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All Journal OPERATION EXCELLENCE: Journal of Applied Industrial Engineering Jurnal Teknovasi : Jurnal Teknik dan Inovasi Mesin Otomotif, Komputer, Industri dan Elektronika Management Studies and Entrepreneurship Journal (MSEJ) International Journal on Social Science, Economics and Art Jurnal Ekonomi Jurnal Impresi Indonesia Journal of Innovation Research and Knowledge Journal Research of Social Science, Economics, and Management
Nazaruddin Nazaruddin
Universitas Sumatera Utara
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Materials Science & Nanotechnology Social Sciences

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The Effect Of Corporate Debt And Profitability On Corporate Intrinsic Value In Banking Companies In Indonesia Humiras Sidabutar; Rina Br. Bukit; Nazaruddin Nazaruddin; Khaira Amalia F; Handy Oktavianus
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 6 No. 2 (2025): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v6i2.7218

Abstract

The Aim of this study is to look into how capital structure affects the true value of a company. Amounts of short-term debt to total assets (STDTA), long-term debt to total assets (LTDTA), and total debt to total assets (TDTA) show how much of an effect this has. The return on equity (ROE) ratio is another way to measure the effect of revenue. The net present value of the expected Free Cash Flow to Equity (FCFE) tells us how much the company is really worth. This study is mostly about companies that were launched on the Indonesia Stock Exchange between 2017 and 2019. Out of the 44 companies that exist, 26 were picked to be part of the study. The path analysis method was used to test the hypothesis at a significance level of 5%. The results show that STDTA has a significant positive effect of 0.068 on the company's intrinsic value. This means that a one-time increase in short-term debt compared to total assets will raise the intrinsic value by 6.8%. The company's fundamental value goes up by 0.05, which is a noticeable amount. On the other hand, TDTA has a big negative effect of -0.968, which means that a one-time rise in total debt compared to total assets will lower the value by 96.8%. Finally, profitability through ROE showed a strong positive effect of 0.773, which means that a one-time increase in net profit compared to total stock will raise the value by 77.3%.
A Circular Economy-Based Strategy for the Development of Biochar from Oil Palm Empty Fruit Bunches to Increase Added Value at PT Perkebunan Nusantara IV Setyo Dwi Wijayanto; Nazaruddin Nazaruddin; Meilita Tryana Sembiring
Journal Research of Social Science, Economics, and Management Vol. 5 No. 12 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i12.1573

Abstract

This study aims to formulate a strategy for developing biochar from empty fruit bunches (EFB) waste based on a circular economy approach to increase the added value of PT Perkebunan Nusantara IV. As a large-scale palm oil plantation company, PTPN IV generates a significant volume of EFB from fresh fruit bunch processing. Current EFB utilization is still dominated by land application, incineration, and direct selling, which have not yet created optimal economic value for the company. This research applied a case study approach supported by qualitative and quantitative analysis through document review, interviews, limited observation, cost-benefit analysis, value-added analysis, risk analysis, and strategy formulation using SWOT and TOWS frameworks. The findings indicate that converting EFB into biochar has the potential to transform waste from a cost center into a value driver by reducing waste handling costs, partially substituting chemical fertilizer use, creating commercialization opportunities, and strengthening the company’s environmental and ESG performance. Biochar development also supports the implementation of a closed-loop supply chain between palm oil mills and plantations, making it consistent with circular economy principles. The recommended implementation strategy includes conducting a pilot project, developing standard operating procedures and quality standards, strengthening human resource capacity, establishing technology partnerships, conducting agronomic validation, and implementing the program gradually in operational units with the highest readiness. Therefore, EFB-based biochar development can serve as a sustainable business strategy that supports operational efficiency, downstream development, and added value creation for PTPN IV.
Analisis Efektivitas Penyelesaian Tindak Lanjut Audit sebagai Dasar Strategi Penguatan Monitoring Tindak Lanjut Audit SPI Holding (Studi Kasus pada PTPN I) Rahmad taufik simatupang; Nazaruddin Nazaruddin; Ikhsan Siregar
Jurnal Impresi Indonesia Vol. 5 No. 9 (2026): Jurnal Impresi Indonesia
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jii.v5i9.8084

Abstract

Tindak lanjut audit internal berperan penting dalam memperkuat pengendalian internal, akuntabilitas, dan tata kelola perusahaan pada holding BUMN. Hasil monitoring Semester II Tahun 2025 menunjukkan bahwa 86,56% rekomendasi audit internal PTPN Holding telah diselesaikan sesuai, 11,06% telah ditindaklanjuti namun belum sepenuhnya sesuai dengan rekomendasi audit, dan 2,38% belum ditindaklanjuti. Sebagian besar rekomendasi yang belum terselesaikan berasal dari PTPN I. Penelitian ini bertujuan untuk mengevaluasi efektivitas penyelesaian tindak lanjut audit internal, mengidentifikasi faktor-faktor yang memengaruhinya, serta merumuskan mekanisme peningkatan efektivitas tindak lanjut audit. Penelitian ini menggunakan pendekatan kualitatif dengan metode studi kasus pada PTPN I. Data diperoleh melalui telaah dokumen, laporan monitoring tindak lanjut audit periode 2021–2024, serta wawancara dengan 8 (delapan) informan kunci yang terdiri atas auditor internal, manajemen, dan unit operasional. Informan dipilih secara purposive berdasarkan keterlibatannya dalam proses tindak lanjut audit. Analisis data dilakukan menggunakan model interaktif Miles, Huberman, dan Saldaña serta diinterpretasikan melalui perspektif Balanced Scorecard. Efektivitas tindak lanjut audit dipengaruhi oleh komitmen manajemen, koordinasi antar entitas, ketersediaan eviden pendukung, kejelasan batas waktu penyelesaian, serta kesiapan organisasi pasca integrasi holding. Kendala utama yang ditemukan meliputi belum terintegrasinya sistem monitoring, lemahnya pengukuran kinerja, dan terbatasnya mekanisme akuntabilitas. Untuk meningkatkan kualitas penyelesaian tindak lanjut audit, penelitian ini mengusulkan penerapan Audit Monitoring System (AMS), integrasi tindak lanjut audit ke dalam Key Performance Indicator (KPI), serta pelaksanaan tinjauan manajemen secara berkala. Penelitian ini menawarkan kerangka tata kelola tindak lanjut audit yang terintegrasi bagi perusahaan holding BUMN untuk memperkuat pengendalian internal, akuntabilitas, dan kinerja tata kelola perusahaan.
Co-Authors Arbi Qirara M. Purba David Koko E. C. O. Naibaho Dita Deviana Fadhilah Elisabet Siahaan Elisabeth Sibarani F. X. Ery Kristiono Fachruddin Fachruddin Ferdiantes Ferdiantes Handy Oktavianus Harmein Nasution Humiras Sidabutar Ikhsan Siregar Isfenti Sadalia Isfenti Sadalia Julian Helmi Juliza Hidayati Khaira Amalia F Meilita Tryana Sembiring, Meilita Tryana Mitra Setiawan AP Rahmad taufik simatupang Refli Yunir Rina Br. Bukit Robert Rico Marpaung Setyo Dwi Wijayanto Sriwardany Sriwardany Sugiharto Pujangkoro Sukaria Sinulingga Sukaria Sinulingga