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Keterbukaan Perdagangan, Ukuran Pasar, Inflasi, Tingkat Pengangguran, dan FDI di Asia Timur dan Tenggara 2010-2023 Ria Esana; 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.
Revisiting the relationship between leverage and firm value: does managerial ownership matter? Hermeindito Hermeindito; I Wayan Nuka Lantara
Manajemen dan Bisnis Vol 25, No 2 (2026): July 2026
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/mabis.v25i2.1080

Abstract

This study aims to revisit the role of managerial ownership (MOWN) on the relationship between leverage and firm value. This study develops a non-monotonic model to test the managerial entrenchment hypothesis regarding the substitution of leverage and managerial ownership, and its impact on firm value. This study uses a sample of 108 manufacturing firms listed on the Indonesia Stock Exchange from 2014 to 2018, with a total of 540 firm-years. Using a weighted two-stage least squares, this study finds that the relationship between leverage and firm value is inverted N-shaped in firms without MOWN, and convex asymmetry in firms with MOWN. The first negative slope is greater than the subsequent negative slopes in firms without MOWN, indicating that underinvestment and managerial entrenchment issues are more sensitive than the trade-off between debt tax shield and default risk. Conversely, firms with MOWN are more directed towards the issue of trade-off theory. Firms with MOWN have lower performance than firms without MOWN, which implies that there is a critical problem in the selection of executives based on ownership structure, rather than on professional competence and skills.