Garuda - Garba Rujukan Digital

p-Index From 2021 - 2026

1.556

P-Index

This Author published in this journals

All Journal Syntax Literate: Jurnal Ilmiah Indonesia EKUITAS (Jurnal Ekonomi dan Keuangan) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Manajemen Bisnis dan Keuangan Jurnal Ekonomi Indonesian Journal of Multidisciplinary Science Eduvest - Journal of Universal Studies

Willem A. Makaliwe

Fakultas Ekonomi Dan Bisnis, Universitas Indonesia

Author-ID : 3618315

Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Neuroscience Public Health Social Sciences Other

Published : 8 Documents Claim Missing Document

Claim Missing Document

Articles

DAMPAK PERTUMBUHAN EKONOMI, KONTROL KORUPSI, DAN YIELD TERHADAP INVESTASI ASING DI PASAR SUN Wahyu Tri Rahmawati; Willem A. Makaliwe
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 5 No 2 (2021)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

ABSTRACT Foreign investment in debt securities in Indonesia continues to grow. Foreign investor ownership in Government Securities (SUN) reached 39% at the end of 2019 from initially only less than 1% at the end of 2002. Foreign investor hold the largest ownership in tradable Government Securities. This study discusses the push and pull factors of foreign portfolio in debt securities investment in emerging markets and Indonesia on the period of 2000-2017. This research uses quantitative methods with panel data analysis. The results showed that economic growth, corruption control, dan financial openness were the main pull factors for foreign investment in debt instruments in emerging markets. Low yield in developed countries was the push factor of foreign investment in debt securities into emerging markets. In addition to economic growth and corruption control, yield on local debt instruments attract foreign investment in debt securities in Indonesia. The results showed that the yield on local debt securities have a negative effect on foreign investment in Indonesian debt securities so that the government does not need to provide too high yield on Government Securities.

Factors Affecting the Financial Performance of Credit Union in Indonesia Daniel Halomoan Simamora; Willem A. Makaliwe; Eugenia Mardanugraha; Zahra Kemala Nindita Murad
Indonesian Journal of Multidisciplinary Science Vol. 2 No. 4 (2023): Indonesian Journal of Multidisciplinary Science
Publisher : International Journal Labs

The research aims to find out a number of things in terms of macro and micro data that affect the condition of the financial performance of Credit union in all provinces in Indonesia both in terms of internal factors and external factors both in terms of microeconomics and macroeconomics. Therefore, the assessment of the financial performance of Credit union throughout Indonesia has an important role to play in terms of profitability ratios which are influenced by a number of variables. Empirical evidence in this study shows that the total assets, the age of the cooperative and the number of members have a positive and significant relationship to the profitability ratio of return on assets of credit union in Indonesia. In addition, Number of Branches, Merger Activities have a negative influence and a significant relationship to the financial performance of credit union. Meanwhile, macroeconomic variables such as provincial GRDP do not have a significant relationship and influence on the activity performance of the return on asset profitability ratio of credit union. This finding has an important role in improving services to credit cooperative members who are SMEs so that they can increase their contribution to the percentage of economic growth.

Pengaruh Merger dan Akuisisi Terhadap Kinerja Keuangan Perusahaan Sektor Properti dan Real Estate di Indonesia Prasasta Adi Putra; Willem A. Makaliwe
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Penelitian ini bertujuan menguji apakah terdapat perbedaan kinerja keuangan perusahaan sektor properti dan real estate di Indonesia antara sebelum dan sesudah melakukan merger dan akuisisi (M&A). Metode penelitian menggunakan perbandingan rasio keuangan antara tiga tahun sebelum M&A hingga tiga tahun setelah M&A. Sampel penelitian terdiri dari 16 transaksi M&A pada periode 2009 sampai dengan 2020. Uji statistik yang digunakan adalah paired sample t-Test. Penelitian ini menunjukan bahwa terjadi peningkatan fixed asset turnover ratio (FATR) dan penurunan current asset turnover ratio (CATR) yang signifikan antara sebelum dan sesudah M&A. Peningkatan proporsi aset tetap terhadap total aset mempengaruhi peningkatan FATR pada perusahaan pengakuisisi. Rasio leverage mengalami peningkatan yang signifikan pada tahun ketiga setelah M&A, sementara rasio nilai pasar tidak menunjukan perbedaan yang signifikan antara sebelum dan setelah M&A. Mayoritas perusahaan pengakuisisi pada sektor properti dan real estate baru mengalami peningkatan return on equity (ROE) dan net profit margin (NPM) secara signifikan pada tahun ketiga setelah pelaksanaan M&A, sehingga perusahaan pengakuisisi perlu mengoptimalkan utilisasi aset, ekuitas, dan investasi pasca M&A untuk meningkatkan nilai pemegang saham.

THE IMPLICATION OF COVID-19 ON TECHNOLOGY-BASED CORPORATE PERFORMANCE Rosa Lee; Willem A. Makaliwe
Jurnal Ekonomi Vol. 12 No. 04 (2023): Jurnal Ekonomi, 2023
Publisher : SEAN Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar

The purpose of this research is to find out the implications of COVID-19 on the performance of technology-based corporations. The research was conducted using a quantitative approach with panel data as a combination of time series and cross section data. The analysis used consisted of a paired difference test (t-test), and multiple regression which was carried out using a panel data approach. This research uses various Technology Sector companies in Indonesia that are listed on the IDX from 2019 – 2021 as the population. Determination of the sample is done by purposive sampling method. The Technology Sector companies that were used as research samples in this study totaled 10 companies that were listed on the IDX from 2019 to 2021. In this study, the tests were carried out using the Paired-samples T-Test. The regression model used is the chow test, lagrange multiplier test, and hausman test to determine one of the common effect models, fixed effect models, and random effect models. The results of the analysis show that of the independent variables tested, simultaneously the Variables COVID-19, Company Age, Company Size, Company Growth and Company Leverage Level can explain 71.9% of the NPM value or company performance, then 28.1% other influenced by variables outside this study.

Efektivitas Kebijakan Desentralisasi Fiskal pada Pertumbuhan Ekonomi dan Ketimpangan Pendapatan Antardaerah Madakarah, Nafiriair Yufan; Makaliwe, Willem A.
Jurnal Manajemen Bisnis dan Keuangan Vol 4 No 2 (2023): Oktober 2023
Publisher : https://jurnal.binamandiri.ac.id/

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51805/jmbk.v4i2.132

The implementation of fiscal decentralization in Indonesia has been running for more than 20 years. The government implemented fiscal decentralization policies in overcoming development problems. However, its implementation still raises various issues, including the high dependency of regional governments on transfer funds, while the level of corruption in regional heads is relatively high. The research aims to determine the effectiveness of fiscal decentralization policies on economic growth and income inequality using descriptive quantitative analysis, spatial, and panel data regression. Based on the analysis, 4 provinces are considered effective, 16 provinces are quite effective, and 14 provinces are less effective in implementing their fiscal decentralization policies. 20 out of 34 provinces were considered to have been implemented well, so it was concluded that fiscal decentralization policies were generally implemented relatively effectively in 34 provinces. This is evidenced by the regression analysis that balancing funds, DBH, DAU, and DAK have a positive effect on economic growth, while income inequality has a significant negative effect on decreasing the value of the Gini ratio.

The Impact of the Implementation of the Merit System on Independence, Justice and Transparency as KPK Law Enforcement Officers: Before and After Changes to the KPK Law Regarding Rewards and Punishments Bahiyyah, Saidul; Makaliwe, Willem A.
Dinasti International Journal of Economics, Finance & Accounting Vol. 7 No. 1 (2026): Dinasti International Journal of Economics, Finance & Accounting (March-April 2
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v7i1.6628

This study aims to determine whether there is a relationship between the implementation of the merit system and the professionalism, commitment, competence, and objectivity of KPK investigators, and to determine the differences in professionalism, commitment, competence, and objectivity of KPK investigators before and after the implementation of the merit system. To this end, this study used a mixed research approach, distributing questionnaires and conducting interviews with several KPK employees. The planned number of respondents was 92 people, but only 60 people returned questionnaires that were eligible for analysis (response rate 65%). Hypothesis testing was conducted using non-parametric statistics Spearman Rank correlation and Wilcoxon difference test. Regression and also Qualitative Sequential Analysis were conducted to confirm the results. The results prove that the implementation of the merit system has a significant positive impact on aspects of professionalism, commitment, competence, and objectivity. This study also contributes to the consideration of policy formulation in an effort to improve the professionalism, commitment, competence, and objectivity of KPK law enforcement officers.

Investor Sentiment Dynamics and Market Volatility in Indonesia: Hybrid Approach Using GARCH-Midas and Machine Learning Lina Denita Siagian; Willem Makaliwe
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51365

The Indonesian stock market, represented by the Jakarta Composite Index (IHSG), experiences significant volatility influenced by both domestic and global macroeconomic factors as well as investor sentiment. This study investigates the impact of key macroeconomic variables and investor sentiment indicators, such as the Consumer Confidence Index (CCI) and Trading Volume Activity (TVA), on IHSG volatility. The research applies the GARCH-MIDAS model to capture long-term macroeconomic effects and integrates machine learning techniques, Extreme Gradient Boosting (XGBoost) for short-term volatility prediction. Monthly data on macroeconomic variables and sentiment indicators are combined with daily IHSG return data. Performance metrics like Mean Square Error are used to compare the forecast with realized volatility. The findings show that macroeconomic variables, particularly Inflation and Exchange Rates, significantly affect IHSG volatility, while sentiment indicator CCI play crucial roles and demonstrated the highest predictive power. The hybrid GARCH-MIDAS-XGBoost model outperformed the traditional GARCH-MIDAS, reducing MSE by approximately 20% and improving MAE by 15% during volatile periods. The model also excelled in predicting volatility spikes, especially during market turbulence. This study confirms that both macroeconomic variables and investor sentiment indicators, especially CCI, significantly impact stock market volatility. The hybrid model improves forecasting accuracy, offering valuable insights for investors and policymakers navigating market risks.

Scenario Planning Analysis of Companies That Help Save Other Companies Experiencing Financial Distress Bagas Azhar Pratama; Willem A. Makaliwe
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.52057

This study aims to develop strategic scenarios through in-depth interviews using thematic analysis as the foundation for formulating rescue measures for a company experiencing financial distress, specifically the integration of PT B (Persero) Tbk into PT A (Persero). The analysis produced 11 combined scenarios, categorized into three outlooks—pessimistic, moderate, and optimistic—each forming the basis for financial and key ratio projections. These projections are subsequently used to conduct a company valuation employing the Scenario Discounted Cash Flow (SDCF) approach, encompassing both levered and unlevered methods through Discounted Cash Flow (DCF) and constant growth valuation models. The primary differences among the scenarios are reflected in fundamental factors such as integration continuity, market optimism, cost efficiency, and restructuring success. These factors directly impact the company’s profitability, solvency, and liquidity. The findings reveal that the optimistic scenario indicates a successful integration and comprehensive financial recovery; the moderate scenario shows limited improvement with ongoing risks; and the pessimistic scenario underscores a standalone operation of PT A. Practically, the study offers strategic insights for policymakers in designing restructuring policies, risk mitigation plans, and business continuity strategies. In terms of originality, this research makes a significant contribution by integrating scenario planning, financial ratio analysis, and SDCF-based valuation to assess distressed company valuation, an approach rarely applied in academic studies related to Indonesia’s construction sector.

Co-Authors Bagas Azhar Pratama Bahiyyah, Saidul Daniel Halomoan Simamora Eugenia Mardanugraha Lina Denita Siagian Madakarah, Nafiriair Yufan Prasasta Adi Putra Rosa Lee Wahyu Tri Rahmawati Zahra Kemala Nindita Murad

Title

Found 8 Documents
Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title Search

Found 8 Documents Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title

Found 8 Documents
Search