Articles
Cash Flow, Profitability, Financial Constraint, and Investment in Indonesia
Risal Rinofah
Sebelas Maret Business Review Vol 1, No 1 (2016): June 2016
Publisher : Universitas Sebelas Maret
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.20961/smbr.v1i1.1320
This study aims to find the effect of cash flow, profitability, and financial constraint on investment decision in Indonesia. Previousstudies have proved that cash flow, profitability, and financial constraint have an effect on company investment level. The utilization of logit regression model to classify the condition of financial constraint and multiple regression on the 123 samples of manufacturing companies during 2012 – 2014 period find that cash flow and profitability has a positive effect on investment level in company that face financial constraint and financial unconstraint company. The moderating test shows that profitability has stronger effect on the investment level that experience financial constraint rather than in financial unconstraint company. Meanwhile, cash flow does not have different effect on financial constraint or unconstraint companies.
Determinants of Capital Structure: Internal Factors (Accounting) versus External Factors (Market)
Risal Rinofah;
Diah Lestari Mumpuni
Sebelas Maret Business Review Vol 4, No 1 (2019): June 2019
Publisher : Universitas Sebelas Maret
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.20961/smbr.v4i1.23282
This study aims to examine the role of internal and external factors on the capital structure and specifically will test which factors are dominantly affecting the company's capital structure. The results of this test can be subject to additional discussion on the capital structure both in the classroom and academic space in general because so far, the discussion of factors affecting capital structure is still focused on internal factors of the company alone, especially in Indonesia. This goal will be achieved by observing manufacturing company panel data for 10 years (2006 - 2015). Data will be tested using multiple regression analysis techniques, both with the Common Effect (OLS), Fixed Effect or Random Effect Models. The three models are used to accommodate variations in the characteristics of the sample of companies studied which generally will affect the relationship between variables. The test results show that the best estimation model is Fixed Effect with the finding that the Capital Structure is determined by internal (Accounting) and external (Market) factors, which are negatively affected by Liquidity (Current Ratio), Company Age (Age), and Stock Market Value (Mispricing). This result also shows that companies in Indonesia adhere to the Market timing Hypothesis and Pecking Order Theory in determining the capital structure theory.
ANALISIS FAKTOR – FAKTOR YANG MEMPENGARUHI KINERJA KEUANGAN BPD KALIMANTAN TERHADAP PERBANKAN PERIODE 2011 – 2020
Dede Hartanto Patarowo;
Risal Rinofah;
Pristin Prima Sari
FIDUSIA : JURNAL KEUANGAN DAN PERBANKAN Vol 5, No 1 (2022): APRIL
Publisher : UNIVERSITAS MUHAMMADIYAH METRO
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.24127/jf.v5i1.759
This study aims to study and understand the effect of CAR, BOPO and NPL simultaneously on Profitability in the form of ROA of the the Regional Development Bank Kalimantan for the period 2011 - 2020. Kalimantan Regional Development Bank for the period 2011 – 2020. The population used in this study is the Kalimantan Regional Development Bank from 2011 to 2020 which has complete and published financial reports. The type of data used in this research is secondary data. Purposive Sampling Sampling Technique,. Collecting data in this study using the method of documentation. The analysis technique used is multiple linear regression with a significance level of 5%. The results showed that the CAR partially positive and not significant effect on profitability (ROA). BOPO partially has a negative and significant effect on profitability (ROA). NPL partially has a negative and significant effect on profitability (ROA). CAR, BOPO and NPL together have an effect on Profitability (ROA).
Cash Flow, Profitability, Liquidity and Investment in Indonesia with Financial Constraint as Variable Moderating
Ibnu Damanudin;
Risal Rinofah
Jurnal Bingkai Ekonomi (JBE) Vol 5 No 1 (2020): Jurnal Bingkai Ekonomi (JBE)
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat (LPPM) - Institut Teknologi dan Bisnis (ITB) Semarang
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (424.905 KB)
|
DOI: 10.54066/jbe.v5i1.66
The purpose of this study is to determine the sensitivity of cash flow, profitability, liquidity, on investments with financial constraints as moderating variables. In manufacture company food and beverage sub-sector company for the period 2015-2018. The population in this study are all food and beverage sub-sector companies listed on the Indonesia Stock Exchange. The observation period used are 2015-2018 or 4 years. The sample is using purposive sampling method, so that a total sample of 10 samples was obtained multiplied by the observation period for 4 years to 40 research data. Data analysis technique used is multiple linear analysis method with a significant level of 5% (0.05). The results of this study indicate that cash flow and liquidity are not reflected on investments. While the profitability variable has a significant positive effect on investment. Different results are billed when cash flow and liquidity are moderated by financial constraints, cash flow and liquidity have a greater effect on non-financial constrained companies. While profitability does not have a different effect on financial constraint or unconstraint companies.
Variabilitas Harga Saham Pada Periode Perdagangan Dan Bukan Perdagangan (Studi pada Saham-Saham yang Termasuk dalam Kelompok LQ45)
Risal Rinofah;
Raras Ayu Puspitasari
JURNAL MANAJEMEN Vol 2 No 1 (2012): JURNAL MANAJEMEN VOL. 2 NO. 1 JUNI 2012
Publisher : Fakultas Ekonomi Universitas Sarjanawiyata Tamansiswa
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.30738/jm.v2i1.138
Secara formal pasar modal yang efisien didefinisikan sebagai pasar yang harga-harga sekuritasnya telah mencerminkan semua informasi-informasi yang relevan. Dengan kata lain informasi yang diterima investor dapat mempengaruhi volatilitas saham. Pergerakan (volatilitas) harga saham mencerminkan dua hal yaitu pengaruh dari information arrival (kedatangan informasi) serta noise (Huang et.al ; 2000). Salah satu tantangan bagi investor dalam berhadapan dengan perilaku harga saham yang tidak menentu adalah permasalahan mengenai pengambilan keputusan dalam ketidakpastian (Elton et.al, 2007). Penelitian yang banyak dilakukan dalam behavioural finance adalah mengenai bagaimana orang dapat mengambil keputusan ketika mereka dihadapkan pada risiko. Pengambilan keputusan tersebut lebih dikarenakan oleh perilaku harga saham yang tidak menentu dan dapat berubah sehingga dapat mempengaruhi return saham. Dengan menggunakan model regresi dan observasi data selama empat tahun, penelitian ini mencoba meneliti dampak periode perdagangan dan bukan perdagangan serta size dan volume perdagangan terhadap volatilitas harga saham. Hasil pengujian menunjukkan bahwa menunjukkan bahwa volatilitas return pada periode perdagangan lebih besar daripada return di periode bukan-perdagangan dan volatilitas return pada sesi pembukaan lebih tinggi daripada volatilitas return di sesi penutupan. Selain itu size tidak terbukti mempengaruhi volatilitas harga saham sedangkan volume perdagangan terbukti dapat mempengaruhi volatilitas harga saham. Kata kunci : Volatilitas harga saham, Periode perdagangan dan bukan perdagangan, size dan volume perdagangan
Arus Kas, Kendala Pendanaan, Mispricing, Dan Investasi: Study Empiris Pada Bursa Efek Indonesia
Risal Rinofah;
Weny Fitria
JURNAL MANAJEMEN Vol 2 No 2 (2012): JURNAL MANAJEMEN VOL. 2 NO. 2 DESEMBER 2012
Publisher : Fakultas Ekonomi Universitas Sarjanawiyata Tamansiswa
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.30738/jm.v2i2.147
Penelitian ini bertujuan untuk menguji pengaruh Arus Kas, Kendala Pendanaan, Mispricing terhadap investasi. Dengan menggunakan model regresi data panel dan observasi data selama lima tahun, penelitian ini menemukan bahwa arus kas berpengaruh positif terhadap tingkat investasi perusahaan dan perusahaan dengan kendala pendanaan tinggi (KPT) memiliki sensitifitas pengaruh arus kas terhadap investasi yang lebih besar daripada perusahaan dengan kendala pendanaan rendah (KPR). Selain itu, perubahan yang terjadi pada harga pasar saham (Mispricing) perusahaan juga memiliki dampak positif terhadap tingkat investasi perusahaan. Kata kunci : Arus kas, Investasi, Kendala Pendanaan,Mispricing.
PENGARUH RAMADHAN TERHADAP RETURN DAN VOLUME PERDAGANGAN SAHAM PADA JAKARTA ISLAMIC INDEX (JII)
Risal Rinofah;
Rahayu Setiasri
Jurnal Manajemen Vol 7 No 1 (2017): JURNAL MANAJEMEN VOL. 7 NO. 1 JUNI 2017
Publisher : Fakultas Ekonomi Universitas Sarjanawiyata Tamansiswa
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.26460/jm.v7i1.269
Tujuan penelitian ini adalah untuk mengetahui apakah terdapat (1) pengaruh Ramadhan terhadap return saham dan (2) volume perdagangan saham pada Jakarta Islamic Index. Penelitian ini tergolong dalam jenis penelitian kuantitatif. Populasinya adalah seluruh perusahaan yang terdaftar dalam Jakarta Islamic Index yang berjumlah 30 perusahaan. Teknik analisis data menggunakan uji beda yaitu uji T (T-test). Hasil penelitian menunjukkan bahwa pengujian terhadap return saham sebelum dan selama Ramadhan, selama dan sesudah Ramadhan, serta volume perdagangan saham sebelum dan sesudah Ramadhan tidak berpengaruh secara signifikan. Hasil yang berbeda didapatkan pada pengujian volume perdagangan saham selama dan sesudah Ramadhan, dimana memperoleh hasil yang signifikan
Pengaruh Konsentrasi Kepemilikan, dan Keterbukaan, Diversifikasi, Terhadap Risiko Bank
Prathama Nugraha;
Risal Rinofah
JURNAL MANAJEMEN Vol 4 No 2 (2014): JURNAL MANAJEMEN VOL. 4 NO. 2 DESEMBER 2014
Publisher : Fakultas Ekonomi Universitas Sarjanawiyata Tamansiswa
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.30738/jm.v4i2.177
Bank is a financial institution that must able to guarantee the funds entrusted by the community. This guarantee related to the ability of banks to maintain their risk levels. As revealed by the theories and previous studies, a bank level of risk taking might determined by the concentration of the ownership, a party that determines the bank management. Additionally compliance in carrying out the principles of openness and the ability of banks to obtain other revenues outside the main business as intermediaries of funds from customers to the creditors also shown to determine the level of bank risk taking. By using multiple regression analysis techniques and observation of data during a period of 5 years, this study found that the level of a bank's risk taking is influenced by the disclosure of information and income diversification. The higher the index the information disclosure and diversification the lower the risk. Ownership concentration has shown the right coefficient direction corresponding to the risk but it is not statistically significant. Key Words: Risk Taking, Ownership Concentrations, Information Disclosure, Bank Income Diversification.
PENGARUH DEBT TO EQUITY RATIO, RETURN ON ASSETS, PRICE EARNING RATIO DAN ECONOMIC VALUE ADDED TERHADAP RETURN SAHAM PADA PERUSAHAAN SUBSEKTOR PROPERTY DAN REAL ESTATE.
Julyana Widjayanti;
Risal Rinofah;
Mujino Mujino
Journal Competency of Business Vol 2 No 1 (2018): Journal Competency of Business
Publisher : Program Studi Manajemen
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (397.018 KB)
|
DOI: 10.47200/jcob.v2i1.656
This study aims to determinethe effect of Debt to Equity Ratio, Return On Assets, Price Earning Ratio, and Economic Value Added on Stock Returns on Property and Real Estate companies listed on the Indonesia Stock Exchange (BEI) for the 2014-2018 period. The sampling technique is purposive sampling. Samples were obtained from 11 Property and Real Estate companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2018 period. Based on the results of data analysis shows that Debt to Equity Ratio and Return On Assets have a positive and significant effect on Stock Return, Price Earning Ratio and Economic Value Added have a negative and no significant effect on Stock Return. Together Debt to Equity Ratio, Return On Assets, Price Earning Ratio, and Economic Value Added have a positive and significant effect on Stock Return.
PENGARUH PERPUTARAN MODAL KERJA, DAN PROFITABILITAS TERHADAP KINERJA KEUANGAN PADA BMT SYARIAH DI JALAN VETERAN YOGYAKARTA
Ika Nur Yuliningsih;
Risal Rinofah
Journal Competency of Business Vol 5 No 1 (2021): Journal Competency of Business
Publisher : Program Studi Manajemen
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (272.103 KB)
|
DOI: 10.47200/jcob.v5i1.872
The purpose of this study was to examine: (1) the partial effect of working capital turnover on financial performance, (2) the partial effect of profitability on financial performance, and (3) the simultaneous effect of working capital turnover and profitability on financial performance at BMT Syariah in Yogyakarta Veterans Street. This research is related to the use of quantitative methods, descriptive inference and statistical analysis methods. The data collection technique used the quarterly financial reports of BMT Syariah on Jalan Veteran Yogyakarta which was released from January 2015 to December 2019. The data analysis technique used multiple regression analysis. The results showed that there was (1) partial effect of working capital turnover on financial performance. (2) There is a partial effect of profitability on financial performance. (3) There is a simultaneous effect of working capital turnover and profitability on financial performance.