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Moderasi Kepemilikan Institusional terhadap Pengaruh Karakteristik Keuangan pada Dividen Tunai Putra, Budi Kirana; Hasnawati, Sri; Hendrawaty, Ernie
COMSERVA : Jurnal Penelitian dan Pengabdian Masyarakat Vol. 5 No. 1 (2025): COMSERVA: Jurnal Penelitian dan Pengabdian Masyarakat
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/comserva.v5i1.3133

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh karakteristik keuangan yang meliputi profitabilitas, likuiditas, leverage, arus kas bebas, dan ukuran perusahaan terhadap kebijakan pembayaran dividen pada perusahaan manufaktur di Indonesia, dengan mempertimbangkan peran moderasi kepemilikan institusional dalam kerangka teori keagenan. Studi ini menggunakan pendekatan kuantitatif berbasis data panel dari 85 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2010–2021. Analisis dilakukan menggunakan Moderated Regression Analysis (MRA) dengan pendekatan Fixed Effect Model (FEM), serta pengujian asumsi klasik untuk memastikan validitas model. Hasil penelitian menunjukkan bahwa likuiditas dan ukuran perusahaan berpengaruh positif signifikan terhadap pembayaran dividen, sementara profitabilitas, leverage, dan arus kas bebas tidak berpengaruh signifikan. Kepemilikan institusional hanya memoderasi hubungan antara likuiditas dan ukuran perusahaan terhadap dividen, namun tidak pada variabel lainnya. Penelitian ini berkontribusi dalam memperkaya literatur terkait peran ganda kepemilikan institusional sebagai mekanisme pengawasan eksternal pada pasar berkembang, serta memperjelas kompleksitas determinan kebijakan dividen di sektor manufaktur. Implikasi kebijakan yang diusulkan mencakup pentingnya memperhatikan faktor likuiditas dan skala perusahaan dalam merancang kebijakan dividen, serta mengoptimalkan kepemilikan institusional sebagai alat mitigasi konflik keagenan. Penelitian lanjutan disarankan untuk memasukkan variabel non-keuangan dan analisis lintas sektor guna memperluas generalisasi temuan.
The Efect of Market Timing on Capital Structure in Non-Financial Companies Conducting Intial Public Offering (IP0s) The Indonesian Stock Exchange in 2020-2021 Mar’Atun Sholeha; Ernie Hendrawaty
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): July: Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i3.294

Abstract

Capital structure is a strategic decision made by companies in determining the combination of debt and equity financing. Financial market dynamics can influence companies' strategies for obtaining financing for expansion, operations, or financial restructuring. Companies have the flexibility to determine when and how to obtain financing by considering market conditions, a practice known as market timing. This study aims to examine the impact of market timing on capital structure and to determine the persistent long-term effects of market timing. The research focuses on non-financial companies that conducted an initial public offering (IPO) in 2020-2021, with a population of 105 companies. A purposive sampling technique was employed, using specific criteria, resulting in a sample of 65 companies. The data used are secondary data analyzed using multiple linear regression with panel data. The results indicate that market timing, measured by the market-to-book ratio, has a significant negative impact on capital structure. The study also shows that market timing, does not have a persistent impact on capital structure in the long term. Companies tend to take advantage of momentum when stock valuations are high by conducting initial public offerings, while in the long term, companies tend to make adjustments, so the impact of market timing does not last long.
Religious and Cash Holding: Evidence from Indonesia Hendrawaty, Ernie; Pranyoto, Edi; Abubakar, PhD, Adam Muhammad
IKONOMIKA Vol 4, No 2 (2019)
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/febi.v4i2.5374

Abstract

This research examines the effect of religiosity on the cash holding. The method used to test the model is panel data regression by investigating the effect of religiosity on the cash holding of shari'a and non-shari'a companies. The results show that  Religiosity (Islamic Dichotomic), showing a positive and significant coefficient on cash holdings. Companies with a high level of religiosity hold significant amounts of cash. The companies hold cash to reduce risk by reducing debt financing. Keywords: cash holdings, religiosity, risk
The Effect of Sustainability Report Disclosure and Sustainable Growth on Firm Value: The Moderating Role of CEO Power Effendi, Dicky Rizky Ramadhan; Hendrawaty, Ernie; Febrianto, Igo
Amkop Management Accounting Review (AMAR) Vol. 5 No. 2 (2025): July - December
Publisher : Sekolah Tinggi Ilmu Ekonomi Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/amar.v5i2.2949

Abstract

Environmental issues have become a global concern, with the energy sector identified as the most significant contributor to greenhouse gas emissions. This study provides a novel contribution by examining the moderating role of CEO power, measured by CEO ownership, in strengthening the effects of sustainability reporting disclosure and sustainable growth on firm value. Focusing on Indonesia’s energy sector during the crisis and post-pandemic recovery period (2019–2023), the study employs a Random Effects GLS model with White two-way cluster robust standard errors. Firm value is measured using Tobin’s Q; sustainability disclosure is proxied by the Global Reporting Initiative (GRI) index; sustainable growth by the Sustainable Growth Rate (SGR); and CEO power by CEO ownership (CEOP). The results indicate that GRI has no significant impact on firm value, while SGR has a positive effect and CEOP has an adverse impact. However, the interaction terms GRICEOP and SGRCEOP exhibit significantly positive effects on firm value. These findings suggest that CEO ownership strengthens the relationship between corporate sustainability initiatives and firm value creation.
Pemanfaatan Literasi Digital dalam Pengelolaan Keuangan dan Pemasaran Pelaku Usaha Ibu Rumah Tangga di Lampung Febrian, Angga; Hendrawaty, Ernie
Aksiologiya: Jurnal Pengabdian Kepada Masyarakat Vol 8 No 2 (2024): Mei
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/aks.v8i2.13268

Abstract

Era digitalisasi membuat proses bisnis menjadi semakin mudah. Namun tantangannya adalah tidak semua pelaku usaha memahami dan memiliki ketrampilan dalam memanfaatkan teknologi digital tersebut ke dalam proses bisnis mereka. Maka dibutuhkannya pelatihan yang berkaitan dengan literasi digital dalam bisnis. Berkaitan dengan hal tersebut, Kementerian Komunikasi Indonesia bekerjasama dengan Universitas Lampung memberikan pelatihan kepada 200 ibu rumah tangga di Bandar Lampung dan Pesisir Barat yang sudah menjalankan usaha secara konvensional, baik dari cara pemasaran maupun pengelolaan keuangan dari hasil usaha. Maka tim pengabdian memberikan pelatihan kepada peserta yang berfokus pada pencatatan keuangan, menabung dan pemasaran dengan memanfaatkan teknologi digital. Peserta diberikan pelatihan kemampuan pemasaran digital dengan memanfaatkan media sosial Instagram dan Facebook yang berkaitan dengan bagaimana membuat konten berupa foto, video, dan copywriting yang dapat menarik konsumen online. Hasil kegiatan tersebut adalah peserta dapat memahami dan mempraktikan secara langsung bagaimana pemanfaatan media digital kedalam bisnis mereka yang akan berimplikasi pada peningkatan pendapatan dari usaha yang dijalankan dengan mencatat semua pemasukan dan pengeluaran hasil usaha, dan mampu menjangkau pasar yang lebih luas dengan kemampuan pemasaran digital.
The Effect of Environmental, Social, and Governance (ESG) Disclosure on Investment Efficiency (an Empirical Study on Manufacturing Companies Listed on the Indonesia Stock Exchange in 2019–2023) Amarta, Ni Wayan Della; Hendrawaty, Ernie
International Journal Of Education, Social Studies, And Management (IJESSM) Vol. 5 No. 2 (2025): The International Journal of Education, Social Studies, and Management (IJESSM)
Publisher : LPPPIPublishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52121/ijessm.v5i2.735

Abstract

This study examines the impact of Environmental, Social, and Governance (ESG) disclosure on investment efficiency in manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. As ESG practices gain global prominence, their role in enhancing transparency and reducing information asymmetry is considered crucial for sustainable business and efficient investment decisions. Using a purposive sampling method, 37 manufacturing firms were analyzed over a five-year period, employing secondary data from international ESG databases. Panel data regression with the Random Effect Model was used to test both aggregated and disaggregated ESG dimensions—environmental, social, and governance—against investment efficiency, measured through residuals of the Biddle et al. (2009) investment model. The findings indicate that aggregated ESG disclosure does not significantly influence investment efficiency. However, when disaggregated, social disclosure demonstrates a significant positive effect, while governance disclosure shows a significant negative effect. Environmental disclosure was found to have no significant impact. These results suggest that while social responsibility initiatives contribute positively to investment decision-making by improving stakeholder trust and reducing agency conflict, overly rigid governance mechanisms may limit managerial flexibility, hindering efficient investment. The study highlights the limited awareness and implementation of ESG practices in Indonesia’s manufacturing sector, as well as the need for future research to explore mediating factors or expand samples across other sectors or countries. The research contributes to understanding ESG’s nuanced role in shaping financial performance within emerging markets.
The Influence of Financial Literacy on Investment Decision-Making Among Generation Z Mawarni, Resky Cyntia; Hendrawaty, Ernie
International Journal Of Education, Social Studies, And Management (IJESSM) Vol. 5 No. 2 (2025): The International Journal of Education, Social Studies, and Management (IJESSM)
Publisher : LPPPIPublishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52121/ijessm.v5i2.865

Abstract

The low level of financial literacy among Generation Z has the potential to lead to irrational investment decisions and increase the risk of being involved in illegal investments. This study aims to analyze the effect of financial literacy and financial knowledge on investment decisions, with financial behavior as a mediating variable. The research sample consisted of 160 Generation Z respondents aged 18–28 years who had an interest in or experience with stock investment. The sampling technique used was purposive sampling. Data were analyzed using path analysis and the Sobel test. The results indicate that financial literacy and financial knowledge have a positive and significant effect on both financial behavior and investment decisions. Furthermore, financial behavior significantly mediates the relationship between financial literacy, financial knowledge, and investment decisions.
PENGARUH ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) TERHADAP PROFITABILITAS PERUSAHAAN: (Studi Pada Perusahaan Sektor Energi Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2021) Desmi, Muhammad Farhan; Hendrawaty, Ernie; Muslimin, Muslimin
Neraca: Jurnal Ekonomi, Manajemen dan Akuntansi Vol. 2 No. 7 (2024): Neraca: Jurnal Ekonomi, Manajemen dan Akuntansi
Publisher : Neraca: Jurnal Ekonomi, Manajemen dan Akuntansi

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

Abstract

Implementasi konsep ESG; Environmental, Social, dan Governance dapat memperkuat praktik manajemen untuk meningkatkan profitabilitas perusahaan. Beberapa penelitian sebelumnya telah membuktikan hal tersebut berdasarkan hasil penelitian yang dilakukan mengenai pengaruh Environmental, Social, dan Governance (ESG) terhadap profitabilitas perusahaan. Penelitian ini bertujuan untuk menguji pengaruh Environmental, Social, dan Governance terhadap profitabilitas perusahaan (ROA). Populasi yang digunakan pada penelitian ini adalah perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2018-2021. Metode penentuan sampel menggunakan purposive sampling dengan kriteria tertentu dan diperoleh sampel sebanyak 40 perusahaan. Metode analisis yang digunakan adalah analisis regresi linier data panel. Hasil penelitian menunjukkan bahwa Environmental, Social, dan Governance berpengaruh positif terhadap profitabilitas perusahaan. Bagi peneliti di masa depan juga dapat memperluas keterbatasan pada penelitian ini dengan menggunakan jenis metode pengukuran, periode, dan sektor industri lainnya.
Analisis Pengaruh Kebijakan Dividen Terhadap Abnormal Return Saham Sebelum Dan Sesudah Ex Dividend Date Di Bursa Efek Indonesia Tahun 2019-2021 Putra, Ridho Ramadhio; Hendrawaty, Ernie; Dalimunthe , Nindytia Puspitasari
GEMA EKONOMI Vol 11 No 3 (2022): GEMA EKONOMI
Publisher : Fakultas Ekonomi Universitas Gresik

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55129/https://doi.org/10.55129/.v12i4.2927

Abstract

Pengumuman dividen merupakan informasi yang mengandung nilai ekonomis dan dapat menarik minat beli dari pelaku pasar sehingga harga akan meningkat. Sedangkan ex dividend date adalah hari tanpa dividen atau investor tidak lagi berhak menerima dividen sehingga dapat menyebabkan harga saham turun. Penelitian sebelumnya menemukan bahwa terdapat abnormal return yang positif sebelum tanggal ex dividen dan akan menurun setelah tanggal ex dividen. Namun fenomena kenaikan harga saham sebelum ex dividend date dan penurunan harga saham setelah ex dividend date masih menjadi perdebatan para peneliti. Penelitian ini bertujuan untuk memberikan bukti empiris tentang perbedaan rata-rata abnormal return saham big caps, medium caps dan small caps sebelum dan sesudah ex dividend date di Bursa Efek Indonesia periode 2019-2021. Sampel penelitian terdiri dari 94 perusahaan dengan kriteria sampel membagikan dividen selama tiga tahun berturut-turut. Hasil penelitian menunjukkan bahwa kebijakan dividen berpengaruh terhadap abnormal return saham. Rata-rata, harga saham untuk semua kapitalisasi cenderung meningkat sebelum tanggal ex-dividend dan menurun setelah tanggal ex-dividend. Penelitian ini juga menemukan bahwa ukuran perusahaan berkorelasi negatif dengan rata-rata return saham. Artinya saham dengan ukuran kecil akan menghasilkan rata-rata return yang lebih tinggi dibandingkan saham perusahaan besar.
The Influence of Managerial Ability on Investor Reactions: A Study on Manufacturing Companies Listed on the Indonesia Stock Exchange from 2000 to 2022 Widjoyo, Stephen Suryo; Hendrawaty, Ernie
International Journal Of Education, Social Studies, And Management (IJESSM) Vol. 5 No. 1 (2025): The International Journal of Education, Social Studies, and Management (IJESSM)
Publisher : LPPPIPublishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52121/ijessm.v5i1.684

Abstract

This study examines the influence of managerial capabilities on investor reactions in manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2000 to 2022. Using panel data from 80 companies and employing regression analysis, the study explores how managerial ability impacts abnormal returns (AR) and trading volume activity (TVA). The results reveal that managerial capabilities significantly and negatively affect AR, suggesting that competent management enhances investor confidence and corporate performance, leading to increased returns. However, managerial ability does not have a significant impact on TVA, indicating that investor reactions in terms of trading activity may be influenced by other factors, such as macroeconomic conditions or short-term financial performance. The findings support previous research on the importance of management quality in shaping investor behavior but highlight the different ways managerial skills influence market outcomes. The study contributes to understanding how managerial decisions affect stock market performance and provides implications for both investors and corporate managers in fostering investor trust and sustainable business growth.
Co-Authors Abubakar, PhD, Adam Muhammad Adam Muhammad Abubakar, PhD Ahamad, Arifin AHMAD FAISOL Ahmad Faisol Ainunnisa, Shofia Amalia Ratna Sari Amalia Ratna Sari Amarta, Ni Wayan Della Ananda, Riri Gusnia Arivina Ratih Yulihar Taher Arpan Fadly Harahap Audrey, Relifidi Ayu Pita Winarti Ayuni Putri, Lidya Banuwa, Laili Fadhilla Cindy Melia Farahdiba Dalimunthe , Nindytia Puspitasari Desmi, Muhammad Farhan Edi Pranyoto Effendi, Dicky Rizky Ramadhan Fajrin Satria Dwi Kesumah FEBRIAN, ANGGA Febrianto, Igo Fidelys Grecia Hutabarat Hardman Satria Harsono Edwin Puspita Helmi Romadhon HERU WAHYUDI Himawan Nur Arifin Huzaimah, Raden Ayu Fiska Irani, Dina Ockta Kamadie Sumanda Syafies Kamadie Sumanda Syafis Kamilia Syaputra Karim, Mirwan Komalasari, Agrianti Kurniasari, Florentina Laili Muslihah Lia PURNAMASARI Lidya , Lidya Ayuni Putri Lidya Ayuni Putri Lis Andriani Lis Andriani, Lis Liza Alvia Mahatma Kufepaksi Mahrinasari, Mahrinasari Mar’Atun Sholeha Mawarni, Resky Cyntia Maya Angela Natalia Mela Febrina Mohammad Bin Abdullah Mohd. Lokman Muhammad Arizal Muhammad Iqbal Muslimin Muslimin Nairobi Nindytia Puspitasari Dalimunthe Nurdiono Nurdiono Octaviana, Lisa Tyas Pranyoto, Edi Puspitasari D., Nindytia Putra, Budi Kirana Putra, Ridho Ramadhio Putri, Lidya Ayuni R. Ribhan R.A Fiska Huzaimah Revita Romadhoni Rialdi Azhar Rika Permatasari, Rika Risda Marvinita Risda Marvinita Rizani, Anisa Aulia Sakinah, Tazkiyah Salsabila Sonia Saputra, Adli Rikanda Sari Indah Oktanti Sembiring Shofia Ainunnisa Siti Normah binti Awang Tuah Skolastika Elvira Emma Riyadi Sri Hasnawati Sri Hasnawati Sri Hasnawati Sri Hasnawati Sri Suningsih Sumanda Syafis, Kamadie Suningsih, Sri Susi Sarumpaet Syaharani Noer Fathia Syifa Fadiah Adlina Tata Persada Vina Medya Oktaviani Widjoyo, Stephen Suryo Willy Abdillah Winia Waziana Y.S. Soefian Nur Hidayat Yuningsih Yuningsih Yuningsih Yuningsih Zunaidah bin Abdul Hasan