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All Journal Jurnal Media Informasi Manajemen JURNAL AGRICA Jurnal Ekonomi Bisnis Manajemen Prima Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences International Journal of Educational Review, Law And Social Sciences (IJERLAS) Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Proceeding International Seminar of Islamic Studies International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) Indonesian Journal of Business Analytics (IJBA) International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA) Southeast Asia Journal of Graduate of Islamic Business and Economics International Journal of Economics, Commerce, and Management
Isfenti Sadalia
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Religion Agriculture, Biological Sciences & Forestry Arts Humanities Astronomy Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Physics Social Sciences Other

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The Impact of Intellectual Capital (Mvaic) on Financial Leverage in the Asean Telecommunication Industry: The Mediating Role of Firm Profitability Marta KN Pasaribu; Isfenti Sadalia; Nisrul Irawati
Indonesian Journal of Business Analytics Vol. 5 No. 2 (2025): April 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v5i2.14105

Abstract

Intellectual Capital (IC) significantly enhances financial performance and influences capital structure. This study examines IC's impact on financial leverage using the Modified Value Added Intellectual Coefficient (MVAIC), mediated by firm profitability. IC components—Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), Relational Capital Efficiency (RCE), and Capital Employed Efficiency (CEE)—are analyzed in 120 ASEAN telecommunication firms through panel data regression. Findings confirm IC positively affects profitability (ROA), supporting Resource-Based Theory, while profitability negatively influences financial leverage (DAR), aligning with Pecking Order Theory. Among IC components, only CEE significantly impacts ROA and DAR via profitability mediation. Firms with high capital efficiency achieve better profitability and lower external debt dependence, emphasizing IC management for financial stability.
Analysis of Factors Affecting the Stock Prices of Consumer Goods and Trade And Service Sectors on the Indonesia Stock Exchange Muhammad Iqbal Harahap; Isfenti Sadalia; Khaira Amalia Fachrudin
International Journal of Economics, Commerce, and Management Vol. 2 No. 3 (2025): July : International Journal of Economics, Commerce, and Management
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62951/ijecm.v2i3.775

Abstract

The purpose of this research is to examine the variables that affect stock prices in the commerce and service and consumer products industries that are listed on the Indonesia Stock Exchange. This research study is quantitative in nature. The information was taken from annual and financial reports that were posted on the websites of the individual companies as well as the Indonesia Stock Exchange's official website (www.idx.co.id). The population consists of all 137 consumer products, commerce, and service businesses that were listed on the Indonesia Stock Exchange between 2009 and 2013. Seventy-seven businesses satisfied the sample requirements based on preset criteria. Multiple linear regression analysis was used to examine the data. The findings demonstrate that the three sets of variables—systematic risk, macroeconomic indicators, and firm fundamentals—all significantly and favorably affect stock prices at the same time. Stock prices are positively and significantly impacted by the following factors, in part: Return on Equity (ROE), Earnings per Share (EPS), Book Value (BV), Net Profit Margin (NPM), and inflation. In contrast, the market beta, GDP, exchange rate, and BI rate have no discernible effects, but the debt to equity ratio (DER) has a negative and substantial influence. With an Adjusted R Square value of 62.4%, the study's independent variables may account for a significant portion of stock price fluctuations, with additional factors outside the model influencing the remaining 37.6%.
ANALYSIS OF DETERMINANTS OF COMPOSITE STOCK PRICE INDEX THROUGH STOCK TRANSACTION VOLUME ON THE INDONESIA STOCK EXCHANGE Rahmad Zulhiansyah Simatupang; Isfenti Sadalia; Nisrul Irawati
International Journal of Educational Review, Law And Social Sciences (IJERLAS) Vol. 5 No. 4 (2025): July
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijerlas.v5i4.3459

Abstract

This study aims to analyze the influence of macroeconomic factors on the Composite Stock Price Index (IHSG) through the volume of stock transactions on the Indonesia Stock Exchange (IDX) during the period 2017–2023. The independent variables used in this study are the BI interest rate, the US dollar exchange rate, and inflation; transaction volume acts as an intervening variable, while the IHSG is the dependent variable. This study uses a quantitative method with a causal and explanatory approach. The analysis model used is the Error Correction Model (ECM) to identify short-term and long-term relationships between variables. The results of the study show that in the short term, inflation has a positive and significant effect on stock transaction volume, while the BI interest rate and exchange rate do not have a significant effect. In the long term, the BI interest rate and exchange rate have a significant effect on transaction volume. Meanwhile, on the IHSG, the BI interest rate and exchange rate have a significant effect in the long term, while transaction volume is only significant in the long term. The Sobel test shows that transaction volume significantly mediates the effect of the BI interest rate and exchange rate on the IHSG in the long term, but not in the short term. These findings underscore the importance of macroeconomic stability and market liquidity in influencing the performance of the Indonesian capital market. This study provides theoretical contributions to the development of literature on the role of macroeconomic variables in the capital market, as well as providing practical implications for investors, regulators, and issuers in formulating investment strategies and economic policies that support stock market growth.
ANALYSIS OF THE SYSTEM ROBUST PROCESS (SRP) IMPLEMENTATION TOWARDS ACCELERATION OF RECEIVABLES COLLECTION AT PT UNITED TRACTORS, Tbk Arsyadanal Haq Imanda; Keulana Erwin; Isfenti Sadalia
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 4 No. 8 (2025): JULY
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijset.v4i8.828

Abstract

Analysis of Implementing the System Robust Process (SRP) on Accelerating Receivables Collection at PT United Tractors, Tbk. This research analyzes applying the robust process (SRP) system to accelerate receivables collection at PT United Tractors, Tbk. Medan Branch Office. This type of research is quantitative descriptive research. This type of research is quantitative descriptive research. The population in this research is PT Receivables reports. United Tractors Tbk Medan Branch Office. This study's sample of receivables data is PT United Tractors Tbk Medan Branch Office period 2019-2024. The data collection techniques used were interviews, documentation, and literature study. The analysis was carried out using descriptive methods. This data was analyzed using ratio analysis, especially those related to the receivables turnover rate, collection period, delinquency ratio, and collection ratio. The research results show that the implementation of the System Robust Process (SRP) can have a positive impact on accelerating the collection of receivables. It can be concluded that the turnover of receivables at PT United Tractors Tbk is quite good and running effectively. Implementing the System Robust Process (SRP) affects the average collection of receivables. Since the implementation of SRP at PT United Tractors Tbk, the average collection of receivables has experienced a decrease in the maturity of receivables compared to the year before the implementation of SRP. After implementing the System Robust Process (SRP), the delinquency ratio experienced a very significant decrease in 2021. The delinquency ratio was 1%, while in 2022-2024, the delinquency ratio was 12%, compared to before the implementation of the System Robust Process (SRP), which was 23%. The collection ratio after implementing the System Robust Process (SRP) experienced a very significant increase in 2021, the collection ratio was 99%, while in 2022-2024, the collection ratio was 98%, compared to before the implementation of the System Robust Process (SRP), namely in 2019 it was 78%.
THE EFFECT OF THE IMPLEMENTATION OF CARBON ACCOUNTING, DEBT TO EQUITY RATIO AND DIVIDEND PAYOUT TO RATIO ON COMPANY VALUE WITH ENVIRONMENTAL, SOCIAL, AND GOVERNANCE PERFORMANCE AS MEDIATING VARIABLES IN PALM OIL PLANTATION COMPANIES ON THE INDONESIA ST Ismi Izzati; Keulana Erwin; Isfenti Sadalia
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 4 (2025): August
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i4.3634

Abstract

This study aims to analyze the influence of Carbon Accounting, Debt to Equity Ratio (DER), and Dividend Payout Ratio (DPR) on Firm Value with Environmental, Social, and Governance (ESG) as a mediating variable. The research focuses on palm oil plantation subsector companies that have met sustainability criteria according to the OJK Green Taxonomy. These criteria include the publication of sustainability reports consecutively during 2020–2024, the implementation of carbon accounting, ownership of ISPO and RSPO certification, and having an ESG score from global rating agencies such as Sustainalytics, SPOTT, or CSRHub. The sample used consists of five large companies selected through a purposive sampling method, with consideration of compliance with predetermined technical criteria. The analytical methods used in this study were panel data regression and path analysis to examine the direct and indirect relationships between variables. The results showed that carbon accounting has a positive and significant effect on firm value, indicating that companies that are more transparent in reporting their emissions tend to be more valued by the market. DPR also has a positive and significant effect on firm value, while DER has a negative but insignificant effect. In the mediation model, ESG is proven to significantly mediate the relationship between carbon accounting and firm value, but does not mediate the influence of DER and DPR.These findings underscore the importance of integrating sustainability aspects into corporate strategy, not only to comply with regulations but also to add value to the company. ESG and carbon accounting have proven to be not only indicators of compliance but also capable of strengthening a company's financial value.
CHRYSANTHEMUM ANTI AGING CREAM BUSINESS MODEL TO ENHANCE COMMUNITY INCOME IN RAYA TOURISM VILLAGE: Isfenti Sadalia; Yasmin Chairunnisa Muchtar; Yeni Absah; Mahatir Muhammad; Jane Melita Keliat
International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Vol. 4 No. 1 (2024): March-June 2024
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/irpitage.v4i1.1692

Abstract

The village-owned enterprise agency is formed from the results of the community of the village of Raya, which aims to develop the economy of the surrounding community. One of the business units that BUMDes Arih Ersada owns is Agrowisata. BUMDes Arih Ersada currently provides the agrowisata experience, which includes visiting the 1000 flower garden and exploring the flower market. Therefore, BUMDES Arih ERsada wants to develop the experience of agrovisata by providing the products produced from the plantations of these flowers. The business partner of this international devotion program is BUMDES Arih Ersada, who participates in the provision of raw materials and places of devotion during this activity. The raw material provided by BUMDES is a chrysanthemum plant, which is an outstanding plant according to the Ministry of Tourism. Activities that have been carried out include socialization on improving the management of high-speed tourism villages, socialization on the use of chrysanthemum as an anti-aging cream, Material Exhibition Business model Canvas anti-aging cream
THE INFLUENCE OF ORGANIZATIONAL CHANGE ON PSYCHOSOCIAL AND ITS IMPACT ON ORGANIZATIONAL PERFORMANCE WITH LEADERSHIP AS A MODERATOR AT THE NORTH SUMATRA PROVINCE BKKBN REPRESENTATIVE Eka Yulinda Prasetyowati; Isfenti Sadalia; Nazaruddin
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 3 No. 6 (2024): MAY
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijset.v3i6.458

Abstract

In facing very rapid changes in the strategic environment, the Indonesian Government needs dynamic, agile and adaptive governance management. To make this happen, a streamlined bureaucracy is needed so that strategic decisions can be made quickly and according to needs. So it is necessary to simplify the bureaucracy (delayering) which touches the root of the problem and changes the ASN mindset to encourage innovation. The simplification of bureaucracy has resulted in major changes to the ASN work system mechanism. These changes include: organizational structure, authority relationships, coordination mechanisms, job descriptions, span of control, employee work patterns. These changes have an impact on employee performance and organizational performance. The aim of this research is to analyze the factors that influence Employee Readiness for Change at the North Sumatra Province BKKBN Representative. Data analysis in this research uses Structural Equation Modeling (SEM) based on Partial Least Square (PLS). This research measures the influence of Organizational Commitment, Employee Engagement, and Perceived Organizational Support on Employee Readiness for Change. The research results show that Organizational Commitment and Perceived Organizational Support have a significant effect on Readiness for Change. Meanwhile, Employee Engagement did not show a significant influence on Readiness for Change among North Sumatra Province BKKBN Representative employees. The R-Square value of the Readiness for Change (Y) variable is 0.894, which means that the variables Organizational Commitment (X1), Employee Engagement (X2) and Perceived Organizational Support (X3) are able to influence 89.4%, while the remaining 10.6% influenced by other variables not examined in this research.
Dividend Policy And Stock Price: Testing The Miller-Modigliani Dividen Irrelevant Theory LQ45 In Indonesia Nababan, Boy Chandra; Isfenti Sadalia; Prasetya, Muhammad Dimas; Nurul Adelia
SOUTHEAST ASIA JOURNAL oF GRADUATE OF ISLAMIC BUSINESS AND ECONOMICS Vol. 3 No. 3 (2025): January
Publisher : Pascasarjana, Institut Agama Islam Sultan Muhammad Syafiuddin Sambas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37567/sajgibe.v3i3.3399

Abstract

The dividend irrelevance theory proposed by Miller and Modigliani suggests that dividend policy does not affect firm value in a perfect market with no transaction costs and taxes. However, this theory has been widely debated in empirical research, with mixed results across different stock markets. This article aims to test the validity of the dividend irrelevance theory in Indonesia by examining companies listed on the LQ45 index of the Indonesia Stock Exchange (IDX) for the period 2019-2023. The methodology includes analyzing stock prices before and after dividend announcements, considering the impact of transaction costs and taxes. The findings indicate that the dividend irrelevance theory does not fully apply in Indonesia, as significant differences were observed between stock prices before and after dividend announcements. This suggests that dividend policy remains relevant for investors in the Indonesian stock market.
THE EFFECT OF TECHNICAL ASSET, FINANCIAL ASSET AND MACRO-ECONOMIC ON RETURN BITCOIN Muhammad Rizky Nasution; Isfenti Sadalia; Nisrul Irawati
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 3 No. 2 (2023): April
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v3i2.728

Abstract

This study uses research variables such as Trading Volume, Market Capitalization, S&P 500 Index, World Oil Price, Gold Price on Bitcoin Returns. The data source in this study is through internet media with the sites https://coinmarketcap.com/, https://finance.yahoo.com/, and other sites that support this research. The data used in this study are time series, and the target population for the data sample is 1,096 (3 years x 365) daily report data. The data were collected from January 1, 2020, to December 31, 2022, through the release of daily bitcoin transaction reports. Time series data analysis using Engel Granger's Error Correction Model is the method employed (ECM). The analysis tool used is the Econometric Views (Eviews) which is one of the computer econometric program. The results of this study where trading volume has a positive and insignificant effect on bitcoin returns. The impact of market capitalisation on bitcoin returns is both favorable and significant. Returns on bitcoin are positively and significantly impacted by S&P 500. The returns on bitcoin are negatively and insignificantly impacted by the price of world oil. Returns on bitcoin are positively and negligibly impacted by the gold price.
DETERMINANT OF COMPANY VALUE IN THE SRI-KEHATI INDEX ON THE INDONESIAN STOCK EXCHANGE Nurlisa Borliani Siregar; Isfenti Sadalia; Amlys Syahputra Silalahi
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 3 No. 2 (2023): April
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v3i2.752

Abstract

The Sri-Kehati index is one of the indices that is an indicator of stock price movements on the Indonesia Stock Exchange. This index uses the principles of sustainability, finance, and good governance, as well as concern for the environment as benchmarks. There are many factors thought to influence the level of firm value, including corporate social responsibility, intellectual capital, and environmental performance. This study aims to determine the significance of the influence of corporate social responsibility and intellectual capital on firm value with environmental performance as a mediating variable on the Sri-Kehati Index on the Indonesia Stock Exchange. This research was conducted on all companies listed on the Sri-kehati Index listed on the Indonesia Stock Exchange, totaling 25 companies with a research period from 2017 to 2021. The research method used is PLS (Partial Least Squares), namely SEM (Structural Equation Method) based on variance. The results of this study state that corporate social responsibility has a negative and insignificant effect on firm value. Intellectual capital has a positive but not significant effect on firm value. Corporate social responsibility has a positive but not significant effect on environmental performance. Intellectual capital has a negative and significant effect on environmental performance. Environmental performance has a negative and significant effect on firm value. As well as environmental performance is not able to mediate corporate social responsibility and intellectual capital on the company's firm value on the Sri-Kehati Index.
Co-Authors ABDUL RAUF Ahmad Fuady Hasibuan Amir, Afriza Amlys Syahputra Silalahi Angella Tiosanna Anindityo Aryo Saloko Arsyadanal Haq Imanda Aslam Rayuda Chairul Muluk Darman Nababan Denny Irawan Dina Hastalona Eka Yulinda Prasetyowati Fadlan Alkindi Fahri Putra Hafira Fran’s Gidion Sinuhaji Hanna Widya Queentana Iskandar Muda Ismi Izzati Jane Melita Keliat Jepri Wandes Nababan Jona Sitepu Keulana Erwin Khaira Amalia Fachruddin Khaira Amalia Fachrudin LINDAWATI Mahatir Muhammad Marta KN Pasaribu Muhammad Iqbal Harahap Muhammad Ras Muis Muhammad Rizky Nasution Mutiah Nasution Nababan, Boy Chandra Nana Gustiana Nazaruddin Nisrul Irawati Nurlisa Borliani Siregar Nurul Adelia Prasetya, Muhammad Dimas Prihatin Lumbanraja Rahmad Zulhiansyah Simatupang Rulianda Wibowo Sukaria Sinulingga Syahyunan Tika Denisa Simanjuntak Tri Pamungkas, Ferdy Untung Tri Uripto Yasmin Chairunnisa Muchtar yeni absah Yeni Absah Yoko Mashonia Panjaitan Yolanda, Triyana