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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 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
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Physics Public Health Social Sciences Transportation Other

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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 : Sekretariat Badan Kebijakan Transportasi

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.
Board Characteristics and ESG Performance: An Empirical Study of Public Companies in Indonesia Pane, Josua Febrico Renaldo; Nainggolan, Yunieta Anny
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v9i11.16921

Abstract

This study examines the impact of board characteristics on the environmental, social, and governance (ESG) performance of publicly listed companies in Indonesia. Focusing on firms listed in the KOMPAS100 index, the research explores how board composition, including the number of directors and commissioners, gender diversity, independence, the presence of foreign members, and the sustainability committee, influences ESG scores. Using data from Sustainalytics, financial reports, and sustainability reports, the analysis includes control variables such as public shares, return on assets, leverage, firm age, firm size, and state ownership. Significant correlations were discovered between the characteristics of the board, the sustainability committee, and the ratings related to environmental, social, and governance factors (ESG). Companies that have larger boards, a higher proportion of female and independent directors, and international members exhibit superior environmental, social, and governance (ESG) performance. Sustainability committees contribute to the improvement of ESG outcomes. The findings indicate that implementing well-organized governance systems and having diverse board compositions are essential for successfully managing sustainability. The study utilized regression models to examine the influence of board features on ESG performance. Data from the KOMPAS100 index, which includes prominent Indonesian companies, was used for analysis. This empirical investigation offers useful insights into the ways in which corporate governance frameworks can influence sustainable business practices in the Indonesian context. Policymakers are advised to establish policies that encourage the formation of board diversity and sustainability committees. Corporate executives are recommended to optimize the composition of their boards in order to align with sustainability objectives, consequently enhancing environmental, social, and governance (ESG) performance and attaining competitive advantages.
FROM MERGER TO DIVESTITURE: FINANCIAL PERFORMANCE, ECONOMIC VALUE ADDED, AND MARKET REACTION TO GOTO’S SALE OF TOKOPEDIA TO BYTEDANCE Dhea Rakhmatika Utami; Yunieta Anny Nainggolan; Subiakto Soekarno
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 6 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i6.4526

Abstract

This studies examines how PT GoTo Gojek Tokopedia Tbk (GoTo) is affected by its decision to divest most of its shares in Tokopedia to ByteDance (TikTok), while keeping a minority stake and forming a commercial partnership. Before this step, GoTo tried to build a “super-app” that combined Gojek’s on-demand services, Tokopedia’s e-commerce, and GoPay. However, even after the merger and IPO, GoTo still recorded large losses, high cash burn, and a declining share price, so it is important to test whether the divestiture really supports long-term value creation. The research uses a single-case, explanatory design covering 2022–2024. It relies only on secondary data: audited financial statements, annual reports, daily stock prices of GoTo. JK and the Jakarta Composite Index (IHSG), press releases, and news. The analysis has three parts: (i) financial ratio analysis (revenue growth, operating margin, EBITDA, net profit margin, ROA, ROE); (ii) Economic Value Added (EVA), using NOPAT, invested capital, and a WACC estimated with CAPM; and (iii) an event study with a market-adjusted model to measure abnormal returns and cumulative abnormal returns (CAR) around the announcement of the Tokopedia–TikTok transaction. The results show that GoTo’s operating performance improves after the divestiture: operating margins become less negative, EBITDA turns positive in 2024, and net loss decreases, although EVA remains negative, even if the value destruction becomes smaller over time. The event study finds short-term positive abnormal returns around the announcement, indicating that investors initially welcome the deal, even though share-price volatility shows remaining concerns. Overall, the thesis concludes that the divestiture makes GoTo smaller, more focused, and more disciplined, but it has not yet fully solved the problem of negative EVA.
CAPITAL BUDGETING STRATEGIES FOR SUSTAINABLE FOOD AND BEVERAGES SME’S (CASE STUDY: NASI PEDA PELANGI) Fahriandi, Dwika; Nainggolan, Yunieta Anny
Jurnal Manajemen dan Profesional Vol. 6 No. 3 (2025): Jurnal JPRO
Publisher : Program Studi Manajemen Institut Teknologi dan Bisnis Asia Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32815/jpro.v6i3.2618

Abstract

Nasi Peda Pelangi, a sustainability-focused F&B business, plans to expand to Tegalalang, Bali. This study evaluates the investment feasibility using capital budgeting metrics, showing positive results: NPV of IDR 686,496,320, IRR of 17.09%, PI of 1.36, and a four-year payback period. A quantitative approach analyzes financial data (2020– 2023), supported by PESTEL and SWOT analyses. Key risks include market competition, economic fluctuations, and operational uncertainties, with raw material and operating costs identified as critical factors. Effective cost management and adaptive strategies are essential for long-term profitability. The study confirms the expansion is financially viable and aligns with sustainability principles, offering insights for other F&B businesses aiming for sustainable growth.
A DUAL-METHOD RISK MANAGEMENT FRAMEWORK FOR COAL-TO-SNG PROJECTS: EVIDENCE FROM INDONESIA’S STATE-OWNED ENERGY SECTOR Latif Alfiyan Zuhri; Yunieta Anny Nainggolan
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 3 (2026): Journal of Economic, Bussines and Accounting (COSTING)
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/0b52nc25

Abstract

PT Bukit Asam Tbk (PTBA) faces challenges regarding the global decline in coal demand and price as well as stricter environmental regulation. To sustain its business, PTBA is initiating Coal to Synthetic Natural Gas (SNG) project as part of business diversification strategy. However, the project faces challenges and uncertainties. This study explores the risks associated with the project by using a dual method approach of Risk Matrix and Analytical Hierarchy Process (AHP) through interviews and questionnaires. A total of 38 risks were identified associated with the project across several categories. Seven top priority risks were highlighted including policy/regulatory uncertainty, geopolitical instability, technology selection, difficulties in project funding, LNG price decline, violation of good corporate governance (GCG), as well as licensing delays. The study found that different methods may provide different perspectives, due to the subjective nature of Risk Matrix as qualitative approach based on likelihood and consequence versus AHP which is more quantitative based on pairwise comparison weighting. The combination of both methods enhances the accuracy and reliability of the analysis in accordance with the principles of ISO 31000:2018. This study contributes theoretically by presenting a replicable dual-method approach of Risk Matrix (qualitative) and Analytical Hierarchy Process (quantitative) within the ISO 31000:2018 framework that can be adapted in similar projects, especially coal downstream or energy transition projects.
Goto Group's Path To Profitability: A Financial Performance Analysis 2022-2024 Mumtaz Muzaffar; Yunieta Anny Nainggolan; Subiakto Soekarno
International Journal of Science and Environment (IJSE) Vol. 6 No. 1 (2026): February 2026
Publisher : CV. Inara in Colaboration with www.stie-sampit.ac.id

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijse.v6i1.309

Abstract

This is a case study concerning the path to profitability of the GoTo Group in 20222024. The study follows a quantitative descriptive research design and uses secondary data retrieved in reference to audited financial statements, annual reports, and presentations made to investors, to make an integrated financial model to indicate the key drivers behind the improvement in Adjusted EBITDA. Results show that GoTo achieved a significant profitability turnaround with Adjusted EBITDA improving by IDR 16.34 trillion from negative IDR 16.01 trillion (2022) to positive IDR 0.33 trillion (2024). Three reinforcing levers drove this improvement: (1) monetization uplift with net take-rate rising from 1.85% to 2.95%, (2) subsidy rationalization with promotions declining from 2.97% to 0.53% of Core GTV, and (3) fixed cost efficiency maintained at 44.84% of net revenue. Scenario analysis demonstrates that profitability sustainability exists within a narrow operating corridor. The study establishes quantified profitability guardrails: promotion intensity ≤0.59% of Core GTV, net take-rate ≥2.84%, and fixed opex ≤46.91% of net revenue. This study recommends implementing guardrail-based governance to maintain profitability while growing Core GTV without returning to subsidy-dependent growth.
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.
Unveiling the Impact of Green Financing and Sustainability Reporting on Indonesian Banks: Two-Fold Analysis using Tobins’Q and RoRWA Marlene; Yunieta Anny Nainggolan
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.v3i1.320

Abstract

The primary objective of this research is to investigate the two-fold impacts of portfolio Green Financing (GF) and GRI-based Sustainability Reporting Disclosure (SRD) on the financial performance of Indonesian banks. At the focal points of the country’s sustainability transition, banks play a catalytical role in directing capital between environment protection, climate risk policy, societal impact, industry adaptation, and long-term financial resilience. Using a panel data set of 44 IDX-listed commercial banks from 2021-2023, the research applies a dual-lens empirical framework: Tobin’s Q to measure market perception and Return on Risk Weighted Assets (RoRWA) to capture internal regulatory-aligned profitability. The result reveals that Green Finance and Sustainability Reporting Disclosure consistently improved RoRWA, confirming the strategic financial merit of green lending. Nonetheless, Tobin’s Q revealed that GF does not have a substantial effect, suggesting that the market may undervalue banks' sustainable business initiatives. SRD initially demonstrates significance but loses its explanatory power when the full model is introduced, indicating immaturity and narrative-heavy disclosure, which lack integrated rigorous financial materiality. Research emphasizes the importance of aligning SRD transparency and GF execution to accelerate new taxonomy-based reporting, develop RoRWA-linked ESG metrics, and explore potential macro and micro-prudential incentives. This research provides policy and managerial insight to support the scalability of green finance and credible sustainability reporting in Indonesia and other emerging markets.
Investment Feasibility Analysis for Sustainable Capacity Expansion of Aircraft MRO in Indonesia Puri Alodia Davirza; Yunieta Anny Nainggolan
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.v3i1.323

Abstract

According to global market outlooks, the aviation industry is expected to demand 43,975 new aircraft between 2024 until 2043, which will significantly increase the need for Maintenance, Repair, and Overhaul (MRO) services. As the leading MRO provider in Indonesia, Aeroantara Technic is well positioned to capture this growth. However, it faces internal challenges due to its prolonged negative equity position. This study assesses the investment feasibility of an investor to develop a new wide body aircraft hangar with two to four additional slots that would be operated by Aeroantara Technic under an Operation Management (OM) scheme. The analysis is approached from two perspectives. First, whether the project is financially viable for the investor since without a feasible investment return, Aeroantara Technic would not be able to lease the hangar. Second, if the project is indeed feasible, the study estimates the potential benefit that Aeroantara Technic could gain from operating the hangar under this arrangement. The analysis integrates financial data projections using discounted cash flow modelling, supported by publicly available data inputs from industry and internal insights utilized to build credible assumptions and enhance the realism of projections. The results indicate a robust return on investment with a positive NPV of USD 19.2 million, an IRR of 14.2%, and payback period 10.6 years, confirming adequate profitability and feasibility. To further account of uncertainties, a sensitivity analysis using Monte Carlo simulation is conducted, strengthening the confidence in the project decision under varying risk scenarios. Align with international aviation sustainability goals (ICAO’s CORSIA and IATA’s Fly Net Zero), Aeroantara Technic could incorporating ESG aspects that may unlock green financing, government incentive, and customer preference for sustainable MROs. In conclusion, expanding Aeroantara Technic’s capacity for aircraft maintenance through a new hangar represents a financially sound strategic move aligned with the industry growth forecasts.
The Analysis of Carbon Credit Monetization in the Mining & Energy Company Patrick Demario; Yunieta Anny Nainggolan
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.v3i1.328

Abstract

This study examines the recently launched Indonesian carbon market, IDX Carbon, with a focus on its applicability to publicly listed mining and energy companies. The research compares IDX Carbon with established carbon trading systems in the European Union and China to assess structural differences and pricing mechanisms. Using emissions data from 2020 to 2023, the study calculates annual emission surpluses and deficits based on Phase 1 carbon accounting. Findings reveal that most Indonesian companies are in a carbon credit deficit, resulting in added operational costs. Although the potential for monetizing carbon credits exists, particularly for companies with emission surpluses, the overall financial benefit remains limited under current market conditions. Notably, the price per ton of CO₂e in Indonesia is significantly lower than in the EU and China, indicating that the Indonesian carbon market is still undervalued and lacks liquidity. These conditions may discourage active participation and weaken the market’s role in driving corporate decarbonization. This research contributes to the understanding of early-stage carbon market implementation in developing economies and highlights areas for improvement in regulatory design, carbon pricing, and reporting transparency. It also provides a basis for future studies on sustainable finance and carbon policy reform in Indonesia, especially in high-emission sectors like mining and energy.
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 Dematria Pringgabayu Dermawan, Dicky Dhea Rakhmatika Utami Edward Liongson Eko Susanto El Gibran, Pangeran Alif Endang Dwi Astuti Esa, Abrori Ahmad Noor Fahriandi, Dwika Ghea Revina Wigantini Hadi Prabowo Hanna Pramadhia, Jasmine Isrochmani Murtaqi Khairunnisa, Carla Latif Alfiyan Zuhri Mandra Lazuardi Kitri Marlene Matsuura, Yoshiyuki Mega Fitriani Adiwarna Prawira Meliana Meliana Muh. Alif Rumansyah, A. Muhammad Dzaki Naufal, Muhammad Dzaki Muhammad, Zikri Mulyati, Widia Mumtaz Muzaffar Nagoro, Damar Panuluh Natama, Jennifer Magdalena Nathania Adella Panjaitan Nita, Arfenia Octaviani Ratnasari Santoso Pane, Josua Febrico Renaldo Patrick Demario Purbayati, Radia Puri Alodia Davirza 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 Ruliff Harlan 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