Articles
<![CDATA[Financial Distress During the Covid-19 Pandemic:Altman and Springate Model Prediction ]]>
<![CDATA[Herdiansah Andri]]>;
<![CDATA[Ekayana Sangkasari Paranita]]>
<![CDATA[ Journal of Applied Management Research Vol 3, No 2 (2023) ]]>
Publisher : <![CDATA[The Graduate School of Sahid University ]]>
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DOI: 10.36441/jamr.v3i2.2020
<![CDATA[The purpose of this research is to analyze the prediction of financial distress of retail trade companies. This research chose to use the Altman and Springate Models since both of them are the most accurate and conservative models to predict. The calculation of the Altman and Springate Score is based on an equation formula for data in the period before and during the Covid-19 pandemic. The Altman’s Score is grouped in the Safe Zone, Grey Area, and Financial Distress; while the Springate’s Score is grouped in the Safe Zone and Financial Distress categories. Altman Model Analysis stated that most of the companies experienced decreased scores, the company's financial performance during Covid-19 pandemic was predicted financial distress and belonged to the Grey Zone category than before Covid-19 pandemic. Springate Model Analysis states that all companies have decreased scores, and the company's financial performance during Covid-19 pandemic is predicted financial distress than before Covid-19 pandemic. Springate Model revealed a more conservative indicator, but both models stated there are still several companies in the Safe Zone category to continue their business. The originality of this research is focused on the retail trade companies as the most affected industry by Covid-19 pandemic. In addition, this research analyzes financial distress based on the Altman Z-Score and Springate Model as the most powerful model to predict.]]>
<![CDATA[Empowerment of Homestay Owners for Business Standards Fulfilment ]]>
<![CDATA[Levyda, Levyda]]>;
<![CDATA[Ekayana Sangkasari Paranita]]>;
<![CDATA[Giyatmi Giyatmi]]>
<![CDATA[ Jurnal Pemberdayaan Masyarakat Madani (JPMM) Vol. 4 No. 1 (2020): Jurnal Pemberdayaan Masyarakat Madani (JPMM) (DOAJ & SINTA 3 Indexed) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Negeri Jakarta ]]>
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DOI: 10.21009/JPMM.004.1.04
<![CDATA[Increasing the number of tourists to Harapan Island in the Kepulauan Seribu triggers an increase in the number of homestays. But there are still many homestays that do not meet operational standards. The purpose of empowerment is to increase the capability of homestay owners in meeting business standards. The analytical method used is a method of self reflection. The participants are guided by the facilitators for self-reflection on the homestay and its management. Most homestays have two rooms. Most homestays are separate from where the owner lives, only a few offer homestays with the owner. Most homestays do not have signage, do not provide kitchen facilities for guests, and have no complaint records. The majority of homestay owners have not yet attended homestay and ‘sapta pesona’ training. The interaction between homestay owners and guests is relatively low because most guests book rooms through travel agents. Therefore, most homestay owners do not record guest identity. Most homestay owners also do not have a special room for administrative activities, and do not do regular guest and financial administration activities. The capabilities of homestay owners in meeting business standards vary so that empowerment activities are strongly recommended.]]>
<![CDATA[Pengaruh rasio keuangan terhadap earnings management perusahaan sektor basic materials di Indonesia ]]>
<![CDATA[Lie, Angela Sarah]]>;
<![CDATA[Paranita, Ekayana Sangkasari]]>
<![CDATA[ Jurnal Manajemen Bisnis dan Kewirausahaan Vol 7 No 6 (2023): Jurnal Manajemen Bisnis dan Kewirausahaan ]]>
Publisher : <![CDATA[Universitas Tarumanagara ]]>
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DOI: 10.24912/jmbk.v7i6.24388
<![CDATA[This study aims to determine the variables of profitability, leverage, and firm size in raw material sector companies that are officially listed on the Indonesia Stock Exchange, especially in 2017-2021 as the study population. The reason for choosing companies from the basic material sector as research is because they have a high enough opportunity to carry out earning management actions when presenting their company's financial reports using the available accounting methods. Purpose sampling is the method used in sampling 27 companies with a total of 135 financial report data originating from www.idx.co.id. The analytical method used is panel data regression analysis with the help of statistical applications EViews 12. The results with a significance level of 10 percent show that profitability has a significant positive effect on earning management. The results of the study with a significance level of 5 percent indicate that leverage has a significant positive effect on earning management. The results of the study with a significance level of 5 percent show that leverage has a significant negative effect on earning management. The results of this study have implications: For Investors: To avoid company earnings management, investors should pay attention to the amount of profitability, leverage, and firm size generated by the company. For Companies: Companies should adhere to professional ethics in disclosing financial statements by avoiding fraudulent actions through earnings management, for example by applying the principles of good corporate governance. Penelitian ini bertujuan untuk mengetahui variabel profitability, leverage, dan firm size pada perusahaan sektor bahan baku yang secara resmi terdaftar di Bursa Efek Indonesia khususnya pada tahun 2017-2021 sebagai populasi penelitian. Alasan terpilihnya perusahaan dari sektor basic material sebagai penelitian karena memiliki peluang cukup tinggi demi melakukan tindakan earning management saat menyajikan laporan keuangan perusahaannya dapat menggunakan metode akuntansi yang tersedia. Purpose sampling adalah metode yang digunakan dalam pengambilan sampel kepada 27 perusahaan total 135 data laporan keuangan yang berasal dari www.idx.co.id. Metode analisis yang digunakan adalah analisis regresi data panel dengan bantuan aplikasi statistik EViews 12. Hasil penelitian dengan tingkat signifikansi 10 persen menunjukkan bahwa profitability secara signifikan berpengaruh positif earning management. Hasil penelitian dengan tingkat signifikansi 5 persen menunjukkan bahwa leverage secara signifikan berpengaruh positif earning management. Hasil penelitian dengan tingkat signifikansi 5 persen menunjukkan bahwa leverage secara signifikan berpengaruh negatif earning management Hasil penelitian ini memberikan implikasi: Bagi Investor: Untuk menghindari earnings management perusahaan, investor sebaiknya memperhatikan besarnya profitability, leverage, dan firm size yang dihasilkan oleh perusahaan. Bagi Perusahaan: Perusahaan hendaknya memegang etika profesionalitas dalam mengungkapkan laporan keuangan dengan menghindari tindakan kecurangan melalui earnings management, misalnya dengan menerapkan prinsip-prinsip tata kelola perusahaan yang baik.]]>
<![CDATA[Contribution of Financial Performance to Profit Growth In the Primary Goods Retail Trade Subsector Companies ]]>
<![CDATA[Sirait, Clara Victoria]]>;
<![CDATA[Paranita, Ekayana Sangkasari]]>
<![CDATA[ Journal of Applied Management Research Vol 4, No 1 (2024) ]]>
Publisher : <![CDATA[The Graduate School of Sahid University ]]>
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DOI: 10.36441/jamr.v4i1.2188
<![CDATA[This research aims to determine the contribution of financial performance to Profit Growth. Financial performance is measured based on liquidity, solvency, profitability, and activity ratios, while CAGR (Compound Annual Growth Rate) measures profit growth. The research object is primary goods retail trading subsector companies listed on the Indonesia Stock Exchange in 2019-2022 when this subsector experienced fluctuations in profit growth. The research population was 13 primary goods retail trade subsector companies. Based on purposive sampling, 10 companies met the criteria, so there were 40 observations in 4 years. The data analysis technique is panel data regression. The model estimation test shows that the Fixed Effect Model is the best model in this research. The research findings show that partially the Current Ratio, Debt to Equity Ratio, Return On Equity, and Total Asset turnover do not have a significant effect on profit growth. Still, simultaneously all of these independent variables have a significant effect on profit growth.]]>
<![CDATA[Peningkatan Literasi Keuangan di Kampung Makan Rafel’s Jakarta Barat ]]>
<![CDATA[Paranita, Ekayana Sangkasari]]>;
<![CDATA[Syukron Harahap, Azami]]>
<![CDATA[ International Journal of Community Service Learning Vol. 4 No. 3 (2020): August 2020 ]]>
Publisher : <![CDATA[Universitas Pendidikan Ganesha ]]>
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DOI: 10.23887/ijcsl.v4i3.28858
<![CDATA[Kampung Makan Rafel’s merupakan Pujasera kecil di Jakarta Barat yang tenant dan pengelolanya mengalami kesulitan operasional karena rendahnya perputaran kas. Para tenant dan pengelola belum kenal sumber pembiayaan terpercaya, belum paham pengelolaan keuangan, dan belum paham investasi. Rendahnya tingkat literasi keuangan sangat memprihatinkan karena beresiko buruk terhadap kelangsungan usaha. Program pengabdian kepada masyarakat ini bertujuan meningkatkan literasi keuangan para tenant dan pengelola Kampung Makan Rafel’s. Metode dalam edukasi literasi keuangan meliputi persiapan, pendampingan literasi keuangan, serta monitoring dan evaluasi. Program pendampingan literasi keuangan menghasilkan kemajuan positif terbukti dari peserta paham produk dan jasa keuangan, muncul kesadaran menabung, terampil mengisi buku kas sebagai sarana perencanaan keuangan, dan paham instrumen investasi yang aman. Hal ini berimplikasi bahwa para tenant dan pengelola Kampung Makan Rafel’s sebaiknya tetap dipantau literasi keuangannya, sehingga dapat mempertahankan usahanya secara berkesinambungan.]]>
<![CDATA[Financial Distress During the Covid-19 Pandemic:Altman and Springate Model Prediction ]]>
<![CDATA[Andri, Herdiansah]]>;
<![CDATA[Paranita, Ekayana Sangkasari]]>
<![CDATA[ Journal of Applied Management Research Vol. 3 No. 2 (2023) ]]>
Publisher : <![CDATA[The Graduate School of Sahid University ]]>
Show Abstract
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Download Original
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Original Source
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DOI: 10.36441/jamr.v3i2.2020
<![CDATA[The purpose of this research is to analyze the prediction of financial distress of retail trade companies. This research chose to use the Altman and Springate Models since both of them are the most accurate and conservative models to predict. The calculation of the Altman and Springate Score is based on an equation formula for data in the period before and during the Covid-19 pandemic. The Altman’s Score is grouped in the Safe Zone, Grey Area, and Financial Distress; while the Springate’s Score is grouped in the Safe Zone and Financial Distress categories. Altman Model Analysis stated that most of the companies experienced decreased scores, the company's financial performance during Covid-19 pandemic was predicted financial distress and belonged to the Grey Zone category than before Covid-19 pandemic. Springate Model Analysis states that all companies have decreased scores, and the company's financial performance during Covid-19 pandemic is predicted financial distress than before Covid-19 pandemic. Springate Model revealed a more conservative indicator, but both models stated there are still several companies in the Safe Zone category to continue their business. The originality of this research is focused on the retail trade companies as the most affected industry by Covid-19 pandemic. In addition, this research analyzes financial distress based on the Altman Z-Score and Springate Model as the most powerful model to predict.]]>
<![CDATA[Utilization of Rice Washing Water to Enhance Growth and Fertility of Home Garden Plants ]]>
<![CDATA[Tatan Sukwika]]>;
<![CDATA[Paranita, Ekayana Sangkasari]]>
<![CDATA[ ETHOS: Jurnal Penelitian dan Pengabdian kepada Masyarakat Vol. 13 No. 2 (2025): (Juni, 2025) Ethos: Jurnal Penelitian Dan Pengabdian Kepada Masyarakat (Sains ]]>
Publisher : <![CDATA[UPT Publikasi Ilmiah UNISBA ]]>
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DOI: 10.29313/ethos.v13i2.6836
<![CDATA[This community service program aims to educate the public about the potential of rice washing water as a nutrient-rich Liquid Organic Fertilizer (LOF), replacing chemical fertilizers that harm soil and the environment. Through participatory training, participants are taught fermentation techniques to convert household waste into LOF rich in carbohydrates, vitamins, and minerals. The program includes socialization on the dangers of chemical fertilizers, hands-on LOF production practices, and regular mentoring to optimize home gardens. Evaluation results show significant improvements in participants' understanding: the percentage of Strongly Agree responses regarding general LOF knowledge rose from 22% to 53%, and the ability to formulate LOF improved by 36%. Participants successfully utilized their home gardens to grow organic vegetables at lower costs and with healthier yields. This program not only reduces reliance on chemical fertilizers but also promotes household economies and environmental sustainability. Through a learning-by-doing approach, communities have become self-reliant in managing waste and implementing small-scale organic farming.]]>
<![CDATA[The Dynamics of the Influence of Investor Sentiment on Capital Market Volatility in a Behavioral Finance Perspective ]]>
<![CDATA[Dalimunthe, Fahmi Roy]]>;
<![CDATA[Paranita, Ekayana Sangkasari]]>;
<![CDATA[Suhara, Ade]]>
<![CDATA[ Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 3 (2025): Dinasti International Journal of Economics, Finance & Accounting (July-August 2 ]]>
Publisher : <![CDATA[Dinasti Publisher ]]>
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DOI: 10.38035/dijefa.v6i3.4558
<![CDATA[The dynamics of investor sentiment play a crucial role in the formation of capital market volatility, especially when psychological factors distort the supposedly rational decision-making process. In the perspective of behavioral finance, market behavior is influenced by collective emotions, cognitive biases, and information imperfections, which directly affect asset price movements and market stability. A secondary data-driven analysis from the period 2018 to 2023 of Indonesia's capital market indices indicates a significant correlation between fluctuations in investor sentiment and the level of market volatility. With the ARCH-GARCH model approach, it was identified that a surge in positive sentiment tends to increase volatility in the short term due to the overreaction effect, while the dominance of negative sentiment is associated with more prolonged selling pressure due to the influence of loss aversion and herding behavior. These findings reinforce the argument that markets are not entirely informationally efficient, but rather are heavily influenced by the collective perceptions and psychology of market participants. The implications of this study include the need to strengthen financial literacy based on investor psychology, reformulation of risk management strategies by market participants, and the development of policy instruments that are able to anticipate behavioral deviations from market rationality.]]>
<![CDATA[Financial Performance of Health Service Providers Sub-Industry Companies Before and During the Covid-19 Pandemic ]]>
<![CDATA[Fiscarina, Keke Dana]]>;
<![CDATA[Paranita, Ekayana Sangkasari]]>
<![CDATA[ Journal of Applied Management Research Vol. 3 No. 1 (2023) ]]>
Publisher : <![CDATA[The Graduate School of Sahid University ]]>
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DOI: 10.36441/jamr.v3i1.1648
<![CDATA[This study aims to analyze differences in financial performance before and during the Covid-19 pandemic based on liquidity, solvency, profitability, and activity ratios. The novelty of this research is a comprehensive analysis of financial performance before the Covid-19 pandemic compared to performance during the Covid-19 pandemic at the beginning of the period, namely 2020 until the second year of the pandemic, namely 2021. The research population is fourteen health service provider sub-industry companies listed on the Indonesia Stock Exchange. Based on the purposive sampling method, nine companies were selected as samples. Data sources are secondary data in the form of balance sheets and income statements. Liquidity performance is measured by the Current Ratio, solvency performance is measured by the Debt to Equity Ratio, profitability performance is measured by Return on Equity, and activity performance is measured by Total Assets Turnover. The analysis technique includes the normality test with the Kolmogorov-Smirnov test and hypothesis testing using the paired sample t-test. The results of the study concluded that there were no significant differences in liquidity, solvency, and activity performance before and during the first and second years of the Covid-19 pandemic. As for the profitability performance, it has been proven that there is a significant difference, namely that the performance during the first and second years of the Covid-19 pandemic was relatively higher than before the Covid-19 pandemic]]>
<![CDATA[Contribution of Financial Performance to Profit Growth In the Primary Goods Retail Trade Subsector Companies ]]>
<![CDATA[Sirait, Clara Victoria]]>;
<![CDATA[Paranita, Ekayana Sangkasari]]>
<![CDATA[ Journal of Applied Management Research Vol. 4 No. 1 (2024) ]]>
Publisher : <![CDATA[The Graduate School of Sahid University ]]>
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DOI: 10.36441/jamr.v4i1.2188
<![CDATA[This research aims to determine the contribution of financial performance to Profit Growth. Financial performance is measured based on liquidity, solvency, profitability, and activity ratios, while CAGR (Compound Annual Growth Rate) measures profit growth. The research object is primary goods retail trading subsector companies listed on the Indonesia Stock Exchange in 2019-2022 when this subsector experienced fluctuations in profit growth. The research population was 13 primary goods retail trade subsector companies. Based on purposive sampling, 10 companies met the criteria, so there were 40 observations in 4 years. The data analysis technique is panel data regression. The model estimation test shows that the Fixed Effect Model is the best model in this research. The research findings show that partially the Current Ratio, Debt to Equity Ratio, Return On Equity, and Total Asset turnover do not have a significant effect on profit growth. Still, simultaneously all of these independent variables have a significant effect on profit growth.]]>
