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Golden Ratio of Finance Management
Published by Manunggal Halim Jaya
ISSN : -     EISSN : 27766780     DOI : https://doi.org/10.52970/grfm
Core Subject : Economy,
Economics, Econometrics & Finance
Golden Ratio of Finance Management (GRFM) encourages courageous and bold new ideas, focusing on contribution, theoretical, managerial, and social life implications. Golden Ratio of Finance Management (GRFM) welcomes papers that are based on human resources management for example: Accounting and Financial Reporting, Alternative Investments, Asset Pricing, Bank Solvency and Capital Structure, Banking Efficiency, Banking Regulation, Behavioural Finance, Commodity and Energy Markets, Corporate Finance, Corporate Governance and Ethics, Credit Rating, Derivative Pricing and Hedging, Empirical Finance, Experimental finance, Financial Applications of Decision Theory or Game Theory, Financial Applications of Simulation or Numerical Methods, Financial Economics, Financial Engineering, Financial Forecasting, Financial mathematics, Financial Risk Management and Analysis, Financial services, Financial theory, Islamic Finance, Islamic Banking, Personal finance, Portfolio Optimization and Trading, Public finance, Regulation of Financial Markets and Institutions., Stochastic Models for Asset and Instrument Prices, Systemic Risk
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 104 Documents
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The Influence of Organizational Culture on Financial Report Quality at Jakarta Water Resources Office Dewi Kuraesin, Arlis; Suryaningsih, Maria; Darwis , Hidayat; Yunita , Anita
Golden Ratio of Finance Management Vol. 2 No. 1 (2022): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i1.189

Abstract

The study aims to investigate the influence of the organizational culture on the financial report quality at the Jakarta Water Resources Office. It used the quantitative method with the primary data and questionnaires. The study occurred at the Jakarta Water Resources Office from September - March 2021. It uses the questionnaire distribution. This is a causal and comparative study. The study of causality investigates the cause-and-effect relationship between the independent variable (X) and the dependent variable (Y). The population in this study is the forty-two employees of the Jakarta Water Resources office, while the sample is some of them working at the Jakarta Water Resources office. The sample uses the Slovin formulation with 5% margin error. The result of this study states the organizational culture influences the financial report quality at the Jakarta Water Resources office. Human resources became the essential factor in the financial report. Moreover, the corporate culture may affect the quality of the financial statement. The study result reveals the organizational culture positively and significantly impacts the financial report. The suggestions go to companies, financial reports, and further research. The findings suggest that a company improves the organizational culture to produce optimum quality of financial reports.
The Regression Model Effect of Financial Ratio on Construction and Building Stock Price Afifuddin, A.
Golden Ratio of Finance Management Vol. 2 No. 1 (2022): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i1.194

Abstract

This study analyzes liquidity, solvency, and profitability of stock prices in construction and building companies listed on the Indonesia Stock Exchange (IDX) for the period 2016-2021. The sample in this study is construction and building companies listed on the Indonesia Stock Exchange (IDX), which is selected based on specific criteria using the Purpose Sampling Method. The analysis used in this study is the Regression Analysis. The results of this study show that liquidity variables have a positive and significant effect on stock prices, and solvency variables have a positive and significant impact on stock prices. In contrast, profitability variables have a positive but insignificant effect on stock prices. The current ratio can be a useful measure of a company’s short-term solvency when it is placed in the context of what has been historically normal for the company and its peer group. It also offers more insight when calculated repeatedly over several periods. What makes the current ratio good or bad often depends on how it is changing. A company that seems to have an acceptable current ratio could be trending toward a situation in which it will struggle to pay its bills. Conversely, a company that may appear to be struggling now could be making good progress toward a healthier current ratio.
Combination of Fundamental and Technical Analysis of Shares: Revealing the Profit Potential in the Stock Market of PT. United Tractors, Tbk Gaffar, Samsu; Uleng Akal, Andi Tenri
Golden Ratio of Finance Management Vol. 2 No. 2 (2022): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i2.57

Abstract

This research aims to conduct a comprehensive analysis of PT. United Tractors, Tbk shares using a top-down approach, which includes macroeconomic analysis, industry analysis, and company analysis. Additionally, the study aims to determine the intrinsic value of the shares through the Relative Valuation Techniques method and provide suitable recommendations for investors regarding whether to buy, hold, or sell the company's shares. The macroeconomic analysis revealed fluctuations in indicators such as Gross Domestic Product (GDP), inflation, interest rates, money supply, and exchange rate growth. Meanwhile, the industry analysis identified strong competition among similar companies as the dominant force in the market. The threat of new entrants also poses a challenge, especially when competitors target the same market segment. Additionally, the power of suppliers is higher when the number of suppliers is limited compared to the proportion of buyers. Barriers arise when consumers encounter cheaper substitute products. Moreover, the company analysis showcased varying trends in financial ratios such as RTR, FAT, TATO, CR, QR, DER, DAR, GPM, OPM, NPM, ROA, ROS, ROI, EPS, PSR, PER, and PBVR during the period from 2016 to 2021. Furthermore, it was observed that PT. United Tractors, Tbk tends to undervalue its shares by selling them at prices below the intrinsic value. To this end, the study suggests that when the stock market price is lower than the intrinsic value, the shares are undervalued, prompting investors to consider buying. If the stock market price is equal to the intrinsic value, it is fair-valued, and investors are advised to hold. On the other hand, when the stock market price exceeds the intrinsic value, it is overvalued, and investors should consider selling.
Prediction of Bankruptcy Risk Using Financial Distress Analysis Rachma Sari, Kartika; Martini, Rita; Almira, Nadya; Hartati, Sukmini; Husin, Farida
Golden Ratio of Finance Management Vol. 2 No. 2 (2022): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i2.127

Abstract

Financial distress analysis using X-Score Zmijewski model, Z-Score Altman model, and S-Score model Springate is intended to determine the potential for bankruptcy at PT. Hero Supermarket, Tbk. Secondary data was used in the 2016-2020 financial statements. The results of the calculation of the X-Score method from 2016 - 2019 were in a non-financial distress condition, but in 2020 they were in a distressed situation. This follows the X-Score principle, which focuses on the company's liabilities. We decrease the safe zone to the danger zone from the Z-Score method. In the S-Score process, the company can go bankrupt. The analysis results of the three ways conclude that the company is experiencing financial difficulties. Fast and appropriate handling is needed to fix its condition, and management must improve financial performance. Company management must improve financial conditions, significantly reducing total liabilities every year. The actual existing company liabilities are not more significant than the income earned, so that the level of losses that will be experienced will be reduced. Furthermore, the company should conduct a company evaluation of efforts to improve operational and financial performance as response to the company’s financial condition. So that, the economic distress experienced can be appropriately resolved.
Determinants of Stock Investment Decision Making: A Study on Investors in Indonesia Sari, Ratna; Kusnanto, K.; Aswindo, Munarni
Golden Ratio of Finance Management Vol. 2 No. 2 (2022): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i2.174

Abstract

This study aims to understand the determinants of stock investment decision making by investors in the Indonesian stock market. Mixed methods are used by combining quantitative data from surveys and qualitative data from interviews. A survey was conducted among 400 investors using an online questionnaire, while interviews were conducted with selected investors. The results show that fundamental analysis plays an important role in stock investment decision-making. In addition, market sentiment and herd behavior also influence investment decisions. Investors also have different risk tolerances depending on investment objectives and personal risk profiles. This research provides insights for investors and professionals in the Indonesian stock market to develop more prudent and data-driven investment strategies.
Examining the Relationship between Good Corporate Governance and Company Size on Stock Prices in Manufacturing Companies Listed on the Indonesia Stock Exchange Syafei M. Nur, Imran; Ibrahim, Muhdi B. Hi.; Sonjaya, Yaya; Ridhwansyah Pasalo, Muhammad; Taotubun, Najaradin
Golden Ratio of Finance Management Vol. 2 No. 2 (2022): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i2.175

Abstract

This study aims to determine the impact of excellent corporate governance ownership structure on the firm size on stock prices in manufacturing companies listed on the Indonesia Stock Exchange, both simultaneously and partially. According to the findings, good corporate governance, as evaluated by the board of directors and the commissioners, negatively and substantially impacts stock prices. In contrast, the audit committee has a positive and significant impact on stock prices. The natural logarithm of total assets, which measures the size of a company, has a favorable effect on stock prices. The more the company's total investments in the 52 issuers, the higher the share price. Managerial ownership has a positive but not statistically significant effect on stock prices, whereas institutional ownership has a negative and statistically significant impact. The increase in institutional ownership will cause stock prices to fall.
The Role of Pentagon Fraud in Detecting Fraudulent Financial Statements Rimadanti, Shevina; Santoso, Aprih; Sulistyawati, Ardiani Ika
Golden Ratio of Finance Management Vol. 2 No. 2 (2022): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i2.185

Abstract

Pentagon fraud is one type of financial fraud that occurs in companies. Pentagon fraud occurs when a company hides or deceives financial statements to reduce the amount of taxes it must withhold or to increase the value of the company for investors report. The purpose of this study was to examine and analyze the effect of the pentagon fraud variable on financial statement fraud with the dependent variable proxy being F-Scores. While the independent variables used in this study are financial stability (ACHANGE), financial target (ROA), nature of industry (RECEIVABLE), ineffective monitoring (BDOUT), change in auditor (CPA), change in directors (DCHANGE), and the frequent number of the CEO's picture (CEOPIC). This research use samples of consumption sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2016–2020. By using purposive sampling, there are 55 samples from 11 companies. The data analysis method used multiple linear regression analysis, with hypothesis testing t-test, f-test, descriptive test, coefficient of determination. The results of this research shows that financial stability, ineffective monitoring, change in auditor, and change in direction have no significant influence on financial fraud statements. But financial target, nature of industry, and frequent number of CEO's picture have significant influence on financial fraud statement.
The Regression Effect of Capital Structure and Firm Growth on the Firm value Amin, Moh.
Golden Ratio of Finance Management Vol. 1 No. 1 (2021): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v1i1.202

Abstract

This study aims to determine and analyze the effects of capital structure, firm growth, and profitability on the firm value on the IDX. The population in this study were all manufacturing companies in the consumer goods industry sector, as many as 42 firms, and the number of samples was as many as 12 firms using the purposive sampling method. This study uses secondary data derived from the annual financial statements of manufacturing companies listed on the IDX. The data were analyzed using SPSS program. The results of this study indicate that capital structure and profitability have a negative and insignificant effect on the firm value on the IDX. The firm's growth has a positive and negligible impact on the firm value on the IDX. Trade Off Theory explains that if the position of the capital structure is below the optimal point, any additional debt will increase the firm's value. On the other hand, if the position of the capital structure is above the optimal threshold, any additional debt will reduce the firm's value. Statistically, the capital structure has a negative and insignificant effect on the firm value in the consumer goods industry sector listed on the IDX.
Analysis of Liquidity, Leverage, and Activity Ratio on the Financial Profitability of Indonesian Telecommunications Industry Hasbiah, H.
Golden Ratio of Finance Management Vol. 2 No. 1 (2022): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i1.203

Abstract

This study aimed to analyze the effects of liquidity, leverage, and activity on the profitability of telecommunications companies listed on the Indonesian stock exchange. The analytical method used in this study is multiple linear regression analysis, where the data is obtained from Indonesia Stock Exchange. The sample used in this study is telecommunications companies listed on the Indonesia Stock Exchange. This research approach is quantitative. The results obtained in this study show that liquidity, leverage, and activity have a significant effect on profitability. Partially, liquidity has a negative and significant effect on profitability, leverage has a negative and significant effect on profitability, while activity has a positive and significant effect on profitability. Firstly, for companies should increase the company profitability by reducing liquidity which can reduce company profits so that it can attract investors to invest in their companies and can also improve their financial performance. Second, for investors, in assessing a company, it is better to pay attention to other factors that affect the company's profitability, such as company size, company growth, and dividend policy. Thrid, for further researchers, it is hoped that further researchers will use a larger research sample and add other variables that can affect profitability.
Comparison of Financial Performance Before and During COVID-19: Case Study of Hospitality Business, Indonesia Malikah, Anik
Golden Ratio of Finance Management Vol. 1 No. 1 (2021): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v1i1.204

Abstract

This study aims to determine and analyze whether there are differences between financial performance before and during the COVID-19 pandemic in hotel companies listed on the Indonesia Stock Exchange for the 2019-2020 period. The financial ratios used are liquidity ratios, solvency ratios, activity ratios, and profitability ratios. The population in this study is an industrial service company engaged in the hospitality sector for the 2019-2020 period. Sampling was done by the purposive sampling method. So, we obtained seven companies as samples. The data analysis method used is the paired sample t-test. The study result states First, the liquidity ratio of companies engaged in the hospitality sector is significantly different. Second, the solvency ratio of companies engaged in the hospitality sector did not differ significantly. Third, the activity ratio of companies engaged in the hospitality sector did not differ significantly. Fouth, the profitability ratios of companies engaged in the hospitality sector were not significantly different. This means that there is a difference in the company's profitability ratios. However, it did not have a significant effect before and during the COVID-19. This is seen from the analysis of the solvency ratios, which show that the three ratios used have a downward trend.

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