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FINANCIAL DISTRESSPROPERTY AND REAL ESTATE SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE BEFORE AND DURING THE COVID 19 PANDEMIC Rakhmat Ramdhany Hunta; Sri Murni; Joy Elly Tulung
International Journal on Economics, Finance and Sustainable Development Vol. 4 No. 11 (2022): IJEFSD
Publisher : Research Parks Publishers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31149/ijefsd.v4i11.3743

Abstract

The purpose of this study was to determine the difference between the potential for financial distress in property and real estate companies before the covid 19 pandemic and during the covid 19 pandemic. This type of research is a comparative analysis using quantitative methods. The data used is secondary data taken from the official website of the Indonesia Stock Exchange. This study took the population of property and real estate companies listed on the Indonesia Stock Exchange as 33 companies (purposive sampling). The variables used are as many as 2 variables, namely Altman Z score and Zmijewski X Score. The statistical test used in this study is the Paired Sample t-test which aims to find a comparison of two paired groups. Based on the results of the study
REAKSI PASAR MODAL TERHADAP PENGUMUMAN TARIF TRUMP UNTUK INDONESIA PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DALAM INDEKS LQ45 Richard Imanuel Sangkoy; Maryam Mangantar; Joy Elly Tulung
JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). Vol 13 No 1 (2026): JMBI UNSRAT Volume 13 Nomor 1
Publisher : Magister Manajemen Program Pasca Sarjana Universitas Sam Ratulangi Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35794/jmbi.v13i1.67048

Abstract

This study aims to analyze the capital market reaction to events before and after the announcement of the 32% US tariff on Indonesia on manufacturing companies listed on the LQ45 index. Market reaction is measured through Abnormal Return and Trading Volume Activity with a quantitative approach using the Event Study method. The sample was determined using purposive sampling, with a sample size of six manufacturing companies listed on the LQ45 index for the period May-July 2025. The testing was conducted using a paired sample t-test and Wilcoxon signed rank test with an observation period of 7 days before and 7 days after the announcement. The results showed that there was no significant difference in abnormal return or trading volume activity before and after the tariff announcement. Thus, the announcement of a 32% tariff by the United States on Indonesia did not cause a significant reaction in the Indonesian capital market
PERAN MODERASI DIVERSITAS GENDER DALAM HUBUNGAN TATA KELOLA DAN KINERJA KEUANGAN BANK DI INDONESIA (2020–2024) Sriwahyuni Wagiman; Joy Elly Tulung; Lawren Julio Rumokoy
JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). Vol 13 No 1 (2026): JMBI UNSRAT Volume 13 Nomor 1
Publisher : Magister Manajemen Program Pasca Sarjana Universitas Sam Ratulangi Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35794/jmbi.v13i1.67098

Abstract

ABSTRAK. Penelitian ini dilatarbelakangi oleh fenomena fluktuasi profitabilitas sektor perbankan Indonesia pasca-pandemi, di mana rata-rata Return on Assets (ROA) menurun dari 1,72% (2020) menjadi 1,26% (2023). Kondisi ini memicu urgensi untuk mengevaluasi efektivitas mekanisme Good Corporate Governance (GCG) dan menguji peran strategis diversitas gender (DG) sebagai variabel yang memoderasi hubungan antara tata kelola dan kinerja keuangan. Penelitian kuantitatif ini menggunakan data panel sekunder dari 38 bank umum yang terdaftar di Bursa Efek Indonesia (BEI) dengan periode observasi 2020–2024. Analisis regresi data panel Random Effect Model (REM) dan Moderated Regression Analysis (MRA) digunakan untuk menguji hipotesis. Hasil uji parsial menunjukkan bahwa Dewan Komisaris Independen dan Ukuran Perusahaan berpengaruh signifikan positif terhadap ROA, sedangkan Dewan Direksi, Komite Audit, dan Kepemilikan Institusional tidak signifikan.
TOP MANAGEMENT TEAM AND COMPANY PERFORMANCE IN BIG COUNTRIES VS SMALL COUNTRIES Joy Elly Tulung; Olivia S. Nelwan; Victor P.K. Lengkong
Journal of Economics, Business, and Accountancy Ventura Vol. 15 No. 1 (2012): April 2012
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v15i1.60

Abstract

So far, there has been little research related to the impact of globalization on corporate governance,particularly the internationalization of the board of directors of international orglobal companies. Besides that, there has been little attention to the nationality compositionof top management. In connection with such a condition, this study attempts to investigatehow the Nationality Diversity in Top Management Team (TMT) affects Company Performancein big countries in Europe versus small countries in Europe. The research data weremanagement boards of companies in 111 companies: 30 in Germany, 38 in France, 25 in theNetherlands, and 18 in Belgium. The whole dataset was provided by Van Veen and Marsman(2008) and derived from this study on nationality diversity. The study provides several results.First, there is a positive relationship between the nationality diversity of TMT membersand company performance. Second, the size of the companies depends on the size of thecountry; companies in the big countries have more employees than those in the small countries.Third, the result of company performance in the big countries and the small countries isnot significant, so the performance of the companies in the big countries is not better thanthat of the companies in the small countries.
The impact of crude oil prices, interest rates, and the Rupiah exchange rate on the transportation and logistics sector stock index (IDX-TRANS), 2021–2025 Dias Febriansyah Subekti; Joy Elly Tulung; Priskila Bernita Rottie
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.465

Abstract

This study examines the impact of crude oil prices, interest rates, and the Rupiah exchange rate on the Transportation and Logistics Sector Stock Index (IDX-TRANS) on the Indonesia Stock Exchange for the period 2021–2025. Unlike prior sectoral studies that model a narrower set of macroeconomic drivers of IDX-TRANS, this study extends the specification by incorporating the BI Rate as an additional systematic risk factor and by explicitly controlling for the structural break associated with the COVID-19 mobility-restriction (PPKM) period. Grounded in Arbitrage Pricing Theory (APT) and the Efficient Market Hypothesis (EMH), this research employs a quantitative causal design using 59 monthly time-series observations (reduced from a nominal 60 months due to first-differencing). Variables are transformed into growth rates and first differences to satisfy stationarity requirements, confirmed using the Augmented Dickey-Fuller (ADF) test. Multiple linear regression analysis is conducted with inflation and a PPKM policy dummy as control variables, and classical assumption tests (normality, multicollinearity, autocorrelation, and heteroscedasticity) confirm that the model satisfies Best Linear Unbiased Estimator (BLUE) criteria. The simultaneous test (F-test) confirms that all variables jointly and significantly affect IDX-TRANS movements (Prob > F = 0.0062). Partially, interest rates (BI Rate) exert a significant negative effect (coefficient = −13.3604; p = 0.021), and the Rupiah exchange rate also has a significant negative effect (coefficient = −1.7850; p = 0.027), while crude oil prices show no significant effect (p = 0.547), attributed to the pass-through effect mechanism. The model explains 18.79% of IDX-TRANS variation (Adjusted R² = 0.1879). These findings suggest that monetary policy tightening and currency depreciation pose the greatest systemic risks to capital-intensive transportation firms in Indonesia.
Co-Authors Adolf, Lapian P. M Annatasya Putri Potalangi Anthonie, Dewi Permatasari Antou, Leila S. Arie, Fitty F. Arie, Fitty V. Arie, Fitty Valdie Basoa, Putri Bernhard Tewal Bin Hasan Jan, Arrazi Burhanuddin, Rizka A. Cesilia, Kumendong Aimella Christian, Frans Jason Christoffel Mintardjo, Christoffel Christoffer Elon Lumopa Dadung, Herald Evaristo Dama, Desi Putra Damian Febrianto Kansil Damongilala, Novia N. Daniel, Bagus A. Daud, Renny O. Dea Gloria Cristi Kumaat Dendi Ramdani Dias Febriansyah Subekti Dien, Yudhi Dingkol, Mohamad S. E. Eisy Timbangnusa Elisa Suhadi Elizabeth Putrinda Ratu Emilia M. Gunawan Emilia Margareth Gunawan Emillia Margareth Gunawan Engka, Nathaneel H.J. Fatimah Alamsyah Ferdinand J. Tumewu Ferdinand J. Tumewu Fernanda Tambayong Fitty Valdi Arie Fitty Valdi Arie, Fitty Valdi Foe, Liota Franklin Patrick Englbert Frederik G. Worang, Frederik G. Gabriela Audina Kasi Gabriela E. D. Pinontoan Gratcia Natasya Bonaldy Gunawan, Emilia Gunawan, Emilia M. Haris Prasetyo Hizkia Christian, Hizkia Honi, Henli ` Y. Imbar, Hanna R. K. Imelda Ogi Indrie Debbie Palandeng Indrie Debby Palandeng Ismiatun Khasanah Ivonne S Saerang Ivonne S. Saerang Ivonne S. Saerang Ivonne S. Saerang Ivonne Stanley Saerang Ivonne Stanley Saerang Jacky S. B. Sumarauw Jacob, Prisilia A. Jeanefer, Tangkudung A. Jeason Lucky Alexander Tampi Jelita, Kezia Jesika, Ningrum Jimmy Jehosua Wungkana Joseph, Omega P. joubert barens maramis, joubert barens Juan Worang Kalesaran, Dionycio Kansil, Deyby . Kansil, Lilis A. Kattang, Fiorent E.C. Kereh, Claudio Khusna Pelealu Koropit, Prisilia Lala, Ryanna Jasmine Lalawi, Natasya T. Lamonge, Monalisa A. Lanawaang, Belinda Lantang, Monika Gabriela Lawren Julio Rumokoy Legi, Christian M. Lengkong, Fyolanda . Lengkong, Victor P. K Linda Lambey, Linda Lintang Winastiani Mangku Dipuro Liode, Feren E. Liusito, Reginald A. Logor, Grand Loureine Patricia Sumual Lydia Ivana Kumajas Maga, Yulisa Lidya Virginia Magdalena, Pangkey Hannah Maria Mailangkay, Ferdinand A. Malonda, Ryan Ch. Mamahit, Bonaventura L. A. Mamangkey, Juan H.W. Mandagi, Yosua Leonardo Manduapessy, Gery Mangantar, Marjam . Mantiri, Jessica N. Mantow, Tabita E. O. Maria Tielung Maria V. J Tielung Maria V. J. Tielung Maria V.J. Tielung Marjam Mangantar Maryam Mangantar Maryam Mangantar Maryam Mangantar Massau, Appolos Mattiara, Nicholas S. Mawei, Miracllyne F.G Mawitjere, Praisethy M. Maykel Robi Rantung Mende, Stacy Merinda H. Ch. Pandowo Mewengkang, Juwita B. Mo’o, Octaviani . Mojambo, Gabriel A.M Mongi, Rifan E. Mongi, Sunotowira R. Monica Simbala Moniharapon, Silcyljeova . Monintja, Steve Christofel Murni, Sri . Naftali, Sumilat C. Natanael Owen Rumondor Nelwan, Andrew . Nepa, Andre Juan Ngantung, Edward M. C. Nugraha, Faris M. Nugraha, Faris Muchsin Nugroho, Daniel ` Ogi, Imelda W. J. Olivia S. Nelwan Pandegirot, Sonia Ch. G. Pangkey, Aldy R. Pangumpia, Alsye Wise Paoki, Tifany T. Paputungan, Sharon Voice Thiffania Parengkuan Tommy Parengkuan, Vega J. J. Paulina Van Rate Paulina Van Rate Pelle, Nathasya F. Phatricia S M Monoarfa Pinasang, Ian G. Poluan, Efrani Pondaag, Elsa M. Pongkorung, Anamaria . Poyoh, Christin Marciah Priskila Bernita Rottie Raintung, Michael Ch. Rakhmat Ramdhany Hunta Ramlan, Sitti Ruwaida Rampen, Dio B. Ratag, Alfredo Josua Raynaldo Fabian Karel Posumah Recovri Octaviani Sambur Regina Trifena Saerang Rembet, Eunike . Reo, Alrick j. Richard Imanuel Sangkoy Rompas, Rex C. E. E. Rompas, Yunita Putri Dianti Rompis, Hidecky Rompis, Noval Krisander Rugian, Nada G.M Rumengan, Sheren Rumokoy, Lawren Runtulalo, Rauna . S.L.H.V Joyce Lapian Saeh, Charlen Sael, Arga . Saerang, Regina T. Saerang, Regina Trifena Salahudin, Dennise Nurillah Samban, Yonatan W. A. Sante, Zevanya Vaneca Sasauw, Abigail Senduk, Indri F. A Sengkey, Jefri I.B Sepang, Jantje . Shinta Wangke, Shinta Siagian, Amelia Elisabeth Siboro, Deki Fransiskus Sifrid Pangemanan Sifrid s Pangemanan Sifrid S. Pangemanan Sitinjak, Debora C. Soamole, Fitria . Sri Murni Sri Murni Sri Murni Sri Murni Sri Wahyuni Anggraini Kamal, Sri Wahyuni Anggraini Sriwahyuni Wagiman Stajanoska, Irene Sukma, Nurul . Swecananda, Made Lalita Syamsul Arifin Tamboto, Glorrya Tangel, Lois Merry Taroreh, Rita Norce Tasik, Hizkia H.D. Tatengkeng, Desrin . Tauke, Putri Yuliana Telew, Amelia Christania Tendean, Yosua P. J. Tilaar, Kesye Karlina Tindi, Ricardo G. Tommy, Parengkuan . Tommy, Parngkuan Tompodung, Victory P. Tumbuan, Willem J. F. A. Umboh, Christina Natalia Stevhia Umboh, Syallomika F. B. W. Untu, Victoria Neisye Untu, Victoria. N Veren Pangemanan Victor P.K. Lengkong Victoria N. Untu Victoria Neisye Untu Victoria Nesye Untu Vina Elsje Voges, Nadine N Walakandou, Regina Joan Ribka Walintukan, Cynthia . Warbung, Cicilia J. E Welan, Geraldy Wilar, Frits F. Yonggara, Yoliana Yosua Sendefri Pajan Yudhatama Indrawan Yuni Anggraini Manangin Manangin Yunita Mandagie