Progress: Jurnal Pendidikan, Akuntansi dan Keuangan
Financial distress is a condition where a company is having difficulties to pay its liabilities. ... more Financial distress is a condition where a company is having difficulties to pay its liabilities. Retail companies are companies that are exposed to financial distress on 2013-2019 period shown by low or negative net income growth. The purpose of this research is to analyze financial ratios, such as profitability ratio, consists of net profit margin and gross profit margin, liquidity ratio, leverage ratio which consists of long term debt to equity ratio, and activity ratio which consists of inventory turnover, to dependent variable financial distress, with Altman Z-Score method. The results of this research shows that profitability ratio that consists of net profit margin and gross profit margin, liquidity ratio, is significant to financial distress. Leverage ratio and inventory turnover doesn’t have significant effect to financial distress.
International Journal of Economics, Business and Accounting Research (IJEBAR)
The COVID-19 outbreak has severely affected equity markets and most stock index around the world.... more The COVID-19 outbreak has severely affected equity markets and most stock index around the world. Indonesia is no exception, the social restriction policy (PSBB) imposed by the government caused the IHSG to be corrected negatively. One of the sectors that was severely affected at the beginning of the pandemic was the property sector. This study aims to see the reaction of property sector stocks due to the Covid-19 incident and abnormal returns that occurred during the early days of the Covid-19 pandemic. The research sample is 51 property sector companies listed on the IDX. By using multivariate regression, it was found that the announcement of the first time an Indonesian citizen had contracted Covid-19 was still responded positively by stock returns in the property sector. Meanwhile, the announcement of the restriction policy (PSBB) for the first time in Jakarta encountered a negative response by stock returns in the property sector. The abnormal return model shows that company si...
The relationship between behavioural characteristics (both rational and irrational measures) and ... more The relationship between behavioural characteristics (both rational and irrational measures) and capital structure determinants has been empirically validated. This study examines the influence of the behavioural traits of overconfidence and optimism on capital structure determinations by IDX-listed public Indonesian firms’ (Tbks) management. This is statistically tested via a comprehensive hypothesis modelling construct that includes empirically validated capital structure determinants (market timing, profitability, tangibility, size and their impacts on stock price). Panel regression PLS and path analysis were performed on stock price data and financial metrics extracted from the 2013–2020 financial statements of 55 Tbks from the LQ-45 and Kompas-100 stock indices. This study found that Optimism, Market Timing and Adjusted Debt on Market Timing are not determinants of capital structure for Tbks, while Overconfidence and the control variables Firm Profitability, Firm’s Asset Tangib...
J-MKLI (Jurnal Manajemen dan Kearifan Lokal Indonesia)
This study aimed to explain the issues of entrepreneurship and financial competence that exist in... more This study aimed to explain the issues of entrepreneurship and financial competence that exist in Beautypreneurs. This research chooses the qualitative approach using a phenomenological study, which involves in-depth interviews with six Beautypreneurs who are active in building businesses and developing their financial competencies. This phenomenological study is developed based on four main categories, namely are 1. Socio-economic problems, 2. work-life balance, 3. financial knowledge, 4. self-improvement. This study suggests that, firstly, Beautypreneurs have a discursive learning pattern when developing their financial competencies. The second thing, this study found that the personal resilience they try to build based on the cognitive deepening process obtained from the crisis, so these Beautypereneurs needed high mentoring by the mentor who understood the Financial knowledge. Third, they see investation as the best way to develop their financial literacy
The purpose of this study is to analyze the relationship between Transformational Leadership, Sel... more The purpose of this study is to analyze the relationship between Transformational Leadership, Self Efficacy and Professional Competence on Knowledge Sharing and Lecture Performance. In this study using quantitative methods and data analysis techniques Structural Equation Modeling (SEM) using SmartPLS 3.0 software. In this study using quantitative methods and data analysis techniques Structural Equation Modeling Equation Modeling using SmartPLS 3.0 software. The sample selection method used non-probability sampling methods. Respondents in this study were private university lecturers in the city of Tangerang. Data collection in this study was conducted using an online questionnaire. Online questionnaires were sent to the respondents as many as 230 questionnaires, the next step is to evaluate the returned questionnaires, namely the questionnaires that returned 220 and did not return totaling 10 questionnaires. Based on the results of data analysis, it is concluded that Transformational...
This study aims to examine the effect of investor sentimen and macroeconomic fundamentals on exce... more This study aims to examine the effect of investor sentimen and macroeconomic fundamentals on excess returns which are useful for decision making in optimizing portfolios. This study used the aggregate market with the aim of knowing the entire stock market in Indonesia, and used daily data during 2020 with a total of 242 data according to the number of trading days in 2020. This study used trading volume, advance-decline ratio, market turnover, share turnover for sentiment investor indicators. SBI Interest Rate, SP500 Index, and exchange rate were used as indicators of macroeconomic fundamentals. The sentiment investor proxies are analyzed using Principal Component Analysis (PCA). Through GARCH analysis, it is found that investor sentimen has a positive effect on excess return. Based on the Granger Causal test, the study found that excess return granger cause investor sentiment, but not vice versa. Regarding macroeconomic factors, it can be concluded that macroeconomic variables, nam...
This study focuses specifically on the effect of Entrepreneurial Values and Entrepreneurial Orien... more This study focuses specifically on the effect of Entrepreneurial Values and Entrepreneurial Orientation on Financial Performance of Indonesian state-owned enterprise and also incorporates Environmental Dynamism (ED) and Resource Availability (RA) as moderating variables which will influence the effect of (i) Entrepreneurial Orientation (EO) on Financial Performance (FP), (ii) Entrepreneurial Values (EV) on Financial Performance (FP), and (iii) Entrepreneurial Values (EV) on Entrepreneurial Orientation (EO). In addition, this study also provides a better understanding about the effect of Financial Performance on Intention to Sustainable Development (ITS) as well as Financial Performance on Intention to Collaboration (ITC) in Indonesian state-owned enterprises. The method of analysis used in this study is PLS-SEM methodology with purposive sampling method. The unit of analysis is all the state-owned enterprises listed which consists of 81 out of 106 state-owned enterprises, while the ...
This study analyzes the factors responsible for the lower net interest rate at commercial banks l... more This study analyzes the factors responsible for the lower net interest rate at commercial banks located in Indonesia, Thailand and the Philippines. Data were collected from 35, 10 and 13 commercial banks in Indonesia, Thailand, and the Philippines, respectively, from 2012 to 2020 using the Fixed effect model. The Simultaneous Equation Model was used to analyze the macroeconomic factors and banks’ specific characteristics towards Loan and Time Deposit rates. The result showed that macroeconomic factors, such as the inflation rate, significantly affect loan and time deposit rates in these countries. In Indonesia, bank competition should be reduced and banks’ stability should be higher to minimize Net Interest Margin Spread (difference between Loan Rate and Deposit Rate). In the Philippines, banks should increase their capital and liquidity. So, they will be more confident and prudent in lowering their NIM. Thailand’s banking industry has unique characteristics with high monopoly power...
The purpose of this study is to compare the impact of capital structure on commercial banks' ... more The purpose of this study is to compare the impact of capital structure on commercial banks' performance in Indonesia and China. The study chose 13 commercial banks from Indonesia and 12 banks from China for the period of 5 years, from 2015 to 2019. The study deployed a data panel regression analysis to analyze the secondary data that was obtained from the financial statements of these commercial banks. In this study, ROA and ROE are the measures used for Bank Performance. Four dependent variables: loan to deposit ratio, debt to asset ratio, capital adequacy and asset size are the independent variables. The results showed that LTD, AS and DTA have positive significant influences on ROA, while DTA and CAR have positive significant relationship on ROE in the study of Indonesian banks. Only AS have negative significant impact on both ROA and ROE, DTA and CAR have positive significant impact on ROA, while LTD has significant relationship on ROE in the study of commercial banks in Ch...
This article reports on a study that attempts to fill the gap of research focusing on school perf... more This article reports on a study that attempts to fill the gap of research focusing on school performance measurements, especially those which involve curriculum types. It established the factors that measured school performance using Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA) and analyzed any differences in the performance of schools adopting national curriculum and those adopting mixed curriculum in Greater Jakarta. From 29 items, eight invalid items were dropped, and the EFA identified eight factors, which were categorized into social-emotional learning, school participation, relationship, physical-mental health, physical safety, emotional safety, academic growth, and discipline. Then, the scale was validated using data collected from 684 secondary students using CFA. Chi-square goodness-of-fit test was not statistically significant. However, other indices such as Incremental Fit Index, Comparative Fit Index, Tucker-Lewis Index, Root Mean Squared Erro...
Manajemen organisasi dengan learning organization telah terbukti berhasil meningkatkan kapasitas ... more Manajemen organisasi dengan learning organization telah terbukti berhasil meningkatkan kapasitas dan perubahan sistem, namun belum begitu banyak penelitian yang memfokuskan diri tentang implementasi learning organization pada organisasi yang baru terbentuk dan membentuk manajemen organisasinya. Penelitian tentang Yayasan dan Sekolah Sukma Bangsa di Aceh ini memfokuskan diri pada hal tersebut. Penelitian konsern dengan 3 hal yaitu learning organization, knowledge creation dan dynamic capability pada sekolah Sukma yang didirikan di Aceh dengan latar belakang konflik dan bencana alam yang terjadi sejak 2000-2004. Penelitian ini menyimpulkan bahwa learning organization (LO) tidak dapat berdiri sendiri. Keberadaannya yang sering terhubung sebagai referensi bagi subyek penelitian ini (baik informan kunci, narasumber dan partisipan aktif) menempatkannya dalam tataran strategis dalam manajemen organisasi. Konsep LO di Yayasan Sukma yang sering ditemukan dalam penelitian adalah sub konsep pe...
Covid-19 pandemic accelerated the digital transformation that affected people, including universi... more Covid-19 pandemic accelerated the digital transformation that affected people, including university student. The research intention is to know the contribution of digital literacy and digital entrepreneurship to digital economy among university student. The study used PLS-SEM and the data was collected through online questionnaire. The questionnaire was distributed among university students in Jakarta in which 103 respond and filled it. The result of the research that digital literacy influenced both digital entrepreneurship and digital economy, digital entrepreneurship influenced digital economy.
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 2022
LQ45 Index stocks are liquid stocks with high market capitalization, have a high trading frequenc... more LQ45 Index stocks are liquid stocks with high market capitalization, have a high trading frequency, growth prospects, and fairly good financial conditions, are not volatile and have been objectively selected by the IDX. This research aims to determine the abnormal return of LQ45 Stock Index to the covid-19 pandemic. This research uses even study method with population consisted entirely of daily data from the ten most populous cities in the United States. The result of this study shows that there are significant differences in abnormal returns before and after the announcement of the Covid-19 pandemic by WHO. The announcement of this pandemic is responded to as a negative signal by investors so that information regarding the announcement of the Covid-19 pandemic by the WHO is responded to early and at the time of launching the information no longer had any effect because the prices had moved towards equilibrium. The future research that extend the research time period and include ot...
This paper highlights the significant aspects of the project finance theme in terms of the prospe... more This paper highlights the significant aspects of the project finance theme in terms of the prospective return of the infrastructure project, the risk mitigation feature of project finance in addressing various risks, and future stability requirements in achieving the future country growth target through infrastructure investment. This paper attempts to investigate the determinants of the total interest rate charged on project finance. We found that the critical risk factor does not affect the interest rate, because the critical risk factor with the proxy of political stability and government effectiveness does not affect the interest of project financing loans due to the characteristics of ASEAN-4 countries.
Deny Rahardjoa, Sugiartob, Gracia Shinta S. Ugutc, Edison Hulud, aDoctoral Program, Universitas P... more Deny Rahardjoa, Sugiartob, Gracia Shinta S. Ugutc, Edison Hulud, aDoctoral Program, Universitas Pelita Harapan, Indonesia, bFaculty member of Universitas Prasetiya Mulya, Indonesia, cDean of Business School, Universitas Pelita Harapan, Indonesia, dLecturer, Graduate School, Universitas Pelita Harapan, Indonesia. Email: aDR70020@student.uph.edu, bProf.sugiarto@gmail.com, cgracia.ugut@uph.edu, dedison.hulu@lecturer.uph.edu
Progress: Jurnal Pendidikan, Akuntansi dan Keuangan
Financial distress is a condition where a company is having difficulties to pay its liabilities. ... more Financial distress is a condition where a company is having difficulties to pay its liabilities. Retail companies are companies that are exposed to financial distress on 2013-2019 period shown by low or negative net income growth. The purpose of this research is to analyze financial ratios, such as profitability ratio, consists of net profit margin and gross profit margin, liquidity ratio, leverage ratio which consists of long term debt to equity ratio, and activity ratio which consists of inventory turnover, to dependent variable financial distress, with Altman Z-Score method. The results of this research shows that profitability ratio that consists of net profit margin and gross profit margin, liquidity ratio, is significant to financial distress. Leverage ratio and inventory turnover doesn’t have significant effect to financial distress.
International Journal of Economics, Business and Accounting Research (IJEBAR)
The COVID-19 outbreak has severely affected equity markets and most stock index around the world.... more The COVID-19 outbreak has severely affected equity markets and most stock index around the world. Indonesia is no exception, the social restriction policy (PSBB) imposed by the government caused the IHSG to be corrected negatively. One of the sectors that was severely affected at the beginning of the pandemic was the property sector. This study aims to see the reaction of property sector stocks due to the Covid-19 incident and abnormal returns that occurred during the early days of the Covid-19 pandemic. The research sample is 51 property sector companies listed on the IDX. By using multivariate regression, it was found that the announcement of the first time an Indonesian citizen had contracted Covid-19 was still responded positively by stock returns in the property sector. Meanwhile, the announcement of the restriction policy (PSBB) for the first time in Jakarta encountered a negative response by stock returns in the property sector. The abnormal return model shows that company si...
The relationship between behavioural characteristics (both rational and irrational measures) and ... more The relationship between behavioural characteristics (both rational and irrational measures) and capital structure determinants has been empirically validated. This study examines the influence of the behavioural traits of overconfidence and optimism on capital structure determinations by IDX-listed public Indonesian firms’ (Tbks) management. This is statistically tested via a comprehensive hypothesis modelling construct that includes empirically validated capital structure determinants (market timing, profitability, tangibility, size and their impacts on stock price). Panel regression PLS and path analysis were performed on stock price data and financial metrics extracted from the 2013–2020 financial statements of 55 Tbks from the LQ-45 and Kompas-100 stock indices. This study found that Optimism, Market Timing and Adjusted Debt on Market Timing are not determinants of capital structure for Tbks, while Overconfidence and the control variables Firm Profitability, Firm’s Asset Tangib...
J-MKLI (Jurnal Manajemen dan Kearifan Lokal Indonesia)
This study aimed to explain the issues of entrepreneurship and financial competence that exist in... more This study aimed to explain the issues of entrepreneurship and financial competence that exist in Beautypreneurs. This research chooses the qualitative approach using a phenomenological study, which involves in-depth interviews with six Beautypreneurs who are active in building businesses and developing their financial competencies. This phenomenological study is developed based on four main categories, namely are 1. Socio-economic problems, 2. work-life balance, 3. financial knowledge, 4. self-improvement. This study suggests that, firstly, Beautypreneurs have a discursive learning pattern when developing their financial competencies. The second thing, this study found that the personal resilience they try to build based on the cognitive deepening process obtained from the crisis, so these Beautypereneurs needed high mentoring by the mentor who understood the Financial knowledge. Third, they see investation as the best way to develop their financial literacy
The purpose of this study is to analyze the relationship between Transformational Leadership, Sel... more The purpose of this study is to analyze the relationship between Transformational Leadership, Self Efficacy and Professional Competence on Knowledge Sharing and Lecture Performance. In this study using quantitative methods and data analysis techniques Structural Equation Modeling (SEM) using SmartPLS 3.0 software. In this study using quantitative methods and data analysis techniques Structural Equation Modeling Equation Modeling using SmartPLS 3.0 software. The sample selection method used non-probability sampling methods. Respondents in this study were private university lecturers in the city of Tangerang. Data collection in this study was conducted using an online questionnaire. Online questionnaires were sent to the respondents as many as 230 questionnaires, the next step is to evaluate the returned questionnaires, namely the questionnaires that returned 220 and did not return totaling 10 questionnaires. Based on the results of data analysis, it is concluded that Transformational...
This study aims to examine the effect of investor sentimen and macroeconomic fundamentals on exce... more This study aims to examine the effect of investor sentimen and macroeconomic fundamentals on excess returns which are useful for decision making in optimizing portfolios. This study used the aggregate market with the aim of knowing the entire stock market in Indonesia, and used daily data during 2020 with a total of 242 data according to the number of trading days in 2020. This study used trading volume, advance-decline ratio, market turnover, share turnover for sentiment investor indicators. SBI Interest Rate, SP500 Index, and exchange rate were used as indicators of macroeconomic fundamentals. The sentiment investor proxies are analyzed using Principal Component Analysis (PCA). Through GARCH analysis, it is found that investor sentimen has a positive effect on excess return. Based on the Granger Causal test, the study found that excess return granger cause investor sentiment, but not vice versa. Regarding macroeconomic factors, it can be concluded that macroeconomic variables, nam...
This study focuses specifically on the effect of Entrepreneurial Values and Entrepreneurial Orien... more This study focuses specifically on the effect of Entrepreneurial Values and Entrepreneurial Orientation on Financial Performance of Indonesian state-owned enterprise and also incorporates Environmental Dynamism (ED) and Resource Availability (RA) as moderating variables which will influence the effect of (i) Entrepreneurial Orientation (EO) on Financial Performance (FP), (ii) Entrepreneurial Values (EV) on Financial Performance (FP), and (iii) Entrepreneurial Values (EV) on Entrepreneurial Orientation (EO). In addition, this study also provides a better understanding about the effect of Financial Performance on Intention to Sustainable Development (ITS) as well as Financial Performance on Intention to Collaboration (ITC) in Indonesian state-owned enterprises. The method of analysis used in this study is PLS-SEM methodology with purposive sampling method. The unit of analysis is all the state-owned enterprises listed which consists of 81 out of 106 state-owned enterprises, while the ...
This study analyzes the factors responsible for the lower net interest rate at commercial banks l... more This study analyzes the factors responsible for the lower net interest rate at commercial banks located in Indonesia, Thailand and the Philippines. Data were collected from 35, 10 and 13 commercial banks in Indonesia, Thailand, and the Philippines, respectively, from 2012 to 2020 using the Fixed effect model. The Simultaneous Equation Model was used to analyze the macroeconomic factors and banks’ specific characteristics towards Loan and Time Deposit rates. The result showed that macroeconomic factors, such as the inflation rate, significantly affect loan and time deposit rates in these countries. In Indonesia, bank competition should be reduced and banks’ stability should be higher to minimize Net Interest Margin Spread (difference between Loan Rate and Deposit Rate). In the Philippines, banks should increase their capital and liquidity. So, they will be more confident and prudent in lowering their NIM. Thailand’s banking industry has unique characteristics with high monopoly power...
The purpose of this study is to compare the impact of capital structure on commercial banks' ... more The purpose of this study is to compare the impact of capital structure on commercial banks' performance in Indonesia and China. The study chose 13 commercial banks from Indonesia and 12 banks from China for the period of 5 years, from 2015 to 2019. The study deployed a data panel regression analysis to analyze the secondary data that was obtained from the financial statements of these commercial banks. In this study, ROA and ROE are the measures used for Bank Performance. Four dependent variables: loan to deposit ratio, debt to asset ratio, capital adequacy and asset size are the independent variables. The results showed that LTD, AS and DTA have positive significant influences on ROA, while DTA and CAR have positive significant relationship on ROE in the study of Indonesian banks. Only AS have negative significant impact on both ROA and ROE, DTA and CAR have positive significant impact on ROA, while LTD has significant relationship on ROE in the study of commercial banks in Ch...
This article reports on a study that attempts to fill the gap of research focusing on school perf... more This article reports on a study that attempts to fill the gap of research focusing on school performance measurements, especially those which involve curriculum types. It established the factors that measured school performance using Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA) and analyzed any differences in the performance of schools adopting national curriculum and those adopting mixed curriculum in Greater Jakarta. From 29 items, eight invalid items were dropped, and the EFA identified eight factors, which were categorized into social-emotional learning, school participation, relationship, physical-mental health, physical safety, emotional safety, academic growth, and discipline. Then, the scale was validated using data collected from 684 secondary students using CFA. Chi-square goodness-of-fit test was not statistically significant. However, other indices such as Incremental Fit Index, Comparative Fit Index, Tucker-Lewis Index, Root Mean Squared Erro...
Manajemen organisasi dengan learning organization telah terbukti berhasil meningkatkan kapasitas ... more Manajemen organisasi dengan learning organization telah terbukti berhasil meningkatkan kapasitas dan perubahan sistem, namun belum begitu banyak penelitian yang memfokuskan diri tentang implementasi learning organization pada organisasi yang baru terbentuk dan membentuk manajemen organisasinya. Penelitian tentang Yayasan dan Sekolah Sukma Bangsa di Aceh ini memfokuskan diri pada hal tersebut. Penelitian konsern dengan 3 hal yaitu learning organization, knowledge creation dan dynamic capability pada sekolah Sukma yang didirikan di Aceh dengan latar belakang konflik dan bencana alam yang terjadi sejak 2000-2004. Penelitian ini menyimpulkan bahwa learning organization (LO) tidak dapat berdiri sendiri. Keberadaannya yang sering terhubung sebagai referensi bagi subyek penelitian ini (baik informan kunci, narasumber dan partisipan aktif) menempatkannya dalam tataran strategis dalam manajemen organisasi. Konsep LO di Yayasan Sukma yang sering ditemukan dalam penelitian adalah sub konsep pe...
Covid-19 pandemic accelerated the digital transformation that affected people, including universi... more Covid-19 pandemic accelerated the digital transformation that affected people, including university student. The research intention is to know the contribution of digital literacy and digital entrepreneurship to digital economy among university student. The study used PLS-SEM and the data was collected through online questionnaire. The questionnaire was distributed among university students in Jakarta in which 103 respond and filled it. The result of the research that digital literacy influenced both digital entrepreneurship and digital economy, digital entrepreneurship influenced digital economy.
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 2022
LQ45 Index stocks are liquid stocks with high market capitalization, have a high trading frequenc... more LQ45 Index stocks are liquid stocks with high market capitalization, have a high trading frequency, growth prospects, and fairly good financial conditions, are not volatile and have been objectively selected by the IDX. This research aims to determine the abnormal return of LQ45 Stock Index to the covid-19 pandemic. This research uses even study method with population consisted entirely of daily data from the ten most populous cities in the United States. The result of this study shows that there are significant differences in abnormal returns before and after the announcement of the Covid-19 pandemic by WHO. The announcement of this pandemic is responded to as a negative signal by investors so that information regarding the announcement of the Covid-19 pandemic by the WHO is responded to early and at the time of launching the information no longer had any effect because the prices had moved towards equilibrium. The future research that extend the research time period and include ot...
This paper highlights the significant aspects of the project finance theme in terms of the prospe... more This paper highlights the significant aspects of the project finance theme in terms of the prospective return of the infrastructure project, the risk mitigation feature of project finance in addressing various risks, and future stability requirements in achieving the future country growth target through infrastructure investment. This paper attempts to investigate the determinants of the total interest rate charged on project finance. We found that the critical risk factor does not affect the interest rate, because the critical risk factor with the proxy of political stability and government effectiveness does not affect the interest of project financing loans due to the characteristics of ASEAN-4 countries.
Deny Rahardjoa, Sugiartob, Gracia Shinta S. Ugutc, Edison Hulud, aDoctoral Program, Universitas P... more Deny Rahardjoa, Sugiartob, Gracia Shinta S. Ugutc, Edison Hulud, aDoctoral Program, Universitas Pelita Harapan, Indonesia, bFaculty member of Universitas Prasetiya Mulya, Indonesia, cDean of Business School, Universitas Pelita Harapan, Indonesia, dLecturer, Graduate School, Universitas Pelita Harapan, Indonesia. Email: aDR70020@student.uph.edu, bProf.sugiarto@gmail.com, cgracia.ugut@uph.edu, dedison.hulu@lecturer.uph.edu
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