Article Per Year (5 Year)
p-Index From 2021 - 2026
2.808
P-Index
This Author published in this journals
All Journal Jurnal Manajemen Teknologi Jurnal Manajemen Bisnis Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis International Research Journal of Business Studies (E-Journal) AFEBI Management and Business Review The Indonesian Journal of Accounting Research Jurnal Scientia Quantitative Economics and Management Studies Jurnal Akuntansi dan Keuangan Indonesia IIJSE International Research Journal of Business Studies
Cynthia Afriani Utama, Cynthia Afriani
Faculty Of Economics And Business, University Of Indonesia
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Mathematics Social Sciences Other

Published : 27 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 27 Documents
Search

 1   2   3 
Pengaruh Karakteristik Industri, Negara, dan Faktor Makroekonomi terhadap Tingkat Utang Cynthia Afriani Utama; Ahja Haziqo
The Indonesian Journal of Accounting Research Vol 12, No 1 (2009): JRAI January 2009
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.203

Abstract

The study investigates whether the level of financial leverage is affected by industry type (i.e. lodging or software industries), macroeconomic factors (measured by inflation rate and GDP per capita), and country characteristics. Generally, lodging firms are characterized by higher asset tangibility than software firms. Consequently, higher growth opportunities do not prevent  the firms to use more debt because asset tangibility can be used as a collateral of debt. The sample includes listed firms in the lodging and software industries and are from Indonesia, Malaysia, and Singapore. As previous studies, this study finds that growth opportunities negatively affect the level of financial leverage, but this negative effect weakens as the use of fixed assets (i.e., asset tangibility) increases. In addition, lodging firms have more leverage than the software firms. Further, the study finds that higher GDP per capita and lower inflation rate translate to lower use of debt.
Simultaneous Relationships Between Corporate Governance Practice and Firm Value Cynthia Afriani Utama; Handy Handy
The Indonesian Journal of Accounting Research Vol 14, No 1 (2011): IJAR January 2011
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.231

Abstract

The main purpose of this study is to investigate whether there is a simultaneous relationship between Corporate Governance (CG) practice and firm value. This study also investigates: 1) the effect of risks and firm profitability on firm value; and 2) the effect of ownership structure (i.e., regulated, state-owned-entreprise (SOE), foreign, and institutional investors) and company size on CG practice. Based on the corporate governance scores rated by the Institute of Indonesian Corporate Directorship (IICD) in 2005, the study finds that  corporate governance practice provides a positive effect on firm value, but not vice versa. This study also shows that: 1)  firm value is affected positively by  profitability but not affected negatively by  risk; and 2) the types of ownership structure, i.e. SOE, foreign, and regulated industry enhance  CG practice. Finally,  company size  positively affects  CG practice. Meanwhile, the study fails to find a positive association between ownership by institusional investors and CG practice.
PENGARUH BANKRUPTCY RISK, SIZE DAN BOOK-TO-MARKET PERUSAHAAN TERHADAP IMBAL HASIL Utama, Cynthia Afriani; Lumondang, Astari
Jurnal Akuntansi dan Keuangan Indonesia Vol. 6, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study investigates: a) the influence o f firm size and book-to-market ratio on bankruptcy risk, and b) the effect o f bankruptcy risk, firm size, and book-to-market ratio on subsequent return. The study employs Altman Z-Score and Ohlson 0-Score as proxies for bankruptcy risk. The results show that size has positive impact on Bankruptcy Risk measured by Altman Z-Score while book-to-market has positive impact on bankruptcy risk measured Ohlson 0-Score. Furthermore, the results show that none o f the variables has significant impact on subsequent return. Overall, this study asserts Dichev’s (1998) findings that bankruptcy risk is not rewarded by higher stock returns and therefore not systematic.
JENIS INDUSTRI, KEPEMILIKAN SAHAM ASING DAN REAKSI PASAR MODAL AKIBAT SERANGAN BOM TERORIS Utama, Cynthia Afriani; Hapsari, Lina
Jurnal Akuntansi dan Keuangan Indonesia Vol. 9, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The purpose of this study is to investigate whether the Indonesian stock market reacts to terrorist bomb attack, and whether the Indonesian stock market reaction to terrorist bomb attack is affected by industry type and foreign ownership. Using data of terrorist bomb attack from 2000 until 2006, event study test shows that generally Indonesia capital market reacts negatively to terrorist bomb attack. Further, the multiple regression analysis shows that the stock market reaction is more negative for tourism industry than other industries while foreign ownership does not influence the stock market reaction. Thus, this study corroborates previous studies showing that terrorist attack is deemed as bad news in capital market and consequently will negatively affect the investment decision (Chen dan Siem 2004).
PENENTU BESARAN TRANSAKSI PIHAK BERELASI: TATA KELOLA, TINGKAT PENGUNGKAPAN, DAN STRUKTUR KEPEMILIKAN Utama, Cynthia Afriani
Jurnal Akuntansi dan Keuangan Indonesia Vol. 12, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Indonesian firms are characterized by conglomeration that tends to conduct related party transaction (RPT). Extant academic literature provides two competing views on RPTs: the efficient transaction hypothesis and the conflict of interest hypothesis. The purpose of this study is to investigate RPT from the point of view of the conflict of interest hypothesis. Specifically, this study examines the size of RPT which is performed by majority shareholders to expropriate minority shareholders. The size of RPT measures the direct influence of RPT on shareholders’ wealth. In this study, the size of RPT is measured by RPT transactions of assets plus liabilities (RPTAL) and sales plus expenses (RPTSE) relative to book value of equity. Furthermore, this study investigates whether RPTAL and RPSE are determined by CG practices, disclosure of RPT, and ownership structure. This study cannot find the influence of CG on size of RPTAL and RPTSE. The results of the study also show that only disclosure of RPT and ownership structure that have positive impact on size of RPTSE. Disclosure of RPT increases more efficient RPTSE than abusive RPTSE. This study find that the relationship between the disclosure and RPTAL is insignificant as efficient RPTAL does not dominate abusive RPTAL, while concentrated ownership has a positive impact on abusive RPTSE.
Cash Reserve, CEO Health Risk, The Price Reaction Due to COVID-19 First Announcement on Leisure Industry Muhammad Afif Arsyad; Cynthia Afriani Utama
AFEBI Management and Business Review Vol. 7 No. 1 (2022): June
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47312/ambr.v7i01.559

Abstract

This study investigates stock market reaction on leisure industries to first announcement of COVID-19 case which affected Indonesia on 2nd March 2020. The method of this research is event study and supported by multiple linear regression to analyze the relationship between market reaction and independent variables. This paper uses Fama French three-factor models to estimate expected return on firms due to the COVID-19 announcement. Based on a calculation of Cumulative abnormal returns, the stock of tourism industries has a more negative reaction towards a confirmed first case of COVID-19 compared to other industries. We also find that Indonesian firms with greater cash reserves experienced less negative returns while firms with higher leverage ratios were penalized more. Additionally, we don’t find that firms with CEOs who were exposed to significant health risks from COVID-19 experienced worse stock market performances.
Carbon Disclosure and Firm Performance: The Role of the Upper Echelons Ega Annisa Rizti; Cynthia Afriani Utama
AFEBI Management and Business Review Vol. 7 No. 2 (2022): December
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The characteristics of the upper echelons reflect the propensity of firms to disclose their carbon. This study examines gender diversity and family ownership in Indonesia as the instrumental variables in mediating the relationship between carbon disclosure and firm performance. The sample consists of 423 firm-year observations from 2008 to 2020. The findings validate gender diversity and family firm as instrumental variables. Women within the Board of Commissionaires (BoC) and the Board of Directors (BoD) positively impact carbon disclosure, while family firms are found to disclose less. Furthermore, the supervisory function of the BoC has a positive effect on carbon disclosure in companies with low carbon disclosure scores, while companies with high scores are more prone to strategies adopted by the BoD. This research contributes to prolong the discussion about which upper echelons’ characteristics influence carbon disclosure.
ANALYSIS OF ESG DISCLOSURE & CHARACTERISTICS CORPORATE GOVERNANCE ON IDIOSYNCRATIC RISK WITH BUSY BOARD AS A MODERATION VARIABLE YEAR 2015 – 2021 Windy Bellastrin Agus; Cynthia Afriani Utama
Jurnal Scientia Vol. 12 No. 03 (2023): Education, Sosial science and Planning technique, 2023 (June-August)
Publisher : Sean Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

One of the aspect of sustainability lies in the implementation of ESG activities that is done by companies, as well as how they disclose this information to public. Market index that is fluctuative would create a poor information ecosystem and could increase idiosyncratic risk. A good information ecosystem is determined by the characteristic of their corporate governance. There are only little amount of research regarding this subjects. This study aims to analyze the effect of disclosing ESG activities and the characteristics of corporate governance on idiosyncratic risks for public companies in Indonesia. The research used secondary data, consisting of public companies that are listed in IDX website from 2015 – 2021. Idiosyncratic risk is measured using the Fama-French Three Factor Model. ESG disclosure is measured using the ESG score, obtained from the Thomson Reuter website. Using purposive sampling as the sampling method and the analytical method used is multiple regression with panel data. This study found that there was no significant effect of ESG disclosure on idiosyncratic risk. There is a significant negative effect of the size of the Board of Commissioners on idiosyncratic risk and there is a significant negative effect of Gender Diversity on idiosyncratic risk. Then, there is no significant effect of the busy board as a moderating variable on the relationship between ESG Disclosure and idiosyncratic risk. This research could contribute to managers and investors, as well as provide theoretical benefits.
The Influence Of Risk Management Committee And Family Ownership With Company Performance In Indonesia: Busy Directors As Moderating Variable Ika Dewi Agustin; Cynthia Afriani Utama
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 12 No 1 (2024): Januari
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v12i1.5158

Abstract

Corporate risk management and corporate governance have become important in managing the company. Both are believed to be able to reduce agency problems, between company owners and managers or between shareholders. Using a panel data regression analysis model, a sample of 602 non-financial public companies registered in Indonesia in the 2019-2021 period, this study focused on testing the effect of the existence of the Risk Management Committee and family share ownership on company performance ( ROA). The study also used busy directors as a moderating variable. The results showed that the existence of the Risk Management Committee had a positive and significant relationship with ROA. But family ownership has a negative and significant relationship with ROA. Meanwhile, the presence of commissioners who concurrently hold positions in other companies at once or busy directors, does not significantly affect the relationship between the Risk Management Committee and family ownership and the company's performance.
ESG Performance on Investment-Cash Flow Sensitivity: Case Study of Non-Financial Companies Listed on the Indonesian Stock Exchange Novi Anri; Cynthia Afriani Utama
Quantitative Economics and Management Studies Vol. 5 No. 1 (2024)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.qems2323

Abstract

This research aims to analyze the influence of ESG performance on Investment - Cash Flow Sensitivity of non-financial companies listed on the Indonesia Stock Exchange for the 2017-2022 period. ESG performance was measured using ESG ratings from Sustainalytics' ESG Research and Ratings, obtained from the Bloomberg Terminal database. Testing process was carried out on 50 registered non-financial companies in Indonesia for six years with a total of 300 observations obtained through purposive sampling techniques. The results of research employed panel balance data and the OLS method found that there are still phenomena Investment – Cash Flow Sensitivity occurred and good ESG performance could reduce Investment – Cash Flow Sensitivity. Thus, it can be indicated that companies implementing good ESG performance can more easily obtain funding sources.
Co-Authors Ahja Haziqo Arsyad, Muhammad Afif Bedi, Ibrahim Ega Annisa Rizti Gunawan, Chamelia Handy Handy Hapsari, Lina Hapsari, Lina Herafni, Winarsih Ika Dewi Agustin Lestari, Marsya Chikita Lumondang, Astari Lumondang, Astari Muhammad Afif Arsyad Natasha Angelica Novi Anri Sidharta Utama Sucitawati, Ni Putu Diah Surtihati Surtihati Wahyu Jatmiko Wahyu Santoso Windy Bellastrin Agus Yolanda, Yoke Zachro, Siti Fatimah