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All Journal MANAJEMEN Jurnal Riset Manajemen dan Ekonomi FINANCE : International Journal Of Management Finance International Journal of Economics and Management Sciences International Journal of Economics, Management and Accounting
Maria Safitri
Unknown Affiliation
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences Other

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Pengaruh Profitabilitas, Beban Operasional Terhadap Pendapatan Operasional Dan Non Performing Loan Terhadap Nilai Perusahaan Sektor Perbankan Yanuar Rizky Anggada; Maria Safitri
JURNAL RISET MANAJEMEN DAN EKONOMI (JRIME) Vol. 2 No. 1 (2024): JANUARI : JURNAL RISET MANAJEMEN DAN EKONOMI
Publisher : Institut Teknologi dan Bisnis (ITB) Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54066/jrime-itb.v2i1.1369

Abstract

The objective of this study is to assess the influence of profitabilty, Operational Costs on Operating Income (BOPO), and Non-Performing Loans (NPL) on the valuation of companies within the banking sector. The primary focus of this investigation centers on conventional bank entities listed on the Indonesia Stock Exchange (BEI) throughout the 2018-2022 timeframe. Employing a quantitative approach, this research utilizes secondary data. The study's population encompasses 41 companies, with purposive sampling employed to select 32 companies meeting the predetermined criteria. Consequently, 160 observational data points were gathered through classical assumption testing, multiple linear regression analysis, and hypothesis testing utilizing multiple linear analysis. The research findings indicate that the variables Return on Assets (ROA), BOPO, and NPL collectively exert an influence on company valuation. Specifically, ROA exhibits a significantly positive effect on company value, whereas BOPO and NPL exhibit a significantly negative impact on company value Penelitian ini memiliki tujuan guna mengevaluasi dampak profitabilitas, Biaya Operasional pada Pendapatan Operasional (BOPO), dan Non Performing Loan (NPL) pada nilai perusahaan di sektor perbankan. Fokus utama penelitian ini ialah pada perusahaan Bank konvensional yang terverifikasi di Bursa Efek Indonesia (BEI) selama 2018 hingga 2022. Metode penelitian yang dipakai ialah kuantitatif dengan memanfaatkan data sekunder. Populasi pengkajian ini melibatkan 41 perusahaan, dan pengambilan sampel dilakukan melalui purposive sampling, di mana 32 perusahaan memenuhi kriteria. Oleh karena itu, pengkajian ini mengumpulkan data observasi sebanyak 160 data dengan menggunakan uji asumsi klasik, uji regresi linier berganda, dan uji hipotesis dengan menggunakan analisis linear berganda. Hasil penelitian menunjukkan bahwa variabel Return on Assets (ROA), BOPO, dan NPL berpengaruh secara simultan terhadap nilai perusahaan. Secara parsial, ROA berdampak positif signifikan terhadap nilai perusahaan, sementara BOPO dan NPL mempunyai dampak negatif signifikan terhadap nilai perusahaan.
Comparation Of Bankruptcy Prediction At Retail Companies In Indonesia Using Altman, Zmijewski and Springate Methods Widhi, Oktavandi; Maria Safitri; Usman Usman; Amalia Nur Chasanah
Finance : International Journal of Management Finance Vol. 2 No. 2 (2024): December
Publisher : Publikasi Inspirasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62017/finance.v2i2.55

Abstract

The Indonesian retail sector, a significant contributor to the nation's GDP, faces challenges due to digital transformation, shifting consumer behavior, and increased competition from e-commerce platforms, leading to potential bankruptcy risks among traditional retailers. This study aims to compare the Altman, Zmijewski, and Springate models in predicting bankruptcy of retail companies listed on the Indonesia Stock Exchange from 2019 to 2023. Using financial data from 11 retail companies, the study calculated bankruptcy predictions using the three models and performed statistical tests (Kolmogorov-Smirnov and Kruskal-Wallis tests) to compare their predictive accuracy. The results indicated that the Zmijewski model had the highest prediction accuracy at 90.91%, followed by the Springate model at 81.82%, and the Altman model at 45.45%. The Zmijewski model predicted one company as potentially bankrupt, while the other models provided varying predictions. The study concludes that the Zmijewski model is highest prediction rate in predicting bankruptcy in Indonesian retail companies. This has implications for investors and stakeholders in assessing financial health and making informed decisions
Implications Of Political Uncertainty Periods on Stock Returns in the Property and Real Estate Sector Ikhsan Bagaskoro; Suhita Whini Setyahuni; Maria Safitri; Pradana Jati Kusuma
International Journal of Economics, Management and Accounting Vol. 2 No. 2 (2025): International Journal of Economics, Management and Accounting
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijema.v2i2.598

Abstract

This study aims to assess how financial performance influences stock returns amid political uncertainty, specifically during the 2024 general election in Indonesia. The focus is on understanding the impact of various financial performance indicators on the stock returns of property and real estate firms listed on the Indonesia Stock Exchange. A sample of 64 companies was observed during two critical periods: the pre-election period in the fourth quarter of 2023 and the post-election period in the second quarter of 2024. To analyze the data, the study employed an event study approach, utilizing multiple regression analysis to identify the relationship between financial performance and stock returns, and paired sample t-tests to compare pre- and post-election performance. The findings revealed that prior to the election, the variables Return on Assets (ROA), Debt to Equity Ratio (DER), and Revenue Growth did not significantly affect the stock returns of property and real estate companies. However, after the election, only ROA was found to have a significant impact on stock returns, while DER and Revenue Growth continued to show no effect. A comparative analysis of the two periods indicated no significant differences in the financial performance variables (ROA, DER, and Revenue Growth) between the pre- and post-election periods, yet a clear shift in stock returns was observed. This study contributes to the literature by offering a fresh perspective on how political uncertainty affects stock returns, using the framework of signaling theory, trade-off theory, and market efficiency theory to interpret the results.
Analisis Financial Distress: Altman, Grover, Dan Springate Pada Perusahaan Tekstil dan Garmen di Bei Periode 2019-2023 Rahma Fadila Rahayu; Vicky Oktavia; Linda Ayu Oktoriza; Maria Safitri
MANAJEMEN Vol. 5 No. 1 (2025): MEI : MANAJEMEN (Jurnal Ilmiah Manajemen dan Kewirausahaan)
Publisher : LPPM Politeknik Pratama

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/manajemen.v5i1.918

Abstract

This study examines the differences in bankruptcy prediction results using three financial distress models, namely Altman Z-Score, Grover, and Springate. The object of research is textile and garment companies listed on the Indonesia Stock Exchange during the 2019-2023 period. A total of eight companies were selected as samples through purposive sampling technique. The data used is secondary data in the form of financial statements. Data processing was carried out by calculating each model using Microsoft Excel, while statistical testing was carried out through the Shapiro-Wilk and Kruskal-Wallis tests with the help of SPSS version 26 software. The analysis results show that there are significant differences between the three models in predicting potential financial difficulties. The Grover model shows the highest accuracy rate of 100%, followed by the Altman model at 87.50%, and the Springate model at 37.50%.
Pengaruh ROA, ROE, NPM dan Modal Kerja terhadap Return Saham pada Perusahaan Transportasi di BEI (2019-2023) Fitriyani M. Rukin; Maria Safitri
MANAJEMEN Vol. 5 No. 1 (2025): MEI : MANAJEMEN (Jurnal Ilmiah Manajemen dan Kewirausahaan)
Publisher : LPPM Politeknik Pratama

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/manajemen.v5i1.1004

Abstract

This study analyzes the influence of financial performance indicators—ROA, ROE, NPM, and Working Capital—on stock returns of transportation companies listed on the Indonesia Stock Exchange during 2019–2023. Using multiple linear regression, the findings indicate that ROA and ROE significantly and positively affect stock returns, while NPM has no significant effect. Conversely, Working Capital shows a negative significant effect.
The Influence of Good Corporate Governance (GCG) on Corporate Financial Performance: A Moderated Relationship by Firm Size Naufal Nurrohmat; Bara Zaretta; Suhita Whini Setyahuni; Maria Safitri
International Journal of Economics and Management Sciences Vol. 2 No. 2 (2025): May : International Journal of Economics and Management Sciences
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/ijems.v2i2.746

Abstract

This study is conducted to assess the relationship between Good Corporate Governance (GCG) practices and the financial performance of LQ45-listed companies, in which firm size plays a moderating role. A sample of 23 firms, consistently listed in the LQ45 index between 2019 and 2023, was utilized in this study. The selection of companies relied on purposive sampling as the selection technique. The analysis of the data was conducted by utilizing a regression model with a data panel, with the software EViews 13 being utilized for this purpose. The findings of the study demonstrated that independent commissioners contributed positively and significantly to the firm’s return on assets (ROA). Insider share ownership and board size demonstrated no significant impact. Conversely, ROA was adversely and significantly influenced by of the audit committee. The results of the moderation test demonstrate that the correlation between insider ownership and ROA is strengthened, while the correlation between independent board commissioners and ROA is weakened. Moreover, the study determined that the board size and the audit committee were not moderated by return on assets (ROA).
Co-Authors Bara Zaretta Chasanah, Amalia Nur Fitriyani M. Rukin Ikhsan Bagaskoro Naufal Nurrohmat Oktoriza, Linda Ayu Pradana Jati Kusuma Rahma Fadila Rahayu Suhita Whini Setyahuni Usman Usman Vicky Oktavia Widhi, Oktavandi Yanuar Rizky Anggada