Articles
<![CDATA[VALUE-ADDED CREATION IN FINANCIAL PERSPECTIVE BY COLLABORATION OF INTELLECTUAL CAPITAL AND CORPORATE POLICY ]]>
<![CDATA[Iswari, Hanif Rani]]>;
<![CDATA[Salim, Ubud]]>;
<![CDATA[Djazuli, Atim]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 17 No. 4 (2019) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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DOI: 10.21776/ub.jam.2019.017.04.20
<![CDATA[This study aimed to analyse and test the creation of optimisation value-added by intellectual capital that collaborates with company policies in the property and real estate sector companies listed on the Indonesia Stock Exchange. The sampling method uses purposive sampling and obtained sample of 15 companies. This study uses path analysis. Intellectual capital is measured by Value Added Intellectual Coefficient (VAIC); Funding decisions are measured by Debt to Equity Ratio (DER); Dividend decisions are measured by Dividend Payout Ratio (DPR); Investment decisions are measured using a combined Investment Opportunity Set (IOS). The value of the firm is measured using Tobin's Q, and the financial performance is measured using Return on Assets (ROA). The results of this study conclude that intellectual capital can improve financial performance but reduce the value of the firm. Funding decisions and dividend decisions reduce financial performance, but investment decisions improve financial performance. Only dividend decisions can increase value of the firm, while investment decisions reduce value of the firm. Even funding decisions do not affect value of the firm. Financial performance has not been able to mediate the flow of value-added creation. From the results of the study, the flow of creating value-added from intellectual capital supported by company policy through the financial performance in property and real estate companies has not been able to increase value of the firm optimally.]]>
<![CDATA[Lifting, Harga Minyak, Cost Recovery dan Pengaruhnya terhadap Dana Bagi Hasil Antara Pemerintah Pusat Dan Daerah Penghasil (Studi pada Industri Migas di Provinsi Riau) ]]>
<![CDATA[Saleh, Abdul Kadir]]>;
<![CDATA[Idrus, M. Syafi'i]]>;
<![CDATA[Salim, Ubud]]>;
<![CDATA[Setiawan, Margono]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 9 No. 4 (2011) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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<![CDATA[This study is aimed at the analysis of lifting, oil price, fund revitalization, and government revenues, it is also aimed at the analysis on the effect on oil and gas allocation received by the Local Government. Questionnaires were distributed directly to all census elements in the Office of Mining and Energy from a sample of seven regional districts of oil and gas producer areas in the province of Riau. The result of the analysis found that lifting the price of oil and fund revitalization has positive and significant impacts on government revenues. Lifting, oil price, and fund revitalization have both positive and negatif impact on oil and gas product allocation received by Local Government. II, therefore, can be concluded that lifting, oil prices, and fund revitalization potentially have equal proportion to the change of government revenue and product allocation. Meanwhile, changes in government revenue are inversely proportional to changes in fund revitalization. Due to increasing government revenues, the oil and gas producer regions increasingly consider the injustice of fund revitalization revenue.]]>
<![CDATA[Pengaruh Struktur Kepemilikan terhadap Kinerja Finansial dan Operasional, Keunggulan Daya Saing Berkelanjutan Berdasarkan Reputasi Ukuran Akuntansi, dan Kinerja Pasar (Studi pada BUMN Tbk) ]]>
<![CDATA[Lubis, Tona Aurora]]>;
<![CDATA[Salim, Ubud]]>;
<![CDATA[Djumahir, Djumahir]]>;
<![CDATA[Sudarma, Made]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 9 No. 4 (2011) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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<![CDATA[This research analyzes and explains comprehensively the effects of ownership structure on financial and operational performance, on sustainable competitive advantage based on accountancy measurement reputation, and on market performance in Indonesia's privatized SOEs (BUMN Tbk). The samples of this study were selected using the purposive sampling method with the type judgment sampling. The criteria for sample selection were: privatized SOEs which are non-backing sector, privatized SOEs having state owned stock/share more than 51%, and privatized SOEs doing Initial Public Offering (IPO) before 2007. The samples of this research were 9 privatized SOEs. The data analysis was conducted using inferential statistic analysis. Inferential statistical analysis used Structural Equation Modeling (SEM) causality based on components or variance. SEM causality analysis, known as Partial Least Square (PLS), is performed using SmartPLS version 1.10 software. The research result shows that: (1) the increase of public ownership in ownership structure can improve financial and operational performance; (2) the increase of public ownership in ownership structure can improve sustainable competitive advantage based on accountancy measurement reputation; (3) the increase of public ownership in ownership structure is unable to improve market performance; (4) the improvement in financial and operational performance can improve market performance; (5) the improvement in financial and operational performance can sustainable competitive advantage based on accountancy measurement reputation; and (6) the improvement of sustainable competitive advantage based on accountancy measurement reputation is unable to improve market performance.]]>
<![CDATA[OUTSOURCING AND TRUST TOWARDS USERS' SATISFACTION THROUGH THE COMPANY'S PERFORMANCES IN PUTRA MENTARI INCORPORATION ]]>
<![CDATA[Finarsih, Eldining Wahyu]]>;
<![CDATA[Setiawan, Margono]]>;
<![CDATA[Salim, Ubud]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 21 No. 1 (2023) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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DOI: 10.21776/ub.jam.2023.021.1.15
<![CDATA[This research was conducted on how the company's performance affected the company's satisfaction. The purpose of this study is to determine whether outsourcing and trust affect user company satisfaction through company performance as a mediation, whether it has a significant effect or not. The method used for this research was descriptive quantitative. The data were collected by spreading close questionnaires to Gracia Optima Incorporation Inc. and Bintang Prima Kemasindo Inc. as the clients of Putra Mentari Inc., an outsourcing company. In this study, PT Gracia Optima Masterpro and PT Bintang Prima Kemasindo are the populations, and samples were taken from 33 samples from both companies. This study used a saturated sampling technique using all the leaders and staff in both companies. The result showed that trust and good outsourcing given by Putra Mentari Inc. were the keys to getting the clients' satisfaction. It is hoped that the next research can break down the outsourcing variables and package them in more detail and specifically related to the work contract. Trust is one of the most influencing factors that outsourcing companies must maintain to keep the cooperation running for such a long period. It is also supported by good performance. This research could also function as a new insight into future research about the theories, trust, satisfaction, and performance in outsourcing practices.]]>
<![CDATA[THE EFFECTS OF FOREIGN DIRECT INVESTMENT AND PROFITABILITY ON THE STOCK RETURNS ]]>
<![CDATA[Metyopandi, Vierkury]]>;
<![CDATA[Salim, Ubud]]>;
<![CDATA[Aisjah, Siti]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 21 No. 2 (2023) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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DOI: 10.21776/ub.jam.2023.021.02.11
<![CDATA[This research aimed to identify how to examine and analyze the effects of foreign direct investment and profitability on the stock returns in manufacturing companies registered on IDX during 2016-2018. The total population was 91 companies registered and filtered into 32 registered companies according to the sample criteria and analyzed through Eviews 10 software. The research result referred that the foreign direct investment received by multinational companies could not yet affect stock return directly. Also, foreign direct investment was not able to influence the return on asset (ROA), but it was able to affect the return on equity (ROE). Further, ROA was not able to affect the increase of stock returns, while ROE was able to affect the rise of stock returns. Another research finding showed that ROE was the only one that could be a mediation variable in the relationship between foreign direct investment affecting stock returns. At the same time, ROA could not be a mediation variable. For the next studies, the researchers suggested exploring the other financial performance variables suited to foreign direct investment to affect the stock returns. In practice implication from this research, the investors must see how strong the capital owned by a company that accepts foreign direct investment and the relation, how the capital they receive can improve or maintain the company's financial performance within a certain period of time.]]>
<![CDATA[AN EMPIRICAL ANALYSIS OF FACTORS INFLUENCING PERFORMANCE OF SHARIAH MUTUAL FUNDS IN INDONESIA ]]>
<![CDATA[Marsono, A. Dewantoro]]>;
<![CDATA[Salim, Ubud]]>;
<![CDATA[Ratnawati, Kusuma]]>;
<![CDATA[Aisjah, Siti]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 20 No. 4 (2022) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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DOI: 10.21776/ub.jam.2022.020.04.11
<![CDATA[This paper aims to identify the factors that affect the performance of shariah mutual funds. This study uses SEM to test the factors that hypothetically influence mutual fund performance, namely mutual fund manager skills, characteristics, and analyst coverage. This study uses a sample of 45 mutual funds registered with the OJK [financial services authority] for at least three years: equity funds, fixed-income funds, and mixed funds. The results indicate that fund manager skills negatively influence mutual fund performance but not significantly. In addition, the characteristics positively affect the mutual fund performance but are insignificant. Last, analyst coverage is positively influencing the mutual fund performance significantly. The results provide information that would benefit the investors in predicting the performance of shariah mutual funds and the fund managers to improve the performance of their managed funds. Further research will ascertain the inability of market-timing skills and asset allocation strategies to improve mutual fund performance.]]>
<![CDATA[EFFECT OF DEBT, FIRM SIZE, AND DIVIDEND POLICY ON FIRM VALUE MEDIATED BY CASH HOLDINGS ]]>
<![CDATA[Putra, Hasannudin Nursalim]]>;
<![CDATA[Salim, Ubud]]>;
<![CDATA[Aisjah, Siti]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 21 No. 4 (2023) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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DOI: 10.21776/ub.jam.2023.021.04.15
<![CDATA[The context of this study focuses on the benefits of debt usability, firm size, and dividend policy in increasing the value of cash-mediated companies in LQ45 companies for the period 2017-2020. This study aims to find out and analyze the effect of debt, firm size, and dividend policy on the firm's value, either directly or indirectly, through the mediation of cash holdings. The samples in this study are LQ45-indexed companies from 2017-2020. The samples in this study fall into the purposive sampling category, where respondents are selected based on the criteria specified in this study. The sample numbered 24 companies that can be processed. The analysis method used is descriptive analysis and regression of panel data using the Eviews 10 software application. The results showed that increasing the firm's size will decrease the firm's value while increasing the dividend policy will increase the firm's value. Debt and cash holdings are unable to affect the value of the firm. In addition, only variable debt can negatively affect cash holdings, while the size of the firm and its dividend policy cannot affect cash holdings. This research implies that companies indexed LQ45 need to pay attention to optimal cash holding adequacy because it can be influenced by company debt so that the company can maintain its position in the LQ45 index.]]>
<![CDATA[THE EFFECT OF BRAND EXPERIENCE AND PERCEIVED VALUE ON BRAND LOYALTY MEDIATED BY BRAND TRUST ]]>
<![CDATA[Pratiwi, Rima Sera]]>;
<![CDATA[Salim, Ubud]]>;
<![CDATA[Sunaryo, Sunaryo]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 19 No. 2 (2021) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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DOI: 10.21776/ub.jam.2021.019.02.07
<![CDATA[This study aimed to investigate the direct effect of brand experience and the perceived value of customers on brand loyalty and the indirect effect through brand trust as mediating variable. This study used a questionnaire distributed to 130 loyal customers of Susu Nandhi Murni produced by KUD Batu. The sampling technique was purposive sampling, and the method of data analysis was Partial Least Square (PLS). The results demonstrated a positive and significant direct effect of brand experience and perceived value on brand loyalty. In addition, brand experience and perceived value also had a positive and significant effect on brand trust and brand trust on brand loyalty. Furthermore, the indirect effect through brand trust as mediating variable also revealed a positive and significant effect, both on the brand experience and perceived value. Finally, future studies are suggested to investigate other variables that were not discussed in this research, such as brand image and brand satisfaction.]]>
<![CDATA[THE MEDIATING ROLE OF SOCIAL CAPITAL IN THE RELATIONSHIP BETWEEN FINANCIAL LITERACY AND FINANCIAL INCLUSION ]]>
<![CDATA[Setiawan, Moh. Agung]]>;
<![CDATA[Salim, Ubud]]>;
<![CDATA[Khusniyah, Nur]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 19 No. 4 (2021) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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DOI: 10.21776/ub.jam.2021.019.04.07
<![CDATA[The purpose of this study is to examine the mediating role of social capital in the relationship between financial literacy and financial inclusion in the Malang Raya region. The unit of analysis used in this study is the people in Malang City, Malang Regency, and Batu City. The sampling technique used was proportionate stratified random sampling. Data analysis in this study used Partial Least Square (PLS). The results of this study indicate that financial literacy has a significant effect on financial inclusion. Financial literacy has a significant effect on social capital, social capital significantly affects financial inclusion, and social capital mediates the relationship between financial literacy and financial inclusion. This result shows that social capital has a partial mediating role, meaning that the effect on financial inclusion goes through the main predictor variable, financial literacy and social capital. Therefore, the local government can take advantage of policies related to social capital to impact efforts to improve financial inclusion in the community and regional economic conditions. This study also explained that, in general, the people in the Malang Raya region had good financial literacy. Future studies should use qualitative exploration by conducting interviews with respondents to explain other phenomena, especially for people geographically unbankable.]]>
<![CDATA[EFFECT OF EXCHANGE RATES, INTEREST RATES, PROFITABILITY, AND SOLVENCY ON STOCK PRICES MEDIATED BY DIVIDEND POLICY ]]>
<![CDATA[Adilla, Nur']]>;
<![CDATA[Salim, Ubud]]>;
<![CDATA[Djumahir, Djumahir]]>
<![CDATA[ Jurnal Aplikasi Manajemen Vol. 20 No. 2 (2022) ]]>
Publisher : <![CDATA[Universitas Brawijaya, Indonesia ]]>
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DOI: 10.21776/ub.jam.2022.020.02.10
<![CDATA[The stock price of manufacturing companies listed on the Indonesia Stock Exchange fluctuates. It causes investors to experience difficulties in making investments in the stock market. A dividend policy is a policy in making decisions to distribute profits as dividends or withhold profits for business development. It is difficult for many company managers. This study examines and proves the effect of exchange rates, interest rates, profitability, and solvency on stock prices mediated by dividend policy. This study uses a quantitative approach with a sample of manufacturing companies listed on the Indonesia Stock Exchange. The number of observations was eight companies, with a research period of 4 years (2016-2019). Sampling using a purposive sampling method. Analysis of research data using multiple linear regression methods and path analysis. The results showed that solvency directly affects stock prices through dividend policy, while profitability only affects stock prices. The same test results also show that the exchange rate measured using exchange rate sensitivity and interest rates measured using interest rate sensitivity cannot influence the stock price of manufacturing companies. This study supports the signaling theory regarding the direct and indirect effects that lead to the company's stock price. Measuring financial ratios can help companies to decide on dividend policies. Company managers must manage the company's profitability and solvency appropriately to achieve the goals for shareholders'welfare.]]>
