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Journal : asia-pacific management and business application

Economic Policy Uncertainty and Firm Value: The Role of Company Debt Apriansyah, Syahrud; Kamaludin, Kamaludin; Zoraya, Intan; Putra, Mukti Trio; Afandy, Chairil
APMBA (Asia Pacific Management and Business Application) Vol. 13 No. 3 (2025)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.apmba.2025.013.03.4

Abstract

This study examines the impact of economic policy uncertainty (EPU) on firm value, integrating several variables to enhance the understanding of this relationship. These variables include corporate leverage, debt restructuring, and firm performance. The data for this research were collected through a purposive sampling method, focusing on the financial statements of manufacturing companies in the ASEAN region from 2018 to 2023. The analysis will employ panel data regression techniques, utilizing the Eviews12 application. The findings indicate that EPU significantly affects corporate leverage, performance, and firm value. However, leverage, as proxied by Debt-to-Asset Ratio (DAR) and Debt-to-Capital Ratio (DCR), does not fully account for the performance and value of firms; only the DCR demonstrates a significant impact. Moreover, DCR is found to mediate the relationship between EPU and corporate performance or firm value. In contrast, debt restructuring does not moderate the effect of EPU on corporate performance. Lastly, it is evident that company performance significantly influences firm value and can mediate the impact of EPU on that value.
Comparing Returns: Do Indonesian Government Bonds Underperform Mutual Funds and Stocks? Irianto, Kurniawan Budi; Kamaludin, Kamaludin; Usman, Berto
APMBA (Asia Pacific Management and Business Application) Vol. 14 No. 1 (2025)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.apmba.2025.014.01.2

Abstract

Investment has long been common among Indonesians, with gold traditionally favored. Recently, younger generations have begun diversifying into capital market instruments such as stocks, mutual funds, and Indonesian government bonds (ORI). While these options offer higher return potential, they also carry greater risk. Retail investors often face obstacles such as limited capital, time constraints, and lack of accessible information, which can hinder optimal investment decisions. This study compares the returns of stocks, mutual funds, and ORI from February 22, 2021, to February 15, 2024. A modified present value formula is used to evaluate each investment, incorporating all cash flows coupon payments, cash dividends, and stock dividends throughout the investment period. This approach addresses a common gap in investment prospectuses, where present value considerations are frequently omitted by investment managers, leading to less accurate return assessments. Findings show that, on average, stocks deliver the highest returns, followed by ORI, with mutual funds yielding the lowest. These results provide practical insights for retail investors aiming to make more informed decisions based on return potential adjusted for the timing of payments.
Co-Authors . Darmansyah ., H.M. Chiar Abdullah, Ridwan Agustina Ekaputri, Retno Ahmad Nahrowi Akram Harmoni Wiardi Alesa, Nelly AMELIA FEBRIANA, AMELIA Amelia, Aas Antonius Antonius Anwar, Miftahul Apriansyah, Syahrud Ariatpi, Fina Arief Rijaluddin Arif Hidayat Aziza, Nurna Baehaqi Baidhillah Riyadhi Barus, Rosnelly Berto Usman, Berto Burhanudin Burhanudin Chairil Afandy Dantika, Fina Azizah Desi Rahmawati Dessy, Dessy Dewi Rahmayanti Dian Dian Dianti, Salma Ratna Divianto Divianto Dulyapit, Apit Effendi , Mohammad Sofwan Effendi, Mohammad Sofwan Emanuel, Viktor Endang Endang, Endang Evendi, Erpin Fajar Islamy, Mohammad Rindu Farashati, Alfiya Fatwanah, Fatwanah Fauzi, Erpan Fauziah, Siti Nur Indah Firdaus, M. Azis Firmansyah, Rendy Rizkyta Fitranita, Vika Fitri Santi Fridian, Sonny Agus Gunawan Gunawan Hana Silvana Harisudin, Mohamad Harry Triana Hendra Setiawan Heru Irianto Heru Santosa Hijroini, Hijroini Himmah Taulany Hoirunnisa Apriyanti Husaini⁴, Husaini⁴ IKA DAMAYANTI Indriani, Rini Irianto, Kurniawan Budi Irpan Ilmi Jahudin, Andi Aswad Jata, Anak Agung Gede Darma Jingga, Bening Kirana Joko Sutrisno Julir, Nenan Kankarofi, Rabiu H. Karnati , Neti Kristiyana, Yosi Imas Kurnianto, Egi Kurniati Karim Kustandi , Cecep Lalu Nurtaat, Lalu Lenny Marlina, Lenny Lestari, Ikhlazia Indah Linda Ika Mayasari, Linda Ika Listyasari, Winda Dewi Lusiana, Lufita Lutfia, Lutfia Syafrudin Marvin, Marvin Masduki Ahmad Mega Fatimah Rosana Midiastuty, Pratana Puspa Muhammad Afif Nabawiyah, Habsatun Nikmah Nikmah Nikodimus, Nikodimus Nupusiah, Ulpah Nurhattati Nurlaelatul, Neneng Pardi, Husnial Permana, Maya Raeimona Prasetijo , Joewono Prasetyaningtyas, Hariyani Predi Supriadi Putra Hani Pitriyani Putra, Mukti Trio Putri Ramadhania, Andita Raden Mohamad Herdian Bhakti Rahawarin, Benediktus Rahayu, Azi Juliar Rahmani, Neli Rahmawati , Desi Rahmi Maulida Rahmi Rismayani Deri Rajagukguk, Handyka Oktra Ramadhan, Nabil Auliya Ramanda, Aprilia Rizka, Annissa Fitriani Robiansyah, Anton Rugaiyah Runiasih, Mawar Rusmiyati, Lena Sahro Wardi Sari, Cynthia Mayang Sari, Nirwana Nilam Sidiq, Fahmi Sinaga, Markus Siti Zulaikha Situmorang, Marika Slamet . Sofwan Effendi, Mohammad Sri Mulyati Sri Sumarni Sugiarto S Sunarto, Ading Supadi Supadi Suranta, Eddy Suthia Hayu, Rina Syahrum Agung Syupriadin, Syupriadin Takdir, Muh Takdir, Muh. Taqiyya, Hana Teguh Trianung Djoko Susanto Teti Desyani Theoline, Easyah Thoyyibah, Kalimah Tjuparmah, Yooke Triana, Harry Tupan Tupan Wahyudi . Wawan Hermawan Yarmunida, Miti Yayat Hidayat Yuniarsih, Rizky Zoraya, Intan