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Journal : International Journal of Supply Chain Management

Analysis of the Effect of Supply Chain Management and Pricing Theory on Excess Return of Stocks Andre Hernowo; Disman Disman; Ikaputera Waspada; Nugraha Nugraha
International Journal of Supply Chain Management Vol 8, No 3 (2019): International Journal of Supply Chain Management (IJSCM)
Publisher : International Journal of Supply Chain Management

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Abstract

The primary purpose of this study is to compare Capital Asset Pricing Model with Arbitration Pricing Theory by considering the supply chain strategy. Another objective of this study is to determine the effect of Capital Asset Pricing Model (CAPM) and Arbitration Pricing Theory (APT) on excess returns and to determine the best asset pricing model in terms of ability to explain the estimation of excess return. This study examines the effect of variables in asset pricing models and compares the ability of asset pricing models in explaining excess return. The population in this study are Kompas 100 stock for periods 2013 to 2017, and the sampling method of this study is purposive sampling. Then, it is obtained as many as 46 companies selected as research samples. To compare the accuracy between the CAPM model and APT is calculated with R2 or R Square and the Prob. values (F-statistic). Based on the results, the best model that can be used in assessing asset pricing model is Arbitration Pricing Theory, this is evidenced by the value of R2 or R Square of 33.41 % and Prob. (F-statistic) value 0.000000, this value is better than the value of R2 Capital Asset Pricing Model of 2.68% and Prob. (F-statistics) value 0.007354.
A Study on the Linking the Supply Chain Management to Value of Manufacturing Companies Listed in Indonesia Stock Exchange Rina Maria Hendriyani; Disman Disman; Nugraha Nugraha; M. Wahyudin Zarkasyi
International Journal of Supply Chain Management Vol 9, No 2 (2020): International Journal of Supply Chain Management (IJSCM)
Publisher : International Journal of Supply Chain Management

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Abstract

Abstract-With the advancement of information and communication technologies, supply chain integration has been considered a strategic tool for firms to improve their competitiveness. The supply chain integration within processes and between organizations has enhanced value creation. The purpose of this study was to determine the effect of profitability ratios, capital structure, exchange rates, interest rates, inflation on the value of manufacturing companies listed on the Indonesia stock exchange in 2008-2017 based on the supply chain management. The analysis technique used multiple regression analysis of panel data. The results showed that profitability ratios, capital structure, exchange rates, interest rates, inflation affect the value of manufacturing companies. The findings are that inflation is the most determining variable in influencing the value of manufacturing companies. The value of manufacturing companies in Indonesia is still influenced by factors such as profitability ratios, capital structure, supply chain strategy and macroeconomics.
Determinants of Supply Chain Mangament Factors in the Commersial Banks (Indonesian IDX Case Study) Gusganda Suriamanda; Disman Disman; Nugraha Nugraha; MW Zarkasyi
International Journal of Supply Chain Management Vol 9, No 2 (2020): International Journal of Supply Chain Management (IJSCM)
Publisher : International Journal of Supply Chain Management

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Abstract

Abstract- This study is aimed at analyzing the predictor variables used to predict the performance of banks listed on the Indonesia Stock Exchange, from 2000 to 2017 by using supply chain strategies. The predictor variables used in this research are as follows: Operational Income Operational Costs (BOPO), Market Ratio of Earning Per Share (Share EPS), Net Interest Margin (NIM), Non-Performing Loan (NPL), Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR). While the financial performance was measured using Return On Assets (ROA) with panel data analysis used to examine the model. The results showed that Operational Costs Operating Income (BOPO), Market Ratio of Earning Per Share (EPS), Net Interest Margin (NIM), Non-Performing Loan (NPL), Capital Adequacy Ratio (CAR), and Loan to Deposit Ratio (LDR), simultaneously affected the Return On Assets (ROA) of banks listed on the IDX. It was also able to cover the gaps of previous researches by extending the research time and multiplying predictor variables used in detecting banking performance. The study concluded there is a positive strong relationship between performance and the independent variables as shown by the Pearson?s co-efficient correlation which is significant as indicated by the P-value at 95% level of confidence. There are various determinants of supply chain performance that contributes to efficient and effective performance of supply chain in the organization namely ICT, knowledge and information sharing, trust, culture and joint decision making