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All Journal International Journal of Public Health Science (IJPHS) Jurnal Manajemen dan Bisnis Sriwijaya Management Analysis Journal Syntax Literate: Jurnal Ilmiah Indonesia AFEBI Economic and Finance Review JURNAL AKUNTANSI, MANAJEMEN DAN EKONOMI Jurnal Scientia Dynamic Management Journal Journal of Economic, Business & Accounting Research Jurnal Manajemen dan Usahawan Indonesia
Rizkianto, Eko
Departement Of Management, Faculty Of Economics And Business, University Of Indonesia, Indonesia
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Budget performance evaluation before and during the COVID-19 pandemic Nia Rosmiati; Rizkianto, Eko
Journal of Economic, Business & Accounting Research Vol. 1 No. 2: (January) 2024
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/jembar.v1i2.2024.276

Abstract

The 2020 crisis was caused by a disease outbreak that had an impact on global health and the economy, including Indonesia. As a quick response the government has refocused and reallocated on spending in handling and overcoming the impact of COVID-19, so that Ministries/Institutions must readjust their programs and budgets which affect the organization's performance targets has been established. Previous research where government agencies experienced a decline in performance during the pandemic. However, based on the Performance Report published by LIPI, shows an increase in average performance achievements. This research aims to examine the results of the evaluation analysis of budget performance variables, namely output achievement, budget realization, efficiency and consistency of fund withdrawals for planning for the 2019 and 2020 period with an exploratory approach use case study method. Data was obtained through documentation studies and in-depth interviews through open questions with the program and budget team, financial and budget at the DIPA unit level, and others. LIPI's performance can be achieved due to the policy of shifting the focus of research activities related to handling the coronavirus, changes in research patterns carried out by researchers, changes in business patterns and processes, and changes in the budget management scheme.
EMPIRICAL TESTING OF FAMA-FRENCH ASSET PRICING MODEL IN INDONESIA STOCK EXCHANGE DURING COVID-19 PANDEMIC Sitanggang, Okta Martua; Rizkianto, Eko
Dynamic Management Journal Vol 8, No 1 (2024): January
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i1.10106

Abstract

The volatility of the Indonesian Stock Exchange (BEI) increased significantly during the Covid-19 pandemic period. In this period return predictability and price volatility in the stock index experienced a single structural break. There is concern among investors and academics that the asset pricing approach model that has been empirically accepted so far is unable to explain the return or excess return of an asset or investment during the Covid-19 pandemic period. This research tests the significance of the size (market capitalization), profitability, value (book-to-market), investment, and market risk premium (Rm-Rf) factors on the excess return of stock portfolios on the Indonesian Stock Exchange during the Covid-19 pandemic period. Existing studies show that the Covid-19 pandemic has affected investor sentiment, causing investors to panic and be pessimistic about their investments. In addition, there were deviations from the efficient market hypothesis during several pandemic periods in several countries so that stock prices did not fully reflect the available information. After testing, it was found that the factors size (market capitalization), profitability, value (book-to-market), investment, and market risk premium (Rm-Rf) did not have a significant influence on the excess return of stock portfolios on the Indonesia Stock Exchange during the period Covid-19 pandemic.
The Influence of Stock Liquidity on Several Measures of Cost of Equity Capital of Companies Listed in Indonesia 2015 to 2022 Arga, Junior Aulia; Rizkianto, Eko
Jurnal Akuntansi, Manajemen dan Ekonomi Vol 27 No 1 (2025): January - June 2025
Publisher : Faculty of Economics and Business, Jenderal Soedirman University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32424/1.jame.2025.27.1.14119

Abstract

Research on the influence of stock liquidity on equity capital cost is still scarce in the context of developing countries. Furthermore, there are differences in the cost of equity proxies in the literature. This study aims to investigate the influence of stock liquidity on companies’ cost of equity capital in Indonesia from 2015 to 2022. Through a series of tests conducted, empirical evidence is found that stock liquidity has a significant influence on cost of equity capital estimated by Price-Earning to Growth Model and model by Ohlson & Juettner-Nauroth. As hypothesized, the lower the liquidity of a stock (the higher the value of stock illiquidity Amihud or its bid-ask spread), the higher the cost of equity capital faced by the company, and vice versa. On the other hand, the cost of equity capital estimated with the Capital Asset Pricing Model shows an illiquidity discount for less liquid shares.
Evaluasi Proyek Kerjasama Pemerintah dan Badan Usaha (KPBU): Studi Kasus Pada Rumah Susun KEK Sei Mangkei Renatha, Gina; Rizkianto, Eko
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v10i1.54980

Abstract

Penyediaan satu juta hunian layak bagi Masyarakat Berpenghasilan Rendah (MBR) merupakan salah satu prioritas pemerintah dalam RPJMN 2020–2024. Salah satu proyek yang dirancang untuk MBR dan pekerja di KEK Sei Mangkei adalah pembangunan rumah susun melalui skema KPBU. Namun, proyek ini menghadapi kendala karena skema pengembalian investasi yang memenuhi indikator kelayakan menggunakan availability payment (AP) yang bersumber dari APBD, sedangkan keterbatasan anggaran pemerintah daerah menjadi hambatan utama. Penelitian ini bertujuan untuk mengidentifikasi kombinasi ruang lingkup yang dapat mendukung kelayakan ekonomi dan finansial jika proyek distrukturkan dengan skema pengembalian tarif, menggunakan metode ABMS, NPV, IRR, PBP, dan DSCR. Hasil penelitian diharapkan mampu memberikan rekomendasi ruang lingkup proyek yang optimal untuk mendukung kelayakan ekonomi dan finansial.
Empirical Testing of Fama-French Asset Pricing Five Factor Model In Indonesia Stock Exchange During The Covid-19 Pandemic Period Sitanggang, Okta Martua; Rizkianto, Eko
AFEBI Economic and Finance Review Vol. 8 No. 2 (2023): December
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

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

Abstract

The volatility of the Indonesian Stock Exchange Composite (JKSE) increased significantly during the Covid-19 pandemic period. In this period, return predictability and price volatility in the stock index experienced a single structural break. There is concern among investors and academics that the asset pricing model that has been empirically accepted so far is unable to explain the return or excess return of an asset or investment during the Covid-19 pandemic period. This research empirically tests the significance of Fama – French Five Factor Model. The significance of factors consists of size (market capitalization), profitability, value (book-to-market), investment, and market risk premium (Rm-Rf) factors explain the excess return of stock portfolios on the Indonesian Stock Exchange during the Covid-19 pandemic period. Existing studies show that the Covid-19 pandemic has affected investor sentiment, causing investors to panic and be pessimistic about their investments. In addition, there were deviations from the efficient market hypothesis during several pandemic periods in several countries so that stock prices did not fully reflect the available information. After testing, it was found that the factors size (market capitalization), profitability, value (book-to-market), investment, and market risk premium (Rm-Rf) did not have a significant influence on the excess return of stock portfolios on the Indonesia Stock Exchange during the period Covid-19 pandemic. Keywords: asset pricing; structural break; Fama-French
ANALYSIS OF THE IMPACT OF MERGERS AND ACQUISITIONS ON THE VALUE OF FINANCIAL SYNERGY Sarpi, Sarpi; Rizkianto, Eko
Dynamic Management Journal Vol 8, No 3 (2024): July
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i3.11364

Abstract

This study analyzes how mergers and acquisitions affect financial synergy in Indonesian public and state-owned companies. Using metrics like profitability, efficiency, liquidity, solvency, and funding capacity, it examines one year before and five years after these transactions, based on data from 84 firms (2005-2015, financial reports spanning 2004-2020). The Wilcoxon signed rank test calculates pre- and post-merger averages. Findings show decreased capital costs (debt, equity, weighted average) but also reduced profitability (ROIC) and efficiency (TAT). Stakeholders should focus on enhancing financial synergy by boosting funding capacity and planning to improve profitability, efficiency, solvency, and liquidity. Future research should specifically measure the incremental financial synergy value post-transaction and the value generated from operational synergy.
DETERMINANTS OF INITIAL RETURN PERFORMANCE IN INDONESIA INITIAL PUBLIC OFFERINGS: A 2018-2022 ANALYSIS Syaifuddin, Nabilah; Rizkianto, Eko
Dynamic Management Journal Vol 8, No 1 (2024): January
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i1.10130

Abstract

This research aims to analyze the impact of firm age, IPO risk, underwriter reputation, auditor reputation, company’s industry, Altman Z-Score, firm size, and intended use of IPO proceeds on the level of initial returns of IPOs. In this study, the intended use of IPO proceeds is categorized into growth opportunities, debt repayment, and working capital. The sample for this study consists of companies listed on the Indonesia Stock Exchange during the period of 2018-2022. In addition to the Ordinary Least Square test, the regression method with Quantile Regression is used to analyze the effects in the model at different quantile levels. Overall, IPO risk, Altman Z-Score, total assets, and growth opportunities have a positive influence on the level of initial returns of IPOs. Furthermore, underwriter reputation, auditor reputation, company’s industry, debt repayment, and working capital have a negative influence on the level of initial returns on the Indonesia Stock Exchange. On the other hand, firm age does not have a significant effect on the level of initial returns in the Indonesian capital market.
Pengaruh Covid-19 Terhadap Imbal Hasil Saham Perusahaan Sektor Kesehatan, Teknologi, Keuangan, Transportasi dan Logistik yang Terdaftar di Bursa Efek Indonesia Periode Januari – Mei 2020 Salsabila, Ghina; Rizkianto, Eko
Jurnal Manajemen dan Usahawan Indonesia Vol. 47, No. 1
Publisher : UI Scholars Hub

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

Abstract

This study aims to explore the impact of Covid-19 confirmed cases and Covid-19 death cases on stock return of healthcare, technology, finance, transportation, and logistic sector companies listed on Indonesia Stock Exchange in January – May 2020. Using panel data regression method, the study found that Covid-19 confirmed cases significantly affect stock return of healthcare, technology, finance, transportation, and logistic sector companies. However, there are no significant impact of Covid-19 death cases on stock return of healthcare, technology, finance, transportation, and logistic sector companies.
Analisis Peringkat Kredit Korporasi Non-Keuangan di Indonesia Ditinjau Dari Model dan Indikator Risiko Kredit Berbasis Data Akuntansi dan Data Pasar Periode 2013 - 2022 Tanukusuma, Reinard; Rizkianto, Eko
Jurnal Manajemen dan Usahawan Indonesia
Publisher : UI Scholars Hub

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

Abstract

This research entails an examination of credit risk assessment (credit rating) with respect to credit risk assessment models utilizing accounting data and market data for non-financial corporations in Indonesia between the years 2013 and 2022. The sample comprises credit rating values of 20 companies listed on the Indonesia Stock Exchange and included in the IDX 80 index, possessing credit ratings from PEFINDO over a ten-year period from 2013 to 2022. Panel data analysis is conducted, employing the multiple linear regression method. The findings of this study reveal that the accounting data-based model demonstrates the significance of liquidity, capital structure, and interest payment ability indicators, while the market data-driven model highlights the influence of equity volatility and market multiples indicators in respect on credit ratings. Moreover, the study concludes that the combined model incorporating accounting data-based and market data-driven models provides a more comprehensive and holistic explanation of credit ratings.
Analysis of risk factors associated with subjective fatigue symptoms among coal mining vehicle operators Modjo, Robiana; Sulistiyorini, Desy; Rizkianto, Eko; Susilowati, Indri Hapsari; Triwibowo, Didik
International Journal of Public Health Science (IJPHS) Vol 14, No 4: December 2025
Publisher : Intelektual Pustaka Media Utama

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.11591/ijphs.v14i4.26601

Abstract

Coal mining vehicle operators have negative consequences with health effects such as fatigue. The aim of the study was to analyze the risk factors related to subjective fatigue among coal mining operators. Specifically, it seeks to examine the relationship between work shift, working period, sleep quantity, sleep quality, and personal characteristics, such as age, neck circumference, and body mass index. Data were collected from a coal mining site in South Kalimantan, Indonesia in 2022 with primary questionnaires. A total of 440 workers who worked in the mining and hauling area for at least one year were recruited in this study. This was a cross-sectional study. Quantitative data were obtained to describe the level of subjective fatigue and to analyze the risk factors associated with the work fatigue in coal mining vehicle operators. The fatigue was associated with obesity (OR:1.777, 95% CI:1.0067-2.960), overweight (OR:1.783, 95% CI:1.046-3.040), neck circumference (OR:1.513, 95% CI:1.0983-2.329), sleep quality (OR:4.597, 95% CI:2.762-7.650), and working period (OR:0.545, 95% CI:10.360-0.825) (p<0.05 for all). However, fatigue did not significantly affect from sleep quantity and work shift. Ensuring individual health is essential for preserving the opportunity to sleep and allowing the body to recover from fatigue.
Co-Authors Arga, Junior Aulia Arief Anwar Hidayat Ayu Shafira Rachmani Bayu Hidayat Danisha, Ananda Tiara Desy Sulistiyorini Didik Triwibowo Galis Kurnia Afdhila Hendro Prabowo Indri Hapsari Susilowati Maria Yvette Duhita Nia Rosmiati Pandu Berkatindo MLA Putri Metta Suryani Rahmita, Vani Renatha, Gina Robiana Modjo Salsabila, Ghina Sarpi, Sarpi Sitanggang, Okta Martua Syaifuddin, Nabilah Tanukusuma, Reinard Tjut Naridha Selsa