 (2,176 firm-year observations), this study employs linear regression to analyze the impact of managerial attributes on working capital policy. Results: The results show that CEO age, tenure, and gender have a positive and significant effect on NOWC. Firm size and gross profit margin positively influence NOWC, while sales growth and market share have a negative and significant effect. Conclusion and suggestion: These findings support Upper Echelons Theory, highlighting the role of managerial characteristics in shaping corporate financial decisions. This study contributes empirical evidence from an emerging market context and provides practical insights for aligning working capital strategies with CEO profiles.
Co-Authors Abdul Malik Akmal Abdulrohim E-sor Acchedya Anugrahani Acchedya Anugrahani Ade Putra, Bayu Adelisa, Rana Adhim, Syarif Aditya Daru Pangaripto Aditya Sahrul Aditya Sahrul Bagaskara Adriani, Mirza Adyanto Budi Rachmansyah Affan Fardan Navandra Agil Fahad Rizkillah Agustin, Hamdi Agustina, Eliasanti Ahmad Aziz Putra Pratama Ahmad Naufal Arrafi Aji Brahmanstya Lino Pratama Aldith Dea Almeyda Alfiani, Ika Alviyah Rahmah Amiruddin Siregar Andaran, Vanya Jossi Andi Karman Andri Rianawati Angelina, Viola Anggraeni Anggraeni Annisa Shabrina Annisa’ush Shafiyah Azzahrah Anugrah Ugga Praceka Arfian Reza Fahrezhy ariyanto, sanusi Arizqa Miftahurrohmah Arka Prabaswara Artha Merika Indah Puspita Sari Artha Merika Indah Puspita Sari Artha Merika Indah Puspita Sari Aslam, Annisa Paramaswary Astutik, Novita Juni Aulia Claraning Sukmawati Aulia Damanti Halim Bagus Surya Muhammad Baiturrochimah Baiturrochimah Basuki , BASUKI BASUKI Beni Setiawan Birda Lista Dewi Budi Yuda Prawira Cahyani, Desy Eki Cahyani, Puput Chandrasari, Damajanti Christiana, Nova Christiana, Nova Dendy Suarista Suryanegara Denny Adi Nugroho Denny Hardiko Harmasanto Denny Hardiko Harmasanto Dewi, Ambarsari Sukma Dhealelia Munandari Dian Saputra Dining Octahayu Doni Giong Saputra Doyat, Dolmat E-sor, Abdulrohim Efa, Delavilanda Baby Elia, Eliasanti Agustina ELIASANTI AGUSTINA Elliv Hidayatul Lailiyah Elsa Yustika Putri ENDANG MUSTIKOWATI Enggo Pradenta Sakti Erika Sefila Putri Erry Wisudawan Pradana Fadilatul Jennah Fajar Susanto Fatoni, Sahrul Febrianti, Adhela Fenda Puspita Anggraini Ferra Dian Andanty Fikriananda Addo Rahmawan Fisca Fideline Palullungan Fitri, Nabila Nur Gancar Candra Premananto Garina Irmayanti Hafiz, Fakhri Handayani, Sri Harianto, Asis Harmasanto, Denny Hardiko Haslan, Muhammad Mabrur Hazwari Hasan Helena Thria Nathalia Hena Rachmawati Herlinawati I Made Sudana Iasya, Lubna Ida Masriani Indira Nuansa Ratri Irfan Handiliastawan Irfan, Muhamad Irfianti, Santi Irsan Rahman, Irsan Irwan Hidayatullah, Irwan Ivan Virnandyto Ivone Dona Khoirun Nisa Jumadil, Moh Rizky A Khalifaturofi'ah, Sholikha Oktavi Khalishatul Fajri Khoirotunnisa, Fani Koko Sudiro Koko Sudiro Kumar Singh, Sanju Kumar Kurnia, Meytha Dwi Kurniadiansyah, Meytha Dwi Kusriani, Ruri Lila Gestanti Lila Gestanti Lisfi Dita Anggraini Lubna Iasya Lukas Nusa Wedeo Lewa Lumumba, Ahmad Wisesa M Mongdong, Novita Maemunah Maemunah Mario Zagarino Laning MAROA, MUSTATING DAENG Masfufah Masfufah Mesta Pramika Meytha Dwi Kurniadiansyah Mirza Adriani Moh Maulidi Syarif Moh. Nur, Nirwan Mohamad Hidayat Muhtar Mohammad Mustari, Mohammad Muchtar, Hendi S. Muh. Nasihin Muhamad Fathoni Muhammad Ilham Thamrin Muhammad Iqbal Faizul Mustofa Muhammad Wildan Nurrahman Anjanarko Nabila Rizki Aulia Nabilah Ratnaduhita Firjatullah Nabilla Aisyah Nurdi Nanda Surya Jatnika Nareswari, Rr. Alvita Aulia Nasrullah, Dinda Maharani Nastifa, Dwi Navandra, Affan Fardan Nila Afrianti Nina Nursida Nindhita Rafianti Putri Ninditya Nareswari Nisa, Zulifah Izzatin Nova Christiana Novita Juni Astutik Nunik Dwi Kusumawati Nur Aini Fitria Nur Anisa Nurmitananda, Muhammad Naufal Hamdani Nurussyifa, Salsabila Nuryanto, Agung Benta Febria Octavia Reniar Putri Octavia Reniar Putri Ogotan, Arianti A. Oktaviani, Rona Naula Oriza Herlina Amalia Pechinthorn, Komm Prakoso, Leonardus Prakoso, Rahmat Bagas Priyanto Priyanto Putri Anjani, Ajeng Galuh Putri, Meia Rizqi Talitha Putu Ayu Indira Savitri Suryana Pwee Leng Pwee Leng Qatrunnada, Agatha Fitri Qatrunnada, Nisrina Qurrotul Ainiyah, Qurrotul Rachmansyah, Adyanto Budi Rahmawati, Setia Dwi Ratna Rana Adelisa Rays, M. Ikhwan Rezza Gustantya Pratiwi Rinaldy, Reza Ananda Ririn Permatasari riska agustin Riska Agustin Rizka Dita Zhafira Rosmiati Jafar Rosmiati Jafar Salim Nabhan Salsabila Barasyid Sanju Kumar Singh Sari, Yuli Indri Sasmita, Anggun Eca Savira Rizma Yunita Shafira Mahdiyah Rachma Shafiyah Azzahrah, Annisa’ush Sholihul Anwar Siburian, Henry Kristian SRI NURHIDAYAH Sucipto, Dri Sukisno Sukisno, Sukisno Sulistijanti, Wellie Sunarso Suprayitno, Muhammad Robeth Syahria, Nukmatus Syarifah Hanifah T.M., Eka Putri Titah Kinasih Ulinnuha Khoirul Rizal Uliyah, Putri Ridhotul Ummah, Lailatussafiil Utama, Reski Putra Valiant Nur Hasyim Wan Jumiati Wibowo, Wisnu Widharta, Anggita Ayu Windy Priga Oktini Yanuaristya, Nina Yohanes Richardo Halim Yuhelson Yuhelson Yunan Alhamda Prasetya Zuhroida Bella Meilina Zulifah Izzatin Nisa Zulkifli Rusby Zulkifli, Muhammad Ilham