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All Journal Dinamika Akuntansi Keuangan dan Perbankan Jurnal Ilmiah Telaah Manajemen Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Gaussian Diponegoro Journal of Management Proceeding Fakultas Ekonomi Gema Stikubank JDM (Jurnal Dinamika Manajemen) Students´ Journal of Accounting and Banking Students´ Journal of Economic and Management Journal of Economics, Business, & Accountancy Ventura Jurnal Penelitian Ekonomi dan Bisnis Proceeding SENDI_U E-Dimas: Jurnal Pengabdian kepada Masyarakat AFRE Accounting Financial Review AFEBI Management and Business Review Jurnal Ekonomi, Manajemen Akuntansi dan Perpajakan (Jemap) International Journal of Social Science and Business Jurnal Riset Inspirasi Manajemen dan Kewirausahaan Aptisi Transactions on Technopreneurship (ATT) Jurnal Abdimas PHB : Jurnal Pengabdian Masyarakat Progresif Humanis Brainstorming Jurnal Ilmu Manajemen dan Akuntansi Terapan Jurnal Pasopati : Pengabdian Masyarakat dan Inovasi Pengembangan Teknologi LAWSUIT JURNAL PERPAJAKAN Journal of Accounting Research, Organization and Economics (JAROE) Research Horizon IIJSE
Hersugondo Hersugondo
Economic Management Laboratory, Faculty of Economy, Stikubank University, Jl. Kendeng V Bendhan Ngisor Semarang
Aerospace Engineering Arts Humanities Automotive Engineering Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Mechanical Engineering Public Health Social Sciences Other

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Financial Performance Evaluation of Pharmaceutical Companies in Southeast Asia: The Influence of Cash Conversion Cycle, Sales Growth and Firm Size During the COVID-19 Pandemic Krismonika; Hersugondo, Hersugondo
AFEBI Management and Business Review Vol. 9 No. 2 (2024): December
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

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

Abstract

This study investigates the effects of the Cash Conversion Cycle (CCC), sales growth, and firm size on the financial performance of pharmaceutical companies in Southeast Asia during the COVID-19 pandemic (2020–2021). The research focuses on pharmaceutical firms listed in Indonesia, Singapore, and Malaysia, with a total sample of [insert number] companies. Using secondary data collected from Bloomberg, the study employs a quantitative approach and applies multiple linear regression analysis, with Return on Assets (ROA) serving as the indicator of financial performance. The results reveal that CCC has no significant impact on ROA, while sales growth negatively affects ROA, and firm size positively influences ROA. These findings suggest that during periods of global disruption like the pandemic, firm size becomes a key driver of financial resilience, while aggressive sales growth strategies may undermine profitability, possibly due to increased operational risks and supply chain challenges. Although CCC efficiency did not significantly impact profitability in this context, managing firm scale and adapting growth strategies remain crucial for sustaining financial performance during crises. Keywords: Cash Conversion Cycle, Sales Growth, Firm Size, Return on Assets.
The Effect of Oil Price Shock and Inflation on Stock Returns: A Comparative Study on ASEAN-3 Kristyaningrum, Agatha Canonia; Hersugondo, Hersugondo
Jurnal Penelitian Ekonomi dan Bisnis Vol. 6 No. 1 (2021): March 2021
Publisher : Universitas Dian Nuswantoro Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33633/jpeb.v6i1.3950

Abstract

This study aims to examine the effect of the WTI type oil price shock and inflation on stock returns from the ASEAN-3 capital markets, namely Indonesia, Thailand, and Philippines. The data used are monthly data from 2015 to 2019. The data analysis technique used is multiple linear regression. The results showed that oil price shocks had a significant positive effect on stock returns on the JASICA Mining index and the SET Resources index, but had no significant effect on the PSE Mining and Oil index. Furthermore, inflation had a significant positive effect on stock returns of Indonesia seen from the JASICA Mining index. Whereas, inflation had no significant effect on the SET Resources index of Thailand and the PSE Mining and Oil stock index of Philippines. Keywords: Oil price shock, Inflation, Stock return  
DAMPAK TATA KELOLA PERUSAHAAN TERHADAP KINERJA LEMBAGA PERBANKAN DI INDONESIA: Kasus Komposisi Dewan Hersugondo, Hersugondo; Salsabilla, Talitha Sahda; Lesticya, Widya; Yuliastuti, Nur Rachmalina; Sidabutar, Maxsuel Herianto
Jurnal Ilmu Manajemen dan Akuntansi Terapan (JIMAT) Vol. 13 No. 1 (2022): Jurnal Ilmu Manajemen dan Akuntansi Terapan (JIMAT)
Publisher : Sekolah Tinggi Ilmu Ekonomi Totalwin

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (370.354 KB) | DOI: 10.36694/jimat.v13i1.368

Abstract

Corporate governance is an important aspect in the company. The impact and implementation of corporate governance has become interesting for various companies because it substantially controls the management of institutions. This study analyzes the impact of elements of corporate governance (CG) which includes the composition of the board on the performance of banking institutions listed on the Indonesia Stock Exchange (IDX). The research population involved 25 banking institutions which are commercial banks in Indonesia. The data taken has a span of 4 years (2017, 2018, 2019, and 2020). Spearman correlation is used to identify the relationship between corporate governance and banking financial performance. The results of this study indicate that there is a positive relationship or correlation between the number of board personnel and the financial performance of commercial banks. The number of independent directors has a positive significant relationship with ROA, ROE and EPS, job duality has a positive significant relationship with ROA and EPS, and board meetings have no significant relationship with financial performance.
Driving Shareholder Value through Technopreneurship Innovation Sunaryo, Deni; Lestari, Etty Puji; Puryandani, Siti; Hersugondo, Hersugondo
Aptisi Transactions On Technopreneurship (ATT) Vol 7 No 3 (2025): November
Publisher : Pandawan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34306/att.v7i3.642

Abstract

The Food and Beverage (F&B) industry in Southeast Asia faces challenges such as raw material price volatility, high debt burden, and changes in consumer preferences, so companies need to manage their financial performance well through financial ratio analysis and product innovation to remain competitive amidst the instability of the ASEAN market and policies. This study analyzes the effect of Return on Assets/ROA, Cash Ratio/CR, Debt to Asset Ratio/DAR, Asset Turnover/ATO, and Price Earnings Ratio/PER on managerial ownership and their impact on stock returns. We assess how product development costs and financial distress moderate the relationship. The objects of the study were F&B sector companies in Southeast Asia listed on the stock exchange, data period 2012 to 2023. The method used was panel data regression. The results showed that ROA and CR positively and significantly affected managerial ownership. Conversely, DAR and PER did not show a significant effect. Moderation of product development costs weakened the impact of ROA on managerial ownership, while financial distress weakened the relationship between DAR and managerial ownership. This study suggests the importance of efficient management of assets, cash, and liabilities and the need for strategic product innovation to maintain and increase managerial ownership. Combining various financial ratios with managerial ownership and their effects on stock returns offers a more comprehensive perspective than previous studies.
PENDAMPINGAN TERTIB ADMINISTRASI GUNA MENINGKATAN KINERJA BUMDES PERTADES KEDUNG BANTENG TEGAL DALAM PENGOPTIMALAN PENDAPATAN DESA Saadiya, Audrey Lize; Maulana, Bachtiar Rifqi; Hersugondo, Hersugondo; Kepirianto, Catur; Sa'adah, Ardiana Alifatus
Jurnal Pasopati Vol 6, No 1 (2024)
Publisher : Fakultas Teknik Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/pasopati.2024.19903

Abstract

Merajalelanya pembangunan di negara Indonesia kerap menjadi poin penting bagi suatu negara. Hal ini berpengaruh pada keberjalanan stabilitas nasional. Dalam mendukung pembangunan tersebut dibutuhkan peran pemerintahan desa sebagai satuan politik terkecil. Pengoptimalan pembangunan di desa dapat didukung dengan mendirikan BUMDes. Kenyataannya tidak semua desa mampu memaksimalkan BUMDes tersebut. Pengakuan dari beberapa pihak, BUMDes Pertades di Desa Kedungbanteng belum bisa menghasilkan keuntungan untuk desa karena biaya operasional yang tinggi dan sebagian besar masyarakat desa belum mengetahui urgensitas adanya Pertades. Kondisi yang sangat memprihatinkan ini tidak segera mendapatkan solusi yang efektif sejak dua tahun yang lalu. Dengan mengamati situasi tersebut, Bachtiar Rifqi Maulana, seorang mahasiswa dari KKN Tim II UNDIP, menginisiasi program kerja yang bertujuan meningkatkan kinerja BUMDes Pertades. Program ini disusun berdasarkan latar belakang keilmuannya di bidang matematika. Program kerja yang diinisiasikan adalah pembuatan pembukuan Bumdes Pertades untuk meningkatkan tertib administrasi dan meningkatkan kinerja Bumdes Pertades. Metode yang digunakan adalah pendekatan kualitatif dan kuantitatif. Kualitatif menilai bagaimana skema kerja dari BUMDes Pertades selama ini, sementara kuantitatif untuk mengetahui seberapa banyak data yang bisa didapatkan dari kendala BUMDes Pertades. Dari hasil pendekatan tersebut harus dilakukan monev untuk memastikan keberhasilan terhadap tujuan dan sasaran program kerja tersebut. Kebermanfaatan dari Pertades ini dapat meningkatkan pembangunan desa dalam bidang ekonomi. Oleh karena itu, program kerja ini harus dilaksanakan untuk mengoptimalkan pengelolaan perekonomian di Desa Kedungbanteng sehingga bisa mewujudkan desa yang unggul dalam setiap perubahan. Kata kunci : BUMDes, Desa, Ekonomi, Optimalisasi, Pembangunan
The Role of Psychological and Social Factors on Retail Investor Investment Decisions in the Indonesia Stock Exchange Fathin, Nadime Abiyyu; Hersugondo, Hersugondo
JDM (Jurnal Dinamika Manajemen) Vol 13, No 2 (2022): September 2022
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v13i2.36588

Abstract

Decision-making is a complex process of selecting the best available option from several options. This study examines the psychological and social factors which are affecting investment decisions. Some studies from Western and Middle Eastern countries prove that psychology does have a relationship and influence on investors’ decision-making in their stock market. Based on these, the researchers tried to review the research and add social factors as additional variables. Questionnaires were randomly distributed to 105 investors who are students, private employees, entrepreneurs, civil servants and others from the age range of less than 25 years to more than 55 years who have been involved in the market which shows that psychological factors and social factors as a whole have influence on investment decision making in Indonesia Stock Exchange’s retail investors..
Company Size and Growth on Profitability: A Comparative Study in 5 ASEAN Countries Santoso, David; Hersugondo, Hersugondo
Journal of Accounting Research, Organization and Economics Vol 6, No 2 (2023): JAROE Vol. 6 No. 2 August 2023
Publisher : Universitas Syiah Kuala

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jaroe.v6i2.33007

Abstract

Objective This study investigates the correlation between a firm's size and its growth with respect to profitability. It subsequently incorporates various firm-specific variables, including leverage and asset tangibility, as well as macroeconomic indicators.Design/Methodology Employing a quantitative research approach, this study utilizes annual data spanning the years 2017 to 2021. The research focuses on listed companies within the ASEAN region, namely Indonesia, the Philippines, Malaysia, Vietnam, and Singapore. The primary data sources comprise the Bloomberg and COMPUSTAT Global databases. Using the fixed effect model, the study includes a total of 145 listed companies, resulting in 725 firm-year observations.Results This study found that there is evidence of an insignificant negative relationship between size and profitability, while the relationship between growth and profitability is found to be positive and significant. This suggests that the phenomenon of economies of scale is still in place, but in the long run it might be replaced by the diseconomies of scale.Research limitations/implications The study contributes to a nuanced understanding of relationships between variables within each country. However, the study does not use all companies from each respective country.Novelty/Originality This study employs a unique methodology by drawing samples from five distinct ASEAN countries. It conducts an integrated analysis encompassing both a collective examination and individual assessments of these countries. By adopting such a comprehensive strategy, this research aims to provide a more holistic perspective on the intricate relationships under investigation.
ANALISIS PENGARUH KOMPOSISI DEWAN TERHADAP PROFITABILITAS PADA PERUSAHAAN PERBANKAN DI INDONESIA (Studi pada Bank Umum yang Listing di Bursa Efek Indonesia Tahun 2016-2020) Fatima, Dahniar Fara; Hersugondo, Hersugondo
Dinamika Akuntansi Keuangan dan Perbankan Vol 11 No 1 (2022): Vol. 11 No. 1 2022
Publisher : Faculty of Economic and Business Universitas STIKUBANK

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35315/dakp.v11i1.8956

Abstract

This study aims to examine the effect of the composition of the board consisting of Board Size, Board of Directors, Non-Affiliate Directors, Board of Commissioners, Independent Commissioners, and Audit Committee on profitability (ROA) of banking companies listed on the IDX in 2016-2020. The problem of this research is caused by the existence of a research gap from previous studies. In this study, the sample was taken by adopting a purposive sampling method, a sample of 38 sector companies. This research uses secondary data which is downloaded from the official website of Bloomberg. The analytical method adopted for the research hypothesis is multiple linear regression. From the results of data processing, the research shows that BDSIZE, DCOMM, and INDCOMM have a significant effect on the profitability (ROA) of the banks listed on the IDX. DDIRECT, NONAFFDIRECT, AUDIT have no significant effect on the ROA of the banks listed on the IDX.
Pemberdayaan UMKM Atsiri Desa Selokarto Batang dalam Pembuatan Cat Aromaterapi Antimikroba dan Aplikasinya Kusumaningrum, Hermin Pancasakti; Hersugondo, Hersugondo; Zainuri, Muhammad; Sugiarti, Lilis
E-Dimas: Jurnal Pengabdian kepada Masyarakat Vol 15, No 4 (2024): E-DIMAS
Publisher : Universitas PGRI Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26877/e-dimas.v15i4.20440

Abstract

Tanaman atsiri merupakan unggulan ciri khas Kabupaten Batang dimana produk minyak atsirinya menempati peringkat ke 3 di Indonesia dan utamanya terdiri dari minyak cengkeh, nilam, dan serai wangi. Minyak atsiri Indonesia mempunyai pangsa pasar lebih dari 90% kebutuhan dunia atau sekitar 35-40% dari total nilai ekspor minyak atsiri. Kabupaten Batang memiliki sekitar 30 UMKM yang bekerja secara sinergis di bidang wirausaha produksi dan pengolahan minyak atsiri. Meskipun demikian, harga minyak atsiri sangat mudah naik turun bergantung pada pasar. Hal ini menyebabkan perlunya upaya diversifikasi berbagai produk berbasis atsiri yang dapat dikerjakan oleh UMKM (Usaha Menengah Kecil dan Mikro) dan Kelompok Wanita Tani (KWT)  dan diversifikasi produk berbasis atsiri yang mempunyai nilai ekonomi cukup tinggi. Pengabdian Masyarakat yang dilakukan bertujuan melatih pembuatan diversifikasi produk berbasis atsiri.  Kegiatan dilakukan melalui pelatihan diversifikasi produk atsiri berupa pembuatan bahan tambahan cat aromaterapi antimikroba. Hasil kegiatan memperlihatkan UMKM dan KWT mengerti dan mampu membuat produk yang disuluhkan dengan baik dan bernilai ekonomi. Selain itu mereka juga sangat tertarik untuk mengaplikasikan cat aromaterapi antimikroba di lingkungan mereka agar tercipta lingkungan yang lebih sehat.
EXPLORING THE IMPACT OF ESG DISCLOSURE, DIVIDEND PAYOUT RATIO, AND INSTITUTIONAL OWNERSHIP ON FIRM VALUE: A MODERATED ANALYSIS OF FIRM SIZE Dihardjo, Jason Ferdianto; Hersugondo, Hersugondo
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 12, No 2 (2023): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v12i2.64129

Abstract

This study explores the effect of environmental, social, and governance (ESG) disclosure, dividend payout ratio (DPR), and institutional ownership on firm value in Indonesia during the period of 2010 "“ 2021 with firm size as a moderating variable. This study examined annual data from a total sample of 58 companies listed on Indonesia Stock Exchange. The panel data was analyzed using a moderated regression analysis. The results demonstrate a negative and significant effect of the ESG disclosure on the firm value. This suggests that the ESG disclosure may increase company costs, resulting in a decrease in the firm value, while the DPR and institutional ownershop have a positive and significant effect as explained by the signalling theory. In addition, the moderating role of firm size on the effect of both the ESG disclosure and institutional ownership on the firm value have a positive and significant effect. These findings imply that big companies can invest in long-term ESG projects beneficial for them, while the institutional ownership on the big companies can reduce information asymmetry. However, the moderating role of firm size on the effect of DPR on firm value does not have a significant effect.JEL: G30, G32, Q01.
Co-Authors 08.05.52.0043 Handy Setyo Tamtomo 08.05.52.0127 George Agust Hermianto 09.05.51.0116 Dody Wijaya__ 09.05.52.0074 Deasy Purnamasari Abi Kumalasari, Irmadela Amie Kusumawardhani, Amie Anam, M. Khairul Ardira, Givantoro Agma Augusty Tae Ferdinand Azzahra, Widad Nabila Catur Kepirianto Cipto, Noventinus Surya DAVID SANTOSO Deby Fakhriyana, Deby Deni Sunaryo, Deni Dianitasari, Nadya Dihardjo, Jason Ferdianto Etty Puji Lestari Euis Soliha Fathin, Nadime Abiyyu Fatima, Dahniar Fara Figosutansyah, Atev Firdauzi, Annisa Ghofur, Azizul Mukminun Haerani, Ega Devana Hermin Pancasakti Kusumaningrum Idris Idris Irene Rini Demi Pangestuti Kartika Andi Kinasih, Raras Sekar Krismonika Kristyaningrum, Agatha Canonia Lesticya, Widya Lilis Sugiarti Listianawati, Listianawati Majid, Muhammad Abdul Maula, Innany Mirrahmatikal Maulana, Bachtiar Rifqi Muhammad Zainuri Naufal, Muhammad Heru Nurahman, Dany Perdanaputra, Mahardika Rahardian, Tito S, Ruth Dwijayanti Sa'adah, Ardiana Alifatus Saadah, Ardiana Alifatus Saadiya, Audrey Lize Salsabilla, Talitha Sahda Santoso, Balqis Salsabila Sidabutar, Maxsuel Herianto Siska Nofita Ana Pertiwi, 14.05.51.0203 Siska Nofita Ana Pertiwi, 14.05.51.0203 SITI PURYANDANI Sunarto Sunarto Syarifah, Putri Nur Wafdayanti, Haasya Widyaningsih, Novita Yuliastuti, Nur Rachmalina