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All Journal Perspektif Akuntansi MANAJEMEN FINANCE : International Journal Of Management Finance International Journal of Economics, Management and Accounting
Lenni Yovita
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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Penciptaan Nilai Pasar oleh Perusahaan Terpercaya Lenni Yovita; Ika Kristianti
Perspektif Akuntansi Vol 2 No 1 (2019)
Publisher : Center for Accounting Development and Research (CARD) Program Studi Akuntansi – Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (958.9 KB) | DOI: 10.24246/persi.v2i1.p19-37

Abstract

Penelitian ini bertujuan untuk menguji pengaruh kinerja profitabilitas (Return on Assets dan Return On Equity), Corporate Governance (Corporate Governance Perception Index) terhadap penciptaan nilai pasar perusahaan. Penelitian ini menggunakan sampel 40 perusahaan go public di Bursa Efek Indonesia yang masuk dalam pemeringkatan CGPI tahun 2007-2010 pada periode survei tahun 2006-2009. Berdasarkan hasil analisis regresi berganda dengan tingkat signifikansi 5%, ditemukan bahwa kinerja profitabilitas (ROA) dan Corporate Governance (CGPI) berpengaruh positif signifikan terhadap penciptaaan nilai pasar (MVA growth). Lain halnya dengan hasil ROE yang berpengaruh tidak signifikan terhadap MVA growth. Impikasi studi ini antara lain: (1) memberikan bukti empiris tentang proses penciptaan nilai pasar dan memperkuat teori yang berkaitan dengan penciptaan nilai pasar, yaitu Teori Sinyal, Shareholder Value Creation), dan Teori Keagenan, (2) memberikan gambaran aplikatif penciptaan nilai pasar perusahaan berkesimbungan dengan mencapai kinerja profitabilitas yang menjadi target menjadi target bersama antara pemegang saham dan pihak manajemen, penerapan Good Corporate Governance.
Leverage dan Kebijakan Dividen sebagai Determinan Nilai Pasar Perusahaan Lenni Yovita
Perspektif Akuntansi Vol 5 No 3 (2022)
Publisher : Center for Accounting Development and Research (CARD) Program Studi Akuntansi – Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24246/persi.v5i3.p243-258

Abstract

The Covid-19 pandemic is a challenge for various companies, especially public companies, to continue to create company market value. This study aims to analyze the effect of Leverage and dividend policy, either partially or simultaneously on the creation of the company's market value. The sample used was 20 companies in the financial sectors that distributed dividends in the 2016-2020 period. By using multiple regression analysis technique of panel data, the results of the t-test hypothesis testing are obtained, namely both leverage (Debt To Equity Ratio) and dividend policy (Dividend Pay Out Ratio) each of which has a positive effect on the creation of the firm's market value (Market Value Added). Likewise, the results of the F test state that leverage and dividend policy have a simultaneous positive effect on the creation of the company's market value Keywords: Creating market firm value, dividend policy, leverage
Does the boycott affect Israel-affiliated companies in Indonesia? Nurman Ilham Fadzilah; Lenni Yovita; Dwi Eko Waluyo; Vicky Oktavia
Finance : International Journal of Management Finance Vol. 1 No. 4 (2024): June
Publisher : Publikasi Inspirasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62017/finance.v1i4.48

Abstract

This study aims to analyze changes in abnormal returns and trading volume Activity (TVA) before and after the announcement of MUI Fatwa Number 83 of 2023 on companies that are targeted for boycott and allegedly affiliated with Israel. The researcher used an event study approach with an event window of 100 days before and 100 days after the announcement of MUI Fatwa Number 83 of 2023 to calculate abnormal returns and trading volume activity. The analysis step carried out in this study is to test the normality of the data first to see if the data has been distributed normally or not, then to test the hypothesis. For normally distributed data, the Paired Sample T-test will be used and the normally undistributed data will use Wilcoxon Signed Rank. The results of this study showed that there was no significant difference in abnormal returns before and after the boycott, but there was a significant difference in trading volume activity before and after. These findings reflect that the boycott has no significant impact and the impact of the boycott is only temporary. However, the action reacted to changes in market sentiment due to the boycott that affected the trading of shares of the boycotted target companies.
How Financial Performance Influence Stock Return? The Role of Earning Per Share Safa Aulia; Lenni Yovita; Herry Subagyo; Suhita Whini Setyahuni
Finance : International Journal of Management Finance Vol. 1 No. 4 (2024): June
Publisher : Publikasi Inspirasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62017/finance.v1i4.49

Abstract

The purpose of this study was to determine the effect of CR, DER, and ROE on Stock Returns with EPS as an intervening variable in LQ45 companies for the period 2020-2023. Quantitative methods are applied in this study. The population used is companies that have been included in the LQ45 index for the period 2020-2023 so that the sample obtained is 208 sample data processed by purposive sampling technique. The data were analysis using descriptive analysis, classical assumption test, path analysis, and sobel test using SPSS 21 software. Research findings in equation 1 (EPS) show the results that CR has a negative effect on EPS, DER has no effect on EPS, and ROE has a positive effect on EPS. While in equation 2 (Stock Return) shows the results that CR, DER, and EPS have a negative effect on Stock Return and ROE has no effect on Stock Return. The results of path analysis explain that EPS can mediate CR on Stock Returns. Meanwhile, EPS cannot mediate DER and ROE on Stock Returns.
Key Determinant Factors of Firm Value for Energy Sector Companies Marsella Dyah; Lenni Yovita; Herry Subagyo; Vicky Oktavia
International Journal of Economics, Management and Accounting Vol. 2 No. 2 (2025): International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v2i2.584

Abstract

The aim of this research is to analyze the determinant factors of Firm Value in Energy Sector Companies listed on IDX 2020-2023. the variable selected in this study were profitability, capital structure and firm size as an independent variable, and Firm Value as a dependent variable. data collection techniques use the purposive sampling method. using secondary data obtained from financial reports on IDX from 2020-2023 with a total of 34 companies.  based on the result of the tests prove that profitability has positive significant effect on  Firm value, Capital Structure has A significant effect on Firm value, and Firm Size has a positive significance effect o Firm Value. By bridging these concepts, this research explores a deeper understanding of how profitability, capital structure, and company size can have a positive impact on company value.    The findings of this research have significant implications for financial management in determining the amount of company value by taking into account profitability, capital structure and company size in investment decisions.  
The Key Determination Factors of Profitability for Banking Sector Companies Anggita Arsyikirani; Lenni Yovita; Amalia Nur Chasanah; Vicky Oktavia
International Journal of Economics, Management and Accounting Vol. 2 No. 2 (2025): International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v2i2.595

Abstract

This study aims to analyze the factors influencing the profitability of banking companies in Indonesia, using banking ratios as independent variables. The study identifies three main variables believed to significantly impact profitability, measured by Return on Assets (ROA). The banking sector in Indonesia has been through many changes over the years. The author intends to assess the factors influencing profitability using several banking ratios. Although all three variables of banking ratios does significantly influence the rate of ROA, two of them gave negative influence to the ROA. It suggests that profitability rate is something that tend to influenced by financial ratios either positive or negative. That profitabilities influenced by influenced by the financial activity itself. The study uses regression analysis to examine the relationship between these variables and profitability. These findings provide valuable insights for bank managers and regulators to understand the factors that should be considered in efforts to improve the financial performance of banks in Indonesia. In addition, the results of this study are expected to serve as a reference for policy decisions that support the stability and growth of the banking sector in the country
Linking ESG and EMA to Firm Value The Moderating Role of Green Innovation Adelia Rifa Sabila; Lenni Yovita; Vicky Oktavia; Suhita Whini Setyahuni
International Journal of Economics, Management and Accounting Vol. 2 No. 2 (2025): International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v2i2.606

Abstract

This study investigates the impact of Environmental, Social, and Governance (ESG) and Environmental Management Accounting (EMA) on firm value, with Green Innovation (GI) as a moderating variable. The research is based on secondary data from manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023, analyzed using path analysis with a moderated regression approach in SPSS. The findings reveal that ESG has a significant but negative impact on firm value, suggesting that ESG investments may be perceived as cost burdens in the short term. Meanwhile, EMA does not have a significant effect on firm value, indicating that its role in firm valuation remains unclear. The moderating role of GI does not significantly strengthen the relationship between ESG and firm value, while the interaction between EMA and GI negatively affects firm value,implying that green innovation strategies may introduce additional financial burdens. These findings highlight the complexity of sustainability investments and emphasize the need for a balanced approach to ESG and EMA implementation to optimize long-term firm value. The study contributes to legitimacy and stakeholder theories by demonstrating how sustainability strategies can influence financial outcomes. It provides practical insights for businesses to develop more effective ESG disclosure and EMA implementation strategies that align with investor expectations and long-term firm sustainability
Factors Influencing Financial Distress : Evidence from Indonesia Consumer Cyclical Companies Melina Putri Rusmawati; Lenni Yovita; Vicky Oktavia; Suhita Whini Setyahuni
International Journal of Economics, Management and Accounting Vol. 2 No. 2 (2025): International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v2i2.620

Abstract

This research investigates the key factors influencing companies registered on the Indonesia Stock Exchange (IDX) that is experiencing financial distress between the years 2021 to 2023. In this study, 353 data points were selected from the target population using purposive sampling. Three key financial ratios were utilized as indicators of financial distress: Profitability can be measured by Return on Assets (ROA), while the Current Ratio (CR) is used to measure liquidity. Meanwhile, The Logarithm of Natural to Total Assets (LnTA) is a metric for evaluating a company’s size. Multiple regression analysis is performed utilizing SmartPLS 4.0 software to analyze the connection between these factors and the probability of experiencing financial distress. The findings indicate a significant negative association between liquidity (CR) and company size (LnTA) with financial distress. In contrast, profitability (ROA) demonstrates an insignificant negative correlation with financial distress. This study contributes to the literature by providing a comprehensive analysis of the factors influencing financial distress in Indonesia consumer cyclical companies employs signaling theory to interpret the relationships discovered.
PENGARUH RASIO KEUANGAN TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN ENERGI DI BEI : PENDEKATAN MODEL GROVER Celline Yulia Isabella; Lenni Yovita; Herry Subagyo; Bara Zaretta
MANAJEMEN Vol. 5 No. 1 (2025): MEI : MANAJEMEN (Jurnal Ilmiah Manajemen dan Kewirausahaan)
Publisher : LPPM Politeknik Pratama

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/manajemen.v5i1.971

Abstract

Financial distress is a condition in which a company experiences financial decline prior to bankruptcy. Identifying financial distress is crucial for investors to anticipate the risk of bankruptcy. This study aims to examine the effect of financial distress on financial ratios, specifically liquidity ratio, profitability ratio, and leverage ratio. The population consists of all energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Purposive sampling was used as the sampling technique, resulting in a total of 340 research samples. The dependent variable is measured on a nominal scale, categorized as 0 for non-financial distress issuers and 1 for financial distress issuers. Data analysis was conducted using descriptive statistics, multicollinearity tests, data quality assessments, hypothesis testing, and logistic regression analysis with IBM SPSS version 25 software. The results indicate that the Current Ratio has a significant negative effect on financial distress. Similarly, the Net Profit Margin also has a significant negative effect on financial distress. Meanwhile, the Debt to Equity Ratio has a significant positive effect on financial distress.
Springate Model to Analyze Liquidity, Leverage, and Profitability Ratios Toward Financial Distress Shafira Ayu Rachmawati; Lenni Yovita; Diana Puspitasari; Fakhmi Zakaria
International Journal of Economics, Management and Accounting Vol. 2 No. 3 (2025): International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v2i3.711

Abstract

This study systematically analyses the predictive ability financial ratios have in relation to the emergence of financial distress among non-cyclical companies on the Indonesia Stock Exchange during the period 2020-2023. Secondary data was collected from a sample of 151 secondary data companies listed on the Indonesia Stock Exchange, spanning the years from 2020 to 2023. In order to ascertain the relationship between the independent variables (X1, X2, X3) and the dependent variable, Multiple Linear Regression models are utilised by employing the Eviews calculation application. As a model, the Springate model is employed, which is used to measure financial distress. The financial ratios selected for analysis encompass the liquidity ratio, the leverage ratio, and the profitability ratio. The findings of this study suggest that the profitability ratio exerts a substantial positive effect, or a moderate effect, on the phenomenon of financial distress. In contrast, the liquidity ratio and leverage ratio demonstrate an absence of statistically significant influence on the phenomenon of financial distress. Extensive analysis of the results indicates that financial distress, as measured by Springate, does not exert a substantial influence on the findings obtained from this study. The incorporation of diverse samples and models in subsequent studies is likely to introduce variations into the research outcomes.
Co-Authors Adelia Rifa Sabila Almira Santi Samasta Anggita Arsyikirani Bara Zaretta Celline Yulia Isabella Chasanah, Amalia Nur Dian Prawitasari Diana Puspitasari Dwi Eko Waluyo Fakhmi Zakaria Herry Subagyo Ika Kristianti Marsella Dyah Melina Putri Rusmawati Nurman Ilham Fadzilah Safa Aulia Shafira Ayu Rachmawati Suhita Whini Setyahuni Vicky Oktavia Wiwid Mufitasari