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All Journal Pragmatik : Jurnal Rumpun Ilmu Bahasa dan Pendidikan Management Analysis Journal Forum Ilmu Sosial
Kris Brantas Abiprayu
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Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Other

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Journal : Management Analysis Journal

 1 
Non-Linear Effects of Political Connections on Corporate Investment and the Moderating Role of Cash Holdings in Indonesian SOEs Wicaksari, Erisa Aprilia; Rini Setyo Witiastuti; Kris Brantas Abiprayu; Nabila Rifa Hanifah
Management Analysis Journal Vol. 13 No. 2 (2024): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v13i2.31681

Abstract

This study investigates the complex relationship between political connections and corporate investment, focusing on state-owned enterprises (SOEs) in Indonesia during the period 2018–2021. Drawing on agency theory and political economy frameworks, the research proposes a non-linear (inverted U-shaped) effect of political ties on firm-level investment decisions. Furthermore, the study examines the moderating role of cash holdings, positing that financial slack amplifies both the benefits and drawbacks of political affiliations. Using panel regression models with fixed effects, the analysis reveals a significant inverted U-shaped relationship between political connection intensity and investment levels, confirming the hypothesized non-linearity. Additionally, interaction terms show that cash holdings strengthen this non-linear pattern: firms with higher cash reserves are more sensitive to both the enabling and distortionary effects of political connections. These findings are robust to alternative specifications and contribute to the understanding of political capital’s nuanced role in corporate finance, especially within hybrid political-economic systems like Indonesia’s. The results suggest that while political connections may serve as strategic assets under certain conditions, they can also generate inefficiencies when unchecked.
Investor Attention and the Religious Sentiment: Empirical Evidence from Ramadan Return on the Indonesia Stock Exchange Kris Brantas Abiprayu; Dwi Cahyaningdyah; Salsabila Nadianisa Maruto; M. Iqrar Nusa Bhakti
Management Analysis Journal Vol. 13 No. 3 (2024): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v13i3.31682

Abstract

This study explores the influence of investor attention and religious sentiment—specifically during the holy month of Ramadan—on stock returns in the Indonesian capital market. Using the Market Attention Index (MAI), derived from Google Search Volume data, we examine how elevated public focus corresponds with return anomalies across 100 stocks from both syariah-compliant (ISSI) and conventional (LQ45) indices during the 2020–2023 Ramadan periods. Regression analysis reveals a statistically significant and positive relationship between MAI and intraday stock returns, underscoring the role of behavioral attention in asset pricing. Furthermore, dummy variables for specific Ramadan days—the 10th and 25th—also show positive return effects, supporting the notion that heightened religiosity and mood uplift during spiritually significant days influence investor sentiment. These findings align with behavioral finance theories and enrich prior research on the “Ramadan Effect” and “Holy Day Effect.” The results offer practical implications for trading strategies and policy design in Muslim-majority markets. By integrating digital behavior metrics and religious calendar events, this study contributes a novel framework for understanding asset price fluctuations during culturally sensitive periods in emerging markets.
The Phenomenon of Quiet Quitting. How Organizational Factors Affect Employee Productive Behavior Made Virma Permana; Kris Brantas Abiprayu; Vini Wiratno Putri; Siti Ridloah; Altista Pradita Prismanti; Hanina Humaira; Fryza Naufal Laksmana
Management Analysis Journal Vol. 13 No. 3 (2024): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v13i3.24703

Abstract

This study aims to analyze  a model of productive behavior to overcome the phenomenon of quiet quitting. This study empirically examines the causes and implications of quiet quitting  behavior in higher education. This study examines whether the condition of employees from various generations has experienced changes in working methods and mindsets that cause the phenomenon of quiet quitting. In the long term, this phenomenon is suspected to reduce the behavior of extra roles in the organization. This study will use a quantitative approach to examine the factors that can encourage the emergence of quiet quitting  behavior in employees and its impact on performance. The number of samples used is 100-200 employees of public and private companies, with a distribution of varying range of positions and ages. The results of this test can help company leaders in Indonesia to identify quiet quitting  behavior and can be used to mitigate the negative effects caused.
Co-Authors Altista Pradita Prismanti Asep Purwo Yudi Utomo Dheasey Amboningtyas Dwi Cahyaningdyah Endah Yustiani Fairuzah Qolbi Festi Zulfaturrohmah Fryza Naufal Laksmana Hanina Humaira Julius Pungky Wasono M. Iqrar Nusa Bhakti Made Virma Permana Nabila Rifa Hanifah Ninda Alifa Rini Setyo Witiastuti Riyadi Widhiyanto Salsabila Nadianisa Maruto Siti Ridloah Vini Wiratno Putri Wicaksari, Erisa Aprilia Widini Arti