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PENGARUH KINERJA KEUANGAN DAN TINGKAT KEBIJAKAN UTANG TERHADAP NILAI PERUSAHAAN DENGAN GROSS DOMESTIC PRODUCT SEBAGAI VARIABEL MODERATOR PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BEI PERIODE 2015-2017 Irsan, Stella Febriyani; Jonnardi, Jonnardi
Jurnal Muara Ilmu Ekonomi dan Bisnis Vol 3, No 2 (2019): 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.v3i2.5101

Penelitian ini bertujuan untuk mengetahui pengaruh kinerja keuangan dan tingkat kebijakan utang terhadap nilai perusahaan dengan gross domestic product sebagai variabel moderator pada perusahaan pertambangan yang terdaftar di BEI periode 2015-2017. Penelitian ini dijalankan didasari atas pertumbuhan ekonomi pada kuartal I-2018 yang tercatat sebesar 5,06%. Namun, dari lapangan usahanya, sektor pertambangan mengalami pertumbuhan paling kecil di level 0,74%. Meski tumbuh paling kecil, sektor pertambangan mulai bangkit dari keterpurukannya dari periode yang sama tahun lalu yang tumbuh negatif -1,22%. Hal ini menunjukkan bahwa saat ini, industri pertambangan merupakan salah satu industri yang belum mampu menunjukkan kestabilan di pasar. Metode penelitian yang digunakan dalam penelitian ini adalah metode penelitian kuantitatif dengan pendekatan asosiatif. Metode pengolahan data yang digunakan dalam penelitian ini adalah regresi data panel dengan pendekatan moderated regression analysis. Dari hasil penelitian ditemukan bahwa kinerja keuangan tidak berpengaruh terhadap nilai perusahaan, dan tingkat kebijakan utang berpengaruh positif signifikan terhadap nilai perusahaan. Gross domestic product tidak memoderasi pengaruh kinerja keuangan terhadap nilai perusahaan, namun Gross domestic product memperkuat pengaruh tingkat kebijakan utang terhadap nilai perusahaan pertambangan yang terdaftar di BEI periode 2015-2017. Saran yang dapat diberikan adalah penambahan jumlah tahun penelitian agar penelitiannya mendapatkan hasil yang lebih akurat, lebih luas, terpercaya, dan mampu untuk menggambarkan keadaan dengan lebih jelas, serta menambahkan jumlah variabel independen yang dapat digunakan yang dapat mempengaruhi nilai perusahaan seperti praktik manajemen laba, Good Corporate Governance, Risiko bisnis, dan sebagainya. This study aims to determine the effect of financial performance and the level of debt policy on the value of companies with gross domestic product as a moderating variable in mining companies listed on the Indonesia Stock Exchange in the 2015-2017 period. This research was carried out based on economic growth in the first quarter of 2018 which was recorded at 5.06%. However, from the business field, the mining sector experienced the smallest growth at the level of 0.74%. Despite growing the smallest, the mining sector began to rise from its downturn from the same period last year which grew negative -1.22%. This shows that currently, the mining industry is one industry that has not been able to demonstrate stability in the market. The research method used in this study is a quantitative research method with an associative approach. The data processing method used in this study is panel data regression with a moderated regression analysis approach. From the results of the study found that financial performance has no effect on firm value, and the level of debt policy has a significant positive effect on firm value. Gross domestic product does not moderate the effect of financial performance on firm value, but Gross domestic product strengthens the influence of the level of debt policy on the value of mining companies listed on the Indonesia Stock Exchange in the 2015-2017 period. Suggestions that can be given are increasing the number of years of research so that the research gets results that are more accurate, more extensive, reliable, and able to describe the situation more clearly, as well as adding the number of independent variables that can be used that can affect company value such as earnings management practices, Good Corporate Governance, Business risk, and so on.

INFLATION AS A MODERATOR OF FINANCIAL RATIOS AND CAPITAL STRUCTURE IN MANUFACTURING COMPANIES Lasar, Hilary; Jonnardi, Jonnardi
Jurnal Muara Ilmu Ekonomi dan Bisnis Vol. 8 No. 1 (2024): 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.v8i1.28476

Penelitian ini bertujuan untuk menganalisa pengaruh rasio keuangan, seperti tangibility, likuiditas, pertumbuhan aset, dan volatilitas laba terhadap struktur modal dengan tingkat inflasi industri sebagai pemoderasi. Objek penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia dari tahun 2014 sampai dengan 2019. Jumlah sampel dalam penelitian ini adalah 122 perusahaan yang diperoleh menggunakan purposive sampling. Analisis data penelitian menggunakan uji regresi linier berganda dengan menggunakan E-Views versi 10. Hasil penelitian ini menunjukkan bahwa tangibility, likuiditas, pertumbuhan aset, volatilitas laba dan tingkat inflasi tidak berpengaruh signifikan terhadap struktur modal. Hasil penelitian ini juga menunjukkan tingkat inflasi sebagai pemoderasi memperlemah hubungan likuiditas terhadap struktur modal. Hal tersebut dikarenakan jika terjadi inflasi pada suatu negara, maka akan berdampak pada melemahnya ekonomi suatu negara dan dapat menyebabkan naiknya tingkat suku bunga. Oleh karena itu, perusahaan cenderung menghindari hutang karena tingginya bunga yang harus dibayarkan. This research aims to analyze the influence of financial ratios, such as tangibility, liquidity, assets growth, and earnings volatility on capital structure with inflation rate as the moderation variable. The research object is manufacturing companies listed on Indonesian Stock Exchange from 2014 to 2019. The number of samples in this research was 122 companies selected with purposive sampling. Data analysis in this research used multiple regression linear analysis processed using E-Views version 10. The result of this research shows that tangibility, liquidity, assets growth, earnings volatility and inflation rate have no significant effect on capital structure. The results of this study also show that the inflation rate as a moderator weakens the relationship between liquidity and capital structure. This is because if inflation occurs in a country, it will have an impact on the weakening of a country's economy and can cause an increase in interest rates. Therefore, companies tend to avoid debt because of the high interest that must be paid.

PENGARUH RASIO KEUANGAN TERHADAP NILAI PERUSAHAAN DAN DIMODERASI OLEH SUKU BUNGA Raisa, Angela; Jonnardi, Jonnardi
Jurnal Paradigma Akuntansi Vol. 7 No. 1 (2025): Januari 2025
Publisher : Fakultas Ekonomi, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jpa.v7i1.33131

This study aims to obtain evidence regarding the effect of profitability, leverage, and liquidity on firm value with interest rates as a moderating variable for consumer non-cyclicals companies listed on the Indonesia Stock Exchange (IDX) in 2019-2021. The number of samples in this study amounted to 50 consumer non-cyclicals companies selected by simple random sampling method. This study was analyzed using multiple linear regression analysis which was processed with Eviews 12 Full Version software. The results of this study indicate that profitability and leverage have a positive and significant effect on firm value. Liquidity have a negative insignificant effect on firm value. Interest rates are able to moderate the effect of profitability and leverage on firm value in a significantly negative way. Interest rates are not able to moderate the effect of liquidity on firm value.

FAKTOR-FAKTOR YANG MEMENGARUHI NILAI PERUSAHAAN PADA PERUSAHAAN INFRASTRUKTUR PERIODE 2018-2021 Junika, Junika; Jonnardi, Jonnardi
Jurnal Paradigma Akuntansi Vol. 7 No. 2 (2025): April 2025
Publisher : Fakultas Ekonomi, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jpa.v7i2.33776

1)This research aims at how profitability, capital structure, and asset turnover affect firm value and the impact of exchange rate on these relationshop on 2) infrastructure sector companies listed on the Indonesia Stock Exchange during 2018-2021. 3)Sample was selected using simple random sampling method and the valid data was 4)27 companies. 5)Data processing techniques using 6)multiple regression analysis what helped by Eviews (Econometrical Views) 9 and Microsoft Excel 2013. 7) The results of this study indicate that partially profitability has a positive and significant effect on firm value. Meanwhile, total asset turnover has a positive and insignificant effect on firm value, and capital structure has a negative and insignificant effect on firm value. The exchange rate is able to strengthen the effect of profitability on firm value. However, the exchange rate is unable to moderate the effect of capital structure and total asset turnover on firm value.8) The implication of this study is that companies need to improve their profitability performance which will increase the firm value, and that will bring a good signal for investors.

Capital Structure Policy: The Moderating Role of Equity Market Timing on Profitability and Growth Opportunity Adelin, Dessy; Jonnardi, Jonnardi; Amin, Sakdiah Binti Md; Mutumanikam, Primadonna Ratna
MIX: JURNAL ILMIAH MANAJEMEN Vol 15, No 3 (2025): MIX : Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jurnal_mix.2025.v15i3.001

Objectives: This research endeavors to investigate how profitability and growth opportunities shape firms’ capital structure decisions, while also elucidating the moderating influence of equity market timing (EMT) within these associations. The inquiry centers on coal mining enterprises—an industry distinguished by capital-intensive operations and pronounced sensitivity to market fluctuations.Methodology: Adopting a quantitative paradigm, this study utilizes panel data drawn from 23 coal mining firms listed on the Indonesia Stock Exchange (IDX) for the 2019–2023 period. The sample is determined through purposive selection. Moderated regression analysis serves to assess the interplay between profitability, growth opportunities, and capital structure, with EMT incorporated as a moderating construct. All variables are operationalized through financial ratios and processed using EViews software to ensure analytical rigor.Finding: Empirical evidence discloses a significant inverse nexus between profitability and capital structure, signifying that more profitable entities exhibit a diminished proclivity toward debt financing, favoring internally generated funds instead. Conversely, growth opportunities manifest a positive and significant relationship with leverage, implying that firms with broader expansion prospects are predisposed to augment their indebtedness. Moreover, EMT intensifies these dual tendencies—fortifying the adverse link between profitability and leverage while concurrently amplifying the positive association between growth opportunities and debt usage.Conclusion: Collectively, the findings underscore that capital structure formation is not solely contingent upon internal financial attributes such as profitability and growth potential but is equally sculpted by external capital market conditions. Firms, therefore, appear to recalibrate their financing configurations strategically, navigating between internal performance dynamics and the temporal advantages presented by favorable market valuations.

The Effect of Audit Fee and Machiavellianism on Auditor Independence with Professional Ethics as a Moderating Variable Mujiono, Mujiono; Jonnardi, Jonnardi
SAR (Soedirman Accounting Review) : Journal of Accounting and Business Vol 7 No 1 (2022): June 2022
Publisher : Program Studi S1 Akuntansi Fakultas Ekonomi & Bisnis Univesitas Jenderal Soedirman

Abstract The purpose of this study is to examine the factors that influence auditor independence. The research variables consist of audit fees, Machiavellian traits, and professional ethics as moderating variables. The research sample is an auditor who works at KAP in Bandung as many as 44 people. The results of the study prove that 1) Audit fees have a negative effect on auditor independence, 2) Machiavellian nature has a negative effect on auditor independence, 3) Professional ethics is proven to be a moderating variable that affects the relationship between audit fees and auditor independence, and 4) Professional ethics is proven as a moderating variable. moderating variables that affect the relationship between Machiavellian nature and auditor independence.

The Effect of Taxpayer Awareness, Tax Sanctions And Tax Knowledge On Individual Taxpayer Compliance In Tangerang City With Tax Socialization As A Moderation Variable Manuel, David; Jonnardi, Jonnardi
Return : Study of Management, Economic and Bussines Vol. 2 No. 6 (2023): Return : Study of Management, Economic And Bussines
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v2i06.117

This study aims to examine the effect of taxpayer awareness, tax sanctions, and tax knowledge on individual taxpayer compliance in the city of Tangerang with tax socialization as a moderation variable. Distribution of Google form questionnaires (primary data) with subjects, namely individual taxpayers in the city of Tangerang, and processed using Smart PLS by testing data validity using convergent validity and data reliability using composite reability &; Cronbach Alpha. The results obtained from this study by bootstrapping method are that Taxpayer Awareness and Tax Knowledge have a significant influence on taxpayer compliance while Tax sanctions do not have a significant effect on taxpayer compliance. Meanwhile, tax socialization cannot moderate the effect of taxpayer awareness, tax sanctions, and tax knowledge on taxpayer compliance. Submission of research to be input and information regarding taxpayers' views on individual taxpayer compliance in Tangerang where the government can also continue to improve and develop for state development to be more adequate and support taxpayers in implementing their taxpayer compliance. It must also be effective and efficient so that taxpayers feel facilitated in carrying out their compliance

THE DETERMINANTS OF COMPANY’S FINANCIAL DISTRESS Jonnardi, Jonnardi; Bangun, Nurainun; Natsir, Khairina
International Journal of Application on Economics and Business Vol. 1 No. 3 (2023): Agustus 2023
Publisher : Graduate Program of Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ijaeb.v1i3.1613-1624

An economic recession like the current one due to the global pandemic is causing financial difficulties for many companies. Nowadays it is important for companies to be aware of and observe their financial condition. Financial distress is a bad condition impression of a company when the company is no longer able to generate sufficient income or profit, so that its financial obligations cannot be paid. Financial distress is an early symptom of corporate bankruptcy. This study aims to obtain empirical evidence about the effect of profitability, size of the board of directors, and institutional ownership on financial distress. The companies used in this study were 63 companies taken from the various industrial sectors and the basic & chemical industrial sector listed on the Indonesia Stock Exchange in 2017-2019. Purposive sampling was used in this study to determine the sample. Multiple regression panel data and the EViews 11 application are used as data analysis tools. Some of the tests carried out were multicollinearity test, Chow test, Hausman test, t test and coefficient of determination test. The results showed that profitability, board of director’s size and institutional ownership have affecting significantly on financial distress.

PENGARUH STRUKTUR ASET, PROFITABILITAS, DAN LIKUIDITAS TERHADAP STRUKTUR MODAL Seba, Melviyana; Jonnardi, Jonnardi
Jurnal Paradigma Akuntansi Vol. 5 No. 4 (2023): Oktober 2023
Publisher : Fakultas Ekonomi, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jpa.v5i4.26493

This study aims to determine the effect of asset structure, profitability, and liquidity on the capital structure of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2016-2020 period. The sample selection technique used isprobability random sampling with the type of simple random sampling. From the sample selection technique, there are 51 manufacturing companies that will be sampled in this study. Data collection was carried out using Microsoft Excel 2019 and data processing was carried out with software or the Eviews 12 program. The test results obtained in this study showed that asset structure had a negative and significant effect on capital structure, profitability had a positive and significant effect on capital structure, and liquidity. not significantly negative on the capital structure. The implication of this study is the need for good management in funding a company to get a good capital structure that will bring a good signal for investors.

FAKTOR FAKTOR YANG MEMENGARUHI STRUKTUR MODAL PADA PERUSAHAAN SEKTOR INDUSTRI BARANG KONSUMSI Gabriela, Jane; Jonnardi, Jonnardi
Jurnal Paradigma Akuntansi Vol. 5 No. 4 (2023): Oktober 2023
Publisher : Fakultas Ekonomi, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jpa.v5i4.26660

This study aimed to examine the influence of profitability, asset structure, and liquidity toward capital structure on consumer goods industry sector companies listed in the Indonesia Stock Exchange for the 2016-2020 period. Sample was selected by using simple random sampling method. The number of samples are 36 companies over the past five years, there are 180 samples. Data processing techniques using multiple regression analysis what helped by EViews 10 and Microsoft Excel 2013. The results of this study conclude that the profitability have no effect on capital structure. Asset structure have effect on capital structure positively and liquidity have effect on capital structure negatively. The implication of this study is the need to increase asset structure that will increase capital structure which will bring a good signal for investors.

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