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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia Jurnal Scientia Jurnal Manajemen Stratejik dan Simulasi Bisnis
Maria Ulpah
Fakultas Ekonomi Dan Bisnis Universitas Indonesia
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Environmental Science Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Journal : Syntax Literate: Jurnal Ilmiah Indonesia

 1 
Financial Distress Analysis of Manufacturing Companies Listed On The IDX For The 2016-2020 Period With Springate and Altman Methods Felicia Felicia; Maria Ulpah
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (284.179 KB) | DOI: 10.36418/syntax-literate.v7i6.7491

Abstract

The COVID-19 pandemic period is a difficult time for many business actors where this pandemic has a negative impact that causes entrepreneurs to have to adapt to new situations. In running its business, it is not uncommon for companies to fail to achieve their short-term and long-term goals, causing operational losses in the current year. If the loss is experienced continuously by the company, then the event can bring the company to bankruptcy until bankruptcy. In the third quarter of 2021, BPS recorded a manufacturing industry growth of 3.68 percent, a fairly good increase in the midst of the large number of COVID-19 cases in Indonesia. According to the Central Statistics Agency (BPS), 5 business sectors contributed 63.8 percent to Indonesia's Gross Domestic Product (GDP) in the fourth quarter of 2021, with the manufacturing sector taking first place with a contribution of 18.3 percent to GDP. Therefore, there are various reasons why this research is important, including the fact that the manufacturing sector is very important in the production of primary and secondary goods for public consumption and other enterprises. Manufacturing companies are also still the leading sector or sectors that lead and contribute to the country's economic growth and in the absorption of labor. In addition, this study also wants to prove whether it is true that the manufacturing sector shows a positive stretch during the pandemic, or only some industries in the manufacturing sector by using the Springate S-Score and Altman Z-Score methods. Calculations of financial condition carried out by the Springate and Altman methods on manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020 show that the Springate method groups 282 samples into the healthy category and another 283 into the distress category. While the Altman method groups 235 samples into the healthy category, 136 samples into the gray zone category, and 194 others into the distress category. The results also show that the Springate method has a higher level of consistency than the Altman method in this study.
Stock Price Valuation Analysis Using Free Cash Flow To Equity And Relative Valuation Method Case: Bank Jago Tbk. (ARTO) Hasbi Ibrahim; Maria Ulpah
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (173.099 KB) | DOI: 10.36418/syntax-literate.v7i8.9283

Abstract

Purpose – this paper aims to calculate the intrinsic value of ARTO (PT. Bank Jago Tbk.). Design/Methodology/Approach – the stock valuation calculated using free cash flow to equity method and relative valuation method. Findings – based on the calculation, it is expected that the results of the valuation will be below the market value. Practical Implications – the findings may help related parties including investors to consider carefully before deciding their investment on the company. Originality/Value – to the author’s best knowledge, little equity research has been done for digital banking in Indonesia especially on the value of ARTO.
Effect of Environmental, Social, Governance (ESG) and Strategic Deviation on Firm Risk: Evidence from Manufacturing Sector in Emerging Market Asia Exaudi Dualolo; Maria Ulpah
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v8i12.14206

Abstract

The notion of sustainable development has gained widespread acceptance in the realm of social development. As a result, firms and their stakeholders are increasingly focusing on external elements such as environment, society, and governance (ESG). This study investigates the impact of ESG on firm risk measured by cash flow volatility. This study further examines whether strategic deviation moderates the relationship between ESG and firm risk. This research considers a sample of 139 manufacturing firms available in Refinitiv between 2018 and 2022 and applies the fixed-effect model. This study is a valuable contribution to the field of research on environmental, social, and governance (ESG) factors and their impact on strategic management. Specifically, it examines how ESG considerations and strategic deviation affect the level of risk faced by manufacturing firms. The result shows that ESG significantly reduces cash flow volatility but strategic deviation is insignificant in both affecting cash flow volatility and moderating the relationship of ESG and cash flow volatility. This study will serve as a valuable resource for managers in manufacturing organizations, providing them with insights into the importance of considering environmental, social, and governance (ESG) issues. The findings of this study highlight the impact of ESG and strategic considerations on cash flow volatility.
Co-Authors Aulia Nataprawira Exaudi Dualolo Felicia Felicia Fery Perdiansyah Hasbi Ibrahim Karlina Ayu Putri Dhahana Madeleine Ruth R Manurung