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Analisis Rasio Keuangan Untuk Mengukur Kinerja Keuangan: (Studi Pada Pt. Aneka Tambang Tbk Periode 2021, 2022, Dan 2023) Bagus Bimma Priyambada; Diah Ayuning Novianti; Nicko Albart
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 5 No. 3 (2025): November : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v5i3.7454

This study aims to analyze the company’s financial performance using financial ratio analysis. The financial ratios employed include liquidity ratio, solvency ratio, and activity ratio. The data source used in this research is secondary data, namely the financial statements of PT Aneka Tambang Tbk from 2021 to 2023. The data collection technique used is documentation. The analytical method applied is the time series analysis method, which compares the company’s financial performance over several periods. The results of the liquidity ratio analysis indicate that the company is in a good condition, although the ratio increased due to a decrease in current liabilities. The results of the solvency ratio analysis show that the company is in a favorable condition, as the debt ratio and debt-to-equity ratio have increased each year. This increase in solvency ratios occurred because total liabilities continued to rise, implying that the company’s assets and equity are still financed by debt. The results of the profitability ratio analysis show an upward trend from year to year. The average return on equity of PT Aneka Tambang (Persero) Tbk over the past three years is 12.08%. This increase was driven by a significant rise in total equity compared to the previous year. Thus, it can be concluded that the company is in a good condition as it is able to generate optimal profits. The results of the activity ratio analysis also indicate an increase each year, suggesting that the company is efficient and effective in utilizing all of its assets.

The Influence of Coal Prices, World Oil Prices, Rupiah Exchange Rate, and the 2020 Mineral and Coal Law (Minerba Law) Policy on the Stock Returns of Coal Mining Issuers on the Indonesia Stock Exchange (2015–2025) Gusti Bagus Putra Cahyana; Riyan Hariyadi; Nicko Albart
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7744

This study aims to examine the influence of coal prices, global oil prices, the Rupiah exchange rate, and the implementation of the 2020 Mineral and Coal Law (Minerba Law) on the stock returns of coal mining companies listed on the Indonesia Stock Exchange (IDX) during the period 2015–2025. Using a quantitative approach and secondary data from financial reports, commodity markets, and macroeconomic indicators, this research employs multiple regression analysis to determine the significance and magnitude of each variable's impact on stock returns. The findings are expected to provide insights for investors, policymakers, and industry stakeholders regarding the sensitivity of coal mining stocks to global commodity price fluctuations, exchange rate volatility, and regulatory interventions. The results also aim to contribute to the literature on financial market behavior in the context of developing economies with resource-based industries.

Portfolio Efficiency Analysis of UNVR and SMGR Using the Efficient Frontier Approach: A Comparative Study in the Framework of Indonesia’s Green Economy Commitment Poppy Yuliani; Hardiansyah Hardiansyah; Nicko Albart
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8067

This research examines the efficiency of investment portfolios comprising PT Unilever Indonesia Tbk (UNVR) and PT Semen Indonesia Tbk (SMGR) by applying the Efficient Frontier method, contextualized within Indonesia’s commitment to a green economy. The study’s novelty lies in its integration of quantitative financial modeling with the broader agenda of low-carbon national development. The primary aim is to assess and compare the risk-return characteristics of UNVR and SMGR stocks and to identify the most optimal portfolio composition. The analysis utilizes daily stock price data from 2024 and includes calculations of returns, risk (standard deviation), the Sharpe ratio, and stock correlation. Empirical findings indicate that UNVR yields an expected return of -0.24% with a 2.50% standard deviation, while SMGR shows an expected return of 0.26% with a 2.17% standard deviation. The correlation coefficient of 0.081 between the two stocks reflects a weak relationship, highlighting the potential for effective diversification. The combined portfolio demonstrates superior efficiency in balancing risk and return compared to holding individual stocks. These results suggest that investors can align sustainability goals with diversification strategies to advance Indonesia’s green economic objectives.

Analysis Of Macroeconomic Factors On Indonesian Stock Market Performance Through Stock Trading Volume In The Period 2015-2024 Wahyu Aji Santoso; Nicko Albart
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 1 (2026): Januari
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i1.8764

Over the past decade, global economic conditions have grown increasingly volatile, with various international challenges affecting national economies. Geopolitical tensions, in particular, have contributed to surging global energy and food prices, potentially driving up inflation and hindering economic growth. Additionally, climate change presents further obstacles to national economic development. In this context, the Composite Stock Price Index (IHSG) is often utilized as an indicator of economic performance, reflecting the health of the stock market, which is closely tied to macroeconomic factors. This study seeks to examine the impact of selected macroeconomic variables namely Gross Domestic Product (GDP), the Dow Jones Index, inflation, exchange rate, and the BI Rate on the IHSG, with stock trading volume considered as a mediating variable. Employing a quantitative research method, the study utilizes panel data regression analysis to test the proposed hypotheses. The sample was selected based on predetermined sampling criteria. The findings reveal that GDP, exchange rate, and the Dow Jones Index significantly affect the IHSG, whereas inflation and the BI Rate do not. Regarding the mediating role of stock trading volume, the results indicate that the exchange rate, BI Rate, and stock trading volume itself do not significantly influence the IHSG. However, inflation is found to have a significant indirect effect on the IHSG through stock trading volume.

The Effect of Environmental Disclosure and Green Innovation on Firm Value: The Role of GCG Nicko Albart; Hadi Purnomo
INVEST : Jurnal Inovasi Bisnis dan Akuntansi Vol. 7 No. 1 (2026): INVEST : Jurnal Inovasi Bisnis dan Akuntansi
Publisher : Lembaga Riset dan Inovasi Al-Matani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/invest.v7i1.2108

This study examines the effect of environmental disclosure and green innovation on firm value, with Good Corporate Governance (GCG) serving as a moderating variable. Previous studies have reported inconsistent findings regarding the relationship between sustainability practices and firm value, indicating the need for further investigation, particularly in emerging market contexts. This study employs a quantitative approach using panel data obtained from property and real estate companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA). The findings reveal that environmental disclosure negatively affects firm value, indicating that sustainability disclosure in emerging markets is not always perceived positively by investors. Green innovation does not significantly influence firm value, suggesting that environmentally oriented innovation activities have not yet been fully appreciated by the market. In contrast, Good Corporate Governance has a positive effect on firm value and strengthens the relationship between green innovation and firm value. However, GCG does not strengthen the relationship between environmental disclosure and firm value. The findings imply that strong governance mechanisms enhance the effectiveness and credibility of sustainability-oriented innovation strategies, thereby increasing investor confidence and market valuation. This study also indicates that environmental disclosure alone may not improve firm value unless supported by credible implementation and transparent governance practices. Therefore, companies are encouraged to integrate sustainability initiatives into long-term business strategies rather than relying solely on symbolic disclosures. Theoretically, this study contributes to legitimacy theory, signaling theory, stakeholder theory, and corporate governance theory by demonstrating that investor responses toward sustainability practices are influenced by governance quality and market perceptions in emerging economies. These findings contribute to the literature on sustainability, innovation, and corporate governance in developing-country contexts.

Investment Analysis of ITMG and PTBA Stocks in 2024 Using the Modern Portfolio Theory Approach Rasdanu Rasdanu; Rachmad Arif Hidayat; Nicko Albart
Eduvest - Journal of Universal Studies Vol. 5 No. 11 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i11.51635

This study aims to analyze the investment efficiency of ITMG and PTBA shares during 2024 using the Modern Portfolio Theory (MPT) approach. The Efficient Frontier and Capital Allocation Line (CAL) methods are applied to identify optimal portfolio combinations that maximize returns and minimize risk. Secondary data, in the form of daily closing prices of shares, were collected from the Indonesia Stock Exchange and Investing.com. The results of the analysis show that ITMG shares have a higher average daily return than PTBA, but with lower volatility. The low correlation between the two stocks creates effective diversification opportunities. Portfolio simulations form an Efficient Frontier that depicts various combinations of returns and risks, while the Capital Allocation Line shows the linear relationship between risk-free rates and optimal portfolios. The optimal portfolio achieves a combination of a 0.03% return with a risk of 1.91%, while the use of leverage can increase the expected return to 0.04% with a risk of 3.82%. This research emphasizes the importance of managing a combination of assets in one sector to improve investment efficiency. These findings are expected to serve as a strategic guide for investors in optimizing their portfolios of coal mining sector stocks amid the dynamics of the Indonesian capital market.

The Effect of Environmental Disclosure and Green Innovation on Firm Value: The Role of GCG Nicko Albart; Hadi Purnomo
INVEST : Jurnal Inovasi Bisnis dan Akuntansi Vol. 7 No. 1 (2026): INVEST : Jurnal Inovasi Bisnis dan Akuntansi
Publisher : Lembaga Riset dan Inovasi Al-Matani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/invest.v7i1.2108

This study examines the effect of environmental disclosure and green innovation on firm value, with Good Corporate Governance (GCG) serving as a moderating variable. Previous studies have reported inconsistent findings regarding the relationship between sustainability practices and firm value, indicating the need for further investigation, particularly in emerging market contexts. This study employs a quantitative approach using panel data obtained from property and real estate companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA). The findings reveal that environmental disclosure negatively affects firm value, indicating that sustainability disclosure in emerging markets is not always perceived positively by investors. Green innovation does not significantly influence firm value, suggesting that environmentally oriented innovation activities have not yet been fully appreciated by the market. In contrast, Good Corporate Governance has a positive effect on firm value and strengthens the relationship between green innovation and firm value. However, GCG does not strengthen the relationship between environmental disclosure and firm value. The findings imply that strong governance mechanisms enhance the effectiveness and credibility of sustainability-oriented innovation strategies, thereby increasing investor confidence and market valuation. This study also indicates that environmental disclosure alone may not improve firm value unless supported by credible implementation and transparent governance practices. Therefore, companies are encouraged to integrate sustainability initiatives into long-term business strategies rather than relying solely on symbolic disclosures. Theoretically, this study contributes to legitimacy theory, signaling theory, stakeholder theory, and corporate governance theory by demonstrating that investor responses toward sustainability practices are influenced by governance quality and market perceptions in emerging economies. These findings contribute to the literature on sustainability, innovation, and corporate governance in developing-country contexts.

Portfolio Efficiency Analysis of JAPFA and Indofood CBP Using the Efficient Frontier Approach: Implications for Food Sector Policy Poppy Yuliani; Bagus Pamungkas; Nicko Albart
Journal Research of Social Science, Economics, and Management Vol. 4 No. 10 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v4i10.842

The Indonesian capital market, particularly the food sector, is undergoing significant changes due to strategic government policies such as the free lunch program, which directly influence market dynamics and investor behavior. This study addresses the problem of how investors can optimize portfolio efficiency between two dominant food sector stocks, JAPFA and Indofood CBP (ICBP), under regulatory uncertainty. The primary objective is to identify an optimal portfolio allocation that balances risk and return using the Efficient Frontier approach developed by Markowitz (1952). Employing a quantitative descriptive method, daily stock price data from January to December 2024 were analyzed to simulate portfolio weights, expected returns, and risks. Results reveal a very low correlation (0.085) between JAPFA and ICBP, indicating strong diversification benefits that minimize portfolio risk without sacrificing returns. An optimal portfolio allocation around 30% JAPFA and 70% ICBP is recommended to maximize investment efficiency. The study's findings have important implications for investors, portfolio managers, and policymakers by demonstrating how diversification in the food sector can hedge against market volatility driven by government interventions. This research enriches the literature on portfolio management by integrating policy-driven market conditions. Future research should explore multi-asset portfolios, incorporate macroeconomic factors, and apply advanced optimization techniques such as artificial intelligence to better navigate complex and evolving market environments.

Revisiting Tax Avoidance in Global Islamic Commercial Banks: The Critical Role of Profitability, Capital Structure, and Firm Size within a Sharia-Based Governance Framework Hadi Purnomo; Nicko Albart; Kurniati Karim; Listiana Sri Mulatsih; Alfiana
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.2981

Tax avoidance remains a persistent concern in the global banking industry, including Islamic commercial banks, where financial decision-making is expected to align with Shariah-based governance principles. This study revisits the determinants of tax avoidance in Islamic commercial banks by critically examining the roles of profitability, capital structure, and firm size within a Shariah-compliant institutional context. Employing a quantitative research design, this study analyzes panel data from nine Islamic commercial banks that consistently published quarterly financial reports from 2018 to 2022. The empirical analysis is conducted using panel regression techniques in EViews 10, supported by classical assumption tests, model feasibility tests, and coefficient-of-determination analysis. The findings reveal that profitability and capital structure significantly Influence tax avoidance behavior in Islamic commercial banks, while firm size does not exhibit a statistically significant effect. These results suggest that internal financial performance and leverage decisions play a more decisive role than organizational scale in shaping tax-related behavior, even within Shariah-oriented institutions. The novelty of this study lies in its integration of conventional financial determinants with a Shariah-based governance perspective, offering critical insights into how Islamic banks navigate the tension between profit optimization and ethical tax compliance. The findings contribute to the global Islamic economics literature by providing policy-relevant implications for strengthening governance mechanisms and enhancing fiscal responsibility in Islamic financial institutions.

Systematic Literature Review: CAR, LDR, NIM and NPL on Banking Profitability in Indonesia: Ulasan Literatur Sistematis: CAR, LDR, NIM, dan NPL terhadap Profitabilitas Perbankan di Indonesia Argha Cahyo Pradigdo; Nicko Albart; Nurul Huda
JBMP (Jurnal Bisnis, Manajemen dan Perbankan) Vol. 11 No. 2 (2025): September
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/jbmp.v11i2.2112

This study aims to analyze the effect of financial ratios such as Capital Adequacy Ratio (CAR), Non-Performing Loan (NPL), Loan to Deposit Ratio (LDR), and Net Interest Margin (NIM) on Return on Assets (ROA) in the Indonesian banking sector. This study uses the Systematic Literature Review (SLR) method with the PRISMA approach to ensure transparency and replication of the study. The data used was taken from various journals published between 2019 and 2024 through the Google Scholar and Scopus databases. The conclusion of this study confirms that Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR), and Net Interest Margin (NIM) generally have a positive impact on Return on Assets (ROA). Conversely, a Non-Performing Loan (NPL) has a negative impact on Return on Assets (ROA). However, in terms of significant influence, Capital Adequacy Ratio (CAR), Non-Performing Loan (NPL), Loan to Deposit Ratio (LDR), and Net Interest Margin (NIM) have varying significant influences on Return on Assets (ROA) depending on the internal and external conditions of the bank.

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