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All Journal JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan) Dirkantara Indonesia
Kartika, Nurmaya
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Economics, Econometrics & Finance Education

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Faktor – Faktor yang Mempengaruhi Financial Performance Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Kartika, Nurmaya; Prilia, Anastasia Arum Gerda; Anggitia, Ajeng; Amilawati, Salsabillah; Leon, Farah Margaretha
JPEK: Jurnal Pendidikan Ekonomi dan Kewirausahaan Vol 8 No 1 (2024): JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan)
Publisher : Universitas Hamzanwadi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29408/jpek.v8i1.23951

Abstract

This study aims to identify variables that affect financial performance in state-owned companies (SOEs) listed on the IDX. The addition of asset utilisation variable as an independent variable is a novel part of this study. This research method involves collecting data from 20 state-owned companies over a five-year period (2018-2022), and applying data processing analysis using panel data regression analysis techniques. The results found that foreign ownership has a negative impact on ROA and ROE, while state ownership has a negative impact on ROA. In contrast, leverage moderated by foreign ownership has a positive effect on ROA and ROE. Asset utilisation also positively affects ROA but has a negative impact on ROE. In addition, liquidity, tangibility, sales growth, age have an effect on financial performance. The implication for financial managers is to choose the best way to utilise assets in order to achieve business objectives, especially to improve shareholder welfare. This research emphasises how important ownership structure and liquidity are for investors when choosing investment opportunities in state-owned companies.
Strategi Pengelolaan Modal Kerja untuk Meningkatkan Efisiensi Usaha pada UMKM Widiastuti, Maria; Widowati, Dorina; Kusumasari, R.A. Hera Purnami; Kartika, Nurmaya; Karlina, Yuniasari
Dirkantara Indonesia Vol. 4 No. 1 (2025): Maret-Agustus 2025
Publisher : PT. Cendekia Sapta Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55837/di.v4i1.170

Abstract

Micro, small, and medium enterprises (MSMEs) play a crucial role in Indonesia’s economy as they absorb a large workforce and contribute significantly to national GDP. However, one of the main challenges faced by MSMEs, including Rufata MSME in Pancoran, South Jakarta, is ineffective working capital management. Poor management often results in excessive inventory, uncollectible receivables, or the use of funds for non-productive purposes, which in turn reduces business efficiency. To address this issue, the Faculty of Economics and Business, Trisakti University, conducted a Community Service program in the form of a working capital management training for Rufata MSME entrepreneurs. The program consisted of need assessment, preparation of training modules, face-to-face workshops, simulation of working capital calculation, and mentoring on effective working capital management strategies. A total of 20 participants actively involved in Rufata MSME joined the program. Evaluation was carried out using pre-test and post-test questionnaires to assess participants’ understanding of working capital concepts, calculation methods, benefits of efficiency, and alternative sources of financing. The results indicated a significant improvement in participants’ knowledge, as reflected in higher post-test scores and positive feedback on training relevance. This program demonstrates that practice-based training helps MSME entrepreneurs better understand and implement effective working capital management. Future initiatives should expand to other MSME groups to strengthen overall microenterprise performance in Indonesia.  
Co-Authors Amilawati, Salsabillah Anggitia, Ajeng Dorina Widowati Karlina, Yuniasari Kusumasari, R.A. Hera Purnami Leon, Farah Margaretha Maria Widiastuti, Maria Prilia, Anastasia Arum Gerda