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All Journal Jurnal Ilmiah Universitas Batanghari Jambi GEMA EKONOMI International Journal of Science and Society (IJSOC) Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Majority Science Journal
Rudolf Lumbantobing, Rudolf
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Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Materials Science & Nanotechnology Social Sciences

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Organizational Culture Moderates The Mediating Effect Of Motivation On The Influence Of Discipline And Incentives Toward Employees Performance Lumbantobing, Rudolf

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Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (674.585 KB) | DOI: 10.31955/mea.v3i1.498

Abstract

This research explores the moderating effect of organizational culture on the mediating effect of motivation on the influence of discipline and incentives toward employees' performance. This study involved Indonesia media employee respondents. The developed hypotheses were analyzed using moderates regression analysis and path analysis. The findings showed that motivation played a significantly positive effect to mediate the effect of discipline and incentives toward employees' performance. Further, showed that employee performance was significant negatively influenced by the interaction effect between incentives and motivation with organizational culture. These findings conclude that the positive effects of incentives on employees' performance might be more positive when motivation and organizational culture interacted on the contrary level. The findings of this study suggested that when the organizational culture was held by among organizational members as high as employees’motivation that implies increasing discipline and incentives could increase employees' performance would be better.
APAKAH INFLASI SEBAGAI PEMODERASI DETERMINAN STRUKTUR MODAL? (Studi Empiris Pada Perusahaan Terbuka Sektor Industri Manufaktur Yang Listing Di Bursa Efek Indonesia Periode Tahun 2014-2018) Lumbantobing, Rudolf

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Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (345.829 KB) | DOI: 10.31955/mea.v4i1.503

Abstract

Penelitian ini bertujuan untuk menguji pengaruh inflasi sebagai variabel moderator determinan struktur modal 120 perusahaan sektor industri manufaktur yang go public di Bursa Efek Indonesia periode 2014-2018. Variabel independen yang digunakan dalam penelitian ini adalah profitabilitas, tangibilitas, ukuran aktiva perusahaan, pertumbuhan aktiva perusahaan, dan non debt tax shields, sedangkan variabel dependennya adalah rasio utang. Teknik analisis data menggunakan Moderated Regression Analysis (MRA). Hasil analisis data menunjukkan bukti bahwa perilaku pendanaan perusahaan terbuka industri manufaktur sampel penelitian ini mengikuti teori static/trade-off yang ditunjukkan pengaruh signifikan positif profitabilitas terhadap rasio utang, dan ditemukannya efek pertumbuhan aktiva perusahaan yang semakin positif terhadap rasio utang ketika inflasi meningkat. Lebih lanjut terpaparkan bahwa inflasi signifikan memoderasi pengaruh profitabilitas, ukuran aktiva perusahaan, dan pertumbuhan aktiva perusahaan terhadap rasio utang, sedangkan pada pengaruh tangibilitas, dan non-debt tax shields, inflasi belum cukup bukti memoderasi determinan struktur modal.
RISIKO PASAR MEMODERASI EFEK MEDIASI RASIO HUTANG PADA PENGARUH UKURAN AKTIVA DAN KEMAMPULABAAN TERHADAP RASIO HARGA ATAS NILAI BUKU SEKTOR INDUSTRI AUTOMOTIF Lumbantobing, Rudolf; Salim, Susanto
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 5 No 3 (2021): Edisi September - Desember 2021
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v5i3.1730

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh rasio leverage memediasi pengaruh ukuran perusahaan, rasio profitabilitas terhadap rasio harga terhadap nilai bukunya (PBV) pada perusahaan otomotif yang terdaftar di Bursa Efek Indonesia (BEI), yang dimoderasi oleh risiko pasar. atau risiko sistematis. Data sampel penelitian ini diperoleh dari 10 perusahaan sparepart otomotif yang terdaftar di BEI yang menerbitkan laporan keuangan tahunan selama delapan tahun periode 2012 sampai 2019. Hasil penelitian mengungkapkan bahwa debt ratio signifikan secara negatif memediasi pengaruh positif rasio laba terhadap PBV. Pengaruh positif rasio profitabilitas terhadap PBV akan menjadi negatif ketika rasio utang meningkat. Namun debt ratio tidak signifikan secara positif memediasi pengaruh positif ukuran perusahaan terhadap PBV. Temuan penelitian juga menunjukkan bahwa risiko pasar (Beta sekuritas) signifikan memoderasi secara positif pengaruh rasio utang terhadap PBV. Temuan menunjukkan bahwa peningkatan harga terhadap nilai buku melalui profitabilitas harus dilakukan ketika rasio leverage menurun. Untuk perusahaan dengan profitabilitas dan risiko pasar yang tinggi, maka harga terhadap nilai bukunya akan meningkat dengan mengurangi rasio leverage mereka.
EFEK MODERASI VARIABEL RISIKO PASAR HARGA KOMODITAS AYAM, TELUR, JAGUNG, DAN GANDUM PADA PENGARUH RASIO PROFITABILTAS DAN RASIO LEVERAGE TERHADAP NILAI PERUSAHAAN PAKAN TERNAK DI INDONESIA PERIODE TAHUN 2016 – 2020 Sastra, Denny Putra Danuh; Lumbantobing, Rudolf
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 6 No 1 (2022): Edisi Januari - April 2022
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v6i1.1876

Abstract

The purpose of this study was to examine the effect of profitability ratios and leverage ratios on firm value, as well as the moderating effect of commodity prices on these ratio variables. The sample taken is all animal feed companies listed on the Indonesia Stock Exchange (IDX) with the data selected for the year 2016 – 2020. The analysis is based on data from 4 companies and the data taken is sourced from financial reports. The research was conducted using descriptive statistical analysis with multiple regression analysis model. The results of the study indicate that the profitability ratios represented by ROA, ROE and NPM have a positive and significant effect on firm value represented by EPS, PBV and stock prices. The leverage ratio represented by LT Debt, ST Debt, DER and DAR has a negative and significant effect on firm value. Further research shows that the price of chicken moderates the profitability ratios positively and significantly on firm value. Egg prices moderate the profitability ratios negatively and significantly on firm value. For corn prices and wheat prices did not significantly moderate the ratio of profitability to firm value. Likewise for chicken prices, egg prices, corn prices and wheat prices did not significantly moderate the leverage ratio to firm value. From the results of this study, it can be concluded that for investors who want to invest in shares in animal feed companies, it is better to look at the profitability ratio indicator because it will have a positive impact on stock returns. Meanwhile, with the greater the leverage ratio, the animal feed company must be careful in managing the company's financing that comes from debt because it will have an impact on the value of the company. In addition, commodity prices that have an influence are chicken prices and egg prices, so in making a decision to see the effect on company value, it is necessary to look at the prices of these two commodities.
Mediating Effect Of Capital Structure On The Influence Of Liquidity, Profitability, And Asset Growth On Firm Value In Companies Listed In The Lq45 Index During The Period Of 2020-2022 Jonathan, Robert; Lumbantobing, Rudolf; Tampubolon, Lambok D.R.
MSJ : Majority Science Journal Vol. 2 No. 2 (2024): MSJ-May
Publisher : PT. Hafasy Dwi Nawasena

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61942/msj.v2i2.132

Abstract

This study aims to examine the capability of capital structure as a mediator in the influence of liquidity, profitability, and asset growth on firm value. In this research, liquidity is proxied by CR and OCFR, profitability by ROA and ROE, and asset growth by CAG and FAG. Capital structure is proxied by DER and DAR, while firm value is proxied by Q Tobin and PER. The research sample consists of 19 companies listed in the LQ45 index during the period 2020-2022. Data analysis was conducted using the PLS 3.0 application, which indicates that liquidity and asset growth have a positive influence on firm value, while capital structure has a negative influence on firm value. Profitability does not have a significant influence on firm value. Additionally, liquidity has a negative influence on capital structure, while profitability and asset growth do not have a significant influence on capital structure. Capital structure can act as a mediator in the influence of liquidity on firm value, but does not act as a mediator in the influence of profitability and asset growth on capital structure.
VALUASI SAHAM EMITEN AALI DAN SMAR DENGAN METODE DCF, CFROI, DAN RV PERIODE 2017-2027 Chandra, Luciana; Lumbantobing, Rudolf; DR. Tampubolon, Lambok
GEMA EKONOMI Vol 12 No 2 (2023): GEMA EKONOMI
Publisher : Fakultas Ekonomi Universitas Gresik

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55129/https://doi.org/10.55129/.v12i4.2927

Abstract

This research is a descriptive case study with quantitative method. The research object in this case study is PT Astra Agro Lestari Tbk and PT SMART Tbk, two plantation sub sector company that listed on Indonesia stock exchange period February 2022 until February 2023. This research is to calculate the intrinsic value of PT Astra Agro Lestari Tbk (AALI) and PT SMART Tbk (SMAR) from fundamental view. The intrinsic value is obtained from stock valuation calculation, which is started by top-down analysis. Top-down analysis covers the analysis of Indonesia’s macro economic condition, government’s policies, palm-oil industry analysis, and the firm’s competitive advantage. The results from top-down analysis are used as the base to do stock valuation using Discounted Cash Flow method, Cash Flow Return on Investment method, and Discounted Dividend Model method. In Discounted Cash Flow method, the free cash flows used are Free Cash Flow to Firm and Free Cash Flow to Equity. From the stock valuation result, the intrinsic value of PT Astra Agro Lestari Tbk using: (1) Free Cash Flow to Firm model, the intrinsic value is Rp 34.092 per share; (2) Free Cash Flow to Equity model, the intrinsic value is Rp 35.176 per share. At the same time, for the Net Cash Flow Return on Investment method, PT Astra Agro Lestari Tbk recorded 25,92%. Then, the intrinsic value of PT Astra Agro Lestari Tbk using: (1) Free Cash Flow to Firm model, the intrinsic value is Rp 18.763 per share; (2) Free Cash Flow to Equity model, the intrinsic value is Rp 2.479 per share. At the same time, for the Net Cash Flow Return on Investment method, PT SMART Tbk recorded 5,26%. For the results of intrinsic value and also the ratios in Relative Valuation, PT Astra Agro Lestari Tbk and PT SMART Tbk have the potential to increase their stock price following their fair value. So that investors can place buy positions.
VALUASI SAHAM EMITEN AALI DAN SMAR DENGAN METODE DCF, CFROI, DAN RV PERIODE 2017-2027 Chandra, Luciana; Lumbantobing, Rudolf; DR. Tampubolon, Lambok
GEMA EKONOMI Vol 12 No 2 (2023): GEMA EKONOMI
Publisher : Fakultas Ekonomi Universitas Gresik

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55129/https://doi.org/10.55129/.v12i4.2927

Abstract

This research is a descriptive case study with quantitative method. The research object in this case study is PT Astra Agro Lestari Tbk and PT SMART Tbk, two plantation sub sector company that listed on Indonesia stock exchange period February 2022 until February 2023. This research is to calculate the intrinsic value of PT Astra Agro Lestari Tbk (AALI) and PT SMART Tbk (SMAR) from fundamental view. The intrinsic value is obtained from stock valuation calculation, which is started by top-down analysis. Top-down analysis covers the analysis of Indonesia’s macro economic condition, government’s policies, palm-oil industry analysis, and the firm’s competitive advantage. The results from top-down analysis are used as the base to do stock valuation using Discounted Cash Flow method, Cash Flow Return on Investment method, and Discounted Dividend Model method. In Discounted Cash Flow method, the free cash flows used are Free Cash Flow to Firm and Free Cash Flow to Equity. From the stock valuation result, the intrinsic value of PT Astra Agro Lestari Tbk using: (1) Free Cash Flow to Firm model, the intrinsic value is Rp 34.092 per share; (2) Free Cash Flow to Equity model, the intrinsic value is Rp 35.176 per share. At the same time, for the Net Cash Flow Return on Investment method, PT Astra Agro Lestari Tbk recorded 25,92%. Then, the intrinsic value of PT Astra Agro Lestari Tbk using: (1) Free Cash Flow to Firm model, the intrinsic value is Rp 18.763 per share; (2) Free Cash Flow to Equity model, the intrinsic value is Rp 2.479 per share. At the same time, for the Net Cash Flow Return on Investment method, PT SMART Tbk recorded 5,26%. For the results of intrinsic value and also the ratios in Relative Valuation, PT Astra Agro Lestari Tbk and PT SMART Tbk have the potential to increase their stock price following their fair value. So that investors can place buy positions.
The Moderating Effect of Interest Rates and Inflation on the Effect of Bond Coupons and Bond Maturity on the Price of Fixed Rate (FR) Series RI State Bonds in 2022 Indreswati, Megawati; Lumbantobing, Rudolf; Purnama, Desy Eka
International Journal of Science and Society Vol 6 No 1 (2024): International Journal of Science and Society (IJSOC)
Publisher : GoAcademica Research & Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/ijsoc.v6i1.1058

Abstract

This study examines the moderating effect of Interest Rate and Inflation on the effect of Bond Coupon and Bond Maturity on the Price of FR Series Government Bonds in 2022. In addition, this study aims to see if there are differences in the effect of Bond Coupons, and Bond Maturity on Bond Prices in the presence of moderating effect factors of Interest Rates and Inflation in 2022. This study examines the impact of the moderating effects of interest rates and inflation that affect the changes in bond prices that occur by looking at the Bond Coupon and Bond Maturity factors. With the method used, the experimental hypothesis is quantitative, and the data is obtained from www.bps.go.id, www.bi.go.id, and www.idx.co.id. The analysis method used was purposive sampling, and the SPSS version 26 computer program was used. The results of data processing and analysis show that Bond Coupon Bond Coupons have a significant positive impact on Bond Prices. When the size of the Bond Coupon owned will affect the Bond price and the effect of Bond Maturity on Bond Price is negative and insignificant. Until now, there has not been enough evidence to support the first hypothesis that bond maturity will have a positive impact on Bond Prices. Moderating Effect of BI Rate Interest Rate Data. Against bond maturity and bond coupons on bond prices by adding the moderating effect of BI Rate data, it makes the BI Rate data negative and insignificant.
Valuation of the Fair Market Value of the Shares of PT Link Net Tbk in Connection with the Acquisition of Shares by PT XL Axiata Tbk in 2022 Using the Discounted Cash Flow (DCF) and Abnormal Income Method Cynthia; Lumbantobing, Rudolf; Purnama, Eka Desy
International Journal of Science and Society Vol 6 No 1 (2024): International Journal of Science and Society (IJSOC)
Publisher : GoAcademica Research & Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/ijsoc.v6i1.1103

Abstract

Corporate takeover actions (acquisitions) carried out by companies are always in the spotlight of the capital market public, because corporate acquisition actions are classified as material transactions that require very large financing, and it is not uncommon for there to be conflicts of interest in their implementation. However, sometimes there can be cases where a company acquires another company in the hope of gaining synergies but instead incurs losses, which may be due to an unreasonable acquisition price that can harm many parties including the public and shareholders. This can of course be prevented by assessing the performance of the company to be acquired previously and assessing the company's fair market (valuation). This research was conducted to analyze the fair market value of 20% of the shares of PT Link Net Tbk in connection with the planned acquisition by PT XL Axiata Tbk using the Discounted Cash Flow and Abnormal Income methods and to analyze the price offered by PT XL Axiata Tbk to acquire 20% of the shares of PT Link Net Tbk is classified as fair or not. The research results show that in the valuation using the Discounted Cash Flow (DCF) method, based on the results of calculating the fair market value of 20% of PT Link Net Tbk amounting to IDR 2,795,896 million or IDR 4,882 per share, while in the valuation using the Abnormal Income method, it is based on the results of calculating the value fair market 20% PT Link Net Tbk amounting to IDR 2,602,704 million or IDR 4,545 per share. If we compare the transaction value of the purchase of PT Link Net Tbk shares by PT XL Axiata Tbk which is IDR 4,800 per share, the transaction value is considered fair in both methods, both the Discounted Cash Flow (DCF) and Abnormal Income methods.
Efek Mediasi Pengetahuan Risiko pada Pengaruh Literasi Keuangan dan Perilaku Keuangan Terhadap Keputusan Pengambilan Kredit (Studi pada PT. Wom Finance Cabang Semarang) Sitompul, Swito; Purnama, Eka Desy; Lumbantobing, Rudolf
Jurnal Ilmiah Universitas Batanghari Jambi Vol 24, No 1 (2024): Februari
Publisher : Universitas Batanghari Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33087/jiubj.v24i1.4535

Abstract

The purpose of this study was to analyze the mediating effect of risk knowledge on the effect of financial literacy and financial behavior on credit decision making (study at pt. wom finance Semarang branch). Quantitative research method with SmartPLS analyzer. Sample 100 people by distributing questionnaires. The results of literacy research did not prove the influence on credit decision making. Risk knowledge has a positive and significant effect on credit decision making. Increasing one's knowledge of risk, has an impact on increasing decisions to take credit. There is not enough evidence to state that Financial Behavior has a positive effect on Credit Decision Making. Financial Behavior has a positive and significant effect on Risk Knowledge.
Co-Authors Chandra, Luciana Cynthia DR. Tampubolon, Lambok Eka Desy Purnama Indreswati, Megawati Jonathan, Robert Purnama, Desy Eka Salim, Susanto Sastra, Denny Putra Danuh Sitompul, Swito Tampubolon, Lambok D.R.