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All Journal Jurnal Riset Akuntansi dan Keuangan Kesmas: Jurnal Kesehatan Masyarakat Nasional (National Public Health Journal)
Imansyah, Fadlul
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Economics, Econometrics & Finance Health Professions Public Health

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Analisis Strategi Investasi Magic Formula pada Bursa Efek Indonesia Jannah, Miftahul; Imansyah, Fadlul
Jurnal Riset Akuntansi dan Keuangan Vol 7, No 2 (2019): Jurnal Riset Akuntansi dan Keuangan. Agustus 2019 [DOAJ & SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v7i2.17698

Abstract

Abstract. This study aims to investigate the performance of the magic formula investment strategy introduced by Joel Greenblatt (2006) which was applied to the Indonesia Stock Exchange. Magic formula is a simple stock selection strategy by ranking stocks based on return on capital and earnings yield. The next step is to choose the top thirty stocks from the combined rank to become a portfolio. The kompas100 index was chosen for the indonesia stock market. Returns from the magic formula portfolio are then compared to market returns. Portfolio rebalancing is conducted annually. Sharpe, treynor, and jensen’s alpha analysis is used to measure returns adjusted for risk. Overall, this study shows that using return on capital and earnings yields can produce higher average returns than the market index from april 2013 to april 2018. The magic formula portfolio yields an average return of 12.67% and the market produces average returns 5.31% during the period under test. Keywords. Earning Yield; Investment Strategy; Magic Formula; Return on Capital; Value Investing.Abstrak. Penelitian ini bertujuan untuk menyelidiki kinerja strategi investasi Magic Formula yang diperkenalkan oleh Joel Greenblatt (2006) yang diaplikasikan pada Bursa Efek Indonesia. Magic formula adalah strategi pemilihan saham sederhana dengan cara memeringkatkan saham berdasarkan return on capital dan earning yield. Langkah selanjutnya adalah memilih tiga puluh saham teratas dari peringkat gabungan untuk dijadikan portofolio. Indeks KOMPAS100 dipilih untuk pasar saham Indonesia. Pengembalian dari portofolio Magic Formula kemudian dibandingkan dengan pengembalian pasar. Rebalancing portofolio dilakukan tahunan. Analisis Sharpe, Treynor dan Jensen’s Alpha digunakan untuk mengukur pengembalian yang disesuaikan dengan risiko. Secara keseluruhan, penelitian ini menunjukkan bahwa dengan menggunakan return on capital dan earning yield mampu menghasilkan pengembalian rata-rata yang lebih tinggi daripada indeks pasar dari April 2013 sampai dengan April 2018. Portofolio Magic Formula menghasilkan pengembalian rata-rata 12.67% dan pasar menghasilkan pengembalian rata-rata 5.31% selama periode yang diuji. Kata kunci.  Earning Yield; Strategi Investasi; Magic Formula; Return on Capital; Value Investing.
Contribution of National Health Insurance Patient Revenue to Financial Performance of Private-Profit Hospitals from 2017 to 2022 Imansyah, Fadlul; Sjaaf, Amal Chalik; Nadjib, Mardiati; Hartini, Rina
Kesmas Vol. 20, No. 5
Publisher : UI Scholars Hub

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

Abstract

This study investigated the relationship between National Health Insurance (NHI) patient revenue and profit-private hospital financial performance in Indonesia. As the NHI provider, Badan Penyelenggara Jaminan Sosial (BPJS) Healthcare Security’s influence on hospital revenues has raised concerns about its impact on financial sustainability. This study used financial performance indicators to develop a financial performance index—Return on Assets (ROA), Return on Equity (ROE), Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) Margin, Current Ratio, and Net Profit Margin (NPM)—to assess the financial impact of BPJS Healthcare Security revenue. A partial model approach of multiple linear regression was employed using secondary data from seven private-profit hospitals listed on the Indonesian Stock Exchange from 2017 to 2022. The findings indicated a negative correlation between BPJS Healthcare Security patient revenue and the hospital financial performance index. Specifically, higher patient revenue correlated with lower performance across key financial indicators, including ROA, ROE, EBITDA Margin, Current Ratio, and NPM. It was essential for hospitals but not necessarily to improve their financial health performance. Hospitals need to optimize their revenue mix and explore alternative financial strategies to enhance performance.
Co-Authors A.A. Ketut Agung Cahyawan W Hartini, Rina Nadjib, Mardiati Sjaaf, Amal Chalik