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All Journal Jurnal Ekonomi Kuantitatif Terapan UG Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Gadjah Mada International Journal of Business Syntax Literate: Jurnal Ilmiah Indonesia Journal of Economic, Bussines and Accounting (COSTING) Jurnal Muara Ilmu Ekonomi dan Bisnis Revitalisasi : Jurnal Ilmu Manajemen Ilomata International Journal of Tax and Accounting Jurnal Scientia Management and Accounting Expose Ekombis Sains: Jurnal Ekonomi, Keuangan dan Bisnis ASEAN Marketing Journal Eduvest - Journal of Universal Studies International Research Journal of Business Studies
Arief Wibisono Lubis
Department Of Management Faculty Of Economies And Business Universitas Indonesia
Aerospace Engineering Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Mathematics Neuroscience Social Sciences Other

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The Moderation Role of Tax Rate Reduction and Firm Size on the Effects of Tax Aggressiveness on Company Value Faisal Ardhi; Arief Wibisono Lubis
Ilomata International Journal of Tax and Accounting Vol. 4 No. 3 (2023): July 2023
Publisher : Yayasan Ilomata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52728/ijtc.v4i3.777

Abstract

This study aims to examine the impacts of reducing tax rates and firm size on tax aggressiveness in regards to the company value in Indonesia. This study used 302 samples of companies with 1,118 observation points within the period of 2017 - 2021. The proxy measurement of tax aggressiveness is with Effective Tax Rate and the company value using Tobins'Q. The research analysis was carried out using multiple regression models of panel data employing fixed effects as the best research model. The results showed that there was no significant effect of aggressive tax on firm value. This study also found that a decrease in tax rates did not affect the relationship between tax aggressiveness and firm value, but firm size did impact on both tax aggressiveness and firm value.
The Role of the Ceo's Educational Background on the Relationship Between Intellectual Capital and Performance Among Indonesian Listed Banks Samantha Agnesia Lidya Br. Gultom; Arief Wibisono Lubis
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v8i12.14101

Abstract

The transition from a physical resource-based economy to a knowledge-based economy has encouraged researchers to look for new ways to measure intangible assets such as intellectual capital. This study tests and analyzes the effect of intellectual capital on company performance and the role of educational background in the influence of intellectual capital on the performance of banking companies listed on the Indonesian stock exchange for the period 2018-2022. This study uses secondary data obtained from the official website of the sample company. The number of samples in this study was 47 banks listed on the Indonesian Stock Exchange (IDX). The value-added intellectual coefficient (VAIC) method was used to measure the added value of intellectual capital. This study uses quantitative methods with panel data regression to analyze the effect of intellectual capital on company performance and the effect of managing directors’ educational background on the relationship between intellectual capital and company performance. These findings show how IC elements of intellectual capital affect financial performance. We discover that IC improves the ROA and ROE of Banking Companies Listed in Indonesia, data analysis results indicate that the educational background of the managing director has a varying impact on the relationship between intellectual capital (IC) and company performance, as measured by return on assets (ROA) but not to return on equity (ROE). To the best of the author’s knowledge. This is the first empirical study to evaluate the Role of a CEO's educational background in affecting Intellectual Capital in the performance of banking companies listed in Indonesia.
EARNINGS MANAGEMENT AND PROBABILITY OF DEFAULT ANALYSIS OF NON-FINANCIAL COMPANIES IN INDONESIA DURING THE COVID-19 PANDEMIC Sherly, Sherly; Lubis, Arief Wibisono
Jurnal Muara Ilmu Ekonomi dan Bisnis Vol. 7 No. 2 (2023): Jurnal Muara Ilmu Ekonomi dan Bisnis
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmieb.v7i2.24131

Abstract

Pada masa pandemi COVID-19, ekonomi Indonesia mengalami pertumbuhan negatif 2,19 persen (2020). Kondisi ini mempengaruhi penurunan bisnis di Indonesia yang berdampak pada peningkatan Non Performing Loan perbankan. Umumnya, penilaian kredit oleh perbankan dilakukan menggunakan informasi yang terdapat pada laporan keuangan sehingga pencatatan akuntansi yang benar dapat mempengaruhi kualitas kredit. Penelitian ini bertujuan untuk mempelajari apakah manajemen laba (earnings management) yang dilakukan oleh perusahaan selama krisis pandemi COVID-19 memiliki pengaruh signifikan terhadap kemungkinan gagal bayar (probability of default), khususnya bagi perusahaan sektor non keuangan di Indonesia. Data penelitian diperoleh dari Bursa Efek Indonesia periode 2019 – 2021 dimana probability of default dihitung dengan menggunakan KMV-Merton Model dan earnings management menggunakan metode F-score Dechow. Hasil penelitian menunjukkan bahwa terdapat peningkatan jumlah perusahaan yang memiliki probabilitas default pada masa pandemi COVID-19, namun jumlah perusahaan yang terindikasi melakukan earnings management mengalami penurunan. Hasil uji menunjukan bahwa pengaruh earnings management terhadap probability of default tidak signifikan. Namun demikian, pihak yang berkepentingan harus dapat sedini mungkin mengidentifikasi adanya manajemen laba yang dapat berdampak buruk terhadap kualitas kredit dan mengantisipasi kemungkinan gagal bayar di kemudian hari.   During the COVID-19 pandemic, the Indonesian economy experienced negative growth of 2.19 percent (2020). This condition affects the decline in business in Indonesia, which impacts the increase in bank Non-Performing Loans. Generally, credit assessment by banks is performed based on the information figured in financial statements and therefore the accounting records can affect credit quality. This research aims to study whether earnings management carried out by companies during the COVID-19 pandemic crisis has a significant effect on the probability of default, especially for non-financial sector companies in Indonesia. The data was obtained from the Indonesia Stock Exchange for the period 2019 – 2021. The probability of default was calculated using the KMV-Merton Model and earnings management using the F-score Dechow method. The results showed that there was an increase in the number of companies that had a probability of default during the COVID-19 pandemic, but but the number of companies that indicated earnings management decreased. The result showed that the effect of earnings management on the probability of default is not significant. However, interested parties must be able to identify earnings management as early as possible, which can have an adverse impact on credit quality and anticipate possible defaults in the future.
Inovasi Hijau, Umur Top Management, dan Profitabilitas: Studi pada Perusahaan Listrik Putro, Rachmadi Kusentyo; Lubis, Arief Wibisono
REVITALISASI : Jurnal Ilmu Manajemen Vol 12 No 2 (2023): REVITALISASI : Jurnal Ilmu Manajemen
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/revitalisasi.v12i2.4594

Abstract

The matter of climate change is progressively emerging as a worldwide preoccupation. Companies must innovate in order to overcome this challenge and simultaneously sustain their profitability. The future trajectory of a company is heavily contingent upon the extent to which its leaders actively pursue and implement innovative practices. This study seeks to examine the correlation between green innovation, the age of senior management, and profitability in electricitiy companies, which are the primary contributors to carbon emissions. Utilizing panel data regression analysis with secondary data spanning from 2013 to 2022, this study reveals that green process innovation exerts a noteworthy influence on return on assets (ROA). Furthermore, the age of top management acts as a moderating factor in the association between green process innovation and ROA. However, green product innovation does not exert a substantial influence on profitability. This study addresses the lack of research conducted on electricity comapnies, providing valuable insights for corporate stakeholders who are contemplating investments in green innovation and taking age into account when choosing top management. To enhance the academic rigor of this study, other factors pertaining to top management characteristics, such as educational background and diversity of the top management team, can be used.
Analysis of Herding Behavior During The Covid-19 Pandemic And Russia's Invasion of Ukraine Abyuda, Gede Satya Wicaksana; Lubis, Arief Wibisono
Eduvest - Journal of Universal Studies Vol. 5 No. 6 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i6.50399

Abstract

The energy sector plays a crucial role in the global economy but is vulnerable to economic crises, pandemics, and geopolitical conflicts that trigger stock price volatility. This study investigates herding behavior among investors during two major crises, namely the COVID-19 pandemic and the Russia-Ukraine invasion, focusing on energy sector stocks listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. The study aims to identify indications of herding behavior in energy sector stock returns during these crisis periods. A quantitative approach was employed, analyzing daily time series data. The sample consisted of 57 stocks selected using the purposive sampling method based on relevant criteria. Hypothesis testing was conducted to identify differences in herding behavior across the two crisis periods and to evaluate the impact of West Texas Intermediate (WTI) crude oil price fluctuations on herding behavior in the energy sector. The findings reveal indications of herding behavior in energy sector companies during the 2018–2022 period. However, there is no strong evidence to support the occurrence of herding behavior during the COVID-19 pandemic and the Russia-Ukraine invasion. Furthermore, WTI crude oil price fluctuations were not found to significantly influence herding behavior in the energy sector. These findings are expected to serve as a reference for regulators and academics in designing more effective policies to manage market behavior during periods of global uncertainty and to encourage further research exploring other factors influencing herding behavior across various sectors.
MSME Loan Composition, Financial Stability, and Government Ownership: Evidence from Indonesia’s Banking Sector Muhammad, Nur; Lubis, Arief Wibisono
Gadjah Mada International Journal of Business Vol 27, No 3 (2025): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.110637

Abstract

The Indonesian government has promoted growth in MSMEs (micro, small, and medium enterprises) by targeting banks to allocate at least 30% by Q2 2022 of their loan portfolios to MSMEs. However, by Q4 2022, this target had not been met, partly due to the high credit risk and information asymmetry in the MSME sector. While past studies often suggest that MSME lending improves bank stability, this study finds otherwise. Using panel data from 96 banks between Q1 2019 and Q4 2022 and applying the GMM method, the result shows that a higher MSME loan share tends to reduce bank stability. Interestingly, when government ownership is considered, the effect turns positive, suggesting that government-owned banks may manage MSME risks better. This may be due to stronger oversight, policy support, their experience with development-focused lending, a broader business focus beyond profits, and their role as agents of change in supporting financial inclusion and economic stability. These findings suggest the need for better MSME policy alignment, risk mitigation tools, and a centralized MSME database to balance financial inclusion with banking sector stability. 
The Moderating Effect of Family Ownership on Earnings Management and Stock Price Crash Risk Sakti, Aswin Parmita; Lubis, Arief Wibisono
International Research Journal of Business Studies Vol. 18 No. 2 (2025): August - November 2025
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.18.2.139-158

Abstract

This study examines the influence of earnings management on stock price crash risk within publicly listed companies in Indonesia. Additionally, it explores the moderating role of family ownership in this relationship, assessing whether it strengthens or weakens the connection between earnings management and stock price crash risk. The research employs an unbalanced panel data regression framework, utilizing dynamic panel data estimation through the system-GMM approach. Empirical findings indicate that accrual-based earnings management significantly increases the likelihood of stock price collapse, whereas real earnings management exerts only a marginal positive effect on crash risk. Furthermore, results suggest that family ownership amplifies the impact of earnings management on stock price crash risk, implying that firms with family ownership engage in more aggressive earnings manipulation practices, which in turn heighten the probability of future stock price crashes.
Concentrated Ownership of Indonesian Listed Companies as a Determinant of Stock Price Crash Risk Tamala, Putri; Lubis, Arief Wibisono
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51322

Abstract

This study examines the relationship between ownership concentration and stock price crash risk in Indonesian publicly listed companies. In emerging markets like Indonesia, ownership is often concentrated in the hands of a few major shareholders, raising questions about information asymmetry and governance vulnerabilities. Using panel data from non-financial firms listed on the Indonesia Stock Exchange between 2014 and 2023, this study applies a quantitative approach with crash risk proxied by negative coefficient skewness (NCSKEW) and down-to-up volatility (DUVOL). Ownership concentration is measured as the combined shareholding of the top three shareholders in each firm. The results show that ownership concentration has a consistently positive but statistically insignificant relationship with stock price crash risk. These findings suggest that concentrated ownership, while prevalent in Indonesia, does not necessarily lead to greater downside risk. Instead, firm-specific characteristics such as profitability, liquidity, maturity, and external factors like the COVID-19 crisis may play a more decisive role. This study contributes to the growing literature on corporate governance in emerging markets by challenging commonly held assumptions about the risk implications of blockholder control.
THE IMPACT OF SUSTAINABILITY COMMITMENT ON CRASH RISK IN ASEAN-4 COUNTRIES Widyawati, Widyawati; Lubis, Arief Wibisono
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 12, No 2 (2023): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v12i2.68303

Abstract

This study aims to analyze the impact of corporate sustainability commitment on stock market crash risk in ASEAN-4 countries during the period 2015-2019. This study examined 76 ASEAN-4 public companies using the ordinary least squares (OLS) regression analysis. Empirical results show that the corporate sustainability commitment has a negative and significant impact on the stock market crash risk, indicating that there was a tendency for the companies with a stronger sustainability commitment to experience a lower crash risk. In relation to the interaction between sustainability commitment and ownership structure associated to the crash risk, there is an interaction in the relationship between dependent and the independent variables, although the nature of the relationship is attenuated and significant. This study also employed the Fama-Macbeth regression method for robustness checking and the results confirm that the sustainability commitment has a negative and significant impact on the crash risk. These findings are expected to provide greater insights for investors regarding stock investment strategies by incorporating corporate sustainability concerns and the regulatory policy implications for market resilience during crises through the sustainability commitment.JEL: G32, G10.
Earnings Management, Tax Avoidance, and Profitability Among MNC’s in Indonesia Veronica, Angela; Lubis, Arief Wibisono
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v9i6.15718

Abstract

The study examines the influence of earnings management and tax avoidance on the profitability of parent multinational companies in Indonesia, except the financial sector, actively listed on the Indonesia Stock Exchange during the research period. The research period used in this study starts from January 1, 2019, to December 31, 2022. The research results were processed using panel data regression, the best model regression was random effect model. One independent variable, earnings management, was found not to significantly affect profitability. However, the study found that the level of tax avoidance has a positive and significant impact on company profitability. The size of the board of commissioners' independence as a moderating variable did not strengthen or weaken the independent variables simultaneously or partially against company profitability, but independence board of commissioners could significantly affect on profitability as independent variables. This is a quantitative research with hypothesis testing. The implications of this study state that there is a high tax aggressiveness in Indonesia due to the actions of multinational companies in global transactions, thus recommending that the government further evaluate current international tax policies.
Co-Authors Abyuda, Gede Satya Wicaksana Dovanov, Raymond Evita Sonny Faisal Ardhi I Gusti Ngurah Agung Arya Bhakta Narayana Jareena Nasreen Kristian Eka Jaya Muhammad Farhan Aziz Muhammad Farras Farhan Nasreen, Jareena Nur Muhammad Olivia Sirait Putro, Rachmadi Kusentyo Rizal Edy Halim Sakti, Aswin Parmita Samantha Agnesia Lidya Br. Gultom Shafira Elva Ardelia sherly sherly Tamala, Putri Tri Handika, Tri Veronica, Angela Widyawati Widyawati