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Does Tax Saving Moderate the Effect of Capital Structure on Firm Performance? An Empirical Research of Indonesian Construction Firms Wibisono Sarwoko, Azalea; Viverita
Jurnal Manajemen Teori dan Terapan| Journal of Theoretical and Applied Management Vol. 17 No. 3 (2024)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v17i3.57829

Objective: This study aimed to empirically examine the impact of capital structure and the moderating effect of tax savings on firm performance of Indonesian SOEs and public construction firms. Design/Methods/Approach: Using the fixed effect robust standard error, this study analyzed the effect of capital structure and moderating role of tax saving on performance of 104 observations during the period of 2010-2022. Firm’s performance is measured by technical efficiency using data envelopment analysis (DEA), ROA, and ROE. Meanwhile, capital structure was measured by debt ratio. Findings: The result shows that there are stark differences between the effect of capital structure on firm performance between SOEs and public firms. It is found that capital structure negatively affects firm performance of SOEs, while there is an insignificant positive impact on a public firm’s ROA and ROE. The study supports the trade-off theory, emphasizing the importance of optimal leverage level in Indonesian construction firms. Originality/Value: This study examines the moderating impact of tax saving on capital structure and firm performance, providing evidence on how capital structure influence tax saving and eventually affect firm’s performance of Indonesian construction firms. Practical/Policy implication: The findings suggest managers should consider the benefit of tax saving when making decisions of capital structure. At the same time, policymakers should make laws about tax that maintain business continuity.

The Effect of Green Innovation on Firm Value at Different Life Cycle: The Role of Sustainable Growth and Debt Financing Cost Wilutama, Nonie Anggun; Viverita, Viverita
JRAP (Jurnal Riset Akuntansi dan Perpajakan) Vol 11 No 2 (2024): July - December
Publisher : Magister Akuntansi Universitas Pancasila

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35838/jrap.2024.011.02.25

Purpose: This study investigates the impact of green innovation on firm value at different stages of the life cycle of energy sector companies in Indonesia. It also examines the moderating effects of sustainable growth and debt financing costs. Methodology: The study utilizes panel data from 61 companies during the period from 2017 to 2022 to analyze the impact of green innovation on firm value and the moderating roles of sustainable growth and debt financing costs. Finding: The findings show that green innovation significantly increases firm value. However, the study finds that there is no significant moderating role of sustainable growth and debt financing costs on the impact of green innovation on firm value. Additionally, the influence of green innovation on firm value varies across life cycle stages. It positively affects firm value during the growth and decline stages, while the impact is not significant at the mature stage. Implication: These findings enhance our understanding of the importance of green innovation for improving the value of firms in the energy sector throughout their life cycles. Originality: This study provides a novel contribution by exploring the impact of green innovation on firm value in Indonesia's energy sector and assessing the moderating roles of sustainable growth and debt financing costs.

The Effect of Green Innovation on Firm Value at Different Life Cycle: The Role of Sustainable Growth and Debt Financing Cost Wilutama, Nonie Anggun; Viverita, Viverita
JRAP (Jurnal Riset Akuntansi dan Perpajakan) Vol. 11 No. 2 (2024): July - December
Publisher : Magister Akuntansi Universitas Pancasila

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35838/jrap.2024.011.02.25

Purpose: This study investigates the impact of green innovation on firm value at different stages of the life cycle of energy sector companies in Indonesia. It also examines the moderating effects of sustainable growth and debt financing costs. Methodology: The study utilizes panel data from 61 companies during the period from 2017 to 2022 to analyze the impact of green innovation on firm value and the moderating roles of sustainable growth and debt financing costs. Finding: The findings show that green innovation significantly increases firm value. However, the study finds that there is no significant moderating role of sustainable growth and debt financing costs on the impact of green innovation on firm value. Additionally, the influence of green innovation on firm value varies across life cycle stages. It positively affects firm value during the growth and decline stages, while the impact is not significant at the mature stage. Implication: These findings enhance our understanding of the importance of green innovation for improving the value of firms in the energy sector throughout their life cycles. Originality: This study provides a novel contribution by exploring the impact of green innovation on firm value in Indonesia's energy sector and assessing the moderating roles of sustainable growth and debt financing costs.

Empowering Household Finances: Housewives’ Financial Literacy, Confidence, Risk Appetite, and Dependence in Indonesia Dewanti, Putriyuki; Viverita, Viverita
Jurnal Minds: Manajemen Ide dan Inspirasi Vol 12 No 2 (2025): December
Publisher : Management Department, Universitas Islam Negeri Alauddin Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/minds.v12i2.57368

This study analyzes the influence of financial literacy, investment confidence, risk appetite, and dependence status on the financial decision-making of housewives in Indonesia. The academic contribution lies in integrating psychological and sociocultural factors into the financial literacy–behavior nexus, offering a nuanced perspective on household financial agency. A survey of 230 housewives was analyzed using structural equation modeling (SmartPLS) to test the proposed relationships. Results show that financial literacy interacts with investment confidence, risk appetite, and dependence status, yet its impact is contingent on the ability to apply knowledge in everyday contexts. Investment confidence enhances proactive financial behavior, while risk appetite encourages more diverse decisions. Conversely, high dependence on others restricts autonomy in financial choices. The findings emphasize the need for tailored financial education programs that strengthen housewives’ independence and improve overall household financial well-being.

Moderasi EPU pada Pengaruh NII terhadap Risiko Kredit Bank Dharma, Aditya; Viverita, V.
Studi Akuntansi, Keuangan, dan Manajemen Vol. 5 No. 2 (2025): Oktober
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v5i2.5579

Purpose: This study examines how non-interest income (NII) influences bank credit risk and how economic policy uncertainty (EPU) moderates that relationship Methodology/approach: Using panel data on ASEAN banks and a quantitative empirical approach, we include EPU as a moderating variable and control for the Capital Adequacy Ratio (CAR), loan growth, and bank size Results/findings: The results indicate that higher NII significantly reduces non-performing loans, yet its protective effect weakens when EPU is elevated, suggesting that policy uncertainty erodes the risk-buffering benefits of income diversification. EPU itself directly increases credit risk, exposing banks to greater vulnerability during uncertain policy climates. CAR, loan growth, and bank size also exert significant effects on credit risk. Practically, banks should be more selective in pursuing non-interest revenue streams and reinforce credit-risk mitigation when policy uncertainty rises Conclusions: This study highlights the dual role of NII and EPU in shaping credit risk dynamics in ASEAN banks. While income diversification contributes to reducing credit risk, its effectiveness is contingent on the broader policy environment. Elevated policy uncertainty undermines the stabilizing effect of NII, thereby heightening banks’ vulnerabilities. Strengthening capital adequacy, prudent loan growth management, and strategic scaling remain essential for maintaining resilience. Policymakers and regulators should also recognize the destabilizing potential of policy uncertainty and design frameworks that foster clarity and stability in financial markets. Limitations: Future research could incorporate additional internal bank factors, qualitative insights, regulatory changes, and digitalisation trends. Contribution: This study enriches the empirical literature on income diversification and macroeconomic uncertainty within the ASEAN banking sector.

Financial Innovation and Restriction Hypothesis in the Banking Industry: Evidence from ASEAN- 5 Bustaman, Yosman; Viverita, Viverita; Lingga, Margaretha TP; Siahaan, Antonius P.
The Indonesian Capital Market Review Vol. 15, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study investigates the financial innovation impact on bank market power in ASEAN banking from 2008 to 2018. It uses income diversification as a representative of financial innovation. The im- pact of countries’ development of financial innovation on market power is measured by the number of ATM, internet, and cellular phone users. The data panel regression model reveals that diversified banks may enjoy higher market power. This result rejects the banking restriction activity hypothesis, which states that a bank that diversifies its income stream results in increased competition. A higher number of available ATMs and more internet users lowers the percentage disparity of price and marginal cost and consequently increases the market competitiveness. Nevertheless, an increasing number of cellular users in the country increases market power. Conjecturally, more people use the online bank platform on their cellular phones, which creates a greater flow of fees to the bank.

The Effect of Credit Risk and Bank Size on Bank Profitability in Indonesia Before and During the Covid-19 Pandemic Fenti Utari; Viverita Viverita
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 7 No 3 (2024): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v7i3.5956

This study empirically examines the effect of credit risk using a new measure that is influenced by stimulus policy in Indonesia and bank size on the profitability of Indonesian banks during the Covid-19 pandemic. It employed the Generalized Method of Moments (GMM) Dynamic Model to obtain an overview of the effectiveness of the relaxation policy in maintaining the profitability of Indonesian banks. The stimulus policy by the regulator during the COVID-19 pandemic changed the credit risk calculation and this research contributed by using credit risk measurement adjusted to the stimulus policy by adding restructuring loans in current quality. The study found that credit risk negatively affected profitability in the period during the Covid-19 pandemic. This finding is probably due to the stimulus policy allowing banks to remain current on the credit quality with no addition to the provision. Bank profitability during the pandemic was not significantly affected by credit risk, allegedly among others, also influenced by the good adaptability of banks in Indonesia through additional services. Bank size has had a significant negative effect on profitability during the COVID-19 pandemic for small, medium, and large banks. The larger the size of the bank, the riskier it becomes due to the addition of reputation management including other operational costs.

Underwriter Reputation and IPO Underpricing: The Moderating Role of The Listing Board in The Indonesia Capital Market Kuswandi, Brillian Arbianto; Lubis, Arief Wibisono; Viverita, Viverita
Jurnal Maksipreneur Vol 15 No 1 (2025)
Publisher : Universitas Proklamasi 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30588/jmp.v15i1.2105

It is widely believed that the underwriter affects the IPO performance of the issuing firm. This research investigates how the reputation of underwriters influences the initial returns of IPOs, considering the moderating effect of the listing board. This study focuses on the data from 305 IPO Companies between 2018 and 2023. This data is being analyzed using an Independent Sample t-test and Ordinary Least Squares (OLS) regression analysis. The study finds that IPOs underwritten by prestigious underwriters typically experience lower underpricing, attributable to the underwriters’ ability to reduce information asymmetry and select higher-quality issuers.

The Effect of COVID-19 Pandemic Information and Trusts towards Online Retailers on Online Consumers’ Risk Perception and Purchasing Behaviour Astuti, Rifelly Dewi; Balqiah, Tengku Ezni; Kusumastuti, Ratih Dyah; Viverita, V.
APMBA (Asia Pacific Management and Business Application) Vol. 14 No. 3 (2026)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.apmba.2026.014.03.6

Understanding how information influences consumer behavior during a public health crisis is crucial for both businesses and policymakers in managing risk communication and sustaining economic activity. Since the announcement of the first case of COVID-19 in early March 2020, the timeline across both mass and social media has been dominated by information about the virus. This information has increased public awareness of the risk of contracting COVID-19 when engaging in activities outside the home, including shopping. As a result, most shopping activities have shifted online. However, online shopping does not entirely eliminate the risk of virus transmission. This study aims to investigate the impact of COVID-19 information in mass and social media on trust in online retailers and online shopping behavior, with risk perception as a mediating variable. A survey was conducted with 1,212 respondents across Indonesia, and the data were analyzed using structural equation modeling. The results indicate that COVID-19-related information directly influences consumers’ online purchasing behavior, while trust in online retailers affects behavior indirectly through the mediation of risk perception.

Moderasi EPU pada Pengaruh NII terhadap Risiko Kredit Bank Aditya Dharma; V. Viverita
Studi Akuntansi, Keuangan, dan Manajemen Vol 5 No 2 (2025): Oktober
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v5i2.5579

Purpose: This study examines how non-interest income (NII) influences bank credit risk and how economic policy uncertainty (EPU) moderates that relationship Methodology/approach: Using panel data on ASEAN banks and a quantitative empirical approach, we include EPU as a moderating variable and control for the Capital Adequacy Ratio (CAR), loan growth, and bank size Results/findings: The results indicate that higher NII significantly reduces non-performing loans, yet its protective effect weakens when EPU is elevated, suggesting that policy uncertainty erodes the risk-buffering benefits of income diversification. EPU itself directly increases credit risk, exposing banks to greater vulnerability during uncertain policy climates. CAR, loan growth, and bank size also exert significant effects on credit risk. Practically, banks should be more selective in pursuing non-interest revenue streams and reinforce credit-risk mitigation when policy uncertainty rises Conclusions: This study highlights the dual role of NII and EPU in shaping credit risk dynamics in ASEAN banks. While income diversification contributes to reducing credit risk, its effectiveness is contingent on the broader policy environment. Elevated policy uncertainty undermines the stabilizing effect of NII, thereby heightening banks’ vulnerabilities. Strengthening capital adequacy, prudent loan growth management, and strategic scaling remain essential for maintaining resilience. Policymakers and regulators should also recognize the destabilizing potential of policy uncertainty and design frameworks that foster clarity and stability in financial markets. Limitations: Future research could incorporate additional internal bank factors, qualitative insights, regulatory changes, and digitalisation trends. Contribution: This study enriches the empirical literature on income diversification and macroeconomic uncertainty within the ASEAN banking sector.

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