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All Journal Advances in Management & Financial Reporting Advances: Jurnal Ekonomi & Bisnis
Neyla Mutiara Sabrina
Universitas Kebangsaan Republik Indonesia, Bandung, Indonesia
Economics, Econometrics & Finance

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Impact of Interest Rate Hike on Financing Debt, Indonesian Government Toll Road Project Azhar Eka Septiana; Neyla Mutiara Sabrina; Silvia Ananda Putri; Kayla Ardi Putri; Muhammad Fauzan Akbar Rafsanjani; Galuh Boga Guswara
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.838

Abstract

Purpose: This study analyzes the impact of rising interest rates on the sustainability of debt financing in Indonesian government toll road projects, using the Cisumdawu Toll Road project as a case study. Research Method: The study employed a quantitative case study approach, using financial feasibility analysis and scenario-based sensitivity analysis. Secondary data were obtained from Bank Indonesia benchmark interest rates (BI 7-Day Reverse Repo Rate), project financing structures, and toll road investment assumptions. Financial indicators used in the analysis included Cost of Debt, Weighted Average Cost of Capital (WACC), Debt Service Coverage Ratio (DSCR), Net Present Value (NPV), and Internal Rate of Return (IRR). Results and Discussion: The findings indicate that rising interest rates significantly increase borrowing costs and debt-servicing obligations, thereby reducing project cash-flow resilience and investment feasibility. Higher interest rates also weaken DSCR performance, increase WACC, and reduce NPV and IRR values. Implications: The study highlights the importance of stable monetary policy, effective governance of infrastructure financing, and government support mechanisms in maintaining the resilience of long-term infrastructure investment. Originality: Integrating interest rate sensitivity analysis with debt financing sustainability in the context of the Cisumdawu Toll Road project, which has rarely been discussed comprehensively in previous infrastructure financing studies in Indonesia.
Implementation of the Just-in-Time System to Improve Inventory Efficiency at PT Unilever Indonesia Tbk Siti Sa’adah; Neyla Mutiara Sabrina; Elsa Rosmiati Alisa; Vini Limbong; Asri Sundari
Advances in Management & Financial Reporting Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amfr.v4i3.950

Abstract

Purpose: This study aims to describe the characteristics of inventory management and operating cash flow at PT Unilever Indonesia Tbk based on an analysis of its financial statements. Research Method: This study employs a descriptive quantitative approach using a documentary study method. Secondary data were obtained from the Interim Financial Reports of PT Unilever Indonesia Tbk for the periods ending March 31, 2024, and March 31, 2025, as well as the 2024 Annual Report. The analysis was conducted using the Inventory Turnover Ratio (ITO), Days Sales of Inventory (DSI), trend analysis, and a review of inventory accounting policies. Results and Discussion: The results show that inventory value increased by 12%, the Inventory Turnover Ratio decreased from 3.20 to 2.67 times, and Days Sales of Inventory increased from 28.1 to 33.7 days. In addition, cash and cash equivalents increased by 61%, while net cash flow from operating activities turned from negative to positive in the first quarter of 2025. These findings illustrate changes in inventory management and operating cash flow based on financial statement data. Implications: Financial ratio analysis can serve as a starting point for evaluating inventory management practices, but it requires operational data to support a more comprehensive interpretation. Originality: This study integrates an analysis of inventory ratios, operating cash flow, and inventory accounting policies at FMCG companies in Indonesia using data from publicly available financial statements.
Co-Authors Asri Sundari Azhar Eka Septiana Elsa Rosmiati Alisa Galuh Boga Guswara Kayla Ardi Putri Muhammad Fauzan Akbar Rafsanjani Silvia Ananda Putri Siti Sa’adah Vini Limbong