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All Journal Jurnal Akuntansi, Manajemen, dan Perencanaan Kebijakan Journal of Economics, Assets, and Evaluation Jurnal Ekonomi, Manajemen, Akuntansi dan Keuangan
Maria Pandin
Universitas 17 Agustus 1945 Surabaya
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Other

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Analisis Hubungan Antara Cost of Debt, Cost of Equity, dan Weighted Average Cost of Capital (WACC) dalam Keputusan Investasi Vivi Natasha; Fariza Hawa; Cholifatun Nisa; Safira P; Maria Pandin
Jurnal Ekonomi, Manajemen, Akuntansi dan Keuangan Vol. 6 No. 3 (2025): Juli
Publisher : Penerbit Jurnal Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53697/emak.v6i3.2646

Abstract

Studi ini bertujuan mengkaji pengaruh cost of debt, cost of equity, dan weighted average cost of capital (WACC) terhadap keputusan investasi pada perusahaan manufaktur yang tercatat di Bursa Efek Indonesia (BEI). Dalam konteks pasar modal Indonesia yang memiliki kekhasan tersendiri, penelitian ini menekankan pentingnya memahami struktur modal ideal untuk menekan biaya pendanaan serta mendukung pengambilan keputusan investasi secara optimal, rasional, dan berkelanjutan. Struktur modal yang tepat memungkinkan perusahaan mencapai efisiensi finansial yang lebih tinggi dan menjaga daya saing jangka panjang dalam menghadapi tekanan ekonomi global. Pendekatan penelitian menggunakan metode kuantitatif dengan teknik purposive sampling berdasarkan kriteria tertentu yang relevan. Lima perusahaan manufaktur besar dipilih sebagai sampel, yaitu PT Mayora Indah Tbk, PT Unilever Indonesia Tbk, PT Industri Jamu dan Farmasi Sido Muncul Tbk, PT Indofood Sukses Makmur Tbk, dan PT Kalbe Farma Tbk. Data yang digunakan bersumber dari laporan keuangan tahunan periode 2021 hingga 2023. Analisis data dilakukan menggunakan Partial Least Square - Structural Equation Modeling (PLS-SEM) dengan tingkat signifikansi sebesar 5% untuk menguji hubungan antar variabel penelitian yang telah ditentukan sebelumnya. Hasil analisis menunjukkan bahwa ketiga variabel bebas secara signifikan memengaruhi keputusan investasi. Koefisien negatif dari masing-masing variabel menunjukkan bahwa semakin tinggi biaya modal, semakin rendah kecenderungan perusahaan untuk melakukan investasi. Temuan ini menunjukkan perlunya strategi pengelolaan struktur modal yang efektif guna menurunkan WACC dan memperkuat posisi perusahaan dalam menjalankan aktivitas investasi. Penelitian ini memberikan kontribusi penting bagi para pengambil keputusan keuangan dan regulator dalam menyusun kebijakan pendanaan yang efisien dan responsif terhadap dinamika pasar berkembang di Indonesia.
HR Competence and Internal Control System on the Quality of Financial Statements at PT. SPIL Anisa Nikmah; Maria Pandin
Journal of Economics, Assets, and Evaluation Vol. 3 No. 3 (2026): March
Publisher : Indonesian Journal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47134/jeae.v3i3.1047

Abstract

This study examines the impact of PT Salam Pacific Indonesia Lines' internal control system and employee capabilities about the caliber of financial reporting. In this study, questionnaires were distributed to 235 employees to collect primary data, and saturation sampling was used to cover all participants. The data was evaluated by applying multiple regression analysis. The findings show that the internal control system shows that the quality of financial reporting is not much impacted by staff competencies. The quality of financial reporting is also greatly influenced by the personnel's skills and the internal control system. These findings indicate that while an excellent internal control system plays a crucial role in providing high-quality financial reporting, the capabilities of personnel also play a significant role when supported by strong control mechanisms.
The Effects of Momentum Trading, Market Volatility, and Liquidity on the Risk of Sharia Stock Portfolios in Indonesia Tyas Indrayanti; Andini Bandiah; Tsinta Aryaningtyas; Isnani Fauziah; Bagas Saputra; Maria Pandin
Jurnal Akuntansi, Manajemen, dan Perencanaan Kebijakan Vol. 3 No. 2 (2025): December
Publisher : Indonesian Journal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47134/jampk.v3i2.958

Abstract

This study aims to analyze the effect of momentum trading, market volatility, and liquidity on the risk of sharia stock portfolios at Islamic banks in Indonesia. The research population consists of four Islamic banks listed on the Indonesia Stock Exchange (BANK, BRIS, BTPS, and PNBS) during the period 2022–2024. Data were obtained from the official website of the Indonesia Stock Exchange and processed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method with the help of the SmartPLS 4 application. The independent variables used were momentum trading (RSI, MACD, Stochastic Oscillator), market volatility (ATR and Bollinger Bandwidth), and liquidity (Turnover Ratio and Bid-Ask Spread), while the dependent variables were sharia stock portfolio risk (Beta and Standard Deviation). The results of the study indicate that momentum trading and market volatility have a positive and significant effect on the risk of sharia stock portfolios, while liquidity has no significant effect. Simultaneously, all three variables have a significant effect on portfolio risk with an R² value of 0.829. These findings indicate that market volatility is the dominant factor affecting the risk of sharia stock portfolios in Indonesia. The implication of this study is that investors need to pay attention to technical indicators such as momentum and volatility to minimize investment risk, while Islamic capital market managers are advised to improve literacy and transparency so that investment strategies are more oriented towards fundamentals and Islamic principles.
Co-Authors Andini Bandiah Anisa Nikmah Bagas Saputra Cholifatun Nisa Fariza Hawa Isnani Fauziah Safira P Tsinta Aryaningtyas Tyas Indrayanti Vivi Natasha