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All Journal Berkala Kedokteran Moneter : Jurnal Akuntansi dan Keuangan Jurnal Scientia Akrab Juara : Jurnal Ilmu-ilmu Sosial Dynamic Management Journal Abditeknika - Jurnal Pengabdian Kepada Masyarakat Journal of Accounting and Finance Management (JAFM) Jurnal Manajemen Bisnis Kewirausahaan Jurnal Comparative : Ekonomi Dan Bisnis EJOIN : Jurnal Pengabdian Masyarakat Jurnal Pengabdian Masyarakat Biologi dan Sains Sammajiva: Jurnal Penelitian Bisnis dan Manajemen International Journal of Trends in Accounting Research Folia Medica Indonesiana
Intan Kusuma Dewi
Universitas Bina Sarana Informatika
Agriculture, Biological Sciences & Forestry Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Immunology & microbiology Law, Crime, Criminology & Criminal Justice Mathematics Medicine & Pharmacology Neuroscience Physics Public Health Social Sciences Other

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Journal : dynamic management journal

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STATE AND REGIONAL OWNED ENTERPRISES : HEAD TO HEAD FINANCIAL PERFORMANCE COMPARISON AT THE YEARS OF 2017-2021 Syukron Sazly; Aliffah Kusumaningrum; Hasta Herlan; Indra Prana; Intan Kusuma Dewi; Andri Rizko Yulianto
Dynamic Management Journal Vol 7, No 4 (2023): October
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v7i4.9949

Abstract

The performance of State-Owned Enterprises (BUMN) and Regional-Owned Enterprises (BUMD) is currently the main hope regarding state revenues and one source of regional income, because BUMN and BUMD are national assets and regional assets which are very important as a source of funds for economic recovery. nationally, especially the Covid-19 pandemic that has just passed. The aim of this research is to determine the performance of BUMN compared to the performance of BUMD. Logically, the very large resources of BUMN compared to BUMD should make BUMN's performance better than BUMD and the results are expected to be very different. The data used is BUMN and BUMD financial performance data for five years, namely the 2017-2021 period. In this research, financial performance assessment uses financial ratio indicators, Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Net Profit (NPM), Return On Assets (ROA) and Return On Equity (ROE) Test the hypothesis using the Kolomogorov-Sminov for normality-test and t-sample independent-test. The results of this research show that the financial performance of BUMN determined by the Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Return On Assets (ROA) and Return On Equity (ROE) is not significantly different from the financial performance of BUMD for the 2017-2021 period.The performance of State-Owned Enterprises (BUMN) and Regional-Owned Enterprises (BUMD) is currently the main hope regarding state revenues and one source of regional income, because BUMN and BUMD are national assets and regional assets which are very important as a source of funds for economic recovery. nationally, especially the Covid-19 pandemic that has just passed. The aim of this research is to determine the performance of BUMN compared to the performance of BUMD. Logically, the very large resources of BUMN compared to BUMD should make BUMN's performance better than BUMD and the results are expected to be very different. The data used is BUMN and BUMD financial performance data for five years, namely the 2017-2021 period. In this research, financial performance assessment uses financial ratio indicators, Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Net Profit (NPM), Return On Assets (ROA) and Return On Equity (ROE) Test the hypothesis using the Kolomogorov-Sminov for normality-test and t-sample independent-test. The results of this research show that the financial performance of BUMN determined by the Current Ratio (CR), Debt To Equity Ratio (DER), Debt To Total Asset Ratio (DTA), Return On Assets (ROA) and Return On Equity (ROE) is not significantly different from the financial performance of BUMD for the 2017-2021 period.
PT.GARUDA INDONESIA AIRWAYS (TBK) REVIVAL: A STRATEGIC DEBT RESTRUCTURING AND BUSINESS TRANSFORMATION AGAINST BANKRUPTCY Sazly, Syukron; Erri, Dirgahayu; Prana, Indra; Dewi, Intan Kusuma
Dynamic Management Journal Vol 8, No 4 (2024): October
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i4.12727

Abstract

This study aims to examine the financial challenges faced by PT Garuda Indonesia (Tbk) between 2021 and 2023, focusing on its efforts in debt restructuring and business transformation, as well as the impact of these initiatives on its financial recovery. Using a descriptive research approach, the study analyzes quantitative data, including the Springate S-Score model, which assesses bankruptcy risk by evaluating key financial ratios. The findings show that Garuda experienced severe financial distress in 2021, reflected in a significantly low Springate S-Score, indicating a high likelihood of bankruptcy. Although there was a brief recovery in 2022, the score dropped again in 2023, signaling continued financial risks primarily due to high debt levels and operational inefficiencies. The research identifies that the airline's issues stemmed from excessive leasing costs, poor financial oversight, and the impact of the COVID-19 pandemic on air travel. While debt restructuring and business transformation efforts, including streamlining operations and expanding revenue sources, showed positive outcomes, the Springate S-Score still highlights the company's vulnerability. The Springate S-Score and relevant financial ratios for PT Garuda Indonesia from 2019 to 2024, with all years classified under "Financial Distress." The ratios (A, B, C, and D) represent key financial metrics, and the S-Score (Z) is used to evaluate the company's bankruptcy risk. To improve its financial standing and Springate S-Score, recommendations include intensifying debt restructuring efforts by negotiating better terms with creditors, exploring alternative financing options like equity issuance or bond offerings, and leveraging government support to enhance liquidity. Additionally, accelerating digital transformation, improving operational efficiencies, and fostering customer loyalty through tailored services are critical for long-term sustainability. Regular performance reviews and transparent communication with stakeholders will be key to rebuilding trust and securing the company’s future. 
EXPLORING THE INTERSECTION OF FINANCIAL DISTRESS, MARKET DIVERSIFICATION FAILURES, AND RISKY FINANCING: A CASE STUDY OF PT SRITEX’S DECLINE Prana, Indra; Erri, Dirgahayu; Tambunan, Diana; Dewi, Intan Kusuma
Dynamic Management Journal Vol 9, No 2 (2025): April
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v9i2.13823

Abstract

This study analyzed financial distress prevention efforts at PT Sritex using three prediction models: Springate S-Score, Zeta Score, and Discriminant Analysis. The results show the company is in a high-risk condition based on all three models. The Springate S-Score (0.78 < 1.0) indicates operational inefficiencies, the Zeta Score (1.5 < 1.81) indicates a risk of short-term bankruptcy, and the Discriminant Score (0.45 < 1.0) reflects financial instability. The analysis concluded that this condition could be prevented through strategic measures, including cost efficiency, debt restructuring, market diversification, and strengthening governance. Springate emphasizes working capital improvements, Zeta Score points to optimizing debt structures, while Discriminant Analysis suggests improving financial ratios. These findings form the basis for recommendations for management to improve transparency and risk management to mitigate bankruptcy. The research makes a practical contribution to stakeholders in developing evidence-based financial recovery strategies.
Co-Authors Abiyyah Aprillia Amin Setio Lestiningsih Amri, Andi Andri Rizko Yulianto Anggraini, Ningsih ANWAR IBRAHIM, ANWAR Anwar, Dera Azkia Arinta Meylinda Ayu Lestari, Devanka Regina Bambang Subakti Zulkarnain Darma Wijaya Dayana Dayana Diana Tambunan Dirgahayu Erri Fanny Aflinda Yahya Fifi Rochaniatul Hasanah Hasta Herlan Hati, Mentari Cahaya Hendra, Mohamad Herlina Susanti Hilda Srivaliana Ilham Indra Prana Indra Prana Indra Prana Joharman Joharman Komariyatin, Nurul Kusumaningrum, Aliffah Lia Yulia Budiarti Mahardika, Afftah Rizki Marti, Natasya Muhammad Aminuddin, Muhammad Natasya Marti Ningsih Anggraini Prana, Indra Putri, Meira Nadira Rahmadi Rahmadi Rahman, Irfan Hifdzur Rahmawati, Fatihah Rizki Rizqi, Muchammad Roy Irawan Salsabila, Shafa Tania Samuel Jonathan Shinta Indah Cahyani Siti Chodijah Syamsiar, Syamsiar Syukron Sazly Utami, Gusti Faoziah Tri Wiguna, Nadya Mebeline Putri