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Hendro Sasongko

Faculty Economic, Pakuan University

Author-ID : 374156

Agriculture, Biological Sciences & Forestry Arts Humanities Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Physics Public Health Social Sciences Other

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COST-EFFECTIVENESS STRATEGY FOR DEVELOPING CLEAN WATER SERVICE IN SUKAMAKMUR VILLAGE, BOGOR Sasongko, Hendro; Alipudin, Asep; Herlisnawati, Dessy
JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Vol 10, No 2 (2024): Vol 10, No. 2 (2024)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34204/jiafe.v10i2.10353

ABSTRACT This study aims to assess the benefits of PLT-EM in the cost-effectiveness strategy scheme for developing a drinking water supply system. The research approach is descriptive quantitative using incremental analysis methods, water consumption and discharge calculation formulations, and financial analysis models. The data used are secondary in the form of BUMdesa production and financial reports. Based on the assessment results, using PLT-EM can develop a drinking water supply system by increasing the volume of water and consistency of water distribution to the community. The cost-effectiveness strategy can be implemented through incremental analysis between investment and operational costs with revenue from water sales before and after using PLT-EM by considering the addition of water production capacity and the potential for expanding service coverage to the community. ABSTRAK Penelitian ini bertujuan untuk mengkaji manfaat PLT-EM dalam skema strategi efektivitas biaya dalam rangka pengembangan sistem penyediaan air minum. Pendekatan penelitian yang digunakan adalah deskriptif kuantitatif dengan menggunakan metode analisis inkremental, formulasi perhitungan konsumsi dan debit air, serta model analisis finansial. Data yang digunakan adalah data sekunder berupa produksi BUMdesa dan laporan keuangan. Berdasarkan hasil pengkajian, pemanfaatan PLT-EM dapat mengembangkan sistem penyediaan air minum dengan meningkatkan volume air dan konsistensi distribusi air kepada masyarakat. Strategi efektivitas biaya dapat diterapkan melalui analisis inkremental antara biaya investasi dan biaya operasional dengan pendapatan dari penjualan air sebelum dan sesudah pemanfaatan PLT-EM, dengan mempertimbangkan penambahan kapasitas produksi air dan potensi perluasan jangkauan layanan kepada masyarakat.

Determinants of Financial Performance and Their Implications for Corporate Values Matdio Siahaan; Hari Gursida; Hendro Sasongko
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 2 (2025): Dinasti International Journal of Economics, Finance & Accounting (May-June 2025
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i2.4047

The company has a goal of improving the welfare of shareholders by obtaining high company value which is measured through various aspects including the company's stock price which can reflect the overall investor assessment of each equity owned. If the stock price increases, the company's value will also increase. This study aims to determine the effect of capital structure, company size, managerial ownership and institutional ownership on company value which is proxied by price to book value (PBV) with financial performance on profitability which is proxied by return on assets (ROA) as an intervening variable. This study was conducted to analyze the determinants of Financial Performance and Company Value, namely Capital Structure, Company Size, Managerial Ownership and Institutional Ownership. The sample selection method uses the purposive sampling method, with the number of companies used as samples in this study as many as 12 companies, namely automotive and component sub-sector companies with an observation period of five years, so that the total observation data is 60. The research method used is a mixed research method between quantitative and qualitative. The regression results show that for 2019-2023, capital structure (-2.745), company size (-0.151), managerial ownership (-0.325), institutional ownership (0.564) have a significant effect on Financial Performance. Capital Structure (0.787), Managerial Ownership (-0;364) and Institutional Ownership (0.461) and Financial Performance (0.995) have a significant effect while Company Size (0.015) does not have a significant effect on Company Value.

Short-Run Relationships Between Indonesia’s Capital Market And BRICS Countries Using Granger Causality Sianipar, Makmur; Indrayono, Yohanes; Sasongko, Hendro
International Journal of Science and Environment (IJSE) Vol. 5 No. 2 (2025): May 2025
Publisher : CV. Inara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijse.v5i2.117

This study investigates the short-term causal relationships between Indonesia’s capital market and the stock markets of BRICS countries, Brazil, Russia, India, China, and South Africa, using the Granger Causality Test on daily data from June 2023 to May 2025. Following Indonesia’s formal membership in BRICS in January 2025, understanding these financial linkages becomes increasingly vital for portfolio diversification, risk management, and macroeconomic policy. The analysis reveals significant short-term causal interactions, particularly between the Jakarta Stock Exchange (JSX) and markets such as FTSEJSE (South Africa), BOVESPA (Brazil), MOEX (Russia), and SHANGHAI (China). South Africa emerges as a central transmitter of volatility, while Indonesia demonstrates both influence and sensitivity to BRICS markets. The findings highlight asymmetric integration within BRICS, indicating that while some markets exert predictive influence, others remain relatively independent in the short term. This research contributes to the literature by focusing on Indonesia’s strategic role post-membership and offering practical insights for investors and policymakers. Recommendations include enhancing real-time cross-country market surveillance and further research incorporating macroeconomic variables and nonlinear models to assess long-term integration. The study underlines the growing interdependence among emerging markets in an era of intensified globalization.

PENGARUH PENGELUARAN PEMERINTAH BIDANG PENDIDIKAN DAN KESEHATAN TERHADAP PERTUMBUHAN EKONOMI DI PROVINSI JAWA BARAT TAHUN 2016-2019 Sasongko , Hendro; Ilmiyono , Agung Fajar; Aldillah, Zhafira Huriya
Jurnal Akunida Vol. 7 No. 1 (2021): June
Publisher : Universitas Djuanda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30997/jakd.v7i1.4651

Economic growth as an increase in community output caused by the increasing number of production processes without any changes in the methods or technology itself. There are four factors of economic growth, namely human resources, natural resources, capital formation, and technology. Government spending acts as capital formation as the provision of public facilities, but without these public facilities the private sector will not want to invest. The purpose of this study was to examine (1) The Effect of Government Spending on Education on Economic Growth in West Java Province (2) The Effect of Government Spending on Health on Economic Growth in West Java Province (3) The Effect of Simultaneous Government Expenditure on Education and Health on Economic Growth in West Java Province. This research was conducted in cities/districts in West Java Province in 2016-2019. The sample used in this study were 11 cities/districts. The sample was selected using purposive sampling method. This type of research is verification using the explanatory survey method, which is the method used to test the hypothesis. The data were tested using Eviews 8 with panel data model selection, classical assumption testing using normality test, multicollinearity test, heteroscedasticity test, and autocorrelation test, panel data regression analysis, and hypothesis testing using t test, f test, and R2 test. Partial testing with the t-test shows that government spending on education is positive and has no significant effect on economic growth, this is due to the government's less than optimal effort in absorption budget allocations in West Java Province. Government spending in the health sector has a positive and significant effect on economic growth, so that the government's efforts have been maximized in the absorption of budget allocations in West Java Province. Simultaneous test results with the f test, namely government spending on education and health together have a positive and significant effect on economic growth in West Java Province.

Detecting Potential Fraudulent Financial Reporting Through Hexagon Fraud in Indonesia Insurance Companies Lestari, Dian; Rusmanah, Enok; Sasongko, Hendro
Journal of Business And Entrepreneurship Vol. 13 No. 1 (2025): JOURNAL OF BUSINESS AND ENTREPRENEURSHIP (May 2025 Edition)
Publisher : APPS Publications

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46273/gsrh1033

The research aims to determine the influence of fraud hexagon elements on detecting fraudulent financial reporting. The fraud hexagon is a model for detecting fraud in financial reporting proposed by Vousinas in 2019. The model comprises six elements: pressure, opportunity, rationalization, capability, arrogance, and collusion. These elements are measured using financial stability and external pressure (pressure), nature of the industry and ineffective monitoring (opportunity), change in auditor (rationalization), change of director (capability), frequent number of Chief Executive Officer (CEO) pictures (arrogance), and political connection (collusion). The study used a sample of 85 observations from 17 insurance companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023 and investigated by using ordinary least squares regression. The results show that all elements of the fraud hexagon significantly influence fraudulent financial reporting, with collusion appearing to be the strongest influence. Therefore, it is recommended that the fraud hexagon elements be considered as fraud monitoring and prevention strategies.

THEORETICAL MODEL EVALUATION OF STOCK PRICE AND EXCHANGE RATE RELATIONSHIPS IN BRICS COUNTRIES Sianipar, Makmur; Indrayono, Yohanes; Sasongko, Hendro
International Journal of Multidisciplinary Research and Literature Vol. 4 No. 4 (2025): INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND LITERATURE
Publisher : Yayasan Education and Social Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53067/ijomral.v4i4.354

This study investigates the theoretical and empirical relationships between stock prices and exchange rates within the BRICS countries (Brazil, Russia, India, China, South Africa, and Indonesia), particularly focusing on Indonesia following its official inclusion in BRICS on January 6, 2025. Using a daily time series dataset from June 2023 to May 2025, this research applies the Granger Causality Test to evaluate the direction of causality between capital and foreign exchange markets. The study is grounded in four major theoretical frameworks: flow-oriented, stock-oriented, portfolio balance, and asset market models. The analysis reveals a heterogeneous structure of interdependence across BRICS countries, encompassing both unidirectional and bidirectional causalities. Notably, Indonesia’s capital market (JSX) demonstrates predictive influence over the domestic exchange rate (IDR), supporting the stock-oriented hypothesis. Moreover, the South African Rand (ZAR) exhibits dominant influence across multiple BRICS markets, while China’s Yuan (CNY) significantly affects the South African stock index, confirming China’s pivotal economic role. The study also identifies feedback loops between several country pairs, indicating strong financial integration and information transmission. This research contributes to the literature by incorporating daily data analysis and exploring the impact of Indonesia’s BRICS membership, an area previously underexplored. It offers theoretical enrichment by mapping empirical findings onto established models and provides policy insights for enhancing macro-financial coordination and volatility risk management among BRICS nations.

The Role of Enterprise Risk Management, Intellectual Capital, and Sustainability Report in Enhancing Firm Value: Profitability as a Moderator in Indonesian Pharmaceutical Companies (2017–2023) Mailini, Dini; Gursida, Hari; Sasongko, Hendro
International Journal Administration, Business & Organization Vol 6 No 2 (2025): IJABO
Publisher : Asosiasi Ahli Administrasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61242/ijabo.25.540

This study examines the effect of Enterprise Risk Management, Intellectual Capital, and Sustainability Report on firm value, with profitability measured by Return on Assets as a moderating variable. The research is motivated by the increasing importance of non-financial disclosure in assessing firm value, particularly in high-risk industries such as pharmaceuticals. The objective of this study is to evaluate whether Enterprise Risk Management, Intellectual Capital, and Sustainability Report contribute significantly to firm value and whether profitability enhances this relationship. The research was conducted on pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during the period 2017 to 2023. This study applied a quantitative approach using panel data regression to analyze direct relationships and moderated regression analysis to assess the moderating effect. The findings indicate that Enterprise Risk Management, Intellectual Capital and Sustainability Report each have a positive and significant impact on firm value. However, none of these variables shows a significant effect on profitability. Furthermore, return on assets demonstrates a positive and significant influence on firm value, but does not moderate the relationship between Enterprise Risk Management, Intellectual Capital, and Sustainability Report with firm value. These results suggest that although non-financial indicators such as enterprise risk management, intellectual capital, and sustainability reporting are critical in enhancing market valuation, they do not automatically translate into short-term financial performance, nor are their impacts conditioned by profitability levels. The study highlights the importance of aligning non-financial strategies with financial performance to ensure long-term value creation.

PERAN MODERASI INDIKATOR MAKROEKONOMI PADA FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI PERUSAHAAN Azizah; Siregar, Hermanto; Sasongko, Hendro
Akurasi : Jurnal Studi Akuntansi dan Keuangan Vol 6 No 1 (2023): Akurasi: Jurnal Studi Akuntansi dan Keuangan, Juni 2023
Publisher : Faculty of Economics and Business University of Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/akurasi.v6i1.363

This study analyzes the determinants of firm value and the moderating role of macroeconomic indicators on the determinants of firm value. Secondary data testing was carried out on the IDX High Dividend 20 company financial statements for the period 2017-2021 which were analyzed using panel data regression. The determinants of firm value tested include dividend policy, capital structure, ownership, free cash flow, profitability, and good corporate governance (GCG). Interest and exchange rates are used as moderating variables. The research findings show that dividend policy, ownership, and board size have a positive impact, while the audit committee has a negative effect on firm value. The moderating role of interest rates and exchange rates can be seen in their interactions with dividend policy variables and GCG variables which are proxied through the board size and audit committee. The moderating role of interest rates can increase the firm value if it interacts with the dividend policy, and interest rates can increase or decrease a firm value if it interacts with good corporate governance. The exchange rate moderating effect can increase the firm value if it interacts with dividend policy and GCG.

The Effect Of Growth Opportunity and Profitability On Company Value On The Stock Exchange Indonesia (BEI) Period 2018-2022 Vedi Oktavia Fitry Ani; Yohanes Indrayono; Hendro Sasongko
International Journal of Management Research and Economics Vol. 2 No. 2 (2024): May : International Journal of Management Research and Economics
Publisher : Institut Teknologi dan Bisnis (ITB) Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54066/ijmre-itb.v2i2.1832

Based on data from the United Nations Industrial Development Organization (UNIDO), Indonesia is the country with the most influential manufacturing industry value in the world, but from the other side, based on data, the growth of the manufacturing industry in Indonesia experienced a significant decline in 2020, this is due to the condition of the closure of the capital structure and the impact The Covid-19 pandemic has weakened the value of investment in manufacturing industry companies, which has an impact on growth opportunities. Apart from that, the profitability of manufacturing industry companies has weakened, potentially leading to a decline in company value. Therefore, the aim of this research is to understand the factors that influence the value of manufacturing industry companies. Through capital structure as an intervention, the data used in this research is secondary data used in the form of annual financial report data of manufacturing companies for the 2018-2022 period obtained from the Indonesia Stock Exchange (BEI) website, namely www.idx.co.id with the sample size using Purposive sampling is based on criteria so that from 236 companies we get a sample of 115 companies. The analysis method used is descriptive statistical analysis, panel data regression analysis, and Sobel test using e-views version 10. Analysis of manufacturing company data on the 2018-2022 BEI shows that the effect is significant. direct negative impact on capital structure.

The Relationship Between The Quality of Education and The Performance of Lecturers In Waqf-Based Private Universities in West Java Warizal, Warizal; Gursida, Hari; Sasongko, Hendro
Journal of World Science Vol. 2 No. 7 (2023): Journal of World Science
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jws.v2i7.374

The current top priority for an educational institution is to improve the quality of instruction. The key component in creating sustainable education is this. The effectiveness of lecturers is one factor that impacts educational quality. This study examines the connection between lecturer performance and educational quality at private West Javan universities with a waqf foundation. This study is a quantitative explanatory study. At private West Javan universities with a waqf foundation, 113 lecturers were randomly chosen to participate in the survey. On a scale of 1 to 5, respondents were asked to complete an online questionnaire. The Pearson product-moment correlation test was used to examine the acquired data to determine whether there was a relationship between the variables and how strong that relationship was. The findings revealed that for the variable quality of instruction and teacher performance, the Pearson correlation (r count) was 0.680 with a significance level of 0.000. The estimated value for r, which is 0.176, is higher than the number from the r table. Variables have created a strong and favorable association with one another. Conclusion: The professors perform better when the quality of the education is higher.

Co-Authors Abrar Setiawan Achyar Rasyidi Achyar Rasyidi, Achyar Agung Fajar Ilmiyono Agus Setyo Pranowo Aldillah, Zhafira Huriya Ali Akil Parlindungan Siregar Alipudin, Asep Amelia, Rizka Wahyuni Anggareni, Lukytawati ANGGRAENI, ADITHIA Anggraini, Anggun Anneke Puspasari Annisa Tiaranti Anny Ratnawati Arief Daryanto Arief Daryanto Arif Kurniadi Asto Hadiyoso Awal Susmanto Azizah Bonar M Sinaga Cosmas A.I. Wardojo D S Priyarsono Dani Rahman Hakim, Dani Rahman Danika Reka Artha Dedi Budiman Hakim Dessy Herlisnawati Devia Leviasari Dewi Apriani Dewi Apriani Fr DIAN LESTARI Dida Marhamah Dion Achmad Armadi Dwi Kurniawan, Dwi Eni Puji Astuti Epiet Dwi Anggoro Erliza Noor Faisal Azmi Fara Shaliza Hadiyoso, Asto Hamzah Hamzah Hamzah Hamzah Hamzah Harahap, Serarifi Elagin Hardiyanto, Arief Tri Hari Gursida Hari Gursida Hari Gursinda Hartoyo Hartoyo Haryadi Krisnandar Hasrul Hasrul Hendramiko Heni Nelawati herdiyana, Herdiyana Herman, Herman Hermanto Siregar Idqan Fahmi Ignatius Leonardus Lubis Imam W Sukoco Imbron, Imbron Indrayono, Yohanes Irman Hermadi Isbat, Isbat Jaka Wiramanggala Jufri, Supriadi Juliando Saragih Kahiyang Ayu Kemas Nurcholish Thoriq Kurniawan, Prasetyo Kusuma, Pradana Jati Lukytawati Anggraeni M Firdaus Maghfira Puti Gaisani Mailini, Dini Marhamah, Dida Marimin , Matdio Siahaan Maulida Aulia Rezki Meita Ratna Saomi Muhamad Firdaus Muhammad Firdaus Muhammad Firdaus Muhammad Firdaus Muhammad Rifqi Syauqi Muharam, Hari N Rusnaeni Nimmi Zulbainarni Obed Fernando Harefa Pradana Jati Kusuma Raden Yogi Arieffiandi Retno Martanti Endah Lestari Reza Suriansha Riyani S. Saputri Riyanti, Evy RIZKY P. LUBIS Rochman Marota Roy Sembel Rusmanah, Enok Santosa Santosa Shaliza, Fara Siahaan, Matdio Sianipar, Makmur Sri Hartoyo Sri Hartoyo Syamsiar, Syamsiar Tintin Sarianti Tony Irawan Tridoyo Kusumastanto Vedi Oktavia Fitry Ani Wardani, Firmansyah Warizal Wihartika, Doni YOHANES INDRAYONO Yohannes Indrayono Yuary Farradia Yuliandi Yuliandi Yusman Syaukat yusnita, nancy

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