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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Economic Education Analysis Journal Asia-Pacific Management and Business Application Syntax Literate: Jurnal Ilmiah Indonesia JMKSP (Jurnal Manajemen, Kepemimpinan, dan Supervisi Pendidikan) Ultima Management : Jurnal Ilmu Manajemen Jurnal Mantik Al-Kharaj: Journal of Islamic Economic and Business Journal of Economics and Business UBS International Journal of Social Service and Research Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) International Journal of Islamic and Social Sciences (ISOS) Indonesian Capital Market Review Journal of Finance and Islamic Banking International Journal of Business and Management Technology in Society (IJBMTS)
Nur Dhani Hendranastiti
Universitas Indonesia
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

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MARKET REACTIONS TO BOYCOTT ANNOUNCEMENTS: ANALYZING THE IMPACT ON TARGETED COMPANIES IN INDONESIA Avianuari, Fanny; Hendranastiti, Nur Dhani
International Journal of Social Service and Research Vol. 4 No. 10 (2024): International Journal of Social Service and Research
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/ijssr.v4i10.1026

Abstract

This research aims to examine the changes in abnormal returns (AR) and trading volume activity (TVA) before and after the announcement of MUI Fatwa Number 83 of 2023, which targets companies for boycott due to their alleged affiliation with Israel. This study employed an event study approach, using a 5-day event window, 10-day event window, 20-day event window and 30-day event window before and after the Fatwa's announcement to measure abnormal returns and trading volume activity. The analysis began by examining the normality of the data to determine whether it was normally distributed. For normally distributed data, a Paired Sample T-test was used, while the Wilcoxon Signed Rank test was applied to non-normally distributed data. The analysis reveals a significant difference in AR during the initial 5-day window, indicating a strong short-term market reaction driven by investor sentiment and uncertainty. However, for longer windows (10, 20, and 30 days), no significant differences in AR were found, suggesting that the market stabilized as new information was absorbed, consistent with the Efficient Market Hypothesis (EMH) by Eugene Fama (1970). Conversely, TVA showed significant increases across all event windows, indicating sustained investor interest and heightened trading activity. This suggests that while the impact on stock prices was short-lived, the boycott had a lasting influence on trading volume, reflecting continued portfolio adjustments.
ESG and Financial Risk in ASEAN-5: Mediating Role of Financial Constraints Azmi, Nurul Farida; Hendranastiti, Nur Dhani
Al-Kharaj: Journal of Islamic Economic and Business Vol. 7 No. 1 (2025): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i1.7071

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) scores, both in aggregate and by individual pillars (Environmental, Social, and Governance) on financial risk, and examines the mediating role of financial constraints measured using the SA Index. The analysis uses 595 firm-year observations from 119 non-financial publicly listed companies in ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Thailand, and Singapore) during the period 2019–2023. Financial risk is proxied by the Altman Z-Score, and the model is estimated using panel data regression with the Two-Stage Least Squares (2SLS) method, Driscoll-Kraay standard errors to address potential endogeneity and heteroskedasticity, and Random Effects model. The results show that only the Social (S) pillar has a significant and positive direct effect on the Altman Z-Score, indicating a reduction in financial risk, while aggregate ESG, Environmental (E), and Governance (G) scores show no significant direct impact. However, all ESG components are significantly negatively associated with financial constraints, implying that better ESG performance improves internal financial conditions. Mediation analysis using the coefficient-based approach and Sobel Test confirms that financial constraints significantly mediate the relationship between ESG and financial risk. These findings emphasize the importance of ESG integration in financial management as a strategy to mitigate bankruptcy risk in developing economies
LEVERAGE EFFECT BETWEEN ISLAMIC STOCK AND SRI INDICES: CASE OF INDONESIA Hendranastiti, Nur Dhani
ULTIMA Management Vol 14 No 2 (2022): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v14i2.2912

Abstract

Abstract- This paper examines the difference in leverage effect between the Islamic stock index and the SRI index using the Indonesian data for a period before and during-after the COVID-19 pandemic. The interrelated issues of health and environment, starting from the COVID-19 pandemic, energy use, and environmental issues can have a different effects on different asset classes. With the distinctive feature of the Islamic stock index and SRI index, it can attract investors who want to diversify their portfolio to hedge against the health and environmental crisis. This study aims to examine the volatility risk in ISSI and SRI-Kehati as an impact of various events in 2020-2022. This paper attempts to test the leverage effect for a longer period incorporating the various major events in 2020-2022. This study uses daily price index data of ISSI and SRI-Kehati Index for the period 10/04/2013-28/11/2022 and employed the ARMA-EGARCH models to answer the objectives. The results show that there is a leverage effect in ISSI and SRI-Kehati for a period before and during-after the COVID-19 pandemic although the magnitude is lower after the during-after pandemic. The leverage effect indicates that the negative return that occurred in the constituents of both indices leads to higher volatility, implying that both indices are not prone to various events. The lower magnitude of the leverage effect on SRI-Kehati can give better assurance for investors regarding the volatility risk of the index. Keywords: Islamic Stock Index; SRI Index; COVID-19; Crisis; Leverage Effect
Kontribusi Literasi Keuangan Digital terhadapKeputusan Finansial Pekerja Muda: Pendekatan Empiris di Ibukota Provinsi Indonesia Nugraha, Zulfian Winanda; Hendranastiti, Nur Dhani
Journal of Economics and Business UBS Vol. 14 No. 5 (2025): Journal of Economics and Business UBS
Publisher : Cv. Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/hm670c61

Abstract

Lonjakan pinjaman online dan penggunaan paylater, bersama dengan ketidakpastian ekonomi global dari pandemi dan konflik, menegaskan perlunya kesadaran tinggi terhadap Pengambilan Keputusan Keuangan (FDM) yang bijaksana. Penelitian ini bertujuan menganalisis FDM pada pekerja urban muda, menggunakan metodologi kuantitatif dengan Model Persamaan Struktural (SEM) dan analisis Partial Least Squares (PLS) pada sampel 252 individu. Temuan menekankan relevansi literasi keuangan digital, kapabilitas keuangan, otonomi, dan impulsivitas dalam FDM. Hasilnya memberikan pemahaman lebih dalam mengenai faktor-faktor yang memengaruhi pengambilan keputusan keuangan di kalangan pekerja urban muda, menjadi dasar pengembangan program literasi keuangan. Implikasi temuan mendukung pengambilan keputusan keuangan yang lebih efektif.
UNLOCKING PRIVATE INVESTMENT BY EXPANDING THE SCOPE OF EXISTING TOLL ROAD PPPs AGREEMENTS Azka, Fahmi Amika; Hendranastiti, Nur Dhani
ULTIMA Management Vol 15 No 1 (2023): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v15i1.3180

Abstract

Abstract - The inability of governments in many developing countries to provide basic infrastructure has encouraged the adoption of Public Private Partnership (PPP) schemes. However, many developing countries fail to attract sufficient private investment from the PPP market. This paper develops alternative schemes that can minimize the funding gap and promote sustainable infrastructure investment through modified PPP agreements at later stages of the project life cycle by making special tariff adjustments on existing toll roads. To answer research questions, both conceptual model development and empirical analysis are utilized. The study collects both quantitative and qualitative data for analysis and interpretatio. The results indicate that expanding the scope of existing PPP agreements increases the net present value as it allows for larger cash inflows at the start, leading to a faster payback period. Additionally, this scheme reduces the need for cash deficiency support during the initial period of operation. The alternative schemes encourage lower support for government subsidies, offer a reasonable tariff for users, and provide an attractive investment return for private interests. Keywords: Public Private Partnership; Concession Agreement; Toll Road; Sustainable Investment, Funding Gap
ESG and Financial Risk in ASEAN-5: Mediating Role of Financial Constraints Azmi, Nurul Farida; Hendranastiti, Nur Dhani
Al-Kharaj: Journal of Islamic Economic and Business Vol. 7 No. 1 (2025): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i1.7071

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) scores, both in aggregate and by individual pillars (Environmental, Social, and Governance) on financial risk, and examines the mediating role of financial constraints measured using the SA Index. The analysis uses 595 firm-year observations from 119 non-financial publicly listed companies in ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Thailand, and Singapore) during the period 2019–2023. Financial risk is proxied by the Altman Z-Score, and the model is estimated using panel data regression with the Two-Stage Least Squares (2SLS) method, Driscoll-Kraay standard errors to address potential endogeneity and heteroskedasticity, and Random Effects model. The results show that only the Social (S) pillar has a significant and positive direct effect on the Altman Z-Score, indicating a reduction in financial risk, while aggregate ESG, Environmental (E), and Governance (G) scores show no significant direct impact. However, all ESG components are significantly negatively associated with financial constraints, implying that better ESG performance improves internal financial conditions. Mediation analysis using the coefficient-based approach and Sobel Test confirms that financial constraints significantly mediate the relationship between ESG and financial risk. These findings emphasize the importance of ESG integration in financial management as a strategy to mitigate bankruptcy risk in developing economies
Pengaruh Behavioral Bias Terhadap Keputusan Investor Untuk Berinvestasi pada Instrumen Keuangan Syariah: Peran Mediasi Risk Perception Yuliastuti, Annisaningrum; Hendranastiti, Nur Dhani
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v9i8.17304

Abstract

Penelitian ini bertujuan untuk meneliti hubungan, baik hubungan langsung maupun tidak langsung, antara variabel behavioral biases, seperti disposition effect, herding behaviour, dan Islamic financial instrument bias terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah melalui variabel risk perception sebagai mediator. Penelitian ini dilakukan dengan mengumpukan data primer melalui self administered questionnaire. Sampel yang digunakan dalam penelitian adalah investor Gen X dan Gen Y di pasar modal syariah yang berdomisili di wilayah Jabodetabek. Uji hipotesis dilakukan dengan metode structural equation modelling(SEM) melalui smart partial least squares (PLS). Hasil penelitian menunjukkan bahwa herding behaviour dan Islamic financial instrument bias berpengaruh positif signifikan terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Disposition effect dan Islamic financial instrument bias berpengaruh positif dan signifikan terhadap risk perception. Sementara itu, risk perception tidak mampu memediasi hubungan seluruh variabel behavioral biases dengan keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Secara umum, tidak terdapat perbedaan signifikan antara karakteristik gen X dan gen Y. Pada gen Y ditemukan bahwa herding behaviour memiliki pengaruh positif dan signifikan terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Selain itu, disposition effect adalah faktor yang menjelaskan terjadinya risk perception. Kedua temuan ini tidak ditemukan pada perilaku gen X.
Covıd-19: Fınancıal Spıllover To Emergıng Asıa’s Fınancıal Markets Susilo, Chandra; Hendranastiti, Nur Dhani
APMBA (Asia Pacific Management and Business Application) Vol. 11 No. 2 (2022)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.apmba.2022.011.02.3

Abstract

This paper aims to investigate the role of China compared to the US in transmitting spillover to ASEAN-5 countries (or vice versa) during COVID-19 recession. It uses the DECO GARCH model of Engle & Kelly (2012) to see the dynamic correlation between indexes and the spillover index by Diebold and Yilmaz (2012) to describe the direction of spillover between countries. This paper analyzes daily return data on stock market indexes of China, the United States, and ASEAN-5 for the period 2016 to 2022. The findings demonstrate an increase in positive spillover correlation during the COVID-19 crisis between China and ASEAN-5 as well as US and ASEAN-5 albeit with lower pre crisis correlation level than China. US acts as a net transmitter (spillover to ASEAN-5 is higher than in the opposite direction), while China is a net receiver. The findings are beneficial to provide insight into Emerging Asia market’s connectedness, which in turn will be able to guide the hedging strategies and portfolio risk management of investment in the region.  
ESG DIMENSIONS AND CORPORATE PERFORMANCE – FINANCIAL SLACK AS A MODERATING VARIABLE: EVIDENCE FROM EMERGING MARKETS Aulia Rayendra Rahman; Nur Dhani Hendranastiti
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 4 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i4.3101

Abstract

This paper analyzes the effects of Environmental, Social, and Governance (ESG) factors, including their three pillars and ESG controversies, on corporate performance in environmentally sensitive industries across ASEAN countries. ESG issues have gained prominence due to their association with environmental degradation, labor exploitation, and lack of transparency, all of which pose risks to corporate sustainability. In emerging markets, the implementation of ESG practices faces challenges such as inadequate infrastructure and financial limitations, which may hinder companies from adopting sustainable practices and improving performance. This study addresses these challenges by introducing financial slack as a moderating variable, aiming to determine if financial flexibility impacts the relationship between ESG engagement and corporate performance, assessed through Return on Equity (ROE), Return on Assets (ROA), and Tobin's Q. Utilizing panel data from 2019 to 2023 and applying moderated regression analysis reveals that ESG engagement and its pillars are negatively linked to corporate performance. Furthermore, financial slack mitigates the negative outcome of overall ESG engagement, along with the Environmental and Governance pillars, on these performance indicators. These findings highlight the importance of financial flexibility in supporting ESG implementation in emerging economies and environmentally sensitive industries.
ESG Disclosure in Emerging Markets: Implications for Investment-Financing Maturity Mismatch in Non-Financial Firms Across ASEAN-4 (2019–2023) Nissa, Ummi Nurun; Hendranastiti, Nur Dhani
International Journal of Business and Management Technology in Society Vol. 3 No. 2: December 2025
Publisher : Direktorat Riset dan Pengabdian Kepada Masyarakat, Institut Teknologi Sepuluh Nopember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12962/j30254256.v3i2.8899

Abstract

Purpose – This study aims to empirically investigate the effect of Environmental, Social, and Governance (ESG) disclosure on investment-financing maturity mismatch using a fixed effects panel regression method. Methodology – The sample consists of 76 publicly listed non-financial companies from developing countries in the ASEAN-4 region, Indonesia, Malaysia, Thailand, and the Philippines, during the period 2019–2023. Findings – The results show that higher overall ESG disclosure and governance disclosure scores are associated with a reduced risk of investment-financing maturity mismatch, while the environmental and social aspects do not have a significant effect. Additionally, the findings indicate that during the COVID-19 pandemic, companies became more cautious in managing financing risks and there are variations in maturity mismatch management among ASEAN-4 countries. Originality – This study focuses on the effect of sustainability disclosures on investment-financing maturity mismatch in non-financial firms across ASEAN-4, that has not been widely discussed.
Co-Authors Ameliawati, Hertya Dwi Anasang Diskan Poetra Aryati, Yustia Asutay, Mehmet Aulia Rayendra Rahman Avianuari, Fanny Azka, Fahmi Amika Azmi, Nurul Farida Chandra Susilo Eko Nugroho, Taufik Garin Rizki Arishaldi Indrastomo, Banjaran Surya Nissa, Ummi Nurun Nugraha, Zulfian Winanda Rahmatina Awaliah Kasri Susilo, Chandra Yuliastuti, Annisaningrum Zafirah Rizka