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All Journal Klabat Accounting Review Review of Management, Accounting, and Business Studies
William Ben Gunawan
PPM School of Management
Economics, Econometrics & Finance

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THE LINK OF CURRENT RATIO, BENCHMARK COAL PRICE, RETURN ON ASSETS, AND DEBT TO EQUITY RATIO TO CASH HOLDING: THE CASE OF ADARO ENERGY TBK IN 2018 – 2022 William Ben Gunawan
Klabat Accounting Review Vol 4 No 2 (2023): Klabat Accounting Review
Publisher : UNKLAB Business School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60090/kar.v4i2.991.79-87

Abstract

In the modern era of financial management, effective cash management plays a critical role in ensuring the stability and growth of companies across various industries. Understanding the factors that influence cash holdings has become a subject of substantial interest for researchers and practitioners alike. This study aims to explore the intricate relationship between four key financial variables, namely the current ratio, coal price index, debt to equity ratio, and return on assets, and their impact on the cash holding decisions of PT Adaro Energy Indonesia during the 2018 – 2022 financial years. By examining these interrelated factors, this paper offers valuable insights into the dynamics of corporate cash management, providing a foundation for strategic financial planning and decision-making. The results of the study found that all independent variables have a simultaneous but no partial effect on cash holding. Keywords: benchmark coal price, cash holding, current ratio, debt to equity, return on asset Di era modern manajemen keuangan, manajemen kas yang efektif memainkan peran penting dalam memastikan stabilitas dan pertumbuhan perusahaan di berbagai industri. Memahami faktor-faktor yang mempengaruhi kepemilikan uang tunai telah menjadi subjek yang sangat menarik bagi para peneliti dan praktisi. Penelitian ini bertujuan untuk mengeksplorasi hubungan rumit antara empat variabel keuangan utama, yaitu rasio lancar, indeks harga batubara, rasio utang terhadap ekuitas, dan pengembalian aset, dan dampaknya terhadap keputusan kepemilikan kas PT Adaro Energy Indonesia Tbk pada tahun 2018 – 2022. Dengan memeriksa faktor-faktor yang saling terkait ini, makalah ini menawarkan wawasan berharga tentang dinamika manajemen kas perusahaan, memberikan landasan bagi perencanaan keuangan strategis dan pengambilan keputusan. Hasil penelitian menemukan bahwa semua variabel independen memiliki efek simultan tetapi tidak parsial terhadap kepemilikan kas. Kata Kunci: harga batubara acuan, kepemilikan kas, rasio lancar, debt to equity, return on asset
Matching stage strategy development of PT Alam Sutera Realty Tbk: Diversification as key strategy for business sustainability William Ben Gunawan
Review of Management, Accounting, and Business Studies Vol. 5 No. 2 (2024)
Publisher : Universitas Pendidikan Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38043/revenue.v5i2.5649

Abstract

This study investigated the strategic development of PT Alam Sutera Realty Tbk (ASRI), focusing on diversification as a key strategy for business sustainability amidst issues of undervalued stock and unstable financial performance. A comprehensive analysis of external and internal factors was conducted using frameworks such as PESTLE, Porter’s 5 Forces, Internal-External Matrix, TOWS Matrix, SPACE Matrix, Grand Strategy Matrix, Quantitative Strategic Planning Matrix (QSPM), Blue Ocean Recommendation, and Balanced Scorecard. The findings indicated that ASRI scored 3.21 on the Internal Factor Evaluation (IFE) and 3.29 on the External Factor Evaluation (EFE), placing it in the "Grow and Build" quadrant of the SPACE Matrix. This suggested strategies such as forward, backward, and horizontal integration, market penetration, market development, and product development. The Grand Strategy Matrix, supported by Competitive Profile Matrix (CPM) scores and industry growth data, advocated for diversification or new venture formation through joint ventures. QSPM analysis identified Product Development in Vertical Buildings and Sustainable Housing as ASRI’s most attractive and promising strategies. Vertical building development optimized land use and met rising urban market demands, while sustainable housing appealed to the environmentally conscious segment. Future recommendations for ASRI included increased investment in research and development, partnerships with green technology firms, and continuous market trend monitoring to ensure strategic relevance and effectiveness in the evolving real estate industry. This diversified approach aimed to leverage new market opportunities and strengthen ASRI’s market position through strategic expansion and collaboration.
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