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All Journal Gadjah Mada International Journal of Business Jurnal Manajemen Teori dan Terapan Jurnal Ilmiah Manajemen dan Bisnis (JIMB) DeReMa (Development Research of Management) Jurnal Manajemen Ekonis : Jurnal Ekonomi dan Bisnis MABIS: Manajemen dan Bisnis Jurnal Ilmiah Edunomika (JIE) The Indonesian Journal of Accounting Research Jurnal Ekonomi Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Jurnal Indonesia Sosial Teknologi Jurnal Ilmiah Ekonomi dan Manajemen
Fitri Ismiyanti
Fakultas Ekonomi Dan Bisnis, Universitas Airlangga, Surabaya
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Does Debt Affect Firm Financial Performance? The Role of Debt on Corporate Governance in Indonesia Fitri Ismiyanti; Putu Anom Mahadwartha
The Indonesian Journal of Accounting Research Vol 11, No 1 (2008): JRAI January 2008
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.182

Abstract

This research addresses main question of the conditions of debt-constraint expropriation and debt-facilitate expropriation, and the difference between those conditions on type of group ownership (group or no group-affiliate). Agency theory predicts that debt is bonding and monitoring mechanism for managers' perquisites action. Expropriation of minority shareholders by majority shareholders hurts good corporate governance practices. The expropriation also hurts debtholders value. The research argues that the use of debt will minimize the expropriation level and maintain certain control to managers and majority shareholders, on behalf of minority shareholders and debtholders. The problem of majority versus minority and debtholders spreads widely in Indonesia. This research conducts analytical and statistical methods to examine the roles of debt policy as mechanism of good corporate governance practices in Indonesia. This research argues that debt has difference effect on financial performance based on certain debt characteristic. Two characteristics of debt are debt-constraint expropriation (DCE) and debt-facilitate expropriation (DFE). Different types of ownership, which are group and no group-affiliate, are also examined to support the main issues of DCE and DFE. The result will be useful for economic policy makers; firms level policy makers, investors, academician, and researchers in the area of finance, social science, and humanities. The research tests the main question with four hypotheses using ordinary least squares (OLS) regression and Wald test for coefficient test. The result shows support for differences in effect on debt to performance for DCE (positive effect) and DFE (negative effect). On DCE, no group-affiliate firms have higher positive effect of debt on performance than group-affiliate firms do. However, on DFE due to risk reduction mechanism, group-affiliate firms have less negative effect of debt on performance than no group-affiliate firms do.
KEPEMILIKAN INSTITUSIONAL, ASSET GROWTH DAN EFISIENSI MANAGERIAL Agus Muslim; Fitri Ismiyanti
Ekonis: Jurnal Ekonomi dan Bisnis Vol 24, No 2 (2022): JURNAL EKONOMI DAN BISNIS (EKONIS)
Publisher : Politeknik Negeri Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30811/ekonis.v24i2.3630

Abstract

Abstract: The research objective is to examine the effect of institutional ownership, asset growth, market-to-book ratio, free cash flow on managerial efficiency. The approach used in this study is a confirmatory quantitative approach. The dependent variable is managerial efficiency. The independent variables are institutional ownership and asset growth. Market-to-book ratio control variable, free cash flow. Data obtained from the financial reports and annual reports of Construction and Property Companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2018 period through the website www.idx.co.id. The analysis technique used to test the effect in this study is Multiple Linear Regression Analysis. As for testing managerial efficiency using the DEA test. The results showed that institutional ownership, asset growth, free cash flow had a significant positive effect on managerial efficiency. Meanwhile, the market-to-book ratio has no significant negative effect on managerial efficiency.Keywords: Institutional ownership, asset growth, market-to-book ratio, free cash flow, efficiency      managerial, Construction and Property
THE EFFECT OF GROWTH, PROFITABILITY, LEVERAGE, AND DIVIDEND ON COMPANY VALUE IN THE BUILDING AND NON-BUILDING CONSTRUCTION SUB -SECTORS AT BEI 2014 - 2020 Tabita Deborah; Fitri Ismiyanti
Jurnal Ekonomi Vol. 12 No. 02 (2023): Jurnal Ekonomi, Perode April - Juni 2023
Publisher : SEAN Institute

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Abstract

The era of the government of President-elect Joko Widodo in the two periods of Indonesian government in 2014 and 2019 brought fresh air to the infrastructure sector because one of the government's visions was to carry out development evenly, this had a positive impact on the construction industry. However, in 2020 when the Covid-19 pandemic began to hit Indonesia, all industrial sectors experienced a decline, without exception the construction sector. This study aims to determine the effect of company growth, profitability, leverage, and dividends on company value in the building and non-building construction sub-sector in 2014 - 2020. This period includes 3 different situations. The samples used were 9 issuers in the building and non-building construction sub-sector that met the criteria. The data used were time series data. The approach in this study is through descriptive statistical analysis and panel data regression analysis. The results obtained from this study are that growth has no effect and is negative on firm value, because when a company's growth moves fast it will have an impact on a decrease in firm value. Profitability has a positive and significant effect on firm value because the increase in company profits makes the investment return contribution high. Leverage has a positive and significant effect on firm value when DAR increases, it will make a positive signal that the company is developing its business. Dividends have a positive and significant effect on firm value when a high DPR will maximize firm value. Dividend distribution can reduce the effect of income uncertainty felt by investors.
The Gambler’s Fallacy, the Halo Effect, and the Familiarity Effect Based on Risk Profile: Bullish and Bearish Market in Indonesia Stock Exchange Putu Anom Mahadwartha; Fitri Ismiyanti; Zunairoh Zunairoh
Gadjah Mada International Journal of Business Vol 25, No 2 (2023): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.64801

Abstract

This study tests three behavioral biases: the gambler’s fallacy, the halo effect, and the familiarity effect. The novelty is the behavioral bias in bullish and bearish markets, based on different investors’ risk profiles. The questionnaire used a Likert scale. This study argues that bullish and bearish markets, and different risk profiles, affect investors’ behavioral bias. The gambler’s fallacy occurs when markets are bullish and partially when markets are bearish. The halo effect without risk profile does not occur in either market, and the familiarity effect occurs in both markets. Investors with a very conservative risk profile will experience behavioral bias, especially the gambler’s fallacy and the familiarity effect, with bullish and bearish markets. Investors with a conservative risk profile will partially experience the halo effect in bullish markets.
PENGARUH LITERASI KEUANGAN TERHADAP NIAT BERINVESTASI GENERASI MILENIAL PADA PLATFORM FINTECH BERBASIS EQUITY CROWDFUNDING DENGAN PERSEPSI RISIKO DAN KEPERCAYAAN PADA PLATFORM DAN FUNDRAISER SEBAGAI VARIABEL MEDIASI M. Niltal Muna; Fitri Ismiyanti
JURNAL ILMIAH EDUNOMIKA Vol 8, No 1 (2024): EDUNOMIKA
Publisher : ITB AAS Indonesia Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jie.v8i1.12308

Abstract

This study aims to analyze the effect of financial literacy on millennials' investment intention on equity crowdfunding-based fintech platforms with risk perception and trust in platforms and fundraisers as mediating variables. This research is a survey with data collection from 200 respondents, millennial generation Indonesian citizens aged 19-35 years, who used non-probability sampling techniques (purposive and snowball sampling). Primary data was collected through a Likert-scale questionnaire, while secondary data came from literature and trusted online databases. The interview method was used with a small number of respondents to obtain additional information. Data analysis involved descriptive statistical techniques and path coefficient analysis to achieve the research objectives. The results showed that financial literacy has a significant positive effect on the intention to invest in equity crowdfunding platforms, but has no significant effect on the perception of investment risk. Trust in the platform and fundraiser contribute positively to investment intention, suggesting the importance of financial literacy in shaping trust and motivation to invest in that context.
The Impact Of Edc's Marketing, Service, And Infrastructure Strategies On The Growth Of Savings Deposits At Bank Rakyat Indonesia Surabaya Pahlawan Branch Wike Dwi Septianingrum; Fitri Ismiyanti
Jurnal Indonesia Sosial Teknologi Vol. 4 No. 9 (2023): Jurnal Indonesia Sosial Teknologi
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jist.v4i9.722

Abstract

Banking strategy requires fast and instant service to provide "excellent service" to customers. One of the marketing methods used as technology development in the banking industry, for example at PT Bank Rakyat Indonesia Surabaya Pahlawan Branch, is a marketing approach using Electronic Data Capture (EDC). This tool has the benefit of growing third-party funds, especially savings funds and fee-based income obtained from every transaction carried out on the EDC machine. In addition, there are efforts to increase the amount of savings, especially low-cost funds (savings) in a way that is more dominant to the number of third-party funds, to reduce the cost of funds and is expected to generate an increase in the value of net interest margin (NIM) despite the current tight bank liquidity. The purpose of this study is to see the influence of Marketing Strategy, Service Strategy, and Electronic Data Capture (EDC) Infrastructure on the Growth of Savings Deposits at PT Bank Rakyat Indonesia Surabaya Pahlawan Branch. This study used multiple linear regression with the help of the SPSS version 23 application to help with data processing. The results showed that the variables Marketing Strategy (X1), Service Strategy (X2), and Electronic Data Capture Infrastructure (X3) had a positive and significant influence on the increase in Savings Deposit Growth (Y) by the regression coefficient.
Pengaruh Profitabilitas dan Leverage terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi Firmansyah Putra; Fitri Ismiyanti
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 6 (2026): JUNI
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i6.11496

Abstract

Nilai perusahaan merupakan indikator utama bagi investor dalam menilai kinerja dan keberlanjutan perusahaan. Penelitian ini mengkaji pengaruh profitabilitas, yang diukur dengan Return on Assets (ROA), serta leverage, yang direpresentasikan oleh Debt to Equity Ratio (DER), terhadap nilai perusahaan yang diproksikan dengan Price to Book Value (PBV). Good Corporate Governance (GCG) dianalisis sebagai variabel moderasi. GCG diukur melalui komposisi dewan direksi, komposisi kepemilikan saham manajemen, proporsi dewan komisaris independen, serta komposisi komite audit. Pendekatan kuantitatif digunakan dengan data panel dari 10 bank terbesar di Indonesia berdasarkan total aset menurut Otoritas Jasa Keuangan (OJK) yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2020–2024, dan Moderated Regression Analysis (MRA) diterapkan untuk menguji efek interaksi antara kinerja keuangan dan tata kelola perusahaan. Hasil penelitian ini menunjukkan bahwa Return on Assets (ROA) berpengaruh positif terhadap nilai perusahaan, sedangkan Debt to Equity Ratio (DER) berpengaruh negatif terhadap nilai perusahaan. Selain itu, Corporate Social Responsibility (CSR) terbukti memiliki pengaruh positif terhadap nilai perusahaan. Namun demikian, Good Corporate Governance (GCG) yang direpresentasikan oleh komposisi kepemilikan saham manajemen dan komposisi komite audit tidak memoderasi hubungan antara leverage keuangan dan nilai perusahaan maupun antara CSR dan nilai perusahaan. Sebaliknya, komposisi dewan direksi dan komisaris independen terbukti memoderasi hubungan antara ROA dan nilai perusahaan, serta hubungan antara CSR dan nilai perusahaan
Green Credit, Non-Performing Loans, and Bank Profitability: Does Bank Size Matter? Eunike Dwimilten; Fitri Ismiyanti; Deltu Ariesa; Nur Atika Rochmah; Deny Aditya Pratama; Alessandra Natasya Panie
Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 4 (2026): August
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM), STIE Krakatau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61401/relevansi.v10i4.453

Abstract

This study examines the effect of green credit and Non-Performing Loans (NPL) on Return on Assets (ROA) and investigates the moderating role of bank size in these relationships among conventional commercial banks. Using a quantitative explanatory approach, this study analyses secondary data from audited financial statements and sustainability reports of 41 Indonesia Stock Exchange (IDX) listed conventional commercial banks during 2021-2024, resulting in 164 panel observations. Data were analysed using fixed-effects panel regression with mean-centered Moderated Regression Analysis (MRA). The findings show that green credit has a positive but weak effect on ROA, while NPL has no significant effect under stable post-pandemic credit conditions. Bank size moderates the green credit-ROA relationship, indicating that the profitability benefits of green lending are stronger among smaller banks and decrease as bank size increases. However, bank size does not moderate the NPL-ROA relationship. The profitability impact of sustainable financing depends on bank scale, suggesting that green credit strategies generate different outcomes across banks of different sizes. This study is limited to IDX-listed conventional commercial banks and covers a four-year observation period. This study provides empirical evidence for bank managers and regulators to design green-credit strategies by considering bank size, as smaller banks appear to obtain greater profitability benefits from sustainable lending.
Co-Authors Agus Muslim Alan Fatih Alessandra Natasya Panie Anggita Rebbica Hamidya Chintia Prastichia Deltu Ariesa Deny Aditya Pratama Eunike Dwimilten Firmansyah Putra Hendra Ima Sasmita M. Niltal Muna Mahde Kumar Mamduh M. Hanafi Nur Atika Rochmah Putu Anom Mahadwartha Putu Anom Mahadwartha Rohmad Fuad Armansyah Tabita Deborah Vicki Lineous Suryagari Wike Dwi Septianingrum Wishnu Okky Pranadi Tirta Zunairoh Zunairoh