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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 Aptisi Transactions on Technopreneurship (ATT) The Indonesian Journal of Accounting Research Jurnal Scientia Quantitative Economics and Management Studies Jurnal Akuntansi dan Keuangan Indonesia Mamangan Social Science Journal International Research Journal of Business Studies
Cynthia Afriani Utama, Cynthia Afriani
Faculty Of Economics And Business, University Of Indonesia
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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The Effect of Family Ownership on the Relationship between Busy Directors and Stock Price Crash Risk for Listed Firms on the Indonesia Stock Exchange Zachro, Siti Fatimah; Utama, Cynthia Afriani
Jurnal Keuangan dan Perbankan Vol 25, No 1 (2021): January 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i1.4909

Abstract

This study explores the impact of busy directors on the stock price crash risk if an individual holds three or more board positions. Since Indonesia has adopted a two-tier system, directors refer to Commissioners. Most of the literature suggests that the main risk factor for stock price crashes arises from the tendency of management to withhold adverse news from investors regarding compensation contracts and career issues. This research aims to verify whether busy directors help to limit managerial opportunistic behavior. Results show that multiple positions bring no effect on the stock price crashes risk due to cross over interaction which negated the substantial effect on the risk of stock price crashes. As a country with high family ownership concentration, the results illustrate that family firms in Indonesia will strengthen the influence of Commissioners who hold multiple positions in reducing stock price crashes risk. This investigation uses a sample of companies listed in the Indonesia Stock Exchange over the period between 2014 and 2019. The generalized method of moment (GMM estimator) is used as a research method to reduce endogeneity problems.DOI: https://doi.org/10.26905/jkdp.v25i1.4909 
Board Structure Problem in Aviation Companies: The Relationship of Political Connection and Multiple Directorship on Firm Performance Lestari, Marsya Chikita; Utama, Cynthia Afriani
Jurnal Keuangan dan Perbankan Vol 25, No 3 (2021): Juli 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i3.5892

Abstract

This study analyzes the relationship between the political connection and multiple directorships of aviation companies’ board members and their firm performance. This research will focus on companies in the aviation sector on a broader subsector than previous studies. It will help the shareholder of the aviation companies determine board structure policies and evaluate the implementations conducted so far. This research uses descriptive statistics and regression analysis for the panel data model. Moreover, this study uses a purposive sampling technique secondary data from the aviation company’s annual reports in the Asia continent for the 2016-2020 period. The results show that the multiple directorships negatively affect firm performance in aviation companies while the board’s political connections positively affect firm performance, measured by its Return on Equity (ROE). In contrast, the multiple directorships and political connections do not impact aviation companies' firm performance measured by their Return on Assets (ROA). Overall, this study in the Asia continent asserts the previous study where the political connection positively affects the airline’s firm performance in the US. The result can support the corporate governance practice of deciding board structure in the aviation sectors in Asia in terms of political connection and multiple directorships.DOI: 10.26905/jkdp.v25i3.5892
Do Control Rights and Family Ownership Affect Capital Structure? Bedi, Ibrahim; Utama, Cynthia Afriani
International Research Journal of Business Studies Vol. 17 No. 1 (2024): April - July 2024
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.17.1.69-82

Abstract

This study investigates the existence of a dynamic capital structure, the speed of adjustment towards the optimal capital structure, and the influence of control rights and family ownership on the capital structure of Indonesian listed manufacturing firms. Utilizing the difference Generalized Method of Moments (GMM) estimator and the partial adjustment model on a sample of 60 Indonesian firms from 2014 to 2022, this research provides new insights specific to the Indonesian market. The results confirm the existence of dynamic capital structure and indicate that it takes approximately 1.92 years for manufacturing firms in Indonesia to achieve their target leverage. The results of this study are also consistent with the pecking order theory and the market timing theory. Notably, Controlling Shareholder’s Interest is found to have a positive relationship with leverage. The presence of Family Ownership, however, weakens the relationship between Controlling Shareholders’ Interest and Leverage. 
ESG Performance, Busy Directors, Dividend Payout Policy And Moderating Role Of Ownership Concentration: Indonesian Evidence Sucitawati, Ni Putu Diah; Utama, Cynthia Afriani
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 13 No 1 (2025): Januari
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v13i1.7228

Abstract

This study examines the relationship between ESG performance, busy directors, and corporate dividend policies, moderated by cash flow rights and control rights. Using panel data regression analysis, the research focuses on non-financial firms listed on the Indonesia Stock Exchange from 2017 to 2022. As Indonesia's capital market grows, companies face pressure to create stakeholder value while remaining competitive. Investors push firms to balance ESG investments with shareholder rewards. The presence of busy directors, serving on multiple boards, raises questions about their impact on dividend policies. Given Indonesia's concentrated market, this study introduces ownership concentration as a moderating factor, addressing a gap in the literature. The results show that ESG performance and busy directors positively impact dividend policies. Firms with strong ESG practices maintain consistent dividend payments, reflecting their commitment to stakeholders and shareholders. Busy directors improve dividend policies, aligning with the perception of high-caliber boards reducing agency costs. Cash flow rights moderate the impact of ESG performance on dividend policies, while control rights weaken this influence. However, neither variable significantly affects the relationship between busy directors and dividend policies. This research provides insights into the interplay between ESG practices, director commitments, and dividend policies in Indonesia's dynamic business environment.
Cash Reserve, CEO Health Risk, the Price Reaction due to COVID-19 First Announcement on Leisure Industry Arsyad, Muhammad Afif; Utama, Cynthia Afriani
JDM (Jurnal Dinamika Manajemen) Vol 13, No 2 (2022): September 2022
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v13i2.36706

Abstract

This study investigates stock market reaction in leisure industries to the first Government announce- ment of the COVID-19 outbreak in Indonesia on March 2, 2020. This study used event study meth- odology and was supported by multiple linear regression to analyze the relationship between market reaction and independent variables. The analysis was further modeled using Fama French three-fac- tor models to estimate the expected return on firms due to the first COVID-19 outbreak announce- ment. Based on our calculation of Cumulative abnormal returns, the stock of tourism industries has 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 stock returns while firms with higher leverage ratios were penalized more. Additionally, this paper does not find that firms with Chief Executive Officers (CEO) who were exposed to significant health risks from COVID-19 experienced worse stock market performances.
The Effect of Greenwashing on Firm Performance with Multiple Directorships as Moderating Variable Eriyawan, Arista Febri; Utama, Cynthia Afriani
Aptisi Transactions On Technopreneurship (ATT) Vol 8 No 1 (2026): March
Publisher : Pandawan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34306/att.v8i1.606

Abstract

This study investigates the impact of greenwashing on firm performance, with a focus on the moderating role of multiple directorships in the context of Indonesian public companies. Greenwashing, defined as the dissemination of misleading environmental information, has been shown to adversely affect firm performance, particularly in terms of profitability and long-term sustainability. Using data from companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022, the study employs panel data analysis to examine the relationship between greenwashing, firm performance, and the influence of multiple directorships. The findings reveal that greenwashing significantly harms firm performance, as measured by Return on Assets (ROA). However, the presence of multiple directorships, while positively associated with firm performance, does not exhibit a statistically significant impact. Additionally, the moderating effect of multiple directorships on the relationship between greenwashing and firm performance is found to be negative but insignificant. These results suggest that while greenwashing poses a substantial risk to corporate financial health, the role of multiple directorships in mitigating or exacerbating this effect remains limited. The study highlights the importance of stricter Environmental, Social, and Governance (ESG) reporting standards to curb greenwashing practices and enhance corporate transparency.
Stock Price Crash Risk Against Busyness with ESG Value as Moderating Variable: Evidence from Indonesia Fadlurrahman, Nadhief; Utama, Cynthia Afriani
Jurnal Mamangan Vol 14, No 2 (2025): Special Issue
Publisher : LPPM Universitas PGRI Sumatera Barat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22202/mamangan.v14i2.10231

Abstract

This study focuses on Stock Price Downside Risk (SPCR) and Stock Price Trends with ESG as a moderator in several companies listed on the Indonesia Stock Exchange. This study aims to bridge the existing knowledge gap in this field, where few studies have addressed the moderating effect of ESG on activity in Indonesia. This study collected samples from the Indonesia Stock Exchange between 2017 and 2024 and used System GMM as an instrument. This technique avoids the problems of endogeneity of regressors and unobserved heterogeneity while improving model efficiency. The results show that Stock Price Downside Risk (DUVOL) affects SPCR, while ESG is not statistically significant in decreasing or increasing SPCR. The conclusion of this study is to determine whether ESG as a moderating variable for Activity can predict SPCR. Both proxies failed to show that ESG is statistically significant in moderating Activity in predicting SPCR. The novelty of this study is several important points and steps that researchers might want to take in the future. First, try to divide ESG into three different pillars; E, S, and G to enrich the data and collect more relevant information for each observation point.
Co-Authors Ahja Haziqo Arsyad, Muhammad Afif Bedi, Ibrahim Ega Annisa Rizti Eriyawan, Arista Febri Fadlurrahman, Nadhief Handy Handy Hapsari, Lina Hapsari, Lina 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