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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
Unknown Affiliation
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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Does CSR Expense Affect Indonesian Listed Firms’ Capital Structure Over Their Life-Cycle? Witjaksono, Aryo Dimas; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 9, No 2 (2020)
Publisher : Journal of Business and Management

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Abstract. This final project aims to examine the association between corporate social responsibility (CSR) expenses and capital structure throughout the corporate life cycle in Indonesian listed companies. This research develops a hypothesis that are tested empirically through multivariate settings with robust standard errors. The tests are conducted using a sample of 527 Indonesian listed firms and 901 firm-year observations between 2010 and 2015. The findings support the hypothesis that CSR expenses are inversely related with debt to equity ratio throughout their life cycle. For investors, to invest in firms that have high CSR expense, high retained earnings and more matured firms with lower growth rate would indicate that the firm tends to keep lower debt to equity ratio over its life cycle which may be a factor to be considered when choosing an investment. For firm managers, disclosing the CSR expenditures transparently might help investors to be able to make considerations on whether or not to invest in the firm.. To the best of the author’s knowledge, there is thin literature investigating the relation between CSR and capital structure throughout corporate life cycle in emerging markets and its urgency as it may encourage companies to integrate CSR practice into their business strategy and transparently disclose their CSR activities. This final project contributes to the existing literature by examining these topics in a country where CSR is mandatory by the law.Keywords: Indonesia, Corporate social responsibility, Capital structure, Corporate life cycle
Social Media Engagement and Stock Return of Companies Included in Kompas100 (Case of Youtube and Twitter) Santosa, Jason Gamaliel; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 9, No 2 (2020)
Publisher : Journal of Business and Management

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Abstract. Communication media used by human change over time. Nowadays, most activities in communication occur in online social media. In social media, users can share contents publicly in the form of text, photos, and videos. It could create engagement between the content creator and social media users. Companies’ decision to use social media as a platform to share information to public must be considered carefully. Because the content shared might include vital and important information about the company, such as marketing plan and projected future growth of the company. So, this research has an objective to know whether social media engagement affects stock return of companies listed in Kompas100. Data collected secondary by accessing publicly available sources. This research uses Multiple Linear Regression through SPSS programme. The results show that social  media engagement has a very small negative impact on geometric mean stock return and no impact to arithmetic mean stock return. It might have happened because the content shared by the companies neither included vital nor important information hence the social media engagement did not affect stock return. The results of this research are expected to be considered for companies to utilize social media and create engagement with the users.Keywords: Social Media, Social Media Engagement, Kompas100, Stock Return
Political Event Effect on Politically Connected Firms Return and Trading Volume Activity (Event Study on KOMPAS100) Sitorus, Ganda Glen Michael; Nainggolan, Yunieta Anny
Journal of Business and Management Vol 9, No 2 (2020)
Publisher : Journal of Business and Management

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Abstract. This paper aims to find out the existence of differences between politically connected firms and non-politically connected firms during Indonesia political year. There were numerous events in 2019 that believed to create an uncertainty in the market. In 2019, for the first time in Indonesia history that presidential and legislative elections were held simultaneously and in one day, beside that during that year there were large-scale demonstrations that have occurred more than once in context of rejecting government statements or even new policy. The event study methodology is used to analyse the market reaction toward 3 chosen political events within a 5 days event period. The market reactions are determined by using two indicators of abnormal return and trading volume activity. The samples that will be used is Kompas-100 stock which will be divided into politically connected firms and non-politically connected firms. This overall result of this paper shows that there is no difference between politically connected firms and non-politically connected firms during the specified event. The test actually does show a higher result of AAR for Politically connected firms but the differences were too slight.Keywords: Event Study, Indonesian Political Connection, Political Event, Political Uncertainty
Are Individual Investors Attracted to Shareholder Perks in the Emerging Markets? An Experimental Study in Indonesia Trihermanto, Febi; Nainggolan, Yunieta Anny; Matsuura, Yoshiyuki
The Asian Journal of Technology Management (AJTM) Vol. 16 No. 3 (2023)
Publisher : Unit Research and Knowledge, School of Business and Management, Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2023.16.3.1

Abstract

Abstract. Choice-Based Conjoint (CBC) analysis experiment is conducted in this study to investigate perception equivalency of shareholder perks (SP) and dividend policy among Indonesian investors and to examine whether SP as a new alternative of payout policy can attract more individual investors in Indonesia. The results show that investors prefer SP over dividend in both 2 and 4 percent yield. However, the marginal utility of SP is decreasing to yield. This result suggests that individual investors prefer to receive SP rather than no dividends but they do not expect to receive an excessive number of SP when it is possible for the company to distribute a high amount of cash dividend. Furthermore, the results grouped by gender indicates that female respondents are prefer SP to dividend and have a higher economic value on SP than their male counterpart. Practically, by investing in an SP-paying stocks, individual investors are able to buy their favourite brands and products at lower prices which might be more beneficial than receiving a small amount of cash dividends. Meanwhile, for companies, the results imply that the distribution of SP can attract a number of individual investors, particularly women. Keywords: Shareholder Perks, Dividend Policy, Individual Investor, Conjoint Analysis, Indonesia
GREEN ENERGY DIVERSIFICATION AND FINANCIAL PERFORMANCE OF INDONESIAN COAL MINING COMPANIES Sulestiowidagdo, Ignatius Dwi; Nainggolan, Yunieta Anny
JURNAL DARMA AGUNG Vol 32 No 3 (2024): JUNI
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat Universitas Darma Agung (LPPM_UDA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46930/ojsuda.v32i3.4386

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Currently, coal is one of the most widely used fuels in power generation in Indonesia. However, with the Indonesian government's desire to achieve net zero emissions by 2060, coal companies are challenged to maintain their businesses by that time. Some coal mining companies have started diversifying their businesses by investing in the green energy sector. This study aims to investigate the relationship between business diversification of coal mining companies into the green energy sector and the relation with the financial performance of coal mining companies using the indicators ROA (Return on assets), Tobin’s Q, and ROIC (Return on Invested Capital). The study examines all listed coal mining companies that have diversified into green energy businesses from 2018 to 2022. The panel data regression results show that business diversification into green energy has a positive and significant effect on improving the financial performance of coal mining companies in terms of ROA, Tobin’s Q, and ROIC.
Correlation Between Financial Performance Indicators and Capital Structure of Coal Mining Industry Listed on the Indonesia Stock Exchange Yansil, Eko Thio Ady; Sumirat, Erman Arif; Nainggolan, Yunieta Anny
Journal Integration of Social Studies and Business Development Vol. 1 No. 2 (2023)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v1i2.84

Abstract

This research examines the correlation between capital structure (as proxied by Debt-to-Equity Ratio) and several financial performance indicators, including profitability, asset structure, liquidity, and firm size. This research focuses on 18 coal mining companies listed on the Indonesia Stock Exchange (IDX) by at least 2020. The data is derived from the financial reports published on the IDX between 2020 and 2022. Multiple Linear Regression technique is being employed to determine the correlations. Before employing the Multiple Linear Regression technique, several tests were conducted to examine the data's validity and reliability, including normality, multicollinearity, autocorrelation, and heteroscedasticity tests. Multiple Linear Regression is employed after the data passes the tests, consisting of partial regression, ANOVA, and goodness-of-fit tests. This research found that profitability and liquidity negatively correlate with capital structure. At the same time, asset structure and firm size positively correlate with capital structure. Overall, the result of this research supports Pecking Order Theory, in which firms are preferred to use internal financing first. When firms generate higher profits and cash flow, they may consider re-balancing external financing. This research also concludes that profitability, asset structure, liquidity, and firm size represent 47.7% of the variables correlated with capital structure. Future research may be conducted to seek other variables that have not been included in this research yet but are correlated with capital structure.
What Factors Attract Venture Capital And Angel Investor Funding: Case Of Indonesia Esa, Abrori Ahmad Noor; Nainggolan, Yunieta Anny
Journal Integration of Social Studies and Business Development Vol. 1 No. 2 (2023)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v1i2.92

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This research aims to understand the factors that influence venture capital investment decisions in startups and create a model for making these decisions. The Analytic Hierarchy Process method gathered data from venture capitalists and investors. To design a decision-making concept model, this study examined various factors considered in venture capital and investors' decision on an investment based on previous significant studies. It employed 16 evaluation items centered on four areas —entrepreneur, product and service, market, and finance. The results concluded that the product/service sector was the most important area, with the product's value being the most important factor. Business compatibility is the second most important factor, followed by the entrepreneur sector. This research conducted a survey based on a sample from Indonesia. The conclusion of this study is expected to help venture capitalists and investors better judge startup funding.
Analisis Keuangan dan Risiko Perusahaan Transportasi Angkutan Darat Selama Pandemi COVID-19 Nainggolan, Yunieta Anny; Syaputri, Annisa Rizkia; Afgani, Kurnia Fajar; Purbayati, Radia; Subaryata, Subaryata
Jurnal Transportasi Multimoda Vol. 21 No. 2 (2023): Desember
Publisher : Puslitbang Transportasi Antarmoda-Kementerian Perhubungan Republik Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25104/mtm.v21i2.2133

Abstract

Pandemi COVID-19 yang terjadi sejak awal tahun 2020 menyebabkan mobilitas masyarakat menurun secara drastis yang menyebabkan penurunan volume penumpang dan berdampak pada kelangsungan bisnis operator transportasi angkutan penumpang. Berbagai upaya dilakukan pemerintah untuk dapat mengendalikan penyebaran virus dengan anjuran berkegiatan di rumah. Selain anjuran tersebut, pemerintah juga mewajibkan penerapan protokol kesehatan yang ketat terutama di area public, termasuk transportasi umum. Hal tersebut berdampak pada biaya operasional kendaraan (BOK) operator bisnis transportasi. Penelitian ini bertujuan untuk mengidentifikasi kondisi keuangan dan risiko operator transportasi angkutan darat selama pandemi COVID-19 yang dilihat dari tiga aspek, yaitu struktur biaya, rasio keuangan dan risiko. Data yang dikumpulkan diperoleh melalui Focus Group Discussion (FGD) dan berbagai sumber daring. Hasil penelitian ini menunjukkan bahwa struktur biaya sangat memengaruhi pendapatan operator dikarenakan adanya biaya penerapan protokol kesehatan. Identifikasi rasio keuangan memprediksi terjadinya penurunan kinerja sebagai dampak pandemi. Hasil identifikasi risiko menunjukkan bahwa risiko paling tinggi adalah penurunan pendapatan dan terjadinya kredit macet serta meningkatnya biaya operasional. Hasil penelitian ini diharapkan dapat menjadi dasar bagi operator bisnis transportasi angkutan darat dalam menyusun strategi selama masa pendemi. Selain itu, penelitian ini diharapkan dapat menjadi dasar pertimbangan bagi pemerintah untuk memberikan stimulus agar operator dapat menjalankan bisnisnya. Adapun stimulus yang direkomendasikan adalah berupa subsidi biaya protokol kesehatan, subsidi perizinan serta keringanan pajak dan pinjaman.
STATUS KAWASAN EKONOMI KHUSUS (KEK) UNTUK MENARIK INVESTOR ASING DALAM PENGEMBANGAN KAWASAN INDUSTRI BERBASIS BATUBARA Christian, Nicolas Rendy; Nainggolan, Yunieta Anny
JURNAL DARMA AGUNG Vol 32 No 6 (2024): DESEMBER
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat Universitas Darma Agung (LPPM_UDA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46930/ojsuda.v32i6.4977

Abstract

Kawasan Industri (KI) telah menjadi salah satu fokus utama dalam strategi pembangunan ekonomi Indonesia. Hal ini dilakukan untuk mendukung pertumbuhan ekonomi di sektor perinduatrian. Sebagai salah satu penghasil baatubara terbesar di dunia, Indonesia sudah mulai melakukan induatrialisasi Batubara dengan mencanangkan Kawasan Induatri di beberapa Lokasi dekat pertambangan bataubara guna mendukung hilirisasi Batubara. Namun upaya pemerintah ini belum signifikan dalam menarik investor asing guna melakukan hilirisasi batubara dan alih teknologi dengan membangun induatri hilirisasi Batubara di Indonesia. Hali ini dikarenakan belum ada insentif yang diberikan kepada investor asing apabila melakukan induatri hilirisasi Batubara sebagai induatri pionir di Kawasan asia Tenggara. Sehingga dengan penetapan status KEK dalam induatri hilirisasi Batubara merupakan suatu hal yang menarik bagi investor asing (FDI). Penelitian ini bertujuan untuk menganalisis pentingnya KEK dalam menarik Foreign Direct Investment (FDI) di kawasan industri berbasis teknologi hilirisasi batubara di Indonesia. Penelitian ini menggunakan data sekunder dari tahun 2016 hingga 2021 dan menganalisis dampak FDI terhadap pertumbuhan ekonomi dan penyerapan tenaga kerja. Hasil penelitian menunjukkan bahwa KEK memiliki peran signifikan dalam meningkatkan investasi, ekspor, dan penyerapan tenaga kerja. Namun, tantangan seperti keterbatasan infrastruktur, regulasi yang belum ringkas, dan kebutuhan sumber daya manusia terampil masih menjadi hambatan. Penelitian ini merekomendasikan kebijakan yang lebih terintegratif untuk meningkatkan daya saing industri dan mendorong tumbuhnya industri baru di berbagai sektor ekonomi.
THE IMPACT OF MSCI ESG RATINGS ON STOCK MARKET BETA: A CASE STUDY OF DEVELOPED AND EMERGING MARKETS Vichsanzy, Falahariq; Nainggolan, Yunieta Anny
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 6 (2024): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i6.13585

Abstract

This study examines the impact of MSCI's Environmental, Social, and Governance (ESG) ratings on stock market beta among publicly listed companies in developed and emerging markets. Utilizing a quantitative research design, data from 459 companies across 11 sectors were analyzed, incorporating the latest five MSCI ESG ratings and corresponding five-year beta coefficients as measures of stock beta or systemic risk. Descriptive statistics and correlation analyses were conducted to assess the relationship between ESG ratings and stock market beta. The findings reveal that while companies in developed markets have higher average ESG ratings compared to those in emerging markets, they also exhibit greater stock beta. Sector analysis indicates that industries such as Real Estate and Financials demonstrate strong ESG performance and lower stock beta, whereas sectors like Materials and Health Care show higher volatility regardless of their ESG ratings. Correlation analysis shows a very weak relationship between ESG ratings and stock beta, suggesting that ESG ratings are not strong predictors of stock market beta. In conclusion, the study finds that ESG ratings alone do not significantly impact stock market beta. It recommends that investors integrate ESG considerations with traditional financial analysis for better investment decisions. Companies should continue to enhance their ESG practices for sustainability and reputational benefits, even if it does not directly reduce stock beta. Policymakers, particularly in emerging markets, might focus on strengthening ESG frameworks to support sustainable investment environments.
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