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All Journal JBTI : Jurnal Bisnis : Teori dan Implementasi Jurnal Tirtayasa Ekonomika (Tirtayasa Economica Journal) Journal of Economic, Bussines and Accounting (COSTING) J-MKLI (Jurnal Manajemen dan Kearifan Lokal Indonesia) Jurnal Riset Bisnis dan Manajemen Tirtayasa JMS : Jurnal Manajemen Sinergi Jurnal Manajemen Enrichment : Journal of Management ANALISIS - SCIENTIFIC JOURNAL OF ECONOMICS, MANAGEMENT, BUSINESS, AND ACCOUNTING Jurnal Fokus Manajemen Bisnis Journal of Applied Business, Taxation and Economics Reseach Jurnal Bisnis Mahasiswa Management Science Research Journal Borobudur Accounting Review The Es Economics and Entrepreneurship Indonesian Journal of Innovation Multidisipliner Research Kriez Academy KISA INSTITUE : Journal of Economics, Accounting, Business, Management, Engineering and Society Jesocin : Journal of Jabar Economic Society Networking Forum Jesocin : Journal of Economics, Accounting, Business, Management, Engineering and Society Indonesian Journal of Innovation Multidisipliner Research
Wawan Ichwanudin
Universitas Sultan Ageng Tirtayasa
Religion Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences Other

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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

Abstract

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

Abstract

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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Abstract

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

Abstract

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

Abstract

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.
Moderated Mediation of Capital Structure and Company Value by Asset Utilization and Financial Distress Saputro, Tri Hijrah; Akhmadi, Akhmadi; Ichwanudin, Wawan
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 2 (2024): June
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i2.144

Abstract

This study examines the moderated mediation effects between capital structure and company value using asset utilization as the moderating variable and financial stress as the mediating variable. The study uses the Hayes PROCESS macro model 14 with SPSS Statistics 27 version, and it uses a sample size of 40 observations from 8 enterprises listed in the Software and IT Services subsector on IDX between 2019 and 2023. The capital structure has a direct beneficial impact on firm value. There is no mediation of the link between leverage and firm value by asset utilization. The link between asset usage and business value can be moderated by financial distress, but the indirect impact of leverage on firm value through asset use is not much mitigated by financial distress. These results emphasize the dependent impacts of financial crisis on operational efficiency and business valuation while showing the complex function of leverage in boosting corporate value. They also partially align with the trade-off theory and pecking order theory.
Impact of Capital Structure on Firm Value with Profitability as Mediator: Indonesian Coal Companies Study Widigdya, Singgih; Akhmadi, Akhmadi; Ichwanudin, Wawan
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 1 (2024): March
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i1.151

Abstract

Over the past six years, global economic volatility shaped by geopolitical complexities has significantly impacted the coal sector, marked by fluctuating prices influenced by events such as the Ukraine crisis and the COVID-19 pandemic. This study focuses on Indonesian coal companies, examining the relationship between capital structure (DER), firm performance (ROA), and firm value (PBV). Through empirical analysis of 15 listed companies from 2018 to 2023, utilizing Hayes' Process Macro Model 4, the research finds that higher Debt to Equity Ratios (DER) negatively affect Return on Assets (ROA), indicating reduced efficiency in asset utilization. However, DER positively correlates with Price to Book Value (PBV), implying investor optimism regarding future earnings and asset worth. The study underscores the nuanced interplay between financial metrics in shaping corporate value within Indonesia's coal sector, offering insights for strategic financial management amid market uncertainties.
The Effect of Liquidity on Capital Structure with Company Size as a Moderating Variable Mediated by Profitability: Pengaruh Likuiditas Terhadap Struktur Modal Dengan Ukuran Perusahaan sebagai Variabel Moderasi yang Dimediasi oleh Profitabilitas Monica, Olivia; Ichwanudin, Wawan; Suryani, Emma
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 4 (2024): December
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i4.210

Abstract

This study aims to examine and analyze the effect of liquidity on capital structure, with firm size as a moderating variable and profitability as a mediating variable, conducted on companies listed in the IDX Growth 30 during the 2020-2022 period. The data used in this study are secondary data, and the sampling technique is purposive sampling. The data sources for this research come from the Indonesia Stock Exchange and the official websites of the listed companies. The results of the study show that liquidity has a negative and significant effect on capital structure, liquidity has a positive and significant effect on profitability, profitability has a negative and significant effect on capital structure, profitability is able to mediate the relationship between liquidity and capital structure, firm size is able to moderate the relationship between liquidity and capital structure, firm size is able to moderate the relationship between profitability and capital structure, and liquidity affects capital structure mediated by profitability and moderated by firm size simultaneously.
Profitability’s Effect on IDX30 Firm Value: The Role of Capital Structure and Firm Size Benteng, Ahmad Dika Cavalera Putra; Ichwanudin, Wawan; Suryani, Emma
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 4 (2024): December
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i4.212

Abstract

This study investigates the impact of profitability on firm value, with capital structure serving as a mediating variable and firm size as a moderating variable, focusing on companies listed on the Indonesia Stock Exchange's IDX30 index from 2018 to 2022. A quantitative approach is employed to examine the causal relationships, utilizing secondary data from the financial statements of each company, which were sourced from the firms' official websites or the IDX website. A non-probability sampling method was used to select the companies from the IDX30 index during the specified period. The analysis was conducted using panel data, with descriptive statistics and conditional process Hayes analysis performed through SPSS25 and the Hayes Process. The results reveal that profitability has a positive and significant effect on firm value, while also demonstrating a negative and significant impact on capital structure. Furthermore, capital structure positively influences firm value and mediates the relationship between profitability and firm value. Additionally, firm size moderates the effect of profitability on firm value and the impact of capital structure on firm value. These findings provide insights into the interconnected roles of profitability, capital structure, and firm size in determining firm value among IDX30 index listed companies.
The Role Of Dividend Policy In Mediating The Relationship Of Profitability To Firm Value: Empirical Study On The Business Index-27 On The Indonesian Stock Exchange Fitriani, Kiki Liya; Akhmadi, Akhmadi; Ichwanudin, Wawan
Indonesian Journal of Innovation Multidisipliner Research Vol. 3 No. 1 (2025): March
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v3i1.307

Abstract

This study was conducted to determine the effect of dividend policy in mediating the relationship between profitability and firm value on the business-27 index for the 2018-2022 period. This study used a sample of 17 companies using purposive sampling method. The data used is secondary data obtained from financial reports and annual reports published on the official website of the Indonesia Stock Exchange (www.idx.co.id) and the official website of each company. The data analysis technique used is multivariate regression, partial hypothesis test and mediation test and data processing is done with the STATA version 17 statistical application. The results showed that profitability has a significant positive effect on firm value. Profitability has a significant positive effect on dividend policy. Dividend policy is able to mediate the relationship between profitability and firm value.
Co-Authors Adikusumah, Kreshna Aditia, Septian Akhmadi Akhmadi Ana Susi Mulyani Anwar, Paisal Apin Apiun Benteng, Ahmad Dika Cavalera Putra Budi Raharja, Arif Dea Ariana Dwika Ayu Amrita, Nyoman EKA KURNIASARI Faisal, Ijang Fauzi Sanusi Fauzi, Fendy Ahmad Fitriah, Fitriah Fitriani, Kiki Liya Handayani, Maria Eki Helmi Yazid Hermawan, Bambang Imam Abu Hanifah Istiqomah, Atika Rizki Jayawarsa, A.A. Ketut Kambara, Roni Khaerunnisa, Enis Monica, Olivia Purbasari, Intan Raden Mohamad Herdian Bhakti Riana, Nia Roni Kambara Salma Salma Sanusi, Fauji Sumarna, Enang Supriatna, Ucu Surianingrat, Entol Muamar Suryani, Emma Tri Hijrah Saputro Tubagus Ismail Widigdya, Singgih Widyaningsih, Ika Utami Worasutr, Asas Zaenal Aripin