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Pengaruh Kapitalisasi Pasar, Struktur Modal dan Arus Kas Operasi terhadap Tingkat Pengembalian Saham Sundari, Iska Ayu; Nurbaiti, Beti; Ningrum, Endah Prawesti; Nuryati, Tutty; Yulaeli, Tri
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 4 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i4.1212

Abstract

The basic materials sector in Indonesia experienced significant stock price volatility between 2019 and 2023, largely due to external factors such as geopolitical conflicts and global economic uncertainty. This study aims to examine the effect of market capitalization, capital structure, and operating cash flow on stock returns in basic materials companies listed on the Indonesia Stock Exchange. A quantitative approach was applied using secondary data from annual financial statements and public market data. The population includes all basic materials sector companies during the 2019 -2023 period, and purposive sampling yielded 42 firms. The study applied panel data regression using first-difference transformation and natural logarithm transformation for market capitalization to improve data stability. Model selection was conducted through Chow, Hausman, and Lagrange Multiplier tests, while classical assumption tests ensured model validity. Regression analysis using the Common Effect Model showed that each independent variable market capitalization, capital structure, and operating cash flow has a significant positive effect on stock returns. Simultaneously, the three variables jointly influence stock returns, explaining 98.3% of its variation. These findings suggest that both external (market capitalization) and internal (capital structure and operating cash flow) company factors are crucial in determining stock performance. The results have practical implications for investors and corporate managers in optimizing capital decisions and assessing company financial sustainability in volatile market conditions.
Pengaruh Cash Holding, Investment Opportunity Set, dan Dividend Policy terhadap Firm Value Dewi, Atika Somantri; Nurbaiti, Beti; Ningrum, Endah Prawesti; Nuryati, Tutty; Yulaeli, Tri
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 4 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i4.1213

Abstract

The consumer non-cyclicals sector has experienced sluggish stock price movements in recent years due to weakened currency performance and declining purchasing power. These conditions raise concerns about the factors influencing firm value in this sector. This study aims to examine the effect of cash holding, investment opportunity set, and dividend policy on firm value in non-cyclical consumer goods companies listed on the Indonesia Stock Exchange. The research applies a quantitative approach using secondary data from annual financial reports for the 2020–2023 period, involving 46 companies selected through purposive sampling. Data analysis was conducted using panel data regression with the common effect model, supported by classical assumption tests and hypothesis testing. The results show that, partially, investment opportunity set has a significant positive effect on firm value, while cash holding and dividend policy do not significantly influence firm value. Simultaneously, all three variables jointly affect firm value. These findings highlight the importance of future investment prospects as a key driver of firm value, whereas cash reserves and dividend distributions appear to play a less decisive role in investor decision-making.
Pengaruh Aset Berwujud, Pertumbuhan Penjualan dan Risiko Bisnis terhadap Struktur Modal Sari, Ayu Permata; Nurbaiti, Beti; Ningrum, Endah Prawesti; Nuryati, Tutty; Yulaeli, Tri
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 4 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i4.1215

Abstract

The property and real estate sector has faced significant challenges in recent years, particularly due to the Covid-19 pandemic and rising interest rates. These conditions have impacted corporate financing decisions, especially capital structure. This study aims to examine the effect of tangible assets, sales growth, and business risk on capital structure among property and real estate companies listed on the Indonesia Stock Exchange. A quantitative approach was used, employing secondary data derived from annual financial reports for the period 2019–2023. To meet the classical assumption requirements and enhance data normality, capital structure data was transformed using a square root, and the data series was differenced, resulting in a final sample of 176 firm-year observations from 44 companies selected via purposive sampling. Data were analyzed using panel data regression with the common effect model, supported by classical assumption tests. The findings reveal that business risk has a significant negative effect on capital structure, while tangible assets and sales growth have no significant influence. Simultaneously, the three independent variables significantly affect capital structure. These results imply that firms with high business risk tend to be more cautious in utilizing debt, aligning with the trade-off theory. Conversely, tangible assets and sales growth do not necessarily determine capital structure decisions in the observed sector.
Pengaruh Independent Board Of Commissioner, Profitability dan Growth Opportunity terhadap Firm Value Azhara, Yarika; Nurbaiti, Beti; Ningrum, Endah Prawesti; Nuryati, Tutty; Yulaeli, Tri
SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business Vol. 8 No. 4 (2025): SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management, & Business
Publisher : Sekolah Menengah Kejuruan (SMK) Pustek

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/sjr.v8i4.1217

Abstract

The non-cyclical consumer goods sector is considered attractive for investors due to its stable demand and resilience in times of economic uncertainty. However, firm value in this sector can still fluctuate due to internal governance and performance factors. This study aims to examine the effect of the independent board of commissioners, profitability, and growth opportunity on firm value in non-cyclical consumer goods companies listed on the Indonesia Stock Exchange. The study uses a quantitative approach with panel data obtained from 46 companies over the 2020–2023 period. The analysis is conducted using panel data regression with the fixed effect model, following data transformation to address classical assumption issues. The findings reveal that the independent board of commissioners has a significant negative effect on firm value, suggesting that increased board independence does not automatically translate to higher investor confidence. On the other hand, profitability and growth opportunity show a significant positive effect, indicating that companies with stronger earnings performance and higher growth potential tend to have higher firm value. These results highlight the importance of effective governance and financial performance in enhancing firm value in the Indonesian consumer goods sector.
SIWAKOT APPLICATION: REVOLUTIONIZING TOURISM REVENUE IN BEKASI Pramukty, Rachmat; Yulaeli, Tri; Arumi, Mira
JRAK Vol 16 No 1 (2024): April Edition
Publisher : Faculty of Economics and Business, Universitas Pasundan, Bandung, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrak.v16i1.12413

Abstract

The research evaluated the effectiveness of the City Tourism Information System (SIWAKOT) in boosting Bekasi City's Regional Original Revenue (PAD) through tourism. It analyzed SIWAKOT's impact on revenue generation and its role in the development of the tourism sector. Methodologically, it employed primary data analysis, stakeholder interviews and surveys focused on Bekasi tourism. The findings indicated that SIWAKOT enhanced tourism information management, expanded promotional reach, and improved tourist experiences, therefore, increasing visitor numbers and economic activities. The research suggested implementing SIWAKOT or similar strategies to leverage Bekasi’s tourism potential for revenue growth. It has contributed to innovative PAD augmentation strategies, emphasizing SIWAKOT's transformative potential and the importance of utilizing tourism resources for sustainable revenue enhancement in Bekasi.
Supervision Of Bonded Area Facility Policies For Importers At The Bekasi Customs And Excise Intermediate Type A Supervision And Service Office For 2018-2019 Pramukty, Rachmat; Harjo, Dwikora; Yulaeli, Tri; Titik Wiyani, Natalia; Adharyanto, Alpandi
International Journal of Educational Research & Social Sciences Vol. 3 No. 5 (2022): October 2022
Publisher : CV. Inara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijersc.v3i5.519

Abstract

One particular phenomenon in this research is that the Bonded Zone facility policy has its own appeal in the producers' eyes on an export basis. Consequently, judging from the large number of Bonded Zone scattered throughout Bekasi City, it becomes a significant obstacle for the supervisory duty’s implementation. The number of personnel within the Directorate General of Customs and Excise (DJBC) is inadequate, which in turn, causes the practice of misusing DJBC's superior facilities is easier to do. This study aims to determine and analyze the Bonded Zone facility policy supervision for importers at the supervision and Service Office for Customs and Excise in Type A of Bekasi Customs and Excise and the constrictions and efforts in the supervision process. The research method employed was descriptive research with a qualitative approach. Meanwhile, the data analysis method implemented was qualitative data analysis. The results of this study indicated that the policy supervision of Bonded Zone facility for importers at KPPBC TMP A Bekasi has been going well on each year. However, it has not been optimally implemented. It is indicated by the findings from the inspection results and action carried out by KPPBC TMP A Bekasi. In implementing the bonded area facility policy supervision, KPPBC TMP A Bekasi tackled various obstacles, nearly data retrieval problems on the CEISA TPB application, the unmatched company IT Inventory to what was reported, and the insufficient number of personnel in the supervisory unit.
Co-Authors - - Selfiani Adharyanto, Alpandi Adira Oktaviani Tita Nurjanah Aep Saefullah Agatha Maharani Yulaeli Ahmad Fadli Ajeng Putri Wahyuningtyas Amalia Mustika Aryafu'adi Anditha Wanda Salsabila Anwar, Bunga Aprilia Salsabilla Anwar, Muhamad Cikhal Arda, Devid Putra Ari Rahmawan Arumi, Mira Aurelia Maritza, Erlin Avivah Shafa Nada Avriliani Dwi Septiana Avriliani Dwi Septianay Ayu Permata Sari Ayu Sastro, Indah Azhara, Yarika Belantika Sheren Aurorita Beti Nurbaiti Cantika Ramadina PD Della Puspita Denisa Salsabila Viyanis Dewi Puspaningtyas Dewi, Atika Somantri Dina Erliana Dinanti, Dara dinda salsabila Eka Lala Sari Eka Lala Sari Endah Prewesti Ningrum Erka Azaza Adellia Fenny Zyahwa Fitriana Fitriana Gisca Dwi Desriyunia Hafizh, Muhammad Maulana Harjo, Dwikora Hendi Prihanto Hermanto Jusuf Moestopo Idel Eprianto Indah Puspita Sari Jasmine Jasmine Juwainah Juwainah Kartika Wulandhari Khalisa Fahira Kukuh Bhagaskara Lasmarina Suci Oktavia Lathifah Zahra,, Harsa Lyra Aldina Marundha, Amor Muhammad Reza Adi Nugroho Mukuan, Arthur Mutia Fahrati Nabilah Rafifah Khairunnisa Nada Salsabila Narpati, Bintang Naveli, Navia Nehemia Apriyani Panjaitan Ningrum, Aisyah Eka Ningrum, Endah Prawesti Nova Lia Situmorang Nurbaiti, Beti Nurbaiti, Betti Nurbaiti, Betty Nurdiyanto Nurdiyanto Nuryati, Tutty Pratiwi Nila Sari Prawesti, Endah Purba, Lidia Margaretta Puspaningrum, Endah Putri Hana Salsafila Putri, Sela Dwi Putri, Yosi Ika Rachmat Pramukty Rahmawati Indah Lestari Rahmawati, Siska Aprilia Raisa Raisa Ramadhani Nurfitria Ramdhani Ahmad Fariz Putra Setiawan Sabilah Ayu Adinda Yani Salsabila, Naila Shafa Sari, Riski Ulan Selfiani Selfiani Sheyla Ayu Andini Sumarno Manrejo Sundari, Iska Ayu Syamsudin Syamsudin Tambun, Olga Resia Dame Tania Zahra Yogananda Titik Wiyani, Natalia Tri Widyastuti Triyani Ismayadi tutty nurhayati uswatun khasanah Verliani Dasmaran Vina Ramaadhianti Vina Ramadhianti Wafiyyah Septiwidya Wardani, Tiara Kusuma Wijayanti, Murti Wiwin Aini Syifa