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ANALISIS RISIKO BISNIS DAN RISIKO KEUANGAN PERUSAHAAN KELUARGA SEKTOR INDUSTRI BARANG KONSUMSI Subagio, David Kurniawan; Manalu, Sahala
Arthavidya Jurnal Ilmiah Ekonomi Vol 19, No 2 (2017)
Publisher : Arthavidya Jurnal Ilmiah Ekonomi

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (515.327 KB)

Abstract.This study was conducted to prove whether the level of business risk and financial risk from family firm significant lower than the average of the consumer goods industry Listed in Indonesia Stock Exchange. This study uses secondary data, financial reports companies listed on the Stock Exchange in the period 2010-2014. Data was collected using documentation method. The sampling technique using purposive sampling method, the number of samples i this study were 8 family companies . The result showed that there no significant difference between DOL, DFL, DER, DAR, current ratio, quick ratio, cash ratio from family companies and average of consumer goods industry that Listed in Indonesia Stock Exchange in 2010-2014.Keywords : Business Risk, Financial Risk, Family FirmPENDAHULUANLatar Belakang MasalahPerusahaan keluarga merupakan perusahaan yang telah menguasai 80%-98% bisnis di dunia (PT. Bank Mandiri TBK, 2012). Biro Pusat Statistik mencatat, perusahaan keluarga Indonesia merupakan perusahaan swasta yang memiliki kontribusi yang besar terhadap PDB, yaitu mencapai 82,44% (PT. Bank Mandiri TBK, 2012). Hal ini membuktikan bahwa perusahaan keluarga merupakan perusahaan yang vital dan penting bagi perekonomian, dan terutama pada perekonomian Indonesia.Fenomena lain juga terjadi di Indonesia dimana

ANALISIS PREDIKSI KEBANGKRUTAN PERUSAHAAN DENGAN MENGGUNAKAN METODE ALTMAN Z-SCORE PADA PERUSAHAAN PENERBANGAN BERTARIF MURAH DI DUNIA (Studi Pada 7 Perusahaan Penerbangan Low-Cost Carrier Terbaik Di Dunia Berdasarkan Rating Dari SkyTrax) Alkalas, Nasa Ilham; Manalu, Sahala; J.N., Rony Octovianus
Arthavidya Jurnal Ilmiah Ekonomi Vol 19, No 1 (2017)
Publisher : Arthavidya Jurnal Ilmiah Ekonomi

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (567.887 KB)

ABSTRACTThis research has the objective as the first step to knowing the company’s bankruptcy signal. Before we knowing it is certainly a company will meet bad financial health condition, so the chosen method is to use the model analysis of Altman Z-Score because uses data obtained from the financial reports and processed as a measure of the financial health of the company. Research done on the Airlines company sector were listed on the SkyTrax ranking for periods 2015 with purposive sampling technique and uses retrieved seven of the tan companies listed. This research uses descriptive quantitative research and use the documentation to collecting data. This research to made to fruition with details that the four companies are predicted to go bankrupt with unhealthy financial conditions, three companies predicted on a grey area or bankrupt-prone which allows this company into bankruptcy or could not bankruptcy due to the fluctuating financial conditions create ever encountered the unhealthy financial conditions financial conditions are prone. This research will support high-level accuracy by using the Z-Score model analysts by Altman.Keywords: Company, Bankruptcy, Z-Score Model

ANALISIS PREDIKSI KEBANGKRUTAN PERUSAHAAN DENGAN MENGGUNAKAN METODE ALTMAN Z-SCORE PADA PERUSAHAAN PENERBANGAN BERTARIF MURAH DI DUNIA (Studi Pada 7 Perusahaan Penerbangan Low-Cost Carrier Terbaik Di Dunia Berdasarkan Rating Dari SkyTrax) Alkalas, Nasa Ilham; Manalu, Sahala; J.N., Rony Octovianus
Arthavidya Jurnal Ilmiah Ekonomi Vol 19 No 1 (2017)
Publisher : Fakultas Ekonomi Universitas Wisnuwardhana

ABSTRACTThis research has the objective as the first step to knowing the company’s bankruptcy signal. Before we knowing it is certainly a company will meet bad financial health condition, so the chosen method is to use the model analysis of Altman Z-Score because uses data obtained from the financial reports and processed as a measure of the financial health of the company. Research done on the Airlines company sector were listed on the SkyTrax ranking for periods 2015 with purposive sampling technique and uses retrieved seven of the tan companies listed. This research uses descriptive quantitative research and use the documentation to collecting data. This research to made to fruition with details that the four companies are predicted to go bankrupt with unhealthy financial conditions, three companies predicted on a grey area or bankrupt-prone which allows this company into bankruptcy or could not bankruptcy due to the fluctuating financial conditions create ever encountered the unhealthy financial conditions financial conditions are prone. This research will support high-level accuracy by using the Z-Score model analysts by Altman.Keywords: Company, Bankruptcy, Z-Score Model

ANALISIS RISIKO BISNIS DAN RISIKO KEUANGAN PERUSAHAAN KELUARGA SEKTOR INDUSTRI BARANG KONSUMSI Subagio, David Kurniawan; Manalu, Sahala
Arthavidya Jurnal Ilmiah Ekonomi Vol 19 No 2 (2017)
Publisher : Fakultas Ekonomi Universitas Wisnuwardhana

Abstract.This study was conducted to prove whether the level of business risk and financial risk from family firm significant lower than the average of the consumer goods industry Listed in Indonesia Stock Exchange. This study uses secondary data, financial reports companies listed on the Stock Exchange in the period 2010-2014. Data was collected using documentation method. The sampling technique using purposive sampling method, the number of samples i this study were 8 family companies . The result showed that there no significant difference between DOL, DFL, DER, DAR, current ratio, quick ratio, cash ratio from family companies and average of consumer goods industry that Listed in Indonesia Stock Exchange in 2010-2014.Keywords : Business Risk, Financial Risk, Family FirmPENDAHULUANLatar Belakang MasalahPerusahaan keluarga merupakan perusahaan yang telah menguasai 80%-98% bisnis di dunia (PT. Bank Mandiri TBK, 2012). Biro Pusat Statistik mencatat, perusahaan keluarga Indonesia merupakan perusahaan swasta yang memiliki kontribusi yang besar terhadap PDB, yaitu mencapai 82,44% (PT. Bank Mandiri TBK, 2012). Hal ini membuktikan bahwa perusahaan keluarga merupakan perusahaan yang vital dan penting bagi perekonomian, dan terutama pada perekonomian Indonesia.Fenomena lain juga terjadi di Indonesia dimana

PENGARUH AGENCY COST TERHADAP KINERJA KEUANGAN PERUSAHAAN KELUARGA MENGGUNAKAN TOBINâ€™S Q & ALTMAN Z-SCORE Manalu, Sahala; Natalia, Sheren
Jurnal Ekonomi Modernisasi Vol. 11 No. 3 (2015): Oktober
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang

this research aims to test the effect of agency cost toward financial performance in family business measured by Tobinâ€™s Q and Altman Z-Score with proxied by insider ownership, dispersion ownership, institutional ownership. This research was conducted at family business firms listed in Indonesian Stock Exchange from 2010-2014. In this research, multiple linear regression analysis were used. The result show the agency cost (insider ownership, dispersion ownership, institutional ownership) simultaneously have a significant effect toward Tobinâ€™s Q, insider ownership and institutional ownership are not significant toward Tobinâ€™s Q, dispersion ownership has a significant effect toward Tobinâ€™s Q, agency cost (insider ownership, dispersion ownership, institutional ownership) simultaneously and partial are not significant toward Altman Z-Score.

Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia Mia Oktavina; Sahala Manalu; Sari Yuniarti
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v22i1.1793

The purpose of this study has analyzed the determinants of policy decisions of the capital structure of family firms listed on the Indonesia Stock Exchange (IDX) in 2012-2016. The company's capital structure was measured by using debt to equity ratio (DER). Determinants of capital structure used include profitability (ROA), asset structure, growth (growth), firm size (size) and business risk (risk). This research was a quantitative research with a kind of causal research. Using a sample of 38 family companies in Indonesia listed on the Indonesia Stock Exchange (IDX). Hypotheses testing method of multiple linear regression. The result showed that ROA had a negative effect not significant to DER. The asset structure had a significant positive effect on DER, growth had no significant negative effect on DER, size had no significant positive effect on DER, and risk had a significant negative effect on DER. The findings research that the average family firm in Indonesia still uses the Pecking Order Theory in the application of capital structure.JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v22i1.1793

HUBUNGAN NILAI KURS DENGAN INDEKS HARGA SAHAM PERTANIAN DI INDONESIA Vania Jessica Tedjamulia; Sahala Manalu; Rony Joyo Negoro Octavianus
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

This study was conducted to test the independent variable exchange rate USD/IDR, EUR/IDR, JPY/IDR, andthe dependent variable agricultural stock index during five years (2008-2012). Sampling technique used waspurposive sampling method. Data analysis technique used was Auto Regressive Distributed Lag (ARDL)proposed by Pesaran et al. (2001) in order to investigate the order of co-integration. Hypothesis test used wasF-test to test the simultaneous effect and t-test for testing the partial regression coefficient with a significancelevel of 5%. F-test results indicated that exchange rate of USD/IDR, EUR/IDR, and JPY/IDR gave significanteffect on agriculture stock index. The t-test results indicated that the variable exchange rate of USD/IDR, EUR/IDR and JPY/IDR gave partially significant effect on agricultural stock index period 2008-2012. Adjusted Rsquare (R2) was 7,8%. The statistical results of Auto Regressive Distributed Lag indicated that changes inUSD/IDR and JPY/IDR were negatively related to changes in stock price index of agriculture. EUR/IDR hada positive impact to the stock price index of agriculture

Optimalisasi Digital Marketing pada Komunitas Klinik Usaha Desa Kucur untuk Kemajuan Ekonomi Desa Kucur Basory, Hartomy Akbar; Hellyani, Catharina Aprilia; Cahyadi, Rino Tam; Wahyono, Seno Aji; Manalu, Sahala
El-Mujtama: Jurnal Pengabdian Masyarakat Vol 4 No 2 (2024): El-Mujtama: Jurnal Pengabdian Masyarakat
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmujtama.v4i2.5508

The influence of attraction and social media presents several problems and benefits that will be discussed in this study. Social media is considered as one of the best ways for entrepreneurs to promote their products to attract potential customers. The increasing number of social media users makes entrepreneurs use social media influencers as one of the supporting elements in marketing their products. This study aims to analyze the effect of social network appeal on the sales level of Hanania Milk Pie products. This research methodology uses document reviews, interviews, and Instagram social media data insights that can be taken into consideration by food industry entrepreneurs. This research results in that food souvenir products can optimize digital marketing to achieve promotion in several major cities within the country and outside with promotional costs that are much cheaper than promotional models using print media or electronic media so as to increase public trust and increase purchases. The current trend for millennials is entering globalization, changes in consumer behavior, mobility, and accessibility of information. The growth of digitalization has impacted both the consumer and producer sides of the transaction market. One of them is the ability to now buy, sell, market, order, and pay for products online. This research applies the literature study method. In this journal, a series of interrelated activities are carried out by collecting library data, reading, storing data, and managing data materials for research. Based on the results and discussion, it can be said that, in the face of rivalry in business development, business actors, both micro, small and medium enterprises, MSMEs, must take into account digital marketing as one of the strategies. To support this, the majority of MSMEs agreed on three metrics for digital marketing, namely: providing clear information to consumers, assisting MSMEs in expanding market reach, and making it easier to communicate with consumers to better fulfill customer demands.

EFFECTIVE INTEREST RATE COMPARATION OF HONDA AND YAMAHA MOTORCYCLE CREDIT Setio, Steve; Manalu, Sahala; Octavianus, Rony Joyo Negoro
Jurnal Aplikasi Manajemen Vol. 15 No. 2 (2017)
Publisher : Universitas Brawijaya, Indonesia

This research was conducted to analyze the comparisons between credit's effective interest rate on Honda and Yamaha motorcycles based on the level of down payment and credit tenures during 2016. The sampling technique used was purposive sampling method. Data analysis techniques used was comparative analysis proposed by Nazir (2005) in Hamdi and Bachruddin (2014) which explain that the purpose of the comparative analysis investigates the relationship between one variable to another variable in order to find a comparison between two or more variables in a research. The results showed that the value average of the effective interest rate on Honda motorcycle was lower than Yamaha motorcycle. Based on the level of down payment and credit tenures; the lowest average of effective interest rate was at a level of 17,5 % from motorcycle the on the road price with credit tenures for 36 months.

FINANCIAL DISTRESS ANALYSIS WITH ALTMAN Z-SCORE APPROACH AND ZMIJEWSKI X-SCORE ON SHIPPING SERVICE COMPANY Manalu, Sahala; Octavianus, Rony Joyo Negoro; Kalmadara, Galuh Safarina Sari
Jurnal Aplikasi Manajemen Vol. 15 No. 4 (2017)
Publisher : Universitas Brawijaya, Indonesia

The purpose of this study is to analyze the financial distress condition of such service company by employing the method of Altman and Zmijewski as well as comparing the analysis result using both methods. This is a descriptive quantitative study with the sampling technique of purposive sampling. The number of samples of this study is 4 shipping service companies listed at Indonesian Stock Exchange since 2010, such as PT. SAMIN, PT. BLT, PT. MitrabahteraSegaraSejatiTbk (PT. MBSS) dan PT. Wintermar Offshore Marine Tbk (PT. WOM). The data are analyzed using Altman and Zmijewski method. The result indicates that out of four service companies: PT. MBSS is the most financially stable company, while PT. BLT is the company with the worst condition of financial distress condition. The use of both methods also produces results which are not different; what is different is only in terms of the assessment standards. It is advisable to predict financial distress in shipping companies using more than one method for every method employs different standard just to confirm the result.

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