Waskita Karya Research Articles

The Influence of Liquidity, Leverage, Profitability, and Operating Cash Flow on the Possibility of Financial Distress of PT. Waskita Karya (Persero) Tbk for the Period of 2014 – 2023

This study aims to analyze the influence of liquidity, leverage, profitability, and operating cash flow on the possibility of financial distress at PT Waskita Karya (Persero) Tbk during the period of 2014-2023. Using multiple linear regression methods, this research processes financial data obtained from annual financial statements. The analysis results indicate that liquidity and leverage have a significant negative effect on the likelihood of financial distress, while profitability shows a significant positive effect. Operating cash flow does not demonstrate significant influence within this model. The research model has a fairly good explanatory capacity, with an adjusted R-squared of 63.73%. These findings suggest that effective working capital management and strategic use of debt can reduce the risk of financial distress; however, aggressive growth strategies reflected in high profitability increase that risk. This research provides insights into the financial dynamics within Indonesia's construction industry and can assist in formulating more effective risk management strategies.

Organizational Citizenship Behavior as a Mediator of the Effect of Organizational Commitment and Job Satisfaction on Performance

This study aims to test and analyze the effects of: 1) organizational commitment to organizational citizenship behavior, 2) job satisfaction to organizational citizenship behavior, 3) organizational commitment to performance, 4) job satisfaction affects performance, 5) organizational citizenship behavior to performance, 6) organizational commitment to performance through organizational citizenship behavior, 7) job satisfaction to performance through organizational citizenship behavior. This research was conducted at PT. Waskita Karya Jakarta Building Division in April-June 2024, carried out at PT. Waskita Karya (Perseo) Building Division in May-June 2024. The population is 456 employees, then sampled with the Slovin formula and with proportional random sampling of each department a sample of 213 employees was obtained. Primary data related to the research variables were obtained by questionnaires given via google form. Once the data is collected, it is analyzed with Smart Partial Lease Square (SPLS). However, previously a validity and reliability test was carried out. The hypothesis was tested by a t-test with a 5% alpa. The results prove that: 1) organizational commitment has an effect on organizational behavior citizenship. 2) job satisfaction affects organizational behavior citizenship, 3) organizational commitment affects employee performance. 4) Job satisfaction affects performance, 5) Organizational behavior citizenship affects employee performance. 6) Organizational citizenship behavior is able to increase/mediate the influence of organizational commitment on employee performance. 7) Organizational citizenship behavior is able to increase/mediate the influence of job satisfaction on employee performance.

Analisis Penggunaan Model Zmijewski (X-Score) dan Altman (Z-Score) untuk Memprediksi Potensi Kebangkrutan pada PT Waskita Karya Persero Tbk

This study aims to predict the potential bankruptcy of PT Waskita Karya Persero Tbk. Quantitative descriptive research type. The population used is the financial statements of PT Waskita Karya Persero Tbk with a sample of financial position reports and income statements from 2018-2023. Research data collection was carried out using documentation and literature studies. The analysis technique is the Zmijewski model (X-Score) with the three ratios, namely return on assets, debt ratio, current ratio and Altman model (Z-Score) with four ratios, namely the ratio of working capital to total assets, retained earnings to total assets, earning before interest and taxes to taotal assets, book value of equity to book value of debt. The research results of the Zmijewski model (X-Score) show that PT Waskita Karya Persero Tbk in 2018 is predicted to be a healthy company because the X-Score value is below the value of 0, in 2019-2023 it is predicted that the company has the potential fo bankruptcy because the X-Score value is above the value of 0. Meanwhile the Altman (X-Score) model shows that PT Waskita Karya Persero Tbk in 2018 is in gray zone because the Z-Score value is between 1.1 and 2.60, in 2019-2023 it is ini the danger zone because the Z-Score value is below the value of 1.1.

The Effect of Increasing Government Infrastructure Projects on the Financial Stability and Bankruptcy Risk of PT Waskita Karya (Persero) TBK

The Effect of Increasing Government Infrastructure Projects on the Financial Stability and Bankruptcy Risk of PT Waskita Karya (Persero) TBK

Influence of Capital Structure and Profitability on The Company Value of PT. Waskita Karya (Persero), TBK (Period 2016 To 2020)

This study focuses on the specific time period of 2016-2020 and aims to ascertain and examine the impact of capital structure and profitability on the valuation of manufacturing companies listed on the Indonesia Stock Exchange. The independent variable X1 represents the capital structure, precisely measured by the debt-equity ratio (DER). The independent variable is the company PT. Waskita Karya (Persero), Tbk, a prominent manufacturing company, throughout the period of 2016-2020. The study population consisted of 12 years' worth of financial reports from PT Waskita Karya (Persero), Tbk, encompassing quarters 1-4. This totaled 48 financial reports. The sample for analysis was selected using the time series approach, resulting in 20 financial reports from 2016 to 2020. The data testing strategy employs several linear regression analysis methods, utilizing an alpha significance level of 5%. The findings of this study demonstrate that the capital structure has a notable adverse impact on the firm's value, reducing it by 22.4%. Conversely, profitability substantially positively influences the company's value, increasing it by 30.8%. Both capital structure and profitability have a 53.2% impact on firm value at the same time.

Implementasi Kebijakan Program Strategis Nasional pada PT. Waskita Karya

This research examines the implementation of PT's National Strategic Program. Waskita Karya specializes in the construction of the Depok-Antasari toll road. The purpose of this research is to find out and analyze how PT. Waskita Karya as the implementing agency for the construction of the Depok-Antasari toll road implements the policy, knows and analyzes the supporting and inhibiting factors for implementing the policy, as well as the efforts made to overcome the factors inhibiting implementation. This research was designed using 4 indicator dimensions, namely: communication, resources, disposition and bureaucratic structure. The method used is qualitative-descriptive which produces descriptive data in the form of speech or writing and behavior that can be observed from people or subjects. The techniques used to collect data are: observation, interviews, documents and audio-visual material by testing the validity of the data through the triangulation method based on sources, methods and theories. The informants in this research are: Secretary to the Minister of State-Owned Enterprises, Independent Commissioner of PT. Waskita Karya, Operational Director of PT. Waskita Karya, as well as Nur Afni and Novis Radhyan as community users of the Depok-Antasari toll road. Based on the results of this research, it can be concluded that the obstacle to implementing the National Strategic Program policy in the construction of the Depok-Antasari toll road is land acquisition, which apart from consuming a lot of budget, also wastes time. The problem of land acquisition specifically occurs because there is a lot of overlapping land ownership in the community, so they have to wait for a court decision to determine who actually owns the land rights. Researchers suggest that time space needs to be given to the Land Registration Agency (BPN) to disseminate information to the public about land ownership simultaneously so as not to waste time in implementing policies.

Financial Distress Assessment Through Altman Z-Score

This research aims to assess the financial distress condition of PT Waskita Karya Tbk (WSKT), a state-owned construction company in Indonesia, from 2017 to 2022 using the Altman Z-Score model. The Altman Z-Score combines financial ratios to predict the likelihood of bankruptcy. Secondary data derived from WSKT’s financial statements were analyzed quantitatively using the Z-Score formula for non-manufacturing firms. The findings indicate that WSKT has experienced significant financial distress. In 2017 and 2022, WSKT was in the Distress Zone with scores of 0.96570 and 0.78271 respectively. The company was also in distress in 2020 with a negative score of -1.12303. For 2018, 2019 and 2021, WSKT was in the Grey Zone with scores of 1.51502, 1.05679 and 1.17451. WSKT did not achieve Safe Zone status during the six years examined. Overall, 66.67% of the period reviewed falls in the Distress Zone, predicting a high bankruptcy risk for WSKT. To address this financial vulnerability, recommendations include conducting operational optimization to enhance efficiency and profitability, diversifying business portfolios to tap into promising segments, and proactively monitoring financial health using analytical models like Altman Z-Score. With disciplined implementation of strategies to rectify distressed ratios, WSKT can achieve financial stability.

Sistem Informasi Pendataan Karyawan Pada PT. Waskita Karya Banda Aceh

The employee information system is a data processing tool developed for PT. Waskita Karya to improve the management and accessibility of employee records. This study addresses employee data management issues at the company and proposes a system design using PHP and MySQL. The objective is to optimize employee data management and streamline processes using a web-based application. Data for the study were gathered through literature review and field observations, including interviews and direct observation of relevant subjects. The system development followed the waterfall methodology, progressing through stages of requirement analysis, system design, implementation, testing, and maintenance. The employee information system is managed by administrative staff and aims to provide a faster, more efficient, and accurate data processing solution. Based on the research, it is concluded that the new system adheres to company procedures and significantly enhances the data management process by utilizing PHP and MySQL.

Evaluasi Efisiensi Air Gedung Perkantoran Pada Musim Kering Pada Perencanaan Bangunan Gedung Hijau

Water is necessary for various human activities. The larger the population, the greater the water consumption. Harnessing rainwater and reusing recycled grey and black water can reduce consumption. Water efficiency needs to be a concern because of the limited availability of water and to maintain limited water availability. Water consumption in buildings for office functions is relatively high. Therefore, office buildings are very important to be designed as environmentally friendly buildings. Water efficiency is a criterion for eco-friendly buildings, more commonly known as green buildings. This research aims to improve water efficiency by utilizing rainwater and recycled water in the Waskita Karya building. The secondary data collection required is at the planning stage. The data collected are water-saving features, rainfall, building area of each floor, site plan, and other relevant data. Water efficiency calculations take into account wet and dry days. On wet days because water comes from rain, and on dry days, the water source is only from PDAM and recycled water. Software issued by the Directorate General of Copyright calculates the water balance. The calculation will result in water savings on dry days. Conventional water consumption amounted to 83,153 lt / day, water source from recycled grey water 29,216 lt / day, black water 14,143 lt / day, efficiency on dry days amounted to 76.8%. This research needs to be implemented so that building owners know their water consumption and can support green building performance and water cost savings.

Analisis Financial Distress pada Perusahaan Konstruksi BUMN Karya

This study aims to measure the performance and financial health of the BUMN Karya Construction Company based on an analysis of financial reports from 2019 to 2022. This research is also intended to determine increases or decreases in financial performance and even financial distress. This study examines financial problems in 5 (five) BUMN Karya companies, including PT. Adhi Karya, PT. Waskita Karya, PT. Wijaya Karya, PT. Pembangunan Perumahan and PT. Hutama Karya. Financial performance measurement analysis based on Financial Ratio Analysis and Discriminant or Financial Distress Prediction Models include the Altman Z-score Model, the Springate Model, the Grover Model and the Zmijewski Model. The research will be measured based on the individual analysis of each company and the comparative analysis of the 5 (five) BUMN Karya. The results of the research based on analysis of financial ratios and 4 (four) financial distress models obtained values of 50% to 100%, so that it can be concluded that 5 (five) BUMN Karya companies are experiencing financial distress or financial difficulties and are on the verge of bankruptcy. While the research results are based on the calculation of financial ratios where the average state-owned company works, the majority of its assets come from debt but still have sufficient cash to pay off its debts. The conclusion from the results of this study can be used as an early warning related to the company's financial condition, so that it can be planned to develop company policies and strategies for better financial performance and avoid financial distress.

A Proposed Acceleration Strategy for Knowledge Management Implementation at PT. Waskita Karya (Persero) Tbk.

This research seeks to investigate the implementation of Knowledge Management (KM) in PT. Waskita Karya (Persero) Tbk. Through digitalization, organizations are attempting to operate effectively and efficiently to enhance their performance on a consistent basis. Moreover, this era of digitalization stimulates the rapid cycle of performance enhancement and innovation. For this acceleration to be successful, the management of knowledge must be optimized. This implies that information must be effectively stored, created, developed, managed, and utilized. One of the activities that can support business objectives and priorities in an organization with an effective knowledge management strategy is the correct application of knowledge.

Analysis of Bank Expenditure System of Subcontractor Payment Using SAP in the Construction of the Section 4A Pasuruan – Probolinggo Toll Road Project

Good accounting system is needed in a company, especially a bank expenditure system. Bank expenditure occurs due to a bill. One of the bills at PT Waskita Karya (Persero) Tbk is the subcontractor bill. This research was conducted to analyze the bank expenditure procedure for subcontractor fees using an SAP-based system. The research method used is descriptive qualitative method because this research describes and analyzes the bank expenditure system of subcontractor fees. This research uses primary data with data collection techniques, namely observation, documentation, and direct interviews with three SAO section employees. The results of this research explain the bank expenditure system in the form of a flow chart that starts from job requests to payments. The system used in this company is already running well and there is already a separation of functions in the finance department so that it has a positive impact on the company, which can facilitate financial management, especially in terms of recording accounts payable and also making it easier to make reports.

The Effects of Using Digitalization, Work Life Balance and Work Engagement on Employee Performance Through Job Satisfaction at PT Waskita Karya Infrastruktur

Employee performance is a key factor in a company's success. This study aims to analyze the factors that affect employee performance in PT Waskita Karya Infrastruktur companies in Jakarta. The quantitative research approach was used with the partial least (SEM-AMOS-22) method to analyze data collected through questionnaire techniques as primary data collection techniques. The sample consists of 128 respondents. The results show that digitalization has a positive and significant influence on employee performance. The application of digital technology in business processes and company operations can increase employee efficiency and productivity as well as accelerate access to the information needed to carry out their duties. Based on the results of the study, it can be concluded that digitalization, work life balance, and work engagement have a positive and significant influence on employee performance through job satisfaction.

Company Stock Valuation Of Pt. Waskita Karya Tbk And The Impact Of Delayed Bonds Payment

The construction industry has demonstrated resilience during the pandemic, becoming a global economic engine. Indonesia's PT Waskita Karya Tbk, a state-owned construction company, reported negative financial performance in its annual report, indicating a decline in revenues. As a public corporation, the company must maintain excellent financial performance and offer opportunities for shareholders. The movement of SOE's Construction shares with the code WSKT has also experienced a downward trend. Based on the dynamics of the business environment, the purpose of this research is to gain a deeper understanding of the Indonesian construction industry to identify Waskita Karya's challenges and opportunities. In addition, the study will determine the company's intrinsic and relative value if it defaults on its debts. The research will compute the company's value using the discounted cash flow (DCF) method and comparable companies. The study analyzes the impact of bond payment delays on Waskita Karya's financial performance, examining how these delays affect cash flow, liquidity, and overall financial health. The study focuses on the company stock valuation of PT. Waskita Karya Tbk and the impact caused by bond payment delays. The findings provide valuable insights for investors, stakeholders, and financial analysts, helping them make informed decisions about their investment in Waskita Karya’s and better understand associated risks and opportunities. In conclusion, using the discounted cash flow analysis method, the implied value per share is IDR 550.22.

Detection of Cash Flow Shenanigans in The Financial Reports of PT Waskita Karya Tbk

To better understand if fraud occurs in the financial reports generated by PT Waskita Karya Tbk in 2020–2022, the research problem is linked to the Cash Flow Shenanigans hypothesis. Positive and negative aspects of the contemporary, still-evolving age exist, such as an increase in dishonesty or fraud. Intentional deception has the dual goals of deceiving others and enhancing one's personal benefit. Financial statements that are false, especially those that mention cash flow, are one of the most typical forms of fraud. The information reviewed in this article suggests that PT Waskita Karya Tbk may be using the company's cash flow to conduct fraud or perpetrate it again. Using the company's cash flow ratio and keywords from the available references, this research approach combines qualitative and quantitative analysis. According to reports, the company transferred monies intended for financing activities to operational funds in the first cash flow scam. Reviewing the study's findings revealed that the company had stolen money. The fourth Cash Flow Shenanigan is an increase in operational cash flow caused by unsustainable operations. Finding out if PT Waskita Karya Tbk has ever engaged in fraud is vital since fraud may hurt all parties, especially investors.

Sistem Informasi Pendataan Karyawan pada PT. Waskita Karya Banda Aceh

Employee Information System is an essential data processing activity at PT. Waskita Karya, aims to increase the directness and accessibility of information about employees. This research focuses on analyzing problems related to employees and data management mechanisms at PT. Waskita Karya, by designing an Employee Data Collection Information System using the PHP and MySQL programming languages. The research objective involves an in-depth understanding of employee problems and data management at PT. Waskita Karya, with results in the form of developing applications supporting the Employee Information System using PHP and MySQL. Data collection methods were carried out through library studies involving literature from library books and other scientific works, and field studies using interviews and direct observation of research objects. The employee data collection process is carried out by an administrative staff member who is assisted by two administrative staff in the employee sector to record and input employee data. The research results show that the Employee Information System at PT. Waskita Karya has been implemented according to procedures using PHP and MySQL-based computer technology as a database. The research results show that the Employee Information System at PT. Waskita Karya Banda Aceh has succeeded in integrating appropriate operational procedures and utilizing computer-based technology with PHP and MySQL programming languages as the database backend.

Profitability Analysis In Measuring Financial Performance at PT. Waskita Karya (Persero) Tbk on Indonesia Stock Exchange

Companies must observe and analyze the company's performance in order to survive, one of which is to conduct a performance analysis from the financial side of the financial statements. This study aims to determine the financial performance of PT. Waskita Karya (Persero) Tbk for six years (2015-2020) based on profitability analysis. This type of research is quantitative descriptive. The population in this study is the financial statement data of PT. Waskita Karya (Persero) Tbk for the period 2015-2020, while the sample in this study is financial statements consisting of balance sheet, income statement, and cash flow statement of PT. Waskita Karya (Persero) Tbk for the period 2015-2020. Data collection techniques are carried out with documentation techniques. The results showed that the ability of PT. Waskita Karya (Persero) Tbk from profitability, namely in obtaining profits, generating profits using total assets, and the ability to generate profits using good equity in four years, namely 2015-2018 but in 2019-2020 it was not good and was unable to maximize returns. Profit and meet the interests of the company and shareholders. Overall, it can be said that the performance of PT. Waskita Karya (Persero) Tbk, was quite good in 2015-2018 and not good in 2019-2020 because its performance was still below industry standards.

ANALISIS FINANCIAL DISTRESS MENGGUNAKAN MODEL ZMIJEWSKI X-SCORE PADA PERUSAHAAN BUMN YANG TERDAFTAR DI BURSA EFEK INDONESIA

This study aims to find out how financial distress is in state-owned companies listed on the Indonesia Stock Exchange using the Zmijewski X-Score model. The research method used is a descriptive research method with qualitative analysis data processing techniques from financial report data. The results showed that there were three state-owned companies experiencing financial distress, namely PT Waskita Karya (Persero) Tbk. in 2019 and 2020, PT Krakatau Steel (Persero) Tbk. in 2018, 2019 and 2020, as well as PT Jasa Marga (Persero) Tbk. in 2020. While the remaining five state-owned companies do not experience financial distress or are in the healthy category, namely PT Perusahaan Gas Negara (Persero) Tbk., PT Kimia Farma (Persero) Tbk., PT Aneka Tambang (Persero) Tbk., PT Semen Baturaja (Persero) Tbk., and PT Telekomunikasi Indonesia (Persero) Tbk. Keywords : Financial Distress, Zmijewski X-Score Model

Comparison of the Financial Performance of SOEs in the Building Construction Sub-Sector Listed on the Indonesia Stock Exchange for the 2020 and 2021 Periods

This study aims to compare the financial performance of SOEs engaged in the infrastructure sector, the building construction sub-sector, and conduct stock offerings on the Indonesia Stock Exchange for the 2020 and 2021 periods. This research is a descriptive type of research. The data used is in the form of company financial report data obtained from the STIEM Bongaya Makassar Investment Gallery and visiting the website www.idx.co.id to obtain supporting information. Financial ratio analysis techniques use liquidity ratios, solvency ratios, activity ratios, profitability ratios, and market value ratios to calculate company financial data. Financial report data that has been calculated using financial ratios is then analyzed and interpreted based on a comparison between the financial ratios of each company and the industry average value. Then do a comparison of the financial performance of the four companies to find out which company has a better level of financial performance. The results of the analysis show that of the overall financial ratios used, PT. Pembangunan Perumahan (Persero) Tbk. is a company that has better financial performance than PT. Waskita Karya (Persero) Tbk., PT. Wijaya Karya (Persero) Tbk., and PT. Adhi Karya (Persero) Tbk.

Analisa Penerapan Sistem Manajemen Mutu Berbasis ISO 9001:2005 pada Perusahaan PT. Waskita Karya

ISO 9000 is a process standard established to demonstrate that a company has a comprehensive and specialized quality system. ISO 9001:2015 is a worldwide accepted QMS benchmark. The International Organization for Standardization (ISO) points out that the ISO 9001:2015 quality management system is based on seven principles, namely, customer focus, leadership, people involvement, process approach, improvement, decision making and relationship management. This study aims to determine how the implementation of ISO 9001:2015 and the level of implementation of ISO 9001:2015 at PT. Waskita Karya on the Kayu Agung – Palembang – Betung Toll Road Project. The research was conducted by distributing questionnaires directly. The data collected in this study were 10 respondents. From the results of this study, it was found that the level of implementation of ISO 9001:205 in the quality management system of the Kayu Agung - Palembang - Betung Toll Road Construction project by PT. Waskita Karya has obtained very good results because from clause 4 to clause 10 the value obtained is 90.4%. In addition, PT. Waskita Karya made a quality policy called Waskita Procedure (PW) based on ISO 9001:2015, where the policy must be applied in all parts of PT. Waskita Karya.