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DETERMINANT OF FINANCIAL DISTRESS: THE CASE OF PULP & PAPER COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE Augustina Kurniasih; Heliantono; Agus Herta Sumarto; Rianti Setyawasih; Isti Pujihastuti
Jurnal Manajemen & Agribisnis Vol. 17 No. 3 (2020): JMA Vol. 17 No. 3, November 2020
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jma.17.3.254

The pulp and paper industry contributes to the Indonesian economy, especially to the non-oil and gas processing industry. Empirical research shows that pulp and paper companies listed on the Indonesia Stock Exchange (IDX) indicated financial distress. This study aims to find the effect of liquidity, leverage, profitability, and efficiency on pulp & paper companies' financial distress listed on the IDX. Using the Altman Z-score as a measure of financial distress, it was found that profitability, efficiency, and liquidity had a significant adverse effect on financial distress. In contrast, leverage had a significant positive effect on financial distress. Profitability has the greatest influence on financial distress, so it needs the primary intention of management. Keywords: financial distress, liquidity, profitability, leverage, efficiency

INTELLECTUAL CAPITAL BANK BUMN TERBUKA DAN PENGARUHNYA TERHADAP KINERJA PERUSAHAAN Augustina Kurniasih; Heliantono Heliantono
MIX: JURNAL ILMIAH MANAJEMEN Vol 6, No 2 (2016): MIX: Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

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Abstract. This study aims to find empirical evidence of intellectual capital conditionand the performance of listed state-owned banks, and the impact of intellectual capitalon the profitability of the company. The results showed that the financial performanceof listed state-owned banks as measured by profitability (ROA) was generally higher inthe period from 2010 to 2012, then decreased in the period 2013-2015. The highestprofitability performance in the 2010-2015 period is PT Bank Rakyat Indonesia. Theexistence of intellectual capital in the listed state-owned banking company affect itsfinancial performance. The better the company able to manage its intellectual capitalthe have, the greater the value of Return on Assets (ROA) generated by the company.Structural capital (SCE) is positive but not significant effect on the financialperformance of listed state-owned company in the financial sector. Capital employedefficiency is significant and have positive effect on the financial performance of thelisted state-owned enterprises in financial sector.Keywords: corporate performance, intellectual capital, state Tbk.Abstrak. Penelitian ini bertujuan menemukan bukti empiris kondisi intellectual capitaldan kinerja bank BUMN Tbk, serta pengaruh intellectual capital terhadap profitabilitasperusahaan. Hasil penelitian menunjukkan bahwa kinerja keuangan Bank BUMN Tbkyang diukur dengan profitabilitas (ROA) secara umum meningkat pada periode 2010-2012, kemudian menurun pada periode 2013-2015. Kinerja profitabilitas tertinggi padaperiode 2010-2015 ditunjukkan oleh PT Bank Rakyat Indonesia. Keberadaanintellectual capital pada perusahaan perbankan BUMN mempengaruhi kinerjakeuangan perusahaan. Semakin baik perusahaan mampu mengelola intellectual capitalyang mereka miliki, maka akan semakin besar pula nilai Return on Aset (ROA) yangdihasilkan oleh perusahaan. Structural capital (SCE) berpengaruh positif namun tidaksignifikan terhadap kinerja keuangan perusahaan BUMN Terbuka sektor keuangan.Capital employed efficiency berpengaruh positif signifikan terhadap kinerja keuanganperusahaan BUMN Terbuka sektor keuangan.Kata Kunci: kinerja perusahaan, intellectual capital, BUMN Tbk

Moral development as the influencer of fraud detection Heliantono Heliantono; Itjang D. Gunawan; Khomsiyah Khomsiyah; Regina J. Arsjah
International Journal of Financial, Accounting, and Management Vol. 2 No. 1 (2020): June
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v2i1.159

Purpose: The purpose of the study is to analyze the influence of the external auditor's moral development, continuing professional education (CPE) on fraud, and education on fraud detection. Research Methodology: The research sample was taken randomly, and the total respondents were 171 external auditors working in public accounting firms in Indonesia. The analytical data method uses multiple linear regression. The instrument measures moral development using three scenarios, which are the auditor opinion, allowance for receivables, and cost reimbursement, with modifications made to conform with Law 5/2011 concerning public accountant. Results: Results found that moral development and education had a significant effect on fraud detection, while CPE on fraud has no effect on fraud detection. Limitations: One newly developed of the three scenarios measuring moral development may not be suitable for region other than Indonesia. Contribution: The accounting red flag dimension is the dimension that has the most attention, while the dimension according to SA 240, the perpetrator dimension, is the dimension that has the least attention. Keywords: Kohlberg moral development, Education, CPE on fraud, Fraud detection

TRUE SALE ACCOUNTING ON SECURITIZATION IN INDONESIA Heliantono Heliantono
International Journal of Contemporary Accounting Vol. 1 No. 2 (2019): December
Publisher : Fakultas Ekonomi dan Bisnis Universitas Trisakti

Asset securitization is one of the financing solutions. One application for the use of asset securitization is in the residential mortgage sector. Securitization in Indonesia so far has been discussed in terms of financial management and legal aspects. This article discusses about securitization in Indonesia in term of accounting perspective. The accounting aspects of securitization transactions are based on the occurrence or non-occurrence of the derecognition of the financial assets securitized (true sale in accounting). Asset securitization in Indonesia is carried out with the issuance of Asset-Backed Securities Collective Investment Contracts (KIK EBA) and Asset-Backed Securities in the form of Participation Certificate (EBA SP) with a total of 15 EBAs which are still traded at present. Eighty percent are residential mortgages backed securities (RMBS), the rest are non-RMBS. The accounting treatment of securitization transactions conducted by the originator and in the event of an accounting true sale and non-true sale are discussed, also the securitization accounting treatment for originator, Special Purpose Vehicle (SPV), and investors. Broader socialization is needed so securitization can be applied in various economic activities to benefit national development in Indonesia

IMPACT OF FINANCIAL DISTRESS ON STOCK PRICE: THE CASE OF PULP & PAPER COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE Augustina Kurniasih; Heliantono; Agus Herta Sumarto; Yulia Efni
Jurnal Bisnis dan Keuangan Vol 7 No 2 (2022): Business and Finance Journal
Publisher : UNUSA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v7i2.2976

Cellulose is an organic component that is widely found in wood fibers. Cellulose is the main component in the pulp/paper industry. As in wood, the raw material for pulp contains cellulose fibers. Cellulose is often used and processed to produce various types in the paper industry. Pulp is the primary material for different paper products, ranging from factories’ boards to daily necessities such as paper, tissue, tea bags, and magazines. Meanwhile, paper is a new change in literature and language that has played a significant role in the history of the development of human civilization. The pulp and paper industry in Indonesia provides a reasonably good contribution to the Indonesian economy. Several pulp & paper companies are listed on the Indonesia Stock Exchange. The results of previous studies indicate that several pulp & paper companies are in a stage of financial difficulty. This study aims to prove empirically that the Z-score as a measure of the company's economic challenges affects stock prices. The results showed that the Z-score affected stock prices. From several ratios that make up the Z-score, it is known that the ratio of working capital to total assets, market value of equity to book value of debt, and sales to total assets have a significant effect on stock prices.

MENINGKATKAN KETERAMPILAN PEMASARAN DIGITAL BAGI ANGGOTA PERTUBUHAN MASYARAKAT INDONESIA (PERMAI) PULAU PINANG MALAYSIA: Meningkatkan Keterampilan Pemasaran Digital untuk Anggota Pertubuhan Masyarakat Indonesia (PERMAI) Pulau Pinang, Malaysia Prayoga Kasmo, Arief Bowo; Heliantono, Heliantono; Fistiani Sukardiman, Diah; bin Rahmad, Khozaeni
Jurnal Pengabdian Masyarakat Bumi Rafflesia Vol. 7 No. 2 (2024): Agustus : Jurnal Pengabdian Kepada Masyarakat Bumi Raflesia
Publisher : Universitas Muhammadiyah Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36085/jpmbr.v7i2.6633

The Indonesian Community Organization (PERMAI) in Penang, Malaysia, supports a diverse array of MSMEs known for their high-quality food, beverages, and handicrafts. To sustain their growth, these MSMEs must embrace digital marketing. Currently, many rely on outdated manual methods and have limited exposure to digital tools, which hinders their market reach and strategic optimization. In today’s digital age, mastering digital marketing is essential for these businesses to remain competitive and unlock their full potential. The program focuses on three primary goals: (1) Skill Development: Empower MSME entrepreneurs with key digital marketing skills, such as SEO, social media marketing, content creation, and data analytics; (2) Technology Integration: Transition MSMEs from manual to digital marketing systems, enabling effective use of digital tools and platforms; (3) Competitive Edge: Enhance the competitiveness of MSMEs in Penang by equipping them with the knowledge and skills to implement impactful digital marketing strategies. Targeted outcomes include hosting hands-on workshops tailored to MSME needs, providing ongoing support and mentorship, and sharing success stories and best practices through scientific publications and media. By addressing the need for digital marketing skills and setting clear goals, this program aims to boost the digital marketing capabilities of MSMEs in Penang, ensuring their sustained growth and competitive edge.Keywords: Digital Marketing; MSMEs; Technology Integration

Sosialisasi Manajemen Risiko untuk Keberlanjutan UMKM TKI di Pulau Pinang, Malaysia Kurniasih, Augustina; Heliantono, Heliantono
Jurnal Pengabdian Masyarakat Inovasi Indonesia Vol 2 No 4 (2024): JPMII - Agustus 2024
Publisher : CV Firmos

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54082/jpmii.510

Indonesia memiliki cukup banyak TKI yang bekerja di luar negeri. Sebagian besar dari mereka berada di Malaysia dan sebagian menjadi pengusaha UMKM. Permasalahan yang dihadapi UMKM di Malaysia kurang lebih serupa dengan permasalahan yang dihadapi UMKM di Indonesia, yaitu salah satunya terkait dengan kebutuhan modal usaha. Untuk mendapatkan modal dengan biaya rendah, pelaku UMKM perlu menunjukkan bahwa mereka memiliki usaha yang relatif berisiko rendah. Untuk dapat mengelola risiko pelaku UMKM perlu memiliki literasi keuangan, khususnya terkait pengelolaan risiko. Pengabdian kepada Masyarakat ini bertujuan untuk meningkatkan literasi keuangan TKI yang memiliki usaha mikro dan berada di Pulau Pinang, Malaysia dan menjadi anggota PERMAI yang merupakan suatu non-government organization (NGO) di Malaysia. Peserta juga para Pembina UMKM di Pulau Pinang yang bernaung di bawah PERMAI menyatakan mendapat manfaat dari penyampaian materi mengenai pengelolaan risiko bagi pengusaha UMKM di Pulau Pinang, Malaysia. Peserta memberikan penilaian puas (44,67%) dan sangat puas (45,17%) atas kegiatan pengabdian pada masyarakat ini karena mereka mendapatkan banyak informasi dan pengetahuan baru.

Moral development as the influencer of fraud detection Heliantono, Heliantono; Gunawan, Itjang D.; Khomsiyah, Khomsiyah; Arsjah, Regina J.
International Journal of Financial, Accounting, and Management Vol. 2 No. 1 (2020): June
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v2i1.159

Purpose: The purpose of the study is to analyze the influence of the external auditor's moral development, continuing professional education (CPE) on fraud, and education on fraud detection. Research Methodology: The research sample was taken randomly, and the total respondents were 171 external auditors working in public accounting firms in Indonesia. The analytical data method uses multiple linear regression. The instrument measures moral development using three scenarios, which are the auditor opinion, allowance for receivables, and cost reimbursement, with modifications made to conform with Law 5/2011 concerning public accountant. Results: Results found that moral development and education had a significant effect on fraud detection, while CPE on fraud has no effect on fraud detection. Limitations: One newly developed of the three scenarios measuring moral development may not be suitable for region other than Indonesia. Contribution: The accounting red flag dimension is the dimension that has the most attention, while the dimension according to SA 240, the perpetrator dimension, is the dimension that has the least attention. Keywords: Kohlberg moral development, Education, CPE on fraud, Fraud detection

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