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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia Jurnal Scientia Jurnal Manajemen Stratejik dan Simulasi Bisnis
Maria Ulpah
Fakultas Ekonomi Dan Bisnis Universitas Indonesia
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Environmental Science Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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THE EFFECT OF ESG AND EARNINGS MANAGEMENT ON DIVIDEND POLICY OF LISTED FIRM IN INDONESIA Aulia Nataprawira; Maria Ulpah
Jurnal Scientia Vol. 12 No. 01 (2023): Education, Sosial science and Planning technique
Publisher : Sean Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58471/scientia.v12i01.1132

Abstract

This research aims to assess whether there’s a relationship between the concept of Environmental, Social and Governance (ESG) as a replacement indicator for CSR and earnings management towards’ company’s dividend policy as a counter variable of good corporate governance practices. Besides that, this research also aims to assess the relationship between company’s size, return on equity, liquidity ratio, sales growth, risk of a firm and cash flow from operations towards’ company’s dividend policy as a control variable by implementing GLS method as the main method for processing the data & using EVIEWS as the main platform of data processing. Result shows that ESG has a significantly positive relationship towards the Dividend Policy and Earnings Management has significantly negative relationship towards Dividend Policy, indicating that Investor already consider ESG as a main influence on investing in a firm in Indonesia.
FACTORS AFFECTING THE USE OF PAYLATER AND ITS EFFECT ON FINANCIAL WELL-BEING Karlina Ayu Putri Dhahana; Maria Ulpah
Jurnal Scientia Vol. 12 No. 01 (2023): Education, Sosial science and Planning technique
Publisher : Sean Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58471/scientia.v12i01.1137

Abstract

Paylater is an installment credit service and is included in the fintech payment sector. Currently, Paylater has become a trend because it allows consumers to make purchases in installments and pay for them in the future and is easily accessible to anyone. However, in reality, the ease of access and trust in fintech products not only provide benefits but also bring people's tendency to go into debt. Therefore, the purpose of this study is to find out the factors that influence a person to use Paylater and how it impacts the financial well-being of users of the feature. This research is a quantitative study where the data used in this study is primary data covering 355 respondents. Data processing is carried out with a Structural Equation Modeling (SEM) model to estimate the relationship between variables. The results showed that Performance Expectancy, Facilitating Condition and Financial Literacy had a significant positive impact on the Adoption of Paylater. In addition, it can be seen that Adoption of Paylater can mediate the influence of Performance Expectancy, Social Influence, Facilitating Conditions negatively and significantly on Financial Well-being while Financial Literacy can provide positive and significant to Financial Well-being. However, there was no significant influence of Social Influence dah Habit on Adoption of Paylater and Habit on Financial Well-being.
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) INFLUENCE ON COMPANY VALUES IN INDONESIA Madeleine Ruth R Manurung; Maria Ulpah
Jurnal Scientia Vol. 12 No. 01 (2023): Education, Sosial science and Planning technique
Publisher : Sean Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58471/scientia.v12i01.1138

Abstract

The emergence of the Covid-19 pandemic has intensified business competition, resulting in stability and decreased stock exchange trading. Stakeholders become more cautious and selective when making decisions. Therefore, companies must disclose quality financial statements to stakeholders in making accurate decisions. This study aims to re-examine the effect of ESG application on company value in Indonesia empirically. The independent variable in this study is the ESG score, where the value of each component is the result of research conducted by Thomas Reuters. In addition, this study also used a dummy variable, where the reference is an ESG index. The results showed that ESG scores and ESG indicepositively influenceon company value. This is also supported by cross-tabulation, which shows differences in ESG scores against companies that are included and not included in the ESG index. The application of ESG to companies can minimize information asymmetry, as well as potential conflicts with stakeholders. In addition, ESG indices are used to address stakeholder concerns about ESG issues, which can signal that it allows stakeholders to be more accurate in assessing companies based on standards specified in the index.
Financial Distress Analysis of Manufacturing Companies Listed On The IDX For The 2016-2020 Period With Springate and Altman Methods Felicia Felicia; Maria Ulpah
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (284.179 KB) | DOI: 10.36418/syntax-literate.v7i6.7491

Abstract

The COVID-19 pandemic period is a difficult time for many business actors where this pandemic has a negative impact that causes entrepreneurs to have to adapt to new situations. In running its business, it is not uncommon for companies to fail to achieve their short-term and long-term goals, causing operational losses in the current year. If the loss is experienced continuously by the company, then the event can bring the company to bankruptcy until bankruptcy. In the third quarter of 2021, BPS recorded a manufacturing industry growth of 3.68 percent, a fairly good increase in the midst of the large number of COVID-19 cases in Indonesia. According to the Central Statistics Agency (BPS), 5 business sectors contributed 63.8 percent to Indonesia's Gross Domestic Product (GDP) in the fourth quarter of 2021, with the manufacturing sector taking first place with a contribution of 18.3 percent to GDP. Therefore, there are various reasons why this research is important, including the fact that the manufacturing sector is very important in the production of primary and secondary goods for public consumption and other enterprises. Manufacturing companies are also still the leading sector or sectors that lead and contribute to the country's economic growth and in the absorption of labor. In addition, this study also wants to prove whether it is true that the manufacturing sector shows a positive stretch during the pandemic, or only some industries in the manufacturing sector by using the Springate S-Score and Altman Z-Score methods. Calculations of financial condition carried out by the Springate and Altman methods on manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020 show that the Springate method groups 282 samples into the healthy category and another 283 into the distress category. While the Altman method groups 235 samples into the healthy category, 136 samples into the gray zone category, and 194 others into the distress category. The results also show that the Springate method has a higher level of consistency than the Altman method in this study.
Stock Price Valuation Analysis Using Free Cash Flow To Equity And Relative Valuation Method Case: Bank Jago Tbk. (ARTO) Hasbi Ibrahim; Maria Ulpah
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (173.099 KB) | DOI: 10.36418/syntax-literate.v7i8.9283

Abstract

Purpose – this paper aims to calculate the intrinsic value of ARTO (PT. Bank Jago Tbk.). Design/Methodology/Approach – the stock valuation calculated using free cash flow to equity method and relative valuation method. Findings – based on the calculation, it is expected that the results of the valuation will be below the market value. Practical Implications – the findings may help related parties including investors to consider carefully before deciding their investment on the company. Originality/Value – to the author’s best knowledge, little equity research has been done for digital banking in Indonesia especially on the value of ARTO.
Effect of Environmental, Social, Governance (ESG) and Strategic Deviation on Firm Risk: Evidence from Manufacturing Sector in Emerging Market Asia Exaudi Dualolo; Maria Ulpah
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v8i12.14206

Abstract

The notion of sustainable development has gained widespread acceptance in the realm of social development. As a result, firms and their stakeholders are increasingly focusing on external elements such as environment, society, and governance (ESG). This study investigates the impact of ESG on firm risk measured by cash flow volatility. This study further examines whether strategic deviation moderates the relationship between ESG and firm risk. This research considers a sample of 139 manufacturing firms available in Refinitiv between 2018 and 2022 and applies the fixed-effect model. This study is a valuable contribution to the field of research on environmental, social, and governance (ESG) factors and their impact on strategic management. Specifically, it examines how ESG considerations and strategic deviation affect the level of risk faced by manufacturing firms. The result shows that ESG significantly reduces cash flow volatility but strategic deviation is insignificant in both affecting cash flow volatility and moderating the relationship of ESG and cash flow volatility. This study will serve as a valuable resource for managers in manufacturing organizations, providing them with insights into the importance of considering environmental, social, and governance (ESG) issues. The findings of this study highlight the impact of ESG and strategic considerations on cash flow volatility.
Corporate Social Responsibility as a driver for Consumer’s Loyalty Maria Ulpah
Jurnal Manajemen Stratejik dan Simulasi Bisnis Vol 4 No 2 (2023): Jurnal Manajemen Stratejik dan Simulasi Bisnis
Publisher : Fakultas Ekonomi Universitas Andalas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/mssb.4.2.1-11.2023

Abstract

The objective of this paper is to find out whether consumer’s perception of Corporate Social Responsibility (CSR) policy of bank will affect the consumer’s loyalty. We tried to see the direct effect of CSR to consumer’s loyalty and the indirect effect to loyalty by using two mediating variables, namely satisfaction and trust, We split the CSR aspect into two main aspects, namely Business CSR and Philanthropic CSR. To test the hypotheses, we carried survey for bank customer who has bank account for more than 3 years. The result found that business CSR had a direct effect and indirect effect to consumer’s loyalty. However, the philanthropic CSR did not have affect the consumer’s trust.
The Effect Of Environmental, Social, and Governance (ESG) Pillars and State Ownership on Firm Costs of Debt Fery Perdiansyah; Maria Ulpah
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 12 No 3 (2024): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v12i3.6234

Abstract

The relevance of environmental, social, and governance (ESG) factors has become increasingly significant in the business world due to the growing recognition of sustainability principles. This study investigates the impact of ESG pillars and state ownership on the cost of debt in non financial companies. The analysis is conducted on publicly listed firms in emerging Asian countries over the period 2016 to 2023, using panel data regression. Drawing on various theories such as agency theory, stakeholder theory, and signaling theory, the research demonstrates that state owned enterprises with higher ESG scores incur lower debt costs. Another finding is that the social pillar positively influences debt costs. Although the environmental pillar is negatively associated with debt costs, its impact is not significant. Meanwhile, the governance pillar has a significant negative effect on debt costs, consistent with agency theory. The results of this study are expected to provide insights for stakeholders, particularly managers and company owners, regarding the role of ESG and state ownership in determining firm cost of debt.
Co-Authors Aulia Nataprawira Exaudi Dualolo Felicia Felicia Fery Perdiansyah Hasbi Ibrahim Karlina Ayu Putri Dhahana Madeleine Ruth R Manurung