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All Journal Jemasi Jurnal Ekonomi Manajemen dan Akuntansi Journal Integration of Management Studies
Yunieta Anny Nainggolan
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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FINANCIAL DISTRESS DETERMINANTS DURING COVID-19 PANDEMIC: EVIDENCE FROM NON-FINANCIAL FIRMS IN INDONESIA Rifka Indi; Yunieta Anny Nainggolan
Jemasi: Jurnal Ekonomi Manajemen dan Akuntansi Vol 19 No 1 (2023): JEMASI: Jurnal Ekonomi, Manajemen, dan Akuntansi
Publisher : Fakultas Ekonomi Universitas IBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35449/jemasi.v19i1.552

Abstract

The COVID-19 pandemic has caused massive bankruptcy for companies in the world. Companies should aware variables signalling aggravated financial distress to give an early-warning system. The objective of this study is to investigate the influence of business strategy, investment policy, and corporate governance to the financial distress. We collect data from the non-financial sector companies in Indonesia. We use logistic regression to test the hypothesis. This research finds that business strategy and female board negatively significant at distress probability, whereas investment policy and board meeting positively significant at the likelihood of financial distress. Further researchers can broaden their scope of investigation to the financial industry and other developing countries.
The Green Bonds Issuance Role In Reducing Carbon Emission: Evidence From ASEAN Robert Chowiendo; Yunieta Anny Nainggolan; Isrochmani Murtaqi
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.310

Abstract

The global initiative to reduce carbon emissions has accelerated in line with the Paris Agreement’s target to limit global warming to below 2°C. Yet, transitioning to a low-carbon economy remains financially challenging, with limited funding channels for decarbonization. Green bonds have emerged as a key financing mechanism, mobilizing capital toward clean energy, energy efficiency, and environmentally sustainable projects. This study offers novel empirical evidence on the role of green bonds in mitigating carbon emissions within ASEAN—an economically dynamic yet fossil fuel-dependent region with substantial greenhouse gas outputs. Leveraging panel data from 2019 to 2023 across publicly listed firms in ASEAN countries, this research applies multiple regression analysis to examine the effects of Green Bonds (GB), Firm Size (FS), and Gross Domestic Product (GDP) on Carbon Emissions (CE). The findings reveal a statistically significant negative relationship between green bond issuance and carbon emissions, indicating that increased green bond financing contributes to emission reductions. Firm size is also found to influence emissions negatively, whereas GDP has no statistically significant impact. The study provides practical insights for policymakers and investors by highlighting the effectiveness of green bonds as a sustainable financing tool in the ASEAN context.
Stock Valuation and Financial Performance of PT Indofood Sukses Makmur Tbk Harlan, Ruliff; Yunieta Anny Nainggolan
Journal Integration of Management Studies Vol. 3 No. 3 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i3.353

Abstract

In recent years, external factors may have influenced the performance of PT Indofood Sukses Makmur Tbk (INDF). Unusual weather patterns have allegedly disrupted supply chains and caused volatility in global wheat prices. This led to a revenue decline in both the agribusiness and Bogasari segments during 2023 and 2024. These pressures and market sentiment led to a relatively low P/E ratio of 6.34 in early 2025. However, other business segments, such as Consumer Branded Products and Distribution, continue to grow strongly. This raises concerns that INDF's market price may not fully reflect its intrinsic value. This study aims to assess INDF's fundamental condition, estimate its intrinsic price, and provide recommendations for prospective investors. It begins with a macroeconomic assessment, Porter's Five Forces, industry market ratio comparison, financial ratio analysis, and absolute and relative valuation. The findings suggest that INDF has stable fundamentals and a competitive advantage. In addition, the valuation methods estimated that the intrinsic price of INDF shares is IDR 18,328. Compared to the market price of IDR 7,850, the potential upside could be 133.4%. This condition shows an opportunity for future price appreciation and thus is considered a good option for long-term investors.
Co-Authors Harlan, Ruliff Isrochmani Murtaqi Rifka Indi Robert Chowiendo