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All Journal JISPO (Jurnal Ilmu Sosial dan Ilmu Politik) Jurnal Manajemen Indonesia Li Falah: Jurnal Studi Ekonomi dan Bisnis Islam Economica: Jurnal Ekonomi Islam Indonesian Journal of Strategic Management ADLIYA: Jurnal Hukum dan Kemanusiaan Jurnal Eduscience (JES) Finansha: Journal of Sharia Financial Management Komitmen : Jurnal Ilmiah Manajemen Jurnal Ilmu Akuntansi dan Bisnis Syariah (AKSY) Study & Management Research Ar-Rihlah : Jurnal Keuangan dan Perbankan Syariah Journal of Islamic Economics and Business Journal of Educational Management Research LOBI: Jurnal Ekonomi, Manajemen, Bisnis Islam JPS (Jurnal Perbankan Syariah) Al-Amwal: Jurnal Ekonomi dan Perbankan Syariah
Suherman, Usep Deden
UIN Sunan Gunung Djati Bandung
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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ALTMAN Z-SCORE ANALYSIS OF FINANCIAL DISTRESS IN ISSI-LISTED COSMETICS AND HOUSEHOLD MANUFACTURING SECTOR Yuningsih, Firda; Suherman, Usep Deden; Suhendi
Finansha: Journal of Sharia Financial Management Vol. 6 No. 1 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i1.39335

Abstract

This study aims to examine the application of the Altman Z-Score model in assessing financial distress and financial conditions of manufacturing companies in the cosmetics and household needs sub-sectors listed on the Indonesian Sharia Stock Index (ISSI) from 2013 to 2022. Employing a descriptive quantitative approach, the study selects its sample through purposive sampling from the population of relevant manufacturing firms within the ISSI. The findings demonstrate that the Altman Z-Score model effectively analyzes financial distress in these companies. Among the firms studied, PT Akasha Wira Internasional Tbk, PT Mustika Ratu Tbk, PT Unilever Indonesia Tbk, and PT Mandom Indonesia Tbk exhibit healthy financial conditions, whereas PT Martina Berto Tbk shows signs of financial distress. This research provides practical implications for companies by offering a reliable predictive tool to identify potential bankruptcy risks, enabling proactive financial management and strategic decision-making based on current conditions and future prospects.
Stock Valuation Using the Discounted Cash Flow Method with the Free Cash Flow to Firm Approach: Implications and Impact on Educational Management Muhammad Athar Maulana; Usep Deden Suherman; Muhammad Sandi Marta
Journal of Educational Management Research Vol. 4 No. 4 (2025)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v4i4.1036

Abstract

This research analyzes the fair value of stock using the Discounted Cash Flow (DCF) method with the Free Cash Flow to Firm (FCFF) approach for the period 2020-2024, with implications for educational management. The study employs a quantitative descriptive methodology utilizing secondary data from financial statements and supporting databases. AMRT demonstrated robust financial performance with Gross Profit Margin increasing from 20.3% to 21.5%, Operating Profit Margin improving from 2.2% to 3.4%, and Net Profit Margin rising from 1.4% to 2.7% during the analyzed period. The valuation model projects a Compound Annual Growth Rate (CAGR) of 8.5% for 2025-2029, supported by strategic expansion of 800 new stores annually and digital transformation initiatives. Using a Weighted Average Cost of Capital (WACC) of 11.27%, cost of equity of 12.11%, and terminal growth rate of 5.50%, the DCF analysis yields an enterprise value of RP 114.87 trillion. After adjusting for the net debt position, the intrinsic value per share is calculated at RP 2,420, compared to the market price of RP 2,330, indicating a 3.9% upside potential. The findings suggest AMRT is slightly undervalued, presenting a modest investment opportunity for value-conscious investors seeking exposure to Indonesia's expanding retail sector. The implications of this analysis extend to educational management by highlighting the importance of financial management practices and investment strategies within educational institutions to ensure long-term sustainability and growth.
THE EFFECT OF INTERNAL LOCUS OF CONTROL AND BURNOUT CONDITION ON EMPLOYEE PERFORMANCE OF PT BIO FARMA (PERSERO) BANDUNG Suherman, Usep Deden; Gliserlda, Alda
Indonesian Journal of Strategic Management Vol. 8 No. 1 (2025): Indonesian Journal of Strategic Management
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/ijsm.v8i1.11168

Abstract

The purpose of this research is to ascertain whether internal locus of control influences something partially and simultaneously and burnout condition on performance at PT Biofarma (Persero) Bandung. Verifiable descriptive study using a quantitative approach is the methodology employed. Using random sampling techniques, the purposive sampling technique is used in the sample process. The primary and secondary data used were gathered directly from relevant sources and from PT. Biofarma (Persero) Bandung's official website and data collection techniques using questionnaires. The study's findings demonstrated that the Locus of Internal Control significantly and partially affected performance. The performance was not significantly affected by the burnout condition, nor did it have any influence. Employee performance is significantly impacted by both the burnout condition and the locus of internal control at the same time. 
Analysis of Strategy for Development of Halal Tourism Potentials in Syariah Hotels in West Java Suherman, Usep Deden
Li Falah: Journal of Islamic Economics and Business Vol. 3 No. 2 (2018): December 2018
Publisher : Institut Agama Islam Negeri Kendari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31332/lifalah.v3i2.1193

Abstract

Halal tourism potential in West Java, especially for sharia hotels is very high so that West Java is a potential area for developing halal tourism. To realize West Java as a halal tourism development area is not easy there are obstacles faced such as the lack of consumer interest in sharia hotels and not many people understand the difference between sharia hotels and conventional hotels. Therefore, this study will examine the development strategy of halal tourism in West Java.The purpose of this study is 1) to identify internal factors (strengths and weaknesses) in the development of sharia tourism in West Java, 2) to identify external factors (opportunities and threats) in the development of sharia tourism in West Java, 3) for knowing the positioning of West Java in the development of sharia tourism and 4) to find out the development strategy of sharia tourism in West Java.The research method used is qualitative descriptive. The study was conducted on 8sharia hotels in the West Java region. The data analysis technique used is SWOT analysis using internal factors and external factors of the company.The SWOT matrix calculation results produce ten alternative strategies, namelyencouraging and providing halal certification facilities for sharia hotels, conductingassessment of facilities and infrastructure, halal tourism needs and other supportingelements in West Java, increasing the promotion of sharia tourism through various mediaand providing tourism information based on information technology that suits the needs of tourists, conducts an inventory of data in collaboration with the city or district government to hotels that implement the concept of sharia in West Java, develop uniqueness as excellence found in sharia hotels in West Java, Cooperate with various parties including the tourism ministry, the community and other stakeholders, equating the perception of the concept of sharia tourism between the government and business actors through halal tourism discussions and seminars, Developing various tourism products Halal with the aim of attracting tourists, conducting training and coaching Islamic tourism HR in accordance with the standards of the MUI, providing a place of worship complete with other worship facilities and infrastructure. The results of this study are expected to be a recommendation to the government of West Java Province and sharia hotels in the development of halal tourism in West Java.
Analysis of Spirituality Effect on Workplace and Work Motivation on Employee Performance Bank Syariah Mandiri in Jawa Barat Region suherman, usep deden
Li Falah: Journal of Islamic Economics and Business Vol. 5 No. 2 (2020): December 2020
Publisher : Institut Agama Islam Negeri Kendari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31332/lifalah.v5i2.2307

Abstract

This study aims to determine how much influence spirituality in the workplace on the performance of Bank Syariah Mandiri Bank employees in the West Java Region how much influence the motivation of work on the performance of Bank Syariah Mandiri employees in the West Java Region and how much power the Spirituality at work and work motivation simultaneous performance of Bank Syariah Mandiri employees in the West Java Region. This study uses a quantitative approach with the primary data collection tool questionnaire. The sampling technique used was the purposive sampling technique. While the data analysis technique used is multiple regression analysis. The study results illustrate that Spirituality at work has a positive and significant influence on employee performance. Then work motivation has a positive and significant effect on employee performance. Furthermore, Spirituality at work and work motivation together have a positive and significant impact on employee performance.
Analysis of Factors Affecting Consumer Purchase Behavior: Study in Muslim communities who shop online through the Shopee Application suherman, usep deden
Li Falah: Journal of Islamic Economics and Business Vol. 6 No. 2 (2021): December 2021
Publisher : Institut Agama Islam Negeri Kendari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31332/lifalah.v6i2.3051

Abstract

This study aims to determine and analyze what factors influence consumer buying behavior in the era of citizen 4.0 and the most dominant influences on consumer buying behavior in citizen 4.0. This research uses descriptive and explanatory survey methods. Sampling was carried out using the Accidental Sampling sample technique. The data analysis technique used is factor analysis. The findings of this study are factors such as availability and price factors, promotion factors, comfort factors, varieties and comparison factors, after-sales service factors, and connectivity factors that influence consumer purchasing behavior in the era of citizen 4.0. Besides that, variety and comparison factors are the most dominant factors affecting consumer buying behavior in the age of citizen 4.0, followed by availability and price factors, comfort factors, promotion factors, after-sales service factors, and connectivity factors.
Macroeconomic Determination of Indonesian Bank Interest Rates Itto Turyandi; Mohd Kasturi Nor Abd Aziz; Ermi Triaji; Muhammad Al Mighwar; Usep Deden Suherman
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.45132

Abstract

The determination of interest rates by Bank Indonesia plays an important role in supporting national economic stability and growth. Although previous studies have highlighted the relationship between interest rates and economic growth and market performance, studies on macroeconomic determinants of interest rate determination are still limited. This study aims to analyze the effect of inflation and exchange rates on Bank Indonesia's interest rates in the period 2004 to 2023, covering both crisis and non-crisis periods. The method used is a quantitative approach with multiple linear regression analysis, as well as classical assumption tests to ensure the validity of the model. The results of the study show that inflation has a positive and significant effect on interest rates, while the exchange rate does not show a significant effect. This finding indicates that inflation is the main factor that Bank Indonesia considers in determining interest rate policy. The policy implications of this study emphasize the importance of controlling inflation in order to maintain the effectiveness of monetary policy and long-term economic stability.
The Influence of Psychological Empowerment and Organizational Culture on Employee Satisfaction Usep Deden Suherman; Eeng Ahman
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol. 13 No. 2 (2021)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/amwal.v13i2.8773

Abstract

ABSTRACT                This study aims to determine and analyze the influence of psychological empowerment and organizational culture on job satisfaction of employees of PT. BRI Syariah Bandung City both partially and together.               This research uses descriptive as well as verification methods. The study was conducted on 77 employees of PT. BRI Syariah Bandung City, Sampling is done using saturated sampling techniques. The data analysis technique used is multiple regression analysis.               The findings of this study are that psychological empowerment and organizational culture partially or jointly have an impact on employee job satisfaction. Furthermore, the determinant value obtained was 0.883, this means that psychological empowerment and organizational culture were able to explain job satisfaction worth 88.3%. Meanwhile, 11.7% was caused by other factors. Keywords: Psychological Empowerment, Organizational Culture, Job Satisfaction 
Co-Authors Ahmad Abdul Gani Akhmad Najibul Khairi Alfiandi, Aris Dewy Revina Nadila Eeng Ahman, Eeng Ermi Triaji Gliserlda, Alda Hasbi Abdul Al-Wahhab KH Itto Turyandi Iwan Setiawan M Sandi Marta Mia, Mia Siti Nurjanah Mohd Kasturi Nor Abd Aziz Muhammad Al Mighwar Muhammad Athar Maulana Neneng Hartati, Neneng Ricky Hamzah Suhendi Suyandi, Dedi Wirdyansyah, Danial Muhammad Yuningsih, Firda