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All Journal Journal of Business Management Education (JBME) Jurnal Riset Bisnis dan Investasi Jurnal Maps (Manajemen Perbankan Syariah) Jurnal Transportasi Multimoda Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Journal Integration of Social Studies and Business Development Neraca: Jurnal Ekonomi, Manajemen dan Akuntansi Jurnal Pengabdian UMKM Mandalika Journal of Business and Management Studies Journal Integration of Management Studies Journal of Tourism, Hospitality and Travel Management (JTHTM)
Afgani, Kurnia Fajar
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences Transportation

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Journal : Journal Integration of Management Studies

 1 
The Effects of ESG on Firm Performance and Firm Value: A Study of Indonesian and Malaysian Listed Companies Rasyad, Rafi Kennaufal; Afgani, Kurnia Fajar; Ali, Qaisar
Journal Integration of Management Studies Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v1i2.118

Abstract

The effect of ESG on firm value and financial performance of a company is a well-researched and controversial topic in academic research, as many authors conclude different results in their studies. Previous studies suggest that ESG has a positive effect on firm value or financial performance, while some studies suggest the opposite, while some studies also suggest that only specific factors within ESG such as environmental, social, and governance factors significantly affect firm value and financial performance of a company. To contribute to current literature in the field and to resolve the dispute in controversial results, this study aims to assess the significance of ESG on firm value and financial performance of Indonesian and/or Malaysian public-listed companies, to deduce whether ESG has positive or negative effect of firm value and financial performance, and to determine which individual factors of ESG has the most affect to the overall ESG score of each Indonesian and/or Malaysian public-listed companies. As there has been limited research on the topic in Indonesia and Malaysia, the author uses PLS-SEM to analyze the effects of ESG scores on firm value and financial performance of 10 Indonesian public-listed companies and 15 Malaysian public-listed companies using available financial and ESG scoring data from YahooFinance during the 3rd quarter of the 2022 year. The study done using PLS-SEM suggests that ESG has a significant positive effect on financial performance (proxied using ROA or Return of Assets) while ESG has no significant but positive effect on firm value (proxied using Tobin’s Q value). In addition, factor analysis of the PLS-SEM model shows that from three pillars of ESG, only social and governance scores have a correlation with the overall ESG score.
Review of Asset Management Practice in Indonesian State-Owned Enterprise Rahadi, Raden Aswin; Indrayana, Gun Gun; Afgani, Kurnia Fajar; Darmansyah, Asep; Anggoro, Yudo; Halim, Robbyson; Fitrianda, Saldy; Purbayati, Radia; Astari, Airen Widhia; Ayudiatri, Safira
Journal Integration of Management Studies Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i1.138

Abstract

This study examines Indonesian State-Owned Enterprises (SOEs) asset management methods, problems, and financial and operational performance effects. The report synthesizes case studies and academic research on how large organizations manage their huge and diverse asset portfolios and how governance, regulatory frameworks, and human resource practices affect their effectiveness. The research begins with case studies of talent management innovations from big Indonesian SOEs. These cases show how proactive human resource approaches can boost company commitment and reduce turnover, improving asset management efficiency. According to the research, governance and legal frameworks influence asset management techniques. Studies show that corporate governance quality affects SOE operational performance. The paper explores how reforms and legislation affect state asset management, highlighting the major changes in SOE governance and legal frameworks, particularly after economic and political reforms. Asset management difficulties for Indonesian SOEs include managing large and diverse asset portfolios, integrating modern management frameworks, and optimizing state asset revenue. According to the study, comprehensive asset management systems, governance transparency, and professional management can address these difficulties. The research examines how asset management strategies affect Indonesian SOE profitability, corporate governance, and performance measures. Strategic asset management boosts financial performance, especially profitability. SOE profitability is greatly affected by current asset and liability management. The study offers advice to Indonesian SOEs and policymakers. Enhancing financial and operational performance requires comprehensive asset management, governance changes, and strategic innovation. These efforts boost Indonesia's economy, demonstrating the importance of asset management in SOE performance.
Evaluating the Socio-Economic Effects of Fly Ash and Agricultural Waste on the Construction Sector Laory, Irwanda; Ekaputri, Januarti Jaya; Kusbiantoro, Andri; Rahadi, Raden Aswin; Setiamarga, Davin H. E.; Adha, Augusta; Afgani, Kurnia Fajar
Journal Integration of Management Studies Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i2.232

Abstract

The building industry significantly impacts environmental degradation due to its reliance on conventional materials such as cement and concrete, which are associated with high carbon emissions and substantial energy consumption. This study explores the socio-economic impacts of substituting fly ash and agricultural waste for traditional construction materials. A comprehensive review of 50 peer-reviewed papers, industry reports, and online sources reveals that these alternative materials offer considerable benefits. Cost savings average between 15% and 20%, driven by reduced material costs and lower disposal requirements. Environmentally, using fly ash and agricultural waste significantly reduces greenhouse gas emissions, with fly ash cutting emissions by approximately 25% and agricultural waste by about 20%, primarily due to decreased energy consumption. Furthermore, technical assessments show that these materials enhance the strength and durability of concrete, meeting or exceeding conventional standards. The study also highlights broader socio-economic advantages, including support for rural economies through new markets for agricultural by-products and job creation in recycling and construction sectors. These findings suggest integrating fly ash and agricultural waste into construction practices can positively impact economic growth and environmental sustainability. However, the study acknowledges limitations such as reliance on secondary data and potential geographic biases. Future research should prioritize original data collection, long-term performance assessments, and investigation of regional material-use variations. This study underscores the practical and environmental benefits of incorporating these sustainable materials, contributing to a more eco-friendly construction industry.
A Financial Feasibility Study of New Product Line Healthy Children Food Business: Case Study of Lil'bites Tantuayo, Fairuuz Fawwas Alfarizi; Afgani, Kurnia Fajar
Journal Integration of Management Studies Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i2.251

Abstract

Based on data from the Indonesian Nutrition Status Survey (SSGI) in 2022, 21.6% of Indonesian children suffer from wasting 7.7%. A disorder known as "wasting" in children occurs when their weight falls till it is higher than what is considered normal for their age. For children's growth and well-being, they must consume enough fruits. Although fruits provide vital vitamins and minerals that boost immunity and general health, many kids dislike them because of their flavor, texture, or inexperience with new meals. Lil'Bites, a startup focusing on children's health, sees this opportunity to create kid-friendly fruit jams as a viable approach to ensuring kids consume enough fruits. This research aims to assess the financial feasibility of developing a new product line, which is a healthy jam for kids, using a quantitative approach, utilizing company data as primary data and data from similar companies as secondary data. The study will evaluate the payback period, net present value (NPV), and internal rate of return (IRR) and assess risk through sensitivity analysis. The results based on the base scenario indicate that the Lil'Bites new product line project is financially feasible, resulting in a payback period of 1.9 years, an NPV of IDR401,807,628, and an IRR of 54.94%, which is significantly higher than the WACC of 9.36%.
Charting the Future of K-Pop: Navigating Globalization, Technological Innovations, and Cultural Dynamics in the Next Five Years Rahadi, Raden Aswin; Hardjakaprabon, Raden Bayuningrat; Raihani, Atika Fatka; Putri, Alya Indira; Afgani, Kurnia Fajar
Journal Integration of Management Studies Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i2.255

Abstract

This research explores the future trends of K-pop by analyzing the genre's trajectory in the context of globalization, technological innovations, cultural dynamics, and sustainability. The study provides a comprehensive understanding of the factors influencing K-pop's global expansion and the implications for various stakeholders, including music industry professionals, cultural analysts, and scholars of global pop culture. Through a descriptive and analytical research design, utilizing secondary data from existing literature, online resources, and industry reports, the study identifies key themes such as cultural hybridization, technological advancements, fan engagement, and ethical practices. The findings reveal that K-pop's success is driven by its ability to blend diverse cultural elements, leverage digital platforms and VR/AR technologies, foster participatory fan culture, and adopt sustainable practices. These insights offer theoretical, managerial, and practical implications for the future of the K-pop industry, highlighting the need for an integrative approach to understanding its global impact and sustainability.
Developing Sustainability Practices Reporting Measurement Framework For Islamic Banks in Indonesia: A Literature Synthesis Hanisfy, Ghanef Rayyan; Afgani, Kurnia Fajar
Journal Integration of Management Studies Vol. 1 No. 1 (2023)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v1i1.33

Abstract

This study aims to develop a theoretical model and measurement framework for reporting sustainability practices in Islamic banks in Indonesia. A survey of 58 selected works of literature was conducted to identify key concepts and insights related to sustainability, social, economic, and environmental dimensions. The theoretical model incorporates these sustainability values and aligns them with Maqasid Al-Sharia, the objectives and principles of Islamic law. By integrating these principles, the model ensures that Islamic banks' sustainability practices in Indonesia are socially, economically, and ethically responsible. The measurement framework facilitates assessing and reporting sustainability practices, enabling Islamic banks to evaluate their social, economic, and environmental impact. This study contributes to sustainable banking by providing a comprehensive model and framework tailored to Islamic banks, promoting transparency, accountability, and responsible finance in Indonesia.
Co-Authors Adha, Augusta Ali, Qaisar Anggoro, Yudo Asep Darmansyah Astari, Airen Widhia Ayudiatri, Safira Boediman, Alfred Dematria Pringgabayu Dewi, Emilia Fitriana Dewi, Rahma Ilahi Sari Eko Susanto Fitrianda, Saldy Hakam, Dzikri Firmansyah Halim, Robbyson Hana, Felicia Hanisfy, Ghanef Rayyan Hardjakaprabon, Raden Bayuningrat Hifzhan Frima Thousani, Hifzhan Frima Indrayana, Gun Gun Irawan, Gendis Ayu Satiti Januarti Jaya Ekaputri Kusbiantoro, Andri Laory, Irwanda Mega Fitriani Adiwarna Prawira Pramuwidyatama, Muchammad Gumilang Purbayati, Radia Putri, Alya Indira Raden Aswin Rahadi Rahadi, Raden Aswin Raihani, Atika Fatka Rasyad, Rafi Kennaufal Ricederia, Alda Rivanda, Agil Krisna Setiamarga, Davin H. E. Subaryata, Subaryata Suryana, Marceilla Syaputri, Annisa Rizkia Tantuayo, Fairuuz Fawwas Alfarizi Yunieta Anny Nainggolan, Yunieta Anny