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The Impact of Changes in Long-Term Liabilities on the Stock Price of PT Aneka Tambang Tbk Pranoto, Madeline Guenevere; Melodious, Heavenly; Elizabeth Tiur Manurung
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3137

Abstract

This study aims to examine the effect of long-term liabilities on the stock price of PT Aneka Tambang Tbk using the company’s financial data. In the mining industry, which is highly affected by commodity price fluctuations and large capital requirements, long-term liabilities serve as an important financing source to support business expansion and operational activities. However, increasing long-term liabilities may also raise the company’s financial risk, which can influence investor perception and stock price movements. This research uses long-term liabilities and stock price data of PT Aneka Tambang Tbk from 2017 to 2024 with a total of 30 observations. A simple linear regression method is applied to analyze the relationship between long-term liabilities as the independent variable and stock price as the dependent variable. The results show that long-term liabilities have a negative and statistically significant effect on the stock price, with a regression coefficient of -2.53516×10⁻⁷ and a p-value of 7.0484×10⁻⁶, which is below the 0.05 significance level. This indicates that an increase in long-term liabilities tends to be negatively perceived by the market. The Adjusted R Square value of 0.5023 suggests that approximately 50.23% of the variation in PT Aneka Tambang Tbk’s stock price can be explained by changes in long-term liabilities, while the remaining variation is influenced by other factors such as global commodity prices, operational performance, government policies, and investor sentiment. Therefore, this study highlights the importance of prudent management of long-term liabilities, as it plays a significant role in maintaining the market value and investor confidence in PT Aneka Tambang Tbk
The Effect of Capital Structure on Business Risk as Measured Through the EBIT Variation Coefficient in Leading Food Companies on the IDX in the Post-Covid-19 Period of 2021–2023 Tjahjadi, Grace Natalia; Manurung, Elizabeth Tiur
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3156

Abstract

The post-COVID-19 pandemic period of 2021–2023 has brought significant changes to the business world, including the food industry, which had previously been considered relatively stable and resilient to crises. This situation requires companies to adopt adaptive financial management, particularly in terms of capital structure. Capital structure, the balance of debt and equity funding, is a strategic aspect that determines a company's ability to maintain liquidity, operational flexibility, and profit stability. This study aims todetermine the effect of capital structure on business risk infood companies listed on the Indonesia Stock Exchange in the post-pandemic period.Business risk is measured using the EBIT Variation Coefficient, while capitalstructure is measured using the leverage ratio. The analysis is conducted usinglinear regression with a series of classical assumption tests. The results show thatcapital structure has a positive and significant effect on business risk. The results of thet-test indicate that capital structure has a significant effect with a t-value of1.902 and a significance value of 0.023. The F-test also shows that the regression model issignificant with a significance value of 0.002, making the model suitable for use.Meanwhile, the coefficient of determination R² value of 0.195 shows thatcapital structure can explain 19.5% of business risk, while the rest isinfluenced by other factors outside the model. This finding confirms that the higherthe level of debt usage, the greater the risk of EBIT fluctuations that must beborne by the company.
The Effect of Excise Tax Stamps on Total Sales and Net Profit: A Case Study of PT. Gudang Garam Tbk and PT Hanjaya Mandala Sampoerna Tbk Lim, Louis; Oktaviani, Shelinda; Manurung, Elizabeth Tiur
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3173

Abstract

This study aims to analyze the influence of excise stamps and total sales on net profit at PT Gudang Garam Tbk (GGRM) and PT HM Sampoerna Tbk (HMSP), the two largest cigarette companies in Indonesia. Using a quantitative approach based on secondary data from financial reports during the study period, this study processed the variables of excise stamps, total sales, and net profit through multiple linear regression after natural logarithm transformation and classical assumption tests. Data were analyzed to test the partial and simultaneous effects of the independent variables on the dependent variable. The results showed that excise stamps had a negative and significant effect on the company's net profit, confirming that increasing excise burdens are a factor that can suppress the profitability of the cigarette industry. Meanwhile, total sales had a positive and significant effect on net profit, indicating that increasing sales volume can improve the company's financial performance despite facing high excise burdens. Simultaneously, both variables also had a significant effect with an R Square value of 0.593. These findings confirm that excise burdens and sales performance are important factors in determining the profitability of cigarette companies in Indonesia. Meanwhile, sales growth is an important strategy to maintain profits. The research results are expected to serve as a reference for industry, academics, and the government in formulating business strategies and fiscal policies in the tobacco sector.
Dampak Pajak Karbon terhadap Laporan Keuangan dan Strategi Bisnis Perusahaan Manufaktur : (Studi Kasus Pada Perusahaan PT Mustika Ratu TBK) Bunga Syalaisha Putri; Elizabeth Tiur Manurung
Jurnal Ekonomi, Manajemen Pariwisata dan Perhotelan Vol. 5 No. 1 (2026): Januari: Jurnal Ekonomi, Manajemen Pariwisata dan Perhotelan
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jempper.v5i1.5957

Abstract

This study aims to analyze the impact of carbon tax implementation on the financial statements and business strategies of PT Mustika Ratu Tbk, a primary consumer goods company listed on the Indonesia Stock Exchange. The data used is secondary data obtained from the company's 2022 annual report and sustainability report. The research method used is a descriptive quantitative approach, by calculating the amount of carbon tax and analyzing its implications for the company's financial performance and sustainability strategy. The results show that the company's energy consumption in 2022 reached 1,077,438.6 kWh, with total carbon emissions of 991.24 tons of CO2. Based on a carbon tax rate of IDR 30,000 per ton of CO2, the total carbon tax payable by the company is IDR 29,737,305.36 or around 0.044% of the company's net profit, so the impact on the financial statements is still relatively small. This study confirms that carbon tax is not only an additional burden, but also an opportunity for companies to strengthen their competitiveness, support the transition to sustainable business, and reinforce their image as entities that are responsible for the environment.
Analysis of the Influence of Debt to Asset Ratio (DAR) on Return on Assets (ROA) at PT Bank Central Asia Tbk for the 2020-2024 Period Hapsari, Caecilia Niken; Marciano, Christian; Manurung, Elizabeth Tiur
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3188

Abstract

This study aims to analyze the effect of the Debt to Asset Ratio (DAR) on Return on Assets (ROA) at PT Bank Central Asia Tbk during the 2020–2024 period. The research is motivated by the importance of maintaining a balance between funding structure and profitability performance, particularly during the post-pandemic economic recovery period. DAR is employed as a solvency indicator that reflects the proportion of assets financed by liabilities, while ROA serves as a key profitability indicator measuring management’s effectiveness in generating profits from total assets. This research adopts a quantitative associative approach and utilizes secondary data derived from the annual financial statements of PT Bank Central Asia Tbk over a five-year period. The data are analyzed using simple linear regression, supported by the coefficient of determination and partial significance testing (t-test) to assess the influence of the independent variable on the dependent variable. The results indicate that the Debt to Asset Ratio has a negative relationship with Return on Assets, suggesting that a decrease in leverage is associated with an improvement in asset profitability. The regression results reveal a negative DAR coefficient, confirming an inverse relationship between the two variables. Although the coefficient of determination indicates that DAR explains a substantial portion of ROA variation, the statistical test results show that the effect is not statistically significant due to the limited number of observations. Overall, the findings suggest that prudent capital structure management plays an important role in supporting the profitability performance of PT Bank Central Asia Tbk during the research period.
The Impact of Changes in Short-Term Liabilities on the Share Price of PT XL Smart Tbk Darmawan, Lauwrencia; Rachel Nur Ruhama Simatupang; Elizabeth Tiur Manurung
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3191

Abstract

This study investigates the influence of short-term liabilities on the stock price of PT XL Smart Tbk over the period 2018–2025 using a simple linear regression framework based on 29 quarterly observations. Short-term liabilities are employed as the independent variable to assess the extent to which fluctuations in the company’s immediate financial obligations shape variations in its stock price. The regression results indicate a coefficient of –0.000309142, suggesting that an increase in short-term liabilities is associated with a decrease in stock price. However, the corresponding p-value of 0.117562308 demonstrates that this relationship is not statistically significant at the 5% significance level. The ANOVA output supports this finding, with a Significance F value of 0.117562308, indicating that the regression model does not provide sufficient explanatory power to establish a statistically meaningful relationship between the variables. The coefficient of determination (R Square = 0.0882633718) shows that only 8.83% of the variation in PT XL Smart Tbk’s stock price during 2018–2025 can be explained by short-term liabilities, while the remaining variation is influenced by macroeconomic conditions, sectoral dynamics within the telecommunications industry, market sentiment, and the firm’s operational performance. Although the effect is not statistically significant, the negative coefficient retains theoretical relevance within capital structure theories—particularly the Trade-Off Theory, Pecking Order Theory, and Signaling Theory—which posit that higher short-term financial obligations may elevate liquidity risk and potentially transmit adverse signals to investors.
PENGARUH BIAYA ROYALTI YANG DIBAYARKAN KEPADA PIHAK INDUK TERHADAP LABA BERSIH PADA PT UNILEVER INDONESIA TBK Nur Alifa, Retno Aulia; Saputra Ziliwu, Michael Surya; Manurung, Elizabeth Tiur
Jurnal Akuntansi Kompetif Vol. 9 No. 1 (2026): Jurnal Akuntansi Kompetif (JAK)
Publisher : Komunitas Manajemen Kompetitif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35446/akuntansikompetif.v9i1.2575

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh biaya royalti yang dibayarkan oleh PT Unilever Indonesia Tbk kepada pihak induk (principal company) terhadap laba bersih perusahaan. Biaya royalti merupakan salah satu komponen beban usaha yang timbul dari penggunaan merek dagang, teknologi, dan sistem operasional milik perusahaan induk, sehingga berpotensi memengaruhi tingkat profitabilitas. Penelitian ini menggunakan data laporan keuangan tahunan PT Unilever Indonesia Tbk selama periode tertentu dengan pendekatan kuantitatif, melalui analisis deskriptif dan pengujian regresi linear sederhana untuk melihat hubungan antara biaya royalti dan laba bersih. Hasil penelitian menunjukkan bahwa biaya royalti memiliki pengaruh signifikan terhadap laba bersih, di mana peningkatan biaya royalti cenderung diikuti oleh penurunan laba bersih perusahaan. Temuan ini menunjukkan pentingnya pengendalian struktur biaya serta evaluasi kebijakan royalti agar perusahaan dapat mempertahankan kinerja keuangannya. Penelitian ini diharapkan dapat memberikan kontribusi bagi manajemen perusahaan dan pihak terkait dalam pengambilan keputusan strategis terkait pengelolaan biaya royalti.
Analisis Pengaruh Debt to Equity Ratio (DER) terhadap Profitabilitas (ROA) PT Bank Central Asia (BCA) Tbk Melania, Gita Paskah; Gunawan, Michelle Angela; Manurung, Elizabeth Tiur
Jurnal Pendidikan Tambusai Vol. 10 No. 1 (2026)
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jptam.v10i1.36421

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Debt to Equity Ratio (DER) terhadap profitabilitas yang diproksikan dengan Return on Assets (ROA) pada PT Bank Central Asia Tbk (PT BCA). Penelitian menggunakan pendekatan kuantitatif dengan metode regresi linier sederhana, di mana DER berperan sebagai variabel independen dan ROA sebagai variabel dependen. Data yang digunakan merupakan data keuangan periode pengamatan dengan total 32 observasi, yang diolah menggunakan perangkat lunak statistik. Hasil estimasi regresi menunjukkan bahwa Debt to Equity Ratio (DER) berpengaruh negatif dan signifikan terhadap Return on Assets (ROA). Koefisien regresi DER bernilai –4340,417, yang mengindikasikan bahwa peningkatan tingkat leverage perusahaan cenderung diikuti oleh penurunan profitabilitas. Nilai p-value sebesar 0,007 menunjukkan bahwa pengaruh DER terhadap ROA signifikan secara statistik pada tingkat signifikansi 5 persen. Temuan ini diperkuat oleh hasil uji ANOVA dengan nilai Significance F sebesar 0,007, yang menandakan bahwa model regresi secara keseluruhan signifikan dalam menjelaskan hubungan antara DER dan ROA. Nilai koefisien determinasi (R Square) sebesar 0,217 menunjukkan bahwa variasi DER mampu menjelaskan sekitar 21,7% variasi profitabilitas (ROA) PT BCA, sementara sisanya dipengaruhi oleh faktor lain di luar model, seperti efisiensi operasional, kualitas aset, kebijakan manajemen risiko, serta kondisi makroekonomi dan industri perbankan. Secara teoretis, hasil penelitian ini sejalan dengan Trade-Off Theory dan Pecking Order Theory, yang menyatakan bahwa penggunaan utang yang berlebihan dapat meningkatkan beban keuangan dan risiko perusahaan, sehingga berpotensi menekan kinerja profitabilitas. Dengan demikian, penelitian ini memberikan implikasi bahwa struktur pendanaan, khususnya pengelolaan leverage, merupakan faktor yang relevan dalam menentukan tingkat profitabilitas PT BCA. Temuan ini diharapkan dapat menjadi referensi bagi manajemen perusahaan dan investor dalam mengevaluasi kebijakan pendanaan serta kinerja keuangan perusahaan perbankan.
Pengaruh Perubahan Liabilitas Jangka Pendek terhadap Harga Saham PT Telekomunikasi Indonesia Tbk Simatupang, Rachel Nur Ruhama; Darmawan, Lauwrencia; Manurung, Elizabeth Tiur
Jurnal Pendidikan Tambusai Vol. 10 No. 1 (2026)
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jptam.v10i1.36438

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh liabilitas jangka pendek terhadap harga saham PT Telkom Indonesia Tbk sepanjang periode 2017–2024 dengan menggunakan pendekatan regresi linear sederhana. Variabel independen berupa liabilitas jangka pendek dianalisis untuk menilai sejauh mana perubahan struktur kewajiban jangka pendek perusahaan berkontribusi terhadap fluktuasi harga saham. Berdasarkan hasil estimasi, diperoleh koefisien regresi sebesar – 0,017203914 yang menunjukkan bahwa peningkatan liabilitas jangka pendek cenderung diikuti oleh penurunan harga saham. Nilai p-value sebesar 0,01773664 mengindikasikan bahwa pengaruh tersebut signifikan secara statistik pada tingkat signifikansi 5 persen. Temuan ini diperkuat oleh hasil uji ANOVA yang menunjukkan nilai Significance F sebesar 0,01773664, yang berarti bahwa model regresi secara keseluruhan signifikan dalam menjelaskan hubungan antara variabel. Nilai koefisien determinasi (R Square = 0,1848) menunjukkan bahwa 18,48% variasi harga saham PT Telkom Indonesia Tbk dapat dijelaskan oleh liabilitas jangka pendek, sementara sisanya dipengaruhi oleh faktor-faktor lain seperti dinamika kondisi makroekonomi, kebijakan industri telekomunikasi, sentimen pasar, serta kinerja operasional perusahaan. Secara teoritis, arah negatif koefisien konsisten dengan Trade-Off Theory, Pecking Order Theory, dan Signaling Theory, yang menjelaskan bahwa peningkatan kewajiban jangka pendek dapat memperbesar risiko likuiditas dan menurunkan persepsi investor terhadap stabilitas keuangan perusahaan. Signifikansi pengaruh yang ditemukan mengindikasikan bahwa investor memperhatikan perubahan liabilitas jangka pendek sebagai indikator penting dalam menilai prospek saham PT Telkom Indonesia Tbk.
PENGARUH TINGKAT SUKU BUNGA BANK INDONESIA TERHADAP HARGA SAHAM SEKTOR TEKNOLOGI Janet Revasapphira Susanto; Margareta Jane Widyawan; Elizabeth Tiur Manurung
Journal of Social and Economics Research Vol 7 No 2 (2025): JSER, December 2025
Publisher : Ikatan Dosen Menulis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/jser.v7i2.1134

Abstract

Studi ini bertujuan untuk menganalisis pengaruh Tingkat Suku Bunga Bank Indonesia terhadap Harga Saham di Sektor Teknologi di Indonesia, dengan menggunakan sampel harga saham pada index saham gabungan sektor teknologi. Pendekatan yang diterapkan dalam penelitian ini digunakan metode analisis regresi dengan memanfaatkan perangkat lunak SPSS. Pengujian menggunakan analisis regresi agar dapat mengetahui pengaruh variabel Tingkat suku bunga BI mempengaruhi nilai saham dalam sektor teknologi. Penelitian ini mengungkap bahwa tingkat suku bunga yang ditetapkan oleh Bank Indonesia memiliki pengaruh besar terhadap harga saham Sektor Teknologi dengan koefesien regresi sebesar -1366.91.
Co-Authors Abigail Tabitha Adriano, Mayang Gitakusumah Agave, Gabriella Laura Agnes Bintang Aguw , Anastasia Nicholine Christina Aguw, Anastasia Nicholine Christina Aisyah, Shiva Fitri Alexandra, Geraldine Eileen Alexandra, Leia Amelia Setiawan Anastasia, Cindy Andra Prabowo , Chaidir Andra, Chaidir Angela Felicitas Dei Angela Novita Sutanto Angeline Suhandra Dharma Anthony, Frankie Antonio Alfio Arthur Purboyo Atty Yuniawati Aulia, Yovanka Ghina Aurelia Eka Padma Sari Bunga Syalaisha Putri Camillo, Catherine Octaviani Catherine Yohanes Chintia Tanjung Kumala Chintia Tanjung Kumala Christian C. Henry Christian Sardjono, Nicholas Christiani, Amanda Mechtildis Christie, Florentina Brenda Christopher Chandra, Jhonathan Christy, Fransisca Ardieta Amabel Claudia Aurora Sembiring Darmawan, Lauwrencia Darwin Darwin Dea Alvindha Delfiana, Yemima Devi Roma Uli Sihombing Dewanti, Monica Paramita Ratna Putri Dhafin, Fadhlan Dumanauw, Ecclesia Natalia Ellenora Deanne Setiawan Elvina Putri, Anastasia Elvira Yapi Elvy Manurung Erica Waluya Eveline Joychristy Eveline Joychristy Felicia Tirta Kelana Felisia . Fidelis Apriani Francisca Widianti Oetomo Fransisca Elza Fransisca, Helena Gandi, Georgiana Charisima Gina Oktafiyanti Giovina Gloria Giselle Chang Giselle Chang Gleashella Aurellya Gunawan, Michelle Angela Hapsari, Caecilia Niken Inge Barlian Sundjaja Irma Kristin Sagala Iskandar, Sesilia Abigail Janet Revasapphira Susanto Javier, Laurentius Raymond Jesa Alexandra Louis Jonathan, Robert Josephine, Desy Marisi Junus, Clarissa Aleta Hartono Keisha Stephanie Keisha Stephanie Kezia Loerencia Khaliza, Lidya Adisti Ghaida Nur Kurnia, Josefina Aurelia Kurniati, Finy Destina Kurniawan, Jeanette Rachelina Laudhisa, Alexander Sandhika Putera Laurentius Raymond Javier Levithia Rinas Lianty, Fannyra Lijaya, Imelda Lili, Athanasia Adela Pratama Lim, Louis Lohy , Felicia Karen Annabel Marciano, Christian Margareta Jane Widyawan Mariana Cyntia Kustiawan Marshanda Salma Yolanda Marshaulina Sekar Mangunsong Maureen, Sharon Melania, Gita Paskah Melodious, Heavenly Meta Aulia Rizqi Mileta, Felisia Milian, Michelin Monica Paramita Ratna Putri Muliawati Muliawati Muliawati Muliawati Mulyawan, Sean Adi Nafralli, Vianka Zahra Nathanael Gunawan, Aurelius Nathanael Hermawan Nathaniel Yo Neyna Maharani Bahtiar Nur Alifa, Retno Aulia Nurzahrani, Siti Fathiyyah Oktaviani, Shelinda Oktavianus, Gevin Cristian Oktavianus, Yuliana Pandjaitan, Shilo Hasiholan Partadisastra, Aldo Erfolga Paulina Permatasari Pranoto, Madeline Guenevere Puji Astuti Rahayu Purba , Grace Amanda Sonata Putu Jovita Nareswary Rachel Nur Ruhama Simatupang Rahadi, Tanu Raissa Amanda Haryono Riffat Arrazi, Muhammad Sabella, Maria Emily Saputra Ziliwu, Michael Surya Sean Adi Mulyawan Setiawan, Aloysius Stanly Setiawan, Olivia Kristanti Sheila Virginia Sheila Virginia Sherly Mardina Lodani Silvia Silvia Simatupang, Rachel Nur Ruhama Siti Komariah Soetedjo, Louis Lewinsky Stevan Sukandi Suhardi, Sabina Revaliany Sulaiman, Patricia Bianca Susanty, Dewi Sutanto, Angela Novita Syafarina, Meidiana Mega Sylvia Fettry Tambi, Chika Febrine Tania Amara Ediyanto Tantya Adrianti Tarida Geraldine, Keisha Tjahjadi, Grace Natalia Tulis S. Meliala van Beekum, Axel Veronika Clara Setiawan Veronika Clara Setiawan Widodo, Audrey Pearlinathea Wijaya, Lauren Wulandari, Devita Yosefanny, Ellen Zefania Ongko, Adrianus ~ Muliawati