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Pardomuan Sihombing, Pardomuan

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Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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THE MODERATING ROLE OF LEVERAGE ON CORPORATE BONDS YIELD Pardomuan Sihombing; Amanda Yosephine Bonowati; Elia Zakchona
Jurnal Ekonomi Kuantitatif Terapan Vol. 17 No. 1 (2024): Vol. 17, No. 1, Februari 2024 (pp.1-154)
Publisher : Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/JEKT.2024.v17.i01.p03

This study aims to identify the effect of bond credit rating, firm size, profitability, andliquidity on the yield to maturity (YTM) of listed Indonesian corporate bonds, withleverage ratio as a moderating variable. A panel data multi-linear regression with the fixedeffect estimator was used to investigate the YTM of 25 listed corporate bonds from 2019 to2021. The sample data comprise complete financial reports published in the Indonesia StockExchange (IDX) market and operations in the non-financial sector to increase the accuracyof information obtained. The results show that profitability proxied to return-on-asset(ROA) and firm size positively affect the YTM, while the liquidity ratio proxied to thecurrent ratio (CR) had a negative influence. As a moderating variable, leverage proxied tothe debt-to-equity ratio (DER) positively moderates the effect of CR, DER negativelymoderates the effect of ROA and DER cannot moderate the bond’s credit rating to influencethe YTM. However, the bond’s credit rating does not affect the YTM. The analysis ofcorporate bonds is a relatively uncommon study in Indonesia, and significant implicatingfor policymakers, underscoring the importance of meticulous management of CR and DER,which can decrease the YTM.

Pengaruh Kepemilikan Publik, Valuasi Perusahaan, dan Suku Bunga Terhadap Initial Return IPO melalui Corporate Governance sebagai Variabel Mediasi (Studi Pada IPO di Bursa Efek Indonesia Periode 2021-2024) Saputra, Hestikel; Sihombing, Pardomuan
Community Engagement and Emergence Journal (CEEJ) Vol. 7 No. 4 (2026): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ceej.v7i4.10565

Penelitian ini bertujuan untuk menganalisis pengaruh kepemilikan publik, valuasi perusahaan, dan suku bunga terhadap Initial Return pada perusahaan yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia periode 2021–2024 dengan Corporate Governance sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari prospektus IPO, laporan keuangan perusahaan, dan publikasi resmi Bursa Efek Indonesia. Sampel penelitian ditentukan menggunakan metode purposive sampling, sedangkan teknik analisis data menggunakan analisis regresi dan uji mediasi. Hasil penelitian menunjukkan bahwa kepemilikan publik dan valuasi perusahaan berpengaruh terhadap Initial Return IPO, sementara suku bunga berpengaruh negatif terhadap Initial Return. Selain itu, Corporate Governance terbukti berpengaruh terhadap Initial Return dan berperan sebagai variabel mediasi dalam hubungan antara kepemilikan publik serta valuasi perusahaan terhadap Initial Return. Temuan ini menunjukkan bahwa mekanisme tata kelola perusahaan yang baik mampu meningkatkan kepercayaan investor dan memengaruhi respons pasar pada saat penawaran saham perdana. Implikasi dari penelitian ini diharapkan dapat menjadi bahan pertimbangan bagi perusahaan dalam menetapkan strategi IPO, bagi investor dalam pengambilan keputusan investasi, serta bagi regulator dalam memperkuat kebijakan terkait pasar modal di Indonesia.

Determinants of Firm Value in Indonesia’s Coal Industry: ESG, Capital Structure, Commodity Prices Rusdi, Elman Junizar; Sihombing, Pardomuan
Journal of Sustainable Economic and Business Vol. 3 No. 1 (2026): Journal of Sustainable Economic and Business (JOSEB)
Publisher : ARE Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70550/joseb.v3i1.350

Objectives: This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure, capital structure, and coal commodity prices on firm value in coal mining companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Methodology: The research employs a quantitative approach with a causal design using panel data from 19 companies and 57 observations. The data are analyzed through panel data regression using the Random Effect Model. Findings: The results indicate that ESG disclosure and coal commodity prices do not have a significant effect on firm value, whereas capital structure shows a positive and significant influence. These findings suggest that the market responds more strongly to internal financing policies than to sustainability information or external commodity price fluctuations. Conclusion: The study concludes that optimizing capital structure is a primary factor in enhancing firm value, while ESG implementation needs to be aligned with financial performance to gain stronger market recognition.

Risk Management, Green Finance, CSR, and Digital Transformation Effects on Financial Sustainability in KBMI Banks Jims, Michael; Sihombing, Pardomuan
Journal of Sustainable Economic and Business Vol. 3 No. 1 (2026): Journal of Sustainable Economic and Business (JOSEB)
Publisher : ARE Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70550/joseb.v3i1.369

Objectives: This study investigates whether risk management, green finance, corporate social responsibility, and digital transformation explain financial sustainability among Indonesian commercial banks in core-capital bank groups 3–4 (KBMI 3–4). Methodology: Using a balanced panel of 13 listed banks over 2022–2024 (39 bank-year observations), we estimate a panel regression under a random-effects specification selected via Chow, Hausman, and Lagrange Multiplier tests. Financial sustainability is proxied by the net interest margin ratio, while the explanatory variables are proxied by the non-performing loan ratio, green investment ratio, corporate social responsibility expenditure ratio, and a digital transformation index. Finding: The findings demonstrate that green finance significantly enhances financial sustainability among KBMI 3 and 4 banks during 2022-2024. Meanwhile, risk management, corporate social responsibility, and digital transformation do not exhibit significant short-term effects on net interest margins. Therefore, banks should prioritize credible green financing portfolios while maintaining strict credit quality, and investors must evaluate sustainability signals beyond short-term margin impacts. Conclusion: Research on SMEs in Indonesia increasingly emphasizes external shocks and digital transformation strategies. The evidence suggests that digital technology adoption combined with innovation, supported by training and enabling policies is essential to strengthen SMEs’ competitiveness and long-term sustainability in Indonesia.

Determinants of Firm Value: Sustainability, Risk Business, Dividend Policy, Capital Structure, and Profitability in Telecommunication Amirullah, Aditya Sabrian; Sihombing, Pardomuan
Journal of Sustainable Economic and Business Vol. 3 No. 2 (2026): Journal of Sustainable Economic and Business (JOSEB)
Publisher : ARE Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70550/joseb.v3i2.388

Objectives: To examine the effects of ESG disclosure, business risk (DOL), dividend policy (DPR), and capital structure (DER) on firm value (PBV), with profitability (ROE) as a mediating variable, in telecommunications companies listed on the Indonesia Stock Exchange. Methodology: The research employs a Quantitative explanatory research using balanced panel data (2020–2024). Data from 9 telecommunications companies were analyzed using panel data regression with the Random Effect Model, complemented by the Sobel test for mediation. Findings: The results indicate that ESG disclosure negatively affects firm value, business risk has a weak positive effect, dividend policy negatively affects firm value, and capital structure positively influences firm value. Profitability significantly increases firm value and mediates only the effect of capital structure. Conclusion: The study concludes that firm value in Indonesia’s telecommunications sector is primarily driven by capital structure and profitability. ESG initiatives and dividend payout decisions do not enhance valuation unless aligned with growth and financial performance.

What Drives Firm Value in Emerging Markets? Evidence from Indonesian Telecom Firms Sihombing, Pardomuan; Amirullah, Aditya Sabrian
Research of Finance and Banking Vol. 4 No. 1 (2026): APRIL 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v4i1.595

This study analyzes the effects of sustainability (ESG disclosure), business risk, dividend policy, and capital structure on firm value, with profitability as a mediating variable in telecommunications companies listed on the Indonesia Stock Exchange during 2020–2024. Although prior research has explored firm value determinants, findings on ESG disclosure and financial policies remain inconsistent, particularly in emerging markets, and few studies integrate these variables within a mediation framework. Using panel data analysis, the results indicate that ESG disclosure and dividend policy have a significant negative impact on firm value, suggesting that the market has not fully valued sustainability initiatives and views higher dividend payouts as limiting reinvestment opportunities. Conversely, capital structure and profitability show significant positive effects, emphasizing the importance of effective leverage management and strong earnings performance in influencing investor perceptions. Business risk has a positive but insignificant relationship with firm value. Mediation testing reveals that profitability mediates the relationship between capital structure and firm value, but does not mediate the effects of ESG disclosure, business risk, or dividend policy. These findings highlight the conditional role of profitability in linking financial decisions to firm value and suggest that ESG disclosure has not yet produced short-term valuation benefits in emerging markets.

Strategic Resilience in Agribusiness: Does CSR Moderate Financial Risks in Indonesian Palm Oil Firms? Sihombing, Pardomuan; Asmaranti, Ratih Dwi
Research of Finance and Banking Vol. 4 No. 1 (2026): APRIL 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v4i1.599

This study examines the critical role of Corporate Social Responsibility (CSR) in shaping firm value in the palm oil industry, a sector under intense global environmental and social scrutiny. As one of the most controversial resource-based industries, palm oil companies are frequently linked to deforestation, climate change, biodiversity loss, and social conflicts, which significantly influence stakeholder perceptions and investor confidence. These conditions create a fundamental problem: firms with strong financial performance may still experience a gap between their operational achievements and market valuation due to external pressures. Therefore, CSR in this context is no longer merely a symbolic or ethical obligation, but a strategic necessity to maintain legitimacy, enhance corporate reputation, and ensure long-term sustainability. This study examines how internal financial factors, including financial performance, capital structure, profit growth, and operating cash flow, affect firm value while incorporating CSR as a moderating variable. By doing so, the research provides a more comprehensive understanding of firm value that integrates both financial and non-financial dimensions. Ultimately, this study highlights that in high-risk industries such as palm oil, sustainable value creation depends not only on financial strength but also on a company's commitment to responsible environmental and social practices

Co-Authors ,, Rizal Abitur Asianto Agustina Suparyati, Agustina Amanda Yosephine Bonowati Amirullah, Aditya Sabrian Amrie Firmansyah Anastasia Sianturi Andy Kurniawan, Andy Ardhiani Fadila Ardy Fardiansyah Arifin Hasudungan Manurung Asmaranti, Ratih Dwi Augustina Kurniasih Bonowati, Yosephine Amanda Christi, Eva Aprilia Cynthia Java Al Maduri Dadan Nurhidayat Desmita Desmita Diamanta Putri, Rimada Diamanta Putri Difoasih, Garys Dini Hariyanti Ecryna Cyntia Hutapea Elia Zakchona Erlangga Tri Adhiguna Fitri Apriyana Gultom, Hesekiel Maranatha Gusfriyanto, Harri Hati, Elyana Husni, Ricky Albert Hutajalu, Clinton Banua Betlehem Ida Busnetty Indira Puspa Gustiah Irwan Daud Irwan Daud Jayawarsa, A.A. Ketut Jims, Michael Kartikasari, Rachma Kasman Pandiangan Kuncoro, Ignatius Bayu Kwee, Yohanes Leni Hartati Levy Perwiro Garnoko Manik, Defriyanti Cicilia Manurung, Arifin Hasudungan Melitana, Cyndi Loisa Muhamad Taufiq Muhammad Reza Alfianto Siregar Muhammad Sahirul Alim Muhammad Zilal Hamzah Mukhlis Novawiguna K, . . Nur Kamri Hardi Oktavia, Dinda Prabowo, Bumi Prabu Prakosa Andiantyo Pranata, Natanael Priambhodo, Yohanes Dimas Priyo Adiwibowo Putra, Rubby Prastya Putra, Wahyu Sastra Reza Alfianto Siregar, Muhammad Richo Dany Wijaya Richo Dany Wijaya, Richo Dany Rizal , Rusdi, Elman Junizar Samsuar, Alfan Samsudin, Idris Saputra, Hestikel Sarva Jayana, Nur Satria Fajar Maulana Siagian, Fahri Gunawan Sri Dewi Nur Pasha Sri Marti Pramudena Sri Yani Kusumastuti Suhandi Suhandi Suhandi Sumiyarti Sundoro, Hary Saputra Tri Kunawangsih Tri Kunawangsih Purnamaningrum Triadji, Iwan Tumpal Samosir Tyara Pratiwi Poernomoputri VICTOR SIAGIAN Wahyuningsih, Mutia Yosephine Amanda Bonowati Zakchona, Elia Zakchona, Elia

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