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All Journal JURNAL ECONOMIA Jurnal Ekonika : Jurnal Ekonomi Universitas Kadiri Jurnal Riset Akuntansi dan Keuangan MABIS: Manajemen dan Bisnis Journal of Entrepreneurship & Business
Liliana Inggrit Wijaya
University of Surabaya
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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 1 
Corporate Governance, Transparency and Stock Return Synchronicity Werner Ria Murhadi; Liliana Inggrit Wijaya
Journal of Entrepreneurship and Business Vol. 2 No. 1 (2021): Journal of Entrepreneurship and Business (March)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (257.714 KB) | DOI: 10.24123/jeb.v2i1.3919

Abstract

This study aims to analyze the effect of corporate governance on transparency as measured by stock return synchronicity. The variables used are board size (commissioner), big4 audit, institutional ownership, market to book, the volatility of firm fundamentals, leverage, and firm size. This study uses a quantitative approach with multiple linear analysis models. This study uses a sample of non-financial business entities listed on the Indonesia Stock Exchange (BEI). The number of samples used in this study was 198 observations. The results showed that the variable board size (commissioner), institutional ownership, and leverage had a positive effect on transparency, and the implied volatility of the firm hurt transparency. Other variables such as big4 audit, market to book ratio, and firm size do not affect transparency.
Determinants of Profitability for Manufacturing Companies in Indonesia 2018-2019 Liliana Inggrit Wijaya; Jennifer Audrey Harjono; Putu Anom Mahadwartha
Jurnal Riset Akuntansi dan Keuangan Vol 10, No 2 (2022): Jurnal Riset Akuntansi dan Keuangan. Agustus 2022 [DOAJ dan SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v10i2.45199

Abstract

Profitability has become one of the most researched topics. However, some of studies have different results. This study is aimed to gain a better understanding of some factors that might have significant effects on profitability. This study examines the influences of internal and external factors on the profitability of companies within the manufacturing sector listed in the Indonesia Stock Exchange (BEI) during 2018-2020. This research utilizes secondary data and a quantitative approach through multiple linear regression. This study includes profitability as dependent variable, with firm size, firm age, liquidity, capital structure, firm growth, capital intensity, and macroeconomic indicator as independent variable. There are 789 observations that used within the study. These observations consisted of 263 companies in 3 years. Firm size, firm age, liquidity, firm growth, capital intensity, and macroeconomic indicator have significant and positive effect on profitability. Capital structure is found to have significant and negative influence on profitability. Keywords. Profitability; Liquidity; Firm Growth; Capital Intensity.
Analyzing the Impact of Heuristic Biases on Investment Decisions Through Risk Tolerance: Evidence from Generation Z Investors in Indonesia Stievanie; Bertha Silvia Sutejo; Liliana Inggrit Wijaya
Ekonika : Jurnal Ekonomi Universitas Kadiri Vol. 11 No. 1 (2026): April 2026
Publisher : Fakultas Ekonomi Universitas Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30737/ekonika.v11i1.7001

Abstract

This study aims to examine the influence of heuristic biases, specifically overconfidence bias, availability bias, and representativeness bias on investment decisions among Generation Z investors in Indonesia, with risk tolerance serving as a mediating variable. The research replicates and extends previous models by incorporating representativeness bias into the framework. Using a quantitative approach, data were collected through an online questionnaire distributed to 208 respondents who met the specified sampling criteria. The data were analyzed using Structural Equation Modeling (SEM) with AMOS software. The results indicate that availability bias, representativeness bias, and risk tolerance have a significant positive effect on investment decisions, while overconfidence bias does not directly influence them. Additionally, overconfidence bias, availability bias, and representativeness bias significantly affect risk tolerance. The mediation analysis shows that risk tolerance mediates the relationship between availability bias and representativeness bias with investment decisions, but does not mediate the relationship between overconfidence bias and investment decisions. These findings highlight the significant role of cognitive biases and risk tolerance in shaping the investment behavior of Generation Z investors in Indonesia. The study contributes to behavioral finance literature by providing evidence on how psychological factors and cognitive tendencies influence financial decision making.
Gender Differences in Financial Well-Being: A Multi-Group Analysis of Indonesian Income-Earning Gen-Z Bertha Silvia Sutejo; Liliana Inggrit Wijaya; Noorliza MD Noordin; Joshua Oktavianus
Jurnal Economia Vol. 22 No. 1 (2026): February 2026
Publisher : Faculty of Economics and Business, Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/economia.v22i1.83694

Abstract

Gen-Z in Indonesia faces financial challenges due to low financial literacy, impulsive spending, and FOMO, prioritizing short-term desires over long-term financial freedom and stability. This study examines key determinants of financial well-being among Gen-Z, integrating gender differences as a moderator. Through PLS-SEM and MGA analysis of 612 respondents, this study identifies financial literacy, self-control, behavior, and stress as key determinants of financial well-being. Financial behavior and stress mediate key relationships, with gender differences in financial understanding and stress management. This study suggests that governments should introduce financial literacy earlier and offer accessible financial consultations, while Gen-Z must cultivate self-discipline and financial knowledge to achieve sustainable financial well-being.
Financial slack, capital intensity and firm performance: evidence from global listed firms Dony Sultan Syarifudin; Liliana Inggrit Wijaya; zunairoh zunairoh
Manajemen dan Bisnis Vol 25, No 3 (2026): November 2026 (Online First)
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/mabis.v25i3.1247

Abstract

Financial slack may preserve operating continuity and investment capacity, but excess resources can weaken financial discipline. This study examines the within-firm association between financial slack and firm performance and formally tests whether it varies with capital intensity and growth opportunities. We construct a pooled-standardized, equally weighted Financial Slack Index from cash holdings, liquidity, and unused debt capacity for 4,832 firm-year observations from 524 listed firms in 21 countries during 2016-2025. Firm and year fixed-effects models are complemented by country-year effects, country-exclusion and equal-weighting checks, wild-country bootstrap inference, COVID-period tests, alternative index construction, and omitted-variable sensitivity analysis. Financial slack is positively associated with return on assets (b = 0.0170, p < .001) and market-to-assets. Capital intensity is negatively associated with performance, whereas the continuous financial-slack-by-capital-intensity interaction is insignificant. Formal slope comparisons show weak evidence of a stronger association among high-capital-intensity firms (p = .099), but strong evidence among high-growth firms (p < .001). The financial-slack slope does not differ across pre-COVID, COVID, and post-COVID periods. Results remain positive under country-year effects and after excluding the two dominant countries. The evidence supports financial slack as conditional financial flexibility, especially for growing firms, while remaining associative rather than causal.
Co-Authors Bertha Silvia Sutejo Deddy Marciano Dony Sultan Syarifudin Ivan Chandra Tanzil Jennifer Audrey Harjono Joshua Oktavianus Noorliza MD Noordin Putu Anom Mahadwartha Stievanie Werner R Murhadi zunairoh zunairoh