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The Influence of Budget Participation, Work Motivation, Job Satisfaction on Managerial Performance with The Quality of Leader Member Exchange as An Intervening Variable in Manufacturing Companies Mardani Supranata; Tiolina Evi Nausta Pardede
International Journal of Indonesian Business Review Vol. 5 No. 2 (2026)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijibr.v5i2.1719

Purpose – This study aims to examine the effect of budget participation, work motivation, and job satisfaction on managerial performance, as well as to analyze the mediating role of Leader-Member Exchange (LMX) in explaining the relationships between these antecedent variables and managerial performance within manufacturing companies.. Methodology/approach –This research employs a quantitative approach using primary data collected through structured questionnaires. The sample consists of 260 managerial-level employees working in manufacturing companies. Data were analyzed using Structural Equation Modeling with the Partial Least Squares (SEM-PLS) technique to test both direct and mediating effects among the proposed constructs. Findings – The results show that budget participation and work motivation have a significant positive effect on managerial performance, whereas job satisfaction has no direct significant impact. LMX does not mediate the relationship between budget participation and managerial performance. However, LMX significantly mediates the effects of work motivation and job satisfaction on managerial performance, emphasizing the importance of high-quality leader–subordinate relationships in enhancing managerial performance. Novelty/value–This study enriches managerial accounting and organizational behavior literature by incorporating Leader-Member Exchange (LMX) as a mediating variable between budget participation, psychological factors, and managerial performance in manufacturing firms. The findings provide empirical evidence that LMX strengthens the effects of work motivation and job satisfaction on performance, offering practical insights for organizations to improve managerial effectiveness through enhanced leadership quality and participative management practices.

Stock Valuation Analysis of Digital Company PT Indoternet TBK (EDGE) Using The Discounted Cash Flow Method Litha Fara R; Mardani Supranata
AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis Vol. 6 No. 1 (2026): AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis
Publisher : Perhimpunan Sarjana Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/jmeb.v6i1.1784

The rapid development of Indonesia’s digital infrastructure has driven significant growth in data center services, positioning PT Indointernet Tbk (EDGE) as one of the key industry players. However, this growth has been accompanied by substantial capital expenditures that may affect the company’s long-term financial stability, creating a need to evaluate whether its rising market valuation is supported by fundamental performance. The objective of this study is to determine the intrinsic value of EDGE’s stock in 2023 using the Discounted Cash Flow (DCF) method and to assess its alignment with the company’s market price. This research employs a quantitative approach with a descriptive analysis method to provide an objective and systematic valuation based on historical financial data and projected future cash flows. Secondary data were collected from EDGE’s 2021–2023 annual reports, publications from the Indonesia Stock Exchange (IDX), and relevant academic literature. The analysis includes compiling key financial components such as EBIT, taxes, CapEx, and changes in working capital, calculating Free Cash Flow (FCF), determining the Weighted Average Cost of Capital (WACC), estimating Terminal Value (TV), and computing intrinsic value through discounted cash flows. The findings reveal strong EBIT growth of 55% in 2021–2022 and 40% in 2022–2023, yet a sharp decline in FCF due to increased CapEx for the EDGE 2 data center. With a WACC of 12.61% and a negative terminal value of –33,736,050.88, the resulting intrinsic stock value of –Rp8.18 indicates that EDGE’s fundamentals do not support its 2023 market price of Rp5,100.

Analysis of Internal Control over Finished Goods Inventory in Improving Operational Effectiveness at PT Winner Prima Selaras Ridwan Syahid; Mardani Supranata
AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis Vol. 6 No. 2 (2026): AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis
Publisher : Perhimpunan Sarjana Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/jmeb.v6i2.1885

This study aims to evaluate the effectiveness of internal control over finished goods inventory implemented at PT Winner Prima Selaras. The research seeks to determine whether the existing internal control system has been adequately designed and applied to support effective inventory management. A quantitative analysis method was employed in this study to provide an objective assessment based on measurable data. Data collection was conducted using documentation and field notes obtained directly from PT Winner Prima Selaras. The data sources included both primary data and supporting documents, gathered through question-and-answer sessions with relevant personnel as well as documentation available at the research site. These data provided insight into the company’s inventory management practices and internal control procedures. The data analysis technique involved examining and comparing theories related to inventory turnover and control effectiveness with the actual practices implemented by the company. Inventory turnover ratios were analyzed to assess whether the movement of finished goods aligned with the standards established by the company. The results of the study indicate that the internal control of finished goods inventory at PT Winner Prima Selaras has not yet been fully effective. This conclusion is evidenced by inconsistencies in the monthly execution of finished goods inventory turnover when compared to the company’s predetermined standards during the 2016 period. Consequently, improvements in inventory control procedures are necessary to enhance operational effectiveness and ensure better inventory management performance.

Menilai Valuasi Saham PT DCII untuk Menentukan Investasi Terbaik Masyarakat Terhadap Perkembangan Teknologi Nancy Setyawati; Bekman Siagian; Mardani Supranata
Jurnal Akuntansi Manajerial Vol 10, No 2 (2025): Journal Akuntansi Manajerial
Publisher : Universitas 17 Agustus 1945 Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52447/jam.v10i2.8264

PT DCI Indonesia Tbk (PT DCII) merupakan entitas bisnis yang beroperasi dalam sektor teknologi informasi, khususnya penyediaan layanan pusat data (data center) dan komputasi awan (cloud computing). Sejak resmi tercatat di Bursa Efek Indonesia pada tahun 2021, perusahaan ini menunjukkan pertumbuhan yang signifikan seiring meningkatnya adopsi digitalisasi di berbagai sektor industri, seperti perbankan, jasa keuangan, manufaktur, ritel, media, hingga pendidikan. Fenomena ini menciptakan permintaan tinggi terhadap infrastruktur digital yang andal dan berkelanjutan, di mana PT DCII menempatkan dirinya sebagai salah satu pelaku utama dalam menyediakan solusi tersebut.Penelitian ini bertujuan untuk mengevaluasi potensi keberlanjutan keuntungan jangka panjang bagi investor saham PT DCII melalui pendekatan analitis terhadap laporan keuangan dan dinamika harga sahamnya sejak tahun 2021 hingga 2024. Tiga metode valuasi digunakan dalam kajian ini, yakni Free Cash Flow to the Firm (FCFF), Return on Equity (ROE), serta Price Earnings Ratio (PER). Berdasarkan hasil analisis yang dilakukan, ditemukan bahwa PT DCII memiliki fundamental keuangan yang sangat solid serta menunjukkan kestabilan dalam kinerjanya. Hal ini diperkuat oleh laporan keuangan kuartal pertama tahun 2025, di mana perusahaan berhasil mencatatkan kinerja tertingginya sepanjang periode penelitian. Temuan ini mengindikasikan prospek investasi yang positif dan menjanjikan bagi para pemegang saham dalam jangka panjang

Pengaruh Profitabilitas dan Leverage Terhadap Manajemen Laba pada Perusahaan Manufaktur Sebagai Kajian Literatur Febrian San Fernando; Mardani Supranata
Jurnal Akuntansi Manajerial Vol 11, No 1 (2026): Journal Akuntansi Manajerial
Publisher : Universitas 17 Agustus 1945 Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52447/jam.v11i1.9366

This study aims to comprehensively analyze the effect of profitability and leverage on earnings management through a Systematic Literature Review (SLR) approach. This review was conducted by identifying, evaluating, and synthesizing empirical findings from various scientific articles published between 2015 and 2025, both in accredited national journals and reputable international journals. The literature selection process was carried out systematically through the stages of formulating research questions, determining inclusion and exclusion criteria, searching scientific databases, and conducting thematic analysis of relevant research results. The results of the study show inconsistencies in empirical findings regarding the relationship between profitability and leverage on earnings management. Some studies found that profitability and leverage have a positive effect on earnings management practices, while other studies show a negative or insignificant effect. These differences in results are influenced by industry characteristics, corporate governance mechanisms, and the approach used to measure earnings management. Thus, this study provides a comprehensive mapping of research gaps and recommends directions for further empirical studies that are more contextual and methodological.

Analisa Valuasi Digital E-Commerce Bukalapak Di Indonesia Nanda Dian Windy Lestari; Mardani Supranata
Jurnal Akuntansi Manajerial Vol 10, No 2 (2025): Journal Akuntansi Manajerial
Publisher : Universitas 17 Agustus 1945 Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

Penelitian ini bertujuan untuk memprediksi keberlangsungan dan eksistensi PT Bukalapak.com Tbk sebagai perusahaan teknologi yang sempat meraih status unicorn pertama di Bursa Efek Indonesia (BEI), dalam kurun waktu lima tahun ke depan. Metode penilaian yang digunakan dalam penelitian ini mengacu pada teori valuasi Damodaran dengan pendekatan Discounted Cash Flow (DCF), khususnya dalam menghitung Free Cash Flow to Firm (FCFF), Weighted Average Cost of Capital (WACC), Terminal Value, dan Enterprise Value. Data keuangan historis dan proyeksi digunakan untuk mengestimasi nilai intrinsik perusahaan secara komprehensif. Hasil penelitian menunjukkan bahwa kinerja keuangan Bukalapak dalam lima tahun mendatang diprediksi belum mencapai kondisi yang stabil dan aman. Hal ini tercermin dari nilai EBIT, FCFF, hingga Enterprise Value yang secara konsisten berada pada angka negatif selama periode proyeksi. Temuan ini mengindikasikan bahwa meskipun Bukalapak pernah mencatatkan pencapaian signifikan sebagai startup unicorn, tantangan struktural dan profitabilitas jangka panjang masih menjadi hambatan utama bagi kelangsungan usahanya di masa depan.

Perbandingan Sistem Informasi Akuntansi Flat File dan Sistem Informasi Akuntansi dengan Aplikasi Odoo Pada Perum Jasa Tirta II Daka Nanda Nurjannah; Mardani Supranata
Jurnal Akuntansi Manajerial Vol 10, No 2 (2025): Journal Akuntansi Manajerial
Publisher : Universitas 17 Agustus 1945 Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52447/jam.v10i2.8270

Perum Jasa Tirta II merupakan salah satu perusahaan BUMN yang memiliki kewenangan untuk mengelola lahan negara dan pemanfaatan air baku. Setiap tahunnya, Perum Jasa Tirta II selaku BUMN yang bertanggung jawab dan patuh terhadap pengendalian internal dan manajemen risiko dalam proses bisnisnya, rutin melakukan pencatatan, penyimpanan, dan pengelolaan akuntansi di lingkungan Perum Jasa Tirta II. Berbagai laporan akuntansi dan keuangan kemudian dihasilkan untuk kemudian diperiksa pada periode tertentu setiap tahunnya oleh auditor. Namun dalam proses pencatatan, penyimpanan, dan pengelolaan akuntansi di Perum Jasa Tirta II, pada awalnya dalam prakteknya masih menggunakan Flat File Accounting dengan memanfaatkan Microsoft Excel. Seiring berkembangnya zaman, Perum Jasa Tirta II mulai melakukan transformasi digital di berbagai bidang, salah satunya pada bidang akuntansi. Perum Jasa Tirta II secara proaktif mengadakan training dan perlahan mengubah sistem informasi akuntansi yang selama ini hanya menggunakan Microsoft Excel, kini beralih menggunakan Aplikasi Odoo. Maka dari itu, melalui jurnal ini, penulis akan merinci perbandingan sistem informasi akuntansi dengan menggunakan Flat File Accounting dengan Aplikasi Odoo, beserta pengaruh dan dampak yang dirasakan oleh pengguna dari perbandingan kedua sistem informasi akuntansi ini.

Analisis Kinerja Saham Dan Valuasi Saham Perbankan Digital Pada PT Bank Aladin Syariah Tbk Dengan Model Discounted Cash Flow (DCF)Dan Price Earning Ratio (PER) Wahyu Yuyun Sihotang; Bekman Siagian; Mardani Supranata
Jurnal Akuntansi Manajerial Vol 10, No 2 (2025): Journal Akuntansi Manajerial
Publisher : Universitas 17 Agustus 1945 Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52447/jam.v10i2.8271

Perubahan perilaku konsumen, terutama terkait platform digital, telah mendorong bank untuk mempercepat adopsi solusi perbankan digital. Adopsi konsep digital oleh bank didorong oleh permintaan pelanggan akan pengelolaan keuangan yang cepat dan fleksibel, memudahkan akses kapan saja dan dari mana saja. Kemajuan teknologi dan era disrupsi telah melahirkan berbagai inovasi praktis dan efisien. Penelitian ini menggunakan metodologi analisis kuantitatif deskriptif. Data yang digunakan data sekunder dari Laporan keuangan PT Bank Aladin Syariah TBK untuk tahun 2022 hingga 2023. Teknik analisis data menggunakan Metode Price Earning Rasio, untuk mengevaluasi harga saham menggunakan metode PER dan Metode Discounted Cash Flow (DCF) dalam menentukan penilaian atas harga wajar saham. Hasil EBIT (Earning Before Interest Tax) dalam 3 tahun terakhir minus. Sehingga mempengaruhi hasil FCFnya. Depresiasi juga hasilnya 0 karena PT Bank Aladin tidak memiliki fixed aset. Perhitungan return saham tahun 2022 saham PT Bank Aladin memiliki kinerja kurang baik, sehingga investor mengalami kerugian terus menerus. Hasil perhitungan PER minus. Bank Aladin terindikasi mengalami kerugian. Hasil perhitungan Price Earning Ratio (PER) PT Bank Aladin Syariah Tbk tahun 2022 dan tahun 2023 juga minus. Dari perhitungan DCF dan PER terhadap kinerja saham PT Bank Aladin Syariah Tbk, tidak layak untuk dibeli.

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