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All Journal Jurnal Ekonomi dan Bisnis Jagaditha Jurnal Manajemen Pendidikan IJBE (Integrated Journal of Business and Economics) Dinasti International Journal of Education Management and Social Science Jurnal Pengabdian kepada Masyarakat International Journal of Applied Business and International Management Jurnal Polimesin Greenation International Journal of Economics and Accounting Dinasti Accounting Review Fibonacci : Jurnal Ilmu Ekonomi, Manajemen dan Keuangan BORJUIS (JURNAL OF ECONOMY) IJEMA
Jhonni Sinaga
Dosen Fakultas Ekonomi Dan Bisnis, Universitas Bhayangkara Jakarta Raya, Indonesia
Agriculture, Biological Sciences & Forestry Humanities Automotive Engineering Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Materials Science & Nanotechnology Mechanical Engineering Public Health Social Sciences Other

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The Influence of Profitability, Solvability, Firm Size, and Macroeconomics on Cost of Capital With Risk As a Moderating Variable on Multifinance Companies Giovani Huiser Mangalindung; Adler Haymans Manurung; Jhonni Sinaga; Idel Eprianto
Dinasti International Journal of Education Management And Social Science Vol. 6 No. 4 (2025): Dinasti International Journal of Education Management and Social Science (April
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v6i4.4200

Abstract

This research was conducted to examine the effect of gross profit margin, return on asset, leverage, firm size, oil price, and exchange rate on the cost of capital with risk as a moderating variable of multifinance companies that go public. This research population publishes multifinance companies that go public for the 2016-2023 period. The sampling technique uses purposive sampling technique. Based on predetermined criteria the number of samples obtained by 12 companies. The type of data used in this study is secondary data using panel data regression analysis methods. The results showed gross profit margin has a positive and not significant effect on the cost of capital, leverage variable has a positive and significant effect on the cost of capital, return on asset and firm size have negative significant effect on the cost of capital, oil price has a positive significant effect on the cost of capital, exchange rate has a positive and not significant effect. Risk is able to moderate gross profit and firm size have positive and not significant effect on the cost of capital, whereas risk is able to moderate return on asset and leverage have negative and not significant effect on the cost of capital.
DARI ANCAMAN KE KESELAMATAN: KESADARAN BANJIR DAN RESIKO LISTRIK DI TELUK PUCUNG BEKASI Bungaran Saing; Jhonni Sinaga; Ahmad Fauzi; Idel Eprianto; Dovina Navanti
J-ABDI: Jurnal Pengabdian kepada Masyarakat Vol. 5 No. 11 (2026): April 2026
Publisher : Bajang Institute

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Abstract

Melihat padatnya penduduk Kelurahan Teluk Pucung Khususnya RT 05 RW 10 yang berada di daerah pinggiran sungai yang rawan banjir dan rendahnya kesadaran masyarakat tentang bahaya banjir dan listrik terutama pada ibu rumah tangga, tim pengabdian Universitas Bhayangkara Jakarta Raya bertujuan memberikan pengetahuan dan pemahaman kepada masyarakat agar mampu mencegah menanggulangi bencana banjir di daerah tersebut dan memberi edukasi tentang bahaya listrik rumah tangga.. Pelaksanaan pengabdian ini terdiri dari empat tahap, yaitu perencanaan dan perizinan, persiapan, pelaksanaan, serta evaluasi. Hasil dari kegiatan pengabdian membuat lingkungan semakin bersih dengan diadakannya tempat-tempat sampah, meningkatnya kesadaran masyarakat menjaga lingkungan dengan tidak membuang sampah sembarangan dan sadar akan bahaya listrik. Dengan partisipasi warga yang cukup tinggi selama pelaksanaan pengabdian ini sehingga berhasil meningkatkan kesadaran masyarakat terhadap lingkungan terutama bahaya banjir dan listrik.
HARGA SAHAM PERUSAHAAN SUB SEKTOR FARMASI DAN FAKTOR YANG MEMPENGARUHINYA Leonaldi Hutajulu; Jhonni Sinaga; Supriyanto
BORJUIS: JURNAL OF ECONOMY Vol. 1 No. 4 (2024): BORJUIS: JOURNAL OF ECONOMY
Publisher : Adisam Publisher

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Abstract

A This study aims to analyze the effect of financial ratios on stock prices. In this study, fi-nancial ratios were used, namely Current Ratio (CR), Debt to Equity Ratio (DER), and Return On Equity (ROE). The data analysis method used is descriptive statistics, classical assumption test, multiple linear regression, and hypothesis testing. The results of this study conducted partially show that CR and DER while ROE have no effect on the share price of pharmaceutical sub-sector companies listed on the IDX for the 2018-2022 period. Meanwhile, the results of research conducted simultaneously show that CR, DER, and ROE have an effect on the share price of the pharmaceutical sub-sector companies listed on the IDX for the 2018- 2022 period.
Internal and External Factors on Cost Capital of Apparel and Luxury Goods Companies in Indonesia Stock Exchange Jerry Marmen Simanjuntak; Adler Haymans Manurung; Nera Marinda Machdar; John EHJ FoEH; Jhonni Sinaga
Jurnal Ekonomi dan Bisnis Jagaditha Vol. 12 No. 2 (2025): Jurnal Ekonomi dan Bisnis Jagaditha
Publisher : Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/jj.12.2.2025.269-278

Abstract

This study aims to explore the determinants of the cost of capital for apparel and luxury goods companies listed on the Indonesia Stock Exchange. It utilizes annual data from 2016 to 2023 and employs a panel data model. The findings indicate that both internal and external factors influence the cost of capital. Internal factors include leverage, the interest coverage ratio (ICR), and taxes, while external factors include interest rates and exchange rates.
The Influence of Cascading, E-Planning, and E-Budgeting on the Effectiveness of Budget Absorption in Bekasi City Government Agencies: Human Resource Competence in Financial Management as a Mediating Variable and Budget Planning Quality as a Moderating Variable Idel Eprianto; Jhonni Sinaga
International Journal of Applied Business and International Management Vol 10, No 3 (2025): December 2025
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijabim.v10i3.4558

Abstract

Budget absorption in local government agencies (OPDs) is often hindered by delays in implementation at the beginning of the year and a concentration of spending at the end of the year, thereby reducing program effectiveness. This study aims to analyze the influence of cascading, e-planning, and e-budgeting on the effectiveness of budget absorption, with the competence of financial management personnel as the mediating variable and the quality of budget planning as the moderating variable. The research method employs a quantitative approach using Structural Equation Modeling (SEM) based on SmartPLS. Data were collected via a questionnaire administered to local government agencies in the City of Bekasi. Results of the outer model test indicate that all constructs are valid and reliable (factor loadings 0.70; AVE 0.50; CR 0.80; HTMT 0.90). R² values of 0.68 for budget absorption effectiveness and 0.62 for planning quality indicate a strong explanatory power of the model. Hypothesis testing results prove that cascading, e-planning, and e-budgeting have a positive effect on budget absorption effectiveness. Human resource competency acts as a significant mediator, while planning quality strengthens the relationship between human resource competency and budget absorption effectiveness. This study confirms that budget absorption effectiveness depends not only on digital systems but also on strengthening human resource capacity and planning quality.
Comparative Analysis of Optimal Stock Portfolio Results using The Markowitz Method and a Single Index (Study on LQ 45 Company Shares Listed on the Indonesia Stock Exchange Period January – December 2024) Matdio Siahaan; Jhonni Sinaga; David Pangaribuan
Greenation International Journal of Economics and Accounting Vol. 4 No. 2 (2026): Greenation International Journal of Economics and Accounting (May - June 2026)
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i2.902

Abstract

In the era of digital technology advancement, Indonesia has become an alternative investment destination in the capital market, attracting global attention. Investing in the capital market offers high returns and significant risks. Therefore, investors need strategic skills to mitigate risk. Risk reduction can be achieved through asset diversification, also known as portfolio formation. This study aims to develop an optimal portfolio using the Markowitz Single Index method and to determine the optimal investment proportion for the LQ45 Index. The sample used was the LQ45 index members from January 2024 to December 2024. This method is a comparative study with daily data, using calculations of realized return, variance, covariance, and cut-off rate for a single index. The analysis using the Markowitz method resulted in seven stocks as optimal portfolio recommendations, the stock composition is different between the two methods with a return of 0.15% and a risk of 1.25%. The analysis using the Single Index method resulted in seven stocks as optimal portfolio recommendations, with a return of 0.037% and a risk of 0.07%.
Moderasi Kurs Pada Hubungan Determinan Intrenal Dan Eksternal Dengan Kinerja Keuangan Perusahaan Jhonni Sinaga; Nurhaliza Novianti; Supriyanto Supriyanto
Dinasti Accounting Review Vol. 3 No. 4 (2026): Dinasti Accounting Review (April - June 2026)
Publisher : Dinasti Research & Yayasan Dharma Indonesia Tercinta (DINASTI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dar.v3i4.3344

Abstract

Faktor internal dan eksternal mempengaruhi kinerja keuangan perusahaan otomotif di Indonesia, terutama di tengah fluktuasi nilai tukar rupiah yang cukup signifikan pada decade terakhir ini. Penelitian ini bertujuan menganalisis pengaruh leverage, pertumbuhan perusahaan, pertumbuhan penjualan, dan pertumbuhan ekonomi terhadap kinerja keuangan, serta menguji peran nilai tukar (kurs) sebagai variabel moderasi pada hubungan tersebut. Populasi penelitian adalah perusahaan otomotif yang terdaftar di Bursa Efek Indonesia (BEI) periode 2015-2024 dengan sampel terdiri dari 5 perusahaan yang terpilih berdasarkan metode purposive sampling. Penelitian ini menggunakan pendekatan kuantitatif dengan analisis regresi data panel dan Moderated Regression Analysis (MRA) dengan bantuan Eviews-12. Hasil penelitian menunjukkan bahwa leverage, pertumbuhan perusahaan, pertumbuhan penjualan, dan pertumbuhan ekonomi tidak berpengaruh signifikan terhadap kinerja keuangan. Kurs mampu memoderasi secara signifikan hubungan antara leverage dan kinerja keuangan, namun tidak signifikan untuk hubungan variabel lainnya. Penelitian ini menunjukkan bahwa fluktuasi nilai tukar memiliki peran kunci dalam memperkuat dampak penggunaan utang terhadap kinerja keuangan, karena industri ini masih bergantung pada impor.
Enhancing production effectiveness of the K-58 crankcase machining line through integrated TPM–FMEA approach Zulkani Sinaga; Jhonni Sinaga
Jurnal Polimesin Vol 23, No 6 (2025): December
Publisher : Politeknik Negeri Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30811/jpl.v23i6.8231

Abstract

On the Crankcase K-58 machining line, several performance gaps were identified, including inconsistent cycle time, frequent unplanned downtime, and tool-change irregularities that caused the output to fall below the company targets. This study aims to enhance the production effectiveness of the K-58 crankcase machining line by applying an integrated Total Productive Maintenance (TPM) and Failure Mode and Effects Analysis (FMEA) approach. The initial performance evaluation, using Overall Equipment Effectiveness (OEE) in 2024, showed an average score of 76.2%, indicating significant losses in availability and performance rates. Quantitative analysis was conducted through OEE and Six Big Losses assessments, while FMEA was used to prioritize failure points based on Risk Priority Number (RPN). Improvement actions implemented included autonomous maintenance reinforcement, scheduled preventive maintenance, operator skill development, coolant-condition control, and quick-change adjustments. After implementation, OEE of the machining line increased to 85.5%, meeting the its target. Reduced speed losses improved by more than 45%, while setup and adjustment losses decreased by over 50%. These results confirm that the integrated TPM–FMEA approach is effective for enhancing machining-line performance and reliability.
Moderating the Company Value’s Determinants of Oil Palm Estate Company in Indonesia Jhonni Sinaga
Integrated Journal of Business and Economics (IJBE) Vol 9, No 4 (2025): Integrated Journal of Business and Economics
Publisher : Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/ijbe.v9i4.1346

Abstract

This study aims to gather evidence of the direct and indirect effects of the factors that determine a company's value, which are controlled by the dividend policy and corporate social responsibility (CSR). Purposive sampling determines the chosen samples. Refer to the performed recapitulations and calculations, there are only 5 companies of the 24 listed at IDX that meet the given criteria in 2009-2017. Using Structural Equation Modeling (SEM) utilizing a WarpPLS (Warp Partial Least Squares) approach we found that the capital structure has a negative and substantial impact on the company's worth during the years when the global economy was unstable and the price of products was declining.  By adopting optimal and consistent CSR activities and boosting dividend payouts to the optimal level, this effect can be lessened and transformed into something positive and important.  Increasing dividend payments steadily to the ideal level can likewise lessen or transform the positive and insignificant capital structure effect on the firm value through company growth into a positive and large one. Furthermore, because oil palm estate businesses have a three-year investment period, it is particularly crucial for management to carefully and accurately weigh the marginal benefits and costs of employing long-term bank loans or liabilities to finance business operations.
Pengaruh Leverage, Cash Holding, Dan Modal Kerja Terhadap Pertumbuhan Berkelanjutan Pada Perusahaan Manufaktur Non-Cyclical Di Bursa Efek Indonesia Periode 2015–2025 Ari Rhamdani; Adler Haymans Manurung; Jhonni Sinaga; Muhammad Asif Khan; Tyna Yunita
Indonesian Journal of Economics Management and Accounting Vol. 3 No. 7 (2026): IJEMA - Juli 2026
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

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Abstract

Sustainable Growth Rate (SGR) merupakan metrik krusial untuk mengevaluasi kapasitas perusahaan dalam menjaga laju pertumbuhannya secara mandiri melalui pendanaan internal. Pada industri manufaktur sektor non-cyclical, keberlanjutan pertumbuhan ini sangat ditentukan oleh berbagai determinan keuangan, di antaranya leverage, cash holding, dan modal kerja. Oleh karena itu, penelitian ini dilaksanakan guna menginvestigasi dampak ketiga variabel tersebut terhadap SGR. Populasi studi mencakup perusahaan manufaktur non-cyclical yang tercatat di Bursa Efek Indonesia (BEI) selama kurun waktu 2015–2025. Dengan menerapkan metode kuantitatif berbasis analisis regresi data panel terhadap data sekunder dari laporan keuangan tahunan, riset ini diharapkan mampu menyajikan bukti empiris yang solid. Selain berkontribusi pada pengembangan literatur manajemen keuangan, temuan penelitian ini juga ditujukan sebagai landasan strategis bagi manajemen, investor, maupun regulator dalam merumuskan kebijakan keuangan yang optimal.
Co-Authors Adler Haymans Manurung Adler Haymans Manurung Adler Haymans Manurung Ahmad Fauzi Ari Rhamdani Bungaran Saing, Bungaran David Pangaribuan Friska Monika Sari Siagian Giovani Huiser Mangalindung Idel Eprianto Jerry Marmen Simanjuntak John EHJ FoEH Kayla Ainiyah Khan, Muhammad Asif Leonaldi Hutajulu Muthia Aminie Nera Marinda Machdar Nurhaliza Novianti Rianto, Muhammad Richo Siahaan, Matdio Sinaga, Zulkani Supriyanto Supriyanto Supriyanto Supriyanto Supriyanto Yunita, Tyna