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Aruddy
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Decision Sciences, Operations Research & Management

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Determinant of Financial Distress on The Retail Public Companies: Indonesia Case Utomo, Audry Arsyila; Achsani, Noer Azam; Aruddy
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 1 (2024): JABM, Vol. 11 No. 1, Januari 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.1.35

Abstract

Background: The retail sector plays a significant role in the Indonesian economy. According to data from Badan Pusat Statistik (BPS) in 2020, the retail sector contributed 12.93% to Indonesia's total Gross Domestic Product (GDP). However, results from the Retail Sales (SPE) survey by Bank Indonesia indicated a downward trend in the average annual growth of real sales for retail from 2015 to 2020. A decline in sales can lead to a decrease in income. The company's inability to balance income and costs raises the potential for financial distress. Purpose: This research aims to study which financial factors may influence financial distress. Design/Methodology/Approach: The observation period is from 2017 to 2021. This research uses the Debt Service Coverage Ratio (DSCR) as a proxy for financial distress. This research also employs a binary logistic model to identify which financial factors influence financial distress.Findings/Result: Logistic regression analysis revealed that Return on Equity (ROE) has a negative and significant effect on the DSCR value with a coefficient of -15.066. Equity-to-Total Assets ratio (EQ/TA) also has a negative and significant effect on financial distress with a coefficient of -5.042. Conclusion: The results emphasize the importance of consistent management of company performance, particularly by monitoring financial ratios that significantly affect the likelihood of financial distress.Originality/value(State of the art): This research offers new insights into the impact of financial ratios on financial distress, specifically within the context of the retail sector experiencing economic uncertainty during the COVID-19 pandemic. It is focusing on a critical period and a specific sector, thereby providing valuable contributions to stakeholders such as investors, company management, and policy makers. Keywords: DSCR, financial distress, financial ratios, logistic regression, company management
Pengaruh Corporate Governance, Leverage, dan Kualitas Audit Terhadap Manajemen Laba (Studi Empiris Pada Perusahaan BUMN dan Swasta Pada Tahun 2016-2020): The Effect of Corporate Governance, Leverage, and Audit Quality on Profit Management (Empirical Study of State Owned Company and Private Company in 2016-2020 M. Abdul Rahman; Irawan, Tony; Aruddy
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 2 (2024): JABM, Vol. 10 No. 2, Mei 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.2.624

Abstract

Background: Earnings management practices are generally carried out by company management to give a good impression to shareholders or investors regarding the company's performance in one reporting period. Earnings management is carried out, generally by recording profits in the company's financial statements, based on the wishes of the parties interested in it, with the intention of showing that the company has posted good performance and has good performance prospects in the future.Purpose: This study aims to examine the effect of corporate governance which consists of the proportion of independent commissioners, audit committees, and managerial ownership, leverage, and audit quality on earnings management in companies in the BUMN and private sectors in 2016-2020.Design/methodology/approach: The data analysis process in this study used panel data regression analysis.Findings/Result: The results of this study indicate that in the BUMN sector the audit committee and leverage variables have a significant effect on earnings management, while in the private sector the managerial ownership, audit committee and leverage variables have a significant effect on earnings management.Conclusion: The conclusion of this research is that the income minimization pattern often occurs in companies in the private sector with 22 distribution points whose motive is tax avoidance management, but the income maximization pattern often occurs in companies in the BUMN sector with 32 distribution points shown whose main motive is political agenda from the managerial level.Originality/value (State of the art): This research objectively examines companies in the State-Owned Enterprises (BUMN) and Private sectors across various types of industries without focusing on a single specific field. Additionally, the research employs a more diverse sampling method compared to other studies, allowing it to address issues more comprehensively. Keywords: earnings management, corporate governance, leverage, audit quality, financial performance, income minimization, income maximization.
The Effect of Good Corporate Governance on Company Value Moderated By Integrated Reporting Permana, Sandi; Aruddy; Jahroh, Siti
Jurnal Aplikasi Bisnis dan Manajemen Vol. 9 No. 3 (2023): JABM Vol. 9 No. 3, September 2023
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.9.3.805

Abstract

This research examined the influence of good corporate governance (GCG) mechanisms and their relation to Integrated Reporting (IR) on company value in the BUMN sub-sector, consisting of banking and non-banking. The data used in this study were secondary in the form of time series sourced from the Central Statistics Agency (BPS) and the Indonesia Stock Exchange (IDX) in the period of 2017-2021. The number of companies analyzed in this study was 23 companies. The GCG components analyzed consisted of managerial ownership (KM), institutional ownership (KINS), and independent commissioners (KIND), as well as integrating reporting (IR) as moderating variables. Data processing in this study employed Structural Equation Modeling (SEM) with the Partial Least Square (PLS) approach. The findings show that non-bank and accumulative firms, institutional ownership variables, and independent commissioners all have a significant impact on firm value. Meanwhile, in banking firms, the variable of managerial ownership has a significant impact on firm value. The impact of GCG on company value has shifted significantly after being moderated by IR. In banking firms, one variable (KM) has a significant effect on firm value, whereas KINS and KIND have no significant effect, and even KINS has a negative interaction. KINS and KIND have a significant effect in non-bank companies, but only KINS has a positive effect. In absolute terms, the influence of IR is positive for KM and KIND, but has no significant implications for KINS. Keywords: company values, good corporate governance, integrated reporting, shareholders, state-owned enterprises
Co-Authors Erliza Noor M. Abdul Rahman Permana, Sandi Siti Jahroh Tony Irawan Utomo, Audry Arsyila