The profitability of Indonesian infrastructure companies amid COVID-19: Quantile regression for stability testing
DOI:
https://doi.org/10.18196/jesp.v26i1.24971Keywords:
Crisis, COVID-19 Pandemic, Profitability, Indonesian Infrastructure Companies, Quantile RegressionAbstract
: The COVID-19 pandemic has significantly impacted the global economy, including Indonesia, adversely affecting financial performance, particularly profitability, in sectors such as infrastructure, which are highly sensitive to macroeconomic conditions. This study aims to examine the profitability of Indonesian infrastructure companies during the COVID-19 crisis period. Using annual GDP growth (GDPG) as a proxy for macroeconomic conditions and return on assets (ROA) as a measure of profitability, the study incorporates control variables in an empirical model. A sample of 41 companies was selected through purposive sampling, and Quantile Regression was employed to test stability across various quantile distributions of the endogenous variable. The findings reveal that infrastructure companies experienced a decline in profitability during the crisis years of 2020 and 2021 compared to the pre-crisis period, with profitability improving in 2022 as GDP growth rebounded. Robustness checks confirm consistent results across quantiles 0.1 to 0.7, indicating stability in low (τ = 0.1–0.3) and medium (τ = 0.4–0.6) profitability levels. However, the relationship was unstable at higher quantiles (τ = 0.7–0.9), with significant effects observed only at τ = 0.7. These empirical findings suggest managerial implications for corporate executives and financial decision-makers within Indonesian infrastructure companies, emphasizing the need for operational strategy adaptations, including cash flow efficiency, revenue diversification, and risk mitigation, to navigate macroeconomic dynamics and capitalize on economic recovery opportunities.
References
Agrawal, D. R., & Bütikofer, A. (2022). Public finance in the era of the COVID-19 crisis. International Tax and Public Finance, 29(6), 1349–1372. https://doi.org/10.1007/s10797-022-09769-3
Agyekum-Mensah, G., & Knight, A. D. (2017). The professionals’ perspective on the causes of project delay in the construction industry. Engineering, Construction and Architectural Management, 24(5), 828–841. https://doi.org/10.1108/ECAM-03-2016-0085
Ahmad, M., Bashir, R., & Waqas, H. (2022). Working capital management and firm performance: are their effects same in covid 19 compared to financial crisis 2008? Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2101224
Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442–458. https://doi.org/10.1108/JES-05-2017-0124
Alarussi, A. S., & Gao, X. (2021). Determinants of profitability in Chinese companies. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-04-2021-0539
Alessi, L., Benczur, P., Campolongo, F., Cariboni, J., Manca, A. R., Menyhert, B., & Pagano, A. (2020). The Resilience of EU Member States to the Financial and Economic Crisis. Social Indicators Research, 148(2), 569–598. https://doi.org/10.1007/s11205-019-02200-1
Alexander, A., & Minnema, J. (2018). The relationship between leverage and profitability: A quantitative study of consulting firms in Sweden. Sweden Umea School of Business, Economics and Statistics.
Ali, Q., Maamor, S., Yaacob, H., & Gill, M. U. T. (2018). Impact of Macroeconomic Variables on Islamic Banks Profitability. International Journal of Business Ethics and Governance, 1(2). https://doi.org/10.51325/ijbeg.v1i2.14
Alter, A., & Elekdag, S. (2020). Emerging market corporate leverage and global financial conditions. Journal of Corporate Finance, 62(February), 101590. https://doi.org/10.1016/j.jcorpfin.2020.101590
Anafia, N. D., & Ulpah, M. (2021). Covid-19 Outbreak Impact on Sectoral Firm Performance Listed in Indonesia Stock Exchange in Various Sectors. Iqtishaduna Jurnal Ekonomi Dan Keuangan Islam, 12(2), 286–293. https://doi.org/10.20414/iqtishaduna.v12i2.4469
Arner, D. W., Avgouleas, E., & Gibson, E. C. (2022). COVID‑19, Macroeconomic and Sustainability Shocks, Moral Hazard and Resolution of Systemic Banking Crises: Designing Appropriate Systems of Public Support. In European Business Organization Law Review (Vol. 23, Issue 4). Springer International Publishing. https://doi.org/10.1007/s40804-022-00255-1
Atmaja, R., & Usman, B. (2023). The Factors Affecting Profitability of Manufacturing Company lister on the Indonesian Stock Exchange. International Journal of Digital Entrepreneurship and Business, 4(2), 72–83. https://doi.org/10.52238/ideb.v4i2.112
Azhar, K. A., & Ahmed, N. (2019). Relationship Between Firm Size and Profitability: Investigation from Textile Sector of Pakistan. International Journal of Information, Business and Management, 11(2), 62–74.
Bennett, D. L. (2018). Infrastructure investments and entrepreneurial dynamism in the. Journal of Business Venturing, October, 1–28. https://doi.org/10.1016/j.jbusvent.2018.10.005
Benoit, D. F., & Poel, D. Van den. (2017). bayesQR : A Bayesian Approach to Quantile Regression. Journal of Statistical Software, 76(7). https://doi.org/10.18637/jss.v076.i07
Berhe, T. A., & Kaur, J. (2017). Determinants of insurance companies’ profitability Analysis of insurance sector in Ethiopia. Academic Research International, 1(3), 315–321.
Biørn, E. (2017). Econometrics of Panel Data: Methods and Applications (1st ed.). Oxford University Press.
Burger, S. P., & Luke, M. (2017). Business models for distributed energy resources: A review and empirical analysis. Energy Policy, 109(June), 230–248. https://doi.org/10.1016/j.enpol.2017.07.007
Chang, X., Chen, Y., & Dasgupta, S. (2019). Macroeconomic conditions, financial constraints, and firms’ financing decisions. Journal of Banking and Finance, 101, 242–255. https://doi.org/10.1016/j.jbankfin.2018.10.016
Corsetti, G., Pesenti, P., & Roubini, N. (1999). What caused the Asian currency and financial crisis? Japan and the World Economy, 11, 305–373. https://doi.org/10.1016/s0922-1425(99)00019-5
Devi, S., Warasniasih, N. M. S., Masdiantini, P. R., & Musmini, L. S. (2020). The Impact of COVID-19 Pandemic on the Financial Performance of Firms on the Indonesia Stock Exchange. Journal of Economics, Business, and Accountancy Ventura, 23(2), 226–242. https://doi.org/10.14414/jebav.v23i2.2313
Didier, T., Huneeus, F., Larrain, M., & Schmukler, S. L. (2021). Financing firms in hibernation during the COVID-19 pandemic. Journal of Financial Stability, 53, 100837. https://doi.org/10.1016/j.jfs.2020.100837
Dijkstra, L., Garcilazo, E., & McCann, P. (2014). The effects of the global financial crisis on European regions and cities. Journal of Economic Geography, 15(5), 935–949. https://doi.org/10.1093/jeg/lbv032
Dimitriou, H. T., & Field, B. G. (2020). Mega infrastructure projects as agents of change: new perspectives on ‘the global infrastructure gap’ Harry. Journal of Mega Infrastructure & Sustainable Development, 1(2), 116–150. https://doi.org/10.1080/24724718.2020.1786877
Ebimobowei, A., Uche, O. J., & Young-Arney, T. (2021). Liquidity and Profitability Ratios on Growth of Profits of Listed Oil and Gas Firms in Nigeria. African Journal of Accounting and Financial Research, 4(3), 1–14. https://doi.org/10.52589/ajafr-6nhpayuo
Fidanoski, F., Choudhry, M., Davidović, M., & Sergi, B. S. (2018). What does affect profitability of banks in Croatia? Competitiveness Review, 28(4), 338–367. https://doi.org/10.1108/CR-09-2016-0058
Fitzenberger, B., Koenker, R., Machado, J., & Melly, B. (2022). Economic applications of quantile regression 2.0. Empirical Economics, 62(1), 1–6. https://doi.org/10.1007/s00181-021-02186-1
Goel, R. K., Saunoris, J. W., & Goel, S. S. (2021). Supply chain performance and economic growth: The impact of COVID-19 disruptions. Journal of Policy Modeling, 43(2), 298–316. https://doi.org/10.1016/j.jpolmod.2021.01.003
Halimatussadiah, A., Widyasanti, A. A., Damayanti, A., Verico, K., Qibthiyyah, R. M., Kurniawan, R., Rezki, J. F., Rahardi, F., Sholihah, N. K., Budiantoro, S., Halimatussadiah, A., Cesarina, A., Siregar, A. A., Hanum, C., Wisana, D., Rahardi, F., Bintara, H., Rezki, J. F., Husna, M., … Sofiyandi, Y. (2020). Thinking Ahead Indonesia’s Agenda on Sustainable Recovery from COVID-19 Pandemic (A. Halimatussadiah, A. A. Widyasanti, A. Damayanti, K. Verico, R. M. Qibthiyyah, R. Kurniawan, J. F. Rezki, F. Rahardi, N. K. Sholihah, & S. Budiantoro (eds.); 1st ed.). Institute for Economic and Social Research Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI) and Ministry of National Development Planning/National Development Planning Agency. https://lpem.org/thinking-ahead-indonesias-agenda-on-sustainable-recovery-from-covid-19-pandemic/
Hartono, P. G., & Matusin, A. R. (2020). The Determinants of Dividend Policy on Real Estate, Property, and Building Construction Companies Listed in IDX using Unbalanced Panel Data Approach. TIJAB (The International Journal of Applied Business), 4(2), 139. https://doi.org/10.20473/tijab.v4.i2.2020.139-156
Hartono, P. G., & Raya, M. Y. (2022). COVID-19 Pandemic, Dividend Policy, and Stock Market Reaction: Evidence from the Manufacturing Companies in Indonesia. Jurnal Keuangan Dan Perbankan, 26(4), 758–778. https://doi.org/10.26905/jkdp.v26i4.8226
Hartono, P. G., & Robiyanto, R. (2023). Factors affecting the inconsistency of dividend policy using dynamic panel data model. SN Business & Economics, 3(2), 53. https://doi.org/10.1007/s43546-023-00431-6
Hartono, P. G., Lestari, H. S., Wijaya, R., Hartono, A. B., & Tinungki, G. M. (2020). Likuiditas sebagai Prediktor Profitabilitas: Sebuah Studi Empiris pada Perusahaan Sektor Industri Manufaktur. DERIVATIF: Jurnal Manajemen, 14(2), 126–137. https://doi.org/10.24127/jm.v14i2.475
Hartono, P. G., Robiyanto, R., Tinungki, G. M., Frensidy, B., Raya, M. Y., & Hidarto, A. (2024). Revisiting Dividend Policy and Stock Market Reaction of Indonesian Manufacturing Enterprises amidst the COVID-19 Crisis: A Series of Robustness Checks. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 32(1), 1773. https://doi.org/10.46585/sp32011773
Hartono, P. G., Tinungki, G. M., & Susanto, K. P. (2023). COVID-19, Profitability, and Dividend Policy: A Robustness Test for Mediation Model using Covariance-Based SEM. International Journal of Digital Entrepreneurship and Business, 4(1), 1–13. https://doi.org/10.52238/ideb.v4i1.106
Hartono, P. G., Tinungki, G. M., Jakaria, J., Hartono, A. B., Hartono, P. G., & Wijaya, R. (2021). Overcoming Overdispersion on Direct Mathematics Learning Model Using the Quasi Poisson Regression. Advances in Social Science, Education and Humanities Research, 550, 442–449. https://doi.org/10.2991/assehr.k.210508.102
Hartono, P. G., Tinungki, G. M., Suade, Y. K. M., Rahardja, L., Triany, N. A., Tyas, I. W., & Hartono, P. G. (2024). Did investment opportunity moderate the influence of the COVID-19 crisis on dividend policy? Jurnal Manajemen Dan Pemasaran Jasa, 17(2), 261–276. https://doi.org/10.25105/v17i2.20006
Hartono, P. G., Wijaya, R., Hartono, A. B., Dizar, S., Magetsari, O. N. N., Anggara, I. S., & Sujono, M. I. (2023). Factors affecting stock price of maritime companies in Indonesia. AIP Conference Proceedings, 2675(February). https://doi.org/10.1063/5.0116974
Hoang, A. T., Sandro Nižetić, Olcer, A. I., Ong, H. C., Chen, W. H., Chong, C. T., Thomas, S., Bandh, S. A., & Nguyen, X. P. (2021). Impacts of COVID-19 pandemic on the global energy system and the shift progress to renewable energy: Opportunities, challenges, and policy implications. Energy Policy, 154(October 2020). https://doi.org/10.1016/j.enpol.2021.112322
Huang, Q., Zhang, H., Chen, J., & He, M. (2017). Quantile Regression Models and Their Applications: A Review. Journal of Biometrics & Biostatistics, 08(03). https://doi.org/10.4172/2155-6180.1000354
Ibn-Mohammed, T., Mustapha, K. B., Godsell, J., Adamu, Z., Babatunde, K. A., Akintade, D. D., Acquaye, A., Fujii, H., Ndiaye, M. M., Yamoah, F. A., & Koh, S. C. L. (2021). A critical review of the impacts of COVID-19 on the global economy and ecosystems and opportunities for circular economy strategies. Resources, Conservation and Recycling, 164(September 2020), 105169. https://doi.org/10.1016/j.resconrec.2020.105169
Jha, A., Sindhwani, R., Dwivedi, A., & Saddikuti, V. (2022). Sustainable recovery for digital entrepreneurs with shared resources: enablers, challenges and solutions. Journal of Asia Business Studies, 16(3), 515–537. https://doi.org/10.1108/JABS-05-2021-0214
Jomo, K. S., & Chowdhury, A. (2020). COVID-19 Pandemic Recession and Recovery. Development (Basingstoke), 63(2–4), 226–237. https://doi.org/10.1057/s41301-020-00262-0
Jordão, R. V. D., & de Almeida, V. R. (2017). Performance measurement, intellectual capital and financial sustainability. Journal of Intellectual Capital, 18(3), 643–666. https://doi.org/10.1108/JIC-11-2016-0115
Kamasak, R. (2017). The contribution of tangible and intangible resources, and capabilities to a firm’s profitability and market performance. European Journal of Management and Business Economics, 26(2), 252–275. https://doi.org/10.1108/EJMBE-07-2017-015
Kanakriyah, R. (2020). Dividend Policy and Companies’ Financial Performance. Journal of Asian Finance, Economics and Business, 7(10), 531–542. https://doi.org/10.13106/jafeb.2020.vol7.no10.531
Kaplan, D. M., & Sun, Y. (2017). Smoothed estimating equations for instrumental variables quantile regression. Econometric Theory, 33(1), 105–157. https://doi.org/10.1017/S0266466615000407
Kim, E., Jin, D., Lee, H., & Jiang, M. (2023). The economic damage of COVID-19 on regional economies: an application of a spatial computable general equilibrium model to South Korea. Annals of Regional Science, 71(1), 243–268. https://doi.org/10.1007/s00168-022-01160-8
Lassala, C., Apetrei, A., & Sapena, J. (2017). Sustainability matter and financial performance of companies. Sustainability (Switzerland), 9(9), 1–16. https://doi.org/10.3390/su9091498
Linggadjaya, R. I. T., Atahau, A. D. R., Shinta S. Ugut, G., & Sung Suk, K. (2024). Faktor Penentu Profitabilitas Bank Tercatat di Indonesia: Pendekatan dengan Regresi Kuantil. Jurnal Proaksi, 11(1), 1–18. https://doi.org/10.32534/jpk.v11i1.5246
Liu, D., Sun, W., & Zhang, X. (2020). Is the Chinese Economy Well Positioned to Fight the COVID-19 Pandemic? the Financial Cycle Perspective. Emerging Markets Finance and Trade, 56(10), 2259–2276. https://doi.org/10.1080/1540496X.2020.1787152
Lu, X., & White, H. (2014). Robustness checks and robustness tests in applied economics. Journal of Econometrics, 178(PART 1), 194–206. https://doi.org/10.1016/j.jeconom.2013.08.016
Miklian, J., & Hoelscher, K. (2022). SMEs and exogenous shocks: A conceptual literature review and forward research agenda. International Small Business Journal: Researching Entrepreneurship, 40(2), 178–204. https://doi.org/10.1177/02662426211050796
Muchtar, S., Hartono, P. G., & Sari, W. R. (2020). The Quality of Corporate Governance and Its Effect on Sharia Bank Financial Performance in Indonesia. Advances in Economics, Business and Management Research, 151, 192–196. https://doi.org/10.2991/iac-17.2018.49
Naseer, S., Khalid, S., Parveen, S., Abbass, K., Song, H., & Achim, M. V. (2023). COVID-19 outbreak: Impact on global economy. Frontiers in Public Health, 10, 1009393. https://doi.org/10.3389/fpubh.2022.1009393
Oliveira, M., Mendes, G. H. S., Albuquerque, A., & Rozenfeld, H. (2018). Lessons learned from a successful industrial Product Service System business model: emphasis on financial aspects. Journal of Business & Industrial Marketing, 33(3), 365–376. https://doi.org/10.1108/JBIM-07-2016-0147
Olivia, S., Gibson, J., & Nasrudin, R. (2020). Indonesia in the Time of Covid-19. Bulletin of Indonesian Economic Studies, 56(2), 143–174. https://doi.org/10.1080/00074918.2020.1798581
Papacharalampous, G., Tyralis, H., Langousis, A., Jayawardena, A. W., Sivakumar, B., Mamassis, N., Montanari, A., & Koutsoyiannis, D. (2019). Probabilistic Hydrological Post-Processing at Scale: Why and How to Apply Machine-Learning Quantile Regression Algorithms. Water, 11, 2126. https://doi.org/10.3390/w11102126
Peric, M., & Vitezic, V. (2016). Impact of global economic crisis on firm growth. Small Business Economics, 46(1), 1–12. https://doi.org/10.1007/s11187-015-9671-z
Purwanto, A., Fahlevi, M., Zuniawan, A., Kusuma, R. D. P., Supriatna, H., & Maryani, E. (2020). The COVID-19 Pandemic Impact on Industries Performance: An Explorative Study of Indonesian Companies. Journal of Critical Reviews, 7(15), 1965–1972. https://doi.org/10.31838/jcr.07.15.265
Raj, A., Mukherjee, A. A., de Sousa Jabbour, A. B. L., & Srivastava, S. K. (2022). Supply chain management during and post-COVID-19 pandemic: Mitigation strategies and practical lessons learned. Journal of Business Research, 142(January), 1125–1139. https://doi.org/10.1016/j.jbusres.2022.01.037
Rapaccini, M., Saccani, N., Kowalkowski, C., Paiola, M., & Adrodegari, F. (2020). Navigating disruptive crises through service-led growth: The impact of COVID-19 on Italian manufacturing firms. Industrial Marketing Management, 88(May), 225–237. https://doi.org/10.1016/j.indmarman.2020.05.017
Saif-Alyousfi, A. Y. H. (2022). Determinants of bank profitability: evidence from 47 Asian countries. Journal of Economic Studies, 49(1), 44–60. https://doi.org/10.1108/JES-05-2020-0215
Samba, M., & Abraham, E. (2022). The impact of fiscal dominance on macroeconomic performance in Sierra Leone: a DSGE simulation approach. West African Journal of Monetary and Economic Integration, 22(1), 1–33.
Santosa, P. B., Rini, I., Pangestuti, D., & Wahyudi, S. (2023). Dividend policy in Indonesian banking sector during COVID-19 pandemic period. Cogent Social Sciences, 9(2). https://doi.org/10.1080/23311886.2023.2272657
Sari, F. N., & Endri, E. (2019). Determinants of Return on Assets (ROA) On Conventional Banks Listed On Indonesian Stock Exchange (IDX) Period 2013-2017. IOSR Journal of Business and Management, 21(4), 52–62. https://doi.org/10.9790/487X-2104025262
Sekaran, U., & Bougie, R. (2016). Research Methods for Bussiness A Skill-Bulding Approach (7th ed.). John Wiley & Sons.
Simanjuntak, L. R. (2023). Dampak Krisis Akibat Pandemi COVID-19 Terhadap Kinerja Perusahaan: Kajian Profitabilitas Perusahaan Riil Estat dan Properti di Indonesia. Jurnal Proaksi, 10(4), 450–464. https://doi.org/10.32534/jpk.v10i4.4781
Song, L., & Zhou, Y. (2020). The COVID-19 Pandemic and Its Impact on the Global Economy: What Does It Take to Turn Crisis into Opportunity? China and World Economy, 28(4), 1–25. https://doi.org/10.1111/cwe.12349
Soto, J. H. de, Sánchez-Bayón, A., & Bagus, P. (2021). Principles of Monetary & Financial Sustainability andWellbeing in a Post-COVID-19World: The Crisis and Its Management. Sustainability (Switzerland), 13, 4655. https://doi.org/10.3390/su13094655
Srbinoska, D. S. (2018). Liquidity and Profitability Analysis of Non-Financial Entities Listed on the Macedonian Stock Exchange. Business and Management Horizons, 6(2), 34–46. https://doi.org/10.5296/bmh.v6i2.13723
Ssenyonga, M. (2021). Imperatives for post COVID-19 recovery of Indonesia’s education, labor, and SME sectors. Cogent Economics and Finance, 9(1), 1–51. https://doi.org/10.1080/23322039.2021.1911439
Strange, R. (2020). The 2020 Covid‑19 pandemic and global value chains. Journal of Industrial and Business Economics, 47, 455–465. https://doi.org/10.1007/s40812-020-00162-x
Sutrisno, S., Panuntun, B., & Adristi, F. I. (2020). The Effect of COVID-19 Pandemic on the Performance of Islamic Bank in Indonesia. Equity, 23(2), 125–136. https://doi.org/10.34209/equ.v23i2.2245
Tan, J., & Zhao, J. Z. (2019). The Rise of Public–Private Partnerships in China: An Effective Financing Approach for Infrastructure Investment? Public Administration Review, 79(4), 514–518. https://doi.org/10.1111/puar.13046
Thakur, B. P. S., & Kannadhasan, M. (2018). Determinants of dividend payout of Indian manufacturing companies: A quantile regression approach. Journal of Indian Business Research, 10(4), 364–376. https://doi.org/10.1108/JIBR-02-2018-0079
Tinungki, G. M., Hartono, P. G., Frensidy, B., Robiyanto, R., Dorkas, A., Atahau, R., Maria, G., Hartono, P. G., & Frensidy, B. (2025). Revisiting dividend policy in Indonesian green investment firms and associated market reaction: an in-depth analysis over crises period. Cogent Business & Management, 12(1), 1–36. https://doi.org/10.1080/23311975.2025.2467229
Tinungki, G. M., Hartono, P. G., Robiyanto, R., Hartono, A. B., Jakaria, J., & Simanjuntak, L. R. (2022). The COVID-19 Pandemic Impact on Corporate Dividend Policy of Sustainable and Responsible Investment in Indonesia: Static and Dynamic Panel Data Model Comparison. Sustainability (Switzerland), 14(10), 6152. https://doi.org/10.3390/su14106152
Tinungki, G. M., Hartono, P. G., Robiyanto, R., Masnita, Y., & Tikupadang, W. K. (2024). Matematika Keuangan (M. Monalisa & M. Y. Raya (eds.); 2nd ed.). Reads Media Corps.
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches. Economies, 10(1), 11. https://doi.org/10.3390/economies10010011
Tomkiewicz, J. (2017). The social consequences of income distribution-Are increasing company profits a threat to economic and social stability? Polish Sociological Review, 198(2), 203–218.
Usman, B., Lestari, H. S., Syofyan, S., & Esya, L. (2024). Exploring the relationship between dividend policy, the COVID-19 crisis, and stock market reaction: empirical insights from Indonesian real estate and property firms. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2302204
Waldmann, E. (2018). Quantile regression: A short story on how and why. Statistical Modelling, 18(3–4), 203–218. https://doi.org/10.1177/1471082X18759142
Warae, Y., Hartono, P. G., Suade, Y. K. M., Widiastuti, M. C., Rahayu, D. H., & Tinungki, G. M. (2024). Buku Ajar Manajemen Keuangan (Sepriano, Efitra, & W. Gustiani (eds.); 1st ed.). PT. Sonpedia Publishing Indonesia.
Watanabe, C., Naveed, K., Tou, Y., & Neittaanmäki, P. (2018). Measuring GDP in the digital economy: Increasing dependence on uncaptured GDP. Technological Forecasting and Social Change, 137(July), 226–240. https://doi.org/10.1016/j.techfore.2018.07.053
Welfens, P. J. J. (2020). Macroeconomic and health care aspects of the coronavirus epidemic: EU, US and global perspectives. International Economics and Economic Policy, 12, 295–362. https://doi.org/10.1007/s10368-020-00465-3
Whetman, L. L. (2017). The Impact of Sustainability Reporting on Firm Profitability. Undergraduate Economic Review Volume, 14(1), 1–19. https://digitalcommons.iwu.edu/uer/vol14/iss1/4
Wulandari, D. (2021). Pengaruh Perputaran Modal Kerja, Ukuran Perusahaan, Pertumbuhan Penjualan, Likuiditas, Dan Struktur Modal Terhadap Profitabilitas. Jurnal Ekonomi Mahasiswa (JEKMa), 1(2), 1–12. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/267/272
Wüthrich, K. (2020). A Comparison of Two Quantile Models With Endogeneity. Journal of Business and Economic Statistics, 38(2), 443–456. https://doi.org/10.1080/07350015.2018.1514307
Ye, W., Luo, K., & Liu, X. (2017). Time-varying quantile association regression model with applications to financial contagion and VaR. European Journal of Operational Research, 256(3), 1015–1028. https://doi.org/10.1016/j.ejor.2016.07.048
Yeoh, P. (2010). Causes of the global fi nancial crisis: Learning from the competing insights. International Journal of Disclosure and Governance, 7(1), 42–69. https://doi.org/10.1057/jdg.2009.18
Yüksel, S., Mukhtarov, S., Mammadov, E., & Özsarı, M. (2018). Determinants of profitability in the banking sector: An analysis of post-Soviet countries. Economies, 6(3). https://doi.org/10.3390/economies6030041
Yuliastuti, I. A. N., & Merawati, L. K. (2022). Pengaruh Investment Opportunity Set (Ios), Likuiditas, Leverage, Ukuran Perusahaan Dan Intangible Asset Terhadap Kinerja Perusahaan. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 4(3), 236–245.
Zakeri, B., Paulavets, K., Barreto-Gomez, L., Echeverri, L. G., Pachauri, S., Boza-Kiss, B., Zimm, C., Rogelj, J., Creutzig, F., Ürge-Vorsatz, D., Victor, D. G., Bazilian, M. D., Fritz, S., Gielen, D., McCollum, D. L., Srivastava, L., Hunt, J. D., & Pouya, S. (2022). Pandemic, War, and Global Energy Transitions. Energies, 15(17), 1–23. https://doi.org/10.3390/en15176114
Zhang, L., Li, H., Lee, W. J., & Liao, H. (2021). COVID-19 and energy: Influence mechanisms and research methodologies. Sustainable Production and Consumption, 27, 2134–2152. https://doi.org/10.1016/j.spc.2021.05.010
Zhu, G., Chou, M. C., & Tsai, C. W. (2020). Lessons Learned from the COVID-19 Pandemic Exposing the Shortcomings of Current Supply Chain Operations: A Long-Term Prescriptive Offering. Sustainability (Switzerland), 12, 5858. https://doi.org/10.3390/su12145858
Zutter, C. J., & Smart, S. B. (2019). Principles of Managerial Finance (15th ed.). Pearson.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Jason Wijaya, Powell Gian Hartono, Jacky Setiawati, Janssen Wijaya, Reinhard Stenley Sutanto, Efan James William Chendry
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
License
You are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- ShareAlike — If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
