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All Journal Trikonomika: Jurnal Ekonomi JMM (Jurnal Masyarakat Mandiri) Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Jurnal Riset Akuntansi Kontemporer Jurnal Riset Bisnis dan Manajemen RESEARCH AND DEVELOPMENT JOURNAL OF EDUCATION (RDJE) INFOKUM INVEST : Jurnal Inovasi Bisnis dan Akuntansi Jurnal Ekonomi International Business and Accounting Research Journal Neo Journal of economy and social humanities Jurnal Multidisiplin Sahombu Journal of Economics and Business (JECOMBI) Journal of Educational Management Research Transforma: Jurnal Manajemen International Journal of Economics, Management and Accounting Sinergi Akademisi dan Masyarakat Jurnal Penelitian Pendidikan Indonesia JAS (Jurnal Akuntansi Syariah) Jurnal Manajemen, Akuntansi dan Rumpun Ilmu Ekonomi (MAR-Ekonomi)
Atang Hermawan
Pasundan University
Arts Humanities Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Social Sciences Other

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Country risk, inflation, profitability, and firm value: Evidence from pharmaceutical firms Anne Tonthawi; Bayu Indra Setia; Atang Hermawan
JAS (Jurnal Akuntansi Syariah) Vol 10 No 1 (2026): JAS (Jurnal Akuntansi Syariah) - June
Publisher : LPPM ISNJ Bengkalis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46367/jas.v10i1.2860

Abstract

This study examines the effect of inflation as a proxy for country risk on the profitability of pharmaceutical companies and its implications for firm value, with profitability positioned as a mediating variable. The research adopts an explanatory quantitative approach using balanced panel data from eight pharmaceutical companies observed over an eleven-year period (2014–2024). Inflation data are obtained from official national statistics, while profitability and firm value are measured using return on equity (ROE) and price-to-book value (PBV), respectively. Panel data regression with a fixed effects model is employed, and the mediating role of profitability is tested using a stepwise approach supported by the Sobel test. The findings reveal that inflation has a positive and significant effect on profitability, and profitability has a positive and significant effect on firm value. Furthermore, the Sobel test confirms that profitability partially mediates the effect of inflation on firm value, indicating both direct and indirect transmission mechanisms. These results suggest that pharmaceutical firms are able to adapt to inflationary pressures through operational efficiency and profitability enhancement, which are subsequently rewarded by the market. The study contributes theoretically by integrating macroeconomic risk and firm-level performance in explaining firm value, and practically by providing insights for managers, investors, and policymakers in formulating strategies to manage inflationary risks in the pharmaceutical sector.
Are Monetary and Fiscal Policies Effective in Controlling Budget Deficits? Rachmawaty Rachmawaty; Jaja Suteja; Atang Hermawan
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 9 No. 4 (2024): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijaka
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v9i4.1059

Abstract

The state budget's countercyclical policy and government revenue imbalance to support government expenses caused Indonesia to experience a budget deficit for years. Understanding the correlation between monetary and fiscal policies helps policy makers formulate effective strategies to control and manage budget deficits. The research’s novelty is the complexity variable, which consists of three variable classifications. The first is monetary policy ( interest rates and money supply), the second is fiscal policy (government revenue and expenses), and the third is macroeconomic variables: economic growth, inflation, and exchange rate. All data is processed using the VAR/VECM in EVIEWS 9. The finding is that fiscal policy consists of controlling revenue and expenses, giving 37.6% contribution; monetary policy consists of the number of broad money and BI Rate give 7.6% contribution; macroeconomic factor consists of exchange rate, inflation and economic growth, giving contribution 41.6% while the effect of budget deficit itself has contribution 13.2%. The result of Granger Causality show that government revenue, economic growth and BI rate has a causality impact to budget deficit. Controlling those three variables will directly impact the budget deficit.
Readiness of Local Governments in the Application of Accrual-Based Accounting Standards Atang Hermawan
MAR-Ekonomi: Jurnal Manajemen, Akuntansi Dan Rumpun Ilmu Ekonomi Vol. 1 No. 02 (2023): Jurnal Manajemen, Akuntansi dan Rumpun Ilmu Ekonomi (MAR-Ekonomi), April 2023
Publisher : SEAN Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58471/mar-ekonomi.v1i02.113

Abstract

Major modifications were made to the financial reporting system in Indonesia after the passage of Law Number 71 of 2010 concerning accrual-based Government Accounting Standards (SAP). It is hoped that these alterations will allow for a more accurate depiction of financial standing, the presentation of accurate data on rights and obligations, and the ability to more accurately gauge performance. The purpose of this research is to ascertain whether or not local governments are prepared to switch to a more rigorous system of accounting based on accruals. Descriptive qualitative research describes this kind of study. The objects were collected from the Pangandaran Regency Regional Government for this study. According to the findings, different trainings have been provided by the Pangandaran district government as part of the district's implementation of accrual-based SAP. This is supported by a government legislation that mandates the use of accrual-based SAP by all subnational administrations, including the government of the Pangandaran Regency. There is a lack of human resources and training in preparation for the use of accrual-based accounting standards, such as the still-manual preparation of LKPD.
The Role of Operational Efficiency and Credit Risk in Banking Profitability: Panel Data Evidence from Indonesian Listed Banks (2010-2024) Yeti Rosita; Jaja Suteja; Atang Hermawan; Sugiyanto Sugiyanto
INVEST : Jurnal Inovasi Bisnis dan Akuntansi Vol. 7 No. 1 (2026): INVEST : Jurnal Inovasi Bisnis dan Akuntansi
Publisher : Lembaga Riset dan Inovasi Al-Matani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/invest.v7i1.2089

Abstract

This study examines the effects of operational efficiency and credit risk on banking profitability in Indonesia, with inflation, capital adequacy, and the pandemic period included as control variables. The study addresses the limited empirical evidence on the comparative importance of internal bank-specific factors in explaining profitability among listed banks in an emerging market context. Using balanced panel data from 13 publicly listed banks in Indonesia over the period 2010–2024, this study applies a Random Effects Model with panel-corrected standard errors (PCSE) to address heteroskedasticity and cross-sectional dependence. Banking profitability is measured by return on assets (ROA), operational efficiency is proxied by the operating expenses to operating income ratio (BOPO), and credit risk is measured by non-performing loans (NPL). The results show that operational efficiency is the most dominant determinant of banking profitability, with BOPO having a strong negative and significant effect on ROA. Credit risk also negatively affects profitability, although its relative effect is smaller than operational efficiency. Inflation has a positive and significant effect, while capital adequacy and the pandemic period do not significantly affect profitability. These findings contribute to the banking profitability literature by demonstrating that internal cost efficiency plays a more decisive role than credit risk and crisis-related conditions in sustaining bank profitability. Practically, the study highlights the importance of cost structure optimization, digital process efficiency, and integrated credit risk management in strengthening bank performance and resilience.
Analysis of Dominant Factors And Financial Performance of BPD: Mediated Model of Non-Performing Credit Atang Hermawan
Neo Journal of economy and social humanities Vol 2 No 1 (2023): Neo Journal of Economy and Social Humanities, March 2023
Publisher : International Publisher (YAPENBI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56403/nejesh.v2i1.86

Abstract

This study aims to find out and obtain the results of an analysis of the dominant factors both internal and external factors in the Financial Performance of Bank BPD with a non-performing loan mediated model. The method used in this research is descriptive and verification method. The sampling technique used saturated or census sampling to obtain a sample of 26 Regional Development Banks (BPD) from 2014 to 2018. The analytical method used is panel data regression with the pooled least squares approach. The results of the study show that the Capital Adequacy Ratio (CAR), Loan Asset Ratio (LAR), Loan to Deposit Ratio (LDR), SBI Interest Rate, Gross Domestic Product (GDP) have an effect on non-performing loans (NPL) , while Bank Size (Size) and Exchange Rate (Exchange Rate) have no effect. Furthermore, non-performing loans have no effect on financial performance as proxied by Return on Assets (ROA).
Profitability Drivers and Firm Value in Indonesian State-Owned Banks: The Moderating Role of Firm Size Herdian Wibawa; Jaja Suteja; Atang Hermawan
Journal of Educational Management Research Vol. 5 No. 4 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i4.2812

Abstract

This study examines the determinants of profitability, the effect of profitability on firm value, and the moderating role of firm size in Indonesian state-owned banks. State-owned banks are strategically important because their financial performance supports intermediation, public confidence, and national economic development. During 2014-2024, these banks faced regulatory change, digitalization, pandemic disruption, credit restructuring, and uneven profitability recovery. This quantitative causal ex-post facto study used secondary data from five state-owned banks listed on the Indonesia Stock Exchange, producing 55 bank-year observations. Panel-data regression and moderated regression analysis were conducted using EViews 13 at a 5% significance level. Liquidity positively affected profitability. Leverage also had a positive effect on profitability. Credit risk significantly reduced profitability and emerged as the most urgent managerial concern. Asset growth positively contributed to profitability. BOPO significantly reduced profitability, confirming the importance of operating efficiency. Profitability significantly increased firm value, while firm size strengthened this relationship as a quasi moderator. These findings emphasize integrated liquidity, funding, credit-risk, growth, and efficiency management. They also provide guidance for managers, regulators, and investors in strengthening sustainable performance and market valuation.
Co-Authors Agus Bustomi Anne Tonthawi Annisa Adha Minaryanti Ardi Gunardi Ardi Gunardi Azhar Affandi Bayu Indra Setia Daniel Happy Putra Dede Yusuf Dewi Ayu Anggita Sari Fenny Damayanti Rusmana Francis Chinedu Egbunike Hadiyat, Yana Rochdiana Herdian Wibawa Hermansyah, Taufik Herwani, Aldrin Hidayat, Gustina Ifa Ratifah Jaja Suteja Jaja Suteja Nagian Toni Noch, Moch Noch, R. Muchamad Rachmawaty Rachmawaty Sari, Lira Mustika Sariwulan, Taty Septiawan, Budi Sugiyanto Sugiyanto Sugiyanto Sugiyanto Udunze Ugochukwu Willya Achmad Yahya, Adibah Yeti Rosita Yulianah Yulianah