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All Journal EkoBis ( Ekonomi & Bisnis ) Jurnal Manajemen Terapan dan Keuangan Jurnal Ilmu Manajemen (JIM) Jurnal Keuangan dan Perbankan Journal The Winners Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan JBTI : Jurnal Bisnis : Teori dan Implementasi JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Jurnal DISPROTEK Owner : Riset dan Jurnal Akuntansi Almana : Jurnal Manajemen dan Bisnis Jurnal Manajemen MABIS: Manajemen dan Bisnis Kajian Bisnis STIE Widya Wiwaha Prosiding Seminar Nasional Multidisiplin Ilmu Jurnal Asy-Syukriyyah International Journal of Economics Development Research (IJEDR) International Journal of Business, Humanities, Education and Social Sciences (IJBHES) Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) Asian Management and Business Review Jurnal Ekonomi Telaah Bisnis Indonesian Journal of Business Analytics (IJBA) Jurnal Ilmu Manajemen & Ekonomika Kasta: Jurnal Ilmu Sosial, Agama, Budaya dan Terapan Inkubis: Jurnal Ekonomi dan Bisnis Journal Research of Social Science, Economics, and Management Paradoks : Jurnal Ilmu Ekonomi Journal of Applied Economics in Developing Countries Maneggio Journal Of Economic Sciences (Ekuisci) Jurnal Asy-Syukriyyah Khazanah Sosial
Tri Gunarsih
Universitas Teknologi Yogyakarta
Religion Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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The Effect of Sustainability Report on Company Value with Corporate Governance as a Moderating Variable Ryan Hanafuri; Gunarsih, Tri
Indonesian Journal of Business Analytics Vol. 4 No. 4 (2024): August 2024
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v4i4.10059

Abstract

This study aims to analyze the effect of sustainability reports on firm value with Corporate Governance as a moderating variable. The population in this study are all companies listed on the Indonesia Stock Exchange (IDX), with a CGPI score from 2014-2021, and companies that publish sustainability reports from 2014-2021. This study used purposive sampling with a sample of 64 observations. The Moderating Regression Analysis (MRA) was applied to test the hypotheses. The results of this study indicate that the sustainability report has a significant positive effect on firm value (H1). Corporate Governance positively and significantly affects firm value (H2). Corporate Governance weakens the relationship between sustainability reports and firm value (H3).
The Influence of Environmental, Social, and Governance (ESG) on Price to Book Value (PBV), with Industry Classification as Moderation in ASEAN Companies 2013-2023 Tokit Masditok; Tri Gunarsih; Ira Geraldina; Ake Wihadanto
Khazanah Sosial Vol. 6 No. 2 (2024): Khazanah Sosial
Publisher : UIN Sunan Gunung Djati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/ks.v6i2.38456

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) practices on the financial performance of publicly listed companies in the ASEAN region, with a focus on Price-to-Book Value (PBV). The study further examines the moderating effect of industry sector classification, comparing heavy and non-heavy industries during the period 2013–2023. he research employs a quantitative method using secondary data in the form of unbalanced panel data. Panel data regression analysis is conducted using EViews to evaluate the effect of ESG on PBV. The analysis includes testing for moderating effects of industry sector classification (heavy vs. non-heavy sectors) using t-tests and F-tests to assess the significance of ESG’s influence on PBV. The results demonstrate a significant positive relationship between ESG and PBV in ASEAN companies. Companies with higher ESG scores tend to have higher PBV, indicating better market valuation. The study also finds that industry sector classification moderates this relationship, with non-heavy industries benefiting more from ESG practices than heavy industries, which face higher implementation costs and regulatory challenges. The findings suggest that ESG implementation can be a strategic tool for improving corporate financial performance, particularly in emerging markets like ASEAN. For heavy industries, government incentives may be necessary to offset high compliance costs. The research highlights the need for enhanced ESG disclosures and more consistent reporting standards across ASEAN to facilitate better integration of sustainability into business practices. This study fills a gap in existing literature by focusing on ASEAN, a region with unique economic and regulatory contexts. It contributes new insights into how ESG practices affect company valuation in developing markets, particularly by incorporating industry sector classification as a moderating variable, thus providing a more nuanced understanding of ESG's financial implications in diverse industrial contexts.
Financial Performance and Beer Distribution Game with Competition: Comparison of Supply Chains Without Strategy, Simple Moving Average and Single Exponential Smoothing Nengah Widiangga Gautama; Tri Gunarsih; Andi Harmoko Arifin; Mursalim Nohong
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.241

Abstract

Background: Supply chain management is challenged by demand uncertainty, inventory inefficiency, and rising operational costs. Existing Beer Distribution Game (BDG) studies generally overlook competitive dynamics and consumer trust considerations. Objective: This study compares the financial performance of BDG scenarios using no forecasting, SMA, and EMA strategies under competitive conditions and evaluates their impact on consumer shifts. Methods: A quantitative simulation-based experimental approach was employed using a modified Beer Distribution Game model developed in AnyLogic. The model incorporated consumer trust dynamics and competition mechanisms. Three forecasting scenarios were tested through 5,000 simulation replications. Financial performance was measured using total operational costs across retailer, wholesaler, distributor, and factory units. Data were analyzed using one-way ANOVA, followed by Bonferroni and Games-Howell post-hoc tests at a significance level of 0.05. Results: The results revealed significant differences among the three forecasting scenarios. The Single ES (EMA) strategy achieved the lowest average total operational cost (USD 1,163.07), significantly outperforming SMA (USD 1,771.21) and the no-strategy scenario (USD 1,810.81). EMA consistently reduced costs across all supply chain units, including retailer, wholesaler, distributor, and factory levels. However, EMA also generated the highest average consumer shift rate (32.90%), indicating a trade-off between cost efficiency and customer retention. The findings further suggest that adaptive forecasting improves supply chain stability and partially mitigates the bullwhip effect under competitive conditions. Conclusion: EMA offers superior cost efficiency, but should be complemented by customer retention strategies to ensure sustainable performance.
Financial Risk Mitigation Through Sustainability: Evidence from Construction Sector in Southeast Asia Rustandi Rustandi; Tri Gunarsih; Nuryasman Nuryasman; Faizul Mubarok
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.313

Abstract

Background: The construction sector is highly exposed to financial risk due to cost overruns, delayed payments, and market volatility. However, limited studies have examined how multidimensional financial risks affect firm value in Southeast Asia, particularly when ESG is positioned as a risk-mitigation mechanism. Objective: This study examines the effects of bankruptcy risk, fundamental risk, and liquidity risk on firm value while testing the moderating role of ESG in construction firms across Southeast Asia from 2015 to 2024. Methods: This study employed an explanatory quantitative design using unbalanced panel data, consisting of 1,831 observations for the direct risk model and 240 observations for the ESG moderation model. The data were analyzed using static panel estimation with Driscoll–Kraay standard errors and dynamic System GMM estimation. Results: Bankruptcy risk, fundamental risk, and liquidity risk significantly affected firm value across different model specifications. ESG significantly moderated the relationship between bankruptcy risk and firm value, indicating that sustainability practices strengthen the market signal of financial stability. However, ESG did not significantly moderate the effects of fundamental risk or liquidity risk on firm value. Conclusion: ESG practices selectively enhance firm resilience against bankruptcy risk, whereas operational and liquidity risks are assessed more independently by the market. This study contributes cross-country evidence on financial risk, firm value, and sustainability in Southeast Asia’s construction sector.
Turning Risk Reports into Action: A Critical Review of Behavioral Barriers to Effective Enterprise Risk Management Tri Gunarsih; Muh Arief Effendi; Fran Sayekti
Jurnal Internasional Bisnis, Humaniora, Pendidikan dan Ilmu Sosial Vol 8 No 1 (2026): International Journal of Business, Humanities, Education and Social Sciences
Publisher : Universitas Teknologi Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46923/ijbhes.v8i1.683

Abstract

This article provides a critical review of why enterprise risk management (ERM) often fails to turn risk reports into timely risk actions. Drawing on behavioral finance (prospect theory) and bounded rationality, we explain how cognitive biases and attention constraints distort risk appraisal (probability/impact estimation and prioritization) and risk response (mitigation execution and escalation), creating a persistent gap in risk reporting and action. Agency theory and upper echelons theory clarify how incentive misalignment and executive biases shape organizational risk-taking, while institutional theory highlights ERM decoupling between formal structures and actual decision practices. We synthesize these perspectives into an integrative framework that positions ERM maturity and risk culture as mechanisms that can either transmit or buffer the effects of bias. Finally, the review then outlines a toolkit of bias-aware risk controls, standardized scenario framing, pre-mortems, independent challenge, action triggers, and stop-loss/kill criteria to strengthen strategic decision discipline.
The Influence of Transformational Leadership and AI-Based Competency Development on Green Innovative Work Behavior: The Mediating Role of Innovation Knowledge Sharing Reinardus Dwi Prio Christianto; Tri Gunarsih; Agung Hartadi; Ade Setiawan; Arief Dermawan; Ahmad Syarifudin Sukasih
KASTA : Jurnal Ilmu Sosial, Agama, Budaya dan Terapan Vol. 6 No. 1 (2026): April
Publisher : Lembaga Bale Literasi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58218/kasta.v6i1.2553

Abstract

This study examines the influence of transformational leadership and AI-based competency development on employees’ green innovative work behavior, with innovation knowledge sharing serving as a mediating variable. The research aims to understand how leadership practices and technological competencies can encourage environmentally oriented innovation within organizations. A quantitative research approach was employed using survey data collected from employees through a structured questionnaire. The data were analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) technique to evaluate the relationships among the variables. The findings reveal that transformational leadership significantly influences innovation knowledge sharing and green innovative work behavior. Similarly, AI-based competency development positively affects innovation knowledge sharing and green innovative work behavior. In addition, innovation knowledge sharing has a significant positive effect on employees’ green innovative work behavior. The mediation analysis further demonstrates that innovation knowledge sharing partially mediates the relationships between transformational leadership, AI-based competency development, and green innovative work behavior. These findings highlight the importance of integrating leadership practices, technological competency development, and collaborative knowledge-sharing culture to promote sustainable innovation in organizations. This study contributes to the fields of organizational behavior and innovation management by providing empirical evidence on how leadership and AI-related competencies can foster environmentally oriented innovative behavior among employees in modern organizations.
COMPARATIVE ANALYSIS OF ACCURACY BETWEEN CAPITAL ASSET PRICING MODEL (CAPM) AND ARBITRAGE PRICING THEORY (APT) IN PREDICTING STOCK RETURN (CASE STUDY: MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2015-2018 PERIOD) Try Wahyuny; Tri Gunarsih
Journal of Applied Economics in Developing Countries Vol 5, No 1 (2020): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v5i1.53442

Abstract

This study aims to analyze the accuracy comparison between the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT) in predicting stock return in manufacturing companies listed on the Indonesia Stock Exchange (BEI) for the period 2015 - 2018. CAPM is a model of the relationship between risk and expected return of a security or portfolio. It can be used to determine the price of a risky asset, whereas APT is an approach in determining the price of an asset that is not only based on one variable, but many variables. The variables used in this study consist of market risk premium, inflation, exchange rates (Rp / USD), interest rates, and stock returns. The method used in sampling is purposive sampling. Based on the method, 20 samples of companies with certain criteria were obtained. The data used in this study are secondary data. Secondary data collection was obtained from the Yahoo Finance website, the Bank Indonesia website, and the Ok Stock website, which includes monthly time series data on closing stock prices and the Composite Stock Price Index (CSPI), as well as monthly time series on macroeconomic variables. Data analysis in this study uses Mean Absolute Deviation (MAD) by comparing the Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory (APT). The results of data calculations show that the Mean Absolute Deviation (MAD) value on the CAPM model has a value of 0.1096 and the APT model has a value of 0.3631. The smaller the value of Mean Absolute Deviation (MAD), it indicates that the regression model is more precise or accurate in predicting the dependent variable, namely stock returns. The results of data analysis show that the CAPM model is more precise or accurate than the APT model in predicting stock returns.Keywords: CAPM, APT, Accuracy, Stock Return  
THE INFLUENCE OF DIVIDEND POLICY, PROFITABILITY, AND CORPORATE GOVERNANCE (CG) ON COMPANY VALUE (EMPIRICAL STUDY ON GO PUBLIC COMPANIES LISTED IN CGPI INDEX IMPROVEMENTS 2010-2017) Wahyu Widiastuti; Tri Gunarsih
Journal of Applied Economics in Developing Countries Vol 4, No 1 (2019): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v4i1.42561

Abstract

This study aims to analyse the effect of the proxy policy dividend with Dividend Payout Ratio on firm value, the effect of proxied profitability with Return On Equity on firm value, and the effect of Corporate Governance proxied by the CGPI index on firm value. The company's value in this study is proxy by Price to Book Value. The independent variables in this study are dividend policy, profitability, and corporate governance, while company value is the dependent variable. This research is a type of quantitative research. The sample of companies in this study were 15 companies that go public on the Indonesia Stock Exchange (IDX) listed on The Indonesian Institute for Corporate Governance (IICG) and received a rating of the CGPI index (Corporate Governance Perception Index) in 2010 to 2017. So the amount of data in this study are 120 data. Sampling in this study uses a purposive sampling method that uses several terms and criteria. Data analysis in this study used descriptive statistical tests, multiple linear regression tests, and the classic assumption test consisting of normality tests, multicollinearity tests, autocorrelation tests, and heteroscedasticity tests. While the statistical tests in this study use the coefficient of determination (R²) test, srimultan test (F test), partial test (t test). Based on the results of research that has been done, it shows that the dividend policy which is proxied by the Dividend Payout Ratio has no effect on the value of the company, Profitability which is proxied by Return On Equity has a positive and significant effect on company value, and Corporate Governance using the CGPI index has a positive and significant effect to the value of the company. Keywords: Company Value, Dividend Policy, Profitability, Corporate Governance (CG)
DETERMINANT VARIABLES ON LEVERAGE AND SPEED OF ADJUSTMENT(STUDY IN INDONESIA STOCK EXCHANGE) Anggun Septina Lukitasari; Tri Gunarsih
Journal of Applied Economics in Developing Countries Vol 4, No 2 (2019): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v4i2.44400

Abstract

There have been many types of research on capital structure, however, those researches have not shown consistent results yet. This research aims to determine the effect of determinant variables of capital structure on leverage and speed of adjustment partially. The samples comprise 459 manufacturing companies listed in Indonesia Stock Exchange from 2009-2017. The statistic analysis utilized to test the hypothesis is multiple linear regression analysis. The test result shows that the determinant variables of capital structure have significant effects on leverage, and the partial effect of the determinant variables of capital structure (Profitability, Tangibility, Size, Growth Opportunity, and Income Variability) also has a significant effect. For the speed of adjustment, the size variable gives the biggest contribution compared to the other variables.Keywords: Leverage, Speed of Adjustment, Profitability, Tangibility, Size, Growth Opportunity, Income Variability.
The Influence of Digital Competence, Motivation, and Organizational Culture on Employee Performance in Electronic Retail Arief Dermawan; Tri Gunarsih; Lucia Ika Fitriastuti; Yohannes Vemberi; Saifudin Zuhri
KASTA : Jurnal Ilmu Sosial, Agama, Budaya dan Terapan Vol. 6 No. 3 (2026): August
Publisher : Lembaga Bale Literasi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58218/kasta.v6i3.3919

Abstract

The rapid development of digital technology has encouraged electronic retail companies to improve the quality of human resources to be able to adapt to changes in the dynamic business environment. Digital competencies, motivation, and organizational culture are seen as important factors that can affect employee performance levels. This study aims to analyze the influence of digital competence, motivation, and organizational culture on employee performance in electronic retail companies in the Special Region of Yogyakarta (DIY). This study uses a quantitative approach with data sources in the form of primary data obtained through the distribution of questionnaires to employees of electronic retail companies in the DIY area. The number of respondents in this study was 100 people. The data analysis technique uses Structural Equation Modeling (SEM) based on Partial Least Square (PLS) with the help of the SmartPLS application. The results of the study show that digital competence affects employee performance. Motivation also affects employee performance. In addition, organizational culture has been proven to have an effect on employee performance. Therefore, improving employee performance in electronic retail companies in DIY can be done through strengthening digital competencies, increasing work motivation, and developing an organizational culture that supports innovation, collaboration, and adaptation to digital technology developments.
Co-Authors Ade Setiawan Agung Hartadi Agus Santosa Ahmad Syarifudin Sukasih Ake Wihadanto Andi Harmoko Arifin Anggun Septina Lukitasari Arief Dermawan Arief Dermawan Astri Wening Perwitasari Bambang Hartadi Christianto, Reinardus Dwi Prio Dyah Febriyani Eka Maya Sari Etty Puji Lestari Eva Nurul Ramdiani Fahmy, Obaid Mujahid Faizul Mubarok Fran Sayekti Gunawan, Jhoni Ira Geraldina Jhoni Gunawan Lilis Endang Wijayanti, Lilis Endang Lucia Ika Fitriastuti Masditok, Tokit Melawati Mirna Indah Nurlita Muh Arief Effendi Mursalim Nohong Murtiadi Awaluddin Nengah Widiangga Gautama Nur Wening, Nur Nuryasman Nuryasman Oki Ragil Wardana Prasasti, Ponco Adityia Priska Ralna Eunike Culata Priska Ralna Eunike Culata, Priska Ralna Eunike Priyono, Dadang Putri Endah Astuti Raharjo, Santosa Budi Ristianawati Dwi Utami, Ristianawati Dwi Rita Sari Rustandi Rustandi Ryan Hanafuri Saefudin Saefudin Safitri, Julia Safruddin . Saifudin Zuhri Sari, Eka Maya Satria, Bagas Ardhi Yoga Satriya Dharma Mukti Septi Diana Sari, Septi Diana Setiyono Setiyono Setiyono Setiyono Tamas Novak Tamas Novak Tanti Febi Setiawan Tiara Cinta Putri Mardani Tokit Masditok Triana Aryanti Try Wahyuny Tubagus, Rahmat Nurseha Wahyu Widiastuti Wulan Handayani Wuryan Andayani Yohannes Vemberi Zamal, Syahrul