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Pengaruh Return on Asset dan Debt to Equity Ratio terhadap Dividend Payout Ratio PT Indocement Tunggal Prakarsa Tbk Periode 2012 - 2021 Yasmin Afiah; Rachmawaty Rachmawaty
Jurnal Ilmiah Swara MaNajemen (Swara Mahasiswa Manajemen) Vol 3, No 3 (2023): Jurnal Ilmiah Swara MaNajemen (Swara Mahasiswa Manajemen)
Publisher : Program Studi Manajemen Universitas Pamulang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32493/jism.v3i3.33276

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh Return On Asset (ROA) dan Debt to Equity Ratio (DER) secara parsial dan simultan terhadap Dividend Payout Ratio (DPR) pada PT Indocement Tunggal Prakarsa Tbk Periode Tahun 2012-2021. Metode penelitian yang digunakan adalah metode penelitian kuantitatif. Metode analisis yang digunakan adalah uji asumsi klasik, koefisien determinasi, analisis regresi linear berganda dan uji hipotesis menggunakan SPSS versi 25. Hasil uji regresi berganda menunjukkan bahwa secara parsial (uji t) ROA berpengaruh signifikan terhadap DPR, sedangkan DER tidak berpengaruh signifikan terhadap DPR. Secara simultan (Uji F), ROA (X1) dan DER (X2) secara bersama-sama berpengaruh signifikan terhadap DPR. Model regresi berganda adalah Y = 312,520 – 10,428(X1) – 4,551(X2)
Are Monetary and Fiscal Policies Effective in Controlling Budget Deficits? Rachmawaty, Rachmawaty; Suteja, Jaja; Hermawan, Atang
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 9 No. 4 (2024): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijaka
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v9i4.1059

Abstract

The state budget's countercyclical policy and government revenue imbalance to support government expenses caused Indonesia to experience a budget deficit for years. Understanding the correlation between monetary and fiscal policies helps policy makers formulate effective strategies to control and manage budget deficits. The research’s novelty is the complexity variable, which consists of three variable classifications. The first is monetary policy ( interest rates and money supply), the second is fiscal policy (government revenue and expenses), and the third is macroeconomic variables: economic growth, inflation, and exchange rate. All data is processed using the VAR/VECM in EVIEWS 9. The finding is that fiscal policy consists of controlling revenue and expenses, giving 37.6% contribution; monetary policy consists of the number of broad money and BI Rate give 7.6% contribution; macroeconomic factor consists of exchange rate, inflation and economic growth, giving contribution 41.6% while the effect of budget deficit itself has contribution 13.2%. The result of Granger Causality show that government revenue, economic growth and BI rate has a causality impact to budget deficit. Controlling those three variables will directly impact the budget deficit.
Impact Analysis Of Monetary And Fiscal Policies On Indonesia’s Economic Growth Rachmawaty Rachmawaty; Bulan Oktrima; Waluyo Jati
Jurnal Manajemen Vol. 28 No. 1 (2024): February 2024
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jm.v28i1.1518

Abstract

After the Covid-19 pandemic, the world faced economic challenges stagflation, namely high inflation and declining economic growth. To overcome this, the Government made arrangements through monetary and fiscal policies. This study analyses the effect of monetary and fiscal policies on Indonesia's economic growth. This research has eight obtained monetary, fiscal and other macro-economic variables, a novelty compared to the previous researcher. Based on the impulse response analysis in the Vector Error Correction Model, the highest impacted variables to maintain economic growth were the growth of income tax and capital market index, and to negatively impact were exchange money and government expenditure. Over an extended period, it shows that the increase in inflation, money exchange, number of broad-money, interest rate, and government expenditure will impact the decrease of economic growth. In contrast, the increase in government income from tax and capital market indexes will impact the increase in economic growth.
ANALYSIS OF FACTORS AFFECTING ECONOMIC GROWTH IN INDONESIA FOR THE PERIOD 2013-2023 Sutiman Sutiman; Dinda Thalia; Rachmawaty Rachmawaty
International Journal Management and Economic Vol. 4 No. 1 (2025): January: International Journal Management and Economic
Publisher : Asosiasi Dosen Muda Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56127/ijme.v4i1.1869

Abstract

This study aims to analyze the impact of exchange rates and inflation on Indonesia's economic growth from 2013 to 2023. Using a quantitative method, the research examines secondary data obtained from Bank Indonesia and the Central Statistics Agency (BPS). The dependent variable is economic growth, while the independent variables are exchange rates and inflation. Data analysis was conducted using classical assumption tests, multiple linear regression, and hypothesis testing through t-tests and F-tests. The findings reveal that exchange rates significantly affect economic growth, with a positive regression coefficient. This indicates that higher exchange rates contribute positively to economic growth by enhancing export competitiveness and influencing domestic economic activities. Conversely, inflation does not significantly impact economic growth, suggesting limited effects of inflation during the analyzed period. Simultaneously, exchange rates and inflation explain 83.5% of the variance in economic growth, demonstrating their combined influence. The study concludes that exchange rates are a crucial determinant of economic growth, while inflation requires further investigation for a comprehensive understanding. Policymakers should focus on maintaining stable exchange rates and controlling inflation to ensure sustainable economic development
Interest Rate in the Relationship Between Fundamental Factors and Efficiency of Indonesian Regional Development Banks (2020–2024) Sora Baltasar; Sri Retnaning Sampurnaningsih; Sahroni Sahroni; Rachmawaty Rachmawaty; Zulfitra Zulfitra
International Journal Of Humanities Education and Social Sciences (IJHESS) Vol 5 No 6 (2026): IJHESS JUNE 2026
Publisher : CV. AFDIFAL MAJU BERKAH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55227/ijhess.v5i6.2316

Abstract

This study examines the effects of key financial ratios, namely Capital Adequacy Ratio, Return on Assets, and Non-Performing Loans, along with the moderating role of interest rates on the operational efficiency of Regional Development Banks in Indonesia, measured by the Cost-to-Income Ratio (CIR). A quantitative approach is employed using panel data from 2020–2024, with model selection indicating the Random Effects Model as the most appropriate specification, complemented by Moderated Regression Analysis to capture interaction effects. The results show that Return on Assets has a negative and significant effect on CIR, confirming that profitability plays a central role in enhancing efficiency. In contrast, Capital Adequacy Ratio and Non-Performing Loans do not exhibit strong partial effects, although interest rates significantly moderate their relationships with efficiency. Simultaneous testing confirms that internal financial factors jointly influence operational efficiency. These findings suggest that efficiency is shaped not only by internal performance but also by its interaction with monetary conditions. The study provides implications for improving capital allocation, profitability management, and adaptive risk strategies to sustain efficiency.
EVALUASI KEUANGAN PROYEK PENAMBANGAN NIKEL PT JAGA AMAN SEJAHTERA Phintoko Akhbar Akriyono; Rachmawaty Rachmawaty; Sahroni Sahroni
Jurnal Manajemen & Pendidikan [JUMANDIK] Vol 4 No 2 (2026): Jurnal Manajemen dan Pendidikan
Publisher : LAP4B

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58174/7bmg4471

Abstract

Penelitian ini dimaksudkan untuk mengetahui analisis evaluasi kinerja proyek nikel dari segi rencana yang berjalan dan aktual yang sudah terjadi, melalui pendekatan perhitungan Return on Investment (ROI) dan biaya tenaga kerja. Penelitian dilakukan dengan menggunakan metode mix method yaitu penelitian kuantitatif dan kualitatif. Metode kuantitatif dengan menghitung return of Investment dan untuk metode kualitatif menggunakan metode triangulasi melalui wawancara. Dari hasil penelitian kuantitatif menunjukkan nilai ROI yang direncanakan awalnya sebesar 79% dan aktual yang didapatkan -120% artinya proyek mengalami kerugian. Hal ini dipengaruhi dari proyeksi rencana produksi di awal proyek tidak berjalan sesuai rencana. Dari sisi biaya tenaga kerja juga ada kenaikan dari rencana awal biaya tenaga kerja sebesar 15% menjadi sebesar 17% dari total pengeluaran. Berdasarkan hasil wawancara didapatkan bahwa ada beberapa kendala untuk bidang operasi produksi, turnover karyawan yang tinggi dan biaya tenaga kerja yang naik. Kendala yang dihadapi mulai dari faktor cuaca, perubahan jarak hauling, dan turnover karyawan yang tinggi mempengaruhi hasil produksi. Kenaikan biaya tenaga kerja dipengaruhi karena adanya turn over yang tinggi akibat kenyamanan kerja dan biaya tes Kesehatan yang meningkat. Untuk setiap karyawan baru harus lulus tes kesehatan untuk bisa bekerja di lokasi proyek. Untuk biaya akomodasi karyawan dari point of hire (POH) sampai ke lokasi proyek ditanggung dari perusahaan. Perlu adanya strategi dari perusahaan untuk menjalankan proyek untuk waktu kedepannya.
Strengthening Local Economy Resilience: Business Model Innovation based on Digital for Date Palm Agribusiness in Ayuthayya Thailand Sri Retnaning Sampurnaningsih; Rachmawaty Rachmawaty; Umi Rosilawati; Bandit Aroman
Indonesian Journal of Society Engagement Vol. 6 No. 3: Desember 2025
Publisher : Lembaga Kajian Demokrasi dan Pemberdayaan Masyarakat (LKD-PM)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33753/ijse.v6i3.269

Abstract

The local economy in Ayutthaya, Thailand, demonstrates considerable potential in the agribusiness sector, particularly date palm cultivation, which possesses both domestic and international market value. However, micro, small, and medium enterprises (MSMEs) in this sector face constraints related to digital marketing capability, business model innovation, and access to broader markets. Digital transformation offers a strategic solution through technology-based business model innovation integrating online promotion, e-commerce platforms, digital payment systems, and product branding.This community service program aimed to: (1) identify the potential and challenges of the local date palm agribusiness; (2) develop an innovative digital-based business model adapted to local conditions; and (3) provide training and mentoring for business owners. The implementation methods consisted of field surveys, business model formulation using the Business Model Canvas framework, digital marketing training, and implementation assistance. The program outcomes indicate increased awareness and adoption of digital promotion tools, particularly WhatsApp Business and Instagram, improved understanding of structured business strategy through the Business Model Canvas, and the preparation of scientific publications. The intervention is expected to strengthen local economic resilience and expand market opportunities for date palm MSMEs in Ayutthaya through sustainable digital adoption. Abstrak Perekonomian lokal di Ayuthayya, Thailand, memiliki potensi besar di sektor agribisnis, khususnya budidaya kurma (date palm) yang memiliki nilai pasar tinggi, baik domestik maupun internasional. Namun, pelaku usaha menghadapi tantangan dalam pemasaran digital, inovasi model bisnis, dan akses pasar global. Transformasi digital dapat menjadi solusi strategis melalui inovasi model bisnis berbasis teknologi yang mengintegrasikan pemasaran online, e-commerce, pembayaran digital, dan branding produk. Kegiatan PkM ini bertujuan untuk (1) mengidentifikasi potensi dan tantangan agribisnis kurma di Ayuthayya, (2) merancang inovasi model bisnis berbasis digital yang sesuai dengan kondisi lokal, dan (3) memberikan pelatihan serta pendampingan kepada pelaku usaha. Metode pelaksanaan mencakup survei lapangan, perancangan model bisnis menggunakan Business Model Canvas, pelatihan pemasaran digital, dan pendampingan implementasi. Luaran yang dihasilkan adalah kesadaran akan pentingnya promosi digital berupa WA business dan  IG umkm kurma Ayuthayya, model bisnis BMC dan artikel ilmiah. Diharapkan program ini dapat meningkatkan ketahanan ekonomi lokal dan memperluas peluang pasar bagi pelaku usaha kurma di Ayuthayya. Kata Kunci: ekonomi lokal; BMC; digitalisasi; agribisnis kurma; UMKM
ANALISIS DOMESTIC MARKET OBLIGATION, HARGA BATUBARA ACUAN, DAN RISIKO KEUANGAN DALAM MENENTUKAN NILAI PERUSAHAAN BATUBARA MELALUI STRUKTUR MODAL Reza Kiki Ananda; Sahroni Sahroni; Rachmawaty Rachmawaty
JURNAL RUMPUN MANAJEMEN DAN EKONOMI Vol. 3 No. 3 (2026): Mei
Publisher : CV. KAMPUS AKADEMIK PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61722/jrme.v3i3.10412

Abstract

Abstract. Fluktuasi nilai perusahaan batubara dipengaruhi oleh kebijakan pemerintah melalui Domestic Market Obligation (DMO), dinamika harga komoditas global yang tercermin dalam Harga Batubara Acuan (HBA), serta kondisi internal perusahaan yang berkaitan dengan risiko keuangan dan struktur modal. Penelitian ini bertujuan untuk menganalisis pengaruh DMO, HBA, dan risiko keuangan terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan keuangan perusahaan batubara yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Sampel ditentukan menggunakan teknik purposive sampling sebanyak 14 perusahaan. Analisis data dilakukan menggunakan regresi data panel dan analisis jalur (path analysis) dengan bantuan perangkat lunak EViews 12 untuk menguji hubungan langsung dan tidak langsung antar variabel. Hasil penelitian menunjukkan bahwa Harga Batubara Acuan (HBA) berpengaruh signifikan terhadap struktur modal, sedangkan Domestic Market Obligation (DMO) dan risiko keuangan tidak berpengaruh signifikan terhadap struktur modal. Risiko keuangan dan struktur modal berpengaruh signifikan terhadap nilai perusahaan, sementara DMO dan HBA tidak berpengaruh signifikan. Selain itu, struktur modal terbukti memediasi pengaruh risiko keuangan terhadap nilai perusahaan secara parsial. Kata kunci: Domestic Market Obligation, Harga Batubara Acuan, Risiko Keuangan, Struktur Modal, Nilai Perusahaan