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Effect of Enterprise Multiple on Stock Return Non-Financial Companies in Indonesian Stock Exchange Namira, Fitri; Nugroho, Bernardus Yuliarto
BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Vol. 23, No. 2
Publisher : UI Scholars Hub

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Enterprise Multiple is widely used by practitioners as a valuation measure (Loughran & Wellman, 2011). Furthermore, one component used in the calculation of enterprise multiple (EV/EBITDA) is the use of operating income before depreciation data as income variables. The data is accurate and difficult to manipulate (not even) in measuring the profitability of a company over net income. This study aims to analyse the influence of enterprise multiple on stock return towards non-financial companies listed in the Indonesian Stock Exchange from 2006-2015. The dependent variable used is stock return. The independent variable used is enterprise multiple which is proxied with EV / EBITDA. Enterprise Value (EV) is (value of equity + debt + preferred stock - cash). While EBITDA are Earnings Before Interest, Tax, Depreciation and Amortisation. This research takes the form of a quantitative research by using panel data regression test. The results show that firms with a low enterprise multiple values, have a higher stock return than firms with high enterprise multiple values. In addition, the portfolio established under enterprise multiple values (low minus high portfolios) in the Carhart 4 Factor Model is robust on non-financial companies listed on the Indonesia Stock Exchange 2006-2015 period.

Corporate Governance Characteristics and Company Performance Saragih, Ferdinand Dehoutman; Nugroho, Bernardus Yuliarto; Eko, Umanto
BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Vol. 18, No. 3
Publisher : UI Scholars Hub

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The research analyzes the determinant of corporate governance characteristic in relation to company performance in family firms listed in Indonesia Stock Exchange in the period of 2004-2009. The research uses quantitative approach, explanatory type and uses numerical data as secondary data obtained from various sources. The result shows that only PER variable is significantly influenced by corporate governance characteristic with proxies of ownerships, board size, and board composition, and controlled with the variables of sales, firm age, firm leverage, tangibility, firm size, growth, and debt in public firms listed in Indonesia Stock Exchange in the period of 2004-2009; in general, investors basically perceive company performance from the market value ratio in the form of company’s stock price interchange instead of the profitability ratio with the proxies of ROA and ROE; the variables of ownerships, board size, and board composition statistically do not affect ROA, ROE, and PER.

THE IMPACT OF DIVIDEND PAYOUT ON FUTURE EARNINGS GROWTH IN NON-FINANCIAL COMPANY LISTED IN INDONESIA STOCK MARKET (IDX) Nugroho, Bernardus Yuliarto
Sinergi : Jurnal Ilmiah Ilmu Manajemen Vol. 9 No. 2 (2019)
Publisher : Economic and Bussiness Faculty, Dr Soetomo University

The purpose of this paper isÂ to examine the relation between Dividend Payout, Firm Size, ROA, Leverage, Earnings yield, Past Earnings Growth and Annual Growth in Total Assets towards Future Earnings Growth when the periode in one, three, and five years ahead. The study sample was taken from non-financial firms that listed on the Indonesia Stock Exchange in the period 2002-2016. The research method used in this research was multivariate regression. The proxy used forÂ variable dividend payout is dividend payout ratio and proxy used for variable earnings growth is compounded annual earnings per share. The result show that high dividends signal high earnings growth, so that the study weakens the point of view of previous market observers who argue that dividend has negative relations to future earnings growth. The results of this study can help investors in considering options in choosing companies to invest by choosing companies who have high dividends. Keywords - Dividend Payout; Size; Future Earnings Growth; Past Earnings Growth

CASHLESS GOVERNMENT: A CORRUPTION PREVENTION STRATEGY IN GOVERNMENT AGENCIES Paramita Nur Kurniati; Bernardus Yuliarto Nugroho
Asia Pacific Fraud Journal Vol 5, No 2: Volume 5, No. 2nd Edition (July-December 2020)
Publisher : Association of Certified Fraud Examiners Indonesia Chapter

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21532/apfjournal.v5i2.154

The phenomenon of corruption cases continues to increase from year to year, both from the number of cases that occur and the amount of state financial losses incurred. The criminal acts of corruption committed are also increasingly systematic and massive in all aspects of society's lives. To respond to this phenomenon, the Government, in this case the Ministry of Finance, issued a "breakthrough" in the system of government expenditure transactions, by issuing cashless government system with modern payment instruments. The cashless payment system is expected to close the potential gaps of corruption arising from conventional payment systems using physical money. Transactions carried out with non-cash payment systems can be traced in full and in detail, starting from who the user is, when and where the transaction is conducted, what is the purpose of using the transaction, and what is the nominal value. The use of cashless payment instruments is also expected to be able to fulfill the principles of (1) flexibility, (2) safety in transactions and fraud avoidance, (3) effectiveness, and (4) accountability while paying attention to the precautionary principles in the use of state budget. The cashless government system is expected to be a solution to the acceleration of government performance and public services within the framework of presenting clean, transparent and accountable governance. In the end, improving the working system of government organizations is expected to be able to encourage economic growth and provide benefits for improving the welfare of the community.

Urgensi Pelaksanaan Sistem Cashless Government dalam Membangun Birokrasi yang Transparan dan Akuntabel Paramita Nur Kurniati; Bernardus Yuliarto Nugroho
Jurnal Administrasi Publik (Public Administration Journal) Vol 9, No 2 (2019): Jurnal Administrasi Publik (Public Administration Journal), December
Publisher : Universitas Medan Area

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31289/jap.v9i2.2655

Public demands for transparent and accountable bureaucracy and increasingly dynamic environmental conditions have prompted the Government to implement cashless government system in order to modernize the transaction of the State Budget (Anggaran Pendapatan dan Belanja Negara - APBN). The cashless governmenst system is considered as part of public innovation in order to encourage public sector administrative reform efforts. Apart from the pros and cons that arise, the government's cashless policy in government expenditure is expected to take strategic steps in the budget that are in line with the principles of flexibility, security, effectiveness and accountability. The purpose of this study is to (1) explain current government transaction conditions, (2) understand the concept of cashless government, and (3) elaborate on the urgency of implementing the cashless government system in Indonesia. The literature study in this paper shows that there are still weaknesses and potential corruption caused by the number of transactions carried out by the government. It is important to create an urgent need or foster a sense of urgency for change in public sector organizations and by immediately transforming into a dynamic bureaucracy in the face of the challenges of the times. The government's cash system is expected to increase the transparency and accountability of the State's finances and approve the payment of acts of corruption. In a broader context, this system is expected to provide benefits in encouraging economic growth and improving public welfare.

Pengaruh model bisnis canvasing terhadap risiko pada industri ﬁntech P2P lending Indonesia Mohammad Fahmi Arkanuddin; Bernardus Yuliarto Nugroho; Chandra Wijaya
Journal of Business & Banking Vol 11, No 2 (2021): November 2021 - April 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jbb.v11i2.2845

This quantitative study aims to analyze the signiﬁcant effect of the application of the canvasing business model on risk. The data were analysed using structural equation modeling (SEM) on 100 respondents through the distribution of questionnaires. In addition, interviews were also conducted with several P2P lending ﬁntech stakeholders to obtain an in-depth analysis of the problem. The result showed that the canvasing business model variable has a signiﬁcant effect on risk with an estimate of 0.871. The P2P lending ﬁntech industry has an inherent risk, namely credit risk and there are 7(seven) components of the canvasing business model (CBM) that have a correlation to credit risk and the risk of the COVID-19 pandemic. Credit risk due to NPL caused by unbanked and underserved can be mitigated by implementing the CBM components and the customer segments. The application of customer segments and keys of partnership can mitigate fraudster. Over debt can be mitigated by the application of a key of partnership. Meanwhile, the risk of pandemic-covid 19 is one type of risk that is added for research in addition to 8 (eight) types of risk, which can be mitigated by implement-ing one component or element of CBM. CBM is a channel, by utilizing e-channels, through the use and use of mobile applications.

Corporate Governance Mechanism and Corporate Performance: A Literature Review Ifta Almazah Suhaya; Bernardus Yuliarto Nugroho
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 5, No 2 (2022): Budapest International Research and Critics Institute May
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i2.5028

This paper aims to describe the importance of corporate governance and company performance in a company. This research method uses qualitative research methods with a literature review approach. Sources of research data are journal articles from research results between corporate governance and corporate performance. The results of the country study show that each has its own corporate governance model. Corporate governance models such as the one-level system and the two-level system can influence the corporate governance mechanism, as well as being able to control the company's performance.

The Analysis of Risk Effect Towards Fintech Ecosystem On P2P Lending Industry in Indonesia Chandra Wijaya; Bernardus Yuliarto Nugroho; Mohammad Fahmi Arkanuddin
Indonesian Journal of Business and Entrepreneurship (IJBE) Vol. 8 No. 3 (2022): IJBE, Vol. 8 No. 3, September 2022
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijbe.8.3.481

The purpose of this research for analyzing the affect and correlation risk to the fintech ecosystem on the P2P lending industry in Indonesia with the quantitative approach and using the analysis tools of SEM-Amos. The result is shown that risk has an affect and correlation significantly to the fintech ecosystem, it can prove that the risk changing has affect to fintech ecosystem stability. The key of activity on this industry is loan disbursement so the potential risk will come up is NPL (non-performing loan), which can cause credit risk. Credit risk can be mitigated by doing customer segmentation precisely. Mitigation is done by other risks, namely, operation, market, liquidity, legal, strategic, and pandemic risk-covid 19. Pandemic risk-covid 19 is an additional risk and positively correlates to start-up fintech elements. It is proof that the existence of pandemic-covid 19, the business of this industry is still running well and has no effect on it, causing this industry to use the mobile application and the transactions without meetings and still keep up social distancing. Another anticipation of empowering the fintech ecosystem by doing cooperation, coordination and collaboration between elements each other. This industry needs to add 2 (two) fintech ecosystem elements, they are credit insurance institutions and fintech consumer protection agency for anticipating the industry's need in the future. Keywords: fintech, fintech p2p lending, risk, pandemic risk-covid-19, fintech ecosystem

ANALISIS BISNIS DAN VALUASI PENGEMBANGAN BRANCHLESS BANKING Mohammad Fahmi Arkanuddin; Bernardus Yuliarto Nugroho
Jurnal Riset Akuntansi dan Keuangan Vol 10, No 3 (2022): Jurnal Riset Akuntansi dan Keuangan. Desember 2022 [DOAJ dan SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v10i3.44337

Analisis bisnis dan valuasi pengembangan branchless banking bertujuan menganalisis layak atau tidaknya bisnis agent branchless banking dijalankan oleh bank serta besarnya switching cost transformasi layanan kantor konvensional ke layanan agent branchless banking. Metode pendekatan kuantitatif, hasil analisis menunjukkan bahwa pengembangan bisnis branchless banking, dengan alat analisis break even point, payback period dan discounted cashflow factor, menunjukkan bisnis branchless banking feasible dan workable dijalankan oleh bank penyelenggara, karena sebelum 2 (dua) tahun sudah memberikan benefit dan hasil analisis berdasarkan tipologi switching cost agent branchless banking, biaya transaksi hanya sebesar 40% dari total biaya transaksi di kantor konvensional, lebih efisien dibandingkan biaya transaksi di kantor konvensional. Layanan agent branchless banking dapat dijadikan solusi alternatif atas keterbatasan jangkauan layanan kantor konvensional bank pada wilayah terpencil dan pedesaan, sementara itu layanan operator telekomunikasi sudah dapat menjangkau wilayah tersebut, sehingga kehadiran agent branchless banking yang berbasis internet ini, dapat membantu masyarakat dalam mengakses layanan bank. Layanan branchless banking dapat juga dijadikan sebagai terobosan inovasi untuk melayani lapisan masyarakat non-bankable dan underserve.

Urgensi Pelaksanaan Sistem Cashless Government dalam Membangun Birokrasi yang Transparan dan Akuntabel Paramita Nur Kurniati; Bernardus Yuliarto Nugroho
Jurnal Administrasi Publik (Public Administration Journal) Vol. 9 No. 2 (2019): Jurnal Administrasi Publik (Public Administration Journal), December
Publisher : Universitas Medan Area

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31289/jap.v9i2.2655

Public demands for transparent and accountable bureaucracy and increasingly dynamic environmental conditions have prompted the Government to implement cashless government system in order to modernize the transaction of the State Budget (Anggaran Pendapatan dan Belanja Negara - APBN). The cashless governmenst system is considered as part of public innovation in order to encourage public sector administrative reform efforts. Apart from the pros and cons that arise, the government's cashless policy in government expenditure is expected to take strategic steps in the budget that are in line with the principles of flexibility, security, effectiveness and accountability. The purpose of this study is to (1) explain current government transaction conditions, (2) understand the concept of cashless government, and (3) elaborate on the urgency of implementing the cashless government system in Indonesia. The literature study in this paper shows that there are still weaknesses and potential corruption caused by the number of transactions carried out by the government. It is important to create an urgent need or foster a sense of urgency for change in public sector organizations and by immediately transforming into a dynamic bureaucracy in the face of the challenges of the times. The government's cash system is expected to increase the transparency and accountability of the State's finances and approve the payment of acts of corruption. In a broader context, this system is expected to provide benefits in encouraging economic growth and improving public welfare.

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