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All Journal Jurnal Manajemen dan Organisasi Nominal: Barometer Riset Akuntansi dan Manajemen Asia-Pacific Management and Business Application Jurnal Abdimas BSI: Jurnal Pengabdian Kepada Masyarakat Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT Kinerja: Jurnal Ekonomi dan Manajemen Akuntabel : Jurnal Ekonomi dan Keuangan Forum Ekonomi : Jurnal Ekonomi, Manajemen dan Akuntansi Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen JURNAL MANAJEMEN Jurnal ASET (Akuntansi Riset) Jurnal Mitra Manajemen JURNAL AKUNTANSI, EKONOMI dan MANAJEMEN BISNIS Owner : Riset dan Jurnal Akuntansi IKRA-ITH EKONOMIKA JURNAL NUSANTARA APLIKASI MANAJEMEN BISNIS Ekonomi dan Bisnis Jurnal Perilaku dan Strategi Bisnis AKURASI: Jurnal Riset Akuntansi dan Keuangan BALANCE: Economic, Business, Management and Accounting Journal JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Community Development Journal: Jurnal Pengabdian Masyarakat Jurnal Bakti Masyarakat Indonesia Journal of Sustainable Community Development (JSCD) Jurnal Pengabdian dan Edukasi Sekolah (Jubaedah) Jurnal Abdimas Bina Bangsa Journal of Law, Administration, and Social Science JURNAL PENDIDIKAN INDONESIA: Teori, Penelitian, dan Inovasi Journal of Applied Accounting And Business (JAAB) Batara Wisnu : Indonesian Journal of Community Services Reviu Akuntansi, Manajemen, dan Bisnis Formosa Journal of Sustainable Research (FJSR) Journal of Social And Economics Research JWM (JURNAL WAWASAN MANAJEMEN) Jurnalku Journal of Artificial Intelligence and Digital Business e-Jurnal Apresiasi Ekonomi Jurnal REKOMEN (Riset Ekonomi Manajemen) IIJSE Veteran Economics, Management & Accounting Review INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen Taawun: Jurnal Pengabdian kepada Masyarakat Akurasi ABDINE :Jurnal Pengabdian Masyarakat
Pangestuti, Dewi Cahyani
Fakultas Ekonomi Dan Bisnis Universitas Pembangunan Nasional “Veteran” Jakarta, Jakarta.
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Public Health Social Sciences Other

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Empirical Examination of the Relationship Between Cost Efficiency, Capital Structure, and Dividend Policy on the Firm Value of BUMN Karya Construction Companies Akbar, Dimas Bagus Mahasinul; Nurwati, Etty; Purwanto, Sri; Pangestuti, Dewi Cahyani
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.9646

Abstract

This study aims to analyze the effect of project cost efficiency, capital structure, and dividend policy on firm value in state-owned enterprises operating in the construction sector in Indonesia. The research is motivated by the decline in financial performance and market valuation of state-owned construction companies (BUMN Karya) amid capital-intensive operations and long-term project-based business characteristics. This study employs a quantitative approach using panel data regression methods. The research objects consist of state-owned construction companies listed on the Indonesian capital market during the 2020–2024 period. The results indicate that cost efficiency has a positive effect on firm value, while capital structure has a negative effect on firm value. Dividend policy is proven to have a positive effect on firm value, indicating the role of dividends as a signal of market confidence. However, the results of the simultaneous test show that cost efficiency, capital structure, and dividend policy jointly do not have a significant effect on firm value. These findings suggest that the firm value of state-owned construction companies is not solely determined by internal policies but is also influenced by external factors such as project risk and industry dynamics. This study provides important managerial implications for management in formulating more adaptive financial policies to enhance firm value sustainably. Keywords: Cost efficiency, Capital structure, Dividend policy, Firm value)
Determinants of Profitability in Indonesian Textile and Garment Firms: The Moderating Role of Exchange Rate Tetuko, Flugor; Nurwati, Etty; Purwanto, Sri; Pangestuti, Dewi Cahyani
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.9647

Abstract

This study aims to examine the effects of capital structure, working capital, liquidity, and firm size on profitability, with the exchange rate serving as a moderating variable in textile and garment companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The research is motivated by increasing financial pressure and exchange rate uncertainty faced by manufacturing industries in emerging economies. Panel data regression using the Fixed Effect Model combined with Moderated Regression Analysis is employed to analyze firms’ financial data. The findings indicate that capital structure, working capital, and firm size have a positive and significant impact on profitability, while liquidity does not exhibit a significant direct effect. Furthermore, the exchange rate moderates the relationship between capital structure and liquidity on profitability and weakens the influence of firm size on profitability. However, the exchange rate does not moderate the relationship between working capital and profitability. These results highlight the importance of adaptive financial management and heightened awareness of exchange rate risk in sustaining profitability within the textile and garment industry. Keywords: capital structure, working capital, liquidity, firm size, profitability, exchange rate)
The Impact of Corporate Social Responsibility, Enterprise Risk Management, Board of Commissioners, and Operational Cash Flow on Firm Value: Moderating Role of the Board of Directors in Indonesia's Energy Sector Dewi Cahyani Pangestuti; Kevin Naufal Widyadhana
Jurnal Riset Ekonomi Manajemen (REKOMEN) Vol. 9 No. 1 (2026): REKOMEN (Riset Ekonomi dan Manajemen)
Publisher : Universitas Tidar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31002/rekomen.v9i1.3548

Abstract

The objective of this study is to explore the relationship between Corporate Social Responsibility (CSR), Enterprise Risk Management (ERM), Board of Commissioners (BOC), and Operating Cash Flow (OCF) on Firm Value, with the Board of Directors (BOD) as a moderating variable. Based on a sample of companies listed on the Indonesia Stock Exchange (IDX), the findings indicate that CSR and ERM have a significant positive impact on firm value. This is consistent with management theory, which suggests that companies with strong social responsibility and effective risk management are more likely to be valued by the market. Meanwhile, OCF shows no substantial influence on the value of the company’s shares, suggesting that external factors such as government policy and market regulation may have a more significant impact on financial performance. In addition, the moderating effect of the BOD is shown to be significant in several studies, including those examining the relationship between CSR and value creation and those investigating the relationship between ERM and value creation. However, the moderating effect of the BOD is not observed in studies investigating the relationship between BOC and value creation. This study contributes to corporate governance by providing a comprehensive understanding of the role of the BOD in managing CSR and ERM to enhance firm value. The findings also offer practitioners opportunities to strengthen risk management and CSR implementation to improve performance and research outcomes. However, this study is limited by the small number of IDX company samples, so further in-depth research is needed.
Mengeksplorasi Dampak Investasi Hijau terhadap Nilai Perusahaan Tinjauan Sistematis Lintas-Konsep dan Lintas-Konteks untuk Mendorong Transisi Energi Berkelanjutan Dewi Cahyani Pangestuti
IKRAITH-EKONOMIKA Vol. 9 No. 1 (2026): IKRAITH-EKONOMIKA Vol 9 No 1 Maret 2026
Publisher : Universitas Persada Indonesia YAI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37817/ikraith-ekonomika.v9i1.6173

Abstract

Transisi global menuju dekarbonisasi telah mengubah paradigma strategis korporasi, terutama di sektorenergi dan sektor intensif emisi. Meskipun investasi hijau, khususnya proyek energi terbarukan, dijadikansebagai pendorong utama dalam mencapai keberlanjutan, hubungan antara investasi hijau dan nilaiperusahaan masih menunjukkan hasil yang tidak konsisten. Artikel ini menyajikan tinjauan sistematis(SLR) terhadap literatur empiris yang mengevaluasi dampak proyek energi terbarukan dan investasi hijauterhadap nilai perusahaan, dengan fokus pada mekanisme mediasi dan moderasi yang terlibat.Menggunakan pendekatan berbasis teori stakeholder dan resource-based view (RBV), studi inimengidentifikasi pola temuan yang konsisten dan menjelaskan heterogenitas hasil yang dipengaruhi olehkarakteristik perusahaan, konteks industri, serta perbedaan kebijakan dan regulasi negara. Temuan utamamenunjukkan bahwa meskipun investasi hijau dapat meningkatkan nilai perusahaan melalui efisiensi biaya,pengurangan risiko, dan penguatan reputasi, efek ini seringkali terhalang oleh faktor-faktor sepertigreenwashing, ketidakpastian teknologi, serta biaya awal yang tinggi. Penelitian ini berkontribusi padaliteratur manajemen keberlanjutan dengan memetakan mekanisme yang mendasari hubungan tersebut sertamenawarkan rekomendasi untuk perusahaan dan pembuat kebijakan dalam merancang strategi transisienergi yang lebih efektif dan berbasis bukti. Temuan ini memberikan wawasan yang berguna bagi penelitianlebih lanjut mengenai pengukuran kinerja keberlanjutan dan peran regulasi dalam mempercepat transisienergi.
Analisis Struktur Modal Berbasis Informasi Manajemen: Studi Berbasis Perspektif Manajerial Dandi Aprila; Dewi Cahyani Pangestuti
Journal of Applied Accounting And Business Vol. 7 No. 2 (2025): JAAB - Desember 2025
Publisher : LP2M Politeknik Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37338/jaab.v7i2.531

Abstract

This study explores how capital structure decisions at PT ABC, a property developer managing both an apartment project and an office building were shaped, implemented, and subsequently tested when market conditions shifted unexpectedly. Adopting a qualitative approach, the research draws on in-depth interviews with key managerial personnel as well as an examination of financing agreements, project cash-flow reports, and internal planning documents. The findings reveal that PT ABC’s initial financing decisions were anchored in optimistic expectations regarding presales and rental income, with minimal consideration of downside scenarios or market volatility. As apartment sales slowed and office occupancy weakened, the company’s cash flow deteriorated, leading to breaches of critical loan covenants, including the DSCR requirement. These breaches triggered delays in loan disbursements and further constrained project progress. In response, management initiated several adaptive measures such as renegotiating loan terms, offering substantial price discounts to accelerate cash inflows, and implementing cost-cutting efforts. These actions reflect a strong reliance on internal financing consistent with the Pecking Order Theory, although they proved insufficient to fully counter the pressures created by the weakening market. Overall, the study underscores the importance of more conservative capital structure planning, rigorous cash-flow stress testing, and early-warning systems for covenant risks in navigating the cyclical and highly sensitive dynamics of the property sector.
Integrating enterprise risk management and green intellectual capital as catalysts for sustainability performance in the energy transition in Southeast Asia Dewi Cahyani Pangestuti
Journal of Law, Administration, and Social Science Vol 6 No 1 (2026)
Publisher : PT WIM Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jolas.v6i1.2038

Abstract

This study investigates the roles of Enterprise Risk Management (ERM) and Green Intellectual Capital (GIC) in driving corporate sustainability within the energy sector in Southeast Asia. A comprehensive synthesis of the literature reveals that the implementation of robust ERM frameworks encompassing financial, political, operational, environmental, and social risks, including Environmental, Social, and Governance (ESG) dimensions enhances firms’ capabilities to identify and mitigate risks in a more holistic and integrated manner. The findings indicate that GIC, particularly green human capital and green structural capital, serves as a positive driver of sustainability performance by strengthening the relationship between managerial capacity and corporate environmental performance. However, the role of green relational capital remains ambiguous and warrants further empirical investigation. Moreover, the integration of ERM with regional policies, cross-border cooperation, and the adoption of digital technologies provides strategic pathways for achieving a more efficient and sustainable energy transition. The study highlights sectoral differences between renewable and fossil energy firms in addressing climate risk costs, as well as the critical importance of coordinated policies and regulatory frameworks in supporting risk mitigation and sustainability initiatives. The theoretical contribution of this research lies in the integration of resource-based theory, stakeholder theory, and natural resource orchestration theory to explain the mechanisms through which ERM and GIC jointly enhance sustainability performance. Practically, the study offers policy and managerial recommendations emphasizing the alignment of risk management strategies, incentives for GIC development, and the adoption of innovative technologies to strengthen resilience and operational efficiency in the energy sector.
Unveiling the dynamics of sustainable financial markets: The role of issuer commitment, third-party verification, and regulation in the ESG alignment of green bonds Dewi Cahyani Pangestuti
Jurnalku Vol 6 No 1 (2026)
Publisher : PT Wim Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jurnalku.v6i1.2060

Abstract

Over the past decade, green bonds have emerged as a central instrument in sustainable finance markets, functioning as a strategic mechanism for advancing Environmental, Social, and Governance (ESG) objectives. However, their effective alignment with ESG goals remains constrained by regulatory heterogeneity, divergent investment criteria, and variations in the credibility of third-party verification systems. This study aims to identify the key determinants shaping the ESG alignment of green bonds and to comparatively evaluate their effectiveness relative to other sustainable financial instruments, particularly sustainability-linked bonds (SLBs) and social bonds. This research adopts a systematic literature review methodology based on Scopus-indexed publications from 2019 to 2025, applying thematic synthesis and comparative analysis across regions, regulatory contexts, and methodological approaches. The findings indicate that issuer sustainability commitment and credible third-party verification constitute the primary determinants of green bond credibility and pricing, as reflected in the yield discount phenomenon known as the greenium. Moreover, green bonds tend to prioritize the environmental dimension of ESG, whereas SLBs introduce more flexible, performance-based incentive mechanisms. Advanced regulatory frameworks and coherent sustainability taxonomies are shown to play a critical role in accelerating market maturity, strengthening investor confidence, and enhancing market scalability. The study underscores the importance of integrating issuer commitment, independent verification, and coordinated regulatory structures to reinforce the credibility, effectiveness, and long-term scalability of green bond markets in supporting the achievement of global ESG objectives.
Sentiment vs. Fundamentals: GMM Analysis of Jakarta Islamic Index during the 2020–2024 Crisis Ahmad Yasin; Dewi Cahyani Pangestuti
JWM (JURNAL WAWASAN MANAJEMEN) Vol. 14 No. 1 (2026):
Publisher : Master of Management FEB ULM

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20527/jwm.v14i1.479

Abstract

This study examines the impact of macroeconomic (BI Rate, Exchange Rate) and microeconomic factors (Current Ratio, Return on Equity) on the Jakarta Islamic Index (JII) during the 2020–2024 crisis period. Using System Generalized Method of Moments (GMM) on dynamic panel data , the study unexpectedly finds that all selected fundamental variables are statistically insignificant in explaining JII movements. These results indicate a "detachment" from fundamentals, where the Sharia market operated under a sentiment-dominated regime driven by systemic shocks, such as the COVID-19 pandemic and geopolitical tensions. The findings suggest that traditional fundamental analysis and conventional monetary instruments lose efficacy during periods of high collective psychological volatility.
Peningkatan Kapasitas Usaha UMKM Wirausaha Baru di Limo Melalui Pelatihan Literasi Keuangan dan Pemasaran Digital Hidayati, Siti; Cahyani Pangestuti, Dewi; Naufal Widyadhana, Kevin; Rahma Dafina, Risty
ABDINE: Jurnal Pengabdian Masyarakat Vol. 6 No. 1 (2026): ABDINE : Jurnal Pengabdian Masyarakat
Publisher : Institut Teknologi dan Bisnis Riau Pesisir

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52072/abdine.v6i1.1948

Abstract

Mitra program, yaitu UMKM Wirausaha Baru (WUB) di Limo, Depok, menghadapi permasalahan fundamental dalam pengelolaan usaha yang menghambat pertumbuhan. Masalah utama meliputi rendahnya literasi keuangan, minimnya adopsi teknologi digital, serta strategi pemasaran yang masih bersifat tradisional dan tidak terstruktur. Topik ini dipilih karena peningkatan kapasitas digital merupakan kunci untuk meningkatkan daya saing UMKM di era modern. Tujuan pengabdian ini adalah untuk meningkatkan pengetahuan dan keterampilan praktis mitra dalam bidang manajemen keuangan dan pemasaran digital. Metode yang digunakan adalah pendekatan partisipatif (Participatory Rural Appraisal) yang melibatkan 36 pelaku UMKM dalam serangkaian pelatihan hybrid (luring dan daring) serta pendampingan intensif. Evaluasi keberhasilan menggunakan instrumen pre-test dan post-test. Hasil program menunjukkan peningkatan yang sangat signifikan, dengan rata-rata pengetahuan mitra meningkat sebesar 65,16% dan keterampilan praktis meningkat sebesar 66,67%. Selain itu, tercapai 100% adopsi teknologi di mana seluruh peserta kini memiliki dan mengelola akun bisnis digital (Instagram dan Shopee) serta aplikasi pendukung. Kegiatan ini berhasil membangun fondasi kuat bagi mitra untuk akselerasi bisnis secara berkelanjutan.
Harnessing Digital Financial Services: Unlocking the Path to Enhanced Financial Performance and Inclusivity in Indonesia’s Banking Sector DEWI CAHYANI PANGESTUTI
Ekonomi dan Bisnis Vol 13 No 1 (2026): EKONOMI DAN BISNIS
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35590/jeb.v13i1.12622

Abstract

Objective: This study aims to analyze the impact of digital financial services, digital financial inclusion, and service usage on the financial performance of national private commercial banks in Indonesia. The research identifies the dimensions of financial inclusion that most significantly affect the financial performance of banks. Design/Methodology/Approach: This study adopts a quantitative approach using panel data from 43 banks listed in Indonesia during the period from 2019 to 2024. Regression analysis is conducted to explore the relationship between independent variables, such as digital financial services, accessibility, availability, and service usage, on financial performance, measured by Return on Assets (ROA). Findings: The results indicate that the usage of digital financial services and the accessibility of services have a significant positive effect on financial performance, while the availability of physical infrastructure, such as bank branches and ATMs, does not significantly affect financial performance. Increased usage of digital financial services and greater accessibility for the public contribute to enhanced profitability and operational efficiency in banks. Research Limitations/Implications: The limitations of this study include the scope of data, which is limited to national private commercial banks in Indonesia over a specific period, meaning the findings may not fully reflect the banking sector outside of this scope. This study also suggests further research to explore additional factors that may influence bank financial performance, such as digital literacy and regulatory policies that support technology adoption. Practical Implications: The findings of this study can be applied by banking practitioners and policymakers to design more effective strategies for optimizing digital infrastructure and financial inclusion to enhance bank performance. Banks should focus on improving digital services and ensuring broader access to banking services for the public to maximize their utilization. Originality/Value: This study makes a unique contribution by deepening the understanding of the relationship between digital financial inclusion and bank financial performance in Indonesia, particularly by considering accessibility, availability, and service usage. It enriches the existing literature by providing empirical evidence on the importance of digital transformation in banking to improve financial performance. Keywords: Digital Financial Services, Accessibility, Availability, Service Usage, Financial Performance, Financial Inclusion. Paper Type: Research Paper
Co-Authors A. Hamidi Adethia Shafarianti Agus Kusmana Ahmad Yasin Akbar, Dimas Bagus Mahasinul Alfatih S. Manggabarani Alfida Aziz Alfida Aziz Ardhiani Fadila Ath Thaariq, Sundoro Auliya Eka Puji Lestari Aziz, Alfida Chelsea Nabila Dandi Aprila Erina Oktaviani Etty Nurwati Fadila, Ardhiani Fadila, Ardhiani Fadilla, Ardhiani Gitna Revania Hunah Hamidi, A. Heni Nastiti Hunah, Gitna Revania Husniaty, Renny Iwan Kresna Setiadi Kevin Naufal Widyadhana Kherina Maulidah M. Zukhruf Firdaus Maharani, Puan Putri Marlina Maychael Maychael Maychael Mega Lestari Meran, Ridwan Boli Miftah, Munasiron Nabila, Chelsea Nastiti, Heny Naufal Widyadhana, Kevin Noegrahini Lastiningsih Nurmatias Nurmatias Pangestuti, Marlina Pasaribu, Raulian Franciskus Purwanto Widodo Purwanto, Sri Rachmawati Rahma Dafina, Risty Raulian Franciskus Pasaribu Raysa Azahra Ade Putri Renny Husniati Renny Husniati Renny Husniaty Renny Husniaty Renny Husniaty Renny Husniaty Riantiarno, R. Ferry Ridwan Boli Meran Shauma Zahwa Azzahra Shinta, Nurendah Siti Hidayati Siti Hidayati Siti Hidayati Siti Hidayati Siwi Nugraheni Siwi Nugraheni Sumilir Sumilir Sumilir Sumilir Sumilir, Sumilir Suryani Maryam Suryani Suryani Syarif Ali Sylviana Marzza Dwi Susanty Sylviana Marzza Dwi Susanty Tetuko, Flugor Tri Siswantini Vira Ardhia Pramesthi Jayanti Yolanda Iqnatia Yoyoh Guritno