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PENGARUH KETIDAKPASTIAN EKONOMI TERHADAP HUTANG PERUSAHAAN DI INDONESIA [THE EFFECT OF ECONOMIC UNCERTAINTY ON COMPANY DEBT IN INDONESIA] Willy Djulianto; Vina Nugroho
DeReMa (Development Research of Management): Jurnal Manajemen Vol 17, No 2 (2022): September
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/derema.v17i2.5888

Abstract

Economic uncertainty in one country is one of the factors that influence the decision making of debt financing in companies. A high level economic uncertainty can reduce the company's debt level. However, it can also increase the company's debt level. This study aims to examine the effect of economic uncertainty on the level of corporate debt in Indonesia. In this study using 250 companies listed on the Indonesia Stock Exchange starting from the period 2012Q1-2020Q4. The results of the study indicate that economic uncertainty has a negative effect on the market leverage and book leverage of the company. In addition, companies in Indonesia tend to choose to reduce their debt funding when economic uncertainty occurs. Abstrak dalam Bahasa Indonesia. Ketidakpastian ekonomi dalam suatu negara menjadi salah satu faktor yang berpengaruh  dalam pengambilan keputusan pendanaan utang pada perusahaan. Tingkat ketidakpastian ekonomi yang tinggi bisa menurunkan tingkat utang perusahaan. Namun, bisa juga meningkatkan tingkat utang perusahaan.  Penelitian ini bertujuan untuk meneliti pengaruh ketidak pastina ekonomi terhadap tingkat hutang perusahaan di Indonesia. Di dalam penelitian ini menggunakan 250 perusahaan yang terdaftar di Bursa Efek Indonesia mulai dari periode 2012Q1-2020Q4. Hasil penelitian menunjukkan bahwa ketidak pastian ekonomi economi berpengaruh negatif terhadap market leverage dan book leverage perusahaan. selain itu perusahaan di Indonesia cenderung memilih untuk mengurangi pendanaan utang mereka pada saat ketidakpastian terjadi.
PENGARUH EKSPOSUR KOMPETISI LUAR NEGERI TERHADAP LIKUIDITAS SAHAM DILIHAT DARI DATA IMPOR INDUSTRI Liefanny Destiana; Glen Glen; Vina Nugroho
Jurnal Penelitian Akuntansi (JPA) Vol 2, No 1 (2021): April
Publisher : Universitas Pelita Harapan

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Abstract

Penelitian ingin melihat bagaimana pengaruh persaingan kompetisi asing terhadap likuiditas saham di Indonesia. Penelitian ini mencoba melihat bagaimana pengaruh kompetisi asing terhadap likuiditas di Indonesia pada berdasarkan data rata-rata dari masing-masing level industri dan Import Penetration tahun 2012-2016. Likuiditas dapat diukur dengan variabel Inv_LnAmihud dan Inv-LnQspread. Hasil dari Penelitian ini menunjukan Kompetisi Asing (Import Penetration) memiliki dampak yang negatif terhadap likuiditas. Hal ini menunjukan bahwa semakin tinggi adanya persaingan asing antara perusahaan di pasar, semakin menurunkan likuiditas perusahaan tersebut. 
Assessing The Impact of Covid-19 on Energy Sector Performance in the Asia-Pacific RR Patricia Prinza Prameswari; Vina Nugroho
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 4 (2024): Proceedings of the 4th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study explores the effects of the COVID-19 pandemic on the performance of energy sector companies, focusing on how the pandemic interacts with company characteristics—such as size, liquidity, and capital structure— impacting Return on Assets (ROA), which is used as a key measure of company performance. It further distinguishes between fossil fuel and alternative energy sectors, as well as between companies in developed and emerging markets, to assess whether the pandemic's effects varied across these categories. The analysis utilizes unbalanced panel data from publicly listed energy firms in the Asia Pacific region from 2013 to 2023. The results reveal that the fossil fuel sector experienced a sharper decline in performance compared to the alternative energy sector during the pandemic. Additionally, significant differences emerged between energy companies in developed and emerging markets; firms in developed markets, benefiting from larger sizes, higher liquidity, and sufficient cash reserves, were generally better equipped to withstand the pandemic's challenges.
THE BIDIRECTIONAL IMPACT OF DIVIDENDS & LIQUIDITY ON NON BANKING COMPANIES IN INDONESIA FROM 2013 to 2023 Yohana Febriani; Vina Nugroho
Proceeding National Conference Business, Management, and Accounting (NCBMA) 8th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

This study aims to determine the bidirectional influence between liquidity and dividends in non-banking public listed companies in Indonesia during 2013-2023. This study examines how dividends and liquidity affect each other, using ROE, firm size, solvency, book value, leverage, and investment variables as additional factors that can affect dividend and liquidity policies. The results show a mutual influence between dividend policy and liquidity. In addition, ROE, company size and solvency have a significant influence on dividends and liquidity.
Banking Competition On Investment Efficiency of Non Financial Companies in Indonesia Ferris Hosema Putra; Vina Nugroho
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 5 (2025): Proceedings of the 5th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

The structure of the banking market influences corporate investment efficiency through credit allocation, where the level of banking competition determines the quality of credit screening and capital allocation. This study aims to examine the impact of banking competition on the investment efficiency of non-financial firms listed on the Indonesia Stock Exchange during the 2013–2023 period. The banking market structure is measured using three key indicators: Top 3 Bank Assets (TOP), the Herfindahl-Hirschman Index (HHI), and the Lerner Index. Data is processed using the Generalized Method of Moments (GMM) with a two-step system estimation and robust standard errors. Additionally, diagnostic tests (AR(1), AR(2), Sargan-Hansen) and robustness checks were conducted by removing dummy control variables. The results show that the TOP and HHI indicators have significantly negative coefficients on investment efficiency, indicating that a more concentrated banking market leads to more efficient corporate investment allocation. Although the Lerner Index also shows a negative coefficient, its influence is relatively weak in supporting the alternative hypothesis. These findings suggest that a more centralized banking structure can enhance credit monitoring mechanisms and improve investment efficiency in Indonesia.