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The Influence Of Enterprise Risk Management (ERM) On Profitability, Cost Of Debt, And Company Value: The Role Of Moderation Of Environmental, Social, Governance (ESG) In Asean-5 Countries Period 2017-2021 Ervina Kwintana; Dewi Hanggraeni
International Journal of Economics Development Research (IJEDR) Vol. 4 No. 2 (2023): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v4i3.2823

Abstract

This study aims to determine the effect of Enterprise Risk Management (ERM) moderated by Environmental Social Governance (ESG) performance on profitability, cost of debt and firm value. This study sampled 148 companies in ASEAN-5 countries during the 2017-2021, with 740 observations. The hypothesis was tested using the Ordinary Least Square method and showed. It showed moderation increases the significance of ERM implementation on profitability, cost of debt and firm value. The study’s results also found that the environmental and social pillars had a significant positive effect. In contrast, the governance pillar did not significantly affect profitability, debt costs and firm value. The findings in this study suggest that regulators make more comprehensive rules regarding the implementation of ERM and ESG.
Analisis Portfolio Concentration dan Insurance Leverage terhadap Kemampulabaan Perusahaan Asuransi yang Tercatat di Bei Tahun 2009-2021 dengan Mediasi Struktur Modal Gandung Troy Sulistyantoro; Dewi Hanggraeni
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v8i7.13042

Abstract

Among the various types of risks, the probability that most often occurs is operational risk, including insurance companies in Indonesia. This study aims to analyze and examine the effect of operational risk based on portfolio concentration and insurance leverage on the profitability of insurance companies with capital structure moderation factors. Data was obtained from the Indonesia Stock Exchange between 2009-2021, using the Structural Equation Model and Path Analysis method approaches. The first result of the study is that capital structure has a negative influence on the profitability of insurance companies, but not significantly. Second, the positive relationship between operational risk to capital structure, or capital structure is also positively influenced by operational risk significantly. Third, the capital structure mediates negatively the effect of operational risk on the profitability of insurance companies.
The Impact of Investor Sentiment, Credit Rating, Profitability, and Leverage on Stock Return LQ45 Period From 2017 to 2021 Drastya Amalia; Dewi Hanggraeni
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v7i9.13520

Abstract

The purpose of this research is to identify the effect of investor sentiment, credit ratings, profitability, and leverage on stock returns. This study uses panel data analysis using the Panel Least Square method which is carried out on financial data on 30 companies that are members of the LQ45 composite index during the period 2017 to 2021. In this study, stock returns are the dependent variable, investor sentiment, credit ratings, profitability, and leverage become independent variables, and firm size, book to market ratio, also COVID19 become control variables. The study's findings indicate that the profitability variable has a significant effect on stock returns and other independent variables have no significant effect on stock returns. This study aims to assist investors in identifying and analyzing the variables that influence the company so that investors gain stock returns in the future.
Pengaruh Struktur Modal Terhadap Profitabilitas Perusahaan Sektor Telekomunikasi Emerging Market Kawasan Asia Famadhika Aby Pratama; Dewi Hanggraeni
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v7i9.13644

Abstract

Tujuan dari penelitian ini untuk mengetahui pengaruh struktur modal terhadap profitabilitas. Obyek penelitian yaitu perusahaan pada sektor telekomunikasi di negara emerging market kawasan Asia dengan menggunakan metode empiris, yang dilakukan untuk mengetahui bagaimana pengaruh dari struktur modal terhadap profitabilitas perusahaan setelah diciptakannya jaringan seluler 5G ditambah dengan tren pergeseran bisnis sektor telekomunikasi menuju digital. Data sekunder yang digunakan dalam penelitian ini berupa laporan keuangan dari perusahaan yang berada pada sektor telekomunikasi di negara emerging market kawasan Asia dan menggunakan metode purposive sampling mengambil sampel 31 perusahaan pada periode 2017-2021. Analisis dilakukan dengan menggunakan statistik deskriptif, uji multikolinearitas, uji autokorelasi, analisis korelasi, dan analis regresi. Variabel struktur modal diwakilkan oleh Long-term Debt to Total Assets (LDTA) dan Total Debt to Total Assets (TDTA), variabel profitabilitas diwakilkan oleh Return on Equity (ROE), dan menggunakan sales change, total asset turnover, dan dummy asal negara sebagai variabel kontrol. Hasil penelitian menunjukan terdapat hubungan negatif tidak signifikan antara utang jangka panjang dan profitabilitas, dan hubungan negatif tidak signifikan antara total utang dengan profitabilitas.
Comparison of ESG Rating Methods with AHP Methods (A Study in A State-Owned Electricity Company in Indonesia) Jonatan Halomoan; Dewi Hanggraeni
Quantitative Economics and Management Studies Vol. 5 No. 3 (2024)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.qems2570

Abstract

The ESG Rating measurement method from Sustainalytic & S&P is the method that is considered the most suitable for analyzing ESG risks in State-owned electricity companies. This research analyzes the ESG Rating measurement method issued by 4 ESG rating agencies, namely S&P, MSCI, Sustainalytics, and Refinitiv using the method AHP, the results of which will determine which method is most suitable for analyzing ESG risks in state-owned electricity companies. From the results of data collection, it was found that the ESG rating measurement method from Sustainalytic had the highest priority value, namely 38.9%, which was not much different from the method from S&P with a value of 34.0%. Meanwhile, the methods of the other 2 ESG rating agencies have a lower weight, namely MSCI with 14.2% and Refinitiv with 12.9%. Research provides the view that the level of correlation between rating agencies is still low, requiring companies to first analyze the rating agency. The ones they choose will determine the company's strategy in managing their ESG risks.
ANALISIS RBC DENGAN RASIO PENCAPAIAN DAN METODE STRESS TESTING: STUDI KASUS ASURANSI JIWA DI INDONESIA ., Anasthacia; Widiani, Chaerunnisa; Christo, Nathasya; Dwi, Maharmabi; Hanggraeni, Dewi

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Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (74.798 KB) | DOI: 10.31955/mea.v5i1.828

Abstract

Bertujuan untuk mengidentifikasi komponen risk based capital atau MMBR dan menganalisis hubungan kausalitas antara rasio pencapaian dengan risiko kredit dan pasar. Studi ini menganalisis komponen risiko pada RBC untuk melihat fenomena dari komposisi setiap risiko pada setiap periode triwulanan. Analisis pendukung dengan stress testing juga dilakukan menggunakan pengujian dengan Engle Granger Cointegration untuk mengestimasi kointegrasi antar variabel. Lalu menggunakan Model Vector Autoregression (Model VAR) untuk mengestimasi hubungan kausalitas jangka panjang serta Impulse Response Function (IRF) dan Vector Decomposition untuk menganalisis dinamika jangka pendek antar variabel. Studi menemukan bahwa risiko pasar memiliki proporsi paling besar dari total risiko yang ada dan risiko kredit memiliki proporsi yang lebih kecil dari risiko pasar. Pengaruh yang diberikan kedua risiko ini didukung dengan temuan studi bahwa ketiga variabel berintegrasi pada ordo 1 atau I(1), serta tidak ditemukan kointegrasi antara ketiga variabel. Lebih lanjut, hasil dari Model VAR menunjukkan bahwa risiko kredit lebih berpengaruh terhadap rasio pencapaian. Kemudian, hasil uji IRF/VDC membuktikan adanya hubungan kausalitas yang kuat antara rasio pencapaian dengan risiko kredit.
Information and Communication Technologies (ICTs) Adoption by MSMEs and Local Poverty: An Empirical Evidence from Indonesia Hanggraeni, Dewi
Jurnal Keuangan dan Perbankan Vol 25, No 2 (2021): April 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i2.5343

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This paper aims to examine a relationship between the adoption of Information and Communication Technologies (ICTs) by Micro, Small, and Medium Enterprises (MSMEs) and local poverty in Indonesia. Previous literature has shown that the adoption of ICTs is a significant catalyst to increasing a nation’s productivity from a macroeconomic perspective. This has imposed a new debate among researchers whether the adoption of ICTs can contribute to a more specific economic development goal: reducing poverty. Some researchers argue that the means of a broader economic development can be obtained through the informal sectors, MSMEs. Therefore, this paper argues that in order to find a more satisfactory result, the role of ICTs adoption in reducing poverty needs to be examined from within a more specific economic agent—the MSMEs. To test the hypothesis, we run OLS regression models with province and year fixed effects on our MSMEs survey data and local poverty measures. The results show a robust, negative relationship between the adoption of ICTs by MSMEs and the number of poor populations in the corresponding region, controlling other factors. DOI : https://doi.org/10.26905/jkdp.v25i2.5343
The impact of diversity and educational backgrounds of executive boards on Indonesian bank performance Putri, Arisma Solicha; Mandala, Eka; Harahap, Muhammad Farhan Hakim; Adinur, Reyhan Satria; Ahad, Sasi Waliyul; Hanggraeni, Dewi
Jurnal Keuangan dan Perbankan Vol 25, No 2 (2021): April 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i2.5154

Abstract

This study identifies and analyzes the relationship between the diversity of the board of directors and the president director's educational background on the bank's financial performance. Based on 38 samples of Indonesian banks that have been listed on the Indonesia Stock Exchange. This study examines the static and dynamic relationship between the framework, which controls for the specific effects of each of the factors being tested. The results of this study indicate a significant influence and direction of negative correlation between gender diversity and citizenship diversity on bank financial performance. This study also shows a significant influence and direction of a positive correlation between the president director with an economic or business education background on the bank's financial performance. This study also discusses several managerial implications for banking companies and recommendations for the government in relation to the regulation of the board of directors of banks in Indonesia. DOI : https://doi.org/10.26905/jkdp.v25i2.5154
Risk Governance Unlocks Islamic Banks’ Dual Performance Goals: Tata Kelola Risiko Mengungkap Tujuan Kinerja Ganda Bank Syariah Kurniawan, Ferdian_Ari; Hanggraeni, Dewi; Purnomo, Gabriel
JBMP (Jurnal Bisnis, Manajemen dan Perbankan) Vol. 10 No. 2 (2024): September
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/jbmp.v10i2.1981

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This study investigates the moderating effect of risk governance structures on the relationship between risk management—covering insolvency, financing, and operational risks—and the financial and social performance of Islamic banks in Indonesia. Using dynamic panel data regression, the analysis draws on annual report data from 11 Islamic commercial banks over the period from 2012 to 2021. The findings show that certain risk governance structures, such as the size and independence of the audit committee, the expertise of its members, the frequency of meetings, and the quality of external audits, significantly enhance the effectiveness of risk management in improving both financial and social outcomes. Moreover, unique Islamic banking structures, such as the size of the Shariah Supervisory Board and the frequency of its meetings, further strengthen these effects. These results highlight the importance of robust governance in optimizing risk management and improving the overall performance of Islamic banks, with implications for regulatory bodies and Islamic financial institutions aiming to improve governance frameworks.
The Influence Of Demographics And Financial Literacy On Investment Behavior With Risk Attitude Moderation In Bpkp Civil Servants Fauzi, Achmad Zulfikar; Hanggraeni, Dewi
JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES) Vol 8, No 3 (2024): JHSS (Journal of Humanities and Social Studies)
Publisher : UNIVERSITAS PAKUAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jhss.v8i3.10405

Abstract

This research aims to investigate the influence of demographic factors and financial literacy on risk attitudes and investment behavior among Civil Servants (PNS) of the Financial and Development Supervisory Agency (BPKP) as well as the moderating role of risk attitudes in this relationship. Data was collected from 272 BPKP civil servants and analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. The research results show that demographic factors such as age and educational background have a significant effect on risk attitude. Apart from that, age, gender and income level have a significant effect on investment behavior. Financial literacy is proven to have a positive and significant influence on risk attitude and investment behavior. Risk attitude also has a positive and significant influence on investment behavior. The moderating role of risk attitude is proven to be significant on the relationship between demographic factors and investment behavior, but not significant on the relationship between financial literacy and investment behavior. These findings provide important implications for financial managers and policy makers at BPKP to consider demographic factors and financial literacy in an effort to increase financial literacy and risk management among civil servants as well as encourage the development of more effective financial training programs and personalize investment strategies according to risk profiles. individual .