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Teguh, Doni
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Economics, Econometrics & Finance

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Tingkat Pengembalian Modal dalam DuPont System Model Teguh, Doni; Yulaiha Fitriah
Jurnal Bisnis Islam dan Kewirausahaan Vol 3 No 1 (2024): Journal of Islamic Business and Entrepreneurship (JIBE)
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Islam Raden Rahmat Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33379/jibe.v3i1.2513

Abstract

This study is to analyze the rate of return on capital in the DuPont Model System, in the Industrial Sector Companies of the Indonesia Stock Exchange. The method used in this study is a descriptive quantitative method which explanatory research, about the causal correlation relationship to determine the relationship between net profit margin, total asset turnover, and financial leverage to the rate of return on equity measured through Return on Equity, with a sampling of the population of the top ten constituents industrials. The results of the study, showing the rate of Return on Euqity, using the equation allow companies to see more clearly what drives the rate of return on equity and what is the relationship between net profit margin, asset turnover and debt ratio. Seven companies; ARNA, HEXA, IMPC, BNBR, ABMM, BHIT, BMTR ensure that the business that is being run is able to run well and get the expected profits. Three companies were able to record a return on capital based on the DuPont formula; ARNA, HEXA, and IMPC. The three companies were able to generate a return on equity from optimizing asset turnover, net profit, and equity indicators. The DuPont model concludes that companies can increase their return on equity by maintaining high profit margins, improving asset turnover, and utilizing their assets more effectively. The DuPont model approach gives the company's management two options; First, by increasing the overall asset turnover ratio through sales and operating income, which ultimately has an impact on the company's net profit level. Second, by increasing the company's assets through capital, both its own capital and capital obtained from debt
Capital Asset Pricing Model dan Arbitrage Pricing Theory Dalam Membentuk Portofolio Optimal Saham Perusahaan BUMN Bursa Efek Indonesia Teguh, Doni; Alfina, Fitriyah Tahta; Rizqi Amaliyah, Angguliyah
Jurnal Bisnis Islam dan Kewirausahaan Vol 2 No 1 (2023): Journal Islamic Business and Enterpreneurship
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Islam Raden Rahmat Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33379/jibe.v2i1.2514

Abstract

Penelitian ini bertujuan melakukan komparasi portofolio saham berbasis CAPM dan APT. Penelitian ini menerapkan metode deskriptif melalui pendekatan kuantitatif. Sampel yang digunakan adalah saham BUMN yang konsisten termasuk dalam indeks saham IDX BUMN20 periode pengamatan tahun 2018 - 2021. Hasil penelitian ini adalah nilai beta mempengaruhi expected return. Berdasarkan CAPM, expected return tertinggi ditunjukkan oleh saham ANTM ditunjukkan oleh saham BBTN yang memiliki nilai beta terendah. Berdasarkan APT, saham ANTM memiliki nilai beta faktor serta expected return tertinggi sedangkan, nilai beta faktor dan expected return terendah ditunjukkan oleh saham BBRI. Pembentukan portofolio dapat memperkecil risiko dan mengoptimalkan return investasi. Portofolio kombinasi lima sekuritas terbaik berdasarkan CAPM menghasilkan return sebesar 148% dengan risiko sebesar 6,09 yang mana risiko tersebut lebih kecil dari pada risiko investasi pada saham individual. Sedangkan portofolio yang terdiri dari kombinasi lima sekuritas terbaik berdasarkan model APT menghasilkan return portofolio sebesar 29% dengan risiko yang menyertainya sebesar 0,03, risiko tersebut juga lebih kecil dibandingkan risiko pada saham individual. Investor sebaiknya memperhatikan faktor-faktor yang mempengaruhi pergerakan saham, dalam hal ini adalah pergerakan pasar modal dan faktor makroekonomi. Pemodal risk averter disarankan mengimplementasikan model CAPM dan pemodal risk indifference sebaiknya menggunakan model APT dalam memprediksi saham
Co-Authors Alfina, Fitriyah Tahta Rizqi Amaliyah, Angguliyah Yulaiha Fitriah