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All Journal Owner : Riset dan Jurnal Akuntansi Jurnal Pengabdian Dharma Laksana Jurnal Manajemen Jurnal Ekobis : Ekonomi Bisnis & Manajemen DEDIKASI PKM Jurnal PADMA: Pengabdian Dharma Masyarakat Indonesian Journal of Society Engagement (IJSE) Journal of Applied Business, Taxation and Economics Reseach International Journal of Humanities Education and Social Sciences IDEAS: Journal of Management & Technology International Journal Management and Economic (IJME) Jurnalku Journal of Artificial Intelligence and Digital Business Jurnal Ilmiah Swara MaNajemen (Swara Mahasiswa Manajemen) Jurnal PERKUSI: Pemasaran, Keuangan dan Sumber Daya Manusia JURNAL RUMPUN MANAJEMEN DAN EKONOMI JUMANDIK Jurnal Manajemen & Pendidikan
Rachmawaty Rachmawaty
Ekonomi Dan Bisnis, Universitas Pamulang
Religion Agriculture, Biological Sciences & Forestry Humanities Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Physics Social Sciences Other

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Oil Price Shocks and Fiscal Resilience: The Role of Sovereign Bonds in Mitigating Budget Deficits Rachmawaty Rachmawaty
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3548

Abstract

This study examines the impact of sovereign bonds on Indonesia’s budget deficit, with global crude oil prices acting as a moderating variable, to understand fiscal resilience during periods of oil price volatility. The novelty of this study lies in the integration of sovereign bond financing and oil price shocks within a moderating framework, providing a more comprehensive explanation of budget deficit dynamics in an oil-importing emerging economy. Using Moderating Regression Analysis (MRA), quarterly data from 2010–2025 were analyzed. The results indicate that sovereign bonds have a positive and significant effect on the budget deficit (? = 1.384; p < 0.001), while crude oil prices alone do not significantly affect the deficit (? = 1.124; p = 0.580). However, the interaction between sovereign bonds and crude oil prices is statistically significant (? = -1.111; p = 0.012), confirming the moderating role of oil prices. The overall model is significant (F = 15.836; p < 0.001) and explains 79.4% of the variation in Indonesia’s budget deficit (R² = 0.794). These findings suggest that sovereign bonds are an important fiscal instrument for managing budget deficits, while fluctuations in crude oil prices significantly influence their effectiveness. The study contributes to the literature by providing empirical evidence on the interaction between sovereign debt instruments and external energy shocks in shaping fiscal resilience and sustainable debt management.
Working Capital, Net Profit Margin, and Exchange Rate Effects on Corporate Value through Leverage: Evidence from Listed Indonesian Construction Companies Rei Adrianto; Mano Marjohan; Rachmawaty Rachmawaty
Journal of Applied Business, Taxation and Economics Research Vol. 6 No. 1 (2026): October 2026
Publisher : PT. EQUATOR SINAR AKADEMIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54408/jabter.v6i1.671

Abstract

This study analyzes the effects of Working Capital, Net Profit Margin (NPM), and Exchange Rate on Leverage (Debt to Asset Ratio) and Corporate Value (Price to Book Value), and the effect of Leverage on Corporate Value among publicly listed construction companies on the Indonesia Stock Exchange (IDX) during 2021–2025. Using a quantitative approach with panel data regression, twelve construction companies were selected through purposive sampling, generating 60 balanced observations. The Fixed Effect Model (FEM) was applied to the Leverage equation and the Random Effect Model (REM) to the Corporate Value equation, determined through Chow, Hausman, and Lagrange Multiplier tests. Results indicate that: (1) Working Capital has no significant effect on Leverage (t = −1.673; p = 0.1014); (2) NPM has a significant negative effect on Leverage (t = −3.587; p = 0.0008); (3) Exchange Rate has a significant negative effect on Leverage (t = −7.483; p = 0.0000); (4) Working Capital has no significant effect on Corporate Value (t = 0.390; p = 0.6981); (5) NPM has a significant negative effect on Corporate Value (t = −2.599; p = 0.0120); (6) Exchange Rate has a significant negative effect on Corporate Value (t = −3.748; p = 0.0004); and (7) Leverage has a significant negative effect on Corporate Value (t = −2.809; p = 0.0069). Adjusted R-squared values of 79.45% and 81.11% for the two models demonstrate strong explanatory power. Findings support Pecking Order Theory in explaining leverage decisions and Trade-off Theory in explaining the negative impact of excessive leverage on firm value. Exchange rate emerges as the most dominant variable, reflecting the construction sector's significant macroeconomic exposure to rupiah depreciation.
Macroeconomic Analysis on Corporate Performance Through Dividend Payout Ratio Among LQ45 Index Issuers Adi Prabowo; Rachmawaty Rachmawaty; Zulfitra Zulfitra
Journal of Applied Business, Taxation and Economics Research Vol. 6 No. 1 (2026): October 2026
Publisher : PT. EQUATOR SINAR AKADEMIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54408/jabter.v6i1.672

Abstract

This study analyzes the influence of macroeconomic variables — Exchange Rate (X1), Inflation (X2), and BI Rate (X3) — on Dividend Payout Ratio (Y) and Return On Asset (Z) as an intervening variable among LQ45 Index issuers listed on the Indonesia Stock Exchange (IDX) for the period 2016–2025. A quantitative approach was applied using balanced panel data from 9 energy and mining sector companies (90 observations), analyzed with EViews 12. The Random Effect Model (REM) was selected as the best-fit estimation model through the Chow, Hausman, and Lagrange Multiplier tests. Results from Model 1 indicate that the Exchange Rate has a positive and significant effect on DPR (β = 1.134, p = 0.0038), while Inflation (p = 0.3254) and BI Rate (p = 0.8393) show no significant effect on DPR. In Model 2, Exchange Rate (β = 0.539, p = 0.000) and Inflation (β = 2.585, p = 0.000) positively and significantly affect ROA, while BI Rate has a significant negative effect (β = −1.996, p = 0.003), and DPR positively and significantly affects ROA (β = 0.142, p = 0.000). These findings imply that macroeconomic policies — particularly exchange rate and interest rate stability — should be carefully considered by corporate management when formulating dividend policies and strategies for improving corporate financial performance among export-oriented commodity issuers.
Co-Authors Adi Prabowo Afif Zaerofi Annisa Amalia Bandit Aroman Bulan Oktrima Dewi Nari Ratih Permada Dinda Thalia Eko Cahyadi Erika Dwi Sulaksono Farhan Fauzan Fitri Wahyuni Mahnun Mas&#039;adi Mahnun Mas’adi Mahnun Mas’adi Mano Marjohan Mimi Jamilah Nasahi Hizbatu Watanikar Panji Galih Kusumo Adie Phintoko Akhbar Akriyono Rei Adrianto Retno Japanis Permatasari Reza Kiki Ananda Sahroni Sahroni Sora Baltasar Sri Retnaning Sampuraningsih Sri Retnaning Sampurnaningsih Sri Retnaning Sampurnaningsih Sutiman Sutiman Suyatin Suyatin Umi Rosilawati Waluyo Jati Widhi Wicaksono Yasmin Afiah Yayuk Mulawati Rohmah Zulfitra Zulfitra