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All Journal Jurnal Reviu Akuntansi dan Keuangan MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Jurnal Keuangan dan Perbankan Jurnal Manajemen Teori dan Terapan Jurnal Ekonomi dan Bisnis Islam Riset Akuntansi dan Keuangan Indonesia Ekonomi Bisnis Jurnal Manajemen dan Bisnis Indonesia Jurnal Ekonika : Jurnal Ekonomi Universitas Kadiri EKSPANSI al-Uqud : Journal of Islamic Economics JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) J-MKLI (Jurnal Manajemen dan Kearifan Lokal Indonesia) Jurnal Manajemen Bisnis Riset Akuntansi dan Keuangan Indonesia
Muhammad Madyan, Muhammad
Airlangga University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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Environmental, Social, Governance (ESG) Performance and Capital Structure: The Role of Good Corporate Governance Muhammad Madyan; Saraswati Kuntum Widuri
Journal of Theoretical and Applied Management (Jurnal Manajemen Teori dan Terapan) Vol. 16 No. 3 (2023)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v16i3.47483

Abstract

Objective: The purpose of this study is to investigate the impact of Environmental, Social, and Governance (ESG) performance on capital structure, using good corporate governance (GCG) as a moderating variable. Design/Methods/Approach: The sample comprises companies listed on the IDX outside the financial sector that issued financial and sustainability reports between 2017 and 2021. The Global Reporting Initiative (GRI) index measures ESG performance, the capital structure is measured by leverage, and the moderating variable of good corporate governance is measured by independent commissioner proportion. The data are analyzed using the OLS regression technique. Findings: According to the estimation results, ESG performance positively affects the capital structure of non-financial enterprises. Furthermore, good corporate governance does not moderate the relationship between environmental, social, governance, and capital structure.   Originality/Value: By focusing on ESG performance and capital structure as evaluated in emerging countries, this study adds to existing research on environmental and social performance and its impact on capital structure. Furthermore, GCG is included as a moderating variable in this study. Practical/Policy implication: Based on the findings, it is suggested that firm executives take steps to expand their ESG practices. This ensures sustainability and increases investor and creditor confidence, resulting in more efficient funding sources for the company.
Financial Literacy, Financial Technology Literacy, and Capital Market Participation Nugroho Sasikirono; Harlina Meidiaswati; Nur Maulydia Rachman; Muhammad Madyan
Journal of Theoretical and Applied Management (Jurnal Manajemen Teori dan Terapan) Vol. 16 No. 3 (2023)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v16i3.49550

Abstract

Objective: This study aims to determine the effect of financial literacy and fintech literacy on capital market participation. It also examines the effects of individual characteristics (i.e., gender, age, student's allowances and income, parent's education, and parent's income) on financial and fintech literacy. Design/Methods/Approach: This study obtained 349 data from email and field surveys using purposive sampling. Data analysis was performed using OLS and path analysis. Findings: Results show that the level of student financial literacy is sufficiently literate, with a moderate level of fintech literacy but low capital market participation. The results also show financial and fintech literacy positively affects capital market participation. Financial literacy also exhibits indirect effects on capital market participation. Analysis of the determinants of literacy shows that gender, age, student allowances, and income have a significant positive effect on financial literacy and fintech literacy. We also find that parental education and income show a negative effect on fintech literacy. Originality/Value: This study is the first to examine the relationship between financial literacy, fintech literacy, and capital market participation in young adults in metropolitan cities in Indonesia. The results are expected to provide insight for the authorities of the monetary system and the capital market to develop strategies for the more intense involvement of young adults in the capital market. Practical/Policy implication: This study highlights the importance of educating students about financial and fintech literacy to increase their participation in the capital market. Decision-makers should focus on providing intense education on portfolio investment, risk and return, and investment instruments. Financial authorities should also collaborate with fintech operators and securities companies to promote capital market products through fintech and educate the public with more comprehensive information.
Efek Kinerja Lingkungan dan Kinerja Sosial Terhadap Kinerja Pasar Perusahaan di Indonesia Meidiaswati, Harlina; Madyan, Muhammad; Sasikirono, Nugroho
Jurnal Manajemen dan Kearifan Lokal Indonesia Vol 7 No 2 (2023)
Publisher : Asosiasi Peneliti Manajemen Adat Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26805/jmkli.v7i2.139

Abstract

This study examines the effect of environmental performance as measured by the PROPER award rating and social performance as measured by the corporate social responsibility (CSRI) disclosure index on the company's market performance as measured by the Tobin's Q ratio. The sample being used is 188 companies listed on the Indonesia Stock Exchange (IDX) for the period 2013-2016. OLS results show that the PROPER award has a positive effect on market performance. Companies that receive prestigious PROPER awards (blue, green or gold) show higher market performance. The test also shows the positive influence of social performance on market performance. Furthermore, social performance fully mediates the effect of environmental performance on market performance. Robustness check using quantile regression shows that social performance fully mediates the effect of environmental performance on firms with small and medium market performance (Q25 and Q50).
Resilient finance: Navigating COVID-19 in the Indonesian capital market through an Islamic economic perspective Sukmaningrum, Puji Sucia; Bin Mohd Dali, Nuradli Ridzwan Shah; Madyan, Muhammad; Laila, Nisful; Widiastuti, Tika
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p239-254

Abstract

This study examines investor behavior, measured by trading volume activity (TVA) and average abnormal return (AAR), during the COVID-19 pandemic in Indonesia. It provides a comprehensive analysis of the pandemic's impact on four key subsectors: pharmaceuticals, telecommunications, transportation, and food and beverages. Using an event study methodology with daily stock prices and trading volume data, the results reveal varying investor reactions across subsectors. Notably, the pharmaceutical subsector showed significant differences in TVA averages and AAR changes two days before and seven days after the pandemic announcement. In contrast, the food and beverages subsector experienced no significant change in TVA, but notable AAR fluctuations over 11 days. The telecommunications subsector demonstrated significant negative AAR differences post-announcement, despite no TVA changes, while the transportation subsector experienced a negative AAR difference over 11 days with no TVA variations. This detailed sectoral analysis offers valuable insights for stakeholders seeking to understand the differential impact of COVID-19 on various industries.  
Zombie Company and CSR Performance with Corporate Governance and Ownership as Moderator Variables Madyan, Muhammad; Sasikirono, Nugroho; Maulidya, Putri
Riset Akuntansi dan Keuangan Indonesia Vol 5, No 3 (2020) Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v5i3.11756

Abstract

This study aims to determine the relationship between zombie companies and the performance of corporate social responsibility, with corporate governance and ownership as moderator variables. A zombie company is a nearinsolvent firm due to inefficiency and low profitability but still survive with external support from the government or bank (Kane, 1987). The determination of the sample is done by a purposive sampling method, with OLS and Moderated Regression Analysis methods. The number of research samples is 288 companies with a total of 1865 observations for the period 2010-2017. The analysis shows that CSR performance in zombie companies is lower than that of nonzombies. The moderator variable of corporate governance is proxied by board composition, while ownership is proxied by family ownership and institutional ownership. The board composition and institutional ownership variables do not moderate the negative effects of zombie companies on CSR performance, while the family ownership variable worsens the relationship between zombie companies and CSR performance. The research control variables are financial leverage, a dummy of state-owned enterprise, and firm size. While financial leverage has no effect on the CSR performance, the state-owned enterprise and firm size are positively related to that performance.
MARKET REACTION OF STOCKS LISTED ON THE JAKARTA ISLAMIC INDEX (JII) TO THE ANNOUNCEMENT OF THE 2017 GOVERNOR OF DKI JAKARTA Sukmaningrum, Puji Sucia; Madyan, Muhammad; Hendratmi, Achsania
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 5 No. 1 (2019): JANUARY-JUNE 2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (911.899 KB) | DOI: 10.20473/jebis.v5i1.10087

Abstract

The purpose of this research is to analyze the reaction of investors before and after the announcement of the determination of the Governor of DKI Jakarta in 2017 against abnormal return and trading volume of activity. These studies use quantitative methods of event study. Estimation period is 60 days and research period is 10 days before and 10 days after the announcement. the sample of this research is 30 stocks listed on the Jakarta Islamic Index (JII). The results showed no significant difference against AAR and ATVA before and after the announcement. Investor it is possible already to react before the official announcement of the Election Commission (KPU). Investors could do predictions the election results of the Survey or the quick count.Keywords: Market Reaction, Event Study, Abnormal Return, Trading Volume Activity, Islamic Capital Market.   
Co-Authors Achsania Hendratmi Akbar Nugraha Alamsyah, Fatimah Anita Carolina Astriani Wahyuningati Bayu Arie Fianto Bayu Indra Kurniawan Bin Mohd Dali, Nuradli Ridzwan Shah Clarissa Mulialim Deni Kusumawardani Gagas Gayuh Aji, Gagas Gayuh Haka Adila Harlina Meidiaswati Harlina Meidiaswati Hasbi Ash Shidiq Herlambang, Muhammad Hadyan Ilham Ramadhani Kholidah, Himmatul Maulidya, Putri Mochamad Ali Fudin Al Islami Muhammad Hadyan Herlambang Nisful Laila Novian Abdi Firdausi Novian Abdi Firdausi Novian Abdi Firdausi Nur Maulydia Rachman Pratiska, Riska Gita Puji Sucia Sukmaningrum Putri Maulidya Putri Yanti Lestyarini Raditya Sukmana Rayindha Galuh Setyowati Saraswati Kuntum Widuri Sasikirono, Nugroho Tika Widiastuti Wida Kusmayana Wulan Rahmadani Setiawan