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All Journal Equator Journal of Management and Entrepreneurship Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Manajemen Bisnis Journal of Economics, Business, & Accountancy Ventura The Indonesian Accounting Review Jurnal Akuntansi Multiparadigma Journal of Indonesian Economy and Business Jurnal Edukasi dan Penelitian Informatika (JEPIN) EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen SEIKO : Journal of Management & Business Owner : Riset dan Jurnal Akuntansi Journal Of Management Science (JMAS) International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Ilmiah Edunomika (JIE) International Journal of Economics Development Research (IJEDR) Enrichment : Journal of Management Jurnal Ekonomi Bisnis Manajemen Prima Ilomata International Journal of Management Jurnal Ekonomi Jurnal Ekonomi dan Manajemen Indonesia International Journal of Applied Finance and Business Studies Jurnal Fokus Manajemen Jurnal Literasi Akuntansi JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) AJARCDE (Asian Journal of Applied Research for Community Development and Empowerment) ProBisnis : Jurnal Manajemen JAMBURA: JURNAL ILMIAH MANAJEMEN DAN BISNIS Journal of Applied Management Research Indonesian Capital Market Review Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Economics and Business Journal Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-commerce Jurnal Multidisiplin West Science Jurnal Riset Ekonomi dan Akuntansi Journal of Educational Management Research IIJSE Moneter : Jurnal Ekonomi dan Keuangan Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah El-Mujtama: Jurnal Pengabdian Masyarakat Economic: Journal Economic and Business Jurnal Multidisiplin INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen Dhana Jurnal Ekonomi, Manajemen, Akuntansi Ulil Albab Joong-Ki Al Qodiri: Jurnal Pendidikan, Sosial dan Keagamaan
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Analisis Reaksi Pasar Saham di Sektor LQ45 Sebelum dan Sesudah Peristiwa Peringatan Darurat Garuda Biru: Studi Average Abnormal Return dan Trading volume activity Annisa Abdullah; Wendy
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 8 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i8.7962

Abstract

The Blue Garuda Emergency Alert event was first announced on August 21, 2024, through the Instagram account of Narasi by Najwa Shihab. This study aims to analyze the stock market reaction before and after the event, focusing on companies included in the LQ45 stock index on the Indonesia Stock Exchange. Hypothesis testing was conducted using a paired sample t-test for Average Abnormal Return (AAR) with SPSS, while Trading Volume Activity (TVA) was tested using the Wilcoxon Signed-Rank Test due to the non-normal distribution of the data. This event study observes a 10-day window before and after the Blue Garuda Emergency Alert event. The expected return was calculated using the market model with an estimation period of 200 trading days. The results of the study indicate a significant difference in Average Abnormal Return (AAR) before and after the event, with a significance value of 0.027. Additionally, Trading Volume Activity (TVA) also showed a highly significant change, with a significance value of 0.000. These findings suggest that the Blue Garuda Emergency Alert had a tangible impact on the stock market, both in terms of abnormal returns and trading volume activity, reflecting the market's reaction to the event.
Pengaruh Social Media Marketing dan Fomo terhadap Purchase Intention Produk Cicil Emas pada PT Pegadaian Pontianak dengan Brand Trust sebagai variabel Moderasi Gavin Satria Pangestu; Wendy Wendy; Harry Setiawan; Nur Afifah; Bintoro Bagus Purmono
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.11666

Abstract

The development of digital technology has driven changes in financial services marketing strategies, including for PT Pegadaian's Gold Installment product, which faces competition from digital investment platforms. This situation has prompted Pegadaian to optimize social media marketing and leverage the Fear of Missing Out to increase purchase intention, particularly among the younger generation. This study aims to analyze the influence of social media marketing and Fear of Missing Out on purchase intention for the Gold Installment product, with brand trust as a moderating variable. The study used a quantitative approach with explanatory research through online questionnaire data collection from respondents who met the research criteria. Data analysis was conducted using the Partial Least Squares Structural Equation Modeling method with WarpPLS 8.0. The results show that social media marketing and Fear of Missing Out have a positive and significant effect on purchase intention. Furthermore, brand trust has been shown to strengthen the influence of both variables on purchase intention. This research is expected to provide theoretical contributions to the development of consumer behavior studies and practical implications for PT Pegadaian in strengthening its digital marketing strategy and increasing purchase interest in the Gold Installment product.
Green Finance, Capital Structure, and Firm Value: The Mediation Role of Sustainability Disclosure in Indonesia Sukma Febrianti; Mustaruddin Mustaruddin; Wendy Wendy
Al Qodiri : Jurnal Pendidikan, Sosial dan Keagamaan Vol. 24 No. 1 (2026): Al Qodiri: Jurnal Pendidikan, Sosial dan Keagamaan
Publisher : Universitas Islam KH. Achmad Muzakki Syah Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53515/alqodiri.v24i1.30

Abstract

  ABSTRACT Background of study: The growing global concern regarding environmental sustainability has encouraged companies to integrate sustainable finance and transparency practices into corporate strategies. Green Finance and Sustainability Disclosure have become important instruments in supporting long-term corporate value creation. Aims and scope of paper: This study aims to examine the effect of Green Finance and Capital Structure on Firm Value with Sustainability Disclosure acting as a mediating variable. The research focuses on understanding how sustainable financial practices contribute to corporate valuation. Methods: This study aims to examine the effect of Green Finance and Capital Structure on Firm Value with Sustainability Disclosure acting as a mediating variable. The research focuses on understanding how sustainable financial practices contribute to corporate valuation. Result: The findings indicate that Green Finance has a positive and significant effect on Firm Value and Sustainability Disclosure. Capital Structure does not directly influence Firm Value but significantly affects Sustainability Disclosure. Furthermore, Sustainability Disclosure partially mediates the relationship between Green Finance and Firm Value. Conclusion: The results suggest that Green Finance enhances Firm Value both directly and indirectly through improved Sustainability Disclosure. Integrating sustainable financing with transparent sustainability reporting is essential for strengthening investor confidence and supporting long-term corporate performance.  
The Effect of Green Finance and Corporate Social Responsibility on Profitability with Capital Adequacy Ratio as A Moderating Variable Evi Safitri; Helma Malini; Ana Fitriana; Wendy; Anggraini Syahputri
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2039

Abstract

This study aims to analyze the effect of green finance and corporate social responsibility (CSR) on profitability and to examine the moderating role of the capital adequacy ratio (CAR). This research employs a quantitative approach using panel data regression analysis. The data used are secondary data obtained from the annual financial reports of banking companies over a five-year observation period. The sample consists of 16 banking companies with a total of 80 observations. The analytical model applied in this study is the Common Effect Model (CEM). The results show that green finance has a positive and significant effect on profitability, indicating that sustainable financial practices can enhance financial performance. In contrast, CSR does not have a significant effect on profitability. Furthermore, the moderation analysis reveals that CAR strengthens the relationship between green finance and profitability but does not moderate the relationship between CSR and profitability. These findings imply that the implementation of green finance plays an important role in improving banking profitability, particularly when supported by adequate capital strength. This study contributes to the development of the sustainable finance literature and provides insights for financial institutions in formulating strategic financial policies.
The Influence of Cross-Cultural Adaptability and Financial Socialization on Alumni Financial Behavior: The Mediating Role of Financial Literacy Catrin Rumondang; Juniwati; Wendy; Mustaruddin; Uray Ndaru Mustika
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2275

Abstract

This study aims to examine the influence of cross-cultural adaptability and financial socialization on financial behavior, with financial literacy as a mediating variable. The research addresses the growing need for financial competence among individuals navigating diverse cultural and financial contexts during international exchange experiences. A quantitative, cross-sectional approach was employed, collecting data through an online questionnaire from Global UGRAD alumni representing multiple countries. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to analyze the relationships among variables. Financial literacy was measured as a multidimensional construct encompassing financial knowledge, attitudes, and skills, while financial behavior was operationalized through budgeting, saving, and responsible financial practices. The results indicate that both cross-cultural adaptability and financial socialization have significant positive effects on financial behavior. Financial literacy partially mediates these relationships, highlighting its role as a critical mechanism linking social and cognitive learning processes to financial outcomes. The findings suggest that developing adaptive capacity and promoting socialized financial learning can enhance responsible financial behavior among international students. Practically, these insights emphasize the importance of integrating structured financial education and cross-cultural training into international exchange programs to foster financial resilience, informed decision-making, and long-term well-being.
Determinant IPO Underpricing in the Post-Pandemic Period: The Effects of Underwriter Reputation Moderation Marselina Selie; Ahmad Shalahuddin; Anwar Azazi; Wendy; Anggraini Syahputri
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2327

Abstract

This study aims to examine the effects of firm age, proceeds, market return, and return on assets on IPO underpricing, as well as the moderating role of underwriter reputation. Grounded in signaling theory, information asymmetry theory, and behavioral finance theory, the study explains how company characteristics and market conditions influence investor perceptions and uncertainty before an initial public offering. This research employs a quantitative approach using secondary data obtained from company prospectuses and official economic sources. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA), supported by descriptive statistics, classical assumption tests, and robustness testing to address potential heteroscedasticity issues. The findings reveal that firm age has no significant effect on underpricing, whereas proceeds, market return, and return on assets significantly influence underpricing. Furthermore, underwriter reputation is only able to moderate the relationship between firm age and underpricing, while it does not moderate the relationships between proceeds, market return, return on assets, and underpricing. These findings provide empirical implications for understanding the role of company fundamentals, market conditions, and underwriter credibility in shaping IPO underpricing behavior in the post-pandemic capital market environment.
Determinants of The Indonesian Composite Stock Index: An Error Correction Model Approach Nindy Febriani; Wendy Wendy
Economics and Business Journal (ECBIS) Vol. 4 No. 5 (2026): July
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i5.457

Abstract

This study examines the effects of the Dow Jones Industrial Average (DJIA), world gold prices, world oil prices, and the rupiah exchange rate on the Composite Stock Price Index (CSPI) in Indonesia. The study uses monthly secondary data from January 2015 to December 2025, comprising 132 observations. CSPI data were obtained from the Indonesia Stock Exchange, DJIA, gold price, and oil price data were obtained from Investing.com, while exchange rate data were sourced from Bank Indonesia. The analysis employed the two-step Engle-Granger Error Correction Model (EG-ECM) to identify long-run relationships and short-run adjustment dynamics. The long-run results show that gold prices, world oil prices, and the DJIA have positive and significant effects on the CSPI, whereas the rupiah exchange rate has a negative but insignificant effect. In the short run, the exchange rate has a negative and significant effect on the CSPI, while gold prices, oil prices, and the DJIA have positive and significant effects. The Error Correction Term coefficient of -0.1325 is negative and significant, indicating that approximately 13.25% of short-run disequilibrium is corrected each month toward long-run equilibrium. These findings imply that investors and policymakers should closely monitor global market conditions, commodity price movements, and exchange rate volatility to support investment decisions and maintain Indonesian capital market stability
Does Institutional Ownership Moderate the Effects of CAR, Tax Avoidance, and CSR on Firm Value? Evidence from the Indonesian Banking Industry Muhammad Aimar Gimnastyar; Mochammad Ridwan Ristyawan; Anggraini Syahputri; Wendy; Uray Ndaru Mustika
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 2 (2026): Artikel Research April 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i2.3228

Abstract

This study aims to examine the effects of Capital Adequacy Ratio (CAR), Tax Avoidance, and Corporate Social Responsibility Disclosure (CSRD) on firm value in banks listed on the Indonesia Stock Exchange that meet the eligibility criteria from 2020 to 2024, as well as to evaluate the role of Institutional Ownership (IO) as a moderating variable. The sample was selected using purposive sampling, resulting in 27 banks with a total of 125 observations. Data were analyzed using panel data regression with moderated regression analysis (MRA), employing both Random Effects Model (REM) and Fixed Effects Model (FEM) to investigate the direct and moderating effects among the variables. The results indicate that CAR has a positive and significant effect on firm value, confirming its role as a key indicator of financial stability and market confidence in the banking sector. In contrast, Tax Avoidance does not significantly affect firm value, while CSRD also shows no direct significant impact. Moderation analysis reveals that IO strengthens the positive effect of CAR on firm value, does not significantly moderate the relationship between Tax Avoidance and firm value, and negatively moderates the effect of CSRD on firm value. These findings highlight the importance of capital adequacy as a primary financial signal and suggest that institutional investors are selective in responding to CSR practices. The study provides practical implications for investors, banking management, and regulators in enhancing corporate governance and improving the interpretation of financial signals in the Indonesian banking sector
Credit Growth, Risk, and Liquidity Signals: Effects on ROA and Stock Returns in Indonesian Banks (2020–2024), Moderated by Inflation Joshua Ringgas Matondang; Mochammad Ridwan Ristyawan; Ramadania; Wendy; Anggraini Syahputri
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 2 (2026): Artikel Research April 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i2.3275

Abstract

This study examines credit growth, Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), and Loan-to-Deposit Ratio (LDR) impact on Return on Assets (ROA), and ROA's influence on stock returns, with inflation as moderating variable in Indonesian conventional banks from 2020-2024. Using purposive sampling, 39 banks from the Indonesia Stock Exchange yielded 166 unbalanced panel observations analyzed through Fixed and Random Effect Models in EViews 12. Results show varying statistical support. At 5% significance, credit growth positively drives ROA while NPL negatively affects it, confirming asset quality and lending volume as profitability determinants. LDR shows a strong negative influence on stock returns, establishing liquidity ratio as the primary market signal, while CAR shows no significant effect on ROA. At 10% significance, inflation exhibits a weak negative moderating effect on the ROA-stock return relationship, providing marginal statistical evidence. ROA does not significantly impact yearly annual stock returns nor mediate relationships between independent variables and returns. This suggests liquidity metrics may carry greater weight than profitability signals, though constrained by the model's limited explanatory power. Findings indicate bank managers should prioritize NPL control and maintain optimal LDR thresholds to preserve profitability and investor confidence, while emphasizing risk metrics in communications. Regulators should strengthen liquidity oversight through enhanced LDR disclosure requirements. Limitations include post-pandemic focus and limited variables. Future research should examine NPL threshold effects, incorporate macroeconomic and operational efficiency measures, and compare cross-country data between crisis and stable periods.
The Effect of Eco-Efficiency and Quality Management System on Firm’s Performance: Moderating Role of Profitability and Leverage Budiman Sutrisno; Wendy Wendy
Journal of Economics, Business, and Accountancy Ventura Vol. 22 No. 3 (2019): December 2019 - March 2020
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v22i3.1895

Abstract

This study examines the effect of an eco-efficiency and quality management system on firm performance moderated by earnings per share (EPS) and leverage. The results of panel data regression found that the eco-efficiency and quality management systems did not directly affect firm performance. The results of the interaction effect test indicated that profitability strengthened the effect of the quality management system on firm performance, yet weakened the effect of the eco-efficiency on firm performance. However, the leverage did not reveal any interaction effect. This research only examined the eco-efficiency by identifying whether the firms had a green-finance certification or not. It also strengthens the results of the previous studies by building an integrated model facilitating the effect of eco-efficiency and quality management systems on firm performance by involving two moderators that had not been found in the previous studies. This study implies –for the revolution of industry 4.0 issues— the stakeholders should be encouraged to strengthen the green economy as an essential business aspect in Indonesia. This study also recommends the importance of sustainable firm managerial studies on green-finance issues and environmental aspects.
Co-Authors Achmadi Achmadi Ade Elbani Ade Mirza Afifah Afifah Afrizal - Agustina Listiawati Agustina, Dela Ahmad Ernanda Dwi Saputra Ahmad Shalahuddin Ahmad Shalahuddin Ahmad Shalahuddin, Ahmad Aini Nurul Akira Putri Pualam Aktris Nuryanti, Aktris Alhadiansyah Alifa Tauris Miranda Bella Alisa, Alisa Alya Asyura Amanda Dwi Damayanti Amanda, Zhakia Putri Ana Fitriana Ana Fitriana Ana Liana Andi Ihwan Andre Anggraini Syahputri Anggraini Syahputri Anggraini Syahputri Anggraini Syahputri Anggraini Syahputri Annisa Abdullah Anwar Azazi Anwar Azazi Anwar Azazi Arman Jaya Asep Nursangaji Aswandi - Bintoro Bagus Purmono Bintoro Bagus Purnomo Bistari Budiman Sutrisno Catrin Rumondang Cecillia Angelica Precillia Chaniago, Sheren Rahmawati Cinthia Angelica Clarissa Fransisca Daniel Daud, Ilzar Dedi Hariyanto Dela Amiarti Deri Apriadi Dwi Nova Wijaya Dwi Zulfita Edy Suasono Ega Clauvilia Ega Dwi Lestari Eka Purwanda Elly Suharlina Elvi Yuli Machmudah Endang Kristiawati Ericko Ericko Erna Listiana Erna Listiana Erni Djun Astuti Eva Dolorosa Evi Safitri Fahruna, Yulyanti Fajar Fajar Fauzan, Rizky Ferry Hadary Fifani Anggraini, Cinthia Fitri Imansyah Gavin Satria Pangestu Gilberth Haris Aditya Parhusip Girang Permata Gusti Giriati Giriati Giriati Giriati Giriati Giriati Giriati Giriati Giriati Giriati Giriati Giriati, Giriati Halimah, Putri Hamdani - Harry Setiawan Harry Setiawan Hasanudin Hasanudin Hasanudin Helma Malini Helma Malini Helma Malini Helma Malini Helma Malini, Helma Hendry Wijaya Heni Safitri Heni Safitri Heriyadi Heriyadi Heriyadi Heriyadi Heriyadi Heriyadi, Heriyadi Herry Sujaini Ilzar Daud Imam Ghozali Irdhayanti, Efa Ismawartati - Jennifer Wirawan Jhon Stone Esau Ayub Jogiyanto Hartono Joshua Ringgas Matondang Juniwati Juniwati Juniwati Kalis, Maria Christiana Iman Kalista, Apriwina Yulita Khairunnisa Khairunnisa Khristina Yunita Kurnia, Depi Lestari, Eko Budi LIANTI, LIANTI LISTIANA SRI MULATSIH Lucky P, Muhammad M. Irfani Hendri M. Ridwan Ristiyawan M. Ridwan Ristyawan M. Ridwan Ristyawan Mandjar, Sherlla Merlinda Laurencia Maria Christiana I.K Maria Christiana Iman Kalis Mariana Oktasia Marseliana Marseliana Marselina Selie Marwan Asri Mazayatul Mufrihah B11212091 Meilisa Alvita Meiran Panggabean Meisa, Meisa Memet Agustiar Mita Mita, Mita Mochammad Meddy Danial Mochammad Ridwan Ristyawan Mochammad Ridwan Ristyawan Muanuddin - Muhamad Dafa Ilhani Salim Muhamad Risal Tawil Muhammad Aimar Gimnastyar Muhammad Yusuf Muhsin Muhsin Mustaruddin Mustaruddin Mustaruddin Mustaruddin Mustaruddin Mustaruddin Mustaruddin Mustaruddin Mustaruddin Mustaruddin Saleh Mustarudin Mustarudin Mustarudin Mustarudin Mustika, Uray Ndaru Nanda Nanda Nanda Novita, Nanda Natalia Natalia Nazwa Aaliya Al-Qadri Ndaru Mustika, Uray Nelly, Apri Yeni Nextcell Winoto Vennerico Nindy Febriani Nindy Febriani Ningsih, Kurnia Ningsih, Welly Putri Nur Afifah Nur Afifah Nurmainah - Oviska, Astrid Permata Gusti, Girang Phengdrawan, Jonassen Precillia, Cecillia Angelica Priyo Saptomo Purba, Tiurniari Purwaningsih - Rachmawati Rahmidiyani - Ramadania Ramadania Ramadania Ramadania Ramadania, Ramadania Ratna Herawatiningsih Rayenda Khresna Brahmana Resta Maulita Angreani Riduansyah - Risa Ramadhianti Risal Ristati, Ristati Rizani Ramadhan Rizki Zulfi Akbari Rizky Fauzan Rommy Patra Rosari, Carviena Alia Samsaga, Fika Angry Sandika Utama Sapitri, Elsi Nanda Setia Budi Sholva, Yus Sianturi, Rosita Naomi Siau Yen Siti Hadijah Siti Haisyah Siti Halidjah Siti Hardiyanti Stepanus Sahala Sitompul Stevani Sukma Febrianti Surachman - Sy. Hasyim Azizurrahman Syahbandi Syahbandi Syahputri, Anggraini Syaifurrahman Syaifurrahman Syamswisna , Tanti Yulianingsih Tasya Yusna Ananda Theliya, Theliya Theodora, Cindy Tri Nanda Anugrah Hutasoit Tri Wiyono Kurnianto Uray Ndaru M Uray Ndaru Mustika Uray Ndaru Mustika Uray Ndaru Mustika Uray Ndaru Mustika Uray Ndaru Mustika Uray Ndaru Mustika Uslianti, Silvia Utami, Eva Yuniarti utari, Della Uti Asikin Velia Putri Safira Vennerico, Nextcell Winoto Vicella Vyrcellica Vylexta Viola Viola Vivi Bachtiar Vylexta, Vicella Vyrcellica Wahyu Wijayanto Wahyuni, Adinda Wenny Pebrianti wijaya, dwi nova Winanda Epriyanti Windhu Putra Wisnu Prasetyo Witarsa - Wulansari, Dinda Marsela Yankhi, Yankhi Yasin, Maulana Yen, Siau Yessy Irena Yulianti Yohanes Gatot Sutapa Yuline - Yulis Jamiah Yulyanti Fahruna Yulyanti Fahruna Zubaidah R