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Evaluating the Effectiveness of Financial Distress Prediction Models in the Property and Real Estate Sector Chandra Setiawan; Febriana Valentina Gultom
International Journal of Accounting and Finance in Asia Pasific (IJAFAP) Vol 8, No 3 (2025): October 2025
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijafap.v8i3.4132

Abstract

Financial distress poses a serious threat to Indonesia’s property and real estate sector, requiring reliable prediction models to prevent bankruptcy and maintain economic stability. This study compares the predictive accuracy of four classical financial distress models (Altman Z-Score, Zmijewski X-Score, Springate S-Score, and Grover G-Score) using data from 30 IDX-listed firms (150 observations) from 2020 to 2024. A quantitative approach was applied through descriptive statistics, Kolmogorov-Smirnov normality tests, Kruskal-Wallis, and Mann-Whitney U tests, with cash flow patterns as the benchmark of financial distress. The results show significant differences among the models (p0.001), confirming H1, with the Zmijewski X-Score achieving the highest accuracy (79%), followed by Altman (76%), Grover (72%), and Springate (29%). The Zmijewski model’s logistic regression approach and emphasis on leverage make it the most effective predictor for firms in volatile market conditions, supporting H2. These findings highlight that model performance depends on economic context, emphasizing the need for continuous validation in emerging markets. The Zmijewski X-Score offers practical value for investors, managers, and policymakers in strengthening financial resilience and early distress detection.
Determinants of Behavioral Intention and Use Behavior in Islamic Mobile Banking Adoption Chandra Setiawan; Eko Ganiarto; Pandu Adi Cakranegara
International Journal of Accounting and Finance in Asia Pasific (IJAFAP) Vol 9, No 2 (2026): June 2026
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijafap.v9i2.4492

Abstract

The rapid growth of digital banking has encouraged Islamic banks to improve mobile banking services, yet the factors driving users’ intention and actual use remain inconsistent across technology adoption studies. This study aims to analyze the determinants of behavioral intention and use behavior in adopting Bank BCA Syariah mobile banking by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) with trust and application quality. A quantitative cross-sectional design was applied using survey data from 139 active BCA Syariah mobile banking users. The data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) through SmartPLS. The results show that performance expectancy, effort expectancy, social influence, and trust do not significantly affect behavioral intention, with p-values above 0.05. Application quality has a positive and significant effect on behavioral intention (b = 0.406, p = 0.009), while facilitating conditions (b = 0.429, p 0.001) and behavioral intention (b = 0.410, p 0.001) significantly influence use behavior. Behavioral intention also partially mediates the relationship between application quality and use behavior. These findings imply that Islamic mobile banking adoption is driven mainly by application quality and facilitating conditions rather than traditional perception-based adoption factors.
Empirical study: the urgency of extraterritorial principles in business competition law in Indonesia Chandra Setiawan; Fennieka Kristianto; Perina Amelia; Dania Sabrina; Andryan Maju Kevin Martin Purba; Kezia Sharon Christabella; Nadya Nadya; Reygita Yusiani
Jurnal Indovisi Vol. 7 No. 3 (2025): Jurnal Indovisi
Publisher : Indonesian Indovisi Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32698/19072408

Abstract

Today's fast-paced economy makes business transactions seamless and seamless. Transactions are no longer only local, but also spread across countries. The economic system in this modern era 'obliges' a country to be able to properly apply business competition law. One of the functions of business competition law is as a means of controlling the abuse of economic power by business actors by preventing monopolistic practices and unfair business competition. Meanwhile, in Law no. 5/1999, the ICC has no extraterritorial powers. The research method used in this research is normative juridical by making Law No. 5 Year 1999 as the object of study.
Pengawasan persaingan usaha dalam ekosistem ekonomi digital: tantangan dan implikasi regulasi Chandra Setiawan; Fennieka Kristianto; Andryan Maju Kevin Martin Purba; Dania Sabrina; Kezia Sharon Christabella; Nadya Nadya; Perina Amelia; Reygita Yusiani
Jurnal Indovisi Vol. 6 No. 3 (2024): Jurnal Indovisi
Publisher : Indonesian Indovisi Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32698/19073508

Abstract

Perkembangan ekonomi digital telah mengubah secara mendasar struktur pasar dan dinamika persaingan usaha, sehingga menimbulkan tantangan baru bagi efektivitas pengawasan persaingan usaha. Penelitian ini bertujuan menganalisis dampak ekosistem ekonomi digital terhadap persaingan usaha di Indonesia serta mengkaji optimalisasi peran Komisi Pengawas Persaingan Usaha (KPPU) dalam menghadapi potensi praktik persaingan usaha tidak sehat di era digital. Penelitian ini menggunakan desain yuridis-normatif dengan pendekatan deskriptif-analitis, berbasis data sekunder berupa peraturan perundang-undangan, literatur ilmiah, dan dokumen kebijakan terkait ekonomi digital dan hukum persaingan usaha. Hasil penelitian menunjukkan bahwa ekonomi digital mendorong peralihan struktur pasar menuju sistem berbasis platform dan data, yang memperkuat konsentrasi pasar serta meningkatkan kompleksitas penilaian market power. Karakteristik tersebut menimbulkan risiko praktik persaingan usaha tidak sehat yang sulit dideteksi melalui mekanisme pengawasan konvensional. Penelitian ini menegaskan pentingnya pembaruan kerangka regulasi dan penguatan kapasitas kelembagaan KPPU agar pengawasan persaingan usaha tetap efektif dalam menghadapi dinamika ekonomi digital.