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ANALISIS PENGARUH STRUKTUR MODAL TERHADAP KINERJA KEUANGAN PERUSAHAAN Achmad Komara; Sri Hartoyo; Trias Andati
Jurnal Keuangan dan Perbankan Vol 20, No 1 (2016): January 2016
Publisher : University of Merdeka Malang

AbstractAt this time, business growth requires proper companys financial strategy, especially by managing the capitalstructure to meet funding need of business operations. This research describes the impact of capital structure onfinancial performance of finance company listed on the Indonesia Stock Exchange during the years 2009-2013. The dependent variable in this study is financial performance composed of return on assets ratio (ROA),return on equity ratio (ROE) and price-to-earnings ratio (PER).While the independent variable in the form ofcapital structure is the ratio of debt to total assets (DAR) and the ratio of debt to total equity (DER). The resultof panel data regression analysis showed that the capital structure has negative significant effect on financialperformance of ROA and ROE, but has positive significant effect on PER. Based on these results, the financecompanies should apply the precautionary principle in managing capital resources coming from debt financing,because the increased component of excessive debt in the capital structure of the company could lead to anincrease in the financial burden that affects the reduction in companys profit.

Analisis Pengaruh Faktor Makroekonomi terhadap Return dan Risk Premium Saham Menggunakan Model Arbitrage Pricing Theory Elly Zunara; Sri Hartoyo
Jurnal Aplikasi Manajemen Vol 14, No 3 (2016)
Publisher : Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Stock is one of the most popular monetery market instrument and the alternative interesting investation in capital market because it may given the high return to the investor. The price of stock is fluctuative because the comuditythat is sensitive changeable based on the internal and external factors of a company. There are existence of fluctuations of stock that make the investor focus on expected return levelon the investments made as compensation for the risks to be faced.APT (Arbitrage Pricing Theory) model improved by Stephen A Rose is one of the developerin CAPM (Capital Asset Pricing Theory) to determining the expected return in the market. Some experts claim that APT model is better than CAPM because the price of stock is not only determined by single market index but also by many macroeconomics factors. Based on the explanation above, the researcher will research the return and risk premium in stock exchange of Indonesia using APT model. It will be found the macroeconomic factors that may affectstock return and premium risk in APT Model, such as the level of inflation, Rupiah rate exchange to US dollars, and the price of world oil.

PENGARUH RASIO KEUANGAN DAN PERUBAHAN PAJAK DIVIDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN TERBUKA Cahyo Dwi Sulistiyo; Sri Hartoyo; Tb Nur Ahmad Maulana
Jurnal Keuangan dan Perbankan Vol 20, No 1 (2016): January 2016
Publisher : University of Merdeka Malang

AbstractThe objective of this research was to analyse influence company performance ratio such as ROA, DER, Size,EPS, Current Ratio, Growth and changes in dividend tax rates to Dividend Payout Ratio. The variables testedusing panel regression analysis. Research conducted on 40 emitens included in LQ 45 index of Indonesia StockExchange (ISE) with years of research covering 2006 to 2012. The panel regression results show that thevariables ROA, Current Ratio, Size, andGrowth showed a significant effect on dividend payout ratio,while thevariable DER, EPS, and Tax have no significant effect on the dividend payout ratio but all the variablesimultaneously influential to dividend payout ratio.

ANALISIS INDEKS KEBERLANJUTAN USAHA PEMBESARAN LOBSTER DI PULAU LOMBOK PROVINSI NUSA TENGGARA BARAT Ervin Nora Susanti; Rina Oktaviani; Sri Hartoyo; Dominicus Savio Priyarsono
Agricore: Jurnal Agribisnis dan Sosial Ekonomi Pertanian Unpad Vol 2, No 1 (2017): Agricore: Jurnal Agribisnis dan Sosial Ekonomi Pertanian
Publisher : Departemen Sosial Ekonomi Faperta Unpad

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24198/agricore.v2i1.15049

ABSTRAKKeberhasilan implementasi pertanian berkelanjutan tidak hanya terkait pada keamanan ketersediaanpangan secara nasional, tetapi juga terkait dengan peran penting sektor pertanian dalamperekonomian nasional. Unit-unit kegiatan usahatani yang berorientasi pada keberlanjutan usahaakan menjadi penggerak bagi perekonomian. Usaha pembesaran lobster merupakan salah satu unitkegiatan sektor perikanan yang memiliki kontribusi bagi perekonomian. Keberhasilan usahapembesaran lobster yang berkelanjutan dipengaruhi oleh keterlibatan beberapa pihak termasukpetani. Petani merupakan subjek yang terlibat langsung dalam pelaksanaan konsep pembangunanpertanian berkelanjutan dilapangan. Persepsi petani terhadap keberlanjutan usaha bisa menjadi tolokukur keberhasilan pertanian berkelanjutan di tingkat usahatani. Penelitian ini bertujuan untukmenganalisis tingkat keberlanjutan menggunakan indeks komposit dari data skala likert persepsipetani terhadap keberlanjutan usaha pembesaran lobster. Data skala likert yang merupakan skalaordinal ditransformasikan ke dalam skala interval menggunakan pendekatan Method of SuccesiveInterval (MSI). Pengumpulan data dilakukan melalui survey kepada 106 petani lobster di PulauLombok Provinsi Nusa Tenggara Barat menggunakan kuesioner terstruktur. Hasil penelitianmenunjukkan bahwa nilai indeks persepsi keberlanjutan untuk dimensi ekonomi, sosial danlingkungan masing-masing masuk pada katagori keberlanjutan “sedang” dengan nilai rata-rataadalah 0.58; 0.56 dan 0.54. Indeks gabungan yang merupakan interaksi antara ketiga dimensimemiliki rata-rata 0.56 juga masuk pada katagori “sedang”.Kata kunci : pertanian berkelanjutan, indeks keberlanjutan, persepsi petani, budidaya lobsterABSTRACTThe successful of sustainable farming implementation is not only related to the security of foodsupply, but also to the contribution to national economy. Sustainability oriented farming will becomea motor for the economy. One of contributing unit is lobster farming. The success of sustainablelobster farming is affected by the involvement of multiple parties, including the farmers. Farmers arethe subject who directly involved in implementing the concept of sustainable agriculturaldevelopment. The farmers’s perception of sustainability is a benchmark of successful sustainableagriculture at the farm level. This study aimed to analyze sustainability level by using the compositeindex of the likert scale data on the perception of farmers towards farming sustainability. Likertordinal scale data is transformed into interval scale using Method of Successive Interval (MSI).Data collected through a survey to 106 farmers in Lombok Island, West Nusa Tenggara provinceusing a structured questionnaire. The results suggest that the value of the index of sustainabilityperception for the economic, social and environment each fall into”moderate” category with theaverage value is 0.58, 0.56 and 0.54 respectively. The Composite index, interaction between aspects,have an average of 0.56 is also fall into the “moderate” category.Keywords: sustainable agriculture, sustainability index, farmers perception, lobster farming

PENGELOLAAN PERIKANAN DEMERSAL DI LAUT ARAFURA: PENDEKATAN BIOEKONOMI Yesi Dewita Sari; Yusman Syaukat; Tridoyo Kusumastanto; Sri Hartoyo
Jurnal Sosial Ekonomi Kelautan dan Perikanan Vol 13, No 1 (2018): JUNI 2018
Publisher : Balai Besar Riset Sosial Eonomi Kelautan dan Perikanan

ABSTRAKLaut Arafura merupakan salah satu perairan yang penting, sebesar 21% potensi ikan Indonesia terdapat di perairan Arafura yaitu 2,64 juta ton per tahun. Pemanfaatan sumber daya ikan demersal terutama udang di Laut Arafura telah dilakukan semenjak tahun 1970an oleh perusahaan dengan sistem joint venture. Penelitian ini bertujuan untuk mengetahui tingkat optimal pengelolaan sumber daya ikan demersal di Laut Arafura dan perubahan rente ekonomi setelah adanya kebijakan moratorium kapal asing di Indonesia yaitu pelarangan penggunaan kapal pukat dan kapal asing. Penelitian ini menggunakan data sekunder runtun waktu yang bersumber dari Kementerian Kelautan dan Perikanan, Badan PusatStatistik serta hasil-hasil penelitian yang relevan. Metode analisis data menggunakan model bioekonomi perikanan dengan model surplus produksi Walters dan Hilborn. Analisis kebijakan ekonomi meliputijumlah alat tangkap, jumlah investasi dan rente ekonomi maksimum. Jumlah produksi tertinggi terjadi ketika pengelolaan pada kondisi maksimum secara biologi; sedangkan jumlah alat tangkap tertinggiyang diperbolehkan ketika pengelolaan pada kondisi open akses menggunakan alat tangkap pancing rawai dasar, serta rente ekonomi tertinggi diperoleh ketika pengelolaan pada kondisi maksimum secara ekonomi menggunakan pancing rawai dasar. Kebijakan pemerintah terkait moratorium kapal perikanan asing, memberikan kesempatan lebih banyak untuk kapal perikanan Indonesia dalam melakukanpenangkapan ikan demersal di WPP 718. Jumlah kapal perikanan dengan menggunakan alat tangkap pancing rawai dasar dapat dikembangkan sampai 4 ribuan unit untuk memanfaatkan ikan demersal yangoptimal secara ekonomi, sehingga rente ekonomi maksimum dapat diperoleh sebesar 3,40 trilyun rupiah per tahun.Title: Management of Demersal Fishery in the Arafura Sea: A Bio-Economic ApproachABSTRACT Arafura sea is one of important fishing ground in Indonesia, contributing 21% of fisheries at about 2,64 million ton/year. Arafura’s demersal fishery has been exploited since 1970 by joint venture system. This study aims to determine the optimum level of demersal fish management in Arafura Sea as well as the fluctuations of economic rent after the foreign fishing vessel moratorium in Indonesia. The studycollected time series data from 2001-2014 from Ministry of Marine and Fisheries, Statistics Indonesia and relevant researches. The data were analyzed using bioeconomic model, particularly Walters and Hilborn Model. Analysis of economic policy includes fishing gears, investments and maximum economic rents. The results show that the maximum production occurs when fisheries management is on maximum yield. The highest number of permitted fishing gear is reached when the management is on open access condition using the set longline, while the maximum economic rents are obtained when the managementis on maximum economic yield using the set long line. Foreign fishing vessel moratorium gives more opportunity to Indonesian vessels to catch more demersal fish in WPP 718. The number of total optimum fishing vessel could be increased up to 4 thousand units in WPP 718 for demersal fishery in order reach optimum economic rent of 3.40 trillion rupiah per year.

Posisi Daya Saing dan Kinerja Ekspor Kopi Indonesia Di Pasar Global Doni Sahat Tua Manalu; Harianto Harianto; Suharno Suharno; Sri Hartoyo
Jurnal Ekonomi Pertanian dan Agribisnis Vol 3, No 4 (2019)
Publisher : Department of Agricultural Social Economics, Faculty of Agriculture, Brawijaya University

Satu komoditas unggulan perkebunan Indonesia adalah kopi, sebagian besar produksi kopi Indonesia ditujukan untuk ekspor. Tujuan penelitian ini adalah untuk menganalisis posisi daya saing dan kinerja ekspor kopi Indonesia di pasar global. Data yang digunakan dalam penelitian ini merupakan data time series ekspor kopi dalam kurun waktu sepuluh tahun yaitu mulai tahun 2007-2017 dengan menganalisis negara tujuan ekspor terbesar yaitu USA, Jerman, Jepang. Metode Revealed Comparative Advantage (RCA) dan Export Product Dynamis (EPD) digunakan masing-masing untuk menganalisis keunggulan komparatif dan kinerja ekspor kopi Indonesia di pasar global. Hasil penelitian menunjukkan bahwa Indonesia memiliki keunggulan komparatif di pasar global berdasarkan metode RCA, kemudian berdasarkan metode EPD diperoleh bahwa produk kopi Indonesia tergolong pada posisi rising star di negara tujuan ekspor USA sedangkan di negara Jerman dan Jepang diperoleh bahwa posisi pasar kopi Indonesia pada posisi lost opportunity.

Faktor-Faktor yang Memengaruhi Besaran Pembiayaan Perbankan Syariah di Indonesia Fauziyah Adzimatinur; Sri Hartoyo; Ranti Wiliasih
AL-MUZARA'AH Vol. 3 No. 2 (2015): AL-MUZARA'AH (December 2015)
Publisher : Department of Islamic Economics, IPB University

Development of Financing of Islamic banking in Indonesia has increased. However, the amount of financing is only 3-5% when compared to conventional bank loans. This study aims to analyze the factors affecting the amount of financing provided by Islamic banking in Indonesia. This study uses a Vector Error Correction Model (VECM) to see the long-term effect and response to shock that occur in the studied variables. The result shows that in the long run, the percentage of profit and loss sharing, third party funds, and FDR give a positive and significant effect on the financing, while NPF has negative and significant effect. ROA and BOPO have no significant effect on the financing. Shocks that occur in the financing, NPF, and ROA positively responded by financing and will be stable in the long term. While the shocks that occur in the percentage of profit and loss sharing, third party funds, FDR, and BOPO responded negatively by financing and will be stable in the long term.

PENGEMBANGAN PASAR EKSPOR LADA INDONESIA Ely Nurhayati; Sri Hartoyo; Sri Mulatsih
Buletin Ilmiah Litbang Perdagangan Vol 12 No 2 (2018)
Publisher : Trade Analysis and Development Agency, Ministry of Trade of Republic of Indonesia

AbstrakSalah satu komoditas yang dapat dimanfaatkan untuk meningkatkan kinerja ekspor Indonesia sebagai negara agraris adalah lada. Penelitian ini bertujuan untuk menganalisis pasar potensial untuk ekspor lada yang bisa dikembangkan, serta mengetahui faktor-faktor yang memengaruhi ekspor komoditas lada. Penelitian ini menggunakan metode RCA, EPD, X-Model, dan Gravity Model. Hasil analisis dengan menggunakan model RCA, EPD, dan X-model menunjukkan bahwa ‘pasar optimis’ untuk dikembangkan adalah Belanda. Sedangkan ‘pasar potensial’ untuk dikembangkan adalah Malaysia, Vietnam, Korea Selatan, Rusia, Prancis, Belgia, Jerman, dan Amerika Serikat. Sementara itu hasil analisis dengan menggunakan model Gravity menunjukkan bahwa faktor-faktor yang memengaruhi ekspor adalah domestik bruto per kapita, populasi, harga ekspor, jarak ekonomi dan tarif. Oleh karena itu, pemerintah perlu mempertimbangkan faktor-faktor yang memengaruhi ekspor lada untuk mengembangkan pasar ekspor. Faktor tersebut diantaranya menjaga stabilitas harga ekspor, memilih pasar dengan Produk Domestik Bruto (PDB) per kapita yang tinggi, populasi yang besar dan cenderung meningkat, serta memiliki jarak ekonomi dan tarif yang kecil dan cenderung menurun. AbstractPepper is one of agricultural commodities that has significant export value for Indonesia. The study aims to analyze the potential market for pepper exports that can be developed, and the factors that influence pepper commodity exports. This research used RCA, EPD, X-Model, and Gravity Model methods. Using the RCA, EPD, and X-model the study indicated that ‘the optimistic market’ to be developed was the Netherlands. While ‘the potential markets’ to be developed were Malaysia, Vietnam, South Korea, Russia, France, Belgium, Germany and the United States. Using the Gravity model, it was confirmed factors affected export were gross domestic product per capita, population, export prices, economic distance and tariffs. This study recommends that the Government needs to consider the following factors including the stability of export prices, a market with high Dross Domestic Product (GDP) per capita and a large population which tends to increase, and a small economic distance and tariff that tends to decline.

Dampak Penurunan Tarif Impor, Investasi dan Relokasi Industri Ban Terhadap Perdagangan Karet Alam dan Ban Indonesia di Pasar Dunia Zainuddin .; Bonar Marulitua Sinaga; Sri Hartoyo; Erwidodo
Buletin Ilmiah Litbang Perdagangan Vol 13 No 1 (2019)
Publisher : Trade Analysis and Development Agency, Ministry of Trade of Republic of Indonesia

Abstrak Penelitian ini bertujuan menganalisis dampak penurunan tarif impor karet alam dan ban, peningkatan investasi dan relokasi industri ban dari USA, Jepang, Republik Rakyat Tiongkok (RRT) ke Indonesia terhadap perdagangan karet alam dan ban Indonesia. Kajian ini menggunakan model sistem persamaan simultan. Deregulasi perdagangan melalui penurunan tarif impor ban telah meningkatkan ekspor karet alam Indonesia ke pasar Jepang dan RRT yang mendorong peningkatan produksi dan ekspor ban Indonesia. Kebijakan tersebut telah memberikan dampak tidak menguntungkan bagi ekspor karet alam Thailand dan Malaysia. Kombinasi antara penurunan tarif impor ban dengan tarif impor karet alam RRT memberikan dampak tidak menguntungkan terhadap produksi dan ekspor karet alam Indonesia ke pasar RRT dan tidak berdampak signifikan terhadap harga karet alam tingkat petani domestik. Selanjutnya peningkatan investasi dan relokasi industri ban dari USA, Jepang, RRT ke domestik memberikan dampak terhadap peningkatan produksi dan ekspor ban Indonesia, konsumsi karet alam domestik, peningkatan produksi dan harga karet alam di tingkat petani domestik. Perubahan positif neraca perdagangan juga terjadi ketika semakin besarnya peningkatan investasi dan relokasi industri ban ke domestik. Penelitian ini merekomendasikan agar pemerintah dan asosiasi industri melakukan industrial lobbying ke negara-negara besar pelaku industri ban dunia khususnya Asia Timur dan USA dalam kerangka kerja sama PTA atau FTA. Kata Kunci: Karet Alam, Ban, Perdagangan, Sistem Persamaan Simultan Abstract This study aims to analyze the impact of the reduction in import tariff on natural rubber and tires, increase investment and relocate of tire industry from the USA, Japan, China to Indonesia to trade in natural rubber and Indonesian tires. The analysis of the Indonesian natural rubber and tires trade used simultaneous equation system models. Trade deregulation through a reduction in tire import tariff had increased Indonesia's natural rubber exports to Japanese and Chinese markets, which has encouraged to increase Indonesian tire production. However, this policy had unfavorable impact on Thailand and Malaysia's natural rubber exports. The combination of the reduction in tire import tariff and the tariff for importing Chinese natural rubber had an unfavorable impact on the production and export of Indonesian natural rubber to the Chinese market and had a weak impact on the natural rubber prices of domestic farmers.Furthermore, increased investment and relocation of the tire industry from the USA, Japan, China to Indonesia had increased Indonesian tire production and exports, domestic consumption of natural rubber, production and prices of natural rubber at the level of domestic farmers. A positive change in the trade balance also occurred when the increasing investment and relocation of the tire industry to the domestic market grew. This study recommended the government and industrial association to conduct industrial lobbying to big tire-industry players particularly in East Asia and USA under PTA and FTA Framework. Keywords: Natural Rubber, Tire, Trade and Simultaneous Equations System JEL Classification: F13, F17, Q17

DAMPAK PERUBAHAN PAJAK IMPOR INDIA DAN KAPASITAS PRODUKSI INDUSTRI HILIR MINYAK SAWIT MENTAH INDONESIA TERHADAP DAYA SAING DAN PENERIMAAN DEVISA INDONESIA Novindra; Bonar M. Sinaga; Sri Hartoyo; Erwidodo
Buletin Ilmiah Litbang Perdagangan Vol 15 No 1 (2021):
Publisher : Trade Analysis and Development Agency, Ministry of Trade of Republic of Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30908/bilp.v15i1.415

Abstrak India meningkatkan pajak impor CPO menyebabkan ekspor CPO Indonesia turun sehingga penerimaan devisa dari ekspor CPO juga menurun. Indonesia seharusnya tidak terus bergantung pada devisa dari ekspor CPO, apalagi Indonesia masih mengimpor produk turunan CPO. Indonesia harus terus menumbuhkembangkan industri hilir CPO yang lebih besar menghasilkan nilai tambah dan devisa. Oleh karena itu, perlu kebijakan pemerintah yang tepat guna mendukung hilirisasi industri CPO. Artikel ini bertujuan untuk: (1) menganalisis faktor-faktor yang memengaruhi impor CPO India; harga ekspor CPO Indonesia ke India; harga domestik CPO dan permintaan CPO oleh industri minyak goreng sawit, margarin, dan sabun; dan (2) mengevaluasi dampak peningkatan pajak impor CPO India dan kapasitas produksi industri hilir CPO terhadap daya saing ekspor CPO Indonesia-Malaysia, minyak goreng sawit, margarin dan sabun Indonesia serta penerimaan devisa ekspor CPO, minyak goreng sawit, margarin, dan sabun Indonesia periode 2015-2017. Artikel ini merupakan bagian dari penelitian tentang penawaran dan permintaan minyak sawit dan produk turunan yang menggunakan model ekonometrika yaitu: sistem persamaan simultan dinamis. Peningkatan harga CPO dunia akan berpengaruh besar terhadap harga ekspor CPO Indonesia ke India. Peningkatan kapasitas produksi industri hilir CPO akan berpengaruh besar terhadap permintaan CPO dan produksi produk turunannya. Untuk meningkatkan daya saing dan nilai penerimaan devisa ekspor produk turunan CPO Indonesia, pada kondisi India atau negara importir utama lainnya meningkatan pajak impor CPO maka pemerintah perlu memfasilitasi peningkatan kapasitas produksi industri hilir CPO dan produksi produk turunan CPO di Indonesia. Kata Kunci: Pajak Impor CPO, Permintaan CPO, Devisa, Ekonometrika, Simulasi Abstract India increased the CPO import tax rate causing Indonesia's CPO exports to fall so that foreign exchange revenues from CPO exports also declined. Indonesia should not continue to depend on these, especially since Indonesia still imports CPO-derived products. Indonesia must continue to develop CPO downstream industries that larger producing added value and foreign exchange revenues. The right government policies are needed to support development the CPO downstreaming industries. This article aims to: (1) analyze the factors affecting Indian CPO imports; Indonesian CPO export prices to India; CPO domestic prices and CPO demand by the palm cooking oil, margarine, and soap industries; and (2) evaluating the impact of an increase in Indian CPO import tax rate and production capacity of CPO downstream industries on the competitiveness of Indonesia-Malaysia CPO exports, Indonesian exports of palm cooking oil, margarine and soap as well as Indonesian foreign exchange revenues in 2015-2017 period. This article is part of a research on the supply and demand of palm oil and its derivatives using the econometric model: dynamic simultaneous equation systems. The increase in world CPO prices will have a major effect on the export price of Indonesian CPO to India. The increase in the production capacity of the CPO downstream industry will have a major impact on the demand for CPO and the production of its derivative products. To increase the competitiveness and the value of foreign exchange earnings from Indonesian exports of CPO derivative products, in conditions of India or other major importing countries to increase CPO import taxes rate, government are needed to facilitate increasing in production capacity of the CPO downstream industry and the production of CPO derivative products in Indonesia. Keywords: CPO Import Taxes, Demand for CPO, Foreign Exchange, Econometric, Simulation

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