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KEY DETERMINANTS OF CASH RESERVES IN MANUFACTURING FIRMS DURING COVID-19 IN INDONESIA: Cash Holding, COVID-19, Indonesian Stock Exchange, Manufacturing Firm Cempaka, Santy Dwi; Hakim, Muhammad Saiful; Zharifa, Naila Qanita; Safitri, Ika; Jauhari, Muhammad Haris; Kunaifi, Aang
JMD : Jurnal Riset Manajemen & Bisnis Dewantara Vol. 7 No. 2 (2024): Juli (2024) - Desember (2024)
Publisher : STIE PGRI Dewantara Jombang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26533/jmd.v7i2.1339

Abstract

This study investigates the effects of the COVID-19 pandemic on cash reserves in Indonesian manufacturing companies. The research assesses cash levels before, during, and after the pandemic, and identifies key factors influencing cash holdings. Data from publicly listed manufacturing companies in Indonesia were analyzed, focusing on financial metrics such as earnings before interest, taxes, depreciation, and amortization (EBITDA), sales volatility, and net working capital. The findings reveal significant differences in cash, EBITDA, and sales volatility between the pre-crisis (2018-2019) and crisis periods horizons I (2020-2021) and II (2022). The primary determinants of cash holdings were found to be sensitivity of cash flow, capital expenditure, cash flow volatility, net working capital, and debt levels. These factors are crucial in understanding the impact of the pandemic on cash management in Indonesian manufacturing companies.
Sustainable Company: Examining the Influence of Environmental, Social and Governance in Improving Company Performance Saiful Hakim, Muhammad; Jauhari, Muhammad Haris; Safitri, Ika
Eduvest - Journal of Universal Studies Vol. 5 No. 6 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i6.51478

Abstract

The growing awareness of sustainability has prompted companies to adopt more responsible and ethical business practices. Consequently, corporate performance is no longer assessed solely based on economic profit but also on how effectively companies mitigate negative environmental and social impacts. In this context, the implementation of environmental, social, and governance (ESG) principles has become a crucial factor influencing corporate performance. However, studies on the relationship between ESG practices and firm performance in emerging markets, particularly in Indonesia, remain limited and inconclusive. Addressing this gap, this study aims to analyze the impact of ESG implementation on the operational performance and market value of companies listed on the Indonesia Stock Exchange (IDX). Using a panel data regression approach with secondary data from IDX-listed companies, the analysis reveals a significant positive relationship between ESG practices and firm performance. Companies that integrate ESG principles tend to exhibit stronger operational outcomes, enhanced investor confidence, and improved market valuation. These findings highlight the importance of ESG adoption not only as a tool for long-term sustainability but also as a strategic advantage that can strengthen competitiveness in a dynamic business environment.
Mergers And Acquisitions in The Hightech Company: A Bibliometric Review and Future Research Directions Windoko, Sindhu Priyo; Ramadina, Atika Sanjani; Jauhari, Muhammad Haris; Mardjono, Enny Susilowati; Fauziah, Ulfah Nurul
International Journal of Business and Management Technology in Society Vol. 1 No. 1 (2023)
Publisher : Direktorat Riset dan Pengabdian Kepada Masyarakat, Institut Teknologi Sepuluh Nopember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12962/j30254256.v1i1.783

Abstract

Purpose – This study is aimed to shows the research interest trend about mergers and acquisitions (M&A) in high-tech companies. Methodology – This research uses a combination of bibliometric analysis and content analysis. Bibliometric analysis is fundamentally concerned with the quantitative and statistical analysis of a set of connected documents using several bibliometric indicators that offer an overall summary of a research area. While, a structured SLR sticks to a strict scientific design based on clear, prespecified and reproducible methods. Findings – A technology company's growth options affect its likelihood of being acquired, and companies with high growth options tend to choose organic growth over acquisitions with other technology companies. M&A size has an “inverted U”-shaped relationship with post-acquisition innovation performance, and post-acquisition R&D investment can moderate the relationship. Increasing the level of post-acquisition R&D investment can increase technology uptake capacity and extend the positive effect interval of M&A measures on post-acquisition innovation performance. Research limitations – This study only covers research published related to strategic planning in digital marketing, the data selected only use synta strategic, and the co-occurrence analysis was used to present the conceptual structure in this study. Practical implications – This research will help practitioners to understand the basis of job satisfaction in textile factory workers and contribute to the scientific community by providing thematic maps and recommendations for future research of this field of study.
The Influence of CEO Characteristics On Environmental, Social, & Governance (ESG) Strategies In Non-Financial Sector Companies Listed On The Indonesian Stock Ex-change (IDX) Safitri, Ika; Hakim, Muhammad Saiful; Dewangga, Leonardus Arya; Jauhari, Muhammad Haris
Eduvest - Journal of Universal Studies Vol. 4 No. 7 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i7.1578

Abstract

Global issues such as climate change, social injustice, and corporate misconduct have driven the emergence of the Environmental, Social, & Governance (ESG) concept as the foundation of business and investment strategies. While Indonesia has been a pioneer in ESG bond issuance, further steps are still needed to support national policies and ensure alignment with ASEAN and G20 goals in supporting sustainable finance. This study aims to determine the effect of CEO characteristics, namely Gender and Education, on the Environmental, Social, & Governance (ESG) of companies listed on the Indonesia Stock Exchange (IDX). The literature shows that Gender, Education, and CEO Experienxe affect the company's funding policy and capital structure, but the impact on ESG implementation is unclear. This study used a sample of 365 with a total of 73 companies. The data processing method used is panel linear regression analysis using RStudio software. The results showed that CEO gender has an insignificant positive effect, CEO education has a significant positive effect, and CEO experience has a significant negative effect on the ESG strategy score. The results of the study are expected to help companies in making policies to improve ESG and help investors in choosing ESG companies.