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All Journal International Journal of Public Health Science (IJPHS) Jurnal Manajemen dan Bisnis Sriwijaya Management Analysis Journal Syntax Literate: Jurnal Ilmiah Indonesia AFEBI Economic and Finance Review JURNAL AKUNTANSI, MANAJEMEN DAN EKONOMI Jurnal Scientia Dynamic Management Journal Journal of Economic, Business & Accounting Research Jurnal Manajemen dan Usahawan Indonesia
Rizkianto, Eko
Departement Of Management, Faculty Of Economics And Business, University Of Indonesia, Indonesia
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Journal : Dynamic Management Journal

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ANALYSIS OF COVID-19 PANDEMIC INFLUENCES ON NONPERFORMING LOAN IN BANK XYZ FOR THE PERIOD OF 2020-2022 Pandu Berkatindo MLA; Eko Rizkianto
Dynamic Management Journal Vol 7, No 2 (2023): April
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v7i2.8664

Abstract

This research aims to discuss the influences of the COVID-19 pandemic on nonperforming loan (“NPL”) in Bank XYZ and Bank XYZ’s strategies in responding to it for the period of 2019-2022. This research involves doing an average difference test on the Bank XYZ’s NPL between 1999-2022 and the beginning of pandemic in 2020, so that it can be determined whether the average NPL in 1999-2022 was higher than in 2020. This research was conducted by collecting data through semi-structured in-depth interviews directly to Bank XYZ’s Risk Management Directorate employees and related literature studies. The results of this research suggest that the COVID-19 pandemic had an influences on the increase in NPL at Bank XYZ in 2020, which was reflected in the rise in NPL for debtors, especially debtors with the economic sector affected by the COVID-19 pandemic. Then in 2021 with the strategies implemented, even though it is still in the COVID-19 pandemic, Bank XYZ was able to decrease NPL, when compared to three other state-owned banks and one private bank, the nominal decrease in Bank XYZ's NPL was the largest and was the only one that was below the NPL of banking industry.
THE IMPACT OF FINANCIAL RATIOS ON THE VALUE OF COMPANIES THAT CONDUCTED M&A WHICH REGISTERED IN IDX ON 2016-2021 Maria Yvette Duhita; Eko Rizkianto
Dynamic Management Journal Vol 7, No 2 (2023): April
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v7i2.8471

Abstract

This study aims to analyze the impact of the financial ratios such liquidity, solvability, turnover, profitability, and market value, economic value added and operating cash flow on the market value added of corporate mergers and acquisitions that listed in IDX from 2016 to 2021. The research informs influence of independent variables to MVA in companies that do M&A as their business strategy. The sampling technique in this study used non-probability sampling with purposive sampling method. Obtained samples of 19 public companies listed on the IDX and secondary data taken from the Indonesian Stock Exchange website. Financial performance measurement takes place five years before and after M&A. The analytical method uses panel data regression and from panel regression we found that EVA, CR, and ROE are significantly positive influenced with market value added of listed firms in Indonesia that conducted M&A. Our results indicate that earning per share significantly has negative influence to MVA; while DER and TATO are insignificantly negative influenced and OCF is insignificantly positive influenced with market value added.
FACTORS BEHIND THE EARLY SIGNS OF FINANCIAL DISTRESS IN AN INDONESIAN MEDICAL DEVICE COMPANY DURING COVID- 19: A CASE STUDY OF PT CAKRA MEDIKA UTAMA Putri Metta Suryani; Eko Rizkianto
Dynamic Management Journal Vol 7, No 2 (2023): April
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v7i2.8661

Abstract

The objective of this study is to investigate anomalous phenomena of declining financial performance as early signs of financial distress in an Indonesian medical device company, PT Cakra Medika Utama (“CMU”) for the period of 2020-2021, whereas the growth of nationwide medical device industry sector has been escalating aggregately. This explanatory study adopts mixed methods approach which analyzes quantitative and qualitative data collected through in-depth semi-structured interviews with the CEOs and its employee, observation, documentation, and literature studies. The results of this study discover that the declining financial performance were caused by mismanagement of payable and receivable, underutilizing the sales momentum, high dependency on foreign suppliers, and a weak business model. This research contributes to the company, the medical device industry, and the existing literature in understanding the causes and contributing factors behind the sinking financial performance of CMU, including some strategies to prevent the financial distress from truly happening.
REVIEWING THE CAPITAL BUDGETING STUDY OF AIRPORT DEVELOPMENT PROJECT DURING COVID-19 PANDEMIC RECOVERY Galis Kurnia Afdhila; Eko Rizkianto
Dynamic Management Journal Vol 7, No 3 (2023): July
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v7i3.8829

Abstract

The Juanda Airport ranks third in terms of overall traffic among airports in Indonesia and holds the second position in passenger volume among the 15 airports managed by PT Angkasa Pura I. Between 2017 and 2021, PT Angkasa Pura I undertook investments aimed at enhancing the level of support provided to clients utilizing air transportation, through the expansion of Juanda Airport. The COVID-19 pandemic has had a significant impact on the number of passengers utilizing Juanda Airport in Indonesia, resulting in a 59.1% decrease. This decline can be attributed to the ongoing pandemic that has adversely affected the country since the start of 2020. Thus, the observed passenger flow diverged from the passenger projections employed in the project's planning. The aim of the present investigation is to perform a comprehensive examination and evaluation of the capital budgeting aspect of the Juanda Airport Investment Project. The present inquiry employs computations related to capital budgeting. These calculations include the internal rate of return (IRR), discounted payback period (PP), net present value (NPV), and profitability index (PI). The profitability of the Juanda Airport investment project has been demonstrated across three distinct financial scenarios, even in the midst of the Covid-19 recovery period.
EMPIRICAL TESTING OF FAMA-FRENCH ASSET PRICING MODEL IN INDONESIA STOCK EXCHANGE DURING COVID-19 PANDEMIC Sitanggang, Okta Martua; Rizkianto, Eko
Dynamic Management Journal Vol 8, No 1 (2024): January
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i1.10106

Abstract

The volatility of the Indonesian Stock Exchange (BEI) increased significantly during the Covid-19 pandemic period. In this period return predictability and price volatility in the stock index experienced a single structural break. There is concern among investors and academics that the asset pricing approach model that has been empirically accepted so far is unable to explain the return or excess return of an asset or investment during the Covid-19 pandemic period. This research tests the significance of the size (market capitalization), profitability, value (book-to-market), investment, and market risk premium (Rm-Rf) factors on the excess return of stock portfolios on the Indonesian Stock Exchange during the Covid-19 pandemic period. Existing studies show that the Covid-19 pandemic has affected investor sentiment, causing investors to panic and be pessimistic about their investments. In addition, there were deviations from the efficient market hypothesis during several pandemic periods in several countries so that stock prices did not fully reflect the available information. After testing, it was found that the factors size (market capitalization), profitability, value (book-to-market), investment, and market risk premium (Rm-Rf) did not have a significant influence on the excess return of stock portfolios on the Indonesia Stock Exchange during the period Covid-19 pandemic.
ANALYSIS OF THE IMPACT OF MERGERS AND ACQUISITIONS ON THE VALUE OF FINANCIAL SYNERGY Sarpi, Sarpi; Rizkianto, Eko
Dynamic Management Journal Vol 8, No 3 (2024): July
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i3.11364

Abstract

This study analyzes how mergers and acquisitions affect financial synergy in Indonesian public and state-owned companies. Using metrics like profitability, efficiency, liquidity, solvency, and funding capacity, it examines one year before and five years after these transactions, based on data from 84 firms (2005-2015, financial reports spanning 2004-2020). The Wilcoxon signed rank test calculates pre- and post-merger averages. Findings show decreased capital costs (debt, equity, weighted average) but also reduced profitability (ROIC) and efficiency (TAT). Stakeholders should focus on enhancing financial synergy by boosting funding capacity and planning to improve profitability, efficiency, solvency, and liquidity. Future research should specifically measure the incremental financial synergy value post-transaction and the value generated from operational synergy.
DETERMINANTS OF INITIAL RETURN PERFORMANCE IN INDONESIA INITIAL PUBLIC OFFERINGS: A 2018-2022 ANALYSIS Syaifuddin, Nabilah; Rizkianto, Eko
Dynamic Management Journal Vol 8, No 1 (2024): January
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i1.10130

Abstract

This research aims to analyze the impact of firm age, IPO risk, underwriter reputation, auditor reputation, company’s industry, Altman Z-Score, firm size, and intended use of IPO proceeds on the level of initial returns of IPOs. In this study, the intended use of IPO proceeds is categorized into growth opportunities, debt repayment, and working capital. The sample for this study consists of companies listed on the Indonesia Stock Exchange during the period of 2018-2022. In addition to the Ordinary Least Square test, the regression method with Quantile Regression is used to analyze the effects in the model at different quantile levels. Overall, IPO risk, Altman Z-Score, total assets, and growth opportunities have a positive influence on the level of initial returns of IPOs. Furthermore, underwriter reputation, auditor reputation, company’s industry, debt repayment, and working capital have a negative influence on the level of initial returns on the Indonesia Stock Exchange. On the other hand, firm age does not have a significant effect on the level of initial returns in the Indonesian capital market.
Co-Authors Arga, Junior Aulia Arief Anwar Hidayat Ayu Shafira Rachmani Bayu Hidayat Danisha, Ananda Tiara Desy Sulistiyorini Didik Triwibowo Galis Kurnia Afdhila Hendro Prabowo Indri Hapsari Susilowati Maria Yvette Duhita Nia Rosmiati Pandu Berkatindo MLA Putri Metta Suryani Rahmita, Vani Renatha, Gina Robiana Modjo Salsabila, Ghina Sarpi, Sarpi Sitanggang, Okta Martua Syaifuddin, Nabilah Tanukusuma, Reinard Tjut Naridha Selsa