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All Journal Jurnal Manajemen Pelayanan Publik Jurnal ASET (Akuntansi Riset) Journal of Economic, Bussines and Accounting (COSTING) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Indonesian Community Service and Empowerment Journal (IComSE) Jurnal Dharma Bhakti Ekuitas Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) JRAP (Jurnal Riset Akuntansi dan Perpajakan) Paradoks : Jurnal Ilmu Ekonomi Kriez Academy KISA INSTITUE : Journal of Economics, Accounting, Business, Management, Engineering and Society Banking & Management Review
Herry Achmad Buchory
Sekolah Tinggi Ilmu Ekonomi Ekuitas
Arts Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Transportation Other

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The Influence of Financial Attitude, Financial Knowledge, and Income on Investment Decisions Mediated by Financial Behavior Hilman, Dede; Buchory, Herry Achmad
JRAP (Jurnal Riset Akuntansi dan Perpajakan) Vol. 12 No. 1 (2025): January - June
Publisher : Magister Akuntansi Universitas Pancasila

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35838/jrap.2025.008

Abstract

Purpose: Investment decisions are an important aspect to understand in investing. An investment decision is a decision to release funds now with the hope of generating a future cash flow with an amount greater than the funds released at the time of the initial investment. This study aims to analyze the influence of financial attitude, financial knowledge, and income on investment decisions mediated by financial behavior. Methodology: To achieve the research objectives, primary data was used through questionnaires distributed to employees of PT. Citra Niaga Abadi (CNA). The number of samples used in the study was 100 respondents using saturated samples. Path analysis was used as a data analysis method. Finding: The results showed that financial knowledge and financial behavior have a positive effect on investment decisions. However, financial attitude and income have a negative effect on investment decisions. Then, financial attitude, financial knowledge and income have a positive effect on financial behavior. The financial behavior variable is able to moderate financial attitude, financial knowledge and income on investment decisions. Implication: The findings suggest that enhancing financial behavior can be an effective strategy to improve investment decisions, even when financial attitude and income do not directly support positive investment outcomes. Originality: This study uniquely incorporates financial behavior as a mediating variable between financial attitude, financial knowledge, and income in shaping investment decisions—an approach rarely explored in the context of corporate employees.
TRANSFORMASI RISET STRUKTUR MODAL SINTESIS BIBLIOMETRIK DAN PEMETAAN ENAM KLUSTER TEMATIK (2020-2025) Pramelia, Shanti; Buchory, Herry Achmad; Solihin, Ismail
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 9 No 3 (2025): Edisi September - Desember 2025
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v9i3.6748

Abstract

Riset tentang struktur modal telah berkembang pesat, melampaui teori tradisional seiring dengan dinamika pasar global, isu keberlanjutan, dan temuan dari behavioral finance. Namun, pemahaman tentang transformasi dan fragmentasi tema penelitian ini masih terbatas. Kajian ini bertujuan untuk memetakan lanskap intelektual dan evolusi riset struktur modal selama periode 2020-2025, dengan mengidentifikasi tema-tema dominan dan hubungan antar tema tersebut. Menggunakan metode Systematic Literature Review (SLR) dan analisis bibliometrik terhadap 41 artikel terpilih dari database Scopus, penelitian ini menerapkan protokol PRISMA untuk memastikan transparansi dan replikasi. Analisis co-occurrence kata kunci dengan VOSviewer digunakan untuk memetakan jaringan tema yang ada. Hasil analisis menunjukkan enam kluster tematik utama: (1) Landasan Teoritis & Penyesuaian Dinamis; (2) Tata Kelola Perusahaan & Penciptaan Nilai; (3) Behavioral Finance & Pengambilan Keputusan; (4) Fleksibilitas Finansial & Manajemen Strategis; (5) Perspektif Makro & Kinerja; dan (6) Keberlanjutan & Adaptasi Kontekstual. Sintesis temuan ini mengungkapkan pergeseran dari pendekatan statis menuju dinamika penyesuaian serta integrasi disiplin yang lebih luas. Temuan ini memberikan peta jalan yang berguna bagi peneliti dan praktisi dalam merumuskan kebijakan struktur modal yang adaptif dan responsif terhadap kompleksitas dunia bisnis kontemporer.
RELEVANSI TEORI MODIGLIANI DAN MILLER TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN PADA INDUSTRI KAFE DI INDONESIA Nawangwulan, Irma; Iskandar, Fatimah Nurjannati; Kartini, Titin Nurjannati; Anantadjaya, Samuel PD; Buchory, Herry Achmad
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 10 No 1 (2026): ON GOING
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v10i1.6798

Abstract

Industri kafe di Indonesia berkembang pesat dan semakin kompetitif, sehingga keputusan pendanaan dan pengelolaan struktur modal menjadi sangat penting bagi kelangsungan usaha. Penelitian ini membahas relevansi Teori Modigliani dan Miller (M&M) dalam menjelaskan hubungan antara struktur modal dan nilai perusahaan pada industri kafe, yang dikenal memiliki kebutuhan modal tinggi, margin tipis, dan pendapatan yang fluktuatif. Dengan pendekatan deskriptif kualitatif, studi ini mengkaji teori struktur modal klasik dan modern, serta menerapkan analisis pada kondisi industri kafe Indonesia. Hasil penelitian menunjukkan bahwa meskipun teori awal M&M menyatakan struktur modal tidak memengaruhi nilai perusahaan pada pasar sempurna, revisi konsep yang memperhitungkan pajak lebih sesuai dengan kondisi nyata. Penggunaan utang memang memberikan manfaat penghematan pajak, tetapi bagi industri kafe, utang berlebihan justru meningkatkan risiko finansial. Karena itu, perusahaan perlu menjaga keseimbangan antara utang dan ekuitas. Studi kasus Kopi Kenangan memperlihatkan bahwa pendanaan ekuitas dari investor ventura lebih efektif untuk mendukung ekspansi cepat sambil menjaga fleksibilitas keuangan. Faktor modern seperti perilaku manajer, persepsi investor, dan komitmen ESG juga memengaruhi keputusan struktur modal. Secara keseluruhan, teori M&M tetap relevan jika diadaptasi pada kondisi industri kafe Indonesia yang dinamis dan berisiko tinggi.
The Effect of Profitability, Leverage and Company Size on Company Value with Managerial Ownership as a Moderating Variable in the Transportation and Logistics Sector on the Indonesia Stock Exchange in the 2019-2024 Period Laksono Sulistyobudi, Y Tri; Buchory, Herry Achmad
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 6 (2026): Dinasti International Journal of Economics, Finance & Accounting (January - Feb
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i6.5888

Abstract

This research aims to investigate the influence of profitability, leverage, and firm size on firm value, as well as to assess the moderating role of managerial ownership in transportation and logistics companies listed on the Indonesia Stock Exchange (IDX). The inclusion of managerial ownership as a moderating variable is important to evaluate whether insider shareholding can mitigate agency conflicts and influence how these financial factors ultimately affect firm value. The study employs panel data regression using the Moderated Regression Analysis (MRA) approach, with E-Views software utilized for data processing. The population consists of transportation and logistics firms listed on the IDX that published financial statements from 2019 to 2024, and samples were selected using purposive sampling based on data completeness. The findings indicate that profitability and firm size have a positive and significant effect on firm value, while leverage has a negative and significant effect. Collectively, the three independent variables significantly influence firm value. Additionally, the study finds that managerial ownership moderates the relationship between leverage and firm value but does not moderate the effects of profitability or firm size on firm value.
GREEN TECHNOLOGY ADOPTION IN INDONESIAN INDUSTRIES: DRIVERS, CHALLENGES, AND PERFORMANCE IMPLICATIONS Buchory, Herry Achmad; Suganda, Uce Karna; Faisal, Ijang
Journal of Economics, Accounting, Business, Management, Engineering and Society Vol. 1 No. 11 (2024): KISA INSTITUE : October 2024
Publisher : PT. Kreatif Indonesia Satu

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Abstract

Background: Indonesia faces environmental pressures from rapid industrialization. Green technology adoption offers solutions for reducing emissions and improving resource efficiency, yet adoption remains uneven across sectors. Aims: This study investigates drivers, barriers, and performance implications of green technology adoption in Indonesian industries. Research Method: A mixed-methods approach combined surveys of 198 firms across five sectors with 25 in-depth interviews. Data were analyzed using PLS-SEM and thematic analysis. Results and Conclusion: Regulatory pressure (β=0.38), customer demand (β=0.41), and cost benefits (β=0.35) drive adoption. Major barriers include high costs (71%), lack of expertise (64%), and insufficient support (59%). Adopters reported 26% emissions reduction, 32% energy efficiency gains, 23% water conservation, and 29% waste reduction. Comprehensive policies, incentives, and capacity building are needed to accelerate adoption. Contribution: This research provides empirical evidence on green technology adoption in developing economies, offering insights for policymakers and industry practitioners.
INNOVATION ADOPTION BARRIERS IN INDONESIAN MANUFACTURING SMALL AND MEDIUM ENTERPRISES Buchory, Herry Achmad; Suganda, Uce Karna; Faisal, Ijang
Journal of Economics, Accounting, Business, Management, Engineering and Society Vol. 1 No. 7 (2024): KISA INSTITUE : June 2024
Publisher : PT. Kreatif Indonesia Satu

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Abstract

Background: Innovation adoption remains critical for manufacturing SME competitiveness, yet many Indonesian enterprises struggle to implement innovations despite recognizing their importance. Aims: This study identifies and analyzes primary barriers preventing Indonesian manufacturing SMEs from successfully adopting innovations. Research Method: Qualitative approach involving in-depth interviews with 32 manufacturing SME owners and managers across West Java representing diverse subsectors. Thematic analysis identified recurring barrier patterns. Results and Conclusion: Analysis reveals five major barrier categories: financial resource constraints (78%), technical knowledge gaps (65%), organizational risk aversion (58%), infrastructure limitations (52%), and regulatory complexity (43%). Barriers interact creating compound effects. Contribution: Research provides empirical evidence on innovation barriers in Indonesian manufacturing SME contexts, offering practical recommendations for targeted interventions.
SUSTAINABILITY PRACTICES AND COMPETITIVE ADVANTAGE IN INDONESIAN CONSUMER GOODS COMPANIES Faisal, Ijang; Buchory, Herry Achmad; Suganda, Uce Karna
Journal of Economics, Accounting, Business, Management, Engineering and Society Vol. 1 No. 8 (2024): KISA INSTITUE : July 2024
Publisher : PT. Kreatif Indonesia Satu

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Abstract

Background: Environmental concerns and stakeholder pressures drive Indonesian consumer goods companies to adopt sustainability practices, yet implementation varies substantially across organizations. Aims: This study examines sustainability practice adoption and its relationship with competitive advantage in Indonesian consumer goods sector. Research Method: Mixed-methods research combining survey of 142 consumer goods companies with case studies of 10 sustainability leaders across food, beverage, personal care, and household products categories. Results and Conclusion: Companies implementing comprehensive sustainability strategies demonstrate 27 percent stronger brand reputation, 23 percent improved customer loyalty, and 31 percent better investor attractiveness compared to minimal adopters. However, only 34 percent of companies integrate sustainability into core strategy. Green product development, waste reduction, and sustainable sourcing emerge as most impactful practices. Contribution: Research provides framework for Indonesian consumer goods companies to develop sustainability strategies generating competitive advantages while addressing environmental and social responsibilities.
SUSTAINABLE PERFORMANCE AND FINANCIAL METRICS: THE IMPACT OF ESG SCORES ON PROFITABILITY AND MARKET VALUATION ON THE INDONESIA STOCK EXCHANGE Habibulloh, Rijal; Buchory, Herry Achmad
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/ap4t2s58

Abstract

This research investigates how Environmental, Social, and Governance (ESG) Scores influence company profitability as measured by Earnings Per Share (EPS) with Market Valuation as measured by Price to Earnings Ratio (P/E Ratio) as a mediating variable. The study focuses on companies listed on the Indonesia Stock Exchange (IDX) in 2024 and utilizes path analysis to assess the interrelationships among the variables. The sample consists of all IDX-listed firms that report ESG Scores, selected through a total sampling approach. The findings indicate that ESG Scores significantly affect Market Valuation, suggesting that firms with higher ESG risk exposure tend to exhibit higher valuation multiples. Conversely, ESG Scores do not have a significant impact on Profitability, nor does Market Valuation influence Profitability. Furthermore, the mediation analysis reveals that Market Valuation does not mediate the relationship between ESG Scores and Profitability. This suggests that although ESG-related factors may elevate a company’s market valuation, they do not necessarily translate into improved financial performance. These results highlight the need for companies to align their sustainability initiatives with core operational strategies to achieve better financial outcomes. Additionally, this study provides important insights for investors and stakeholders by emphasizing the relevance of ESG considerations in evaluating corporate valuation and profitability.
The Influence of Service Quality and Information Quality on the Jamsostek Mobile “JMO” Application Towards Reputational Risk Mediated by Participant Satisfaction Dwitama, Sony; Buchory, Herry Achmad
Jurnal Manajemen Pelayanan Publik Vol 10, No 1 (2026): Jurnal Manajemen Pelayanan Publik
Publisher : Universitas Padjadjaran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24198/jmpp.v10i1.65531

Abstract

Digital transformation, exemplified by the BPJS Ketenagakerjaan's Jamsostek Mobile “JMO” application, is a key strategy for improving public services, though it introduces reputational risks. This study examined the impact of service and information quality on reputational risk, with participant satisfaction as a mediating variable. Data were collected from 280 active Jamsostek Mobile “JMO” application users in Greater Bandung (Bandung City, Bandung Regency, West Bandung Regency, and Cimahi City) via purposive sampling and a quantitative survey. The data was analyzed using Structural Equation Modeling (SEM). The results of the study demonstrate that the quality of information and services has a positive and significant impact on participant satisfaction. Furthermore, contentment has a substantial and adverse effect on reputational risk. Additionally, the quality of information and services has a substantial and adverse effect on reputational risk. These findings emphasize the importance of strengthening the functional and informative quality of digital applications as a proactive strategy to build user satisfaction and maintain the institution's reputation. Therefore, strategically managing application quality is crucial in maintaining public trust in digital social service institutions such as BPJS Ketenagakerjaan.
PENGARUH RISIKO KEUANGAN YANG DIPROKSIKAN OLEH NON-PERFORMING LOAN (NPL), BEBAN OPERASIONAL TERHADAP PENDAPATAN OPERASIONAL (BOPO), LOAN TO DEPOSIT RATIO (LDR), DAN NET INTEREST MARGIN (NIM) TERHADAP RETURN ON ASSETS (ROA) PADA BANK UMUM DI INDONESIA PERIODE 2020–2024 Titin Kartini, Titin Kartini; Buchory, Herry Achmad
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 6 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/dpzpqe05

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh risiko keuangan yang diproksikan oleh Non-Performing Loan (NPL), Beban Operasional terhadap Pendapatan Operasional (BOPO), Loan to Deposit Ratio (LDR), dan Net Interest Margin (NIM) terhadap kinerja keuangan perbankan yang diukur menggunakan Return on Assets (ROA) pada bank umum di Indonesia periode 2020–2024. Penelitian ini menggunakan pendekatan explanatory research dengan metode kuantitatif. Populasi penelitian mencakup seluruh bank umum yang terdaftar di Bursa Efek Indonesia, dengan teknik pengambilan sampel menggunakan purposive sampling sehingga diperoleh 23 bank sebagai sampel penelitian. Data dianalisis menggunakan regresi linier berganda dengan Random Effect Model, serta didukung oleh uji asumsi klasik, uji simultan (uji F), dan uji parsial (uji t). Hasil penelitian menunjukkan bahwa secara simultan NPL, BOPO, LDR, dan NIM berpengaruh signifikan terhadap ROA. Secara parsial, masing-masing variabel risiko keuangan tersebut juga terbukti berpengaruh signifikan terhadap ROA. Temuan ini mengindikasikan bahwa pengelolaan risiko kredit, efisiensi operasional, likuiditas, dan kemampuan bank dalam menghasilkan pendapatan bunga bersih merupakan faktor kunci dalam meningkatkan profitabilitas perbankan. Penelitian ini diharapkan dapat memberikan kontribusi empiris bagi pengembangan literatur manajemen risiko perbankan serta menjadi bahan pertimbangan bagi manajemen bank dan regulator dalam merumuskan kebijakan pengelolaan risiko keuangan yang berkelanjutan. 
Co-Authors Anantadjaya, Samuel PD Bachmid, Faiz Said Dwitama, Sony Faisal, Ijang Habibulloh, Rijal Hilman, Dede Homan, Hery Syaerul Iskandar, Fatimah Nurjannati Kartini, Titin Nurjannati Laksono Sulistyobudi, Y Tri Nawangwulan, Irma Pebriani, Hilda Pramelia, Shanti Riana, Nia Rr Rachmawati Rr Rachmawati Setiandy, Cindy Handayani Siska Willy Solihin, Ismail Suganda, Uce Karna Terra Saptina Maulani Titin Kartini, Titin Kartini Vidyana, Nisrina Eka Zaenal Aripin