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All Journal Jurnal Manajemen dan Agribisnis JAM : Jurnal Aplikasi Manajemen Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal Sains Teh dan Kina Jurnal Manajemen Pembangunan Daerah Technomedia Journal Aptisi Transactions on Technopreneurship (ATT) Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi International Journal of Economics, Business, and Entrepreneurship (IJEBE) Indonesian Journal of Multidisciplinary Science Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka)
Trias Andati
Institut Pertanian Bogor
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Mechanical Engineering Public Health Social Sciences Other

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Analisis Pengaruh Kebijakan Pembatasan Loan to Value terhadap Return dan Risiko Saham Perbankan di BEI Tahun 2012-2013 Purnama, Riony Rihardhika; Andati, Trias
Jurnal Aplikasi Manajemen Vol. 14 No. 2 (2016)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (83.762 KB) | DOI: 10.18202/jam23026332.14.2.10

Abstract

Abstract: This studyis conducted on the basis of the implementation of monetary policy issued by Indonesia Bank for home loans. The main purpose of this research is to analyze the effect of policy implementation by Bank Indonesia on loan to value restriction to mortgages on June 15, 2012 and September 30, 2013 to the banking stock return, measured by abnormalreturn and risk premium. Data on this research is secondary data collected from Indonesian Stock Exchange. The sample is stock from 10 national banks that listed banks serving mortgage. Event study analysis is used to analyse the information content from the announcement, in combination with abnormal return as measurement indicator. This study finds that the policy implementation on September 30, 2013 has information content becausethere is significant difference between trading volume activity before and after the event but there is no significant difference between the average abnormal return before and after policy implementation on June 15, 2012 and September 30, 2013. GARCH in Mean model is used to analyse difference in the level of the risk premium after the policy implementationin 2012 and the implementation of policies in 2013. This study found as many as 6 of the 10 listed banks sampled showed a decrease in the coefficient of the risk premium as compared to coefficients of the risk premium in 2012.
Faktor-Faktor yang Mempengaruhi Fleksibilitas Keuangan (Studi Kasus yada Perusahaan yang Terdaftar pada Bursa Efek Indonesia (Periode 2008-2012)) Murti, Adytia Pradnya; Achsani, Noer Azam; Andati, Trias
Jurnal Aplikasi Manajemen Vol. 14 No. 3 (2016)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1130.919 KB) | DOI: 10.18202/jam23026332.14.3.11

Abstract

This study aimed to determine the capital position and company's performance in Indonesia during the 2008-2012 period and to determine the factors that affected the company's financial flexibility in Indonesian firms. The samples of this study were 45 largest capitalized company listed on the Jakarta Stock Exchange.This study used synthetic rating and the debt service coverage ratio to determine the company's capital position and performance, and used panel data to determine the factors that affected financial flexibility. The results showed that existence a decrease in the default rate, in 2008 the average default rate was 6.12%, in 2009 decreased to 3.99%, in 2010 down to 2.91%, and then in 2011 and 2012 slightly increased to 3.17% and 3.30 %. Based on the results of panel data the factors that affected the financial flexibility is Leverage Ratio, Free Cash Flow, and crisis.
The Influence of Environmental, Social, Governance on Company Financial Risks: A Study on LQ-45 Ramadhan, Muhammad Farhan; Achsani, Noer Azam; Andati, Trias
Indonesian Journal of Multidisciplinary Science Vol. 2 No. 11 (2023): Indonesian Journal of Multidisciplinary Science
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/ijoms.v2i11.611

Abstract

This study aims to see the consequence of environmental, social, and governance (ESG) performance on LQ-45firm’s financial risk. This study uses a 23 sample of LQ-45 firms from 2016 to 2020 and applies Generalized Method of Moment (GMM) analysis. The studies find an adverse effect of ESG Performance and firm’s risk. Controversies on ESG also adversely influences the firm’s risk. However, there is no significant effect on board gender diversity on financial risk of the firm. Also, These findings are in line with stakeholder, signaling, Legitimacy, and risk management theory. The firms that perform reasonably on ESG have lower total risk. However, the firm’s negligence on ESG and involvement in ESG Controversies moderates the ESG-total risk nexus. The findings will help investor and portofolio managers evaluate how ESG, ESG Controversies, and Board Gender Diversity influence firm’s financial risk and help them make a better investment decisions. Additionally, regulators can revise the ESG and ESG Controversy disclosure criteria and make them accessable to all stakeholders for better decision making.
Respons Pasar Modal Indonesia Terhadap Pengumuman Insentif Fiskal Biaya R&D Korporat Hanindipto, Fasa Aditya; Suroso, Arif Imam; Andati, Trias
Jurnal Aplikasi Bisnis dan Manajemen Vol. 8 No. 1 (2022): JABM Vol. 8 No. 1, Januari 2022
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.8.1.133

Abstract

This study examines the Indonesia stock market’s response to the announcement of tax deduction as an incentive for corporate R & D activity implementation. The study is performed using samples of 13 companies from Miscellaneous Industry and Consumer Goods Industry in Indonesia Stock Market June – July 2019 period. This study uses event study approach, by examining market reaction calculated by Cumulative Abnormal Return (CAR), Cumulative Abnormal Volume (CAV), and Cumulative Abnormal Frequency (CAF). To measure the significance of each variable, non-parametric statistic test Wilcoxon Signed Rank Test and Mann Whitney Test are performed. The Result shows that investors respond to the announcement of tax deduction as an incentive for Indonesia corporate R & D activity. Another result shows that there are different responses from Miscellaneous Industry and Consumer Goods Industry sectors in the Indonesia Stock Market. Keywords: Corporate R & D, event study, fiscal policy, tax deduction
The Effect of Systematic and Fundamental Factors on The Valuation of Cement Manufacturers in Indonesia Wedagama, Dewa Nyoman Wiryasantika; Hakim , Dedi Budiman; Juanda, Bambang; Andati, Trias
Jurnal Aplikasi Bisnis dan Manajemen Vol. 8 No. 2 (2022): JABM Vol. 8 No. 2, Mei 2022
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.8.2.337

Abstract

There are two kinds of factors that influenced companies’ valuation: systematic factors and fundamental factors. The relationship between the company valuation of cement companies listed on the Indonesia Stock Exchange (IDX) and several systematic factors and fundamental factors need to be identified to know determinant factors of the valuation. The valuation of each company from 2013 to 2019 was examined to four systematic factors: the excess capacity of each company (idle capacity), market share, government infrastructure spending, and excess supply of cement in the market. As a result of the panel data regression between valuation as the dependent variable and the four systematic factors in this research, the market share has a greater influence on the valuation than the other three factors, the government infrastructure spending, the excess capacity of each company, and the oversupply of cement in the market. Fundamental factors as valuation determinants have been examined and identified, then through relative valuation-multiples, the panel data regression of valuation as the dependent variable and fundamental factors showed companies fundamental factors have a higher influence on the valuation of SMCB, SMGR and INTP, meanwhile, non-fundamental factors have a higher influence on SMCB and SMCB and SMBR valuation. Keywords: valuation, infrastructure budget, oversupply of cement market, company’s excess capacity
Pengaruh Struktur Modal Terhadap Kinerja Perusahaan Telekomunikasi Dunia Fauzi, Rizal Ahmad; Achsani, Noer Azam; Andati, Trias; Anggaraeni, Lukytawati
Jurnal Aplikasi Bisnis dan Manajemen Vol. 8 No. 2 (2022): JABM Vol. 8 No. 2, Mei 2022
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.8.2.470

Abstract

This study aim to describe the capital structure of the world telecommunications companies and analyze the effect of capital structure on company performance. The sample used is 205 telecommunication companies listed on the world capital market covering 62 countries covering periods year 2010-2020. The capital structure proxied by debt on asset ratio, both long term ratio and short term ratio, while company performance represent by return on asset. Data analysis using dynamic data panel with generalized methods of moment methods. Data show that capital structure of world telecommunication firm is increase where the long term increase higher than short term. The estimation result indicated that capital structure of telecommunication firm both longterm and shorterm has negative impact to firm performance. Firm size indicated has negative impact to performance, on contrary, firm growth has positive relationship with telecommunication firm perfomance. Keywords: debt ratio, return on assets, generalized methods of moments (GMM), telecommunication companies, telecommunication firm perfomance
Sustainable Business Innovation in Indonesian Firms ESG Disclosure Profitability and Greenwashing Ferli, Ossi; Achsani, Noer Azam; Andati, Trias; Asikin, Zenal
Aptisi Transactions On Technopreneurship (ATT) Vol 8 No 2 (2026): July
Publisher : Pandawan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34306/att.v8i2.854

Abstract

This paper aims to investigate the relationships among ESG disclosure score and profitability. The sample consist of sustainable companies in Indonesia, based on the Sustainalytics and Bloomberg databases. Panel regression analysis was employed to test the study hypotheses. The results indicate that ESG disclosure has a negative effect on firm profitability. Specifically, environmental and governance disclosures are negatively associated with profitability. Moreover, both the combined ESG score and the Squared ESG variable exhibit a negative effect on profitability. Net sales show a positive effect on profitability across all models. In contrast, the COVID-19 period was found to reduce firm profitability. This study is limited by the number of samples due to data availability, yet it provides implications for stakeholders by offering insights into how ESG disclosure influences profitability in the long term, particularly in the context of sustainability practices within developing countries. The findings also have significant implications for policymakers, firms, and investors, as these findings offer guidance on managing ESG disclosure to support financial performance while mitigating greenwashing effects. Finally, this study raises a critical question about whether ESG compliance and standards will remain instruments for capital market stakeholders or evolve into a transformative paradigm that reshapes stakeholder behaviour. This research contributes to the growing body of literature exploring the relationship between ESG disclosure and profitability by employing a self-developed index from annual report content analysis, thus providing a localized perspective on sustainability performance. Furthermore, it complements the literature on the non-linear relationship between sustainability and profitability.
Co-Authors Adytia Pradnya Murti Andika, Tommy Anggaraeni, Lukytawati Anthoni, Richard Arif Imam Suroso Arkeman , Yandra Bambang Juanda BONAR M. SINAGA DS, Priyarsono Dwi Rachmina Erliza Noor Fauzi, Rizal Ahmad Ferli, Ossi Hakim , Dedi Budiman Hanindipto, Fasa Aditya Hartoyo Hartoyo Hermanto Siregar Idqan Fahmi Irwan Hermawan M Firdaus Maulana, Tubagus N.A. Pratama, Alfin Yoga Purnama, Riony Rihardhika Putri, Rizavia Mardhika Rahmat Mulyana RAMADHAN, MUHAMMAD FARHAN ROHAYATI SUPRIHATINI Siti Jahroh Srihadiyati Ayu Bestari, Srihadiyati Ayu Suharto Suharto Sulistyorini, Diah Diana Tubagus Nur Ahmad Maulana Wedagama, Dewa Nyoman Wiryasantika Widyawati, Glynae Yudistira, Yudi Zenal Asikin