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All Journal JURNAL BISNIS STRATEGI Jurnal Studi Manajemen Organisasi Diponegoro Journal of Economics Diponegoro Journal of Management Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Akuntansi dan Pajak International Research Journal of Business Studies (E-Journal) Syntax Literate: Jurnal Ilmiah Indonesia Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship Jurnal Ilmiah Manajemen Kesatuan Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Jurnal Pasopati : Pengabdian Masyarakat dan Inovasi Pengembangan Teknologi Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Journal of Business, Social and Technology Equivalent: Jurnal Ilmiah Sosial Teknik e-Jurnal Apresiasi Ekonomi Research Horizon IIJSE Riset Akuntansi dan Keuangan Indonesia Prosiding Seminar Nasional Unimus Journal of Finance and Islamic Banking Scientific Journal of Informatics International Research Journal of Business Studies Economic and Business Horizon Arthatama: Journal of Business Management and Accounting
Wisnu Mawardi
Departemen Manajemen Fakultas Ekonomika Dan Bisnis, Universitas Diponegoro
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Automotive Engineering Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Nursing Public Health Social Sciences Other

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The Role of Capital Structure as a Mediator of Profitability, Company Size, and Business Risk on Company Value (Study on Exporters Listed on the Indonesia Stock Exchange 2019-2023) Titi Indah Susilowati; Wisnu Mawardi
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 1 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i1.5968

Abstract

Capital structure is an important part of a firm's financial structure as a signal to the market about the firm's management and financial prospects. The optimal capital structure decision can increase the value of the company by increasing investors' perception of the company's stability and growth. This study aims to determine the role of capital structure on profitability, company size, business risk on firm value with capital structure as an intervening variable in companies listed on the Indonesia Stock Exchange (IDX). This study uses a quantitative approach and secondary data in the form of financial reports or summaries of annual reports from Exporter companies listed on the IDX in the 2019-2023 time span. The population that is the focus of this research is exporter companies listed on the IDX, with a total of 50 companies with a purposive sampling method, Data analysis was carried out using SEM-PLS version 3.2.9. The research results in this study are Profitability has a positive and significant effect on firm value. company size has a negative and significant effect on firm value. business risk has a positive and insignificant effect on firm value. profitability has a positive and significant effect on firm value. company size has a negative and significant effect on firm value. business risk has a positive and insignificant effect on firm value. capital structure has a negative and significant effect on firm value. Profitability has a negative and significant effect on capital structure. firm size has a positive and insignificant effect on capital structure. business risk has a positive and insignificant effect on capital structure.
ANALYSIS OF FINANCIAL DISTRESS DETERMINANTS IN SECURITIES COMPANIES AS MEMBERS OF THE EXCHANGE IN INDONESIA Catur Karyanto Pilih; Wisnu Mawardi
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 3 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i3.2987

Abstract

Financial distress in securities companies can be an early indicator of potential financial failure that has a systemic impact on capital market stability. In the context of global and domestic economic dynamics, including the COVID-19 pandemic, securities companies face complex pressures from both internal and external sides. Therefore, early identification of factors that influence financial distress is very important in maintaining business continuity and protecting investors. This study aims to examine the effect of profitability, liquidity, solvency, capital structure, company size, corporate governance, and macroeconomic factors on the probability of financial distress in securities companies that are members of the stock exchange in Indonesia. This study is motivated by the importance of early detection of the financial condition of securities companies that have the potential to experience financial distress, especially in the context of market dynamics and external challenges such as the COVID-19 pandemic. The research method used is logistic regression analysis of secondary data from securities companies, namely93 securities companies are members of the stock exchange in Indonesia during the period 2018 to 2023.The variables analyzed include financial ratios (ROA, ROE, NIATTA, CR, TAANC, DER, TLOE, ECCABC, WACC, TA), corporate governance indicators (GCG), and macroeconomic indicators (GDP, INF, IHSG, BI7DRR). The results of the study indicate that profitability and liquidity do not have a significant effect on the probability of financial distress. On the contrary, the variables of solvency, capital structure, and company size are proven to have a significant effect in reducing the possibility of financial distress. In particular, the variables of Debt to Equity Ratio (DER) and ECCABC have the strongest influence in predicting this risk. The corporate governance variable does not show a significant effect, which indicates that the governance dimension is not always in line with the indicators of financial distress. Meanwhile, macroeconomic variables such as GDP, inflation, and the composite stock price index (IHSG) are proven to be significant in reducing the probability of financial distress, while the BI benchmark interest rate (BI7DRR) does not have a significant effect.
THE EFFECT OF CREDIT RISK ON FINANCIAL PERFORMANCE OF CONVENTIONAL PEOPLE'S BANKS IN INDONESIA (Comparative Study between Privately Owned and Local Government Owned BPRs) Reza Surya Akdiwidjaya; Wisnu Mawardi
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 5 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i5.4354

Abstract

People's Economic Banks (BPR) have a strategic role in supporting the local economy through financial intermediation, particularly in the Micro, Small, and Medium Enterprises (MSMEs) sector. This study aims to analyze the effect of Non-Performing Loans (NPL), Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR), and Firm Size on Return on Assets (ROA) in Private BPRs and Regional Government BPRs in Indonesia. The research method used is quantitative with a multiple regression approach, using secondary data from the annual financial reports of Private BPRs and Regional Government BPRs for the 2019-2024 period. Sample selection was carried out using a stratified random sampling method based on data published by the Financial Services Authority (OJK). From the total population, 92 Private BPRs and 92 Regional BPRs were obtained with a total of 1100 initial observations. Then outlier trimming was performed to increase validity, resulting in 302 observations of Private BPRs and 488 observations of Regional BPRs for analysis. Data processing was carried out using SPSS software version 26.0 The results of the study indicate that in Private BPRs, the NPL variable has a significant negative effect on ROA, CAR has a significant positive effect on ROA, LDR has a significant positive effect on ROA, while Firm Size has no significant effect on ROA. In Regional BPRs, the results show that NPL has a significant negative effect on ROA, CAR has a significant positive effect on ROA, LDR has no significant effect on ROA, while Firm Size has a significant positive effect on ROA. The coefficient of determination (Adjusted R²) is 0.209 or 20.4% for Private BPRs and for Regional BPRs it is 0.204 or 20.4%, the independent variables are able to explain variations in ROA. The implications of this study emphasize the importance of controlling non-performing loans (NPLs), strengthening capital (CAR), and effectively channeling quality credit (LDR) in improving the financial performance of rural banks (BPR). Furthermore, asset scale management (firm size) needs to be optimized, particularly in regional BPRs, to contribute more significantly to increased profitability. This study provides theoretical contributions to the banking literature on factors influencing BPR profitability and provides practical input for bank management and regulators in formulating regional banking policies.
Analysis of the Effect of Credit Risk and Market Risk on Banking Capital Satisfaction during the Covid-19 Pandemic (Case Study on Commercial Banks In Indonesia) Alamaint, Saezar; Mawardi, Wisnu
Journal of Business, Social and Technology Vol. 4 No. 2 (2023): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v4i2.149

Abstract

The COVID-19 pandemic has posed significant challenges to the financial stability of banking institutions around the world. This research seeks to conduct an empirical study to determine the effect of credit risk and market risk on capital security. This study aims to examine (1) the effect of Credit Restructuring,Non-Performing Loans (NPL), Net Interest (NIM) on Capital Adequacy Ratio (CAR) (2) the effect of NPL, NIM on Return On Assets (ROA) (3) the effect of ROA on CAR and (4) the effect of NIM, NPL to CAR with ROA as the intervening variable. The sample for this research is commercial banks registered with OJK in 2020 that meet the research criteria. The method of analysis in this study is path analysis which is the development of multiple and bivariate regression analysis. The research results show thatCredit restructuring has a negative and insignificant effect, NPL has a negative and insignificant effect on CAR, NIM has a positive and not significant effect on CAR, NPL has a negative and significant effect on ROA, NIM has a positive and significant effect on ROA, ROA has a negative and significant effect on CAR, NPL has a direct influence on CAR through ROA, NIM has no effect on CAR through ROA.
Insights From Recent Literature on Economic Development and Empowerment in Indonesia Berliana Iffada; Fiskia Syafa’ati; Wisnu Mawardi
Arthatama: Journal of Business Management and Accounting Vol. 7 No. 1 (2023)
Publisher : LifeSciFi

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Abstract

This paper examines the economic development challenges and opportunities in Indonesia, focusing on regional disparities, poverty alleviation, and sustainable growth. Through an analysis of various studies, it highlights the importance of addressing issues such as demographic pressures, inadequate infrastructure, financial constraints, and systemic inequalities that hinder development, especially in remote and vulnerable regions. The research emphasizes the need for targeted government intervention, infrastructure investment, and policies that promote inclusive growth and empower marginalized communities. Additionally, the paper explores the role of sustainable innovation, particularly in agriculture, fisheries, and tourism, as a means to drive inclusive economic development. The potential of the green economy and digital technologies is also discussed, with a focus on how these sectors can contribute to environmental sustainability and job creation. The study calls for comprehensive, well-designed policies that align economic development with social welfare and environmental goals, ensuring long-term prosperity for all segments of the population. Overall, the findings suggest that Indonesia’s future economic success depends on strategic efforts to integrate sustainable practices, improve infrastructure, and foster inclusive growth at both the national and local levels.
The Impact of ESG Disclosure on Firm Value: Systematic Literature Review Approach Lulu Islami Nur Afifah; Sekar Ayu Cahyaningtyas; Wisnu Mawardi
Arthatama: Journal of Business Management and Accounting Vol. 9 No. 1 (2025)
Publisher : LifeSciFi

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Abstract

This study investigates the impact of Environmental, Social, and Governance (ESG) disclosure on firm value using a Systematic Literature Review (SLR) approach. The growing global emphasis on sustainable business practices has made ESG disclosure a key instrument in signaling corporate responsibility and long-term value creation. However, empirical findings across sectors and regions remain inconsistent. This paper synthesizes 30 reputable international articles (indexed as Q1/Q2) from 2020 to 2025 to identify prevailing patterns and gaps. The results show that many studies report a significant positive relationship between ESG disclosure and firm value. Nevertheless, only a minority of studies explore profitability as a moderating variable, and its moderating effect appears statistically insignificant. The review highlights that organizational characteristics such as firm size may play a more decisive role in enhancing the value effects of ESG disclosure. The paper contributes to sustainability literature by offering an integrated conceptual framework and suggesting future empirical directions, particularly concerning moderating variables in different institutional and industrial contexts.
Analysis of the Relationship between Environmental, Social, and Governance (ESG) and Firm Value: A Systematic Review of Empirical Evidence in Indonesia Dedi Hartono; Wisnu Mawardi; Sugeng Wahyudi
Journal of Business, Social and Technology Vol. 7 No. 2 (2026): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v7i2.598

Abstract

Background: ESG is an essential non-financial factor that can influence firm value; however, the evidence in Indonesia shows mixed results because ESG activity measurements are not standardized, the market remains varied, and disclosure is not evenly distributed, so a generalizable conclusion is not available. Objective: This research seeks to systematically review empirical evidence on the effect of ESG on firm value by emphasizing the analysis in the Indonesian context. Methods: This work utilizes a Systematic Literature Review (SLR) in line with PRISMA guidelines. In March 2025, exhaustive searches were conducted on Scopus, ScienceDirect, and Google Scholar (limited to Scopus-indexed or peer-reviewed sources only), and tailored Boolean search combinations were used. Out of 487 identified records, 20 empirical studies on Indonesian and internationally benchmarked listed companies satisfied the inclusion criteria. Results: Among the 20 studies reviewed, 6 Indonesian studies found ESG–firm value effects to be positive, 3 negative, and 4 insignificant; heterogeneity is explained by industry sector, the life cycle stage of the firm, and the quality of ESG disclosure. International benchmark studies (n = 10) showed a positive and largely consistent impact, attributable to stronger regulatory frameworks and greater investor ESG awareness in developed and more mature emerging markets, which reduce firm-level risks. Conclusion: The impact of ESG on firm value is context-dependent, and Indonesia needs standardized disclosure, ESG assurance, and investor education to harness its positive impact on firm value.
Co-Authors Adistya, Renna Alamaint, Saezar Andri Aji Saputra Andriza Bintang Pramudya Anisqe Adita Annya Helda Ayuningtyas Ardiansyah, Rizki Arief Rachman Arindra Karunia Rahmadhani, Arindra Karunia Asriyani, Rahma Asti Mardiana Putri, Asti Mardiana Astuti, Fitria Yuni Asyazilal, Abieta Berliana Iffada Cahyana, Muhammad Aziz Catur Karyanto Pilih Chotrianda, Nadhia Fortuna Danes Quirira Octavio Dea Adielyani Dedi Hartono Diah Meani R.M.D Dinda Ayu Septiana Doni Setiawan Dul Muid Edi Suranta Tarigan Edi Suranta Tarigan Eliezer Yudha Nattan Fahmi Hasan, Fahmi Farhanditya, Ferdiansyah Djody Farich Novrina Sandy Fiskia Syafa’ati Fitri Andriani, Lia Foza Hadyu Hasanatina, Foza Hadyu Fuad Mas’ud Glady Precillia Arindi, Glady Precillia Hadi, Naufal Handayani, Heny Harjum Muharam Harjum Muharam Harris, Rizky Muhammad Hashifah Nabilah Hashifah Nabilah, Hashifah Hendra Fitrianto Hendratno, Roberto Heny Handayani Iffada, Berliana Iga Bagus Jaya Wardhana, Iga Bagus Jaya Indra Kurnia Irene Rini Demi Pangestuti Jenna Tania Kurniawan, Noval Kustopo Budiraharjo Kusuma, Difa Putra Laila Murningsih Novrian Wakhidah Lulu Islami Nur Afifah Makusara, Kumaralalita Mansur Mansur Miyasto Miyasto Mochammad Ardani Muhajir, Atok Muhammad Aziz Cahyana Muhammad Azmi Fauzan, Muhammad Azmi Nina Kusumi Ningrum Nugroho, Leonardus Jayadi Pangestika, Devi Wahyu Pavita Bayu Permata Putri Pradhipta, Rama Dwika Prasetyo, Ivan Pratama, Anaszaki Purbayu Budi Santosa Putra, Ardhilo Putranto, Andre Novia Rachmawati, Windasari Rahmitha, Sasya Ramadhan, Aryasatia Rayhan, Raditya Valeri Aurelia Retno Hidayati Reza Surya Akdiwidjaya Riza, Mukaffi Rizky Utami, Anindya Rizqi Amalia Yasinta Putri Robiyanto Robiyanto Robiyanto, Robiyanto Robiyanto, Robiyanto Ryan Havidhian Putra Sari, Dwi Kamilah Sasya Rahmitha Sekar Ayu Cahyaningtyas Setiyawati, Lia Sheilla Nur Rahma SUGENG WAHYUDI Sugeng Wahyudi, Sugeng Syafa’ati, Fiskia Tarigan, Edi Suranta Thoriq, Ezar Aufa Tiari Aprisilya, Tiari Titi Indah Susilowati Vidianto, Muhammad Afiq Wafdayanti, Haasya Widiastuti, Cahyaning Ajeng Yurivin, Nerissa Zakiah Zakiah