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PENGARUH PEMBIAYAAN MODAL KERJA DAN FINANCIAL CONSTRAINTS TERHADAP KINERJA PERUSAHAAN Yatazya Muzamil; Hersugondo Hersugondo
Jurnal Ekonomi Dan Bisnis Vol 24, No 2 (2021): JURNAL EKONOMI DAN BISNIS SEPTEMBER 2021
Publisher : Fakultas Ekonomi Universitas Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31941/jebi.v24i2.1601

Abstract

The purpose of this study is to examine the relationship between working capital financing and financial constraints for a sample of 109 non-financial firms in Indonesia. The study is based on secondary financial data of 109 Indonesian non-financial companies obtained from Bloomberg, pertaining to a period of 5 years (2015-2019). This study employs Generalized Method of Moments (GMM) as techniques. The findings show that working capital financing has a positive effect on firm performance. Results of the study confirm the inverted U-shape relationship between working capital financing and firm performance. In addition, the authors also found that financial constraints have a simultaneous effect on firm performance. The regression results also show the indicators of financial constraints, size, growth, and current ratio have a positive effect on the firm performance. Meanwhile, asset tangibility, age, and leverage have a negative effect on firm performance
Corporate Governance and Profitability: The Role of Cost of Capital as Mediation Eka Febiyanti; Hersugondo Hersugondo
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7548

Abstract

This study aims to analyze the effect of internal corporate governance mechanisms with the cost of capital as mediating variable and profitability as a dependent variable in companies listed on the Indonesia Stock Exchange during period 2015 to 2020. This study uses secondary data collected from Bloomberg's financial data and the company's annual report. A total of 807 companies as a population by sampling with purposive sampling method in order to obtain 300 companies from various sectors. The analysis method employs a structural equation model Structural Equation Modeling (SEM) based on the Partial Least Square (PLS). Based on hypothesis testing through the t-statistical test with a bootstrapping method, the results show that corporate governance has a positive relationship with profitability, and the cost of capital has a fully mediating role in the relationship between corporate governance and profitability.
Reaksi Pasar Modal Indonesia Terhadap Peristiwa Penguman PSBB DKI Jakarta wahyu irawan; James Andrew Hadiprajitno; H Hersugondo
E-Bisnis : Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 2 (2021): DESEMBER: Jurnal Ilmiah Ekonomi dan Bisnis
Publisher : STEKOM PRESS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/e-bisnis.v14i2.399

Abstract

This research was conducted to see whether there was an abnormal return before and after the Jakarta PSBB announcement. The sample was selected using a purposive sampling technique from 30 stocks that are members of the Jakarta Islamic Index (JII) in the 2020 period. The data in this study used secondary data, opening, and closing prices, and Composite Stock Price Index (IHSG). This research is an event study using an event study with an observation period of eight days, four days before the announcement and after the day after the announcement of the Jakarta PSBB. Hypothesis testing uses the Wilcoxon signed ranking test. Based on the research results, there was no change in abnormal return before and after the announcement of the Jakarta PSBB announcement
Penentu Profitabilitas Pada Perusahaan Properti, Real Estate, dan Kontruksi di Indonesia Dian Farhana; Hersugondo Hersugondo
Praxis : Jurnal Sains, Teknologi, Masyarakat dan Jejaring Vol 4, No 2: Maret 2022
Publisher : Soegijapranata Catholic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/praxis.v4i2.4697

Abstract

Keberlanjutan kegiatan usaha yang disertai dengan peningkatan kinerja dan keuntungan penting bagi perusahaan. Untuk itu perusahaan perlu untuk memahami berbagai variabel yang berpengaruh terhadap profitabilitas perusahaan. Penelitian ini dilakukan untuk mengetahui pengaruh dari beberapa variabel yang dipersepsikan sebagai faktor penentu profitabilitas perusahaan properti, real estate, dan kontruksi yang terdaftar dalam Bursa Efek Indonesia pada periode tahun 2016 – 2020, sampel yang dipilih menggunakan metode purposive dan diperoleh jumlah sampel sebanyak 21 perusahaan. Data yang digunakan adalah data sekunder. Metode analisis data yang digunakan adalah regresi OLS dan efek tetap dengan eViews. Hasil penelitian ini menunjukkan bahwa: terdapat hubungan negatif yang signifikan antara likuiditas, leverage, dan ukuran perusahaan terhadap profitabilitas, sedangkan aset tidak berwujud dan modal kerja tidak berpengaruh dengan profitabilitas.
Faktor-faktor yang mempengaruhi profitabilitas bank: Studi kasus bank yang terdaftar di BEI Hananta Awang Budiman; Hersugondo Hersugondo
Jurnal Riset Ekonomi dan Bisnis Vol 15, No 2 (2022): AGUSTUS
Publisher : Universitas Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26623/jreb.v15i2.5048

Abstract

Sebagai negara dengan perekonomian berbasis bank, stabilitas industri perbankannya menjadi hal yang sangat penting bagi Indonesia. Penentuan faktor apa yang mempengaruhi profitabilitas bank belum dapat dipastikan, oleh karena itu penelitian ini dilakukan.  Penelitian ini bertujuan untuk melihat dampak determinan internal bank dan determinan makroekonomi pada indikator profitabilitas yaitu return on asset (ROA) dan rasio net interest margin (RNIM). Penelitian ini berfokus pada pengaruh determinan internal bank (Liquidity, Leverage, CAR, dan NPL) dan faktor makroekonomi (PDB, Inflasi, dan BI Rate). Yang membedakan penelitian ini dengan sejenis adalah pada penelitian ini ingin melihat variabel fundamenl atau makroekonomi yang lebih mempengaruhi profitabilitas bank. Sampel penelitian mencakup bank-bank Indonesia terpilih dan analisis empiris mencakup periode 2015-2019.  Dengan menggunakan metode Pooled Least Square (PLS) untuk memperkirakan model profitabilitas, dengan (ROA) dan RNIM sebagai variabel dependen. Hasilnya menunjukkan pengaruh positif Liquidity, Capital Adequacy Ratio (CAR), dan Inflasi terhadap ROA dan RNIM. Kemudian, Leverage berpengaruh positif hanya pada ROA, dan Non-Performing Loan (NPL) berpengaruh negatif hanya terhadap ROA.As a country with a bank-based economy, the banking industry is very important for Indonesia. Determining what factors affect bank profitability cannot be ascertained, therefore this research was conducted. This study aims to examine the impact of bank internal determinants and macroeconomic determinants on profitability indicators, namely return on assets (ROA) and net interest margin ratio (RNIM). This study focuses on the influence of the bank's internal determinants (Liquidity, Leverage, CAR, and NPL) and macroeconomic factors (GDP, Inflation, and BI Rate). What distinguishes this research from other types of research is that this research wants to see the fundamental or macroeconomic variables that influence bank profitability more. The research sample includes selected Indonesian banks, and the empirical analysis covers the 2015-2019 period. By using the Pooled Least Square (PLS) method to estimate the profitability model, with (ROA) and RNIM as dependent variables. The results show the positive effect of Liquidity, Capital Adequacy Ratio (CAR), and Inflation on ROA and RNIM. Then, Leverage only has a positive effect on ROA, and Non-Performing Loans (NPL) only has a negative effect on ROA.
UPAYA MENGUATKAN DAYA SAING INDUSTRI PRODUK OLAHAN BANDENG GUNA MENINGKATKAN PENDAPATAN MASYARAKAT KABUPATEN KENDAL Sugeng Wahyudi; Suharnomo; Hersugondo; Rio Dhani Laksana; Sri Supriyati; Daryono Daryono; Sigit Febrianto
Jurnal Visi Manajemen Vol. 6 No. 1 (2020): Jurnal Visi Manajemen
Publisher : Sekolah Tinggi Ilmu Ekonomi Pariwisata Indonesia Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (875.625 KB) | DOI: 10.56910/jvm.v6i1.110

Abstract

Kabupaten Kendal merupakan salah satu sentra penghasil bandeng dan produk olahannya yaitu bandeng presto, otak-otak bandeng, bandeng tanpa duri dan produk olahan lainnya. Meskipun telah menjadi produk unggulan di Kabupaten Kendal, produk bandeng dan olahannya kerap mengalami permasalahan terkait kontinuitas produksi, kualitas serta pemasaran hasil budidayanya. Tujuan umum program adalah untuk menghimpun informasi terkait kondisi terkini teknologi pangan berbasis bandeng (bandeng presto, otak-otak bandeng dan bandeng tanpa duri), manajemen wirausaha terpadu dan terintegrasi (manajemen produksi, sumber daya manusia, keuangan, pemasaran), analisis usaha bagi industri mitra, pengembangan konsep wilayah sebagai sentra wisata edukasi dan kuliner bandeng; 3) Penyediaan peralatan pengolahan produk bagi industri mitra dan instrument untuk pengembangan budidaya bandeng bagi petani bandeng 4) Penerapan teknologi, pelatihan, dan pendampingan usaha produksi pangan berbasis bandeng bagi industri mitra dan pengembangan budidaya bagi petani bandeng serta pengembangan wisata edukasi dan kuliner bandeng; 5) pengembangan inkubator bisnis olahan pangan berbasis bandeng serta wisata edukasi dan kuliner bandeng.
The Analysis Effect Of Commodities Crude Oil and Coal In Indonesia Stock Exchange H. Hersugondo; Rio Dhani Laksana; Viviana Mayasari
Performance: Jurnal Personalia, Financial, Operasional, Marketing dan Sistem Informasi Vol 26 No 2 (2019): Performance
Publisher : Faculty of Economics and Business Universitas Jenderal Soedirman

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Crude oil is a commodity and major world needs today. Since the historic collapse of Lehman Brothers helped precipitate the global economic crisis in the spring of 2008, a strong positive correlation between the price of crude oil continues to appear and the global stock markets, including the stock exchanges in Indonesia. This happens due to capital market investors assume that rising energy prices are a sign of the increasing global demand objective of this study was to determine the effect of crude oil prices and the price of coal on JCI in the Stock Exchange in the period 2012 -2017. This study will use a time series data analysis tool Vector Autoregression approach. VAR model approach is considered more suitable for detecting a mutual relationship or a dynamic two-way causality between variables in world crude oil prices, the price of gold and the price of coal on the stock price index of the mining sector in the system of equations
Pengaruh Karakteristik Dewan terhadap Kinerja Perusahaan Bangkit Amukti; Hersugondo Hersugondo
Tirtayasa Ekonomika Vol 17, No 2 (2022)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jte.v17i2.15198

Abstract

Penelitian ini bertujuan untuk mempelajari pengaruh antara karakteristik dewan (ukuran dewan, independensi dewan, dan persentase gender) dengan kinerja perusahaan LQ45 yang terdaftar dari 2015-2020 berturut-turut. Pengukuran kinerja perusahaan menggunakan dua pendekatan, yaitu pendekatan akuntansi (ROA) dan pendekatan pasar (Market to Book Value/MTB). Dengan mengaplikasikan regresi data panel dapat diketahui bahwa ukuran dewan berpengaruh terhadap ROA, independensi dewan berpengaruh signifikan terhadap MTB. Sementara persentase gender tidak memiliki pengaruh signifikan terhadap ROA maupun MTB.
Analisis Pengaruh Environment, Social, Governance (ESG) Disclosure Terhadap Kinerja Keuangan Perusahaan Naufal Adi Nugroho; Hersugondo Hersugondo
E-Bisnis : Jurnal Ilmiah Ekonomi dan Bisnis Vol 15 No 2 (2022): DESEMBER: Jurnal Ilmiah Ekonomi dan Bisnis
Publisher : STEKOM PRESS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/e-bisnis.v15i2.810

Abstract

This case study discusses the effect of Environmental Disclosure (EVN), Social Disclosure (CSR), Governance Disclosure (CG) and Environmental, Social, Governance (ESG) disclosure on company performance, using control variables including asset turnover and asset growth. The variables that will be used in this study are the dependent variable (Return on Assets), independent variables (ESG disclosure, EVN disclosure, CSR disclosure, and Corporate Govenance Disclosure), and control variables (asset turnover and asset growth). The population in this sample will use manufacturing companies listed on the Indonesia Stock Exchange with a range of 2016-2020. Samples will be taken by purposive sampling method. Based on purposive sampling, it was found that there were 25 manufacturing companies listed on the IDX (2016-2020) that had complete data. The data analysis method used in this research is multiple regression analysis. In addition, this research also uses statistical techniques to test the hypothesys proposed in this study, namely panel data using SPSS. This study found that overall ESG Disclosure has a significant positive effect on company performance and CSR Disclosure has a significant negative effect on company performance.
CORPORATE GOVERNANCE DAN PROFITABILITAS: PERAN BIAYA MODAL SEBAGAI VARIABEL MEDIASI Eka Febiyanti; Hersugondo Hersugondo
Diponegoro Journal of Management Volume 11, Nomor 3, Tahun 2022
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to analyze the effect of the internal mechanism of corporate governance consisting of the size of the board of directors and the size of the board of commissioners empirically on profitability as measured by return on assets (ROA). This study uses the cost of capital to be tested as a mediating variable between the independent and dependent variables. The study used companies listed on the Indonesia Stock Exchange during the period 2015 to 2020.This study uses secondary data collected from Bloomberg financial data and the company's annual report. A total of 807 companies as a population by sampling with purposive sampling method in order to obtain 300 companies from various sectors. This research combines time series data with cross section. The analysis method uses multiple regression analysis and path analysis to see the influence between the independent and dependent variables and the role of the mediating variable. Based on the hypothesis testing regression analysis, the research results show that corporate governance which consists of the size of the board of directors has a significant negative effect on the cost of capital and the size of the board of commissioners has a positive and insignificant effect on the cost of capital. The cost of capital has no significant positive effect on ROA while the size of the board of directors and commissioners has a positive and significant effect on ROA. Then the cost of capital cannot mediate the effect of the size of the board of directors and the size of the board of commissioners on the company's profitability as measured by return on assets (ROA).