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All Journal Jurnal Manajemen Teknologi Journal of Business and Management The Asian Journal of Technology Management (AJTM) Syntax Literate: Jurnal Ilmiah Indonesia Journal of Economic, Bussines and Accounting (COSTING) International Journal of Supply Chain Management EQIEN - JURNAL EKONOMI DAN BISNIS Jemasi Jurnal Ekonomi Manajemen dan Akuntansi Community Engagement and Emergence Journal (CEEJ) JATI EMAS (Jurnal Aplikasi Teknik dan Pengabdian Masyarakat) EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) Jurnal Darma Agung Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Jurnal Manajemen dan Profesional Jurnal Transportasi Multimoda Jurnal Social Library Economic Reviews Journal Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Journal of Accounting and Finance Management (JAFM) International Journal of Science and Environment International Journal of Management, Entrepreneurship, Social Science and Humanities (IJMESH) Journal Integration of Social Studies and Business Development Journal Integration of Management Studies
Yunieta Anny Nainggolan, Yunieta Anny
School Of Business And Management, Institut Teknologi Bandung
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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 Role of ESG Component in Shaping Corporate Cost of Debt and Cost of Equity in Indonesia Hanna Pramadhia, Jasmine; Anny Nainggolan, Yunieta
Journal of Accounting and Finance Management Vol. 5 No. 6 (2025): Journal of Accounting and Finance Management (January - February 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i6.1241

Abstract

This study aims to analyze how the ESG combined score and its components affect the cost of debt and equity for listed companies in Indonesia. Otoritas Jasa Keuangan (OJK) has issued regulations to encourage the inclusion of companies' ESG performance in investment decisions. This has resulted in companies getting incentives to improve their ESG performance. However, the actual impact of lower capital costs due to improved ESG performance is still unavailable in Indonesia. This study attempts to fill this gap by considering the impact of the assessment of the components that underlie ESG values: emission reduction, resource use, environmental innovation, workforce, community, human rights, product responsibility, CSR strategy, management, and shareholder rights on the cost of debt and equity. The results show the ESG combined score has no impact on the cost of debt. However, components such as emissions, environmental innovation, and human rights can directly affect the company's debt cost. In addition, the results show that the combined ESG score and almost all components that build the ESG score affect the company's equity cost. However, this study found that the majority had a positive relationship with heavy-polluting companies and a negative relationship with non-heavy-polluting companies.
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.
Proposed Strategies to Improve Access to Funding for MSME Using Soundness Assessment and AHP Method (Gelap Nyawang Case Study) Atikah, Atikah; Nainggolan, Yunieta Anny
JURNAL SOCIAL LIBRARY Vol 4, No 3 (2024): JURNAL SOCIAL LIBRARY NOVEMBER
Publisher : Granada El-Fath

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51849/sl.v4i3.410

Abstract

Access to funding remains a major challenge for Micro, Small, and Medium Enterprises (MSMEs) despite their vital role in economic growth. This study assesses the funding eligibility of MSMEs in Gelap Nyawang using the MSME Soundness Assessment, incorporating AHP Scoring, linear regression, and qualitative insights from financial institutions. Findings reveal that while most MSMEs have strong financial and non-financial scores, many fail to meet lender criteria, particularly Repayment Capacity (RPC) Installment To Disposable Income Ratio (IDIR) and bad governance. Linear regression results show that education is the only significant factor influencing MSME soundness, indicating a link between financial management skills and business sustainability. However, poor financial documentation and incomplete legal status remain major barriers to accessing credit. This study proposes strategies to improve MSME funding eligibility, including financial literacy programs, enhanced business documentation, and digital marketing adoption to scale up sales. The findings provide insights for financial institutions, The Greater Hub ITB, and policymakers in supporting financial inclusion and business growth.
The Return on IPO Stocks during the COVID-19 Pandemic in Indonesia Wigantini, Ghea Revina; Nainggolan, Yunieta Anny
Jurnal Manajemen Teknologi Vol. 21 No. 3 (2022)
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/jmt.2022.21.3.2

Abstract

Abstract. Conducting an initial public offering (IPO) during the COVID-19 pandemic is not easy due to the current high level of economic uncertainty. This study aims to examine the effect of the COVID-19 pandemic on the initial return on IPO shares in Indonesia. In the study, a cross-sectional regression was applied, using a sample of 51 companies that conduct IPOs. It was found that the fear index over the COVID-19 pandemic negatively affected the initial return. The higher the fear index, the lower the return on IPO stocks on the first listing day. The results therefore demonstrates that the fear of COVID-19 influenced the IPO market return in Indonesia. This study extends the literature on the COVID-19 pandemic, especially on the initial return on IPOs. Practically, this research also provides insight into the issuers regarding the appropriate timing of IPOs during the crisis, particularly for investors who wish to buy IPO shares during an uncertain time. Policymakers are expected to mitigate the cases and deaths of COVID-19 in Indonesia, which may reduce investors’ fear related to COVID-19. This paper's limitation is that it only examines data from 2020, as this was the year in which COVID-19 first announced. Future research could include the short-term and long-term performance of IPOs, and also broaden the sample area to a larger region.Keywords: Initial return, IPO, COVID-19, fear index, Indonesia.Abstrak. Melakukan penawaran saham perdana (IPO) pada masa pandemi COVID-19 tidaklah mudah karena pada masa ini memiliki ketidakpastian ekonomi yang tinggi. Penelitian ini bertujuan untuk melihat pengaruh pandemi COVID-19 terhadap tingkat pengembalian awal saham yang melakukan IPO di Indonesia. Penelitian ini menggunakan regresi cross-sectional, dengan menggunakan sampel dari 51 perusahaan yang melakukan IPO. Penelitian ini menemukan bahwa indeks kepanikan atas pandemi COVID-19 mempengaruhi tingkat pengembalian awal secara negatif signifikan. Hasil penelitian menunjukkan bahwa indeks kepanikan atas pandemic COVID-19 menghantam pengembalian pasar IPO. Semakin tinggi tingkat indeks kepanikan atas pandemic COVID-19 maka semakin rendah tingkat pengedalian saham IPO pada hari pertama memasuki bursa. Penelitian ini mengembangkan literatur penelitian tentang pandemi COVID-19, terutama terhadap tingkat pengembalian awal IPO. Secara praktik, penelitian ini juga memberikan wawasan terhadap perusahaan atas waktu yang tepat untuk IPO bila terjadi krisis dan untuk investor yang ingin membeli saham IPO pada masa yang sedang tidak pasti. Para pembuat kebijakan diharapkan dapat memitigasi kasus dan kematian COVID-19 di tanah air untuk mengurangi kepanikan investor terkait COVID-19. Keterbatasan tulisan ini yaitu hanya mengkaji data tahun 2020 saat tahun pertama kali diumumkannya COVID-19. Ruang lingkup peneliti masa depan dapat mencakup kinerja IPO jangka pendek dan jangka panjang, dan juga memperluas sampel ke wilayah yang lebih besar.Kata kunci: pengembalian awal, IPO, COVID-19, indeks kepanikan, Indonesia.
The Influenced of ESG Environmental Performance on Financial Performance: A Study of Indonesian Publicly Listed Companies Muh. Alif Rumansyah, A.; Anny Nainggolan, Yunieta
Journal of Accounting and Finance Management Vol. 5 No. 6 (2025): Journal of Accounting and Finance Management (January - February 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i6.1565

Abstract

Environmental, Social, and Governance (ESG) factors have become crucial in corporate strategy and financial decision-making. This study examines the impact of environmental performance on financial performance—measured by Return on Assets (ROA) and Return on Equity (ROE)—of publicly listed companies in Indonesia. Using panel data regression, the research analyzes companies in the IDX ESG Leaders, SRI-KEHATI, and ESGQ-KEHATI indices from 2019 to 2023. Environmental performance indicators include emissions, energy consumption, water usage, and waste management, with firm size, leverage, and governance characteristics as control variables. The findings indicate that environmental performance influences financial performance, though its effects vary across indicators. Some sustainability practices improve financial outcomes, while others incur short-term costs. The study highlights the risk of greenwashing, emphasizing the need for standardized ESG reporting. These insights are valuable for corporate decision-makers, investors, and regulators to develop effective ESG strategies that balance sustainability with financial growth.
Impact Of Financial Performance on The Innovation and Development of Research and Development in Electric Vehicle Industry El Gibran, Pangeran Alif; Nainggolan, Yunieta Anny
Economic Reviews Journal Vol. 4 No. 2 (2025): Economic Reviews Journal
Publisher : Masyarakat Ekonomi Syariah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56709/mrj.v4i2.688

Abstract

This thesis explores the relationship between financial performance and technology development decisions in Indonesian electric vehicle (EV) companies. The EV industry is crucial for Indonesia's sustainable transportation and environmental goals, but the country faces challenges such as limited infrastructure, high costs of adoption, and inconsistent government incentives. To address these issues, the research focuses on identifying the role of financial performance metrics, such as revenue growth, profit margins, cash flow, investment levels, and cost control, in influencing decisions related to technology development, innovation, and new product launches. The study employs a quantitative approach to examine the relationships between financial performance indicators and technology development outcomes. Secondary data will be collected from publicly available financial statements, company reports, and relevant industry databases of Indonesian EV manufacturers. Statistical tools, including regression analysis and correlation testing, will be used to identify patterns, relationships, and the significance of financial indicators in driving innovation and R&D investments. The findings will offer practical insights for policymakers, investors, and industry stakeholders. Policymakers can use the research outcomes to design targeted incentives and regulations that support innovation and financial growth. Investors will benefit from a clearer understanding of financial health indicators that influence technological progress, enabling better decision-making in EV-related investments. The research contributes to academic literature and industry practice by examining the financial-technology nexus within emerging markets, a domain often overlooked in favor of studies focused on developed economies. By addressing financial and policy barriers to innovation, the study supports Indonesia's broader goals of reducing carbon emissions, enhancing energy security, and fostering economic growth
KERANGKA MANAJEMEN RISIKO DUA METODE UNTUK PROYEK COAL-TO-SNG: STUDI KASUS PADA BUMN SEKTOR ENERGI BUMN DI INDONESIA Latif Alfiyan Zuhri; Yunieta Anny Nainggolan
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 3 (2025): 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.v8i3.15006

Abstract

PT Bukit Asam Tbk (PTBA) menghadapi tantangan terkait penurunan permintaan dan harga batubara secara global serta peraturan lingkungan yang lebih ketat. Untuk mempertahankan bisnisnya, PTBA menginisiasi proyek Coal to Synthetic Natural Gas (SNG) sebagai bagian dari strategi diversifikasi bisnis. Namun, proyek ini menghadapi tantangan dan ketidakpastian. Studi ini mengeksplorasi risiko yang terkait dengan proyek Coal-to-SNG dengan menggunakan pendekatan metode kombinasi dari Risk Matrix dan Analytical Hierarchy Process (AHP) melalui wawancara dan kuesioner. Sebanyak 38 risiko diidentifikasi terkait dengan proyek di beberapa kategori. Tujuh risiko prioritas utama disorot termasuk ketidakpastian kebijakan/peraturan, ketidakstabilan geopolitik, pemilihan teknologi, kesulitan pendanaan proyek, penurunan harga LNG, pelanggaran tata kelola perusahaan yang baik (GCG), serta penundaan perizinan. Penelitian ini menemukan bahwa metode yang berbeda dapat memberikan perspektif yang berbeda, karena sifat subjektif Matriks Risiko sebagai pendekatan kualitatif berdasarkan kemungkinan dan konsekuensi versus AHP yang lebih kuantitatif berdasarkan pembobotan perbandingan berpasangan. Kombinasi kedua metode tersebut meningkatkan akurasi dan keandalan analisis sesuai dengan prinsip ISO 31000:2018. Penelitian ini berkontribusi secara teoritis dengan menghadirkan pendekatan metode kombinasi dari Risk Matrix (kualitatif) dan Analytical Hierarchy Process (kuantitatif) dalam kerangka kerja ISO 31000:2018 yang dapat direplikasi dan diadaptasi dalam proyek serupa, terutama proyek hilirisasi batubara atau transisi energi.
Financial Feasibility Analysis of Carbon Credit-Based Mangrove Forest Restoration Project (Case Study: Mahkota Mangrove Indonesia, Indramayu, West Java) Mulyati, Widia; Nainggolan, Yunieta Anny; Suryana, Dadang
Community Engagement and Emergence Journal (CEEJ) Vol. 6 No. 2 (2025): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ceej.v6i2.8427

Abstract

This study aims to fill the gap in the financial feasibility study of FOLU-based carbon projects by using a case study of a carbon credit-based mangrove forest restoration project initiated by Mahkota Mangrove Indonesia (Mangrovin) in Indramayu, West Java in an area of ??340 hectares. A descriptive quantitative approach is used in this study by applying financial modeling methods, including Net Present Value (NPV), Internal Rate of Return (IRR), and Discounted Payback Period (DPBP). Data were obtained through primary and secondary sources. Common allometric equations from Komiyama et al. (2005) are used to calculate the carbon sequestration potential which is then converted into carbon credits considering project emissions and uncertainty buffers. Cash flows for 30 years are projected using discounting based on green bond and SRI yields. The results of the analysis show strong financial feasibility with an NPV of IDR 223 billion, an IRR of 25.18%, and a DPBP of 7 years. It is known that WACC and revenue factors have the greatest influence on NPV based on sensitivity analysis. A change of ±20% WACC has impact of 30.9% and -23% on NPV, meanwhile revenue factors have an impact of ±24.1%-24.5% on NPV.
The Green Bonds Issuance Role In Reducing Carbon Emission: Evidence From ASEAN Robert Chowiendo; Yunieta Anny Nainggolan; Isrochmani Murtaqi
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.310

Abstract

The global initiative to reduce carbon emissions has accelerated in line with the Paris Agreement’s target to limit global warming to below 2°C. Yet, transitioning to a low-carbon economy remains financially challenging, with limited funding channels for decarbonization. Green bonds have emerged as a key financing mechanism, mobilizing capital toward clean energy, energy efficiency, and environmentally sustainable projects. This study offers novel empirical evidence on the role of green bonds in mitigating carbon emissions within ASEAN—an economically dynamic yet fossil fuel-dependent region with substantial greenhouse gas outputs. Leveraging panel data from 2019 to 2023 across publicly listed firms in ASEAN countries, this research applies multiple regression analysis to examine the effects of Green Bonds (GB), Firm Size (FS), and Gross Domestic Product (GDP) on Carbon Emissions (CE). The findings reveal a statistically significant negative relationship between green bond issuance and carbon emissions, indicating that increased green bond financing contributes to emission reductions. Firm size is also found to influence emissions negatively, whereas GDP has no statistically significant impact. The study provides practical insights for policymakers and investors by highlighting the effectiveness of green bonds as a sustainable financing tool in the ASEAN context.
Co-Authors Abieza, Talitha Rhea Adam Aliya Silmi ADITYA NUGRAHA Aditya Pratama Afgani, Kurnia Fajar Akbar Grady Serano, Dillon Ariando, Heribertus Arie Widyastuti Arifani, Yusnia Talitha AGnes Asep Darmansyah Bastaman, Irsyad Muhammad Cahyono, Tomy Dwi Christian, Nicolas Rendy Dadang Suryana Davirza, Puri Alodia Demario, Patrick Dematria Pringgabayu Dermawan, Dicky Dhea Rakhmatika Utami Eko Susanto El Gibran, Pangeran Alif Endang Dwi Astuti Esa, Abrori Ahmad Noor Fahriandi, Dwika Ghea Revina Wigantini Hanna Pramadhia, Jasmine Harlan, Ruliff Isrochmani Murtaqi Khairunnisa, Carla Latif Alfiyan Zuhri Lazuardi Kitri, Mandra Liongson, Edward Marlene Matsuura, Yoshiyuki Mega Fitriani Adiwarna Prawira Meliana Meliana Muh. Alif Rumansyah, A. Muhammad Dzaki Naufal, Muhammad Dzaki Muhammad, Zikri Mulyati, Widia Muzaffar, Mumtaz Nagoro, Damar Panuluh Natama, Jennifer Magdalena Nita, Arfenia Octaviani Ratnasari Santoso Pane, Josua Febrico Renaldo Panjaitan, Nathania Adella Panjaitan, Renhard Patmanegara, Iqball Dwi Candra Prabowo, Hadi Purbayati, Radia Putri Pradana, Dian Putri, Yolli Eka Putro, Lucky Wahyu Pratomo Raden Aswin Rahadi Rahmatsyah Putranto, Nur Arief Rifka Indi Robert Chowiendo RR. Ella Evrita Hestiandari Santosa, Jason Gamaliel Septyandi, Chandra Budhi Sita Deliyana Firmialy Sitorus, Ganda Glen Michael Subaryata, Subaryata Subiakto Soekarno Subiakto Soekarno Sudarso Kaderi Wiryono Sulestiowidagdo, Ignatius Dwi Sumirat, Erman Arif Syaputri, Annisa Rizkia Syifaa Novianti Trihermanto, Febi Verdana, Faza Vichsanzy, Falahariq Wiryono , Sudarso Kaderi Wiryono, Sudarso Kaderi Witjaksono, Aryo Dimas Yansil, Eko Thio Ady