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All Journal Journal of Economic, Bussines and Accounting (COSTING) Jurnal Impresi Indonesia Amkop Management Accounting Review (AMAR) Journal Integration of Social Studies and Business Development
Sumirat, Erman Arif
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Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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Correlation Between Financial Performance Indicators and Capital Structure of Coal Mining Industry Listed on the Indonesia Stock Exchange Yansil, Eko Thio Ady; Sumirat, Erman Arif; Nainggolan, Yunieta Anny
Journal Integration of Social Studies and Business Development Vol. 1 No. 2 (2023)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v1i2.84

Abstract

This research examines the correlation between capital structure (as proxied by Debt-to-Equity Ratio) and several financial performance indicators, including profitability, asset structure, liquidity, and firm size. This research focuses on 18 coal mining companies listed on the Indonesia Stock Exchange (IDX) by at least 2020. The data is derived from the financial reports published on the IDX between 2020 and 2022. Multiple Linear Regression technique is being employed to determine the correlations. Before employing the Multiple Linear Regression technique, several tests were conducted to examine the data's validity and reliability, including normality, multicollinearity, autocorrelation, and heteroscedasticity tests. Multiple Linear Regression is employed after the data passes the tests, consisting of partial regression, ANOVA, and goodness-of-fit tests. This research found that profitability and liquidity negatively correlate with capital structure. At the same time, asset structure and firm size positively correlate with capital structure. Overall, the result of this research supports Pecking Order Theory, in which firms are preferred to use internal financing first. When firms generate higher profits and cash flow, they may consider re-balancing external financing. This research also concludes that profitability, asset structure, liquidity, and firm size represent 47.7% of the variables correlated with capital structure. Future research may be conducted to seek other variables that have not been included in this research yet but are correlated with capital structure.
Stock Valuation of PT Indika Energy Tbk: Impact of Net Zero Emission Transition Mohammad Rusyad Salim; Sumirat, Erman Arif; Sukarno, Subiakto
Journal Integration of Social Studies and Business Development Vol. 1 No. 2 (2023)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v1i2.121

Abstract

Climate change drives countries and the private sector to reduce their emission. Investors are becoming aware of sustainability issues and are more likely to prioritize companies demonstrating strong ESG. Adapting to this condition, coal mining companies in Indonesia are improving their ESG performance, one of which is PT Indika Energi Tbk (INDY). As one of the biggest mining companies in Indonesia, INDY has carried out sustainability initiatives and made it one of the companies with the best ESG scores compared to its competitors. However, Indika Energy's good ESG performance was not followed by its good stock performance. This phenomenon initiated the author to analyze how the business transition to low-carbon and Net Zero Emission (NZE) development by INDY will affect the stock valuation. The valuation was based on the Discounted Cash Flow (DCF) method, forecasting ten years of future financial statements considering the company's past performance and strategy. The evaluation was conducted under the Business-As-Usual (BAU) and the NZE Transition Scenario. The author also calculates relative valuations to achieve a more thorough and robust assessment of company value. Based on the DCF method, the intrinsic value of INDY is Rp 2,899 and Rp 2,726 per share for BAU and the NZE Transition Scenario, respectively, while the market price of a share is 1,910 as of the end of Jun-23, which indicated that current share price is undervalued. Therefore, it is recommended that investors buy INDY stock at the current price. The results also showed that the company's diversification strategy did not increase the value of its shares. This outcome might be attributed to the lack of strong incentives from the government or the capital market for supporting sustainable business practices. The company should take the initiative to increase the value, optimize capital structure, and assess assets.
Stock Valuation Of Pt Unilever Indonesia Tbk: Assessing Financial Impact Of Economic And Industry Pressures In The Fmcg Sector Jota, Astrid Laregan; Sumirat, Erman Arif; Sukarno, Subiakto
Jurnal Impresi Indonesia Vol. 4 No. 6 (2025): Jurnal Impresi Indonesia
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jii.v4i6.6793

Abstract

This study examines the financial performance and stock valuation of PT Unilever Indonesia Tbk (UNVR.JK) amid mounting economic and competitive challenges in Indonesia's fast-moving consumer goods (FMCG) sector from 2020 to 2024. Unilever Indonesia, a market leader in household and personal care products, experienced deteriorating financial performance during this period, evidenced by declining revenue, profit margins, and market valuation. Macroeconomic pressures, including inflation, rupiah depreciation, rising operating costs, and shifting consumer preferences, have directly affected profitability and investor confidence. The company's net profit declined from IDR 5.8 trillion in 2021 to IDR 3.4 trillion in 2024, and its revenue dropped from IDR 38.6 trillion to IDR 35.1 trillion. The results indicate that although Unilever Indonesia has strong brand equity and a nationwide distribution network, the company suffers from supply chain inefficiencies, a high dependency on imported raw materials, and a limited ability to respond to rapidly evolving consumer behavior. Its market share has significantly declined, exacerbated by geopolitical boycotts and intensifying competition from nimble local companies such as Indofood CBP, Kino, and Mayora Indah. Macroeconomic variables, particularly inflation and exchange rate volatility, were found to have a statistically significant influence on financial performance and stock price volatility. Valuation analysis reveals that Unilever's intrinsic value, estimated through Discounted Cash Flow and Dividend Discount Model, exceeds its current market price. This indicates potential undervaluation if the company achieves operational improvements and strategic realignment. Based on these findings, the strategic recommendations proposed are diversifying the supply chain to reduce exposure to imported inputs, accelerating digital transformation across marketing and distribution, expanding into high-growth categories aligned with health and wellness trends, strengthening risk management frameworks to hedge macroeconomic shocks, and restructuring cost base to improve long-term profitability .
Dissecting Market and Business Responses of LQ45 Stocks amidst Crisis: An Event Study of COVID-19 Policies with A Mixed-Method Approach Pratama, Aditya Firza; Sumirat, Erman Arif; Damayanti, Sylviana Maya
Amkop Management Accounting Review (AMAR) Vol. 5 No. 2 (2025): July - December
Publisher : Sekolah Tinggi Ilmu Ekonomi Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/amar.v5i2.2828

Abstract

This study examines how LQ45 companies in Indonesia's capital market responded to government interventions during the COVID-19 crisis, with a focus on the implementation of Large-Scale Social Restrictions (PSBB) and the transition to the New Normal. Employing a mixed-method approach, the study combines event study analysis to examine market reactions and qualitative interviews to explore the internal corporate strategies behind the anomalies of issuers' stock performance. The findings reveal that market resilience and rebound are closely intertwined with macro-policy timing and simultaneously with the internal agility of firms, particularly in managing financial flexibility, operational adaptability, and strategic communication. Quantitative results from an event study reveal significant differences in several indicators regarding before-and-after policy events. At the same time, qualitative insights highlight how firms leveraged crisis moments to adapt and innovate, such as accelerating digital transformation, reinforcing leadership credibility, and institutionalizing organizational learning. Hence, this study contributes to both academic discourse and practical applications by identifying how internal managerial responses shape market dynamics during systemic uncertainty.
FINANCIAL RESTRUCTURING, COST OPTIMIZATION, AND HUMAN RESOURCE TRANSFORMATION IN A DISTRIBUTION COMPANY (PT ASAR ABADI INDONESIA) Satrioutomo, Adrian; Sumirat, Erman Arif; Damayanti, Sylviana Maya
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/t8rppq26

Abstract

Penelitian ini bertujuan untuk mengevaluasi kondisi keuangan serta beban operasional PT Asar Abadi Indonesia (AAI), sekaligus menyusun strategi restrukturisasi yang tepat guna meningkatkan kestabilan finansial dan efisiensi biaya operasional. Hasil analisis rasio keuangan menunjukkan adanya penurunan signifikan dalam performa perusahaan, yang ditandai dengan melemahnya Return on Equity (ROE), meningkatnya Debt to Equity Ratio (DER) hingga mencapai 11,99, serta turunnya skor Altman Z menjadi 3,33 pada tahun 2023. Proyeksi keuangan dalam berbagai scenario baik pesimistis, moderat, maupun optimistis secara konsisten memperlihatkan tren negatif terhadap laba bersih dan ekuitas perusahaan. Sebagai langkah penanganan, penelitian ini merekomendasikan strategi utama berupa Debt-to-Equity Swap (DES), dengan fokus pada pengurangan utang kepada pihak berelasi guna menurunkan DER menjadi 5,91. Di samping itu, dilakukan analisis terhadap beban umum dan administrasi (G&A) menggunakan metode common size, dengan pembanding empat perusahaan distribusi yang tercatat di Bursa Efek Indonesia (BEI). Hasil analisis benchmarking menunjukkan bahwa alokasi biaya AAI dinilai kurang efisien, khususnya dalam aspek sumber daya manusia, operasional kantor, dan layanan profesional. Untuk mendukung efisiensi operasional, studi ini juga mengusulkan struktur organisasi baru untuk seluruh entitas dalam grup perusahaan, lengkap dengan rencana implementasi bertahap. Selain itu, penelitian ini menyoroti pentingnya kepatuhan terhadap batas wilayah distribusi sebagai upaya untuk menghindari lonjakan biaya yang tidak perlu. Serangkaian strategi ini diharapkan mampu memperbaiki struktur biaya G&A perusahaan serta memulihkan profitabilitas jangka panjang.
QUANTITATIVE ASSESSMENT  OF EARNINGS MANIPULATION AND FUNDAMENTAL STRENGTH AT PT GARUDA INDONESIA (PERSERO) TBK USING THE BENEISH M-SCORE AND PIOTROSKI F-SCORE (2019–2021; 2018 BASELINE) Surianto, Andi Muhammad Firzan; Sumirat, Erman Arif
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 1 (2026): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/ndjb7642

Abstract

This thesis examines PT Garuda Indonesia (Persero) Tbk over 2018–2021 to provide a clear, rules-based view of its condition after the 2018 incident. The study asks two main questions: did manipulation signals in the financial statements decline after 2018, and did the company’s fundamental strength improve in the same years? Using 2018 as a baseline, the research expects post-incident years (2019–2021) to show an M-Score that is more negative and an F-Score that is higher. Reading both indicators together allows a simple judgement about Garuda’s post-incident trajectory that is useful for investors, creditors, regulators, and management. Methodologically, the study is quantitative, single-firm, and longitudinal. It uses audited annual financial statements (2018–2021) and harmonised definitions across years. The analysis computes the Beneish M-Score from eight indices to read manipulation risk and the Piotroski F-Score from nine signals to measure fundamentals. Each year is classified with standard rules, then compared with 2018 to obtain ΔM (more negative?) and ΔF (higher?). Results are read together to identify convergence (M↓ & F↑) or divergence, providing a concise, replicable picture of Garuda Indonesia after 2018.
Co-Authors Jota, Astrid Laregan Mohammad Rusyad Salim Pratama, Aditya Firza Satrioutomo, Adrian Subiakto Sukarno Surianto, Andi Muhammad Firzan Sylviana Maya Damayanti Yansil, Eko Thio Ady Yunieta Anny Nainggolan, Yunieta Anny