Indonesian Exchange Research Articles

Pengaruh Keputusan Investasi, Pendanaan dan Dividen Terhadap Nilai Perusahaan

This research was conducted to analyze the effect of investment decisions, funding decisions, and dividends on the value of companies in the manufacturing companies in the food and beverage sector, which are listed on the 2016-2020 Efek Stock Exchange in Indonesia. The sample used in this research is 6 samples of mmanufacturing companies in the food and beverage sector issues listed. The sampling criteria are companies listed on the Indonesia Stock Exchange 2016-2020, companies publishing annual financial reports for the 2016-2020 period in a row, companies having complete financial statement data related to the variables in the study, and the company earned a net profit in the 2016-2020 period. This study aims to analyze and prove empirically the effect of investment decisions, funding decisions, and dividends on firm value. The research data collection method uses secondary data. The sampling method uses the purposive sampling technique. The data analysis method uses multiple regression analysis. Based on the results of the test, it is known that simultaneously, it shows that the investment decisions, funding decisions, and dividend decisions have an effect on the value of the companies in the Indonesian food and beverage sector that are listed in 2016. The results of the partial test show that the investment decision has an significantly positive effect on the value of the company, the funding decision has no significant impact on the value of the company and has an significantly positive effect on this decision.

The Effect of Propping on the Performance of the Financial Industry in Indonesia

This study aims to determine the effect of related party transactions propping on the financial industry's financial performance and performance market performance. This research sample is 66 financial industry companies listed on the Stock Exchange Indonesia (IDX) during 2017-2019 with 198 observations as panel data. Based on the panel data regression test, this research found propping proxied by related party transactions account payables, related party transactions with other payables and related party transactions liabilities other than account payables do not positively affect the company's financial performance (ROA). Propping is proxied by related party transactions, account payables, and liabilities other than account payables do not positively affect the market performance of industrial companies' finance. Meanwhile, propping proxied by transactions of other debt-related parties positively affects financial industry companies' market performance (Tobin's Q). The findings align with transaction cost theory and the efficient transaction hypothesis that related party transactions are efficient transactions to boost company performance.

BLUE OCEAN STRATEGY PADA USAHA PENGOLAHAN KOPI “UD TYYANA COFFEE” DI KABUPATEN TAPANULI SELATAN

Coffee (Coffeea sp.) is an agricultural commodity in the plantation subsector which includes the mainstray export commodity,has high economic value and an important source of foreign exchange (net exporters) for Indonesia. UD Tyyana Coffee is one of the busnisesses that runs agribusiness of coffee commodities ranging from plantations to coffee processing. The aims of this study is to analyze the Blue Ocean Strategy at UD. Tyyana Coffee in the South Tapanuli Regency. This study uses a qualitative descriptive method. The result of the research is in running a large strategic series, UD Tyyana Coffe breaks down strategies that are not yet owned by competitors, such as (1) Improving product quality and HR will provide benefits to consumers by providing maximum results. Creating a trend of locations with cafe nuances and facilities such as homestays will increase the emotional appeal of consumers; (2) In the formulation of the Blue Ocean Strategy, the price offered by UD Tyyana Coffee is very attractive and does not change, so it does not affect consumer purchasing power; (3) The costs incurred for this strategy are still affordable. By improving service, it is only intensified when serving ground coffee to provide education about coffee; (4) Adopting the Blue Ocean Strategy requires commitment and cooperation in its processing.

DETERMINANTS OF INDONESIA NON-OIL AND GAS EXPORTS TO NON-TRADITIONAL MARKET

Indonesia has considerable opportunities to export non-oil/gas to various countries. Non-traditional market is considered to have great potential for increasing non- oil exports. This study aims to estimate the effect of GDP of export destination countries, inflation of export destination countries, economic openness of export countries and the Indonesian exchange rate against the US dollar to Indonesia non-oil exports to non-traditional trading partner countries. The analytical method in this study uses descriptive statistical analysis and panel data regression, the results show that REM is the selected model. The GDP has a significant and positive affect to Indonesia’s exports, while exchange rate has no effect on Indonesia’a exports, inflation having a significant and negative effect to Indonesia’a exports, and economic openness having an significant and positive effect to Indonesia’a exports. Indonesia needs to diversify exports to non-traditional countries and cannot rely solely on exports to major trading partner countries. Keywords: exports, non-traditional markets, GDP, inflation, exchange rates, economic openness

The influence of leverage, sales growth, and dividend policy on company value

Abstract Purpose: This study aimed to determine whether leverage, sales growth, and dividend policies influence the value of the company and determine the development of leverage, sales growth, dividend policy, and company value in real estate, property, and construction companies listed on the Stock Exchange Indonesia period of 2016-2018 Research methodology: This research was a quantitative research. The samples were real estate, property and building construction sector companies listed on the Indonesia Stock Exchange for the period of 2016-2018, amounting to 20 companies. The sampling technique used was non probability sampling with a purposive sampling method.. Results: Leverage, sales growth, and dividend policy affect the company value. The magnitude of the influence of leverage, sales growth, and dividend policy in contributing influence of company value was 58.0%. Limitations: The research is limited to only those companies in the real estate, property, and building construction sectors listed on the Indonesia Stock Exchange from 2016 to 2018 and only focuses on the effect of leverage, sales growth, and dividend policy on firm value. Contribution: Companies in the real estate, property, and building construction sectors listed on the Indonesian Stock Exchange should reduce their leverage, increase sales growth by improving their performance in selling products or services, and improve their dividend policy by increasing dividend distribution to shareholders each year.

Pengaruh Guncangan Variabel Moneter Terhadap Nilai Tukar Dan Inflasi Di Indonesia

This study aims to determine the effect of monetary variable shocks on the exchange rate and inflation in Indonesia. The variables used to represent monetary conditions are interest rates and the money supply. This study uses secondary data with the type of time series data. The data used in this study is sourced from Bank Indonesia in the form of monthly data from 2015 to 2020. The analytical method used is the Vector Error Correction Model (VECM). The results of this study indicate that in the short term only the money supply has a significant effect on the exchange rate in Indonesia, while interest rates and inflation have no significant effect on the exchange rate in Indonesia. In the long term, the money supply, interest rates, and inflation have a significant effect on the exchange rate in Indonesia. In the short term, only interest rates and exchange rates have a significant effect on inflation in Indonesia, while the money supply has no significant effect on inflation in Indonesia. In the long term, the money supply, interest rates and exchange rates have a significant effect on inflation in Indonesia.

Implementasi Desentralisasi Dalam Pengelolaan Perikanan

Since the early 1990s, various discourses have developed among government observers about government decentralization in Indonesia. Laws No. 22 and 25 of 1999 concerning Regional Government and Regional Finance, which were subsequently amended by Laws No. 22 and 33 of 2004, have led Indonesia to enter the process of decentralized governance after more than 30 years of being under the all-centralized New Order regime. The implementation of these two laws has become a momentum for the transfer of supervision, fiscal resources, political autonomy and responsibility for public services from the central government to local governments. Over the span of more than a decade of displacement, heterogeneous local experiences have surfaced, as central control over regions loosened. Local governments play a very important role in the implementation of decentralized fisheries management, apart from the central government, the community and other stakeholders with an interest in the fisheries sector, of course. They must be prepared to face challenges in managing the potential fisheries sector, so that there will be no more policies that harm the fishing community. So that the fishery sector is able to become the backbone of the country in eradicating poverty, injustice in government policies towards fishermen, and is able to become a contributor to foreign exchange for Indonesia.

Market Efficiency of Exchange Rate of Bitcoin with Dollar and Rupiah of Foreign Exchange Markets: Weak and Semi-Strong Form Test

Bitcoin is one of the cryptocurrencies that had a high rate of return since its appearance in 2009. However, the exchange rate of Bitcoin against any foreign currency is considered to have high volatility making it difficult to determine the real value of Bitcoin. The main purpose of this research is to find the value of Bitcoin, especially US Dollar and Rupiah currencies. The test is carried out using the weak market efficiency hypothesis and the semi-form market coefficient hypothesis. The data processing methods are used the stationary test (ADF, KPSS, and ERS) to test the efficiency of the weak form market and the cointegration test (Johansen Cointegration) with the VECM model to check the efficiency of the semi-strong market. The results show that the Bitcoin exchange rate does not have a unit root so it is inefficient in a weak form and has a negative effect on the USD / IDR exchange rate so that it is not efficient in semi-strong form as well as on the US Dollar and Rupiah exchange rates. This happens because Bitcoin transactions as a medium of exchange in Indonesia are still illegal. So that the Bitcoin exchange rate against the US Dollar and Rupiah exchange rates is biased because it does not reflect the available information, both historical information and public information.
 Keywords—Bitcoin Exchange Rate; Market Efficiency; Unit Root; Cointegration

Analysis of Foreign Investment Determinants in Indonesia

Foreign investment is an activity of investing capital from one country to another. In essence, investment is an initial step in economic development activities. Foreign investment can be influenced by several factors, such as inflation, Bank Indonesia interest rates, labor, gross domestic product, and exchange rates. From the theory and actual conditions, the researchers found a gap. From this gap, the problem in this study was how inflation, Bank Indonesia interest rates, labor, Gross Domestic Product (GDP), exchange rates, and export value affected foreign investment in Indonesia in the short and long run. The aim of this study was to determine the effect of inflation, Bank Indonesia interest rates, labor, Gross Domestic Product (GDP), exchange rates, and export value on foreign investment in Indonesia in the short run and long run. The analytical method used in this research was Autoregressive Distributed Lag (ARDL). Based on the findings, this study concludes that in the short run, the variable of inflation, Bank Indonesia interest rates, Gross Domestic Product (GDP), and exports value have significant and positive effects on foreign investment in Indonesia. Meanwhile, labor and exchange rate variables have significant and negative effects on foreign investment in Indonesia. In the long run, inflation and export value variables have significant and positive effects on foreign investment in Indonesia. In addition, interest rates of Indonesia's Bank and exchange rates have significant and negative effects on foreign investment in Indonesia. However, the variables of labor and Gross Domestic Product (GDP) have no effect on foreign investment in Indonesia.

Analysis of Potential Bankruptcies Using the Altman Z-Score and Springate Score Methods in The Textile and Garment Sub-Sector Manufacturing Companies Listed on The Indonesian Stock Exchange (IDX) For The 2014-2019 Period

This study aims to determine whether or not there are differences in predictions bankruptcy between the Altman Z-Score and the Springate Score methods in textile and garment manufacturing companies listed on the stock Exchange Indonesia (IDX) for the 2014-2019 period. In this study, the independent variable (X) is the Altman Z-Score and Springate Score, while the dependent variable (Y) is bankruptcy. Bankruptcy is a condition that occurs when an organization is no longer able to pay off its debts. This situation does not just appear in a company, but can be seen from the condition of its financial statements. Financial distress is the initial gateway to bankruptcy. Financial distress is a stage of decline in financial conditions marked by a decrease in profit or even profit negative. This study uses secondary data in the form of financial reports annual of companies in the textile and garment sub sector. This study uses purposive sampling technique in determining the sample, so that five companies can be sampled. The test used in this study is the independent sample t-test with SPSS 21. The final result of this study is that there is no difference in the result of predictions bankruptcy between the Altman Z-Score and the Springate Score methods. This happens because both methods have a high degree of accuracy.

Indonesian Exchange Traded Fund Performance

This study aims to examine the effect of index volatility, changes in market capitalization, volume, momentum and liquidity on the difference between net asset value (NAV) return with the benchmark indexreturn of ETFs in Indonesia individually. The sample from this study amounted to 19 ETFs with purposive sampling method for the period 1 January – 30 June 2020. The analytical tool used was multiple regression with time series data. The results of this study include that the volatility of the benchmark index is a significant factor for the six sample ETFs. Meanwhile, changes in market capitalization are not a significant factor affecting tracking error.

ANALISIS PENGARUH STRUCTURAL CAPITAL EFFICIENCY DAN CAPITAL EMPLOYED EFFICIENCY TERHADAP KINERJA KEUANGAN PADA SEKTOR PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2016 - 2018

This research was conducted with the aim of obtaining empirical evidence regarding how is the effect of structural capital efficiency and capital employed efficiency on the financial performance of the banking sector listed on the Stock Exchange Indonesia (IDX). This study took financial statement data for three periods, namely from 2016 to 2018 with a total sample of 14 companies. The sampling technique in this study was using purposive sampling and data processing techniques using multiple linear regression analysis processed through the SPSS program. The results obtained in this study indicate that Capital Employed Efficiency has a significant effect on financial performance and Structural Capital Efficiency has a significant effect on the company's financial performance.

Moderation of the Board of Commissioners in Determining Earnings Management

The problem of this research is earnings management, namely the actions taken by managers in manipulating the numbers presented in the financial statements. This study aims to analyze the effect of tax planning, profitability, and leverage on earnings management with the frequency of board meetings as a moderation. The study population, namely all manufacturing companies listed on Bursa Efek Indonesia (BEI) exchange in 2017-2019. With the sample of 22 companies. The sample selection method used in this research is the purposive sampling method and the data analysis technique uses panel data regression analysis. The study uses secondary data, namely financial statement data from companies listed on the IDX obtained from the website www.idx.co.id. The results show that partially, tax planning, profitability, and leverage don’t have a significant effect on earnings management. The frequency of board meetings has a positive effect in moderating tax planning and leverage on earnings management. However, the frequency of board meetings has not to effect in moderating profitability on earnings management

Implementation of Good Corporate Governance on Financial Performance Coal Companies Moderated by Capital Structure

Coal mining companies is built to serve and maintain the stability of domestic coal supply, especially at PLTU so that large economics of scale can be achieved, in order for this to happen, it is necessary to have good corporate governance in order to create economic value added for the growth and development of the company. This study aims to determine how much capital structure could moderated relationship between good corporate governance and economic value added of the coal companies. The research method used is a quantitative descriptive. This study samples are coal mining company listed at indonesian exchange stock between 2015 and 2019. Moderated regression analysis was used in this study to analyze the data. The result showed that with capital structure as moderate variable, board size committee audit that has a positive significant effect on economic value added and managerial ownership has a negative significant effect. While, size board of director hasn’t significant effect Keywords: capital structure, financial performance, good corporate governance.

From frustration to enlightenment: experiences of student exchange program awardees in Taiwan.

Background: Studying abroad is one of the most exciting experiences for a college student who is running a student exchange program, as it creates opportunities to learn, work, solve problems, and ensure a secured life. However, Indonesians who are into student exchange programs face some difficulties in adjusting to their new environment. They experience awkwardness in the use of advanced equipment from technology and cultural aspects. This study investigates the experiences of two Indonesian students who participated for a semester at a Taiwanese university. It aims to explore the Indonesian student exchange program awardees' experiences by examining both the obstacles and benefits of attending the Taiwanese university. Methods: This study used qualitative data analysis. Data were collected through a semi-structured interview, informal participant observations, and a set of open and closed-ended questions. Two Indonesian undergraduate students who belonged to the same major, year, and university were recruited to act as ambassadors. Results: The two students reported facing some problems but felt more independent and became more adaptable. They met with new people and explored new places, and learned much in terms of teaching pedagogy and personal development from the 21 st-century classroom pedagogy, which was important for their future carrier in education. Aside from being able to feel the 21 st-century classroom environment, they were able to learn the host language and culture, which enriched their insights. Five main findings emerged: departure and journey, difficulties in settling in, inability to use technology facilities, meeting new people and exploring new places, and 21 st century classroom environment. Conclusions: Despite the challenges that are associated with being a student exchange awardee, there are vast opportunities for self-development and learning the ropes associated with teaching from the 21st-century classroom pedagogy.

Effect Of Government’s Policy to Build 1 Million Houses on Performance of Housing and Apartment Credits of Banks Listed in Indonesia Stock Exchange during Period 2015-2017

Through the Directorate General of Housing Financing, the Ministry of Public Works and Public Housing estimates that by 2025 the number of housing needs in Indonesia will reach 30 million units based on calculating housing needs (backlog) of population growth. In 2015, the Government Program's number of achievements for the Construction of One Million Houses was around 700 thousand units. In 2016, it reached 805,169 housing units, and in 2017 onwards, it is expected to reach the target of 1 million houses per year. The main problem in a housing development or the property sector is land availability and various communities' purchasing power. The government policy related to the construction of 1 million houses coupled with easy licensing of the land sector and provision of subsidies such as the liquid housing finance facility (FLPP) has stimulated the banking sector and other financial institutions to finance the property sector. The residential segment, namely apartments and housing, is the most significant contributor to the national property capitalization value, reaching 55.8%. The growth rate of the capitalization value of the residential sector reached 16.5%, from Rp. 152.7 trillion to Rp. 177.9 trillion in 2017. Focusing on KPR and KPA during the 2015-2017 period at banks listed on the Stock Exchange Indonesia.

Analysis of Solow Growth Model in Sharia Hotel Industry In Pandemic Era, Case Study: Indonesia and Malaysia

This journal aims to determine the business prospects for the Islamic hotel industry in the digital era and post-pandemic. We carry out simulations based on the estimated growth of internet users, tourism arrival, and the performance of sharia and non-sharia hotels using data from the annual report of all hotels listed on the stock exchange both in Indonesia and Malaysia every year from 2000 to 2019. In making hotel performance forecasting, This study uses the Autoregressive moving average (ARMA) model. The estimation results are used to compare the performance of the sharia and non-sharia hotel industries in Indonesia and Malaysia from 2000 to 2019. We find that massive internet inclusion makes it easier for consumers to make decisions in choosing accommodation both sharia hotels, non-sharia hotels, and non-hotel accommodations. To understand the resilience of Islamic hotels in facing the Covid-19 pandemic and the opportunities and threats aimed at Islamic hotels, the SWOT Matrix is used through a qualitative research literature approach to strengthening analysis based on ARMA forecasting and to understand the competitive conditions of Islamic hotels both in Indonesia and in Malaysia. We find that the key factor in increasing the competitive power of Islamic hotels is the use of internet inclusion for campaigns that encourage the perspective of prospective Islamic hotel customers in taking purchase actions or encourage prospective customers' perspectives towards creating demand for Islamic hotel services. Based on the results of analysis and forecasting that combines a quantitative approach based on the theory of the firm and absolute income theory, adopting the Cobb-Douglas function and the Solow model with a qualitative approach to research literature tested in the SWOT Matrix, Islamic hotels have a competitive advantage with clear segmentation and positioning as well as has a great chance to rise and recover the financial performance of the organization after the Covid-19 pandemic ends

Influence Capital Structure, Liquidity, Size the Company, Debt Policy and Profitability towards Corporate Value on Property Company, Real Estate and Building Construction Listed on the Stock Exchange Indonesia Period 2016-2019

Property issuers must be prepared to face another year of sluggish market where after three years there has been a continuous cycle of weakness. The purpose of this research is to see the influence. Capital Structure, Liquidity, Company Size, Debt Policy and Profitability against Company Value in property companies, re-evaluation and construction of buildings listed on the Indonesia Stock Exchange for the 2016-2019 Period. Quantitative research approach. This type of descriptive quantitative research. The nature of this research is due and effect / causal. The population in this study were 83 types of property, real estate, and building construction companies listed on the Indonesia Stock Exchange for the 2016-2019 Period. The sample is 23 companies. The result is that the capital structure has no partial effect on company value in companies, real estate and building construction listed on the Indonesia Stock Exchange for the 2016-2019 Period. Liquidity does not partially affect the value of property, real estate and building construction companies listed on the Indonesia Stock Exchange for the 2016-2019 period. The size of the company does not have a partial effect on the value of the company in property, real estate and building construction listed on the Indonesia Stock Exchange for the 2016-2019 period. The debt policy does not have a partial effect on company value in property, real estate and building construction listed on the Indonesia Stock Exchange for the 2016-2019 period. Profitability has a partial effect on company value in property, real estate, and building construction listed on the Indonesia Stock Exchange for the 2016-2019 period. Capital structure, liquidity, company size, debt and profitability simultaneously influence the value of the company in property, real estate and building construction listed on the Indonesia Stock Exchange for the 2016-2019 period.

Pengaruh Covid-19 terhadap Indeks Harga Saham Gabungan (IHSG) dan Nilai Tukar Rupiah

The purpose of this study was to determine the effect of the Covid-19 pandemic on the Composite Stock Price Index (IHSG) and the rupiah exchange rate in Indonesia. The research method used is descriptive qualitative by describing the existing phenomena. The results show that the impact of the Covid-19 pandemic does not only affect public health, but also affects the Indonesian economy, especially in Islamic financial institutions in the Islamic capital market, namely the Composite Stock Price Index and the weakening of the rupiah exchange rate. The pandemic has also been proven to have put pressure on the world economy, including Indonesia.

Pengaruh Current Ratio dan Total Asset Turnover Terhadap Return On Asset (Studi Kasus Industri Pertambangan Sub Sektor Minyak Dan Gas Bumi di Bursa Efek Indonesia Periode 2015-2019)

This research aims, first to analyze how ts that affect the Current Ratio, and Total Asset TurnOver on Return on Asset of simultaneous empirical study on mining industry sub sector of oil and gas at listed in Indonesia Stock Exchange period 2015-2019. Secondly to analyze how that affect the Current Ratio, Total Turn Over Assets and Total Asset TurnOver on Return on Asset of partially empirical study on mining industry sub sector of oil and gas at listed in Indonesia Stock Exchange period 2015-2019. The research methodology is descriptive and quantitative analysis methods. Data used is secondary data. The population become object in this research is mining industry sub sector of oil and gas industries period 2015-2019. Amount sample the used is three industry company and still stand up during period of perception and also publicized of year of 2015-2019 by Indonesian Stock Exchange the analysis multiple regression, hypotesis test so determinant coefficient F test and t test. The object of this research is mining industry sub sector of oil and gas industries listed on the Stock Exchange Indonesia 2015-2019 have seven (7) emiten is PT Ratu Prabu Energi,Tbk (ARTI), PT Astrindo Nusantara Infrastruktur, Tbk, PT Elnusa Tbk PT Energi Mega Persada Tbk, PT Surya Esa Perkasa Tbk, PT Medco Energi Internasional Tbk, PT Radiant Utama Interinsco Tbk. Research results model of regression equation is Y = 2,300 - 0.837 X1 + 0.404 X2 +. F test result, it is known that variabels Current Ratio and Total Asset Turn Over simultaneously significant effect on Return on Asset. F count larger than F table (5,722 > 3,29) or comparing the significant level of 0.05 then (0.008 < 0.05) then Ho is rejected and Ha accepted. Based on the results of the t test, Current Ratio and Total Asset Turnover variable have significant effect on Return on Asset. Conclusion is the variable Current Ratio and Total Asset Turn Over variabels simultaneously and partially significant effect on Return on Asset