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All Journal Jurnal Ekonomi : Journal of Economic Jurnal Manajemen Teori dan Terapan BAKI (Berkala Akuntansi dan Keuangan Indonesia) Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT Syntax Literate: Jurnal Ilmiah Indonesia JURNAL MANAJEMEN INDUSTRI DAN LOGISTIK Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Journal of Multidisciplinary Academic Jurnal Akuntansi dan Bisnis Jurnal Ilmiah Ekonomi Global Masa Kini JURNAL LENTERA BISNIS Enrichment : Journal of Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Jurnal Ekonomi dan Manajemen Jurnal Cafetaria ETNIK : Jurnal Ekonomi dan Teknik Journal of Economic, Business and Engineering (JEBE) Sinomika Journal: Publikasi Ilmiah Bidang Ekonomi dan Akuntansi Jurnal Manajemen dan Kewirausahaan Economic Reviews Journal Formosa Journal of Sustainable Research (FJSR) Journal of Accounting and Finance Management (JAFM) Jurnal Magister Akuntansi Trisakti Jurnal Pengabdian Kepada Masyarakat Ekonomi, Pendidikan, dan Sosial Humaniora Research Horizon Records Management System Journal Social Science Academic Jurnal Penelitian Pendidikan Indonesia Sasambo: Jurnal Abdimas (Journal of Community Service) JCRIM (Journal of Current Research In Multidisciplinary)
Eka Bertuah
Universitas Esa Unggul, Jakarta, Indonesia
Religion Arts Humanities Automotive Engineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Mechanical Engineering Social Sciences Transportation Other

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THE FINANCIAL PERFORMANCE AND MACROECONOMIC FACTORS IN FORMING STOCK RETURN Bertuah, Eka; Sakti, Indra
Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT Vol 4 No S1 (2019): Special Issue Tantangan Bisnis di Era Digital
Publisher : Economic Faculty, Attahiriyah Islamic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (342.451 KB)

Abstract

This research focuses on fundamental and macroeconomic conditions in the formation of stock returns as an empirical test on signaling theory, capital structure theory, and prospect theory. The research sample is companies listed on the BEI property sector with a total of 17 companies that meet the criteria of purposive sampling. The analysis technique uses panel data regression with random effects. The results showed simultaneously that financial performance and macroeconomic factors affect stock returns. The partial test shows that profitability and capital structure do not affect stock returns, while PBV and macroeconomic factors have a positive effect on stock returns. In addition, GDP is the dominant factor affecting stock returns. The implications of this study refer to investors in determining investment strategies, for management in managing companies and for regulators in making economic policy decisions. Keywords: Stock Return, Financial Performance, Macroeconomic, Property Sector
MENDETEKSI FAKTOR PENENTU STRUKTUR MODAL PADA SUB SEKTOR PERDAGANGAN BESAR (WHOLESALER) DAN RETAILER DI INDONESIA YANG GO PUBLIK Suharna, Jaka; Bertuah, Eka
Jurnal Ekonomi : Journal of Economic Vol 11, No 2 (2020): Jurnal Ekonomi : Journal of Economic
Publisher : Lembaga Penerbitan Unversitas Esa Unggul

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47007/jeko.v11i2.3611

Abstract

This research aims to detect the determining factor of capital structure in Wholesaler and Retailer subsector in Indonesia. There are 44 companies used as the research sample; they are the wholesaler and retailer companies as listed in BEI (Indonesia Stock Exchange) during 2013-2017. The data analysis used logistic regression and ANOVA test. The result shows that the sales growth and profitability could be the determining factor in company capital structure. The sales growth has negative effect toward the capital structure. This implies that the higher sales growth, the lesser the debt usage. Besides, profitability has negative effect toward the capital structure. This indicates that the companies with profitability increased would reduce the debt usage as the profit would be used as funding to keep the innovation going in the company. The research result also shows that there are no differences in firm’s values between the high-debt-funding companies and the low-debt-funding companies. This supports the Modigliani-Miller theory which stated that the capital structure doesn’t affect the firm’s values.  Keywords: capital structure, sales growth, profitability
Pendeteksian Market Information yang Mempengaruhi Kerja Bursa Efek Indonesia Bertuah, Eka
Jurnal Ekonomi : Journal of Economic Vol 5, No 2 (2014): Jurnal Ekonomi
Publisher : Lembaga Penerbitan Unversitas Esa Unggul

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47007/jeko.v5i2.1137

Abstract

Tujuan yang ingin dicapai dari penelitian ini adalah melakukan kajian empiris Efficient Market Hipotesis (EMH) dan melihat apakah terjadi anomali pasar berdasarkan return yang diperoleh dari pembentukan portfolio winner dan loser.Objek penelitian yang dipilih adalah saham LQ 45 yang terdaftar di BEI pada Tahun 2009 sampai dengan 2013. Metode analisis data yang digunakan adalah clustered analysis yang digunakan untuk membentuk kelompok-kelompok portfolio winner dan losser yang mempunyai konsekuensi terhadap Efficient Market Hipotesis (EMH). Selanjutnya akan disusun suatu strategi dalam perspektif manajemen agar investor melakukan investasi dengan lebih cerdas (sophisticated) dalam jangka panjang.Kata kunci: anomali pasar, portfolio winner, portfolio loser
IMPLIKASI STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN MELALUI KEPUTUSAN KEUANGAN Bertuah, Eka
Jurnal Ekonomi : Journal of Economic Vol 6, No 02 (2015): Jurnal Ekonomi
Publisher : Lembaga Penerbitan Unversitas Esa Unggul

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47007/jeko.v6i02.1524

Abstract

Abstrak Tujuan yang ingin dicapai dalam penelitian ini adalah menguji faktor-faktor yang mempengaruhi nilai perusahaan dalam hal ini struktur kepemilikan dan keputusan keuangan. Nilai perusahaan diukur dengan rasio Harga terhadap Nilai Buku sebagai cerminan nilai pasar atas manajemen dan organisasi sebagai perusahaan yang bertumbuh. Populasi penelitian adalah perusahaan manufaktur yang listing di Bursa Efek Indonesia (BEI). Teknik pengambilan sampel menggunakan metode purposive sampling, dengan kriteria perusahaan manufaktur yang memberikan dividen tunai. Periode penelitian selama dua tahun, yaitu 2012-2013 dengan menggunakan data laporan keuangan. Hasil penelitian menunjukkan bahwa (1) Struktur kepemilikan manajerial berpengaruh terhdap keputusan investasi dan keputusan pendanaan, tetapi tidak berpengaruh terhadap kebijakan dividen; (2) Struktur kepemilikan institusional tidak berpengaruh terhadap keputusan pendanaan dan nilai perusahaan; (3) Keputusan pendanaan berpengaruh terhadap nilai perusahaan; (4) Struktur kepemilikan manajerial berpengaruh terhadap nilai perusahaan baik secara langsung maupun secara tidak langsung melalui keputusan pendanaan. Kata kunci: Struktur kepemilikan, keputusan investasi, keputusan pendanaan, kebijakan dividen, nilai perusahaan.
PROFITABILITY AS THE MAIN DETERMINING FACTOR OF THE FIRM VALUE Derudebu Talunohi; Eka Bertuah
Berkala Akuntansi dan Keuangan Indonesia Vol. 7 No. 1 (2022): Berkala Akuntansi dan Keuangan Indonesia
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/baki.v7i1.29961

Abstract

This research finds out how profitability plays to the firm value, both as a factor that directly affects and also as a factor that can mediate the structure of capital, the growth of the company and the size of the company to the value of the company. The research population is a food and beverage sub-sector company registered in the IDX Period 2015-2019. Using the purposive sampling method, the research sample used 12 companies and there were 60 observed data. This study used regression analysis of panel 2 SLS data. Results show GLS (Generalized Least Square) with Random Effect Model as the best estimates model. Results showed that profitability affects the value of the company while the capital structure, company’s growth and size have no effect on the firm value. Profitability can mediate the influence of capital structure and size on the firm value, but profitability does not mediate the influence of a company's growth on the firm value.
Optimalization Stock Portfolio Based on Single Index Model over Bullish and Bearish Market: Case Study on LQ45 Manufacturing Company Yandi Ikadarma; Eka Bertuah
Journal of Multidisciplinary Academic Vol 3, No 1 (2019): Science, Engineering and Social Science Series
Publisher : Penerbit Kemala Indonesia

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Abstract

This study aimed to determine the optimalization stock portfolio as a basis of investment inside company stocks in LQ45 on Indonesia Stock Exchange. In this research, we use data observation from January 2013 to December 2017 with quantitative method to obtain population over 11 manufacturing companies based single index model. The results showed 5 stocks became to portfolio candidates from the 11 candidate stocks studied which is 5 optimal portfolio shares had a return of 0.019 or equal 1.98% per month. Here, the 5 optimal portfolio have a risk and must be faced by investors shares around 0.007 or equal to 0.07%. The 5 optimal portfolio namely UNVR, ICBP, GGRM, KLBF, and INDF to share over investors. The fund proportion can be invested by 5 shares such as UNVR, ICBP, GGRM, KLBF, and INDF are equal 56.06%, 16.14%, 7.86%, 16.42% and 3.52%, respectively. The Return on bullish conditions shows that the portfolio returns is calculated from selected five stocks to obtain optimal portfolio formation reached 0.021. Furthermore, the return on bearish conditions have risk value more than 0.008. Thus, the optimal portfolio in bullish conditions can reduced investment risk more than 0.011 poins. Thus, the optimal portfolio can be reduced risk value over low level in bearish conditions in LQ45 manufacturing company in near future
PENGARUH FAKTOR PENENTU STRUKTUR MODAL YANG BERDAMPAK PADA NILAI PERUSAHAAN DENGAN EFFECTIVE TAX RATE SEBAGAI VARIABEL KONTROL Denissa Natalia; Eka Bertuah
Jurnal Magister Akuntansi Trisakti Vol. 9 No. 2 (2022): September
Publisher : LEMBAGA PENERBIT FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS TRISAKTI

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (425.126 KB) | DOI: 10.25105/jmat.v9i2.12498

Abstract

Penelitian ini bertujuan untuk menguji faktor penentu struktur modal yang berdampak pada nilai perusahaan. Populasi yang digunakan dalam penelitian ini adalah perusahaan properti dan perumahaan yang terdaftar di BEI pada tahun 2016-2019. Sampel yang digunakan adalah metode purposive sampling sebanyak 72 perusahaan yang diteliti. Metode analisis menggunakan regresi data panel, dimana berdasarkan uji model yang terpilih yaitu random effect dan melakukan treatmen robust sebagai estimasi terbaik. Hasil penelitian menunjukkan bahwa capital intensity dan profitabilitas berpengaruh terhadap struktur modal, sedangkan risiko bisnis dan managerial ownership tidak berpengaruh terhadap struktur modal. Risiko bisnis dan profitabilitas berpengaruh terhadap nilai perusahaan, sedangkan capital intensity, managerial ownership dan struktur modal tidak berpengaruh terhadap nilai perusahaan. Capital intensity berpengaruh terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening dan adanya effective tax rate sebagai variabel kontrol. Disamping itu risiko bisnis, profitabilitas dan managerial ownership tidak perpengaruh terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening dan effective tax rate sebagai variabel kontrol.
Intellectual Capital Measurement and Company Performance, Any Real Impact? Noel Singgih Haryo Pradono; Eka Bertuah; Sapto Jumono; Agus Munandar
Enrichment : Journal of Management Vol. 12 No. 5 (2022): December: Management Science And Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (470.582 KB) | DOI: 10.35335/enrichment.v12i5.886

Abstract

This study aims to determine the effect of Intellectual Capital measured by VAIC on company performance measured with ROA, ROE and MBV. As many as 19 non-financial companies with 183 observations for the period of 2010-2020 (unbalanced panel) was used for panel data regression model. fixed effect model with robust is the most suitable model for ROA and ROE panel data regression. For MBV random effect model is considered appropriate in this research. According to the results only human capital is the most significant component for ROA and ROE. For MBV, none of the components have significant impact on share performance. Regression result showed that MBV is not suitable to measure company share performance.
Intellectual Capital Measurement: Extended-Vaic Vs Vaic Which One Is Better? Noel Singgih Haryo Pradono; Eka Bertuah
Jurnal Akuntansi dan Bisnis Vol 22, No 2 (2022)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jab.v22i2.796

Abstract

This study aims to make comparison between two measurement model for Intellectual Capital and explore its impact on financial and stock performance. As many as 19 non-financial companies with 183 observations for the period of 2010-2020 (unbalanced panel) was used for regression model. Fixed Effect Model with robust is the most suitable model for panel data regression in this research. According to the results both models are fit to predict internal financial performance with ROA and ROE as proxy but not fit to predict stock valuation in the market with MBV as proxy. VAIC model is better for IC measurement than E-VAIC model. Human Capital is the most significant component both for VAIC and E-VAIC model. The result also indicated that Relationship capital efficiency has pure moderating role. Penelitian ini bertujuan membandingkan dua model pengukuran Intellectual Capital dan pengaruhnya terhadap kinerja keuangan dan saham. Sampel terdiri dari perusahaan non finansial yang terdaftar di BEI selama 2010-2020. Sebanyak 19 perusahaan dengan 183 observasi (unbalanced panel) digunakan dalam model regresi. Dari hasil pengujian model, ditemukan bahwa model yang paling tepat adalah model Fixed Effect Model dengan Robust. Dari hasil regresi ditemukan bahwa dua model yang dibandingkan dapat digunakan untuk memprediksi kinerja keuangan internal namun tidak cocok untuk memprediksi nilai saham yang ditangkap oleh pasar yang diproksikan oleh MBV. Model VAIC memiliki kemampuan yang lebih baik dalam mengukur IC daripada Model E-VAIC. Komponen Human Capital menjadi variabel yang berpengaruh paling signifikan baik pada model VAIC maupun E-VAIC. Relationship capital efficiency ditemukan menjadi variabel moderasi murni pada model E-VAIC.
The Effect of Rating, Online Consumer Review and Sales Promotion on Purchase Intention on the Gofood Application Gigieh Giri Putra Prianika; Eka Bertuah
Formosa Journal of Sustainable Research Vol. 2 No. 3 (2022): March 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjsr.v2i3.3477

Abstract

This study aims to determine the effect of ratings, online consumer reviews and sales promotion on purchase intention. This research is causal research, using multiple linear regression analysis methods. The population in this study were people who had bought food through Go-food during the last 3 months in the Jabodetabek area. The sample in this study used purposive sampling method with a total of 200 respondents. The results of this study indicate that rating, online consumer review and sales promotion simultaneously affect purchase intention. Rating has no positive effect on purchase intention. Online consumer review has a positive effect on purchase intention. Sales promotion has a positive effect on purchase intention. Then rating is not a variable that has a dominant effect on purchase intention
Co-Authors Abdurahman Abdurrahman Agus Munandar, Agus Akshay, F. X. John Amelia Ibnu Wasiat, Friana Anhar, Febri Ari Anggarani Winadi Prasetyoning Tyas Awliya, Aldy Denissa Natalia Derudebu Talunohi Desy Prastyani Dhimas Angga Negoro Dwi Yudiono Efriska Simangunsang Elizabeth Hutami Widowati Erni Komalasari Gigieh Giri Putra Prianika Hilda Amalia Indra Sakti Jonathan, Ignatius Kamila, Nurul Kartika Dewi Djunaedi, Mira Kevin Suparta Kristina Novianti Kurniawan, Surya Dwi Lestari, Putri Indah Dwi Munandar, Agus Noel Singgih Haryo Pradono Novera Kristiani Nurjihan, Syifa Rahmawati Nurlinda, R.A. Nurlinda, RA R. A. Nurlinda Raden Ajeng Nurlinda Raden Ayu Nurlinda Rahmatiyani Rahmatiyani RILLA GANTINO Robin Robin, Robin Sapto Jumono Sapto Jumono Senima, Teklaudi Kurniati Setiyati, Ritta Suharna, Jaka Sunjaya, Robi Surya Dwi Kurniawan Ummanah Ummanah WPT, Ari Anggarani Yandi Ikadarma