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All Journal JURNAL VISIONIDA JURNAL AKUNIDA International Journal of Economy, Education and Entrepreneurship (IJE3) Journal Of World Science Rudence: Rural Development for Economic Resilience International Journal Administration, Business & Organization Journal of Business, Social and Technology Journal of Economics, Entrepreneurship, Management Business and Accounting International Journal of Economics, Accounting, and Management
Hari Gursida
Universitas Pakuan
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE FOR SUSTAINABLE BUSINESS IN BUMDES IN BOGOR DISTRICT Hari Gursida; Didik Notosudjono; Yohannes Indrayono; Hendro Sasongko
Rural Development For Economic Resilience (RUDENCE) Vol. 2 No. 2 (2023): Vol. 2 No. 2 (2023)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53698/rudence.v2i2.45

Abstract

ABSTRACT There are quite a number of Village-Owned Enterprises (BUMDES) in the Bogor Regency area. However, of the number of BUMDES there are still a few whose business conditions are in the developing and advanced category. By looking at this condition, community service activities are aimed at providing ways, namely how to apply good business governance for sustainable businesses, especially for BUMDes that are in the developing and advanced category, so that their business can be sustainable. The method of implementing community service is carried out by first determining which BUMDES are in the developing and advanced category, identifying BUMDES problems, classifying BUMDES problems, analyzing and providing solutions and their implementation. The results of this activity BUMDES must apply governance in the fields of finance, human resources, and taxation in a good and consistent manner so that the business runs in a sustainable manner. ABSTRAK Jumlah Badan Usaha Milik Desa (BUMDES) cukup banyak di wilayah Kabupaten Bogor. Namun, dari jumlah BUMDES masih ada beberapa yang kondisi usahanya masuk kategori berkembang dan maju. Dengan melihat kondisi tersebut, kegiatan pengabdian kepada masyarakat ditujukan untuk memberikan cara-cara, yaitu bagaimana menerapkan tata kelola usaha yang baik bagi usaha yang berkelanjutan, khususnya bagi BUMDes yang berada dalam kategori berkembang dan maju, sehingga usahanya dapat berkelanjutan. Metode pelaksanaan pengabdian kepada masyarakat dilakukan dengan terlebih dahulu menentukan BUMDES mana yang masuk kategori berkembang dan maju, mengidentifikasi permasalahan BUMDES, mengklasifikasikan permasalahan BUMDES, menganalisis dan memberikan solusi serta pelaksanaannya. Hasil dari kegiatan ini BUMDES harus menerapkan tata kelola di bidang keuangan, sumber daya manusia, dan perpajakan secara baik dan konsisten agar usaha berjalan secara berkelanjutan.
Financial performance, capital structure, and firm's value: The moderating role of dividend policy N Rusnaeni; Hari Gursida; Hendro Sasongko; Dani Rahman Hakim
Journal of Business Social and Technology Vol. 4 No. 1 (2023): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

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

Abstract

This study examines the effect of financial performance and capital structure on firm value with dividend policy as a moderating variable. The sample in this study was 13 property and real estate sector companies from 2011 to 2020, with a total of 130 observations. This study found that financial performance and capital structure positively affect firm value. Meanwhile, this study finds that dividend policy cannot moderate the effect of financial performance and capital structure on firm value. The results of this study indicate that property and real estate investors still prioritize the firm's financial performance. Investors are relatively more cautious in investing in property and real estate sector companies even though the dividends offered are pretty high. Thus, property and real estate sector companies need to be more creative in improving their financial performance and obtaining resources to develop their business.
THE EFFECT OF FIRM SIZE, LEVERAGE, AND PROFITABILITY ON FIRM VALUE WITH SYSTEMIC RISK AS A MODERATING VARIABLE IN BANKING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING 2021-2025 Heri Susanto; Hari Gursida; Retno Martanti Endah L
International Journal of Economy, Education and Entrepreneurship (IJE3) Vol. 6 No. 1 (2026): International Journal of Economy, Education and Entrepreneurship
Publisher : Yayasan Education and Social Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53067/ije3.v6i1.474

Abstract

This study aims to examine the effect of firm size, leverage, and profitability on firm value with systemic risk as a moderating variable in banking companies listed on the Indonesia Stock Exchange during the 2021–2025 period. The research employed a quantitative approach using panel data, combining time-series and cross-sectional data. Panel data regression with the Moderated Regression Analysis (MRA) approach was applied to analyze the relationships among variables. The findings indicate that firm size has a positive but insignificant effect on firm value, implying that asset scale is no longer the primary consideration for investors in assessing banking firms. Leverage shows a negative and significant effect on firm value, indicating that high debt levels increase investors’ perceptions of financial risk. Profitability demonstrates a relatively weak influence on firm value in the baseline model. However, after systemic risk is incorporated as a moderating variable, the relationships among variables become more dynamic and significant. Systemic risk strengthens the effect of profitability and mitigates the negative impact of leverage on firm value, while weakening the influence of firm size. These results confirm that firm value in the modern banking industry is determined not only by internal financial fundamentals but also by external conditions and financial system stability. Therefore, banking companies need adaptive strategies through effective risk management, operational efficiency, and stronger resilience to systemic pressures in order to enhance firm value sustainably
PENGARUH KOMITE AUDIT TERHADAP NILAI PERUSAHAAN BUMN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL MEDIASI Andy Lasmana; Hari Gursida; Yohanes Indrayono
Jurnal Visionida Vol. 12 No. 1 (2026): Vol. 12 No. 1 (2026): Juni
Publisher : Fakultas Ekonomi Universitas Djuanda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30997/jvs.v12i1.24954

Abstract

ABSTRACT Good Corporate Governance (GCG) practices, exemplified in part by the Audit Committee, are a key strategic issue in maintaining a company’s sustainability and competitiveness; furthermore, financial performance plays a crucial role in determining a company’s value, including in state-owned enterprises; therefore, this study aims to analyse and obtain empirical evidence regarding the influence of Good Corporate Governance, proxied by the Audit Committee, on corporate value with financial performance as a mediating variable, thereby contributing theoretically and empirically to the development of corporate governance literature. The methodology employed in this study is causal research or explanatory research, utilising secondary data and focusing on the empirical testing of theory through the examination of the relationships between variables, as well as measurement and analysis techniques using statistical procedures for hypothesis testing, The results of this study indicate that the Audit Committee has a positive influence on firm value, suggesting that the existence of an audit committee in state-owned enterprises plays a significant role in building market confidence and contributes to an increase in firm value. Furthermore, financial performance, proxied by Return on Equity (ROE), was found to mediate the influence of the audit committee on firm value; however, the direction of this mediation does not fully align with the hypothesis   ABSTRAK Praktik Tata Kelola Perusahaan yang Baik (GCG), yang sebagian dicontohkan oleh Komite Audit, merupakan isu strategis utama dalam menjaga keberlanjutan dan daya saing perusahaan; lebih lanjut, kinerja keuangan memainkan peran penting dalam menentukan nilai perusahaan, termasuk di perusahaan milik negara; oleh karena itu, penelitian ini bertujuan untuk menganalisis dan memperoleh bukti empiris mengenai pengaruh Tata Kelola Perusahaan yang Baik, yang diwakili oleh Komite Audit, terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel mediasi, sehingga memberikan kontribusi secara teoritis dan empiris terhadap pengembangan literatur tata kelola perusahaan. Metodologi yang digunakan dalam penelitian ini adalah penelitian kausal atau penelitian penjelasan, menggunakan data sekunder dan berfokus pada pengujian empiris teori melalui pemeriksaan hubungan antar variabel, serta teknik pengukuran dan analisis menggunakan prosedur statistik untuk pengujian hipotesis. Hasil penelitian ini menunjukkan bahwa Komite Audit memiliki pengaruh positif terhadap nilai perusahaan, menunjukkan bahwa keberadaan komite audit di perusahaan milik negara memainkan peran penting dalam membangun kepercayaan pasar dan berkontribusi pada peningkatan nilai perusahaan. Selain itu, kinerja keuangan, yang diwakili oleh Return on Equity (ROE), ditemukan memediasi pengaruh komite audit terhadap nilai perusahaan; namun, arah mediasi ini tidak sepenuhnya sesuai dengan hipotesis
PENGARUH LIKUIDITAS, LEVERAGE DAN PERTUMBUHAN PENJUALAN TERHADAP NILAI PERUSAHAAN MELALUI PROFITABILTAS Muhamad Nur Afif; Hari Gursida; Yohanes Indrayono
Jurnal Visionida Vol. 12 No. 1 (2026): Vol. 12 No. 1 (2026): Juni
Publisher : Fakultas Ekonomi Universitas Djuanda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30997/jvs.v12i1.25522

Abstract

ABSTRACT This study examines the effect of liquidity, leverage, and sales growth on firm value with profitability as a mediating variable in consumer non-cyclical companies listed on the Indonesia Stock Exchange. A quantitative approach was employed using balanced panel data from 31 companies during the 2018–2024 period, resulting in 217 firm-year observations. Panel data regression analysis and the Sobel test were used to examine both direct and indirect relationships among the variables. The results show that liquidity has a negative and significant effect on profitability, whereas leverage and sales growth have no significant effect on profitability. Furthermore, leverage and profitability have a positive and significant effect on firm value, while liquidity and sales growth do not significantly affect firm value. The Sobel test indicates that profitability mediates the relationship between leverage and firm value but does not mediate the relationships of liquidity and sales growth with firm value. These findings suggest that profitability is a key mechanism in enhancing firm value through optimal leverage management, whereas liquidity and sales growth alone are insufficient to increase firm value unless they generate sustainable profitability.   ABSTRAK Penelitian ini bertujuan menganalisis pengaruh likuiditas, leverage, dan sales growth terhadap nilai perusahaan melalui profitabilitas sebagai variabel mediasi. Penelitian menggunakan pendekatan kuantitatif dengan data panel pada 31 perusahaan sektor consumer non-cyclical yang terdaftar di Bursa Efek Indonesia periode 2018–2024 sehingga diperoleh 217 observasi. Analisis dilakukan menggunakan regresi data panel dan uji Sobel. Hasil pengujian model pertama menunjukkan bahwa likuiditas berpengaruh negatif terhadap profitabilitas, sedangkan leverage dan sales growth tidak berpengaruh signifikan terhadap profitabilitas. Pada model kedua, leverage dan profitabilitas berpengaruh positif terhadap nilai perusahaan, sedangkan likuiditas dan sales growth tidak berpengaruh signifikan terhadap nilai perusahaan. Hasil uji Sobel menunjukkan bahwa profitabilitas mampu memediasi pengaruh leverage terhadap nilai perusahaan, tetapi tidak memediasi pengaruh likuiditas maupun sales growth. Temuan ini menunjukkan bahwa profitabilitas merupakan mekanisme penting dalam menjelaskan hubungan antara leverage dan nilai perusahaan pada perusahaan sektor consumer non-cyclical
PENGARUH UKURAN PEUSAHAAN, KOMITE AUDIT, DEWAN KOMISARIS TERHADAP NILAI PERUSAHAAN DIMEDIASI OLEH KINERJA KEUANGAN PADA SEKTOR PROPERTI DAN REAL ESTATE Andy Lasmana; Hari Gursida; Yohanes Indrayono
Jurnal Akunida Vol. 12 No. 1 (2026): June
Publisher : Universitas Djuanda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30997/jakd.v12i1.24709

Abstract

Penelitian ini menganalisis pengaruh ukuran perusahaan, komite audit, dan dewan komisaris terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel mediasi pada perusahaan properti dan real estate di BEI periode 2020–2024.  Metode penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan dan laporan keuangan perusahaan BUMN yang terdaftar di BEI dengan teknik pengambilan sampel purposive sampling. Penelitian menggunakan pendekatan kuantitatif dengan analisis regresi data panel uji asumsi klasik, uji hipotesis, menggunakan Eviews, dan uji Sobel, sedangkan analisis data menggunakan regresi data panel. Hasil penelitian menunjukkan ukuran perusahaan berpengaruh positif terhadap kinerja keuangan, sedangkan komite audit dan dewan komisaris berpengaruh negatif terhadap kinerja keuangan. Terhadap nilai perusahaan, ukuran perusahaan tidak berpengaruh, sementara komite audit dan dewan komisaris berpengaruh negatif signifikan. Kinerja keuangan berpengaruh positif terhadap nilai perusahaan serta mampu memediasi hubungan antara ukuran perusahaan, komite audit, dan dewan komisaris terhadap nilai perusahaan
Financial Literacy Model for MSMEs as a Financial Performance Measurement Tool (Case Study of MSMEs in Bogor, Depok, and Kuningan) Sri Setiawati; Hari Gursida; Yohanes Indrayono
Journal of World Science Vol. 4 No. 2 (2025): Journal of World Science
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jws.v4i2.1303

Abstract

Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the Indonesian economy; however, they encounter various challenges in effectively managing their finances. Financial literacy serves as a pivotal factor influencing the financial performance of MSMEs. This study seeks to analyze the correlation between financial literacy and the financial performance of MSMEs across three regions: Bogor, Depok, and Kuningan. A quantitative study methodology was employed, utilizing a survey of MSME owners as respondents. Data were gathered through a questionnaire to assess financial literacy and financial performance, measured by profitability, operational efficiency, and business sustainability indicators. The findings indicate a significant relationship between the financial literacy level and MSMEs' financial performance. MSMEs exhibiting higher levels of financial literacy tend to demonstrate superior financial performance compared to those with lower levels of financial literacy. The implications of this study emphasize the necessity of enhancing financial education programs for MSME stakeholders to improve their capabilities in efficiently managing business finances.
Modeling Sustainable Consumer Behavior among Generation Z in Bogor City Rumna; Hari Gursida; Doni Wihartika
Journal of Economics, Entrepreneurship, Management Business and Accounting Vol 4 No 3 (2026): Volume 4, Issue 3, May 2026
Publisher : CV. Sakura Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61255/jeemba.v4i3.1068

Abstract

Purpose – This study develops and tests an integrative model of sustainable consumer behavior (SCB) among Generation Z in Bogor City by examining the influence of Emotional Intelligence (EI), Social Influence (SI), and Perceived Value Alignment (PVA) on SCB through Sustainable Consumer Intention (SCI) mediation. Theoretically, this research extends the Theory of Planned Behavior (TPB) by integrating affective, social, and value alignment dimensions. Design/methodology/approach – This quantitative research uses a survey of 401 Generation Z students in Bogor City which was analyzed with SEM-PLS. Finding/Results – The results showed that EI and PVA had a significant positive effect on SCI and SCB, while SI had no direct effect on SCB. The model demonstrated a very high predictive ability for sustainable consumer behavior (0.873), indicating that the influence of external factors and emotional capacity is mediated by behavioral intentions before manifesting in sustainable consumption actions. SCI emerged as the most dominant mediator, confirming the critical role of behavioral intentions in translating social influences into sustainable consumption behavior. Originality/Value – This research provides an integrative framework that extends TPB by combining EI, SI, and PVA to explain sustainable consumer behavior, offering theoretical insights and practical implications for promoting sustainable consumption among Generation Z.
Strategy For Improving Employee Performance Through Job Characteristics Strengthening Program, Empowerment & Work Motivation (Empirical Study On Chemical Industry Employees In Bogor Regency) Riza Aditriawan Anggorodi; Hari Gursida; Widodo Sunaryo
International Journal of Economics Accounting and Management Vol. 2 No. 3 (2025): IJEAM - September 2025
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i3.1474

Abstract

This study aims to analyze the influence of job characteristics and empowerment on employee performance, with work motivation as an intervening variable, among employees in the chemical industry in Bogor Regency. The method used is a mixed methods approach, namely quantitative through questionnaires and qualitative through interviews with employees at PT. RDA Reindo Dinamika, PT. Mulia Agung, and PT. Kimia Utama with a total sample of 232 respondents. The data analysis techniques used were path analysis and the Delphi technique. The results of the quantitative approach show that job characteristics and work motivation have a positive and significant impact on employee performance. Empowerment does not show a significant direct effect on performance, but it has a positive impact on work motivation. Work motivation acts as a mediator in the relationship between job characteristics and empowerment on employee performance. The qualitative approach reinforces the quantitative results, where employees express that aspects such as skill variety, autonomy, feedback, and job meaning can enhance work enthusiasm and quality. Empowerment that is not accompanied by effective communication and consistent management support tends to have less direct impact on performance improvement. Work motivation emerges as an important factor that strengthens the positive influence of the work environment on performance. Improvement of job characteristics and empowerment, when supported by high work motivation, can be an effective strategy in enhancing employee performance.
Financial performance, capital structure, and firm's value: The moderating role of dividend policy N Rusnaeni; Hari Gursida; Hendro Sasongko; Dani Rahman Hakim
Journal of Business, Social and Technology Vol. 4 No. 1 (2023): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v4i1.77

Abstract

This study examines the effect of financial performance and capital structure on firm value with dividend policy as a moderating variable. The sample in this study was 13 property and real estate sector companies from 2011 to 2020, with a total of 130 observations. This study found that financial performance and capital structure positively affect firm value. Meanwhile, this study finds that dividend policy cannot moderate the effect of financial performance and capital structure on firm value. The results of this study indicate that property and real estate investors still prioritize the firm's financial performance. Investors are relatively more cautious in investing in property and real estate sector companies even though the dividends offered are pretty high. Thus, property and real estate sector companies need to be more creative in improving their financial performance and obtaining resources to develop their business.
Co-Authors Afif, M Nur Andy Lasmana Andy Lasmana Dani Rahman Hakim, Dani Rahman Doni Wihartika Hendro Sasongko Herdyana Heri Susanto N Rusnaeni Retno Martanti Endah L Riza Aditriawan Anggorodi Rumna Sri Setiawati Thiar Cnur Widodo Sunaryo Yohanes Indrayono Yohannes Indrayono