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All Journal Jurnal Manajemen dan Agribisnis 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) 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 Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Mechanical Engineering Social Sciences Other

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The Influence of Working Capital Management, Financial Charges, and Macroeconomics On Profitability in The Building Construction Sub-Sector Ginoga, Andina Nuraini; Zulbainarni, Nimmi; Andati, Trias
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 2 (2025): JABM Vol. 11 No. 2, May 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.2.499

Abstract

Background: Efficient working capital management is critical for building construction companies. Inadequate management can lead to operational inefficiencies, elevated financial charges, and reduced profitability. The stability of the national economy can also influence corporate performance. Purpose: This study aims to analyze the impact of working capital management, financial charges, and macroeconomic factors on the profitability of building construction sub-sectors. Design/methodology/approach: This study utilizes quarterly financial report data from ten construction companies listed on the Indonesia Stock Exchange (IDX) from 2015 to 2023. Macroeconomic data is obtained from the Badan Pusat Statistik and Bank Indonesia. The data is analyzed using descriptive statistics, comparative testing, and panel data regression. Findings/Results: Descriptive statistics indicate a fluctuating trend during the observation period, with days of sales outstanding dominating cash conversion cycle. Comparative tests reveal significant differences in working capital management, interest coverage ratio, and profitability before and during COVID-19. The panel data regression results indicate that days of inventory outstanding, days of payable outstanding, debt to equity ratio, working capital interest rates, construction GDP growth, and sales growth all have significant effects on profitability. Originality/value (State of the art): Thus, it can be concluded that the manager of building construction companies must give significant attention to the management of accounts payable and liabilities to enhance profitability. Keywords: building construction, financial charges, macroeconomics, profitability, working capital management
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.
The Factors of Initial Return Related to IPO Companies on The Indonesia Stock Exchange Widyawati, Glynae; Juanda, Bambang; Andati, Trias
Journal of Consumer Sciences Vol. 4 No. 2 (2019): Journal of Consumer Sciences
Publisher : Department of Family and Consumer Sciences, Faculty of Human Ecology, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jcs.4.2.119-135

Abstract

Companies that conduct IPOs will increase company’s value with an optimal capital structure. Initial return is a profit that investors can obtain from the initial share price is lower than the opening price of the secondary shares on the first day. Underpricing conditions occurs because the initial stock price is lower than the secondary stock price on the first day. This study aimed to analyze factors that impact initial returns on companies that conduct IPOs on the Indonesia Stock Exchange, analyze the effects of financial factors (ROE, DER, and BI Rate) and non-financial factors (professional auditors and underwriters) on initial returns to companies conducting IPOs in IDX, and how the behavior of investors towards those analysis. The linear regression data processing using SPSS 16 produced result that only the BI Rate variable which affected the initial return on the seven days, 30 days, and one year after the IPO observation period. The statistical results show the best r-square value is 17.6 percent, which means that the independent variables can be used to explain the effect to the initial return on 17.6 percent.
Co-Authors Adytia Pradnya Murti Andika, Tommy Anthoni, Richard Arkeman , Yandra Bambang Juanda BONAR M. SINAGA DS, Priyarsono Dwi Rachmina Erliza Noor Ginoga, Andina Nuraini Hartoyo Hartoyo Hermanto Siregar Idqan Fahmi Irwan Hermawan M Firdaus Maulana, Tubagus N.A. Nimmi Zulbainarni Pratama, Alfin Yoga Purnama, Riony Rihardhika Putri, Rizavia Mardhika Rahmat Mulyana ROHAYATI SUPRIHATINI Siti Jahroh Srihadiyati Ayu Bestari, Srihadiyati Ayu Suharto Suharto Sulistyorini, Diah Diana Tubagus Nur Ahmad Maulana Widyawati, Glynae Yudistira, Yudi