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Pardomuan Sihombing

Universitas Mercu Buana

Author-ID : 4223197

Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Pengaruh Kepemilikan Publik, Valuasi Perusahaan, dan Suku Bunga Terhadap Initial Return IPO melalui Corporate Governance sebagai Variabel Mediasi (Studi Pada IPO di Bursa Efek Indonesia Periode 2021-2024) Hestikel Saputra; Pardomuan Sihombing
Community Engagement and Emergence Journal (CEEJ) Vol. 7 No. 3 (2026): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ceej.v7i4.10565

Penelitian ini bertujuan untuk menganalisis pengaruh kepemilikan publik, valuasi perusahaan, dan suku bunga terhadap Initial Return pada perusahaan yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia periode 2021–2024 dengan Corporate Governance sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari prospektus IPO, laporan keuangan perusahaan, dan publikasi resmi Bursa Efek Indonesia. Sampel penelitian ditentukan menggunakan metode purposive sampling, sedangkan teknik analisis data menggunakan analisis regresi dan uji mediasi. Hasil penelitian menunjukkan bahwa kepemilikan publik dan valuasi perusahaan berpengaruh terhadap Initial Return IPO, sementara suku bunga berpengaruh negatif terhadap Initial Return. Selain itu, Corporate Governance terbukti berpengaruh terhadap Initial Return dan berperan sebagai variabel mediasi dalam hubungan antara kepemilikan publik serta valuasi perusahaan terhadap Initial Return. Temuan ini menunjukkan bahwa mekanisme tata kelola perusahaan yang baik mampu meningkatkan kepercayaan investor dan memengaruhi respons pasar pada saat penawaran saham perdana. Implikasi dari penelitian ini diharapkan dapat menjadi bahan pertimbangan bagi perusahaan dalam menetapkan strategi IPO, bagi investor dalam pengambilan keputusan investasi, serta bagi regulator dalam memperkuat kebijakan terkait pasar modal di Indonesia.

Determinants of Firm Value in Indonesia’s Coal Industry: ESG, Capital Structure, Commodity Prices Elman Junizar Rusdi; Pardomuan Sihombing
Journal of Sustainable Economic and Business Vol. 3 No. 1 (2026): Journal of Sustainable Economic and Business (JOSEB)
Publisher : ARE Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70550/joseb.v3i1.350

Objectives: This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure, capital structure, and coal commodity prices on firm value in coal mining companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Methodology: The research employs a quantitative approach with a causal design using panel data from 19 companies and 57 observations. The data are analyzed through panel data regression using the Random Effect Model. Findings: The results indicate that ESG disclosure and coal commodity prices do not have a significant effect on firm value, whereas capital structure shows a positive and significant influence. These findings suggest that the market responds more strongly to internal financing policies than to sustainability information or external commodity price fluctuations. Conclusion: The study concludes that optimizing capital structure is a primary factor in enhancing firm value, while ESG implementation needs to be aligned with financial performance to gain stronger market recognition.

Risk Management, Green Finance, CSR, and Digital Transformation Effects on Financial Sustainability in KBMI Banks Michael Jims; Pardomuan Sihombing
Journal of Sustainable Economic and Business Vol. 3 No. 1 (2026): Journal of Sustainable Economic and Business (JOSEB)
Publisher : ARE Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70550/joseb.v3i1.369

Objectives: This study investigates whether risk management, green finance, corporate social responsibility, and digital transformation explain financial sustainability among Indonesian commercial banks in core-capital bank groups 3–4 (KBMI 3–4). Methodology: Using a balanced panel of 13 listed banks over 2022–2024 (39 bank-year observations), we estimate a panel regression under a random-effects specification selected via Chow, Hausman, and Lagrange Multiplier tests. Financial sustainability is proxied by the net interest margin ratio, while the explanatory variables are proxied by the non-performing loan ratio, green investment ratio, corporate social responsibility expenditure ratio, and a digital transformation index. Finding: The findings demonstrate that green finance significantly enhances financial sustainability among KBMI 3 and 4 banks during 2022-2024. Meanwhile, risk management, corporate social responsibility, and digital transformation do not exhibit significant short-term effects on net interest margins. Therefore, banks should prioritize credible green financing portfolios while maintaining strict credit quality, and investors must evaluate sustainability signals beyond short-term margin impacts. Conclusion: Research on SMEs in Indonesia increasingly emphasizes external shocks and digital transformation strategies. The evidence suggests that digital technology adoption combined with innovation, supported by training and enabling policies is essential to strengthen SMEs’ competitiveness and long-term sustainability in Indonesia.

Determinants of Firm Value: Sustainability, Risk Business, Dividend Policy, Capital Structure, and Profitability in Telecommunication Aditya Sabrian Amirullah; Pardomuan Sihombing
Journal of Sustainable Economic and Business Vol. 3 No. 2 (2026): Journal of Sustainable Economic and Business (JOSEB)
Publisher : ARE Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70550/joseb.v3i2.388

Objectives: To examine the effects of ESG disclosure, business risk (DOL), dividend policy (DPR), and capital structure (DER) on firm value (PBV), with profitability (ROE) as a mediating variable, in telecommunications companies listed on the Indonesia Stock Exchange. Methodology: The research employs a Quantitative explanatory research using balanced panel data (2020–2024). Data from 9 telecommunications companies were analyzed using panel data regression with the Random Effect Model, complemented by the Sobel test for mediation. Findings: The results indicate that ESG disclosure negatively affects firm value, business risk has a weak positive effect, dividend policy negatively affects firm value, and capital structure positively influences firm value. Profitability significantly increases firm value and mediates only the effect of capital structure. Conclusion: The study concludes that firm value in Indonesia’s telecommunications sector is primarily driven by capital structure and profitability. ESG initiatives and dividend payout decisions do not enhance valuation unless aligned with growth and financial performance.

Determinants of Dividend Policy with Good Corporate Governance as a Moderator: Evidence from LQ45 Companies on the Indonesia Stock Exchange Suhandi; Tri Kunawangsih Purnamaningrum; Pardomuan Sihombing
International Journal of Economics Accounting and Management Vol. 2 No. 1 (2025): IJEAM - May 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i1.1206

The goal of this study was to examine LQ45 businesses' dividend policies on the Indonesia Stock Exchange by dissecting their dividend policy drivers and controlling variables using excellent corporate governance as a moderator. Participants in the research were companies that were included in the LQ45 index for the years 2019 and 2023. As part of a causal research strategy, hypothesis testing was used. The sample was determined using a purposeful sampling technique, which resulted in 25 sample businesses. In order to analyze the data, panel data regression was used. This statistical program was constructed using Eviews version 13.0. Results showed that dividend policy is affected by profitability, interest rates, and excellent corporate governance in a favorable way, and by leverage and free cash flow in a negative one. There was also no correlation between company size and dividend policy. One interesting finding is that effective corporate governance acts as a moderator, enhancing the influence of free cash flow on dividend policy while reducing the impacts of profitability, debt, and firm size. Good corporate governance did nothing to reduce the correlation between dividend policy and interest rates.

Analysis of Investment Decisions on LQ45 Stock by Using Moving Average Convergence Divergence (MACD) and Bollinger Bands Indicators Period January 2023 – February 2025 Cynthia Java Al Maduri; Tri Kunawangsih Purnamaningrum; Pardomuan Sihombing
International Journal of Economics Accounting and Management Vol. 2 No. 1 (2025): IJEAM - May 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i1.1211

The Indonesian capital market plays a crucial role in economic growth, with the LQ45 index representing large-cap stocks with high liquidity. This study aims to evaluate the effectiveness of the Moving Average Convergence Divergence (MACD) and Bollinger Bands technical indicators in making investment decisions on stocks during the period from January 2023 to February 2025. The research method used is descriptive qualitative, with visual analysis of price movements from 11 LQ45 stocks. The findings indicate that the combination of MACD and Bollinger Bands produces fairly accurate buy and sell signals, especially when used simultaneously. These findings provide a solid foundation for investors to formulate practical and applicable strategies based on technical analysis. Furthermore, this study contributes to the literature on the reliability of technical signals in the Indonesian stock market.

Factors Influencing Finansial Distress With Liquidity As A Moderating Variabel Fitri Apriyana; Tri Kunawangsih Purnamaningrum; Pardomuan Sihombing
International Journal of Economics Accounting and Management Vol. 2 No. 1 (2025): IJEAM - May 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i1.1220

The aim of this research was to test and analyxe the impact of profitability, capital structure also activity ratio regarding financial distress with liquidity as a moderating variabel in infrastructure companies. This study uses infrastructure sector firms registered on the Indonesia Stock Exchange (IDX) during the periode 2019 – 2023. Purposive sampling was the method employed for sampling, so that the sample obtained amounted to 19 an the total observations used were 95 observations. The data analysis method employed is Moderated Regression Analysis (MRA) using Eviews 12 application. The outcomes of this research concluded that profitability demonstrates a positive and a considerable influence on financial distress, capital structure have a negative and significant effect on financial distress, activity also liquidity ratios do not have a considerable effect on financial distress. Liquidity can moderate a relationship between capital structure on financial distress, but liquidity cannot moderate the relationship between profitability and activity ratio on financial distress

The Effect of Company Size, Leverage, Profitability, and Company Growth on Company Value Muhamad Taufiq; Sumiyarti; Pardomuan Sihombing
International Journal of Economics Accounting and Management Vol. 2 No. 2 (2025): IJEAM - July 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i2.1289

The purpose of this study is to examine the effect of Size, leverage, profitability, and company growth on company value, with interest rates as a moderating variable. The population in this study consists of companies in the coal sub-sector listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The sampling technique used is purposive sampling, resulting in a total of 14 research samples being used in this study. The data analysis technique used in this study is panel data regression. The analysis results show that Size has a negative and significant effect on Firm Value; Leverage has a positive but insignificant effect on Firm Value; Profitability has a negative and significant effect on Firm Value; Firm Growth has a positive but insignificant effect on Firm Value; Interest Rate has a negative but insignificant effect on Firm Value; Interest Rate cannot moderate Size on Firm Value; Interest Rate cannot moderate Leverage on Firm Value; Interest Rate can moderate Profitability on Firm Value; Interest Rate can moderate Firm Growth on Firm Value.

What Drives Firm Value in Emerging Markets? Evidence from Indonesian Telecom Firms Pardomuan Sihombing; Aditya Sabrian Amirullah
Research of Finance and Banking Vol. 4 No. 1 (2026): APRIL 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v4i1.595

This study analyzes the effects of sustainability (ESG disclosure), business risk, dividend policy, and capital structure on firm value, with profitability as a mediating variable in telecommunications companies listed on the Indonesia Stock Exchange during 2020–2024. Although prior research has explored firm value determinants, findings on ESG disclosure and financial policies remain inconsistent, particularly in emerging markets, and few studies integrate these variables within a mediation framework. Using panel data analysis, the results indicate that ESG disclosure and dividend policy have a significant negative impact on firm value, suggesting that the market has not fully valued sustainability initiatives and views higher dividend payouts as limiting reinvestment opportunities. Conversely, capital structure and profitability show significant positive effects, emphasizing the importance of effective leverage management and strong earnings performance in influencing investor perceptions. Business risk has a positive but insignificant relationship with firm value. Mediation testing reveals that profitability mediates the relationship between capital structure and firm value, but does not mediate the effects of ESG disclosure, business risk, or dividend policy. These findings highlight the conditional role of profitability in linking financial decisions to firm value and suggest that ESG disclosure has not yet produced short-term valuation benefits in emerging markets.

Strategic Resilience in Agribusiness: Does CSR Moderate Financial Risks in Indonesian Palm Oil Firms? Pardomuan Sihombing; Ratih Dwi Asmaranti
Research of Finance and Banking Vol. 4 No. 1 (2026): APRIL 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v4i1.599

This study examines the critical role of Corporate Social Responsibility (CSR) in shaping firm value in the palm oil industry, a sector under intense global environmental and social scrutiny. As one of the most controversial resource-based industries, palm oil companies are frequently linked to deforestation, climate change, biodiversity loss, and social conflicts, which significantly influence stakeholder perceptions and investor confidence. These conditions create a fundamental problem: firms with strong financial performance may still experience a gap between their operational achievements and market valuation due to external pressures. Therefore, CSR in this context is no longer merely a symbolic or ethical obligation, but a strategic necessity to maintain legitimacy, enhance corporate reputation, and ensure long-term sustainability. This study examines how internal financial factors, including financial performance, capital structure, profit growth, and operating cash flow, affect firm value while incorporating CSR as a moderating variable. By doing so, the research provides a more comprehensive understanding of firm value that integrates both financial and non-financial dimensions. Ultimately, this study highlights that in high-risk industries such as palm oil, sustainable value creation depends not only on financial strength but also on a company's commitment to responsible environmental and social practices

Co-Authors ,, Rizal Abitur Asianto Aditya Sabrian Amirullah Aditya Sabrian Amirullah Agustina Suparyati, Agustina Amanda Yosephine Bonowati Amrie Firmansyah Anastasia Sianturi Andy Kurniawan, Andy Ardhiani Fadila Ardy Fardiansyah Arifin Hasudungan Manurung Asmaranti, Ratih Dwi Augustina Kurniasih Bonowati, Yosephine Amanda Christi, Eva Aprilia Cynthia Java Al Maduri Dadan Nurhidayat Desmita Desmita Diamanta Putri, Rimada Diamanta Putri Difoasih, Garys Dini Hariyanti Ecryna Cyntia Hutapea Elia Zakchona Elman Junizar Rusdi Erlangga Tri Adhiguna Fitri Apriyana Gultom, Hesekiel Maranatha Gusfriyanto, Harri Hati, Elyana Hestikel Saputra Husni, Ricky Albert Hutajalu, Clinton Banua Betlehem Ida Busnetty Indira Puspa Gustiah Irwan Daud Irwan Daud Jayawarsa, A.A. Ketut Kartikasari, Rachma Kasman Pandiangan Kuncoro, Ignatius Bayu Kwee, Yohanes Leni Hartati Levy Perwiro Garnoko Manik, Defriyanti Cicilia Manurung, Arifin Hasudungan Melitana, Cyndi Loisa Michael Jims Muhamad Taufiq Muhammad Reza Alfianto Siregar Muhammad Sahirul Alim Muhammad Zilal Hamzah Mukhlis Novawiguna K, . . Nur Kamri Hardi Oktavia, Dinda Prabowo, Bumi Prabu Prakosa Andiantyo Pranata, Natanael Priambhodo, Yohanes Dimas Priyo Adiwibowo Putra, Rubby Prastya Putra, Wahyu Sastra Ratih Dwi Asmaranti Reza Alfianto Siregar, Muhammad Richo Dany Wijaya Richo Dany Wijaya, Richo Dany Rizal , Samsuar, Alfan Samsudin, Idris Saputra, Hestikel Sarva Jayana, Nur Satria Fajar Maulana Siagian, Fahri Gunawan Sri Dewi Nur Pasha Sri Marti Pramudena Sri Yani Kusumastuti Suhandi Suhandi Suhandi Sumiyarti Sundoro, Hary Saputra Tri Kunawangsih Tri Kunawangsih P Triadji, Iwan Tumpal Samosir Tyara Pratiwi Poernomoputri VICTOR SIAGIAN Wahyuningsih, Mutia Yosephine Amanda Bonowati Zakchona, Elia Zakchona, Elia

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