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All Journal Walisongo: Jurnal Penelitian Sosial Keagamaan Journal Of Management Science (JMAS) Jurnal Elastisitas : Kajian Pendidikan Ekonomi, Ilmu Ekonomi, dan Kewirausahaan Jurnal SAINTIKOM (Jurnal Sains Manajemen Informatika dan Komputer) AJARCDE (Asian Journal of Applied Research for Community Development and Empowerment) Jurnal Lex Suprema Proceeding of the International Conference on Family Business and Entrepreneurship (ICFBF) International Journal of Accounting & Finance in Asia Pasific Jurnal Indonesia Sosial Teknologi Jurnal Pembumian Pancasila : Mewujudkan TRISAKTI sebagai Pedoman Amanat Penderitaan Rakyat Journal of Infrastructure Policy and Management (JIPM) Journal of Finance and Islamic Banking Jurnal Indovisi
Chandra Setiawan, Chandra
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Religion Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Energy Engineering Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Financial and Efficiency Performance before and after Mergers and Acquisitions in the Indonesian Infrastructure Industry Setiawan, Chandra; Amelia, Perina
Journal of Infrastructure Policy and Management (JIPM) Vol. 7 No. 1 (2024): Journal of Infrastructure Policy and Management (JIPM)
Publisher : PT Penjaminan Infrastruktur Indonesia (Persero)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35166/jipm.v7i1.40

Abstract

This study examines the differences in the financial and efficiency performance of several companies before and after Mergers and Acquisitions (M&A). It specifically evaluates the impacts of M&A on infrastructure industry companies listed on the Indonesia Stock Exchange by comparing their performance three years before and three years after M&A. The analysis employs non-parametric statistics, including the Wilcoxon Signed Rank Test, and Data Envelopment Analysis (DEA). The companies’ financial performance is assessed using various financial ratios: Current Ratio (CR), Debt to Equity Ratio (DER), Cash Ratio (CR), Interest Coverage Ratio (ICR), Fixed Asset Turnover (FAT), Total Asset Turnover (TATO), Return on Asset (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). The data used is secondary data obtained from the Indonesia Competition Commission (ICC/KPPU), the IDX database, and the financial reports of the companies involved. The findings reveal that, overall, the financial and efficiency performance of the five companies did not improve after the M&A. Surprisingly, only one company, i.e., Adhi Karya, successfully increased its efficiency score following the M&A.
Evaluating the Effectiveness of Financial Distress Prediction Models in the Property and Real Estate Sector Setiawan, Chandra; Gultom, Febriana Valentina
International Journal of Accounting and Finance in Asia Pasific (IJAFAP) Vol 8, No 3 (2025): October 2025
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijafap.v8i3.4132

Abstract

Financial distress poses a serious threat to Indonesia’s property and real estate sector, requiring reliable prediction models to prevent bankruptcy and maintain economic stability. This study compares the predictive accuracy of four classical financial distress models (Altman Z-Score, Zmijewski X-Score, Springate S-Score, and Grover G-Score) using data from 30 IDX-listed firms (150 observations) from 2020 to 2024. A quantitative approach was applied through descriptive statistics, Kolmogorov-Smirnov normality tests, Kruskal-Wallis, and Mann-Whitney U tests, with cash flow patterns as the benchmark of financial distress. The results show significant differences among the models (p0.001), confirming H1, with the Zmijewski X-Score achieving the highest accuracy (79%), followed by Altman (76%), Grover (72%), and Springate (29%). The Zmijewski model’s logistic regression approach and emphasis on leverage make it the most effective predictor for firms in volatile market conditions, supporting H2. These findings highlight that model performance depends on economic context, emphasizing the need for continuous validation in emerging markets. The Zmijewski X-Score offers practical value for investors, managers, and policymakers in strengthening financial resilience and early distress detection.
The Effect of Concentration and Immersion Time of Sodium Hydrogen Sulfites as an Anti-Browning Agent in Sliced Apples (Malus sylvestris Mill.) Utama, Nafi; Nusivera, C.D.; Prabasari, Indira; Setiawan, Chandra
AJARCDE (Asian Journal of Applied Research for Community Development and Empowerment) Vol. 9 No. 2 (2025)
Publisher : Asia Pacific Network for Sustainable Agriculture, Food and Energy (SAFE-Network)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29165/ajarcde.v9i2.648

Abstract

Sodium hydrogen sulfite or sodium bisulfite (NaHSO3) is a common anti-browning agent to preserve fresh produce. We can maintain the color of fruits and vegetables by inhibiting certain enzymes involved in the browning process. The study evaluates different concentrations (50, 100, 150, and 200 ppm) and immersion time (three and five minutes) of NaHSO3 applied to fresh-cut apples. Sliced apples (n=189 slices) were grouped into nine groups: N50I3 (50 ppm NaHSO3 immersion for three minutes),  N100I3 (100 ppm NaHSO3 immersion for three minutes),  N150I3 (150 ppm NaHSO3 immersion for three minutes),  N200I3 (200 ppm NaHSO3 immersion for three minutes), N50I5 (50 ppm NaHSO3 immersion for five minutes), N100I5 (100 ppm NaHSO3 immersion for five minutes),  N150I5 (150 ppm NaHSO3 immersion for five minutes), N200I5 (200 ppm NaHSO3 immersion for five minutes) and control group. The samples were compared between groups for peroxidase activity (unit/min), polyphenol oxidase activity (unit/min), phenolic content (ppm), total antioxidant activity (%), and discoloration (hue) every three days for 15 days. The results showed that immersing freshly cut fruit of Manalagi apples in NaHSO3 50 ppm for three minutes was the best treatment for inhibiting the enzymatic browning process compared to other treatments. Contribution to Sustainable Development Goals (SDGs):SDG 2: Zero HungerSDG 3: Good Health and Well-beingSDG 12: Responsible Consumption and ProductionSDG 5: Industry, Innovation and Infrastructure
Efficiency and non-performing loans of comparison between commercial banks in Indonesia and Malaysia Setiawan, Chandra; Lumban Tobing, Joseph Utama
Junal Ilmu Manajemen Vol 7 No 1 (2024): January: Management Science and Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/jmas.v7i1.444

Abstract

Banks play a pivotal role in the economy, serving as intermediaries between those with excess funds and those needing funds. They contribute to both micro and macroeconomic activities in a country. Malaysian banks are operating in Indonesia, some of which have become the largest banks in the country. However, Indonesian banks face challenges in expanding their business in Malaysia. This research investigates the efficiency and determinants of non-performing loans (NPL) of commercial banks in Indonesia and Malaysia from 2014 to 2018. The study utilized variables such as Capital Adequacy Ratio (CAR), Net Interest Margin (NIM), Gross Domestic Product (GDP), Inflation (INFL), and Return on Asset (ROA) of NPL as determinants. The Data Envelopment Analysis (DEA) approach was used to measure the technical efficiency of commercial banks in both countries, and panel regression was used to find the determinants of efficiency and NPL. The findings show that most banks in Indonesia have relatively low efficiency, while banks in Malaysia have high efficiency. However, there was no significant difference between the efficiency of commercial banks in Indonesia and Malaysia. The study also revealed that ROA significantly affected NPL and efficiency for commercial banks in both countries. In contrast, CAR and GDP did not significantly affect NPL and efficiency
UI/UX Design Using the Design Thinking Method in the Development of a New Student Registration Information System Website at Raudhatul Athfal (RA) Qurrotul 'Uyun Lestari, Adinda Gita; Sariasih, Findi Ayu; Prayitno, Edhi; Bahri, Chaerul; Setiawan, Chandra
Jurnal Indonesia Sosial Teknologi Vol. 6 No. 1 (2025): Jurnal Indonesia Sosial Teknologi
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jist.v6i1.8905

Abstract

This research aims to design User Interface (UI) and User Experience (UX) for website-based student registration at Raudhatul Athfal (RA) Qurrotul 'Uyun using design thinking method. In the face of educational development and the need for technological innovation, the use of technology in school administration activities is crucial to improve efficiency. This research highlights the problems faced by Raudhatul Athfal Qurrotul 'Uyun, namely the use of manual forms and Google Forms in Registration, which have the potential to result in filling errors and difficult data management. The design thinking method is applied through the stages of empathize, define, ideate, prototype, and testing. Interviews were conducted with prospective student guardians, solution ideas were collected, and a UI design was created to illustrate user flow. The prototype was tested through usability testing with the system usability scale, involving 12 respondents. The results showed that the UI and UX design of web-based student registration using figma tools with the design thinking method can be done at Raudhatul Athfal (RA) Qurrotul 'Uyun.
Empirical Study: The Urgency of Extraterritorial Principles in Business Competition Law in Indonesia Setiawan, Chandra; Kristianto, Fennieka; Amelia, Perina
Jurnal Indovisi Vol. 7 No. 3 (2025): Jurnal Indovisi
Publisher : Indonesian Indovisi Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32698/19072408

Abstract

Today's fast-paced economy makes business transactions seamless and seamless. Transactions are no longer only local, but also spread across countries. The economic system in this modern era 'obliges' a country to be able to properly apply business competition law. One of the functions of business competition law is as a means of controlling the abuse of economic power by business actors by preventing monopolistic practices and unfair business competition. Meanwhile, in Law no. 5/1999, the ICC has no extraterritorial powers. The research method used in this research is normative juridical by making Law No. 5 Year 1999 as the object of study.
Pengawasan persaingan usaha di era perkembangan ekonomi digital Setiawan, Chandra; Kristianto, Fennieka; Purba, Andryan Maju Kevin Martin; Sabrina, Dania; Christabella, Kezia Sharon; Nadya, Nadya; Amelia, Perina; Yusiani, Reygita
Jurnal Indovisi Vol. 6 No. 3 (2024): Jurnal Indovisi
Publisher : Indonesian Indovisi Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32698/19073508

Abstract

Perkembangan teknologi yang sangat cepat di masa ini membuka lebar peluang dan juga mendorong terjadinya percepatan pertumbuhan ekonomi masing-masing negara. Percepatan perkembangan teknologi digital tentu membawa banyak perubahan, salah satunya dalam hal perkembangan ekonomi digital. Ekonomi digital berkembang sangat pesat di tanah air dengan menyumbang begitu banyak bantuan dalam mempermudah kebutuhan masyarakat. Di sisi lain, muncul ketakutan bahwa pelaku usaha besar di ekonomi digital akan memicu kekuatan pasar yang mana berpotensi menciptakan persaingan usaha yang tidak sehat. Penelitian yuridis-normatif akan dilakukan dalam jurnal ini guna mengkaji lebih dalam mengenai dampak ekosistem digital terhadap persaingan usaha yang di khususkan pada wilayah Indonesia dan juga bagaimana peran Komisi Pengawas Persaingan Usaha (KPPU) dalam menanggapi kemungkinan terjadinya persaingan usaha tidak sehat pada era ekonomi digital. Pada penelitian ini ditemukan bahwa penting untuk mempersiapkan antisipasi melalui peraturan atas perkembangan persaingan usaha dalam sektor ekonomi digital.
Co-Authors Amallia, Dwi Novia Amelia, Perina Angelina, Selly Bahri, Chaerul Christabella, Kezia Sharon Cukarestu, Yesica Dzakiah, Wanda Putri Edhi Prayitno, Edhi Findi Ayu Sariasih Gultom, Febriana Valentina Haiming, Wen Hapsari, Leona Febi Hasugian, Penda Sudarto Indira Prabasari, Indira Kristianto, Fennieka Lestari, Adinda Gita Lumban Tobing, Joseph Utama Marpaung, Endra Ary Prasasty Maruf, Adam Maulana, Alfan Nadya Nadya, Nadya Nugraha, Rivaldi Nusivera, C.D. Permata, Cinta Purba, Andryan Maju Kevin Martin Ramadhita, Salsabila Sabrina, Dania Samsul Hidayat Sinaga, Dedi Candro Parulian Utama, Nafi Vicky F Sanjaya Wibisono, Goestio Trillion Yusiani, Reygita