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All Journal HASANUDDIN JOURNAL OF BUSINESS STRATEGY
Erlina Pakki
Economics and Business Faculty, Hasanuddin University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Analisis Pengaruh Likuiditas, Total Aktiva, dan DER Terhadap Profitabilitas dan Nilai Perusahaan ST Aminah; Abdul Rakhman Laba; Erlina Pakki
Hasanuddin Journal of Business Strategy Vol 1 No 3 (2019): Hasanuddin Journal of Business Strategy
Publisher : Magister Management, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hjbs.v1i3.253

Abstract

This study aims to analyze the effect of liquidity, total assets, and Debt to Equity Ratio(DER) on profitability (ROA) and firm value (PER) on telecommunication companies listed on the Indonesia Stock Exchange (BEI). The samples taken are 30 from five different companies listed on the Indonesia Stock Exchange using the annual report from 2012 - 2017. Data is then analyzed using path analysis method with the assistant of SPSS software. Sobel test and classical assumption test were evaluated beforehand. The results of the study found that liquidity had a negative and significant effect on profitability (ROA), while total assets and DER had a positive and significant effect on profitability. Liquidity and total assets have a positive and significant influence on firm value, while DER has a negative effect on firm value. Profitability has a positive and significant effect on firm value. The mediation test results show that liquidity has a direct and indirect effect on firm value mediated by profitability. Total assets have a direct effect on increasing company value, but interestingly total assets through profitability show insignificant score to impact firm value. DER has a direct and negative effect on firm value, while the results of the probability proved that profitability can mediate the influence between DER on firm value.
Effect of Funding Decisions on Firm Value with Profitability as Intervening Variables Asrini Wahyuni; Syamsu Alam; Erlina Pakki
Hasanuddin Journal of Business Strategy Vol 2 No 1 (2020): Hasanuddin Journal of Business Strategy
Publisher : Magister Management, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hjbs.v2i1.304

Abstract

This study aims to determine the effect of funding on firm value where profitability acts as a mediator or intervening variable in manufacturing companies on the Indonesia stock exchange. Funding variables are measured using Debt to Assets Ratio (DAR) and Debt to Equity Ratio (DER). The profitability variable is measured using Return of Assets (ROA). The value of the company itself is measured by looking at the Price to Book Value (PBV) or the market value of the company's shares against the book value ( Book Value ). The population in this study is the pharmaceutical sub-sector manufacturing companies listed on the IDX. The sampling method used was purposive sampling. The data source used in this study is secondary data collected using documentation techniques. This study uses descriptive quantitative statistics and uses panel data regression which is processed using Eviews 11 software. The results obtained in this study indicate that first, DER has a positive and significant effect on ROA. Second, DAR has a negative and significant effect on ROA. Third, DER has a positive and significant effect on ROA. Fourth, DAR has a negative and not significant effect on PBV. Fifth, ROA has a positive and significant effect on PBV. Sixth, DER has a positive and significant effect on PBV through ROA. Seventh, DAR has a negative and significant effect on PBV through ROA.
The Effect of Sukuk Issuance on Price Reaction and Growth of Sharia Capital Market Akbar Azis; Cepi Pahlevi; Erlina Pakki
Hasanuddin Journal of Business Strategy Vol 3 No 1 (2021): Hasanuddin Journal of Business Strategy
Publisher : Magister Management, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hjbs.v3i1.408

Abstract

This study aims to analyze the effect of the value of Sukuk, Sukuk rating, and risk of Sukuk on the growth of the Islamic capital market mediated by Sukuk price during the period of 2014-2019 using value at risk. This study uses secondary data obtained from the Indonesia Stock Exchange and The Indonesian Capital Market Institute. Data were analyzed using the SPSS statistical program with path analysis techniques. The results of this study indicate that the variable value of Sukuk and the rating of Sukuk have a positive and significant effect on the price reaction of Sukuk, while the risk variable of Sukuk shown a negative and significant score. The variable value of Sukuk has a positive and significant effect on the reaction to the growth of the Islamic capital market, while negative and significant results are indicated by the variable rating of Sukuk and the risk variable of Sukuk. The Sukuk price reaction variables have a positive and significant effect on the reaction to the growth of the Islamic capital market. Interestingly, the study found that the Sukuk price reaction variable is unable to mediate the relationship between the value of Sukuk and the growth reaction of the Islamic capital market. This mediation result is also the same for the Sukuk rating and Sukuk risk.
Optimal Portfolio Analysis Using the Single Index Model Ari Gunawan; Erlina Pakki; Fauzi R Rahim
Hasanuddin Journal of Business Strategy Vol 3 No 3 (2021): Hasanuddin Journal of Business Strategy
Publisher : Magister Management, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hjbs.v3i3.471

Abstract

This study aims to determine the formation of the optimal portfolio using the single-index model and find out whether there are differences between the optimal portfolio and the non-optimal portfolio of stock. Further, it also finds out the percentage of the proportion of funds and the expected returns and risks for each stock making up the optimal portfolio before the Covid-19 period from February 2019 to January 2020 and during the Covid-19 period from February 2020 to January 2021). The study applied a descriptive quantitative approach. Of 45 stocks listed in the LQ45 Index, the study takes as many as 28 stocks as samples, which is then analyzed using Single Index Model. We found that there are three stocks making up the optimal portfolio before the Covid-19 period. Those stocks are Media Nusantara Citra Tbk (MNCN) with the proportion of funds 18.55%, Bank Central Asia Tbk (BBCA) with 69.83%, and Bank Rakyat Indonesia (Persero) Tbk (BBRI) with 11.63%. The expected return of this stock group is 0.023669025 or 2.37% and it's a portfolio risk of 0.000721873 or 0.07%. Meanwhile, during the Covid-19 period, there were four stocks that formed the optimal portfolio, namely Aneka Tambang Tbk (ANTM) shares with the fund proportion of 38.41%, Indah Kiat Pulp & Paper Tbk (INKP) with 27.30%, Bukit Asam Tbk (PTBA) with 25.18%, and United Tractors Tbk (UNTR)with 9.11%. The expected return is 0.078544263 or 7.85% with a portfolio risk of 0.012364093 or 1.24%.
Co-Authors Abdul Rakhman Laba Akbar Azis Ari Gunawan Asrini Wahyuni Cepi Pahlevi Fauzi R Rahim ST Aminah Syamsu Alam