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All Journal JURNAL BISNIS STRATEGI Jurnal Kajian Manajemen Bisnis Journal of Indonesian Economy and Business JBTI : Jurnal Bisnis : Teori dan Implementasi Jurnal Ilmiah Mahasiswa Ekonomi Manajemen Owner : Riset dan Jurnal Akuntansi Jurnal Ekonomi Manajemen Sistem Informasi Jurnal Informatika Ekonomi Bisnis Jurnal Riset Entrepreneurship Jurnal Manajemen Universitas Bung Hatta Enrichment : Journal of Management Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Ilomata International Journal of Management Jurnal Disrupsi Bisnis Warta Pengabdian Andalas: Jurnal Ilmiah Pengembangan Dan Penerapan Ipteks Journal of Social Research Journal Of World Science Indonesian Journal of Economics and Management Jurnal Manajemen Stratejik dan Simulasi Bisnis Journal of Accounting and Finance Management (JAFM) Journal of Applied Business and Technology Journal Publicuho Ranah Research : Journal of Multidisciplinary Research and Development e-Jurnal Apresiasi Ekonomi Business and Investment Review Jurnal Informatika Ekonomi Bisnis Economica: Journal of Economic and Economic Education Journal of Economics and Management Scienties
Masyhuri Hamidi, Masyhuri
Universitas Andalas
Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Medicine & Pharmacology Public Health Social Sciences Transportation Other

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Pengaruh Rating, Profitabilitas, Indikator Makroekonomi Terhadap Yield to Maturity: Studi Komparatif Non-Green Bond dan Green Bond di Indonesia Putra, Friska Agril Perdana; Hamidi, Masyhuri; Adrianto, Fajri
Jurnal Disrupsi Bisnis Vol. 8 No. 4 (2025): Jurnal Disrupsi Bisnis
Publisher : Prodi Manajemen, Fakultas Ekonomi, Universitas Pamulang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32493/drb.v8i4.52072

Abstract

Penelitian ini bertujuan untuk menguji pengaruh rating kredit, profitabilitas (Return on Assets/ROA), inflasi, dan nilai tukar dengan jenis obligasi (green bond dan non-green bond) sebagai variabel moderasi terhadap Yield to Maturity (YTM) obligasi di Indonesia selama periode 2018 sampai dengan tahun 2024. Metode penelitian yang digunakan adalah penelitian kuantitatif kausal komparatif, memanfaatkan analisis regresi data panel tidak seimbang dengan bantuan perangkat lunak statistik. Data yang digunakan adalah data sekunder yang bersumber dari laporan keuangan emiten, Bursa Efek Indonesia (BEI), Kustodian Sentral Efek Indonesia (KSEI), Badan Pusat Statistik (BPS), dan Bank Indonesia (BI). Hasil analisis menunjukkan ROA berpengaruh signifikan terhadap YTM secara negatif, tetapi pengaruh negatif ini melemah dengan jenis obligasi sebagai variabel moderasi; inflasi berpengaruh signifikan terhadap YTM secara positif, tetapi pengaruh positif ini melemah dengan jenis obligasi sebagai variabel moderasi; nilai tukar berpengaruh signifikan terhadap YTM secara positif, tetapi pengaruh positif ini melemah dengan jenis obligasi sebagai variabel moderasi; rating tidak berpengaruh signifikan terhadap YTM, dan interaksi rating dengan jenis obligasi tidak dapat diestimasi. Variabel dummy green bond sendiri berpengaruh signifikan terhadap YTM secara positif, mengindikasikan adanya greenium negatif. Penelitian ini dapat memberikan kontribusi untuk menambah literatur terkait dinamika pembentukan YTM pada green bond dan non-green bond di pasar berkembang, serta menjadi dasar pertimbangan bagi regulator dan investor dalam mengembangkan ekosistem obligasi berkelanjutan yang lebih responsif.
ENTREPRENEURSHIP ORIENTATION AND BUSINESS PERFORMANCE: THE ROLE OF GOVERNMENT SUPPORT AS MODERATION (In Gen Z as Culinary Serving MSME Actors in Padang City) Saputra, syailendra Eka; Lukman, Syukri; Hamidi, Masyhuri; Rahim, Rida; Adrianto, Fajri
JURNAL ECONOMICA : Research of Economic And Economic Education Vol 12, No 2 (2024): Economica: Journal Of Economic And Economic Education
Publisher : Economic Education Faculty of Economics and Business Universitas PGRI Sumatera Barat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22202/economica.2024.v12.i2.7003

Abstract

This study aims to empirically prove the effect of entrepreneurial orientation and government support on culinary MSME business performance in Padang City. In addition, this research also aims to prove the role of government support to strengthen the relationship between entrepreneurial orientation and culinary MSME business performance in Padang City. In this research, as many as 120 culinary actors managed by gen Z or business actors aged between 16 and 23 years were used at this time. Data collection was carried out through distributing questionnaires. The data analysis method used is quantitative by using path analysis. The results of testing the hypothesis found that entrepreneurial orientation will encourage increased culinary MSME business performance managed by gen Z in Padang City. The research results obtained also found that government support in the form of financial or non-financial has a strong influence on the performance of micro business businesses managed by gen Z in Padang City. Another finding obtained through our research is that government support moderates the relationship between entrepreneurial orientation and business performance. These findings show that the implementation of an entrepreneurial orientation will be carried out and on target if it gets financial or non-financial support from the government so that it can encourage increased business performance.
ANALISIS KINERJA BANK PEREKONOMIAN RAKYAT (BPR) SEBELUM DAN SETELAH BERKOLABORASI DENGAN INOVASI FINTECH LENDING DAN FUNDING Desy Amelia; Masyhuri Hamidi; Fajri Adrianto
Journal Publicuho Vol. 8 No. 3 (2025): August - October - Journal Publicuho
Publisher : Halu Oleo University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35817/publicuho.v8i3.925

Abstract

This study analyses the financial performance of Rural Economic Banks (BPR) before and after collaboration with financial technology (fintech) innovations in lending and funding through Komunal Group, the pioneer of BPR digitalisation in Indonesia. The observation period is divided into two phases: before collaboration (2019–2021) and after collaboration (2022–2024). The study aims to examine the influence of financial variables such as Cash Ratio (CR), Loan to Deposit Ratio (LDR), Non-Performing Loan (NPL), and Operating Expenses to Operating Income Ratio (BOPO) on Return on Assets (ROA) of BPR, as well as to compare financial performance between the two periods. The method used is panel data regression with a Random Effect Model, accompanied by tests for normality, heteroscedasticity, multicollinearity, and autocorrelation. The sample consists of 14 BPRs. The results show no significant difference in ROA between the two periods. However, LDR significantly increased and NPL significantly decreased after collaboration, indicating improved credit distribution and asset quality. CR decreased, although not statistically significant, reflecting a shift in liquid assets toward credit expansion through fintech. BOPO consistently has a significant negative effect on ROA in both periods, emphasising the importance of operational efficiency. This study also highlights the need for adaptive liquidity management and good governance to maintain optimal financial performance.
The Influence of Corporate Social Responsibility, Debt to Equity Ratio, and Total Assets Turnover on Financial Performance of Manufacturing Companies in Indonesia Lidya Martha; Masyhuri Hamidi; Yurniwati Yurniwati; M Fany Alfarisi
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 3 (2026): Periode Juli 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i3.3540

Abstract

This study aims to analyse the influence of Corporate Social Responsibility (CSR), Debt to Equity Ratio (DER), and Total Assets Turnover (TATO) on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange during the 2017-2023 period. Financial performance is proxied by Return On Assets (ROA). The population of this study was all manufacturing companies listed on the Indonesian Stock Exchange. The sampling technique used was purposive, with criteria including manufacturing companies that published annual and sustainability reports consistently during 2017-2023 and had complete data for the variables studied. Based on these criteria, 36 manufacturing companies were obtained as the initial sample. After winsorizing extreme DER values and applying a logarithmic transformation, the final sample consisted of 33 companies with 94 unbalanced panel observations. The research method is quantitative, with panel data regression analysis conducted in eviews 12. The best model was selected using the Chow Test, Hausman Test, and Lagrange Multiplier Test, which indicated that the Random Effect Model (REM) was the most appropriate. The key findings indicate that CSR has a positive and significant effect on ROA (p = 0.0273 < 0.05), supporting stakeholder theory. Conversely, DER has a negative and significant effect on ROA (p = 0.0306 < 0.05), suggesting that sample companies have not used debt financing productively. Meanwhile, TATO has no significant effect on ROA (p = 0.0501 > 0.05). This study concludes that CSR and DER are significant determinants of financial performance in opposite directions. at the same time, TATO does not show a direct influence on profitability in the context of Indonesian manufacturing companies during the observation period.
Analysis of ESG Disclosure in ASEAN Countries: The Influence of Board CSR Orientation, Board CSR Strategy,GRI and National Cultural Demensions Ledhisya Juanza Putri; Fajri Andrianto; Masyhuri Hamidi
Jurnal Ekonomi Manajemen Sistem Informasi Vol. 6 No. 3 (2025): Jurnal Ekonomi Manajemen Sistem Informasi (Januari - Februari 2025)
Publisher : Dinasti Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jemsi.v6i3.3942

Abstract

This study aims to examine the influence of board CSR orientation, board CSR strategy, the adoption of the Global Reporting Initiative (GRI), and national cultural dimensions on Environmental, Social, and Governance (ESG) disclosure in ASEAN countries. The data used in this research is derived from 147 companies over the 2014–2023 period, with a total of 1,470 observations. The data analysis technique applied in this study is Panel Data Regression using STATA 17. Board CSR orientation was found to have a significant positive influence on ESG disclosure, as boards committed to CSR are able to enhance transparency and the quality of ESG reporting, as well as build stakeholder trust. Board CSR strategy also significantly encourages the integration of CSR into corporate strategies, which improves transparency and supports long-term sustainability goals. Furthermore, the adoption of GRI guidelines shows a significant positive impact, helping companies produce structured and comparable reports, thus enhancing competitiveness and investor confidence. In the aspect of national culture, individualism has a significant positive influence on ESG disclosure, as such cultures tend to emphasize transparency and reputation. On the other hand, uncertainty avoidance has a significant negative effect, indicating that cultures with low levels of uncertainty avoidance prioritize flexibility over structured ESG reporting. Meanwhile, the femininity dimension shows a positive but not significant impact on ESG disclosure, which may be attributed to weak regulatory frameworks in ASEAN. Control variables such as firm age, board size, and board meeting frequency also influence ESG disclosure.
How Environmental, Social, and Governance Reporting Drives Innovation Capability and Firm Value in Indonesia Rizka Hadya; Syukri Lukman; Masyhuri Hamidi; Rahmat Febrianto; Irdha Yusra
Jurnal Manajemen Universitas Bung Hatta Vol. 21 No. 2 (2026): Jurnal Manajemen Universitas Bung Hatta
Publisher : Management Department, Faculty of Economics and Business, Universitas Bung Hatta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37301/jmubh.v21i2.30010

Abstract

This research extends the resource-based explanation of firm value by analyzing innovation capability as both a key driver of Tobin's Q and as an effect of environmental, social, and governance (ESG) disclosures. Using panel data from 82 listed firms on the Indonesia Stock Exchange over a decade (820 observations), we employed fixed-effects regression based on Chow and Hausman tests. The analysis proceeded in two stages: first, examining how the three ESG disclosure pillars influence innovation capability, and second, how innovation capability impacts firm value, controlling for size, age, leverage, and board size. The findings reveal that only social disclosure significantly enhances innovation capability, while environmental and governance disclosures do not show notable effects. Moreover, increased innovation capability leads to a substantial and significant improvement in firm value. While firm size and board size positively affect value, firm age has a negative impact. The evidence points to an asymmetry: whereas social disclosure supports capability-building, innovation capability itself is a strong channel through which market value is realized, and this mechanism in Indonesia relies mainly on the social aspect of ESG, rather than environmental or governance disclosure volume. This work refines the resource-based perspective for developing economies and offers targeted insights for business leaders and policymakers about which ESG areas most effectively foster strategic advantage.
The Influence of Corporate Governance Criteria, Accounting Conservatism, Sales Growth and Firm Size on Investment Efficiency Eka Rosalina; Niki Lukviarman; Masyhuri Hamidi; Fajri Adrianto
Ilomata International Journal of Management Vol. 6 No. 4 (2025): October 2025
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijjm.v6i4.1868

Abstract

This study investigates the effect of corporate governance, accounting conservatism, firm size, and sales growth on investment efficiency. A multiple linear regression model was employed using SPSS for data analysis. The study covers the period from 2013 to 2023 and focuses on non-cyclical consumer sector companies, with a total sample of 379 observations. The data were obtained from the financial statements of companies listed on the Indonesia Stock Exchange (IDX). Investment efficiency was measured using the proxy developed by (Richardson, 2006), which relates free cash flow to the level of overinvestment at the firm level. Corporate governance was proxied by the proportion of independent board members and board size, while accounting conservatism was assessed through the quality of financial reporting. Firm size was measured using the natural logarithm of total assets, and sales growth was assessed using the growth rate of sales. The research results show that corporate governance, as measured by board independence and board size, influences investment efficiency, with the board fulfilling its obligations effectively. Accounting conservatism also influences investment efficiency, as a result of the concept of prudence in investment decisions. Sales growth and company size also have no effect on investment efficiency due to excessive leverage.
Co-Authors Abel Tasman Adiya, M. Hasmil Adrianto, Fajri Alfarisy, Moh Fany Amelia Rahmadhani Putri Amrigan Ammanda, Afifah Amran, Kevinia Mayumi Andhika Zulen, Ivan Anggi Puspita Mayasari Ayub, Mat Salleh Bryan Trianda Ginting Dahlan, Yunita Desy Amelia Eka Rosalina Eka Rosalina Eka Satria Praja Eka Yuyan, Febby Elita Permanawati Elsa Eka Putri Fajri Adrianto Fajri Andrianto Fajri Andrianto Fany Alfarisi, Mohamad Frima, Rini Habib, Ilham Igau, Oswald Aisat Irdha Yusra Juanza Putri, Ledhisya Khairul Rahman Ledhisya Juanza Putri Lorenza Julia Ningri Lusiana, Riri M Fany Alfarisi Martha, Lidya Mayasari, Anggi Puspita Mohamad Fany Alfarisi Mohd Kassim, Abdul Wahid MUHARJA, FAJRI Niki Lukviarman, Niki Nisa, Fachrum Novita, Wellia Nur Hasanah Putra Jayani, Angga Putra, Friska Agril Perdana Rahmat Febrianto Refalina, Aulia Rida Rahim Rifqoh Nailufar, Fairuz Rizka Hadya Saputra, Early Saputra, Syailendra Eka Septa Skundarian Shelby Edinov Sidin, Julian Paul Subrini Suhanda Suhanda Syukri Lukman Syukri Lukman Tafdil Husni Tahajuddin, Sulaiman Triana, Fella Vera Pujani Wardah Awwalin Ikhsaniah Saldi Yoppi Lisyadi Oktavianus Yurniwati Yurniwati