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Hendro Sasongko

Universitas Pakuan

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 Earth & Planetary Sciences 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 Nursing Physics Public Health Social Sciences Other

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THE EFFECTS OF SUBORDINATED BONDS ISSUED AND THE BANK FINANCIAL PERFORMANCE TOWARDS THE STOCK TRADING VOLUME ACTIVITY ANGGRAENI, ADITHIA; Hartoyo, Sri; Sasongko, Hendro
Jurnal Aplikasi Manajemen Vol. 17 No. 4 (2019)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2019.017.04.06

According to IDX statistical data of the year 2017, the market capitalization of finance sector stock was dominated by the stock of the banking subsector up to 91,87%, and the banking subsector has dominated 38,52 % of the corporate bond market in Indonesia. This research aimed to 1) analyzing the financial performance of bond issued bank listed in the IDX from 2013 to 2017, 2) analyzing the effects of the bank subordinated bond issuance towards the stock trading volume activity, 3) analyzing the finance performance of bond issued bank listed in the IDX from 2013 to 2017 towards the stock trading volume activity. This research used the event study method, which implemented the descriptive and quantitative approaches. The populations in this study were bank companies listed on the Indonesia Stock Exchange or IDX that issued bonds, with the data from 16 banks as the samples. The hypothesis was analyzed using the multiple linear regression analysis to determine the effects of the bond issuance events and financial performance on the stock trading volume activity. This research showed that bond issued banks listed in the IDX had a good financial performance from 2013 to 2017. Based on the results of partial regression, the announcement of issuance of corporate bonds, dividends per share, CAR, and NIM had a significant influence on stock trading volume activity and the form of influence was positive. NPL and DER had significant effects on stock trading volume activity and the forms of influence were negative.

EARNING MANAGEMENT: THE ROLE OF COMPANY SIZE, LEVERAGE, AND GOOD CORPORATE GOVERNANCE ON GO PUBLIC BANKING Eni Puji Astuti; Yohanes Indrayono; Hendro Sasongko
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 3 No. 3 (2025): June
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v3i3.512

This study investigates the influence of company size, leverage, managerial ownership, and institutional ownership on earning management practices among publicly listed banking firms in Indonesia. The study employs a quantitative approach using panel data regression analysis. The sample comprises 20 banking companies listed on the Indonesia Stock Exchange over the 2017–2023 period, yielding 140 firm-year observations. The model selection is based on the Chow and Hausman tests, with the fixed effect model selected as the best fit. The results reveal that company size, leverage, and managerial ownership have significant negative effects on earning management, indicating that larger companies, higher debt ratios, and greater managerial ownership are associated with less earnings manipulation. Conversely, institutional ownership exhibits a significant positive effect, suggesting that higher institutional ownership increases the likelihood of earning management practices, possibly driven by short-term performance pressures. The findings emphasize the importance of corporate governance mechanisms in curbing earnings management. Regulators, stakeholders, and board members should consider enhancing transparency and aligning ownership structures to mitigate opportunistic financial reporting behavior. This study provides new insights into how firm characteristics and ownership structures affect earnings management behavior in the heavily regulated banking sector of an emerging economy, extending prior agency theory and corporate governance research.

THE INFLUENCE OF COMPANY SIZE, LEVERAGE, AND GOOD CORPORATE GOVERNANCE ON THE COMPANY'S VALUE IN GO PUBLIC BANKING Eni Puji Astuti; Yohanes Indrayono; Hendro Sasongko
International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Vol. 3 No. 3 (2025): June
Publisher : ZILLZELL MEDIA PRIMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61990/ijamesc.v3i3.513

This study aims to examine the influence of company size, leverage, managerial ownership, and institutional ownership on firm value in publicly listed banking companies in Indonesia. This research applies a quantitative approach using panel data regression. The study includes 20 banking firms listed on the Indonesia Stock Exchange from 2017 to 2023, generating 140 firm-year observations. The common effect model was selected based on Chow, Hausman, and Lagrange Multiplier tests. The results indicate that company size has a significant positive effect on firm value, while leverage has a significant negative effect. Managerial ownership shows no significant effect, whereas institutional ownership surprisingly demonstrates a significant negative impact. These findings challenge the conventional expectations of ownership structures enhancing firm value, suggesting potential agency issues or ineffective monitoring mechanisms. The results suggest that corporate governance practices, especially related to institutional ownership, may not always lead to enhanced firm value. Stakeholders and regulators should reassess the effectiveness of ownership structures in the banking sector and promote governance reforms tailored to local market dynamics. This research contributes to the literature by offering empirical evidence from the Indonesian banking sector, an emerging market, and by challenging the presumed benefits of institutional ownership for enhancing firm value.

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.

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.

Co-Authors Abdul Halik Abrar Setiawan Achyar Rasyidi Achyar Rasyidi, Achyar Agung Fajar Ilmiyono Agus Setyo Pranowo Aldillah, Zhafira Huriya Ali Akil Parlindungan Siregar Amelia, Rizka Wahyuni Anggareni, Lukytawati ANGGRAENI, ADITHIA Anggraini, Anggun Anneke Puspasari Annisa Tiaranti Annisaa Soeyono Anny Ratnawati Arief Daryanto Arief Daryanto Arief T. Hardiyanto Arif Imam Suroso Arif Kurniadi Arif Kurniadi Asep Alipudin Asrori Asrori Asto Hadiyoso Awal Susmanto Azizah Bonar M Sinaga Cosmas A.I. Wardojo D S Priyarsono Dani Rahman Hakim Dani Rahman Hakim, Dani Rahman Daniel Martahi Bonar Manurung Danika Reka Artha Danika Reka Artha Dedi Budiman Hakim Dessy Herlisnawati Devia Leviasari Dewi Apriani Dewi Apriani Fr DIAN LESTARI Dida Marhamah Dida Marhamah Didik Notosudjono Dion Achmad Armadi Dwi Kurniawan, Dwi Eni Puji Astuti Epiet Dwi Anggoro Erliza Noor Estuti Fitri Hartini Faisal Azmi Fara Shaliza Geraldy Samuel Ivan Geraldy Samuel Ivan Giovanni Inez Erika Margaretha Giovanni Inez Erika Margaretha Gusrida, Hari Hadiyoso, Asto Hamzah Hamzah Bustomi Hamzah Hamzah Hamzah Hamzah Harahap, Serarifi Elagin Hardiyanto, Arief Tri Hari Gursida Hari Gursinda Hari Muharam Hartoyo Hartoyo Haryadi Krisnandar Hasrul Hasrul Hendramiko Heni Nelawati herdiyana, Herdiyana Herman, Herman Hermanto Siregar Hermanto Siregar Hermanto Siregar Idqan Fahmi Ignatius Leonardus Lubis Imam W Sukoco Imbron, Imbron Indrayono, Yohanes Irman Hermadi Isbat, Isbat Jaka Wiramanggala Jeperson Pardede 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 , Martinus Tukiran Maulida Aulia Rezki Meita Ratna Saomi Mohamad Nur Hadi Mohammad Nur Hadi Muhamad Firdaus Muhammad Firdaus Muhammad Firdaus Muhammad Firdaus Muhammad Rifqi Syauqi Muhammad Salam Taufiqi N. Rusnaeni Nancy Yusnita Nani Yuheti Yuniatin Nimmi Zulbainarni Obed Fernando Harefa Pradana Jati Kusuma Raden Roro Anita Nur Rimadhani Raden Yogi Arieffiandi Ramadhoni Tiar Saputra Ratu Erlina G, Retno Martanti Endah Lestari Reza Suriansha Rinsan Hutabarat Riyani S. Saputri Riyanti, Evy RIZKY P. LUBIS Rochman Marota Roosganda Elizabeth Roosganda Elizabeth Roy Sembel Rusmanah, Enok Santosa Santosa Setyo Wibowo Shaliza, Fara Siahaan, Matdio Sianipar, Makmur Siti Sofiah Sri Hartoyo Sri Mulatsih Syamsiar, Syamsiar Tintin Sarianti Tony Irawan Tridoyo Kusumastanto Vedi Oktavia Fitry Ani Wardani, Firmansyah Warizal Wihartika, Doni YOHANES INDRAYONO Yohanes Indrayono Yohannes Indrayono Yuary Farradia Yuliandi Yuliandi Yuliarti, Erni Yusman Syaukat yusnita, nancy

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