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Ekadjaja, Margarita
Fakultas Ekonomi Dan Bisnis, Universitas Tarumanagara
Religion Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Public Health Social Sciences Other

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THE IMPACT OF INFLATION, CERTIFICATE OF BANK INDONESIA, AND EXCHANGE RATE OF IDR/USD ON THE INDONESIA COMPOSITE STOCK PRICE INDEX Ekadjaja, Margarita; Dianasari, Daisy
Jurnal Muara Ilmu Ekonomi dan Bisnis Vol 1, No 1 (2017): Jurnal Muara Ilmu Ekonomi dan Bisnis
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmieb.v1i1.405

Abstract

This research is done with the aim to know whether some macroeconomic variables, which are inflation rate, certificate of Bank Indonesia (SBI) rate, and exchange rate of IDR/USD have an impact on the movement of the composite stock price index (IHSG) at the Indonesia stock exchange (BEI) partially and simultaneously in the period of 2006–2014. The research population is inflation rate, SBI rate, and exchange rate of IDR/USD. Data analysis in this research is multiple regression by using time series monthly data of 2006–2014. Research results show that partially inflation rate gives positive significant impact on IHSG, SBI rate has negative significant impact on IHSG, and exchange rate of IDR/USD has positive significant impact on IHSG.  Simultaneously it shows that inflation, SBI rate, and exchange rate of IDR/USD have an impact on IHSG at BEI to the period of year 2006 – 2014.  Those variables affect IHSG by 58,74%, while other variables affect IHSG by 41,26%.  That information can be used by investors to make decision on their investment.Keywords: Inflation, SBI, Exchange rate, IHSG, BEI.
FACTORS DETERMINING BANK LOAN APPROVAL AS SOURCE OF FINANCING FOR MICRO, SMALL, AND MEDIUM ENTERPRISES (MSME) IN JAKARTA Ekadjaja, Margarita
Jurnal Muara Ilmu Ekonomi dan Bisnis Vol 2, No 1 (2018): Jurnal Muara Ilmu Ekonomi dan Bisnis
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmieb.v2i1.1563

Abstract

In running business, the owners of Micro, Small, and Medium Enterprises (MSME) have main weaknesses, in which they do not conduct good accounting system or financial records, thus creating difficulties in developing analysis for future business planning. Most of MSME owners run their business by relying on instincts, while business analysis and accounting system are necessary when they apply for bank loan.The aim of this study is to reveal some variables of MSME that become the determinants of their bank loans approval. These variables are: Business Age since Establishment, Total Assets Turnover, Owner’s Total Assets, Credit Duration, Owner’s Education Level, Good Relationship with the Bank, Collateral Amount, and Loan Repayment Criteria. The samples of this study were taken from entrepreneurs selling clothes and apparels in Tanah Abang by conducting direct interview and fulfilling the questionnaire. The questionnaire consists of three major parts, which are business owner’s profile, credit analysis, and evaluation on simple financial report. This study uses logistic regression method, in which there is only one dependant variable with dummy 1-0 (Bank Loan Approval, granted = 1 and rejected = 0) along with eight independent variables.This study concludes that Business Age since Establishment, Total Assets Turnover, Owner’s Education Level, Collateral Amount, and Loan Repayment Criteria, have positive and significant effects on Bank Loan Approval. Meanwhile, Owner’s Total Assets, Credit Duration, and Good Relationship with the Bank do not affect Bank Loan Approval significantly.Keywords: MSME, bank loan approval, logistic regression
Implikasi Value Added Intellectual Capital Terhadap Financial Company’s Performance Ekadjaja, Margarita; Ekadjaja, Agustin; Siswanto, Halim Putera
Manajemen Bisnis Kompetensi VOL. 14 NO. 01 JANUARI - JUNI 2019
Publisher : Manajemen Bisnis Kompetensi

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

Abstract

Economic developments are increasingly complex, raising issues in research in the field of intellectual capital. The company’s ability to be competent in competition does not only lead to ownership of real assets but rather leads to new discoveries in managing the organization and human resources of the company. This study analyzes intellectual capital (as an independent variable) and financial company’s performance (as the dependent variable, namely Return On Assets, Return On Equity and Asset Turnover), on banking companies listed on the Indonesia Stock Exchange for 3 years (2015-2017). The differentiator of this research with previous research is the addition of measuring the ratio of company activity in evaluating company performance. The subject of banking companies is because the banking industry is one of the most intensive sectors of intellectual capital. The purpose of this study was to analyze the implications of value added intellectual capital on a company’s financial performance as measured by Return on Assets, Return on Equity, and Assset Turnover. After knowing the variables of value added intellectual capital that have implications for the company’s financial performance, it can be used as a basis for the company in an effort to increase the value of the firm. Based on partial testing, Value Added of Intellectual Capital has a significant positive effect on Return on Assets and Return on Equity, but a negative and not significant effect on Asset Turnover.Keywords: Intellectual Capital, Return On Asset, Return On Equity, Asset Turnover
Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Nariman, Augustpaosa; Ekadjaja, Margarita
Manajemen Bisnis Kompetensi VOL. 14 NO. 01 JANUARI - JUNI 2019
Publisher : Manajemen Bisnis Kompetensi

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Abstract

Increasing the wealth of shareholders is one of the purpose of financial management. Shareholders wealth can be seen from the increase of corporate value. Several issue related to corporate governance factor becoming popular topic since the economic crisis in Indonesia. According to the corporate governance factor is a system to control corporate, the mechanism corporate governance are management shareholding, institutional shareholding, government shareholding, board size, board independence. Corporate governance factor for this research are institutional shareholding, board size, and board independence The aim of this research are to understanding and analyzing the effect of corporate governance factor consists of institutional shareholding, board size, and board independence to value of the firm. The populations in this research were manufacturing companies listed in IDX (Indonesia Stock Exchange) within period 2013-2016. The method of sampling in this research used the purposive sampling method. The results showed that corporate governance factor consists of institutional shareholding, board size, and board independence had effect on value of the firm of manufacturing companies list on the Indonesia Stock Exchange.Keywords: corporate governance, institutional shareholding, board size, board independence, value of the firm
Parabolic Effect Between Managerial Ownership And Firm Value To Control Agency Conflict R. Amelinda, Margarita Ekadjaja, Halim.P. Siswanto, K. Nuringsih,
Jurnal Manajemen Vol 23, No 3 (2019): October 2019
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (674.754 KB) | DOI: 10.24912/jm.v23i3.569

Abstract

This research attempts to place the ownership structure, which includes managerial ownership, institutional ownership, foreign ownership, and concentration ownership as determinants to predict value of the firm. Managerial ownership will be identified and analyzed on its possibility to form the inverse U-shape relationship pattern, therefore the test on parabolic effect between managerial ownership using Tobin’s Q can be conducted. Meanwhile, such test cannot be conducted to the other three independent variables. This test was applied to non-financial firms whose shares were listed on Indonesia Stock Exchange (IDX) during 2000-2017. The result of panel data regression test concludes that managerial ownership can predict value of the firm, while it is not for institutional ownership and foreign ownership.
Implikasi corporate governance, investment opportunity set, firm size, dan leverage terhadap earnings quality Nariman, Augustpaosa; Ekadjaja, Margarita
Jurnal Ekonomi Vol 23, No 1 (2018): March 2018
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v23i1.332

Abstract

Profit of a company is used by creditor and investor to evaluate the performance of the management, estimate earnings power, and to predict future profit. Earning qualityis measured from the accrual. A company with high accrual is indicating that the quality of company profit is low, and vice versa. According to Chan,et al. (2001) profit quality in the financial report will increase company value which is reflected in the stock return. Purpose of the this research is to understand the impact of variable ofinstitutional shareholding, board size, board independence, investment opportunity set, firm size, and leverageto theearnings quality.  This research is using manufacturing industry that listed in the Indonesian stock exchange during the period of 2013-2016,sample is taken using purposive samplin technique.Based on analysis result and research is done using double linear regression with the eviews 9.0 software, we can conclude that there is a significant positive influence between institutional shareholding, board size, board independence, investment opportunity set, firm size, and leverageto the earnings quality. While leverage has insignificant influence to the earnings qualitymeasured with Discretionary Accruals (DACCR).
PENGARUH INDEKS BURSA REGIONAL TERHADAP INDEKS HARGA SAHAM GABUNGAN (IHSG) Ekadjaja, Margarita
Jurnal Ekonomi Vol 20, No 2 (2015): July 2015
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v20i2.156

Abstract

In relation with fast economical growth in Indonesia and followed by the growth of the stock exchange, investing in the stock exchange is become one of the profitable choices for the investor. The main indicator of Indonesian stock exchange performance is called IHSG. This research aiming to describe the correlation between regional index (STI Index and KLCI)and IHSG either simultaneously or partially in BEI. The samples used in this research is regional index during 2008-2012. Model of analysis used in this research is multiple regression analysis. Simultant used to test the influence from entire / all variable regional index to IHSG with significant level of 5%. The research stated that, simultaneously there was a significanct correlation between regional Index (STI and KLCI) to IHSG the Fhitung > Ftabel (326.4711 > 3,35). Partially there was significant correlation among STI and KLCI to IHSG and there was a significanct correlation among regional Index (STI and KLCI)to the IHSG the significancy in 5%.
PRODUK PERUSAHAAN PEMBIAYAAN DAN TEKNIK PENCATATAN SECARA AKUNTANSI SEBAGAI PENDUKUNG AKTIVITAS USAHA Siswanto, Halim Putera; Ekadjaja, Margarita; Henny, Henny; Ekadjaja, Agustin
Jurnal Bakti Masyarakat Indonesia Vol 2, No 1 (2019): Jurnal Bakti Masyarakat Indonesia
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (478.915 KB) | DOI: 10.24912/jbmi.v2i1.4310

Abstract

Menjadi wirausahawan (entrepreneur) adalah pilihan yang menantang, karena selain dibutuhkan soft skill untuk melaksanakan kegiatan usahaanya juga diperlukan dana yang cukup untuk membiayai kegiatan usahanya. Suatu kondisi keuangan yang sehat dapat dicapai jika seseorang sudah mengetahui dengan jelas tujuan yang akan dicapai dan mampu mengelola sumber daya keuangannya secara tepat guna mencapai tujuan dimaksud. Selama tujuan penggunaan dari barang atau jasa tersebut merupakan suatu kebutuhan untuk tujuan produktif, maka meminjam dari sumber dana lain seperti perusahaan pembiayaan adalah keputusan yang dapat dibenarkan. Masih terdapat banyak pengusaha Usaha Mikro Kecil Menengah (UMKM) di Indonesia yang memiliki ide-ide usaha kreatif namun belum mendapatkan akses layanan dari jasa pembiayaan yang ada. Hal ini disebabkan karena minimnya pengetahuan mereka tentang perusahaan pembiayaan, analisis kredit, dan teknik pencatatan secara akuntansi. Hal ini yang mendorong perlu dilakukannya program Pengabdian Kepada Masyarakat (PKM). Program PKM ini berupa pelatihan kepada perusahaan Multi Global Electrindo, dikarenakan perusahaan tersebut merupakan perusahaan perseorangan dengan jumlah karyawan yang masih relatif sedikit dan masih memerlukan dana besar. Program PKM ini didanai oleh Direktorat Penelitian Pengabdian Masyarakat Universitas Tarumanagara (DPPM UNTAR). Tujuan pelaksanaan kegiatan PKM ini adalah dapat menghasilkan kontribusi positif bagi entrepreneur dalam hal peningkatan pemahaman mengenai literasi keuangan dan juga sebagai pemicu kegiatan-kegiatan PKM lanjutan untuk membantu program pemerintah dalam hal pengenalan literasi keuangan melalui Universitas Tarumanagara yang mendanai kegiatan ini
Tata Kelola Perusahaan, Risiko Keuangan, dan Kinerja Perbankan di Indonesia Margarita Ekadjaja, Agustin Ekadjaja,
Jurnal Ekonomi Vol 25, No 3 (2020): November 2020
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v25i3.687

Abstract

The balance of shareholders and stakeholders in managing the company is in line with the principles of Good Corporate Governance (GCG). Companies sometimes require additional external funds to develop their business. Fulfillment of external funding needs can be obtained from banking and non-banking financial institutions. The study population was banking companies for the period 2011 - 2018 using double linear regression as a data analysis tool. The results of the study found that banking corporate governance and financial risk have implications for banking performance.The results found that banking corporate governance and financial risk have implications for banking performance. The GCG variables, Net Interest Margin (NIM), and Loan Deposit Ratio (LDR) have a unidirectional relationship with banking performance. The variables of Non Performing Loan (NPL) and Expense to Operating Income (ETOI) have an opposite relationship, meaning that banks must reduce non-performing loans and operating costs to improve their bank performance.
KETERKAITAN MANAGERIAL OWNERSHIP DAN LEVERAGE TERHADAP NILAI PERUSAHAAN: DALAM KONTEK HUBUNGAN KEAGENAN PERUSAHAAN DI INDONESIA Ekadjaja, Margarita; Rorlen, Rorlen; Setiawan, Fanny Andriani; Nuringsih, Kartika
Jurnal Muara Ilmu Ekonomi dan Bisnis Vol 5, No 1 (2021): Jurnal Muara Ilmu Ekonomi dan Bisnis
Publisher : Lembaga Penelitian dan Pengabdian Kepada Masyarakat, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmieb.v5i1.10859

Abstract

Manajemen dan nilai perusahaan memiliki keterkaitan yang tidak dapat dipisahkan.  Dimana manajemen perusahaan merupakan penggerak roda perusahaan dan berorientasi pada nilai perusahaan. Peran seorang manajer adalah memaksimalkan kekayaan bagi pemegang saham.  Namun, manajer yang tidak memiliki kepemilikan saham yang signifikan di perusahaan dapat memilih untuk memaksimalkan keuntungan bersih mereka sendiri dengan mengorbankan pemilik perusahaan. Akibatnya, pemilik terpaksa mengeluarkan biaya agensi untuk memastikan bahwa manajemen perusahaan bertindak dengan cara yang tepat. Cara untuk mengurangi biaya agensi adalah memaksa perusahaan untuk meningkatkan hutang. Tujuan penelitian adalah  menguji hubungan simultan pertukaran antara ownership, leverage, dan nilai perusahaan sehubungan dengan keagenan pada perusahaan manufaktur di Indonesia dari tahun 2012-2018. Penelitian ini menambah pemahaman mengenai keterkaitan antara ownership dengan leverage, dan nilai perusahaan. Analisis data untuk argumen tentang keterkaitan simultan antara  ownership, leverage, dan nilai perusahaan melalui data panel regresi berganda 2 SLS (Two Stage Least Square). Bidang penelitian ini diperluas dengan mempertimbangkan model empiris di mana ownership dan leverage masing-masing diperlakukan sebagai variabel endogen atau ditentukan bersama.  Dalam metode 2 SLS ada 2 kali variabel yang diobservasi secara simultan untuk menghindari bayes sehingga variabel tersebut tidak bias, di mana variabel managerial ownership dan Leverage merupakan determinan non linier nilai perusahaan sebagai bagian integral dari pengambilan keputusan perusahaan dalam kerangka keagenan.  Persamaan Regresi hasil uji 2SLS memunjukkan keterkaitan nilai perusahaan dengan managerial ownership dan leverage. Hasil menunjukkan interaksi positif  tidak signifikan antara managerial ownerhip dengan nilai perusahaan, interaksi positif signifikan antara nilai perusahaan dengan leverage, dan interaksi yang negatif signifkan antara managerial ownership dengan leverage. Management and corporate value have an inseparable relationship. Where the company management is the driving force of the company and oriented to corporate values. The role of a manager is to maximize wealth of shareholders. However, managers who do not have a significant share in the company may choose to maximize their own net profits at the expense of the company owners. As a result, the owners are forced to incur agency costs to ensure that company management acts in an appropriate manner. The way to reduce agency costs is to force the company to increase debt. The research objective is to examine the exchange simultaneous relationship between ownership, leverage, and corporate value with respect to agency in manufacturing companies in Indonesia from 2012-2018. This study adds to the understanding of the relationship between ownership and leverage, and corporate value. Data analysis for arguments about the simultaneous relationship between ownership, leverage, and firm value through 2 SLS (Two Stage Least Square) multiple regression panel data. This field of research is extended by considering empirical models in which ownership and leverage are treated as endogenous or co-determined variables, respectively. Ownership and Leverage as an integral part of corporate decision making within an agency framework, which in turn will affect the value of the company. In the SLS 2 method, there are 2 variables that are observed simultaneously to avoid bayes so that the variable is not biased, in which the managerial ownership and leverage variables are nonlinear determinant corporate value as an integral part of corporate decision making within the agency framework, which in turn will affect firm value. The 2SLS regression equation results show the relationship between firm value and managerial ownership and leverage. The results prove that there is a positive interaction between managerial ownership between firm value, a significant positive interaction between firm value and leverage, and a significant negative interaction between managerial ownership and leverage.
Co-Authors Agustin Ekadjaja Agustin Ekadjaja Agustin Ekadjaja Agustin Ekadjaja Alwina Salim Andre Chuandra Augustpaosa Nariman Augustpaosa Nariman Bravo, Christiandinata Tjandra Christiandinata Tjandra Bravo Chuandra, Andre Clarita Tanzaretha Dianasari, Daisy Elizabeth Christinio Puspita Eric Adiwijaya Evert, Ferenc Devlin Fanny Andriani Setiawan Farrenlie, Jesslyn Mirabel Halim Putera Siswanto Henny Henny Henny Henny Henny Henny, Henny Hernando Jerico Ignatius Roni Setyawan Iskandar, Michael Angelo Krisnaputra, Ariel Lousius, Pamela Angelica Lumingkewas, Vicly Gunawan Martens, Brigitta Griselda Missy Salim Nicholas, Nicholas Nuringsih, Kartika Rorlen Rorlen , Rorlen Rorlen, Rorlen Rumiris Runtuwene, Meily Helma Setiawan, Fanny Andriani Siek, Vanesa Siswanto, Halim Putera Sumedi, Reyna Mariana Theja, Amory Takahiro Tjandra Bravo, Christiandinata Valentina Wang, Kennale Justin Yustina Peniyanti