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All Journal Jurnal Siasat Bisnis Jurnal Manajemen Terapan dan Keuangan Jurnal Manajemen dan Bisnis Jurnal Ilmiah Ekonomi dan Bisnis Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Journal of Economic, Bussines and Accounting (COSTING) Jurnal Organisasi Dan Manajemen JTAM (Jurnal Teori dan Aplikasi Matematika) Owner : Riset dan Jurnal Akuntansi JURNAL NUSANTARA APLIKASI MANAJEMEN BISNIS Community Engagement and Emergence Journal (CEEJ) EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Quantitative Economics and Management Studies JURNAL KOMUNIKASI DAN BISNIS Jurnal Manajemen Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Transekonomika : Akuntansi, Bisnis dan Keuangan Indonesian Journal of Business Analytics (IJBA) Jurnal Ekonomi Perusahaan Journal of Management and Administration Provision Jurnal Manajemen, Akuntansi, Ekonomi Jurnal Ilmiah Manajemen Ekonomi Dan Akuntansi (JIMEA) Adpebi International Journal of Multidisciplinary Sciences INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen
Said Kelana Asnawi
Institut Bisnis Dan Informatika Kwik Kian Gie
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Automotive Engineering Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering 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 Social Sciences Other

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Debt is Not Always Bad Even in Difficult Economic Conditions Sandro Torang Hamonangan Sirait; Said Kelana Asnawi; Hendrian
Indonesian Journal of Business Analytics Vol. 4 No. 4 (2024): August 2024
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v4i4.11136

Abstract

The problem faced by the company is the use of debt that is not according to plan. The purpose of this study is to determine whether debt policy affects company performance. This study was conducted on manufacturing sector companies listed on the Indonesia Stock Exchange in 2018–2023 with a population of 296 companies, the sample used was 73 companies for six years. Thus, the number of samples used in this study was 438. The company performance variable is proxied by (ROE) while the independent variables in this study are debt policy proxied by (DER and DER*KE), investment decisions (KI), managerial ownership (MNJR), and economic conditions (KE). The data analysis method uses multiple linear regression methods with SPSS software version 26. The results of the study show that the debt policy variable (DER) has a negative and significant effect on company performance (ROE) and the debt policy variable*economic conditions (DER*KE) has a positive and significant effect on company performance (ROE). This means that when economic conditions are supportive, companies that use debt to finance operational activities or business expansion tend to experience increased performance. Funds obtained from debt can be used for investment, new product development, or market expansion. Proper use of debt can increase a company's return on equity (ROE), as long as the rate of return on the investment financed by debt is higher than the cost of debt. Timing the debt decision is crucial. In improving economic conditions, companies can take advantage of low interest rates and increase production capacity.
Did Covid-19 Pandemic Raised Tax Incomes in Bad Economic Situations? Almino Situmorang; Said Kelana Asnawi; Etty Puji Lestari
Indonesian Journal of Business Analytics Vol. 4 No. 4 (2024): August 2024
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v4i4.11168

Abstract

The fact that COVID-19 pandemic affected economic situation is known widely, but many companies actually can use ratios for measuring financial situation. If we look deeper, financial ratios can give actual fact about the financial performance periodically. The aim of this research is to find out whether liquidity ratios, Solvability ratios, activity ratios, profitability ratios, and tax ratios have an effect on financial performance. This research was conducted on companies listed on the Indonesia Stock Exchange in 2019 - 2023 with a sample of 117 companies for five years. Thus, the number of samples used in this research was 585. The independent variables in this research were liquidity ratios, Solvability ratios, activity ratios, profitability ratios, and tax ratios, while the dependent variable was financial performance. The data analysis method uses the difference test analyze method with SPSS version 26 software. The results of different tests for liquidity ratios show that there is no significant difference between the years before the COVID-19 pandemic, during the COVID-19 pandemic and after the COVID-19 pandemic. The results of different tests for the Solvability ratios, activity ratios, profitability ratios, and tax ratios showed that there was no significant difference between the years before the COVID-19 pandemic, during the COVID-19 pandemic and after the COVID-19 pandemic.
The Dance of Week-End Return and Volume: A Symphony Asnawi, Said Kelana; Pangestu, Windy; Widjaja, Caroline
Jurnal Nusantara Aplikasi Manajemen Bisnis Vol 9 No 1 (2024): Jurnal Nusantara Aplikasi Manajemen Bisnis
Publisher : UNIVERSITAS NUSANTARA PGRI KEDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29407/nusamba.v9i1.19553

Abstract

Abstract The weekend effect study is one of the studies relating to market anomalies. Research on market anomalies is important because it can be a guide for investors to transact. Concerning transactions, the TV-return pair is an appropriate indicator compared to the return itself. We use various combinations of TV-Return to find the weekend effect. The results show that mostly there is no weekend effect. Thus the efficient market hypothesis applies. This result can be a reference for investment, where Friday or Monday is no different. Investors can't beat the market
The Influence of Overconfidence Bias on Stock Investment Decisions Erie Irianti; Said Kelana Asnawi; Ramdany Ramdany
Community Engagement and Emergence Journal (CEEJ) Vol. 7 No. 6 (2026): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/dk6a1c55

Abstract

This study concludes that stock trading activity, stock investment risk, and stock diversification have positive effects on stock investment decisions. First, stock trading activity positively influences stock investment decisions, indicating that the higher the intensity of trading activities carried out by investors, the greater their tendency to make stock investment decisions. This phenomenon reflects investors’ active involvement in the capital market, driven by overconfidence bias and the ease of access to information through digital platforms such as Stockbit. However, the magnitude of this influence is relatively small, suggesting that the increase in investment decisions reflects the quantity rather than the quality of decisions. Second, stock investment risk has a positive influence and is identified as the most dominant factor affecting stock investment decisions. This finding indicates that investors’ awareness of risk encourages them to conduct more in-depth evaluations before investing. Risk is no longer perceived as a barrier, but rather as a driver of more cautious, rational, and well-planned investment decision-making. Third, stock diversification positively affects stock investment decisions. Investors who are more rational and well-educated tend to understand the importance of portfolio risk diversification, making them more confident and strategic in making investment decisions. Overall, the findings indicate that stock trading activity, stock investment risk, and stock diversification simultaneously have positive effects on stock investment decisions, with stock investment risk being the most dominant factor. These findings support heuristic theory, which states that investors rely on practical rules and self-confidence in decision-making. However, in the context of modern investors using digital platforms such as Stockbit, investment behavior tends to be more rational and analysis-based.
Strategi Manajemen Risiko Terintegrasi Berdasarkan ISO 31000:2018 pada Industri Properti Dewi Lestyowati; Said Kelana Asnawi
Jurnal Manajemen Vol 15 No 1 (2025): November 2025 – April 2026
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat Institut Bisnis dan Informatika Kwik Kian Gie

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46806/jm.v15i1.1589

Abstract

This study aims to analyze an integrated risk management system based on Enterprise Risk Management (ERM) in accordance with ISO 31000:2018 for the management of The Kensington Royal Suites Apartment. Risk management plays an important role in sustaining apartment operations in the property industry, which is exposed to financial, operational, legal compliance, occupational safety and health, and reputational risks. This study employed an exploratory approach using Value Chain Analysis, PESTEL Analysis, and stakeholder analysis supported by a literature review. The proposed ERM framework refers to ISO 31000:2018 by integrating eight risk management principles with the organization's core values, namely CARING (Commitment, Agility, Care, Integrity, Collaboration, and Gratitude). The framework also integrates three main aspects: compliance, internal control, and risk management, and is implemented through the Balanced Scorecard (BSC) framework. The study identified 85 risk events, of which 25 exceeded the organization’s risk tolerance limit. After implementing the proposed risk treatment strategies, all risks were reduced to within the acceptable risk appetite of the organization. The implementation of ERM based on ISO 31000:2018 is expected to enhance the management’s capability in mitigating risks, strengthening strategic management value, and improving stakeholders’ trust in service quality.
THE INFLUENCE OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) RATING AND FINANCIAL RATIOS ON SUSTAINABLE GROWTH RATE (SGR) MODERATED BY DIGITAL BANKING (DB) IN BANKING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) FOR THE 2020–2024 PERIOD Tri Wahyuningsih; Said Kelana Asnawi
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 3 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.20986042

Abstract

The purpose of this study is to obtain empirical evidence of the effect of Environmental Social and Governance (ESG) Rating and Financial Ratio, namely Loan to Deposit Ratio (LDR) and Non-Performing Loan (NPL) on Sustainable Growth Rate (SGR) moderated by Digital Banking (DB) in banking companies listed on the Indonesia Stock Exchange (IDX). Research data was obtained from the annual financial statements of the banking sector listed on the IDX for the 2020-2024 period. The data analysis technique used was multiple regression analysis with the help of the SPSS application. The results of the study show that ESG, NPL, and DB variables have an effect on SGR. For the LDR variable, there was no effect on the SGR of banking companies listed on the IDX during the research period. These findings suggest that banks’ sustainable growth is affected by the quality of ESG governance, credit risk management, and digital transformation. The implication of this study is that companies need to pay attention to internal and external factors that can affect the Sustainable Growth Rate (SGR).
Profitability, investment, and financing decisions and their impact on firm value in the basic industry and chemicals sector Edwin Christian; Said Kelana Asnawi
Jurnal Ekonomi Perusahaan Vol. 32 No. 1 (2025): March - August 2025
Publisher : Business and Entrepreneurship Department, Kwik Kian Gie School of Business and Information Technology, Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46806/jep.v32i1.1814

Abstract

The aim of this research is to find out how profitability, investment decisions and funding decisions influence company value in Basic Industry & Chemicals sector companies listed on the Indonesia Stock Exchange from 2019 to 2021. In reality, high company value does not necessarily indicate good company performance. tall. In practice, not all companies want share prices that are too high, because they are afraid that investors will not be interested in buying them. The method used in this research is a quantitative method. The data used are manufacturing companies in the Basic Industry & Chemicals sector registered on the IDX during the 2019 - 2021 period. Based on the research results, it can be concluded that profitability and funding decisions have a positive and significant effect on company value. And Investment Decisions have a positive and insignificant effect on company value.
ANALISIS PERBANDINGAN KINERJA KEUANGAN BANK KONVENSIONAL, BANK PEMBANGUNAN DAERAH DAN BANK SYARIAH DI INDONESIA TAHUN 2019-2023 Leyli Farhana; Said Kelana Asnawi; Ake Wihadanto
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 6 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/2sevs626

Abstract

Tujuan penelitian ini adalah untuk mengetahui apakah terdapat perbedaan kinerja dalam hal Aset Produktif, Profitabilitas, Likuiditas, dan Kepatuhan antara Bank Konvensional, BPD, dan Bank Syariah. Penelitian ini merupakan penelitian kuantitatif, menggunakan data sekunder dari Laporan Keuangan Tahunan tahun 2019-2023 dari Bank-Bank yang terdaftar di Bursa Efek Indonesia (IDX). Populasi dalam penelitian ini adalah seluruh Bank Konvensional, BPD, dan Bank Syariah yang terdaftar di IDX untuk periode 2019-2023, yaitu sebanyak 42 Bank Konvensional, 3 Bank Pembangunan Daerah, dan 3 Bank Syariah. Pengambilan sampel dilakukan pada kelompok Bank Konvensional menggunakan teknik purposive sampling, sehingga diperoleh 6 sampel Bank Konvensional. Dalam penelitian ini, terdapat empat variabel penelitian yang masing-masing variabelnya memiliki proksi, yaitu (1) Aset Produktif dengan proksi NPA, NPL, CKPNAP, dan DAR; (2) Profitabilitas dengan proksi ROA, ROE, NPM, NIM dan BOPO; (3) Likuiditas dengan proksi LDR; dan (4) Kepatuhan dengan proksi PPG, PPL, GWMR dan GWMV. Analisis data dilakukan menggunakan uji perbedaan antar kelompok sampel independen.
Co-Authors Agus Susanto Ake Wihadanto Almino Situmorang Caroline Samsuki Chandra Wijaya Dergibson Siagian Dewi Lestyowati Edwin Christian Erie Irianti Etty Puji Lestari Evi Aisah Tresnaningsih Faisal, Rahmad Faizul Mubarok Ginta Ginting, Ginta Hendrian Hendrian , Hendrian Hendrian Hendrian Hendrian Hendrian Hendrian Hendrian Indra Halim Irwan Darmawan Jatnika, Sandy Nata Kurniawan, Hans Christian Leyli Farhana Liem, Theodorus Majiah, Valdi Sayoga Malik, Wahid Abdul Maria Marcellinda Stevie Muktiyanto, Ali Najamuddin Najamuddin, Najamuddin Pangestu, Windy Pratama, Samuel Priambodo, M Fakhry Purnama, Egis Tubagus Purnama, Egis Tubagus Purnomo, Kelik Heri Ramdany, Ramdany Renta Uli Nababan Rodjana, Samuel Yosua Rohima Rohima Rohima Rohima Salam Fadillah Alzah Salim, Giovanni Sandro Torang Hamonangan Sirait Sintia Julanda Soni Angga Subhiningsih, Retno Ambarwati Sufyati HS Syane - Timothy Wiranata Tri Wahyuningsih Tuti Fitriani Widjaja, Caroline Zasa Pinkan Kinanti Zilwan, M.