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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
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.
The Relationship of Firm Value and Profitability With ESG Disclosures in Property and Real Estate Companies in Indonesia Stock Exchange Panjaitan, Renhard; Nainggolan, Yunieta Anny
International Journal of Management, Entrepreneurship, Social Science and Humanities Vol. 9 No. 2 (2025): July - December Volume
Publisher : Research Synergy Foundation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31098/ijmesh.v9i2.3424

Abstract

This research aims to investigate the relationship between firm value and profitability on Environmental, Social, and Governance (ESG) disclosure on property and real estate companies listed on the Indonesian Stock Exchange. The sample used was 32 samples with 32 observations using the purposive sampling technique. The data used is secondary data, with the data collection method using content analysis. The analysis technique used is linear regression analysis. The dependent variable is ESG Score; the independent variables are two performance indicators (Tobin’s Q and Return on Assets); the control variables are firm size and financial leverage. standards. A one-year lag consideration is used on ESG disclosure. The results of the research indicate (1) firm value and profitability, as measured by Tobin's Q and Return on Assets, respectively, simultaneously have a significant and positive relationship on the level of ESG disclosure; (2) firm value, as measured by Tobin's Q, does not have a significant relationship on the level of ESG disclosure. (3) profitability, as measured by Return on Assets, has a significant and positive relationship with the level of ESG disclosure.  Research findings are beneficial for investors, fund managers, policymakers, and property and real estate companies. The author further provides suggestions to executives on ESG investment and practices to gain the benefits of such investments.
Goto Group's Path To Profitability: A Financial Performance Analysis 2022-2024 Muzaffar, Mumtaz; Anny Nainggolan, Yunieta; Soekarno, Subiakto
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.
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.
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