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The Role of Profitability and Dividend Policy in Mediated and Moderate the Company Growth Relationship with Firm Value: (Case Study on Registered Insurance Sub-Sector Company On The Indonesia Stock Exchange Period 2015 – 2021) Aditia, Septian; Ichwanudin, Wawan; Purbasari, Intan
The Es Economics and Entrepreneurship Vol. 3 No. 02 (2024): The Es Economics And Entrepreneurship (ESEE)
Publisher : Eastasouth Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/esee.v3i02.389

This study aims to determine the effect of Company Growth proxied by Earnings Growth (X) on Firm Value proxied by Price to Book Value (Y) through Profitability proxied by Return on Asset (Z) as a mediating variable and Dividend Policy proxied by Dividend Payout Ratio (M) as a moderating variable in Insurance Sub-Sector Companies listed on the Indonesia Stock Exchange for the period 2015 - 2021. The population used in this study were all Insurance Sub-Sector companies listed on the Indonesia Stock Exchange for the period 2015 - 2021. The sample of this study amounted to 11 companies from 14 total populations using purposive sampling method. The data analysis technique used in this research is Partial Least Square with the help of SmartPLS 3.0 software. The results of this study indicate that: (1) Company Growth has a positive and significant effect on Profitability, (2) Company Growth has no effect on Firm Value, (3) Profitability has a positive and significant effect on Firm Value, (4) Profitability is able to mediate the relationship between the effect of Company Growth on Firm Value, (5) Dividend Policy is unable to moderate the relationship between the effect of Company Growth on Firm Value.

ASSESSING THE ROLE OF MANAGEMENT ACCOUNTING IN STRATEGIC DECISION-MAKING AND ORGANIZATIONAL PERFORMANCE Supriatna, Ucu; Ichwanudin, Wawan; Faisal, Ijang
Journal of Jabar Economic Society Networking Forum Vol. 1 No. 10 (2024): Jesocin - September
Publisher : Organisasi Kreatif Indonesia Emas

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Background: The central role of interest rates in macroeconomics cannot be overstated. Interest rates not only influence the economic landscape but also affect consumer spending, investment, and borrowing. Among these, consumer loan demand and bank profitability are two areas significantly impacted by fluctuations in interest rates. Banks adjust their lending practices, and consumers' borrowing behavior shifts according to the prevailing rates, which ultimately influences economic stability. Understanding these dynamics is crucial for both financial institutions and policymakers to craft effective strategies. Aims: This study aims to analyze the effect of interest rate changes on consumer loan demand and the profitability of commercial banks. It seeks to identify patterns, establish causal relationships, and propose actionable insights for financial institutions. Research Method: A mixed-method approach is adopted, employing both qualitative and quantitative data. Time-series analysis is conducted on historical data spanning the last two decades, incorporating macroeconomic variables and interest rate trends. In addition, surveys of consumer attitudes toward loans at different interest rate levels are analyzed to gauge demand sensitivity. Results and Conclusion: Preliminary findings suggest a significant inverse relationship between interest rates and consumer loan demand. Banks experience increased profitability in periods of higher interest rates, although at the cost of potential market contraction. Lower rates generally boost consumer loan demand, but the effects on profitability are more nuanced, depending on the type of loan products offered. Contribution: This research provides a comprehensive analysis of how shifts in interest rates influence consumer behavior and bank profitability. It contributes to a better understanding of how banks should tailor their lending strategies in response to rate changes and provides insights for policymakers on the broader economic implications of interest rate adjustments.

ASSESSING THE ROLE OF MANAGEMENT ACCOUNTING IN STRATEGIC DECISION-MAKING AND ORGANIZATIONAL PERFORMANCE Supriatna, Ucu; Ichwanudin, Wawan; Faisal, Ijang
Journal of Jabar Economic Society Networking Forum Vol. 1 No. 10 (2024): Jesocin - September
Publisher : Organisasi Kreatif Indonesia Emas

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

Background: The central role of interest rates in macroeconomics cannot be overstated. Interest rates not only influence the economic landscape but also affect consumer spending, investment, and borrowing. Among these, consumer loan demand and bank profitability are two areas significantly impacted by fluctuations in interest rates. Banks adjust their lending practices, and consumers' borrowing behavior shifts according to the prevailing rates, which ultimately influences economic stability. Understanding these dynamics is crucial for both financial institutions and policymakers to craft effective strategies. Aims: This study aims to analyze the effect of interest rate changes on consumer loan demand and the profitability of commercial banks. It seeks to identify patterns, establish causal relationships, and propose actionable insights for financial institutions. Research Method: A mixed-method approach is adopted, employing both qualitative and quantitative data. Time-series analysis is conducted on historical data spanning the last two decades, incorporating macroeconomic variables and interest rate trends. In addition, surveys of consumer attitudes toward loans at different interest rate levels are analyzed to gauge demand sensitivity. Results and Conclusion: Preliminary findings suggest a significant inverse relationship between interest rates and consumer loan demand. Banks experience increased profitability in periods of higher interest rates, although at the cost of potential market contraction. Lower rates generally boost consumer loan demand, but the effects on profitability are more nuanced, depending on the type of loan products offered. Contribution: This research provides a comprehensive analysis of how shifts in interest rates influence consumer behavior and bank profitability. It contributes to a better understanding of how banks should tailor their lending strategies in response to rate changes and provides insights for policymakers on the broader economic implications of interest rate adjustments.

articel ANALYZING THE ADOPTION OF CLOUD-BASED ACCOUNTING SYSTEMS AND THEIR IMPACT ON SMALL BUSINESS EFFICIENCY Riana, Nia; Ichwanudin, Wawan; Faisal, Ijang
Journal of Economics, Accounting, Business, Management, Engineering and Society Vol. 1 No. 10 (2024): KISA INSTITUE : September 2024
Publisher : PT. Kreatif Indonesia Satu

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Background Small businesses are vital contributors to global economies but often face challenges in managing financial processes due to resource limitations and lack of technical expertise. Traditional accounting systems, while reliable, demand significant investments and are prone to errors when used manually. The advent of cloud-based accounting systems (CBAS) offers a solution, providing small businesses with affordable, scalable, and efficient tools to manage their financial operations. However, despite their potential, the adoption of CBAS remains uneven, with many businesses hesitant due to perceived barriers like data security concerns and lack of technical knowledge. Aims This study aims to: Investigate the key drivers and barriers influencing the adoption of CBAS among small businesses. Analyze the impact of CBAS on financial accuracy, operational efficiency, and compliance. Highlight the role of training and technical support in ensuring successful CBAS adoption. Provide practical insights through case studies of businesses that have successfully integrated CBAS. Offer recommendations to stakeholders for promoting broader adoption and maximizing the benefits of CBAS. Research Method The study employed a mixed-methods approach, combining quantitative and qualitative techniques to provide a comprehensive analysis. A survey was conducted among 250 small business owners across various industries to gather quantitative data on adoption drivers, barriers, and impacts. In addition, 30 in-depth interviews were carried out to gain qualitative insights into the experiences and perceptions of CBAS users. The research also incorporated secondary data from industry reports, case studies, and academic literature to triangulate findings. The Technology Acceptance Model (TAM) and Diffusion of Innovation (DOI) theory provided the theoretical frameworks for analyzing the results. Results and Conclusion CBAS adoption is primarily driven by ease of use, cost-effectiveness, and competitive advantage, but is hindered by concerns over data security, lack of technical expertise, and perceived complexity. Businesses that adopted CBAS reported a 35% reduction in accounting errors, improved compliance with tax regulations, and enhanced decision-making capabilities. Operational efficiency significantly improved, with time savings averaging 20 hours per month and optimized workflows leading to better resource utilization. Training and technical support were identified as critical factors in overcoming barriers and ensuring successful adoption. Conclusion: CBAS offers transformative benefits for small businesses, including improved accuracy, efficiency, and compliance. However, addressing barriers such as knowledge gaps and security concerns is essential to realize its full potential. The study highlights the need for collaborative efforts among CBAS providers, policymakers, and small businesses to foster broader adoption and leverage the advantages of cloud-based technologies.

Peran Mediasi Struktur Modal Dan Moderasi Ukuran Perusahaan Pada Likuiditas Terhadap Nilai Perusahaan Anwar, Paisal; Ichwanudin, Wawan; Widyaningsih, Ika Utami
Tirtayasa Ekonomika Vol 20, No 1 (2025)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jte.v20i1.33619

This study aims to examine the effect of liquidity on firm value mediated by capital structure and moderated by firm size in food and beverage sub-sector companies listed on the Indonesia Stock Exchange in 2016-2023.The study uses a causal research type with a quantitative method by examining comparative causality relationships, using secondary data from the financial statements of each company, both obtained through the IDX website and the official website of each company. Sampling uses a non-probability method on companies listed in the food and beverage sub-sector listed on the IDX in 2016-2023. The research data is panel data analyzed using SPSS and Hayes Process with analysis stages, namely descriptive statistics to conditional process analysis. The results of the hypothesis test show that: 1) liquidity has a negative and significant effect on firm value. 2) liquidity has a negative and significant effect on capital structure. 3) Capital structure has a negative and significant effect on firm value. 4) Capital structure is able to mediate the effect of liquidity on firm value. 5) Firm size is able to moderate the effect of liquidity on firm value.

Hierarchical Modelling of ESG Risk and Firm Value: A Mediation–Moderation Analysis Saputro, Tri Hijrah; Ichwanudin, Wawan; Hanifah, Imam Abu
Jurnal Bisnis Mahasiswa Vol 5 No 4 (2025): Jurnal Bisnis Mahasiswa
Publisher : PT Aksara Indo Rajawali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60036/jbm.746

This study examines the effect of ESG Risk Rating on firm value using a hierarchical modelling approach. The research addresses inconsistent findings in emerging markets by analyzing direct, indirect, and conditional effects. Based on balanced panel data from 13 non-financial firms listed in IDX ESG Leaders during 2020–2023, three models are tested: a baseline model, a mediation model with asset efficiency (TATO), and a moderated mediation model with profitability (ROA). The results show that ESG Risk does not have a direct significant effect on firm value, but it does have a negative indirect effect through TATO. Profitability significantly moderates the relationship between TATO and firm value, but not between ESG Risk and TATO. The moderated mediation effect is only significant at low levels of profitability. These findings suggest that ESG efforts alone do not enhance firm value unless combined with operational efficiency and financial strength. This study offers insights for firms and policymakers to align ESG practices with internal performance, thereby creating sustainable value in emerging markets.

Budget implementation performance indicators and the government's internal control system on performance accountability of government agencies Adikusumah, Kreshna; Akhmadi, Akhmadi; Ichwanudin, Wawan
Enrichment : Journal of Management Vol. 13 No. 5 (2023): December
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/enrichment.v13i5.1816

This research uses a value for money concept approach to determine the influence of Budget Implementation Performance Indicators and the Government's Internal Control System on Performance Accountability of Government Agencies. The sample used was a Work Unit within the scope of the National Population and Family Planning Agency during the 2019-2022 fiscal year period. Data processing was carried out using the STATA Version 14.2 application. The results of the research show that statistically it is not proven that the Budget Implementation Performance Indicators have an effect on the Performance Accountability of Government Agencies, the Government Internal Control System is proven to have an effect on the Performance Accountability of Government Agencies, the Budget Implementation Performance Indicators and the Government Internal Control System are simultaneously proven to have an effect on the Performance Accountability of Government Agencies . These findings reinforce that if improvements in Budget Implementation Performance Indicators and the Government's Internal Control System are carried out simultaneously, it will improve the quality of budgeting which is economical, effective, efficient and will increase the Performance Accountability of Government Agencies in line with the concept of value for money

EXAMINING THE EFFECT OF EMOTIONAL INTELLIGENCE ON LEADERSHIP EFFECTIVENESS AND EMPLOYEE MOTIVATION Ichwanudin, Wawan
KRIEZ ACADEMY : Journal of development and community service Vol. 2 No. 2 (2025): Kriez Academy - February
Publisher : Yayasan Kreatif Indonesia Emas

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Background Organizations today operate in an increasingly volatile environment characterized by frequent crises, such as natural disasters, cyberattacks, and economic downturns. These disruptions threaten operational stability and long-term viability, emphasizing the need for effective crisis management. Organizational resilience—the ability to adapt, recover, and thrive during and after crises—is essential for sustaining success. Resilience requires a multifaceted approach, integrating proactive planning, adaptive leadership, clear communication, technological innovation, and a supportive organizational culture. This study investigates how crisis management strategies enhance resilience and provides actionable insights for improving preparedness and response. Aims The study aims to explore the role of crisis management strategies in strengthening organizational resilience. Specifically, it identifies critical factors that contribute to resilience, such as leadership, communication, technology, and collaboration. Additionally, it provides practical recommendations for organizations seeking to enhance their crisis preparedness and response capabilities. By addressing these objectives, the study bridges the gap between theory and practice in managing organizational crises. Research Method A mixed-methods approach was employed to provide a comprehensive understanding of the relationship between crisis management and resilience. Quantitative surveys were conducted with 500 professionals across diverse industries to capture trends and assess the effectiveness of crisis management practices. Complementing this, qualitative interviews with 50 leaders and employees, along with three detailed case studies, provided in-depth perspectives on real-world applications. Data analysis included statistical correlations for quantitative findings and thematic evaluations for qualitative insights, ensuring a holistic view of effective crisis management strategies. Results and Conclusion The study identifies six key strategies that enhance organizational resilience. First, proactive planning, including risk assessments and crisis simulations, was found to improve readiness for unexpected events. Second, adaptive leadership, characterized by flexibility, empathy, and vision, played a critical role in guiding teams through crises while maintaining morale. Third, effective communication—both transparent and timely—was essential for fostering trust and collaboration among employees and stakeholders. Fourth, technological integration, such as real-time monitoring systems and digital collaboration tools, enhanced agility and decision-making. Fifth, a resilient organizational culture that promotes trust, innovation, and teamwork helped sustain performance during crises. Lastly, strategic external collaborations with partners and stakeholders provided additional resources and expertise, ensuring a more robust response to complex challenges. These strategies collectively improved recovery times, employee engagement, and stakeholder trust, underscoring the strong link between crisis management and resilience. Contribution This study contributes to the understanding of organizational resilience by integrating diverse crisis management strategies into a cohesive framework. The findings offer practical guidance for organizations to enhance their preparedness, response, and recovery efforts. By applying these insights, organizations can better navigate uncertainty, safeguard stability, and sustain long-term growth, highlighting the strategic importance of crisis management in today’s complex environment.

Resource-based strategy for enhancing village-owned enterprise competitive advantage: Impact of capabilities and networks Kambara, Roni; Ichwanudin, Wawan; Nupus, Hayati; Worasutr, Asas
Jurnal Fokus Manajemen Bisnis Vol. 15 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/fokus.v15i2.13376

Village-owned enterprise have faced increasing challenges in improving their competitiveness in a rapidly evolving market environment. Effective resource management and good governance practices are seen as key factors that could drive competitive advantage, while supply chain flexibility and strong business networks are essential for village-owned enterprise to adapt to changing market conditions. This study aims to examine the relationship between resource management capabilities, good governance excellence, supply chain flexibility, and business network acceptability in relation to competitive advantage levels in village-owned enterprise in Indonesia. Using a quantitative approach with a survey design, data was collected through an online survey of 120 village-owned enterprise managers who had worked for at least 1 years. Data analysis was conducted using partial least squares and structural equation modeling. The results show that resource management capabilities and Good Governance Excellence do not have a significant direct effect on competitive advantage levels. However, business network acceptability plays a mediating role that strengthens the relationship between resource management capabilities and increased competitiveness. This study provides practical implications that effective resource management and strong business networks can enhance company competitiveness. Further research is recommended to broaden the scope by involving other sectors to test this model.

PENGARUH PROFITABILITAS TERHADAP HARGA SAHAM DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING DAN UKURAN PERUSAHAAN SEBAGAI VARIABEL KONTROL Ichwanudin, Wawan; Istiqomah, Atika Rizki; Suryani, Emma
Jurnal Manajemen Sinergi Vol 11, No 2 (2023): JURNAL MANAJEMEN SINERGI (EDISI OKTOBER)
Publisher : Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Khairun

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33387/jms.v11i2.7151

ABSTRACTObjective: This study was conducted to evaluate the effect of profitability (ROA) on stock prices, considering capital structure (DER) as an intervening variable and company size as a control variable.Methodology: The sample in this study is a company incorporated in LQ45 on the Indonesia Stock Exchange which has complete data for the period 2018-2022. The data analysis method used is Path Analysis using the SPSS 20.0 program.Finding: The first, second, third, and fourth (H) hypotheses were accepted because the t statistic value was greater than t table, and the p value was smaller than alpha 0.05.Conclusion: The results indicate that ROA has a significant positive effect on stock prices. However, ROA has no significant effect on capital structure (DER), while DER has a significant negative effect on stock price. These results indicate that DER is unable to mediate the relationship between ROA and stock price. Firm size can serve as a control variable in the effect of profitability on stock price. This study shows important findings, that signaling theory can be confirmed where the profitability ratio is a positive signal for investors. However, it does not support the packing order theory because the capital structure is not influenced by profitability, so the capital structure does not mediate profitability on stock price.

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