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Harga saham ditinjau dari intellectual capital dan competitive advantage: Studi pada perusahaan otomotif dan komponen terdaftar di Bursa Efek Indonesia Nindia Destiani Aska; Augustina Kurniasih
Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (230.879 KB) | DOI: 10.21067/jem.v18i1.6611

Abstract

The research aims to analyze the effect of intellectual capital consisting of Value Added Capital Employee (VACA), Value Added Human Capital (VAHU), Structural Capital Value Added (STVA) and competitive advantage on stock prices. The population in this study are all automotive and component sub-sector companies listed on the Indonesia Stock Exchange in 2021. The research data is secondary data with an observation period of 4 years. The sampling method used is purposive sampling, where from all automotive and component companies listed on the IDX, 12 companies are taken that publish financial statements and earn profits continuously for the 2016-2019 period. The data analysis method used is panel data regression then selected model is Random Effect Model. The results of this study can be concluded that stock prices can be explained or influenced by the variabels VACA, VAHU, STVA and competitive advantage of 40,95%, while the remaining amount is explained or influenced by other variabels outside the model. The results of this study partially VACA and competitive advantage have no effect on stock prices, VAHU has a positive and significant effect on stock price, STVA has a negative and significant effect on stock price.
IMPACT OF FINANCIAL DISTRESS ON STOCK PRICE: THE CASE OF PULP & PAPER COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE Augustina Kurniasih; Heliantono; Agus Herta Sumarto; Yulia Efni
Jurnal Bisnis dan Keuangan Vol 7 No 2 (2022): Business and Finance Journal
Publisher : UNUSA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v7i2.2976

Abstract

Cellulose is an organic component that is widely found in wood fibers. Cellulose is the main component in the pulp/paper industry. As in wood, the raw material for pulp contains cellulose fibers. Cellulose is often used and processed to produce various types in the paper industry. Pulp is the primary material for different paper products, ranging from factories’ boards to daily necessities such as paper, tissue, tea bags, and magazines. Meanwhile, paper is a new change in literature and language that has played a significant role in the history of the development of human civilization. The pulp and paper industry in Indonesia provides a reasonably good contribution to the Indonesian economy. Several pulp & paper companies are listed on the Indonesia Stock Exchange. The results of previous studies indicate that several pulp & paper companies are in a stage of financial difficulty. This study aims to prove empirically that the Z-score as a measure of the company's economic challenges affects stock prices. The results showed that the Z-score affected stock prices. From several ratios that make up the Z-score, it is known that the ratio of working capital to total assets, market value of equity to book value of debt, and sales to total assets have a significant effect on stock prices.
Tawhid String Relation and Itsar Concept of Islamic Bank in Covid-19 Pandemic on Value Creation Perspective (Indonesia Evidence) Ahmad Badawi; Wiwik Utami; Augustina Kurniasih; Bambang Santoso Marsoem
Wiga : Jurnal Penelitian Ilmu Ekonomi Vol. 13 No. 1 (2023): March 2023
Publisher : Institut Teknologi dan Bisnis Widya Gama Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30741/wiga.v13i1.999

Abstract

The current Covid-19 pandemic phenomenon that has shaken the world economy, including Indonesia, has caused social problems, including the increasing number of poor people. The purpose of this conceptual paper is to conduct a study related to the business model of Islamic banks, which is based on the Tawhid String Relations concept and is managed with the Itsar concept that can contribute to helping overcome social problems in alleviating poverty. The method used is the literature review. Social instruments, product innovation, and Islamic banking services are aimed at the benefit of the community. Also, the management of Islamic banks should be oriented towards managing Islamic banks to get Allah's pleasure, which is to provide benefits to the ummah.
The Effect of Gender Diversity and Ownership Structure on Company Reputation with Corporate Social Responsibility as Mediator Julianto Manihuruk; Augustina Kurniasih
Keynesia : International Journal of Economy and Business Vol. 2 No. 2 (2023): Keynesia : International Journal of Economy and Business
Publisher : ARKA INSTITUTE

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55904/keynesia.v2i2.882

Abstract

Company reputation is highly important to be considered by banking management as it can influence investors' perception of the company, which ultimately affects the company's value. This study aims to analyze the influence of gender diversity and ownership structure on corporate reputation, with corporate social responsibility (CSR) as a mediating variable. The research adopts a quantitative approach and falls under the category of explanatory research. The population for this study consists of all banking companies listed on the Indonesia Stock Exchange during the observation period from 2017 to 2021. The sampling method used is non-probability sampling with a purposive sampling technique. The path analysis method is used as a data analysis technique in research using the IBM SPSS program. The research finds that managerial ownership has a significant positive impact on CSR, while gender diversity and public ownership do not affect CSR. Furthermore, gender diversity and CSR are found to have a significant positive impact on corporate reputation, whereas public ownership does not impact corporate reputation. In this study, CSR plays a mediating role in the relationship between gender diversity and managerial ownership with corporate reputation. However, CSR does not mediate the influence of public ownership on corporate reputation.
The Influence Of Intellectual Capital And Good Corporate Governance On The Value Of Infrastructure Sector Companies Listed On The Indonesia Stock Exchange Firdaus Maulana Adi; Augustina Kurniasih
Journal Research of Social Science, Economics, and Management Vol. 3 No. 6 (2024): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v3i6.622

Abstract

This research is a quantitative analysis that aims to evaluate the impact of intellectual capital and good corporate governance on company value. The study was conducted on companies engaged in infrastructure listed on the Indonesia Stock Exchange during the 2017-2021 period. Corporate Value is identified through Price to Book Value (PBV), while Intellectual Capital is identified using Value Added Capital Employee (VACA), Value Added Human Capital (VAHU), Structure Capital Value Added (STVA), while Good Corporate Governance identified using Independent Commissioners, Audit Committee and Internal Auditor as well as Managerial Ownership. The research sample amounted to 30 issuers obtained through the purposive sampling method. The results of the study explained that VACA has a significant negative effect on the Company's value, VAHU has a significant positive effect on the Company's value, STVA has a positive but not significant effect on the Company's corporate value, Independent Commissioners have a negative and insignificant effect on the Company's value, the Audit Committee and Internal Auditors and Managerial Ownership have a significant negative effect on the Company's value.
CONSTRUCTION OF OPTIMAL PORTFOLIO JAKARTA ISLAMIC STOCKS USING SINGLE INDEX MODEL TO STOCKS INVESTMENT DECISION MAKING Agus Setyo, Tri; Abitur Asianto; Augustina Kurniasih
Dinasti International Journal of Digital Business Management Vol. 2 No. 1 (2020): Dinasti International Journal of Digital Business Management (December 2020 - J
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31933/dijdbm.v2i1.644

Abstract

This study aims to determine and analyze the optimal portfolio forming stocks using the Single Index Model, determine the optimal portfolio risk and return expectations, then compare the optimal portfolio risk and return expectations with market return expectations, then analyze the optimal portfolio performance using the Treynor model. The research was conducted on the Jakarta Islamic Index stocks. Population of 48 issuers, which meet the sample criteria of 14 issuers. Using monthly data for the period December 2014-November 2019, it was found that 2 stocks entered the optimal portfolio, namely (with a proportion of funds) ICBP (91.46%) and TLKM (8.54%). The value of E (Rp) 0.0128 is greater than the value of E (RM) 0.0003 and the value of the risk free rate is 0.0048. The value of ?p 0.0438 is greater than the value of ?2M 0.0364. The value of portfolio performance with the Treynor index is 0.0091.
LITERATURE REVIEW: PENGARUH WORK MOTIVATION, WORK STRESS DAN ORGANIZATIONAL COMMITMENT TERHADAP ORGANIZATIONAL CITIZENSHIP BEHAVIOR SERTA DAMPAKNYA PADA TURNOVER INTENTION KARYAWAN RUMAH SAKIT DAN KLINIK Sundary, Zelvy Emmelya; Zainal, Veithzal Rivai; Kurniasih, Augustina; Lo, Singmin Johanes
Jurnal Ilmu Kesehatan Bhakti Husada: Health Sciences Journal Vol. 14 No. 02 (2023): Jurnal Ilmu Kesehatan Bhakti Husada: Health Science Journal
Publisher : Lembaga Penelitian Sekolah Tinggi Ilmu Kesehatan Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34305/jikbh.v14i02.817

Abstract

Latar Belakang: Keberhasilan suatu organisasi dalam mencapai tujuan tidak lepas dari faktor utamanya yaitu peran Sumber Daya Manusia (SDM). Pada masa ini, Perusahaan sangat membutuhkan SDM yang dapat beradaptasi, tangkas, sangat berkomitmen pada organisasi, cekatan, tertib dengan aturan, dan mampu berkinerja secara efektif. Akan tetapi fenomena yang sering terjadi adalah manakala kinerja perusahaan telah baik dapat rusak baik secara langsung maupun tidak langsung oleh berbagai perilaku karyawan. Salah satu bentuk perilaku karyawan tersebut adalah Intensi keluar (turnover intentions) yang dapat berujung pada keputusan karyawan meninggalkan pekerjaannya. Metode: Prosedur analisis konsep menggunakan metode Walker dan Avant dalam penulisan ini. Jumlah artikel yang digunakan ada 5 artikel. Hasil: berdasarkan hasil penelitian di dapatkan pengaruh Work Motivation, Work Stress, Organizational Commitment, Organizational Citizenship Behavior terhadap Turnover Intention dengan nilai p value 0,000. Kesimpulan: Berdasarkan hasil studi literatur dapat disimpulkan bahwa Work Motivation berpengaruh positif terhadap Organizational Citizenship Behavior, Work Motivation berpengaruh negatif terhadap turnover intention, Work Stress berpengaruh positif terhadap Organizational Citizenship Behavior,  Work Stress berpengaruh positif terhadap turnover intention, Organizational Commitment berpengaruh positif terhadap Organizational Citizenship Behavior,  Organizational Commitment berpengaruh negatif terhadap turnover intention. Saran: Penelitian ini diharapkan mempunyai implikasi sebagai bahan pertimbangan kebijaksanaan dalam menghadapi dan memahami masalah intensi keluar karyawan RS yang dapat mempengaruhi efektifitas organisasi.  
The Influence of Sustainability, Non-Performing Financing, and Capital Structure on Firm Value: Mediated by Financial Performance Oktaviani, Delvi; Kurniasih, Augustina
Indikator: Jurnal Ilmiah Manajemen dan Bisnis Vol 9, No 2 (2025)
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/indikator.v9i2.32899

Abstract

This research aims to examine the impact of Sustainability Report Disclosure (SRD), Non-Performing Financing (NPF), and Capital Structure on Firm Value, with Financial Performance acting as an intervening variable, in multifinance companies. The study focuses on multifinance companies listed on the Indonesia Stock Exchange (IDX) during the 2024 period. The sample consists of multifinance companies listed on the IDX from 2020 to 2023 that consistently publish annual sustainability reports. The results indicate that SRD has insignificant positive effect on firm value, while it has significant positive effect on financial performance. NPF has a significant negative effect on firm value but an insignificant negative effect on financial performance. DER has a significant negative effect on firm value but an insignificant positive effect on ROA. Furthermore, ROA does not mediate the impact of SRD, NPF, and DER on firm value.
The Moderating Role of Enterprise Risk Management on the Influence of Environmental Performance, Firm Size, and Managerial Ownership on Financial Performance: An Empirical Study in Indonesia Triwibowo, Ari; Kurniasih, Augustina
International Journal of Social and Management Studies Vol. 6 No. 4 (2025): August 2025
Publisher : IJOSMAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5555/ijosmas.v6i4.516

Abstract

This study aims to examine the effects of environmental performance, firm size, and managerial ownership on the financial performance of transportation and logistics companies listed on the Indonesia Stock Exchange (IDX), and to analyze the moderating role of Enterprise Risk Management (ERM) in these relationships. A quantitative study with a causal design was employed, utilizing Moderated Regression Analysis (MRA) on panel data with the Fixed Effect Model (FEM).The research was conducted using secondary data obtained from the annual reports and sustainability reports of transportation and logistics companies listed on the IDX, covering the period from January 2021 to December 2024. The sample consisted of 30 transportation and logistics companies that met the sampling criteria. Financial performance was measured using Return on Assets (ROA), environmental performance using the GRI 300 disclosure index, firm size using the natural logarithm of total assets, managerial ownership as the percentage of shares held by management, and ERM using the COSO ERM 2017 disclosure index. Firm size and managerial ownership have a positive and significant effect on financial performance, while environmental performance shows a significant negative effect. ERM significantly strengthens the influence of environmental performance on financial performance but does not significantly moderate the effect of firm size. Furthermore, ERM negatively moderates the effect of managerial ownership on financial performance.
The Reaction of the LQ45 Stock Market Listed on the Indonesia Stock Exchange to the Results of the Presidential and Vice Presidential Elections and the Factors Influencing Them Alifah Nur Hanifati; Augustina Kurniasih
Indonesian Journal of Business Analytics Vol. 5 No. 4 (2025): August 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v5i4.15288

Abstract

The capital market plays an important role in the global economy as an indicator of economic stability and as a means of raising funds through investment. This study aims to examine the reaction of the Indonesian capital market to the announcement of the 2024 presidential and vice-presidential election results released by the General Elections Commission on March 20, 2024, as well as the factors influencing this reaction. The research focuses on companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX). This study employs two approaches: event study and causality. The event study is conducted to determine whether there is a capital market reaction by observing abnormal return (AR) and abnormal trading volume activity (ATVA) within an 11-day event window, covering 5 days before the event, the event day itself, and 5 days after the event. Meanwhile, the causality approach is used to explore the factors affecting AR and ATVA by examining the influence of Return on Equity (ROE) and firm size on the observed AR and ATVA. The findings indicate that the event did not generate significant abnormal return (AR) or abnormal trading volume activity (ATVA) during the 11-day period. Furthermore, profitability did not have a significant effect on either AR or ATVA. In contrast, firm size significantly influenced AR and ATVA, albeit in different directions. Firm size had a positive and significant effect on AR, but a negative and significant effect on ATVA.