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THE EFFECT OF BOND CHARACTERISTICS, FINANCIAL PERFORMANCE AND MACRO VARIABLES ON RETURN OF CORPORATE BOND IN THE AGRIBUSINESS SECTOR Dewi Kusumaningrum; Lukytawati Anggraeni; Trias Andati
Jurnal Manajemen & Agribisnis Vol. 16 No. 3 (2019): JMA Vol. 16 No. 3, November 2019
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (470.332 KB) | DOI: 10.17358/jma.16.3.170

Abstract

There are several reasons why companies choose to issue bonds rather than borrowing from banks. Interest paid by companies to bond investors is often lower than the interest rate charged by the bank, but still at least bond issuance from the agricultural sub-sector and chooses to lend to the bank. The purpose of this study is to analyze the influence of bond characteristics, financial performance and macroeconomic return on corporate bonds in the agribusiness sector. This study uses a panel data regression method consisting of 12 bonds with the vulnerable time between 2014-2015 \quarterly. Based on the panel data model shows that the characteristics of bonds (yield to maturity, coupon, rank, and duration), financial performance (CFOS) and macroeconomics (IHSG) have a significant effect on the return of bonds. The Company should consider the amount of bond yield and coupon to be issued and pay attention to financial performance, especially cash flow and capital expenditure (capital expenditure). Keywords: agribusiness sector, bonds, characteristics, performance, macroeconomics
THE IMPACT OF ACQUISITION ON FINANCIAL PERFORMANCE OF PT. ABC Novian Zen; Noer Azam Achsani; Trias Andati
Indonesian Journal of Business and Entrepreneurship (IJBE) Vol. 2 No. 3 (2016): IJBE, Vol. 2 No. 3, September 2016
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijbe.2.3.177

Abstract

This study aimed to analyze the financial performance of the subsidiary company (PT ABC) before and after acquired by the holding company (PT XYZ). The examined ratios of the financial performance were profitability and capital structure for the period of 2010-2014. This study utilized the t test tool. In the first and second year after the acquisition, the result shows that with the existence of business synergy, there was a change in financial performance although it was insignificant. Furthermore, in the third year, there was absolutely no change; however, in the fourth year, there was an insignifant change. The implications of this research indicates the motive or objective of the shareholders (K-State-owned Enterprises) in assigning the holding company (XYZ) to restructure the financial performance and improve capital structure of its subsidiary company (PT ABC) by conducting a business synergy has not been reached.Keywords: acquisition, financial performance, improved capital structure, business synergy and financial reports
Pengaruh Variabel Makroekonomi Terhadap Return Indeks LQ 45 Dan Pefindo 25 Dennis Nugroho Prakoso; Muhammad Firdaus; Trias Andati
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 4 No. 3 (2018): JABM Vol. 4 No. 3, September 2018
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.4.3.387

Abstract

Investasi saham merupakan salah satu jenis investasi yang terkenal. Investor menginginkan pengembalian yang positif dari investasi yang dilakukannya, pada kenyataannya memperoleh keuntungan dalam investasi sangat sulit. Salah satu cara untuk mengurangi kerugian adalah dengan menggunakan index, pergerakan indeks yang berfluktuatif merupakan pengaruh dari faktor-faktor makroekonomi seperti BI rate, IHK, Kurs tukar Rupiah-Dollar AS, harga minyak Brent, dan Harga emas. Indeks-indeks yang sering digunakan oleh inestor adalah indeks LQ 45 dan Pefindo 25. Indeks LQ 45 yang digunakan sebagai indikator pada penelitian ini untuk menggambarkan “perilaku” saham-saham kapitalisasi besar dan indeks Pefindo 25 digunakan untuk mereprensentasikan perusahaan kecil dan menengah. Penelitian ini ditujukan untuk melihat mengaruh faktor makroekonomi pada return kedua indeks. Metode yang digunakan dalam penelitian ini adalah model Ordinary Least Square (OLS). Hasil yang diperoleh dalam penelitian ini menunjukan bahwa faktor makroekonomi BI rate, nilai tukar, harga emas, harga minyak memiliki pengaruh positif terhadap indeks LQ 45 kecuali nilai tukar yang memiliki pegaruh negatif terhadap Indeks. Indeks Pefindo 25 dipengaruhi oleh BI rate, IHK, dan harga minyak. Hasil ini menunjukan bila investor berinvestasi pada indeks LQ 45 lebih baik memperhatikan BI rate, harga emas, harga minyak, dan nilai kurs tukar sebagai dasar pengambilan keputusab investasi yang dilakukannya. Pada indeks Pefindo 25 investor sebaiknya memperhatikan BI rate, IHK dan harga minyak sebagai dasar pengambilan keputusan investasi.Kata kunci: indeks, LQ 45, makroekonomi, Pefindo 25, IHK
Pengaruh Faktor Internal dan Eksternal Perusahaan Terhadap Nilai Perusahaan Ungkap Pasaribu; Nunung Nuryartono; Trias Andati
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 5 No. 3 (2019): JABM Vol. 5 No. 3, September 2019
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.5.3.441

Abstract

The purpose of this study is to investigate the influence of internal and external factors on the firm value of property and real estate companies listed in Indonesia Stock Exchange. The dependent variable used in this study is Price to Book Value. The Internal factors used in this study are a debt to equity ratio, asset growth, and return on equity, while the external factors used are inflation, exchange rates, and economic growth. The data collected from financial statements of companies in property and real estate companies listed in Indonesia Stock Exchange during the period from 2013 to 2017, and samples were taken from 20 companies. Panel data regression was applied to establish the relationship between dependent and independent variables. The results showed that the internal factors such as debt to equity ratio, return on equity, and asset growth had a significant positive relationship with price to book value. The external factors such as inflation had a significant positive relationship with a price to book value, the exchange rate had a significant negative relationship with a price to book value and the economic growth had no relationship with a price to book value. This study recommends that companies take a policy of using debt as a source of investment financing and also need to improve company performance. Companies need to pay attention and anticipate the changes of external factors, especially exchange rates, because the exchange rate is the most influential factor in the value of the company.Keywords: debt to equity ratio, exchange rate, property, price to book value, return on equityAbstrak: Penelitian ini bertujuan menguji pengaruh faktor internal dan eksternal perusahaan terhadap nilai perusahaan subsektor properti dan real estate yang terdaftar di Bursa Efek Indonesia. Nilai perusahaan dalam penelitian ini diukur dengan Price to Book Value (PBV). Faktor internal yang dipilih adalah struktur modal yang dihitung dengan Debt Equity Ratio (DER), asset growth, dan profitabilitas yang dihitung dengan Return on Equity (ROE). Sedangkan faktor eksternal yang dipilih adalah inflasi, kurs dan pertumbuhan ekonomi. Pengambilan contoh menggunakan metode purposive sampling dengan kriteria sampel merupakan perusahaan di industri sektor properti dan real estate yang memiliki laporan keuangan periode kuartal tahun 2013 hingga 2017 yang lengkap, dan diperoleh 20 perusahaan. Hasil penelitian menunjukkan bahwa faktor internal DER, ROE, dan asset growth berpengaruh positif terhadap PBV. Faktor eksternal inflasi berpengaruh positif terhadap PBV, sedangkan kurs berpengaruh negatif terhadap PBV, dan PDB tidak berpengaruh terhadap nilai perusahaan. Penelitian ini merekomendasikan perusahaan untuk mengambil kebijakan menggunakan utang sebagai sumber pembiayaan investasi dan juga perlu meningkatkan kinerja perusahaan. Perusahaan perlu memberikan perhatian dan antisipasi terhadap perubahan faktor eksternal, khususnya nilai tukar karena nilai tukar adalah faktor yang paling berpengaruh terhadap nilai perusahaan.Kata kunci: debt to equity ratio, nilai tukar, properti, price to book value, return on equity