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The Impact of Risk-Based ESG Scores, Return on Asset (ROA) and Return on Equity (ROE) on Firm Value Rahmania, Thriyani; Ermawati, Wita Juwita; Suprayitno, Gendut
MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah Vol. 20 No. 2 (2025): Manajemen IKM
Publisher : Institut Pertanian Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/mikm.20.2.167-179

Abstract

The urgency to understand the impact of risk-based Environmental, Social, and Governance (ESG) and financial factors on firm value remains high, especially for listed companies in Indonesia. Indonesia is a disaster-prone country. World Risk Report in 2021 shows that Indonesia ranks 38th out of 181 countries in the "High" disaster risk category, with an index score of 10.67, and in the "Very High" Risk Exposure category, with an index score of 21.30. This study examines the impact of risk-based ESG scores, ROA, and ROE on firm value. Using a quantitative and purposive sampling method, the research applies a panel data regression analysis of 300 observations from companies listed on the Indonesian Stock Exchange (2019–2023) with Sustainalytics ESG Risk Ratings. While the combined effect of ESG risk scores, ROA, and ROE significantly influenced firm value, partial analysis revealed no individual significance. The results underscore the need for Indonesian firms to integrate ESG practices holistically to enhance stakeholder trust and financial outcomes, while regulators should refine policies to incentivize ESG risk mitigation, particularly in high-risk sectors.
The Impact of The Russia-Ukraine War on The Dynamics of The Asean-5 Stock Market Agung, Damar; Ermawati, Wita Juwita; Suprayitno, Gendut
Eduvest - Journal of Universal Studies Vol. 3 No. 12 (2023): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v3i12.984

Abstract

The capital market can be defined as activities related to public offerings, securities trading, public companies, institutions, and certain professions. One of the factors considered in stock investment is the Efficient Market Hypothesis. The Efficient Market Hypothesis is a financial theory that discusses how asset prices in the market already reflect all available information. This study employs an approach to detect market reaction and market efficiency based on the event of the world oil price decline due to the Russian invasion of Ukraine on March 10, 2022, through excess or abnormal return, price impact, and fluctuation patterns observed using a multifractal model. The research results on the abnormal return of the ASEAN-5 stock index showed a significant negative reaction at t-5 and t-3 during the event of the world oil price decline due to the Ukraine and Russia war in 2022 and a significant positive reaction at t-0 during the event. The average abnormal return before and after the announcement of the world oil price decline due to the Ukraine and Russia war in 2022 showed a significant negative reaction, but there was no significant difference in price impact between before and after the event. The efficiency level of the stock index in ASEAN-5 did not show a significant difference after the announcement of the world oil price decline due to the Ukraine and Russia war in 2022.
Penilaian Kinerja Menggunakan Pendekatan Kriteria Malcolm Baldrige: Studi Kasus Dealer Otomotif Lukito, Ramdani; Suprayitno, Gendut
JITMI (Jurnal Ilmiah Teknik dan Manajemen Industri) Vol. 6 No. 1 (2023): JITMI
Publisher : Universitas Pamulang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32493/jitmi.v6i1.y2023.p1-9

Abstract

Penelitian bertujuan untuk memperoleh hasil analisis pengukuran kinerja bersarakan Baldrige Excellennce Framework (BEF) sehigga bisa melakukan evaluasi untuk meningkatkan kinerja Sales dan Service. Dengan mengetahui dimana posisi kelas organisasi Dealer Hino Indonesia menurut kriteria Malcolm Baldrige National Quality Award (MBNQA) dan mengetahui langkah sistematis seperti apa yang bisa dipakai untuk Proses perbaikan, serta menentukan strategi apa yang bisa dilakukan agar bisa meningkatkan penjualan Unit dan Service. Metode penelitian ini dengan mengumpulkan data dengan melalui pengisian kuesioner, wawancara dengan para pemangku kepentingan, telaah dokumen dan melalui observasi. Kuesioner dibagikan kepada 105 (seratus lima) Karyawan dari total 123 populasi yang jabatannya tergolong kategori diatas Supervisor. Evaluasi terhadap kinerja berdasarkan 7 (tujuh) kriteria yang terdapat didalam BEF yang memiliki 2 (dua) dimensi, yaitu Dimensi Proses dan Dimensi Hasil. Hasil penelitian menunjukan bahwa kriteria dengan persentase skor tertinggi adalah kategori Tenaga kerja, dan kriteria terendah adalah Kategori Kepemimpinan dengan total skor untuk Dealer Hino Indonesia adalah 435 poin (Global Average – Early Improvement). Hasil nilai skor ini menurut persepsi responden internal dan sudah di interpolasikan terhadap rata-rata nilai KPKU di Indonesia (600 poin). Sehingga strategi yang bisa dilakukan agar bisa meningkatkan penjualan Unit dan Service adalah: -Para Karyawan harus bisa mempertahankan serta meningkatkan hubungan baiknya dengan para leasing. -Melakukan penambahan jumlah karyawan juga mengasah kemampuan negosiasinya dengan pelanggan. -Terus mengembangkan pemasaran unit maupun service melalui media social. -Evaluasi fungsi kordinasi Dealer dengan HMSI terkait Distribusi Parts.
Rationality of Institutional Investor and Investment Decisions in Crisis (A Case Study in Indonesia's Top-4 Banks) Putra, Yudha Pradipta; Ermawati, Wita Juwita; Suprayitno, Gendut
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 1 (2024): JABM, Vol. 10 No. 1, Januari 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.1.125

Abstract

The Covid-19 pandemic triggered fluctuations on the Indonesia Stock Exchange (BEI), particularly in 2020 and 2021. Using data from 720 institutional investors from Indonesia's four largest banks (known as KBMI 4), this study aims to (1) examine the rationality of institutional investors during the pandemic by focusing on investment changes and (2) identifying variables associated with macroeconomics, financial fundamentals, and stock performance that may influence their investment decision. This study employed the Kruskal-Wallis test followed by Dunnett's Multiple Comparison Test. The analysis of the entire sample of investors revealed no statistically significant differences in the value of their investments during the observation period. Further clustered based analysis reveals that investors with high investment value (>$98,700) exhibit investment dynamics, as investment values rose from pre-pandemic levels. The conclusion is that institutional investors have a distinct rationality than individual investors and are generally less susceptible to bias. Panel data modeling: inflation rate, Loan at Risk (LAR) ratio, LAR coverage and Return on Equity (ROE) have a statistically significant impact on the stock investments made by institutional investors in KBMI 4 banks. This identifies asset quality and profitability as two crucial considerations for investors during the pandemic-induced crisis. Keywords: behavioral finance, covid-19, determinant factors, institutional investors, stock investment
The Effectiveness of Public Sector Governance at the Ministry of Health of the Republic of Indonesia Pratama, Andhika Yudha; Ermawati, Wita Juwita; Suprayitno, Gendut
Jurnal Indonesia Sosial Sains Vol. 5 No. 08 (2024): Jurnal Indonesia Sosial Sains
Publisher : CV. Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jiss.v5i08.1189

Abstract

The rapid development of the times always demands changes in every sector, including in the scope of government. In running the government system, good public sector governance is needed, where its implementation is further developed through bureaucratic reform, which refers to Presidential Regulation Number 81 of 2010 concerning the Grand Design of Bureaucratic Reform 2010-2025. As one of the government agencies, the implementation of bureaucratic reform is carried out by the Ministry of Health of the Republic of Indonesia, one of which is realized through strengthening performance accountability, which refers to Presidential Regulation Number 29 of 2014 concerning the Performance Accountability System of Government Agencies. The results of the evaluation of the 2015-2022 Government Agency Performance Accountability assessment are always at the predicate of "BB" with a relatively stagnant value between >70-80 according to the 2015-2022 Government Agency Performance Accountability Evaluation Report of the Ministry of Health of the Republic of Indonesia. Therefore, this study aims to analyze the effectiveness of public sector governance in implementing the Government Agency Performance Accountability System at the Ministry of Health of the Republic of Indonesia. The population in this study is the State Civil Apparatus of the Ministry of Health of the Republic of Indonesia, and the sample selection uses non-probability sampling with a purposive sampling technique. The research was carried out qualitatively by adopting Duncan's theory of effectiveness in his book "Organizational Effectiveness," which consists of the dimensions of goal achievement, integration, and adaptation. The results of the study show that public sector governance in the implementation of the Government Agency Performance Accountability System at the Ministry of Health of the Republic of Indonesia, in general, has been running effectively from the dimension of measuring integration and adaptation, while when viewed from the dimension of measuring the achievement of goals is still not fully running effectively.
Disclosure Integration of Lean Six Sigma Principles in Sustainable Supply Chain in Poultry Industry Kusumastuti, Ratna Yulia; Mulyati, Heti; Suprayitno, Gendut
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 4 No 1 (2021): 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.v4i1.1706

Abstract

The poultry industry has been in the spotlight for its enormous potential economic development. However, poultry industry is still not implementing the concept of sustainability properly. There are still many wastes that have not been managed properly and there are still many problems in the supply chain that require more systematic handling. Many studies have shown that the implementation of Lean Six Sigma (LSS) and sustainability has positive results on the company's bottom line performance. This research tried to integrate the application of LSS principles and sustainability along the supply chain in the poultry industry in Indonesia. Data were collected from 4 listed poultry firms in Indonesia. The research method used SEM PLS with SmartPLS software. The results showed that supply chain security management system disclosure as the principle of LSS had a positive effect on the collaboration of supply chain disclosure and collaboration of supply chain disclosure had a positive effect on sustainability. The results also showed that risk management disclosure had a negative effect on the collaboration of supply chain disclosure and economic sustainability had a negative effect on environmental sustainability, but social sustainability had a positive effect on environmental sustainability. Based on the results of this study, there is a need to improve supply chain security management system and supply chain collaboration in order to advance sustainable poultry industry.