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All Journal MANAJEMEN Indonesian Journal of Multidisciplinary Scientific Studies Jurnal Pengabdian Masyarakat dan Riset Pendidikan Ardhi: Jurnal Pengabdian dalam Negri Kajian Ekonomi dan Akuntansi Terapan International Journal of Economics, Management and Accounting Indonesia Bergerak: Jurnal Hasil Kegiatan Pengabdian Masyarakat Bumi: Jurnal Hasil Kegiatan Sosialisasi Pengabdian Kepada Masyarakat Brilliant International Journal of Management and Tourism International Journal of Economics and Management Research
La Ode Abdullah
Unknown Affiliation
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Languange, Linguistic, Communication & Media Mathematics Public Health Social Sciences Other

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Rupiah on Wheels: A Descriptive Study on the Investment Feasibility of Public Transportation Companies in Indonesia La Ode Abdullah; Sugiharto Sugiharto; Dian Kusumaningrum; Niko Wahyu Dwi Hermawan
Brilliant International Journal Of Management And Tourism Vol. 5 No. 3 (2025): October: Brilliant International Journal Of Management And Tourism
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/bijmt.v5i3.5872

Abstract

The rapid development of urban areas in Indonesia over the past two decades has significantly transformed mobility patterns and increased the importance of efficient public transportation systems. However, despite government initiatives to expand mass transport infrastructure, public transportation companies continue to face financial and structural challenges that affect their investment attractiveness. This study aims to assess the investment feasibility of public transportation companies listed on the Indonesia Stock Exchange (IDX) through a descriptive quantitative approach. Financial ratio analysis was employed, focusing on liquidity, solvency, profitability, and activity ratios, including Debt to Equity (DER), Times Interest Earned (TIER), Return on Assets (ROA), and Net Profit Margin (NPM). Secondary financial data were analyzed using descriptive statistics to evaluate the financial performance of selected companies between 2023 and 2024. The results reveal that most firms experienced notable improvements in solvency and profitability, with SDMU, NELY, and BIRD showing the highest increases in TIER at 69.73, 11.96, and 6.03 respectively, reflecting stronger operational efficiency and debt-servicing capacity. Conversely, JAYA and TAXI recorded declines of -0.80 and -18.72, indicating weaker financial stability. These findings suggest that the Indonesian public transportation sector demonstrates moderate but improving investment feasibility, offering attractive opportunities for medium- to long-term investors. The study concludes that companies such as SDMU, BIRD, NELY, and TMAS are financially more viable and potentially profitable investment choices, while firms with declining ratios should be approached cautiously. Ultimately, sustainable investment decisions in this sector should consider both financial and non-financial aspects, including governance, innovation, and social responsibility.
Co-Authors Abdul Kadir Amir, Vaisal Amri Amrulloh Dian Kusumaningrum Dyah Anggun Sartika Florentina Ratih Wulandari Halleina Rejeki Putri Hartono Niko Wahyu Dwi Hermawan Nurtisa Nadya Arini Ridho Muarief Sania Indana Zulfa SASMITO WIDI NUGROHO Sugiharto Sugiharto Sundaru Guntur Wibowo Widodo, Nova Maulud Yana Dwi Christanti YOPIE DIONDY KURNIAWAN Yudha Nauval Prastyanika Putra