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All Journal JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Jurnal Manajemen dan Organisasi Jurnal Manajemen dan Agribisnis Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Region : Jurnal Pembangunan Wilayah dan Perencanaan Partisipatif Business Review and Case Studies International Journal of Cyber and IT Service Management (IJCITSM) Mamangan Social Science Journal Jurnal Penelitian Pendidikan Indonesia IJAE Jurnal Hukum Islam Greenation International Journal of Economics and Accounting AI, Big Data and Quantitative Methods in Finance AI, Innovation, and Resilience for the Environment Journal
Anny Ratnawati
School Of Business, IPB University; SB IPB Building, Jl. Pajajaran, Bogor, Indonesia 16151, Indonesia
Religion Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Determinan Financial Distress Pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia: Institut Pertanian Bogor Saraswati, Raras Aisyah; Irawan, Tony; Ratnawati, Anny; Tony
Jurnal Ekonomi dan Kebijakan Pembangunan Vol. 13 No. 2 (2024): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jekp.13.2.2024.80-92

Abstract

The purpose of this study is to analyze financial performance of property and real estate companies before and during the Covid-19 pandemic. Next is to analyze financial distress by using the Zmijewski calculation methods and to analyze the factors of financial distress. The populations in this study are property and real estate companies listed on the IDX in year 2018 to 2022. Based on purposive sampling methods, samples obtained are 15 companies in 5 years, so obtained 300 observations. The descriptive methods are used to analyze financial performance, and to analyze Zmijewski’s financial distress using the panel data regression. The result of descriptive analysis show that before the pandemic there were 15 companies in a healthy condition but during the pandemic there was one company experiencing financial distress namely MDLN, and based on the direction of financial distress trends, there are three groups of companies that tend to worsen, improve, and stagnate. The results of data panel regression showed that profitability ratio (ROE), liquidity ratio (CR), and leverage ratio (DER) have a significant value to predict financial distress, whilst activity ratio (TATO), sales growth, interest rate (IR) and exchange rate (ER) which not significant. The trend of financial distress (that are worsening, improving and stagnant), can be used by companies or investors as an early warning system in predicting financial distress in property and real estate companies.
The driver of global agricultural value chains: Evidence from 6 ASEAN Countries Ariyo Dharma Pahla Irhamna; Muhammad Firdaus; Bustanul Arifin; Anny Ratnawati
Region : Jurnal Pembangunan Wilayah dan Perencanaan Partisipatif Vol 20, No 1 (2025)
Publisher : Regional Development Information Center, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/region.v20i1.93403

Abstract

This study investigates the drivers of global agricultural value chain (GAVC) participation in six ASEAN countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Employing panel geographically weighted regression, the paper analyzes the spatial heterogeneity of factors influencing global agricultural value chain participation. Our findings reveal significant variations in the impact of tariffs, FDI, agricultural land area, inland waters, and trade balance across countries. Tariffs emerge as a crucial factor in enhancing competitiveness in Indonesia, Singapore, and Thailand, aligning with trade theory. FDI positively influences Malaysia's global agricultural value chain participation, emphasizing attracting foreign investment. Agricultural land area plays a pivotal role in Indonesia and Thailand, highlighting the significance of resource endowments. Inland waters contribute significantly to agriculture in the Philippines, while their impact in Indonesia suggests potential inefficiencies in water management. Trade balance in food products positively affects global agricultural value chain involvement in Thailand and Vietnam. These findings underscore the need for tailored policies to address the unique characteristics of each ASEAN country. Future research should explore the long-term implications of these factors and consider broader socio-economic and environmental contexts. 
POTENSI DAN STRATEGI PENGEMBANGAN BANK SYARI’AH DI INDONESIA: KAJIAN PRODUK SYARI’AH DARI SEGI FIQIH MU’AMALAT Anny Ratnawati
Jurnal Hukum Islam Vol 9 No 2 (2011)
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/jhi.v9i1.592

Abstract

At the present, Indonesia operate dual banking system that are conventional banking system with its interest rate runs side by side and the Islamic banking with the profit-sharing/non-interest system of its own. Islamic banking using fiqih mu’amalat as the basic theory in the syari’ah product. In general, community’s respond toward Islamic bank is good relatively that shown by the trend of Third Parties Funding and Financing to Deposit Ratio with low level of Non Performing Loan. This paper assess the consumer’s preference toward both conventional and Islamic banking, in related with analysis of potency and development strategy of Islamic banking in Indonesia by using fiqih mu’amalat as the basic theory. The analysis of data by using qualitatively (descriptive) analysis, cross tabulation, and logistic regression model. Literature study used in this paper. In general, community’s attitude toward interest rate system still ambiguous, that are interest rate is contrary to syari’ah of Islam, meanwhile in banking transaction they still use conventional system. The reasons that motivate consumer to adopt Islamic banking related to professionalism of bank, security, and pleasure in doing transaction, strategic location, and the implementation of syari’ah system. However, community still has difficulties to comprehend the technical term of Islamic banking. Thus, socialization and education process about economic system of Islam (syari’ah economic) designate necessary requirement in encourage the development of Islamic banking in the future.
Unveiling the Hidden Risks of Capital Inflows on Non-Financial Firm Performance in Indonesia Hesti Werdaningtyas; Noer Azam Achsani; Anny Ratnawati; Tony Irawan
International Journal of Cyber and IT Service Management Vol. 6 No. 1 (2026): April
Publisher : Pandawan Sejahtera Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34306/ijcitsm.v6i1.224

Abstract

The limited research on the impact of external debt on financial system stability at the micro level creates a clear need for further investigation. The positive contributions to the relevant discourse of this study lie in its attempt to address that gap by conducting a comprehensive micro panel data analysis, covering the performance of 523 individual Non-Financial Corporations (NFCs) in Indonesia, based on panel data. Additionally, this study employs advanced methodology, utilising a dynamic model and System-Generalised Methods of Moments (Sys-GMM) estimation. The research have tackled endogeneity issues using GMM estimators to ensure the robustness of our findings. The results indicate that different capital flows exert varying impacts on corporate performance. In particular, private external debt inflows and Portfolio Investments (PI) have a positive influence on the financial stability of firms. Conversely, direct investment in manufacturing firms and corporate credit growth have a significant impact on corporate financial stability. From a macroprudential policy perspective, the findings highlight the importance of monitoring corporate vulnerabilities, as it may pose risks to the banking sector. These insights provide valuable guidance for policymakers in developing more effective external debt management strategies to ensure financial stability.
Determinants of digital bank transformation: a systematic literature review with prisma and bibliometrics Wahyu Avianto; Hermanto Siregar; Anny Ratnawati; Mulya E Siregar
JPPI (Jurnal Penelitian Pendidikan Indonesia) Vol. 10 No. 4 (2024): JPPI (Jurnal Penelitian Pendidikan Indonesia)
Publisher : Indonesian Institute for Counseling, Education and Theraphy (IICET)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29210/020243553

Abstract

In response to emerging financial technology (fintech) that might disrupt the banking industry, several financial institutions are undergoing digital transformation. Banks are increasingly integrating digital strategy into their business planning rather than adding it on. This research aims to identify the determinants that influence digital bank transformation. The research was conducted through a systematic literature review of 364 published papers using PRISMA and bibliometric approaches. This method is commonly used in various fields, including medicine, psychology, social sciences, and more, to provide a comprehensive and impartial summary of the current state of knowledge on a particular subject. The approach used in this systematic literature review method is the PRISMA approach. The results of the literature review show that there is an increasing trend of research related to digital banks from 2015 to 2023, which is in line with the trend of digitalization in the banking industry in both developed and developing countries. The analysis is deepened to see the important factors influencing digital bank transformation. The determinants in the digital bank transformation process include the level of digitalization, application user growth, IT investment, IT committee, cyber security, and ecosystem stocks. The results of this literature review will be a reference for further research related to digital banks, in line with the rapid digital transformation process in banking.
Pengaruh IPO Terhadap Kinerja Keuangan, Good Corporate Governance dan Nilai Perusahaan Emiten Skala UKM di Bursa Efek Indonesia: IPO’s Effect on Financial Performance, Good Corporate Governance and Firm Value of SME Issuers in Indonesia Stock Exchange Risa Resmita Dewi; Anny Ratnawati; Lukytawati Anggraeni
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 2 (2024): JABM, Vol. 10 No. 2, May 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.2.636

Abstract

Background: The financial sector, especially the Indonesian capital market, shows a positive trend with an increase in the number of IPO companies each year. The contribution of national GDP and the number of SME companies in Indonesia are high, so development efforts to facilitate the provision of capital through the capital market are carried out by the government. Basically, IPO funding obtained by the company will provide an opportunity for the issuer in the hope of improving financial performance so that the company's valuation among investors increases and also improves corporate governance.Purpose: This study aims to analyze the influence of Initial Public Offerings on Financial Performance, Good Corporate Governance and Valuation in SME’s Issuer on Indonesia Stock Exchange. Design/methodology/approach: The research was conducted using the Mann-Whitney test and OLS multiple regression analysis. Findings/Result: The results showed that financial performance has a significant difference after IPO particularly on activity ratio and leverage ratio. It is known that the variables company such as size, outstanding shares, profitability ratio and dummy covid have an effect on company valuation. While leverage, income and activity ratio have no effect on company value. In addition, leverage, company size, outstanding shares and dummy covid have significant effect on good corporate governance.Conclusion: Issues from SME can be considered potential options for investors in the capital market. Besides that, it encourages other SME to obtain funding from the capital market.Originality/value (State of the art): This study examines opportunities for SME companies that can increase their business scale through the capital market by meeting the requirements of financial performance prospects and the implementation of good corporate governance so that they can increase the company's value. Keywords: financial performance, good corporate governance, IPO, firm value, SME
Influence of Coordination and Strategic Planning on Organizational Performance with Change Management Mediating Variables in the Era of Volatility, Uncertainty, Complexity and Ambiguity (VUCA) Agus Puji Widodo CK; Yandra Arkeman; Anny Ratnawati; Idqan Fahmi
Jurnal Mamangan Vol 12, No 2 (2023): Jurnal Ilmu Sosial Mamangan Accredited 2 (SK Dirjen Ristek Dikti No. 0173/C3/DT
Publisher : LPPM Universitas PGRI Sumatera Barat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22202/mamangan.v12i2.6705

Abstract

Strategic management functions are elements that are always attached to the management process which will be used as a reference in carrying out activities or structured planning to achieve predetermined goals. This research aims to design a change management model for organizational performance at government institution XYZ in an era of volatility, uncertainty, complexity and ambiguity (VUCA). The social theory used in this research is Marxian theory, the name for several theoretical explanations inspired by Karl Marx. The emphasis in Marxian theory is that old assumptions such as the opposition of two large classes, the bourgeoisie and the proletariat, inspire explanations of modern phenomena. Research data was obtained by filling out an online questionnaire by 207 employees of the XYZ government agency. The sampling method used was purposive sampling. The variables used in this research are coordination, strategic planning, change management, and organizational performance. The influence of coordination, strategic planning and change management variables on organizational performance will be modeled using a structural equation model. The results show that there is a positive influence of coordination, strategic planning and change management variables on organizational performance. Change management variables are proven to fully mediate the influence of coordination and strategic planning on organizational performance. Its effectiveness can be seen from coordination and strategic planning which cannot significantly influence organizational performance without the mediating variable of change management. The findings of this paper have academic, managerial, and policy implications that can provide a theoretical foundation for future research in measuring and managing organizational sustainability performance and contribute to knowledge in the field of performance measurement.
A Decade of Capital Structure Research in Emerging-Market Exporters: A Hybrid Bibliometric and Topic Modeling Review Sylvia Sandyazmara Devi; Noer Azam Achsani; Anny Ratnawati; Lukytawati Anggraeni
Greenation International Journal of Economics and Accounting Vol. 4 No. 3 (2026): Greenation International Journal of Economics and Accounting (July - August 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i3.1069

Abstract

This review synthesises a decade of research on the capital structure of firms in emerging markets and natural resource exporting economies, focusing on a policy relevant gap, namely how foreign exchange and export proceeds regulation shapes corporate financing decisions. The study draws on 779 records retrieved from Scopus and refined through a PRISMA 2020 protocol into 83 indexed articles and reviews published between 2016 and 2026, supplemented by four regional journal studies. It applies a hybrid design that combines bibliometric performance analysis and science mapping with a structural topic model and a Theory, Context, Characteristics and Methodology synthesis framework. The findings show a young but accelerating field, with annual output rising sharply after 2020 and peaking in 2025, concentrated in China, the United States, India and Indonesia, and dominated by quantitative panel and econometric methods. Thematic mapping reveals four research streams, in which firm level determinants of capital structure dominate, while streams most relevant to resource exporters, such as export intensity, trade finance, foreign exchange and currency retention dynamics, and state ownership, remain thinly populated. These results consolidate a fragmented literature and identify the regulation of export proceeds, exemplified by Indonesia's export proceeds retention policy, as an underresearched determinant of leverage.
Ownership Structure as a Resilience Moderator: Phase-Dependent Asymmetric Drawdown Dynamics in Blue-Chip Versus Broad-Market Indices During a Geopolitical Crisis Muchammad Bachtiar; Fithriyyah Shalihati; Agustina Widi Palupiningrum; Anny Ratnawati
AI, Big Data and Quantitative Methods in Finance Vol. 1 No. 1 (2026): ABQ Vol. 1 No. 1, April 2026
Publisher : School of Business, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/abq.1.1.39

Abstract

Background: Geopolitical armed-conflict events generate severe multi-phase disruptions in emerging market equity markets. When concentrated foreign institutional ownership characterises the blue-chip segment, a structural outflow paradox may invert the classical flight-to-quality prediction, rendering fundamentally stronger equities the preferred vehicle for programmatic capital exit.Purpose: This study investigates whether concentrated foreign ownership in LQ45 generates a systematic flight-to-quality inversion across three phases of the 2026 Iran-Israel-US geopolitical crisis on the Indonesia Stock Exchange.Design/methodology/approach: Maximum Drawdown and Cumulative Return are calculated from daily closing prices (n = 24 trading days) for LQ45 and the Jakarta Composite Index across three crisis clusters: K1 Initial Panic, K2 Energy Crisis, and K3 Resolution and Recovery, employing multi-cluster phase analysis to reject the temporal homogeneity assumption of single-window event studies.Findings/Result: LQ45 underperforms IHSG on Cumulative Return across all clusters, with the differential widening from 0,89 to 2,27 percentage points. The K1-to-K2 Maximum Drawdown reversal confirms that foreign rebalancing concentrates selling pressure on the most liquid segment. The K3 asymmetry (IHSG: +2,02%; LQ45: -0,25%) reflects the advantage of a domestically anchored investor base in capturing de-escalation signals.Conclusion: These findings introduce the Phase-Dependent Asymmetric Resilience Model (PDARM) as a conditional framework for predicting flight-to-quality inversion in ownership-heterogeneous emerging markets, with implications for portfolio allocation and market stabilisation.Originality/value (State of the art): This study is the first intra-exchange, multi-phase characterisation of the 2026 Middle East crisis on the Indonesia Stock Exchange, showing that ownership-driven resilience asymmetry is measurable within a single exchange under identical shock conditions. Keywords:geopolitical risk, capital outflow, market resilience, emerging markets, Indonesia Stock Exchange  
Organizational Transformation in Hybrid Contexts: Integrating Ambidexterity and Dynamic Capabilities – A Systematic Literature Review Kurniana Kurniana; Bambang Juanda; Anny Ratnawati; Zenal Asikin
Greenation International Journal of Economics and Accounting Vol. 4 No. 3 (2026): Greenation International Journal of Economics and Accounting (July - August 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i3.1155

Abstract

This study aims to examine and integrate the perspectives of ambidexterity and dynamic capabilities in explaining organizational transformation, particularly within hybrid organizational contexts. Although both perspectives have been widely applied in strategic management literature, prior studies tend to treat them separately, resulting in a limited understanding of the mechanisms underlying organizational transformation. This study employs a systematic literature review approach following the PRISMA protocol. Data were collected from Scopus and Web of Science databases, focusing on peer-reviewed journal articles published between 2010 and 2025. The selection process involved identification, screening, eligibility assessment, and inclusion stages to ensure the quality and relevance of the selected studies. The findings indicate that ambidexterity plays a critical role in balancing exploration and exploitation, while dynamic capabilities function as key mechanisms through sensing, seizing, and transforming processes. The integration of these perspectives provides a more comprehensive framework for understanding how organizations achieve sustained transformation, particularly in managing the complexity of institutional logics within hybrid contexts. This study contributes to the literature by developing an integrated conceptual framework linking ambidexterity and dynamic capabilities in organizational transformation. It also identifies key research gaps and proposes a future research agenda, particularly in the context of hybrid organizations and dynamic institutional environments.
Co-Authors Abdul Muin Agus Puji Widodo CK Agustina Widi Agustina Widi Palupiningrum‬ Ani Nuraisyah Anis Zahira Ariyo Dharma Pahla Irhamna Avianto, Wahyu Balweel, Thania Usamah Bambang Juanda Bambang Juanda Bustanul Arifin Erliza Noor Hendro Sasongko Hermanto Siregar Hermanto Siregar Hermanto Siregar Hesti Werdaningtyas Idqan Fahmi Joko S. Usman Kurniana Kurniana Lukytawati Anggraeni Mangara Tambunan Mansur Chadi Mursid Masagus M. Ridhwan Mohamad Firwan Aprizal Muchammad Bachtiar Muhammad Firdaus Mulya E Siregar Nadya Tanaya Ardianti Noer Azam Achsani Omar Arif Al-Kamari Pangestika Krisnamurti Risa Resmita Dewi Saraswati, Raras Aisyah Shalihati, Fithriyyah Siregar, Mulya E Suhendi Syahrul Muarif Wahid Sylvia Sandyazmara Devi Tintin Sarianti Tony Tony Irawan Vera Sari Wahyu Avianto Wardani, Firmansyah Yandra Arkeman Yati Nuryati Zenal Asikin