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All Journal Jurnal Manajemen dan Agribisnis Journal of Economics, Business, & Accountancy Ventura JAM : Jurnal Aplikasi Manajemen Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Journal of Consumer Science Jurnal Sains Teh dan Kina Journal of Consumer Sciences Jurnal Manajemen Pembangunan Daerah Technomedia Journal Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi International Journal of Economics, Business, and Entrepreneurship (IJEBE) Indonesian Journal of Multidisciplinary Science Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka)
Trias Andati
Institut Pertanian Bogor
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Mechanical Engineering Public Health Social Sciences Other

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Journal : JAM : Jurnal Aplikasi Manajemen

 1 
EXTERNAL FACTORS WITH GOVERNMENT AND COMPANY POLICIES THAT HAVE AN IMPACT ON THE DEBT SERVICE COVERAGE RATIO OF COAL COMPANIES Hermawan, Irwan; Sinaga, Bonar M.; Andati, Trias
Jurnal Aplikasi Manajemen Vol. 18 No. 2 (2020)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2020.018.02.18

Abstract

Coal companies are industries that require large capital in building their industries, therefore companies must be able to know what external factors and internal factors that can affect financial performance and DSCR. This study uses a quantitative approach with secondary data from 4 coal companies listed on the IDX in 2011-2018. In this study structural and identity, equations are used with the 2SLS method. The results showed that (1) DSCR conditions, companies that had financial flexibility, with DSCR above the minimum requirements namely ADRO, INDY, and PTBA but BYAN did not have (2) the number of coal exports was influenced by the difference in Chinese GDP and the number of export coal sales, the number of domestic coal sales is influenced by differences in Indonesian GDP and the number of domestic coal sales. EBIT which is the company's profitability performance is affected by gross profit. FCF is the company's liquidity performance which is influenced by EBITDA and CAPEX. Principal payments are the company's liquidity performance that is affected by liabilities. DSCR, corporate solvency performance is influenced by the principal payment ratio, (3) the decline in Chinese GDP is anticipated by lowering production costs, general and administrative costs, sales and marketing costs, and CAPEX, have an impact on increasing the financial flexibility of the company and its DSCR. If The amount of DMO is added and the domestic coal price was set by the government or by market price, it impacted on increasing the financial flexibility of the company and its DSCR.
THE MACROECONOMIC SURPRISE EFFECTS ON LQ45 STOCK RETURN VOLATILITY Andika, Tommy; Fahmi, Idqan; Andati, Trias
Jurnal Aplikasi Manajemen Vol. 17 No. 2 (2019)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2019.017.02.06

Abstract

Surprise macroeconomic news causes high volatility in stock market return to the stock market becomes riskier. This study aims to analyze the effects of surprise from the announcement of the United States (US) and domestic macroeconomic news on the LQ45 stock returns volatility. There are 25 stocks chosen because consistently in LQ45 during the 2013 - 2018 research period. The Generalized Autoregressive Conditional Heteroscedasticity (GARCH) model is used to analyze the volatility of returns for each stock. The analysis shows that negative surprise from the Bank Indonesia benchmark interest rate, positive surprise from Indonesia's trade balance, positive surprise from Consumer Price Index US, and positive surprise from ISM Manufacturing US have a significant effect in reducing volatility return and making most LQ45 Stocks return more stable and less risky. Other macroeconomic surprises show different directions of influence. Finally, this study also provides recommendations for the investor to choose stocks according to their respective risk profiles. The risk averse investor can invest in PT Astra International Tbk (ASII), PT Lippo Karawaci Tbk (LPKR) and PT AKR Corporindo Tbk (AKRA) which have low volatility during the release of surprise macroeconomic, while the risk taker investor can invest to PT Astra Agro Lestari Tbk (AALI), PT Vale Indonesia Tbk (INCO), and PT. Media Nusantara Citra Tbk (MNCN) which respond to many surprises of macroeconomic news.
Analisis Pengaruh Kebijakan Pembatasan Loan to Value terhadap Return dan Risiko Saham Perbankan di BEI Tahun 2012-2013 Purnama, Riony Rihardhika; Andati, Trias
Jurnal Aplikasi Manajemen Vol. 14 No. 2 (2016)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (83.762 KB) | DOI: 10.18202/jam23026332.14.2.10

Abstract

Abstract: This studyis conducted on the basis of the implementation of monetary policy issued by Indonesia Bank for home loans. The main purpose of this research is to analyze the effect of policy implementation by Bank Indonesia on loan to value restriction to mortgages on June 15, 2012 and September 30, 2013 to the banking stock return, measured by abnormalreturn and risk premium. Data on this research is secondary data collected from Indonesian Stock Exchange. The sample is stock from 10 national banks that listed banks serving mortgage. Event study analysis is used to analyse the information content from the announcement, in combination with abnormal return as measurement indicator. This study finds that the policy implementation on September 30, 2013 has information content becausethere is significant difference between trading volume activity before and after the event but there is no significant difference between the average abnormal return before and after policy implementation on June 15, 2012 and September 30, 2013. GARCH in Mean model is used to analyse difference in the level of the risk premium after the policy implementationin 2012 and the implementation of policies in 2013. This study found as many as 6 of the 10 listed banks sampled showed a decrease in the coefficient of the risk premium as compared to coefficients of the risk premium in 2012.
Faktor-Faktor yang Mempengaruhi Fleksibilitas Keuangan (Studi Kasus yada Perusahaan yang Terdaftar pada Bursa Efek Indonesia (Periode 2008-2012)) Murti, Adytia Pradnya; Achsani, Noer Azam; Andati, Trias
Jurnal Aplikasi Manajemen Vol. 14 No. 3 (2016)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1130.919 KB) | DOI: 10.18202/jam23026332.14.3.11

Abstract

This study aimed to determine the capital position and company's performance in Indonesia during the 2008-2012 period and to determine the factors that affected the company's financial flexibility in Indonesian firms. The samples of this study were 45 largest capitalized company listed on the Jakarta Stock Exchange.This study used synthetic rating and the debt service coverage ratio to determine the company's capital position and performance, and used panel data to determine the factors that affected financial flexibility. The results showed that existence a decrease in the default rate, in 2008 the average default rate was 6.12%, in 2009 decreased to 3.99%, in 2010 down to 2.91%, and then in 2011 and 2012 slightly increased to 3.17% and 3.30 %. Based on the results of panel data the factors that affected the financial flexibility is Leverage Ratio, Free Cash Flow, and crisis.
Co-Authors Adytia Pradnya Murti Albart, Nicko Andika, Tommy Anggaraeni, Lukytawati Anthoni, Richard Arif Imam Suroso Arkeman , Yandra Bambang Juanda BONAR M. SINAGA Bonar Marulitua Sinaga DS, Priyarsono Dwi Rachmina Erliza Noor Fauzi, Rizal Ahmad Ginoga, Andina Nuraini Hakim , Dedi Budiman Hanindipto, Fasa Aditya Hartoyo Hartoyo Hermanto Siregar Idqan Fahmi Irwan Hermawan M Firdaus Maulana, Tubagus N.A. Nimmi Zulbainarni Perdana Wahyu Santosa Pratama, Alfin Yoga Purnama, Riony Rihardhika Putri, Rizavia Mardhika Rahmat Mulyana RAMADHAN, MUHAMMAD FARHAN ROHAYATI SUPRIHATINI Siti Jahroh Srihadiyati Ayu Bestari, Srihadiyati Ayu Suharto Suharto Sulistyorini, Diah Diana Tubagus Nur Ahmad Maulana Wedagama, Dewa Nyoman Wiryasantika Widyawati, Glynae Yudistira, Yudi