Jurnal Ekonomi Modernisasi
Jurnal Ekonomi Modernisasi is a peer-reviewed journal that disseminates research in the fields of management and accounting. The journal publishes issues every February, June, and October. It covers a large variety of topics of management and accounting as a medium for practitioners, academics, independent researchers to publish articles that contribute to the development of science. The journal is published with fully open access. Jurnal Ekonomi Modernisasi was firstly published in printed version in 2005 (ISSN 0216-373X), but since 2016, the journal has been published online (ISSN 2502-4078). It is published by the Economics and Business Faculty, University of Kanjuruhan Malang, Indonesia. Jurnal Ekonomi Modernisasi promotes the ideas and information among researchers that have been achieved in the area of: financial management, marketing management, human resource management, behavior organizational, good governance, strategic management, entrepreneurship, management accounting, financial accounting, public sector accounting, Islamic accounting, auditing, taxation, business ethics.
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<![CDATA[Pengaruh Leverage, Capital Intensity, dan Corporate Social Responsibility terhadap agresivitas pajak ]]>
<![CDATA[Sebastian Soelistiono]]>;
<![CDATA[Priyo Hari Adi]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6260
<![CDATA[Tax aggressiveness is the company's effort to reduce the tax burden. The decrease in tax is due to differences in opinion between the company and the government. Corporate tax aggressiveness can be caused by leverage, capital intensity, and corporate social responsibility. This study aims to determine the effect of leverage, capital intensity, and corporate social responsibility on tax aggressiveness. The research was conducted on mining companies listed on the Indonesia Stock Exchange (IDX). There are 19 companies as the research sample with a total of 57 data. The analytical technique used in this research is multiple linear regression analysis. The results showed that leverage did not affect tax aggressiveness, due to the use of debt and commitment to creditors. Capital intensity has a significant effect on tax aggressiveness, because mining companies consider the costs and benefits of investing in fixed assets. Corporate social responsibility also has a significant effect on tax aggressiveness, because the goal is to improve the impact of activities accompanied by a reduction in the amount of mining company taxes. Related to further research, it can increase the research period to expand sample selection and use ISO 26000 as a proxy for corporate social responsibility.]]>
<![CDATA[Bagaimana konflik pekerjaan-keluarga dapat membahayakan kinerja? Integrasi Conservation of Resources Theory ]]>
<![CDATA[Ikhsan Maksum]]>;
<![CDATA[Nur Laili Fikriah]]>;
<![CDATA[Agus Iqbal Hawabi]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6343
<![CDATA[The development of research related to work-family conflict is overgrowing. However, there are still various gaps involving the mediating role to investigate the indirect effect of work-family conflict on performance. This study aims to examine the mediating role of psychological well-being in the pathway of the effect of work-family conflict on performance. The researcher involved 81 respondents, most of whom were college employees. The basic theory in this study uses the conservation of resources theory. The study results found that psychological well-being could fully mediate the indirect effect of work-family conflict on employee performance. Based on the Conservation of Resources Theory, that workers who already have families are more likely to engage with conflicts between work and family. Logically, workers who cannot manage resources, they will channel resources only on one goal, namely at their work. Thus, their family environment lacks attention and ultimately the conflict between work and family will occur in a worker who cannot manage their resources.]]>
<![CDATA[Kepemilikan ultimate perusahaan di Indonesia: Praktik Tunneling ]]>
<![CDATA[Fadli Fendi Malawat]]>;
<![CDATA[Condro Widodo]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6391
<![CDATA[The purpose of this study is to analyze the effect of separation control rights and cash flow rights on tunneling activities. control rights indicator is interpreted through a socioemotional perspective. Furthermore, the main focus of the research is to investigate the divergence between control rights and cash flow right by ultimate structure ownership on tunneling activities through the size of related party transactions (RPTs) from the agency theory. The regression analysis technique was used to test the hypothesis developed in the study, the population is manufacturing companies on the Indonesia Stock Exchange (IDX), with a sampling technique using a purposive sampling method. The results of the study prove a significant influence between control rights on tunneling activities, showing that the motivation for control rights is not socioemotional. Meanwhile, cash flow rights have a significant influence on tunneling activities. Furthermore, the results of the study provide empirical evidence that higher divergence can lead to greater tunneling activities. The theoretical contribution of this research is to visualize agency theory and socioemotional perspective. It is hoped that further research can examine company ownership in Indonesia from a socioemotional perspective.]]>
<![CDATA[Modeling the returns volatility of Indonesian stock indices: The case of SRI-KEHATI and LQ45 ]]>
<![CDATA[Regi Muzio Ponziani]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6411
<![CDATA[The purpose of this research is to model the volatility of Stock Indices in Indonesian capital market. This research focuses on two stock indices namely SRI-KEHATI and LQ45. SRI_KEHATI is a stock index that consists of companies whose operations are sustainable and environmentally friendly. This stock index is also known as “green index†due to its environment and sustainability concern. This is the novelty of this research that fills in the gap in the literature in which not much known regarding this green index. As the comparison, LQ45 stock index was modeled. The data used in this model were daily returns data of both index. The research period extended from 2 January 2019 to 1 November 2021. The research employed four models i.e. ARCH (1), ARCH (2), GARCH (1,1) and GJR-GARCH (1,1) for both indices returns. The ARCH and GARCH model were employed to capture the conditional variance of the indices return, while GJR-GARCH was specifically chosen to investigate whether there exists asymmetric effect in which return reacts more to bad news than good news. Akaike Information Criterion (AIC) and Schwarz Information Criterion (SIC) were chosen as the parameters for choosing the best models. Data analysis showed that GJR-GARCH was the best model for modeling the returns volatility of SRI-KEHATI and LQ45. This model was able to capture the essential property of asymmetric effect present in both models. The second best model was ARCH (2). Apparently, returns variance of Indonesian stock indices are affected more by lagged residuals. The limitation of this research lies in its research period that covered both pre-pandemic and post-pandemic period. Stock market behavior might be very different between these two periods. Future research may endeavor to investigate how the volatility of stock differs between pre-pandemic and post-pandemic period.]]>
<![CDATA[Stock return during Pandemic Covid 19: a comparison between Indonesia and Singapore stock market ]]>
<![CDATA[Romieo Romieo]]>;
<![CDATA[Hesniati Hesniati]]>;
<![CDATA[Robin Robin]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6436
<![CDATA[The purpose of this study is to provide an overview of the stock market conditions of IDX and SGX due to the influence of COVID 19. Through a regression analysis study method to see the condition of stock returns on companies in IDX and SGX. These two countries were taken as the focus of the study considering the closeness of business relationships and the highest number of COVID 19 cases in the Southeast Asia Region. The researcher concludes that the IDX is more sensitive to the increase confirmed case of COVID 19 and the SGX is more sensitive to the increase deaths cases of COVID 19. The conclusion of this study is that the threat of COVID 19 will have a different effect on investor behavior in each country, this could be due to the influence of differences between cultural values and characteristics. Like other studies, this study also has limitations that have not carried out a fixed effect on the two countries and recommendations to increase the number of samples from other ASEAN countries to make results that can be generalized in ASEAN.]]>
<![CDATA[Analisis fenomena Kurva J di Indonesia ]]>
<![CDATA[Lia Ika Lestari]]>;
<![CDATA[Birgitta Dian Saraswati]]>;
<![CDATA[Yustinus Wahyudi]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6438
<![CDATA[The free-floating exchange rate system in Indonesia has consequences for fluctuations in the Rupiah exchange rate. In accordance with the J-Curve theory, will the weakening of the Rupiah value have an impact on improving the trade balance in the long term or will it worsen the trade balance condition in the long term. This study will examine how the influence of the Rupiah exchange rate on the trade balance in both the short and long term and whether the J-Curve phenomenon occurs in Indonesia using the Vector Error Correction Model (VECM) analysis technique in the observation period 2015.1-2020.12. The results of this study prove that the J-Curve phenomenon occurs in the Indonesian economy. The findings show that the depreciation of the Rupiah in the short term will cause a trade balance deficit, but in the long term, the depreciation of the Rupiah will cause a trade balance surplus. The results of the variance decomposition show that the exchange rate has a major role in the formation of fluctuations in the trade balance. In addition, shocks that occur in the exchange rate will be responded to by movements in the trade balance position and permanent, namely for the next ten periods. The limitation of this research is that the identification of the existence of the J curve phenomenon is generally carried out on the entire trade balance. Further research is expected to identify the J curve phenomenon specifically in several trading partner countries of Indonesia.]]>
<![CDATA[Peran healthy lifestyle dan advertising intrusiveness terhadap repurchase intention mie instan Lemonilo ]]>
<![CDATA[Ida Nur Fitriana]]>;
<![CDATA[Mega Mirasaputri Cahyanti]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6451
<![CDATA[This study aims to determine the importance of healthy lifestyle and advertising intrusiveness on repurchase intention of Lemonilo Instant Noodles. This study uses a quantitative method with a sample of 50 members of the Ikatan Cinta Community. Data analysis using Regression Analysis, classical assumption test, t test. The results of this research analysis state that each variable, namely healthy lifestyle and advertising intrusiveness, has a significant influence on repurchase intention. For marketers, this research is useful for improving marketing strategies by maintaining public trust in healthy products and improving the delivery of intrusive advertising. Further researchers can replace or add independent variables such as brand image, consumer perception, product quality or other variables or add dependent variables for example, consumer satisfaction, consumer loyalty or other variables and increase the number of respondents, question items covering a wider area.]]>
<![CDATA[Komitmen pimpinan sebagai moderasi pengaruh good school governance terhadap kinerja sekolah ]]>
<![CDATA[Iin Indah Novitasari]]>;
<![CDATA[Rosidi Rosidi]]>;
<![CDATA[Umi Muawanah]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6535
<![CDATA[This study aims to analyze the effect of Good School Governance on school performance, analyze the effect of leadership commitment on school performance and the moderating role of leadership commitment on the effect of good school governance on school performance. The research approach uses quantitative methods, the research sample of the principals of Kindergarten institutions in Turen District, Malang Regency as many as 46 respondents. The analytical method used is Moderated Regression Analysis (MRA). The research findings indicate that Good School Governance has a significant influence on school performance, leadership commitment has a significant influence on school performance, the interaction of leadership commitment and Good School Governance has a significant influence on school performance. In terms of managerial implications, the practice of Good School Governance is positively related to school performance and leadership commitment as a moderating variable in an effort to improve school performance and quality. In particular, the commitment of the leadership as a manager, as a leader and the right decision maker to achieve a goal that must be developed and improved.]]>
<![CDATA[Stewardship Theory di antara hubungan corporate risk, kompensasi eksekutif, karakteristik eksekutif, dan kepemilikan saham pemerintah terhadap tax avoidance ]]>
<![CDATA[Rahmad Efendi]]>;
<![CDATA[Umi Muawanah]]>;
<![CDATA[Kohar Adi Setia]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6575
<![CDATA[This research expected to understand the effect of corporate risk as measured by the standard deviation of EBITDA divided by total assets, executive compensation, executive characteristics as proxied by age and executive education and government share ownership on tax avoidance (ETR). The research sample of state-owned enterprises found on the official website bumn.go.id, was selected using the purposive sampling method, and 31 state-owned enterprises were obtained as observation data that met the sample criteria. The analysis to examine the effect of each independent variable on the dependent uses Multiple Regression. The results of the study state that corporate risk has a significant influence on tax avoidance, however, the results of this research are different when the researcher tries to exclude state-owned companies that are subject to final income tax from the research sample. From the results of this study, it was found that corporate risk has no effect on tax avoidance. executive compensation, executive characteristics of government share ownership have no effect on tax avoidance. Further research can use financial ratios, company age or other proxies that may affect tax avoidance. In addition, future researchers are expected to use private companies as a comparison of tax avoidance practices.]]>
<![CDATA[Penilaian returns investasi saham dengan Augmented Three Factor model pada kondisi political uncertainty di Indonesia ]]>
<![CDATA[Rika Rahayu]]>;
<![CDATA[Mar'atus Zahro]]>
<![CDATA[ Jurnal Ekonomi Modernisasi Vol. 18 No. 1 (2022): Februari ]]>
Publisher : <![CDATA[Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang ]]>
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DOI: 10.21067/jem.v18i1.6601
<![CDATA[This study aims to analyze the market factor portfolio beta, small minus big portfolio beta, high minus low portfolio beta, market volatility beta portfolio effect on investment returns with the Fama and French augmented three factor model in the manufacturing industry under conditions of political uncertainty. This research is a quantitative research with the hypothesis that there is an effect of market factor portfolio beta, small minus big portfolio beta, high minus low beta portfolio, market volatility beta portfolio on investment returns with the Fama and French augmented three factor model in the manufacturing industry under political conditions uncertainty. The variables used in this study include the dependent variable, namely investment returns and the independent variables include market factor portfolio beta, small minus big beta portfolio, high minus low portfolio beta, market volatility portfolio beta. The measurement results with small minus big and market volatility have an effect on stock returns, while high minus low and market factors have no effect on investment returns. This study only focuses on the assessment of investment returns with the augmented three factor model of the Fama and French models, so for future researchers it would be better if they could use another model as a comparison.]]>
