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All Journal Jurnal Akuntansi & Auditing Indonesia Jurnal Media Informasi Manajemen Jurnal Ekonomi Modernisasi Journal of Business & Banking Abdimas Talenta : Jurnal Pengabdian Kepada Masyarakat Journal of Education, Humaniora and Social Sciences (JEHSS) EKUITAS (Jurnal Ekonomi dan Keuangan) MABIS: Manajemen dan Bisnis Dinamika Governance : Jurnal Ilmu Administrasi Negara JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Enrichment : Journal of Management International Journal of Educational Review, Law And Social Sciences (IJERLAS) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Sibatik Journal : Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) Jurnal Manajemen Stratejik dan Simulasi Bisnis Jurnal Akuntansi dan Keuangan International Journal of Accounting & Finance in Asia Pasific Proceedings of The International Conference on Business and Economics Journal of Social Science Journal of Business Management Indatu Journal of Management and Accounting Asian Multidisciplinary Research Journal of Economy and Learning Proceeding Of International Conference On Education, Society And Humanity Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Khaira Amalia Fachrudin
Fakultas Ekonomi Dan Bisnis, Universitas Sumatera Utara, Medan
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Immunology & microbiology Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Physics Public Health Social Sciences Other

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Determinants of Intrinsic Value in Plantation Companies: An Analysis of Palm Oil Productivity, Firm Size, and Financial Performance on Indonesia Stock Exchange: English Rina Sitepu, Dewinta; Fachrudin, Khaira Amalia; Bulan Siregar, Narumondang
Asian Multidisciplinary Research Journal of Economy and Learning Vol. 1 No. 6 (2024): December 2024
Publisher : CV. ARGA FARMA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70471/yy9p8k06

Abstract

The palm oil industry is a cornerstone of Indonesia’s economy, contributing significantly to GDP, exports, and employment. As the largest global palm oil producer, Indonesia supports a vast international market but faces challenges related to productivity and sustainability. This study investigates the influence of productivity, firm size, profitability, liquidity, and leverage on the intrinsic value of plantation companies listed on the Indonesia Stock Exchange (IDX) from 2018–2022. Employing a quantitative methodology, panel data regression analysis was applied to a sample of 14 companies, selected through purposive sampling, representing a focused yet representative subset of the population. Intrinsic value was calculated using the Free Cash Flow to Firm (FCFF) model under the Discounted Cash Flow (DCF) approach. The findings reveal that firm size significantly enhances intrinsic value, indicating that larger firms benefit from economies of scale and better access to financing. However, productivity, profitability, liquidity, and leverage, while positively correlated, show statistically insignificant effects, suggesting that external factors such as global commodity price volatility and inefficiencies in financial management may play a role. This study underscores the critical role of firm size in driving intrinsic value while calling for further exploration of external factors impacting the palm oil sector. The results offer valuable insights for investors and policymakers in fostering financial performance and sustainable industry growth.
The Effect of Corporate Sustainability Practices on Tax Avoidance: Evidence from Indonesia Dalimunthe, Esmil Saleh; Fachrudin, Khaira Amalia; Nasution, Fahmi Natigor
Jurnal Manajemen Stratejik dan Simulasi Bisnis Vol. 5 No. 2 (2024): Jurnal Manajemen Stratejik dan Simulasi Bisnis
Publisher : Fakultas Ekonomi Universitas Andalas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/mssb.5.2.61-71.2024

Abstract

Environmental, Social, and Governance (ESG) factors are currently receiving significant attention from investors and company management. This study aims to analyze the relationship between ESG performance and tax avoidance among companies in Indonesia. The research utilizes financial statement data from non-financial sector companies listed on the Indonesia Stock Exchange for 2019–2023. Financial data and ESG scores were sourced from the LSEG Refinitiv database. Data analysis was conducted using a quantitative approach with the EViews 13 software. The results indicate a significant negative relationship between ESG scores and tax avoidance. This finding suggests that companies with strong ESG performance are less likely to engage in tax avoidance practices. These results align with agency and stakeholder theories, which propose that companies with effective governance are less inclined to participate in tax avoidance activities.
THE INFLUENCE OF BUDGET PARTICIPATION, ORGANIZATIONAL CULTURE, ORGANIZATIONAL COMMITMENT AND ENVIRONMENTAL UNCERTAINTY ON BUDGET SLACK IN LANGKAT REGENCY GOVERNMENT Asmara, Rizqy Winny; Fachrudin, Khaira Amalia; Irawati, Nisrul
PROCEEDING OF INTERNATIONAL CONFERENCE ON EDUCATION, SOCIETY AND HUMANITY Vol 2, No 1 (2024): Second International Conference on Education, Society and Humanity
Publisher : PROCEEDING OF INTERNATIONAL CONFERENCE ON EDUCATION, SOCIETY AND HUMANITY

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Abstract

The research aims to examine the influence of budget participation, organizational culture, organizational commitment, and environmental uncertainty on budget slack in the Langkat Regency Government. The type of data used in this research is primary data using a questionnaire. The population in this study were all employees of the Langkat Regency Government. The sample in the research consisted of 89 respondents who were involved in budget preparation. The method used to determine the sample is the purposive sampling technique. The data analysis method used in this research is the multiple linear regression method. The research results show that environmental uncertainty has a significant positive effect on the budget slack. Meanwhile, budget participation, organizational culture, organizational commitment, and environmental uncertainty do not affect the budget slack in the Langkat Regency Government.
EQUITY VALUE ANALYSIS WITH THE INCOME APPROACH IN PALM OIL PLANTATION COMPANIES (CASE STUDY: PT SISIRAU AND PT SATYA AGUNG) Sianipar, Alfred Johnson; Fachrudin, Khaira Amalia; Dwi Atmoko, Darmawan
SIBATIK JOURNAL: Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan Vol. 4 No. 10 (2025)
Publisher : Penerbit Lafadz Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/sibatik.v4i10.3436

Abstract

Equity value is the net worth that belongs to the owners or shareholders of a company after all liabilities have been settled from the total assets owned. Equity value reflects the portion of net ownership in the company that truly belongs to the shareholders.This study aims to analyze the equity value of two palm oil plantation companies in Indonesia, PT Sisirau and PT Satya Agung, using an income-based approach through the Discounted Cash Flow (DCF) method. This approach is considered highly relevant for valuing companies with long-term income prospects and relatively stable cash flows, as is typical in the palm oil plantation industry. The study is also strategically significant, as both companies are preparing for an Initial Public Offering (IPO), where valuation becomes a key consideration for potential investors. The data used in this research consists of audited financial statements from 2017 to 2024 and financial projections for the period 2025 to 2034. The research applies a quantitative approach combined with descriptive analysis, using both primary and secondary data. Equity value is estimated based on projected Free Cash Flow to the Firm (FCFF), discounted using the Weighted Average Cost of Capital (WACC). The analysis also considers business risk, cost structure, CPO price trends, and relevant government regulations. The results indicate that the income approach provides a more accurate estimate of equity value, reflecting the future economic potential of the companies. PT Satya Agung has an indicative equity value of IDR 3.85 trillion, significantly higher than PT Sisirau's IDR 1.67 trillion. This difference is attributed to PT Satya Agung's stronger cash position, lower debt burden, and higher growth potential. Therefore, PT Satya Agung is considered more suitable to proceed with an IPO in the near future. This study concludes that the DCF is highly appropriate for valuing companies with long-term growth orientation and stable cash flow. Moreover, the findings contribute to academic literature and serve as a practical reference for companies, investors, regulators, and academics in understanding income-based equity valuation, particularly in the palm oil plantation sector.
Determination of Corporate Social Responsibility Disclosure Using Firm Size as a Moderation Variable in Palm Oil Companies Yunarti, Yunarti; Erlina, Erlina; Fachrudin, Khaira Amalia
Journal of Social Science Vol. 4 No. 4 (2023): Journal of Social Science
Publisher : Syntax Corporation Indonesia

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Abstract

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Strategy improves profits through the right investment for households in Serikat Tolong Menolong Setia Sambu Baru Kecamatan Medan Barat Fachrudin, Khaira Amalia; Siahaan, Elisabet; Ginting, Paham; Ginting, Liasta; Sipayung, Friska
ABDIMAS TALENTA: Jurnal Pengabdian Kepada Masyarakat Vol. 4 No. 2 (2019): ABDIMAS TALENTA: Jurnal Pengabdian Kepada Masyarakat
Publisher : Talenta Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (149.191 KB) | DOI: 10.32734/abdimastalenta.v4i2.4087

Abstract

Investment is very important to be done in order to obtain benefits in the future. Housewives also need to make this investment. This service aims to provide investment strategies and open householder insights to be able to choose the right type of investment and assist her husband in deciding to invest or support investments made by her husband. Lectures and assistance were given to 25 housewives in STM Sambu Baru, Medan Barat District. After reading the profiles of these mothers it is recommended that the right investment is pure gold. The result is that mothers who have not had investment become interested in investing in gold. Previously they did arisan money, now they change their arisan, i.e. the arisan money is bought pure gold and will be given to the arisan draw. They also agreed to invite their husbands to invest in land and thought to have land investment in their own name.
Digitalization Training for MSMEs to Increase Competitiveness in the Digital Era Sitohang, Ance Marintan D; Fachrudin, Khaira Amalia; Sibarani, Magdalena Linda Leonita; Ivan Jaya
ABDIMAS TALENTA: Jurnal Pengabdian Kepada Masyarakat Vol. 10 No. 1 (2025): ABDIMAS TALENTA: Jurnal Pengabdian Kepada Masyarakat
Publisher : Talenta Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32734/abdimastalenta.v10i1.18212

Abstract

MSMEs in Indonesia are the most important and strong pillars of economic development. Its role in driving the rate of economic growth and employment is huge. MSME MUA RiasaNeni is an MSME that operates in cosmetology services. The problems that occur with UMKM MUA RiasaNeni are the limited human resources of UMKM MUA RiasaNeni in creating interesting content on social media as promotional media, the limited supporting tools they have especially for the need to develop content, and the absence of financial bookkeeping that is used to record all financial transactions, for keeping records of all financial transactions precisely and systematically. The solution taken by the service team was to provide training to UMKM MUA RiasaNeni actors. Activities were carried out at PTPN IV Emplasmend Kebun Laras, Bandar Huluan District, Simalungun Regency.
ANALYSIS OF FACTORS INFLUENCING THE PERFORMANCE OF NATIONAL PRIVATE BANKING IN INDONESIA, MODERATED BY THE USE OF FINTECH Maretta Yuraska Sinulingga; Khaira Amalia Fachrudin; Nisrul Irawati
International Journal of Educational Review, Law And Social Sciences (IJERLAS) Vol. 5 No. 4 (2025)
Publisher : CV. RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijerlas.v5i4.3618

Abstract

The purpose of this study is to analyze the "Analysis of Factors Influencing the Performance of National Private Banking in Indonesia, Moderated by the Use of Fintech." The data collected in this study are secondary data, gathered from the financial reports of national private banks for the 2020-2024 period. The sample in this study is 140. This study uses quantitative data. The data analysis technique used panel data regression analysis with the help of eViews software. The test results show that the Loan to Deposit Ratio has a significant effect on Return on Assets at National Private Banks in Indonesia. Operating Expenses/Operating Income has a significant effect on Return on Assets at National Private Banks in Indonesia. Non-performing Loans have a significant effect on Return on Assets at National Private Banks in Indonesia. The Loan to Deposit Ratio and Operating Expenses/Operating Income have a significant effect on Return on Assets, with fintech as a moderating variable. Non-performing Loans do not have a significant effect on Return on Assets, with fintech as a moderating variable at National Private Banks in Indonesia.
GLOBAL INTEREST RATE DYNAMICS AND THEIR IMPLICATIONS FOR THE COST OF CAPITAL: A SYSTEMATIC LITERATURE REVIEW COMPARING DEVELOPED AND DEVELOPING COUNTRIES Muhammad Iqbal Harahap; Ahmad Kodri Fauzi Hasibuan; Khaira Amalia Fachrudin
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 5 No. 7 (2026): JUNE
Publisher : RADJA PUBLIKA

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Abstract

This study aims to analyze the dynamics of global interest rates and their impact on the cost of capital. Using the Systematic Literature Review (SLR) method, this study identifies, evaluates, and synthesizes scientific literature published between 2020 and 2025, and integrates macroeconomic data from the Trading Economics database. The analysis shows that the global Weighted Average Cost of Capital (WACC) has experienced a significant increase, from an average of 7.00% in 2020 to 8.00% in 2024, driven by increases in the risk-free interest rate and market risk premium. The findings of this study reveal asymmetric heterogeneity in impacts: interest rates in developed countries are more influenced by global and regional factors (above 50%), while in developing countries, domestic factors still dominate (77.9%), although vulnerability to fiscal spillovers from the United States remains high. In addition, high interest rates are found to hinder investment in strategic sectors, particularly capital-intensive renewable energy projects. This study concludes that companies need to adopt artificial intelligence (AI)-based financial management systems for real-time monitoring of capital costs and strengthening ESG performance to mitigate funding risks amid global market volatility.
EFFECTS ANALYSIS OF LEVERAGE, PROFITABILITY, COMPANY SIZE, AUDIT QUALITY, AND TAX AVOIDANCE ON PROPENSITY EARNINGS MANAGEMENT WITH INDEPENDENT COMMISSIONERS AS MODERATING VARIABLES IN MINING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) FOR THE 2021-2024 PERIOD Marihot PH Simarmata; Erlina; Khaira Amalia Fachrudin
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 6 (2025): December
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i6.5014

Abstract

This study aims to analyze the effect of leverage, profitability, firm size, audit quality, and tax avoidance on the Propensity earnings management, with independent commissioners as a moderating variable in mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This research employs a quantitative approach using a census method, in which all mining companies listed on the IDX during the study period, totaling 54 firms, were included as the research sample. The data were analyzed using panel data regression with the Random Effect Model (REM), which was selected based on the Chow test and the Hausman test. The earnings management was measured using discretionary accruals based on the Kasznik (1999) model, which represents the degree of a firm’s tendency to engage/Propensity in earnings management practices. The results indicate that leverage and tax avoidance have a positive effect on Propensity earnings management, suggesting an increase in the propensity (tendency) of management to engage in earnings management practices. Conversely, profitability, firm size, and audit quality have a negative effect on Propensity earnings management, indicating that firms with better financial performance and stronger monitoring mechanisms tend to exhibit a lower of Propensity earnings management. Furthermore, independent commissioners are found to weaken the relationship between leverage, profitability, firm size, audit quality, and Propensity earnings management; however, they do not moderate the relationship between tax avoidance and Propensity earnings management. This study confirms that financial factors and corporate governance mechanisms play an important role in influencing earnings management practices in the mining sector. The presence of independent commissioners is proven to be an effective monitoring mechanism in reducing the Propensity earnings management, except in the context of tax avoidance practices. These findings provide important implications for investors, regulators, and management in evaluating the quality of financial reporting and the effectiveness of good corporate governance.
Co-Authors Adinatan Adinatan Ahmad Kodri Fauzi Hasibuan Akhmad Razali Amlys Syahputra Silalahi Amlys Syahputra Silalahi Ance Marintan D. Sitohang Arlina Nurbaity Lubis Asmara, Rizqy Winny Astri Indah Utari Azhar Maksum Beby Kendida Hasibuan Dalimunthe, Esmil Saleh Dina Hastalona Dina Liviana Tarigan Dwi Atmoko, Darmawan Erlina Erlina Erlina Handy Octavianus Harefa, Oberlin Harefa, Wirdanur Hilma Tamiami Fachrudin Indri Hafsari Gultom Irawati, Nisrul Isfenti Sadalia Isfenti Sadalia Ivan Jaya Juli Meliza Lailan Syafrina Hasibuan liasta ginting Mahrina Sari Maretta Yuraska Sinulingga Maria Monica Sihombing Marihot PH Simarmata Marolip Subyekti Muhammad Faidhil Iman Muhammad Iqbal Harahap Mutia Fitri Chania Nasution, Fahmi Natigor Nisrul Irawati Novian Paisal Sitompul Nur Ahmadi Bi Rahmani paham ginting Pane, Sri Gustina Prihatin Lumbanraja Rina Sitepu, Dewinta Siahaan, Elisabet Sianipar, Alfred Johnson Sibarani, Magdalena Linda Leonita Silaban, Cristin Yeremia Sipayung, Friska Siregar, Narumondang Bulan Sitanggang, Gartima Supriyanto syahyunan syahyunan Taslim Taslim Theodora Novalina Ariesta Yulia Tarigan Yunarti Yunarti