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All Journal Jurnal Ekonomi International Journal of Supply Chain Management Jurnal Manajemen Bisnis dan Kewirausahaan Jurnal Manajemen Jurnal Manajerial Dan Kewirausahaan Journal Markcount Finance International Journal of Application on Economics and Business Journal of Commerce Management and Tourism Studies Sharia Oikonomia Law Journal Jurnal Serina Ekonomi dan Bisnis Journal of Management, Economic, and Financial JPS (Jurnal Perbankan Syariah)
Arifin, Agus Zainul
Tarumanagara University
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Transportation

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Financial Distress Analysis: Cigarette Companies on Idx, Pandemic & Excise Tax Impact (2019-2023) Lutfan, Ifan Muhamad; Wati, Lela Nurlela; Arifin, Agus Zainul
Journal of Management Economic and Financial Vol. 3 No. 4 (2025): Special Issue
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v3i4.154

Abstract

The policy of increasing tobacco excise taxes, implemented gradually in recent years, has created challenges for companies. Since 2019, various challenges have emerged, especially due to the COVID-19 pandemic that affected the whole world and the government's policy of increasing tobacco excise taxes. This study aims to analyze the condition of financial distress in cigarette companies listed on the Indonesia Stock Exchange during the period 2019 to 2023, as well as identify the influence of external factors in the form of an increase in excise rates and the COVID-19 pandemic on the level of distress risk. This research method is quantitative with a descriptive and associative approach. The research sample consisted of four cigarette companies, namely PT HM Sampoerna Tbk (HMSP), PT Gudang Garam Tbk (GGRM), PT Wismilak Inti Makmur Tbk (WIIM), and PT Bentoel Internasional Investama Tbk (RMBA). The results showed that HMSP and WIIM were consistently in a healthy financial condition according to all three models, while GGRM was volatile but relatively stable. In contrast, RMBA shows a score that indicates a distressed condition almost every year. The study concludes that external factors have a significant contribution to the risk of bankruptcy of cigarette companies. Predictive models can be used as an early detection tool against declining corporate financial health.
Peran Green Finance, Kinerja Lingkungan, dan Kinerja Keuangan sebagai Penentu Nilai Perusahaan Hardi, Klymena; Arifin, Agus Zainul
Jurnal Manajerial Dan Kewirausahaan Vol. 8 No. 1 (2026): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v8i1.36926

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh green finance (GFI), kinerja lingkungan (PROPER), dan kinerja keuangan (ROA) terhadap nilai perusahaan (PBV) pada sektor consumer non-cyclicals yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021–2024. Pemilihan sampel menggunakan teknik purposive sampling menghasilkan 29 perusahaan dengan 116 observasi. Metode penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan, laporan tahunan, dan laporan keberlanjutan. Sementara analisis data menggunakan regresi data panel melalui aplikasi EViews 13. Hasil penelitian menunjukkan bahwa green finance, kinerja lingkungan, dan kinerja keuangan berpengaruh positif dan signifikan terhadap nilai perusahaan. This study aims to analyze the influence of green finance (GFI), environmental performance (PROPER), and financial performance (ROA) on firm value (PBV) in the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. Purposive sampling resulted in 29 companies with 116 observations. The research method employed a quantitative approach with secondary data obtained from financial statements, annual reports, and sustainability reports. Data analysis utilized panel data regression with the help of EViews 13. The results showed that green finance, environmental performance, and financial performance had a positive and significant effect on firm value.
Faktor-faktor yang memengaruhi firm performance: Peran SCF dan leverage Angela, Michelle; Arifin, Agus Zainul
Jurnal Manajemen Bisnis dan Kewirausahaan Vol 10 No 1 (2026): Jurnal Manajemen Bisnis dan Kewirausahaan
Publisher : Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmbk.v10i1.37228

Abstract

Firm performance provides an overview of the extent to which a company has achieved its organizational goals. This study aims to examine the effect of supply chain finance (SCF) and leverage on firm performance in fast-moving consumer goods (FMCG) companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. This research also seeks to understand how companies were able to maintain financial stability during the Covid-19 pandemic, which worsened corporate financial conditions. The theoretical framework employed in this study is based on the Resource-Based View (RBV), which explains the role of SCF in creating valuable, rare, and hard-to-imitate competitive advantages through efficient resource management. Additionally, the Trade-Off Theory emphasizes the importance of balancing the tax benefits of debt with the potential risks of financial distress, while the Pecking Order Theory explains the hierarchy of financing preferences, particularly the use of debt to enhance firm performance. This study utilizes 195 observations obtained from 39 companies over five years. The analytical method applied is multiple panel data regression using EViews 10.0 software for data processing. The results indicate that supply chain finance (SCF) and leverage have a negative effect on firm performance among FMCG companies listed on the IDX. These findings are expected to provide practical implications for corporate management in optimizing financing strategies and capital management to improve profitability and firm value in the future. Firm performance atau kinerja perusahaan memberikan gambaran mengenai sejauh perusahaan telah mencapai tujuan perusahaan. Penelitian ini bertujuan untuk menguji pengaruh supply chain finance dan leverage terhadap firm performance pada perusahaan fast-moving consumer goods (FMCG) yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2020-2024. Penelitian ini ingin melihat bagaimana perusahaan dapat bertahan dalam keadaan pandemi Covid-19 yang memperburuk kondisi keuangan perusahaan. Kerangka teori yang digunakan dalam penelitian ini melibatkan Resource Based View (RBV) yang menjelaskan peran dari SCF untuk menciptakan keunggulan kompetitif yang bernilai, langka, dan sulit ditiru melalui pengelolaan sumber daya perusahaan yang efisien serta Trade-off Theory yang menekankan pentingnya keseimbangan antara manfaat pajak dari utang serta risiko kebangkrutan dan Pecking Order Theory untuk menjelaskan penggunaan sumber pendanaan, terutama dalam penggunaan utang dalam meningkatkan kinerja perusahaan. Penelitian ini menggunakan 195 observasi yang diperoleh dari 39 perusahaan selama 5 tahun. Teknik analisis yang digunakan dalam penelitian ini adalah analisis regresi berganda dengan bantuan perangkat lunak EViews 10.0 untuk pengolahan data. Hasil dari penelitian menunjukkan bahwa supply chain finance (SCF) dan leverage berpengaruh negatif terhadap firm performance pada perusahaan fast-moving consumer goods yang terdaftar dalam BEI di Indonesia. Temuan ini diharapkan dapat memberikan implikasi praktis bagi manajemen perusahaan dalam mengoptimalkan strategi pembiayaan dan pengelolaan modal untuk meningkatkan profitabilitas serta nilai perusahaan di masa mendatang.
Co-Authors Amalia, Egie Andini, Deby Angela, Michelle Cale, Wolnough CINDY CINDY Darmawan, Herie Darryl, Darryl Devy, Devy Dharsono, Selvi Ekajaya, Bastian Fahrudin Fahrudin Florencia Irena, Florencia Harbert, Harbert Hardi, Klymena Harrison, David Haryanto Tanuwijaya Ida Ayu Putu Sri Widnyani Indrayang, Prayogo Jamaluddin Majid Janet, Janet Khairina Natsir, Khairina Kristian, Michelle Kurniawan, Vincentius Kevin Lutfan, Ifan Muhamad Marco, Michael MN, Nuryasman Nainggolan, Christine Dewi Purwoto, Sutomo Ronald , Ronald Santoso, Sidi Sapari, Fransissco Nicolas Simanjuntak, Sri Ida Royani Siswanto, Halim Putera Subagio, Regan Sutrisno Wati, Lela Nurlaela Wijoyo, Fanny Yanuar Yanuar, Yanuar