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All Journal Widya Cipta : Jurnal Sekretari dan Manajemen Perspektif : Jurnal Ekonomi dan Manajemen Universitas Bina Sarana Informatika Cakrawala : Jurnal Humaniora Bina Sarana Informatika Owner : Riset dan Jurnal Akuntansi Jesya (Jurnal Ekonomi dan Ekonomi Syariah) EVOLUSI : Jurnal Sains dan Manajemen Dynamic Management Journal Jurnal Administrasi Bisnis (J-Adbis) Jurnal Comparative : Ekonomi Dan Bisnis Journal of Entrepreneurship and Community Innovations
Syukron Sazly
Universitas Bina Sarana Informatika
Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences Other

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SPRINGATE S-SCORE MODEL TO PREDICT FINANCIAL DISTRESS , THE LAST STAGE TO CORPORATE BANKRUPTCY : A CASE STUDY OF PT.SEPATU BATA TBK. Sazly, Syukron; Al Rasyid, Harun; Indah K, Agus Tri
Jurnal Comparative: Ekonomi dan Bisnis Vol 6, No 2 (2024): May
Publisher : Univesitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/combis.v6i2.11400

Abstract

 Financial distress is a condition that all company leaders and owners want to avoid, because this condition is a step towards bankruptcy. In this study, researchers used financial ratio data and S-Score values to examine the financial condition of PT Sepatu Bata Tbk from 2018 to 2023. The results show that the company's performance decreased significantly during that period, with financial problems starting in 2019 and continuing to worsen until in 2023. The increasing risk of bankruptcy is associated with a decrease in the value of financial ratios such as efficiency, leverage, liquidity and profitability, as well as a lower S-Score. Recommendations include reevaluating the financial approach, using better debt management, developing a financial recovery plan, working with financial experts, and improving financial performance oversight and oversight. By implementing these recommendations, companies are expected to improve their finances and reduce the risk of bankruptcy in the future. 
SPRINGATE S-SCORE MODEL ANALYSIS BEFORE CORPORATE MERGER AND ACQUISITION: A STRATEGY EXECUTION FOR PT. WASKITA KARYA, TBK Sazly, Syukron; Erri, Dirgahayu; Prana, Indra; Dewi, Intan Kusuma
Jurnal Comparative: Ekonomi dan Bisnis Vol 6, No 2 (2024): May
Publisher : Univesitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/combis.v6i2.11432

Abstract

 Financial distress is a situation that leaders and owners of firms want to evade, as it is a precursor to insolvency. This study employed financial ratio data and S-Score values to analyze the financial state of PT.Waskita Karya Tbk from 2019 to 2023. The data demonstrate a notable deterioration in the company's performance throughout that timeframe, with financial challenges commencing in 2019 and intensifying until 2023. The escalating likelihood of bankruptcy is linked to a decline in financial parameters such as efficiency, leverage, liquidity, and profitability, as well as a reduced S-Score. Suggested actions including reassessing the financial strategy, adopting improved debt control measures, formulating a plan for financial recuperation, partnering with financial specialists, and strengthening financial supervision and performance tracking, then merger and acquition with other Stated Owned  Enterprises with  excellent financial performance such as PT. Hutama Karya could an alternative salvation strategy . By applying these suggestions, organizations are anticipated to enhance their financial situation and mitigate the likelihood of bankruptcy in the future.
Financial Performance Of Pertamina Indonesia Against Saudi Aramco, Petro China And Exxon Mobil Usa In Price’s Turmoil Years Sazly, Syukron
Jurnal Administrasi Bisnis Vol. 3 No. 1 (2023): Mei 2023
Publisher : LPPM Universitas Bina Sarana Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31294/jab.v3i1.1972

Abstract

This year, PT Pertamina (Persero) has re-emerged as the only Indonesian company to be included in the Fortune Global 500 list. PT. Pertamina managed to increase its ranking from position 287 last year to position 223 this year. While several global oil companies are considered to have performed better so that they are in a position far above Pertamina, namely, SAUDI ARAMCO is ranked 18th, Petro China is ranked 19th and Exxon Mobil is ranked 23rd. and last situation. Longer historical data is needed to assess the performance of these companies more fairly, not only looking at the profitability aspect but also other aspects such as liquidity, solvency and productivity of these companies. This study aims to compare the financial performance of the four oil companies based on data for 2017-2021. This type of research is descriptive quantitative, using a purposive sampling technique with certain considerations. The sample used is the 2017-2021 financial performance of 24 samples. Data processing uses SPSS 25, with the Kruskall Wallis test. Variables compared are Liquidity Ratio (Current Ratio /CR), Solvability (Debt-Equity Ratio /DER), Activity (Total Asset Trurn Over /TATO), Profitability (Net Profit Margin / NPM), Dupont Ratio (Return On Investment / ROI ) and Return On Assets / ROE). The results show that there are significant differences in the Liquidity Ratio (CR), Solvency Ratio (DER). Activity Ratio (TATO) and Dupont Ratio (Return On Investment/ROI) on the company's financial performance between Pertamina and Saudi Aramco, Petro China and Exxon Mobil. Meanwhile, the Profitability Ratio (NPM) and the Dupont Ratio (Return On Equity / ROE) are not significantly different.
DIGITAL BUSINESS TRANFORMATION: THE ULTIMATE STRATEGY OF PT. PLN (PERSERO) IN BOOSTING BUSINESS PERFORMANCE AND AVOIDING FINANCIAL DISTRESS Sazly, Syukron; Al Rasyid, Harun; Tri Indah K, Agus
Dynamic Management Journal Vol 8, No 4 (2024): October
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i4.12584

Abstract

This study investigates the financial distress of PT PLN (Persero), Indonesia's state-owned electricity provider, from 2019 to 2023 using the Springate S-Score method. Despite implementing digital business transformation and human resource development initiatives to enhance operational efficiency and service quality, PLN faces ongoing financial challenges. These challenges stem from high debt levels incurred due to the company's ambitious 35,000 MW power expansion project, as well as persistent cash flow difficulties. The study analyzes key financial indicators such as the debt-to-equity ratio, cash flow issues, and operational inefficiencies, tracking the company's fluctuating financial health. The Springate S-Score results indicate significant financial distress in 2021, reflecting the peak of PLN's financial pressures. However, improvements are observed in 2022 and 2023, signaling a gradual recovery as a result of cost-cutting measures and strategic adjustments. Based on the findings, the study recommends that PLN focus on reducing capital expenditures, renegotiating debt terms, and enhancing financial management practices. These measures are designed to stabilize the company’s financial position and improve its long-term sustainability, particularly as the energy sector continues to evolve with increasing demands for efficiency and renewable energy solutions. This study further emphasizes the impact of PLN’s operational inefficiencies, which have compounded its financial difficulties. The company's reliance on external financing has increased its vulnerability to debt servicing pressures. Additionally, the fluctuating energy prices and challenges in maintaining consistent revenue streams have added to its financial strain. By addressing these core issues, PLN can improve its resilience and adapt to the evolving energy landscape, ensuring both financial stability and operational sustainability in the long term. The recommendations provided aim to balance the need for infrastructure development with financial prudence, positioning PLN for a more secure future.Keywords: Business Transformation ,Financial Distress, Bankruptcy
PT.GARUDA INDONESIA AIRWAYS (TBK) REVIVAL: A STRATEGIC DEBT RESTRUCTURING AND BUSINESS TRANSFORMATION AGAINST BANKRUPTCY Sazly, Syukron; Erri, Dirgahayu; Prana, Indra; Dewi, Intan Kusuma
Dynamic Management Journal Vol 8, No 4 (2024): October
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i4.12727

Abstract

This study aims to examine the financial challenges faced by PT Garuda Indonesia (Tbk) between 2021 and 2023, focusing on its efforts in debt restructuring and business transformation, as well as the impact of these initiatives on its financial recovery. Using a descriptive research approach, the study analyzes quantitative data, including the Springate S-Score model, which assesses bankruptcy risk by evaluating key financial ratios. The findings show that Garuda experienced severe financial distress in 2021, reflected in a significantly low Springate S-Score, indicating a high likelihood of bankruptcy. Although there was a brief recovery in 2022, the score dropped again in 2023, signaling continued financial risks primarily due to high debt levels and operational inefficiencies. The research identifies that the airline's issues stemmed from excessive leasing costs, poor financial oversight, and the impact of the COVID-19 pandemic on air travel. While debt restructuring and business transformation efforts, including streamlining operations and expanding revenue sources, showed positive outcomes, the Springate S-Score still highlights the company's vulnerability. The Springate S-Score and relevant financial ratios for PT Garuda Indonesia from 2019 to 2024, with all years classified under "Financial Distress." The ratios (A, B, C, and D) represent key financial metrics, and the S-Score (Z) is used to evaluate the company's bankruptcy risk. To improve its financial standing and Springate S-Score, recommendations include intensifying debt restructuring efforts by negotiating better terms with creditors, exploring alternative financing options like equity issuance or bond offerings, and leveraging government support to enhance liquidity. Additionally, accelerating digital transformation, improving operational efficiencies, and fostering customer loyalty through tailored services are critical for long-term sustainability. Regular performance reviews and transparent communication with stakeholders will be key to rebuilding trust and securing the company’s future. 
STRATEGIC LEADERSHIP, INTELLECTUAL CAPITAL, MARKETING ORIENTATION, INNOVATION AND CORPORATE PERFORMANCE: A COMPREHENSIVE MODEL FOR AIRLINES INDUSTRY Rifandi, Yandri Ahmad; Sazly, Syukron; Islami, Vina; Heirunissa, Heirunissa
Dynamic Management Journal Vol 8, No 4 (2024): October
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i4.12719

Abstract

This study explores the interconnections among strategic leadership, intellectual capital, marketing orientation, innovation, and corporate performance within the airline industry, focusing on PT Garuda Indonesia and PT AirAsia Indonesia. Both airlines demonstrated remarkable recovery from the COVID-19 pandemic, evidenced by significant revenue growth and increased passenger numbers in 2023. Garuda Indonesia's revenue surged to USD 2.93 billion, while AirAsia reported a 75.24% revenue increase to Rp 6.62 trillion. Despite these gains, both airlines faced challenges in aligning aggressive marketing initiatives with operational efficiency, emphasizing the importance of strategic leadership in fostering innovation and managing costs. The research highlights the critical role of human capital in driving innovation and organizational effectiveness. It argues that a strong marketing orientation is essential for meeting customer needs and gaining competitive advantage. To optimize performance, the study recommends that airline executives invest in employee training, adopt a customer-centric approach, and encourage interdepartmental collaboration. Furthermore, leveraging data analytics and monitoring market trends will enable proactive decision-making, ensuring that airlines remain responsive to industry dynamics. In conclusion, this research underscores the intricate connections among strategic leadership, intellectual capital, marketing orientation, innovation, and corporate performance in the airline industry. It highlights that prioritizing human capital development fosters a culture of continuous improvement and creativity, which is essential for adapting to market fluctuations and achieving sustainable growth. A strong marketing orientation allows airlines to align their services with customer demands, enhancing satisfaction and loyalty, which in turn drives corporate performance.
A TRIAD OF EXCELLENCE: HOW STRATEGIC LEADERSHIP, INTELLECTUAL CAPITAL AND IT INNOVATION DRIVE COMPETITIVE ADVANTAGE IN HIGHER EDUCATION INSTITUTIONS Sazly, Syukron; Al Rasyid, Harun; Tri Indah K, Agus
Dynamic Management Journal Vol 9, No 2 (2025): April
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v9i2.13819

Abstract

This study analyzes the determinants of sustainable competitive advantage through the Resource-Based View (RBV) approach, focusing on strategic leadership, intellectual capital, and technological innovation. The qualitative method was applied through a systematic review of 27 selected literature (Scopus and nationally accredited). The results reveal: (1) strategic leadership plays a role as a guide for long-term vision, (2) intellectual capital (knowledge, skills, innovation) becomes irreplaceable assets, and (3) technological innovation increases productivity, product differentiation, and market adaptation. The interaction of the three creates a sustainable competitive ecosystem. This research contributes theoretically to the development of strategic and practical management as a business guide in the digital era. Recommendations for further research include the expansion of variables (organizational culture, business networking, dynamic capabilities) and the application of mixed methods. These findings underscore the importance of inter-factor synergy in building a competitive advantage that is resistant to disruption.
A STRATEGIC MANAGEMENT APPROACH TO STABILIZING RISK, GOVERNANCE, EARNINGS, AND CAPITAL UNDER A NEW VISION OF PT. BANK MUAMALAT INDONESIA Sazly, Syukron; Haryadi, Budhi; Siregar, Otto; Siswantoro, Yuni
Jurnal Comparative: Ekonomi dan Bisnis Vol 7, No 2 (2025): May
Publisher : Univesitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/combis.v7i2.13984

Abstract

This study aims to analyze the strategic management approach of PT. Bank Muamalat Indonesia, Tbk in improving financial health and realizing the new vision established in 2025. The method used is qualitative descriptive with secondary data analysis from financial reports, OJK publications, and other relevant documents. The result shows, the bank faced significant challenges in the initial years following the new vision’s launch, particularly in the indicators of NPF (2.34%), BOPO (105%), and ROA (0.3%), although CAR (15%) and FDR (82%) remained relatively strong. Strategic management was applied through strengthening risk management, operational efficiency via digitalization, sharia product innovation, and internalization of blessing values as part of the organizational culture. The study’s limitations include a greater focus on quantitative data than qualitative data and a case study limited to a single institution, requiring caution in drawing conclusions. Future research is recommended to use mixed methods and compare practices with other sharia banks so that, evaluation and benchmarking is believed to enhance Bank Muamalat’s competitiveness and sustainability.
STRATEGIC FINANCIAL MANAGEMENT: TEMASEK HOLDINGS AS DANANTARA’S BENCHMARK FOR BUILDING NATIONAL WEALTH AND SUSTAINABLE DEVELOPMENT Sazly, Syukron; Erri, Dirgahayu; Tambunan, Diana; Herlan, Hasta
Dynamic Management Journal Vol 9, No 4 (2025): October
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v9i4.15131

Abstract

This study highlights the urgency of strategic and sustainable national wealth management through the establishment of Danantara, Indonesia’s sovereign wealth fund that adopts the successful model of Temasek Holdings in Singapore, yet operates within a more complex national economic and political context. The purpose of this research is to analyze Danantara’s strategic factors using the SWOT approach, formulate strategies based on the TOWS matrix, and provide policy recommendations aligned with the Indonesia Emas 2045 vision. The research employs a qualitative analysis through a comparative study, literature review, and examination of official documents. The findings reveal Danantara’s strengths in asset scale and political support but weaknesses in governance and operational capacity. The study’s contribution and novelty lie in formulating portfolio separation strategies, strengthening independent governance, and focusing investments in digital sectors, green energy, and global partnerships.
FROM LOCAL CHAMPION TO GLOBAL PLAYER: A SWOT ANALYSIS AND STRATEGIC ROADMAP FOR ELEVATING BANK SYARIAH INDONESIA INTO THE TOP 3 GLOBAL ISLAMIC BANK BY 2030 Indah K, Agus Tri; Al Rasyid, Harun; Sazly, Syukron
Dynamic Management Journal Vol 9, No 4 (2025): October
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v9i4.15118

Abstract

Bank Syariah Indonesia (BSI) is the result of a merger between three national Islamic banks and holds strong potential to become a global player. However, as of 2024, BSI remains outside the top three global Islamic banks, with total assets of USD 25 billion, lagging behind Al Rajhi Bank, KFH, and DIB. This study aims to analyze BSI's position using a SWOT approach and to evaluate its performance through RGEC indicators (Risk Profile, Good Corporate Governance, Earnings, Capital) and the Global Composite Index. A descriptive qualitative method was employed, including literature review, financial report analysis (2020–2024), and benchmarking against 10 global Islamic banks. Results show BSI is in a sound financial position, with an NPF of 2.2%, ROA of 1.4%, and CAR of 19.3%, but has a relatively low Global Composite Index score (52/100) compared to Al Rajhi (89/100) and KFH (84/100). Recommended strategies include regional expansion, digital transformation, and strengthening capital through global investors. Limitations include restricted access to internal data and comparative benchmarking.
Co-Authors Agus Tri Indah K Allifah Kusumaningrum Andri Rizko Andri Rizko Yulianto ardiani, yolanda Arief Fadholi Dadan Permana Diana Tambunan Dirgahayu Erri Fera Nelfianti Ferry Kartawijaya Hardani - - Harun Al Rasyid Harun Al Rasyid Haryadi, Budhi Hasta Herlan Heirunissa, Heirunissa Herlan, Hasta Herudini Subariyanti Himawan Pratama Indra Prana Intan Kusuma Dewi Joko Ariawan Kripton Ovitian Kusumaningrum, Aliffah Muhamad Harun Nur A’yanil Jannah Otto Siregar Peter Rajagukguk Prana, Indra Purnama Sari Ria Andriani Sederhana Sembiring seno sudarmono Hadi Siswantoro, Yuni SUSANTI Suwanda Aditya Saputra Syahrir Syahrir Vina Islami Warsono Warsono winna, winna Yandri Ahmad Rifandi