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The Influence of Business Ethics, Organizational Governance, and Corporate Social Responsibility on the Financial Performance of Companies Listed on the Indonesia Stock Exchange Stephanie Stephanie; Werner Ria Murhadi
Journal of Economics and Business UBS Vol. 12 No. 3 (2023): Special Issue
Publisher : UniSadhuGuna Business School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/joeb.v12i3.290

Abstract

Sustainability issue nowadays requires companies in Indonesia to act strategically and not only focus on financial performance, but also social and environmental aspects. Corporate social responsibility is seen as an obligate and one way to comply with the business ethics value as generally required by society. However, the differences in the company’s stakeholders’ needs could cause variation of corporate governance system, which sometimes does not follow the ethics value. This research aims to look over the effect of ethics (generally) to corporate governance practices and implementation of corporate social responsibility in Indonesia, also towards the company’s financial performance. The sample of this research is the companies listed in the IDX80 index of Bursa Efek Indonesia. The data collection technique used is the purposive sampling method and data collected will be analyzed using linear regression method. This research proved that ethics affecting the corporate governance system and corporate social responsibility practices, but there’s no prove that corporate governance system and corporate social responsibility affect the corporate financial performance.
Good Corporate Governance and Earning Management Practices: An Indonesian Cases Werner R. Murhadi
Jurnal Manajemen Maranatha Vol 10 No 2 (2011)
Publisher : Universitas Kristen Maranatha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28932/jmm.v10i2.82

Abstract

This research is done for the purpose of finding out the effect of Good Governance practice can reduce earnings management practice done by company. This research uses companies registered in manufacture sector in Indonesia Stock Exchange Observation period 2005-2007 as samples. Last sample used in this research is 384 years of observation. This research uses OLS method. The result allows that only two variables have significant effect to Earning Management practice which is CEO Duality an controlling stakeholder existence. Other independent variable such as independent commissioner and audit committee and also shareholder coalition outside the controlling shareholder don't have any effort to earning management practice in the company. COntrolvariable like covergence analyst and debt don't have anny effect either, to earning management practice existence.Keywords: good corporate governance, earning management, coverage analyst, debt.
Portofolio dengan Menggunakan Model Indeks Tunggal dan Metode Z Werner R. Murhadi
Jurnal Manajemen Maranatha Vol 12 No 2 (2013)
Publisher : Universitas Kristen Maranatha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28932/jmm.v12i2.163

Abstract

This study aimed to establish the optimal portfolio using a single index model approach and Z methods. This study used a sample of companies included in the LQ-45 period February 2009-January 2013. The results showed that the portfolio returns by using a single index models and Z methods did not give different results.The use of a single index model can provide a smaller risk than the use of Z method. The use of a single index model produces 11 stocks included in the portfolio, while the Z method produces 6 stocks included in the portfolio. The results indicated Z method is more suitable to investors who have limited funds and limited time.
Studi Hubungan Deviden dan Earning Perusahaan Werner R. Murhadi
Jurnal Manajemen Maranatha Vol 8 No 2 (2009)
Publisher : Universitas Kristen Maranatha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28932/jmm.v8i2.187

Abstract

This research aimed to test “do the information contains on the dividends have an ability to predict the expected earning?” Our sample is all listed companies which distributed cash dividend during 2000-2005 at Jakarta Stock Exchange. We finally collected 544 observations and conducted generalized method of moments for analysis. The finding indicates that the dividends have positive influence to the company expected earning growth, furthermore, it supports the signaling theory, nonetheless refuses the dividend irrelevant theory and the disappearing dividend phenomenon.
ENVIRONMENTAL - BALANCED SCORECARD SEBAGAI STRATEGI DALAM MENGHADAPI PERSAINGAN DI MASA MENDATANG Murhadi, Werner R.
Manajemen dan Bisnis Vol 1, No 1 (2002): March 2002
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/jmb.v1i1.35

Abstract

Present development in performance measurement only considers the financial aspects of company that focuses on the past performance or lag indicator. Companies need other indicators to be used as lead indicators, to look after future performance. It needs a new method to integrate goals and performance measurement in a company, and to achieve vision and mission of the company. Balanced Scorecard system included, performance measurement based on financial aspect and non-financial aspects.Besides using the Balanced Scorecard as performance measurement, some companies use it as a strategic management system to manage its strategy for the long term. The Balance Scorecard, still could not response rapid concerns of society in environmental problems. Increasing of environmental awareness in the global society makes companies should not consider only on four perspectives in Balanced Scorecard, but also on environmental perspectives on companies' environment. Company's vision, mission and strategy should be reflected and inspired in the five aspects in Environmental-Balanced Scorecard.Tight competition in the industry and people's concern in reducing pesticide in the environment compels a company to develop strategies which can be used to satisfy its stakeholder. Environmental-Balanced Scorecard implementation as a management strategic system will help the company developing its competitive strategy and will satisfy society's demand to overcome negative environmental impact from its product.
Analysis of Factors Affecting Business Performance: Empirical Study of Hospitals in East Java Afifi, M. Fiyan; Murhadi, Werner Ria
Journal of Entrepreneurship & Business Vol. 4 No. 1 (2023): Journal of Entrepreneurship and Business (February)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (235.856 KB) | DOI: 10.24123/jeb.v4i1.5362

Abstract

Purpose: Hospitalization in Indonesia continued to increase by 5.2% per year in 2018, with the most significant number of hospitals in Indonesia being in the province of East Java. However, Indonesia is the most important contributor to overseas medical visits. Total expenses reach IDR 161 trillion/year (US$ 11.5 billion/year), and 80% of visits are to Malaysia, where every year, million Indonesian citizens (WNI) seek treatment abroad. Of this amount, the total costs incurred reached IDR 97 trillion. This becomes a question, what triggers Indonesian citizens to seek treatment abroad? This study aims to analyze the factors that influence business performance in hospitals in East Java. Methods: This study used a purposive sampling technique with a total sample of 62 respondents. Respondents in this study were hospital leaders in East Java. This study uses a quantitative approach with the analysis in this study using Smart PLS. Result: the results show that environmental uncertainties hurt the business performance of the hospital. This result is due to environmental uncertainties being a broad factor, difficult to predict either individually or collectively. However, environmental uncertainties have a significant positive effect on strategic orientation. Environmental uncertainties have a negative and significant effect on managerial capability. Meanwhile, strategic direction and managerial capability have a positive and significant effect on the business performance of hospitals in East Java.
Business Strategy Analysis of PT Kalbe Farma Tbk Using Strategic Management Approach Wati, Annisa Mahdia; R. Murhadi, Werner
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 4 (2025): Dinasti International Journal of Economics, Finance & Accounting (September - O
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i4.5068

Abstract

This article aims to analyze the business strategy of PT Kalbe Farma Tbk, the largest integrated pharmaceutical company in Indonesia, in responding to the dynamics of the competitive and evolving pharmaceutical industry. This study applies a qualitative approach with a case study method based on secondary data, including company annual reports and strategic management literature. The analytical tools used include PESTEL, Porter’s Five Forces, Product Life Cycle, SWOT, Value Chain, and strategic matrices such as SWOT, SPACE, IE, BCG, and the Grand Strategy Matrix. The results show that Kalbe’s strengths lie in brand reputation, product diversification, and an extensive distribution network, with opportunities arising from digitalization trends and increased public health awareness. The recommended strategies are product development, market development, and forward integration. These strategies are deemed most appropriate based on the QSPM results and are expected to help Kalbe maintain its market leadership while achieving sustainable international expansion.
The Effect of Customer Engagement on Purchase Intention in Kimia Farma Services in Surabaya Elvarina, Elinda; Murhadi, Werner R.
Devotion : Journal of Research and Community Service Vol. 4 No. 8 (2023): Devotion: Journal of Research and Community Service
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/devotion.v4i8.542

Abstract

purchase intention in Kimia Farma services in Surabaya. Data were collected through a survey with 106 respondents. The data used in this study is primary data obtained from online questionnaires. The respondents of this research are members of Kimia Farma who shop in in Kimia Farma. The sampling technique used was non-probability sampling. This research is quantitative research with statistical testing using Structural Equation Modeling (SEM) with Partial Least Square (PLS) is used to perform data analysis. In this study it was found that there is a positive influence between customer engagement and perceived value. There is a positive influence between customer engagement and customer satisfaction. There is a positive influence between customer engagement and purchase intention. There is a positive relationship between perceived value and customer satisfaction. There is a positive influence between perceived value and purchase intention. There is a positive influence between customer satisfaction and purchase intention. There is a negative influence between customer uncertainty and purchase intention.
The effect of financial literacy on financial inclusion, social capital, and cognition on beginner and experienced investor Setiadi, Maria B.B.; Murhadi, Werner R.; Marciano, Deddy
Journal of Business & Banking Vol 13 No 2 (2023): November 2023 - April 2024
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jbb.v13i2.4431

Abstract

This study examines how financial literacy affects financial inclusion, social capital, and cognition in stock investors. Prospective investors or investors can manage per-sonal finances in the future. This research involves many samples with cross-sectional data. This research consists of the independent variables, financial literacy, and the dependent variables consist of financial inclusion, social capital, and cognition. The dependent variable of financial inclusion consists of access, quality, usage, and welfare; social capital consists of the dimensions of collective action, bonding, bridging and trust, and cognition. The independent variable of financial literacy consists of the dimensions of skill, behavior, knowledge, and attitude. The collected respondents were taken from 165 respondents, and they were analyzed using the structural equation modeling. After processing the data, it shows that the effect of financial literacy and cognition on financial inclusion is supported, and financial literacy on social capital cognition is supported. Meanwhile, social capital towards inclusion literacy needs to be supported. Based on the results, stock investors must be more careful in choosing investment products/institutions to avoid fraud.
PT Siantar Top Tbk's Strategy in Facing Competition in the Processed Food Industry Harroviantin, Francisca; Murhadi, Werner R.
Eduvest - Journal of Universal Studies Vol. 4 No. 8 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1800

Abstract

The purpose of this study is to analyze what strategic choices the company can make in order to survive with the future situation. The key concept in this research is strategy formulation, where the quantitative method used includes industrial management steps applied by PT Siantar Top Tbk in facing processed food business competition. The results of research on the internal and external environment get the strengths, weaknesses, opportunities, and challenges (SWOT) of PT Siantar Top Tbk. The SWOT analysis is then entered into several matrices, including EFE and IFE, CPM, TOWS, SPACE, BCG, IE, GSM, and QSPM. The final recommendation obtained is that the strategic choice of PT Siantar Top Tbk is to diversify product segments, and focus on expanding overseas markets by utilizing digital technology, optimizing e-commerce platforms to expand product range and reach a wider audience efficiently.
Co-Authors Adrian Christianto Afifi, M. Fiyan Agnes Lestari Anastasia Handoyo Andajani, Erna Andrena Novita Santoso Ardi Sanjaya Hamdani Ardi Sanjaya Hamdani, Ardi Sanjaya Arif Herlambang Arif Herlambang Arif Herlambang Ayrin Corina Bertha Silvia S. Bertha Silvia S. Bertha Silvia Sutedjo Bertha Silvia Sutejo Budi Sutanto Budi Sutanto Budy Wijaya Hermawan CHRISTHA MEIRIN D.S. Cindy Priscillia Cintya Yuliana Limantara Cleming Tedjokusumo Cynthia Kartika Tjandra Daniel Irvansyah Danny Adisurya Deddi Marciano Deddy Marciano Deliana Azaria Deliana Azaria Desi Teliana Silim Elvarina, Elinda Elvina Yohana Santoso Eman Christianto, Eman Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Eva Cahaya Reski Fanny Melyana Fellicia Hadi Seputro Fransisca Soetjiono Fransisca Soetjiono Gideon Subagyo Gracia F. Goenadi Handajani, Clarissa Dominique Effendi Hariyanto, Ikka Tiaraintan Harroviantin, Francisca Herlambang, Arif Irbahiya Aqsa Griselda Jemmi Halim Liem Jemmi Halim Liem Jenni , Jenni Jenni, Jenni Jeremiah Jovan Piettojo Jessica Ang Jesslyn Fransisca Darmawan Joshua Nathanael Kania Ester Gunawan Klara Petra Theodora Targanski Lewi Odianto Utomo Liliana Inggrit Wijaya Liliana Inggrit Wijaya Liliana Ingrit Wijaya Loddy Li Putra Loddy Li Putra Lukito, Excel Nathaniel Marcella Julia Shira Maria Lavenia Meita Tri Herlina Michael Alfian Camdesus Jondar Michael Mark Tranggono Mudji Utami Mudji Utami Mudji Utami Mudji Utami Mudji Utami Natalie Winter Natica Ardani Nobertus Purnomo Lastu Novina, Emma Octaviano, Fransisco Phan Thị Hồng Xuân Pusparani, I Gusti Ayu Putri, Made Wulan Ranjani Yunantara Putu Anom Mahadwartha Putu Anom Mahadwartha Putu Anom Mahadwartha Putu Anom Mahadwartha Putu Anom Mahadwartha Ratna Widyanti W Ravito Zakaria Pramudhani Regina Vanessa Tjipta Reski, Eva Cahaya Reynaldi Kalata Hendra Richard Irawan Ricky Adiyanto Ricky Setiawan Ricky Setiawan Ricky Wijaya Siek Ricky Wijaya Siek, Ricky Wijaya Samuel Pramana Dwidjaja Setiadi, Maria B.B. Sheila Citra Wijaya Shirlen Nathania Fuandy Sidarta Hermin Sidarta Hermin Silvia Chandra Putri Stephanie Stephanie Stephanie Stephanie Stephanus Rivan Limanjaya Sugiarto, Shiefanny Delicia Sukianto Abadi Sukianto Abadi Susanto, Giovani Anggasta Synta Sutanto Tri Wahyuni tri wahyuni Vania Beatrice Vincent Wati, Annisa Mahdia Wayan Karsana Wirata Wirata Wisyelia Tjiangdiono Yohanes Patrik Adventus Banda Zunairoh, Zunairoh