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Implementation of Good Corporate Governance Principles in Improving the Performance of State-Owned Enterprises in Indonesia: Penerapan Prinsip Good Corporate Governance Dalam Meningkatkan Kinerja BUMN di Indonesia Anisa Paujiah Sinaga; Mursal Amri Harahap; Vingkan Andini; Zahra Fatin Miera; Ahmad Wahyudi Zein
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 3 No. 12 (2025): Desember
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v3i12.7830

Abstract

State-Owned Enterprises (SOEs) play a strategic role as agents of national economic development, but often face challenges related to transparency, weak oversight, and potential abuse of authority that hinder optimal performance. This study aims to analyze the urgency, implementation, and impact of implementing Good Corporate Governance (GCG) principles in optimizing the value and competitiveness of SOEs. GCG is a corporate management system based on the principles of transparency, accountability, responsibility, independence, and fairness (TARIF). The study results show that GCG implementation not only improves operational efficiency and investor/public trust but also effectively minimizes the risk of conflicts of interest. SOEs need to build a GCG culture through three main pillars: people, systems, and structure. In conclusion, GCG must be the main foundation of SOE management so that state-owned companies are able to make maximum contributions to the welfare of the Indonesian people.  
STRUKTUR DAN PERAN ORGANISASI DALAM PENERAPAN GOOD CORPORATE GOVERNANCE Salsabillah Zahwa Khairunnisa; Nurhalizah Bandaso; Muhammad Kurniawan Pulungan; Ahmad Wahyudi Zein
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 3 No. 12 (2025): Desember
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v3i12.7833

Abstract

This study examines the role and organizational structure in supporting the implementation of Good Corporate Governance (GCG) amid accelerating globalization and technology that create intense business competition. Employing a library research method with descriptive qualitative analysis, the research synthesizes secondary data from ASEAN Corporate Governance Scorecard (ACGS) 2024-2025, OJK SNLIK reports, UGM studies, and BEI company cases such as BRI, Bank Mandiri, and Garuda Indonesia for the 2021-2025 period. Key findings reveal that the two-tier organizational structure (RUPS quorum 80%, independent Board of Commissioners 55%, risk-audit committees based on COSO) serves as a crucial mediator enhancing GCG effectiveness per OECD principles and POJK 21/2015, with strong correlation to ROE (r=0.62r=0.62, p<0.01) and 20-30% market cap increase in state-owned banks. However, persistent barriers including low executive GCG literacy (<50%), conflicts of interest in family firms (70-80% BEI), and weak internal controls (fraud triangle in Garuda case with 40% share price drop) underscore the need for a hybrid local GCG model based on gotong royong and ISO 37001. This research contributes to integrative agency-stewardship-institutional theory, recommending stronger OJK enforcement, 60%+ board independence, and primary SEM-PLS validation in North Sumatra for emerging markets GCG models.​
DAMPAK KORUPSI DANA BANTUAN TERHADAP PERTUMBUHAN EKONOMI, STABILITAS FISKAL, DAN KETIMPANGAN DI INDONESIA Alfian Khoiri Malau; Muhammad Dzikry Falah Erlangga; Nadira Aulia Zahra; Ahmad Wahyudi Zein
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 1 (2026): Januari
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i1.8016

Abstract

Corruption in the funding of social assistance continues to be a serious issue because of its significant impact on Indonesia's economy. This study aims to analyze the effects of corrupt practices in aid funds on three main aspects of the national economy, namely economic growth, fiscal stability, and socio-economic inequality. The method used in this study is a descriptive qualitative approach, combining literature review and analysis of current cases. The results of the study show that corruption in aid funds not only causes losses to state finances but also has long-term effects that can hinder economic growth, disrupt fiscal balance, and widen social inequality, potentially reducing the rights of the poor as beneficiaries. It can be seen from the analysis of several cases, ranging from the misuse of Covid-19 aid funds, the Indonesia Smart program, disaster aid, to the public housing program, which show evidence of state losses reaching trillions of rupiah. Therefore, these findings emphasize that aid funds can have a significant and layered negative impact on the national economy. For this reason, comprehensive improvements are needed in managing aid funds by strengthening the oversight system, increasing transparency, utilizing advanced digital technology, and imposing strict sanctions on perpetrators of corruption to prevent them from committing it again.
PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN Melati Melati; Laura Natasya Saragih; Audry Hafifa Listy Biran; Ade Rizky Syuhada; Ahmad Wahyudi Zein
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 1 (2026): Januari
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i1.8127

Abstract

This study aims to assess the impact of Good Corporate Governance (GCG) implementation on company value. GCG is a vital structure for enhancing investor confidence and creating a sustainable business environment. The methods used in this study are literature review and case analysis, with the Wilmar Group as an example of initiating GCG practices and their impact on company value. The analysis results show that proper implementation of GCG principles can enhance investor confidence, improve company reputation, and positively contribute to increasing company value. Conversely, violations of GCG principles can lead to reputational risks, financial losses, and a decline in company value.
Kajian Konseptual Konsumsi dan Tabungan dalam Perspektif Ekonomi Konvensional dan Islam Thania Ramadhani; Nova Sulistiani Safitri; Reza Wardana; Ahmad Wahyudi Zein
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 1 (2026): Januari
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i1.8133

Abstract

Consumption and saving play an important role in shaping household economic behavior and overall economic stability. This study aims to analyze the concept of consumption and saving from the perspectives of conventional economics and Islamic economics, as well as to examine their relevance to current economic conditions in Indonesia. This research applies a qualitative descriptive method using a literature review approach by analyzing books, scientific journals, and official publications related to consumption, saving, and Islamic economic principles. The findings indicate that conventional economics views consumption as being primarily determined by disposable income, while saving represents the remaining portion of income after consumption. In contrast, Islamic economics emphasizes ethical consumption based on halal principles, moderation, and social responsibility, and views saving as a means to achieve economic balance and social welfare through mechanisms such as zakat and charity. The study highlights that integrating Islamic values can support more sustainable and responsible financial behavior.
NERACA PERDAGANGAN (BALANCE OF TRADE), NERACA PEMBAYARAN (BALANCE OF PAYMENT) DAN PINJAMAN NEGARA Ahmad Wahyudi Zein; Cici Mutia Siregar; Muhammad Haykal; Sofia Damayanti Hasibuan
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 1 (2026): Januari
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i1.8229

Abstract

This journal examines the intrinsic relationship between the balance of trade, balance of payments, and government debt as key components of a national economy. The balance of trade (surplus or deficit) is a critical part of the balance of payments, which reflects all economic transactions between a country and the rest of the world. When the balance of payments experiences a long-term deficit, countries often rely on government debt to cover the shortfall-though this also poses risks of increasing debt burdens. This study analyzes the mechanism of their interrelationship, positive and negative impacts, and policy implications for maintaining economic stability, with a concrete case study of Indonesia between 2004-2023 to illustrate these dynamics in practice.
IMPLEMENTASI PRINSIP GOOD CORPORATE GOVERNANCE PADA BANK SYARIAH DI INDONESIA Nona Azzahra Nasution; Tri Ibnu Ramadhanu; Nurul Fadilah; Ahmad Wahyudi Zein
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 1 (2026): Januari
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i1.8250

Abstract

: This study analyzes the implementation of Good Corporate Governance (GCG) principles in Indonesian Islamic banks through qualitative document analysis of annual reports from BSI, BJB Syariah, and BCA Syariah for 2022-2025. Findings reveal GCG implementation at "Good" level (average score 3.20/4.0) with transparency (3.42) and fairness (3.35) as main strengths driven by BSI's digital disclosure platform (92% index), while DPS independence (2.85) emerges as critical systemic weakness (77% average vs POJK 100% target) due to BJB Syariah's Commissioner-DPS dual position and BUMN intervention in BSI. BSI leads (3.40) through Rp780T scale economy, BCA Syariah sets independence benchmark 100% (3.20), and BJB lags (3.00) due to regional capacity constraints. Results confirm agency theory that GCG is essential to prevent profit-sharing moral hazard, recommending POJK 55/2016 Article 15 enforcement, digital GCG mandate, and national sharia HR capacity building for 3.5 score target (2027).
ANALISIS DIMENSI ETIKA DALAM PRAKTIK BISNIS SEBAGAI PILAR GOOD CORPORATE GOVERNANCE Dian Aulya Utami; Cindy Cindy; Heri Yunus; Azhela Dwi Aryani; Ahmad Wahyudi Zein
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 1 (2026): Januari
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i1.8255

Abstract

This study aims to analyze the dimensions of ethics in business practices and their role as a fundamental pillar of Good Corporate Governance (GCG). The background of this research is based on the increasing complexity of modern business practices, which often give rise to moral dilemmas and ethical violations due to weak ethical implementation. This research employs a qualitative approach using a library research method, with data sources consisting of textbooks, national and international journal articles, and relevant scholarly documents related to business ethics and GCG. Data analysis was conducted through content analysis to examine concepts, principles, and the relationship between ethical dimensions and the implementation of good corporate governance. The findings indicate that business ethics plays a crucial role in shaping individual, professional, and corporate behavior and serves as a moral foundation for implementing the principles of Good Corporate Governance, including transparency, accountability, responsibility, independence, and fairness. This study concludes that the successful implementation of GCG depends not only on formal regulations and systems but also on the internalization of ethical values as a sustainable organizational culture to promote integrity and long-term business sustainability.
PERAN GOOD CORPORATE GOVERNANCE DALAM MENCEGAH PRAKTIK FRAUD Dina Ismaini; Rahmad Badri Jambi; Inal Syahputra; Karin Aribi Ivanka; Ahmad Wahyudi Zein
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 1 (2026): Januari
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i1.8256

Abstract

Fraud is a serious issue that can disrupt the stability, credibility, and sustainability of organizations, particularly in corporate and financial sectors. Numerous fraud cases indicate that weak internal control systems and ineffective implementation of good corporate governance are major contributing factors to fraudulent practices. This study aims to analyze the role of Good Corporate Governance (GCG) in preventing fraud through a theoretical review and document-based analysis of relevant scholarly sources. The research employs a qualitative approach using library research or document analysis, drawing data from textbooks, national and international academic journals, regulatory frameworks, and previous research reports. The findings reveal that the implementation of GCG principles—namely transparency, accountability, responsibility, independence, and fairness—plays a significant role in strengthening internal control systems and fostering an integrity-based organizational culture. Good Corporate Governance functions not only as a regulatory framework but also as a preventive mechanism capable of reducing opportunities, pressures, and rationalizations that lead to fraud. Therefore, this study concludes that consistent and comprehensive implementation of Good Corporate Governance is a strategic instrument in fraud prevention and serves as a crucial foundation for establishing sound and sustainable organizational governance.  
PENERAPAN GOOD CORPORATE GOVERNANCE SEBAGAI UPAYA PENINGKATAN KINERJA DAN KEBERLANJUTAN PERUSAHAAN DI INDONESIA Syahrul Tanjung; Nanda Meyshinta; Amelia Sri Ningsih; Aditya Kurniawan; Ahmad Wahyudi Zein
JURNAL ILMIAH EKONOMI DAN MANAJEMEN Vol. 4 No. 1 (2026): Januari
Publisher : CV. KAMPUS AKADEMIK PUBLISING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jiem.v4i1.8257

Abstract

This study aims to analyze the implementation of Good Corporate Governance (GCG) as an effort to enhance corporate performance and sustainability in Indonesia. The research employs a qualitative approach using a literature review method by examining various written sources, including academic journals, books, research reports, and relevant official documents related to corporate governance. The findings indicate that the consistent application of GCG principles—namely transparency, accountability, responsibility, independence, and fairness—plays a strategic role in strengthening corporate governance systems. Effective GCG implementation improves the quality of managerial decision-making, reinforces internal control mechanisms, and increases stakeholder trust, which positively affects both financial and non-financial corporate performance. However, the implementation of GCG in Indonesia still faces several challenges, such as weak law enforcement, organizational cultures that do not fully support good governance practices, and the dominance of certain interests within corporate ownership structures. Therefore, the success of GCG implementation requires strong commitment from top management, internalization of governance values within corporate culture, and active regulatory oversight to ensure sustainable and competitive corporate development.  
Co-Authors Abda Abda Abdul Malik Karim Amrullah Abdurrahman Abdurrahman Ade Rizky Syuhada Adelia Gusfira Adik Tya Hasibuan Adinda Putri Kamalia Adisty Aulia Zahra Aditya Effendi ADITYA KURNIAWAN Aditya Putra Piliang Afiyah Zahrah Aflah Muhajir Afni Haryanti Harahap Agung Anantha Ahmad Al Farabi Ahyarul Juanda Sagala Aisyah Khairani Lubis Aisyah Nur Amelia Al Habib Nasution Alfatih Faiz Fahlevi Alfian Khoiri Malau Aliya Fayyaza Allya Zahra Putri Nasution Aly Syibran Amanda Mutiara Hasibuan Amelia Sri Ningsih Angger Gumilang Sugiarto Anggi Arko Azzahra kudadiri Anggi Rizkina Sari Siregar Anggri Pranata Anggun Khairunnisa Agustin Anisa Paujiah Sinaga Anju Andini Annisa Febrianda Annita Firda Aprilia Regitasya Parinduri Arif Hidayat Lubis Arofiani Mutmainah Artika Tri Septia ASNAWI Assifa Khairiah Asyami Ramadhani Asyhari abdillah siregar Audry Hafifa Listy Biran Aulia Rahma Aulia Syahfitri Ayla Rizki Janira Azhela Dwi Aryani Azza Bunaia Azzahra Mufida Harahap Bunga Agustina Cici El Dirrah Syafitri Simanungkalit Cici Mutia Siregar Cindy Cindy Demala Sari Dewarni Siregar Dewi Fazira Dhany Saputra Sembiring Dian Aulya Utami Dian Zahra Syahfitri Lubis Diandha Hashifa Didi Handono Syahputra Dina Cheetah Khairiyah Dina Ismaini Dini Anggraini Dini Zahratun Husna Divya Reyvani Eka Christina Waruwu Elma Fiisma Dalimunthe Elvina Zailanty Harahap Elvira Andriyani Ema Julia Ningsih Fahreza Permana Fakhrezi Wildan Hrp Falih Arkan Hasibuan Farida Syah Damanik Faris Andrawika Harahap Faris Haikal Hasibuan Fathiya Syahidah Nasution Fatia Hadaya Panjaitan Febrianti Shakira Fikriansyah Fikriansyah Fitra Amar Rosuli Fitra amar rosuli Free May Santri Gustina Choirunnisa Siregar Habibah Ramadhani Nasution Habibul Akhir Hasanatun Fitri Hastiani Nasution Heri Yunus Ika Damai Sari Ika Wahyu Indriani Ningsih Ilhamuddin Sianifar Imel Santika Siregar Inal Syahputra Indah Amelia Intan Juwita Damanik Isma Awaliyah Isma Awaliyah Sipahutar Ismaika Hayati Hasnah Jessica Hartallah Julia Hamdini Nasution Juwita Sifas Sembiring Karin Aribi Ivanka Keisya Putri Balqis Khaila Nazwa Syahbani Khairunisa Alisya Hasibuan Kurnia Fitri Laura Natasya Saragih Lira Amelia M Aidil Syahputra M Sawal Pitriyadi M. Aidil Syahputra M. Farhan Aulia Rozan M. Hanif Abrar Maura Faradita Maysa Chairani Melati Melati Mhd Khairul Anhar Nasution Mhd. Rifq Alfahrezi Mhd. Rofi Febrian Miratul Imaniah Moventa Alfredo Muhammad Aldi Pratama MUHAMMAD ANWAR Muhammad Dimas Arif Muhammad Dzikry Falah Erlangga Muhammad Haykal Muhammad Kurniawan Pulungan Muhammad Raghid Alfatiy Muhammad Riski Muhammad Rizky Putra Muhammad Rusdi Hasibuan Mulia Syahputri Mursal Amri Harahap Mutia Salwa Hutauruk Nabila Zahra Nadira Aulia Zahra Naila Deswita Naila Husnayati Harahap Namira Hamni Lubis Nanda Meyshinta Nazwa Tantri Fitria Nia Rahmadhani Nikita Adelia Syafitri Nisa Istiqomah Siregar Nisa Syahira Najla Niswa Auliya Lubis Nona Azzahra Nasution Nova Sulistiani Safitri Nurhalizah Bandaso Nurhidayah Nurul Aini Harahap Nurul Fadilah Nurul Hikmah Pasaribu Nurul Syafriani Perwira Hasibuan Popi Dea Ananda Putri Ayu Manalu Putri Wahyuni Putri Yuanita Radia Havni Sari Harahap Rafif pramdito Aremi Rafli Aditya Ramadhan S Rafly Aditya Ramadhan Rafly Ramadhan Simanjuntak Rahmad Badri Jambi Raihan Ade Ghuffar Raihan Mubarak Ramzy, Al Rania Atikah Putri Ratih Silviany Reza Wardana Ridho Qusshoyyi Rifauziah Arni Malau Rilla Masyita Rinjani balqis salsabila Risa Lidia Batubara Riza Aulia Rizki Fauziyah Nasution Rizki Simanullang Rolan Rizky Rinaldi Daulay Ropiah Daulay Salsabila Sofiya Wardani Salsabila, Salsabila Salsabillah Zahwa Khairunnisa Sandi sipahutar Sely nurlela Septian Dwi Cahya Shafa Azalia Putri Siti Nurhalimah Siti Nurhaliza Siti Rahma Mutiara Sofia Damayanti Hasibuan Sopia Mayang Sari Sri Aulia Ramadani Suci Indah Triani Sukma Anggriani Sulistya ningsih Susi Rahmadani Syahla Nabila Syahrul Tanjung Syakila Novia Fitri Syarifah Khairatun Hisan Syifwa Nurdilla Gusvi T. Rahma Rindiany Tarmizi Silalahi Tasya Nadilla Thania Ramadhani Tri Ibnu Ramadhanu Tri Sari Harahap, Indah Valina Sinka Vania Khairunisa lubis Vanya Dwi Kinanti Vingkan Andini Widiya Indah Lestari Widya Anggraini Wulan Ariby Yabib Fikri Rambe Yeni Yolanda Simatupang Yogi Pandapotan Siregar Yunita Dwi Rahmawati Zahra Fatin Miera Zohya Azzura Zulfahri Salim