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DETERMINANTS OF CAPITAL STRUCTURE IN INDONESIAN COMPANIES FROM 2011 – 2022 Wilar, Gideon Caprio; Budhidharma, Valentino
Milestone: Journal of Strategic Management Vol. 4 No. 1 April 2024
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v4i1.8204

The purpose of this study is to examine the variables influencing capital structure in Indonesian businesses. The dependent factors in this case are the debt to asset ratio (DAR) and the debt-to-equity ratio (DER), while the independent variables are profitability, growth potential, size, dividend policy, liquidity, and business risk. All industries in Indonesia are represented in the research sample, except for the banking industry. The panel regression analytical method is used. Furthermore, Random Forest's variable importance analysis is used in this work. The outcome demonstrated that dividends, tangibility, profitability, and liquidity are important components of both DAR and DER models. Strong tangible assets raise both DAR and DER, but favorable profitability and liquidity typically lower them. Additionally, businesses that pay out larger dividends typically have smaller debt loads. Therefore, businesses should concentrate on sustaining strong profitability as it is closely related to sales. To guarantee continuous liquidity, which enables businesses to fulfill both short- and long-term obligations, care must be taken while paying out dividends.

Implementation of Beaver Dichotomy to Differentiate Good and Distressed Firms in Indonesia Budhidharma, Valentino; Sembel, Roy; Hulu, Edison; Ugut, Gracia S.
Proceeding of International Conference on Entrepreneurship (IConEnt) Vol 3 (2023): Proceeding of 3rd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

The purpose of this study is to determine factors/variables that can differentiate the characteristics of distressed and good firms and propose a new model to explain financial distress in Indonesia. There have been many theories, variables, and estimation methods used by previous studies about early warning signs of financial distress. Determining factors of good and distressed firms uses Beaver's (1968) methodology. The samples used are most sectors in Indonesia’s Stock Exchange from 2005 to 2020, excluding the financial sector. The characteristic results show that good firms have higher NITA, GPTA, CTA, QATA, CATA, WCTA, CCL, RETA, and EBTCL, while distressed firms are better on CFTS, CFTA, CFNW, CFTD, NITS, NINW, NITD, ROE, CLTA, LTLTA, CLLTLTA, QACL, CR, CTS, ITS, CATS, WCTS, NWTS, and TATS.

PENGARUH RISIKO KREDIT, RISIKO LIKUIDITAS, DAN MODAL BANK TERHADAP PROFITABILITAS BANK UMUM DI INDONESIA TAHUN 2011–2022 Garinda, Hauracitra Eska; Budhidharma, Valentino
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Penelitian ini menganalisis pengaruh dari risiko kredit, risiko likuiditas, dan modal bank terhadap profitabilitas bank umum di Indonesia tahun 2011-2022. Penelitian ini dilakukan dengan menguji hipotesis yang menjelaskan tentang hubungan antara risiko kredit, risiko likuiditas, dan modal bank terhadap profitabilitas bank yang diproyeksikan dengan variable ROA dan ROE. Teknik penelitian yang digunakan adalah regresi data panel kepada bank yang terdaftar di BEI periode 2011-2022. Hasil penelitian ini menunjukan bahwa risiko kredit berpengaruh positif signifikan terhadap profitabilitas. Risiko likuiditas berpengaruh negative tidak signifikan. Modal bank berpengaruh positif siginifikan terhadap ROA dan tidak signifikan terhadap ROE.

FINANCIAL EDUCATION TOWARDS EARLY INVESTMENT IN HIGH SCHOOL STUDENTS: EVIDENCE FROM A RADOMIZED EXPERIMENT Nugroho, Vina; Budhidharma, Valentino; Kim, Sung Suk
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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This study investigate the effect of financial literacy towards investment decision among high school students in Jabodetabek. Students were provided with workshop of financial investment. This study address the following questions : are young people are financially literate? How can we enhance their financial literacy? We did pre test and post test for them. From pre test analysis, we found that most young peoples are not familiar with financial literacy. Because, only 39% from sample are familiar with concept of inflation. We use “interest rate” and “inflation” questions to be tested whether respondents were knowledgeable about those two criteria. This paper uses randomized experience to explore how financial literacy changes investment decision among young peoples. The effect of financial literacy program are strong. After having workshop, students are more knowledgeable about financial literacy that might be useful for their financial decision.

THE INFLUENCE OF GENDER DIFFERENCES OF COMPANY EXECUTIVES IN INDONESIA AGAINST THE RISK OF FALLING STOCK PRICES Shannova, Stefany; Budhidharma, Valentino
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 2 (2022): Proceedings of the 2nd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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The purpose of this study is to determine the influence of gender differences between men and women on the risk of falling company stock prices in Indonesia. The study also wants to see if female executives have a positive or negative influence on the risk of falling stock prices. This study has an observation in which there are 433 companies listed on the Indonesia Stock Exchange from 2010 to 2019 with certain criteria. There are 2 models used in this study, namely the Logit Model, and the Generalized Method of Moments (GMM). The results showed that female executives did not have a significant influence on the risk of falling company stock prices. In addition, the position of the CFO compared to the CEO also does not have a significant positive influence in influencing the risk of falling stock prices.

Implementation of Beaver Dichotomy to Differentiate Good and Distressed Firms in Indonesia Budhidharma, Valentino; Sembel, Roy; Hulu, Edison; Ugut, Gracia S.
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 3 (2023): Proceedings of the 3rd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

The purpose of this study is to determine factors/variables that can differentiate the characteristics of distressed and good firms and propose a new model to explain financial distress in Indonesia. There have been many theories, variables, and estimation methods used by previous studies about early warning signs of financial distress. Determining factors of good and distressed firms uses Beaver's (1968) methodology. The samples used are most sectors in Indonesia’s Stock Exchange from 2005 to 2020, excluding the financial sector. The characteristic results show that good firms have higher NITA, GPTA, CTA, QATA, CATA, WCTA, CCL, RETA, and EBTCL, while distressed firms are better on CFTS, CFTA, CFNW, CFTD, NITS, NINW, NITD, ROE, CLTA, LTLTA, CLLTLTA, QACL, CR, CTS, ITS, CATS, WCTS, NWTS, and TATS.

PENGARUH RISIKO KREDIT, RISIKO LIKUIDITAS, DAN MODAL BANK TERHADAP PROFITABILITAS BANK UMUM DI INDONESIA TAHUN 2011-2022 Garinda, Hauracitra Eska; Budhidharma, Valentino
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

Penelitian ini menganalisis pengaruh dari risiko kredit, risiko likuiditas, dan modal bank terhadap profitabilitas bank umum di Indonesia tahun 2011-2022. Penelitian ini dilakukan dengan menguji hipotesis yang menjelaskan tentang hubungan antara risiko kredit, risiko likuiditas, dan modal bank terhadap profitabilitas bank yang diproyeksikan dengan variable ROA dan ROE. Teknik penelitian yang digunakan adalah regresi data panel kepada bank yang terdaftar di BEI periode 2011-2022. Hasil penelitian ini menunjukan bahwa risiko kredit berpengaruh positif signifikan terhadap profitabilitas. Risiko likuiditas berpengaruh negative tidak signifikan. Modal bank berpengaruh positif siginifikan terhadap ROA dan tidak signifikan terhadap ROE.

FINANCIAL EDUCATION TOWARDS EARLY INVESTMENT IN HIGH SCHOOL STUDENTS: EVIDENCE FROM A RADOMIZED EXPERIMENT Nugroho, Vina; Budhidharma, Valentino; Kim, Sung Suk
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study investigate the effect of financial literacy towards investment decision among high school students in Jabodetabek. Students were provided with workshop of financial investment. This study address the following questions : are young people are financially literate? How can we enhance their financial literacy? We did pre test and post test for them. From pre test analysis, we found that most young peoples are not familiar with financial literacy. Because, only 39% from sample are familiar with concept of inflation. We use “interest rate” and “inflation” questions to be tested whether respondents were knowledgeable about those two criteria. This paper uses randomized experience to explore how financial literacy changes investment decision among young peoples. The effect of financial literacy program are strong. After having workshop, students are more knowledgeable about financial literacy that might be useful for their financial decision.

Exploring proxies of net interest margin : a comparative analysis of asian developed and emerging banking sector Susanti, Susy; Budhidharma, Valentino
Enrichment : Journal of Management Vol. 14 No. 3 (2024): August: Management Science And Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/enrichment.v14i3.1957

This study aims to explore the proxies of Net Interest Margin (NIM) across banks in both developed and emerging Asian countries. The research spans from the first quarter of 2012 to the fourth quarter of 2023 and involves countries including Japan, Hong Kong, Singapore (developed) and Indonesia, Malaysia, and the Philippines (emerging). The estimation method is panel data, using fixed effects panel data regression to accommodate variations over time and across entities. The result showed that in developed countries, banks benefit from maintaining a low Cost-to-Income Ratio (CIR) and managing provisions effectively, enhancing operational efficiency and profitability. Challenges such as the negative impact of larger asset sizes and economic shocks like COVID-19 necessitate innovative and adaptive strategies. While in emerging countries, effective management of provisions, along with adapting to GDP growth and inflation impacts, is crucial. The negative effects of COVID-19 and inflation on Net Interest Margin (NIM) highlight the importance of resilient strategies that enhance efficiency and adapt to economic changes. For both regions, prioritizing effective provisions management and adapting to economic fluctuations are key to sustaining profitability

DETERMINANTS OF CAPITAL STRUCTURE IN INDONESIAN COMPANIES FROM 2011 - 2022 Wilar, Gideon Caprio; Budhidharma, Valentino
Milestone: Journal of Strategic Management Vol. 4 No. 1 April 2024
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/ms.v4i1.8204

The purpose of this study is to examine the variables influencing capital structure in Indonesian businesses. The dependent factors in this case are the debt to asset ratio (DAR) and the debt-to-equity ratio (DER), while the independent variables are profitability, growth potential, size, dividend policy, liquidity, and business risk. All industries in Indonesia are represented in the research sample, except for the banking industry. The panel regression analytical method is used. Furthermore, Random Forest's variable importance analysis is used in this work. The outcome demonstrated that dividends, tangibility, profitability, and liquidity are important components of both DAR and DER models. Strong tangible assets raise both DAR and DER, but favorable profitability and liquidity typically lower them. Additionally, businesses that pay out larger dividends typically have smaller debt loads. Therefore, businesses should concentrate on sustaining strong profitability as it is closely related to sales. To guarantee continuous liquidity, which enables businesses to fulfill both short- and long-term obligations, care must be taken while paying out dividends.

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