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All Journal Maksimum : Media Akuntansi Universitas Muhammadiyah Semarang Jurnal Riset Akuntansi Kontemporer International Journal of Digital Entrepreneurship and Business (IDEB) Media Riset Akuntansi Auditing & Informasi Jurnal Manajemen dan Pemasaran Jasa
Rahardja, Liana
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Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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Did investment opportunity moderate the influence of the COVID-19 crisis on dividend policy? Powell Gian Hartono; Georgina Maria Tinungki; Yuyun Karystin Meilisa Suade; Liana Rahardja; Novika Ayu Triany; Isthi Wahyuning Tyas; Patrick Gunawan Hartono
Jurnal Manajemen dan Pemasaran Jasa Vol. 17 No. 2 (2024): September
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/v17i2.20006

Abstract

During the COVID-19 crisis, the investment opportunity experienced a low condition, indicated by a decrease in the market price to book value during the crisis, believed to moderate the impact of the COVID-19 crisis on dividend policy, specifically focusing on companies within the real estate and property sector in Indonesia. Therefore, this study examines the effect of the COVID-19 crisis, measured by GDP growth, on dividend policy moderated by investment opportunity. Employing a quantitative approach, the research spans from 2014 to 2021, using a purposive sampling technique to select 31 real estate and property sector companies as samples. Statistical analysis is conducted using dynamic panel data regression, employing the System-Generalized Method of Moments with a Two-Step estimator to produce more efficient parameter estimates and accommodate the dynamics of dividend policy. The findings reveal that during the COVID-19 crisis, companies in this sector tended to adopt higher dividend policies than non-crisis periods. Furthermore, investment opportunity was proven to positively moderate the influence of the COVID-19 crisis, proxied by GDP growth, on dividend policy. This study has implications for company management when considering investment opportunities that can moderate dividend policy during a crisis. Additionally, it advises investors to pay attention to the moderation of investment opportunities on the impact of the COVID-19 crisis on dividend policy to achieve optimal stock investment returns, especially dividend returns. The originality of this research lies in testing the moderation of investment opportunity on the impact of the COVID-19 crisis on dividend policy.
Etika Tata Kelola: Analisis Bibliometrik VOSviewer dan Peluang Penelitian Masa Depan Ekasari, Andini; Rahardja, Liana; Hidayat, Imam; Anwar, Juli
International Journal of Digital Entrepreneurship and Business Vol 5 No 1 (2024): International Journal of Digital Entrepreneurship and Business (IDEB)
Publisher : STIE-JIC

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52238/ideb.v5i1.155

Abstract

This study aimed to conduct a bibliometric analysis to map Scopus-indexed scientific publications on Governance Ethics. The Publishing or Perish software collected Research data using the “governance ethic” keyword. This data was then processed using a VOS viewer to analyze and visualize the number of publications, researchers, keywords, and future research opportunities. The results revealed 499 scientific articles on governance and ethics, with the highest number published in 2021, totaling 42 articles. The earliest publication dates to 1982 by T. Purcell from Georgetown University, Washington, D.C., United States. The most prolific journal of publications is the Journal of Business Ethics, published by Springer Netherlands. Among researchers, Sison and Alejo Jose G. from Spain emerged as the most productive, with 8 publications and an H-index of 17. Sison is affiliated with the University of De Navarra, Pamplona, Spain. 926 authors were filtered down to 93, forming 10 networks and 2 clusters. Regarding keywords, 843 were filtered down to 138, with the most common being ethics, governance, business ethics, research ethics, and corporate social responsibility. The theoretical implication of this study lies in its utilization of bibliometric analysis for mapping governance ethics in Scopus-indexed scientific publications.
The Influence of Environmental Performance Towards Creating Shared Value on Sri-Kehati Index Wibowo, Aulya Yulianti; Rahardja, Liana
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 15, No 1 (2025): MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.15.1.2025.1-19

Abstract

This research explores the influence of environmental performance on the concept of Creating Shared Value (CSV). CSV is a business approach that simultaneously promotes value creation for companies and society. About environmental performance, this study analyzes how environmentally friendly business practices can become a fundamental pillar of CSV strategy. We examine the relationship between corporate actions in reducing negative environmental impacts and increasing shared values through social welfare and business sustainability. By engaging case studies from various industries, we illustrate how proactive measures on environmental issues can generate long-term mutually beneficial benefits focused on creating shared value. UU No. 40 Tahun 2007 reads, "A company's social and environmental responsibility is its commitment to engage in sustainable economic development to enhance the environment and quality of life for the company, the local community, and society at large". Social and environmental responsibility is the company's commitment to sustainable economic development. This aims to enhance the standard of living and the environment to benefit the company, the local community, and society. The method used is multiple linear regression. Environmental performance indicators influence the company size, type of industry and capital intensity, significantly affecting CSV. The theoretical contribution of this research is to provide research results on the influence of environmental performance on CSV quantitatively and empirically in Indonesia because this topic is rarely discussed using a quantitative and empirical approach. The practical contribution expected from this research is that it can provide additional information to analyze company performance comprehensively by considering financial and environmental performance. Meanwhile, contributions from regulators related to the accounting sector, such as the Indonesian Accountants Association, could consider requiring sustainability reports for companies traded on the Indonesian Stock Exchange so that companies can be sustainable.
DOES GREEN SUPPLY CHAIN INNOVATION HAVE AN IMPACT ON REVISED FIRM VALUATION? Ario Wicaksono, Dading Damas; Rahardja, Liana; Florencia Irena Lawita; Euro Priasaddha Dhammika Lie
Media Riset Akuntansi, Auditing & Informasi Vol. 25 No. 1 (2025): April
Publisher : LEMBAGA PENERBIT FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS TRISAKTI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/mraai.v25i1.19363

Abstract

This study investigates how green supply chain innovation affects corporate value. Accelerated industrial growth has contributed to rising air pollution levels, which in turn exacerbate global warming. As a response, companies can adopt environmental management accounting practices and adjust operational strategies to help address these challenges. However, academic discussions present differing views. Some argue that such initiatives enhance resource efficiency, while others contend that they incur substantial costs. This study employs a quantitative approach, utilizing secondary data sourced from the financial and sustainability reports of companies listed on the SRI-KEHATI index of the Indonesia Stock Exchange, with a sample of 24 companies during 5 year period. The analysis is conducted using multiple linear regression techniques. The research results show that green procurement innovation, green process innovation, and green product innovation have a positive effect on the value of the company that has undergone the latest modifications for not only product base, but service base need to be involve. The theoretical objective of this study is to contribute deeper understanding to the field of environmental accounting, with a particular focus on innovation within the manufacturing, mining, and service sectors. From a practical perspective, findings demonstrate how green practices can impact a company's overall value.  
GREENHOUSE GAS EMISSION AND THE SDGs: HOW ENVIRONMENTAL PERFORMANCE SHAPE CORPORATE VALUE Damas, Dading; Rahardja, Liana; Lawita, Florencia; Victoria, Nadia
JRAK Vol 17 No 2 (2025): October Edition
Publisher : Faculty of Economics and Business, Universitas Pasundan, Bandung, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrak.v17i2.25379

Abstract

The research problem arises from growing investor concern over the environmental risks of greenhouse gas (GHG) emissions and the long-term value of strong Sustainable Development Goals (SDGs) practices. This study examines the effect of GHG emissions and SDG practices on firm value, with environmental performance as a moderating variable. The sample includes manufacturing companies listed on the Indonesia Stock Exchange (IDX) that consistently participate in the PROPER program. using purposive sampling and multiple linear regression analysis, the findings show that GHG emissions negatively affect firm value, while sustainability practices have a positive effect. Furthermore, environmental performance strengthens both the negative effect of GHG emissions and the positive effect of SDG practices on firm value. These results emphasize the theoretical role of environmental and sustainability factors in firm valuation and provide practical implications for managers and regulators to view environmental initiatives as value drivers.
Comparative Analysis of Financial Distress Models in Indonesian Multi-Industrial Manufacturing During COVID-19 Andriani, Siska Fifi; Rahardja, Liana; Efriadi, Adi Rizfal; Cindi, Ramitha Janira
International Journal of Digital Entrepreneurship and Business Vol 4 No 2 (2023): International Journal of Digital Entrepreneurship and Business (IDEB)
Publisher : Universitas Jakarta Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52238/ideb.v4i2.130

Abstract

Financial distress is a critical financial condition characterized by a company’s financial performance decline, resulting in reduced net income and challenges in meeting short- and long-term financial obligations. Left unaddressed, financial distress can ultimately lead to bankruptcy. Various predictive models, including the Altman Z-Score, Springate, Grover, Zmijweski, and Zavgren methods, are employed to forecast such distress. This study aims to assess the predictive accuracy of these models in analyzing financial distress and predicting bankruptcy across a diverse spectrum of manufacturing companies. Employing a quantitative and descriptive methodology, the research focuses on manufacturing firms listed on the IDX for 2016-2020, encompassing the impact of the COVID-19 pandemic. Data collection employs a purposive sampling method, with statistical analysis involving the computation of financial ratios from each bankruptcy prediction model. The study assesses the accuracy levels and error types of these models. Results indicate that Altman Z-Score, Springate, Grover, and Zmijweski demonstrated accuracy rates of 46.15%, 35.90%, 82.05%, and 69.23%, respectively. These models exhibit various error types and rates. In contrast, the Zavgren method displayed a remarkable accuracy rate of 100%, with no identified errors, establishing it as the most reliable predictor of bankruptcy, particularly within the Multi-Industrial Manufacturing Sector.
Co-Authors Adi Rizfal Efriadi, Adi Rizfal Andriani, Siska Fifi Ario Wicaksono, Dading Damas Cindi, Ramitha Janira Damas, Dading Ekasari, Andini Euro Priasaddha Dhammika Lie Florencia Irena Lawita Georgina Maria Tinungki Imam Hidayat Isthi Wahyuning Tyas Juli Anwar Lawita, Florencia Novika Ayu Triany Patrick Gunawan Hartono Powell Gian Hartono Victoria, Nadia Wibowo, Aulya Yulianti Yuyun Karystin Meilisa Suade