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All Journal JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Jurnal Manajemen dan Agribisnis Signifikan : Jurnal Ilmu Ekonomi Jurnal Ekonomi Journal The Winners Indonesian Journal of Business and Entrepreneurship (IJBE) Journal of Indonesian Economy and Business Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal MIX : Jurnal Ilmiah Manajemen Jurnal Ekonomi & Kebijakan Publik Jurnal Manajemen Indonesia Journal of Economic, Bussines and Accounting (COSTING) Al-Muzara'ah AFEBI Economic and Finance Review JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Jurnal Akuntansi dan Bisnis Jurnal Proaksi International Journal of Zakat (IJAZ) Journal of Economics and Business UBS Business Review and Case Studies JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Indonesian Journal of Multidisciplinary Science International Journal of Cyber and IT Service Management (IJCITSM) Journal of Indonesian Economy and Business Inkubis: Jurnal Ekonomi dan Bisnis Journal of Business, Social and Technology Journal of Contemporary Administration and Management (ADMAN) Jurnal Ekonomi dan Pembangunan Indonesia Jurnal Komplikasi Anestesi Glosains: Jurnal Sains Global Indonesia
Tony Irawan
Department Of Economics, Faculty Of Economics And Management, Bogor Agricultural University
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Medicine & Pharmacology Public Health Social Sciences Other

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Pandemi Covid-19 dan Dampaknya Terhadap Klaim Asuransi di Indonesia: Studi Kasus BPJS Ketenagakerjaan: The Covid-19 and Its Impact On Insurance Claims in Indonesia: A Case Study of BPJS Ketenagakerjaan Afrianto, Andri; Irawan, Tony; Asmara, Alla
Jurnal Aplikasi Bisnis dan Manajemen Vol. 9 No. 3 (2023): JABM Vol. 9 No. 3, September 2023
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.9.3.908

Abstract

The COVID-19 virus has become a worldwide pandemic, and studies of its impact on insurance are needed. This paper aims to look at the impact of the COVID-19 pandemic on insurance by using the number of claim cases from BPJS Ketenagakerjaan in Indonesia, which covers 34 provinces. This study uses a time series spanning 2018-2021 and cross-sectional data from 11 regional offices of BPJS Ketenagakerjaan. The analytical method used in this research is static panel method. The dependent variable in this study is the number of claims cases (Claim) while the independent variables used are Covid19, per capita GRDP, and per capita -savings. Empirical findings suggest that COVID-19 cases are associated with additional insurance claims. Compared to before the pandemic, COVID-19 caused an average increase in claim cases by 0.2587845 per cent. Although the BPJS Ketenagakerjaan Program claims cases tend to increase every year, at the beginning of the pandemic, old-age security (JHT) and pension security (JP) programs were the most affected. Then in 2021, the death security (JKM), employment injury security (JKK), and pension security (JP) programs experienced the most significant increase in claim cases. Based on the results of the study, BPJS Ketenagakerjaan must prepare liquid funds to overcome the high number of claim cases during a pandemic such as the Covid-19 pandemic in the future. In addition, restrictions on community activities implemented by the government cause business processes to be developed digitally so that participants can carry out the claim process. Keywords: BPJS Ketenagakerjaan, COVID-19, Indonesia, insurance, insurance claim
Unveiling the Hidden Risks of Capital Inflows on Non-Financial Firm Performance in Indonesia Hesti Werdaningtyas; Noer Azam Achsani; Anny Ratnawati; Tony Irawan
International Journal of Cyber ​​and IT Service Management (IJCITSM) Vol. 6 No. 1 (2026): April
Publisher : International Institute for Advanced Science & Technology (IIAST)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34306/ijcitsm.v6i1.224

Abstract

The limited research on the impact of external debt on financial system stability at the micro level creates a clear need for further investigation. The positive contributions to the relevant discourse of this study lie in its attempt to address that gap by conducting a comprehensive micro panel data analysis, covering the performance of 523 individual Non-Financial Corporations (NFCs) in Indonesia, based on panel data. Additionally, this study employs advanced methodology, utilising a dynamic model and System-Generalised Methods of Moments (Sys-GMM) estimation. The research have tackled endogeneity issues using GMM estimators to ensure the robustness of our findings. The results indicate that different capital flows exert varying impacts on corporate performance. In particular, private external debt inflows and Portfolio Investments (PI) have a positive influence on the financial stability of firms. Conversely, direct investment in manufacturing firms and corporate credit growth have a significant impact on corporate financial stability. From a macroprudential policy perspective, the findings highlight the importance of monitoring corporate vulnerabilities, as it may pose risks to the banking sector. These insights provide valuable guidance for policymakers in developing more effective external debt management strategies to ensure financial stability.
Financial Performance Evaluation Between Traditional Bank and Digital Bank During Digital Transformation: Evidence From Indonesia Ahmad Jihan Tamami; Tony Irawan; Dikky Indrawan
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 1 (2025): JABM, Vol. 11 No. 1, January 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.1.176

Abstract

Background: The COVID-19 pandemic accelerated the transformation of the financial sector by significantly altering consumer behavior. This shift led to the rise of digital banks as replacements for traditional banks. However, some digital banks have underperformed compared to their initial performance or after undergoing mergers and acquisitions.Purpose: This study aims to analyze the financial performance of traditional banks before their digital transformation, providing insights to inform alternative strategies for digital banking.Design/Methodology/Approach: The research examines the financial performance of nine banks (four digital banks and five traditional banks) from 2019 to 2022. The performance metrics include liquidity ratio (Loan-to-Deposit Ratio, LDR), solvency ratio (Equity-to-Asset Ratio, EAR), profitability ratios (Net Interest Margin, NIM, and Return on Assets, ROA), and activity ratio (Total Asset Turnover, TATO). Data were collected online from the Financial Services Authority website, and the analysis was conducted using descriptive statistics, parametric tests (Paired Samples t-Test), and non-parametric tests (Mann-Whitney U Test).Findings/Results: The study finds that after transitioning to digital banks, there is a significant increase in the solvency ratio (EAR) but a notable decline in profitability (ROA) and activity (TATO). Compared to traditional banks, digital banks exhibit lower LDR and ROA but higher EAR and NIM.Conclusion: The study highlights key financial performance aspects associated with digital bank transformation. The findings suggest that enhancing financial performance requires improving liquidity, solvency, profitability, and activity ratios. Strategies include engaging with the digital ecosystem, acquiring new customers through innovation, consumer-focused financing, and strengthening core capital.Originality/Value (State of the Art): This research uniquely applies multiple financial performance parameters to compare digital banks before transformation with traditional banks in Indonesia. It identifies potential strategies to address challenges faced by digital banks, enhancing academic understanding and offering practical solutions to improve their financial performance. Keywords: digital bank, digital transformation, financial performance, traditional bank
Pengaruh Corporate Governance, Leverage, dan Kualitas Audit Terhadap Manajemen Laba (Studi Empiris Pada Perusahaan BUMN dan Swasta Pada Tahun 2016-2020): The Effect of Corporate Governance, Leverage, and Audit Quality on Profit Management (Empirical Study of State Owned Company and Private Company in 2016-2020 M. Abdul Rahman; Tony Irawan; Aruddy
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 2 (2024): JABM, Vol. 10 No. 2, May 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.2.624

Abstract

Background: Earnings management practices are generally carried out by company management to give a good impression to shareholders or investors regarding the company's performance in one reporting period. Earnings management is carried out, generally by recording profits in the company's financial statements, based on the wishes of the parties interested in it, with the intention of showing that the company has posted good performance and has good performance prospects in the future.Purpose: This study aims to examine the effect of corporate governance which consists of the proportion of independent commissioners, audit committees, and managerial ownership, leverage, and audit quality on earnings management in companies in the BUMN and private sectors in 2016-2020.Design/methodology/approach: The data analysis process in this study used panel data regression analysis.Findings/Result: The results of this study indicate that in the BUMN sector the audit committee and leverage variables have a significant effect on earnings management, while in the private sector the managerial ownership, audit committee and leverage variables have a significant effect on earnings management.Conclusion: The conclusion of this research is that the income minimization pattern often occurs in companies in the private sector with 22 distribution points whose motive is tax avoidance management, but the income maximization pattern often occurs in companies in the BUMN sector with 32 distribution points shown whose main motive is political agenda from the managerial level.Originality/value (State of the art): This research objectively examines companies in the State-Owned Enterprises (BUMN) and Private sectors across various types of industries without focusing on a single specific field. Additionally, the research employs a more diverse sampling method compared to other studies, allowing it to address issues more comprehensively. Keywords: earnings management, corporate governance, leverage, audit quality, financial performance, income minimization, income maximization.
Pengaruh Diversifikasi Pendapatan Terhadap Profitabilitas dan Stabilitas Perbankan di Indonesia: The Impact of Income Diversification on Banking Profitability and Stability in Indonesia Tiara Kusumadewi; Wita Juwita Ermawati; Tony Irawan
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 1 (2024): JABM, Vol. 10 No. 1, January 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.1.239

Abstract

The global economic crisis that occurred during the COVID-19 pandemic causing credit contraction that negatively affected the banking industry. Previous studies have shown that diversifying the bank's income to non-interest sources able to rescue banks to overcome financial hardship in the crisis but very few studies have been conducted to measure the impact of crisis during COVID-19 pandemic on bank’s profitability and stability. This paper aims to investigates the dynamics and the impact of income diversification on banking profitability and stability in Indonesia uses statistic descriptive and panel data regression of 72 conventional banks grouped into business groups based on core capital during 2017-2021 period, along with bank-specific (cost to income, loan to deposit ratio, capital adequacy ratio, size) and macroeconomic (crisis dummy during COVID-19 pandemic) used as control variables. Based on statistic descriptive, BUKU 1 group's income diversification increased during the crisis but shown a low profitability and stability. BUKU 2 and BUKU 3 group’s stability increased during the crisis but income diversification and profitability decreased. BUKU 4 group has the finest income diversification approach for achieving great profitability and stability. Results of panel data regression show that income diversification have a positive impact on bank’s profitability and stability. Keywords: conventional bank, crisis during covid-19 pandemic, bank’s income diversification, bank’s profitability, bank’s stability
Bauran Pemasaran dan Kualitas Layanan Kunjungan Terhadap Keputusan Pembelian di Perumahan Greenland: The Mark Eting Mix and The Quality of Visiting Services on Purchasing Decisions at Greenland Residences Khoirul Marzuki; Tony Irawan; Hartoyo
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 2 (2024): JABM, Vol. 10 No. 2, May 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.2.690

Abstract

Background: One of the most important needs of today's population is housing. The increase in population has led to an increase in the supply of property, but the demand for property in Bogor Regency has actually decreased. This affects housing sales at Greenland Forest Hill and Greenland Kemang. The variables that influence purchasing decisions are marketing mix and service quality. Purpose: The research objectives are to identify consumer characteristics, analyze the effect of marketing mix and visit service quality, and formulate managerial implications for the company. Design/methodology/approach: The method of data processing and analysis in this study uses descriptive analysis and Structural Equatin Modeling - Partial Least Square (SEM-PLS) analysis by utilizing SmartPLS tools. Findings/Result: The results of the study were 200 respondents in this study with a percentage of Greenland Kemang of 51% and Greenland Forest Hill of 49%.Conclusion: The conclusion of this study is that consumer decisions in Greenland housing are positively and significantly influenced by the variables of purchase intention and behavioral control. This shows that family plays a very big role in deciding to buy a house in Greenland Forest Hill and Kemang. In addition, location indicators and special services for consumers have a more significant influence on purchasing decisions than other variables.Originality/value (State of the art): This research enhances the literature on factors that influence home purchases. This research also shows that marketing mix and service quality can influence purchasing decisions through the theory of planned behavior model. Keywords: property, marketing mix, purchase decision, service quality, SEM-PLS
Analisis Determinan dan Strategi Peningkatan Profitabilitas Perusahaan Asuransi Kredit Astri Puspitasari; Noer Azam Achsani; Tony Irawan
Journal of Economics and Business UBS Vol. 15 No. 1 (2026): Journal of Economics and Business UBS
Publisher : Cv. Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/4r0tk153

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh rasio keuangan asuransi terhadap profitabilitas Asuransi Umum yang memiliki produk Asuransi Kredit yang diproksikan pada Return On Asset (ROA) ke 19 perusahaan dengan data yang digunakan menggunakan data sekunder periode 2019 sampai dengan 2024. Hasil penelitian kuantitif menunjukkan bahwa yaitu Solvency Margin Ratio (SMR) dengan korelasi negatif, Rasio Kecukupan Dana (RKD) dengan korelasi positif, dan Rasio Likuiditas (RLK) dengan korelasi negatif memiliki perngaruh signifikan terhadap ROA dan secara simultan keseluruhan rasio memberikan pengaruh 72,15%. Dalam implikasi manajerial digunakan metode kualitatif untuk menentukan strategi prioritas yang disesuaikan dengan POJK Nomor 20 tahun 2023. Metode yang digunakan adalah matriks SWOT dan ANP BOCR dengan sumber data sekunder melalui Laporan Keuangan perusahaan asuransi umum BUMN, anak usaha BUMN dan Swasta Konglomerasi. Sumber data primer yaitu depth interview dengan pakar dan pelaku industri asuransi kredit. Hasil penelitian SWOT menunjukkan posisi strategi Tumbuh dan Kembangkan dan Turnaround dimana perusahaan masih perlu menjaga stabilitas laporan keuangannya, operasional produk eksisting dan memperluas pasar sumber bisnis asuransi kredit untuk keberlangsungan produk juga stabilitas premi. Pada hasil penelitian untuk ANP BOCR prioritas pada produk asuransi kredit eksisting perlu dikelola sesuai dengan aturan POJK terbaru, aturan pemerintah dan induk perusahaan, menjaga stabilitas kondisi keuangan perusahaan selanjutnya adalah perluasan pasar asuransi kredit dalam rangka peningkatan produktifitas premi dengan mempertimbangkan biaya dan risiko eksternal seperti kondisi ekonomi dan keuangan.
Hubungan U-Shaped antara Kinerja ESG dan Profitabilitas Perusahaan Sektor Manufaktur di Indonesia Kurniawan Bagas; Hermanto Siregar; Tony Irawan; Tanty Novianti
Jurnal Akuntansi dan Bisnis Vol 25, No 2 (2025)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jab.v25i2.1648

Abstract

This study examines the nonlinear effect of environmental, social, and governance (ESG) performance on firms’ return on assets in Indonesia. The study uses panel data on 12 manufacturing firms listed on the Indonesia Stock Exchange during 2017–2023, sourced from Refinitiv Eikon. The estimation is conducted using a fixed-effects panel regression with robust standard errors. ESG is included as the natural logarithm of the ESG score and its squared term to test a U-shaped pattern. The results show that the coefficient on log ESG is negative and statistically significant, while the coefficient on squared log ESG is positive and statistically significant. These findings indicate that ESG improvement at lower levels tends to reduce profitability, but at higher levels it tends to increase return on assets. In addition, leverage and the COVID-19 period reduce return on assets, whereas operating liquidity increases return on assets.
A Certainty Equivalent Framework for Analyzing Risk Preferences in Organizational and Personal Decision-Making Irvan Novikri; Noer Azam Achsani; Roy H.M. Sembel; Tony Irawan; Tubagus Haryono
Glosains: Jurnal Sains Global Indonesia Vol. 7 No. 3 (2026): Glosains: Jurnal Sains Global Indonesia
Publisher : Sekolah Tinggi Agama Islam Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59784/glosains.v7i3.781

Abstract

Background: Decision-making under uncertainty remains a critical challenge in both organizational and personal contexts. Misunderstanding the differences between uncertainty, variability, ambiguity, and risk often leads to inaccurate risk assessments and biased decisions. Objective: This study examines risk attitudes and their influence on decision-making by clarifying conceptual distinctions among uncertainty-related conditions and evaluating their implications for effective risk management. Methods: This study applies a systematic literature review by synthesizing foundational and contemporary studies on decision analysis and risk attitudes. The analysis employs the Certainty Equivalent (CE) framework to classify risk preferences and examines the influence of cognitive biases on decision quality. Results: The findings indicate that the CE framework effectively differentiates risk-neutral, risk-averse, and risk-seeking behaviors based on preferences toward uncertain outcomes. Comparative analysis shows that excessive risk aversion or risk-seeking behavior can reduce long-term financial outcomes, while organizational incentive structures may encourage risk preferences that conflict with optimal strategies. Conclusion: This study concludes that aligning individual and organizational risk attitudes is essential for improving decision quality. The Certainty Equivalent framework provides a practical approach for diagnosing and calibrating risk preferences, while future research should validate the framework through empirical studies across diverse industries.
Financial Performance and Financial Flexibility in Mining Service Companies (A Case Study of PT XYZ) Didit Pramadi; Noer Azam Achsani; Tony Irawan
Journal of Business, Social and Technology Vol. 7 No. 3 (2026): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/bustechno.v7i3.734

Abstract

Background: The rapid expansion of Indonesia’s coal mining industry requires mining service companies to maintain strong financial performance and financial flexibility to support investment and sustainable growth. Corporate transformation may improve operational performance but can also increase capital expenditure and debt. Objective: This study evaluates the financial performance of PT XYZ before and after its corporate transformation and examines the effects of financial performance indicators on financial flexibility. Methods: This quantitative time-series study uses quarterly financial data from PT XYZ for 2013–2023, comprising 44 observations. Financial performance is measured using Return on Assets (ROA), Current Ratio (CR), Debt to Asset Ratio (DAR), Total Asset Turnover (TATO), and Investment Activity (INV), while financial flexibility is measured using the Cash Debt Coverage Ratio. The Autoregressive Distributed Lag (ARDL) approach is employed to examine short- and long-run relationships. Results: Financial performance and financial flexibility improved after the transformation, although leverage increased. ARDL results show that ROA has a significant positive effect on financial flexibility in both the short and long run. DAR has a significant negative effect in both periods, while INV has a significant positive effect. CR has a significant negative effect only in the short run, whereas TATO has no significant effect. The bounds test confirms a long-run cointegration relationship (F-statistic = 8.97). Conclusion: Corporate transformation improved PT XYZ’s financial performance and financial flexibility. Profitability and productive investment strengthen financial flexibility, whereas higher leverage constrains it. Sustainable financial resilience therefore requires a balance between profitable growth, and productive investment.
Co-Authors Abdullah, Feriansyah Abrar Setiawan Achsani, Noer Azham Adler Haymans Manurung Afrianto, Andri Ahmad Cahyo Nugroho Ahmad Jihan Tamami Ahmad Rifai Ajeng Ayu Sabriani Alla Asmara Anny Ratnawati Anny Ratnawati Arief Anshory Yusuf Aruddy Astri Puspitasari Dadang Wahyu Juniarwoko Debby Anggraeni Dedi Budiman Hakim Deviyantini Deviyantini Deviyantini, Deviyantini Didit Pramadi Dikky Indrawan Djayanti Sari Djoni Hartono Dominicus Savio Priyarsono DS Priyarsono Eka Khaerandy Oktafianto Erliza Noor Faisal Azmi Feriansyah Abdullah Feriansyah, Feriansyah Futu Faturay Garin Pratiwi Solihati Hakim, Dedi Budiman Hartoyo Hendri Setiadi Hendro Sasongko Hermanto Siregar Herry Suhardiyanto Hesti Werdaningtyas Indrawan, Dikky Irfan Syauqi Beik Irvan Novikri Isro'iyatul Mubarokah Isro’iyatul Mubarokah Jamhari Jamhari Juniarwoko, Dadang Wahyu Khoirul Marzuki Kurniawan Bagas Lukytawati Anggraeni M. Abdul Rahman Maemonah, Maemonah Meilina Pudjiani Moch. Hadi Santoso Muhammad Fauzan Fadhlani Muhammad Firdaus Mulya Syafnur Mursalin, Destrianto Noer Azham Achsani Noviyanti, Fuzi Nugraha, Dwi Tjahya Nur Maghfirah Nur Muflihatun Azizah Pudjiani, Meilina Raden Dikky Indrawan Rahmawati, Mega Tri Ranti Wiliasih Ray Agung Sucika Pratama Ready Prima Dudesy Reffi Marizka Dewi Risya Maulida Septiana Roy H.M. Sembel Salman Fajri Salman Fajri Santoso, Moch. Hadi Saraswati, Raras Aisyah Sidiq Suryo Nugroho Soni Rita Purba Sri Retno Wahyu Nugraheni Sudadi Sugema, Iman Tanty Novianti Tiara Kusumadewi Tony Trias Andati Trias Andati Trias Andati Tubagus Haryono Vina Eka Andriyani Wanda Kharisa Ristyanti Wita Juwita Ermawati Yusman Syaukat