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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 Eduvest - Journal of Universal Studies The Es Economics and Entrepreneurship Journal of Contemporary Administration and Management (ADMAN) Jurnal Ekonomi dan Pembangunan Indonesia Jurnal Komplikasi Anestesi Glosains: Jurnal Sains Global Indonesia Indonesian Journal of Accounting, Risk, and Governance
Tony Irawan
Department Of Economics,Faculty Of Economics And Management, IPB University, Jl. Agatis, IPB Dramaga Campus, Dramaga, Bogor, 16680 Indonesia
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Medicine & Pharmacology Neuroscience Public Health Social Sciences Other

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Framework of Multi-Theoretical Mechanisms in Financial Distress: The Interaction Between Financial Pressure and Liquidity Failure Mutia Prawitasari; Trias Andati; Tony Irawan
Indonesian Journal of Accounting, Risk and Governance Vol. 1 No. 1 (2026): IJAR Vol. 1 No. 1, April 2026
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijar.1.1.41

Abstract

Background: Increasing leverage and economic uncertainty heighten the risk of financial distress; however, the relationship between capital structure and distress remains inadequately explained by approaches that focus on individual determinants.Objective: This study aims to develop an integrative multi-theoretical framework to explain financial distress as a causal process involving the interaction between financial pressure and liquidity capacity using a qualitative literature-based approach.Method: This study adopts a qualitative literature-based approach by integrating trade-off theory, pecking order theory, and market timing theory, along with supporting theories such as agency theory and asymmetric information. Findings: The results indicate that capital structure outcome generates financial pressure, placing firms in a pre-distress state. However, financial distress does not arise directly from leverage; rather, it occurs when financial pressure is not offset by sufficient liquidity capacity. Within this framework, working capital management functions as a corrective mechanism that determines whether financial pressure can be absorbed or escalates into distress through liquidity failure.Conclusion: This study positions financial distress as an outcome of the interaction between financial pressure and liquidity capacity within a layered causal system, and identifies two implicit evolutionary paths: intervention through corrective mechanisms or progression toward a terminal pathway.Originality: This study contributes theoretically by shifting the perspective from direct relationships toward a mechanism-based explanation, and by positioning working capital management as a key mechanism in the transformation of financial pressure into financial distress. Keywords:capital structure, financial distress, working capital management, corporate finance
Construction of Eligibility Indicators for Credit Guarantee Recipient Partners: A Case Study at Guarantee Company XYZ Ni Kadek Manik Dewantari; Noer Azam Achsani; Tony Irawan
The Es Economics and Entrepreneurship Vol. 5 No. 01 (2026): The Es Economics And Entrepreneurship (ESEE)
Publisher : Eastasouth Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/esee.v5i01.1187

Abstract

Indonesia's credit guarantee companies recorded asset growth from IDR 27 trillion in 2020 to IDR 46 trillion in 2024. However, the performance of the guarantee industry declined in 2024, marked by a 14.8 percent decrease in net profit, a 27.4 percent increase in net claim expenses, and a claim ratio rising to 94 percent in 2024 and 103.92 percent in February 2025, causing guarantee fee income to no longer cover claim expenses. The increase in claims was influenced by the low quality of guaranteed credit, requiring guarantee companies to evaluate bank eligibility as guarantee recipient partners based on 13 variables related to financial performance and guarantee risk, using a sample of 28 active KUR partner banks in 2024 at Guarantee Company XYZ, employing the PCA and K-Means Clustering methods. The results show that guarantee recipient partners exhibit similar characteristic patterns among certain banks, with an average CAR of 27.65 percent and NPL of 2.62 percent, along with an annual Claim Ratio trend rising sharply and simultaneously in 2024. The PCA analysis produced five principal components explaining 83.45 percent of data variance, namely Financial Performance, Guarantee Risk, Governance Vulnerability, Guarantee Intensity, and Liquidity Risk. The K-Means Clustering method confirmed this shared characteristic, producing six bank clusters with homogeneous performance profiles, categorized as Eligible (Cluster 1-4) and Ineligible (Cluster 5-6). These criteria serve as a basis for guarantee companies in selecting guarantee recipient partners, for banks in maintaining credit quality, and for the government in formulating guarantee policies that are selective and based on partner quality.
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.
Study on the Application of Markowitz’s Portfolio Selection Theory in Upstream Oil and Gas Investment Decision Irvan Novikri; Noer Azam Achsani; Roy H.M. Sembel; Tony Irawan; Tubagus Haryono
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.v8i2.276

Abstract

Background: … Objective: Modern portfolio theory aims to maximize investment returns while managing the amount of risk taken, represented by variance, across different investment options. By regularly monitoring and adjusting their portfolio, investors can better align their investments with their specific financial goals and objectives. This theory emphasizes the importance of both selecting diverse investments and understanding the risks involved to achieve the best possible financial outcomes. Methods: The basic idea of portfolio theory is that the overall risk of a group of investments (or portfolio) depends on not just the risk of each individual investment but also how those investments interact with each other, known as their covariance or correlation. Having a mix of different risky assets can help manage risk because while some investments may increase in value, others might decrease, balancing out the overall effect. This process of combining different assets is called diversification, and it helps reduce the chance of significant losses in the portfolio. Results: Understanding the relationships between different investment projects can create additional benefits in managing risk. For example, if two projects are negatively correlated, meaning that when one succeeds, the other tends to fail, this can help reduce the chance of losing money on both projects at the same time. If projects are independent, diversifying investments can spread risk effectively, but if they are negatively correlated, it provides an even better safety net, potentially lowering the risk of total loss to almost nothing. Conclusion: To estimate how much the returns of assets in a portfolio might vary, portfolio managers look at the past performance of those assets since future performance is uncertain and cannot be predicted. The goal of diversifying a portfolio is to manage risk and build wealth over time, so understanding how assets behaved in different conditions helps in making informed investment decisions. This historical data serves as a useful guide to assess potential future variability and manage the risks associated with investments.
DETERMINANTS OF PROFITABILITY OF GENERAL INSURANCE COMPANIES IN INDONESIA Faisal Azmi; Tony Irawan; Hendro Sasongko
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 6, No 2 (2020): Vol 6, No 2 (2020)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34203/jimfe.v6i2.2263

Abstract

This paper investigates the determinants of profitability of General Insurance in Indonesia, focusing on firm-specific factors and macroeconomics factors. General Insurance in Indonesia play important role in the economy by providing protection of risk of loss either to organizations and individuals. Based on this background, the aim of this paper is to study and improve the profitability of general insurance through a random effect analysis of 40 general insurance companies since 2013 until 2017. The data obtained is time series data and cross section data so that the data analysis in this study uses Panel Data Regression Analysis. The empirical study shows that firm size, liquidity ratio, equity growth, underwriting result, return on investment, input cost, claim ratio, technical ratio, economic growth rates and Bank Indonesia interest rate are significant factors that affect profitability of general insurance companies. Companies can improve their profitability by planning, monitoring and defining financial strategy based on the relation whether positive or negative, between significant factors and profitability.
KARAKTERISTIK KESEHATAN PERUSAHAAN DI INDUSTRI ASURANSI UMUM INDONESIA Abrar Setiawan; Tony Irawan; Hendro Sasongko
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 5, No 2 (2019): Vol 5, No 2 (2019)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34203/jimfe.v5i2.1920

Abstract

Health of general insurance companies can be seen from the value of Risk Based Capital (RBC) with a minimum value of 120%. In the 2013-2017 period, the RBC value tended to decline, 2 general insurance companies which had an RBC value of less than 120%, 1 company that is under the supervision of the regulator, and 1 company is bankrupt. 40 companies were used as samples. Based on descriptive statistical analysis, the average RBC of general insurance companies is 351%. This value is far higher than the minimum value set by the regulator, which is 120%. This RBC value that is too large means the general insurance company in Indonesia is at a healthy level. However, the RBC value that is too large also indicates that general insurance companies have not been able to maximize existing capital so that it is over the capital. The results of this study require management must also maintain the ideal RBC value so that the profits obtained remain optimal. The regulator must also keep an eye on the RBC value to stay greater than 120%. However, this RBC value should not be too large to prevent over capital so that there is a decrease in industrial performance.
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 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 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 Lukmanul Hakim Aziz Lukytawati Anggraeni M. Abdul Rahman Maemonah, Maemonah Meilina Pudjiani Moch. Hadi Santoso Muhammad Fauzan Fadhlani Muhammad Firdaus Mulya Syafnur Mursalin, Destrianto Mutia Prawitasari Ni Kadek Manik Dewantari Noer Azam Achsani Noer Azham Achsani Noviyanti, Fuzi Nugraha, Dwi Tjahya Nugraheni, Sri Retno Wahyu 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 Sudadi Sugema, Iman Tanty Novianti Tiara Kusumadewi Tony Trias Andati Trias Andati Trias Andati Trias Andati Tubagus Haryono Vina Eka Andriyani Wanda Kharisa Ristyanti Wita Juwita Ermawati Yusman Syaukat