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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) Owner : Riset dan Jurnal Akuntansi Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship 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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Peran Moderasi Tingkat Pendidikan Direktur Utama dalam Pengaruh Likuiditas, Solvabilitas dan ESG Terhadap Kinerja Operasional Perusahaan Dovanov, Raymond; 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.v9i9.16217

Abstract

Penelitian ini menguji pengaruh rasio likuiditas, solvabilitas, dan skor ESG terhadap kinerja operasional perusahaan di ASEAN serta memeriksa moderasi oleh tingkat pendidikan Direktur Utama. Data dari perusahaan non-keuangan di ASEAN pada 2018-2022 yang diperoleh dari database Refinitiv Eikon dan data publik lainnya. Analisis data digunakan dengan pendekatan deduktif ke induktif dan teknik analisis regresi data panel. Temuan menunjukkan dampak positif yang signifikan dari likuiditas dan ESG terhadap kinerja operasional, sementara solvabilitas tidak signifikan. Hasil penelitian juga menunjukkan tingkat pendidikan Direktur Utama mampu memoderasi hubungan antara Likuiditas, Solvabilitas, dan ESG terhadap Kinerja Operasional. Kontribusi penelitian ini mencakup pemahaman yang lebih baik tentang faktor-faktor yang memengaruhi kinerja operasional perusahaan di ASEAN dan implikasinya untuk pengambilan keputusan dan praktik berkelanjutan. Penelitian ini mengidentifikasi peran penting tingkat pendidikan Direktur Utama dalam konteks ini. Penelitian juga melengkapi pengetahuan yang ada dengan memperluas cakupan variabel independen dan mengonfirmasi temuan sebelumnya.
Underwriter Reputation and IPO Underpricing: The Moderating Role of The Listing Board in The Indonesia Capital Market Kuswandi, Brillian Arbianto; Lubis, Arief Wibisono; Viverita, Viverita
Jurnal Maksipreneur Vol 15 No 1 (2025)
Publisher : Universitas Proklamasi 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30588/jmp.v15i1.2105

Abstract

It is widely believed that the underwriter affects the IPO performance of the issuing firm. This research investigates how the reputation of underwriters influences the initial returns of IPOs, considering the moderating effect of the listing board. This study focuses on the data from 305 IPO Companies between 2018 and 2023. This data is being analyzed using an Independent Sample t-test and Ordinary Least Squares (OLS) regression analysis. The study finds that IPOs underwritten by prestigious underwriters typically experience lower underpricing, attributable to the underwriters’ ability to reduce information asymmetry and select higher-quality issuers.
Dynamic Capital Structure as Strategic Leverage: Evidence from Garuda Indonesia Wijaya, Oey Richard Arthur; Lubis, Arief Wibisono
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.
The Impact of Stock Liquidity on Corporate Cash Holding: The Role of Ownership Concentration in Indonesia Handoko, William Alfa; Lubis, Arief Wibisono
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.
Do Cash Holdings and Growth Opportunities Drive Firm Investment Decisions? Athifa, Ofigya Alethea; 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.v11i3.64127

Abstract

During 2017–2022, Indonesia suffered a liquidity crunch and financial constraints. The liquidity crunch encountered by organizations hindered their ability to pursue growth and expansion opportunities due to constrained cash flow, elevated debt levels, and the threat of bankruptcy. This study intends to examine the relationship between cash holdings and growth opportunities on investment decisions of non-financial companies in Indonesia, encompassing the periods preceding and during the COVID-19 pandemic.The Generalized Least Squares method was employed as an estimation model on panel data from 280 firms listed on the Indonesia Stock Exchange for the period 2017–2022. The results indicate that cash holdings have a negative effect on firm investment decisions. Growth opportunities exhibit a negative but insignificant effect. These findings imply that organizations tend to adopt a conservative approach when dealing with uncertain business conditions. Organizations prioritize financial flexibility by enhancing liquidity and decreasing current investments to capitalize on future profitable prospects.
Co-Authors Abyuda, Gede Satya Wicaksana Athifa, Ofigya Alethea Dovanov, Raymond Evita Sonny Faisal Ardhi Handoko, William Alfa 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 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 Viverita Viverita Widyawati Widyawati Wijaya, Oey Richard Arthur