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Trias Andati
Sekolah Tinggi Manajemen PPM
Agriculture, Biological Sciences & Forestry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Financial Performance of Plantation State Owned Enterprise Before and After Holding Establishment Gemanta Furi Bangun; Muhammad Firdaus; Trias Andati
Business Review and Case Studies Vol. 4 No. 1 (2023): BRCS, Vol 4 No 1, April 2023
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/brcs.4.1.12

Abstract

Restructuration of State Owned Enterprise (SOE) through holding company establishment is aimed to transform the company to be more professional, independent and competitive in the global market. Thus far, the Ministry of SOE has established several holding companies, one of which is a plantation holding company. In the course of 5 years after the establishment, the plantation holding company has not shown proper financial performance. The objectives of this research are to analyze the impact of holding company formation towards company’s performance and the required strategy to be implemented related to the company’s capital structure. This research uses primary and secondary data to analyze IFE (Matrix Internal Factor Evaluation), EFE (Eksternal Factor Evaluation), and Internal-External (IE) matrices and compare them to the SWOT (strengths, weaknesses, opportunities, and threats) analysis. The research results show that the size and tangibility variables have increased while the other variables have decreased. Besides that, based on the results of financial performance research that have a significant effect on capital structure are profitability, size, growth, activity, lag leverage. Based on strategic analysis through IE matrix, the company is on the 5th quadrant which requires the company to implement market penetration strategy or doing product development. The SWOT analysis obtained several alternative strategies related to capital structure improvement. Keywords: plantation holding, holding company, company’s performance, financial performance, capital structure
Factors Affecting The Profitability of Plantation Commodity Business at PT XYZ Agung Jat Wibowo Arsa; Nimmi Zulbainarni; Trias Andati
Business Review and Case Studies Vol. 5 No. 1 (2024): BRCS, Vol 5 No 1, April 2024
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/brcs.5.1.1

Abstract

PT XYZ was a company engaged as a marketing agent for plantation commodities. The company added new business lines, expanding from marketing agents to traders and retailers. However, the addition of business lines did not increase the company's profitability. A research was conducted to analyze the factors that impacted the profitability of PT XYZ. The research used financial performance analysis and statistical analysis of working capital management on profitability, and it examined the interaction with the covid-19 pandemic using multiple linear regression. The variables used in the statistical analysis were days sales outstanding (DSO), days inventory outstanding (DIO), days payable outstanding (DPO), and cash conversion cycle (CCC). The control variables included current ratio (CR), debt to equity ratio (DER), investment policy (IP), financing policy (FP), and company size (size). Additionally, there was a moderating variable, the covid-19 pandemic (dummy). The dependent variable in the study was the gross operating profit (GOP). The results showed that the working capital management of PT XYZ from the aspect of liquidity had a net working capital that posed low risk and low return. Based on the company's financial statements, PT XYZ had a relatively high cost of sales. Regarding the leverage aspect, the company's debt-to-equity ratio increased, indicating that its capital or equity could not cover its debt. The variable day's inventory outstanding (DIO) had a negative and significant effect on the profitability of PT XYZ companies on the independent variable gross operating profit (GOP). Keywords: commodity marketing company, gross operating profit, moderation of covid-19, profitability, working capital management
Capital Structure and Its Impact on Firm Financial Performance in The Transportation and Logistic Sector Lanang Bagus Satrio; Noer Azam Achsani; Trias Andati
Business Review and Case Studies Vol. 5 No. 1 (2024): BRCS, Vol 5 No 1, April 2024
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/brcs.5.1.58

Abstract

Capital structure was a structure that contained a combination of debt and company capital to support operational activities, so this was a concern for company management, including companies in the transportation and logistics sector. Transportation and logistics sector companies had an important role in the country's economy in that they moved goods or passengers from one place to another. However, there were companies in the transportation and logistics sector that had high levels of debt but could record profits, while there were companies that had low levels of debt but suffered losses. Therefore, the aim of this research was to describe the dynamics of capital structure and financial performance and analyze the influence of capital structure on the financial performance of companies in the transportation and logistics sector. This study used 18 samples of transportation and logistics sector companies using purposive sampling technique. The analytical method used was descriptive analysis and panel data regression. The results of this research showed that capital structure as proxied by the level of debt (Debt to Assets Ratio (DAR), Debt to Equity Ratio (DER), Short Term Debt (STD)) had a negative influence on the company's financial performance as proxied by the Return On Assets (ROA) ratio. Meanwhile, the effect of capital structure proxied by retained earnings variable had a positive effect on ROA. Keywords: capital structure, debt ratio, financial performance, retained earnings, transportation and logistics sector
Co-Authors Agung Jat Wibowo Arsa Erliza Noor Gemanta Furi Bangun Lanang Bagus Satrio Muhammad Firdaus Nimmi Zulbainarni