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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia Jurnal Ekonomi International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) Proceeding of the International Conference on Family Business and Entrepreneurship (ICFBF) Return : Study of Management, Economic and Bussines Journal of Business, Social and Technology Eduvest - Journal of Universal Studies Amkop Management Accounting Review (AMAR) Riset Akuntansi dan Keuangan Indonesia Proceeding of International Conference on Global Innovation and Trends in Economy
Eka Pria Anas
Department Of Management, Faculty Economic And Business, Universitas Indonesia
Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences Other

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Analisa Kemugkinan Penerapan Tarif Tol Dinamis: Studi Kasus Pada Jalan Tol dalam Kota Jakarta Anggoro, Yoga Tri; Anas, Eka Pria
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v9i4.15481

Abstract

Peningkatan jumlah kendaraan meningkat dengan cepat namun hal ini tidak sejalan dengan peningkatan jumlah dan panjang jalan, sehingga sering terjadi kepadatan kendaraan di suatu ruas jalan khususnya di jalan tol pada periode waktu puncak (peak hour). Penelitian ini bertujuan untuk mengkaji penerapan tarif tol dinamis dalam mengurai kepadatan jalan tol. Penelitian ini menggunakan variabel – variabel yang membentuk besaran dan waktu penerapan tarif dinamis antara lain tingkat kepadatan jalan tol, Ability-To-Pay (ATP), Willingness-To-Pay (WTP) serta tingkat sensitifitas tarif terhadap volume lalu lintas. Penelitian ini menemukan bahwa penerapan tarif dinamis di jalan tol dapat merubah pola serta waktu perjalanan pengguna jalan tol. Penerapan tarif dinamis ini dapat mengurai kepadatan yang terjadi pada periode waktu puncak.
Economic Policy Uncertainty (EPU) dan Cash Holding Perusahaan di Negara Asia Tenggara Herdiana, Dita; Pria Anas, Eka
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v10i7.59831

Abstract

Manajemen kas bertujuan untuk menjaga likuiditas jangka pendek, menekan biaya operasional harian, dan mengoptimalkan struktur modal dari suatu perusahaan. Strategi perushaaan untuk mengelola kas dipengaruhi oleh sejumlah faktor termasuk kebijakan yang dikeluarkan pemerintah seperti fiskal, moneter, dan sektoral. Studi menunjukkan bahwa perusahaan cenderung meningkatkan kas sebagai langkah antisipatif terhadap tingginya ketidakpastian kebijakan ekonomi. Konsep economic policy uncertainty (EPU) yang dibangun oleh Baker, Bloom, dan Davis (2015) telah menarik minat penelitian dalam literatur ekonomi dan keuangan, khususnya dalam menjelaskan dampak terhadap strategi dan pengambilan keputusan perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh EPU terhadap kebijakan kas perusahaan di Asia Tenggara. Dengan menggunakan data panel periode 2007–2024 dan metode regresi fixed effect, penelitian ini mengevaluasi hubungan antara EPU dan cash holding perusahaan yang terdaftar di lima negara: Indonesia, Singapura, Malaysia, Thailand, dan Vietnam. Hasil penelitian menunjukkan bahwa EPU berkorelasi positif dan signifikan terhadap cash holding di perusahaan di Asia Tenggara. Kemudian, variable pada tingkat perusahaan yang signifikan terhadap cash holding yaitu leverage dan profitabilitas. Hasil penelitian diharapkan dapat memberikan masukan bagi manajemen keuangan perusahaan dan pembuat kebijakan dalam merancang strategi keuangan perusahan di tengah meningkatnya ketidakpastian ekonomi.Kata Kunci: ketidakpastian kebijakan ekonomi (EPU), penyimpanan kas perusahaan, Asia Tenggara
Feasibility and advance scenario analysis of toll road company with low rate of return on investment in Indonesia: case study of the Manado-Bitung toll road Maulana, Aldrin; Pria, Eka
Jurnal Ekonomi Vol. 13 No. 01 (2024): Jurnal Ekonomi, Edition January - March 2024
Publisher : SEAN Institute

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

Abstract

Infrastructure development in developing countries can have a transformative impact on people's lives. Maintaining the speed of infrastructure development in developed countries is one way to maintain economic growth. To maintain development, different types of Government support can attract more investment from business entities to be interested in a Public Private Partnership (PPP) investment, such as the Viability Gap Fund (VGF). Amongst many, Manado-Bitung toll road is one example that has received VGF. In connection with the above matters, it is necessary to conduct an analysis on the feasibility of the sustainability of this toll road and also sensitivity to other factors that may affect the level of investment feasibility. The analysis will be done by gathering historical secondary data, that is used to compare the financial feasibility of the toll road between the existing and the Concession Agreement, a sensitivity study using investment parameters, and scenario analysis according to the results to measure future feasibility using combinations. Conclusions and inputs will then be recommended for usage of the stakeholders of Manado-Bitung toll road.
Contemporary Strategy Theory and Practice: A Summary of the Literature Eka Pria
Return : Study of Management, Economic and Bussines Vol. 4 No. 4 (2025): Return: Study of Management, Economic and Business
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v4i4.358

Abstract

Contemporary strategy continues to evolve along with changes in the global environment, technology, and market dynamics. Modern strategic approaches now involve more than just classic theories such as Resource-Based View (RBV) and Dynamic Capabilities; they include new concepts more adaptive to the disruption of the times. This research uses a descriptive qualitative approach with a literature review method. The literature reviewed included scientific journals, books, and research reports relevant to contemporary strategy theory and practice. From the results of the literature review, eight main contemporary strategy approaches were found: Optimal Distinctiveness, Cultural Entrepreneurship, the role of emotions and ambiguity in organizations, Attention-Based View, business divestment, Strategic Rhythms, and the integration of artificial intelligence (AI) in strategy development. Each approach offers a unique contribution to understanding organizational strategy in an era of complexity and disruption. This research confirms that no single theory of strategy is universally applicable. Contextual incorporation of various contemporary approaches is essential to develop adaptive and competitive strategies. This research also opens up further research opportunities for empirical validation and cross-theoretical integration in strategic practice.
Analysis And Implementation Of Turnaround Strategies And Their Impact On Company Performance: A Case Study Of An Outsourcing Company Carolina Radjawane; Eka Pria Anas
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 13 No 3 (2025): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v13i3.7616

Abstract

This study aims to analyze and describe turnaround strategies and how their implementation affects company performance. This study employs a qualitative case study approach on PT DPS, an outsourcing company with head office in Tangerang, analyzing qualitative data gathered through in-depth semi-structured interviews with the company's senior management, as well as analyzing quantitative data obtained through examination of the company’s reports and documentation. The study employs financial ratios to assess the company's financial performance and uses the Altman Z-score to evaluate the company's bankruptcy risk. The implementation of turnaround strategies has led to improvements in the company's performance, including profitability, liquidity, asset management, and the Altman Z-score. However, the company is expected to remain in a net loss position and not yet entirely free from the risk of bankruptcy by the end of 2024. Research on outsourcing companies is scarce, particularly studies focusing on outsourcing companies facing financial distress and implementing turnaround strategies. Previous research on turnaround strategies typically involves non-outsourcing companies or discusses outsourcing from the perspective of businesses utilizing outsourcing services as a turnaround tactic. This study aims to offer a deeper understanding of the impact of turnaround strategies on outsourcing companies operating within a growing industry.
EFFECT OF ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) DISCLOSURE AND DISPARITY ON FINANCIAL PERFORMANCE AND FIRM VALUE Ilham Azhar Effendi; Eka Pria Anas
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 5 No. 4 (2026): MARCH
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.19486721

Abstract

This study examines the effect of Environmental, Social, and Governance (ESG) disclosure and rating disparity on the financial performance and firm value of companies listed on the Indonesia Stock Exchange. The sample includes 45 companies from the ESG Leaders Index during 2019–2023. ESG disclosure is measured using scores from Bloomberg and Refinitiv, while disparity is calculated from the difference between both. Financial performance is measured by Return on Assets (ROA), and firm value by Tobin’s Q. Using panel data regression with a fixed effect model, the results show Bloomberg’s ESG score has a positive impact on ROA, while Refinitiv’s score has a negative effect. Both ESG scores negatively affect firm value. Surprisingly, ESG disparity shows a positive correlation with firm value. These findings highlight the need for harmonized ESG standards and caution for investors relying on ESG ratings.
Optimization of Bond Portfolio Using Risk Parity Analysis: Case Study on USD-Denominated Bonds Portfolio Reza Hidayat; Eka Pria Anas
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51299

Abstract

This study examines the performance of the risk parity approach in optimizing USD-denominated fixed income portfolios, particularly for institutional investors such as central banks. The research addresses limitations in the traditional Mean-Variance Optimization (MVO) method, which is highly sensitive to input data and prone to concentration risk. Risk parity, also known as Equally Weighted Risk Contribution (ERC), distributes risk evenly across assets without relying on expected return estimates, enhancing portfolio diversification. Using empirical data from 2014 to 2023, the study calculates risk contributions, constructs a covariance matrix, optimizes portfolio weights, and evaluates performance through the Sharpe ratio. The empirical findings reveal that although the MVO model achieved a slightly higher overall Sharpe ratio, the Risk Parity approach demonstrated superior stability and resilience across different market conditions, particularly during periods of high volatility such as the COVID-19 pandemic and post-pandemic financial tightening. These results suggest that Risk Parity, by emphasizing risk diversification over return forecasting, enhances portfolio robustness, making it an attractive strategy for conservative institutional investors focused on stability and capital preservation. The study highlights that portfolio optimization performance is context-dependent, with Risk Parity offering better protection in turbulent conditions, thereby supporting its broader adoption for risk-averse institutions in an increasingly uncertain global financial environment.
The Effect of Strategic Agility and Digital Transformation on Strategic Renewal: An Empirical Study of Private Primary Health Care Services in Indonesia Muhammad Umar Austiko; Eka Pria Anas
Amkop Management Accounting Review Vol. 6 No. 1 (2026): January - June
Publisher : Yayasan Vifada Cendikia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/amar.v6i1.3537

Abstract

This study is motivated by intensifying competition and rising patient expectations for fast, accessible, and digitally enabled services in private health clinics, especially in urban Indonesian cities. A research gap persists because most prior work focuses on hospitals or macro-level analyses, while quantitative evidence at the main-clinic level remains limited. We conducted a cross-sectional survey of 142 respondents and estimated the structural model using PLS-SEM. The results show that digital orientation and digital intensity positively influence strategic agility and digital transformation, with digital intensity exerting the stronger effect, particularly on digital transformation. The mediating role of digital transformation is supported, whereas strategic agility's mediation is not. The study explains that the combination of a clear digital orientation, sustained digital investment intensity, and end-to-end execution of digital transformation is the most significant driver of strategic renewal. Managerial implications highlight the need to institutionalize digital orientation, allocate dedicated digital budgets, run cross-functional transformation programs, and foster a collaborative digital culture to accelerate execution amid competitive pressure and growing customer demands.
Analysis of The Impact of Spin-Off Announcements on Stock Performance: Evidence from Asia Rachma Wahyu Ningrum; Eka Pria Anas
Journal of Business, Social and Technology Vol. 7 No. 3 (2026): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v7i3.713

Abstract

Background: This research is motivated by the increasing practice of spin-offs as a strategy for company divestment in responding to market dynamics and global business efficiency. The announcement of a spin-off is often considered a positive signal by investors because it is considered to be able to increase the company's business focus and create added value for shareholders. However, the results of previous research still show mixed findings regarding the influence of spin-offs on stock performance, especially in the Asian region. Objective: This study aims to analyze the impact of spin-off announcements on the stock performance of public companies in Asia for the period 2000–2025 and compare market reactions between developing and developed countries as well as between Asian subregions. Methods: The study used a quantitative approach with the event study method and the Constant Mean Return Model on 74 samples of spin-off events. Results: The results showed that the market responded positively on the event day and one day after the announcement, which was demonstrated through significant Average Abnormal Return (AAR) and Cumulative Average Abnormal Return (CAAR) values. However, in the period after the announcement, there was a market correction that showed that investor reactions were short-term. In addition, no significant differences were found between market reactions in developing and developed countries as well as between Asian subregions. Conclusion: This study concludes that spin-off announcements provide signals that tend to be ambiguous and are heavily influenced by the market context of each country.
Co-Authors Adiyaksa Pratama Anggoro, Yoga Tri Carolina Radjawane Dita Herdiana Evelyn Indriani Ghani Fikri Yasri Giovani Anward Hendra Gunawan Ilham Azhar Effendi Maulana, Aldrin Muhammad Aldi Wicaksono Muhammad Umar Austiko Rachma Wahyu Ningrum Reza Hidayat Reza Kazhimi Ria Marlinda Paallo Sanusi, Amri Saputra, Mohan Maulana