Indonesian Capital Market Directory Research Articles

Pengaruh Early Warning System Dan Risk Based Capital Terhadap Tingkat Kesehatan Keuangan Perusahaan Asuransi

Insurance is an agreement between two parties, namely the insurance company and the policyholder, which forms the basis for receiving premiums by the insurance company in return. In determining insurance, the public needs an early warning system and risk-based capital analysis to determine the financial health of insurance companies, so that they can provide maximum protection to investors. This study aims to determine and analyze the level of financial soundness of insurance companies listed on the Indonesia Stock Exchange. The issuers selected are issuers from insurance companies listed on the IDX in 2019-2022. Determination of the sample using purposive sampling method, namely determining the sample from the existing population based on criteria. Data obtained from the Indonesian Capital Market Directory (ICMD). This research uses multiple linear regression analysis with SPSS application. The results of research on the Solvency Margin Ratio, Underwiting Ratio, Loss Ratio, Investment Returns Ratio, Liability to Liquid Ratio and Net Premium Growth Ratio contained in the Early Warning System and Risk Based Capital have a significant and positive effect on the level of company health, especially for insurance companies.

Pengaruh Laba Dan Arus Kas Terhadap Kondisi Kesulitan Keuangan Pada Perusahaan Manufaktur Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia

This study aims to examine and analyze the effect of earnings and cash flow on financial distress. The population in this study are food and beverage sector companies that are listed on the Indonesia Stock Exchange and continuously publish financial reports in 2018-2020. The sample of this study was determined by purposive sampling method in order to obtain 17 sample companies. This study uses secondary data obtained from the Indonesian capital market directory and www.idx.co.id. The analytical method used is the classical assumption and multiple regression analysis. The results of this study indicate that earnings and cash flow have a significant influence on the possibility of financial distress.

Corporate in Financial Distress and Determinant Analysis of Successful Financial Turnaround

Corporate financial distresses and turnarounds has always been relevant on business literatures because we have seen more than enough corporate bankruptcies over the past decades. Financial distress is a condition of declining financial performance, earlier phase prior to companies experiencing bankruptcy or liquidation. The response to this condition ranges from a denial of the problem, to reducing the scale and scope of operations, all the way to the top change of management and dissolution of corporation. With the complexities of issues and implications associated with financial distresses and the recoveries attempted by corporations, the ability to formulate appropriate strategic responses is becoming very much important for management, researchers and practitioners. This research is focusing on the determinant analysis of multiple organizational factors which are expense retrenchment, profitability, free assets, size, assets retrenchment and leverage on successful turnaround of manufacturing companies listed in Indonesia Stock Exchange (IDX) in research period 2015 to 2019. Data used in this research are secondary ones which obtained from Indonesian Capital Market Directory (ICMD). Financial data from 2015 to 2019 are used to determine financial distresses utilizing Altman’s Z-Score model, and data from 2016 to 2018 are processed as the independent variables. This research takes 125 sample of manufacturing companies which after screening come down to 36 companies in Non-Turnaround (NT) group and 8 companies in Turnaround (T) group. The analysis models used in this study include firm-specific variables from 2016 to 2018 to test the hypotheses. At the 5% level of significance, the logistic regression test showed that the research variables of profitability, free assets and leverage considerably affected the likelihood of a successful financial turnaround, and the prediction accuracy was 87%.

The Influence of Dividend Policy, Liquidity, Company Size, and Company Growth on Debt Policy in Manufacturing Companies Listed on the Indonesian Stock Exchange (BEI)

This study aims to determine the effect of Dividend policy, Liquidity, Company Growth, and Company Size on Debt Policy in Manufacturing Companies listed on the IDX (Indonesia Stock Exchange). This research method used is quantitative method. This research is secondary data whose data is quantitative. Quantitative data in this study were obtained from the annual financial statements of each company and the Indonesian Capital Market Directory (ICMD) during the research period obtained from www.idx.co.id. The results of this study based on the analysis show that Dividend Policy has a positive and significant effect on debt policy in Manufacturing Companies listed on the IDX. Liquidity has a positive and significant effect on debt policy in Manufacturing Companies listed on the IDX. Company size has a negative and significant effect on debt policy in Manufacturing Companies listed on the IDX. Company Growth has a negative and significant effect on debt policy in Manufacturing Companies listed on the IDX.

Pengaruh Indikator Pertumbuhan Perusahaan, Kebijakan Hutang dan Kemampuan Menghasilkan Laba terhadap Kinerja Saham

The aim of this research is to examine the influence of company growth indicators, debt policy and profit-generating ability on stock performance in basic industrial and chemical sector companies listed on the Indonesia Stock Exchange (BEI) for the period 2017 - 2021. Company growth indicators are proxied by sales growth and growth. assets, debt policy is proxied by the debt to equity ratio (DER) and long term debt to equity ratio (LDER), the ability to generate profits is proxied by return on assets (ROA) and return on equity (ROE), stock performance is proxied by stock returns. The sample selection technique is purposive sampling method, research data is secondary data obtained from the Indonesia Capital Market Directory for the period 2017 - 2021. The data analysis method used is multiple regression analysis with the eviews 12.0 application tool. The research method stages consist of; descriptive statistics, panel data regression model selection, classical assumption testing, multiple regression analysis, hypothesis testing and conclusions. It is hoped that this research can contribute to writing scientific journals and be published in accredited scientific journals, Sinta. The results of the research show that the variables sales growth, asset growth, debt to equity ratio (DER), long-term debt to equity ratio (LDER) and return on equity (ROE) do not partially have a significant effect on stock returns, while the variable return on assets ( ROA) partially has a positive and significant effect on stock returns.

Interplay of Working Capital Turnover, Asset Turnover and Capital Structure on Return on Investment

This study aimed to assess the impact of working capital turnover, asset turnover, and capital structure on manufacturing companies' return on investment (ROI) listed on the Indonesia Stock Exchange. The present study employed a sample of 19 businesses, encompassing 95 observations of manufacturing companies listed on the Indonesia Stock Exchange, spanning 2017 to 2021. The study utilized secondary data from financial statements from sample companies from 2017 to 2021. These data were sourced through prospectuses and the Indonesian Capital Market Directory (ICMD). The method used to look at the data is a descriptive statistical test that includes several standard assumption tests, such as normality, heteroscedasticity, multicollinearity, autocorrelation, and hypothesis testing using partial, simultaneous, and determination coefficient tests. The study's findings indicate no statistically significant impact of the working capital turnover and asset turnover factors on the return on investment (ROI) of manufacturing companies listed on the Indonesia Stock Exchange. On the other hand, the capital structure variable exhibits a substantial influence and emerges as the predominant factor influencing the return on investment (ROI) of manufacturing firms publicly traded on the Indonesia Stock Exchange.

Non-Performing Loan and its Impact on Stock Price Index Through Return on Equity in the Banking Industry

This research aims to examine and analyze the influence of non-performing loans on the stock price index through return on equity in the banking industry listed on the Indonesia Stock Exchange. The study employs secondary data from 30 banking industries obtained from ICMD (Indonesia Capital Market Directory) for the period 2016 to 2020, as well as data from the Central Bureau of Statistics, Bank Indonesia, Jakarta Stock Exchange website, and Bank Indonesia. The data is analyzed using path analysis with AMOS version 7 to test the data and analyze the hypotheses. The research findings indicate the following: 1) Non-performing loans have a significant negative influence on return on equity, meaning that lower non-performing loan values in an industry lead to higher profitability levels measured by return on equity; 2) Return on equity has a significant positive influence on the stock price index, explaining that higher profits for banks, as measured by return on equity, correspond to higher stock prices as measured by the stock price index; 3) Non-performing loans have a significant negative influence on the stock price index through return on equity. This suggests that investors are more responsive to changes in non-performing loans rather than waiting for financial performance information, as measured by return on equity, to assess stock price developments.

Insolvency Forecasting using model Altman Z-Score dan Springate Score Analysis

This study aims to determine the level of company bankruptcy by using the Altman Z-Score and Springate Score model analysis on coal mining companies listed on the Indonesia Stock Exchange because Coal Mining Companies have many roles in the Indonesian Economy. The data used in this study is the annual financial report found in the Indonesian Capital Market Directory. The analysis technique used is a discriminant analysis using variables from the Altman Z-Score, which totals four financial ratios, namely Working Capital to Total Assets, Retained Assets to Total Assets, Earning Before Interest and Tax to Total Assets and Total Equity to Total Liabilities. This study also uses variables from the Springate Score: four financial ratios, namely Working Capital to Total Assets, Earning Before Interest and Tax to Total Assets Earning Before Tax to Current Liabilities Sales to Total Assets. The study results show that the financial statements of coal mining companies listed on the Indonesia Stock Exchange can be used to predict and save the company from possible bankruptcy with the Altman discriminant model and the Springate Score.

Earning Management Analysis: The Role of Firm Size, Leverage, Managerial Ownership and Profitability

Purpose: This study aims to determine the effect of firm size, leverage, managerial ownership, and profitability on earning management in a convenience goods company, PT. Tiga Pilar Sejahtera Food Tbk, wich is listed on the Indonesian stock exchange under the name AISA. Method: Secondary data are collected through the company’s financial statement from 2006 to 2020. The data were collected from the Indonesian Capital Market Directory (ICMD) and the Indonesian stock exchange websites. The quantitative approach was used to analyze the data. Then, the data were regressed by Ordinary Least Square estimation using Eview 12 software. Findings: Results revealed that firm size, managerial ownership, and profitability have no significance influence on earning management. However, leverage partially has a negative and significant effect on the earnings management. Meanwhile, firm size, leverage, managerial ownership, and profitability simultaneously influence earnings management of PT. Tiga Pilar Sejahtera Food Tbk significantly from 2006 to 2020 period. Research limitation: This research only uses some of the determinants of earnings management from many other factors that also have a contribution such as institutional ownership, board of commissioners, auditor reputation, etc. In addition, the use of several research objects in the form of companies engaged in the same business sector is also recommended for further research in order to obtain a more comprehensive and representative view. Practical Implication: This research has implications for the company's management considerations in making decisions to carry out earnings management. This form of intervention is ideal as long as it is carried out in accordance with accounting principles. This must be ensured so that the company's economic picture remains visible and risk management can still be carried out.

The Effect of Profitability, Liquidity, and Leverage on Corporate Values with Corporate Social Responsibility (CSR) as Moderating Variable

The aims of this study were (1) to find out whether profitability has an effect on firm value, (2) to find out whether liquidity has an effect on firm value, (3) to find out whether leverage has an effect on firm value, (4) to find out whether Corporate Social Responsibility (CSR) as a variable moderating profitability, liquidity, and leverage on firm value. This type of research is using descriptive methods and quantitative fund analysis. Documentation data collection methods were obtained from the Indonesian Capital Market Directory (ICMD), the Indonesian Stock Exchange (IDX) website www.idx.co.id. Data analysis techniques use Moderated Regression Analysis (MRA) to determine the relationship between profitability, liquidity, and leverage on firm value with Corporate Social Responsibility (CSR) as a moderating variable.

DETERMINAN PROFITABILITAS DAN IMPLIKASINYA TERHADAP NILAI PERUSAHAAN DENGAN LEVERAGE SEBAGAI VARIABEL INTERVENING

This research was conducted with the aim of knowing the ability of leverage to mediate the implications of profitability on firm value, with sales growth and cash turnover as determinants of profitability. The population in this study are companies from the trade, service and investment sectors in the tourism sub-sector, restaurants and hotels listed on the Indonesia Stock Exchange (IDX) for the period 2016 to 2020 with a total population of 19 companies. The antecedent variable of company growth is proxied by sales growth and the activity ratio is proxied by Cash Turnover, the independent variable of profitability is measured using ROE (Return on Equity), the dependent variable of company value is proxied by PBV (Price Book Value), and the intervening variable Leverage is proxied by DER (Debt to Equity Ratio). This study uses secondary data obtained from ICMD (Indonesian Capital Market Directory) for 2016-2020. Testing was carried out using SPSS. The results showed that sales growth has a positive effect on profitability, cash turnover has a positive effect on profitability, profitability has a positive effect on leverage, leverage has a positive effect on firm value, profitability has a negative effect on firm value, leverage mediates profitability on firm value..

The Effect of Financial Performance on Stock Price with Disclosure of Corporate Social Responsibility as a Moderation in Infrastructure Companies

The aim of this research is to analyze the effect of return on assets and current ratio on stock prices which is moderated by the disclosure of corporate social responsibility. The population in this study are all Infrastructure Sector Companies listed on the Indonesia. Stock Exchange for the 2016 - 2020 period. Sampling in this study used a purpusive sampling method with criteria as (1) Conventional banking companies that are go public and registered with the Financial Services Authority (OJK). for the period 2016 - 2020. The data needed in this study was taken from the Indonesian Capital Market Directory (ICMD) 2016-2020. The data collection method used in this study is the documentation method. The statistical test was carried out using the t test and multiple linear regression analysis, previously the classical assumption test was carried out. The results of this study indicate that: the current ratio and disclosure of corporate social responsibility have a positive effect on stock prices, while the current ratio has no effect on stock prices. disclosure of corporate social responsibility is not able to moderate the return on assets but is able to strengthen the effect of return on assets on stock prices.

Pengaruh Kinerja Keuangan terhadap Price Book Value disaat Pandemi Covid-19 pada Bank Umum di Indonesia

At the beginning of 2020 economic development in Indonesia experienced a slowdown due to the Covid-19 pandemic which had an unfavorable impact on service and goods companies, namely by limiting operational performance which greatly affected the decrease in income earned, especially service companies such as bank companies. The purpose of this study was to examine the condition of the capital adequacy ratio, return on assets, and net interest margin at banks in Indonesia during the Covid-19 pandemic. The research sample consists of fifteen banks, which use a saturated sampling approach, namely banks listed on the Indonesian stock exchange and the data used is secondary data obtained from annual reports and the Indonesia Capital Market Directory (ICMD) on audited banks from 2020 until 2021 which can be accessed on the IDX website. This study uses multiple regression analysis to test three financial ratios, namely capital adequacy ratio (CAR), return on assets (ROA), and net interest margin (NIM) to Price Book Value (PBV). The findings of this study reveal that the capital adequacy ratio (CAR), return on assets (ROA), and net interest margin (NIM) have a significant positive effect on Price Book Value (PBV) during the COVID-19 pandemic

EFEK DETERMINASI UKURAN PERUSAHAAN DAN LEVERAGE TERHADAP NILAI PERUSAHAAN PROPERTY DAN REAL ESTATE

The company's profitability is not only a major factor in the creation of firm value, several previous researchers have explored the determinants of firm value creation. This statement becomes an argument so that this study re-examines the contribution of firm size and leverage to the firm's value of property and real estate. The selection of issuers relies on the criteria sampling technique by utilizing financial reports obtained from the Indonesian capital market directory for the 2017-2019 period, there are thirteen issuers' financial reports that cannot be used from forty-two issuers, that meet the criteria so that only eighty-seven units of analysis are left. data. The results of the analysis of variance show that a large company size cannot make a meaningful contribution to increasing firm value. This condition is different from leverage, in that high leverage is proven to be able to make a significant contribution in increasing firm value.

Factors influencing the carbon emissions disclosure in basic and chemical industrial companies listed on the IDX in 2016-2019

This study aims to determine the factors influencing carbon emissions disclosure in basic and chemical industrial companies listed on the IDX in 2016-2019. The research approach used in this study is a quantitative approach of the Explanatory Research type to explain the relationship between the independent and dependent variables through hypothesis testing. The sample selection was used using a purposive sampling method with the following criteria. Data in the form of financial reports and company annual reports were obtained from the website of the Indonesia Stock Exchange ICMD (Indonesian Capital Market Directory), and www.finance.yahoo.com. The data used in this study are time series and cross-section data. Based on the research that has been done, it can be concluded that the Good Corporate Governance variable has a positive and significant effect on Carbon Emissions Disclosure; Managerial Ownership Variables have a negative and significant effect on Carbon Emissions Disclosures; firm Value Variables do not affect Carbon Emissions Disclosures, Leverage Variables do not affect Carbon Emissions Disclosures, Company Size Variables have a positive and significant effect on Carbon Emissions Disclosures, Good Corporate Governance Variables, Managerial Ownership, Firm Value, Leverage and Firm Size jointly influence Carbon Emissions Disclosure. The results of this study can provide information for regulators, company management, investors, creditors, and other interested parties to understand the importance of the supervisory function in a company.

Pengaruh Return on Assets, Leverage dan Firm Size terhadap Tax Avoidance pada Perusahaan Sektor Energi yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2021

Abstract: Purpose: This research aims to determine the effect of the (1) return on assets, (2) leverage and (3) firm size partially on tax avoidance in energy sector companies listed on Indonesian stock exchange for the period 2016-2021. In addition, this research also aims to determine the effect of (4) return on assets, leverage, and firm size simultaneously on tax avoidance in energy sector companies listed on the Indonesian stock exchange for the perioed 2016-2021. Methodology: This research is ex post facto. The population of this research are energy sector companies listed on Indonesian stock exchange for the period 2016-2021. The sampling technique used was purposive sampling method , which is the data were selected based on certain criteria. Based on predetemined criteria, total sample 15 companies was obtained. The type of the data used is secondary data obtained from the Indonesian capital market directory. Classical assumption test involved normality test, multicolinearity test, heteroscedasticity test and autocorrelation test. The data analysis used were double linear regression aanalysis, t test partial and f test simultan. Results: The result of this study indicate that (1) Return on assets has a negative and sifnificant effect on tax avoidance. This is indicated by the tcount -3.038 and the significance value 0.003 < 0.05, which means that the return on assets has a sinificant negative effect on tax avoidance. (2) Leverage was projected with Debt to equity ratio has not a significant negative effect on tax avoidance. This is indicated by the tcount -0.685 and the significance value 0.495 > 0.05, which means that the debt to equity ratio has not a sinificant negative effect on tax avoidance. (3) Firm Size has not a significant positive effect on tax avoidance. This is indicated by the tcount 1.407 and the significance value 0.163 > 0.05, which means that firm size has not a significant positive effect on tax avoidance. (4) Return on assets, leverage and firm size simultaneously effect on tax avoidance. This is indicated by the significance of 0.13 < 0.05. Keywords: 1. Return on Assets 2. Leverage 3. Debt to Equity Ratio 4. Firm Size 5. Tax Avoidance

Pengaruh Inflasi, Suku Bunga, dan Nilai Tukar Rupiah terhadap Return Saham pada Perusahaan Perbankan yang Terdaftar Di Bursa Efek Indonesia (2018-2020)

The purpose of this study is to analyze the effect of inflation, interest rates and exchange rates on stock returns in banking companies listed on the IDX for the period (2018-2020). The method used in this study is multiple regression analysis, which is an analysis used to determine the influence of each independent variable on the dependent variable. With the aim of getting a comprehensive picture of the effect of inflation, interest rates and exchange rates on stock returns. The population in this study was banking companies listed on the Indonesia Stock Exchange in the research period 2018 – 2020.The samples in this study were taken using purposive sampling techniques and the data used were secondary data in the form of financial statements for the period 2018 - 2020 published on the Indonesia Stock Exchange, Indonesian Capital Market Directory (ICMD) and Indonesian stock exchange (idx). The results of this study are inflation has a positive andsignificant effect on stock returns, interest rates have a negative and significant effect on stock returns and exchange rates have a positive and significant effect on stock returns in banking companies listed on the IDX for the 2018-2020 period.

Analisis Pengaruh Ukuran Perusahaan, Pertumbuhan Aset, dan Profitabilitas terhadap Struktur Modal Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021

This study aims to analyze the effect of firm size, asset growth, and profitability on the capital structure of manufacturing companies listed on the Indonesia Stock Exchange for the period 2019 – 2021. The research method used is a quantitative method. The type of data used in this research is secondary data or indirect data. Data sources were obtained from the Indonesian Capital Market Directory (ICMD) for 2019-2021 and through the www.idx.co.id website which lists the company's financial statements. This study uses secondary data in the form of published financial statements of manufacturing companies for 2019 - 2021. The data was obtained from the Indonesia Stock Exchange. In this study, the data analysis used is quantitative analysis, which is a form of data analysis in the form of numbers and by using statistical calculations to analyze hypotheses. The results show that company size has no significant effect on the capital structure of manufacturing companies listed on the IDX in 2019-2021. Asset growth has a significant positive effect on the capital structure of Manufacturing Companies listed on the IDX in 2019-2021. Profitability has a significant positive effect on the capital structure of Manufacturing Companies listed on the IDX in 2019-2021. Company size, asset growth, and profitability simultaneously have a significant effect on the capital structure of Manufacturing Companies listed on the Indonesia Stock Exchange for the period 2019-2021.

Analisis Dampak DER, ITO, dan Curent Ratio terhadap Return Saham dengan Variabel ROA sebagai Variabel Intervening

This study aims to determine the impact of Debt To Equity Ratio (Der), Inventory Turn Over (Ito), and Current Ratio to Stock Returns with Return On Asset (ROA) s (Roa) as Intervening Variables. Population and Sample The population in this study are all food and beverage companies listed on the Indonesia Stock Exchange for the 2016-2020 period according to the classification of the Indonesia Capital Market Directory. The sampling method used is non-probability sampling with purposive sampling technique. Methods of data collection in this study using the method of study documentation and literature study of companies that will be used as samples are 14 food and beverage companies. In order to perform the inferential analysis of this research, the analytical tool used is Patial Least Square (PLS), which is SEM based on variance, with SmartPLS software. Based on the results of data analysis shows that: The results of the hypothesis H1 indicate that the Debt To Equity Ratio (DER), (X1) has a negative effect on stock returns. H2 shows that the inventory turnover (ITO) (X2) has a positive effect on stock returns. The results of the hypothesis H3 show that the current ratio (CR) (X3) has a negative effect on stock returns. The results of the hypothesis H4 show that the Debt To Equity Ratio (DER) (X4) has a negative effect on Return On Asset (ROA) s ROA (z) . The results of the hypothesis H5 show that the inventory turnover (ITO) (X5) has a negative effect on Return On Asset (ROA) s ROA (z). The results of the hypothesis H6 indicate that the current ratio (X6) has a negative effect on Return On Asset (ROA) s ROA (z). The results of the hypothesis H7 show that the Return On Asset (ROA) s (X7) has a negative effect on stock returns (Y) . The value of the P-Value obtained is 0.679 which is greater than 0.05. Based on the mediation analysis, it is stated that the moderating variable (Return On Asset (ROA) s) does not significantly reduce the effect of the Debt To Equity Ratio (der) on stock returns. And the moderating variable (Return On Asset (ROA) s) does not significantly have a decreasing effect between inventory turnover and stock returns. And the moderating variable (Return On Asset (ROA) s) does not significantly have a decreasing effect between the current ratio (CR) on stock returns.
 Keywords: Debt To Equity Ratio (Der), Inventory Turn Over (Ito),Dan Curent Ratio Return Saham Return On Asset (ROA) (Roa)

The Effect of Financial Performance on Stock Prices of Food and Beverage Sector Companies

The purpose of this study was to determine the effect of liquidity, total asset turnover and firm size on stock prices. Secondary data collected by sample from food and beverage sector companies listed on the Indonesian stock exchange for the period 2017 – 2020. Sampling in this study using the purposive sampling method with the criteria as (1) listed on the Indonesia Stock Exchange in 2017 - 2020. (The data needed in this study taken from the Indonesian Capital Market Directory (ICMD) 2017-2020. Statistical tests carried out by t-test and linear regression analysis Before this test, the classical assumption test was carried out.The results of the study showed that firm size had a positive effect on stock prices, while liquidity and total asset turnover had no effect on stock prices.