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All Journal Journal The Winners DIJB (Diponegoro International Journal of Business) Emerging Markets : Business and Management Studies Journal Jurnal Ilmiah Akuntansi Kesatuan Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences AICS Prosiding Konferensi Nasional PKM-CSR Journal Of World Science Indonesian Capital Market Review
Bustaman, Yosman
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ANALYSIS OF COMPANY PERFORMANCE AND AUDIT OPINIONS IN INDONESIAN FOOD AND BEVERAGES COMPANIES Namira, Febby; Bustaman, Yosman
Emerging Markets : Business and Management Studies Journal Vol 2 No 2 (2015)
Publisher : Academic Research Centre Services

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (639.554 KB) | DOI: 10.33555/ijembm.v2i2.21

Abstract

This paper analyzes relationship between company performance and audit opinion. We use some financial ratios as measurement of firm?s performance such as liquidity, efficiency, profitability, market measurement and cash flows. This study uses food and beverages companies listed in Bursa Efek Indonesia (BEI) for five consecutive years from 2009 until 2013 as our sample data. Panel data analyses are used to regress our empirical model. After controlling with size of company and macroeconomics variables namely inflation rate and movement of Indonesian currency exchange rate against US dollar, we find that firm?s liquidity, profitability, market ratios and company cash flow significantly affect the audit opinion. Large firm size does not influence the audit opinion significantly, meanwhile both macro economic variables inflation rate and exchange rate link negatively with audit opinion however do not significantly affect the opinion. Thin volume of transactions in foreign currency among these companies might lead to non-significant effect between audit opinion and exchange rate.
CAPITAL STRUCTURE, PROFITABILITY AND FIRM VALUE: EVIDENCE FROM MINING COMPANIES Budianto, Diga Cendekia; Bustaman, Yosman
Emerging Markets : Business and Management Studies Journal Vol 4 No 1 (2016)
Publisher : Academic Research Centre Services

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (548.625 KB) | DOI: 10.33555/ijembm.v4i1.57

Abstract

This research investigates the impact of firm capital structure on profitability and firm value of the twenty eight mining companies listed in Indonesia Stock Exchange from the year 2009 to 2013. The capital structure is measured by the proportion of debt over total asset, ROA and ROE are used to measure the firm profitability, meanwhile stock price is applied to measure firm value. This study uses panel data regression analysis. After controlling with external factor such as GDP rate and inflation rate, and internal factor such as revenue growth and firm size (total asset), we find leverage has negative impact on ROA however they are not significant, thus it could be said capital structure has no effect on financial performance. The indicators that significantly affect financial performance come from the control variable, which is revenue growth. Our research also finds that the capital structure has a significant effect towards firm value. The firm size and GDP rate is more impactful towards firm value. This contradicts with the MM?s capital structure irrelevance proposition, but supports other theories such as pecking order theory and Trade-off theory
MAJORITY SHAREHOLDER : LARGE SHAREHOLDER, FAMILY OWNERSHIP, INSTITUTION OWNERSHIP AND ITS IMPACT ON FIRM PERFORMANCE Roossiana, Artalia Indah; Bustaman, Yosman
Emerging Markets : Business and Management Studies Journal Vol 3 No 1 (2015)
Publisher : Academic Research Centre Services

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (606.62 KB) | DOI: 10.33555/ijembm.v3i1.67

Abstract

We investigate the impact of majority shareholder that categories as large shareholder, family ownership and institution ownership on the firm performance measured bu accounting performance ROA and market performance namely Tobin Q. This research concentrate on Consumer Goods Sector Companies listed on the Indonesia Stock Exchange (IDX) covering from year 2011 to year 2014. We use unbalanced panel data analysis. After controlling with firm specific variables; such as size of company, age, leverage, growth and macro economic variables, we find that large shareholder without knowing who the owners are do not effect the firm performance. However, when the family and institution become dominance in controlling the company, market reacts negatively. It might occur because market perceives negative effect of disgorging cash by family and institutional that cause lower distribution profit for other minority shareholder in the market. Our finding provides the signal for company which majority of shareholder need to provide more transparance report on flowing the cash flows of company. Additionally for the new investors who expect to have capital gain on the investment must take fully concern on this condition, because their value of investment could decrease and get loss if they invest in this type of companies.
Impact of Liquidity, Ownership, Global Financial Crisis, and Capital Adequacy Ratio on Indonesian Banking Profitability Period 2007-2016 Winoto, Agustinus; Bustaman, Yosman
Journal the Winners: Economics, Business, Management, and Information System Journal Vol 21, No 1 (2020): The Winners (In Press)
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/tw.v21i1.6012

Abstract

The purpose of the research was to analyse the effect of liquidity, ownership, and global financial crisis on Indonesian Banking profitability. The research focused on conventional bank exclude sharia-bank and rural bank/BPR, owned by foreign-party, local-party or mixed-party, period 2007 to 2016. Data were retrieved from Indonesia Bank regulator which is Otoritas Jasa Keuangan’s website. For liquidity, liquidity ratio, loan to funding ratio, and cash ratio were used. Meanwhile ownership and global financial crisis used dummy variable. The research divided bank to foreign and mixed party, and local bank in the years of crisis that were 2008 and 2009. Ordinary Least Square method were used with Net Interest Margin as dependent variable, a control variable, and capital adequacy ratio. The result finds that there is no significant connection between liquidity and ownership on profitability, while crisis has significant connection on profitability. 
RESPON BURSA SAHAM TERHADAP STRATEGI DIVERSIFIKASI PENDAPATAN PERBANKAN Rafif, Helmi; Bustaman, Yosman
Emerging Markets : Business and Management Studies Journal Vol. 7 No. 2 (2020)
Publisher : Directorate of Academic Research and Community Services

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33555/ijembm.v7i2.127

Abstract

We evaluate how the Indonesian stock market has reacted to the banking diversification revenue strategy in the period of 2009-2016. The market reactions are measured by the ratio of market equity capitalization to its book value equity (MB) and market viability or solvency is proxied by the bank?s market-based Z score. Using panel data regression, we find that the higher the level of diversification of bank revenue response positively by the market indicating by improving on banks? capitalization ratio and market solvency. It shows that revenue diversification could produce a significant impact on bank profitability and reduce the probability of bank failure. Additionally, our results reveal that the larger size of the bank, the riskier the bank, however,these larger banks could achieve higher market equity capitalization that protects them from insolvency problems. Banks having large book equity capital response positively by the market, it indicates a positive relationship between this variable and Z score.
The Impact of Customer Relationship Management Quality and Company Reputation toward the Antecedent of Customer Loyalty during COVID-19 Pandemic Gunawan, Victor; Astuti, Rifelly Dewi; Bustaman, Yosman
Conference Series Vol. 3 No. 2 (2021): International Conference on Global Innovation and Trends in Economy 2021
Publisher : ADI Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34306/conferenceseries.v3i2.593

Abstract

This study objective was found the interrelationships among service evaluation, that is service quality, customer satisfaction, and customer value, with customer loyalty through mediating roles of customer relationship management (CRM) quality, and moderating roles of company reputation in the heavy equipment industry in the middle of COVID-19 pandemic. Also investigate the most critical domains of service quality, customer satisfaction and customer value considered by customers in the heavy equipment and the connection among service quality, customer value and customer satisfaction toward customer loyalty by interlinking customer relationship management (CRM) quality and moderating effect of company reputation variable. In this research, there are several variables correlated with customer loyalty, CRM Quality and Company Reputation. Data were gathered from 259 customer, had transaction unit heavy equipment and its product support in the time of COVID-19 pandemic, by using SPSS and SmartPLS. The data is processed and analyze through structural equation model (SEM). The research found service quality and customer satisfaction variables were not influenced customer loyalty and the mediating effect of CRM quality on relationship between service quality toward customer loyalty were not supported too. Although, customer satisfaction has strong correlation to customer loyalty and the mediating effect is supported in the middle of COVID-19 pandemic. In addition, this research also found moderating effect of company reputation is significance on relationship service quality, customer value, and customer satisfaction toward CRM quality, even if the correlation is reverse relationship. The research discusses important implications considering the effect of service quality, customer satisfaction and mediated by CRM quality toward customer loyalty and improving company reputation as moderated effect to strengthen customer relationship management quality.
Impact of ownership structure, underwriter reputation and IPO proceed size to the level of IPO underpricing Darmawan, D; Bustaman, Yosman
Diponegoro International Journal of Business Vol 7, No 1 (2024)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.7.1.2024.1-10

Abstract

The research aims to examine and confirm whether the underpricing phenomena exist in the Indonesia IPOs during the observation period Year 2017 to 2021 and explain its variations. This research investigate the effect of key determinants factors that have influenced the level of IPO underpricing. The research used the secondary data analysis with cross sectional studies of the observation data of 254 IPO companies. The analysis were applied with several trading period time frame i.e. 1 day, 1 month, 3 month and 6 month. The result shows that the underpricing phenomenon is confirmed in Indonesia’s IPO with number of companies that experience underpricing has reached 85% on the first of trading day. Underwriter reputation is positively related to the level of underpricing in the first trading day period. Companies with larger size of IPOs are underpriced less than the smaller ones. Meanwhile the ownership retention is negatively related with the level of underpricing. The ownership identity and ownership type are not associated to the level of underpricing. In addition, the research find that these variables are not associated to the level of underpricing for period other than 1 trading day.
Enhancement Supply Chain Control Tower to Reduce Inventory Parts of Heavy Equipment at PT The Biggest Heavy Equipment Company in Indonesia Dwiyana, Meidi; Kusumastuti, Ratih Dyah; Bustaman, Yosman
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 5, No 4 (2022): Budapest International Research and Critics Institute November
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i4.7121

Abstract

As a leading heavy equipment distributor in Indonesia, PT. The Biggest Heavy Equipment Company in Indonesia is very concerned about after-sales service as an advantage compared to competitors. Keeping the service level based on target but, it was accompanied by a decrease in working capital as one of the goals of PT. The Biggest Heavy Equipment Company in Indonesia that was establishing a tower in its supply chain concept. This research was conducted at PT. The Biggest Heavy Equipment Company in Indonesia as the owner of the largest market share of heavy equipment in Indonesia. This thesis analyzed the performance of the Supply Chain Control Tower process in the company by using the Supply Chain Operations Reference (SCOR) 12.0 framework. PT. The Biggest Heavy Equipment Company in Indonesia manages supply chain business as a stocked product business, where the company prepares a number of inventories to ensure customer purchasing needs. The results of the analysis at SCOR level 1 show that all strategic metrics are below the set targets. So that at SCOR level 2, an in-depth analysis is carried out with Geographic maps and Thread diagrams that show potential problems in Enable Process (sE2), Plan Source (sP2) and Delivery (sD1) activities. Finally, results of SCOR level 3 analysis using a fishbone diagram reveal that the root cause of the problem is leak of internal company supply chain management, and we recommend to suggest the strategy for enhancement supply chain control tower at PT the Biggest Heavy Equipment Company in Indonesia.
PENINGKATAN DAYA SAING UMKM TANGSEL MELALUI BRAND REFRESH UNTUK MENINGKATKAN KINERJA BISNIS Bustaman, Yosman; Krisnawati, Nila; La Are, Robert
Prosiding Konferensi Nasional Pengabdian Kepada Masyarakat dan Corporate Social Responsibility (PKM-CSR) Vol 6 (2023): INOVASI PERGURUAN TINGGI & PERAN DUNIA INDUSTRI DALAM PENGUATAN EKOSISTEM DIGITAL & EK
Publisher : Asosiasi Sinergi Pengabdi dan Pemberdaya Indonesia (ASPPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37695/pkmcsr.v6i0.1979

Abstract

Program pengabdian masyarakat yang dijalankan oleh Universitas Swiss German bertujuan untuk meningkatkan daya saing bisnis Usaha Mikro, Kecil, dan Menengah (UMKM) di wilayah Tangerang Selatan melalui pelatihan "Brand Refresh". Program ini bertujuan untuk memberikan wawasan dan keterampilan kepada pemilik dan pelaku UMKM dalam memahami pentingnya identitas merek yang kuat terhadap produk yang mereka kelola serta strategi pemasaran yang efektif untuk meningkatkan penjualan dan performa bisnis. Metode yang digunakan dalam program ini Participatory Action Research yang juga terdiri dari serangkaian pelatihan interaktif, workshop dan konsultasi yang disesuaikan dengan kebutuhan dan karakteristik UMKM di Tangerang Selatan. Selain itu dilakukan juga FGD untuk memperkuat analisa kebutuhan pelatihan. Sebanyak 20 (dua puluh) peserta UMKM diberikan pemahaman mendalam tentang konsep "Brand Refresh" melalui penjelasan teoritis, contoh kasus, dan praktek langsung dalam merancang strategi merek yang relevan dengan target pasar. Hasil dari program pengabdian ini diukur melalui evaluasi partisipan sebelum dan setelah pelatihan, serta dengan mengumpulkan data tentang peningkatan penjualan, perubahan dalam strategi pemasaran, dan perubahan dalam persepsi pelanggan terhadap merek UMKM yang terlibat. Outcome program ini adalah tercapainya dampak signifikan pada penjualan dan performa bisnis UMKM di Tangerang Selatan, serta memperkuat posisi mereka di pasar yang semakin kompetitif. Dengan meningkatnya daya saing UMKM melalui strategi "Brand Refresh" yang efektif, diharapkan pula dapat berdampak positif pada pertumbuhan ekonomi lokal, menciptakan lapangan kerja baru, dan berkontribusi pada pembangunan berkelanjutan di wilayah Tangerang Selatan. Program pengabdian ini mencerminkan komitmen Universitas Swiss German dalam mendukung perkembangan UMKM sebagai pilar penting dalam perekonomian lokal.
Evaluating Firm Value in Indonesian State-Owned Enterprises: The Roles of Efficiency, Profitability, and Board Independence Pramono, Aria Bimo Setyo; Bustaman, Yosman
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 3 (2025): JIAKES Edisi Juni 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i3.3575

Abstract

This study examines the impact of profitability, operational efficiency, and corporate governance on firm value in Indonesian State-Owned Enterprises listed on the Indonesia Stock Exchange from 2017 to 2023. Using a quantitative approach with panel data regression (fixed effect model), the analysis encompasses 119 observations from 17 State-Owned Enterprises. Profitability is measured by Return on Assets, operational efficiency by Data Envelopment Analysis, and firm value by Tobin’s Q and Market-to-Book Value. Corporate governance is assessed through the proportion and tenure of politically affiliated independent commissioners. Results reveal that profitability (p=0.0042 for Tobin’s Q; p=0.0326 for Market-to-Book Value) and efficiency (p=0.0119 for Tobin’s Q; p=0.0495 for Market-to-Book Value) significantly enhance firm valuation. Tenure of independent commissioners significantly affects Tobin’s Q (p=0.0204) but not Market-to-Book Value, while their proportion shows no significant impact. These findings highlight the critical role of financial and operational performance in driving State-Owned Enterprises valuation, with governance effects moderated by political affiliations. Policymakers should prioritize operational efficiency and board expertise in State-Owned Enterprises reforms to enhance market performance. Future research could explore qualitative governance dynamics to further understand valuation in State-Owned Enterprises.
Co-Authors Budianto, Diga Cendekia D Darmawan, D Dwiyana, Meidi Dyah Kusumastuti, Ratih Gunawan, Victor Krisnawati, Nila La Are, Robert Lingga, Margaretha TP Namira, Febby Pramono, Aria Bimo Setyo Rafif, Helmi Ratih Dyah Kusumastuti Rifelly Dewi Astuti Roossiana, Artalia Indah Siahaan, Antonius P. Viverita Viverita Winoto, Agustinus