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All Journal JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Journal of Consumer Science Aptisi Transactions on Technopreneurship (ATT)
Trias Andati
IPB University
Humanities Computer Science & IT Economics, Econometrics & Finance Education Social Sciences

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ANALISIS INTEGRASI BURSA SAHAM ASEAN 5 Ardina Puspitasari; Hermanto Siregar; Trias Andati
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol 4 No 2 (2015): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1145.767 KB) | DOI: 10.29244/jekp.4.2.2015.187-206

Abstract

This study aimed to analyze the integration of the stock markets of ASEAN 5 (Indonesia, Malaysia, Singapore, Thailand, and the Philippines) associated with the event of dropped world oil prices in 2014. This study using Vector Error Correction Model (VECM) to analyze market integration 5 stocks with variable stock market. In this study uses a dummy variable of oil price with the value of 0 for the period 2009 to 2013 where world oil prices are still stable and the value of 1 for the period 2014 to 2015 where a decline in world oil prices. Results from this study shows that there is a relationship between the stock market cointegration ASEAN 5 during the study period that’s mean that there is integration among ASEAN 5 stock markets. Indonesia's stock market is influenced by Thailand and Singapore in the long term. Dummy variables significantly influence the JCI during the short term.
The Factors of Initial Return Related to IPO Companies on The Indonesia Stock Exchange Glynae Widyawati; Bambang Juanda; Trias Andati
Journal of Consumer Sciences Vol. 4 No. 2 (2019): Journal of Consumer Sciences
Publisher : Department of Family and Consumer Sciences, Faculty of Social and Human Ecology, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jcs.4.2.119-135

Abstract

Companies that conduct IPOs will increase company’s value with an optimal capital structure. Initial return is a profit that investors can obtain from the initial share price is lower than the opening price of the secondary shares on the first day. Underpricing conditions occurs because the initial stock price is lower than the secondary stock price on the first day. This study aimed to analyze factors that impact initial returns on companies that conduct IPOs on the Indonesia Stock Exchange, analyze the effects of financial factors (ROE, DER, and BI Rate) and non-financial factors (professional auditors and underwriters) on initial returns to companies conducting IPOs in IDX, and how the behavior of investors towards those analysis. The linear regression data processing using SPSS 16 produced result that only the BI Rate variable which affected the initial return on the seven days, 30 days, and one year after the IPO observation period. The statistical results show the best r-square value is 17.6 percent, which means that the independent variables can be used to explain the effect to the initial return on 17.6 percent.
Sustainable Business Innovation in Indonesian Firms ESG Disclosure Profitability and Greenwashing Ossi Ferli; Noer Azam Achsani; Trias Andati; Zenal Asikin
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 Ardina Puspitasari Astoeti Wahjoe Widiarti Bambang Juanda Erliza Noor Ferli, Ossi Glynae Widyawati Hermanto Siregar Zenal Asikin