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All Journal Jurnal Wacana Ekonomi SEMNASTERA (Seminar Nasional Teknologi dan Riset Terapan) Justika : Jurnal Sistem Informasi Akuntansi Journal of Knowledge Management Sinergi International Journal of Management and Business ECONEUR (Journal of Economics and Entrepreneurship) Journal of Business and Management Inaba Journal of Digital Business Innovation Novatio : Journal of Management Technology and Innovation
Widy Muchamad
Politeknik Sukabumi
Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Environmental Science Mechanical Engineering Social Sciences Other

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Pengaruh Penerapan Good corporate governance Terhadap Nilai Perusahaan: Sebuah Literatur Review Widy Muchamad; Lena Agustin
ECONEUR (Journal of Economics and Entrepreneurship) Vol 10, No 1 (2023): Volume 10, Nomor 1, Juni 2023
Publisher : ECONEUR (Journal of Economics and Entrepreneurship)

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Abstract

This study aims to analyze the effect of good corporate governance (GCG) on company value through a literature review using a literature search in several electronic sources, including Google Scholar, Scopus, ScienceDirect and ACM Digital Library. Data obtained from 11 available studies (full text) published starting from 2018-2023. The results of the literature review show that the implementation of good corporate governance (GCG) partially and simultaneously has an influence on firm value. 
Pengaruh Struktur Modal Terhadap Profitabilitas Pada Perusahaan BUMN Kontruksi yang Sudah Terdaftar Di BEI Widy Muchamad
ECONEUR (Journal of Economics and Entrepreneurship) Vol 9, No 2 (2022): Volume 9, Nomor 2, Desember 2022
Publisher : ECONEUR (Journal of Economics and Entrepreneurship)

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Abstract

Penelitian ini bertujuan untuk mengetahui apakah ada pengaruh struktur modal terhadap profitabilitas yang dilakukan di perusahaan BUMN Kontruksi yang sudah terdaftar di Bursa Efek Indonesia periode 2016-2021. Penelitian menggunakan metode verifikatif. Populasi penelitian ini adalah 11 perusahaan dan sampel yang diambil dengan metode purposive sampling sebanyak 5 perusahaan dengan metode analisis regresi data panel. Analisis regresi data panel dalam penelitian ini digunakan untuk melihat hubungan antara variabel independen dengan variabel dependen. Hasil analisis menunjukkan bahwa selama penelitian struktur modal berpengaruh positif tidak signifikan terhadap profitabilitas sebesar 51,6% dan sebesesar 48,4% merupakan kontribusi variabel lain yang tidak diteliti dalam penelitian
Analisis Nilai Intrinsik Saham Dengan Relative Valuation Techniques Muchamad, Widy; Aulia, Syaira
SEMNASTERA (Seminar Nasional Teknologi dan Riset Terapan) Vol 6 (2024)
Publisher : SEMNASTERA (Seminar Nasional Teknologi dan Riset Terapan)

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Abstract

Penelitian ini bertujuan untuk mengetahui nilai saham dan posisi nilai saham (overvalued, undervalued, atau fairvalued) pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia periode 2020-2023 dengan menggunakan harga metode penilaian rasio pendapatan (PER), nilai buku harga (PBV), dan rasio harga penjualan (PSR). Penelitian dilakukan pada Perusahaan BUMN sektor pertambangan yang sudah go public periode tahun 2020 -2023 dengan jumlah sampel sebanyak 3 perusahaan menggunakan data sekunder berasal dari laporan keuangan perusahaan periode tahun 2020 - 2023. Jenis penelitan yang digunakan dalam penelitian ini adalah penelitian deskriptif dengan pendekatan kuantitatif menggunakan Realtive Valuation Technique. Hasil penelitian ini menunjukkan bahwa 3 perusahaan memiliki harga saham dan keputusan investor yang wajar.
Pengaruh Struktur Modal Terhadap Nilai Perusahaan pada Perusahaan BUMN Sektor Pertambangan Widy Muchamad; Reynold Gustav; Aghniya Nadira; Syaira Aulia
Journal of Digital Business Innovation Vol. 2 No. 1 (2024): MEI
Publisher : LPPM Universitas dr. Soebandi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36858/digbi.v2i1.15

Abstract

Tujuan dari penelitian ini adalah untuk mengetahui bagaimana pengaruh struktur modal terhadap nilai perusahaan. Penelitian dilakukan pada perusahaan Badan Usaha Milik Negara (BUMN) sektor pertambangan yang sudah go public periode tahun 2014 hingga 2023. Sample menggunakan teknik purposive sampling dengan beberapa kriteria yang telah ditentukan menghasilkan jumlah sampel sebanyak 3 perusahaan dengan menggunakan data sekunder berasal dari laporan keuangan yang di ambil melalui website masing-masing perusahaan periode tahun 2014 - 2023. Data dianalisis menggunakan regresi linear sederhana dengan menggunakan software SPSS 25.00 untuk mengetahui tingkat signifikansi koefisien regresi masing-masing variabel independen terhadap variabel dependen. Hasil penelitian menunjukkan bahwa struktur modal berpengaruh negatif dan tidak signifikan terhadap nilai perusahaan.
Kinerja Keuangan PT Indofood CBP Sukses Makmur Tbk di Era Pandemi melalui Analisis Rasio Profitabilitas Muchamad, Widy; Sukmawan , Nopaldi Ramdhan; Agustin, Lena; Afriyadi , Rudy
JUSTIKA : Jurnal Sistem Informasi Akuntansi Vol 5 No 1 (2025): Juni 2025
Publisher : Program Studi Sistem Informasi Akuntansi Kampus Kota Sukabumi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31294/justika.i5v1.9096

Abstract

Penelitian ini bertujuan untuk mengetahui dampak pandemi Covid-19 terhadap kinerja perusahaan, khususnya perusahaan di sektor consumer goods. Penelitian ini dilakukan pada perusahaan PT Indofood CBP Sukses Makmur Tbk periode tahun 2020 – 2024 dengan menganalisis rasio profitabilitas PT Indofood CBP Sukses Makmur Tbk melalui pendekatan deskriptif kuantitatif menggunakan 20 data laporan keuangan per kuartal yang diperoleh dari Bursa Efek Indonesia (BEI). Hasil penelitian menunjukkan bahwa rasio profitabilitas perusahaan masih tergolong baik dalam menghasilkan laba, mengelola aset, dan memberikan laba kepada pemegang saham, meskipun terdapat fluktuasi antar kuartal selama masa pandemi dan regulasi yang terjadi.  
Analisis Rasio Keuangan untuk Menilai Kinerja Keuangan PT Unilever Indonesia Tbk Periode 2020-2024 Muchamad, Widy; Aura, Siti Ulpah
SEMNASTERA (Seminar Nasional Teknologi dan Riset Terapan) Vol 7 (2025)
Publisher : SEMNASTERA (Seminar Nasional Teknologi dan Riset Terapan)

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Abstract

Penelitian ini bertujuan untuk memberikan gambaran yang jelas dan rinci tentang kinerja keuangan PT Unilever Indonesia Tbk selama periode 2020–2024. Menggunakan data sekunder yang berasal dari laporan keuangan resmi perusahaan dan metode deskriptif kuantitatif. Di antara rasio yang dievaluasi adalah rasio likuiditas, rasio solvabilitas dan rasio profitabilitas. Hasil penelitian menunjukkan bahwa rasio likuiditas dan profitabilitas perusahaan mengalami tren penurunan, sementara rasio solvabilitas menunjukkan tren peningkatan. Penurunan pada rasio likuiditas menjadi indikasi adanya masalah kemampuan perusahaan dalam memenuhi kewajiban jangka pendek dan penuruan pada rasio profitabilitas mengindikasikan masalah perusahaan dalam menghasilkan laba. Di sisi lain, kenaikan rasio solvabilitas menunjukkan bahwa perusahaan semakin bergantung pada utang, yang dapat meningkatkan risiko keuangan. Secara keseluruhan, hasil analisis ini menunjukkan kinerja keuangan perusahaan yang kurang baik pada periode tersebut.
Employee Ownership as a Corporate Governance Mechanism: Systematic Review of Agency Cost Implications in Capital Structure Theory Gilang Bhirawa Noraga; Arus Reka Prasetia; Widy Muchamad; Wufron Wufron
Jurnal Wacana Ekonomi Vol 25 No 02 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i02.43643

Abstract

This systematic literature review synthesizes empirical evidence on the effects of employee ownership schemes on agency costs between shareholders and bondholders in publicly traded firms, identifies underlying causal mechanisms, and analyzes the implications for capital structure. The review follows the PRISMA 2020 guidelines, with a systematic search of the Scopus database. From 44 identified records, 11 studies passed the quality assessment; 8 of these provided sufficient empirical depth on the integrated employee ownership, agency cost, capital structure linkage and were retained for in-depth synthesis, while the remaining 3 studies are reported as supplementary evidence. Data were synthesized using narrative synthesis combined with thematic analysis and mechanism mapping. The included evidence is concentrated in the Chinese (50%) and French (37.5%) institutional contexts, with no studies from the United States, the United Kingdom, or other Anglo-Saxon markets captured by the search an explicit limitation that constrains external validity. The review reveals an asymmetric pattern: all 8 in-depth studies report that employee ownership consistently reduces equity agency costs through interest alignment, enhanced monitoring, and improved information quality, whereas the evidence on debt agency costs is moderate, context-dependent, and confined to two studies that document a curvilinear (U-shaped) relationship in which moderate levels reduce the cost of debt while excessive levels intensify bondholder concerns. Bondholder, shareholder conflict resolution itself remains substantially under-investigated; this gap is interpreted not as a defect of the review but as a substantive finding about the current state of the field. Employee ownership therefore functions as an effective governance mechanism for equity agency costs but requires careful calibration where bondholder protection is at stake. Critical research gaps were identified in the bondholder perspective, formal causal-mechanism testing, optimal ownership thresholds, long-term effects, and geographic representativeness, each of which is discussed as a priority for future inquiry.
Maintaining Banking Asset Quality Through Investor Sentiment: Evidence From KBMI 3 Banks In Indonesia Widy Muchamad; Dedi Supiyadi; Arus Reka Prasetia; Wufron Wufron; Ahmad Mudzakir
Journal of Business and Management Inaba Vol. 5 No. 1 (2026): Volume 5 Number 1, June 2026
Publisher : Universitas Indonesia Membangun (Inaba)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56956/bw8zex41

Abstract

This paper investigates the transmission mechanism through which capital structure decisions shape bank credit quality, with investor sentiment serving as the mediating channel. Drawing on a balanced panel of 11 KBMI 3-classified commercial banks listed on the Indonesia Stock Exchange over the 2021–2025 post-pandemic period, the study employs the Debt-to-Equity Ratio (DER), Price-to-Book Value (PBV), and Non-Performing Loan (NPL) as proxies for the respective constructs. The empirical strategy combines Random Effect Model (REM) estimation with bootstrap-resampling mediation analysis (5,000 iterations) to yield robust inference across 55 balanced observations. Estimation results show that DER does not exert a statistically significant direct influence on PBV, yet PBV demonstrates a significant inverse relationship with NPL. More importantly, the indirect effect of DER on NPL through PBV is statistically significant under bootstrap confidence intervals that exclude zero, confirming full mediation. The evidence points to market perception—captured by PBV—as the primary conduit through which funding-structure choices ultimately affect loan portfolio quality. Theoretically, the findings reconcile Signaling Theory, Trade-Off Theory, and Market Discipline Theory within a single mediating framework, enriching the literature on bank risk transmission in emerging economies. Practically, the results underscore the strategic value of cultivating positive investor sentiment as an indirect lever for reducing credit risk and reinforcing financial stability.
Redefining Optimal Value: An Ontological Analysis of Sustainability Integration in Capital Structure Theory Widy Muchamad; Edi Suryadi; Rasto; Arus Reka Prasetia; Gilang Bhirawa Noraga
Journal of Knowledge Management Vol 20 No 1 (2026): Journal of Knowledge Management
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jkm.v20i1.43153

Abstract

Integrasi keberlanjutan dalam teori struktur modal merepresentasikan transformasi paradigmatik fundamental namun belum mendapat kajian sistematis dari perspektif filsafat ilmu. Penelitian ini mengeksplorasi transformasi asumsi ontologis, epistemologis, dan aksiologis yang mendasari konsep nilai optimal dalam teori struktur modal. Menggunakan systematic literature review dengan pedoman PRISMA 2020, lima studi berkualitas tinggi periode 2020-2024 dianalisis dari 189 artikel database Scopus. Temuan mengungkapkan tiga transformasi fundamental. Secara ontologis, nilai optimal bertransformasi dari konstruk unidimensional finansial menjadi konstruk multidimensional dinamis yang mengintegrasikan dimensi finansial, lingkungan, dan sosial. Secara epistemologis, framework keberlanjutan mengubah basis pengetahuan melalui ekspansi informasi melampaui metrik finansial dan pergeseran paradigma menuju penciptaan nilai multi-stakeholder. Secara aksiologis, paradigma integrated value creation mendominasi dengan menolak trade-off dikotomis antara return finansial dan dampak keberlanjutan. Kontribusi teoretis terletak pada integrasi perspektif filsafat ilmu ke dalam manajemen keuangan untuk memahami transformasi paradigmatik. Secara praktis, temuan memberikan implikasi bagi perusahaan, investor, dan pembuat kebijakan dalam mengadopsi pendekatan nilai terintegrasi. Penelitian masa depan perlu mengeksplorasi mekanisme transformasi melalui studi kualitatif dan analisis emerging markets. 
Driving Sustainable Competitiveness Through Holistic Marketing and Esg: An Empirical Study on Msmes in Sukabumi Regency, Indonesia Widy Muchamad; Ratih Hurriyati; Puspo Dewi Dirgantari
Sinergi International Journal of Management and Business Vol. 4 No. 1 (2026): February 2026
Publisher : Yayasan Sinergi Kawula Muda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijmb.v4i1.913

Abstract

This study examines the influence of Holistic Marketing on the Sustainability of Micro, Small, and Medium Enterprises (MSMEs) in Sukabumi Regency, with Environmental, Social, and Governance (ESG) as the mediation variable. This topic is very crucial because even though MSMEs are the backbone of the national economy, the majority still face significant obstacles in internalizing the sustainability values needed to maintain competitiveness in the digital economy era. In particular, this study fills a gap in the literature by exploring how a holistic marketing approach can be a key driver of ESG adoption in developing countries. Using a quantitative approach with the Structural Equation Modeling - Partial Least Squares (SEM-PLS) technique, data was collected from 200 MSME actors. The results of the analysis showed that Holistic Marketing had a significant positive effect on ESG (β = 0.566; p <0.001), indicating that comprehensive and digital-centric marketing strategies successfully improve ethical awareness and practices. ESG has a positive effect on Business Sustainability (β = 0.375; p <0.001) and has been shown to play a role as a partial mediator that strengthens the direct influence of Holistic Marketing on Business Sustainability (β = 0.329; p <0.001). The primary novelty of this study lies in the empirical evidence that the integration of digital-based holistic marketing and ESG represents a vital mechanism for MSME resilience in developing regions, a model that has been rarely explored in empirical research in Indonesia.
Co-Authors Afriyadi , Rudy Aghniya Nadira Ahmad Mudzakir Arus Reka Prasetia Aulia, Syaira Aura, Siti Ulpah Edi Suryadi Gilang Bhirawa Noraga Lena Agustin Puspo Dewi Dirgantari Rasto Ratih Hurriyati Reynold Gustav Sukmawan , Nopaldi Ramdhan Supiyadi, Dedi Syaira Aulia Wufron Wufron