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All Journal Al Tijarah IJEBD (International Journal Of Entrepreneurship And Business Development) JIKA: Jurnal Ilmu Keuangan dan Perbankan Ilomata International Journal of Tax and Accounting Journal of Management - Small and Medium Enterprises (SME's) International Journal of Business, Economics, and Social Development International Journal of Social Service and Research Interdisciplinary Social Studies PRIMA : Portal Riset dan Inovasi Pengabdian Masyarakat JOURNAL OF HUMANITIES, SOCIAL SCIENCES AND BUSINESS (JHSSB) Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL) Journal Research of Social Science, Economics, and Management Jurnal Ekonomi, Teknologi dan Bisnis Indonesian Journal of Advanced Research (IJAR) IIJSE Journal of Bussines Management Basic Jurnal Pintar Pengabdian dan Pemberdayaan Masyarakat
Budianto, Erwin
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Analysis of Financial Performance Based on Financial Ratios at PT. Garuda Indonesia TBK Listed on the IDX in 2021-2023 Suryani, Dinda Arnelia; Auliasari, Heleun; Budianto, Erwin
Interdisciplinary Social Studies Vol. 4 No. 3 (2025): Regular Issue: April-June 2025
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/iss.v4i3.843

Abstract

PT Garuda Indonesia Tbk, Indonesia’s national airline, has experienced prolonged financial distress caused by operational inefficiencies, debt mismanagement, and the significant impact of the COVID-19 pandemic. Despite its strategic role in national connectivity and global reputation, Garuda continues to struggle in maintaining liquidity, solvency, profitability, and asset efficiency. This study aims to assess the company’s financial performance during the 2021–2023 period using key financial ratios. A descriptive quantitative method was employed, analyzing secondary data from the company’s official financial statements. The assessment covered four key ratios: liquidity (quick ratio and operating cash flow ratio), solvency (debt-to-asset and cash flow-to-debt), profitability (return on assets and net profit margin), and activity (total and fixed asset turnover). Results indicate slight improvements in liquidity and solvency, but performance remains below standard benchmarks. Profitability was volatile, with a significant recovery in 2022 followed by a decline in 2023. Asset efficiency remained weak throughout the period. These findings reveal Garuda’s unstable financial condition and the urgency for strategic restructuring. The study highlights the need for improved asset utilization, sustainable cost management, and continued financial monitoring to support recovery. Future research may explore qualitative factors like management strategies and industry dynamics.
Factors Affecting the Ups and Downs of Profit in the Food and Beverage Sub-Sector for the 2021-2023 Period Dewi, Nurul Aulia; Rossalina, Zahra; Budianto, Erwin
IJEBD (International Journal of Entrepreneurship and Business Development) Vol 8 No 4 (2025): July 2025
Publisher : LPPM of NAROTAMA UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29138/ijebd.v8i4.3317

Abstract

Purpose: The purpose of this study is to ascertain how production and sales rates, and sales growth relate to changes in net profit between 2021 and 2023. Design/methodology/approach: This study used a quantitative descriptive strategy, with purposive sampling as a technique for selecting samples based on certain criteria, and the study population consisted of 18 organizations. Information was obtained from financial reports accessed on the website www.idx.co.id. Findings: According to this analysis, the factors of sales growth, production costs, and operating costs have a major impact on the amount of money businesses in the food and beverage subsector make between 2021 and 2023. Research limitations/implications: The scope of this study is limited to food and beverage subsector companies listed for 3 years on the IDX. In addition, the focus of activities are only factors that affect sales growth, production costs, and operating costs. Practical implications: Can make plans to improve profitability using the findings of the research analysis. Originality/value: This paper is original Paper type: Research paper
Factors Affecting Profitability in Telecommunication Sector Companies Listed on the Indonesia Stock Exchange for the Period 2016-2023 Rizka, Auliah; Aryaningsih, Nabilah Risna; Budianto, Erwin
Indonesian Journal of Advanced Research Vol. 4 No. 7 (2025): July 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijar.v4i7.14945

Abstract

The sustainability and growth of a company are strongly determined by its ability to generate profits. One key metric used to evaluate profitability is Return on Assets (ROA). To remain competitive and resilient, companies must regularly monitor and analyze their financial performance, including identifying the factors that influence ROA. This study examines the relationship between ROA and several financial indicators, namely the current ratio (CR), debt-to-asset ratio (DAR), total asset turnover (TATO), and sales growth (SG). The research utilized regression analysis on a sample of five companies within the Indonesian telecommunications subsector that met specific criteria during the 2016–2023 period. The findings reveal that sales growth does not significantly impact ROA, whereas current ratio, debt-to-asset ratio, and total asset turnover have a significant effect. The model explains 75% of the variance in ROA, with the remaining 25% attributed to other unexamined variables. These results suggest that asset efficiency, liquidity, and solvency are critical factors influencing the profitability of telecommunications companies, while sales growth alone does not directly enhance the ability to generate net profit from assets.
Controlling variable indirect WCTO as the mediating variable against ROE Parlina, Nurhana Dhea; Maiyaliza, Maiyaliza; Budianto, Erwin
Jurnal Ilmu Keuangan dan Perbankan (JIKA) Vol. 14 No. 2: Juni 2025
Publisher : Program Studi Keuangan & Perbankan, Fakultas Ekonomi dan Bisnis, Universitas Komputer Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34010/jika.v14i2.15975

Abstract

This study aims to examine the direct and indirect effect of current ratio and working capital turn over (WCTO) dan return on Equity (ROE), with WCTO serving as a mediating variable , pharmaceutical sub sector company list on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. The Research adopts a quantitative approach using secondary data in the form on annual financial statements. The sample was selected  using purposive sampling resulting in 40 data point from 8 companies. The analytical method use is path analysis support by 25 software. During the observation method, average sales in pharmaceutical sub sector industry show a declining tren leading to decrease in both profit and working capital. However data also indicate the beginning of the new growth in this sector. Therefore this study was conducted in the response to these on  emerging patterns. The result show that WCTO has significant indirect effect on ROE while the current ratio doesnot have a direct impact  on ROE Keywords: Path Analysis; CR; WCTO; ROE; Finance
Factors Influencing Stock Prices in Coal Sub-Sector Companies Listed on the IDX for the 2019-2023 Period Anisa, Siti; Nur’atin, Atin; Budianto, Erwin
International Journal of Social Service and Research Vol. 5 No. 8 (2025): International Journal of Social Service and Research
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/ijssr.v5i8.1282

Abstract

This study examines the factors influencing stock prices of coal sub-sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, focusing on three key financial ratios: Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Assets (ROA). The research employs quantitative methods to analyze the relationship between these financial ratios and stock prices. The results indicate that while CR and DER do not have a significant impact on stock prices, ROA shows a positive and significant relationship with stock prices. This suggests that better asset management and profitability, as reflected in ROA, enhance investor confidence, thereby driving stock prices higher. The findings contribute to the understanding of how financial ratios influence the stock performance of coal companies in Indonesia, offering valuable insights for investors making informed investment decisions. The implications of this research highlight the importance of focusing on profitability and asset management when evaluating the financial health of companies in the coal sector, particularly for investors looking to make strategic investment choices based on financial metrics.
Analysis Of Determinants Of Firm Value In Property And Real Estate Companies Listed On The Bei In 2019-2022 Sari, Habibah Nurmala; Khaeruni, Ratnawati; Budianto, Erwin
Jurnal Ekonomi Teknologi dan Bisnis (JETBIS) Vol. 3 No. 3 (2024): JETBIS : Journal Of Economics, Technology and Business
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v3i3.93

Abstract

This study aims to analyze and determine the effect of profitability as measured by return on assets, solvency as measured by debt to equity ratio to company value measured by price book value. This research uses quantitative methods with secondary data sources in the form of the company's annual financial statements. The population of this study is property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2022 period. The sampling technique used purposive sampling, and a sample of 37 companies was obtained. The data analysis technique uses multiple linear regression with the SPSS 25 program. The results showed that the return on assets and debt-to-equity ratio had no effect on the value of the company.
Financial Performance Evaluation of PT Sarimelati Kencana Tbk Using Profitability Ratios, Activity Ratios, and Solvency Ratios for the Period 2021-2023 Shafia, Dilla; Ayu, Dianita Rezki; Budianto, Erwin
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7352

Abstract

This study aims to assess the financial performance of PT Sarimelati Kencana Tbk from 2021 to 2023 using several types of financial ratio analysis. The financial ratios used are activity ratios (Total Asset Turnover), profitability ratios (Return on Assets), and solvency ratios (Debt to Asset Ratio). Pizza Hut Indonesia has a significant amount of fixed assets and outlets, making it important to determine whether these assets are being utilized productively through TATO analysis. Since PT Sarimelati Kencana experienced profit fluctuations (including losses in 2023), it is crucial to assess the effectiveness of managerial and operational strategies using ROA analysis, as ROA indicates how efficiently management utilizes assets to generate profits. Meanwhile, PT Sarimelati Kencana is also facing financial pressure marked by store closures and layoffs, so the DAR analysis can be used to measure the proportion of the company's assets financed by debt, whether the financing is healthy or overly reliant on debt. PT Sarimelati Kencana Tbk oversees the Pizza Hut franchise in Indonesia, which has faced significant challenges in recent years, including store closures and financial losses. The research methodology employed is descriptive quantitative, utilizing secondary data analysis obtained from the company's official financial statements. The findings indicate that the debt ratio is below industry norms, suggesting suboptimal asset utilization. The ROA ratio shows a declining trend to negative in 2023, reflecting a decline in profit. Meanwhile, the DAR ratio is very high and exceeds industry standards, indicating significant debt dependence and financial risk. These findings suggest the need for improved operational efficiency, reduced debt dependence, and strategies to improve the company's profitability. This study aims to serve as a reference for management decision-making and to enhance financial analysis studies in the Indonesian food and beverage industry.
Analysis Of Determinants Of Firm Value In Property And Real Estate Companies Listed On The Bei In 2019-2022 Sari, Habibah Nurmala; Khaeruni, Ratnawati; Budianto, Erwin
Jurnal Ekonomi Teknologi dan Bisnis (JETBIS) Vol. 3 No. 3 (2024): Jurnal Ekonomi, Teknologi dan Bisnis
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/jetbis.v3i3.93

Abstract

This study aims to analyze and determine the effect of profitability as measured by return on assets, solvency as measured by debt to equity ratio to company value measured by price book value. This research uses quantitative methods with secondary data sources in the form of the company's annual financial statements. The population of this study is property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2022 period. The sampling technique used purposive sampling, and a sample of 37 companies was obtained. The data analysis technique uses multiple linear regression with the SPSS 25 program. The results showed that the return on assets and debt-to-equity ratio had no effect on the value of the company.
MSME Development Strategy to Improve Competitiveness in the Digital Era and Product Innovation of MSMEs Desa Belawa Budianto, Erwin; Hasanah, Ananda Putri; Lugina, Wenda Surya; Trisnawati, Titin; Cantika, Erly
Journal of Bussines Management Basic Vol 6 No 2 (2024): Journal of bussines management
Publisher : Universitas Sebelas April, Fakultas Ekonomi dan Bisnis

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

Abstract

In the Thematic Real Work Lecture (KKN-T) the group of 53 conducted research on the Village Owned Enterprises (BUMDES) Manisan Cikuya (Manciya) of Belawa Village, Lemahabang District, with the aim to develop product innovation and increase competitiveness in the current digital age. The activities of KKN-T are carried out by descriptive research method with qualitative approach accompanied by information from internal and external factors with the acquisition of relevant y/y data in the form of packaging innovation, innovation of product results and expansion of marketing network. In this packaging innovation develops creative new ideas in designing, selecting materials, as well as determining the packaging function of a product. During KKN-T's activities, we as students of KKN-T group 53 provided extension and mentoring of the venture. With this activity, hopefully it can benefit partners in developing their business
Marketing Dynamics in the Digital Age: A Literacy Study on the Shift from Traditional Marketing to Social Media Syaifudin, Syaifudin; Henriawan, Desan; Suzana, Anna; Budianto, Erwin; Oviana, Rena
Journal of Bussines Management Basic Vol 7 No 1 (2025): Journal of bussines management
Publisher : Universitas Sebelas April, Fakultas Ekonomi dan Bisnis

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

Abstract

The shift from traditional marketing to social media marketing in the digital age has become a significant phenomenon in the business world. This change is fuelled by technological advancements, especially internet penetration and the increasing use of social media platforms such as Facebook, Instagram, Twitter, and TikTok. Traditional marketing, which relies on one-way communication through mass channels such as television and print, now faces challenges in reaching younger and informed consumers, who prefer more personalised and direct interactions. In contrast, social media offers opportunities for companies to interact directly with consumers, enabling more segmented, personalised and cost-effective marketing. However, social media marketing also comes with challenges, including platform algorithm changes and data privacy concerns. This study aims to explore the shift from traditional marketing to social media marketing, by identifying the challenges and opportunities faced by companies in implementing effective marketing strategies. The study concludes that the integration of both marketing approaches, i.e. traditional and digital, can deliver optimal results for companies, by strengthening relationships with consumers and increasing the effectiveness of marketing campaigns.
Co-Authors Amelia, Dhea Aryaningsih, Nabilah Risna Auliasari, Heleun Ayu, Dianita Rezki Cantika, Erly Dewi, Nurul Aulia Dewi, Reza Kusuma Dhevyanto, Benny Dwi Putri, Novi Fadilah, Muhamad Kahfi Fathurahman , Miftah Alfarid Ferida, Ferida Ferry Ferdianto Hartianti , Astri Hasanah, Ananda Putri Hasanah, Fayza Safira Henriawan, Desan Khaeruni, Ratnawati L. Lisnawati Lugina, Wenda Surya Maiyaliza, Maiyaliza Nur'aeni, Neni Nurhana Dhea Parlina Nur’atin, Atin Oviana, Rena Palupi, Elvina Diah Parihah, Nurul Permatasari, Fatimah Rizka, Auliah Rizky, Devano Alfa Rossalina, Zahra Sari, Habibah Nurmala Shafia, Dilla Siti Anisa Siti Romlah Suryani, Dinda Arnelia Suzana, Anna Syaifudin Syaifudin, Syaifudin Triana, Sabrina Dinda Trisnawati, Titin