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All Journal JURNAL EMBA : JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI International Conference on Law, Business and Governance (ICon-LBG) JURNAL SOSIAL HUMANIORA (JSH) Jurnal Ekonomi Manajemen Sistem Informasi Management Studies and Entrepreneurship Journal (MSEJ) Enrichment : Journal of Management Proceeding National Conference Business, Management, and Accounting (NCBMA) Proceeding of International Conference on Entrepreneurship (IConEnt) Jurnal Penelitian Akuntansi E-JURNAL AKUNTANSI
William Tjong
Universitas Pelita Harapan
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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PENGARUH NILAI TUKAR TERHADAP RETURN SAHAM STUDI EMPIRIS PADA PERUSAHAAN YANG TERDAFTAR DALAM INDEKS LQ45 DI BURSA EFEK INDONESIA Tjong, William; Sitorus, Uli Arta
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

Ada berbagai macam jenis investasi yang tersedia di Indonesia, salah satunya adalah investasi saham dimana dalam beberapa tahun terakhir cukup diminati oleh sebagian masyarakat Indonesia yang berusia produktif dan kelas menengah yang menyisihkan sebagian pendapatan mereka untuk berinvestasi saham. Namun banyak faktor – faktor internal dan ekstenal perusahaan yang dapat mempengaruhi nilai saham perusahaan dan memberikan risiko yang signifikan terhadap perusahaan yang ada di Indonesia, salah satu faktornya adalah nilai tukar yang cukup berfluktuatid dalam beberapa tahun terakhir. Penelitian ini menggunakan metode regresi linier sederhana dengan  sampel penelitian sebanyak 55 perusahaan non keuangan yang pernah terdaftar dalam indeks LQ45 di Bursa Efek Indonesia. Penelitian ini menggunakan data yang dihimpun secara bulanan. Variabel yang digunakan adalah return perushaan sebagai variabel dependen, return market yaitu Indeks Harga Saham Gabungan atau IHSG, kemudian nilai tukar rupiah terhadap dolar sebagai variabel independen. Dari hasil penelitian ini dapat disimpulkan bahwa pengaruh nilai tukar mata uang Rupiah terhadap pengembalian saham perusahaan non keuangan yang terdaftar dalam indeks LQ45 di Bursa Efek Indonesia adalah positif dan signifikan. Selain itu pengarun nilai tukar mata uang terhadap perubahan profitabilitas perusahaan non keuangan yang terdaftar dalam indeks LQ45 di Bursa Efek Indonesia juga menunjukkan hubungan yang positif dan signifikan.
Analysis Of The Effect Of Company Age And Capital Structure On Profitability In Primary Consumer Sector Companies Listed On The Indonesia Stock Exchange Tjong, William; Hartono, Brigita
Jurnal Penelitian Akuntansi (JPA) Vol. 5 No. 2 (2024): OKTOBER
Publisher : Universitas Pelita Harapan

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Abstract

The purpose of research is to analyze the effect of company age and capital structure on profitability in companies engaged in the primary consumer sector listed on the Indonesia Stock Exchange (IDX). The data used in this study are secondary data that can be accessed through S&P Capital IQ. Furthermore, data processing will be carried out with STATA version 15. Profitability is calculated using Return on Equity (ROE). The age of the company will be measured by how long the company has been listed on the IDX. Capital structure measurement will be done using Debt Equity Ratio (DER). 155 data sets will be used in this study, consisting of 31 companies over a 5-year period. The results of this study, namely (1) company age has a positive and significant effect on profitability and (2) capital structure has a positive and significant effect on profitability.
ARTIFICIAL NEURAL NETWORK AND STOCK PRICE PREDICTION Tjong, William
Jurnal Penelitian Akuntansi (JPA) Vol. 5 No. 1 (2024): APRIL
Publisher : Universitas Pelita Harapan

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Abstract

The main objective of this research is to examine the performance of neural network (NN) to predict stock price. This research propose to use daily closing price of TELKOM share for the observation period. Authors propose to use TELKOM share because it is one of the most liquid and blue chip stock in Indonesian Stock Exchange (IDX). This research use purposive sampling. The authors propose to use Artificial Intelligence Neural Network (ANN) to predict stock price. From literature review ANN can predict stock price more accurately than traditional way like linear regression. The Artificial Neural Network (ANN) model use backpropagation algorithm for training session and feed forward NN for testing the output. The authors propose ANN with five nodes outperform ANN with fewer (two) nodes. The reason is that the information contained in five nodes ANN provide more accurate information than two node ANN. Consequently ANN with five nodes can predict stock price better and more accurately than ANN with two nodes. The average percentage error should be less for ANN with five nodes then the percentage error of ANN with two nodes
Financial Ratios of Companies Before and After Initial Public Offering (IPO) William Tjong; Kevin Fedora
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 4 (2024): Proceedings of the 4th International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study aims to examine differences in the company's financial ratios before and after the Initial Public Offering (IPO) in terms of profitability, solvency, liquidity, activity and growth ratios. This study uses quantitative research by conducting a different test analysis using the Wilcoxon Signed Ranks Test and the ANOVA test on the financial statements of all companies (except finance) that have conducted IPOs for the study period. Based on the test results, it can be seen that the trend of financial performance in terms of profitability, solvency, liquidity, activity and growth ratios shows a decline trend in the ratio of profitability, solvency, liquidity, activity and growth. Based on the results of the different test using the Wilcoxon Signed Ranks Test method, it is shown that the ratios of profitability, solvency, liquidity, activity and growth have differences before and after the IPO. Based on the ANOVA test to analyze the average change in the sample, it is known that the ROE ratio changes in the sample average, while the DER, CR, Asset Turnover and Sales Growth ratios do not change in the sample average.
Analysis of Leverage, Managerial Ownership, and Dividend Policy in Agency Theory Perspective Tjong, William; Stevanie, Stevanie
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 3 (2023): Proceedings of the 3rd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

The purpose of this research is to test the effect of leverage, managerial ownership, and dividend policy on agency conflict. The agency conflict in this study is proxied by the value of the company measured through Tobin's Q Ratio, while the independent variables use leverage, managerial ownership, and dividend policy. The partial analysis tools in this study used Ordinary Less Square (OLS). Samples are companies listed on Indonesia Stock Exchange for the period of study. The results of this study are leverage has a negative relationship in reducing agency conflict in companies, managerial ownership does not affect the firm value, and dividend policy has a positive and significant effect in reducing agency conflict in companies.
PENGARUH FAKTOR MAKRO EKONOMI TERHADAP INDEKS HARGA SAHAM DI INDONESIA Suseno, Kevin; Tjong, William
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

Penelitian ini bertujuan untuk menguji apakah faktor makro ekonomi berpengaruh terhadap indeks harga saham gabungan (IHSG). Sampel dalam penelitian ini adalah perusahaan yang sudah listing di Bursa Efek Indonesia. Penelitian ini memakai metode regresi untuk menguji hipotesis penelitian. Hasil penelitian menemukan bahwa  produk domestik bruto (PDB) berpengaruh positif signifikan terhadap terhadap Indeks Harga Saham di Indonesia, inflasi tidak berpengaruh negatif signifikan terhadap Indeks Harga Saham di Indonesia, suku bunga berpengaruh negatif signifikan terhadap Indeks Harga Saham di Indonesia. PDB, inflasi dan suku bunga secara simultan berpengaruh terhadap Indeks Harga Saham di Indonesia. Penelitian ini memberikan implikasi penting bahwa pemerintah sebaiknya berhati-hati dalam menetapkan kebijakan yang bisa berdampak terhadap PDB, inflasi, dan suku bunga. R2 dalam penelitian ini adalah 90,22% berarti variasi nilai Indeks Harga Saham dapat dijelaskan oleh PDB, inflasi dan suku bunga. Sedangkan sebesar 9,78% lainnya dijelaskan oleh faktor-faktor lain karena dipengaruhi oleh faktor-faktor lain yang tidak dimasukkan dalam model.
PENGARUH NILAI TUKAR TERHADAP RETURN SAHAM STUDI EMPIRIS PADA PERUSAHAAN YANG TERDAFTAR DALAM INDEKS LQ45 DI BURSA EFEK INDONESIA Tjong, William; Sitorus, Uli Arta
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Ada berbagai macam jenis investasi yang tersedia di Indonesia, salah satunya adalah investasi saham dimana dalam beberapa tahun terakhir cukup diminati oleh sebagian masyarakat Indonesia yang berusia produktif dan kelas menengah yang menyisihkan sebagian pendapatan mereka untuk berinvestasi saham. Namun banyak faktor - faktor internal dan ekstenal perusahaan yang dapat mempengaruhi nilai saham perusahaan dan memberikan risiko yang signifikan terhadap perusahaan yang ada di Indonesia, salah satu faktornya adalah nilai tukar yang cukup berfluktuatid dalam beberapa tahun terakhir. Penelitian ini menggunakan metode regresi linier sederhana dengan  sampel penelitian sebanyak 55 perusahaan non keuangan yang pernah terdaftar dalam indeks LQ45 di Bursa Efek Indonesia. Penelitian ini menggunakan data yang dihimpun secara bulanan. Variabel yang digunakan adalah return perushaan sebagai variabel dependen, return market yaitu Indeks Harga Saham Gabungan atau IHSG, kemudian nilai tukar rupiah terhadap dolar sebagai variabel independen. Dari hasil penelitian ini dapat disimpulkan bahwa pengaruh nilai tukar mata uang Rupiah terhadap pengembalian saham perusahaan non keuangan yang terdaftar dalam indeks LQ45 di Bursa Efek Indonesia adalah positif dan signifikan. Selain itu pengarun nilai tukar mata uang terhadap perubahan profitabilitas perusahaan non keuangan yang terdaftar dalam indeks LQ45 di Bursa Efek Indonesia juga menunjukkan hubungan yang positif dan signifikan.
Profitabilitas, Solvabilitas, Likuiditas, dan Nilai Perusahaan Rumah Sakit yang Terdaftar di BEI 2015-2019 Anry Umar; William Tjong
E-Jurnal Akuntansi Vol 31 No 5 (2021)
Publisher : Accounting Department, Economic and Business Faculty of Universitas Udayana in collaboration with the Association of Accounting Department of Indonesia, Bali Region

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2021.v31.i05.p17

Abstract

The hospital is a socio-economic service company. The research objective is to analyze the effect of profitability, solvency, and liquidity on the company value of the hospital industry. The study population was hospitals in sector 9 – trade, subsector 96 - health in the IDX for the 2015-2019. The sample was taken using nonprobability sampling method with purposive sampling technique of four issuers. This study uses a quantitative approach with data collection then processed with Eviews and the analysis technique used is panel data regression. From the results of the study using data panel regression with FEM approach and a significance value of 0.05; The p-value of ROE 0.3403, DER 0.0000 CR 0.0076. ROE, DER and CR have positive regression coefficients. The MIKA intercept value is 3.37330659, SAME -3.1121377, SILO 0.694458, and SRAJ -1.303740. R2 of ROE, DER and CR on PBV is 76.9%. The conclusion in this study, DER and CR have a significant and positive effect on PBV. Meanwhile, ROE has no significant effect on PBV, but has a positive relationship. Keywords: The value of the company; Profitability; Solvency; Liquidity; Hospital.
Financial Drivers of Profitability in Indonesia's Pharmaceutical Industry: A Panel Data Analysis Muhammad Hadyan Rusin; Gracia Shinta S. Ugut; William Tjong
Jurnal Ekonomi Manajemen Sistem Informasi Vol. 7 No. 1 (2025): Jurnal Ekonomi Manajemen Sistem Informasi (September-Oktober 2025)
Publisher : Dinasti Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jemsi.v7i1.6109

Abstract

 Studi ini mengkaji faktor-faktor yang memengaruhi profitabilitas dalam bisnis farmasi Indonesia. Perusahaan-perusahaan di sektor ini menghadapi berbagai kendala operasional dan keuangan akibat siklus litbang yang berlarut-larut, intensitas modal yang tinggi, dan persyaratan regulasi yang ketat. Sejumlah ukuran profitabilitas utama dipengaruhi oleh rasio utang terhadap aset (DAR), perputaran persediaan (INTO), dan perputaran total aset (TOAS). Penelitian ini bertujuan untuk menilai dampak variabel-variabel tersebut terhadap metrik keuangan seperti Pertumbuhan Aset (AGRO), Siklus Konversi Kas (CCC), NPM, dan ROA. Dengan menggunakan dataset panel seimbang dengan 90 observasi yang mencakup periode 2014–2023, studi ini menerapkan model regresi panel efek tetap dan acak pada industri farmasi di Indonesia. Untuk memperhitungkan heterogenitas yang tidak teramati dan memberikan hasil yang andal, studi ini menggunakan model regresi panel efek tetap dan acak. Hasil penelitian menunjukkan bahwa peningkatan aset secara signifikan meningkatkan laba, yang sejalan dengan teori Resource-Based View yang menyatakan bahwa aset unik suatu perusahaan merupakan faktor terpenting dalam mencapai daya saing. Profitabilitas berbanding terbalik dengan rasio utang terhadap aset, yang menyoroti perlunya pengelolaan utang yang cermat, dan berbanding positif dengan siklus konversi kas yang fleksibel, yang menunjukkan keunggulan teknik modal kerja yang fleksibel. Karena kompleksitas operasional bisnis yang unik, ukuran efisiensi konvensional seperti perputaran persediaan dan perputaran total aset dianggap kurang menunjukkan profitabilitas. Para manajer, investor, dan pembuat undang-undang di industri farmasi dapat memperoleh manfaat besar dari temuan ini, yang menyoroti pentingnya pengelolaan utang dan investasi aset strategis dalam mencapai profitabilitas di industri yang sangat teregulasi dan padat modal.
THE EFFECT OF CAPITAL STRUCTURE AND SALES GROWTH ON FINANCIAL DISTRESS WITH PROFITABILITY AS A MODERATING VARIABLE: EVIDENCE FROM INDONESIA MANUFACTURING FIRMS Noor, Kania Syahra; Tjong, William
Jurnal Penelitian Akuntansi (JPA) Vol. 6 No. 1 (2025): APRIL
Publisher : Universitas Pelita Harapan

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Abstract

This study examines the impact of capital structure and sales growth on financial distress, with profitability as a moderating variable. Using 326 firm-year observations from 84 Indonesian manufacturing companies in the consumer discretionary and consumer staples sectors (2019–2023), logistic regression and moderated regression analysis were applied. The findings show that the debt-to-equity ratio and sales growth significantly increase the likelihood of financial distress, while profitability reduces it. In contrast, the debt-to-asset ratio has no significant effect, and profitability does not moderate the effects of capital structure or sales growth. These results provide evidence for the inconsistent findings in prior studies and highlight the need for managers to balance leverage, growth, and profitability to reduce financial risk. Keywords: Capital Structure; Sales Growth; Profitability; Financial Distress; Altman Z- Score; Indonesia
Co-Authors ., Meilina Anry Umar Caroline Caroline chandra wijaya Chrysant Lambok Chandra Citra Lius Winardi Donny Donny Gleny Gleny Gracia S Ugut Hartono, Brigita Henry Daniel Pateh Herlina Lusmeida Ignatius Reysa Nugroho Kevin Fedora Michael Michael Muhammad Hadyan Rusin Noor, Kania Syahra Rion Kurniawan Rosinta Romauli Situmeang Sitorus, Uli Arta Stevanie, Stevanie Suseno, Kevin