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All Journal Sinergi : Jurnal Ilmiah Multidisiplin International Journal of Social and Education (INJOSEDU)
Lika Yulia
Universitas Primagraha, Indonesia
Aerospace Engineering Humanities Biochemistry, Genetics & Molecular Biology Education Environmental Science Health Professions Immunology & microbiology Physics Social Sciences

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THE IMPACT OF IMPLEMENTING FINANCIAL RISK MANAGEMENT ON PROFITABILITY AND COMPANY VALUE COMPARATIVE STUDY BETWEEN BUMN AND PRIVATE COMPANIES IN INDONESIA Bambang Hermawan; Miftahil Miftahil; Lika Yulia
INJOSEDU: International Journal of Social and Education Vol. 2 No. 2 (2025): FEBRUARY
Publisher : Adisam Publisher

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Abstract

This research aims to analyze the impact of implementing financial risk management on profitability and company value, with a focus on comparative studies between State-Owned Enterprises (BUMN) and private companies in Indonesia. Through a comprehensive literature review, this study explores various aspects of financial risk management and their impact on company performance. The method used in this research is systematic literature analysis, utilizing secondary sources such as scientific journals, company financial reports and other official publications. The data collected covers the 2010-2020 period, involving samples from 50 state-owned companies and 100 leading private companies in Indonesia. The research results show that the implementation of financial risk management has a significant positive impact on profitability and company value, both in BUMN and private companies. However, there are differences in the level and characteristics of the impact. Private companies tend to show a faster increase in profitability, while state-owned companies experience a more stable increase in company value in the long term. This study also reveals that the effectiveness of implementing financial risk management is influenced by factors such as ownership structure, government regulations, and organizational culture. SOEs face unique challenges related to political and bureaucratic interference, while private companies are more flexible but sometimes limited in terms of resources. In conclusion, this research provides valuable insight into the importance of financial risk management in improving company performance in Indonesia. These findings can be a reference for policy makers, company managers and investors in understanding the dynamics of financial risk management in the public and private sectors.
Optimasi Biaya Distribusi di Spx Express Cabang Serang Menggunakan Metode Transportasi Halimah; Jahrotun Nisa; Abdul Aziz; Bambang Hermawan; Lika Yulia
Sinergi : Jurnal Ilmiah Multidisiplin Vol. 2 No. 1 (2026): Sinergi: Jurnal Ilmiah Multidisiplin
Publisher : PT. AHLAL PUBLISHER NUSANTARA

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The aim of this study is to reduce distribution costs at SPX Express Serang Branch by applying the transportation method. The main challenge faced by the company is the high shipping costs, caused by the suboptimal arrangement of distribution routes from the warehouse to the drop centers. The data used includes the capacity of three shipping warehouses, namely Kaligandu, Lopang, and Ciruas, as well as the demand from three drop centers, namely Kasemen, Walantaka, and Curug, along with the transportation costs for each route. This study applies the North West Corner, Least Cost, and Vogel’s Approximation Method (VAM) to determine the initial solution, which is then optimized using the Modi and Stepping Stone methods with the assistance of the AtoZmath Transportation Calculator. From the calculations, the North West Corner method resulted in a cost of Rp 5,014,000, the Least Cost method yielded Rp 5,059,000, while the VAM method produced a result of Rp 4,450,000, making VAM the most optimal initial solution. After optimization using the Modi and Stepping Stone methods, the lowest distribution cost obtained was 3,360. These results indicate that the application of transportation methods can significantly reduce distribution costs and improve efficiency in the delivery system at SPX Express Serang Branch.   Keywords: Distribution Cost, Transportation Method, SPX Express, VAM, Optimization   Abstrak Tujuan dari penelitian ini adalah untuk mengurangi biaya distribusi di SPX Express Cabang Serang dengan penerapan metode transportasi. Tantangan utama yang dihadapi oleh perusahaan adalah tingginya biaya pengiriman, yang disebabkan oleh pengaturan rute distribusi dari gudang ke drop center yang masih belum maksimal. Data yang digunakan mencakup kapasitas dari tiga gudang pengiriman yaitu Kaligandu, Lopang, dan Ciruas, serta permintaan dari tiga drop center, yaitu Kasemen, Walantaka, dan Curug, bersama dengan biaya transportasi dari setiap rutenya. Penelitian ini menerapkan metode North West Corner, Least Cost, dan Vogel’s Approximation Method (VAM) untuk menentukan solusi awal, yang selanjutnya dioptimalkan dengan menggunakan metode Modi dan Stepping Stone dengan bantuan AtoZmath Transportation Calculator. Dari hasil perhitungan, metode North West Corner menghasilkan biaya sebesar Rp 5.014.000, metode Least Cost menghasilkan Rp 5.059.000, sementara metode VAM memberikan hasil sebesar Rp 4. 450.000, yang menjadikan VAM sebagai solusi awal paling optimal. Setelah optimasi dengan metode Modi dan Stepping Stone, diperoleh biaya distribusi terendah sebesar 3.360. Hasil ini menunjukkan bahwa penerapan metode transportasi dapat secara signifikan mengurangi biaya distribusi serta meningkatkan efisiensi dalam sistem pengiriman di SPX Express Cabang Serang.   Kata kunci: Biaya Distribusi, Metode Transportasi, SPX Express, VAM, Optimasi  
Co-Authors Abdul Aziz Bambang Hermawan Halimah Jahrotun Nisa Miftahil Miftahil