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All Journal Jurnal Manajemen Teknologi Journal of Business and Management The Asian Journal of Technology Management (AJTM) Journal of Economic, Bussines and Accounting (COSTING) Community Engagement and Emergence Journal (CEEJ) Jurnal Darma Agung Jurnal Transportasi Multimoda Jurnal Social Library Economic Reviews Journal Journal Integration of Social Studies and Business Development Journal Integration of Management Studies
Yunieta Anny Nainggolan, Yunieta Anny
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Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Transportation

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SOCIAL MEDIA FOR SOCIALLY RESPONSIBLE COMPANY IN INDONESIA: ANALYSIS OF KOMPAS 100’S TWITTER PROFILES AND THEIR CSR RATINGS Khairunnisa, Carla; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 7, No 2 (2018)
Publisher : Journal of Business and Management

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Abstract. The development of technology and information, causing more people to be critical of the company's activities include corporate social responsibility. The convenience served by social media allows the companies to communicate with stakeholder with more effective and efficient. The socially responsible companies are expected to utilize social media to communicate with their stakeholders. This research observes the relation between CSR index score and social media activity for companies in Indonesia.  Interestingly, the result of this research shows that socially responsible companies are not more proactive in adopting the social media, nor adopting the social media promptly. The result of this research showed that the companies with higher CSR index score correspond negatively with adoption and prompt adoption of social media. However, the result of this research shows that the socially responsible companies are more active in suggesting topics using hashtag in social media. KEYWORDS: Social Media, Twitter, CSR, Probit Regression, Ordinary Least Square (OLS) Regression, Kompas 100.
Investment Literacy and Inclusion among Online Community in Indonesia Putro, Lucky Wahyu Pratomo; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 5, No 4 (2016)
Publisher : Journal of Business and Management

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Abstract. In the globalization era, internet is essential tools that provide us so many conveniences to ease our daily lives. Including in the financial sector. Internet helps increasing the financial understanding of people. Financial literacy and inclusion is one of the important things in determining the economic situation of a country. Financial literacy and inclusion could be achieved by financial education. The data collected from the World Bank shows that Financial Inclusion in Indonesia only reach 30% of total Indonesian adults. One of the easiest way to improve Indonesian economy is by implementing financial education specialized in investment, such as Mutual Fund, Stock, and Bond. This study is to determine the level of Investment literacy and inclusion among Indonesia largest online community such us detik, kaskus, and kompasiana. The data collected from the questionnaire that will be spread on the internet to the online community. The questionnaire is based on the research that conducted by Ronald P. Volpe, World Bank, and Otoritas Jasa Keuangan. The result suggested that there is still low Investment literacy and Inclusion in Indonesia online community, and still needed to be improved significantly.Keywords: Investment Literacy; Investment Inclusion; Online community
Financial Performance Analysis and Valuation of PT Indomobil Sukses Internasional Tbk in Comparison to Other Automobile Company; Tan Chong Motor Holdings Berhad Pratama, Aditya; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 4, No 3 (2015)
Publisher : Journal of Business and Management

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Abstract-According to Bank Indonesia’s 2012 annual report, Indonesia’shousehold consumption and investment have been relatively high which have created a market opportunitiesfir domestic industry, in particular for automobile industry. Automobile industry has experienced a growth rate of 10% from 2012 to 2013, which was the highest growth percentage of automobile industry in Southeast Asia. Currently, one of the biggest players in Indonesia automobile industry is Indomobil (PT IMAS), which was established in 1976. Tan Chong, a Malaysia based automobile company is chosen to be the peer firm, due to its similar characteristics and the comparable market condition with Indomobil’s. This thesis examines the financial performanceof PT IMAS and Tan Chong from 2009 to 2014 using several method such as industry, Compound Annual Growth Rate (CAGR), cross-section analysis, DuPont formula analysis.This research also values those two companies using established valuation approaches such as relative multiple and discounted free cash flow model.Financial performance analysis shows that PT IMAShave been struggling while Tan Chong also came underperformed as shown by the unfavorable 2014 performance for both companies. This is due to competitive market environment and higher cost attributed to rough exchange rate condition. Multiple valuation and discounted cash flow models show that PT IMAS and Tan Chong overvalued. Therefore it is suggested that investors are advised to take caution on their investment decision onPT IMAS and Tan Chong and they are recommended to sell their shares in those company. Keywords: Automobile industry, financial performance,financial ratios, DuPont formula, Valuation
Long-Run Performance of Private-Equity-Backed Initial Public Offering in the Southeast Asian Markets Ariando, Heribertus; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 5, No 5 (2016)
Publisher : Journal of Business and Management

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Abstract— Over the past decade, the number of private-equity (PE) investments grew across the Southeast Asian markets, which was due to its rapid economic growth and lesser competition. However, while some believe that this has a positive impact to the economy, the real contribution of PE-backed transactions is unclear, as there is no study yet observing the nature of these transactions that specifically focuses on the Southeast Asian markets.This 6-month study examines the long-run stock performance of PE-backed initial public offering (IPO), by examining the historical data from the period of 1996 to 2016. This research uses market-adjusted and risk-adjusted returns to calculate the long-term stock returns. The result indicates although the performance of PE-backed IPOs differs in every market, generally, it underperforms almost all indices. However, it is less underperformed than the paired non-PE-backed IPO.This study aims to give an outlook of how a PE-backed IPO performs in the market. The finding is hoped to deliver some insights for financial sponsors, issuing firms, underwriters, and investors regarding the nature of the transactions in the Southeast Asian markets.Keywords: private equity, initial public offering, capital market, security performance, Southeast Asia.
Fund Manager Characteristics and The Social Performance of Conventional Mutual Funds in Indonesia Naufal, Muhammad Dzaki; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 4, No 10 (2015)
Publisher : Journal of Business and Management

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Abstract – Socially responsible investment has been popular in the last decade due to the global concerns on ethical and environmental issues which cause high risk in the future. Socially responsible investment is also started to grow in Indonesia with the establishment of sustainability index, SRI-KEHATI, in 2009. Growing interests in SRI investment in Indonesia make us wonder whether conventional mutual funds also invest in companies with high social performance. Further, previous study in Indonesia mostly examines the financial performance of conventional funds or SRIs and there is no study yet which examines the social performance of conventional mutual funds and their determinants. Hence, this study aims to find the score the social performance of conventional equity mutual funds in Indonesia. We measure this using two ethical indices in Indonesia stock exchange, which are ISSI (Indonesia Sharia Stock Index) and SRI-KEHATI. This study period is only 2012 due to data availability. Further, we examine whether there is a relationship between fund manager characteristics such as gender and education background and this social performance. Our regression results show that there is no relationship between female fund managers and their asset allocation in firms with high social performance. However, we find that fund managers with master degree but not necessary from overseas university seem to invest in firms with high social performance which showing that higher degree may have provide them with higher concerns on environmental, social, and governance issues. We also find that older funds tend to hold shares that are socially responsible suggesting older funds may put higher concern on social than financial performance of their holdings due to lower market risk and the expectation of better performance in the future or in the long term. Keywords: Socially Responsible Investment Funds, Conventional Mutual Funds, Gender, Educational Background, Behavioral Finance, Fund Manager.
Financial Literacy Index and Inclusion of Indonesian Flight Attendant Abieza, Talitha Rhea; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 5, No 3 (2016)
Publisher : Journal of Business and Management

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Abstract. Financial literacy studies are currently being concerned in global financial institutions since it provides contribution to the economic development of a country. However, the study using sample in one particular group that has the similar background is yet limited. This study examines the level of financial literacy and financial inclusion of Indonesian flight attendant, a sample not investigated yet in any literature. Flight attendant is an occupation with the fairly promising salary without any degree requirements that may suggest the needs of financial knowledge to utilize the various financial and investment services to make proper financial decisions. This study aims to: (1) measure Indonesian flight attendant financial literacy level and inclusion using the sample of PT XYZ, (2) examine the determinant of the financial literacy level and inclusion of Indonesian flight attendant, and (3) examine the relationship between the level of financial literacy of Indonesian flight attendant and the demography factors with their financial inclusion. Further, this study also provides suggestions to PT XYZ on how to improve their flight attendant financial literacy and inclusion based on the results of this study. In financial literacy measurement, simple weight factor is employed to determine basic and advance financial literacy weight. Further, regression is employed as the analytical tool to examine: (1) the determinant of demographic factors toward the financial literacy level; and (2) the determinant of demographic factors and financial literacy level toward the financial inclusion. Logistic regression is employed to see the determinant for the possession of investment service and financial adviser. The findings indicate that Indonesian flight attendant have low level of advance and overall financial literacy level. In financial inclusion, the level of financial and investment service possession of Indonesian flight attendant were quite low (except for bank card and credit card). In terms of investment possession and financial adviser possession, the result shows the low percentages that were consistent with the study conducted by The World Bank (2011). Logistic regression shows that both basic and advance financial literacy were significantly associated with the level of investment possession and financial adviser possession. The final OLS regression finds that basic financial literacy has the most significant determinant to the level of financial service inclusion (significant at 1% level). Meanwhile in the investment service inclusion, the highest determinant is the advance financial literacy level (at 1%). Based on the findings, this study suggests PT XYZ to improve their flight attendants’ financial literacy by conducting financial education, since the willingness of financial education of PT XYZ is quite high. For further research, this study could be re-conducted by adding Principal Component Analysis (PCA) to get the more representative result, changing the research object to other professions or other segments, and adding behavioral finance issues to extend the literature.Keywords: Financial Literacy; Financial Inclusion; Financial Education; Indonesian Flight Attendant; Flight Attendant Financial Literacy
FINANCIAL PERFORMANCE AND CSR IN SOUTHEAST ASIA COUNTRIES LISTED BEVERAGE FIRMS Nagoro, Damar Panuluh; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract. The present world conditions are based on a report from the UN development goals of 2017, improving both on water quality and world energy use to achieve sustainability goals by 2030. Corporate sustainability reporting provides important information for investors including the company's views on environmental issues and sustainability as well as environmental and social mitigation strategies and opportunities to take advantage. Can also be presented influence on financial performance (Krechowicz & Fernando, 2009). This research analyze is there any correlation between corporate sustainability especially on environmental issues (material, water and energy) and financial performance (Stock price, EBIT, NOPAT, and Tobin’s Q) of southeast Asia stock market (Indonesia, Malaysia, Singapore, Thailand, Philippines and Vietnam). This research gives insight and recommendations for the investors in choosing stocks for investment based on environmental performance in materials, energy and water used of the beverage companies. This thesis has scope in Southeast Asia include Indonesia, Malaysia, Singapore, Thailand, Vietnam and Philippines. According to the result of the regression estimation, Total CSR Score is positively significant to Stock Price, EBIT and NOPAT of beverages companies in southeast Asia. It is accordance with (Pettenella, 2010) that said CSR can reduce direct cost that will impact company’s earnings and CSR have significant effect to company’s stock price (De Klerk, de Villiers, & van Staden, 2015). It indicates that all beverages companies should pay more attention to CSR especially in water, energy and material.Keywords: CSR, Energy, Water, Material, Stock Price, EBIT, Tobin’s Q
ETHICAL KNOWLEDGE AND RESPONSIBLE INVESTMENT DECISION: A STUDY OF UNDERGRADUATE STUDENTS Dermawan, Dicky; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract. In the current investment boom, there is an increase in the number of demand from certain who considered not only that their investments are profitable, but they also meet certain non-financial criteria. From the available literature, it appears that there is a lot of disagreement among investors, firms, NGOs, and academicians about what ‘ethical investment’ is. It has been widely observed in many studies that financial motives encourage investment decision with an intensity much greater than the moral values that they may have. Socially Responsible Investment (SRI) has emerged as an important issue and drawn the attention of a large number of investors. These investors seem to be guided by a sense of moral duty to balance the pursuit of wealth with ethical or environmental concern. Business school has some responsibility for developing students’ ability to discover and apply values that can improve the future of our world. School of Business and Management, Institut Teknologi Bandung (SBM ITB) as a business school has critical roles in order to prepare leaders to make financial successful and driven by ethical values since ethical knowledge found as foundation of responsible investment. However, the factors that lead the student to invest socially responsible are not well understood, especially in SBM ITB. This study aims to analyze the investment pattern of the student towards the firms engaged in manufacturing ethical and unethical practices across the different demographics factors and to find out the factors that significantly affect ethical investment decision. The primary data gathered by distributing a survey through online questionnaire. The total numbers of respondents in this research are 100 respondents. For the analysis technique, this study performed descriptive, ANOVA, ordinary least squares regression, and logistic regression. Findings show that 69% of SBM ITB undergraduate students consider to invest socially responsible. The study found that class or batch and gender significantly affect ethical investment decision. A group of Female students with longest years of study tended to make ethical decision than younger years of study and male students.Keywords: Ethical Investment; Socially Responsible Investing; Financial Investment Decision; Behavior Finance 
INTERNET-BASED DISCLOSURE AND FIRM VALUATION Natama, Jennifer Magdalena; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract : Goal of a company is to maximize its shareholder’s wealth which can be seen from its firm value. There are several factors affecting firm’s value, including disclosure. In theory, the more information a shareholder know about a company, the easier it is for them to value a company. Unfortunately, there are occurance of information assymetry that firm valuation ineffective. One of the way to mitigate information assymetry is through internal and external policies applied. External policies means government or local authorities called mandatory disclosure. However, Indonesia’s regulation is not strong enough. This phenomenon need internal policies to mitigate the problem through corporate governance policies. Disclosure that regulates inside company called voluntary disclosure. Both disclosure can take form in financial or non financial information. To make sure that information received properly, it has to come in an effective media. Internet is suspected to be the most effective media to disclose information. The author finds that there are strong relationship between companies’ disclosure level and firm value. Disclosure have positive correlation with ROA and negative correlation with Tobin’s Q. It shows that by disclose more information to public, company will have a greater profitability but, will generate lower market value. From this findings, it can conclude that although disclosure can increase profitability, but it is not working in reduce information asymmetry and therefor did not generate a greater market value.Keywords:  Internet of Things, Company Disclosure, Firm Value, Company Website.
The Effect of Ownership Structures and Earnings Management on Dividend Policy in Indonesia Mining Industry from 2015 to 2019 Arifani, Yusnia Talitha AGnes; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 9, No 2 (2020)
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Abstract. Indonesia Mining sector has an important role in contributing to the countrys' revenue, so its existence on the Indonesia stock market is often the target of many investors. However, its fluctuating commodity prices have an impact on the firms'profit and earnings that lead firms to do earnings management and raise an agency conflict since earnings used as dividends predictor. The presence of ownership structures defined by institutional and managerial ownership is one of factors that might influences dividend policy and hopefully can align that situation. By using two measurements such as dividend payout ratio and cash dividend, this research tries to analyze the situation impact on dividend policy with quantitative method. The sample is obtained from Mining firms listed on Indonesia Stock Exchange within 2015 to 2019. The panel data regression is performed and result that institutional ownership and earnings management have no significance effect on dividend policy. Meanwhile, it is found managerial ownership has a positive significant effect on dividend policy in Indonesia Mining industry. The result can be supported by agency theory as the manager shareholders can help to cope with agency conflict and the bird in hand theory explained for the investor who prefer higher dividend since higher value in managerial ownership result in higher dividend.Keywords: Dividend Policy, Institutional Ownership, Managerial Ownership, Earnings Management.
Co-Authors Abieza, Talitha Rhea ADITYA NUGRAHA Aditya Pratama Afgani, Kurnia Fajar Ariando, Heribertus Arifani, Yusnia Talitha AGnes Christian, Nicolas Rendy Dadang Suryana Davirza, Puri Alodia Demario, Patrick Dermawan, Dicky El Gibran, Pangeran Alif Esa, Abrori Ahmad Noor Ghea Revina Wigantini Khairunnisa, Carla Liongson, Edward Marlene Matsuura, Yoshiyuki Muhammad Dzaki Naufal, Muhammad Dzaki Mulyati, Widia Nagoro, Damar Panuluh Natama, Jennifer Magdalena Patmanegara, Iqball Dwi Candra Prabowo, Hadi Purbayati, Radia Putro, Lucky Wahyu Pratomo RR. Ella Evrita Hestiandari Santosa, Jason Gamaliel Sitorus, Ganda Glen Michael Subaryata, Subaryata Sulestiowidagdo, Ignatius Dwi Sumirat, Erman Arif Syaputri, Annisa Rizkia Trihermanto, Febi Vichsanzy, Falahariq Witjaksono, Aryo Dimas Yansil, Eko Thio Ady