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The role of agency theory in the relationship between foreign ownership and performance-risk of stock in Indonesia: is one or two-way interaction? Ahmad Maulin Naufa; I Wayan Nuka Lantara
Diponegoro International Journal of Business Vol 1, No 2 (2018)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (794.32 KB) | DOI: 10.14710/dijb.1.2.2018.71-85

Abstract

Using agency theory as a theoretical basis, this paper aims to examine the relationship between foreign ownership, performance, and risk. Particularly, we examine whether the foreign ownership can improve or reduce the performance and risk. Vice versa, it also examine whether performance and risk may also influence the foreign ownership of stock. We utilized samples from the 100 Kompas Index from the Indonesian Stock Exchange (IDX), and we obtained 87 stocks from 2011-2017. We analyzed the relationship using ordinary least square by EViews 10.0. The result shows that the foreign ownership contributes positively to the improvement of performance, although the performance does not affect significantly to foreign ownership. Then, the relationship between the foreign ownership and the risk are not significant. The relationship the risk to the foreign is also not significant. To commence with, the foreign has an essential role in the improvement of Indonesian stock performance.
The Determinant of Loan Portfolio Shifting: Empirical Study of Banks in ASEAN Country Foza Hadyu Hasanatina; I Wayan Nuka Lantara; Afina Hasya
Jurnal Manajemen Universitas Bung Hatta Vol. 18 No. 2 (2023): Jurnal Manajemen Universitas Bung Hatta
Publisher : Management Department, Faculty of Economics and Business, Universitas Bung Hatta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37301/jmubh.v18i2.23210

Abstract

In offering a loan, banks have several considerations. This is because Standard Basel has regulations and requirements for banks to offer loans. This relates to the bank’s minimum capital and liquidity requirements. This factor includes external and internal factors. This is important to be noted because external and internal factors contain risks inherent in financial instruments. Risk management is one of the things that the executive is most concerned about in taking a policy. Risks faced by the bank include interest rate risk and credit risk. In this case, we study interest rate and credit risk in the bank’s loan offering management role. We study banks in ASEAN Countries. The results show that interest rate is one of the considerations of banks for providing the loan. But, no evidence of credit risk. We also add analysis using a profitability ratio that captures the bank’s loan offering management. In this case, profitability strengthens the model relationship tested.   This title was found in another journal. The journal's editorial team has stated that the title not publish in their journal. https://bit.ly/3EKML08
Investment Opportunity, Institutional Ownership, and Excess Cash Holdings with Financial Constraint as Moderation Indriana Rezkia Putri; I Wayan Nuka Lantara
Jurnal Ilmiah Manajemen dan Bisnis Vol 9, No 2 (2023): Jurnal Ilmiah Manajemen dan Bisnis
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jimb.v9i2.20524

Abstract

This study examines the effect of investment opportunity and institutional ownership on excess cash holdings with financial constraint as the moderating variable. Holding more cash is often rated as a negative signal for shareholders, because of the probability to use the cash inappropriately and increase the agency cost. Another side, excess cash can give a good impact on the company when is more expensive to access the external financing, or the situation make the firm had financial constraints. This study uses excess cash holdings as a dependent variable with few references and a high chance for further research. Generalized least square (GLS) is employed to analyze the hypothesis with observations during 2015-2020 in listed companies on Indonesia Stock Exchange (IDX). The result of this research shows that investment opportunity has a positive influence on excess cash holdings. If there is a financial constraint, it will decrease the effect of Investment opportunity to the level of excess cash holdings. This study was unable to capture the impact of institutional ownership on excess cash holdings in constraint nor unconstraint firms. The study was robust enough when the proxy of excess cash changed and when using the lag variable to confirm the primary result.
Persepsi Mahasiswa Terkait Ekspektasi, Branding Institusi dan Kepuasannya Saat Memilih Perguruan Tinggi Swasta (Studi pada Universitas Pembangunan Jaya, Banten) Handoko, Suhery; ., Sumiyana; Lantara, I Wayan Nuka
WIDYAKALA JOURNAL : JOURNAL OF PEMBANGUNAN JAYA UNIVERSITY Vol 11, No 1 (2024): Urban Lifestyle and Urban Development
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat UPJ

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36262/widyakala.v11i1.839

Abstract

Mahasiswa merupakan pemangku kepentingan dari perguruan tinggi, khususnya bagi perguruan tinggi swasta (PTS). Peran mahasiswa di PTS mendukung keberlangsungan opersional perguruan tinggi. Universitas Pembangunan Jaya (UPJ) merupakan salah satu PTS yang berada di Tangerang Selatan, Banten telah melakukan upaya branding guna menjaring mahasiswa untuk masuk dan berkuliah di UPJ. Penelitian ini bertujuan untuk mengeksplorasi persepsi mahasiswa terhadap ekspektasinya, branding institusi, dan kepuasannya terhadap Universitas Pembangunan Jaya. Metode penelitian bersifat eksploratif sehingga data disajikan dalam bentuk statistik deskriptif atas persepsi mahasiswa terhadap ketiga variabel. Data berasal dari tanggapan mahasiswa kelas reguler UPJ pada periode genap 2022/2023 yang berjumlah 319 responden. Hasil penelitian menunjukan bahwa mahasiswa memiliki ekspektasi untuk lulus tepat waktu selama berkuliah di Universitas Pembangunan Jaya. Selain itu, reputasi institusi yang menyebutkan UPJ sebagai universitas yang didukung oleh Pembangunan Jaya Grup adalah indikator paling tinggi menurut persepsi mahasiswa memilih UPJ untuk berkuliah. Serta, indikator Sumber Daya Manusia (SDM) yang ada di UPJ yang memberikan kepuasan dalam kategori tinggi bagi mahasiswa.
Dynamics of the Cadastre System: An Analysis of Challenges and Evaluation of Cadastre Implementation in Various Regions of Indonesia Jonahar; Winoto, Joyo; Siregar, Hermanto; Lantara, I Wayan Nuka
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 3 (2024): JABM, Vol. 10 No. 3, September 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.3.955

Abstract

Background: The implementation of the land cadastre system in Indonesia presents complex social, economic, and political implications. Despite its formal establishment, the system continues to face substantial challenges across various regions. The persistently low levels of land registration in certain areas underscore significant deficiencies in the system's execution, potentially heightening legal ambiguities and intensifying agrarian conflicts.Purpose: This study analyzes the issues of Indonesia's cadastre system and evaluates its implementation across various regions from the perspectives of land valuation, technology utilization, and stakeholder involvement.Design/methodology/approach: This study employs a qualitative approach. A total of 428 respondents, all of whom represent state officials within the Ministry of Agrarian Affairs and Spatial Planning/National Land Agency (ATR/BPN) at various levels, participated in the study. Data analysis was conducted using descriptive analysis by comparing the issues and implementation of the land cadastre system across the Western, Central, and Eastern regions of Indonesia.Findings/Result: The national cadastral system in Indonesia is plagued by five primary issues: overlapping land certificates, outdated and inaccurate land data, incomplete land registration, imprecise boundary mapping, and inconsistent coordinate measurements, which are also prevalent at the local level. These challenges are exacerbated by significant regional disparities, with Eastern Indonesia showing the lowest levels of land registration and technology adoption, in stark contrast to the more developed Western and Central regions.Conclusion: Indonesia's cadastral system faces critical challenges, including legal uncertainties, overlapping land certificates, and outdated data, which are exacerbated by significant regional disparities, particularly in Eastern Indonesia. To address these issues, it is essential to implement targeted reforms that enhance local government capacity, integrate advanced technology, and ensure public participation, thereby improving cadastral accuracy and equity across regions. These efforts are crucial for ensuring legal certainty, reducing agrarian conflicts, and supporting sustainable land development nationwide.Originality/value (State of the art): This study comprehensively maps the issues related to the cadastral system and evaluates the level of cadastral implementation across different regions of Indonesia, categorizing them into Western, Central, and Eastern regions. Keywords: cadastre system, cadastre challenges and issues, regional disparities, cadastral implementation, land valuation
AKSELERASI PROGRAM EDUKASI KEUANGAN MELALUI KOLABORASI BANK INDONESIA, LEMBAGA KEUANGAN, DAN PERGURUAN TINGGI I Wayan Nuka Lantara; Ni Ketut Rai Kartini
Jurnal Riset Manajemen Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha Program Magister Manajemen Vol. 2 No. 2 (2015): Jurnal Riset Manajemen
Publisher : Program Magister Manajemen STIE Widya Wiwaha Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32477/jrm.v2i2.83

Abstract

This study aims to investigate the possibility of acceleration of financial education programs in Indonesia, through the collaboration of the three main parties, namely: (1) the regulator (Central Bank/Financial Services Authority). (2) the practitioner (financial institutions); and (3) the academia (universities). The study employed a qualitative approach to assess the opinions of the stakeholders in the Gadjah Mada University and related financial practitioners regarding accelerated implementation of financial education programs in Indonesia, which involved interviews with 24 informants who were considered to have knowledge about the financial education program in Indonesia. The study concluded that the respondents showed a positive perception on the importance and benefits of financial education programs in Indonesia. Other findings depicted that financial education programs need to be directed at the entire community with a wider coverage range. To expedite the process, a solid collaboration needs to be made between the three main parties: (1) Central Bank/ Financial Services Authority as regulator. (2) financial institutions (practitioners and providers of financial products and services); and (3) academia (universities). In terms of the implementation of the proposed program, the collaboration of all three parties need to be directed to the selected students who will firstly be prepared to be a financial educator (by giving knowledge, education and mentoring). Selected and well-trained students are expected to be effective educator who has energy resource availability in large quantities and a more mobile and larger coverage to accelerate financial education program in Indonesia.
DOES THE TIMING OF EQUITY ISSUES INFORM CORPORATE POLICY? Ratih, Dewi; Nuka Lantara, I Wayan
Inspirasi Ekonomi : Jurnal Ekonomi Manajemen Vol. 7 No. 2 (2025): Inspirasi Ekonomi : Jurnal Ekonomi Manajemen
Publisher : Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Timor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32938/ie.v7i2.10074

Abstract

This study examines the timing of share issuances to meet corporate capital needs. The study uses specific data from share offering transactions in Indonesia for the period 2000-2020. This study provides an understanding of companies’ motivations for selling their shares, taking into account market timing in the dynamic stock markets of developing countries. The study’s findings have implications for capital market players, particularly potential investors, in understanding the information implied in the share prices offered by issuers at the time of issuance. The analysis reveals that companies offer larger shares when they are overvalued. Companies choose to offer shares when they are overvalued to maximize profits from the sale of their shares to meet their capital needs. Market timing considerations in share issuances are a share issuance policy that leverages investor perceptions in assessing market information. Companies intentionally offer shares when the share price is overvalued to profit from temporary pricing errors. The allocation of profits in these transactions reflects information about the company’s future policies. In general, the proceeds from these share sales are used by companies to increase capital for business development and, to some extent, to reduce corporate debt.
Keterbukaan Perdagangan, Ukuran Pasar, Inflasi, Tingkat Pengangguran, dan FDI di Asia Timur dan Tenggara 2010-2023 Esana, Ria; I Wayan Nuka Lantara
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 4 No. 6: September 2025
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v4i6.11804

Abstract

Penelitian ini menganalisis pengaruh keterbukaan perdagangan, ukuran pasar, inflasi, dan tingkat pengangguran terhadap Foreign Direct Investment (FDI) di Asia Timur dan Asia Tenggara periode 2010–2023. FDI mencerminkan kepercayaan investor asing, berkontribusi terhadap pertumbuhan ekonomi dan menjadi fokus kebijakan global. Mengingat peran strategis FDI, perbedaan temuan terdahulu dan keterbatasan bukti empiris regional menegaskan urgensi penelitian terkait determinan FDI ini. Studi ini menggunakan data panel dari 14 negara dengan metode random effects model (REM) dan perbaikan robust standard errors dengan white cross-section periode cluster untuk mengatasi heteroskedastisitas serta autokorelasi. Variabel independen dimodelkan dalam bentuk lagged one-year (t–1) untuk menangkap pengaruh dinamis kebijakan dan kondisi makroekonomi terhadap arus masuk FDI periode berikutnya (t+1). Hasil penelitian menunjukkan bahwa keterbukaan perdagangan dan tingkat pengangguran lagged one-year berpengaruh positif signifikan terhadap FDI, sementara ukuran pasar dan inflasi tidak berpengaruh signifikan. Seluruh variabel independen lagged one-year terbukti signifikan terhadap FDI secara simultan. Temuan ini menegaskan bahwa penguatan fundamental pasar dan stabilitas makroekonomi merupakan faktor kunci dalam menjaga keberlanjutan arus FDI di kawasan dengan karakteristik pertumbuhan beragam. Penelitian selanjutnya disarankan menambahkan variabel makroekonomi lainnya serta variabel kontrol untuk meningkatkan robustness hasil analisis.
The Effect of Optimal Cash and Deviation from Target Cash on the Firm Value: Empirical Study in Indonesian Firms HC, R Heru Kristanto; Hanafi, Mamduh M; Lantara, Wayan Nuka
JDM (Jurnal Dinamika Manajemen) Vol 10, No 1 (2019): March 2019
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v10i1.17359

Abstract

The aim of this paper is to examine the effect of cash, optimal cash holding, deviation from target cash (the target adjustment model) on the firm value. This research uses a sample of Indonesian publicly traded firms for the period 2001-2017 (3,349 observation). This paper uses a dynamic panel fixed effects model to estimate optimal cash holdings. Hypothesis testing uses GLS fixed effect and interaction effect uses regression moderated analysis. Research finds that: first, cash, optimal cash, and deviation from target cash have an effect on the firm value. Second, corporate governance moderates the effect of cash, optimal cash, and deviation from target cash on the firm value. Third, investment positively moderates the effect of cash on the firm value. Investment negatively moderates the effect of optimal cash, deviation from target cash on the firm value. Debt negatively moderates the effect of cash, optimal cash on the firm value. Debt positively moderates the effect of deviation from target cash on the firm value. 
ANALISIS PENGARUH PELEBARAN BOTTOM AUTO REJECTION TERHADAP VOLATILITAS DAN LIKUIDITAS SAHAM Silvi Nur Rohma; I Wayan Nuka Lantara
Manajemen: Jurnal Ekonomi Vol. 7 No. 3 (2025): Manajemen : Jurnal Ekonomi
Publisher : Fakultas Ekonomi Universitas Simalungun

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36985/pq821v38

Abstract

Penelitian ini bertujuan menganalisis pengaruh kebijakan pelebaran batas bawah auto-rejection terhadap volatilitas dan likuiditas saham pada indeks LQ45 dan Pefindo25. Periode sebelum dan sesudah implementasi kebijakan dibedakan menggunakan variabel dummy. Volatilitas dihitung dengan deviasi standar return, sedangkan likuiditas diukur melalui quoted spread, realized spread, dan komponen asimetri informasi. Log volume perdagangan saham digunakan sebagai variabel kontrol. Secara metodologis, analisis dilakukan menggunakan regresi linier berganda pada sampel yang dipilih dengan teknik purposive sampling. Sebelum analisis regresi, uji beda berpasangan, yaitu Paired Sample T-Test dan Wilcoxon Signed Rank Test, dilakukan terlebih dahulu. Temuan penelitian mengungkapkan dampak yang berbeda. Kebijakan ini berhasil menurunkan volatilitas return untuk saham LQ45, namun justru meningkatkannya untuk saham Pefindo25. Dalam hal likuiditas, pelebaran batas berpengaruh positif terhadap saham LQ45, sementara pengaruhnya terhadap likuiditas saham Pefindo25 tidak signifikan. Secara keseluruhan, hasil penelitian mengindikasikan bahwa kebijakan pelebaran batas auto-rejection cenderung mempengaruhi volatilitas dan likuiditas. Ketidaksignifikanan pengaruh pada likuiditas saham Pefindo25 diduga disebabkan oleh faktor-faktor lain yang tidak tercakup dalam variabel penelitian ini