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All Journal Journal of Business and Management Journal of Economic, Bussines and Accounting (COSTING) JURNAL MANAJEMEN BISNIS Journal of Economics and Business UBS Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) Journal of Research in Social Science and Humanities Jurnal Locus Penelitian dan Pengabdian Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) International Journal for Disaster and Development Interface Journal Research of Social Science, Economics, and Management Eduvest - Journal of Universal Studies Journal Integration of Management Studies Journal of Economic Development and Village Building
Ana Noveria
Unknown Affiliation
Religion Aerospace Engineering Arts Humanities Automotive Engineering Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Neuroscience Social Sciences Other

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The Impact of Indonesian Banks' Mergers and Acquisitions on Performance and Market Power Tanubrata, Kezia Jovita; Noveria, Ana
Journal of Economics and Business UBS Vol. 14 No. 5 (2025): Journal of Economics and Business UBS
Publisher : Cv. Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/aetbmj76

Abstract

This study aims to analyze the impact of mergers and acquisitions (M&A) carried out by banks in Indonesia on market performance and strength. The wave of banking consolidation that occurred in Indonesia was driven by the encouragement from regulators to strengthen the resilience of the banking sector in Indonesia as well as the strategic goals of banks to increase their competitiveness. This study uses the staggered Difference-in-Differences (DiD) method developed by Callaway and Sant'Anna (2021), which allows comparisons between banks that have merged (treated) and banks that have not merged (control) in various different time periods. Using panel data taken from the Financial Services Authority (OJK) report for the 2017-2022 period, this study uses the variables Net Interest Margin (NIM) and Return on Equity (ROE) as indicators of profitability, BOPO as an indicator of efficiency, and the Lerner Index to measure market strength. Empirical results show that the impact of M&A on bank profitability and efficiency is heterogeneous between banks. Some banks have proven to be more efficient and more profitable after M&A, while others have experienced a decline in short-term profitability due to high integration costs and operational challenges. Nevertheless, the regression results show a consistent positive effect on market strength across the observed banks. These findings indicate that banks gain greater ability to price above marginal costs after M&A, in line with market power theory.
Electric Vehicle Strategies: A Literature Review on Their Impact on Firm Performance and Market Value Kumalawati, Nanda Ismi; Noveria, Ana
Journal Research of Social Science, Economics, and Management Vol. 5 No. 6 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i6.1262

Abstract

Prior literature plays a central role in strengthening theoretical foundations and explaining relationships among variables within a scientific study. This article conducts a structured literature review to examine how electric vehicle (EV) adoption strategies influence firm performance and market value. Although prior research investigate different aspects of green innovation, product variety, R&D, sustainability, and advertising, this review integrates those findings into a unified EV strategy perspective. The aim of this article is to build theoretical propositions for future empirical research. The results of this literature review show that: (1) EV adoption strategies, represented through green vehicle innovation, EV product portfolio expansion, sustainable operations, R&D intensity, and green marketing, exhibit mixed effects on firm performance. While EV sales growth, eco-innovation, and R&D investment often enhance efficiency and competitiveness, excessive product variety and certain sustainability efforts may reduce performance due to increased complexity and short-term costs; (2) The effect of EV adoption strategies on market value is also heterogeneous. Incremental innovation, R&D investment, and credible patent activity generally support firm valuation, whereas green innovation and sustainability investments may trigger short-term valuation declines when uncertainty and capital intensity are high.
Financial Assessment of Potential Carbon Pricing Policy and Energy Transition Scenarios in Indonesia’s Nickel HPAL Project Tio Gefien Imami; Ana Noveria
Journal Integration of Management Studies Vol. 4 No. 1 (2026): Article In Press
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v4i1.417

Abstract

Indonesia’s mandate to achieve Net Zero Emissions (NZE) by 2060 exerts unprecedented pressure on energy-intensive mineral processing sectors to decarbonize while maintaining economic viability. While the macro-level implications of carbon policies are well documented, project-level financial responses to the simultaneous imposition of domestic carbon pricing (Nilai Ekonomi Karbon - NEK), the EU’s Carbon Border Adjustment Mechanism (CBAM), and renewable energy transition pathways remain underexplored. This study quantifies the financial resilience and risk profiles of a representative large-scale state-owned High-Pressure Acid Leach (HPAL) nickel project in Eastern Indonesia under diverse policy trajectories. A 20-year scenario-based Discounted Cash Flow (DCF) model was developed (WACC = 14.89%)  and integrated with Monte Carlo simulations to evaluate four configurations: (1) a gas-powered baseline; (2) gas subject to NEK; (3) gas subject to both NEK and CBAM; and (4) a solar-powered configuration incorporating NEK, CBAM, and a 10% carbon-offset allocation. Results demonstrate that while dual carbon-pricing regimes significantly compress project margins, transitioning to solar-powered operations curtails cumulative emissions and hedges against long-term regulatory volatility. Sensitivity analysis identifies nickel pricing, sales volume, and input costs as the primary determinants of valuation. Monte Carlo simulations reveal that the renewable configuration yields a more concentrated Net Present Value (NPV) distribution, indicating enhanced resilience amid extreme policy and price uncertainty. Ultimately, the project maintains financial viability across all scenarios, though performance depends on the architecture of international carbon regimes and energy procurement strategies. This research internalizes carbon-policy uncertainty into project-level capital budgeting, providing a framework for navigating the decarbonization of critical mineral value chains.
Optimal Financing Structure For A Coal Hauling Road Project: A Comparative Analysis Of Corporate Finance And Project Finance At Pt Atlas Resources Tbk Goodman, Vinsensius Paul; Noveria, Ana
Journal of Research in Social Science and Humanities Vol 6, No 1 (2026): March 2026
Publisher : Utan Kayu Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47679/jrssh.v6i1.536

Abstract

The thesis discusses the strategic financing dilemma of the H3 Segment Hauling Road Project at PT Atlas Resources Tbk, which is considered vital to eliminate dependence on third-party roads. The issue lies in deciding between funding the project using internal resources under Corporate Finance or using external resources through the implementation of Project Finance with a Build-Operate-Transfer (BOT) scheme in a private-to-private partnership. Accordingly, this research applies the financial valuation and risk analysis, and then compares the results to determine which scenario is better at providing a superior risk-adjusted value to the company.  The study applies a quantitative method, with capital budgeting techniques as the main analytical tool. The analysis is made on the foundation of Discounted Cash Flow (DCF) valuation, which is complemented by sensitivity analysis, scenario analysis, and Monte Carlo simulation. The results confirm the financial feasibility of both scenarios. Corporate Finance scenario gives a higher Net Present Value (NPV) of Rp 1,243 billion and an Internal Rate of Return (IRR) of 48,33%. On the other side, Project Finance (BOT) scenario offers a slightly lower NPV of Rp 1,183 billion, but provides risk isolation by managing construction and operational risks to the SPV.  The research concludes that the Project Finance (BOT) system is the best option. The difference in financial value (about 4,8%) is considered as a trade-off for the benefits of risk segregation at the project level, which enhances the parent company’s financial flexibility and limits its exposure to project-specific risks. It is therefore recommended that PT Atlas Resources Tbk proceed with the BOT model as there should be a properly organized concession agreement on transfer of the assets.
PANEL DATA ANALYSIS OF ASIAN ECONOMIC CRISIS FROM MONETARY AND FISCAL POLICY POINT OF VIEW Adianski, Azra; Noveria, Ana
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/ftna5k55

Abstract

The Asian Economic Crisis of 1997–1998 stands as one of the most significant financial crises in the modern economic history. This research aims to revisit the Asian Economic Crisis through the dual frameworks of monetary and fiscal policy by applying a quantitative panel data methodology to assess the interactions between monetary and fiscal policy tools and key macroeconomic indicators across selected East and Southeast Asian economies.This study is motivated by the scientific need to understand how macroeconomic policy coordination shaped the trajectory of the crisis and its aftermath. This research applies a panel data regression model covering eight Asian countries including Indonesia, Thailand, South Korea, Malaysia, Philippines, Singapore, Hong Kong, and Japan during the period of 1995 to 2005.The study operates under a set of theoretical propositions grounded in monetary theory, fiscal theory, and business cycle theory. The hypothesis explores whether the monetary and fiscal policy has anything to do with the Asian Economic Crisis taking the role as the cause or the means of crisis mitigation. This proposition is tested using macroeconomic panel data indicators such as interest rates, M2 aggregates, inflation, exchange rates, government spending, taxation, and current account balances, analyzed through fixed and common effect regression models. Beyond its empirical contributions, the study also offers theoretical implications by revisiting key assumptions in monetary and fiscal theory in the context of open economies subject to volatile capital flows. The findings underscore the importance of institutional strength, policy credibility, and adaptive governance in managing macroeconomic crises. In summary, this research not only provides empirical validation for prevailing macroeconomic theories but also offers practical policy insights into how fiscal and monetary tools can be effectively coordinated in times of systemic crisis. Its contribution to science lies in its integrated methodological approach, its regionally comparative lens, and its relevance for contemporary policy challenges in an era of growing financial interconnectedness.
Financial Health Indicators and Organizational Transformation Strategies: A Comprehensive Multi-Model Analysis Through Systematic Literature Review of PT NPLC's Performance Evolution 2015-2024 Prabandari, Ayu; Noveria, Ana
Eduvest - Journal of Universal Studies Vol. 6 No. 2 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i2.52945

Abstract

The era of digital transformation has resulted in a fundamental paradigm shift in organizational management, where financial health indicators have become the main determinants of the success of organizational transformation strategies. This study aims to comprehensively analyze the evolution of PT NPLC’s performance through a systematic literature review that integrates financial health indicators and organizational transformation strategies for the 2015–2024 period. The research method employs a systematic literature review following the PRISMA 2020 protocol, using a multi-model analysis that integrates 22 quantitative metrics and qualitative frameworks (SWOT, PESTEL, Porter’s Five Forces). The results show that the implementation of the organizational transformation strategy in 2021 had a significant positive impact, with an increase in Net Profit Margin from 4.98% to 13.83% (p = 0.0014), a strengthening of the Current Ratio from 1.05 to 1.42 (p = 0.0136), and a decrease in the Debt Ratio from 0.62 to 0.41 (p = 0.0143). The study concludes that an integrated digital transformation approach can create long-term value despite trade-offs in asset productivity. Therefore, organizations need to develop a multi-model analysis framework to optimize transformation strategies based on financial health indicators.
Co-Authors Adianski, Azra Arief Rahman Pratama Aryudho Mahardi Setianto Ceria Minati Singarimbun Dea Vibby Irsania Eka Puteri Febrandy Mazani Goodman, Vinsensius Paul Hasiholan, Matthew Giovanni Hermawan, Mega Kayom Mukti Nursalim Kumalawati, Nanda Ismi Linggar Esty Hardini Nabila Zahra Widjana Nisa Iksi Rosa Nurliani, Alin Nursanthy Indah Hartini Prabandari, Ayu Rahmat Faikar Makarim Stefanus Reinhard Aditya Tanubrata, Kezia Jovita Tio Gefien Imami Vincentius Ivan