Garuda - Garba Rujukan Digital

Faktor Determinan Struktur Modal Bank yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019 Mardianto Mardianto; Gun Gun Budiarsyah
Journal of Applied Accounting and Taxation Vol 6 No 1 (2021): Journal of Applied Accounting and Taxation (JAAT)
Publisher : Pusat P2M Politeknik Negeri Batam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30871/jaat.v6i1.2842

This research aims to analyze the effect of profitability, asset structure, liquidity, dividend payout ratio (DPR), non debt tax shield (NDTS), growth, company age, and company size on bank leverage. This study relate the empirical findings and try to confirm with pecking order theory or trade-off theory. The research sample is banks in Indonesia which are listed on the Indonesia Stock Exchange for the period 2015-2019 and using multiple linear regression techniques. An appropriate level of profitability, asset structure as collateral with low value, high level of liquidity show conformity to the pecking order, which are negative and significant to bank leverage. DPR as a signal of income prospects and company size shows conformity with trade-off theory, which is positive and significant to bank leverage. Meanwhile, NDTS which shows a decrease in fixed collateral assets, asset growth and bank age do not have any significant effect with bank leverage. If the findings of age and size are compared, it shows that bank leverage does not depend on how long it has been operating, but assets size are more considered. This research fills in the gaps in the research on the determinants of bank leverage, including examining the variables of DPR, NDTS, and bank age which are rarely studied. In the future, the determinant of leverage may consider the agency theory, potential bankruptcy, corporate governance, ownership structure, and macroeconomic conditions.

Do high costs in the capital structure contribute to the nexus between board gender and financial performance? Gun Gun Budiarsyah
Journal of Applied Accounting and Taxation Vol 8 No 1 (2023): Journal of Applied Accounting and Taxation (JAAT)
Publisher : Pusat P2M Politeknik Negeri Batam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30871/jaat.v8i1.5085

This study examines the relationship between board diversity and financial performance. Additionally, the capital structure serves as a moderating variable. BOD diversity includes gender, nationality, and age, while capital structure is measured by leverage. Previous studies have not considered the moderating role of capital structure, even though leverage is a trade-off between benefits and costs. Data were collected from 162 firms listed on the Indonesia Stock Exchange from 2017 to 2020, and panel data was analyzed. Directors are more likely to be homogeneous. Specifically, female directors did not impact return on assets (ROA) and equity (ROE), even when their numbers continually increased. Surprisingly, when female directors were moderated by leverage, profitability became negative and significant. Moreover, before and after moderation, old directors did not differ negatively or significantly. In addition, foreign directors initially increased ROA and ROE, but the empirical results were reversed when it was moderated by leverage. The number of female directors chosen by companies should be corrected not as a result of a positive image but based on their competence. Additionally, it is necessary to reduce the role of the old director. To reiterate, the level of debt becomes a significantly stressful cost signal.

Sistem Akuntansi Khalila Batam Dental Care Dengan Menggunakan Microsoft Access Mardianto Mardianto; Gun Gun Budiarsyah
ConCEPt - Conference on Community Engagement Project Vol 1 No 1 (2021): Conference on Community Engagement Project
Publisher : Universitas Internasional Batam

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

Khalila Batam Dental Care merupakan salah satu jasa usaha mikro kecil dan menengah di Batam yang menggunakan microsoft excel sebagai pencatatan akuntansi yang memiliki beberapa persoalan. Pengabdian masyarakat ini bertujuan untuk menyusun sistem akuntansi dengan microsoft access. Pengabdian masyarakat ini menyusun daftar pertanyaan dalam bentuk wawancara mendalam terstruktur untuk menemukan kebutuhan yang diharapkan oleh mitra. Merujuk pada hasil wawancara, maka mitra mengharapkan adanya form data nama dokter, nama customer, nama supplier, kartu piutang, kartu utang, laporan arus kas, laporan perubahan modal, dan laporan laba rugi atas persoalan yang belum diakomodasi microsoft excel. Penulis berhasil menyusun sistem akuntansi dengan microsoft access dan memenuhi ekspektasi atau harapan kebutuhan dari mitra. Bahkan, penulis menambahkan laporan neraca untuk membantu mitra mengetahui kondisi keuangan bisnisnya secara andal. Pengabdian masyarakat ini memiliki kelemahan karena belum sempurna sebagai sistem akuntansi yakni tidak memiliki sistem pembukuan persediaan. Hal itu tidak disusun oleh penulis karena mitra tidak mengharapkan adanya pembukuan persediaan. Dengan demikian, penulis merekomendasi dua hal, yakni mengimplementasikan sistem akuntansi microsoft access ini terkhusus form-form yang saat ini dibutuhkan serta kartu persediaan dimasa depan jika kondisi bisnis semakin kompleks.

THE IMPACT OF FINANCIAL PERFORMANCE AND CAPITAL STRUCTURE RATIOS ON STOCK RETURNS: EVIDENCE FROM THE INDONESIAN STOCK MARKET Gun Budiarsyah, Gun
Fortunate Business Review Vol. 5 No. 1 (2025): Fortunate Business Review
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat - Universitas Universal.

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

This study examines the impact of profitability, liquidity, and leverage ratios on stock returns of non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2011 to 2023. Grounded in agency theory, the research investigates how financial performance indicators—Return on Assets (ROA), Return on Equity (ROE), Current Asset ratio (CUR), and Leverage (LEV)—serve as signals that influence investor perceptions and stock price movements. A quantitative causal research design was applied using panel data regression with growth opportunities and dividend payout ratio as control variables. The empirical results reveal that ROA, ROE, and CUR have a positive and significant effect on stock returns, indicating that firms with higher profitability and adequate liquidity are more likely to generate superior market performance. Conversely, leverage exhibits a positive but statistically insignificant relationship, suggesting that debt levels are less relevant in driving stock returns within the Indonesian market context. Control variables also demonstrate positive associations, emphasizing their supportive role in shaping investor expectations. These findings highlight the importance for managers to optimize profitability and liquidity management to enhance shareholder value, while maintaining prudent debt levels to mitigate financial risks.

PENGARUH LEVERAGE TERHADAP RISIKO FINANCIAL DISTRESS: PENDEKATAN ALTMAN, OHLSON DAN ZMIJEWSKI Gun Gun Budiarsyah
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p03

Penelitian ini mengkaji pengaruh struktur modal terhadap kemungkinan terjadinya financial distress pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2011 hingga 2023. Pecking order theory menjadi dasar analisis dalam mengamati bagaimana ketergantungan perusahaan terhadap pembiayaan utang dapat meningkatkan risiko kebangkrutan. Financial distress tercermin melalui tiga model pengukuran yaitu Altman Z-Score, Ohlson O-Score dan Zmijewski Score, sehingga memberikan gambaran yang lebih komprehensif dan multidimensional. Hasil penelitian menunjukkan bahwa capital structure berpengaruh positif dan signifikan terhadap financial distress dalam seluruh model, yang menunjukan bahwa perusahaan dengan tingkat leverage yang tinggi lebih rentan terhadap tekanan keuangan, terutama di pasar berkembang yang menghadapi keterbatasan dana internal. Selain itu, firm size dan profitability terbukti menurunkan kemungkinan distress, sementara variabel growth opportunities dan dividend payout policies menunjukkan hasil yang bergantung pada model yang digunakan. Temuan ini menegaskan pentingnya keputusan struktur modal dalam mengelola ketahanan keuangan perusahaan dan memberikan implikasi kebijakan yang relevan bagi manajer dan pemangku kepentingan. This study investigates the effect of capital structure, particularly leverage, on the likelihood of financial distress among non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2011 to 2023. The analysis is grounded in the pecking order theory, which explains how firms’ reliance on debt financing may elevate the risk of bankruptcy. Financial distress is captured through three measurement models—Altman Z-Score, Ohlson O-Score, and Zmijewski Score—offering a more comprehensive and multidimensional assessment. Our empirical findings reveal that leverage is positively and significantly associated with financial distress across all models. This indicates that firms with higher debt levels are more vulnerable to financial instability, particularly in markets with limited access to internal funding. Additionally, we find that firm size and profitability reduce the likelihood of distress, while the effects of growth opportunities and dividend payout policies are model-dependent. The results confirm the relevance of capital structure decisions in managing financial vulnerability and offer important implications for corporate financial management in emerging markets.

Internal Financial Capacity and Investment Intensity: The Moderating Role Of Cash Holdings Gun Gun Budiarsyah; Mutty Claudia Dewinda; Mandasari. R
Jurnal Ekuilnomi Vol. 8 No. 2 (2026): Ekuilnomi Vol 8 (2), Mei 2026
Publisher : Program Studi Ekonomi Pembangunan Fakultas Ekononomi Universitas Simalungun

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36985/98khpd09

This study examines how profitability, leverage, liquidity, and firm size affect investment intensity, with particular emphasis on the moderating role of cash holdings. Using panel data from firms listed on the Indonesia Stock Exchange over 2000–2024, the analysis employs fixed-effects regression with robust standard errors. The results show that profitability and firm size are positively associated with investment intensity, whereas leverage and liquidity exert negative effects. More importantly, cash holdings significantly moderate these relationships by strengthening the positive effect of profitability and mitigating the negative effects of leverage and liquidity, highlighting the role of internal liquidity as a financial buffer. Additional analyses using asset tangibility and cash flow as alternative moderators confirm the robustness of the main findings. Asset tangibility provides the strongest and most consistent moderating effects, while cash flow offers supportive but more selective evidence. Overall, the findings suggest that investment intensity depends not only on firm fundamentals but also on firms’ internal financial capacity

Title

Found 6 Documents
Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title Search

Found 6 Documents Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title

Found 6 Documents
Search