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All Journal Jurnal Ilmu Pertanian Indonesia JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Jurnal Manajemen dan Agribisnis Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI Economic Journal of Emerging Markets Jurnal Ekonomi JEJAK Jurnal Agro Ekonomi Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Agribisnis Indonesia (Journal of Indonesian Agribusiness) Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal MIX : Jurnal Ilmiah Manajemen Proceeding SENDI_U AGRIMOR Jurnal Ekonomi & Kebijakan Publik Jurnal ASET (Akuntansi Riset) JEPA (Jurnal Ekonomi Pertanian dan Agribisnis) Al-Muzara'ah Buletin Ilmiah Litbang Perdagangan AFEBI Economic and Finance Review JURNAL PANGAN International Journal of Economics Development Research (IJEDR) Jurnal Agro Ekonomi Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Journal of Food System and Agribusiness (JoFSA) Jurnal Akuntansi dan Governance Jurnal Ekonomi Indonesia Devotion: Journal of Research and Community Service BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Jurnal Bina Bangsa Ekonomika Indonesian Journal of Multidisciplinary Science Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Eduvest - Journal of Universal Studies Indonesian Journal of Sustainability Accounting and Management Riwayat: Educational Journal of History and Humanities Jurnal Ekonomi dan Pembangunan Indonesia
Lukytawati Anggraeni
Departemen Ilmu Ekonomi, Fakultas Ekonomi Dan Manajemen, Institut Pertanian Bogor Jl. Lingkar Kampus, Gd. Rektorat Lantai 3, Kampus IPB Darmaga, Bogor 16680
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Journal : Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal

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STRUKTUR MODAL DAN MODAL KERJA PT XYZ SERTA PENGARUHNYA TERHADAP KINERJA PERUSAHAAN Untung Setiono; Hermanto Siregar; Lukytawati Anggraeni
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 3 No. 1 (2017): JABM Vol. 3 No. 1, Januari 2017
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.3.1.131

Abstract

n 2012, the electronic payment system transactions reached IDR 104.830 trillion or increase 46,52% from the previous year.  PT. XYZ is the  pioneer in the electronic payment system Indonesia  and still one of the leading companies in electronic payment system interbank, through ATM (Automatic Teller Machine) and EDC (Electronic Data Capture) in Indonesia.  In 2012 the company spent USD 3,4 million on software tandem from a foreign vendor.  Therefore it is important to study (1) policy on the modal structure of the company, (2) the working capital policy of the company, (3) the monetary performance relationship of the company based on the 2 policies.  The method used to analyze the data is multiple linear regression analysis; this method is used to calculate the relationship between the structure variable of the capital and working capital.  The result is; 1) the structure policy on the capital of the company is in accordance with the Pecking Order theory where the company uses their own capital before applying the long term debt to the others, 2) the inefficient policy on the company’s working capital is because most of the active asset is in monthly deposit bonds and even extended  the active debt, 3) the relationship between short term debt and liquidity ratio is negative while the total debt (short and long term) has a positive correlation with the solvability/leverage ratio of the company.  The research recommends the management to decrease the active asset and uses it for long term investment not only for timed deposit.Keywords:  ATM, EDC, capital structure, financial performance     AbstrakVoulme transaksi dalam menggunakan sistem pembayaran elektronis pada tahun 2012 mencapai Rp104.830 triliun atau meningkat sekitar 46,52% dari tahun sebelumnya. PT XYZ adalah salah satu perusahaan pionir dalam sistem bidang pembayaran elektronis di Indonesia dan tetap menjadi pemain utama dalam sistem pembayaran elektronis antar bank, ATM (Automatic Teller Machine) dan EDC (Electronic Data Capture). Di tahun 2012 perusahaan membeli software tandem dari vendor luar negeri dimana menghabiskan dana USD 3,4 juta, dengan pembelian ini maka dari itu penting untuk di teliti: 1) kebijakan struktur modal perusahaan, 2) kebijakan modal kerja  perusahaan dan 3) hubungan kinerja keuangan perusahaan berdasarkan dua kebijakan tersebut. Metode yang digunakan adalah analisis regresi linier berganda, mengukur hubungan variabel struktur modal dan modal kerja perusahaan. Pada penelitian telah menemukan: 1) kebijakan struktur modal perusahaan sejalan dengan teori Pecking Order, dimana perusahaan lebih menggunakan dana modal sendiri sebelum menggunakan hutang jangka panjang pada pihak lain, 2) kebijakan modal kerja perusahaan kurang efisien, dikarenakan sebagian besar asset lancar adalah dalam bentuk deposito berjangka bulanan dan bahkan melebihi hutang lancer itu sendiri, dan 3) hubungan antara hutang jangka pendek dan rasio likuiditas adalah negative, sedangkan total hutang (jangka pendek dan jangka panjang) berkorelasi positif dengan rasio solvabilitas/leverage perusahaan. Penelitian ini menyimpulkan manajemen untuk lebih mengurangi asset lancer mereka dan lebih menggunakan asset tersebut untuk investasi jangka panjang, bukan hanya untuk deposito berjangka.Kata kunci: ATM, EDC, regresi, struktur modal, kinerja keuangan
Significant Impact of Working Capital and Macroeconomic Condition on Profitability in Property Industry Achmad Rizki; Lukytawati Anggraeni; Arief Tri Hardiyanto
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 5 No. 1 (2019): JABM Vol. 5 No. 1, Januari 2019
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.5.1.121

Abstract

Working capital management is important for managers to manage business operations smoothly and efficiently. This study investigates impact of working capital management and macroeconomic condition on profitability in Indonesian property industry. This study used data from the quarter financial report of 19 property firms listed in Indonesia Stock Exchange over the period 2011-2015 quarterly, while GDP, inflation, and interest rate data were obtained from Statistic Indonesia and Bank of Indonesia. The data were analyzed using panel data regression analysis. This study found that accelerating Cash Conversion Cycle (CCC) and being more aggressive in working capital policy would improve profitability. Furthermore, the result showed that macroeconomic condition, firm size, sales growth, and capital structure have significant effects on the profitability.Keywords: corporate finance, working capital, macroeconomic, profitability, propertyAbstrak: Manajemen modal kerja sangat penting bagi manajer dalam mengelola operasional bisnis agar berjalan secara lancar dan efisien. Studi ini meneliti dampak dari manajemen modal kerja dan kondisi makroekonomi terhadap profitabilitas di industri properti Indonesia. Penelitian ini menggunakan data dari laporan keungan secara kuartalan dari 19 perusahaan properti yang terdaftar di Bursa Efek Indonesia selama periode 2011–2015, sementara data PDB, inflasi, dan suku bunga didapatkan dari Badan Pusat Statistik dan Bank Indonesia. Data dianalisis menggunakan analisis regresi data panel. Penelitian ini menunjukan bahwa mempercepat siklus konversi kas dan lebih agresif dalam kebijakan modal kerja akan meningkatkan profitabilitas. Selanjutnya hasil penelitian menunjukkan bahwa kondisi ekonomi makro, ukuran perusahaan, pertumbuhan penjualan, dan struktur modal berpengaruh signifikan terhadap profitabilitas.Kata kunci: keuangan perusahaan, modal kerja, makroekonomi, profitabilitas, properti
Efisiensi dan Produktivitas Perbankan Sebelum dan Setelah Krisis Keuangan Emil Fatmala; Dedi Budiman Hakim; Lukytawati Anggraeni
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 5 No. 2 (2019): JABM Vol. 5 No. 2, Mei 2019
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.5.2.200

Abstract

Global financial crisis has given negative effects for economic growth especially in banking industry. This research aimed to analyze the efficiency and productivity of banks before and after the financial crisis. To examine the bank efficiency, this research used Data Envelopment Analysis (DEA), and the Malmquist Index was used to determine the bank productivity. This research concluded that Indonesian banking is inefficient in its intermediation function. The results showed that the performance efficiency score before crisis was 0.806, and the after crisis score was 0.812. The banks that were efficient are shown in Bank Mandiri (Persero), Tbk; Bank Rakyat Indonesia (Persero), Tbk; and Bank Central Asia, Tbk which have the highest assets. Banks with high assets have extensive market forces and networks making them more efficient than banks with smaller asset. That indicates a strong impact of the total assets to the bank efficiency level. Citibank NA and Standard Chartered Bank, known as foreign banks, are also efficient. The bank productivities after crisis are increasing. The results showed that Malmquist’s bank productivity was increasing during the research period, and the score was 1.002, indicating that technological change (frontier shift effect) index is the major source of productivity. Technological changes would support banks to be more efficient and productive.Keywords: Banks, data envelopment analysis (DEA), malmquist index, Global financial, financial crisisAbstrak: Krisis keuangan global telah memberikan dampak buruk bagi perkembangan perekonomian dunia khususnya perbankan. Penelitian ini bertujuan untuk mengetahui efisiensi dan produktivitas sebelum dan setelah krisis keuangan serta mengetahui strategi yang dapat diterapkan. Metode analisis yang akan digunakan untuk mengetahui efisiensi bank, yaitu Data Envelopment Analyis (DEA) dan Indeks Malmquist akan digunakan untuk mengetahui produktivitas bank. Kondisi yang efisien ditunjukkan oleh angka satu. Hasil analisis diketahui bahwa fungsi intermediasi perbankan di Indonesia belum efisien. Nilai efisiensi rata-rata sebelum krisis adalah sebesar 0,806 dan mengalami peningkatan pada periode setelah krisis menjadi sebesar 0,812. Bank yang efisien, yaitu Bank Mandiri (Persero), Tbk; Bank Rakyat Indonesia (Persero), Tbk dan Bank Central Asia, Tbk merupakan bank dengan aset terbesar. Bank dengan aset besar memiliki kekuatan pasar dan jaringan yang luas sehingga lebih efisien dibandingkan dengan bank dengan aset yang lebih kecil. Hasil penelitian juga menujukkan bahwa Citibank NA dan Standard Chartered Bank yang termasuk dalam kelompok Kantor Cabang Bank Asing merupakan bank yang efisien. Produktivitas bank pada periode setelah krisis mengalami peningkatan. Hasil penelitian menunjukkan produktivitas malmquist mengalami peningkatan pada periode penelitian dengan nilai rata-rata 1,002. Peningkatan produktivitas didominasi oleh perubahan teknologi (efek frontier shift). Perubahan teknologi akan mendorong perbankan agar lebih efisien dan produktif.Kata kunci: bank, data envelopment analysis (DEA), indeks malmquist, keuangan global, krisis keuangan
DETERMINAN FINANCIAL DISTRESS PERUSAHAAN SUBSEKTOR RITEL DI BURSA EFEK INDONESIA: DETERMINANT OF FINANCIAL DISTRESS ON THE RETAIL SUBSECTOR PUBLIC COMPANIES IN INDONESIA STOCK EXCHANGE Dony Firman Santosa; Lukytawati Anggraeni; Koes Pranowo
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 6 No. 1 (2020): JABM Vol. 6 No. 1, Januari 2020
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.6.1.128

Abstract

The purpose of this study were (1) To analyze financial health conditions of retail companies listed in Indonesia Stock Exchange (IDX) from 2013 to 2017, (2) To analyze the relationship between financial health conditions with companies’ status based on an integral process of financial distress using Pearson correlation and (3) To analyze what factors (financial ratios and macroeconomics) which affected to financial distress using panel data regression. Fourteen retail companies were selected as samples based on purposive sampling. The results showed that retail companies in telecommunication devices, building materials, convenience store models and minimarkets had more potential to experience financial distress. The results of the Pearson correlation showed that there was a weak and negative correlation between DSCR as a proxy of financial distress with deterioration performance and cash flow problem. The financial ratio variables such as, the current ratio and return on equity, had a positive and significant effect on DSCR. Whereas, the debt to equity ratio had a negative and significant effect on DSCR. Meanwhile, significant macroeconomic variables were gross domestic product and interest rate. Gross domestic product had a positive effect on DSCR, while interest rates had a negative effect on DSCR. Keywords: financial distress (debt service coverage ratio), financial ratios, macroeconomic, panel data regression, retail companies Abstrak: Tujuan dari penelitian ini adalah (1) Menganalisis kondisi kesehatan keuangan perusahaan subsektor ritel yang terdaftar di Bursa Efek Indonesia dari tahun 2013 sampai 2017, (2) Menganalisis hubungan kondisi kesehatan keuangan dengan status perusahaan berdasarkan proses integral financial distress menggunakan analisis korelasi pearson dan (3) Menganalisis faktor-faktor keuangan dan makroekonomi yang berpengaruh terhadap financial distress menggunakan analisis regresi data panel. Sebanyak 14 perusahaan ritel dipilih sebagai sampel menggunakan purposive sampling. Hasil penelitian menunjukan bahwa perusahaan ritel yang bergerak dalam bidang usaha perangkat telekomunikasi, bahan bangunan, model conveience store dan minimarket lebih berpotensi mengalami financial distress. Hasil analisis korelasi pearson menunjukan terdapat korelasi negatif yang lemah antara DSCR sebagai proxy financial distress dengan deterioration performance dan cash flow problem. Variabel rasio keuangan seperti current ratio dan return on equity berpengaruh positif dan signifikan terhadap DSCR, sedangkan debt to equity ratio memiliki pengaruh negatif dan signifkan terhadap DSCR. Sementara itu, variabel makroekonomi yang signifikan adalah gross domestic product dan interest rate. Gross domestic product berpengaruh positif terhadap DSCR sedangkan interest rate memiliki pengaruh negatif terhadap DSCR. Kata kunci: kesulitan keuangan (DSCR), rasio keuangan, makroekonomi, regresi data panel, perusahaan ritel
Optimalisasi Portofolio Kredit untuk Perencanaan Ekspansi Kredit pada Perbankan Nasional: Credit Portfolio Optimization for Credit Expansion Planning on National Banking Rini Siswati Asnel; Lukytawati Anggraeni; Amzul Rifin
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 6 No. 2 (2020): JABM Vol. 6 No. 2, Mei 2020
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.6.2.269

Abstract

The aim of this study is to determine the portfolio performance in each economic sector based on return and risk of portfolio credit at 3 Sentra Kredit Menengah (SKM) under BNI WJS supervision and to find out the optimal combination or composition of the loan portfolio that provides the greatest return and the lowest risk. In this study using the Markowitz model to produce an optimal portfolio combination. The results showed recommendations of portfolio for the Jakarta Senayan Jakarta Regional especially for SKM, it was suggested to management to expansion in sectors or business with their competencies. To plan the optimal composition of the loan portfolio for credit expansion plan, the alternative of optimum portfolio from the results of this study can be used as a reference. Keywords: loan portfolio, markowitz model, Sentra Kredit Menengah (SKM) , return, risk credit
Indonesian Stock Market Return Volatility and Foreign Portfolio Capital: Evidence Before and During Covid-19 Pandemic Reffi Marizka Dewi; Lukytawati Anggraeni; Tony Irawan
Jurnal Aplikasi Bisnis dan Manajemen Vol. 9 No. 1 (2023): JABM, Vol. 9 No. 1, Januari 2023
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.9.1.152

Abstract

The Covid-19 pandemic increased uncertainty in the Indonesian stock market. This paper aims to investigate foreign and domestic investors' behavior in the Indonesian stock market, especially during the Covid-19 pandemic. The method used was E-GARCH and DCC-GARCH. The results showed that the impact of shocks from bad and good news was greater on the return volatility during the pandemic. The shocks had a positive impact on the increase in the spillover effect of NFI's volatility to return volatility in the short and long term before the pandemic, but this did not happen during the pandemic. There is an indication of bias of forecasting errors and prospect theory in the behavior of investors in the Indonesian stock market. Conservatism bias is also indicated in the behavior of foreign investors. Keywords: Covid-19, E-GARCH, DCC-GARCH, net foreign inflow, return volatility
Pengaruh IPO Terhadap Kinerja Keuangan, Good Corporate Governance dan Nilai Perusahaan Emiten Skala UKM di Bursa Efek Indonesia: IPO’s Effect on Financial Performance, Good Corporate Governance and Firm Value of SME Issuers in Indonesia Stock Exchange Dewi, Risa Resmita; Ratnawati, Anny; Anggraeni, Lukytawati
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 2 (2024): JABM, Vol. 10 No. 2, Mei 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.2.636

Abstract

Background: The financial sector, especially the Indonesian capital market, shows a positive trend with an increase in the number of IPO companies each year. The contribution of national GDP and the number of SME companies in Indonesia are high, so development efforts to facilitate the provision of capital through the capital market are carried out by the government. Basically, IPO funding obtained by the company will provide an opportunity for the issuer in the hope of improving financial performance so that the company's valuation among investors increases and also improves corporate governance.Purpose: This study aims to analyze the influence of Initial Public Offerings on Financial Performance, Good Corporate Governance and Valuation in SME’s Issuer on Indonesia Stock Exchange. Design/methodology/approach: The research was conducted using the Mann-Whitney test and OLS multiple regression analysis. Findings/Result: The results showed that financial performance has a significant difference after IPO particularly on activity ratio and leverage ratio. It is known that the variables company such as size, outstanding shares, profitability ratio and dummy covid have an effect on company valuation. While leverage, income and activity ratio have no effect on company value. In addition, leverage, company size, outstanding shares and dummy covid have significant effect on good corporate governance.Conclusion: Issues from SME can be considered potential options for investors in the capital market. Besides that, it encourages other SME to obtain funding from the capital market.Originality/value (State of the art): This study examines opportunities for SME companies that can increase their business scale through the capital market by meeting the requirements of financial performance prospects and the implementation of good corporate governance so that they can increase the company's value. Keywords: financial performance, good corporate governance, IPO, firm value, SME
Co-Authors ., Harianto Achmad Rizki Achsani, Noer Azham Adis Imam Munandar Agung Satryo Ahmad Fanani Akbar, Dudi Duta Akhmad Fauzi Aldesta Perwitasari Tunas Alla Asmara Almira Dyah Mahiswari Amzul Rifin Anny Ratnawati Arief Daryanto Aulia Yulianti Wulandari Ayu Renita Sari Azka Azifah Dienillah Bagus Sartono Bambang Juanda Benny Robby Kurniawan Bintan Badriatul Ummah Bronson Marpaung Cosmas A.I. Wardojo Dadang Wahyu Juniarwoko Darwis Abubakar Dedi Budiman Hakim Deni Lubis Desfaryani, Rini Dewi Kusumaningrum Dewi Rohma Wati Dewi, Risa Resmita Dian Verawati Panjaitan Dony Firman Santosa Emil Fatmala Erliza Noor Ernan Rustiadi Fariyanti, Anna Fitri Kartiasih Fitriana, Rizqi Fitriana, Widya Gita Vinanda Gita Vinanda Gustyanita Pratiwi Gustyanita Pratiwi Hadiwiyono Hadiwiyono Hakim, Dedi Budiman Hardiyanto, Arief Tri Harianto Harianto Hartoyo Hartoyo Haryadi Krisnandar Hastuti Hendro Sasongko Herdiana Puspitasari Hermanto Siregar Hermanto Siregar Hery Setiawan Hidayanto, Muh. Wawan Iin Zahratain Indah Eko Suryani Indah Indra Putri, Dennis Juniarwoko, Dadang Wahyu Khairunnisa Khairunnisa Koes Pranowo Kuntoro, Eri Lestari Agusalim Linda Karlina Sari Mela Yunita Mirfatul Hidayah Mudinillah, Adam Muh. Wawan Hidayanto Muhammad Firdaus Muhammad Firdaus Muhammad Iqbal Musyaffa, Muhammad Elfaza Faishal Nadilla Ambarfauziah Rulian Naufa Muna, Naufa Noer Azam Achsani Nuni Anggraini Nuni Anggraini Nunung Nuryartono Nur Maghfirah Nur Muflihatun Azizah Nurvita, Tita Octavian, Hieta Purbantoro, Bhirawa Anoraga Puri Mahestyanti puspitasari, dwi puspitasari Putri Mahestyanti Ranti Wiliasih Ratna Anita Carolina Reffi Marizka Dewi Ria Maulida Rina Oktaviani Rini Siswati Asnel Rizaldi Boer Rokhim, Fatkhu Rum Puspita Widhiarti Sahara Sahara Salahuddin El Ayyubi Samsul Hidayat Pasaribu Sri Hartoyo Sri Hartoyo Sri Hartoyo Sri Mulatsih Sugema, Iman Syamsul Hidayat Pasaribu Tampubolon, Bahroin Idris Tanti Novianti Tita Nurvita Tiurmaida Krisanty Sitompul Tony Irawan Tri Wulandari Trias Andati Trias Andati Trias Andati Trias Andati Trisno, Andhika Muhammad Fadil Ujang Suryadi Umbu Joka Untung Setiono Wahyu Dyah Novitasari Widyastutik Yugo, Vini Ratna Sari Yulya Aryani Yusman Syaukat Zenal Asikin