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All Journal Sosiohumaniora Journal of Business and Management EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Mirai Management Widya Cipta : Jurnal Sekretari dan Manajemen Journal of Innovation, Business and Entrepreneurship Sebatik JATI EMAS (Jurnal Aplikasi Teknik dan Pengabdian Masyarakat) Jurnal Social Library Journal of Social Science Eduvest - Journal of Universal Studies Prosiding Seminar Nasional Pengabdian Masyarakat IIJSE Journal Integration of Management Studies Widya Cipta : Jurnal Sekretari dan Manajemen
Asep Darmansyah
School Of Business And Management, Institut Teknologi Bandung
Aerospace Engineering Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Neuroscience Public Health Social Sciences Other

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The Effect Of Profitability, Solvability, And Liquidity On Stock Prices Before And During The Covid-19 Pandemic Dc, Achmad Furqaan; Darmansyah, Asep
Journal Of Social Science (JoSS) Vol 2 No 10 (2023): JOSS : Journal of Social Science
Publisher : Al-Makki Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57185/joss.v2i10.153

Abstract

This research aims to determine the effect of profitability, solvency, and liquidity on stock prices. Profitability in this research is proxied by the return on assets (ROA) and return on equity (ROE) ratio, solvency is proxied by the debt to asset ratio (DAR) and debt to equity ratio (DER), and liquidity is proxied by the cash ratio (CR), quick ratio (QR) and cash ratio. The type of research used in this research is quantitative research using multiple linear regression analysis and the Wilcoxon Signed Ranks Test. The results of this research show that return on assets does not affect stock prices before and during the Covid-19 pandemic. return on equity influences stock prices before and during the Covid-19 pandemic. The debt-to-asset ratio does not affect stock prices before and during the Covid-19 pandemic. Debt to Equity Ratio influences stock prices before and during the Covid-19 pandemic. The current ratio influences share prices before and during the Covid-19 pandemic. The quick ratio did not affect stock prices before and during the COVID-19 pandemic. The cash ratio did not affect share prices before and during the Covid-19 pandemic. Return on Assets (ROA), Return on Equity (ROE), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Cash Ratio (CR), Quick Ratio (QR), and Cash Ratio together affect stock prices before and during the covid-19 pandemic.
Financial Impacts from Assignment of Supply and Distribution of Subsidized Fuel in PT Pertamina (PERSERO) Asep Darmansyah; Yezsa Bella Nugroho; Tuntun Salamatun Zen
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 2 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i2.5979

Abstract

The Indonesian government has been subsidizing fuel to control inflation and stabilize the economy. Although Presidential Regulation 43/2018 mandates fuel compensation, the lack of technical regulations regarding budget allocation and monitoring has led to fuel compensation being classified as long-term receivables. To address this issue, the government issued PMK No. 227 of 2019, providing certainty for Pertamina to bill and collect payments. This regulation affirms the government's commitment to pay Pertamina, as outlined in the reconciliation records between the Ministry of Finance and the company. Internal and external analyses were conducted to understand Pertamina's business challenges, including reviews of financial statements and PESTEL analysis. The lack of regulatory clarity has resulted in negative cash flows and decreased profits for Pertamina. However, the issuance of PMK 227 has facilitated financial recovery, which is expected to enhance Pertamina's profits and increase tax and dividend contributions to the government.
Optimizing Coal Reserves at Pit Muara Tiga Besar Utara (MTBU) PT Bukit Asam to Increase Production in 2025 Faiz, Ahmad Naufal; Darmansyah, Asep
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7702

Abstract

The mining sector plays a vital role in meeting energy needs and contributing to national export revenues. PT Bukit Asam is a key player in the coal supply chain. One of the primary challenges the company faces is the discrepancy between its internal work plan and budget and the government-approved annual work plan and budget for 2025. This research focuses on determining the most effective strategy to boost coal production in one of its major sites, the Muara Tiga Besar Utara (MTBU) pit. The strategic analysis began with the use of PESTEL and VRIO frameworks to evaluate external and internal conditions. Based on this evaluation, two strategic alternatives were developed. A cost-benefit analysis was then used to determine the most suitable option. The results indicate that Alternative 2 optimization of the central pit area is more financially viable, outperforming the other option in key financial indicators such as Net Operating Profit Margin (NOPM), Return on Investment (ROI), and Break-Even Point (BEP). Further evaluation through sensitivity analysis revealed that fluctuations in coal prices and changes in operating costs significantly affect Net Operating Cash Flow (NOCF). The implementation of the chosen strategy is divided into several phases: initial preparation, production optimization, and monitoring and evaluation. Risk mitigation measures include ensuring equipment availability, implementing real-time cost tracking, and managing exposure to price volatility.
Feasibility Analysis of Tanjung Enim Hotel Investment in the Tanjung Enim Mining Unit Area of PT Bukit Asam Tbk Asharyanto, Hudan; Darmansyah, Asep
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.8551

Abstract

This study analyzes the investment feasibility of a proposed 4-star hotel development on idle land owned by PT Bukit Asam Tbk (PTBA) in Tanjung Enim, South Sumatra, as part of the company's strategic initiative to optimize non-productive assets and diversify beyond coal mining. Utilizing a mixed-method approach, the research integrates qualitative methods such as case benchmarking, document review, and SWOT analysis with quantitative financial modeling, including Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period, and Profitability Index (PI). Data were collected from both internal and external sources, including macroeconomic indicators, market trends, and comparable hotel benchmarks. Findings indicate strong legal and strategic feasibility, with the project aligned with zoning regulations and backed by full land ownership, eliminating legal uncertainties. Market analysis highlights robust demand driven by PTBA's industrial ecosystem and limited regional hotel competition. Financially, the hotel is viable with a projected NPV of IDR 17.291 billion, IRR of 14.80%, Payback Period of 8.88 years, and PI of 1.27. However, sensitivity analysis reveals significant vulnerabilities to room rates, banquet pricing, and occupancy levels. Therefore, strategic pricing, demand forecasting, and risk mitigation are essential. Overall, the project demonstrates strong investment potential, contingent upon effective operational and risk management strategies.
A Comparative Analysis PT Mitra Adiperkasa, Tbk of the Pandemic's Impact on Similar Businesses in the Retail Sector Ali, Kresnanda; Darmansyah, Asep
Widya Cipta: Jurnal Sekretari dan Manajemen Vol. 9 No. 1 (2025): March
Publisher : Universitas Bina Sarana Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31294/widyacipta.v9i1.12120

Abstract

The primary objective of this study is to analyze how the pandemic has affected key financial indicators, including liquidity, solvency, profitability, and activity ratios of PT Mitra Adiperkasa, Tbk. The research utilizes quantitative methods, employing ratio analysis, vertical analysis, and horizontal analysis as comprehensive assessment tools. Furthermore, a comparative analysis with PT Mitra Adiperkasa, Tbk is conducted to measure the extent of pandemic effects on similar businesses in the retail sector. The research data source was derived from the financial statements of PT Mitra Adiperkasa Tbk (MAPI) during the period 2018-2022. The data is further supported by secondary sources such as annual reports, publications from the Central Bureau of Statistics. The findings of the study reveal a dynamic financial journey characterized by growth, challenges, and recovery. Prior to the pandemic, PT Mitra Adiperkasa, Tbk. experienced positive growth in sales revenue and total assets, but faced difficulties in key financial metrics. The pandemic resulted in a decline in sales revenue, total equity, and net income, presenting significant profitability challenges. However, the company demonstrated resilience and adaptability, bouncing back with increased sales revenue, total assets, and net income in the post-pandemic period. The findings have practical implications for companies seeking strategies to enhance financial stability and operational efficiency amidst ongoing challenges.
Implementation of the Sustainability Reporting Standard Based on Sustainability Disclosure Standards 1 and 2 for PT XYZ Probo Apsoro, Darjito Wahyu; Darmansyah, Asep
Eduvest - Journal of Universal Studies Vol. 6 No. 3 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i3.52528

Abstract

This study analyzes the readiness of PT XYZ to implement the Sustainability Disclosure Standards (PSPK) 1 and 2, which will become mandatory in Indonesia starting in 2027. Although the company has used the GRI Standards and POJK 51 as the basis for its sustainability reporting, its current disclosures have not fully met PSPK requirements, particularly in linking sustainability issues to financial performance, assessing climate-related risks, and integrating sustainability into strategic decision-making. Using a qualitative approach, the research employs SWOT analysis to evaluate the strengths, weaknesses, opportunities, and threats in PT XYZ's existing sustainability report, followed by Actor–Network Theory (ANT) to map the interactions among human and non-human factors influencing PSPK implementation. Data were collected through document analysis, interviews with internal stakeholders, and a review of relevant standards. The findings indicate that PT XYZ has a strong foundation for the transition, supported by its current reporting structure and governance practices; however, notable gaps exist in materiality assessment, risk quantification, climate governance, data integration, and system readiness. The ANT analysis further reveals the need for coordinated internal regulation, enhanced cross-unit collaboration, strengthened data systems, and capacity-building to support accurate and consistent sustainability disclosures. This study concludes that, with structured preparation and alignment of actors, PT XYZ can successfully adopt PSPK 1 and 2 and enhance the credibility, comparability, and strategic relevance of its sustainability reporting.
The Effect of Green Bond Issuance on the Cost of Capital of Stated Owned Banks in Indonesia Toni Kurniawan; Asep Darmansyah
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52582

Abstract

This study examines the impact of green bond issuance on capital costs in Indonesian state-owned banks, focusing on whether green bonds reduce the cost of debt (CoD), cost of equity (CoE), and weighted average cost of capital (WACC) for the issuing bank. This study uses PT Bank Negara Indonesia (Persero) Tbk (BNI) as the treated firm and PT Bank Tabungan Negara (Persero) Tbk (BTN) as the control firm, employing a Difference-in-Differences (DiD) methodology. The analysis is based on 16 quarters of data, comprising 8 quarters prior to and 8 quarters following BNI’s green bond issuance in 2022, covering the period from 2020Q2 to 2024Q2. The empirical findings indicate that the issuance of green bonds does not significantly lower BNI’s CoD, CoE, or WACC. The treatment effect on CoD is positive and not significant, indicating a lack of debt-pricing advantage. The treatment effect on CoE is negative but not significant, suggesting no substantial change in equity investors’ required returns. Additionally, the treatment effect on WACC is slightly positive and statistically not significant. The findings indicate that the Indonesian financial market has not incorporated the sustainability attributes of green bonds into the capital costs of issuers. Factors including the nascent state of Indonesia’s green finance ecosystem, limited involvement from global ESG-focused investors, transitional issuance expenses, and volatility associated with COVID-19 may contribute to these outcomes. This study adds to the existing literature by presenting empirical evidence from an emerging market. It points out the necessity for enhanced disclosure, increased investor engagement.
Co-Authors A'la, Sabila Hikmatul Adam Aliya Silmi Afgani, Kurnia Fajar Ali, Kresnanda Anggoro, Yudo Annisa Rizkia Syaputri Asharyanto, Hudan Astari, Airen Widhia Athira Azalika Ayu, Athira Azalika Aulia, Hilmi Ayudiatri, Safira Cintya Nindy Nofita Dc, Achmad Furqaan Dematria Pringgabayu Desy Kharohmayani Eko Susanto Faiz, Ahmad Naufal Fernady, Dhegatala Fitria Rahayu Khaerani Fitria Rahayu Khaerani Fitria Rahayu Khaerani Fitrianda, Saldy Gilang Perdana Putra, Gilang Perdana Halim, Robbyson Hamidah - Hamidah Hamidah Hamidah Rachmat Harijanto, Steven Mikael Harisman, Taufik Indrayana, Gun Gun Maruszama, Mahfidarwan Akbar Mega Fitriani Adiwarna Prawira Octaviani Ratnasari Santoso Probo Apsoro, Darjito Wahyu Purbayati, Radia Putri, Ghaissani Elsa Raden Aswin Rahadi Saiful Akbar Septyandi, Chandra Budhi Sigalingging, Mega Setia Mawarni Siti Herni Rochana Sutardi, Acip Syifaa Novianti Toni Kurniawan Tuntun Salamatun Zen, Tuntun Salamatun Wawan Gunawan Wawan Gunawan Wiguna, Giovanni Julius Yedi Purwanto Yedi Purwanto Yezsa Bella Nugroho Yunieta Anny Nainggolan, Yunieta Anny Zuraida, Umi