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PENGARUH RETURN ON ASSET, DEBT TO EQUITY RATIO, DAN ASSET GROWTH TERHADAP DIVIDEND PAYOUT RATIO (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI) M, Ericson; Djazuli, Atim
Jurnal Ilmiah Mahasiswa FEB Vol. 3 No. 2
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Kebijakan pembayaran dividen berkaitan dengan penggunaan laba yang diperoleh perusahaan, yaitu apakah laba tersebut dibagikan kepada pemegang saham sebagai dividen atau laba tersebut akan ditahan untuk tujuan reinvestasi di masa yang akan datang. Oleh karena itu penentuan besarnya dividen yang akan dibagikan kepada para investor menjadi sangat penting dan merupakan tugas serta tanggung jawab bagi para manajer dimana mereka harus mampu memutuskan kebijakan dividen saat ini dan tingkat pertumbuhan dividen sehingga dapat memaksimumkan harga saham serta meningkatkan nilai perusahaan. Penelitian  ini  bertujuan  untuk  menguji  dan  menganalisis  pengaruh  Return  on  Asset (ROA), Debt to Equity Ratio (DER), dan Asset Growth (AG) terhadap Dividend Payout Ratio (DPR) pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI). Periode penelitian adalah 2010-2013. Jenis penelitian ini adalah Explanatory Research dengan menggunakan pendekatan kuantitatif. Sampel dalam penelitian ini yaitu sebanyak 15 perusahaan manufaktur yang dipilih melalui metode nonprobabilitas dengan menggunakan teknik purposive sampling. Untuk menganalisis data digunakan uji asumsik klasik dan uji regresi linier berganda. Hasil  dari  penelitian  ini  menunjukkan  bahwa  variabel   Return  on   Asset (ROA) berpengaruh positif dan signifikan terdahap Dividend Payout Ratio (DPR), variabel Debt to Equity Ratio (DER) berpengaruh negatif dan tidak signifikan terdahap Dividend Payout Ratio (DPR), dan variabel Asset Growth (AG) berpengaruh negatif dan signifikan terdahap Dividend Payout  Ratio (DPR).  Model  regresi  dalam  penelitian  ini  memiliki  nilai  Adjusted  R  Square sebesar 0,49 yang berarti bahwa variabel Return on Asset (ROA), Debt to Equity Ratio (DER), dan Asset Growth (AG) mempunyai pengaruh sebesar 49% terhadap Dividend Payout Ratio (DPR).  Kata Kunci: Return on Asset, Debt to Equity Ratio, Asset Growth, dan Dividend Payout  Ratio.
PENGARUH DIMENSI KUALITAS PELAYANAN JASA SERVIS TERHADAP KEPUASAN KONSUMEN (Studi pada PT. Kartika Sari Mulia – Toyota Authorized, Malang) Ramadhani, Pristia Hanum; Djazuli, Atim
Jurnal Ilmiah Mahasiswa FEB Vol. 3 No. 2
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The research aims to describe and analyze the influence of the dimentions of service quality on customer satisfaction at car servicing service in automotive company PT. Kartika Sari Mulia – Toyota Authorized, Malang. This type of the research is an explanatory research with quantitative approach. Type of the data used in this research are primer data, with 90 sample of visitors  workshop  in  Toyota  Kartika  Sari,  where  the  method  does  not  use  population qualification. The research variables namely; the independent variable is Physical Evidence, Reliability, Responsiveness, Assurance and Empathy. Customer Satisfaction as well as the dependent variable. This study was conducted using multiple linear regression. It can be seen the influence of Physical Evidence, Responsiveness, Assurance and Empathy towards Customer Satisfaction significantly, whereas there is no influence Reliability significantly to Customer Satisfaction.   Keywords:  Physical  Evidence,  Reliability,  Responsiveness,  Assurance,  Empathy,  Customer Satisfaction
PENILAIAN KINERJA KEUANGAN PERUSAHAAN ASURANSI UMUM MENGGUNAKAN EARLY WARNING SYSTEM Rahajeng, Riyan Pinasti; Djazuli, Atim
Jurnal Ilmiah Mahasiswa FEB Vol. 1 No. 1
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Penelitian ini bertujuan untuk mengetahui kinerja keuangan perusahaan asuransi umum pada tahun 2008-2010 dengan menggunakan Early Warning System yang terdiri dari Rasio Agent’s Balance to Surplus, Rasio Likuiditas, Rasio Biaya Manajemen, Rasio Tingkat Kecukupan Dana, Rasio Beban Klaim, Solvency Margin Ratio, Rasio Pengembalian Investasi, Rasio Cadangan Teknis, dan Rasio Pertumbuhan Premi.Hasil dari penelitian ini menunjukkan perusahaan yang berada dalam kondisi paling baik dilihat dari rasio Agent’s Balance to Surplus-nya adalah perusahaan PT Asuransi Dayin Mitra, Tbk.. Jika dilihat dari rasio likuiditas, perusahaan yang memiliki tingkat likuiditas paling baik adalah perusahaan PT Lippo General Insurance, Tbk.. Selanjutnya pada rasio biaya manajemen, perusahaan PT Panin Insurance, Tbk. Dan Anak Perusahaan adalah perusahaan yang memiliki rasio paling baik. Pada rasio tingkat kecukupan dana, perusahaan yang memiliki rasio paling baik adalah PT Lippo General Insurance, Tbk.. Jika dilihat dari rasio beban klaim, PT AsuransiKata kunci: Penilaian Kinerja, Asuransi, Early Warning System
The Effect of Internet Financial Reporting, Website Information Disclosure Level, Shares Outstanding, Stock Prices, On Stock Trading Frequency Dewi, Kadek Ayu Silvi Septya; Atim Djazuli
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.10

Abstract

Purpose – This study aims to identify the effects of internet financial reporting, website information disclosure level, shares outstanding, and stock prices on the stock trading frequency of LQ45 companies.     Design/methodology/approach – This explanatory quantitative research uses purposive sampling, selecting 24 LQ45 companies as the sample. Data were analyzed using multiple linear regression to test the proposed hypotheses.   Findings – The results show that internet financial reporting, website information disclosure level, and stock prices do not have a significant effect on stock trading frequency. In contrast, shares outstanding have a positive and significant effect. Simultaneously, all variables collectively have a significant effect on stock trading frequency.   Originality/value – This study contributes to capital market literature by examining how digital financial disclosure and market-related factors influence trading activity in Indonesia’s LQ45 index companies.
The Cost Of Being Green: Does Financial Slack Pave The Way For Sustainable Profitability? Hatiuran, Kezia Agustina; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.4.01

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Purpose –  This study aims to analyze the effect of Environmental, Social, and Governance (ESG) scores on the financial performance of non-financial companies listed in the Kompas 100 Index on the Indonesia Stock Exchange (IDX) during the 2020–2024 period, with financial slack as a moderating variable.    Design/methodology/approach – This quantitative study uses panel data regression analysis with the Fixed Effect Model (FEM) and Random Effect Model (REM). The sample consists of 21 non-financial companies listed in the Kompas 100 Index, resulting in 105 observations. ESG scores are used as the independent variable, financial performance is measured by Return on Assets (ROA), and financial slack is examined as a moderating variable.   Findings – The results show that the aggregate ESG score has a significant effect on financial performance. However, individual ESG dimensions, including environmental, social, and governance pillars, do not significantly influence financial performance. Furthermore, financial slack significantly moderates the relationship between aggregate ESG scores and financial performance.   Originality/value  – This study contributes to sustainability and corporate finance literature by highlighting the importance of financial flexibility as a strategic factor that enables companies to implement ESG initiatives while maintaining financial performance.
Profitability, Leverage, and Firm Size: Their Impact on Stock Price of Property and Real Estate Companies Listed on IDX Harits, Abdul Gamal; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 4 No. 3 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.3.02

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Purpose – This study aims to examine the influence of profitability, leverage, and firm size on the stock prices of property and real estate companies listed on the Indonesia Stock Exchange.     Design/methodology/approach – This quantitative study uses secondary data from the official Indonesia Stock Exchange website. A total of 21 companies were selected through purposive sampling from 94 listed property and real estate firms during the 2020–2023 period, resulting in 84 observations. Profitability is measured using Return on Assets (ROA), leverage using the Debt-to-Equity Ratio (DER), and firm size using total assets. Data were analyzed using multiple linear regression.   Findings – The results indicate that profitability does not have a significant effect on stock prices. In contrast, leverage and firm size have significant effects on stock prices.   Originality/value – This study provides empirical evidence on the relative importance of capital structure and firm size over profitability in explaining stock price movements in Indonesia’s property and real estate sector.  
Comparative Analysis of Company Financial Performance Before and After Acquisition Izza, Alfiano; Djazuli, Atim
Jurnal Manajemen Pemasaran dan Perilaku Konsumen Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmppk.2025.04.1.07

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Purpose –  This study aims to compare the financial performance of companies before and after acquisitions by analyzing selected firms listed on the Indonesia Stock Exchange.   Design/methodology/approach –  This study employs a quantitative comparative research design using secondary financial statement data from five companies listed on the Indonesia Stock Exchange: PT Astra Otoparts Tbk, PT Bayan Resources Tbk, PT Indospring Tbk, PT MNC Land Tbk, and PT Telekomunikasi Indonesia Tbk. Financial performance was evaluated over a five-year period before the acquisition (2008–2012) and a five-year period after the acquisition (2014–2018) using the Current Ratio (CR), Debt-to-Equity Ratio (DER), Total Asset Turnover (TATO), Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and Earnings per Share (EPS). The data were analyzed using the Kolmogorov–Smirnov normality test, paired-sample t-test, and Wilcoxon signed-rank test.   Findings – The findings indicate significant differences in several financial performance indicators between the pre-acquisition and post-acquisition periods. Earnings per Share (EPS) decreased significantly following the acquisitions, while Return on Assets (ROA) and Total Asset Turnover (TATO) did not exhibit significant differences. Overall, the results suggest that acquisitions have mixed effects on corporate financial performance, generating both positive and negative changes across different financial indicators.   Originality/value – This study contributes to the understanding of acquisition outcomes in emerging markets by providing empirical evidence on post-acquisition financial performance in Indonesia. The findings offer practical insights for investors and corporate managers in assessing the effectiveness of acquisition strategies and their implications for long-term financial sustainability.
The effect of fundamental and technical variables on stock price (Study on manufacturing companies listed in Indonesia Stock Exchange) Eva Dwi Astutik; Surachman Surachman; Atim Djazuli
Journal of Economics, Business, and Accountancy Ventura Vol. 17 No. 3 (2014): December 2014
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v17i3.356

Abstract

A capital market is any trade in securities which are called stock  exchanges. In the capital market, the sellers and buyers meet in order to raise capital. More specifically, stock price used by investors is one of the important information before deciding investment. Therefore, the investors must have guidelines when investing to be done. This study aims to analyze the effect of fundamental and technical variables on stock prices. The variables used in this study are Debt Equity Ratio (DER), Return On Equity (ROE), Price Earnings Ratio (PER), Interest Rates (IR), and Exchange Rates (ER). Data analysis was performed on 45 manufacturing companies listed in Indonesia stock Exchange during 2007-2011 by using multiple analysis regression. The results showed that Return on Equity, Price Earnings Ratio and Exchange Rate have positive effect to stock prices, but Debt to Equity Ratio and Interest Rates has no effect on stock prices. The practical implication is that in determining stock prices not only from the company's internal factors, but also from external companies.
Investment Decisions Among Young Investors: Mediating Role of Risk Perception and Risk Tolerance in Relationship Emotional Intelligence and Financial Literacy Siti Aisjah; Atim Djazuli; Cicik Retno Wati; Muhammad Fajrul Islam F; Wildan Fadhila; Nuraini Desty Nurmasari
Ekonika : Jurnal Ekonomi Universitas Kadiri Vol. 11 No. 1 (2026): April 2026
Publisher : Fakultas Ekonomi Universitas Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30737/ekonika.v11i1.7031

Abstract

This study investigates the influence of financial literacy and emotional intelligence on investment decisions among Generation Z in East Java, considering the mediating roles of risk perception and risk tolerance. Employing a quantitative approach, data were collected from 500 respondents aged 18–24 with valid single investor identification (SID) and prior capital market investment experience. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that financial literacy significantly affects investment decisions, risk perception, and risk tolerance; however, its indirect influence through risk perception and tolerance is not significant. Conversely, emotional intelligence has a direct and significant effect on investment decisions and also indirectly influences them through both mediating variables. These results underscore the importance of integrating emotional intelligence and risk management training into financial education programs targeting young investors. This research highlights the psychological dimensions of financial decision-making and provides practical insights for policymakers, educators, and financial institutions seeking to promote more informed and sustainable investment behavior.
The Effect of Customer Relationship Management on Marketing Performance Mediated by Competitive Advantage and Innovation (Study on Area Managers of Pharmaceutical Companies in East Java during the COVID-19 Pandemic) Moh Alim Musonnafa; Prof Sumiati; Dr Atim Djazuli
Asia Pacific Journal of Management and Education (APJME) Vol 5, No 2 (2022): July 2022
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/apjme.v5i2.1642

Abstract

The pharmaceutical industry is one of the industries that has experienced significant development in Indonesia. The growth of this sector can be seen in the increasing total market share from year to year. However, the pharmaceutical industry faces several challenges such as the high level of competition and a dynamic business situation. One of them is the COVID-19 pandemic which also affects the condition of the pharmaceutical industry in Indonesia. This study aims to examine and analyze the role of CRM on the marketing performance of the pharmaceutical industry through the mediation of competitive advantage and innovation. A total of 151 respondents were involved in this study and the data were processed through PLS analysis. The results find that CRM has a significant effect directly on Competitive Advantage and Innovation. While CRM is not proven to have a significant effect directly on Marketing Performance. However, CRM has a significant effect indirectly through the mediation of Competitive Advantage and Innovation.
Co-Authors . Djumahir . Djumahir Abanan, M. Zuhri Ramadhani Abrian Amir Rahman Abrian, Gusti Awang Aini, Maya Faridhotul AINUR ROFIQ Al Kautsar, Odi Arifin Sabeni Aster Indah Widowati Aster Indah Widowati Atika, Nurul Bambang Subroto Cicik Retno Wati Cicik Retno Wati Dedi Suselo Defin Shahrial Putra Deni, Febrianto Frans Dessy Handa Sari Dewi, Kadek Ayu Silvi Septya Dian Meithasari Djawahir, Helmy Djumahir Djumahir A Djumahir Djumahir Ericson M Erlin Yulia Rahma Erlin Yulia Rahma Eva Dwi Astutik Fabio Putra Wijaya Fadhila, Wildan Fani Wahyu Utomo Feryal Agizha H.M. HARRY - SUSANTO H.M. HARRY - SUSANTO Hanif Rani Iswari Harits, Abdul Gamal Hatiuran, Kezia Agustina Helmy Djawahir Herdina, Ajeng Mira Himmiyatul Amanah Jiwa Juwita Himmiyatul Amanah Jiwa Juwita Ignatia Thomasita Bau Mau Imtiyaz, Muhammad Daffa Izza, Alfiano Kusuma Ratnawati Laili, Choirun Nisful Laksmi Swastika Wardhani Lutfi aji Luthfiyah, Viviani M Taufik Akbar M, Ericson M. Syafi’ie - Idrus M. Syafi’ie - Idrus Made Sudarma Mau, Ignatia Thomasita Bau Mila Diana Sari, Mila Diana Moh Alim Musonnafa Mohammad Reza Muhammad Fajrul Islam F Muhammad Husnul Hilal Nabella, Efryca Ayu Najubah, Zian Nawianto, Syaifurridzal Nindya Gitaya Nur Khusniyah Indrawati Nuraini Desty Nurmasari Odi Al Kautsar P., Moeljadi Pratiwi, Risma Pristia Hanum Ramadhani Prof Sumiati PUJI ASTUTIK Puji Astutik PUTRI, SELLYNDAH PRIMADANI Rabbani, Riza Rahajeng, Riyan Pinasti Rahman, Abrian Amir Raisa Fitri Ramadhani, Pristia Hanum RIKI RIKI, RIKI Risma Pratiwi Risna Wijayanti Riyan Pinasti Rahajeng Rofiaty, Rofiaty Roni, Hamam S.M. Kiptiyah - - Safina Syabani Aisyah SELLYNDAH PRIMADANI PUTRI Shevanda Febrilia Tamara Sihombing, Ruth Vrinida Sitepu, Rafi Ashari Siti Aisjah SLAMAT HARIJONO ARITONANG Sri Dewi Yusuf Sri Palupi Prabandari Sumarsono Sumarsono Surachman Surachman Tomas Setya Wahyu Budi Ubud Salim Utomo, Fani Wahyu Venus, Muhammad Vincentius Christianto Wahdiyat Moko Wandari, Rosita Wati, Cicik Retno Wildan Fadhila Wildan Fadhila Yovita Leyla Pradipta Yulianti - - Yunita Castelia Arisadi Yusuf, Dimas Maulana