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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) MABIS Journal of Management and Business Review Jurnal Ilmiah Ekonomi Islam Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Journal of Information System, Applied, Management, Accounting and Research Jurnal Mantik Al-Kharaj: Journal of Islamic Economic and Business Journal La Bisecoman Jurnal Widya International Journal of Informatics, Economics, Management and Science Journal of Management and Administration Provision International Journal of Enterprise Modelling Journal of Economics and Management Scienties
Hadi Santoso
Universitas Widya Dharma Pontianak
Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Library & Information Science Materials Science & Nanotechnology Mathematics Neuroscience Physics Social Sciences Transportation

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Investigation of Islamic Social Reporting, Public Ownership, Size and Firm Value: Testing the Mediation Effect of Financial Performance: JEL Classification: G32, G34, M14, Q56, Z12 Rosmiati, Rosmiati; Hartono, Hartono; Santoso, Hadi
Journal La Bisecoman Vol. 6 No. 3 (2025): Journal La Bisecoman
Publisher : Newinera Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/journallabisecoman.v6i3.2300

Abstract

This study aims to analyze the influence of Islamic Social Reporting (ISR), public ownership, and firm size on firm value, with financial performance as a mediating variable, focusing on companies listed in the Jakarta Islamic Index (JII) on the Indonesia Stock Exchange (IDX). ISR serves as a crucial indicator for measuring corporate compliance with Sharia principles, encompassing social and environmental aspects. Research combining ISR with public ownership and firm size mediated by financial performance remains relatively rare in Indonesia. The study observes companies included in the JII, utilizing annual financial report data from 2019 to 2023. Path analysis is used to examine the relationships between variables through 10 research hypotheses. The analysis results indicate that ISR and public ownership (KPP) do not influence firm value (Tobin’s Q, TBQ). Meanwhile, firm size (SIZ) negatively affects financial performance (KJK) and TBQ. In the second model test, KJK appears to positively affect TBQ, while ISR shows a negative effect on TBQ. Furthermore, the Sobel test results reveal that KJK can only mediates the effect of SIZ on TBQ. Mediation effects of KJK on TBQ are not observed for ISR and KPP. These findings confirm that ISR directly affects TBQ. The negative impact of ISR needs further investigation, as it is inconsistent with theoretical concepts.
Determinasi Nilai Perusahaan dengan Profitabilitas sebagai Mediasi: Studi Kasus pada Perusahaan Sektor Energi Yolanda, Agusius; Santoso, Hadi
Journal of Economics and Management Scienties Volume 8 No. 1, December 2025
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i1.242

Abstract

Penelitian ini menganalisis perubahan nilai perusahaan yang terjadi pada sektor energi yang terdaftar di Bursa Efek Indonesia. Penelitian ini menggunakan sampel perusahaan sektor energi pada periode 2020-2024, dengan jumlah 247 observasi yang diuji menggunakan EViews 13. Penelitian ini memiliki tujuan untuk menguji hubungan antara manajemen modal kerja dan struktur modal terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi. Hasil pengujian yang telah dilakukan menunjukkan bahwa manajemen modal kerja, struktur modal, dan profitabilitas berpengaruh positif terhadap nilai perusahaan. Temuan ini menunjukkan bahwa perusahaan terbukti mampu mengoptimalkan modal kerja secara optimal, serta menggunakan utang dalam mendukung kegiatan operasional perusahaan dan berdampak pada peningkatan penjualan perusahaan. Hasil pengujian manajemen modal kerja terhadap profitabilitas berpengaruh positif, sedangkan pengujian struktur modal terhadap profitabilitas berpengaruh negatif. Hal ini disebabkan oleh beban bunga yang harus dibebankan perusahaan sehingga mengakibatkan penurunan laba bersih perusahaan. Profitabilitas sebagai variabel mediasi mampu memediasi hubungan antara manajemen modal kerja terhadap nilai perusahaan secara positif, sementara profitabilitas mampu memediasi hubungan antara struktur modal terhadap nilai perusahaan secara negatif. Penelitian ini memberikan kontribusi tambahan terhadap penelitian sebelumnya yang membahas hubungan antara manajemen modal kerja dan struktur modal terhadap nilai perusahaan melalui profitabilitas.
DETERMINANTS OF STOCK PRICES VOLATILITY GOOD CORPORATE GOVERNANCE AS A MODERATING VARIABLE Valeria Vivi Silvia; Santoso, Hadi
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 4 (2025): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v14i4.3479

Abstract

Introduction: Focusing on stock price volatility, this research investigates the roles of trading volume, leverage, and dividend policy, with corporate governance examined as a potential moderator. The main aim is to establish whether corporate governance can reinforce the relationships between the independent variables and stock price volatility. Interest in this topic was triggered by differences in findings in previous studies. The object of this study covers all companies listed on the Indonesia Stock Exchange (IDX) except for the non-cyclical sector, with a research period from 2020 to 2024.Methods: A quantitative research design was applied, drawing secondary data from corporate financial and annual reports, Yahoo Finance, as well as other pertinent sources. The sample was selected based on purposive sampling criteria, which resulted in 72 companies over 5 years of observation, with a total of 360 observations. The data was analyzed using Eviews 13 with Moderated Regression Analysis (MRA).Results: Trading volume had no impact on stock price volatility, while leverage and dividend policy had a significant effect and positive. Meanwhile, the moderation test results showed that corporate governance strengthened the effect of trading volume on stock price volatility. However, corporate governance weakened the effect of leverage and dividend policy on stock price volatility. Keywords: Corporate Governance, Dividend Policy, Leverage, Stock Price Volatility, Trading Volume.
PENGARUH BEAUTY INFLUENCER DAN BRAND IMAGE TERHADAP KEPUTUSAN PEMBELIAN PRODUK SCARLETT WHITENING Listyowati, Dwi; Gabriela Raring, Paulina; Hursepuny, Johan; Hermawan, Francisca; Santoso, Hadi
JURNAL WIDYA Vol. 4 No. 2 (2023): Jurnal Widya, October 2023
Publisher : Akademi Manajemen Informatika dan Komputer Widya Loka Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54593/awl.v4i2.205

Abstract

Produk akan dikenal oleh konsumen melalui promosi yang dilkukan oleh perusahaan yang memproduksi produk tersebut. Banyak cara untuk mempromosikan produk. Kemajuan teknologi digunakann juga untuk melakukan promosi yaitu melalui sosial media. Seorang beauty influencer adalah orang yang aktif di sosial media dan mempromosikan berbagai produk kecantikan dan juga hal-hal lain yang berhubungan dengan kecantikan ataupun kesehatan kulit. Mereka mempunyai follower yang dapat dipengaruhi sehingga memutuskan untuk membeli produk yang dipromosikan. Konsumen juga memperhatikan merek produk, dimana merek produk menggambarkan kualitas produknya dan tujuan penggunaan produknya. Seperti scarlett whitening yang menggambarkan produk untuk kesehatan kulit yang dapat membuat kulit menjadi putih, bersih dan sehat. Konsumen memutuskan untuk membeli produk mempertimbangkan merek produk. Penelitian ini bertujuan untuk mengetahui pengaruh beauty influencer dan brand image terhadap keputusan pembelian produk scarlett whitening, baik secara parsial ataupun secara simultan. Populasi dari penelitian ini adalah pengguna produk Scarlett Whitening di DKI Jakarta. Sampel dalam penelitian ini sebanyak 126 responden yang dipilih secara acak. Jenis penelitian yang digunakan adalah jenis kuantitatif dan data yang digunakan dalam penelitian ini adalah data primer. Hasil penelitian berdasarkan uji parsial (Wald), variabel beauty influencer tidak berpengaruh terhadap keputusan pembelian produk scarlett whitening . Sedangkan variabel brand image berpengaruh terhadap keputusan pembelian produk scarlett whitening. Pengujian Simultan (Omnibus) menunjukkan kedua variabel beauty influencer dan brand image secara sama-sama berpegaruh terhadap keputusan pembelian produk scarlett whitening. Nilai Nagelkerke R Square sebesar 0,526 atau 52,6% keputusan pembelian produk scarlett whitening dipengaruhi oleh beauty influencer dan brand image, sedangkan sisanya 47,4% yang dipengaruhi oleh variabel lain.
Influence of firm size, profitability, and leverage on firm value: the moderating role of managerial ownership in IDX property and real estate Anjelika, Anjelika; Santoso, Hadi
Jurnal Mantik Vol. 9 No. 3 (2025): November: Manajemen, Teknologi Informatika dan Komunikasi (Mantik)
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/mantik.v9i3.6700

Abstract

The study examines the relationship between firm size, profitability, and leverage and firm value, while incorporating managerial ownership as a moderator in property and real estate companies, specifically the IDX. The research utilised a purposive sampling technique, which produced 145 sample observations from 29 companies within the property and real estate sector spanning 2020–2024. Data processing was conducted using the EViews 13 application. The investigation applied panel data regression techniques for analytical purposes and used the MRA (Moderated Regression Analysis) approach to examine moderating influences. The study indicates that firm size and profitability contribute positively and significantly to firm value, in contrast to leverage, which exerts an adverse and insignificant impact. Managerial ownership exhibits an apparent moderating effect on the relationship between company size and corporate value. At the same time, no such moderating effect is detected in the influence of profitability and leverage on firm value. These findings can serve as practical implications for company management and investors in formulating strategies to enhance firm value, while also enriching the academic literature as a foundation for future research
Liquidity, firm size, and financial performance: the moderating role of female directors in Indonesian industrial firms Ineputri, Aprilia Loika; Santoso, Hadi
Jurnal Mantik Vol. 9 No. 3 (2025): November: Manajemen, Teknologi Informatika dan Komunikasi (Mantik)
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/mantik.v9i3.6706

Abstract

This research examines how liquidity, firm size, and female directors affect the financial performance of industrial sector firms listed on the Indonesia Stock Exchange. Using the dependent variable of return on assets (ROA), the analysis considered liquidity (CR) and firm size (measured by total assets), alongside the moderating role of female representation on boards directors. The findings indicate that liquidity has a positive and significant impact on financial performance, supporting agency theory, signalling theory, and resource dependence theory. Meanwhile, firm size has a positive but insignificant effect on financial performance. However, women's presence on boards does not moderate the relationship between liquidity and performance, primarily due to their limited representation, which renders their role symbolic rather than impactful. In contrast, women’s presence on boards amplifies the influence of firm size on performance, indicating that female directors improve decision-making quality, monitoring effectiveness, and resource access in larger firms. These findings emphasise the significance of financial health, operational scale, and inclusive governance as crucial drivers of corporate success in Indonesia's industrial sector
Determinants Of Firm Profit Growth: Net Profit Margin As A Moderating Variable Wulan Dari, Ranti; Santoso, Hadi
International Journal of Enterprise Modelling Vol. 19 No. 3 (2025): September: Enterprise Modelling
Publisher : International Enterprise Integration Association

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/int.jo.emod.v19i3.152

Abstract

This study examines the relationship between the financial ratios of total asset turnover (TATO), debt to equity ratio (DER), and operating profit margin (OPM) on the dynamics of corporate profit growth, with net profit margin (NPM) serving as a moderating variable. The study utilizes secondary data obtained from the financial statements of companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange for the period 2020–2024. A total of 45 companies were selected as samples using a purposive sampling approach, resulting in 230 observation units. A moderation regression approach was employed to test the research hypotheses. The findings indicate that DER and OPM have a significant positive effect on profit growth, while TATO's positive impact is statistically insignificant. Furthermore, NPM strengthens the relationship between OPM and TATO with profit growth, but does not moderate the relationship between DER and profit growth. These findings suggest that capital structure, profit margin management, and operational efficiency are key factors in driving profit growth. Meanwhile, asset utilization effectiveness has yet to produce a direct significant impact in the food and beverage sub-sector.
The contribution of auditor individual characteristics to audit quality: an attribution theory approach in a digital context Marpaung, Oktavia; Napitupulu, Bertha Elvy; Dewi, Sita; Wennadi, Luky Yunia; Santoso, Hadi
International Journal of Informatics, Economics, Management and Science Vol 5 No 1 (2026): IJIEMS (January 2026)
Publisher : Sekolah Tinggi Manajemen Informatika dan Komputer Jayakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52362/ijiems.v5i1.2243

Abstract

The increasing integration of Artificial Intelligence (AI) in the audit process raises concerns about the future role of human auditors. However, human auditors continue to play a critical role in ensuring audit quality through their capability, emotional intelligence, and integrity. This study aims to examine the contribution of these three auditor characteristics in influencing audit quality. Using a quantitative approach, this research collected data from 100 auditors working at public accounting firms (KAP) in the DKI Jakarta region. The sampling technique used was simple random sampling, and data analysis was conducted using multiple linear regression and correlation analysis. The results show that all three variablescapability, emotional intelligence, and integritysignificantly influence audit quality. Among them, capability and emotional intelligence have the strongest positive contribution, followed by integrity. These findings support the attribution theory, which states that individual behavior and outcomes are shaped by internal and external factors. The study contributes to the audit literature by emphasizing the relevance of human factors in an increasingly automated audit environment. Implications include the need for continuous professional development and ethical training to enhance auditors’ competencies in the digital era.
The Effect of Institutional Ownership, Company Size, Profitability, and Tangibility on Capital Structure in Non-Cyclical Consumer Sector Companies Listed on The Indonesia Stock Exchange Putrandy, Leonardo; Santoso, Hadi
Journal of Management and Business Review Vol 23, No 1 (2026)
Publisher : Research Center and Case Clearing House PPM School of Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34149/jmbr.v23i1.765

Abstract

This study aims to examine the effect of these variables on the capital structure of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange. This study employs a quantitative approach using secondary data obtained from firms’ financial statements for the period 2018–2022. The sample was selected using a purposive sampling method, resulting in 67 companies with a total of 335 observations. The data were analyzed using panel data regression. The results show that institutional ownership has a positive and significant effect on capital structure, while profitability has a significant negative effect. Meanwhile, firm size and tangibility do not have a significant effect on capital structure. These findings support agency theory and pecking order theory in explaining corporate financing decisions. Practically, the findings provide insights for managers and investors in determining optimal financing strategies. Theoretically, this study contributes to the literature on capital structure determinants in companies operating in emerging markets
The Effect Of Profitability, Liquidity And Capital Structure On Company Value With Gcg As A Moderating Variable In The Fnb Sector Melly Engely; Hadi Santoso
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.11037

Abstract

This study examines the influence of profitability, liquidity, and capital structure, with GCG as a moderating variable. The focus of this study is on food and beverage companies listed on the Indonesia Stock Exchange (IDX) between 2020 and 2024. This study uses a quantitative method based on panel data with the Eviews 13 tool. Profitability is measured using Return on Assets (ROA), liquidity using the Current Ratio (CR), capital structure using the Debt to Earnings Ratio (DER), and firm value using Price to Book Value (PBV), and GCG using Independent Commissioners (KI). The test results reveal that profitability and capital structure have a positive impact on increasing firm value, while liquidity tends to decrease it. Interestingly, the use of GCG moderates the relationship between liquidity and firm value. However, GCG does not moderate the relationship between profitability and firm value or the relationship between capital structure and firm value.
Co-Authors Andhitiyara, Revan Andre Prasetya Anjelika, Anjelika Bertha Elvy Napitupulu Dewi, Sita Eva, Lidwina Francisca Hermawan Gabriela Raring, Paulina Ganishti, Fairly Sekar Hartono Hartono Hartono Hartono Hartono`, Hartono Hursepuny, Johan Ineputri, Aprilia Loika Jason Jason Listyowati, Dwi Manoe, Wahi Silvana Marpaung, Oktavia Melly Engely Napitupulu, Bertha Elvy Natalia, Evy Paramita, Gemala Putrandy, Leonardo Rosmiati Rosmiati Sita Dewi Subekhi, Dimas Valeria Vivi Silvia Wennadi, Luky Yunia Wulan Dari, Ranti Yogi Kurniadi Yolanda, Agusius