Manufacturing Subsectors Research Articles

ANALISIS ALTMAN Z-SCORE UNTUK MENILAI TINGKAT KESEHATAN KEUANGAN PERUSAHAAN MANUFAKTUR SUB SEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2017-2020

This study aims to analyze the Altman Z-Score to assess the level of financial soundness of manufacturing companies in the pharmaceutical sub-sector. This research uses descriptive quantitative method. The type of data applied is quantitative data. Quantitative data in the form of business entity financial data obtained from annual financial reports that have been audited and published in pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2017 to 2020. Based on the results of the analysis, it can be seen that in 2017 and In 2018, there were five pharmaceutical companies that were in the healthy category and prone to bankruptcy. In the healthy category, namely PT Kalbe Farma Tbk, PT Industri Jamu and Pharmacy Sido Muncul Tbk, PT Tempo Scan Pacific Tbk, PT Darya-Varia Laboratoria Tbk, and PT Merck Tbk. Furthermore, there are four pharmaceutical companies that are in the category of prone to bankruptcy, namely, PT Kimia Farma Tbk, PT Indofarma Tbk, PT Phapros Tbk, and PT Pyridam Farma Tbk. Then for the category of bankrupt pharmaceutical companies in 2017 no one was in the bankruptcy zone. In 2019 there were two pharmaceutical companies that experienced a decline, namely, PT Kimia Farma Tbk which was previously in the bankruptcy prone category to be in the bankrupt category. And also happened to PT Merck Tbk, which was previously in the healthy category to be in the category of prone to bankruptcy. So that in 2019 there were pharmaceutical companies in the healthy category, four pharmaceutical companies in the bankrupt category, and one pharmaceutical company in the bankrupt category. In 2020 there were two pharmaceutical companies that experienced another decline, namely PT Darya-Varia Laboratoria Tbk which was previously in the healthy category into a bankruptcy-prone category, and PT Phapros Tbk which previously was in the bankruptcy-prone category into a bankrupt category. PT Kimia Farma Tbk remains in the bankrupt category. Meanwhile, PT Pyridam Farma Tbk experienced an increase from previously being in the category of prone to bankruptcy to being in the healthy category. So that in 2020 there are four pharmaceutical companies in the healthy category, three pharmaceutical companies in the bankruptcy prone category, two pharmaceutical companies in the bankrupt category.

PENGARUH RETURN ON EQUITY TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL MODERATING PADA PERUSAHAAN MANUFAKTUR SUBSEKTOR FARMASI PERIODE 2016-2020

The manufacturing industry is an industry that excels compared to other sectors, despite the pressure from the coronavirus outbreak. conventional medicine, pharmacy with a growth percentage of 5.59 percent. This study has the aim of understanding the partial relationship of X with Y and Z moderating X against Y in the Pharmacy sub-sector manufacturing industry listed on the Indonesia Stock Exchange (IDX) for the 2016-2020 period. The research method used is descriptive quantitative, and the population used is the entire manufacturing industry focused on the pharmaceutical sub-sector with a total of 10 companies and a sample of 7 companies, the observation period is 2016-2020. The results showed that the tcount of the Return On Equity (ROE) variable on Firm Value (X versus Y) using SPSS showed tcount > ttable (5.278 > 2.035) and showed sig results of (0.000 < 0.05). And Corporate Social Responsibility (CSR) which is used for the moderating variable, the results of the MRA test are obtained showing the results of sig 0.011

The Influence of ROE, Intelectual Capital, Leverage, ROA, Liquidity, Dividend Policy on Financial Performance in the Food and Beverage Sub Sector Manufacturing Companies on IDX For The 2018 – 2020 Period

This study aims to examine whether ROE, intellectual capital, leverage, ROA, liquidity, dividend policy have an effect on financial performance. This research was conducted on food and beverage sub-sector manufacturing companies for the period 2018–2020 with a research population of 26 (twenty six) companies listed on the Indonesia Stock Exchange. The sampling technique used here is a saturated sampling technique, namely the technique of determining the sample and then obtaining a sample of 23 (twenty three) companies. The data used are the financial statements of each sample company published through www.Idx.co.id. The research method used is descriptive method and multiple linear regression analysis method. The dependent variable is dividend policy, while the independent variable is ROE, intellectual capital, leverage, ROA, liquidity, dividend policy. The results show that partially ROE, Intellectual Capital, Leverage, ROA, Liquidity and Dividend Policy have a significant effect on the financial performance of the food and beverage subsector manufacturing companies listed on the Indonesia Stock Exchange (IDX 2018-2020).

Modeling Industrial Energy Demand in Relation to Subsector Manufacturing Output and Climate Change: Artificial Neural Network Insights

The study aims to adopt an artificial neural network (ANN) for modeling industrial energy demand in Taiwan related to the subsector manufacturing output and climate change. This is the first study to use the ANN technique to measure the industrial energy demand–manufacturing output–climate change nexus. The ANN model adopted in this study is a multilayer perceptron (MLP) with a feedforward backpropagation neural network. This study compares the outcomes of three ANN activation functions with multiple linear regression (MLR). According to the estimation results, ANN with a hidden layer and hyperbolic tangent activation function outperforms other techniques and has statistical solid performance values. The estimation results indicate that industrial electricity demand in Taiwan is price inelastic or has a negative value of −0.17 to −0.23, with climate change positively influencing energy demand. The relationship between manufacturing output and energy consumption is relatively diverse at the disaggregated level.

Pengaruh EPS dan NPM terhadap Harga Saham

This study aims to determine the effect of Earning Per Share (EPS) and Net Profit Margin (NPM) partially or simultaneously on Stock Prices in Pulp and Paper Sub-Sector Manufacturing Companies listed on the Indonesia Stock Exchange for the 2015-2018 period. The research method used is descriptive verification with data analysis using Multiple Linear Regression analysis. The technique used to determine the sample in this study is purposive sampling and obtained 7 companies for 3 years of research. The results showed that the coefficient of determination (R2) was 0.553 or 55.3%. The value of Fcount > Ftable, which is Fcount of 16.572. In conclusion, partially or simultaneously EPS and NPM affect stock prices.
 Keywords: Earning Per Share (EPS), Share Price, Net Profit Margin (NPM)

Labor Productivity Growth and Industrialization in Africa

Manufacturing has made an important contribution to raising living standards in many parts of the world. Concerns about premature deindustrialization have made some observers skeptical about the potential for manufacturing to play this role in Africa. But employment in African manufacturing has grown rapidly over the past 20 years. These employment gains have been accompanied by: (i) large increases in the number of small manufacturing firms; (ii) limited employment gains in large firms; and (iii) robust labor productivity growth in Africa’s large firms. Limited employment growth in Africa’s large manufacturing firms is partly a result of the capital intensity of the manufacturing subsectors in which African countries are most engaged—the processing of resources—and partly a result of rising capital intensity in manufacturing. The potential for manufacturing to raise living standards in Africa depends on indirect job creation by large firms through backward and forward linkages and increasing labor productivity in small firms.

Convergence of energy carbon emission efficiency: evidence from manufacturing sub-sectors in China.

With China's economy entering the stage of high-quality development, manufacturing energy carbon emission efficiency has become the focus of academic attention. It is of great significance to study the convergence of manufacturing energy carbon emission efficiency for realizing high-quality development of manufacturing in China. Based on the panel data of China's manufacturing sub-sectors, this paper measures and analyzes the evolution trend of manufacturing energy carbon emission and its efficiency. On this basis, this paper uses the coefficient of variation and convergence model to test the convergence of manufacturing energy carbon emission efficiency. The results show that China's manufacturing energy carbon emissions and its efficiency demonstrate an increasing trend. Coal was the main source of manufacturing energy carbon emissions. The manufacturing energy carbon emission efficiency does not have σ convergence, but has [Formula: see text] convergence, and its convergence has industry heterogeneity. The manufacturing energy carbon emission efficiency exits scale effect and technology effect, but not the effect of opening to the outside world and institutional effect, and its effect exists industry heterogeneity. By reducing carbon emissions, adopting differentiated policies, adjusting the industry scale, and enhancing the industry technology intensity, China's manufacturing can improve the energy carbon emission efficiency and promote high-quality economic development.

The Political Economy of Industrialization in Sub-Saharan Africa: Evaluating the Role of Institutions

Sub-Saharan Africa has recently witnessed rising growth rates, but the continent is still largely not industrialised. Mainstream empirical diagnosis has identified the paucity of physical and human capital as the main culprit. However, with the increasing inflow of capital into the continent, such arguments have become hackneyed. A possible culprit identified in the evolving development literature is the quality of institutions. How much has the quality of institutions, structured largely by the prevailing political economy of individual states, influenced Africa’s industrial performance? This study deploys descriptive and analytical methodologies to proffer answers to these questions. The estimates obtained from the Pool Mean Group Panel Autoregressive Distributed Lag (PMG-ARDL) as well as the Augmented Mean Group (AMG) panel estimators point strongly to the fact that institutions are bane of industrialization in Sub-Saharan Africa (SSA). Specifically, we find evidence that in the long run, regulatory quality, rule of law and control of corruption all impact the manufacturing subsector negatively and significantly. The panacea is not only within the matrix of optimal resource allocation, but must integrate the entire political and sociological process, involving governments at all levels, non-governmental organisations (NGOs) and faith-based groups.

Pengaruh Leverage, Profitabilitas, Size, Nilai Saham, Cash Holding, dan Bonus Plan terhadap Perataan Laba

Income smoothing is one way that companies do to manipulate data. Income smoothing often occurs in companies that experience losses and report profits for the next period, so that profits will look stable for the following period and the previous period, for example in a manufacturing company in the consumer goods industry sub-sector. Internal and external parties will pay attention to several factors that affect income smoothing within the company. This study aims to analyze and examine the effect of leverage, profitability, firm size, cash holding, and bonus plan on income smoothing. The population used in this study is the consumer goods industrial sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) in the last five years, namely 2016-2020 with a final sample of 142. The sampling method used in this study was using atechnique. Purposive sampling. The data analysis technique uses multiple regression analysis using the SPSS 26 program. The results of this study partially explain that leverage , profitability, company size, cash holding, and bonus plans affect income smoothing, while simultaneously forvariables leverage have no effect on income smoothing., the size of the company has no effect on income smoothing, and the bonus plan has no effect on income smoothing, while the profitability variable has a positive effect and cash holding has a positive effect on income smoothing.

PENGARUH RETURN ON EQUITY (ROE) DAN EARNING PER SHARE (EPS) TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2015-2019

This study aims to determine partially and simultaneously the effect of Return On Equity (ROE) and Earning Per Share (EPS) on stock prices. The research method used is a quantitative research method, where the data used is in the form of secondary data. The population in this study is the food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019, totaling 30 companies. The number of samples used as many as 20 companies with purposive sampling technique. The data analysis technique used in this research is multiple regression analysis using panel data method. The results of the study partially show that Return On Equity (ROE) has no effect on stock prices in food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019 and Net Profit Margin (NPM) affects stock prices in sub-sector manufacturing companies. sector. food and beverage sector listed on the Indonesia Stock Exchange in 2015-2019. Meanwhile, it simultaneously shows that Return On Equity (ROE) and Earning Per Share (EPS) together have an effect on stock prices in food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019. Keywords: Return On Equity (ROE), Earning Per Share (EPS) and Stock Price

Pengaruh Return On Assets (ROA), Leverage Dan Ukuran Perusahaan Terhadap Tax Avoidance

This study aims to see the effect of Return On Assets (ROA), Leverage, and Company Size on Tax Avoidance in automative sub-sector manufacturing companies listed on the Indonesia Stock Exchange from 2012-2018. The population in this study uses 15 sub-manufacturing companies. Automotive sector listed on the Indonesia Stock Exchange. The sample selection technique used in this research is purposive sampling method, and obtained 8 sub-automotive manufacturing companies that meet the requirements as the research sample. The data analysis technique used in this study is multiple linear regression analysis. The results of this study indicate that of the 3 variables tested, 2 were proven to effect tax avoidance, namely the variable ROA, company size. Meanwhile the leverage variable has no effect on tax avoidance.
 
 Keywords: Tax Avoidance, Return on Assets, Leverage, Company Size.

PENGARUH PROFITABILITAS, LEVERAGE DAN KEBIJAKAN DIVIDEN TERHADAP KEPUTUSAN INVESTASI Studi Empiris pada Perusahaan Manufaktur Sub Sektor Farmasi yang Terdaftar Di Bursa Efek Indonesia periode 2015-2019.

This research aims to explore the impact of profitability, leverage, and dividend policy on investment decisions. This research was conducted on pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange during 2015-2019. The number of samples used in this study is as many as 6 companies with purposive sampling method. The data analysis technique used is multiple linear regression analysis. The results of this study show that profitability variables have no effect on investment decisions, leverage variables positively affect investment decisions, and dividend policy variables have no effect on investment decisions

Effect of Financial Distress, Debt Default, Audit Delay and Leverage on Going Concern Audit Opinions on Textile and Garment Subsector Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2017-2019 Period

This study examines effect of financial distress, debt default, audit delay and leverage on going concern audit opinions on Textile and Garment Subsector Manufacturing Companies listed on the Indonesia Stock Exchange for the 2017-2019 period. This research uses descriptive quantitative research. The sample of this research is 51 samples. Data processing using logistic regression analysis. The results of the research show that financial distress, debt default, audit delay and leverage have no effect on going concern audit opinions on Textile and Garment Subsector Manufacturing Companies listed on the Indonesia Stock Exchange for the 2017-2019 period. Keywords: Financial Distress, Debt Default, Audit Delay, Leverage, Going Concern Audit Opinions.

Infrastructure-Structural Transformation Nexus in Africa: The Role of Financial Sector Development

Abstract This study investigates the link between infrastructure and structural transformation in Africa as well as the mediating role of financial development on the nexus. We employ data from 24 African countries for the period 2003 to 2019 and adopt the system Generalized Method of Moments (sGMM) estimation technique. Our empirical results suggest that infrastructure and financial development foster structural transformation. However, our results show varying effects of ICT, electricity, and transport on sectoral value-added. Specifically, ICT infrastructure spurs the agricultural and manufacturing sectors value-added, electricity infrastructure aids all sectoral value-added, and transport infrastructure is important to the development of the manufacturing and services subsectors. Also, the agricultural and manufacturing sectors benefit more than the services sectors from financial-sector development. Overall, we find that infrastructure stimulates structural transformation. The net effect of the interaction of financial development and infrastructure on structural transformation appears to be zero, suggesting that financial development does not augment the nexus between infrastructure and structural transformation in Africa.

SME business performance: an analysis of economic activities by sectors and subsectors in Guanajuato, Mexico

This article identifies the factors that influence business performance (BP) in the construction, trade, and services sectors, as well as sub-sectors and branches of the manufacturing sector of small and mid-size enterprises (SME) in the state of Guanajuato, Mexico. A quantitative, descriptive, and correlational statistical analysis was performed on a sample of 460 enterprises, estimating a linear regression model using the ordinary least squares (OLS) method. Empirical evidence reveals that the construction, trade, and services sectors agree that profitability, efficient internal processes, and low labor absenteeism are those factors that mostly influence BP. On the other hand, in sub-sectors of low-technology manufacturing (minerals, metals, plastic and rubber; textile; and leather and substitute materials), the quality of product is the factor viewed as the most relevant to explain BP in Mexican SME.

Looking Back, Looking Forward: What to do with Philippine Agriculture

Compared with our ASEAN neighbors against whom we usually benchmark ourselves, the Philippines is making the least progress in providing a better life for its people. While they have significantly brought their poverty rates down, poverty among Filipinos has persisted at a painfully embarrassing rate of 26%, most of that poverty is found in the countryside, among farmers and fisherfolk. The 1.7% rate of growth of agriculture, which does not even match our population growth during the last five years (2011-2015), is symptomatic of this malaise, yet the ingredients to make agriculture move forward and be more productive, competitive, sustainable, and economically rewarding to our millions of small farmers and fisherfolk are largely in place. Our moderate tropical environment and rainfall with irrigation make year-round growing possible. Our vast and carefully-managed fisheries resources should provide a sustainable supply of affordable and quality animal proteins in our diets. We have a fairly educated workforce and a modest but working higher education and scientific research infrastructure in agriculture. We have an established and increasingly competitive food and beverage manufacturing subsector. Progressive legislations are in place with the Agriculture and Fisheries Modernization Act (AFMA) of 1997 and the Fisheries Code of 1998, and a palpable improving political will to support agriculture is established, as manifested by the expanding congressional appropriations for the Department of Agriculture (DA). What should we do with agriculture in 2016 and beyond to move it forward? Beyond generalities, what do we specifically want to see done by the government and those with a stake in agriculture to help farmers and fisherfolk attain a better standard of living for themselves, for all of us, now and in the future? There is no single magic bullet that will cure all the ills of Philippine agriculture. We need to come together, marshal, and direct our resources along four major platforms of reform, namely (a) reform the bureaucracy of the Department of Agriculture; (b) meaningful participation of stakeholders in the governance of agriculture; (c) continuing investments in rural institutions and infrastructure; and (d) closure on a few important but contentious issues such as a rice-centric agriculture.

ANALISIS CONTAGION EFFECT PANDEMI COVID – 19 TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR OTOMOTIF DAN KOMPONEN YANG LISTED DI BURSA EFEK INDONESIA

This study has the objective of investigating the changes in the Contagion Effect on stock prices before and after the Covid-19 pandemic in manufacturing companies recorded on the Indonesia Stock Exchange. The object of the study includes 10 companies in the automotive and component sub-sector manufacturing companies. This research is classified as descriptive according to quantitative data. In addition, external data was used, and secondary data was employed as the data source. Moreover, library research, field research, and also internet research were used as the techniques of data collection. Then, the technique of analyzing the data implemented descriptive statistical analysis along with associative analysis. According to the research results, significant difference could not be seen in share prices both, before or after the declaration of the earliest Covid-19 case in Indonesia in Automotive and Component Sub Sector Manufacturing companies recorded on the Indonesia Stock Exchange.

PROFITABILITY AND ITS EFFECT ON STOCK PRICE SIZE OF PHARMACEUTICAL COMPANIES IN THE PERIOD 2014-2019 BEI

This study aims to analyze the effect of Profitability (ROA) and Company Size on the Stock Prices of pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange in 2014-2019. The sample in this study were 8 pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange in 2014-2019. This research uses purposive sampling method. The statistical methods used are the classical assumption test, multiple linear regression analysis, descriptive analysis, verification analysis and hypothesis testing. Partial testing (t-test) shows that profitability has a significant effect on stock prices. This can be proved by the results of t test of 3.428 t table 2.012 and a significance value of 0.001 alpha 0.05. While partially (t-test) shows that the size of the company does not have a significant effect on stock prices. This is evidenced by the results of the t test of -count -1.427 table 2.012 and a significance value of 0.160 alpha (0.05). In simultaneous testing (F test), profitability and company size have a significant influence on stock prices with F test results of Fcount 6.375 Ftable 3.20 and a significance value of 0.004 alpha 0.05. So this research proves that profitability affects stock prices and company size is proven to have no effect on stock prices

Assessing the Impacts of COVID-19 on the Industrial Sectors and Economy of China.

Since December 2019, the COVID‐19 epidemic has been spreading continuously in China and many countries in the world, causing widespread concern among the whole society. To cope with the epidemic disaster, most provinces and cities in China have adopted prevention and control measures such as home isolation, blocking transportation, and extending the Spring Festival holiday, which has caused a serious impact on China's output of various sectors, international trade, and labor employment, ultimately generating great losses to the Chinese economic system in 2020. But how big is the loss? How can we assess this for a country? At present, there are few analyses based on quantitative models to answer these important questions. In the following, we describe a quantitative‐based approach of assessing the potential impact of the COVID‐19 epidemic on the economic system and the sectors taking China as the base case. The proposed approach can provide timely data and quantitative tools to support the complex decision‐making process that government agencies (and the private sector) need to manage to respond to this tragic epidemic and maintain stable economic development. Based on the available data, this article proposes a hypothetical scenario and then adopts the Computable General Equilibrium (CGE) model to calculate the comprehensive economic losses of the epidemic from the aspects of the direct shock on the output of seriously affected sectors, international trade, and labor force. The empirical results show that assuming a GDP growth rate of 4–8% in the absence of COVID‐19, GDP growth in 2020 would be ‐8.77 to ‐12.77% after the COVID‐19. Companies and activities associated with transportation and service sectors are among the most impacted, and companies and supply chains related to the manufacturing subsector lead the economic losses. Finally, according to the calculation results, the corresponding countermeasures and suggestions are put forward: disaster recovery for key sectors such as the labor force, transportation sector, and service sectors should be enhanced; disaster emergency rescue work in highly sensitive sectors should be carried out; in the long run, precise measures to strengthen the refined management of disaster risk with big data resources and means should be taken.

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.