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All Journal Jurnal Manajemen Teknologi Studi Akuntansi dan Keuangan Indonesia (SAKI) Indonesian Capital Market Review International Research Journal of Business Studies
Yane Chandera
School Of Business And Economics, Universitas Prasetiya Mulya
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The Effect of Related Party Transactions on the Performance of Indonesian Listed Companies Angelica, Brigitta; Gunawan, Desya; Christella, Jessy; Chandera, Yane; Rachman, Rathria Arrina
Jurnal Manajemen Teknologi Vol 20, No 1 (2021)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2021.20.1.2

Abstract

Abstract. The purpose of this paper is to analyze the impact of related party transactions (RPTs) on company performance using a panel data regression on 388 non-financial companies listed in Indonesia Stock Exchange during the 2015-2018 period. RPT variables used in this study are divided into several categories, namely transactions with related parties in the operational field (operational RPTs), financial field (financial RPTs), other fields (other RPTs), and total RPTs (sum of the three previous types). The study finds a significant negative relationship between financial RPTs and other RPTs on company performance. This finding is consistent with the precedent research that non-operational RPTs (i.e., financial RPTs and other RPTs) are commonly used by controlling shareholders as tunneling channels to expropriate minority shareholders. The results suggest policymakers to monitor more closely RPTs, particularly financial and other RPTs, that are more likely to be used as tunneling activities that are detrimental to firm performance. The results of this study are robust to various proxies of firm performance, providing additional empirical studies on RPTs in emerging countries with concentrated ownership structure, and shedding direct light on which type of RPTs that is mainly used as tunneling channel.Keywords: Efficient transaction hypothesis, firm performance, Indonesia, related party transactions, type II agency problemAbstrak. Tujuan dari makalah ini adalah untuk menganalisis pengaruh transaksi pihak berelasi (RPT) terhadap kinerja perusahaan dengan menggunakan regresi data panel pada 388 perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia selama periode 2015-2018. Variabel RPT yang digunakan dalam penelitian ini dibagi menjadi beberapa kategori yaitu transaksi dengan pihak berelasi di bidang operasional (RPT operasional), bidang keuangan (RPT finansial), bidang lainnya (RPT lainnya), dan total RPT (penjumlahan dari ketiga jenis RPT yang disebutkan sebelumnya). Penelitian ini menemukan hubungan negatif yang signifikan antara RPT finansial dan RPT lainnya terhadap kinerja perusahaan. Temuan ini sejalan dengan penelitian sebelumnya bahwa RPT nonoperasional (RPT finansial dan RPT lainnya) biasanya digunakan oleh pemegang saham pengendali sebagai sarana untuk mengambil alih dari pemegang saham minoritas. Hasilnya menyarankan para pembuat kebijakan untuk melakukan pemantuan lebih terhadap RPT, terutama RPT finansial dan lainnya, yang lebih mungkin digunakan sebagai aktivitas tunneling yang merugikan kinerja perusahaan. Penelitian ini menunjukan hasil yang kuat untuk berbagai proksi kinerja perusahaan, sehingga memberikan studi empiris tambahan tentang RPT di negara-negara berkembang dengan struktur kepemilikan terkonsentrasi, dan menjelaskan langsung jenis RPT yang terutama digunakan sebagai saluran tunneling.Kata kunci: Efficient transaction hypothesis, Indonesia, masalah keagenan tipe II, performa perusahaan, transaksi pihak berelasi
Pengaruh Altman Z-Score Terhadap Realized Return Perusahaan Terbuka di Indonesia Andre Reinaldi; Devia Alvionita; Vebby Tjakranegara; Yane Chandera; Rathria Arrina Rachman
Studi Akuntansi dan Keuangan Indonesia Vol 2 No 2 (2019): Studi Akuntansi dan Keuangan Indonesia (SAKI)
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/saki.2.2.251-276

Abstract

This study aims to examine whether there is a relationship between Altman Z-Score (financial distress predictor) and realized return on company’s stock, and how much the influence of Altman Z-Score on the realized stock returns. One way to find out the company's financial condition is using the Altman Z"-score Modification method (Altman, 2002) which is applied in this research. The sample in this study is public companies that are listed on the Indonesia Stock Exchange during the period 2013-2017. This study finds that the company's Altman Z-Score has a positive effect on the realized stock market returns, which means that when a company approaches the condition of is getting closer to financial distress, the realized return on its shares is lower. This study is in line with previous research by Campbell et al. (2008), Dichev (1998), and Griffin and Lemmon (2002). This research is useful for investors for determining their investment strategy and for companies’ management for monitoring and maintaining the company's good financial condition. Keywords: Altman Z-Score, financial distress, stock market return, Indonesia https://doi.org/10.21632/saki.2.2.251-276
Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis Chandera, Yane; Atmaja, Lukas Setia
Indonesian Capital Market Review Vol. 6, No. 2
Publisher : UI Scholars Hub

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

Abstract

This research investigates whether Chinese cross-border investments have positive impact on shareholders wealth and whether the amount of bidders’ free cash flow influences the shareholder returns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investments during the years 2005-2009 with each deal value of minimum US$100 million. The assessments of acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985). Cross-sectional regression analysis is used to determine the bidding firms factors which significantly affect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standard errors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinese cross- border acquisitions result in positive abnormal returns which is consistent with synergy hypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associated with shareholders return which is consistent with Myers and Majluf’s pecking order hypothesis but unsupportive of Jensen’s free cash flow hypothesis.
Pengaruh Harga Properti Residensial terhadap Proporsi Kredit Pemilikan Rumah pada Portofolio Kredit di Indonesia Putera, Matthias Hardy; Kamal, Muhammad Musthafa; Tedjasukmana, Timothy; Chandera, Yane; Saraswati, Dewi
Studi Akuntansi dan Keuangan Indonesia Vol 7 No 1 (2024): Studi Akuntansi dan Keuangan Indonesia (SAKI)
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/saki.7.1.17-31

Abstract

This research aims to analyze the effect of the Residential Property Price Index (RPPI) on the composition of Home Ownership Credit (KPR) in the banking credit portfolio in Indonesia. The study was conducted using secondary data from the period of 2010 to 2022 from various sources such as Bank Indonesia and the Central Bureau of Statistics. Using the time-series regression, the research indicated that RPPI insignificant effected the composition of KPR in the banking credit portfolio in Indonesia. However, inflation rate and interest rates have a significant impact on the proportion of KPR. For credit regulator, this study can add perspectives on the impact of RPPI changes on credit portfolio composition.
The Role of Organizational Agility and Customer Participation in Enhancing Company Performance during Digital Transformation Panutur, Sonny Sintong; Soehadi, Agus W.; Widjojo, Handyanto; Chandera, Yane
International Research Journal of Business Studies Vol. 18 No. 2 (2025): August - November 2025
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.18.2.175-201

Abstract

This research examines the factors that drive digital transformation and investigates the roles of organizational agility and customer participation in the transformation as key drivers of enhancing company performance. Using a quantitative method, data was collected from companies that have implemented digital transformation through an online survey. This study employed a partial least squares (PLS) structural equation model (SEM) to examine the proposed model using Smart PLS. The results indicate that technological, human, and environmental factors significantly influence a company's digital transformation. Furthermore, this research contributes to theory by integrating organizational agility and customer participation within the framework of digital transformation and its impact on company performance, as measured through operational efficiency, innovation performance, and profit growth. The findings highlight the importance of organizational agility amplifies its positive effects on operational efficiency, innovation performance, and profit growth, while customer participation plays a pivotal role, particularly in enhancing innovation performance.
Value Creation through Acquisition Strategy: A Study of Volvo’s Acquisition by Geely Chandera, Yane; Widjojo, Handyanto
International Research Journal of Business Studies Vol. 5 No. 2 (2012): August - November 2012
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.5.2.129-143

Abstract

This paper examines the value creation on the acquisition of Volvo Car Corp by Zhejiang Geely Holding Group. The acquisition of Volvo by Geely became an interesting topic to discuss since it was the first time in automotive industry that a Chinese company acquired an international company with a considerably high transaction amount. The paper examines the short term value creation using event study to calculate abnormal returns of each company’s stock during the announcement period and measuring the significance of the cumulative abnormal return. The findings are consistent with previous studies over the years which have shown that most acquisitions fail to add value for shareholders in the acquiring company. The paper discusses the broad managerial implications of the findings this paper discussion on marketing aspect after the acquisition by integrating two different brand perceptions. 
Co-Authors Agus Wijaya Soehadi Andre Reinaldi Angelica, Brigitta Christella, Jessy Devia Alvionita Dewi Saraswati, Dewi Gunawan, Desya Handyanto Widjojo Kamal, Muhammad Musthafa Lukas Setia Atmaja Panutur, Sonny Sintong Putera, Matthias Hardy Rathria Arrina Rachman Tedjasukmana, Timothy Vebby Tjakranegara