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All Journal Gadjah Mada International Journal of Business Syntax Literate: Jurnal Ilmiah Indonesia Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Indonesian Capital Market Review IIJSE Jurnal Keamanan Nasional
Ruslan Prijadi
Faculty Of Economics And Business, Universitas Indonesia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Ambiguity towards Multiple Historical Performance Information Signals: Evidence from Indonesian Open-Ended Mutual Fund Investors Loeis, Haris Pratama; Prijadi, Ruslan
The Indonesian Capital Market Review Vol. 7, No. 2
Publisher : UI Scholars Hub

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Abstract

This study focuses on the behavior of open-ended mutual fund investors when encountered with multiple information signals of mutual fund’s historical performance. The behavior of investors can be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe the presence of ambiguity within investors due to multiple information signals, and also their reaction towards it. Our finding shows that open-ended mutual fund investors do not only have sensitivity towards past performance information signals, but also have additional sensitivity towards the ambiguity of multiple information signals. Because of the presence of ambiguity, investors give more consideration to negative information signals and the worst information signal in their investment decisions.
Return Spillover of Asian REITs Hestiawan, Leviana; Prijadi, Ruslan
The Indonesian Capital Market Review Vol. 12, No. 2
Publisher : UI Scholars Hub

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Abstract

This research examines the relationship and direction of return spillover of Asian REITs, between REITs and local stock markets, and its effect towards REIT returns. The samples are from Hong Kong, Japan, South Korea, Malaysia, Singapore, Thailand, and Taiwan. This research uses Diebold and Yilmaz’s technique to measure the relationship and direction of return spillover between asset classes. The method also uses OLS regression to test the effects of return spillover on REIT returns. The results show that connectedness between Asian markets is low. Japan and Singapore are the strongest influencers. Low connectedness was also found between REITs and the local stock market. In general, net return spillover from Asian REIT markets significantly influence REITs’ return. The results imply that the growth of REIT markets depends on the attractiveness of capital markets in a country. Regulators in developing countries need to improve the capital market environment to enable REIT markets to flourish.
Improving Profitability Through Standard Profit Formulation, A Case Study Of Indonesian Small Contractor Service Company Taufiqurrochman Taufiqurrochman; Ruslan Prijadi; Rambat Lupiyoadi
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (244.751 KB) | DOI: 10.36418/syntax-literate.v7i3.6478

Abstract

This paper is based on quantitative research with a case study at a small-scale contractor service company engaged in civil, mechanical and electrical work in Indonesia. The owner, who also served as a director of the company, stated that his company faced a stagnant condition in the last three years, even though projects from customers were always there, internal audit found that there were problems with internal factors in the company, such as invalid financial reports, lack of working capital and unserved potential orders. The problem stems from a lack of competent resources in the administrative and finance sections. Because the owner serves as the finance and administration staff at the same time in order to save money on the company's expenses, decisions, financial records, and administration are not carried out properly, and the company does not know whether the project undertaken by the company makes a profit.This double hat role also raises another serious problem for the company, since the director neglects aspects of business development, due to leadership time being mostly spent on things that can be resolved at lower levels. In this study, a vicious circle pattern was discovered, which causes financial problems for the company despite the fact that it is working on many projects. Improvements in the organizational structure and the determination of profit standards are made so that the company can escape the vicious circle and finally be able to improve its profitability.
The Role of Entrepreneurial Leadership to Maintain Company Performance Post Mergers & Acquisition Purwanto, Agus Sulih; Prijadi, Ruslan
Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan Vol. 18, No. 3 : Al Qalam (Mei 2024)
Publisher : Sekolah Tinggi Ilmu Al-Qur'an (STIQ) Amuntai Kalimantan Selatan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35931/aq.v18i3.3179

Abstract

Mergers and acquisitions (M&A deals) are one of the most important events in a company's life cycle and have a significant impact on a company's operations and activities. There are 3 objectives of this research, namely (1) Investigating factors (criteria) of acquiring companies and target companies in the Merger and Acquisition process (2) Investigating leadership characteristics in post-merger and acquisition companies (3) Investigating the role of leadership in achieving company performance that has been achieved. completing the merger and acquisition process in the insurance industry. Researchers used a qualitative approach with a case study method. Based on the level of crystallization of the research question, this research is an exploratory study. This research uses interviews as a primary data source obtained from sources. Qualitative data analysis in this research uses a thematic analysis approach, which is the basic method for conducting qualitative analysis with the help of NVIVO software. Based on the results of research and discussions that have been carried out, the conclusions that can be drawn are (1) factors (criteria) for acquiring companies and target companies in the merger and acquisition process, each of which has its own specificity (2) leadership roles in post-merger and acquisition companies to achieve organizational performance and growth of experience, vision and knowledge; decision making skills; communication skills; team building skills and skills in managing change (3) Key variables for the performance of companies that have completed the merger and acquisition process in the insurance industry are the scope of the merger and acquisition process, the methods used to complete the M&A process and the impact of M&A on performance , employees, work partners and customers.
Pengaruh Perencanaan Kedepan Strategis dengan Peran Mediasi Ambidexterity Organisasi dan Inovasi terhadap Kinerja Perusahaan Ramadhan, Gilang; Prijadi, Ruslan
Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan Vol. 18, No. 3 : Al Qalam (Mei 2024)
Publisher : Sekolah Tinggi Ilmu Al-Qur'an (STIQ) Amuntai Kalimantan Selatan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35931/aq.v18i3.3501

Abstract

Perencanaan masa depan strategis (strategic forward planning) merupakan proses sistematis yang digunakan untuk menetapkan arah dan tujuan organisasi dalam jangka panjang. Perencanaan ini penting untuk memastikan bahwa organisasi dapat mencapai tujuannya secara efektif dan efisien. Penelitian ini bertujuan untuk mengkaji pengaruh perencanaan kedepan stratregis terhadap kinerja yang dimediasi oleh ambidexterity organisasi dan inovasi. Penelitian ini menggunakan metode penelitian kuantitatif. Data yang dikumpulkan melalui kuesioner. Data yang telah terkumpul kemudian dianalisis menggunakan structural equation modeling (SEM) untuk memeriksa kecocokan keseluruhan model dan menguji bagaimana pengaruh antar konstruk. Data disebar kepada 399 unit kerja teknis dan 144 unit kerja dijadikan sampel penelitian. Hasil penelitian menunjukkan bahwa perencanaan kedepan strategis berpengaruh secara positif dan signifikan terhadap kinerja yang dimediasi oleh ambidexterity organisasi dan inovasi. Lebih lanjut, penelitian ini diharapkan dapat memberikan implikasi dan kontribusi kepada organisasi untuk terus secara fokus dan berkelanjutan untuk menerapkan perencanaan kedepan strategis untuk meningkatkan kinerja organisasi secara terus menerus.
Faktor Penentu Ketahanan Ekonomi UMKM Jakarta dalam Menembus Pasar Global Allo, Elisabeth; Prijadi, Ruslan; Chatib, Chotib
Jurnal Keamanan Nasional Vol. 10 No. 2 (2024): JURNAL KEAMANAN NASIONAL VOL. 10 NO. 2 TAHUN 2024
Publisher : Pusat Kajian Keamanan Nasional (Puskamnas) Universitas Bhayangkara Jakarta Raya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31599/3da0zr90

Abstract

This study aims to analyze the factors that make MSMEs have economic resilience so that they can enter the global market/go international. The approach used is qualitative research, using in-depth interview techniques with 3 representatives of MSME actors from Jakarta Entrepreneur who have successfully entered the international market. Data in the form of narratives/in-depth interview texts were processed using Dedoose software. The results of the study indicate that there are supporting factors for MSMEs to be able to penetrate the international market which also support their economic resilience, namely: collaboration, training, registration, marketing, financial reporting, coaching experience, enjoying the journey of ups and downs with various joys and sorrows of becoming an entrepreneur, broad insight, and the process of learning and transferring knowledge.
Analysis Of Operational Risk Using Loss Distribution Approach : A Study Of Epc Business Tiara, Lydia; Prijadi, Ruslan
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 5 (2024): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i5.3110

Abstract

This abstract describes a comprehensive analysis of operational risks in engineering, procurement, and construction (EPC) business by using calculation of loss distribution approach methods. This research involves an examination of historical operational losses data spanning from January 2019 to December 2022 to calculate the Operational Value at Risk at different percentiles. The OpVar, a key metric in this study, is determined to be Rp17,68Billion at a 95% percentile and Rp41,4Billion at a 99% percentile. These figures represent the estimated financial loss that EPC company may face due to operational risk with a higher percentile may indicate more precise. These results were declared valid through backtesting. From these points, the research emphasizes that the signifance of understanding and learning from historical data, will enable EPC companies to understand potential risks and manage risks through risk mitigation strategies in the complexity of EPC business environment.
The Role of Innovation Ambidexterity in Enhancing MSME Performance: Insights from the Fashion Industry Jelita, Sheila Frizqia; Prijadi, Ruslan
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 2 (2025): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i2.6218

Abstract

This study examines the influence of leadership characteristics and intellectual resources on organizational performance through innovation ambidexterity mediation in MSMEs in the fashion industry in Bandung. In a competitive environment, MSMEs need to adopt explorative and exploitative innovations to achieve optimal performance. The results show that adaptive leadership and risk tolerance support Combined Innovation Ambidexterity (CIA), which has a positive impact on MSME performance, while Balanced Innovation Ambidexterity (BIA) is less relevant. Intellectual resources (human, structural, and relational) also play a significant role in driving MSME innovation and performance. This study recommends the development of adaptive leadership, increasing risk tolerance, and managing intellectual resources effectively to help MSMEs become more competitive through flexible innovation strategies. The CIA approach allows MSMEs to adapt to market changes and provides new contributions to the innovation ambidexterity literature.
Evaluating GOTO Investment Strategies After Major Investor Exit: DiD Approach Hernawati, Cindy; Prijadi, Ruslan
Jurnal Akuntansi, Keuangan, dan Manajemen Vol. 6 No. 4 (2025): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v6i4.4648

Abstract

Purpose: This study tests whether strategic divestment by prominent investors affects the valuation of firms that keep stakes in a high-growth, volatile company, PT?GoTo Gojek Tokopedia?Tbk?(GOTO). Methodology/approach: A difference-in-differences design compares market performance before and after SoftBank and Alibaba’s exits. Firms retaining GOTO PT?Telkom Indonesia?Tbk?(TLKM) and PT?Astra International?Tbk?(ASII) form the treatment group, while matched non-holders serve as controls. Graphical and statistical checks confirmed parallel trends, validating the model. Results/findings: Continued GOTO ownership after divestment reduces Tobin’s?Q by 0.291 (p?=?0.093). The Average Treatment Effect on the Treated shows a significant 20.459 point drop in firm value post-event (p?<?0.001). Thus, markets penalized exposure to GOTO, consistent with the signaling hypothesis that major investor exits convey adverse information. Conclusion: Retaining equity in a volatile firm after high-profile departures poses valuation and reputational risks. Negative market reactions suggest skepticism about GOTO’s prospects and heightened the perceived risk for remaining shareholders. Therefore, the timing and extent of post-divestment exposure warrant careful strategic consideration. Limitations: The treatment sample is small (two firms), macro sectoral factors are excluded, and data end in Q2?2024, limiting long term inference. Contribution: By linking ownership signals to firm value in an emerging market context, this study enriches the literature on divestment, signaling, and corporate strategy, demonstrating tangible market costs for stakeholders who remain invested after influential exits.
The Impact of Green Bonds on Firm Value and the Role of ESG: Revisiting the Stakeholder Value Maximization Theory Brilliant Fani, Asad Arsya; Prijadi, Ruslan
Gadjah Mada International Journal of Business Vol 27, No 3 (2025): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.110686

Abstract

This study evaluates managers’ motivations in decision-making and whether they aim to maximize value or meet environmental and social pressures at the expense of value. The authors utilize green bonds as a treatment and measure changes in firm value data using Tobin’s Q, controlling for times and individual fixed effects and several company characteristics. This research documents the positive impact of issuing green bonds on a firm's value using the difference-in-differences (DD) method. Our findings are confirmed over the aggregate sample and most of the industry subsample, whereas we observed negative associations between green bonds and firm value only in the industrial subsample (comprising industrial and commercial services, industrial goods, and transportation). These findings align with the hypothesis of the stakeholder value maximizing theory. So, we suggest that, based on the data we analyzed about green bond issuances, companies choose to issue green bonds to increase their overall value.
Co-Authors Allo, Elisabeth Brilliant Fani, Asad Arsya Chatib, Chotib Dr. Andi M. Alfian Parewangi Gilang Ramadhan Hernawati, Cindy Hestiawan, Leviana Jelita, Sheila Frizqia Loeis, Haris Pratama Purwanto, Agus Sulih Rambat Lupiyoadi Taufiqurrochman Taufiqurrochman Tiara, Lydia Yuyun Istavirti