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HERMAN RUSLIM
Fakultas Ekonomi Dan Bisnis, Universitas Tarumanagara
Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Economics, Econometrics & Finance Industrial & Manufacturing Engineering Materials Science & Nanotechnology Social Sciences

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PENGUJIAN STRUKTUR MODAL (TEORI PECKING ORDER): ANALISIS EMPIRIS TERHADAP SAHAM di LQ-45 HERMAN RUSLIM
Jurnal Bisnis dan Akuntansi Vol 11 No 3 (2009): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (350.32 KB) | DOI: 10.34208/jba.v11i3.245

Abstract

Testing capital structure theory is remain puzzle, most researchers using a static model to explain the dynamic capital structure, however the expectation gap still could not be solved. This research attempts to study the dynamic capital structures which using the effect of profitability, cashflow deficit and long term debt on dynamic capital structure. The measurement of dynamic capital structure using a book value of share price instead of market value to compute the equity of the companies. This research used a sample of the 18 companies in LQ45, which are listed in Indonesia Stock Exchange of the period from 2000 to 2006. The analysis method used in this research was time series analysis with generalized method of moment technique. It was found that the profitability has no significant effect on dynamic capital structures. The research results indicated that the company did not follow pecking order hypotesis.Based on time series analysis, long term debt and cashflow deficit has significant effect on dynamic capital structures. Despite of this, profitability, cash flow deficit and long term debt have a significant effect simultaneously on the dynamic capital structure.
Pengaruh Karakteristik Perusahaan Terhadap Struktur Modal Dinamis (Pendekatan Nilai Pasar) Di Bursa Efek Indonesia Herman Ruslim
Jurnal Ekonomi Vol. 15 No. 3 (2010): November 2010
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v15i3.174

Abstract

In financing its activity, a firm depends on its capital structure. Although the nature of financing activities through debt and equity is dynamic, the underlying motivation for selecting proper capital structure remains a puzzle. This research attempts to study the effect of stock return and the firm's characteristics on dynamic capital structure. This research used a sample of the 56 companies, which are listed in the Indonesia Stock Exchange (BEI) of the period from 1998 to 2007. The analysis method used in this research was time series analysis with a generalized method of moment technique (GMM). The research results indicated that the firm did not make an adjustment to achieve the target capital structure referring to tradeoff theory, based on time series analysis it is concluded that firm characteristic has a significant effect on dynamic capital structure such as profitability, retained earning, long term debt and growth opportunity. It was found that the firm characteristic in size and operating risk does not have a significant effect on the dynamic capital structure. Despite these, the firm characteristics have a significant effect simultaneously on the dynamic capital structure.
Pengaruh Proporsi Komisaris Independen, Jumlah Direktur, Jumlah Komite Audit, Kepemilikan Saham Institusional, Kepemilikan Saham Manajemen Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Herman Ruslim; Ieneke Santoso
Jurnal Ekonomi Vol. 23 No. 3 (2018): November 2018
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v23i3.417

Abstract

This study aims to test the impact of the independent commissioners, board of directors, audit committee, ownership of institutional and management shares and size of the firm on the firm performance of the firms listed at Indonesian Stock Exchange Index LQ45 for two consecutive years of the period  February 2014 to January 2016.  This study uses the sampling data of 31 firms.  The sampling is based on the method of purposive sampling.  The process of analyzing data is carried out with analysis partially first and then analysis simultaneous. The statistic method used is SPPS ( Statistical Product and Service Solution) to obtain descriptive statistics, correlation of variables and analysis of variance. The result of the partial analysis shows that there are two variables has a significant influence on the firm performance which is a portion of independent commissioner and ownership of institutional shares.  Whereas, the result of the simultaneous analysis has shown a significant impact.
The Effect Of Profitability And Financial Leverage On Cost Of Debt Moderated Earnings Management Herman Ruslim; Renny Muspyta
Jurnal Ekonomi Vol. 26 No. 1 (2021): March 2021
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v26i1.716

Abstract

This study aims to determine the effect of profitability and Financial Leverage on the Cost of Debt, and the role of Earnings Management as a moderating variable. In this study, profitability is measured by the ratio of return on equity, financial leverage is measured by the proxy debt ratio, earnings management is measured by discretionary accruals, and cost of debt is measured by the ratio of interest expense divided by the average total debt. The population in this study are publicly traded companies listed on the IDX, and the sample used in manufacturing companies listed on the IDX for the 2016-2019 period. Based on the purposive sampling method, the samples obtained were 69 manufacturing companies and 276 observations. The results showed that profitability has a negative effect on the cost of debt, while financial leverage has no effect on the cost of debt, earnings management cannot weaken the negative effect of profitability on the cost of debt and earnings management cannot weaken the negative effect of financial leverage on the cost of debt.
Struktur Modal Perusahaan Property dan Real Estate Ellyana Ellyana; Herman Ruslim
Jurnal Manajerial Dan Kewirausahaan Vol 4, No 1 (2022): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v4i1.17168

Abstract

Tujuan dilakukan nya penelitian ini adalah untuk menganalisis pengaruh dari profitabilitas, likuiditas, collateral dan investment opportunity terhadap struktur modal baik secara parisal maupun secara simultan. Penelitian ini dilakukan pada perusahaan yang bergerak di sektor property dan real estate yang terdaftar di BEI (Bursa Efek Indonesia) periode 2016-2019 dengan pemilihan sampel menggunakan teknik purposive sampling. Metode yang digunakan dalam penelitian ini adalah analisis regresi data panel (Panel Least Square) yang diuji dengan menggunakan software Eviews 11 Student Version. Adapun hasil dari penelitian ini adalah profitabilitas berpengaruh secara negative dan signifikan dan investment opportunity berpengaruh secara positif dan signifikan terhadap stuktur modal, sedangkan likuiditas dan collateral tidak mempunyai pengaruh yang signifikan terhadap struktur modal. Secara simultan semua variabel yang diteliti mepunyai pengaruh yang signifikan terhadap struktur modal. Abstract: The purpose of this research is to analyze the effect of profitability, liquidity, collateral and investment opportunity on the capital structure both parisally and simultaneously. This research was conducted on companies engaged in the property and real estate sectors listed on the IDX (Indonesia Stock Exchange) for the period 2016-2019 by selecting samples using purposive sampling technique. The method used in this research is panel data regression analysis (Panel Least Square) which was tested using Eviews 11 Student Version software. The results of this study are that profitability has a negative and significant effect and investment opportunity has a positive and significant effect on capital structure, while liquidity and collateral do not have a significant effect on capital structure. Simultaneously all the variables studied have a significant influence on the capital structure.
Pengaruh Struktur Modal, Profitabilitas, Rasio Aktivitas Terhadap Nilai Perusahaan Della Noviyanti; Herman Ruslim
Jurnal Manajerial Dan Kewirausahaan Vol 3, No 1 (2021): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v3i1.11285

Abstract

The purpose of this study is to look at the effect of capital structure, profitability, activity ratio (TATO) on the value of companies listed on the Indonesia Stock Exchange (IDX). This study was analyzed using a panel data regression tool with 21 companies in the 2014-2019 period, producing 126 data observation. The sampling technique in this study used purposive sampling. The data used in the form of secondary data, namely financial statements. Data processing using the application e-views 11. The results of this study indicate that profitability and activity ratios (TATO) significantly influence the value of the company. However, capital structure has no significant effect on firm value.Tujuan dari penelitian ini untuk melihat pengaruh struktur modal, profitabilitas, rasio aktivitas (TATO) terhadap nilai perusahaan yang terdaftar pada Bursa Efek Indonesia (BEI).Penelitian ini dianalisis menggunakan alat regresi data panel dengan 21 perusahaan pada periode 2014-2019, menghasilkan 126 data observasi. Teknik pengambilan sampel dalam penelitian ini menggunakan purpossive sampling. Data yang digunakan berupa data sekunder yaitu laporan keuangan.Pengolahan data menggunakan aplikasi e-views 11. Hasil penelitian ini menunjukkan bahwa profitabilitas dan rasio aktivitas (TATO) berpengaruh secara signifikan terhadap nilai perusahaan. Tetapi, struktur modal berpengaruh tidak signifikan terhadap nilai perusahaan.
Analisis Perbedaan Kinerja Keuangan Perusahaan Pengakuisisi Sebelum Dan Sesudah Akuisisi Periode 2012-2017 Jolly Lim; Herman Ruslim
Jurnal Manajerial Dan Kewirausahaan Vol 2, No 1 (2020): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v2i1.7469

Abstract

Acquisition is one of corporate strategy with the aim of gaining profits. The benefits obtained are expected to have a positive impact not just on one side of companies but on both companies. An advantage situation will occur when merger and acquisition activity is gaining synergies, as a result of corporate synergies expected to improve the performance of the company. This study aims to analyze the differences in firm performance before and after mergers and acquisitions on corporate merger and acquisition activity. Corporate performance is measured by using financial ratio: return on equity as a measure of profitability, fixed asset turnover as measure of activity, debt to asset ratio as measure of solvency and quick ratio as measure of liquidity. Quantitative methods is used in this study, take the data from all public companies doing acquisitions in Indonesia Stock Exchange (IDX) with the period 2012 to 2017. Sampling in the study using purposive sampling method, with data obtained by 30 corporate acquisitions. Nonparametric test used was the Statistic Descriptives and Wilcoxon Signed Ranks Test to answer the hypothesis. The results of this study are that there are no significant differences in profitability ratios, in the activity ratios there are no significant differences, in solvability ratios there are significant differences, and there is no significant differences in liquidity ratios. But in descriptive statistic testing the ratio of fixed asset turnover, debt to asset ratio, and return on equity is headed towards positive after the acquisition activity that shows the synergy obtained by the acquiring company after making acquisition. Akuisisi merupakan salah satu bentuk strategi perusahaan dengan tujuan memperoleh keuntungan. Keuntungan yang diperoleh, diharapkan dapat memberikan dampak positif bagi kedua perusahaan. Keuntungan tersebut akan terjadi apabila kegiatan akuisisi ini memperoleh sinergi, akibat dari sinergi perusahaan ini diharapkan akan meningkatkan kinerja keuangan perusahaan. Penelitian ini dilakukan dengan tujuan untuk menganalisis perbedaan kinerja keuangan perusahaan sebelum dan sesudah akuisisi pada perusahaan pengakuisisi. Kinerja keuangan perusahaan diukur dengan menggunakan rasio keuangan yaitu return on equity sebagai alat ukur profitabilitas, fixed asset turnover sebagai alat ukur aktivitas, debt to asset ratio sebagai alat ukur solvabilitas dan quick ratio sebagai alat ukur likuiditas. Penelitian ini dilakukan pada perusahaan yang melakukan kegiatan akuisisi pada periode 2012-2017 dan terdaftar di BEI (Bursa Efek Indonesia). Pengambilan sampel dilakukan dengan mengunakan metode purposive sampling denga data yang diperoleh sebanyak 30 perusahaan yang melakukan kegiatan akuisisi dan mengolah data dengan menggunakan software SPSS 26. Pengujian non parametric yang digunakan adalah statistik deskriptif dan wilcoxon signed rank test untuk menjawab hipotesis. Adapun hasil penelitian ini adalah rasio profitabilitas tidak terdapat perbedaan yang signifikan, pada rasio aktivitas tidak terdapat perbedaan yang signifikan, pada rasio solvabilitas terdapat perbedaan yang signifikan dan tidak terdapat perbedaan yang signifikan pada rasio likuiditas. Namun dalam pengujian statistik deskriptif rasio fixed asset turnover, debt to asset ratio, dan return on equity menuju kearah positif setelah dilakukannya kegiatan akuisisi yang menunjukan adanya sinergi yang diperoleh perusahaan pengakuisisi setelah melakukan akuisisi
Pengaruh Dar, Ukuran Perusahaan, Dan Tax Avoidance Terhadap Cost Of Debt Sherly Lie Wardani; Herman Ruslim
Jurnal Manajerial Dan Kewirausahaan Vol 2, No 2 (2020): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v2i2.7940

Abstract

The purpose of this study is to find out the effect of debt to asset ratio, firm size, and tax avoidance on the cost of debt of the listed firms of the food and beverage industry in Indonesia Stock Exchange period 2015-2018. This study uses pooled OLS regression, using 10 companies over 4 years that have been selected by purposive sampling and resulting 40 samples data. This study uses Eviews 10 student version software. The results of this study show that debt to asset ratio and firms size have positive effect and significantly on cost of debt, however tax avoidance does not significantly influence on cost of debt. Tujuan dari penelitian ini adalah untuk mengetahui pengaruh debt to asset ratio, ukuran perusahaan, dan penghindaran pajak terhadap biaya utang pada perusahaan industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2015-2018. Penelitian ini menggunakan regresi data panel OLS, menggunakan 10 perusahaan selama 4 tahun yang telah diseleksi menggunakan purposive sampling dan menghasilkan 40 sampel data. Pengujian yang dilakukan pada penelitian ini dengan software Eviews 10 student version. Hasil dari penelitian ini adalah debt to asset ratio dan ukuran perusahaan berpengaruh positif dan signifikan terhadap biaya utang, namun penghindaran pajak tidak berpengaruh secara signifikan terhadap biaya utang.
Pengaruh Profitabilitas, Struktur Aktiva, Dan Ukuran Perusahaan Terhadap Struktur Modal Novelia Melodie; Herman Ruslim
Jurnal Manajerial Dan Kewirausahaan Vol 1, No 2 (2019): April 2019
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v1i2.5090

Abstract

Funding in a company is one of the benchmarks to be successful in the company. Because of this, decisions in the company's capital structure must be taken with a lot of consideration. In determining the capital structure, there is profitability, asset structure, and company size as factors that influence capital structure. These factors are measured using financial ratios, namely Return on Asset as a measure of profitability, Fixed Asset to Total Asset as a measure of asset structure, natural logarithm of total assets as a measure of company size and Debt Equity Ratio as a measure of capital structure. This research was conducted on property and real estate sector companies listed on the IDX (Indonesia Stock Exchange) for the period of 2014-2017. The method used in this study was a multiple regression analysis of panel data tested using software eviews 9.0. The results of this study are that profitability has a significant negative effect and firm size has a significant positive effect on capital structure. While the asset structure has no influence on the capital structurePendanaan dalam suatu perusahaan merupakan salah satu tolak ukur dalam keberhasilan dalam perusahaan. Karena hal tersebut, keputusan dalam struktur modal perusahaan harus diambil dengan penuh pertimbangan yang ada. Dalam menentukan struktur modal tersebut, terdapat profitabilitas, struktur aktiva, dan ukuran perusahaan sebagai faktor yang mempengaruhi struktur modal. Faktor tersebut diukur menggunakan rasio keuangan yaitu Return on Asset sebagai alat ukur profitabilitas, Fixed Asset to Total Asset sebagai alat ukur struktur aktiva, logaritma natural dari total aset sebagai alat ukur ukuran perusahaan dan Debt Equity Ratio sebagai alat ukur struktur modal. Penelitian ini dilakukan pada perusahaan sektor property dan real estate yang terdaftar dalam BEI (Bursa Efek Indonesia) periode 2014- 2017. Metode yang digunakan dalam penelitian ini adalah analisis regresi berganda data panel yang diuji menggunakan software eviews 9.0. Adapun hasil penelitian ini adalah profitabilitas memiliki pengaruh negatif signifikan dan ukuran perusahaan memiliki pengaruh positif signifikan terhadap struktur modal. Sedangkan struktur aktiva tidak memiliki pengaruh terhadap struktur modal.
Pengaruh Rasio Likuiditas, Rasio Solvabilitas, dan Rasio Aktivitas terhadap Kinerja Keuangan Perusahaan Anneke Maria Indriastuti; Herman Ruslim
Jurnal Manajerial Dan Kewirausahaan Vol 2, No 4 (2020): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v2i4.9864

Abstract

This study aims to find out the effect of liquidity ratio, solvency ratio, and activity ratio against the company’s financial performance simultaneously or partially. The independent variable in this study is the Current Ratio, Debt to Equity Ratio, and Total Asset Turnover, while the dependent variable is the Return On Equity. The study is conducted at the companies in Health and Pharmaceutical sectors listed in Indonesia Stock Exchange in the period of 2014-2018. This study adopted the panel data regression method using Eviews 11 as its tool. Result of research indicates that Current Ratio, Debt to Equity Ratio and Total Asset Turnover are influential simultaneously and significantly to Return On Equity. Debt to Equity Ratio is influential partially and significantly to Return On Equity. However, Current Ratio and Total Asset Turnover are not influential significantly to Return On Equity. Tujuan dari penelitian ini adalah untuk mengetahui besarnya pengaruh rasio likuiditas, rasio solvabilitas, dan rasio aktivitas terhadap kinerja keuangan perusahaan baik secara simultan maupun parsial. Variabel bebas dalam penelitian ini adalah Current Ratio (CR), Debt to Equity Ratio (DER), dan Total Asset Turnover (TATO), sedangkan variabel terikatnya adalah Return On Equity (ROE). Penelitian dilakukan pada perusahaan sektor kesehatan dan farmasi yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Penelitian ini menggunakan regresi data panel dengan aplikasi Eviews 11. Hasil penelitian menyimpulkan bahwa terdapat pengaruh secara simultan dari variabel Current Ratio, Debt to Equity Ratio, dan Total Asset Turnover terhadap Return On Equity. Secara parsial hasil menunjukkan bahwa hanya variable Debt to Equity Ratio yang memiliki pengaruh signifikan terhadap Return On Equity, sedangkan Current Ratio dan Total Asset Turnover tidak berpengaruh secara signifikan terhadap Return On Equity
Co-Authors Anneke Maria Indriastuti Christopher Hartawan Bengawan Christopher Hartawan Bengawan Della Noviyanti Ellyana Ellyana Felicia Grace Stephanie I Gede Adiputra Ieneke Santoso Ivenny Cecilia Jennifer Irawan Jesica Kezia Kusuma Jessica Irawan Jolly Lim Michael Michael Novelia Melodie Renny Muspyta Renny Muspyta Sean Matthew Henry Sharon Angelina Wijaya Sherly Lie Wardani Sherren Christina Florenza Vania Vashtiany Sofyan Velecia Apriana Yehezkiel Handranata Yurika