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All Journal Jurnal Pendidikan Ekonomi & Bisnis Journal of Islamic Monetary Economics and Finance Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Ilmiah Manajemen Kesatuan Inobis: Jurnal Inovasi Bisnis dan Manajemen Indonesia Cakrawala Repositori Imwi Jurnal Cahaya Mandalika Jurnal Manajemen dan Usahawan Indonesia ASEAN Marketing Journal Journal of International Conference Proceedings Eduvest - Journal of Universal Studies Jurnal Multidisiplin Indonesia
Permata Wulandari
Fakultas Ekonomi Dan Bisnis Universitas Indonesia, Jakarta
Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Neuroscience Public Health Social Sciences Veterinary

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The Effect of Covid-19 Pandemic on Stock Returns: An Evidence of Indonesia Stock Exchange Mugiarni, Ajeng; Wulandari, Permata
Journal of International Conference Proceedings Vol 4, No 1 (2021): Proceedings of the 9th International Conference of Project Management (ICPM) Mal
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v4i1.1122

Abstract

The pandemic Covid-19 caused panic not only in health sectors but also weakened the world’s economy. The stock market, as one of the barometers of the economy, was hit by the pandemic Covid-19. The impact of Covid-19 on the stock market provides a signal for investors. Stock returns are what investors look for when investing in stocks. Returns on the stock exchange respond to several events, one of which is the news about health related to the Covid-19 pandemic. This study aims to seek whether the Covid-19 outbreak affects stock returns in Indonesia Stock Exchange. Using daily data of Covid-19 confirmed case, daily data of Covid-19 death cases, and stock returns data in Indonesia from January 2, 2020, to December 31, 2020. The panel-data regression model is used to estimate the result of the study. This study shows that stock returns in Indonesia Stock Exchange respond negatively significantly as the number of confirmed cases increases also stock returns in Indonesia respond negatively significantly to the daily growth of death cases. This study also finds that stock return in consumer goods and basic chemical industry were the impacted industries caused by pandemic Covid-19. Empirical findings could be used for the practitioner to consider investing in the stock market to avoid the significant impact of such outbreaks in the future.
Merger and Acquisition Analysis in Creating Value for Shareholders in The Infrastructure and Utility Sector Widianova, Valentina Hemas; Wulandari, Permata
Journal of International Conference Proceedings Vol 4, No 1 (2021): Proceedings of the 9th International Conference of Project Management (ICPM) Mal
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v4i1.1136

Abstract

Trough 20 – years period their merger and acquisition (M&A) in sector infrastructure and utilities are the pledge of the most country in the world, especially in Asia with most emerging countries. This study aims to know the relation about M&A activities to value shareholders in infrastructure and utilities sector in during last 20 years and year of crisis in 2020. Observe for acquire and target companies using event study approach to find Cumulative Average Abnormal Return (CAAR) on M&A activities that represent the value for the shareholders. Set event window for 31 days, consist of 15 days before the announcement and 15 days after announcement. Using sample of listed companies who making acquisition activities in Asia which size of the deal above USD 30 million. The result shows that the acquirers give positive CAAR that statistically significant 10% and the targets give positive CAAR statistically significant 5 %. The target company has higher cumulative abnormal average return than the acquirer company. Then M&A activity during crisis shows that for acquirer give positive not significant CAAR with 4,6% abnormal return and target give positive CAAR 3.4% but not significant. The target gives higher CAAR positive for t-15 to t+7 than the acquirer.
Satisfaction as a mediator between perceptions of service quality and loyalty related to the Indonesian Social Security Mobile app Balqiah, Tengku Ezni; Nilakurnia, Roswita; Astuti, Rifelly Dewi; Wulandari, Permata; Supriadi, Arief Dahyan; Saragih, Tarimantan Sanberto; Augustin, Eldest; Pradana, Fadly Eka; Mahaganti, Fergie S; Pramasanti, An Nisa; Hutabarat, Rendra Hymne Fajar
ASEAN Marketing Journal Vol. 17, No. 1
Publisher : UI Scholars Hub

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

Abstract

Manuscript type: Research Article Research Aims: to determine whether the perceived service quality factors could promote user Jamsostek Mobile (JMO) satisfy and continue to use JMO Design/methodology/approach: Data was gathered through an online survey of JMO users to analyse three hypotheses using Structural Equation Modelling (SEM) method with SmartPLS Research Findings: the result demonstrated that all hypotheses are supported that indicate there are three dimension of JMO attributes could develop Perceived Service Quality. Moreover, this variable could enhance loyalty through satisfaction. Theoretical Contribution/Originality: Using the Stimulus–Organism–Response (S-O-R) Model, this study develop framework to strengthen the explanation of the sequential relationship between stimulus, organism, and response toward mobile apps, in the context of social security insurance. Practitioner/Policy Implication: As the highest contributors, company could increase user perception in service and function by enhancing authenticity, interactivity, and understandability toward Jamsostek Mobile (JMO). Research limitation/Implications: User response depends on their ability to remember the previous experience, do not consider the user app frequency, and do not focus on specific service of insurance that could deliver different impacts on responses. Future studies should consider to conducted an exploratory to identify measurement of JMO attributes. Moreover. consider enjoyment, and risk as organisms.
PENILAIAN KREDIT UNTUK UKM MENGGUNAKAN HYBRID BWM DAN TOPSIS PADA BANK SYARIAH DI INDONESIA Rakhmad Indra Permadi; Permata Wulandari
Jurnal Cahaya Mandalika ISSN 2721-4796 (online) Vol. 5 No. 1 (2024)
Publisher : Institut Penelitian Dan Pengambangan Mandalika Indonesia (IP2MI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36312/jcm.v5i1.2596

Abstract

This research develops and validates a SME credit risk prediction system by applying a multi-criteria credit scoring model. The model was built using the best-worst method (BWM) and the preferred order of similarity to ideal solution (TOPSIS) technique. BWM first sets the weighting criteria and TOPSIS is applied to evaluate SMEs. Real-life case studies are examined to demonstrate the effectiveness of the proposed model. The results showed that that collateral can be bound in accordance with the provisions, history of credit, and current ratio were the most important factors in lending, followed by customer business sector category, continuity of supply of raw materials, and collateral adequacy requirements. This model can help financial institutions provide an easy way to identify potential SMEs for loans and encourage further research into alternative approaches.
Corporate Sukuk vs. Bonds in Indonesia’s Dual Financial System: 2010–2024 Irvan Yulian Noor; Permata Wulandari
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 4 (2025): JIMKES Edisi Juli 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i4.3492

Abstract

Indonesia, a leading global sukuk issuer, sees only 25.6% of corporate debt issuances as sukuk from 2010 to 2024, indicating barriers to adoption despite its dual financial system supporting both Islamic and conventional instruments. This study investigates why Indonesian corporations prefer sukuk over conventional bonds for long-term financing. It aims to identify key determinants influencing this choice within the dual financial framework, integrating conventional capital structure theories with Islamic finance principles. Employing a two-stage binary logistic regression on 1,095 debt issuances from the Indonesia Stock Exchange, the study examines issuance-specific, firm-specific, ownership, and external factors. Findings reveal that lower credit ratings, higher leverage, and significant government or institutional ownership increase sukuk issuance likelihood, with a notable surge during the COVID-19 pandemic. These results align with agency and pecking order theories, suggesting sukuk serves strategic purposes beyond Sharia compliance. The study concludes that sukuk adoption reflects financial constraints and ethical alignment, offering practical implications for regulators to enhance market competitiveness through improved liquidity and incentives, and for corporate managers to leverage sukuk for accessing Sharia-compliant capital, particularly for firms with specific financial and ownership profiles.
ESG & Nilai Perusahaan : Peran Moderasi Cash Holding di Perusahaan Non Keuangan yang Terdaftar di BEI Yoshua Pieter Kansil; Permata Wulandari
Jurnal Multidisiplin Indonesia Vol. 5 No. 5 (2026): Jurnal Multidisiplin Indonesia
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jmi.v5i5.2728

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh kinerja Environmental, Social, and Governance (ESG) terhadap nilai perusahaan serta menguji peran cash holdings sebagai variabel moderasi pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2016–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data panel yang terdiri dari 34 perusahaan dan 306 observasi. Data ESG diperoleh dari Refinitiv, sedangkan data keuangan diperoleh dari S&P Capital IQ dan laporan keuangan perusahaan. Metode analisis yang digunakan adalah regresi data panel dengan Fixed Effects Model dan robust clustered standard errors. Hasil penelitian menunjukkan bahwa kinerja ESG secara agregat tidak berpengaruh signifikan terhadap nilai perusahaan. Sebaliknya, cash holdings berpengaruh positif dan signifikan terhadap nilai perusahaan, yang menunjukkan bahwa likuiditas perusahaan menjadi faktor penting dalam meningkatkan persepsi pasar. Selain itu, interaksi antara ESG dan cash holdings berpengaruh negatif signifikan terhadap nilai perusahaan, sehingga cash holdings terbukti memoderasi hubungan antara ESG dan nilai perusahaan. Temuan ini mengindikasikan bahwa pada perusahaan dengan tingkat kas tinggi, aktivitas ESG dapat dipersepsikan sebagai penggunaan sumber daya yang belum memberikan manfaat ekonomi langsung dalam jangka pendek. Dengan demikian, hubungan ESG dan nilai perusahaan bersifat kondisional serta dipengaruhi oleh kemampuan perusahaan dalam mengelola sumber daya keuangannya.
Socio-Demographic Determinants of Credit Rationing at Baitul Maal wa Tamwil in Indonesia Permata Wulandari; Salina Kassim
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 3 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i3.1156

Abstract

This study seeks to identify credit rationing socio-demographic determinants to Islamic microfinance to achieve welfare improving goals in three Bottom of the Economic Pyramid (BOP) regions: Yogyakarta, East Lombok and Makassar, South Sulawesi, Indonesia. Another primary focus of this study is to highlight the suggested solutions from Islamic microfinance practitioners to overcome the challenges in the practice of credit rationing assessment. 2,650 borrowers at the BOP in 26 Islamic Microfinance Institutions (MFIs) in Indonesia were selected based on cluster sampling and purposive sampling methods. A questionnaire is adapted from several previous studies. Multinomial logistics regression is used in this paper. Results show that the determinant of credit rationing based on socio-demographic factors, reflecting certain socio-demographic factors that include age, gender, account balance, dependents, salary, monthly income, formal education, access to financing facility in the previous year, distance, and years of saving, has significant influence on the probability of getting financing. Thus, in order to reduce the credit-rationing problem, the major implications from this study are that Baitul Maal wa Tamwil (BMT) should enhance the participation of women, using monthly income rather than salary determinants, provide credit plus financing and realize a one village one BMT program. The solutions would enhance the participation of BOP borrowers at BMT.
The Factors of Determining Repayment Performance in Individual Loan for Small Medium Enterprises in Indonesia Lailiya Rohmana; Permata Wulandari
Eduvest - Journal of Universal Studies Vol. 4 No. 7 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i7.1335

Abstract

This study aims to determine the affecting factors of repayment performance in Small Medium Enterprises (SMEs) in Indonesia for individual loan program. The data in this study is gathered by credit active during 2023 which contain of 300 samples from several region in Indonesia that came from one of Non-Banking Financial Institutions (NBFIs). The data is analyzed by logit regression model by Stata software version 18. The study indicates that the borrower’s income and amount of loan disbursements have significantly affected the repayment of the borrower’s outstanding loan for both principal and interest in time. Furthermore, the study shows that the higher amount of loan disbursement might affect the lower probability of defaulting due to high assessment of credit appraisal. Since the loan programs are delivered for individual for owner or management of Small Medium Enterprises (SMEs) in Indonesia. A prudent procedure is needed to establish for newer borrowers of the individual loan programs. The screening process consists of income cash flow analysis and how long the cash flow will be generated for repaying the programs. the novelty for this result enhances the current research for SMEs financing program in Indonesia for individual loan credit program. Specially credit loan program is delivered and sponsored by Indonesia government. Not much research focused on individual loan programs for SME’s owner or management.
Analysis of the Financial Performance Implications for Establishing an Ecosystem State-Owned Holding in Indonesia Tri Kartika Dewi; Permata Wulandari
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51285

Abstract

This research examines differences in financial performance resulting from the establishment of Indonesia's State-Owned Holding (SOH) by comparing the periods before and after its formation. While many countries have adopted centralized SOH models, the effect on State-Owned Enterprise (SOE) performance under SOH remains unclear. This case study employs a mixed-method approach, incorporating secondary data analysis of quarterly financial reports from six holding members from 2018-2023, alongside primary data obtained from in-depth interviews with five CFOs in the State-Owned Member Holding and relevant government stakeholders. Descriptive statistics and the Wilcoxon Signed-Rank Test were used to identify differences in financial performance before and after the establishment of the holding. In parallel, qualitative analysis was conducted to explore the underlying factors influencing financial outcomes. The research findings reveal that the formation of the holding has not uniformly improved the financial performance of all members in pre- and post-holding financial metrics in profitability indicators (ROE, ROA), liquidity (Quick Ratio), and leverage (DER). Interview results suggest that the timing of the holding's formation—during the COVID-19 pandemic—and the varying initial financial conditions of member entities, due to corporate actions prior to integration, played significant roles. Additionally, some members faced constraints in accessing bank facilities and were burdened with government assignments for economic and social objectives. Results are consistent with prior studies, which highlight that the performance of SOEs under SOH may deteriorate when government intervention persists, particularly when driven by non-commercial, social objectives.
The Impact of Trade Openness, Green Bond Issuance, and Global Shocks on Renewable Energy Consumption in Southeast and South Asia: A Panel Data Analysis Qonitatun Hafidzoh; Permata Wulandari
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51377

Abstract

The urgent need for energy transition and escalating climate crisis have placed renewable energy at the forefront of policy and investment agendas in developing countries. This study investigates the impact of trade openness, green bond issuance, governance quality, and global shocks on renewable energy consumption in South and Southeast Asia (2016–2022), using quarterly panel data and FMOLS estimation. Results show that trade openness and governance quality significantly promote renewable energy adoption, while green bonds are not significant under normal conditions but become effective during global crises. These findings highlight the need for policies that not only support green energy under stable conditions but also ensure resilience against global disruptions, with green finance serving as a crucial stabilizing tool.
Co-Authors Ajeng Mugiarni Anis Wahyu Intan Maris Augustin, Eldest Elevita Yuliati Fajar Ayu Pinagara Hutabarat, Rendra Hymne Fajar Ika Resti Putri Irvan Yulian Noor Lailiya Rohmana Mahaganti, Fergie S Mugiarni, Ajeng Niken Iwani Nilakurnia, Roswita Pradana, Fadly Eka Pramasanti, An Nisa Qonitatun Hafidzoh Raditya Vito Hartanto Rakhmad Indra Permadi Ratih Dyah Kusumastuti Ridwan Permana Rifelly Dewi Astuti Ruslan Prijadi Salina Kassim Saragih, Tarimantan Sanberto Supriadi, Arief Dahyan Tengku Ezni Balqiah Tri Kartika Dewi Valentina Hemas Widianova Wahyu Winoto Widianova, Valentina Hemas Yoshua Pieter Kansil