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Analisis Pengaruh Struktur Modal terhadap Kinerja Keuangan BUMN Sektor Konstruksi: Peran Financial Distress sebagai Variabel Moderasi Saktiana Rizki Endiramurti; Nur Chayati; Estetika Mutiaranisa Kuriniawati; Didik Prasetyanto
Owner : Riset dan Jurnal Akuntansi Vol. 6 No. 3 (2022): Artikel Volume 6 Issue 3 Periode Juli 2022
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v6i3.961

Abstract

Capital structure decision represents one of the most crucial financing decisions that can affect firm performance and firm value through the cost of capital. The purpose of this research is to explore the effect of capital structure on firm performance and the moderating effect of financial distress. This research used 63 data observations of 7 Indonesia SOEs in the construction sector for the period from 2010 to 2019. Multiple and Moderated Regression Analyses were used to investigate the effect of capital structure and financial distress on firm performance. The results indicate that the capital structure has a negative effect on ROA and ROE.  and that this effect is stronger for firms with higher financial distress risk. This research is to provide further enrichment related to capital structure, financial distress, and firm performance, especially for SOEs in the construction sector in Indonesia.   ABSTRAK   Keputusan struktur modal merupakan salah satu keputusan pendanaan yang paling penting yang dapat mempengaruhi kinerja perusahaan dan nilai perusahaan melalui biaya modal. Penelitian ini bertujuan untuk menguji pengaruh struktur modal dan kinerja keuangan serta pengaruh moderasi financial distress pada hubungan struktur modal dan kinerja keuangan. Penelitian ini menggunakan 63 data dari 7 BUMN Sektor Konstruksi di Indonesia untuk periode 2010 – 2019. Multiple dan Moderated Regression Analyses digunakan untuk menguji pengaruh pengaruh struktur modal dan kinerja keuangan serta pengaruh moderasi financial distress pada hubungan struktur modal dan kinerja keuangan. Hasil penelitian menunjukkan bahwa struktur modal berpengaruh negatif terhadap ROA dan ROE, dan bahwa efek ini lebih kuat untuk perusahaan dengan risiko kesulitan keuangan yang lebih tinggi. Penelitian ini untuk memberikan pengayaan lebih lanjut terkait struktur permodalan, financial distress, dan kinerja perusahaan khususnya bagi BUMN di sektor konstruksi di Indonesia.
ANALYSIS OF FINANCIAL DISTRESS IN INDONESIA STATE-OWNED ENTERPRISE Didik Prasetyanto; Agung Nur Probohudono; Nur Chayati; Saktiana Rizki Endiramurti
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 5, No 3 (2021): IJEBAR : Vol. 05, Issue 03, September 2021
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v5i3.3448

Abstract

This study aims to provide empirical evidence related to the potential for financial distress experienced by State-Owned Enterprises. Through this research, a description of the potential financial distress experienced by PT Wijaya Karya (Persero) Tbk and PT Adhi Karya (Persero) Tbk can be obtained during the period 2010 - 2019. The Financial distress prediction model uses the Altman Model (Z-Score) and Springate Model (S-Score). The results show that from 2010 – 2019, PT Wijaya Karya (Persero) Tbk is still in a healthy condition so that the possibility of going bankrupt is very small. However, year by year, the condition of PT Wijaya Karya (Persero) Tbk is still in a gray condition where in this condition the company is prone to bankruptcy and experiencing financial problems that must be handled by the company's management appropriately. Meanwhile, PT Adhi Karya (Persero) from 2010 – 2019 showed the potential for financial distress which was strengthened by an unhealthy balance sheet because most of the funding sources came from debt. This study shows that the potential for financial distress arises because of a shift in government policy in development.
MENCEGAH PERILAKU INTOLERAN MELALUI BUDAYA HASTHALAKU DI SOLO Saudah Saudah; Ali Maksum; Khresna Bayu Sangka; Agung Nur Probohudono; Farid Sunarto; Didik Prasetyanto; Risca Dwi Jayanti
Jurnal Analisa Sosiologi Vol 12, No 3 (2023)
Publisher : UNIVERSITAS SEBELAS MARET (UNS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jas.v12i3.66543

Abstract

The rise of intolerance behavior encourages various groups to take part in prevention. Solo Bersymphoni also participates in preventing intolerance through a learning model that upholds cultural identity. The cultural identity is contained in a local value called Hasthalaku or eight behaviors developed in the Adipangastuti School learning model. Adipangastuti School itself is a learning model that upholds the Hasthalaku Value in every school program activity with the aim of students becoming more tolerant and having a Hasthalaku cultural identity. The success of the Adipangastuti School program cannot be separated from the existence of social capital that plays a role in program development. Thus, through this study, researchers are interested in knowing how the role of social capital from Solo Bersymphoni in shaping the cultural identity of hasthalaku through the Adipangastuti School program in Solo. The research method in this article uses descriptive qualitative with Miles and Huberman data analysis techniques, and uses triangulation in obtaining data validity. The results of the study indicate that social capital plays a role in the development of Hasthalaku's cultural identity in the Adipangastuti school program so that it can be implemented in various schools in Central Java Province. The social capital in the development of the Adipangastuti School program is seen in the trust that forms the basis for establishing relationships and a sense of belonging to the program, the reciprocity that strengthens cooperation, and the ownership of networks that facilitate the formation of Hasthalaku cultural identity in an effort to prevent intolerance.Keyword: social capital,hasthalaku,  intolerance, Adipangastuti School, Solo Bersimfoni AbstrakMaraknya perilaku intoleransi mendorong berbagai kalangan untuk turut melakukan  pencegahan. Solo Bersimfoni turut melakukan pencegahan intoleransi melalui sebuah model pembelajaran yang menjujung identitas budaya. Identitas budaya tersebut dimuat dalam sebuah nilai-nilai lokal yang dinamakan sebagai Hasthalaku atau delapan perilaku yang dikembangkan dalam model pembelajaran Sekolah Adipangastuti. Sekolah Adipangastuti sendiri merupakan model pembelajaran yang menjunjung Nilai Hasthalaku pada setiap kegiatan program sekolah dengan tujuan siswa menjadi lebih toleran dan mempunyai identitas budaya hasthalaku. Keberhasilan program Sekolah Adipangastuti tidak terlepas dari adanya modal sosial yang turut berperan dalam pengembangan program. Sehingga, Melalui penelitian ini, peneliti tertarik untuk mengetahui bagaimana peran modal sosial dari Solo Bersimfoni dalam membentuk identitas budaya hasthalaku melalui program Sekolah Adipangastuti di Solo. Metode penelitian dalam artikel ini menggunakan kualitatif deskriptif dengan teknik analisis data miles dan huberman, serta menggunakan triangulasi dalam memperoleh keabsahan data. Hasil penelitian menunjukkan bahwa modal sosial menjadi hal yang berperan dalam pengembangan identitas budaya Hasthalaku dalam program sekolah adipangastuti hingga mampu diimplementasikan di berbagai sekolah di Provinsi Jawa Tengah. Modal sosial dalam pengembangan program Sekolah Adipangastuti tersebut terlihat dalam kepercayaan yang menjadi basis dalam menjalin hubungan dan rasa memiliki pada program, resiporisitas yang menguatkan kerjasama, dan kepemilikan jaringan yang mempermudah pembentukan identitas budaya Hasthalaku dalam upaya pencegahan intoleransi. Kata kunci: modal sosial, hasthalaku, intoleransi, sekolah adipangastuti, solo bersimfoni
TREN PENELITIAN KINERJA BUMN, STUDI BIBLIOMETRIK Nusantara, Aji Cahya; Widarjo, Wahyu; Arifah, Siti; Prasetyanto, Didik
Jurnal Akuntansi Vol. 12 No. 2 (2024): JURNAL AKUNTANSI VOL. 12 NO. 2 DESEMBER 2024
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Sarjanawiyata Tamansiswa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30738/ja.v12i2.4350

Abstract

This study offers empirical evidence of the SOE performance research publishing trend and variables associated with the role of accounting, before and during the COVID-19 pandemic, so that it can be used as a direction for further research and publication. A total of 996 articles were collected by searching for the keywords company performance, SOE, and accounting role, for the 2012-2021 period from the Google Scholar page, then analyzed using the VOS viewer application. Research publications on the topic of SOE performance over the last decade consisted of the period before and during the COVID-19 pandemic, has shown a significant come down in number. The findings indicate that the volume of publication on the subject of SOE performance has increased related to the role of accounting is uneven in several journals or publishers, but only a several journals dominate publications related to this topic. In addition, the research results show the development of variables related to the performance of SOEs and accounting role such as ‘corporate governance’, ‘state ownership’, ‘disclosure’, ‘board’, capital structure’, and ‘assets’ variables. The results of the VOS viewer analysis cannot read the connection with micro values, especially the development of publications in 2021.