Articles
<![CDATA[Cash holding, economic uncertainty and investment: Evidence from ASEAN countries ]]>
<![CDATA[Juliana, Rita]]>;
<![CDATA[Budiono, Sidik]]>
<![CDATA[ Jurnal Ekonomi dan Bisnis Vol. 27 No. 1 (2024) ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana ]]>
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DOI: 10.24914/jeb.v27i1.9887
<![CDATA[Penelitian ini bertujuan untuk mengobservasi efek ketidakpastian ekonomi terhadap keputusan kepemilikan kas perusahaan. Ketidakpastian ekonomi menyebabkan peningkatan masalah informasi asimetri yang berakibat pada mahalnya biaya modal eksternal perusahaan, sehingga perusahaan lebih memilih untuk mengumpulkan kas untuk melindungi kemampuan investasi di masa depan. Penelitian ini menggunakan sampel perusahaan publik pada enam negara ASEAN yaitu: Malaysia, Filipina, Thailand, Singapura, Indonesia, dan Vietnam. Metode yang digunakan adalah model data panel fixed effect dengan standar eror Driscoll-Kraay. Hasil penelitian ini menunjukkan bahwa ketidakpastian ekonomi dapat menyebabkan perusahaan untuk meningkatkan kepemilkan kas mereka. Selanjutnya, kepemilikan kas dapat mengurangi pengaruh negatif ketidakpastian ekonomi terhadap keputusan investasi perusahaan. Penelitian ini berkontribusi pada literatur dengan menunjukkan hubungan ketidakpastian ekonomi, kepemilikan kas dan investasi perusahaan pada konteks negara ASEAN.]]>
<![CDATA[Ketidakpastian dan Investasi Perusahaan di Indonesia ]]>
<![CDATA[Juselin, Vennicia]]>;
<![CDATA[Juliana, Rita]]>
<![CDATA[ EQUITY Vol 24 No 1 (2021): EQUITY ]]>
Publisher : <![CDATA[Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.34209/equ.v24i1.2523
<![CDATA[Ketidakpastian menjadi kekhawatiran di seluruh dunia dan telah mengalami peningkatan sejak krisis keuangan global di tahun 2008. Penelitian ini bertujuan untuk meneliti pengaruh antara ketidakpastian terhadap investasi perusahaan di Indonesia. Di dalam penelitian ini menggunakan unbalanced panel data dari 480 perusahaan terbuka yang terdaftar di Bursa Efek Indonesia periode 2007Q1-2019Q4. Metodologi penelitian yang digunakan adalah model Fixed Effect. Hasil empiris menunjukan bahwa perusahaan di Indonesia ketika dihadapkan ketidakpastian cenderung meningkatkan investasi, perusahaan dengan irreversibility investment yang tinggi (PPE) lebih terdorong untuk meningkatkan investasi sedangkan perusahaan dengan kepemilikan pemerintah (SOE) mengurangi investasi ketika menghadapi ketidakpastian.]]>
<![CDATA[Pengaruh Tingkat Edukasi dan Spesialisasi Pendidikan CEO terhadap Performa Perusahaan di Indonesia ]]>
<![CDATA[Kevin Wiyarta Erlim]]>;
<![CDATA[Rita Juliana]]>
<![CDATA[ Jurnal Manajemen Maranatha Vol 16 No 2 (2017) ]]>
Publisher : <![CDATA[Universitas Kristen Maranatha ]]>
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DOI: 10.28932/jmm.v16i2.388
<![CDATA[Using sample of non financial Indonesia public licted firms over the period from 2005-2014, we analyze the impact of CEO education level education specialization on firm performance. Globalization has a lot of impact on professionals’ careers and thus it will affect the qualification that a CEO needed. We believe that education level and CEO education specialization will affect the managerial decision making process and their strategy. This study is using panel data with fixed effect model methodology. We also did classic assumption test such as autocorrelation test, heteroscedasticity test and cross-sectional dependence test. Our analysis results that CEO education level does have impact on firm performance, and should be considered as an important aspect of a CEO.  Keywords: CEO Education Level; CEO Education Specialization; Fixed Effect Model; Firm Performance; TobinsQ]]>
<![CDATA[Stock Liquidity, Corporate Governance, and Leverage in Indonesia ]]>
<![CDATA[Juliana, Rita]]>;
<![CDATA[Thayogo, Thayogo]]>
<![CDATA[ RISET: Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis Vol. 1 No. 1 (2019): RISET : Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis ]]>
Publisher : <![CDATA[Kesatuan Press ]]>
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DOI: 10.35212/277622
<![CDATA[This paper studies the relationship between stock liquidity, corporate governance, and leverage in Indonesia. A sample of 165 Indonesian listed firms in the year 2006-2016 is used. The study results confirm that an increase in stock liquidity and corporate governance decreases the use of leverage. This show that corporate governance and stock liquidity able to decrease the agency cost and the usage of debt. The interaction between stock liquidity and corporate governance shows that corporate governance significantly affects leverage only when the firm is liquid. However, there are different results among different proxies of corporate governance quality.]]>
<![CDATA[Even Number Boards In Indonesian Companies ]]>
<![CDATA[David, Martha]]>;
<![CDATA[Juliana, Rita]]>
<![CDATA[ RISET: Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis Vol. 2 No. 1 (2020): RISET : Jurnal Aplikasi EKonomi Akuntansi dan Bisnis ]]>
Publisher : <![CDATA[Kesatuan Press ]]>
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DOI: 10.35212/riset.v2i1.46
<![CDATA[The recent globalization has forced firms throughout the world to enhance the performance. The aim of this research is to prove that corporate boards with even number of directors have inadequate corporate governance activities, to prove that corporate boards with even number of directors have inadequate agency problems and to prove that corporate boards with even number of directors decreases firm value, measured by meetings, expenses and market value of equity. The data is collected from the annual financial reports of 197 companies in 2013-2017 period, with a total of 985 company-year observations. The analysis is conducted using panel data regression method after going through diagnostic test. The results of this analysis show that even number of directors does impact corporate governance activities, causes inadequate agency problems and affects firm value. Firms with even number of boards is found having less meeting, greater expenses and lower market value of equity.]]>
<![CDATA[Ketidakpastian dan Investasi Perusahaan di Indonesia ]]>
<![CDATA[Juselin, Vennicia]]>;
<![CDATA[Juliana, Rita]]>
<![CDATA[ EQUITY Vol 24 No 1 (2021): EQUITY ]]>
Publisher : <![CDATA[Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.34209/equ.v24i1.2523
<![CDATA[Ketidakpastian menjadi kekhawatiran di seluruh dunia dan telah mengalami peningkatan sejak krisis keuangan global di tahun 2008. Penelitian ini bertujuan untuk meneliti pengaruh antara ketidakpastian terhadap investasi perusahaan di Indonesia. Di dalam penelitian ini menggunakan unbalanced panel data dari 480 perusahaan terbuka yang terdaftar di Bursa Efek Indonesia periode 2007Q1-2019Q4. Metodologi penelitian yang digunakan adalah model Fixed Effect. Hasil empiris menunjukan bahwa perusahaan di Indonesia ketika dihadapkan ketidakpastian cenderung meningkatkan investasi, perusahaan dengan irreversibility investment yang tinggi (PPE) lebih terdorong untuk meningkatkan investasi sedangkan perusahaan dengan kepemilikan pemerintah (SOE) mengurangi investasi ketika menghadapi ketidakpastian.]]>
<![CDATA[Excess cash holding, likuiditas, dan nilai perusahaan: Studi pada perusahaan non-finansial Indonesia ]]>
<![CDATA[Santoso, Felicia]]>;
<![CDATA[Juliana, Rita]]>
<![CDATA[ Jurnal Manajemen Maranatha Vol 20 No 2 (2021): Jurnal Manajemen Maranatha ]]>
Publisher : <![CDATA[Universitas Kristen Maranatha ]]>
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DOI: 10.28932/jmm.v20i2.3477
<![CDATA[This study aims to investigate the effect of excess cash on liquidity and firm value. The sample that is used is 211 non-financial firms listed in Indonesia Stock Exchange (IDX) with period from 2007 to 2017, resulting a total of 2321 firm-year observations. The regression model used are fixed effect and random effect model. The results show that excess cash increase trading continuity and decrease liquidity risk. This result can be caused by uninformed trader trading participation. Additionally, excess cash has a positive effect on firm value directly because with excess cash firm can invest. The study also finds that the effect of excess cash on illiquid firm value is negative, this result happened because excess cash can increase firm’s information asymmetry problem. Finally, we also find that excess cash has higher effect on small size firms with financial constraint problems and higher growth opportunities.]]>
<![CDATA[Firm Life Cycle and Investment Inefficiency: Empirical Study in Indonesian Stock Exchange ]]>
<![CDATA[Guntoro, Amelia Graciosa]]>;
<![CDATA[Gracia]]>;
<![CDATA[Juliana, Rita]]>
<![CDATA[ JASF: Journal of Accounting and Strategic Finance Vol. 3 No. 2 (2020): JASF (Journal of Accounting and Strategic Finance) - November 2020 ]]>
Publisher : <![CDATA[Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur ]]>
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DOI: 10.33005/jasf.v3i2.86
<![CDATA[This paper investigates whether the firm's life cycle stages carry out free cash flow efficiently or not before their investment performance. We utilize cash flow patterns to classify firms into five several life cycles stages. Our data consists of non-financial firms listed in Indonesia Stock Exchange from 2008-2018. We find evidence that Indonesian firms in the introduction, growth, and shakeout stage are underinvesting. This paper also shows that firms in decline stage are overinvested. The characteristic of the mature firm includes that firms with high cash flow will tend to overinvest. However, contrasting with mature firms' common characteristics, our results show that Indonesian firms in maturity stage tend to underinvest. The results also imply that the government should acknowledge the existence of Indonesian firms' investment inefficiency problem. Overall, this paper contributes to the literature by providing empirical evidence on Indonesia's investment inefficiency phenomena. It is suggested that further research may select a different method in calculating growth opportunities and may also study private firms since it tends to have higher financial constraints.]]>
<![CDATA[Dancing with Uncertainty: Unraveling Firm Investment Inefficiencies in the Asia Pacific Region ]]>
<![CDATA[Juliana, Rita]]>;
<![CDATA[Handoko, Liza]]>;
<![CDATA[Lee, Nicholas]]>
<![CDATA[ Journal of Economics, Business, and Accountancy Ventura Vol. 27 No. 1 (2024): April - July 2024 ]]>
Publisher : <![CDATA[Universitas Hayam Wuruk Perbanas ]]>
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DOI: 10.14414/jebav.v27i1.4096
<![CDATA[This study explores the intricate relationship between uncertainty and corporate investment inefficiencies in the Asia-Pacific region, utilizing data from non-financial firms between 2008 and 2021. The method used in the study is fixed effect regression with Driscoll-Kraay robust standard error. The empirical analysis unveils that uncertainty leads to overinvestment. This phenomenon is more pronounced in middle and low-income economies, while high-income countries display a distinct trend of less susceptibility to uncertainty-induced suboptimal investment choices. The study’s implications extend to policymakers and industry stakeholders, urging a closer examination of firms’ risk management strategies, particularly considering the strategic potential of overinvestment as a buffer against uncertainty’s adverse effects. This holds particular significance in the dynamic economic landscape of the Asia-Pacific countries, where the study contributes to a deeper understanding of the interplay between uncertainty and inefficiency of investment decisions across diverse economic settings.]]>
<![CDATA[CAPITAL STRUCTURE AND EARNINGS VOLATILITY AND CASH FLOW EVIDENCE FROM ASEAN COMMERCIAL BANKS ]]>
<![CDATA[Felixsky, Nicholas]]>;
<![CDATA[Juliana, Rita]]>
<![CDATA[ Journal of Business And Entrepreneurship Vol. 13 No. 2 (2025): JOURNAL OF BUSINESS AND ENTREPRENEURSHIP (November 2025 Edition) ]]>
Publisher : <![CDATA[Sampoerna University ]]>
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DOI: 10.46273/jobe.v13i2.552
<![CDATA[This research aims to observe the impact of capital structure on earnings volatility and cash flow of commercial banking companies in ASEAN country. This research uses yearly secondary data of company’s financial report from 2015-2024 period. The variables studied in this research are aspects of the capital structure of banking companies, included Debt to Equity Ratio, Debt to Assets Ratio, and Deposits to Equity ratio, and as well as Earnings Volatility, Operating Cash Flow, and Operating Cash Flow Volatility. The data was analyzed using panel data method, specifically using Driscoll Kraay robust standard error with Fixed Effect Model. The results of this research showed that Debt to Assets Ratio, Debt to Equity Ratio, and Deposits to Equity Ratio each had a significant impact on Earnings Volatility, Operating Cash Flow, and Operating Cash Flow Volatility. ]]>
