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All Journal JURNAL RISET BISNIS DAN MANAJEMEN Journal of Economics, Business, & Accountancy Ventura Aptisi Transactions on Management Ultima Management : Jurnal Ilmu Manajemen Milestone: Journal of Strategic Management Golden Ratio of Finance Management Jurnal Finansial dan Perbankan Proceeding National Conference Business, Management, and Accounting (NCBMA) Proceeding of International Conference on Entrepreneurship (IConEnt) Proceeding of International Conference on Global Innovation and Trends in Economy Media Riset Bisnis Ekonomi Sains dan Terapan
Liza Handoko
Fakultas Ekonomi Dan Bisnis Universitas Pelita Harapan
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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PENGARUH STRUKTUR UTANG TERHADAP PROFITABILITAS: STUDI EMPIRIS PADA PERUSAHAAN NON-KEUANGAN DI INDONESIA Nurul Tyas Andini; Liza Handoko
Proceeding National Conference Business, Management, and Accounting (NCBMA) 9th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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

Abstract

The purpose of this study is to examine the effect of capital structure on corporate financial performance, as measured by profitability. Capital structure is assessed using Short-term Debt (STD) and Long-term Debt (LTD), while profitability is evaluated through Return on Assets (ROA) and Net Profit Margin (NPM). The research data comprises 807 non-financial companies registered on the Indonesia Stock Exchange. Panel data regression is employed for the analysis over the observation period from 2015 to 2024, estimated using the Fixed Effects Model. The panel regression results indicate that both STD and LTD significantly and negatively impact profitability, as measured by ROA and NPM. Overall, the findings suggest that capital structure is a critical factor that should be considered in relation to the company’s profitability.
Equity and Government Bond Relationship in Indonesia During Covid Pandemic Gracia Shinta S. Ugut; Liza Handoko; Kristina Vaher
APTISI Transactions on Management (ATM) Vol 10 No 2 (2026): ATM (APTISI Transactions on Management: May)
Publisher : Pandawan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33050/atm.v10i2.2619

Abstract

This study extends prior Covid-19 finance literature by examining the dynamic relationship between Indonesian equity returns and sovereign benchmark bond returns using daily data across two pandemic waves. Unlike previous studies focusing primarily on developed markets or conventional flight-to-safety behavior, this study provides evidence that government bonds in emerging markets may temporarily exhibit equity-like risk characteristics during pandemic-induced fiscal stress. Specifically, the findings show that equity market performance is positively correlated with government bond returns in Indonesia during the two waves of the Covid 19, as opposed to the findings from previous studies when there were financial crises, and also the results show negative correlation between the government bond return and the spread of the Credit Default Swap. Furthermore, this study examines the impact of the Covid pandemic to the local Indonesian long-term and medium-term benchmark bonds after applying the international risk factor variable to the model. The results show shifting investors’ attention from the international risk factors to the local risk factors in both medium and long tenor of the bonds during the pandemic period. Overall, this study highlights how pandemic-induced fiscal uncertainty alters stockbond dynamics in emerging markets and challenges conventional safe-haven assumptions regarding sovereign bonds.
Dancing with Uncertainty: Unraveling Firm Investment Inefficiencies in the Asia Pacific Region Rita Juliana; Liza Handoko; Nicholas Lee
Journal of Economics, Business, and Accountancy Ventura Vol. 27 No. 1 (2024): April - July 2024
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v27i1.4096

Abstract

This study explores the intricate relationship between uncertainty and corporate investment inefficiencies in the Asia-Pacific region, utilizing data from non-financial firms between 2008 and 2021. The method used in the study is fixed effect regression with Driscoll-Kraay robust standard error. The empirical analysis unveils that uncertainty leads to overinvestment. This phenomenon is more pronounced in middle and low-income economies, while high-income countries display a distinct trend of less susceptibility to uncertainty-induced suboptimal investment choices. The study’s implications extend to policymakers and industry stakeholders, urging a closer examination of firms’ risk management strategies, particularly considering the strategic potential of overinvestment as a buffer against uncertainty’s adverse effects. This holds particular significance in the dynamic economic landscape of the Asia-Pacific countries, where the study contributes to a deeper understanding of the interplay between uncertainty and inefficiency of investment decisions across diverse economic settings.
KETIDAKPASTIAN EKONOMI TERHADAP STABILITAS BANK DI INDONESIA Andre Berto; Liza Handoko
Media Riset Bisnis Ekonomi Sains dan Terapan Vol 4, No 2 (2025): Media Riset Bisnis Ekonomi Sains dan Terapan
Publisher : Taksasila Edukasi Insani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71312/mrbest.v4i2.642

Abstract

The research measures the economic uncertainty variable using World Uncertainty Index (WUI) and uses three proxies of bank risk (bank default risk, bank leverage risk, and bank portfolio risk) to assess its becoming effect on the stability of Indonesia banks. In an analysis based on panel data and a combination of fixed and random effects models, the study aims to reflect how world economic uncertainty influences bank stability in Indonesia. The results however indicate that economic uncertainty shows no influence towards all bank risk aspects, which consists of default risk, leverage risk, and portfolio risk, based on the 5 percent significance level.  This result implies that Indonesian banks are generally quite resistant from the direct impact of economic uncertainty relating to credit default risk, leverage risk, and portfolio risk. This research paper also takes into consideration the structural characteristics of banks that would be important predictors of this bank stability risk in these dimensions, namely, loan share, income diversification, liquidity and commission-based income.Keywords : Bank Stability, Economic Uncertainty, Financial Resilience, World Uncertainty Index (WUI)
Co-Authors Andre Berto Anna. Y. Wattimena Ayuningtias, Kartika Sekar Callista, Vania Chessia Violeta Chrisanty V. Layman Chrissentia, Tirza Esther Kembauw Fina Rahmayanti Gracia S Ugut Gracia Shinta S. Ugut Herlina Lusmeida Juliana, Rita Kartika Sekar Ayuningtias Kristina Vaher Layman, Chrisanty V. Lee, Nicholas Leroy Samy Uguy Marcello Johanes Marlita. H. Makaruku Meilani, Yohana Nathaniel Richard Suandi Nicholas Lee nugroho, vina christina Nurul Tyas Andini Randi Bayu Prathama Rita Juliana Sabrina O Sihombing Sabrina O. Sihombing Sembel, Jacquelinda Sandra Sitompul, Thomson Soetardjo, Mulyadi Stevanny Sung Suk Kim Tirza Chrissentia Widjaja, Richeart Wuisan, Dewi