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All Journal Jurnal Ilmiah Akuntansi Kesatuan Bulletin of Community Engagement
Nera Marinda Machdar
Universitas Bhayangkara Jakarta Raya, Indonesia
Religion Arts Humanities Economics, Econometrics & Finance Education Social Sciences Other

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The Dual Role of Revenue Concentration in Corporate Landbanking: Evidence from Urbanizing Property Markets Ardo Ryan Dwitanto; Adler Haymans Manurung; Nera Marinda Machdar; Wastam Wahyu Hidayat
Bulletin of Community Engagement Vol. 6 No. 2 (2026): Bulletin of Community Engagement
Publisher : CV. Creative Tugu Pena

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51278/bce.v6i2.2487

Abstract

This study examines the determinants of corporate landbanking behavior by integrating macroeconomic demand factors with firm-level strategic characteristics. Focusing on publicly listed property developers in Indonesia, it investigates how urbanization and exchange rate uncertainty influence landbanking decisions, and how these effects are conditioned by firms’ revenue concentration. Using panel data regression analysis, the results show that urbanization significantly increases landbanking, confirming its role as a key demand-side driver in property markets. Exchange rate uncertainty also has a positive effect, suggesting that firms use landbanking as a strategic tool to preserve flexibility under macroeconomic volatility. At the firm level, revenue concentration is positively associated with landbanking, indicating that more focused firms allocate greater resources to land as a core strategic asset. More importantly, this study introduces a dual-effect perspective in which revenue concentration simultaneously increases baseline landholding while reducing firms’ responsiveness to external demand shocks. The negative interaction effect implies that, although concentrated firms hold larger landbanks, they adjust their land accumulation less aggressively in response to urbanization than more diversified firms. By integrating insights from urban economics, real estate, and corporate strategy, this study contributes to the literature by highlighting the role of firm heterogeneity in shaping land supply behavior. The findings also offer policy implications, suggesting that land-use regulations should account for differences in firm structure to improve housing supply responsiveness in rapidly urbanizing economies.
Financial Determinants, Company Performance, and Tax Rate on Sustainable Growth Elia Rossa; Adler Haymans Manurung; Nera Marinda Machdar; Tutty Nuryati
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 4 (2025): JIAKES Edisi Agustus 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i4.3881

Abstract

Sustainable company growth has increasingly become a strategic priority in the post-pandemic era, where businesses must balance profitability with Environmental, Social, and Governance (ESG) responsibilities. While previous studies have focused on the direct impact of financial determinants, limited research in emerging markets has explored the mediating role of company performance and the moderating influence of tax rates in shaping sustainable growth. This study investigates the mediating effect of company performance and the moderating effect of tax rate on the relationship between financial determinants and company sustainable growth. Using Structural Equation Modeling (SEM) with Partial Least Squares approach, the study analyzed 672 observations from Indonesian Stock Exchange-listed companies during 2018-2024. Financial determinants include capital structure, liquidity, profitability, and company size, while company performance is measured by Tobin’s Q and tax rate by effective tax rate. Results reveal that profitability has the strongest positive influence on sustainable growth, while capital structure shows significant indirect effect through company performance mediation. Tax rate significantly moderates the relationship between capital structure and profitability on sustainable growth. The study provides comprehensive understanding of complex relationships in corporate finance, contributing to strategic financial management and policy formulation in emerging markets.
Co-Authors Adler Haymans Manurung Ardo Ryan Dwitanto Elia Rossa Nuryati, Tutty Wastam Wahyu Hidayat