International journal of economics and financial issues, May 14, 2024
The COVID-19 pandemic has paralyzed the economy, affected human health, and claimed human lives i... more The COVID-19 pandemic has paralyzed the economy, affected human health, and claimed human lives in the world. This deadly virus is rapidly affecting every aspect of life in all countries. Almost every area of life, from economics to politics, society to culture, has been affected by the COVID-19 pandemic; of course, this impact cannot be separated from the Sharia stocks sub-sector in Indonesia. This study aims to analyze and test the effects of COVID-19 on the response of Islamic stocks. Moreover, to see the difference between the Jakarta Islamic Index (JII) sharia stocks and the Composite Stock Price Index (IHSG) in observations before COVID-19 and after COVID-19. This event study research aims to see the differences between the Jakarta Islamic Index (JII) sharia stocks and the Jakarta Composite Index (IHSG) in observations before COVID-19 and observations after COVID-19. The data used in this study is secondary data already available and obtained from the Indonesia Stock Exchange (IDX). The results of this study show a significant influence on stock prices before and after the announcement of COVID-19 in Indonesia on the Jakarta Islamic Index (JII). There is no significant effect on stock returns before and after the announcement of COVID-19 in Indonesia on the Jakarta Islamic Index (JII). There is no significant effect on abnormal returns before and after the announcement of COVID-19 in Indonesia on the Jakarta Islamic Index (JII). There was a significant influence on stock trading volume before and after the announcement of COVID-19 in Indonesia on the Jakarta Islamic Index (JII).
Jurnal Aplikasi Bisnis dan Manajemen, Jan 30, 2024
The research aims to identify the influence of the shipmaster leadership style and logistics mana... more The research aims to identify the influence of the shipmaster leadership style and logistics management on the operational performance of tanker ships, which is mediated by the performance of the Ship's Crew. The research used a sample of 30 tanker and ship crew members at the Indonesian national shipping company PT. Waruna Nusa Sentana. The data analysis method applies a path analysis model to test direct and indirect effects. The research results show that leadership style, logistics management, and crew performance partially influence Ship operational performance. Leadership style and logistics management are also proven to influence crew performance directly. The captain's leadership style and logistics management indirectly affect the Ship's operational performance through the performance of the Ship's Crew. Overall, the operating performance of tankers at the shipping company PT. Waruna Nusa Sentana is influenced by the captain's leadership style, ship logistics management, and crew performance, both directly and indirectly.
The value of net assets (NAV) per unit reflects the price of a mutual fund and also the yield of ... more The value of net assets (NAV) per unit reflects the price of a mutual fund and also the yield of the mutual fund, therefore, the objective of this study is to examine the impact of external and internal factors on NAV per unit of sharia equity mutual funds. These factors are inflation, exchange rate, Jakarta composite indec (JCI), stock selection skill and market timing ability on the net asset value of sharia equity mutual funds in Indonesia. The research period from 2017-2022 with data per semester, to see the overall influence of these factors before Covid-19 and during Covid-19. Data processing uses Eviews 12. The method used is the Random Effect Model (REM) with the analysis model using Generalized Least Square (GLS). The results of this research state that over all the inflation has no effect. The exchange rate has a significantly negative effect. The JCI has no effect, Stock selection skill has a significant positive effect. Market timing ability had a significant positive effect. Differences in results in a period are due to changes in economic conditions in Indonesia.
This research seeks to examine how the yields of Indonesian government bonds are influenced by va... more This research seeks to examine how the yields of Indonesian government bonds are influenced by various factors, including the BI interest rate, inflation, foreign exchange reserves, IHSG, and exchange rates. The investigation utilizes monthly time series data spanning from 2019 to 2022, focusing on the benchmark series of 10-year SUN. Data analysis is carried out using Eviews 13, and the GARCH-M (1,1) analytical method is employed. The research findings reveal that the BI interest rate has a notably positive and significant effect on bond yields. In contrast, inflation does not exhibit a significant impact on bond yields. Foreign exchange reserves are found to have a considerable negative impact on bond yields. IHSG, on the other hand, does not demonstrate a significant influence on bond yields. Lastly, exchange rates are identified as having a meaningful positive impact on bond yields.
Safety risk and operational efficiency in sustainable coal supply was an issue in the coal distri... more Safety risk and operational efficiency in sustainable coal supply was an issue in the coal distribution supply chain. An online survey evaluating safety hazards, operational effectiveness, logistic service providers, and sustainable supply chain management was completed by 89 consumers of coal logistic service providers. In contrast, this study aimed to evaluate the operational effectiveness and safety concerns of a sustainable coal supply chain managed by the logistic service providers on the Barito River. In addition to using path analysis, quantitative research methods were also applied to calculate and process the questionnaire data, producing a value that determined the weight of each vendor, criterion, and sub-criterion. It showed several positive and significant influences connected to the safety of sustainable supply chain management, the operational efficiency of logistic service providers, supply chain management, and security risks for the providers. Therefore, it was essential to unite the positive influences on the logistic flow to secure the coal supply chain activities on the Barito River. This research would have theoretical and practical applications, adding to the advancement of science through its applications. Such knowledge would affect the safety risk and operational efficiency of sustainable supply chain management through the logistic service providers on the Barito River, Central Kalimantan.
International Journal of Energy Economics and Policy, Sep 15, 2023
This research aims to analyze the effect of the exchange rates, interest rates, oil prices, coal ... more This research aims to analyze the effect of the exchange rates, interest rates, oil prices, coal prices, debt-to-equity ratio, return on asset, and firm size on the dependent variable stock returns in energy sector companies listed on the Indonesia Stock Exchange in 2017-2021. The analysis technique in this study was carried out using a panel data regression test with the Eviews10 program. The results of this study indicate that the variables coal price, debt-to-equity ratio, and firm size have no effect on stock returns, while oil prices and return on assets have a positive impact on stock returns. On the other hand, exchange rates and interest rates have a negative effect on stock returns.
Journal of Asian Finance, Economics and Business, 2021
The purpose of this study is to compare the level of risk and return of Islamic stocks in the Jak... more The purpose of this study is to compare the level of risk and return of Islamic stocks in the Jakarta Islamic Index (JII) with conventional stocks on the IDX30 in the period from January 2017 to July 2019. The Sharpe ratio method is used to calculate risk and stock returns. The performance of the stock portfolio is measured by comparing the risk premium portfolio with the portfolio risk that is expressed as a standard deviation of the total risk. This study uses secondary data collected by the Indonesia Stock Exchange (IDX), which provides the names of stock issuers included in the JII and IDX30 indices along with their montly closing price. The results of the descriptive analysis show that the JII Sharpe ratio index from January 2017 to July 2019 is from the minimum range of -0.28820 to a maximum range of 0.05622, while the IDX30 Sharpe ratio index from January 2017 to July 2019 is from the minimum range of -0.09290 to the maximum range of 0.17436. The results of inferential analysis using a different test show that there is a significant difference between the Sharpe ratio JII and IDX30 in measuring the performance of the stock portfolio.
This study identifies the factors that affect the Yield to Maturity of Banking Sector Bonds Liste... more This study identifies the factors that affect the Yield to Maturity of Banking Sector Bonds Listed on the Indonesia Stock Exchange for the 2015-2020 Period. The population in this study are banking sector companies listed on the Indonesia Stock Exchange for the 2015-2020 period. The sampling technique was purposive sampling which obtained as many as 11 companies consisting of 22 corporate bonds which were used as research objects. The dependent variable in this study is Yield to Maturity (YTM) while the dependent variable is Interest Rate (IRATE), Exchange Rate (KURS), Leverage (DER), Liquidity (CR) and Firm Size (SIZE). The research analysis method used is descriptive statistics and panel data regression Random Effect Model (REM) which is processed using E-VIEWS 12. The purpose of this study is to analyze the influencing factors and their implications for the yield to maturity of corporate bonds, based on their respective relationships. variable or simultaneously. The results sho...
Journal of Educational and Social Research, Mar 5, 2023
The emergence of digital society in industry 4.0 is one of the most visible changes in the XXI ce... more The emergence of digital society in industry 4.0 is one of the most visible changes in the XXI century. The creation of digitization has led to significant changes in accounting and financial management as features of an innovative University. This study aims to analyze the development of digital accounting and examine its impact on economic performance in higher education by using IBM SPSS Statistics 25 and the feasibility of the investment using the payback period approach. The development of digital accounting is based on a web 2.0-based ICT system using the Software Development Life Cycle (SDLC) method with the waterfall model and applying the latest financial accounting standards. Analysis of the impact of accounting digitization was carried out on 247 educational staff as a population and involved 152 respondents as samples selected using the Slovin formula. Data analysis consisted of descriptive statistics, correlation, and multiple regression analysis with an error rate of 5%. The findings showed a positive correlation between financial performance and accounting digitization. Accounting digitization significantly affected financial arrangement with a Pvalue of 0.000 is smaller than the alpha (α) of 0.05 or sig.T< 0.05, which means significant. The investment feasibility test using the payback period concludes that digital accounting is feasible to implement in higher education. The eligibility criteria based on the results of calculating the rate of return on investment is three years and two months, faster than the required payback period of four years.
WSEAS transactions on business and economics, Dec 14, 2022
The purpose of this study is to determine whether the real impact of interest rates and net expor... more The purpose of this study is to determine whether the real impact of interest rates and net exports through ASEAN-5's foreign exchange reserves was significant between 2009 and 2019. This study employs five ASEAN countries with the highest foreign exchange reserves: Indonesia, Malaysia, Singapore, Thailand, and the Philippines. During 2009-2019, the sample was determined using a saturated sampling technique with five countries. The data used is secondary data from the World Bank. In this study, hypothesis testing was performed using Panel Data Analysis with the Views 10 program and a significance level of 5%. (0.05). The findings indicate that interest rates and net exports have an impact on foreign exchange reserves. The findings also show that the two independent variables have an impact on foreign exchange reserves at the same time.
This research aims to know and analyze the contribution of enterprise risk management and busines... more This research aims to know and analyze the contribution of enterprise risk management and business strategy to the competitive advantage and company performance of shipping companies listed on the Indonesia Stock Exchange. The company performance and competitive advantage of shipping companies listed on the Indonesia Stock Exchange fluctuate and are decreasing. The enterprise risk which is not well-managed can result in a decrease in competitive advantage and company performance. The shipping companies having no competitive advantage will have poor performance and lose in the competition with similar companies. This research uses Path Analysis with the analysis tool of Partial Least Square SmartPLS3 and its path coefficient significance test using a t-test. The total number of samples is 65 consisting of 13 companies with five years of observation taken using the purposive sampling technique. The result of this research states that shipping companies in Indonesia can increase their ...
Islamic Banking is an increasingly important part of the Indonesian economy and finance. The comp... more Islamic Banking is an increasingly important part of the Indonesian economy and finance. The competition between conventional and Islamic banks and customer demographic factors affect the performance of Islamic Banking. The purpose of this study was to analyze the potential and preferences of the community towards Islamic banking in terms of a demographic perspective consisting of four factors, namely age, income, education, and occupation. The potential and preferences of the community are proxied by the ownership of Islamic banking accounts. The study uses a sample of 620 questionnaires. The methodological approach is binary logistics regression or multinomial logistic linear regression using IBM SPSS statistics 25 software. The dependent variable (Y) is the probability of people who have an account in Islamic banking as a proxy to measure the potential and preference of Islamic banking. The independent variable (X) is several factors that affect account ownership in Islamic Banki...
Zenodo (CERN European Organization for Nuclear Research), Oct 8, 2022
gThe purpose of this research is to examine the factors that affect corporate sukuk rating. The f... more gThe purpose of this research is to examine the factors that affect corporate sukuk rating. The factors are liquidity, leverage, profitability and firm size. In 2020, Outstanding sukuk is rated by PT Pefindo and published by real sector companies to be population in this research. This research used purposive sampling method with 87 corporate sukuk samples. The analysis method of this research is ordinal logistic regression. The factor which isn't affect the sukuk rating are liquidity, leverage and profitability. In the other hand, firm size be the factor that affect negative significantly of sukuk ratings.
Cost and capital structure are needed to evaluate the feasibility of the investments made by a co... more Cost and capital structure are needed to evaluate the feasibility of the investments made by a company. This study aims to estimate and analyze the effect of the component of cost of capital (COC) and capital structure (CS) on firm value. Pulp & Paper companies listed on the Indonesia Stock Exchange (IDX) became the research sample for the 2013–2020 period. The research method applied is a moderation regression analysis approach. The empirical findings of the study prove that firm value is not influenced by the cost of debt (COD), while the cost of equity (COE) has a negative effect, and COC is positive. COC is a combination of the use of debt and equity, modeling by adding a CS variable as a moderating variable; this leads to the conclusion that COD and COE have a negative effect on firm value, whereas COC and CS have a positive effect. The finding of the role of CS as a moderating variable reveals that CS is a quasi-moderator variable and plays a role in increasing.
The principles of financial governance that can be used to guide the design of service organizati... more The principles of financial governance that can be used to guide the design of service organizations are accountability, efficiency, transparency, legitimacy, and inclusiveness (Lockwood, Davidson, Curtis, Stratford, & Griffith, 2010). Financial governance mechanisms are also important for institutions for business continuity (Gennaro & Nietlispach, 2021). This study aims to analyze the principles of financial governance of companies traveling for Hajj and Umrah services. The research uses a qualitative approach with a phenomenological method that describes and gives meaning to the data. Data were obtained through interviews with the president’s director, director of operations, and finance department. Based on the results of data analysis, it shows that the five principles of financial management that become one unit can be implemented in the form of 1) binding and saving independently, guaranteeing the commitment of both parties; 2) determining packages and costs to facilitate Haj...
During the recent COVID-19 pandemic, most countries are in a phase of slowing economic growth tha... more During the recent COVID-19 pandemic, most countries are in a phase of slowing economic growth that causes long-term financial distress and leads to bankruptcy. This paper describes the accuracy of financial distress prediction of the healthcare sub-sector companies using the Altman Modified Z-Score, Springate, and Zmijewski methods. The level of accuracy is determined based on the suitability of the calculation results of the three models with the company’s bankruptcy data published on the Indonesia Stock Exchange and strengthened by the analysis based on the calculation of the type error I and II. Based on the level of accuracy and error types I and II, the Springate is the most accurate method in analyzing the financial distress prediction of the healthcare sub-sector companies with an accuracy rate of 91.4275. Comparing financial performance before and after the COVID-19 pandemic, the mean difference test shows that there is no significant difference in financial performance befo...
Determining cash holding level is important to make operational companies activity can run proper... more Determining cash holding level is important to make operational companies activity can run properly. The availability of cash can affected to liquidity company level and reflection to their ability to fulfill the obligation. This study is primarily aimed at identifying significant factors that affect the level of cash holding of coal mining companies listed in the Indonesia Stock Exchange for the period 2010 to 2019. Purposive sampling technique used to select 9 coal mining companies that met the sample criteria. The test was conducted on a panel of random effect model. This study was able to prove that debt to assets ratio and net working capital had a positive effect on holding cash, while firm size, growth opportunity and coal price partially insignificant on the level of cash holding.
Earnings management practices revealed in companies are primarily determined by the role of manag... more Earnings management practices revealed in companies are primarily determined by the role of management in providing the best performance reports for shareholders. The purpose of this study was to analyze the effect of managerial ability, independent commissioners, audit committees, quality of external auditors, and the application of International Financial Reporting Standards (IFRS) on earnings management practices. The research data were retrieved from manufacturing sector companies listed on the Indonesia Stock Exchange from 2014 to 2018. These data are analyzed using a panel data regression model. The empirical findings of the study prove that managerial ability, quality of external auditors, and the application of IFRS have a positive effect on earnings management.In contrast, independent commissioners have a negative effect. The audit committee does not affect earnings management. This study also reveals that the variables of corporate governance mechanisms, which consist of i...
International journal of economics and financial issues, May 14, 2024
The COVID-19 pandemic has paralyzed the economy, affected human health, and claimed human lives i... more The COVID-19 pandemic has paralyzed the economy, affected human health, and claimed human lives in the world. This deadly virus is rapidly affecting every aspect of life in all countries. Almost every area of life, from economics to politics, society to culture, has been affected by the COVID-19 pandemic; of course, this impact cannot be separated from the Sharia stocks sub-sector in Indonesia. This study aims to analyze and test the effects of COVID-19 on the response of Islamic stocks. Moreover, to see the difference between the Jakarta Islamic Index (JII) sharia stocks and the Composite Stock Price Index (IHSG) in observations before COVID-19 and after COVID-19. This event study research aims to see the differences between the Jakarta Islamic Index (JII) sharia stocks and the Jakarta Composite Index (IHSG) in observations before COVID-19 and observations after COVID-19. The data used in this study is secondary data already available and obtained from the Indonesia Stock Exchange (IDX). The results of this study show a significant influence on stock prices before and after the announcement of COVID-19 in Indonesia on the Jakarta Islamic Index (JII). There is no significant effect on stock returns before and after the announcement of COVID-19 in Indonesia on the Jakarta Islamic Index (JII). There is no significant effect on abnormal returns before and after the announcement of COVID-19 in Indonesia on the Jakarta Islamic Index (JII). There was a significant influence on stock trading volume before and after the announcement of COVID-19 in Indonesia on the Jakarta Islamic Index (JII).
Jurnal Aplikasi Bisnis dan Manajemen, Jan 30, 2024
The research aims to identify the influence of the shipmaster leadership style and logistics mana... more The research aims to identify the influence of the shipmaster leadership style and logistics management on the operational performance of tanker ships, which is mediated by the performance of the Ship's Crew. The research used a sample of 30 tanker and ship crew members at the Indonesian national shipping company PT. Waruna Nusa Sentana. The data analysis method applies a path analysis model to test direct and indirect effects. The research results show that leadership style, logistics management, and crew performance partially influence Ship operational performance. Leadership style and logistics management are also proven to influence crew performance directly. The captain's leadership style and logistics management indirectly affect the Ship's operational performance through the performance of the Ship's Crew. Overall, the operating performance of tankers at the shipping company PT. Waruna Nusa Sentana is influenced by the captain's leadership style, ship logistics management, and crew performance, both directly and indirectly.
The value of net assets (NAV) per unit reflects the price of a mutual fund and also the yield of ... more The value of net assets (NAV) per unit reflects the price of a mutual fund and also the yield of the mutual fund, therefore, the objective of this study is to examine the impact of external and internal factors on NAV per unit of sharia equity mutual funds. These factors are inflation, exchange rate, Jakarta composite indec (JCI), stock selection skill and market timing ability on the net asset value of sharia equity mutual funds in Indonesia. The research period from 2017-2022 with data per semester, to see the overall influence of these factors before Covid-19 and during Covid-19. Data processing uses Eviews 12. The method used is the Random Effect Model (REM) with the analysis model using Generalized Least Square (GLS). The results of this research state that over all the inflation has no effect. The exchange rate has a significantly negative effect. The JCI has no effect, Stock selection skill has a significant positive effect. Market timing ability had a significant positive effect. Differences in results in a period are due to changes in economic conditions in Indonesia.
This research seeks to examine how the yields of Indonesian government bonds are influenced by va... more This research seeks to examine how the yields of Indonesian government bonds are influenced by various factors, including the BI interest rate, inflation, foreign exchange reserves, IHSG, and exchange rates. The investigation utilizes monthly time series data spanning from 2019 to 2022, focusing on the benchmark series of 10-year SUN. Data analysis is carried out using Eviews 13, and the GARCH-M (1,1) analytical method is employed. The research findings reveal that the BI interest rate has a notably positive and significant effect on bond yields. In contrast, inflation does not exhibit a significant impact on bond yields. Foreign exchange reserves are found to have a considerable negative impact on bond yields. IHSG, on the other hand, does not demonstrate a significant influence on bond yields. Lastly, exchange rates are identified as having a meaningful positive impact on bond yields.
Safety risk and operational efficiency in sustainable coal supply was an issue in the coal distri... more Safety risk and operational efficiency in sustainable coal supply was an issue in the coal distribution supply chain. An online survey evaluating safety hazards, operational effectiveness, logistic service providers, and sustainable supply chain management was completed by 89 consumers of coal logistic service providers. In contrast, this study aimed to evaluate the operational effectiveness and safety concerns of a sustainable coal supply chain managed by the logistic service providers on the Barito River. In addition to using path analysis, quantitative research methods were also applied to calculate and process the questionnaire data, producing a value that determined the weight of each vendor, criterion, and sub-criterion. It showed several positive and significant influences connected to the safety of sustainable supply chain management, the operational efficiency of logistic service providers, supply chain management, and security risks for the providers. Therefore, it was essential to unite the positive influences on the logistic flow to secure the coal supply chain activities on the Barito River. This research would have theoretical and practical applications, adding to the advancement of science through its applications. Such knowledge would affect the safety risk and operational efficiency of sustainable supply chain management through the logistic service providers on the Barito River, Central Kalimantan.
International Journal of Energy Economics and Policy, Sep 15, 2023
This research aims to analyze the effect of the exchange rates, interest rates, oil prices, coal ... more This research aims to analyze the effect of the exchange rates, interest rates, oil prices, coal prices, debt-to-equity ratio, return on asset, and firm size on the dependent variable stock returns in energy sector companies listed on the Indonesia Stock Exchange in 2017-2021. The analysis technique in this study was carried out using a panel data regression test with the Eviews10 program. The results of this study indicate that the variables coal price, debt-to-equity ratio, and firm size have no effect on stock returns, while oil prices and return on assets have a positive impact on stock returns. On the other hand, exchange rates and interest rates have a negative effect on stock returns.
Journal of Asian Finance, Economics and Business, 2021
The purpose of this study is to compare the level of risk and return of Islamic stocks in the Jak... more The purpose of this study is to compare the level of risk and return of Islamic stocks in the Jakarta Islamic Index (JII) with conventional stocks on the IDX30 in the period from January 2017 to July 2019. The Sharpe ratio method is used to calculate risk and stock returns. The performance of the stock portfolio is measured by comparing the risk premium portfolio with the portfolio risk that is expressed as a standard deviation of the total risk. This study uses secondary data collected by the Indonesia Stock Exchange (IDX), which provides the names of stock issuers included in the JII and IDX30 indices along with their montly closing price. The results of the descriptive analysis show that the JII Sharpe ratio index from January 2017 to July 2019 is from the minimum range of -0.28820 to a maximum range of 0.05622, while the IDX30 Sharpe ratio index from January 2017 to July 2019 is from the minimum range of -0.09290 to the maximum range of 0.17436. The results of inferential analysis using a different test show that there is a significant difference between the Sharpe ratio JII and IDX30 in measuring the performance of the stock portfolio.
This study identifies the factors that affect the Yield to Maturity of Banking Sector Bonds Liste... more This study identifies the factors that affect the Yield to Maturity of Banking Sector Bonds Listed on the Indonesia Stock Exchange for the 2015-2020 Period. The population in this study are banking sector companies listed on the Indonesia Stock Exchange for the 2015-2020 period. The sampling technique was purposive sampling which obtained as many as 11 companies consisting of 22 corporate bonds which were used as research objects. The dependent variable in this study is Yield to Maturity (YTM) while the dependent variable is Interest Rate (IRATE), Exchange Rate (KURS), Leverage (DER), Liquidity (CR) and Firm Size (SIZE). The research analysis method used is descriptive statistics and panel data regression Random Effect Model (REM) which is processed using E-VIEWS 12. The purpose of this study is to analyze the influencing factors and their implications for the yield to maturity of corporate bonds, based on their respective relationships. variable or simultaneously. The results sho...
Journal of Educational and Social Research, Mar 5, 2023
The emergence of digital society in industry 4.0 is one of the most visible changes in the XXI ce... more The emergence of digital society in industry 4.0 is one of the most visible changes in the XXI century. The creation of digitization has led to significant changes in accounting and financial management as features of an innovative University. This study aims to analyze the development of digital accounting and examine its impact on economic performance in higher education by using IBM SPSS Statistics 25 and the feasibility of the investment using the payback period approach. The development of digital accounting is based on a web 2.0-based ICT system using the Software Development Life Cycle (SDLC) method with the waterfall model and applying the latest financial accounting standards. Analysis of the impact of accounting digitization was carried out on 247 educational staff as a population and involved 152 respondents as samples selected using the Slovin formula. Data analysis consisted of descriptive statistics, correlation, and multiple regression analysis with an error rate of 5%. The findings showed a positive correlation between financial performance and accounting digitization. Accounting digitization significantly affected financial arrangement with a Pvalue of 0.000 is smaller than the alpha (α) of 0.05 or sig.T< 0.05, which means significant. The investment feasibility test using the payback period concludes that digital accounting is feasible to implement in higher education. The eligibility criteria based on the results of calculating the rate of return on investment is three years and two months, faster than the required payback period of four years.
WSEAS transactions on business and economics, Dec 14, 2022
The purpose of this study is to determine whether the real impact of interest rates and net expor... more The purpose of this study is to determine whether the real impact of interest rates and net exports through ASEAN-5's foreign exchange reserves was significant between 2009 and 2019. This study employs five ASEAN countries with the highest foreign exchange reserves: Indonesia, Malaysia, Singapore, Thailand, and the Philippines. During 2009-2019, the sample was determined using a saturated sampling technique with five countries. The data used is secondary data from the World Bank. In this study, hypothesis testing was performed using Panel Data Analysis with the Views 10 program and a significance level of 5%. (0.05). The findings indicate that interest rates and net exports have an impact on foreign exchange reserves. The findings also show that the two independent variables have an impact on foreign exchange reserves at the same time.
This research aims to know and analyze the contribution of enterprise risk management and busines... more This research aims to know and analyze the contribution of enterprise risk management and business strategy to the competitive advantage and company performance of shipping companies listed on the Indonesia Stock Exchange. The company performance and competitive advantage of shipping companies listed on the Indonesia Stock Exchange fluctuate and are decreasing. The enterprise risk which is not well-managed can result in a decrease in competitive advantage and company performance. The shipping companies having no competitive advantage will have poor performance and lose in the competition with similar companies. This research uses Path Analysis with the analysis tool of Partial Least Square SmartPLS3 and its path coefficient significance test using a t-test. The total number of samples is 65 consisting of 13 companies with five years of observation taken using the purposive sampling technique. The result of this research states that shipping companies in Indonesia can increase their ...
Islamic Banking is an increasingly important part of the Indonesian economy and finance. The comp... more Islamic Banking is an increasingly important part of the Indonesian economy and finance. The competition between conventional and Islamic banks and customer demographic factors affect the performance of Islamic Banking. The purpose of this study was to analyze the potential and preferences of the community towards Islamic banking in terms of a demographic perspective consisting of four factors, namely age, income, education, and occupation. The potential and preferences of the community are proxied by the ownership of Islamic banking accounts. The study uses a sample of 620 questionnaires. The methodological approach is binary logistics regression or multinomial logistic linear regression using IBM SPSS statistics 25 software. The dependent variable (Y) is the probability of people who have an account in Islamic banking as a proxy to measure the potential and preference of Islamic banking. The independent variable (X) is several factors that affect account ownership in Islamic Banki...
Zenodo (CERN European Organization for Nuclear Research), Oct 8, 2022
gThe purpose of this research is to examine the factors that affect corporate sukuk rating. The f... more gThe purpose of this research is to examine the factors that affect corporate sukuk rating. The factors are liquidity, leverage, profitability and firm size. In 2020, Outstanding sukuk is rated by PT Pefindo and published by real sector companies to be population in this research. This research used purposive sampling method with 87 corporate sukuk samples. The analysis method of this research is ordinal logistic regression. The factor which isn't affect the sukuk rating are liquidity, leverage and profitability. In the other hand, firm size be the factor that affect negative significantly of sukuk ratings.
Cost and capital structure are needed to evaluate the feasibility of the investments made by a co... more Cost and capital structure are needed to evaluate the feasibility of the investments made by a company. This study aims to estimate and analyze the effect of the component of cost of capital (COC) and capital structure (CS) on firm value. Pulp & Paper companies listed on the Indonesia Stock Exchange (IDX) became the research sample for the 2013–2020 period. The research method applied is a moderation regression analysis approach. The empirical findings of the study prove that firm value is not influenced by the cost of debt (COD), while the cost of equity (COE) has a negative effect, and COC is positive. COC is a combination of the use of debt and equity, modeling by adding a CS variable as a moderating variable; this leads to the conclusion that COD and COE have a negative effect on firm value, whereas COC and CS have a positive effect. The finding of the role of CS as a moderating variable reveals that CS is a quasi-moderator variable and plays a role in increasing.
The principles of financial governance that can be used to guide the design of service organizati... more The principles of financial governance that can be used to guide the design of service organizations are accountability, efficiency, transparency, legitimacy, and inclusiveness (Lockwood, Davidson, Curtis, Stratford, & Griffith, 2010). Financial governance mechanisms are also important for institutions for business continuity (Gennaro & Nietlispach, 2021). This study aims to analyze the principles of financial governance of companies traveling for Hajj and Umrah services. The research uses a qualitative approach with a phenomenological method that describes and gives meaning to the data. Data were obtained through interviews with the president’s director, director of operations, and finance department. Based on the results of data analysis, it shows that the five principles of financial management that become one unit can be implemented in the form of 1) binding and saving independently, guaranteeing the commitment of both parties; 2) determining packages and costs to facilitate Haj...
During the recent COVID-19 pandemic, most countries are in a phase of slowing economic growth tha... more During the recent COVID-19 pandemic, most countries are in a phase of slowing economic growth that causes long-term financial distress and leads to bankruptcy. This paper describes the accuracy of financial distress prediction of the healthcare sub-sector companies using the Altman Modified Z-Score, Springate, and Zmijewski methods. The level of accuracy is determined based on the suitability of the calculation results of the three models with the company’s bankruptcy data published on the Indonesia Stock Exchange and strengthened by the analysis based on the calculation of the type error I and II. Based on the level of accuracy and error types I and II, the Springate is the most accurate method in analyzing the financial distress prediction of the healthcare sub-sector companies with an accuracy rate of 91.4275. Comparing financial performance before and after the COVID-19 pandemic, the mean difference test shows that there is no significant difference in financial performance befo...
Determining cash holding level is important to make operational companies activity can run proper... more Determining cash holding level is important to make operational companies activity can run properly. The availability of cash can affected to liquidity company level and reflection to their ability to fulfill the obligation. This study is primarily aimed at identifying significant factors that affect the level of cash holding of coal mining companies listed in the Indonesia Stock Exchange for the period 2010 to 2019. Purposive sampling technique used to select 9 coal mining companies that met the sample criteria. The test was conducted on a panel of random effect model. This study was able to prove that debt to assets ratio and net working capital had a positive effect on holding cash, while firm size, growth opportunity and coal price partially insignificant on the level of cash holding.
Earnings management practices revealed in companies are primarily determined by the role of manag... more Earnings management practices revealed in companies are primarily determined by the role of management in providing the best performance reports for shareholders. The purpose of this study was to analyze the effect of managerial ability, independent commissioners, audit committees, quality of external auditors, and the application of International Financial Reporting Standards (IFRS) on earnings management practices. The research data were retrieved from manufacturing sector companies listed on the Indonesia Stock Exchange from 2014 to 2018. These data are analyzed using a panel data regression model. The empirical findings of the study prove that managerial ability, quality of external auditors, and the application of IFRS have a positive effect on earnings management.In contrast, independent commissioners have a negative effect. The audit committee does not affect earnings management. This study also reveals that the variables of corporate governance mechanisms, which consist of i...
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