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All Journal Jurnal Keuangan dan Perbankan DeReMa (Development Research of Management) Jurnal Manajemen Binus Business Review Journal of Economic, Bussines and Accounting (COSTING) JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Owner : Riset dan Jurnal Akuntansi Jurnal ULTIMA Accounting EKUITAS (Jurnal Ekonomi dan Keuangan) Journal of Business and Applied Management Jurnal Proaksi Jurnal Akuntansi Enrichment : Journal of Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Journal of Sustainable Community Development (JSCD) The South East Asian Journal of Management Proceeding National Conference Business, Management, and Accounting (NCBMA) Proceeding of International Conference on Entrepreneurship (IConEnt) Al-Iqtishad
Sung Suk Kim
Department Of Management, Business School, Universitas Pelita Harapan Jl. M.H. Thamrin Boulevard 1100, Tangerang, 15811
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Social Sciences

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MENTAL ACCOUNTING AND LOSS AVERSION ON INDONESIA FIRM’S PERFORMANCE DURING COVID-19 Grace Turangan; Sung Suk Kim
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 7 No 3 (2023): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2023.v7.i3.5356

Abstract

The world shocked by the found of new virus COVID-19 which impact the firm’s performance. The objective of this study is to examine the effect of mental accounting behavior and loss aversion on the performance of companies in Indonesia listed on KOMPAS100 during the period of pandemic COVID-19. The Ordinary Least Square (OLS) regression model on panel data was formed using the two dependent variables ROA and Tobin’s Q. The results show that loss aversion behavior gives a negative impact on company performance, both on variable ROA and Tobin's Q variables and that behavior generally has an increasing impact when the crisis due to the COVID-19 pandemic occurs. While mental accounting behavior also influence on a negative impact on company performance by using the ROA variable along COVID-19 pandemic period, this behavior significantly increased giving a negative impact on company performance. However, these results are not in line with research using Tobin's Q which shows significant results that mental accounting behavior gives positive impact on company performance and the impact increases when crisis period due to COVID-19 pandemic. The research concluded previous research shows that both mental accounting and loss aversion gave impact to the company performance.
DETERMINAN MAKROEKONOMI TERHADAP STOCK MARKET DEVELOPMENT DI ASEAN Hazimah I’za Zain; Kim Sung Suk
Proceeding National Conference Business, Management, and Accounting (NCBMA) 9th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

This study investigates the relationship between macroeconomic factors and stock market development. Specifically, it examines the roles of gross domestic product, inflation, trade openness, financial intermediary development, investment rate, and saving rate across multiple dimensions of market development, including stock market capitalization, equity trading, turnover ratio, and the number of listed companies in ASEAN countries over the period 2000–2024. Testing methods conducted by a fixed effects panel data approach with Driscoll–Kraay standard errors to account for heteroscedasticity and cross-sectional dependence, the findings reveal substantial heterogeneity in the effects of macroeconomic variables. The results indicate that gross domestic product, inflation, financial intermediary development, and investment rate have an insignificant relationship across most stock market development indicators. Trade openness demonstrates a positive and significant relationship, particularly when proxied by equity trading and listed companies. Saving rate indicates a robust significant effect on stock market capitalization, further supported by turnover ratio dynamics. These findings highlight the differentiated transmission mechanisms of macroeconomic factors within ASEAN financial systems and underscore the need for coordinated macro-financial policies to enhance the complementarity between banking institutions and capital markets, thereby fostering sustainable market development.
PENGARUH STRUKTUR MODAL TERHADAP PROFITABILITAS PERBANKAN KONVENSIONAL DI INDONESIA DENGAN REGRESI KUANTIL Gokma Simbolon; Sung Suk Kim
Proceeding National Conference Business, Management, and Accounting (NCBMA) 9th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

The banking sector plays a critical role in maintaining financial stability and supporting economic growth. In banking institutions, capital adequacy is a key determinant of financial resilience and operational performance. However, the relationship between capital adequacy and profitability remains debated, particularly regarding whether higher capital level consistently enhances bank performance or instead creates inefficiencies due to excess capital holdings. This study aims to examine the impact of capital structure on the profitability of convention banks in Indonesia while emphasizing the potential non-linear relationship between capital adequacy and bank profitability. The study utilizes panel data from 41 conventional banks in Indonesia over the period 2014 – 2024, comprising 451 observations. Bank profitability is measured using Return on Equity (ROE). The primary explanatory variables include Capital Adequacy Ratio (CAR) and its squared term (CAR2) to capture potential non-linear effects. Control variables include Non-Performing Loan (NPL), Operating Expenses to Operating Income (BOPO), Loan to Deposit Ratio (LDR) and Net Interest Margin (NIM), while macroeconomic variables include Gross Domestic Product Growth (GDP), Inflation (INF) and market concentration measured using the Herfindahl-Hirschman Index (HHI). The empirical analysis applies panel quantile regression using STATA to capture heterogeneous effects across different profitability levels. The results show the bank-specific factors significantly influence profitability. BOPO and NPL negatively affect ROE, while NIM positively contributes to profitability. Furthermore, the findings reveal a non-linear relationship between capital adequacy and profitability, indicating the existence of an optimal capital level in the banking sector. In contrast, macroeconomic factors such as GDP growth, INF and HHI do not significantly affect bank profitability. This study contributes to the literature by providing empirical evidence on heterogeneous capital-profitability dynamics using a quantile regression framework in the Indonesia banking industry.
MACRO HERD BEHAVIOUR AND THE SIZE EFFECT: A COMPARATIVE ANALYSIS BETWEEN SHARIA (ISSI) AND NON-SHARIA STOCKS IN INDONESIA Laurensius Avellino; Vivi Liu; Kim Sung Suk
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 7 No. 01 (2025): Juli-Desember 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v7i01.1308

Abstract

This study aims to identify and analyze the patterns of macro herding behavior in the Indonesian Stock Market (IHSG) and to compare the intensity of general herding and the influence of Market Capitalization (Size Effect) between the Sharia Stock Index (ISSI) and Non-ISSI sub-samples. Utilizing weekly stock price data from all IDX-listed companies for the 2011???2024 period, the study applies the more robust Tessler and Venezia Herding Model (2022). Comparative analysis is performed on the Total IHSG, ISSI, and Non-ISSI segments. It is found that macro herding is detected in the IHSG, predominantly during extreme market conditions. The intensity of general herding is found to differ significantly between the ISSI and Non-ISSI groups, and the influence of Market Capitalization on herding also exhibits distinct patterns across the two sub-samples.The originality lies in the application of the robust Tessler and Venezia Model (2022) in the Indonesian Market and the comparative analysis of herding and Size Effect in the dualistic ISSI/Non-ISSI market. The findings confirm that Sharia compliance and firm size are important determinants moderating collective investor behavior, providing strong practical implications for regulators (OJK) and market participants.
The Effect of Greenwashing on Company Value Freshtriana Freshtriana; Sung Suk Kim
Owner : Riset dan Jurnal Akuntansi Vol. 9 No. 1 (2025): Artikel Riset Periode Januari 2025
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v9i1.2511

Abstract

Comparing manufacturing companies in LQ45, this research examines the effect of greenwashing on company value. For the past few decades, environmental issues have become a major concern for investors, the public, and other stakeholders. This has encouraged businesses to implement stricter environmental responsibility practices. To find the appropriate regression model, the study used the Hausman and LM tests. The results indicate that the random effects model is more suitable. With a coefficient of 0.0163, the regression analysis shows that greenwashing has a significant positive effect on company value. In addition, control variables such as the use of debt funds, age, and investment in fixed assets increase the value of the company, while the LIK and GROWTH variables decrease it. This finding indicates that the market tends to respond to greenwashing in company assessments, and emphasizes that businesses should optimize their investments in sustainable projects to enhance their overall value. This research enhances our understanding of the relationship between greenwashing practices and company value, as well as the effect of greenwashing practices on sustainable business strategies.
The Impact of Greenwashing Practices on Stock Liquidity and Volatility in Indonesia Melvien Deisie Christin Welang; Juli Hendri; Sung Suk Kim
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study examines the impact of greenwashing on stock liquidity and volatility, using data from companies listed on the Indonesian stock exchange in the period 2018 to 2022. The results show that greenwashing has a positive impact on liquidity. The results show that greenwashing has a positive effect with stock price volatility, which indicates that increased greenwashing leads to higher market uncertainty. Furthermore, greenwashing has a negative effect on liquidity during the Covid-19 pandemic, but the effect of greenwashing on stock volatility is not different during the Covid-19 period.
Board Gender Diversity and IPO Price Formation in Indonesia Vivi Liu; Sung Suk Kim
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study aims to analyze the effect of gender diversity in boards of commissioners and directors on the level of underpricing on the first trading day following an Initial Public Offering (IPO) in Indonesia. The data used consist of companies that conducted IPOs in Indonesia dure in Indonesia during the period 2021-2024. The results indicate that in the Indonesian market, investors place greater emphasis on firms’ fundamental factors rather than gender-related aspects when making investment decisions at the time of an IPO. Market Capitalization, Return on Assets (ROA), and Share Overhang (SO) are found to be significant variables. This study contributes to the literature on factors influencing stock market performance during IPOs and provides practical implications for firms and regulators in formulating IPO strategies. Future research could be extended by incorporating additional factors such as financial characteristics, macroeconomic conditions, and managerial aspects in shaping investor decision-making.
ANALISIS HERDING BEHAVIOR PADA PASAR SAHAM SYARIAH INDONESIA: STUDI EMPIRIS PADA INDEKS JAKARTA ISLAMIC INDEX (JII) Rachmat Trisugiharto; Sung Suk Kim
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 2 (2026): Journal of Economic, Bussines and Accounting (COSTING)
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/trezv336

Abstract

Penelitian ini bertujuan untuk mengidentifikasi keberadaan herding behavior di antara investor ritel di pasar saham syariah Indonesia, dengan fokus pada saham-saham yang terdaftar dalam Jakarta Islamic Index (JII). Penelitian ini menggunakan pendekatan Cross-Sectional Absolute Deviation (CSAD) dengan data sekunder mingguan dari Juni 2015 hingga November 2024. Model regresi linier digunakan untuk menguji pengaruh absolute market return dan squared market return terhadap nilai CSAD. Hasil penelitian menunjukkan bahwa absolute market return memiliki pengaruh positif dan signifikan, yang mencerminkan perilaku heterogen di antara investor ritel dalam kondisi pasar yang moderat. Namun, squared market return tidak signifikan, sehingga tidak memberikan bukti adanya herding behavior dalam model linier. Estimasi model kubik menunjukkan bahwa cubic market return memiliki pengaruh positif dan signifikan terhadap CSAD, yang mengindikasikan adanya hubungan non-linear antara volatilitas pasar dan dispersi return.
Co-Authors Agus Diemas Prayoga Andre Suryadinata Anthony Lukmawijaya Apriani Dorkas Rambu Atahau Bang Jessica Santiyano Budhidharma, Valentino Carissa Carissa Clara Constantine Clara, Nathania Cynthia Wijayanti Darmia, Darmia Derry Irahadi Derry Rijken Irahadi Dewi, Shinta Kurnia Dimu, Darmia Edwin Hendra Edwin Hendra, Edwin Edwin Wijaya Eko Cristian felicia julianti Felicia Julianti Ferdinand, Ferry Vincenttius Freshtriana Freshtriana Freshtriana, Freshtriana Gokma Simbolon Golrida Karyawati Grace Turangan Gracia S Ugut Hazimah I’za Zain Herlina Lusmeida Irwan Adi Ekaputra Iyvon Herliawan Jasen, Lie Jeanice Jeanice Jonathan Gunalan Joseph, Widyatama Juli Hendri Juli Hendri Juliana, Rita Juniarty Kasiha, Nathalia W N Kasiha, Nathalia Wanda Nova Katherine, Hartati Kie Van Ivanky Saputra Kurniawan Kurniawan Laurensius Avellino Liza Handoko Maria Stevani Sianturi Maria Stevani Sianturi Melvien Deisie Christin Welang Melvien Deisie Christin Welang Metta Dewi Monica Shendiana Sugianto Muhamad Farhan Muljono, Danella Rachel Nugroho, Vina Parengkuan, Samuel Ray Aditya Purba, Golrida Karyawati R. Rinda Rachmawati Brata Rachmat Trisugiharto Rahmawanti, Tamara Restiana Ie Tjoe Linggadjaya Sandra Sandra Sembel, Jacquelinda Sandra Sidharta, Kevin Stanley Mulja Stefanus Hugo Lusida Suryadinata, Andre Sylvia Samuel Tri Mulyana Vivi Liu Vivi Liu Waluyo, Herlina Wennars, Lesely Willyandi Tairas Wirdy Leonarsan Yoga Rima Hadi