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All Journal 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) Owner : Riset dan Jurnal Akuntansi Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship EKUITAS (Jurnal Ekonomi dan Keuangan) 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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DOES ENVIRONMENTAL, SOCIAL, AND GOVERNANCE AFFECT FIRM VALUE? THE MEDIATING ROLE OF FINANCING CONSTRAINTS IN SOUTHEAST ASIA Iffa Vadilla As'ad; Arief Wibisono Lubis
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 4 (2025): December
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i4.7359

Abstract

This study aims to evaluate the effect of Environmental, Social, and Governance (ESG) performance on firm value by considering financing constraints as a mediating variable. The study is conducted on non-financial companies listed in the Southeast Asian region, including Indonesia, Malaysia, Singapore, the Philippines, and Thailand during the period 2014 to 2023. Firm value is measured through Tobin's Q ratio, ESG is measured by ESG score taken from Refinitiv Eikon, while financing constraints are assessed using KZ Index. The analysis method used is panel data regression and mediation test using Sobel method. The results show that ESG performance has a positive influence on firm value in Southeast Asia. In addition, financing constraints proved to be a mediator, where improving ESG performance can reduce financing constraints, which in turn contributes to increasing firm value. Regression tests of each country and the three pillars in ESG were also conducted. From the calculation, there is significant variation, which is not captured in the combined panel model. This suggests that there is structural and contextual heterogeneity affecting the relationship of ESG to firm value in each country or each aspect of ESG.
Concentrated Ownership of Indonesian Listed Companies as a Determinant of Stock Price Crash Risk Putri Tamala; Arief Wibisono Lubis
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 Stock Liquidity on Corporate Cash Holding: The Role of Ownership Concentration in Indonesia William Alfa Handoko; Arief Wibisono Lubis
Eduvest - Journal of Universal Studies Vol. 6 No. 1 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i1.52095

Abstract

Research Aims: This study aims to examine the influence of stock liquidity and ownership concentration on corporate cash holdings, including how ownership concentration moderates the relationship between liquidity and cash holdings in the context of an emerging market. Design/methodology/approach: The study employs a panel data approach using fixed-effects regression to analyze firms listed on the Indonesia Stock Exchange from 2019 to 2023. The sample is selected through purposive sampling to firms included in the Kompas100 Index. The amount of data used is 281 observation data. Research Findings: The findings show that higher stock liquidity, particularly turnover ratio, is significantly associated with lower corporate cash holdings, supporting the liquidity discipline hypothesis. Ownership concentration, measured by dominant shareholders’ equity stakes, positively and significantly affects cash holdings, consistent with principal–principal agency problems. However, the interaction term between stock liquidity and ownership concentration is negative and statistically significant, indicating that ownership concentration moderates the relationship by strengthening the negative association between stock liquidity and corporate cash holdings. Theoretical Contribution/Originality: This study provides empirical evidence that, in the context of an emerging market like Indonesia, ownership concentration may play a role in reinforcing the disciplinary effect of stock liquidity on corporate cash holdings.
Dynamic Capital Structure as Strategic Leverage: Evidence from Garuda Indonesia Oey Richard Arthur Wijaya; Arief Wibisono Lubis
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.3038

Abstract

The core problem is whether Garuda’s failure to adjust in a timely manner became a strategic disadvantage that intensified avoidable distress. This study addresses gaps in research on SOE adjustment behaviour, leverage dynamics in aviation, and the economic cost of delayed rebalancing, framing capital structure as a strategic capability rather than a static ratio. This study uses a mixed-method design focused on Garuda Indonesia, benchmarked against nine airlines (2015-2024) through a multiple-case comparative panel. . The primary method is System GMM, used to estimate the Speed of Adjustment (SOA) and identify dynamic leverage behaviour, complemented by Random Effects estimation of leverage determinants and Monte Carlo simulation (?10,000 paths) to assess resilience outcomes.  Profitability negatively affects leverage (? = ?1.05; p < 0.01), while tangibility positively influences it (? = +0.62; p < 0.01), consistent with pecking order and trade-off theories. The System GMM estimation across ten airlines shows a significant lagged-leverage coefficient (? = 0.316; p < 0.01), implying a Speed of Adjustment (SOA) of 0.684, compared to a firm-level testing of Garuda that shows ? = 0.7493 or SOA of 0.257, and  actual cost of capital during distress that was 6.7x higher than it would have been under a balanced capital structure. After homologation, leverage persistence turned negative (? = -0.1464; SOA = 1.15), reflecting an overshooting phase consistent with rapid deleveraging, restored managerial discretion, and materially reduced adjustment frictions. These results verify that homologation substantially improved policy effectiveness. Monte Carlo simulations (10,000 paths) reveal a sharp improvement in resilience: Garuda’s mean DSCR rose from -1.56 pre-homologation (2015-2021) to +0.72 post-homologation (2022-2024), demonstrating reduced tail risk and a structural recovery in solvency without changes in operational volatility. The study contributes to capital structure theory by demonstrating that dynamic adjustment speed itself is a strategic variable, particularly under financial distress.
Co-Authors Athifa, Ofigya Alethea Dovanov, Raymond Evita Sonny Faisal Ardhi Iffa Vadilla As'ad Jareena Nasreen Kristian Eka Jaya Kuswandi, Brillian Arbianto Muhammad Farhan Aziz Muhammad Farras Farhan Narayana, I.G.N.A.A. Bhakta Nasreen, Jareena Nur Muhammad Oey Richard Arthur Wijaya Olivia Sirait Putri Tamala Putro, Rachmadi Kusentyo Rizal Edy Halim Sakti, Aswin Parmita Samantha Agnesia Lidya Br. Gultom Shafira Elva Ardelia sherly sherly Tri Handika, Tri Veronica, Angela Viverita Viverita Widyawati Widyawati William Alfa Handoko