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ANALISIS PERBANDINGAN PROFITABILITY, EFFECTIVE GOVERNANCE AND FIRM MARKET VALUE PADA PERUSAHAAN ESG/SRI (STUDI EMPIRIS PERUSAHAAN BESAR DI INDONESIA) Eko Dwi Putra; Fajri Adrianto
Jurnal Ilmiah Mahasiswa Ekonomi Manajemen Vol 4, No 4 (2019): November
Publisher : Departemen Manajemen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jimen.v4i4.13007

In this paper we study the effect of a ESG/SRI label on profitability, corporate governance, and firm market value, evidence from Indonesia’s top listed firms. Recent evidence indicates that listed firms with ESG/SRI label has better RoE, value, governance, and capacity for growth. The samples used in this study are companies that are included in the SRI-KEHATI Index members and outside the SRI-KEHATI index, which amount to 38 companies in the 2014-2018 period, total observations of 190. We used Least Square Dummy Variable (LSDV) and Multivariate analysis to determine the effect of all the variables involved. We find significant effect of ESG/SRI label from profitability, corporate governance, and firm value. We show that SRI label adds about 8.9 percentage points of RoE, however NON-SRI label adds about 18,6 percentage points of firm’s value and more effective 10.2 percentage point of governance quality. Finally, we find that Effective Corporate Governance will increase profitability (ROE) and firm’s value (Tobin’s Q).

PENGARUH MEKANISME CORPORATE GOVERNANCE, RASIO KECUKUPAN MODAL, DAN LDR TERHADAP KINERJA KEUANGAN PERBANKAN Hendrian Perdana; Fajri Adrianto
Menara Ilmu Vol 14, No 2 (2020): VOL. XIV NO. 2 APRIL 2020
Publisher : LPPM Universitas Muhammadiyah Sumatera Barat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31869/mi.v14i2.1884

This study aims to analyze the Effect of the Corporate Governance Mechanism, Capital Adequacy Ratio, and Intermediary Function Indicators (LDR) on Banking Financial Performance. The population in this study is the banking sub-sector companies on the Indonesia Stock Exchange Period 2014-2018. The sampling method used was purposive sampling using panel data regression analysis with the help of Eviews 10. The results of this study indicate that the Corporate Governance mechanism in this study consisted of the number of members of the audit committee, the composition of the board of commissioners, and public share ownership had no significant effect on financial performance (Return On Assets), as well as the capital adequacy ratio (Capital Adequacy Ratio) does not significantly influence the financial performance of banks. While the Banking Intermediation Function Indicator (Loan to Deposits Ratio) has a significant effect on financial performance (Return on Assets). Keywords: Corporate Governance, Return on Assets, Audit Committee Members, Board of Commissioners Composition, Public Share Ownership, Capital Adequacy Ratio, Loan to Deposit Ratio

PENGARUH MEDIA COVERAGE TERHADAP UNDERPRICING INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA Jingga Novebreza Islah; Fajri Adrianto
Jurnal Menara Ekonomi : Penelitian dan Kajian Ilmiah Bidang Ekonomi Vol 7, No 1 (2021): Volume VII No.1 April 2021
Publisher : Jurnal Menara Ekonomi : Pelatihan dan Kajian Ilmiah Bidang Ekonomi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31869/me.v7i1.2535

Perusahaan membutuhkan sumber dana yang besar untuk mempertahankan eksistensinya. Salah satu cara untuk mendapatkan dana tersebut adalah dengan melakukan IPO. Dalam proses IPO terdapat fenomena underpricing dan overpricing yang salah satunya dipengaruhi oleh peran media. Penelitian ini bertujuan untuk mengetahui pengaruh media coverage terhadap underpricing IPO yang diproxikan dengan initial return saham. Objek penelitian adalah perusahaan yang melakukan IPO di Bursa Efek Indonesia pada kurun 2012-2017. Sebanyak 76 perusahaan dari berbagai industri yang mengalami underpricing IPO yang diperoleh dengan menggunakan metode purposive sampling menjadi sampel penelitian ini. Pengujian hipotesis dilakukan dengan menggunakan analisis regresi linear berganda. Hasil penelitian menunjukkan bahwa media online nasional berpengaruh negative dan tidak signifikan sedangkan media online internasional berpengaruh positif dan tidak signifikan terhadap initial return saham sehingga media coverage tidak berpengaruh terhadap underpricing IPO. Kata Kunci: Media Coverage, Media Online Nasional, Media Online Internasional, dan Underpricing IPO

Pengaruh Reputasi Underwriter, Underpricing, Financial Leverage Dan Profitabilitas Terhadap Kinerja Initial Public Offering (IPO) Putri Amelia; Fajri Adrianto
Jurnal Manajemen Stratejik dan Simulasi Bisnis Vol 1 No 1 (2020): Jurnal Manajemen Stratejik dan Simulasi Bisnis
Publisher : Fakultas Ekonomi Universitas Andalas

Pendanaan perusahaan dapat dilakukan dengan cara menjual saham di pasar modal. Perusahaan yang memilih untuk menjual sebagian kepemilikannya kepada masyarakat luas (go public) untuk pertama kalinya lebih dikenal dengan istilah Penawaran Umum Perdana atau Initial Public Offering (IPO). Tujuan dari penelitian ini adalah untuk melihat pengaruh Reputasi Underwiter, Underpricing, Financial Leverage dan Profitabilitas terhadap kinerja saham IPO. Kinerja saham diukur dalam periode waktu 1 bulan (Y1), 3 bulan (Y2), 6 bulan (Y3), 12 bulan (Y4) untuk melihat return/ kinerja disetiap periode waktu yang telah ditetapkan peneliti. Populasi dalam penelitian ini adalah semua perusahan yang terdaftar di prospektus BEI tahun 2016-2018, teknik pengambilan sampel non probability sampling dengan metode purposive sampling dan didapatkan sampel 54 perusahaan yang sesuai dengan kriteria penelitian. Jenis penelitian kuantitatif, jenis data sekunder, dengan tipe investigasi korelasional. Data analisis diolah menggunakan aplikasi STATA versi 15. Berdasarkan hasil analisis reputasi underwriter dan profitabilitas berpengaruh negatif dan tidak signifikan terhadap kinerja saham perusahaan yang melakukan IPO di BEI, underpricing berpengaruh positif dan tidak signifikan terhadap kinerja saham perusahaan yang melakukan IPO di BEI, dan financial leverage berpengaruh negatif dan signifikan terhadap kinerja saham perusahaan yang melakukan IPO di BEI

Determination of Corporate Action Announcement and Market Reaction: : Stock Price and Stock Liquidity Before and Afte Liyas, Jeli Nata; Fajri Adrianto
International Journal of Islamic Business and Management Review Vol. 2 No. 1 (2022)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

This study aims to determine the effect of market reaction in corporate action announcements on stock prices and stock liquidity. This study uses qualitative methods and literature research with reference to the latest journals published by scholars and examines literature books based on the theories discussed, especially in the context of financial management. The results of this study will build a research hypothesis which will be developed in further research by the author. The findings of this study will be continued with data collection and hypothesis testing. Stock data will be taken on stocks listed on the Indonesia Stock Exchange using a purposive sample selection method. It is planned that this study will test the hypothesis using SEM AMOS software version 24 and SPSS Versti 26 to process and screen data. Research will have an impact on increasing understanding for investors who will invest in the Indonesia Stock Exchange.

The Influence of Industry Type, Underwriter Reputation, and Return on Assets (ROA) on IPO Stock Performance Before and After COVID-19 Yunita Ardella Putri; Fajri Adrianto
The Future of Education Journal Vol 3 No 5 (2024)
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah Yayasan Pendidikan Tumpuan Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61445/tofedu.v3i5.342

This study aims to analyze the influence of industry type, underwriter reputation, and return on assets (ROA) on the performance of IPO stocks before and after COVID-19. The research is motivated by the issue that the COVID-19 pandemic, which began in 2020, had a significant impact on the global economy, including Indonesia’s capital market. The Jakarta Composite Index (IHSG) sharply declined at the onset of the pandemic, yet Initial Public Offering (IPO) activity showed an increase. This raised questions about the factors that influence IPO stock performance during the period before and after the pandemic. The research method uses a quantitative approach with multiple linear regression analysis. Data was collected from 56 companies that conducted IPOs during the period 2018–2022, including financial statements and closing stock prices. The results indicate that industry type and underwriter reputation have a significant impact on IPO stock performance, both before and after the pandemic. However, ROA did not show a significant effect. These findings provide important insights for investors, companies, and regulators in understanding the dynamics of the capital market amid global economic changes.

The Influence of Corporate Social and Governance Pillars on Green Innovation in Southeast Asian Energy Sector Public Companies Amelia Putri; Tafdil Husni; Fajri Adrianto
Jurnal Ekonomi Manajemen Sistem Informasi Vol. 6 No. 3 (2025): Jurnal Ekonomi Manajemen Sistem Informasi (Januari - Februari 2025)
Publisher : Dinasti Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jemsi.v6i3.3745

This research aims to analyze the relationship between Corporate Social and Governance pillars and green innovation in the Southeast Asian energy sector. It is a quantitative study that relies on secondary data from Refinitiv Eikon and relevant websites, analyzed using panel data regression with STATA 14 software. The research focuses on public companies in the Southeast Asian energy sector, using purposive sampling based on specific criteria, including operating between 2020-2023, having complete ESG data, and issuing financial statements during this period. This research provides a structured approach to understanding the impact of corporate social pillar includes workforce, human rights, community, and product responsibility, while the governance pillar comprises management, shareholders, and CSR strategies on green innovation in the Southeast Asian energy sector. The results of the study indicate a significant relationship between company performance and green innovation in the ASEAN energy sector. Analysis of sustainable performance variables, based on the ESG categories from the Refinitiv Eikon Database, reveals that social and governance-related scores influence green innovation in companies. Specifically, the workforce score, human rights score, and product responsibility score have a positive and significant relationship with the company’s green innovation, while the community score shows a negative and significant relationship. In terms of governance, the management score has a negative and significant relationship with green innovation, whereas the shareholder score is positively and significantly related to green innovation. The CSR strategy score, although positive, does not have a significant relationship with green innovation in the ASEAN energy sector. This study highlights the importance of social and governance factors in driving green innovation and the need to pay close attention to specific elements that can support the successful implementation of green innovation in this sector.

Analisis Pengaruh Indikator Keuangan dan Makroekonomi Terhadap Profitabilitas Bank Pekreditan Rakyat di Masa Sebelum dan Selama Pandemi Covid-19 Doni Rahmad; Fajri Adrianto; Masyhuri Hamidi
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 5 No. 5 (2024): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v5i5.2431

This research aims to examine the influence of CAR, LDR, CASA, PDRB, and Inflation on the profitability of 82 (eighty-two) Rural Credit Banks (BPR) in the West Sumatra Province presented in the form of ROA ratios during the period before the Covid pandemic from 2017 to 2019 and during the Covid pandemic period from 2020 to 2022. The research method employed is descriptive research with a quantitative approach, utilizing panel data regression analysis. The data used are secondary data sourced from the financial reports of BPR publications in the West Sumatra Province, the Central Bureau of Statistics, and Bank Indonesia. Partial results of the research during the pre-Covid pandemic period indicate that (1) CAR significantly influences ROA positively; (2) LDR significantly influences ROA negatively; (3) CASA significantly influences ROA negatively; (4) PDRB significantly influences ROA negatively; (5) Inflation does not significantly influence ROA. Simultaneously, CAR, LDR, CASA, PDRB, and Inflation collectively significantly affect ROA of BPR in the West Sumatra Province during the pre-Covid pandemic period. Partial results during the Covid pandemic period indicate that (1) CAR significantly influences ROA positively; (2) LDR does not significantly influence ROA; (3) CASA does not significantly influence ROA; (4) PDRB significantly influences ROA negatively; (5) Inflation does not significantly influence ROA. Simultaneously, CAR, LDR, CASA, PDRB, and Inflation collectively significantly affect ROA of BPR in the West Sumatra Province during the Covid pandemic period.

Analisis Pengaruh Indikator Keuangan dan Makroekonomi Terhadap Profitabilitas Bank Pekreditan Rakyat di Masa Sebelum dan Selama Pandemi Covid-19 Doni Rahmad; Fajri Adrianto; Masyhuri Hamidi
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 5 No. 5 (2024): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v5i5.2431

This research aims to examine the influence of CAR, LDR, CASA, PDRB, and Inflation on the profitability of 82 (eighty-two) Rural Credit Banks (BPR) in the West Sumatra Province presented in the form of ROA ratios during the period before the Covid pandemic from 2017 to 2019 and during the Covid pandemic period from 2020 to 2022. The research method employed is descriptive research with a quantitative approach, utilizing panel data regression analysis. The data used are secondary data sourced from the financial reports of BPR publications in the West Sumatra Province, the Central Bureau of Statistics, and Bank Indonesia. Partial results of the research during the pre-Covid pandemic period indicate that (1) CAR significantly influences ROA positively; (2) LDR significantly influences ROA negatively; (3) CASA significantly influences ROA negatively; (4) PDRB significantly influences ROA negatively; (5) Inflation does not significantly influence ROA. Simultaneously, CAR, LDR, CASA, PDRB, and Inflation collectively significantly affect ROA of BPR in the West Sumatra Province during the pre-Covid pandemic period. Partial results during the Covid pandemic period indicate that (1) CAR significantly influences ROA positively; (2) LDR does not significantly influence ROA; (3) CASA does not significantly influence ROA; (4) PDRB significantly influences ROA negatively; (5) Inflation does not significantly influence ROA. Simultaneously, CAR, LDR, CASA, PDRB, and Inflation collectively significantly affect ROA of BPR in the West Sumatra Province during the Covid pandemic period.

The Impact of Environmental Innovation, Carbon Emission, and Resource Use on Financial Distress Moderated by Corporate Governance Hadis, Fajar Sukma; Masyhuri Hamidi; Fajri Adrianto
AMAR (Andalas Management Review) Vol. 9 No. 2 (2025)
Publisher : Management Institute Faculty of Economics Universitas Andalas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/amar.9.2.51-66.2025

This study examines the effect of environmental innovation, carbon emission, and resource use on financial distress, with corporate governance as a moderating variable, in companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The sample was selected using purposive sampling, consisting of 15 companies that consistently published sustainability reports and had environmental scores from Refinitiv LSEG, resulting in a total of 75 observations. Secondary data were obtained from financial statements and sustainability reports, and analyzed using panel data regression with the Fixed Effects Model. The findings reveal that environmental innovation has a significant negative effect on financial distress, while resource use has a significant positive effect. In contrast, carbon emission does not significantly affect financial distress. Regarding the moderating role, corporate governance positively strengthens the relationship between environmental innovation and financial distress, indicating that in the short term, high investment costs in green innovation may increase financial pressure. Meanwhile, corporate governance does not significantly moderate the effect of carbon emission on financial distress, but significantly weakens the positive effect of resource use on financial distress. Overall, the results highlight that environmental innovation is crucial in reducing financial risks, efficient resource management must be optimized, and strong corporate governance serves as a key mechanism to enhance the effectiveness of sustainability strategies.

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