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NAVIGATING BANKRUPTCY RISK: THE ROLE OF GOVERNANCE IN BALI'S STATE-OWNED ENTERPRISES Widnyana, I Wayan; Antari, Ni Putu Peri; Putri, I Gusti Agung Putu Sintia
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 8 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/mc17vw29

Abstract

This study aims to analyze the sustainability opportunities of State-Owned Enterprises (SOEs) operating in Bali using the Altman Z-Score bankruptcy prediction model. The research focuses on four strategic SOEs: PT PLN (Persero) Bali Distribution Main Unit, PT Angkasa Pura I (Persero) Ngurah Rai Airport, PT Pelindo (Persero) Benoa Branch, and Perum Bulog Divre Bali. These four SOEs were selected because of their vital roles in providing energy, air transportation, logistics, and food as the main pillars of Bali's economy, which is highly dependent on the tourism sector. The data used are secondary data in the form of financial reports for the 2019 - 2023 period, as well as macroeconomic data from BPS, Bank Indonesia, and the Bali Tourism Office. The analysis is conducted in two stages: (1) calculating the probability of bankruptcy using the Altman Z-Score, and (2) testing the influence of external factors (inflation, exchange rates, interest rates, tourism) and internal factors (liquidity, leverage, profitability) on the probability of bankruptcy using panel regression, as well as the role of corporate governance as a moderating variable. The results show that PLN Bali and Bulog Bali are in the safe zone, while Angkasa Pura I and Pelindo Benoa briefly entered the distress zone in 2020 due to a drastic decline in tourist visits, but began to recover in 2023. External factors include inflation, which has a significant negative effect, and tourism, which has a significant positive effect on the probability of bankruptcy, while exchange rates and interest rates are insignificant. Internal factors include only liquidity. Corporate governance has been shown to strengthen the influence of both external and internal factors in reducing the risk of bankruptcy. Overall, this study confirms that state-owned enterprises (SOEs) in Bali have a strong opportunity for sustainability if they can maintain liquidity, anticipate tourism fluctuations, and strengthen corporate governance. With adaptive strategies and government policy support, Bali's SOEs can transform into a resilient and sustainable driving force for the regional economy.
Self-Efficacy, Perceived Organizational Support, and Organizational Citizenship Behavior: The Mediating Effect of Organizational Culture Poniasih, Ni Komang Putri; Sapta, I Ketut Septia; Widnyana, I Wayan; Laksemini, Kadek Dewi Indah Sri
International Journal of Economics Development Research (IJEDR) Vol. 6 No. 6 (2025): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v6i6.8579

Abstract

The Village Office is required to have employees who have extra roles, good personalities, and have a high commitment to the agency so that the company's goals can be achieved. One of the factors that influence organizational citizenship behavior is self-efficacy and perceived organizational support. This study aims to provide comprehensive insight into the factors that influence organizational citizenship behavior with a focus on aspects of self-efficacy and perceived organizational support, and how organizational culture can mediate these influences. The research design used in this study is a quantitative approach. The results of the study indicate that self-efficacy and perceived organizational support have a positive and significant effect on organizational culture at the Bongan Tabanan Village Office. Self-efficacy, perceived organizational support, and organizational culture have a positive and significant effect on Organizational Citizenship Behavior at the Bongan Tabanan Village Office. Organizational culture is able to mediate the influence of self-efficacy and perceived organizational support on Organizational Citizenship Behavior at the Bongan Tabanan Village Office. This means that an increase in self-efficacy and perceived organizational support will improve organizational culture and will also improve Organizational Citizenship Behavior at the Bongan Tabanan Village Office.
BEYOND RATIONALITY: THE EFFECT OF OVERCONFIDENCE, HERDING, AND LOSS AVERSION ON STOCK RETURNS AND TRADING VOLUME ON THE INDONESIAN STOCK EXCHANGE Widnyana, I Wayan; Budiyasa, I Gede Putu Eka
Management Studies and Business Journal (PRODUCTIVITY) Vol. 2 No. 8 (2025): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/t383t366

Abstract

This study aims to analyze the influence of psychological biases such as investor overconfidence, herding behavior, and loss aversion on stock returns and trading volume on the Indonesia Stock Exchange (IDX). The research background stems from a critique of classical financial theory, particularly the Efficient Market Hypothesis (EMH), which assumes investors are always rational. In reality, empirical phenomena in the Indonesian capital market demonstrate irrational behavior that is difficult to explain with classical theory.The research method employed a quantitative approach with secondary data from 60 financial and consumer sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. The independent variables tested included overconfidence, herding behavior, and loss aversion, while the dependent variables were stock returns and trading volume. Data analysis was performed using multiple linear regression after classical assumption testing to ensure model validity.The results showed that overconfidence had a significant positive effect on trading volume, herding behavior had a significant positive effect on stock returns, and loss aversion had a significant negative effect on stock returns. These findings confirmed all three research hypotheses and bolstered the behavioral finance literature, which suggests that investors are not always rational.The implications of this research are important for investors, issuers, and regulators. Investors need to increase their awareness of psychological biases to make more rational transactions. Issuers must understand that stock prices are influenced not only by fundamentals but also by market sentiment. Regulators need to strengthen financial literacy based on behavioral finance and increase oversight of herding behavior in the digital era.
Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Industri Barang dan Konsumsi Yang Terdaftar di Bursa Efek Indonesia Gregorius Paulus Tahu; Ni Ketut Sri Wulandari; I Wayan Widnyana; Dominicius Djoko Budi Susilo
ULIL ALBAB : Jurnal Ilmiah Multidisiplin Vol. 3 No. 2: Januari 2024
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/jim.v3i2.2774

Abstract

In companies that have short-term goals and long-term goals, the short-term goal is that the company can get the maximum possible profit by utilizing the resources owned by the company while the long-term goal is to maximize the value of the company. The purpose of this study was to determine the effect of profitability, leverage, and firm size on firm value in the consumer goods and industry listed on the Indonesia Stock Exchange. The object of research used in this study is Profitability, Leverage and Firm Size on Firm Value in the Goods and Consumption Industry Listed on the Indonesian Stock Exchange. The sampling method in this study was to use a purposive sampling technique, where the samples were taken from 30 consumer and goods industry companies listed on the Indonesia Stock Exchange. Data analysis techniques using multiple linear regression analysis, multiple correlation analysis, determination analysis and t test. The results of this study indicate that profitability has a positive effect on firm value in the consumer goods and industry listed on the Indonesia Stock Exchange. Leverage has no effect on firm value in the consumer goods and industry listed on the Indonesia Stock Exchange. Company size has a positive effect on firm value in the consumer goods and industry listed on the Indonesia Stock Exchange.
DOES SPIRITUAL PHILOSOPHY MATTERS ON LOCAL MICROFINANCE IN BALI? Suryandari, Ni; Widnyana, I Wayan
JRAK Vol 16 No 1 (2024): April Edition
Publisher : Faculty of Economics and Business, Universitas Pasundan, Bandung, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrak.v16i1.7395

Abstract

The massive growth of LPDs means that they must have excellent performance. LPDs are not protected by the government, so they must have good financial governance. The existence of LPDs is needed to support traditional villages and be able to synergize with Hindu philosophy in improving LPD performance. This study aims at determining the effect of four Hindu's philosophy on Lembaga Perkreditan Desa (LPD) performance as a local microfinance in Bali. The samples in this study were 64 respondents consisting of 32 chairman and 32 supervisory boards from LPD in Ubud Gianyar. The analytical method used Moderated Regression Analysis. The results showed that Dharma, Artha, Kama, and Moksa have a positive effect on LPD's performance. The better the application of Dharma, artha, kama, and moksa in the organization, the employees will do good things in accordance with applicable norms.
PERSON-JOB-AND ORGANIZATION FIT DURING THE COVID-19 PANDEMIC AND THE IMPACT ON EMPLOYEE SATISFACTION AND PERFORMANCE Widyawati, Sapta Rini; Widnyana, I Wayan; Da Costa, Carla Alexandra De Jesus
Business Management Analysis Journal (BMAJ) Vol 8, No 2 (2025): Business Managament Analysis Journal (BMAJ)
Publisher : Universitas Muria Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24176/bmaj.v8i2.14635

Abstract

This paper discusses person-job-fit (PJF) and person-organization-fit (POF) during the Covid-19 pandemic, and their impact on employee satisfaction and performance. The data was obtained from the distribution of electronic questionnaires to employees working in Indonesia. Data analysis using path analysis model. The results show that PJF and POF during the Covid-19 pandemic were quite good, even though the environment had forced them to work with a new system, namely work from home. In addition, PJF proved to be positively and significantly associated with job satisfaction, but not significant with performance. While the POF proved to be positively and significantly related to satisfaction and performance. Thus, this study failed to prove a mediating effect of satisfaction on the relationship between PJF and POF with performance. When compared between the two, POF has a greater role than PJF in explaining job satisfaction.
Construction of Welfare Mediation Model Based on Tri Hita Karana on The Economic Effect of Tourism Sector Toward Happiness To Improve Life Satisfaction of Local Community Kusuma, I Gusti Agung Teja; Landra, Nengah; Widnyana, I Wayan
APMBA (Asia Pacific Management and Business Application) Vol. 8 No. 1 (2019)
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.2019.008.01.5

Abstract

This research aims to measure effects of tourism economy on Tri Hita Karana (Balinesse Life Philosophy) well-being including physical health and well being, psychological, relationship, and spiritual well being, to realize the well-being so that it can create life of satisfaction. Using quantitative method using existing measurement scale. Results of this research indicate that there is no significant effect of tourism economic benefit on happiness and public life of satisfaction. The economic benefit will provide effects on local public happiness and then it can create life of satisfaction, if the public obtain the sense of Tri Hita Karana-based well-being. Another finding proves that Tri Hita Karana well being is proven significantly as a mediated effect of economic benefit on public happiness. Practical implication of the researchers is that the economic measurement is not adequate to be used to predict success of sustainable tourism. It is necessary for other indicators such as well-being, happiness and public life of satisfaction .This research originality and value are to fulfil research gap to involve Tri Hita Karana cultural aspect as a local wisdom trusted to have universal value in determining well-being in the field of tourism economic performance.
Indonesia Composite Index and Market Reaction in Indonesia Due to Covid-19 Pandemic Widnyana, I Wayan; Warmana, G Oka
APMBA (Asia Pacific Management and Business Application) Vol. 10 No. 3 (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.2022.010.03.12

Abstract

This study aims to examine the impact of the Covid-19 pandemic on the Indonesia Composite Index (ICI) and the reaction of the Indonesian capital market to events related to the Covid-19 pandemic in Indonesia. There were two events observed, the first event was the announcement of the first positive case of Covid-19 in Indonesia, and the second event was the determination of the status of a national disaster by the Indonesian government. Testing of effect of the Covid19 pandemic on stock prices was carried out by using an independent sample t-test against the average ICI before and after the two events. Testing the market reaction using the event study methodology. The test results found that the ICI average decreased significantly after the announcement of the first positive Covid-19 case. The ICI average also decreased significantly after the determination of the national disaster status. The average ICI return did not differ significantly before and after the two events. The market reaction test found no significant abnormal returns around the two events. The Covid-19 pandemic had an impact on the Indonesian capital market, marked by a decline in the ICI, although investors in the capital market did not react excessively, so there was no significant abnormal return.
INVESTOR IRRATIONALTY IN THE INDONESIA CAPITAL MARKET : AN EMPIRICAL STUDY OF STOCKS LISTED ON THE IDX Regina Hingi66 Hayong; I Wayan Widnyana
Inspirasi Ekonomi : Jurnal Ekonomi Manajemen Vol. 7 No. 3 (2025): Inspirasi Ekonomi : Jurnal Ekonomi Manajemen
Publisher : Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Timor

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

Abstract

This study aims to identify and analyze irrational investor behavior in the Indonesia capital market, specifically in companies listed on the Indonesia Stock Exchange (IDX). Unsing a quantitative approach and secondary data from 2020-2023, this study examines the influence of behavioral biases such as overconfidence, herding and loss aversion on stock returns. The results indicate that psychological biases significantly influence investmen decisions, confirming that investorts on the IDX do not always act rationally as assumed by efficient market theory.
The Relationship Between Transformational Leadership, Work-Life Balance, and Employee Performance with Job Satisfaction as a Mediating Variable I Made Adhika; I Wayan Widnyana; Ni Made Dwi Puspitawati; Ni Wayan Mita Ekariani
International Journal of Applied Business and International Management Vol 10, No 2 (2025): August 2025
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijabim.v10i2.4077

Abstract

The productivity decline and high absenteeism among employees at UD Dewa Dewi Busana Denpasar in 2024 highlight internal issues that may affect performance and job satisfaction. This study examines the influence of transformational leadership and work-life balance on employee performance, with job satisfaction as a mediating variable. Using a quantitative approach and a census of 35 employees, data were collected through questionnaires and interviews, then analyzed using PLS-SEM with SmartPLS 4. Results show that transformational leadership (? = 0.216, t = 2.062, p = 0.042) and work-life balance (? = 0.298, t = 2.382, p = 0.019) significantly improve employee performance. Both also enhance job satisfaction—transformational leadership (? = 0.327, t = 4.057, p = 0.000) and work-life balance (? = 0.540, t = 5.848, p = 0.000). Job satisfaction itself positively affects performance (? = 0.534, t = 3.957, p = 0.000) and partially mediates the effects of transformational leadership (? = 0.175, p = 0.012) and work-life balance (? = 0.289, p = 0.002) on performance. These findings underscore the pivotal role of leadership and work-life balance in enhancing job satisfaction and optimizing performance, particularly in growing fashion retail businesses.
Co-Authors A.A. Ade Eka Putra Andryawan Agus Wahyudi Salasa Gama Almuntasir Almuntasir Almuntasir, Almuntasir Anak Agung Anggita Cayanti Yuniarsa Anak Agung Diah Angganingrum Anak Agung Istri Niladanti Antari, Ni Putu Peri Astina Buana Dewi Bontot, I Nyoman Carla Alexandra De Jesus Da Costa Charlie Wirawan Cokorda Agung Satya Pramantha Da Costa, Carla Alexandra De Jesus Desak Made Ari Susilawati Desak Made Ayu Shania Saraswati Desak Putu Parmiti Desak Putu Satria Lantasari DESAK PUTU SRI UTAMI DEWI Dewa Ayu Ari Purnama Yanti Dewa Ayu Diah Kharisma Dewi Dewa Ayu Diah Pradnya Swari Dewa Gde Bagus Satya Wibawa Dian Tariningsih Dominicius Djoko Budi Susilo Dominicius Djoko Budi Susilo Dominicus Djoko BS. G. Oka Warmana, G. Oka Gede Andika Wiratama Gregorius Paulus Tahu Gusti Ngurah Made Dharma Putra I Dewa Ayu Putri Oktayeni I Dewa Gede Punarbawa I Dewa Nyoman Raka I Gede Agus Krisna Yasa I Gede Putu Eka Budiyasa I Gede Urwa Oka Semarabawa I Gst Ayu Shinta Puspita Sari I Gst Ngr Bagus Gunadi I Gst. Ngr Bagus Gunadi I Gusti Agung Teja Kusuma I Gusti Ayu Cantika Pradnyani I Gusti Ayu Putri Sinta Dewi I Gusti Made Cahya Dharma Kusuma I Gusti Ngurah Bagus Gunadi I Gusti Ngurah Japa I Komang Aditya Mahendra Putra I Komang Gaizka Senopati Gunawan I Komang Oka Permadi I Komang Windu Sandika I Made Adhika I Made Aditya Wardana I Made Ardi Pradnyana I Made Dauh Wijana I Made Dauh Wijana I Made Diarta I Made Sukadana I Made Sutawan I Nengah Aristana I Nengah Suardhika I Nengah Suarmanayasa I Nyoman Arya Sanjaya I Nyoman Bontot I Nyoman Suparsa I Putu Kevin Gautama I Putu Rendi Aditya I Wayan Suardiyasa I WAYAN SUARJANA I Wayan Sujana I Wayan Sujana I Wayan Sukadana I Wayan Sukadana I Wayan Sukadana I Wayan Sukadana Ida Ayu Agung Anggreni Putri Ida Ayu Komang Tiara Pratistha Sari Ida Ayu Lia Maheswari Ida Ayu Made Citra Dewi Ida Ayu Nirma Prameswari Ida Bagus Ngurah Ido Zakharia Joe, Augyawati Kadek Ika Silvia Dewi Kadek Sinta Purnamasari Ketut Adelya Karina Putri Komang Ayu Diah Sandya Swari Komang Ayu Sukma Ginanti Komang Ayu Sukma Ginanti Komang Brian Krisna Kanugrawan Komang Dibia Suwardewa Komang Emi Yulistia Dewi Kusuma, I Gusti Agung Teja LAKSEMINI, Kadek Dewi Indah Sri Lantasari, Desak Putu Satria Luh Ketut Adnya Suari Luh Putu Widiarti Made Esa Abimansa Wijaya Made Ika Prastyadewi Muhajirin Al-Alamin Nengah Landra Ni Kadek Ayu Sugiantari Ni Kadek Dewi Maskanti Ni Kadek Dwi Pebriyanti Ni Kadek Dwi Suciati Ni Kadek Egi Erawati Ni Kadek Lilis Ni Kadek Lilis Dwi Utami Ni Kadek Nonik Rasminingsih Ni Kadek Rika Putri Rahayu Ni Kadek Riska Ramadani Ni Kadek Santi Suarniti Ni Kadek Septiari Ni Kadek Sugiartini Ni Kadek Sulistiawati Ni Kadek Wulan Indriyani Ni Kadek Yulia Pridayanti Ni Kadek Yuniparmini Ni Kadek Yunita Sari Ni Ketut Ceria Dewi Ni Ketut Sri Wulandari Ni Ketut Sri Wulandari Ni Komang Apriwila Santi Mastini Ni Komang Arika Swandewi Ni Komang Desy Sukmawati Ni Komang Evi Endayani Ni Komang Nita Maheni Ni Komang Putri Aristiani Ni Komang Sinta Dewi Ni Komang Triswari Jayantini Ni Luh Ari Yusasrini Ni Luh Ayu Grahetha Tirta Dewi Suastra Ni Luh Diah Widiastuti Ni Luh Merry Asih Ni Luh Putu Divarina Arianti Ni Luh Putu Sudewi Ni Luh Sasi Astiti Ni Luh Silvia Ratna Juliantari Ni Luh Tresna Fridaliyanti Ni Made Arik Pebriyanti Ni Made Ayu Gita Dianningrat Ni Made Ayu Krisna Ni Made Ayu Mariani Ni Made Chintya Dewi Ni Made Dewi Antari Ni Made Dwi Puspitawati Ni Made Feby Rahayu Ni Made Krisna Arum Listyaningsih Ni Made Lita Ganetri Ni Made Luisiana Wulandari Ni Made Priska Setiawati Ni Made Ratih Pratiwi Ni Made Sintya Surya Dewi Ni Made Widya Sari Ni Made Winda Utari Ni Nyoman Ayuning Kertyasih Ni Nyoman Nuryanti Bella Ni Nyoman Suryani Ni Nyoman Trianti Ni Putu Ayu Gitaswari Ni Putu Ayu Swandewi Ni Putu Cempaka Dharmadewi Atmaja Ni Putu Hana Puspita Sari Ni Putu Medya Pradnya Antari Ni Putu Putri Febriyanti Ni Putu Riskayanti Ni Putu Siki Ernawati Ni Putu Trisna Yuliantari Ni Wayan Eka Mitariani Ni Wayan Lestari Ni Wayan Mita Ekariani Ni Wayan Monik Trisnawati Ni Wayan Sri Aprilia Yanti Ni Wayan Suryanti Nur Faiza Pebriyanti, Ni Made Arik Poniasih, Ni Komang Putri Purwaningsih, Ni Luh Putri, I Gusti Agung Putu Sintia Putu Ari Pertiwi Sanjiwani Putu Wiandha Putri Ratih Dwi Anggraeni Raul Hidayat Regina Hingi66 Hayong Rosalia Dalima Landang RR. Maria Yulia Dwi Rengganis Sapta Rini Widyawati Sapta, I Ketut Septia Suryandari, Ni Tria Firnanda Amelia Putri Triska Dewi Pramitasari Warmana, G Oka Wijana, I Made Dauh