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Effect of Dividend Policy and Leverage on Sustainable Growth Moderated by Managerial Ownership in Energy Sector Companies Sri Hartatik; Indarto Indarto; Rohmini Indah Lestari
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 1 (2025): JIMKES Edisi Januari 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i1.3125

Abstract

This study aims to analyze the effect of dividend policy and leverage on the company's sustainable growth, with managerial ownership as a moderating variable. The dependent variable is the company's sustainable growth, while the independent variables are dividend policy and leverage. Secondary data were obtained from the financial statements of energy sector companies listed on the IDX for the period 2019-2023. This study uses a purposive sampling technique with a sample size of 7 companies. The analysis was carried out using panel data regression with Eviews 13 software. The results of the study indicate that dividend policy and leverage do not have a significant effect on the company's sustainable growth. In addition, managerial ownership does not moderate the relationship between dividend policy and leverage on the company's sustainable growth. This finding indicates that other factors may play a greater role in determining the sustainable growth of energy sector companies. Therefore, further research is needed by considering other variables that can affect company growth, such as profitability, ownership structure, and macroeconomic conditions, to gain a more comprehensive understanding of the factors that drive sustainable growth in the energy sector.
Long-Term Effects of Sharia Stock Status Changes on Returns and Liquidity Purnomo, Dwi Tjahjo; Lestari, Rohmini Indah
Jurnal Manajemen Dayasaing Vol. 27 No. 2 (2025): Manajemen Dayasaing
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/dayasaing.v27i2.13683

Abstract

This study examines the long-term impact of changes in Sharia stock status (CSS) on abnormal returns (AR) and liquidity (LIQ) in the Indonesian Sharia Stock Index (ISSI). The analysis explores liquidity’s mediating and moderating roles to clarify how Sharia screening outcomes shape market behavior beyond short-term announcement effects. Monthly data from 2018–2024 are analyzed using an event-study framework and Partial Least Squares Structural Equation Modelling (PLS-SEM) to test direct, indirect, and interaction effects grounded in signaling, asymmetric information, and liquidity theories. The findings show that CSS strongly affects liquidity for excluded stocks but only marginally influences liquidity for included stocks. CSS does not directly generate abnormal returns for excluded firms, while inclusion triggers short-term return pressure. Liquidity acts as a significant mediating channel, particularly following exclusion, translating compliance-related signals into price adjustments. No moderating effect is identified, indicating that liquidity operates sequentially rather than conditionally. Model diagnostics confirm strong predictive performance for liquidity and relatively weaker explanatory power for returns, highlighting other contributing market forces. This study provides novel long-horizon evidence on Sharia index dynamics and underscores liquidity’s strategic relevance for investors and regulators in strengthening Islamic capital market efficiency and compliance mechanisms.
ANALISIS PERAN BEBAN KERJA, KOMPENSASI DAN LINGKUNGAN KERJA TERHADAP TURNOVER INTENTIONS DENGAN MEDIASI KOMITMEN ORGANISASIONAL Warsudi Warsudi; Wyati Saddewisasi; Rohmini Indah Lestari; MOHAMMAD RIDWAN
Value Added : Majalah Ekonomi dan Bisnis Vol 21, No 2 (2025): VALUE ADDED : MAJALAH EKONOMI DAN BISNIS (Periode Oktober)
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/vameb.v21i2.19501

Abstract

Penelitian ini bertujuan menganalisis pengaruh beban kerja, kompensasi, dan lingkungan kerja terhadap turnover intentions dengan komitmen organisasional sebagai variabel intervening pada Sekolah Muhammadiyah Kota Semarang. Penelitian menggunakan metode kuantitatif dengan pendekatan explanatory research dan simple random sampling, dengan sampel 100 responden dari populasi 178 karyawan. Data dikumpulkan melalui kuesioner dan diolah dengan SmartPLS 4.0. Hasil penelitian menunjukkan bahwa beban kerja, kompensasi, dan lingkungan kerja tidak berpengaruh langsung terhadap turnover intentions. Beban kerja juga tidak memengaruhi komitmen organisasional, sedangkan kompensasi dan lingkungan kerja berpengaruh positif. Selain itu, komitmen organisasional tidak memediasi pengaruh beban kerja, tetapi mampu memediasi penuh pengaruh kompensasi dan lingkungan kerja terhadap turnover intentions. Temuan ini menegaskan bahwa peningkatan kompensasi dan lingkungan kerja yang baik dapat memperkuat komitmen organisasional, sehingga menekan keinginan karyawan untuk keluar dari organisasi.
Social Exchange Reduces Counterproductive Work Behavior through Employee Engagement: A Moderated-Mediation Model in the Public Sector Sanjaya, Lukman Jefri; Budiati, Yuli; Lestari, Rohmini Indah
Research Horizon Vol. 6 No. 1 (2026): Research Horizon - February 2026
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.6.1.2026.991

Abstract

This study investigates Counterproductive Work Behavior (CWB) among Indonesian Civil Servants, where professionalism remains suboptimal despite improvements in formal performance evaluations, indicating a gap between assessed performance and actual behavior. Grounded in social exchange theory, this research aims to examine the effects of Leader Member Exchange (LMX) and organizational justice on CWB, with work engagement as a mediating variable and emotional intelligence as a moderating variable. A quantitative research design was employed, utilizing survey data collected from 311 respondents through proportionate cluster random sampling within a regional government context. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results demonstrate that organizational justice significantly enhances work engagement and reduces CWB, while work engagement negatively affects CWB and mediates the relationship between organizational justice and CWB. Conversely, LMX and emotional intelligence do not exhibit significant direct or moderating effects. These findings suggest that fostering organizational justice and strengthening employee engagement are essential for mitigating counterproductive behaviors. In conclusion, enhancing fairness and promoting engagement constitute critical strategies for improving employee behavior in public sector organizations.
Pelatihan Manajemen Usaha Dan Pemasaran Kelompok Tani Hutan Di Sekitar Tahura KGPAA Mangkunegoro I Ngargoyoso Karanganyar Any Setyarini; Adijati Utaminingsih; Rohmini Indah Lestari; Emaya Kurniawati
AMMA : Jurnal Pengabdian Masyarakat Vol. 3 No. 12 : Januari (2025): AMMA : Jurnal Pengabdian Masyarakat
Publisher : CV. Multi Kreasi Media

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

Abstract

Business Management and Photography Techniques Training for the Lumintu Berkah Forest Farmers Group in Segorogunung Village, Ngargoyoso District, Karanganyar Regency, aims to improve members' skills in managing their eco-tourism campsites and agricultural businesses, as well as increasing their understanding of photography techniques for digital promotional purposes. This program is part of the implementation of cooperation between LPPM USM and DLHK Central Java Province. The training focused on managing eco tourism businesses, natural photography techniques, and the use of social media, especially Instagram, as a marketing tool. With 20 participants, this training not only provided new insights into business management and marketing strategies, but also trained them to produce attractive visual content for promotions. The results of the evaluation showed that the participants' business management skills and photography techniques had improved significantly. This program is expected to help forest farmer groups to more optimally manage their businesses, as well as introduce their products and services to the wider community through digital platforms.
PENGARUH LEVERAGE, LIKUIDITAS, DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIASI Lutfi Kurniasari; Kesi Widjajanti; Rohmini Indah Lestari
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 2 (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: 10.31539/51jctf89

Abstract

Nilai perusahaan mencerminkan persepsi investor terhadap kinerja dan prospek perusahaan yang tercermin dalam harga saham. Nilai perusahaan yang tinggi menunjukkan kepercayaan pasar yang kuat serta peluang peningkatan kesejahteraan pemegang saham. Penelitian ini bertujuan untuk menganalisis pengaruh leverage, likuiditas, dan Corporate Social Responsibility terhadap nilai perusahaan, baik secara langsung maupun tidak langsung melalui profitabilitas sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan dan laporan tahunan perusahaan yang tergabung dalam IDX-Infovesta Multi-Factor 28 di Bursa Efek Indonesia periode 2021–2024. Sampel ditentukan menggunakan metode purposive sampling dan menghasilkan 104 data observasi. Teknik analisis data menggunakan regresi linear data panel dan uji Sobel. Hasil penelitian menunjukkan bahwa leverage berpengaruh negatif dan signifikan terhadap profitabilitas, sedangkan Corporate Social Responsibility berpengaruh positif dan signifikan terhadap profitabilitas. Likuiditas tidak berpengaruh signifikan terhadap profitabilitas. Selanjutnya, leverage berpengaruh negatif dan signifikan terhadap nilai perusahaan, sedangkan Corporate Social Responsibility dan profitabilitas berpengaruh positif dan signifikan terhadap nilai perusahaan. Likuiditas tidak berpengaruh signifikan terhadap nilai perusahaan. Hasil uji mediasi menunjukkan bahwa profitabilitas mampu memediasi pengaruh leverage dan Corporate Social Responsibility terhadap nilai perusahaan, tetapi tidak mampu memediasi pengaruh likuiditas terhadap nilai perusahaan.  
The Dynamics of Employee Roles in Collaborating on the Distribution of ZIS Bank Syariah Indonesia and LAZNAS BSI Maslahat through Digital Platforms Phatriakalista Intan Apsari; Yuli Budiati; Rohmini Indah Lestari
Jurnal Doktor Manajemen (JDM) Vol. 9 No. 1 (2026): APRIL 2026
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jdm.v9i1.38144

Abstract

This study examined the role of employees and obstacles in the distribution process of zakat, infaq, and sadaqah (ZIS) funds based on a digital platform, as wall as strategies to improve the effectiveness of ZIS fund distribution performance. Previous research has primarily focused on conventional systems and has not yet extensively examined the role of employees in managing the distribution of ZIS through integrated digital platforms across institutions. The focus of the study was directed at the collaboration between Bank Syariah Indonesia and its strategic partner in managing ZIS funds, namely LAZNAS BSI Maslahat. This study used a qualitative phenomenological approach. Data was obtained through in-depth interviews with informants, this was supported by documentation such as the ZIS assistance application process and reports on the realization of assistance distribution. Data analysis used the Miles & Huberman model, with source triangulation and technique triangulation. The results of the study show that the distribution of ZIS funds through digital platforms is carried out through a clear division of functional roles with the support of cross-functional digital coordination. However, the dual roles at the BSI Branch and Area levels have caused delays in the administrative completion of fund distribution. The findings reveal that the system is not the main obstacle, but rather the management of roles that determines the effectiveness of distribution. Therefore, this study suggests strengthening human resources through cross-functional digital coordination as the basis for formulating strategies to improve the effectiveness of ZIS fund distribution.
Dynamic Capabilities, Knowledge Sharing, and Environmental Dynamism: A Mediated–Moderation Model of SME Innovation Performance Yuli Budiati; Hardani Widhiastuti; Indarto Indarto; Rohmini Indah Lestari
Annals of Management and Organization Research Vol. 8 No. 1 (2026): August
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v8.n1.p87-106.2026

Abstract

Purpose: This study examines the relationship between dynamic capabilities and innovation performance in Small and Medium-sized Enterprises (SMEs), with knowledge sharing as a mediator and environmental dynamism as a moderator. Methodology: This study used a quantitative survey of 194 SMEs in Central Java. Data were collected using structured questionnaires, purposive sampling, and Partial Least Squares Structural Equation Modeling (PLS-SEM) analysis. Results: Dynamic capabilities substantially impact innovation performance and knowledge sharing. Knowledge sharing positively influences innovation performance and mediates the effect of dynamic capabilities on it. Environmental dynamism directly and positively influences innovation performance but does not significantly strengthen the relationship between dynamic capabilities and innovation performance. Conclusions: Dynamic capabilities improve innovation performance directly and indirectly through knowledge sharing.  Internal capabilities play a more dominant role than external environmental conditions in driving innovation. Limitations:  This study is limited by its cross-sectional design and moderate explanatory power, indicating the possible influence of other variables. Contributions:  This study addresses gaps in the dynamic capability and knowledge-based view literature through evidence from SMEs in developing countries and offers practical insights for managers to enhance innovation through capability development and knowledge sharing.
THE EFFECT OF STOCK PRICE FLUCTUATION AND TRADING VOLUME ON STOCK RETURN IN THE BUILDING CONSTRUCTION SECTOR (J211 IDX-IC) WITH STOCK LIQUIDITY AS A MEDIATING VARIABLE Tabitha Frieda Noveline Panjaitan; Supramono Supramono; Rohmini Indah Lestari
Jurnal Riset Ekonomi dan Bisnis Vol. 19 No. 2 (2026): AGUSTUS
Publisher : Universitas Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26623/jreb.v19i2.15521

Abstract

This study examines the effect of stock price fluctuation and trading volume on stock return in the building construction sector (J211 IDX-IC), with stock liquidity as a mediating variable. The construction sector plays a strategic role in national development but shows high price volatility and unstable trading activity, exposing investors to elevated risk and warranting empirical testing of the market factors behind fluctuating returns. Using a quantitative panel data regression approach, the study draws on 25 construction issuers listed on the Indonesia Stock Exchange during 2024, selected through purposive sampling based on data completeness, yielding 100 quarterly observations. Stock price fluctuation is proxied by return volatility, trading volume by the log of average transaction value, return by capital gain, and liquidity by the Amihud illiquidity ratio. Following model selection through the Chow and Lagrange Multiplier tests, hypotheses were tested with a Common Effect Model and a causal-step mediation approach. The results show that neither stock price fluctuation nor trading volume significantly affects stock return, and price fluctuation does not significantly affect liquidity, while trading volume significantly improves it. Liquidity fails to mediate either relationship, so construction-sector returns appear shaped more by fundamental and external factors than by technical indicators alone.
INVESTMENT ANALYSIS OF GROOVE ROLLER PRESSURE FEEDER (GRPF) TO IMPROVE PRODUCTION COST EFFICIENCY: A CASE STUDY OF PG TRANGKIL SUGAR FACTORY Mujianto Mujianto; Indarto Indarto; Rohmini Indah Lestari
Jurnal Riset Ekonomi dan Bisnis Vol. 19 No. 2 (2026): AGUSTUS
Publisher : Universitas Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26623/jreb.v19i2.15709

Abstract

This study aims to analyze the financial feasibility and operational impact of investment in a Groove Roller Pressure Feeder (GRPF) at PG Trangkil, a private sugar factory in Central Java, Indonesia, as an effort to increase milling efficiency and reduce production costs amid intensifying competition from newly built, higher-efficiency sugar mills. A mixed-method case study design was employed, combining qualitative data from in-depth interviews, non-participant observation, and company archives with quantitative capital budgeting analysis (NPV, IRR, Profitability Index, Payback Period, and ROI). Key informants were the factory manager and heads of the technical, finance-administration, and manufacturing divisions, selected purposively. Results show that the GRPF investment, valued at IDR 25 billion, generated an NPV of IDR 876,997,000, an IRR of 11.19 percent, a Profitability Index of 1.04, and a payback period of 4.21 years, and is therefore financially feasible. Operationally, GRPF raised mill extraction and reduced sucrose loss in bagasse, lifting sugar sales revenue by 111.16 percent and net profit by 22.59 percent, although rising raw-material costs compressed gross and net profit margins. The findings extend a mini-theory linking integrated investment planning to milling efficiency and financial performance in the private sugar industry.