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All Journal Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) JEJAK Journal of Economics, Business, & Accountancy Ventura Jurnal Manajemen Teori dan Terapan BAKI (Berkala Akuntansi dan Keuangan Indonesia) EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Penelitian Pendidikan IPA (JPPIPA) Jurnal Ekonomi dan Bisnis Jurnal BPPK : Badan Pendidikan dan Pelatihan Keuangan Abdimas Umtas : Jurnal Pengabdian kepada Masyarakat Jurnal Pasar Modal dan Bisnis Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Quantitative Economics and Management Studies Jurnal Manajemen dan Usahawan Indonesia Indonesian Capital Market Review The South East Asian Journal of Management International Journal of Accounting & Finance in Asia Pasific Journal of International Conference Proceedings Eduvest - Journal of Universal Studies Jurnal Sistem Informasi Greenation International Journal of Economics and Accounting
Dony Abdul Chalid
Faculty Of Economics And Business, University Of Indonesia
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Materials Science & Nanotechnology Mathematics Neuroscience Physics Social Sciences Other

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The Effect of Boycott on Long-Term Stock Performance Gilang Rahmat Hastanto; Dony Abdul Chalid
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 13 No 4 (2025): Oktober
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v13i4.8402

Abstract

Previous studies regarding the impact of boycott have only been studied for a short-term period. This study uses the calendar-time portfolio method to see how the impact of the boycott on the long-term stock performance of companies whose products are the targets of the boycott. We collected stock prices data from affected company for one year after MUI released Fatwa number 83 of 2023 concerning the Law on Support for the Palestinian Struggle. The data processed with calendar-time portfolio method to find abnormal return. The result shows that the boycott on products that suspected of being affiliated with Israel resulted in a negative daily abnormal return of -0.26% and was statistically significant. Based on literature review, there is no previous study that addressed boycott as a long-term event that affecting stock prices. The originality of this study is to consider long-term effect of boycott on stock prices.
How The Information Of Digital Bank Performance Affects The Firm Value Of Their Affiliated Parent Companies In Asia Ester Griselia; Dony Abdul Chalid
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 1 (2026): Januari
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i1.9040

Abstract

This study aims to examine whether the information of digital banks performance adds value or negatively impacts the value of their parent companies in Asia, and to determine whether this impact differs depending on the sector of the parent company. The population of this study consists of digital banks and their parent companies in Asia during the 2021–2023 period. Using purposive sampling, a sample of 19 digital banks and their parent companies was selected. The findings reveal that the information of digital banks performance negatively impacts the value of their parent companies. An increase in ROE in digital banks reduces Tobin’s Q and stock returns of the parent companies due to high perceived risks and the substantial investment required to support the growth of digital banks. High NPL and LDR negatively affect the firm value of the parent companies, reflecting investor concerns regarding risk management and the efficiency of digital banks. In addition, parent companies in the financial sector tend to experience a more positive impact on stock returns compared to those in the non-financial sector. Therefore, based on the research findings, parent companies should adopt a more cautious and strategic approach when investing in digital banks. While digital banks offer growth potential, their high initial operational costs, credit risk (NPL), and pressure on financial ratios such as LDR can negatively affect the value of their parent companies.
The Influence Of ESG Index Values On Company Performance In Asean Countries Siregar, Fauzan Mahmud; Chalid, Dony Abdul
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 2 (2026): April
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i2.9163

Abstract

This study examines the relationship between Environmental, Social, and Governance (ESG) performance and corporate performance in 198 ASEAN companies, using financial metrics like Tobin's Q, Earnings Per Share (EPS), and the Altman Z-Score. While global research suggests ESG positively impacts corporate performance, the findings for ASEAN companies are mixed. The analysis concludes that ESG performance does not significantly influence overall company performance in the region. However, it finds that the environmental component of ESG reduces company risk. The reasons behind this anomaly are unclear, suggesting a need for further research to understand the dynamics between ESG practices and corporate performance in ASEAN. This research contributes to the growing knowledge on ESG and emphasizes the importance of region-specific studies to assess the broader relevance of global ESG trends.
An Indonesian Adaptation of the Bot Usability Scale Full Version (BUS-42) Harry Budi Santoso; Budiarti; Martin Schrepp; Mira Suryani; Rizal Fathoni Aji; Baginda Anggun Nan Cenka; Erza Janitradevi Nadine; Dony Abdul Chalid
Jurnal Sistem Informasi Vol. 22 No. 1 (2026): Vol. 22 No. 1 (2026): Jurnal Sistem Informasi (Journal of Information System)
Publisher : Faculty of Computer Science Universitas Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The Bot Usability Scale (BUS-42) is a tool specifically designed to evaluate chatbot usability, yet it has not been extensively applied in Indonesian contexts. This study aimed to adapt the BUS for Indonesian users, following Beaton’s cross-cultural adaptation framework to ensure cultural and linguistic relevance. The Indonesian adaptation was tested with 103 participants from the Faculty of Computer Science at one of large public universities in Indonesia, resulting in a high Cronbach’s Alpha of 0.922, confirming strong internal consistency. The adapted BUS-42 covers various usability attributes, including ease of use, accessibility, and response speed, making it suitable for assessing chatbot usability in academic settings. Findings suggest that the Indonesian-adapted BUS-42 is a reliable and comprehensive tool, applicable to different domains beyond education, such as e-commerce and government services. Future research should focus on extending BUS-42 testing to diverse chatbot applications and performing validity and sensitivity analyses to optimize its utility across various Indonesian user contexts.
Full-Fledged VS Islamic Bank Windows: Which One Do Muslim Consumers Know Better and Prefer More? Ratnasari, Nissa Ghulma; Hati, Sri Rahayu Hijrah; Chalid, Dony Abdul
IQTISHADIA Vol 14, No 2 (2021): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v14i2.9967

Abstract

The study aims to compare the knowledge of and preference for the Islamic banking window and the full-fledged Islamic bank among Muslim customers. Data were collected from 1171 banking clients. Data were analyzed using descriptive analysis. The results show most Muslim customers do not know the difference between the full-fledged Islamic bank and the Islamic banking window. Yet, most Muslim customers favor the full-fledged Islamic bank to the Islamic windows since it is perceived to be more sharia compliant. Thus, the study theoretically contributes to Muslim banking behavior literature by providing empirical evidence on customer knowledge and preference in choosing an Islamic bank. Besides, the study provides knowledge to both the Islamic bank windows and full-fledged Islamic bank on the Muslim customers' understanding of both channels' availability.
The impact of mergers and acquisitions on ESG performance in Asia Pasific Brian Rizki Risanto; Dony Abdul Chalid
Jurnal Ekonomi dan Bisnis Vol. 29 No. 1 (2026)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24914/jeb.v29i1.17060

Abstract

Studi ini mengkaji dampak merger dan akuisisi (M&A) terhadap kinerja Lingkungan, Sosial, dan Tata Kelola (ESG) perusahaan non-keuangan di Asia Pasifik dari tahun 2014 hingga 2023. Dengan menggunakan sampel 87 transaksi M&A dari basis data Refinitiv, penelitian ini menyelidiki bagaimana rasio ESG target-to-acquirer dan strategi konglomerasi memengaruhi kinerja ESG pasca-M&A. Menggunakan regresi OLS dengan galat baku robust, hasilnya menunjukkan bahwa rasio ESG target-to-acquirer berpengaruh positif dan signifikan terhadap perubahan kinerja ESG perusahaan pengakuisisi. Ukuran perusahaan juga menunjukkan pengaruh positif yang signifikan. Strategi konglomerasi dan variabel kontrol lainnya tidak menunjukkan pengaruh yang signifikan. Temuan ini menunjukkan bahwa mengakuisisi perusahaan dengan nilai ESG yang relatif lebih tinggi merupakan strategi yang efektif untuk meningkatkan keberlanjutan perusahaan di Asia Pasifik. Temuan ini juga menunjukkan bahwa perusahaan yang lebih besar memiliki kemampuan yang lebih baik untuk menerapkan dan meningkatkan praktik ESG pasca-M&A. Studi ini berkontribusi untuk memahami efektivitas M&A sebagai mekanisme untuk meningkatkan keberlanjutan di berbagai konteks kelembagaan.
Analysis of the Implementation of Discounted Cash Flow and Multiple Methods in Determining the Fair Value of Company Shares Related to the Initial Public Offering (IPO) Plan Case Study: PT XYZ Fadli Rahman; Dony Abdul Chalid
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51316

Abstract

This study explores the implementation of stock valuation approaches, specifically the Discounted Cash Flow (DCF) and Multiples Valuation methods (P/E, EV/EBITDA), to determine the intrinsic value of PT XYZ shares in the context of its planned Initial Public Offering (IPO). Although stock valuation is a crucial element in the IPO process, most previous literature focuses on public companies and specific industry sectors, with limited discussion on state-owned construction enterprises (BUMN Karya) within the construction sector. This study contributes theoretically to the stock valuation literature in the construction services sector through a qualitative approach using an exploratory case study on PT XYZ. The DCF analysis is conducted by projecting cash flows using the Free Cash Flow to the Firm (FCFF) approach, discounted by the Weighted Average Cost of Capital (WACC), and estimating the share value based on market multiples (P/E and EV/EBITDA). The study also conducts scenario analyses (pessimistic, moderate, optimistic) and sensitivity analyses on key variables such as revenue and cost of goods sold (COGS) to assess the robustness of the valuation under varying assumptions. The results show that the intrinsic value of the shares based on the DCF method ranges from Rp6,627 to Rp28,239 per share, while the multiples valuation yields a range between Rp15,786 and Rp16,868, closely aligning with the moderate DCF scenario result of Rp15,880. These findings highlight the importance of valuation approaches in generating more ideal and realistic share price estimates prior to an IPO.
Analysis of The Role of Internal Audit in The Implementation of Corporate Governance at Pt Bank Mandiri Dony Abdul Chalid; Achmad Rifqi
Eduvest - Journal of Universal Studies Vol. 5 No. 7 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i7.51514

Abstract

The need for complex control systems is increasing due to the complexity, size, and operations of companies. To support economic recovery and stable growth in the future, corporate leadership issues have become one of the most important topics of discussion in Indonesia. It is hoped that the principles of corporate governance can improve the quality of financial statements, which will ultimately foster the trust of financial statement users, including investors. With this development of corporate governance, the Board of Directors is forced to improve corporate governance in its own company. As a result, the Council needs help to fulfill its duties. Internal audit is one of the tools that supports this, and its function evolves according to the needs of the company's stakeholders. Business developments result in increased risk, which causes the need to increase. This research will measure the effectiveness of internal audit on corporate governance, and identify the roadmap and Internal Audit Strategic Plan in the form of suggestions and recommendations to improve corporate governance. Data and information collection was obtained through questionnaires, as well as conducting direct interviews with the internal audit department and validating related documents.
Implementation of Value Chain Management in Strengthening Distribution Channels: A Business Coaching Study at the Lavida Depot Jakarta Arfianie Ayu; Dony Abdul Chalid
Eduvest - Journal of Universal Studies Vol. 6 No. 1 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i1.52656

Abstract

The bottled drinking water (air minum dalam kemasan, AMDK) industry in Indonesia faces increasingly intense competition due to the rapid growth in the number of producers and registered brands. This situation prompts PT Harazaki Surya Abadi, the producer of Lavida bottled water, to strengthen its competitiveness by improving its distribution channels. This study aims to analyze and implement value chain management in strengthening distribution channels: a business coaching study at the Lavida Depot Jakarta in the development of the Lavida Jakarta Depot as a strategy to expand distribution coverage and enhance sales performance. The research adopts a business coaching approach, with data collected through interviews, direct observation, and document analysis. The analytical framework includes the Business Model Canvas, Porter’s Five Forces, SWOT analysis, and VRIO framework to identify key problems and strategic needs. The findings indicate that limited distribution reach is the main barrier to Lavida’s market growth. The implementation of value chain management is realized through the design of business processes, development of standard operating procedures, marketing and sales planning, and strengthening of procurement and logistics systems. The results demonstrate that a value chain–based approach improves the operational readiness of the depot in supporting effective and efficient distribution channel strengthening.
Abnormal Return and the Charactersitics of Merger and Acquisition in Indonesia Luh Putu Gina Gisella; Dony Abdul Chalid
Journal of Economics, Business, and Accountancy Ventura Vol. 20 No. 1 (2017): April - July 2017
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v20i1.538

Abstract

Indonesia also have  experienced the practice of Merger and Acquisition (M & A) transaction, like other parts of the world. This study  aims to see if there are abnormal returns for the acquirer companies in M&A transactions that occurred in Indonesia, and also to test if there are some characteristics related to M&A that affects the abnormal returns. This study uses 143 M & A transaction data public company in Indonesia in 2005 until 2014. Event-study analysis was also conducted to find acquirer abnormal stock return around the announcement of M & A. In addition,  OLS regression was also conducted to find whether the cash payment method in the M & A negatively affects the abnormal return. The  condition of companies (Net Profit Margin, Sales Growth, firm value) also affect the abnormal return. This shows that the method of payment and acquire companies’ conditions have effects on the perception of investors towards M & A transactions that occured.
Co-Authors Achmad Rifqi Aiyubi, Rangga Yusuf Anindya Apta Apsari Anisti, Novia Putri Aprisal W. Malale Arfianie Ayu Baginda Anggun Nan Cenka Bagus Nugroho Brian Rizki Risanto Brigitta Lydia Suwanto Budiarti Chaerani Nisa, Chaerani Erza Janitradevi Nadine Ester Griselia Fadli Rahman Gilang Rahmat Hastanto Harry Budi Santoso Hati, Sri Rahayu Hijrah Humarseno, Ony I Made Pradityarjuna Mahatmyam Mahayana Isnandari, Melati Laksmindra Luh Putu Gina Gisella Mahayana, I Made Pradityarjuna Mahatmyam Martin Schrepp Melati Laksmindra Isnandari Mery Mery Mery, Mery Mira Suryani Muhammad Brilliant Bidjaksono Muhammad Faisal Sihite Nadia Putri Maharani Nurfaiz, Rifki Ony Humarseno Parsaulian, Renata Radifan Wisnu Pradana Ratnasari, Nissa Ghulma Rizal Fathoni Aji Santi, Bestari Nirmala Siregar, Fauzan Mahmud Sodri, Ahyahudin Thomas Kukuh Yudiantoko Vincentius Ryan Cokrodiharjo Viverita Viverita