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PENGARUH LIKUIDITAS MODAL KERJA TERHADAP PROFITABILITAS PERUSAHAAN SEKTOR PERUNGGASAN YANG TERDAFTAR DI BURSA EFEK INDONESIA Cosmas A.I. Wardojo; Lukytawati Anggraeni; Hendro Sasongko
Jurnal Manajemen & Agribisnis Vol. 13 No. 3 (2016): Vol. 13 No. 3, November 2016
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1063.453 KB) | DOI: 10.17358/jma.13.3.206

Abstract

Working capital management is one of the most frequently discussed topics in researches, for companies attempt to obtain liquidity and operational efficiency in managing their working capital. Hence, this study aimed to analyze the company profitability and capital policy influences performed by the poultry sector company towards company profitability in the same period. The method in the study was a panel regression by adopting Ordinary Least Square estimation method and by using fixed effects in reference to Chow test results. Classic assumption test and Goodness of Fit Tests were also conducted to examine the selected models. The results showed that the components of cash conversion cycle and net trade cycle have significant positive effects on profitability, enabling the industry to increase profits by effectively managing each part of net working capital.Keywords: cash conversion cycle, net working capital, net trade cycle, profitability, working capital management, ordinary least squareABSTRAKManajemen modal kerja merupakan topik yang paling sering didiskusikan dalam penelitian, perusahaan berusaha mendapatkan likuiditas dan efisiensi operasional dalam mengelola modal kerja mereka. Penelitian ini bertujuan menganalisis profitabilitas perusahaan dan  pengaruh kebijakan modal kerja yang dilakukan oleh perusahaan disektor perunggasan terhadap profitabilitas perusahaan dalam kurun waktu yang sama. Metode  yang digunakan adalah regresi panel dengan metode pendugaan Ordinary Least Square menggunakan efek tetap berdasarkan hasil uji Chow. Uji asumsi klasik dan Goodness of Fit Uji juga telah dilakukan untuk menguji model yang terpilih. Hasil penelitian menunjukkan bahwa konversi kas komponen siklus dan siklus perdagangan bersih berpengaruh positif signifikan terhadap profitabilitas, sehingga industri dapat meningkatkan keuntungan dengan mengelola secara efektif setiap bagian dari modal kerja bersih.Kata kunci: siklus konversi kas, modal kerja bersih, net trade cycle, profitabilitas, pengelolaan modal kerja, ordinary least square.
THE EFFECT OF BOND CHARACTERISTICS, FINANCIAL PERFORMANCE AND MACRO VARIABLES ON RETURN OF CORPORATE BOND IN THE AGRIBUSINESS SECTOR Dewi Kusumaningrum; Lukytawati Anggraeni; Trias Andati
Jurnal Manajemen & Agribisnis Vol. 16 No. 3 (2019): JMA Vol. 16 No. 3, November 2019
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (470.332 KB) | DOI: 10.17358/jma.16.3.170

Abstract

There are several reasons why companies choose to issue bonds rather than borrowing from banks. Interest paid by companies to bond investors is often lower than the interest rate charged by the bank, but still at least bond issuance from the agricultural sub-sector and chooses to lend to the bank. The purpose of this study is to analyze the influence of bond characteristics, financial performance and macroeconomic return on corporate bonds in the agribusiness sector. This study uses a panel data regression method consisting of 12 bonds with the vulnerable time between 2014-2015 \quarterly. Based on the panel data model shows that the characteristics of bonds (yield to maturity, coupon, rank, and duration), financial performance (CFOS) and macroeconomics (IHSG) have a significant effect on the return of bonds. The Company should consider the amount of bond yield and coupon to be issued and pay attention to financial performance, especially cash flow and capital expenditure (capital expenditure). Keywords: agribusiness sector, bonds, characteristics, performance, macroeconomics
Testing on Market Efficiency of the Cacao Commodity for the Futures Market in Jakarta Future Exchange Ria Maulida; Lukytawati Anggraeni; Samsul Hidayat Pasaribu
Jurnal Manajemen & Agribisnis Vol. 15 No. 1 (2018): JMA Vol. 15 No. 1, March 2018
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (901.701 KB) | DOI: 10.17358/jma.15.1.53

Abstract

The investigation of the efficient market validity hypothesis is a favorite topic in financial literature. However, there are still limited research on futures market commodity, especially the futures market in Indonesia. The objectives of this study were to analyze the development of cacao commodity futures market trading and determine its market efficiency. This study used value of trading volume, daily spot price and futures price of cacao commodity trading market from December 2011 to December 2016. Descriptive analysis showed that the development of cacao commodity futures trading market from value of trading volume of cacao commodity experienced fluctuating growth between -126.050% and 39.480%, and average growth of cacao by -6.462%. Augmented Dickey-Fuller (ADF) root test, Augmented Engle Granger (AEG) Error Correction Model Test (ECM) were used as the bases for the analyses. The results of the study showed that cocoa commodity futures market in Indonesia is an efficient market and contained risk premium. The implication of this research for market participants or investors is that they may choose to carry out hedging activities because cacao is an efficient market in the short term and contains risk premium.
The Effects of Trade Facilitation on Indonesian Fisheries Export Tiurmaida Krisanty Sitompul; Sahara Sahara; Lukytawati Anggraeni
Jurnal Manajemen & Agribisnis Vol. 15 No. 3 (2018): JMA Vol. 15 No. 3, November 2018
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (815.166 KB) | DOI: 10.17358/jma.15.3.230

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The growth in the volume and export value of fishery subsector shows the importance role of its sector to Indonesian economy. The export performance is influenced by many aspects, including trade facilitation. The problem faced by Indonesia is the low quality of trade facilitation resulting in relatively high trade costs, and this will affect the export performance. This research aims to analyze the effect of trade facilitation as well as other related variables on the Indonesia export in the fishery subsector, shrimp commodity exports, and export of tuna, mackerel tuna, as well as skipjack tuna. This study used panel data with ten years time series from 2007 to 2016, and the cross section data included ten major export destination countries. The data were analyzed using the gravity model with fixed effect estimation method. The study results showed that trade facilitation and other related variables had an effect on Indonesian fishery, shrimp, and tuna, mackerel tuna, as well as skipjack tuna exports. Based on the research results, Indonesian fishery exports can be improved by, firstly improving capacity and quality port infrastructure. Secondly, improving capacity and quality of electricity supply. Thirdly, the institutional quality is primarily concerned with ethics and corruption, and fourthly, the efficiency of trade across border needs to be improved in the hope of increasing the Indonesian export in the fishery subsector.Keywords: export, fishery, gravity model, trade facilitation
The Determinants of Tax Compliance in Tax Amnesty Programs: Experimental Approach Puri Mahestyanti; Bambang Juanda; Lukytawati Anggraeni
ETIKONOMI Vol 17, No 1 (2018)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (477.984 KB) | DOI: 10.15408/etk.v17i1.6966

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In an effort of searching for a new source of revenue for funding the infrastructure development for Indonesia, the government chose to do tax amnesty in 2016. This research was conducted to study the effects of factors (wealth, tariff periods, tax penalties, and audit probability) towards tax compliance. Tax compliance measured from the number of units reported by taxpayers, the amount of value indicated by taxpayers, and participation from taxpayers. The study uses primary data that generated through experimental economics. The methods used are Variance Analysis. The result showed that the taxpayer with higher income has lower compliance rather than the taxpayer from lower income. The taxpayers prefer to report their assets at lower rates. The effort of enforcement from the government by implementing tax penalties and audit probability shows greater effect towards tax compliance.DOI: 10.15408/etk.v17i1.6966
Analysis of El Ni˜no Impact and the Price of Food Commodities on Inflation Bronson Marpaung; Hermanto Siregar; Lukytawati Anggraeni
Jurnal Ikatan Sarjana Ekonomi Indonesia Vol 8 No 1 (2019): August
Publisher : Jurnal Ekonomi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52813/jei.v8i1.11

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Volatile foods are a concern because this group is a significant contributor to inflation. Food production is very vulnerable to supply disruptions such as El Ni˜no weather and other weather disturbances. This study analyzes the influence of El Ni˜no on food Commodities and, inflation, in 25 provinces in Indonesia in 2008–2015 using the data panel method. The dependent variable in this study is inflation. While the independent variables are food commodities such as Prices of Chili, Onions, Rice, Soybeans, Corn, El Ni˜ no, and Inflation. El Ni˜no and the price of food commodities have a positive and significant effect on inflation.
Modeling the profitability of commercial banks in Indonesia Tri Wulandari; Lukytawati Anggraeni; Trias Andati
Economic Journal of Emerging Markets Volume 8 Issue 2, 2016
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol8.iss2.art3

Abstract

This study examines the effect of lending on Micro, Small and Medium Enterprises (MSMEs) on the profitability of commercial banks in Indonesia. The profitability is measured as Return-on-Assets (ROA) and Return-on-Equity (ROE). It covers the period of 2011 to 2014 using a panel data regression. It finds that MSME loans have a positive impact on ROE. Other internal factors that significantly influence the profitability of banks are MSME’s NPL (non performing loan), the operational efficiency ratio (OER) and loan-to-deposit ratio (LDR), while external factors that significantly influence the profitability of banks are inflation, Gross Domestic Product (GDP) growth and the Bank Indonesia (BI) rate. 
Pengaruh Kinerja Keuangan Dan Makroekonomi Terhadap Harga Saham Sektor Industri Konsumsi Nur Muflihatun Azizah; Lukytawati Anggraeni; Tony Irawan
Jurnal Ekonomi Vol. 25 No. 2 (2020): July 2020
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v25i2.682

Abstract

The stock price can be affected by financial performance and macroeconomic. Investors need to consider financial performance and macroeconomic conditions in making an investment decision. The goal of this study is to analyze the effect of financial performance and macroeconomics on the stock price of the consumer goods industry. Panel Data Regression is used in this study to analyze the effect of financial performance and macroeconomic on the stock price. The result of this study shows the liquidity ratio (CR) has a significant and negative effect on stock price, while the profitability ratio (ROE) has a significant and positive effect on the stock price. Macroeconomic inflation and exchange rate have a significant and positive effect on the stock price. Firms with a high liquidity ratio (CR) have to control the liquidity ratio because in the long term high liquidity has a negative effect on stock price so the stock price may decrease. Investors need to compare the financial performance in order to make a good decision.
STRATEGY FORMULATION FOR DEVELOPING BATIK TULIS Indah Eko Suryani; Lukytawati Anggraeni; Ujang Suryadi
Indonesian Journal of Business and Entrepreneurship (IJBE) Vol. 1 No. 1 (2015): IJBE, Vol. 1 No. 1, January 2015
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijbe.1.1.23

Abstract

The objective of this study was to formulate a development strategy in order to maintain the existence of Batik Tulis Rolla Junior. The study used a case study approach with Rumah Batik Tulis Rolla Junior as the research object. The data were analyzed by a value chain approach to determine the internal and external conditions influencing the existence of the Batik Tulis Rolla Junior. Furthermore, this study also used the analysis of Internal Factor Evaluation (IFE), External Factor Evaluation (EFE), Internal-External (IE) Matrix, SWOT, dan Quantitative Strategic Planning Matrix (QSPM) to create the development strategy. The results show that the strategies that can be recommended to Rolla Junior include 1) increasing the capital by Kredit Usaha Rakyat (KUR) program, 2) conductiong expansions to other regencies, 3) creating a website/blog  to promote and perform business transactions, 4) increasing the frequency in joining exhibitions or EXPO both in regional and national levels, 5) conducting researches to solve the problem of coloring which requires sun rays, 6) conducting cooperations with raw material suppliers (backward integration), and 7) finding alternative suppliers of raw materials especially from the areas closer to Jember district.Keywords: development strategy, batik tulis Rolla Junior, SWOT, QSPMABSTRAKPenelitian ini bertujuan merumuskan strategi pengembangan sehingga dapat menjaga eksistensi Batik Tulis Rolla Junior. Penelitian menggunakan pendekatan studi kasus dengan Rolla Junior sebagai objek penelitiannya. Data dianalisis dengan pendekatan rantai nilai untuk mengetahui kondisi internal dan eksternal yang berpengaruh terhadap Batik Tulis kemudian menggunakan analisis Internal Factor Evaluation (IFE), External Factor Evaluation (EFE), Internal-External (IE) Matrix, SWOT, dan Quantitative Strategic Planning Matrix (QSPM) untuk menyusun strategi pengembangan Batik Tulis Rolla Junior. Hasil penelitian menunjukkan bahwa strategi-straegi prioritas yang dapat direkomendasikan kepada Rolla Junior yaitu 1) peningkatan permodalan melalui program Kredit Usaha Rakyat (KUR), 2) melakukan ekspansi ke luar daerah Jember, 3) membuat situs web/blog untuk mempromosikan dan transaksi jual beli produk, 4) peningkatan kuantitas keikutesertaan dalam acara pameran atau EXPO baik di tingkat regional maupun nasiona, 5) melakukan penelitian untuk mengatasai kendala pewarnaan yang membutuhkan sinar matahari, 6) melakukan kegiatan kerja sama dengan pemasok bahan baku (integrasi ke belakan, dan 7) mencari alternatif daerah pemasok bahan baku khususnya yang lebih dekat dengan kabupaten Jember.Kata kunci: strategi pengembangan, batik tulis Rolla Junior, SWOT, QSPM
Analysis of Investor Sentiment Impact in Indonesia Composite Stock Price Index Return Volatility Rum Puspita Widhiarti; Lukytawati Anggraeni; Syamsul Hidayat Pasaribu
Indonesian Journal of Business and Entrepreneurship (IJBE) Vol. 4 No. 3 (2018): IJBE, Vol. 4 No. 3, September 2018
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijbe.4.3.239

Abstract

The Composite Stock Price Index (IHSG) is an index used as an indicator of stock price movements on Indonesia Stock Exchange and reference of capital market activities. Stock securities have high risk because they do not have maturity such as bonds so volatility is one of the important things in stock investment. Investor sentiment is one of many external factors that affecting stocks volatility. Investor sentiment is one of behavioral finance assumptions which may cause systematic risk with noise so it affects stocks volatility. Therefore it is necessary to analyze the development of investor sentiment and its impact on IHSG volatility. This study used Business Tendency Index as investor sentiment proxy and monthly IHSG. Bank Indonesia Certificates is used to get excess return. GJR-GARCH method is used in this study along the periode from January 2001 to December 2015. The results showed that there is significant effect of investor sentiment on excess return. As investors are optimistic, the uncertainty in stock market will increase while IHSG volatility will increase as the average investor is pessimistic. There is noticeable leverage effect in the presence of negative shocks resulting in higher conditional variance changes compared to positive shocks on the same magnitude.Keywords: volatility, investor sentiment, GJR-GARCH, behavioral finance, IHSG
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 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 Khairunnisa Khairunnisa Koes Pranowo Kuntoro, Eri Lestari Agusalim Linda Karlina Sari Mela Yunita Mirfatul Hidayah Mudinillah, Adam Muh. Wawan Hidayanto Muhammad Elfaza Faishal Musyaffa Muhammad Firdaus Muhammad Firdaus Muhammad Iqbal 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 Risa Resmita Dewi 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