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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 Pembumian Pancasila : Mewujudkan TRISAKTI sebagai Pedoman Amanat Penderitaan Rakyat Journal of Infrastructure Policy and Management (JIPM) Journal of Finance and Islamic Banking Indonesian Journal of Accounting and Governance Jurnal Indovisi Riset Akuntansi dan Bisnis Indonesia
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
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 dalam ekosistem ekonomi digital: tantangan dan implikasi regulasi 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 ekonomi digital telah mengubah secara mendasar struktur pasar dan dinamika persaingan usaha, sehingga menimbulkan tantangan baru bagi efektivitas pengawasan persaingan usaha. Penelitian ini bertujuan menganalisis dampak ekosistem ekonomi digital terhadap persaingan usaha di Indonesia serta mengkaji optimalisasi peran Komisi Pengawas Persaingan Usaha (KPPU) dalam menghadapi potensi praktik persaingan usaha tidak sehat di era digital. Penelitian ini menggunakan desain yuridis-normatif dengan pendekatan deskriptif-analitis, berbasis data sekunder berupa peraturan perundang-undangan, literatur ilmiah, dan dokumen kebijakan terkait ekonomi digital dan hukum persaingan usaha. Hasil penelitian menunjukkan bahwa ekonomi digital mendorong peralihan struktur pasar menuju sistem berbasis platform dan data, yang memperkuat konsentrasi pasar serta meningkatkan kompleksitas penilaian market power. Karakteristik tersebut menimbulkan risiko praktik persaingan usaha tidak sehat yang sulit dideteksi melalui mekanisme pengawasan konvensional. Penelitian ini menegaskan pentingnya pembaruan kerangka regulasi dan penguatan kapasitas kelembagaan KPPU agar pengawasan persaingan usaha tetap efektif dalam menghadapi dinamika ekonomi digital.
Determinants of Profitability and DEA Efficiency Analysis of Indonesia’s Cigarette Industry Setiawan, Chandra; Angelina, Selly
Indonesian Journal of Accounting and Governance Vol. 9 No. 2 (2025): DECEMBER
Publisher : School of Accountancy, University of Agung Podomoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36766/hm4xw139

Abstract

Despite high smoking rates and substantial household spending on cigarettes, cigarette sales volume in Indonesia has gradually declined over recent years. Amid these challenging times in the cigarette industry, this research aims to analyze the determinants of profitability and efficiency of cigarette companies in Indonesia from 2019 to 2023. The study uses data from quarterly financial reports of four companies listed on the IDX. In panel data regression analysis, the independent variables include the current ratio (CR), assets turnover (TATO), and debt-to-equity ratio (DER), while the dependent variable is return on assets (ROA). The selected model for panel data regression is the Fixed Effect Model (FEM). The findings reveal that both CR and DER have a significant negative impact on return on assets, while TATO has a significant positive impact on ROA. All the independent variables collectively exert a significant influence on the ROA of cigarette companies. Among these variables, DER has the most significant effect on profitability. These variables explain 51.90% of the variation in ROA. Additionally, the average technical efficiency score of cigarette companies in Indonesia from 2019 to 2023 is 69.0%. Simple regression analysis further shows that the average technical efficiency score significantly and positively influences ROA, accounting for 47.68% of the variation. Overall, these variables explain 99.76% of the variation in ROA. In conclusion, cigarette companies should focus on optimizing asset use and cautiously managing debt levels to attract investors and sustain stable returns even during market fluctuations.
The Effect of Loan Interest Rate, Loan Flexibility, And Perceived Risk on the Intention to Use Peer-To-Peer Lending Among MSMEs In Pangkalpinang Setiawan, Chandra; Wardhani, Rulyanti Susi; Yanto, Yanto
Riset Akuntansi dan Bisnis Indonesia Vol 1 No 4 (2025): November
Publisher : LPPM STIE Krakatau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61401/rabi.v1i4.404

Abstract

Purpose: This study aims to examine the effects of loan interest rates, loan flexibility, and risk perception on micro, small, and medium-sized enterprises’ (SMEs’) intention to use peer-to-peer (P2P) lending applications in Pangkalpinang. Research methodology: This study uses a quantitative approach with multiple linear regression analysis, employing t- and F-tests to examine the effects of loan interest rates, loan flexibility, and risk perception on micro, small, and medium-sized enterprises’ (MSMEs’) intention to use peer-to-peer (P2P) lending in Pangkalpinang. The sample consists of 103 MSME owners selected through purposive sampling. Results: Loan interest rates, loan flexibility, and risk perception account for 23.1% of the variation in UMKM intention to use P2P lending applications in Pangkalpinang. Barriers include limited understanding, repayment concerns, and low digital literacy, whereas supporting factors include flexible loan options, competitive interest rates, and increasing awareness of digital financial services. Conclusions: Loan interest rates, loan flexibility, and risk perceptions together influence UMKM’s intention to use P2P lending applications. Limitations: This study is confined to one district with a small sample size, limiting its broader applicability. Contribution: This research provides empirical evidence on the impact of the loan interest rate, loan flexibility, and risk perception on UMKM’s intention to use P2P lending in Pangkalpinang, offering practical insights for policymakers and P2P providers to enhance strategies for UMKM adoption of digital financial services
Co-Authors Amallia, Dwi Novia Amelia, Perina Angelina, Selly Christabella, Kezia Sharon Cukarestu, Yesica Dzakiah, Wanda Putri Gultom, Febriana Valentina Haiming, Wen Hapsari, Leona Febi Hasugian, Penda Sudarto Indira Prabasari, Indira Kristianto, Fennieka 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 Rulyanti Susi Wardhani Sabrina, Dania Samsul Hidayat Sinaga, Dedi Candro Parulian Utama, Nafi Vicky F Sanjaya Wibisono, Goestio Trillion YANTO YANTO Yusiani, Reygita