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Bahtiar Usman, Bahtiar

Universitas Trisakti

Author-ID : 598625

Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Immunology & microbiology Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mechanical Engineering Physics Social Sciences Transportation Other

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Faktor-Faktor yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Sektor Non Keuangan yang Terdaftar di Bursa Efek Indoneia Rosalina, Linda; Usman, Bahtiar
International Journal of Demos (IJD) Volume 6 Issue 1 (2024)
Publisher : HK-Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37950/ijd.v6i1.469

AbstractThis research aims to analyze the influence of intangible assets, financial policies, managerial ownership and financial performance on firm value in non-financial sector companies listed on the Indonesia Stock Exchange during the period 2016 to 2022. The research sample was selected using purposive sampling to obtain 17 If the company is multiplied by the number of years of research, the data obtained is 119. The research results show that intangible assets, managerial ownership, liquidity and asset turnover have no effect on firm value, debt policy has a negative effect on Tobins Q but has no effect on PBV, policy dividends have a negative effect on company value, company size has a negative effect on firm value.Keywords: Intangible Assets, Financial Policy, Managerial Ownership, Financial Performance, Firm ValueÂ AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh aset tidak berwujud, kebijakan keuangan, kepemilikan manajerial, dan kinerja keuangan terhadap nilai perusahaan pada perusahaan sektor non keuangan yang terdaftar di Bursa Efek Indonesia selama periode tahun 2016 hingga tahun 2022. Sampel penelitian dipilih menggunakan purposive sampling sehingga diperoleh 17 perusahaan yang apabila dikalikan dengan jumlah tahun penelitian maka diperoleh data sebanyak 119. Hasil penelitian menunjukkan hasil bahwa aset tidak berwujud, kepemilikan manajerial, likuiditas dan asset turnover tidak berpengaruh terhadap nilai perusahaan, kebijakan utang berpengaruh negatif terhadap tobins q namun tidak berpengaruh terhadap PBV, kebijakan dividen berpengaruh negatif terhadap nilai perusahaan, ukuran perusahaan berpengaruh negatif terhadap nilai perusahaan.Kata Kunci: Aset Tidak Berwujud, Kebijakan Keuangan, Kepemilikan Manajerial, Kinerja Keuangan, Nilai Perusahaan.

Pengaruh Lindung Nilai (Derivatif), Kepemilikan Institusional, Pertumbuhan Investasi, dan Risiko Perusahaan Terhadap Nilai Perusahaan Annisa, Annisa; Usman, Bahtiar
International Journal of Demos (IJD) Volume 6 Issue 1 (2024)
Publisher : HK-Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37950/ijd.v6i1.470

AbstractThis research aims to examine factors such as hedging (derivatives), institutional ownership, investment growth, and firm risk on firm value in manufacturing companies listed on the Indonesia Stock Exchange during the 2017-2022 period and to find out the most dominant variables for affect firm value. The data used in this research is secondary data. The research sample was selected using purposive sampling so that 26 companies were obtained as samples. When multiplied by the number of years for 6 years, 156 samples of data were obtained. The results of this study show that derivatives have a positive effect on firm value, institutional ownership has a significant positive effect on firm value, investment growth has a significant positive effect on firm value, while firm risk have no effect on firm value. So that each variable can be a concern and consideration for investors in assessing firm and making investment decisions.Keywords: Institutional Ownership; Hedging (Derivative); Firm Value; Investment Growth; Firm RiskÂ AbstrakPenelitian ini bertujuan untuk menguji faktor-faktor seperti lindung nilai melalui derivatif, kepemilikan institusional, pertumbuhan investasi, dan risiko Perusahaan terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2017-2022 dan untuk mengetahui variabel paling dominan untuk mempengaruhi nilai perusahaan. Data yang digunakan dalam penelitian ini merupakan data sekunder. Sampel penelitian yang dipilih menggunakan purposive sampling sehingga diperoleh 26 perusahaan yang menjadi sampel apabila dikalikan dengan jumlah tahun selama 6 tahun maka diperoleh data sebanyak 156 sampel. Hasil penelitian ini menunjukkan bahwa derivatif berpengaruh positif terhadap nilai perusahaan, kepemilikan institusional memiliki pengaruh positif signifikan terhadap nilai perusahaan, pertumbuhan investasi memiliki hasil berpengaruh positif signifikan terhadap nilai perusahaan, sedangkan risiko perusahaan tidak berpengaruh terhadap nilai perusahaan. Sehingga masing-masing variabel dapat menjadi perhatian dan pertimbangan para investor dalam menilai perusahaan serta penggambilan keputusan investasi.Kata Kunci: Kepemilikan Institusional; Lindung Nilai (Derivatif); Nilai Perusahaan; Pertumbuhan Investasi; Risiko Perusahaan.

Service creativity, service excellence, and digital marketing on repeat purchase behavior mediated by customer satisfaction: Educational insights from wellness yoga programs Ramdhani, Rommy Mochamad; Usman, Bahtiar; Yaputra, Hermanto; Rosadi , Barkah
Educenter : Jurnal Ilmiah Pendidikan Vol. 3 No. 2 (2024): Educenter: Jurnal Ilmiah Pendidikan
Publisher : ARKA INSTITUTE

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55904/educenter.v3i2.1256

This study explores the influence of service creativity, service excellence, and digital marketing on repeat purchase behavior, with a focus on the educational aspects of wellness yoga programs. Conducted across various regions including Bandung, Klaten, Mojokerto, and Ubud, with a sample of 200 respondents, the research employed AMOS 24 for data analysis. The findings reveal that service excellence, digital marketing strategies, customer satisfaction, and brand image significantly affect repeat purchase behavior. Notably, brand image has a strong influence, potentially fostering customer loyalty and repeat purchases. The study highlights the importance of understanding the educational needs of yoga practitioners, suggesting that yoga studio managers should directly engage with practitioners to tailor services to their specific learning needs. This research contributes to the educational field by offering insights into how service-dominant logic can enhance the learning experience within wellness yoga programs. It underscores the necessity for yoga programs to prioritize service quality, thereby enhancing the educational value and overall effectiveness of yoga health tourism.

Analysis of the Influence of Governance and Social Responsibility (CSR) on Performance and Savings and Loans Welfare Cooperative Rejeki, Sri; Usman, Bahtiar
Asian Journal of Social and Humanities Vol. 2 No. 4 (2023): Asian Journal of Social and Humanities
Publisher : Pelopor Publikasi Akademika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59888/ajosh.v2i4.216

This research aims to determine the welfare of cooperative members through governance and social responsibility (CSR) variables. The research objects are the Bererod Gratia Savings and Loans Cooperative and the Madani Savings and Loans Cooperative. Samples were taken from cooperative members who had been members of the cooperative for 3 years or more. The research uses a qualitative approach to analyze the results of the questionnaire. Analysis was carried out using content analysis. Primary data was obtained from the results of interviews and questionnaires announced to respondents. Meanwhile, secondary data was taken from the 2020-2022 Annual Member Meeting Report. The questionnaire concluded that the welfare of cooperatives depends on good, professional and sustainable governance and social responsibility (CSR). Good Corporate Governance is manifested in transparency, accountability, responsibility, independence, equality and fairness in every financial transaction, level of management commitment, quality of cooperative performance, and decision making that involves all members. Research also shows the responsibility of social cooperatives for the welfare of members and the surrounding community which has a positive influence in the form of social, economic, environmental, law-abiding, and education-health. Finally, research shows that professional quality performance by having work motivation, good financial freedom, a conducive work environment, opportunities for self-development, a strong collaborative team, and sustainable financial stability can help the welfare of cooperative members and the desire for cooperatives. The research results show that both cooperatives have succeeded in promoting the welfare of their members. Suggestions for further research include research on other cooperatives. not limited to just two cooperatives and with a wider working area coverage.

The Effect of Organizational Ambidexterity, Innovation Capability and Leadership Competencies On Business Peformance Mediated Competitive Advantage In Software House Industry Employees In Indonesia Triyani, Triyani; Usman, Bahtiar; Aseanty, Deasy
Asian Journal of Social and Humanities Vol. 2 No. 8 (2024): Asian Journal of Social and Humanities
Publisher : Pelopor Publikasi Akademika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59888/ajosh.v2i8.307

The purpose of this study is to find out the effect of organizational ambidexterity, innovation capability and leadership competencies on business peformance mediated competitive advantage. In order to maintain business continuity, the software house must be able to improve its business performance. While previous research identified factors that impact business performance in various sectors, this study focuses on how internal organizational factors are in the software house. This study uses a quantitative approach, where the variables to be observed are quantified through an operational definition process. Data of 540 respondents was collected from 18 large-scale software in Indonesia. There are 10 hypotheses developed and tested using structural equation modeling. The results showed that organizational ambidexterity, innovation capability and leadership competencies had a significant effect on business performance and competitive advantage showed a positive and significant mediation influence in the model. The results also provide specific measurement of competitive advantage in the software house industry, managerial implications and suggestions for further research.

Determinants of Stock Return: Financial, Behavioral, Macroeconomic, and ESG Factors with DER as Moderator Tjen, Yoel Christopher; Usman, Bahtiar; Mustafa, Matroji
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 5 (2025): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i5.5306

This study investigates the determinants of stock returns using a panel dataset of 88 companies listed in the Kompas100 Index over the 2018–2022 period. Employing a Random Effects Model, the research incorporates financial variables, macroeconomic indicators, behavioral factors, ESG performance, and the moderating effect of the Debt-to-Equity Ratio (DER). The findings reveal that WACC, overconfidence, overreaction, ESG disclosure, and Price Sales ratio (PSR) significantly affect stock returns at the 10% level. Specifically, WACC and PSR exhibit a positive influence, while overconfidence, overreaction, and ESG disclosure have negative effects. In addition, the interaction term of DER with PSR positively influences stock returns, while its interaction with PBV shows a negative effect. Other variables such as ROA, ROE, PER, PBV, exchange rate, and interest rate were found to be statistically insignificant. The study demonstrates the importance of integrating behavioral and ESG factors along with capital structure considerations to better understand stock performance in the Indonesian capital market.

The Effect of Basel III Liquidity, Credit Risk, and Market Risk on the Profitability of Commercial Banks in Indonesia Mahisi, Pratisyara Puspa Widitha Narindra; Usman, Bahtiar
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 7 No 2 (2024): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v7i2.4680

This study aims to analyze the effect of Basel III liquidity provisions, credit risk, and market risk on banking profitability in Indonesia. The global financial crisis has hit the banking world several times, showing that the fulfillment of capital requirements is not enough to make banks survive, so the Basel Committee on Banking Supervision initiated Basel III which added provisions regarding banking liquidity, namely Liquidity Coverage Ratio and Net Stable Funding Ratio. Previous research only discussed the effect of the Liquidity Coverage Ratio on banking profitability (Return on Assets and Net Interest Margin), with two control variables Equity to Assets Ratio and Bank Size. This study adds other independent variables of Basel III liquidity provisions (Net Stable Funding Ratio), credit risk (Non-Performing Loan), and market risk (Stock Return Risk). With a sample of 20 conventional banks listed on the IDX for the 5 years (2018-2022), 100 secondary data were obtained from each bank's website. The results of panel data regression with multiple regression analysis show that Net Stable Funding Ratio and Stock Return Risk only has a significant effect on Net Interest Margin; Non-Performing Loan and Bank Size have a significant effect on Return on Assets and Net Interest Margin; Equity to Assets Ratio only has a significant effect on Return on Assets; and Liquidity Coverage Ratio has insignificant effect on both Return on Assets and Net Interest Margin. This study provides implications for bank management and regulators to commit and supervise the NPL level low, and to provide support to increase bank assets.

Impact of Theory of Planned Behavior on Financial Satisfaction Based on Fintech Performance Rowena, Janny; Usman, Bahtiar; Lestari, Henny Setyo
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 6 (2026): Dinasti International Journal of Economics, Finance & Accounting (January - Feb
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i6.5712

The rapid development of financial technology (fintech) has significantly transformed the way individuals manage their financial activities, influencing not only their financial behaviors but also their overall financial satisfaction. Grounded in the Theory of Planned Behavior (TPB), this study aims to investigate the influence of behavioral factors including attitude attitude toward fintech, subjective norm on herding, perceived overconfidence on financial satisfaction based on fintech performance with intention to use fintech for investment as mediating variable. The study employs a quantitative research design using a survey method with a sample of 400 university students in Indonesia, representing the millennial and Generation Z demographic groups who are among the most active fintech users. Data were analyzed using Structural Equation Modeling (SEM) to test the hypothesized relationships among variables. The findings highlight that university students’ financial satisfaction in fintech investments is not solely determined by technological factors but by the interaction between attitude, social influence, confidence, and actual behavioral engagement. Positive attitudes and peer-driven norms enhance fintech adoption and satisfaction only when accompanied by meaningful usage and effective fintech performance. Conversely, overconfidence without competence may hinder satisfaction despite technological accessibility.

Omnichannel Strategy and Student Word of Mouth in Higher Education Cicilia Sriliasta; Usman, Bahtiar; Ekasari, Ayu; Rangi, Noah
APTISI Transactions on Management (ATM) Vol 10 No 1 (2026): ATM (APTISI Transactions on Management: January)
Publisher : Pandawan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33050/fpxhae27

In the era of digital transformation, Higher Education Institutions (HEIs) face increasing pressure to modernize their service delivery to meet evolving student expectations. While Omnichannel Integration (OCI) has revolutionized customer experiences in retail and banking, its application within the educational sector remains underexplored. This systematic literature review aims to bridge this gap by examining the impact of OCI on Student Engagement and Word-of-Mouth (WoM). Adhering to the PRISMA guidelines, a rigorous screening process was conducted across multiple academic databases, resulting in the analysis of 74 eligible studies published between 2014 and 2024. The thematic analysis identifies four core dimensions of OCI Channel Service Configuration, Content Consistency, Quality Assurance, and Process Consistency. The findings reveal a significant distinction between commercial and educational contexts in HEIs, the integration of physical and digital touchpoints is not merely a logistical upgrade but a strategic necessity for relationship building. Crucially, the review establishes that OCI does not automatically generate advocacy. Instead, the student engagement acts as a vital mediating variable, meaning that seamless integration fosters deeper engagement, which subsequently drives positive WoM. This study contributes to the literature by synthesizing fragmented evidence into a cohesive framework, offering university administrators practical strategies to enhance student retention and institutional reputation through consistent cross channel experiences.

The Effect of Managerial Ownership, Research & Development, Financial Risk, and Investment on Firm Growth: The Mediating Role of Leverage in the Defense Systems Industry in Asia Azizah , Kumiko; Usman, Bahtiar; Mustafa, Matrodji
International Journal of Economics, Business and Innovation Research Vol. 5 No. 01 (2026): December - January, International Journal of Economics, Business and Innovatio
Publisher : Cita konsultindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63922/ijebir.v5i01.2739

This study examines the effects of managerial ownership, research and development (R&D), financial risk, and investment on firm growth in the Asian defense systems industry, with leverage serving as a mediating mechanism. The defense sector is characterized by heightened geopolitical exposure, persistent technological innovation requirements, and stringent risk governance, making the identification of firm-level growth drivers particularly critical(Gheorghe & Panazan, 2024).Using a balanced panel dataset of 74 defense systems firms operating across Asia over the observation period, this study applies panel data regression based on the Fixed Effects Model (FEM), complemented by mediation analysis to assess the indirect role of leverage(Sommet, 2025).The empirical findings indicate that managerial ownership and investment exert positive and statistically significant effects on firm growth. R&D intensity also demonstrates a positive association with firm growth, underscoring the strategic importance of innovation in sustaining competitive advantage within the defense industry(Nel et al., 2025). In contrast, financial risk does not show a significant impact on firm growth, suggesting the presence of effective risk management and institutional buffering mechanisms in defense firms. Moreover, leverage partially mediates the relationships between R&D and firm growth as well as between investment and firm growth, while its mediating role in other relationships is not statistically supported(Xia & Wei, 2025). This study offers novel empirical evidence by explicitly modeling leverage as an internal financial transmission mechanism linking innovation and investment to firm growth within a strategically regulated defense industry an aspect that remains underexplored in prior growth and capital structure literature(Wu et al., 2025). By focusing on Asian defense systems firms, this research extends existing evidence beyond conventional manufacturing or civilian high-technology sectors. The findings contribute to a more nuanced understanding of growth dynamics in defense-related industries and provide policy-relevant insights into ownership design, innovation financing, and financial governance under geopolitical constraints(Anderson & Luiz, 2025).

Co-Authors Aditya Wardana, Aditya Adler Manurung Akbar Akbar Amalia, Wilma Anggiani , Sarfilianty Annisa Annisa Aseanty, Deasy Atmaja, Ronaldo Ayu Ekasari Azizah , Kumiko Cicilia Sriliasta Dian Hasanah Fahlevi, Raden Muhamad Rizza Fauziana, Eva Febria Nalurita Haritsman, Egi Haritsman, Egi Hariyadi, Hariyadi Hartini Hermanto Yaputra I Ketut Suyasa Kalambo, Yohanis Leon, Farah Margaretha Lestari, Henny Setyo Listiawati, Listiawati Lucy Warsindah Luki Adiati Pratomo Mahisi, Pratisyara Puspa Widitha Narindra Maulana, Tubagus Rama Mustafa, Matrodji Mustafa, Matroji Mutianingsih, Veronika Nurwanda Wardhayat, Darrel Oki Berliyanti, Dita Palguna, Arya Irawan Putra Ramdhani, Rommy Mochamad Rangi, Noah Rosadi , Barkah Rosalina, Linda Rowena, Janny RR. Ella Evrita Hestiandari Sarfilianty Anggiani, Sarfilianty Sri Rejeki Syofriza Syofyan, Syofriza Tjen, Yoel Christopher Triyani Triyani Turnip, Jainal Abidin Valentina Happy Vanesa Wildan Wildan Willy Arafah Winiadi, Nicky Wulan Sari, Wulan Yohanis, Yohanis Yuwono, Daniel

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