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All Journal Al Tijarah Owner : Riset dan Jurnal Akuntansi Jurnal Ilmiah Akuntansi dan Keuangan International Journal of Business, Economics, and Social Development Indonesian Journal of Business Analytics (IJBA) International Journal of Humanities Education and Social Sciences Journal Research of Social Science, Economics, and Management
Erwin Budianto
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Social Sciences Other

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UJI REAKSI PASAR TERHADAP PENGUMUMAN DIVIDEN TUNAI PERIODE 2003-2004 (Studi Komparasi Antara Perusahaan yang mengumumkan Dividen Naik dan Perusahaan yang mengumumkan Dividen Turun di Bursa Efek Jakarta) Erwin Budianto
JIAK : Jurnal Ilmiah Akuntansi dan Keuangan Vol 6 No 2 (2017): JIAK
Publisher : P4M STIE Putra Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32639/jiak.v6i2.88

Abstract

Penelitian ini akan menguji kandungan informasi pengumuman dividen tunai naik dan turun, perbedaan rata-rata abnormal return antara perusahaan yang mengumumkan dividen tunai naik dengan perusahaan yang mengumumkan dividen tunai turun serta menguji reaksi pasar antara perusahaan yang mengumumkan dividen tunai naik dan turun yang dilihat dari nilai rata-rata abnormal returnnya. Populasi yang digunakan adalah perusahaan yang mengumumkan dividen tunai yang listed dan terdaftar di Bursa Efek Jakarta selama periode 2003-2004. Sedangkan sampel penelitian sebanyak 64 perusahaan, terdiri dari 40 perusahaan yang mengumumkan dividen tunai naik dan 24 perusahaan yang mengumumkan dividen tunai turun. Hasil penelitian menunjukkan bahwa pada perusahaan yang mengumumkan kenaikan dividen, pasar tidak bereaksi. Hal ini mengindikasikan bahwa tidak ada kandungan informasi pada pengumuman kenaikan dividen tunai. Sedangkan pada perusahaan yang mengumumkan penurunan dividen tunai, pasar bereaksi pada hari t-2 sebelum pengumuman dividen tunai turun. Pengujian terhadap perbedaan rata-rata abnormal return sebelum dan sesudah pengumuman dividen tunai naik dan turun, menunjukkan tidak ada perbedaan antara rata-rata abnormal return sebelum dan sesudah pengumuman dividen tunai naik dan turun. Dari hasil uji perbedaan reaksi pasar antara perusahaan yang mengumumkan dividen tunai naik dengan perusahaan yang mengumumkan dividen tunai turun, berdasarkan analisis yang dilakukan terhadap nilai rata-rata abnormal return, diperoleh hasil tidak ada perbedaan reaksi pasar antara perusahaan yang mengumumkan dividen tunai naik dan turun. Dari penelitian tersebut dapat disimpulkan bahwa pengumuman dividen tunai tidak mengandung informasi kecuali untuk perusahaan yang mengumumkan dividen tunai turun. Kata Kunci : Pengumuman Dividen, reaksi pasar, abnormal return
Factors Affecting Company Value In The Consumer Noncyclical Industry Sector Listed On The Indonesia Stock Exchange (IDX) Lusi Nursela; Melina Siswani; Erwin Budianto
Journal Research of Social Science, Economics, and Management Vol. 3 No. 12 (2024): 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.v3i12.668

Abstract

Company value is a measure of the success of a company on its operational activities. This study aims to determine the factors that can affect the value of companies in the Consumer Non-Cyclical industrial sector listed on the Indonesia Stock Exchange (IDX). By using the perposive sampling method to determine the number of research data samples obtained by 66 companies. The data were analyzed using the classic Moderated Regression Asset (MRA) assumption test with SPSS version 25 for windows. The results of this study show that Return On Asset (ROA) affects company value, while Total Asset Turnover (TATO) does not affect company value, but Return On Asset (ROA) and Total Asset Turnover (TATO) simultaneously affect company value in the Consumer Non Cyclical industry sector. The conclusion is Return On Assets (ROA) has a partial effect on company value (PBV) in non-cyclical consumer sector companies listed on the IDX in 2020-2022 or ho rejected and ha accepted.
Factors Affecting the Ups and Downs of Stock Prices in Food and Beverage Subsector Companies Listed on the IDX for the Period 2020-2022 Shafa Fadilah Choirunnisah; Sintya Devi; Erwin Budianto
International Journal Of Humanities Education and Social Sciences (IJHESS) Vol 4 No 1 (2024): IJHESS AUGUST 2024
Publisher : CV. AFDIFAL MAJU BERKAH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55227/ijhess.v4i1.1146

Abstract

This study analyzes the Return On Assets and Debt to Equity Ratio on the ups and downs of Stock Prices in Food and Beverage companies listed on the Indonesia Stock Exchange (IDX) for 2020-2022. This study uses a purposive sampling method with 20 food and beverage sub-sector companies as samples. The variables used are ROA, DER, and Stock Price. This study uses a quantitative approach and data collection sourced from secondary data by collecting data on the financial statements of food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) and other sources such as the official websites of related companies. The data analysis used is descriptive statistics, classical assumption test, multiple linear regression analysis, and hypothesis testing. The results shown in this study are (1) partial Return On Asset (ROA) has no significant effect on stock prices, (2) partial Debt Equity Ratio (DER) has no significant effect on stock prices, and (3) simultaneously Return On Asset (ROA) and Debt Equity Ratio (DER) have no significant effect on stock prices.
The Effect of Net Interest Margin And Capital Adequacy Ratio on the Share Price of the Banking Sector Listed on the Indonesian Stock Exchange (Bei) in 2020 - 2023 Raphael Frits Luhut Parulian Sihotang; Muhammad Syafi Romdony; Ario Purdianto; Erwin Budianto
Indonesian Journal of Business Analytics Vol. 5 No. 2 (2025): April 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v5i2.14337

Abstract

This study aims to identify and analyze the impact of Net Interest Margin and the effect of Capital Adequacy Ratio, as well as the combined effect of Net Interest Margin and Capital Adequacy Ratio on stock prices. A quantitative research method was employed for this study. The population consisted of 37 banking companies listed on the Indonesia Stock Exchange (IDX). The sampling method used was purposive sampling, selecting 20 companies that were consistent and met the sample selection criteria during the period from 2020 to 2023, resulting in 60 data points after the outlier removal process. The analytical model applied in this hypothesis includes descriptive statistics, classical assumption tests, regression equations, multiple linear regression analysis, partial tests, simultaneous tests, and coefficients of determination. The findings indicate that NIM does not have a significant effect on stock prices, CAR also does not significantly affect stock prices, and together, NIM and CAR do not have a significant impact on stock prices.
Assessment Of Financial Performance At PT Kimia Farma Tbk With A Financial Ratio Approach For The Years 2022-2023 Ilham, Ahmad; Wulan Cahya Ningrum; Erwin Budianto
Al Tijarah Vol. 11 No. 1 (2025): Al Tijarah l June
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/at.v11i1.14259

Abstract

The pharmaceutical industry plays an important role in the healthcare sector, but financial challenges can hinder its sustainability. PT Kimia Farma Tbk experienced a decline in financial performance, characterized by increasing losses and dependence on debt. This study aims to analyze the company's financial performance in 2022-2023 using profitability, liquidity, solvency, and activity ratios. The method used is descriptive quantitative analysis based on the company's financial statements. The results showed negative profitability, with declining ROA and ROE, low liquidity with Current Ratio and Cash Ratio below industry standards, and increasing DAR and DER, reflecting high dependence on debt. These results confirm the need for asset optimization strategies and operational efficiency. Further studies can explore the influence of external factors on the company's financial performance.Financial Performance, ROA, ROE, Current Ratio, Cash Ratio, DAR, DER, WCTO, TATO.
Financial Distress Prediction Analysis at PT Garuda Indonesia Tbk for 2020-2023 Using the Grover, Taffler and Springate Methods Fayza Safira Hasanah; Ananda Putri Hasanah; Erwin Budianto
International Journal of Business, Economics, and Social Development Vol. 6 No. 2 (2025): International Journal of Business, Economics, and Social Development (IJBESD)
Publisher : Rescollacom (Research Collaborations Community)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijbesd.v6i2.891

Abstract

This study aims to evaluate the potential financial distress of PT Garuda Indonesia Tbk during the period 2020-2023 using three prediction models: Grover, Taffler, and Springate. Financial distress is an early sign of financial instability that can lead to bankruptcy, so it is important to analyze it to prevent greater risks. This study uses a quantitative descriptive method with secondary data from the company's financial statements. The results of the analysis show that although Garuda Indonesia's financial condition improved in 2021 and 2022, financial stress returned in 2023. The Grover model is more sensitive in identifying financial distress, while the Taffler method tends to be optimistic, and Springate shows more variable results. Based on these findings, companies need to implement more effective financial strategies to maintain their stability and reduce the risk of bankruptcy.
Pengaruh Debt to Equity Ratio, Return on Assets, dan Current Ratio terhadap Harga Saham Hilmi Naufal Yasir; Erwin Budianto
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 3 (2026): Periode Juli 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i3.3550

Abstract

Stock prices in the food and beverage sector are influenced by fundamental financial performance, yet prior studies have shown inconsistent findings regarding the role of capital structure, profitability, and liquidity in explaining stock price movements. This study aims to examine the determinants of stock prices of food and beverage companies listed on the Indonesia Stock Exchange during 2021–2024 by emphasizing the role of Debt to Equity Ratio, Return on Assets, and Current Ratio within the post-pandemic market recovery context. Using a quantitative approach and multiple linear regression analysis, this study analyzed 56 observational data obtained from 14 selected companies through purposive sampling. The findings reveal that Return on Assets has a positive and significant effect on stock prices, while Debt to Equity Ratio and Current Ratio do not have significant partial effects. Simultaneously, the three financial ratios significantly influence stock prices. This study contributes to strengthening fundamental analysis and signaling theory by demonstrating that profitability remains the most relevant signal considered by investors in assessing firm value within Indonesia’s food and beverage sector. The findings also provide practical implications for investors to prioritize profitability indicators in investment decision-making, while companies are encouraged to improve asset efficiency to enhance market valuation..
Co-Authors Ananda Putri Hasanah Fayza Safira Hasanah Hilmi Naufal Yasir Ilham, Ahmad Lusi Nursela Melina Siswani Muhammad Syafi Romdony Purdianto, Ario Raphael Frits Luhut Parulian Sihotang Shafa Fadilah Choirunnisah Sintya Devi Wulan Cahya Ningrum