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All Journal Journal of Business and Management The Asian Journal of Technology Management (AJTM) JURNAL MANAJEMEN BISNIS Journal of Economics and Business UBS Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) Journal of Research in Social Science and Humanities Co-Value : Jurnal Ekonomi, Koperasi & Kewirausahaan Jurnal Locus Penelitian dan Pengabdian KEYNESIA : INTERNATIONAL JOURNAL OF ECONOMY AND BUSINESS Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) International Journal for Disaster and Development Interface Journal Research of Social Science, Economics, and Management KOLONI Eduvest - Journal of Universal Studies Journal Integration of Management Studies Journal of Economic Development and Village Building
Ana Noveria
School Of Business And Management, Institut Teknologi Bandung
Religion Aerospace Engineering Arts Humanities Automotive Engineering Civil Engineering, Building, Construction & Architecture 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 Public Health Social Sciences Other

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Do Environmental, Social, and Governance (ESG) Factors Affect Firm Value in Indonesia’s Environmentally Sensitive Industries? Nisa Iksi Rosa; Ana Noveria
Jurnal Manajemen Bisnis Vol. 12 No. 2 (2025): September
Publisher : Pusat Penerbitan dan Publikasi Ilmiah, FEB, Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33096/jmb.v12i2.1164

Abstract

This study aims to analyze the influence of Environmental, Social, and Governance (ESG) performance on company value proxied by the Price to Earnings Ratio (PER), especially in industries that are sensitive to environmental issues in Indonesia. Using five years of panel data and panel regression, the study evaluated the impact of each ESG pillar separately or in combination on company value. The results of the study show that the overall ESG score has a positive and significant effect on PER. Among the three pillars, the Social aspect (SOC) had the strongest and most significant influence, followed by the positive but insignificant Environmental aspect (ENV), while the Governance aspect (GOV) showed no significant influence. These findings indicate that investors in environmentally sensitive sectors respond most strongly to social and environmental performance as they are perceived to reflect risk management and long-term operational sustainability. This research refers to three main theories: Stakeholder Theory which emphasizes the importance of social and environmental engagement; Shareholder Theory that sees ESG as a signal of company quality; and Legitimacy Theory which highlights ESG as a tool to gain social legitimacy. The practical implications of these findings are the importance of companies strengthening their commitment to social and environmental pillars strategically, investors to consider ESG aspects in decision-making, and regulators to improve the standards and credibility of ESG disclosures in Indonesia
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.
Export Performance Under Environmental and Political Frictions: Evidence From Indonesia Jagat Prirayani; Ana Noveria
Journal Research of Social Science, Economics, and Management Vol. 5 No. 10 (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.v5i10.1457

Abstract

This study examines how environmental quality and political stability shape Indonesia's export performance, focusing on interactions among macroeconomic, environmental, and institutional factors. While traditional export models emphasize economic growth and exchange rate effects, this paper argues that these factors alone cannot fully explain export outcomes given growing environmental constraints and institutional complexities. Using annual data from 1996 to 2023, the research applies multiple regression models to assess direct, nonlinear, and interactive effects of key variables, including GDP, carbon emissions, political stability, and exchange rate fluctuations. The empirical findings highlight three key points. First, economic growth consistently emerges as a strong and significant driver of export performance, underscoring the role of domestic productive capacity. Second, the relationship between environmental pressure and exports is nonlinear; initial industrial expansion tends to boost exports, but excessive carbon emissions can undermine long-term competitiveness. Third, environmental concerns appear to diminish the effectiveness of exchange rate depreciation, indicating a conditional limit on macroeconomic policy. Fourth, political stability does not directly affect exports but significantly shapes how exchange rate changes influence them, underscoring the importance of institutional quality as an enabling factor. Overall, the findings indicate that export performance results from a complex interplay of macroeconomic fundamentals, environmental conditions, and institutional factors. Policy-wise, the results suggest that export promotion should go beyond traditional methods focused on growth and exchange rate policies and should also include environmental improvements and institutional capacity-building.
ACADEMIC, PERSONAL AND INSTITUTIONAL PREDICTORS OF JOB READINESS : AN INSIGHT FROM RECENT COHORT UNIVERSITY GRADUATES Ana Noveria
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 9 No 2 (2025): Edisi Mei - Agustus 2025
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v9i2.6000

Abstract

The research seeks to explain the impact of academic achievements, personal competencies, institutional features, teaching and learning method and personal development on graduates’ job readiness under the current economic situation. The dramatic changes in unemployment of youth (under 24 of age) started a new debate on the relevance and acquisition of employer-specific skills and competencies obtained from higher education institutions. Following the quantitative approach, data from 611 students who graduated in 2020 and surveyed in 2022 from a public university located in the West Java province of Indonesia, structural equation modeling (SEM) technique, the study evaluates the role and relevance of different skills and competencies obtained from a higher education institution for seeking formal employment. The findings indicate that academic achievements, personal competencies, institutional features and learning and teaching are significant whereas personal development are insignificant contributors to graduates’ job readiness. The results also confirm a significant positive moderating impact of financial support in improving academic achievements, personal competencies and teaching and learning of graduates seeking formal employment. Similarly, the moderating results of job market conditions highlighted as one of the key contributors to pushing graduates to focus on academic excellence, personal competencies and development.
Fundamental Financial Performance Analysis and Stock Valuation of PT DCI Indonesia TBK at Year 2024 Mega Hermawan; Ana Noveria
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51308

Abstract

Indonesia’s accelerating digital transformation has boosted demand for data center services, positioning PT DCI Indonesia Tbk (DCII) as a key player. Since its IPO in 2021, DCII’s stock surged to IDR 42,100 by end-2024, raising concerns about whether this valuation reflects financial fundamentals or speculative sentiment. This study evaluates DCII’s intrinsic value using financial ratio analysis and valuation models. Financial performance shows strong profitability and revenue growth, yet liquidity weaknesses and longer collection periods signal emerging risks. A multi-stage Discounted Cash Flow (DCF) model projects free cash flow over 15 years, with a terminal growth rate of 4% and WACC of 12.85%, yielding a fair value of IDR 18,529 per share less than half of its market price. Comparable Company Analysis (CCA) further reveals that DCII trades at a significant premium across EV/EBITDA and P/E multiples. Sensitivity tests confirm intrinsic values consistently below market levels, suggesting investor expectations exceed fundamentals. The study recommends a 1:3 stock split with insider lock-up, quarterly investor bulletins, and working capital optimization to reduce mispricing and strengthen sustainability. Future research may extend to Southeast Asian peers and incorporate ESG and customer concentration factors.
Financial Health Indicators and Organizational Transformation Strategies: A Comprehensive Multi-Model Analysis Through Systematic Literature Review of PT NPLC's Performance Evolution 2015-2024 Ayu Prabandari; Ana Noveria
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.
THE INFLUENCE OF FINANCIAL LITERACY AND FINANCIAL INCLUSION TOWARDS MSME PERFORMANCE (A Case Study of Pananjung Market Shophouses' Owners) Matthew Giovanni Hasiholan; Ana Noveria
Journal of Economic Development and Village Building Vol. 1 No. 2 (2023): Journal of Economic Development and Village Building
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jedvb.v1i2.6

Abstract

This study researches the effect of financial literacy and financial inclusion simultaneously on the performance of MSMEs that have been relocated to Pananjung Market in Pangandaran Regency.  The type of research used in this research is descriptive and verification. The object studied in this study is the performance of UMKM shophouses in Pananjung Pangandaran Market. Researchers decided to use the number of MSME owners who were in the Pananjung Market Ruko as a sample of 40 people.  Financial literacy was found to have a partial impact on the MSME performance of the MSME owners of Pananjung Market Shophouses based on the partial test (t test) conducted in this study. Secondly, the MSME performance of Pananjung Pangandaran Market Shophouse MSME owners is also partially influenced by financial inclusion. The results of this study's simultaneous test (F test) indicate that financial inclusion and financial literacy have a simultaneous impact on the MSME performance of the MSME owners of Pananjung Market Shophouses.
Electric Vehicle Strategies: A Literature Review on Their Impact on Firm Performance and Market Value Nanda Ismi Kumalawati; Ana Noveria
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.
Optimal Financing Structure For A Coal Hauling Road Project: A Comparative Analysis Of Corporate Finance And Project Finance At Pt Atlas Resources Tbk Vinsensius Paul Goodman; Ana Noveria
Journal of Research in Social Science and Humanities Vol 6, No 1 (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.
Risk-Based Business Continuity Strategy for a Newspaper Printing Company: a Qualitative Case Study Khansa Aida Dewiyanti; Ana Noveria
KOLONI Vol. 5 No. 3 (2026): SEPTEMBER 2026
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/koloni.v5i3.1117

Abstract

The continuing decline of the print media industry has caused increasing pressure on newspaper printing companies and threatens their long-term business continuity. PT Mediacetak, a newspaper printing company that still heavily dependent on a single internal client and operates with single-unit production equipment, has no formal risk management system and is therefore vulnerable to both internal and external risks. This study aims to identify the company's key business risks, assess their likelihood and impact, and develop mitigation strategies that support its business continuity. This study adopts the ISO 31000:2018 framework using a qualitative single-case study approach. Primary data were collected through semi-structured interviews with five key respondents and a risk scoring questionnaire completed by six employees across functional areas. Interview data were analysed using deductive thematic analysis, while risk levels were determined by multiplying the average likelihood and impact scores. The findings identified 23 risks across six categories, which are strategic, operational, financial, supply chain, human resource, and external and technology risks, of which 13 were classified as priority risks. Treatment strategies were developed for all priority risks, including preventive maintenance, backup supplier arrangements, pricing adjustment mechanisms, and business diversification. Residual risk analysis indicates that the proposed treatments reduced most priority risks to the Moderate level, although several strategic and external risks remained at higher levels because they are driven by factors beyond the company's control. The study concludes that while operational risks can be managed through internal improvements, the company's long-term business continuity depends heavily on successful diversification beyond newspaper printing.
Co-Authors Adelia Putri Pratiwi Akila Badzlina Putri Arief Rahman Pratama Aryudho Mahardi Setianto Ayu Prabandari Ceria Minati Singarimbun Dea Vibby Irsania Eka Puteri Febrandy Mazani Fikri, Muhamad Hasiholan, Matthew Giovanni Hermawan, Mega Indira Wafaa Nur Jagat Prirayani Kayom Mukti Nursalim Khansa Aida Dewiyanti Linggar Esty Hardini Matthew Giovanni Hasiholan Mega Hermawan Muhamad Fikri Nabila Zahra Widjana Nanda Ismi Kumalawati Nisa Iksi Rosa Nurliani, Alin Nursanthy Indah Hartini Rahmat Faikar Makarim Stefanus Reinhard Aditya Sudrajad, Oktofa Yudha Tanubrata, Kezia Jovita Teuku Muhammad Ridha Kuswalabirama Tio Gefien Imami Vincentius Ivan Vinsensius Paul Goodman