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All Journal Seminar Nasional Aplikasi Teknologi Informasi (SNATI) Ekonomi Bisnis Jurnal Nasional Pengelolaan Energi MigasZoom Jurnal Penelitian Ekonomi Akuntansi (JENSI) International Journal of Educational Review, Law And Social Sciences (IJERLAS) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Journal of Community Service Journal Research of Economics and Bussiness Jurnal Mahasiswa Akuntansi Samudra Jurnal Manajemen dan Ekonomi Kreatif Jurnal Mahasiswa Kreatif Muqaddimah: Jurnal Ekonomi, Manajemen, Akuntansi dan Bisnis International Journal of Electrical, Computer, and Biomedical Engineering (IJECBE) JURNAL ILMIAH EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI The Indonesian Journal of Computer Science Journal of Animal Research in Wetland Ecosystem Aktualita An Najah (Jurnal Pendidikan Islam dan Sosial Keagamaan) Prosiding SENTIMETER : Seminar Nasional Teknologi Informasi, Mekatronika, dan Ilmu Komputer
Muhammad Salman
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Analisis Dampak Perubahan Struktur Modal dan Kebijakan Dividen terhadap Biaya Modal pada PT Jasa Marga (Persero) Budi gautama Siregar; Muhammad Salman; Aswadi Lubis
Jurnal Penelitian Ekonomi Akuntansi Vol 9 No 2 (2025)
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jensi.v9i2.13174

Abstract

This study investigates the relationship between capital structure and dividend policy on the cost of capital at PT Jasa Marga (Persero) Tbk by utilizing quarterly financial data from 2017 to 2024. Capital structure is measured by the Debt to Equity Ratio (DER), dividend policy is represented by the Dividend Payout Ratio (DPR), while the cost of capital is calculated using the Weighted Average Cost of Capital (WACC) approach. PT Jasa Marga was selected as the research object due to its characteristics as a state-owned enterprise (SOE) in the infrastructure sector, which is capital-intensive, long-term oriented, and plays a strategic role in national development. These characteristics make funding decisions and dividend policies highly influential in determining the efficiency of the company’s cost of capital. The research methodology employs a quantitative approach with multiple linear regression analysis. To ensure the validity of the model, several classical assumption tests were conducted, including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. An F-test was used to examine the simultaneous influence of the independent variables on the cost of capital, while t-tests were applied to assess the partial effects of each independent variable. This approach provides a comprehensive understanding of the extent to which capital structure and dividend policy contribute to determining the company’s cost of capital. The findings reveal that both capital structure and dividend policy significantly affect the cost of capital at PT Jasa Marga. An increase in DER was found to raise WACC, consistent with the Trade-Off Theory, which emphasizes the balance between tax benefits from debt and the risk of financial distress. Similarly, a higher DPR increases the cost of capital due to reduced retained earnings and greater reliance on external financing. These results highlight that funding strategies and dividend policies in state-owned infrastructure enterprises must be carefully managed to maintain cost efficiency. Academically, this research enriches the literature on the interplay between internal financial policies and cost of capital, while practically, it offers recommendations for managers and policymakers to design more sustainable financing and dividend strategies in support of long-term infrastructure development.
PENANGANAN SAMPAH ORGANIK BERBASIS BIOPORI MELALUI PROGRAM KKN UNIVERSITAS MUHAMMADIYAH BANDUNG DI DESA CIMUJA DUSUN PASANGGRAHAN Azmi Asyfia; Muhammad Salman; Fatimah Azzahra; Hanifa Nida An Khafya; Intan Reynanti; M Yunus; Abdillah Hi Husain; Nisrina Muthia Yumna Fakhrudin; Noval Wijaya; Salma Nuraini Ginanjar; Nelis Hernahadini
Journal of Community Service Vol 7 No 2 (2025): JCS, December 2025
Publisher : Ikatan Dosen Menulis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56670/jcs.v7i2.359

Abstract

Sampah menjadi permasalahan serius masyarakat, dan sampah yang dihasilkan didominasi oleh sampah organik. Di Desa Cimuja Dusun Pasanggrahan, sebagian warga masih membuang sampah ke sungai atau membakarnya di lahan terbuka sehingga menimbulkan pencemaran. Melalui program Kuliah Kerja Nyata (KKN) Universitas Muhammadiyah Bandung, kegiatan ini bertujuan meningkatkan kesadaran masyarakat serta mengimplementasikan teknologi Lubang Resapan Biopori (LRB) sebagai solusi pengelolaan sampah organik. Metode yang digunakan meliputi sosialisasi, diskusi partisipatif, pemutaran media edukatif, serta praktik langsung pembuatan LRB. Hasil kegiatan menunjukkan adanya peningkatan pemahaman warga mengenai dampak sampah organik dan manfaat biopori. Sebagai percontohan, dua lubang resapan berhasil dibuat dengan partisipasi aktif masyarakat. Program ini tidak hanya mengurangi timbulan sampah organik, tetapi juga menghasilkan kompos yang bermanfaat. Dengan demikian, penerapan LRB melalui KKN dapat menjadi model pemberdayaan masyarakat yang ramah lingkungan dan berkelanjutan.
Co-Authors Abdillah Hi Husain Abdurrahman Alayderous Afrah Junita Agus Putra AS Agustina Nurul Fajriah alfina, alfialfina Amrillah, Rizki Andika Rizki H Andri Soemitra Anis Wahdi Asnidar Azmi Asyfia Eka Hero Ramadhani Fatimah Azzahra Hanifa Nida An Khafya Hilda Deliana A Holila Hatta Ikhsan Abdullah Intan Reynanti Iqlima Azhar Iskandar Muda Junita Safitri Kalamullah Ramli Kumar, Narendar Kuras Purba Lubis, Aswadi M Yunus Maria Ulfa Mayang Murni Muhammad Fahmil Kamal Muhammad Ridla Nasrul Kahfi Lubis Nelis Hernahadini Nisrina Muthia Yumna Fakhrudin Noera Iman Sari Noval Wijaya Nur Annisa Kadarwati Febriyani Nurkamilia Nurlaila Nurliza Lubis Nursyam Andi Syarifuddin Puja Raihani, Puja Raihani Rahmad Tantawi Ridho Arifiansyah Rifki Ismal Rosna Dewi Safira Rizki Mawaddah Safrizal Sahlena Salma Nuraini Ginanjar Salma Salsabila Salman Ahmad Khattak Samiullah Khan Saparuddin SIREGAR, BUDI GAUTAMA Sista Rizqiana Siti Rohani Sri Wahyuni Tri Aulia Tuti Meutia Ulin Nuha, Muhammad Azza Yenni Samri Juliati Nasution Yusrizal Zaenal Alamsyah