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Financial Distress of Multi-Finance Companies in Emerging Markets Satriadi, Dharma; Siregar, Hermanto; Manurung, Adler Haymans; Zulbainarni, Nimmi
International Journal of Social Science and Business Vol. 8 No. 4 (2024): November
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v8i4.86349

Abstract

Financial distress is when the company cannot pay what has been agreed upon when it is due. This paper discusses financial difficulties in multi-finance companies from 2010 to 2023. Forecasting financial difficulties uses the Merton Model method, adapted from the Black-Scholes Model for option prices. The method used to predict financial difficulties for multi-finance companies uses the Merton Method, as described previously, which is an adaptation of the Black-Scholes method. His research found that multi-finance companies still have negative interest margins. Increasing the credit disbursed also needs to receive attention from company management. The company's marketing costs also appear minor and can be imitated by other institutions. The probability of financial distress for multi-finance companies is very high and cannot be separated from the business characteristics of multi-finance companies. Multifinance companies still have negative interest margins. Increasing the credit disbursed also needs to receive attention from company management; the company's marketing costs also appear minor and can be imitated by other institutions; the probability of financial distress for multi-finance companies is very high and cannot be separated from the business characteristics of multi-finance companies.
Volatility of Companies with Low ESG Scores in the Indonesian Capital Market: Impact of Domestic and Global Factors Asih, Kiki Nindya; Achsani, Noer A.; Novianti, Tanti; Manurung, Adler Haymans
International Journal of Social Science and Business Vol. 8 No. 4 (2024): November
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v8i4.88286

Abstract

This study aims to explore the volatility connectedness between various categories of ESG scores of Indonesian companies with local and global market factors during the COVID-19 pandemic. We use daily price data of 42 Indonesian companies over the period from 2018 to 2022 and employ the GARCH model, further enriched by the Diebold-Yilmaz method, to analyze the spillover effect and connectedness. Companies with the lowest ESG category (D) exhibited the highest volatility throughout the observed period. All ESG categories experienced a significant increase in volatility during the COVID-19 pandemic. Meanwhile, companies with higher ESG categories (B) had the highest level of connectedness with domestic and global factors, both before and after the pandemic. In contrast, companies with the lowest ESG category (D) exhibited the lowest level of connectedness with domestic and global factors. The volatility spillovers indicate that both global (DJI) and domestic (LQ45) stock markets are the primary sources of spillovers for all ESG categories. This underscores the importance of understanding ESG category characteristics and market risk dynamics in ESG investment strategies. The study identifies significant differences between the risk profiles of ESG categories in the Indonesian capital market, with systematic risks affecting companies with high ESG ratings, while companies with low ESG ratings are more susceptible to idiosyncratic risks. These findings suggest the need for tailored diversification strategies in ESG investment and highlight the importance of considering these dynamics for investors, market regulators, and investment managers.
Strategi Adaptif dan Nilai Sosial dalam Kewirausahaan Milenial: Studi Naratif di Konteks Urban Indonesia Sangapan, Lukman Hakim; Paryanti, Atik Budi; Manurung, Adler Haymans
Jurnal Kewirausahaan dan Multi Talenta Vol. 3 No. 1 (2025): Jurnal Kewirausahan dan Multi Talenta (Januari - Maret 2025)
Publisher : Siber Nusantara Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jkmt.v3i1.338

Abstract

Penelitian ini bertujuan untuk memahami bagaimana wirausaha milenial di kawasan urban Indonesia mengembangkan strategi adaptif yang dipengaruhi oleh nilai sosial dan pengalaman pribadi mereka. Penelitian ini menggunakan pendekatan kualitatif dengan desain studi naratif, di mana data dikumpulkan melalui wawancara mendalam dengan 12 pelaku usaha milenial di Jakarta dan Surabaya. Hasil penelitian menunjukkan bahwa strategi yang mereka terapkan tidak hanya bergantung pada faktor ekonomi, tetapi juga pada narasi pribadi dan nilai-nilai sosial yang mereka anut. Fakta ini memberikan kontribusi terhadap pengembangan teori sensemaking dan social capital dalam konteks kewirausahaan, dengan menyoroti pentingnya kolaborasi sosial dan integrasi nilai dalam strategi bisnis. Penelitian ini juga memberikan implikasi praktis bagi kebijakan kewirausahaan yang lebih berbasis pada nilai sosial dan pengalaman pribadi. Meskipun terdapat keterbatasan dalam hal jumlah partisipan, hasil penelitian ini menawarkan wawasan yang berguna bagi pengembangan pelatihan kewirausahaan dan kebijakan yang mendukung ekosistem usaha yang berkelanjutan. Penelitian selanjutnya disarankan untuk memperluas cakupan sampel dan mengeksplorasi faktor-faktor sosial yang lebih spesifik.
Eksplorasi Pengalaman Wirausahawan Muda dalam Mewujudkan Entrepreneurial Mindset di Kalangan Mahasiswa Sangapan, Lukman Hakim; Paryanti, Atik Budi; Manurung, Adler Haymans
Jurnal Kewirausahaan dan Multi Talenta Vol. 3 No. 1 (2025): Jurnal Kewirausahan dan Multi Talenta (Januari - Maret 2025)
Publisher : Siber Nusantara Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jkmt.v3i1.348

Abstract

Penelitian ini bertujuan untuk mengeksplorasi pengalaman wirausahawan muda dalam membentuk entrepreneurial mindset di kalangan mahasiswa. Fenomena ini menjadi penting mengingat semakin meningkatnya tuntutan terhadap lulusan perguruan tinggi untuk mandiri, inovatif, dan adaptif dalam menghadapi dinamika ketenagakerjaan. Pendekatan kualitatif dengan desain fenomenologi digunakan untuk menggali makna subjektif dari pengalaman mahasiswa yang menjalani aktivitas kewirausahaan selama masa studi. Data dikumpulkan melalui wawancara semi-terstruktur mendalam terhadap tujuh mahasiswa yang aktif menjalankan usaha, dilengkapi dengan observasi non-partisipatif dan dokumentasi terkait aktivitas bisnis mereka. Analisis data dilakukan dengan menggunakan metode tematik Braun & Clarke, yang menghasilkan empat tema utama: (1) motivasi internal dan kemandirian, (2) pembelajaran dari kegagalan, (3) dukungan sosial dan lingkungan kampus, dan (4) transformasi pola pikir terhadap risiko dan ketidakpastian. Hasil penelitian menunjukkan bahwa pembentukan entrepreneurial mindset tidak hanya dipengaruhi oleh pembelajaran formal, tetapi juga sangat ditentukan oleh pengalaman nyata, proses reflektif, dan dukungan lingkungan sosial. Fakta ini memberikan kontribusi terhadap teori pembelajaran berbasis pengalaman dan identitas kewirausahaan mahasiswa. Implikasi praktisnya mencakup perlunya penguatan pendekatan pendidikan kewirausahaan berbasis pengalaman serta pembangunan ekosistem kewirausahaan yang mendukung. Penelitian lanjutan disarankan untuk mengeksplorasi perbedaan pengalaman antar kelompok mahasiswa dengan latar belakang yang beragam.
Peran Mentorship dalam Membentuk Karakter Wirausaha Generasi Z Paryanti, Atik Budi; Sangapan, Lukman Hakim; Manurung, Adler Haymans
Jurnal Kewirausahaan dan Multi Talenta Vol. 3 No. 2 (2025): Jurnal Kewirausahan dan Multi Talenta (April - Juni 2025)
Publisher : Siber Nusantara Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jkmt.v3i2.360

Abstract

Perubahan lanskap dunia kerja yang semakin kompetitif dan digital menuntut Generasi Z untuk mengembangkan karakter kewirausahaan yang kuat, seperti kreativitas, keberanian mengambil risiko, dan ketahanan mental. Mentorship dianggap sebagai pendekatan efektif dalam membentuk karakter tersebut, namun penelitian mendalam mengenai peran mentorship dalam konteks sosial-budaya Indonesia masih terbatas. Penelitian ini bertujuan untuk mengkaji bagaimana mentorship berkontribusi dalam pembentukan karakter wirausaha Generasi Z, dengan fokus pada dinamika hubungan mentor-mentee dan nilai-nilai yang diinternalisasi selama proses pendampingan. Metode penelitian menggunakan pendekatan kualitatif dengan desain studi kasus. Data dikumpulkan melalui wawancara semi-terstruktur terhadap sejumlah informan Generasi Z yang aktif mengikuti program mentorship, observasi, dan dokumentasi. Analisis data dilakukan secara tematik untuk mengidentifikasi pola-pola pembentukan karakter wirausaha. Hasil penelitian menunjukkan bahwa mentorship tidak hanya mentransfer keterampilan teknis, tetapi juga berperan penting dalam penguatan nilai-nilai kewirausahaan seperti kemandirian, integritas, dan inovasi. Hubungan interpersonal yang terjalin antara mentor dan mentee menjadi faktor kunci dalam membangun karakter yang tangguh dan adaptif. Temuan ini memberikan kontribusi penting pada literatur kewirausahaan dengan menyoroti dimensi psikososial mentorship dalam pembentukan karakter Generasi Z. Kesimpulannya, mentorship merupakan strategi efektif dalam pengembangan karakter kewirausahaan yang dapat diadopsi dalam berbagai program pendidikan dan pelatihan kewirausahaan. Penelitian selanjutnya disarankan untuk mengeksplorasi model mentorship berbasis teknologi digital dan pengaruh konteks budaya yang lebih luas.
Pengaruh Sumber Daya Yang Unik, Kepemimpinan, Penerapan Efisiensi, Terhadap Peningkatan Kerja Di Mediasi Motivasi dan Di Moderasi Umur: Literature Review Sangapan, Lukman; Carlos, Gerry Juan; Manurung, Adler Haymans; Manurung, John Sihar
Jurnal Bisnis dan Ekonomi Vol 3 No 3 (2025): Jurnal Bisnis dan Ekonomi
Publisher : OGZ Research & Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61597/jbe-ogzrp.v3i3.111

Abstract

Abstract : This study also opens up space for further quantitative data-based studies to examine the relationship between variables in greater depth.   Objective : This study aims to examine the influence of unique resources, leadership, and efficiency on organizational performance improvement, considering the mediating role of work motivation and the moderating role of age.   Method : This study was conducted using a systematic literature review approach on ten selected academic articles relevant to the research theme. Data were analyzed using thematic content analysis techniques and presented in the form of narratives, tables, and quotations from the original sources. Results : The research findings indicate that unique resources, strategic leadership, and efficiency have a positive relationship with organizational performance. Work motivation was found to to be a significant mediator in strengthening this relationship. Meanwhile, age as a moderator variable showed varying influences based on workforce generation groups. These findings contribute significantly to the development of human resource management theory and organizational practices that are more contextual and adaptive.
Philosophy Behind Strategy : Reconstructing the Theoretical Foundation of Strategic Management in a Disruptive Era Manurung, Gerson; Suraji, Robertus; Manurung, Adler Haymans; Sangapan, Lukman
Jurnal Bisnis dan Ekonomi Vol 3 No 3 (2025): Jurnal Bisnis dan Ekonomi
Publisher : OGZ Research & Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61597/jbe-ogzrp.v3i3.114

Abstract

The era of disruption challenges the relevance of conventional strategic management theories built on assumptions of stability, predictability, and structural rationality. This study aims to identify and examine the philosophical assumptions—ontology, epistemology, and axiology—underlying mainstream strategic theories, as well as evaluate their limitations in responding to the dynamics of the VUCA world. Using a critical conceptual review and philosophical inquiry approach, this study deconstructs the foundational frameworks of theories such as Porter and Mintzberg and proposes an alternative epistemology based on pragmatism (Dewey & Rorty). The findings reveal that the absence of explicit philosophical foundations leads to theoretical fragmentation and weakens the theories' ability to adapt. As a contribution, this study offers a new, more flexible, and contextual framework to address today's disruptive challenges. Its implications include the redesign of strategic theory and recommendations for more reflective and ethical organizational policies.
Consumer Conformity and Continuance Intention: A Study Case Approach of Facebook and WhatsApp Princes, Elfindah; So, Idris Gautama; Abdinagoro, Sri Bramantoro; Manurung, Adler Haymans
Journal of Business, Management, and Social Studies Vol. 5 No. 1 (2025): Journal of Business, Management, and Social Studies
Publisher : APPS Publications

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53748/jbms.v5i1.118

Abstract

ABSTRACT Purpose - This study aims to explore the phenomenon of consumer conformity and its impact on the continuance and reuse intention of digital communication platforms, particularly in the context of policy changes that force users into making critical decisions. Using the recent case of WhatsApp and Facebook's policy updates as a backdrop, this study examines how consumer conformity influences user behavior and intentions to continue or abandon a service. Methodology - The research is conceptual in nature, employing an integrative approach based on the Theory of Planned Behavior (TPB) and the Technology Acceptance Model (TAM). A comparative analysis is conducted through two proposed scenarios to understand user decisions following sudden policy changes, emphasizing the psychological factors of conformity, perceived value, trust, and perceived risk. Findings - The findings suggest that when consumers are faced with limited choices, such as accepting unfavorable terms or discontinuing service, informational and normative conformity significantly influence continuance intention. Factors such as perceived security, service quality, satisfaction, and perceived usefulness are found to moderate the relationship between conformity and continuance intention. Additionally, previous experience, trust, and self-efficacy emerge as strong determinants of users' willingness to reuse or abandon the service after policy disruptions. Novelty - Unlike previous studies that treat continuance intention purely as a result of satisfaction and usefulness, this study introduces the element of forced conformity and policy-driven decision-making into the behavioral model. It proposes a dynamic framework that incorporates psychological contract violation, trust restoration strategies, and conformity types (informational and normative) in explaining consumer behavior in digital platforms.
The Impact of Restaurant Tax Contribution on Regional Tax and Strategies to Achieve Restaurant Tax Targets in Bekasi City (Case Study at the Regional Revenue Agency of Bekasi City) Rosma Titis Hapsari; Adler Haymans Manurung; Wastam Wahyu Hidayat; Idel Eprianto; M. Jhonni Sinaga
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 2 (2025): Dinasti International Journal of Economics, Finance & Accounting (May-June 2025
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i2.4216

Abstract

This study aims to analyze the contribution of restaurant taxes to regional tax revenue and strategies to achieve restaurant tax targets in Bekasi City, referencing Law No. 1 of 2022 on Financial Relations Between the Central and Regional Governments. The research emphasizes increasing Local Own-Source Revenue (PAD) through regional taxes, specifically restaurant taxes. Using a quantitative approach with multiple regression analysis, the study evaluates the impact of external and internal variables such as tax extensification, tax collection, and technological innovation on restaurant tax revenue. The findings indicate that technological innovation and tax collection significantly influence regional tax revenue, with a coefficient of determination (R²) of 92.18%. While tax extensification does not show a significant individual effect, collectively, these variables explain most of the variation in regional tax revenue. The study identifies gaps in understanding the factors affecting restaurant tax target achievement and the need for more effective tax management strategies. Recommendations for local governments include enhancing technology use in tax administration and strengthening the tax collection system to improve taxpayer compliance. This research contributes to the development of more effective and efficient tax policies to support local economic growth in Bekasi City.
Analisis Pembentukan Portofolio Optimal Saham-Saham Big Bank di LQ-45 Menggunakan Model Elton dan Gruber di Bursa Efek Indonesia Periode 2019-2023 Monika Sari Siagian, Friska; Richo Rianto, Muhammad; Sinaga, Jhonni; Haymans Manurung, Adler
Fibonacci: Jurnal Ilmu Ekonomi, Manajemen dan Keuangan Vol. 1 No. 3 (2025): Fibonacci: Jurnal Ilmu Ekonomi, Manajemen, dan keuangan (Maret 2025 - Mei 2025)
Publisher : Yayasan Inovasi Akademi Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63217/fibonacci.v1i3.117

Abstract

Analysis of Optimal Portfolio Formation of Big Bank Stocks in LQ-45 Using the Elton and Gruber Model on the Indonesia Stock Exchange for the 2019-2023 Period. This study aims to analyze the management of stock portfolios on the Indonesia Stock Exchange using the Elton and Gruber Model, focusing on Big Bank stocks included in the LQ-45 stock index during the 2019-2023 period. This study uses monthly data for the 2019-2023 period, with data analysis techniques using Microsoft Excel. The results of this study found that there were 3 stocks included in the optimal portfolio with an Excess Return to Beta (ERB) value greater than the Cut-Off Rate (CI), namely; Bank Central Asia Tbk (BBCA), Bank Rakyat Indonesia Persero (BBRI) and Bank Mandiri (Persero) Tbk (BMRI). The results show that the optimal portfolio is formed by stocks that have high returns at relatively the same risk level.
Co-Authors Abdinagoro, Sri Bramantoro Ade Onny Siagian Ade Onny Siagian Adyatma Prio Anggoro Agung Dharmawan Buchdadi AGUNG GALIH SATWIKO Ahmad Faqih Syukri Alfian Amran Ali Imron Ambarwati, Eliza Dyah Amran Manurung Annisa Lestari Ardo Ryan Dwitanto Arif Imam Suroso Arif Imam Suroso Asih, Kiki Nindya Astrika Erlin Nurcahyaningsih AWN Fikri Aziz, Lukmanul Hakim Azizah Suci Pratiwi Bahtiar Saleh Abbas Budi Paryanti, Atik Carlos, Gerry Juan D.S. Priyarsono D.S. Priyarsono Darmawan, Indra Darminto . Dedi Budiman Hakim Djuni Thamrin DODY KURNIAWAN Dominicus Savio Priyarsono Dwi Winarno, Dwi Dwitanto, Ardo Ryan Dyah Budiastuti Edward Efendi Edward Efendi Silalahi Elia Rossa Elia Rossa Endah Suci Damayanti Erliza Noor Farah Margaretha Fauziah, Dinda Fikri , Adi Wibowo Noor Fikri, AWN Firdaus, Fairuz Zayyan Gatot Nazir Ahmad Gerry Juan Carlos Gerson Hadita Simamora Hakim , Dedi Budiman Hakim Sangapan, Lukman Hapzi Hapzi Ali Hardiyanti, Siti Epa Hariandja, Nancy Megawati Hasanuddin Hasanuddin Hendri Setiadi Hermanto Siregar Hibatullah, Fadh Fauzi I Gusti Ketut Agung Ulupui Idel Eprianto Idris Idris Imelda Sari Indra Darmawan Ivan Jan Jaya Silaen Jhonni Sinaga John E.H.J. Foeh John Sihar Manurung - Josua Panatap Soehaditama Jumawan Khan, Muhammad Asif Kosasih, Wibowo Kurniana Lukman Hakim Sangapan M. Jhonni Sinaga M.Rizal Mangalindung, Giovani Huiser Manurung, Catarina Manurung, Gerson Margie, Lyandra Aisyah Marinda Machdar, Nera Martua Eliakim Tambunan Maula, Dela Azkiatul Monika Sari Siagian, Friska Muhamad Ramdan, Muhamad Muhammad Yusuf Munir, Ningky Sasanti NACHROWI D. NACHROWI Nancy Megawati Hariandja Narpati, Bintang Nathania yunus, Angeline Nera Marinda Machdar Nera Marinda Machdar Nimmi Zulbainarni Noer A. Achsani, Noer A. Nopriadi Saputra Novita Sari Nur Khosim Nuryati, Tutty Octa Nilam Lukkita Aga Oktariswan, Dony Palti Marulitua Sitorus Pamuji Gesang Raharjo Pamuji Gesang Raharjo Panubut Simorangkir Paryanti, Atik Budi Pasaribu, Rasnius Princes, Elfindah Puspitasari, Veny Anindya Putra, Christophorus Indra Wahyu Ratnawaty Marginingsih Retno Yuliati Rewang Budi Prasetyo Rezki Adhitia Rianto, Muhammad Richo Robertus Suraji Rony, Zahara Tussoleha Rosalinda Manullang, Mitha Debora Rosma Titis Hapsari Roy Sembel Roy Sembel Salsabila Hasani Sangapan, Lukman Sangapan, Lukman Hakim Sangapan, Lukman Hakim Sangapan Satriadi, Dharma Satrio Waliyudin Azhar Sholeh, M Asrorun Niam Silalahi, Edward Efendi Silvana Syah Simatupang, Apriani Sinaga, Jhonni Suci Damayanti, Endah Sudaryono Sugeng Suroso SUGENG SUROSO, SUGENG Sundari Oktaviana Supardi Susy Muchtar Sutawidjaya, Ahmad Hidayat Tanti Novianti Tarigan, Paul Augustin Taufik Raharjo, Taufik Tegar Maulana Hidayat Tony Irawan Tri Widyastuti Tri Widyastuti Triskamto, Triskamto Tubagus Ahmad Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Viranti Margaretta Wahyu Hidayat, Wastam Wastam Wahyu Hidayat Widjanarko, Wirawan Willy Cahya Sundara Wirawan Widjanarko Wirawan Widjanarko Wiyandari, Esti Yuliansyah, M. Roby Yulyanah, Yulyanah Zahara Tussoleha Rony Zenal Asikin