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All Journal International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Manajemen dan Pemasaran Jasa
Triany, Novika Ayu
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Economics, Econometrics & Finance

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Did investment opportunity moderate the influence of the COVID-19 crisis on dividend policy? Hartono , Powell Gian; Tinungki, Georgina Maria; Suade, Yuyun Karystin Meilisa; Rahardja, Liana; Triany, Novika Ayu; Tyas, Isthi Wahyuning; Hartono, Patrick Gunawan
Jurnal Manajemen dan Pemasaran Jasa Vol. 17 No. 2 (2024): September
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/v17i2.20006

Abstract

During the COVID-19 crisis, the investment opportunity experienced a low condition, indicated by a decrease in the market price to book value during the crisis, believed to moderate the impact of the COVID-19 crisis on dividend policy, specifically focusing on companies within the real estate and property sector in Indonesia. Therefore, this study examines the effect of the COVID-19 crisis, measured by GDP growth, on dividend policy moderated by investment opportunity. Employing a quantitative approach, the research spans from 2014 to 2021, using a purposive sampling technique to select 31 real estate and property sector companies as samples. Statistical analysis is conducted using dynamic panel data regression, employing the System-Generalized Method of Moments with a Two-Step estimator to produce more efficient parameter estimates and accommodate the dynamics of dividend policy. The findings reveal that during the COVID-19 crisis, companies in this sector tended to adopt higher dividend policies than non-crisis periods. Furthermore, investment opportunity was proven to positively moderate the influence of the COVID-19 crisis, proxied by GDP growth, on dividend policy. This study has implications for company management when considering investment opportunities that can moderate dividend policy during a crisis. Additionally, it advises investors to pay attention to the moderation of investment opportunities on the impact of the COVID-19 crisis on dividend policy to achieve optimal stock investment returns, especially dividend returns. The originality of this research lies in testing the moderation of investment opportunity on the impact of the COVID-19 crisis on dividend policy.
ECOSYSTEM-BASED CRM INTEGRATION IN MULTI-UNIT UMRAH ENTERPRISES: A CASE STUDY OF TIGA MAHAREWA GROUP Harmina, Harmina; Basir, Mustika Kusuma; Burhanuddin, Fia Fauzia; Triany, Novika Ayu; Pagiling, Novieyanty
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 9 No 4 (2025): IJEBAR, VOL. 09 ISSUE 04, DECEMBER 2025
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v9i4.18561

Abstract

This research explores the strategic imperative of Customer Relationship Management (CRM) integration within the Tiga Maharewa Group’s multi-unit business ecosystem, focusing on Umrah services. Qualitative inquiry and strategic analysis (IFAS/EFAS) revealed severe operational fragmentation (silos) and a critical lack of unified data, empirically positioning the firm in a strategic turnaround condition. To resolve this strategy-structure misalignment, the study developed a Conceptual Strategic Integration Model by synthesizing TOWS analysis and a revised Business Model Canvas. The proposed model is founded on Shared CRM Membership  and Collaborative Promotion, and crucially expands customer segmentation to formally incorporate Agents and External Merchants to facilitate Value Co-Creation. The study’s core contribution is a four-stage conceptual roadmap that recommends pragmatic implementation steps, from securing an executive mandate to system standardization. This model and roadmap provide a necessary strategic framework for the Tiga Maharewa Group to transform its siloed operations into a cohesive, data-driven ecosystem, ensuring enhanced efficiency, long-term competitive advantage, and alignment with the Islamic principle of Ta'awun (cooperation).
Co-Authors Arianto, Arselia Stefy Basir, Mustika Kusuma Burhanuddin, Fia Fauzia Georgina Maria Tinungki Harmina, Harmina Hartono, Patrick Gunawan Isthi Wahyuning Tyas, Isthi Wahyuning Pagiling, Novieyanty Powell Gian Hartono Rahardja, Liana Suade, Yuyun Karystin Meilisa Wilopo, Chezter Christopher