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All Journal Amkop Management Accounting Review (AMAR) IIJSE
Erman Arif Sumirat
Institut Teknologi Bandung, Bandung, Indonesia
Humanities Economics, Econometrics & Finance Social Sciences

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Financial Performance Evaluation for PT XYZ’s Subcontractor Selection for PIT X Mining Project at PT VWX Rico Wanardijaya; Erman Arif Sumirat; Sylviana Maya Damayanti
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8115

Abstract

This study is conducted to support PT XYZ in identifying the most financially sound subcontractor for executing the PIT X mining project, commissioned by PT VWX. Given PT XYZ’s limited working capital, the company plans to delegate the project to one of several publicly listed subcontractors. To make an informed decision, a comprehensive assessment of financial performance is essential to ensure the selected firm can handle both the operational and financial demands of the project.The research utilizes financial ratio analysis focused on four primary dimensions: liquidity, activity, solvency, and profitability. Key indicators such as the current ratio, quick ratio, total asset turnover, debt ratio, interest coverage, net profit margin, return on assets, and return on equity are applied to evaluate three shortlisted subcontractors: PT Darma Henwa Tbk (DEWA), PT Delta Dunia Makmur Tbk (DOID), and PT Petrosea Tbk (PTRO). The Weighted Scoring Method (WSM) is used to assign importance to each ratio based on strategic value, resulting in a composite score that reflects each company’s overall financial condition.The findings indicate that PT Petrosea (PTRO) secures the highest weighted score, suggesting it possesses superior financial stability and operational effectiveness compared to the others. PTRO shows consistent strength in asset management, solvency, and profitability, making it the top candidate for subcontracting the PIT X project. This study presents a structured, evidence-based model for evaluating subcontractors, which can be extended to vendor selection practices in other capital-intensive sectors.
Dissecting Market and Business Responses of LQ45 Stocks amidst Crisis: An Event Study of COVID-19 Policies with A Mixed-Method Approach Aditya Firza Pratama; Erman Arif Sumirat; Sylviana Maya Damayanti
Amkop Management Accounting Review Vol. 5 No. 2 (2025): July - December
Publisher : Yayasan Vifada Cendikia Indonesia

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.
Co-Authors Aditya Firza Pratama Rico Wanardijaya Sylviana Maya Damayanti