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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

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

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.
DETERMINAN STRUKTUR MODAL DAN DAMPAKNYA TERHADAP NILAI PERUSAHAAN Handayani, Maria Eki; Ichwanudin, Wawan; Khaerunnisa, Enis
ANALISIS Vol. 13 No. 1 (2023): ANALISIS VOL. 13 NO. 1 MARET 2023
Publisher : FACULTY OF ECONOMICS AND BUSINESS FLORES UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37478/als.v13i1.2540

Abstract

This study tested the determinants of capital structure and its impact on the value of the company. The determinant variables of Capital Structure used are Profitability, Liquidity and Asset Structure. This study uses data from the IDX using a sample of companies that are members of the IDX30 index that have complete data in 2016-2020.. Variables that affect the capital structure used are profitability, liquidity, and asset structure. In this study, there were 12 populations. The data analysis technique in this study used and two-stage regression. The results find that Profitability, Liquidity and Assets Structure are the determinant of Capital Structure. Capital structure obtained from the first stage of regression has a negative and significant effect on Firm Value.    
FIRM SIZE AS A CONTROL VARIABLE IN THE EFFECT OF PROFITABILITY ON STOCK PRICE WITH CAPITAL STRUCTURE AS MEDIATOR Istiqomah, Atika Rizki; Ichwanudin, Wawan; Suryani, Emma
Management Science Research Journal Vol. 2 No. 3 (2023): August 2023
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v2i3.74

Abstract

Purpose: The objective of this research is to figure out the impact of profitability (X) on stock prices by using capital structure (Z) as a mediating controllable and firm size as a predictor (Y). Methodology/approach: This study's population comprised eighteen companies, and it engaged secondary data and causal associative research methods with a quantitative approach. The regression intervention data analysis technique was used the SPSS 22 software. Results/findings: According to the analyses, ROA seemed to have a positive significant impact on stock prices, whereas DER had quite a significant negative impact on stock prices.Limitations: For five years, this sample was using one sub-sector of textile and garment companies. Contribution: Investors are expected to pay focus on aspects of profit related to net profit got each period based on managerial implications. Then, investors must consider the company's debt and equity levels, because companies with high debt levels can be risky to invest in. Novelty: Even though previous researchers' study became inconstant, the authors add debt to equity ratio as a mediator factor and firm size as a control framework in this research.
THE EFFECT OF MARKETING DUALITY ON PERFORMANCE: USING A RESPONSE SURFACE APPROACH TO OVERCOME EMPIRICAL BARRIERS Aripin, Zaenal; Ichwanudin, Wawan; Faisal, Ijang
Journal of Jabar Economic Society Networking Forum Vol. 1 No. 3 (2024): Jesocin - February
Publisher : Organisasi Kreatif Indonesia Emas

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Abstract

Marketing plays a crucial role in improving company performance. However, the relationship between marketing strategy and company performance is not always linear. The phenomenon known as the marketing duality effect shows the complexity in the interactions between marketing variables and company performance. To overcome the empirical obstacles associated with understanding duality effects, the response surface approach has been proposed as an effective analytical tool. This research aims to investigate the effects of marketing duality on firm performance and uses a response surface approach to overcome the related empirical obstacles. This study uses a qualitative descriptive analysis method to explore understanding of the effects of marketing duality and a quantitative response surface analysis method to model the relationship between marketing variables and company performance. The analysis shows that the duality effect of marketing has a significant impact on company performance, with interactions between marketing variables being complex and not always linear. By using a response surface approach, we can identify complex patterns in the relationships between marketing variables and company performance, and design more adaptive and responsive marketing strategies.
DETERMINAN PROFITABILITAS DAN IMPLIKASINYA TERHADAP NILAI PERUSAHAAN DENGAN LEVERAGE SEBAGAI VARIABEL INTERVENING Alfiana, Dede; Ichwanudin, Wawan; Khaerunnisa, Enis
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 12 No. 1 (2023)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v12i1.1265

Abstract

This research was conducted with the aim of knowing the ability of leverage to mediate the implications of profitability on firm value, with sales growth and cash turnover as determinants of profitability. The population in this study are companies from the trade, service and investment sectors in the tourism sub-sector, restaurants and hotels listed on the Indonesia Stock Exchange (IDX) for the period 2016 to 2020 with a total population of 19 companies. The antecedent variable of company growth is proxied by sales growth and the activity ratio is proxied by Cash Turnover, the independent variable of profitability is measured using ROE (Return on Equity), the dependent variable of company value is proxied by PBV (Price Book Value), and the intervening variable Leverage is proxied by DER (Debt to Equity Ratio). This study uses secondary data obtained from ICMD (Indonesian Capital Market Directory) for 2016-2020. Testing was carried out using SPSS. The results showed that sales growth has a positive effect on profitability, cash turnover has a positive effect on profitability, profitability has a positive effect on leverage, leverage has a positive effect on firm value, profitability has a negative effect on firm value, leverage mediates profitability on firm value..
THE ROLE OF GREEN PERCEIVED VALUE AND INNOVATION IN SMALL, AND MEDIUM ENTERPRISES COMPETITIVENESS Nupus, Hayati; Ichwanudin, Wawan; Worasutr, Assas
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 4 (2025): December
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i4.7398

Abstract

This study aims to examine the impact of Green Marketing on Small and Medium Enterprises (SMEs) Competitiveness by investigating the role of Green Perceived Value as a mediator and Green Innovation as a moderator. Using a survey design, quantitative data were collected from 97 owners and managers of SMEs in Serang who implement green practices and analyzed using the SEM-PLS method. The results show that Green Marketing does not have a significant direct impact on SMEs Competitiveness. However, Green Marketing significantly increases consumers' Green Perceived Value, which fully mediates the relationship between Green Marketing and SMEs Competitiveness. This finding emphasizes that the effectiveness of green strategies largely depends on how consumers evaluate and respond to the products. Additionally, Green Innovation acts as a moderator, strengthening the positive impact of Green Perceived Value on SMEs Competitiveness. Therefore, to achieve sustainable competitive advantage, Green Marketing must be integrated with innovations that enhance value in consumers' eyes, thereby delivering greater impact for SMEs.