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All Journal Jurnal Manajemen dan Organisasi MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah Jurnal Keuangan dan Perbankan The Winners JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) Sosioinforma Journal of Engineering and Technological Sciences Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal FishtecH TIJAB (The International Journal of Applied Business) JURNAL MANAJEMEN (EDISI ELEKTRONIK)
Budi Purwanto
Departemen Manajemen FEM IPB
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Industrial & Manufacturing Engineering Social Sciences

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Dividend policy, investment opportunity set, free cash flow, and company performance: Indonesian’s agricultural sector Choiri Chosiah; Budi Purwanto; Wita Juwita Ermawati
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.2517

Abstract

Dividends are a tool that can be an essential source of information for investors or other stakeholders as it contains information that can provide a signal about the company's prospects (dividend signaling theory). This study aims to examine the effect of dividend policy on company performance through moderation of investment opportunity set (IOS) and free cash flow (FCF) and examine the effect of the application of corporate governance on dividend policy and company performance. Based on purposive sampling technique obtained a sample of 71 companies that meet the criteria. The study was conducted using panel data regression method. The results showed that dividend policy had a significant negative effect on company performance in the following year. IOS has a positive and insignificant effect on company performance, while FCF has a positive and significant effect on company performance. IOS variable is able to moderate the relationship of dividend policy on company performance in the following year, while FCF is not able to moderate the influence of dividend policy on company performance in the following year. In addition, the corporate governance mechanism has an insignificant effect on dividend policy which shows that the corporate governance mechanism is still not effective in increasing the number of dividends paid to shareholders.JEL Classification: D13, I31, J22DOI: https://doi.org/10.26905/jkdp.v23i3.2517
A determinant of state-owned enterprises profitability with an independent board of commissioners as moderation variables Sophie Tiara Adriaty; Budi Purwanto; Wita Juwita Ermawati
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (506.964 KB) | DOI: 10.26905/jkdp.v23i1.2519

Abstract

Corporate governance drives the control function so that management could manage the corporate more effective. Good corporate governance could be the factor that boosts financial management to enhance profitability. This study examines the moderated effect of the independent commissioner proportion to the interaction between liquidity, capital structure, and sales growth to profitability. This study using purposive sampling technique, there are four state-owned enterprises (SOEs) which fit the criteria. The analysis method used in this research is moderated regression analysis on panel data. The results of the study show that liquidity and the proportion of independent commissioners influence the profitability of the company. SOEs needs to reduce the allocation of funds to current assets. Optimizing the performance of the SOEs board of commissioners also needs to be improved. The supervisory function carried out by the board of commissioners will affect operational activities so that managers will be more motivated to utilize current assets for operational investment and the company's current assets can be used optimally. Increasing the proportion of independent commissioners will also increase oversight of debt so that the condition of the company's capital structure can be optimized through the reduction of debt from SOEs.JEL Classification: G31, G34DOI: https://doi.org/10.26905/jkdp.v23i1.2519
Investment opportunity set, dividend policy, company’s performance, and firm’s value: Some Indonesian firms evidence Anggi Angga Resti; Budi Purwanto; Wita Juwita Ermawati
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.2753

Abstract

The availability of investment opportunity set at state-owned companies and the dividend policy taken by state-owned company management should be signals in the company's efforts to improve performance.  Therefore, both the Investment Opportunity Set (IOS) and dividend policy can be factors driving corporate performance. Thus, state owned-companies can further enhance firm value. We examined the effect of the IOS and dividend policy on company performance and firm value. The sample used in this study was the state-owned company listed at the Indonesia Stock Exchange and observed for 5 years, from 2013 to 2017. Data were collected using a purposive sampling method. This study had 13 sample companies that were processed using the panel data regression method. We found the first result revealed that dividend policy had a positive effect on company performance, which had a positive effect on firm value. Besides, the IOS was observed to have a positive impact on firm value. The second result showed that the IOS did not affect the company's performance, and dividend policy did not influence the firm's value. Thus, those results proved that the company's performance could provide a signal to the firm's value.JEL Classification: G31, G32DOI: https://doi.org/10.26905/jkdp.v23i4.2753
Factors influencing Indonesian rural banks' credit disbursement Setia Murningsih; Muhammad Firdaus; Budi Purwanto
Jurnal Keuangan dan Perbankan Vol 24, No 2 (2020): April 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (636.955 KB) | DOI: 10.26905/jkdp.v24i2.3778

Abstract

Distribution of microcredits has a great opportunity, considering micro-businesses in Indonesia reaches 98 percent of all types of businesses. Microlending has become the leading market share for BPRs to channel their funds. This research aims to identify factors that effect the increase of micro-credit disbursements. This study uses a Vector Error Correction Model (VECM) method with a type of monthly time series data from 2012 to 2018. The sample of this study is the Rural Credit Banks. The results of this study explain that the BPR non-performing loan (NPL) variable, both in the long term and short term, does not significantly influence the increase in micro-credit distribution. In contrast, the variable spread in the short term and long term shows a significant positive effect on increasing microcredit distribution. Forecasting for variable increases in credit distribution fluctuates with a downward trend. The NPL variable has an increasing trend, and it is projected that the next 90 months will reach 12 percent. The spread variable has a downward trend for the next 40 months which then the trend will continue to increase for the next 90 months. JEL Classification: D13, I31, J22 How to Cite:Murningsih, S., Firdaus, M., Purwanto, B. (2020). Factors influencing Indonesian rural banks’ credit disbursement. Jurnal Keuangan dan Perbankan, 24(2),189-201.DOI: https://doi.org/10.26905/jkdp.v24i2.3778
Strategi Peningkatan Penyaluran Kredit Berdasarkan Analisis Kinerja Keuangan dan Faktor Eksternal BPR di Kabupaten Bogor priyantika yuliningtyas; budi purwanto
Jurnal Manajemen dan Organisasi Vol. 7 No. 2 (2016): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (484.207 KB) | DOI: 10.29244/jmo.v7i2.16678

Abstract

Bank Perkreditan Rakyat (BPR) is a financial institution that is growing currently as having a role in the funding of small and medium businesses. In Bogor district, there are 25 BPRs who each has different strengths and weaknesses. Based on the cluster analysis, it is obtained three clusters of BPR which are grouped based on their ability to manage assets, its non-performing loan risks, likuidity, profitability and the operating expenses of BPR. Based on the clustering of BPRs and analysis of internal and external factors of each BPR group, it has found operational strategy to increase credit disbursement  and lowering non-performing loan risks. The strategy for group “A” BPRs is to develop the market, to increase in BPRs facilities, to implement a system of shared-responsibility credit, and to increase precautionary in the credit disbursement. Strategy for group “B” BPRs is to increase the credit interest, to improve customer service and facilities, market penetration and running partners with the common bank. At last, the strategy for the group “C” BPRs is to increase promotion, improving services, increase the amount of credit disbursement and improving the quality of human resources.
Analisis Kemungkinan Kebangrutan Berbasis Pendekatan Model Z-Score Altman dan Metode EVA pada PT X di Provinsi Kepulauan Bangka Belitung melia catherin; budi purwanto
Jurnal Manajemen dan Organisasi Vol. 7 No. 3 (2016): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (611.914 KB) | DOI: 10.29244/jmo.v7i3.16680

Abstract

PT X has a regional office in Bangka Belitung Island Province which has been decrease in sales, increase in credit and inventory which may lead to insolvency. The purposes of this research was (1) to analyze the financial performance of PT X to learn factors affecting insolvency possibilities; (2) to analyze company condition that indicate insolvency possibilities; (3) to analyze the added values which could be given by the company in an insolvency possibility; (4) to analyze the relation of added values that had been given by the company with insolvent condition possibility. The primary data were gathered by interview. Secondary data consisted of financial reports, journal literatures, thesis, and related books. The data were processed through descriptive analysis, financial ratio, Z-score Altman model, and EVA method. Based on the descriptive analysis result, PT X was suffering a possibility of bankruptcy that may affect firm value which was also decrease. The financial ratio showed that cash ratio, operational profit margin, inventory cycle, credit cycle ratio, assets cycle ratio were decrease, DER and DAR were decreasing from 2010 until 2012, but it roused significantly in 2013 and turned back to decrease significantly on 2014. The result form Z-Score model showed that the company was in gray area in 2011, the company condition went better in 2012, but it went back to gray area in 2013-2014. The EVA result showed that PT X produced positive and decreased in EVA value from 2010 until 2014.
Pembentukan Portofolio Saham Optimal pada Kondisi Bearish Tahun 2015 Rosharia Andina Putri; Budi Purwanto
Jurnal Manajemen dan Organisasi Vol. 8 No. 1 (2017): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (658.023 KB) | DOI: 10.29244/jmo.v8i1.18599

Abstract

Penelitian ini dilakukan atas dasar pasar saham pada tahun 2015 mengalami kondisi bearish, sehingga terjadi perubahan asumsi risiko dan return pada penelitian-penelitian portofolio saham optimal terdahulu. Tujuan dari penelitian ini adalah untuk mengetahui saham-saham yang masih berpotensi memberikan return positif pada kondisi pasar bearish dengan menggunakan Model Indeks Tunggal. Penelitian ini menggunakan data sekunder dari saham-saham yang yang terdaftar di BEI tahun 2015. Hasil penelitian menunjukkan bahwa dari populasi 528 emiten, terseleksi sampel sebanyak 38 emiten. Kemudian, terdapat 13 saham yang memenuhi kriteria, yaitu saham TOTO, EMTK, HMSP, AMAG, PLIN, BISI, INAI, MYOR, AKRA, AHAP, BNBA, DPNS, dan BFIN. Berdasarkan perhitungan, investor akan mendapatkan return portofolio sebesar 0,010047 dengan risiko portofolio sebesar 0,022006. Untuk berinvestasi, investor dapat membagi pada beberapa saham dengan proporsi pada saham sebesar 34,89% TOTO, 4,03% EMTK, 13,62% HMSP, 6,92% AMAG, 1,25% PLIN, 3,80% BISI, 5,33% INAI, 6,20% MYOR, 15,16% AKRA, 0,90% AHAP, 6,76% BNBA, 0,28% DPNS, dan 0,78% BFIN.
Estimasi Bullish dan Bearish dengan Model Perpindahan Markov dan Risiko Sistematis (beta) dengan Model Penilaian Modal Sharpe dalam Investasi Saham di Bursa Efek Indonesia, Tahun 2011 - 2016 Prima Respati; Budi Purwanto; Abdul Kohar Irwanto
Jurnal Manajemen dan Organisasi Vol. 8 No. 3 (2017): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (652.426 KB) | DOI: 10.29244/jmo.v8i3.22471

Abstract

ABSTRACTVarious research including Panggabean (2010) and Usman (2016) show that the long-term trend of Indonesia's capital market is on an uptrend, marked by more bullish periods and longer duration than bearish; and the development determined by rising rates of return rather than interest rates and exchange rates (Defrizal et al, 2015). However, the research has not determined yet whether there are any difference risks in bullish and bearish conditions, especially for systematic or market risk. This study aims to 1) identify the bullish and bearish segmentation period using the Markov Switching Model, and 2) measure systematic risk using the capital assets pricing model (CAPM) with the Sharpe beta indicator. Using the composite stock price index (JCI) and trading data from TICMI (The Indonesia Capital Market Institute) period 2011-2016, consists of 560 issuers, it was found that there were 10 segments that could be identified as 5 bullish periods for 30 weeks , and 5 bearish periods for 8 weeks. Other finding indicates that the probability of switching from bullish to bearish is 3.33% and from bearish to bullish is 12.14%. That means there are positive sentiments that the market tends to be bullish rather than vice versa. The result of beta or systematic risk identification indicates that during bullish and bearish period the market proved to be different risk. Other interesting findings, in both these two different conditions there are negative betas exist that still gives a positive yield. ABSTRAKBerbagai riset termasuk Panggabean (2010) dan Usman (2016) menunjukkan bahwa kecenderungan jangka panjang pasar modal Indonesia berada pada kecenderungan naik (uptrend), ditandai dengan periode bullish lebih banyak, dan durasi lebih panjang, daripada bearish.  Perkembangan perkembangan itu dipicu oleh kenaikan tingkat imbalan, alih-alih suku bunga dan nilai tukar (Defrizal et al 2015). Namun riset-riset tersebut tidak mengidentifikasi eksistensi kondisi bullish dan bearish dan berdampak perbedaan risiko, terutama risiko sistematis atau risiko pasar, kecuali mengasumsikan saja keberadaannya.  Penelitian ini bertujuan 1) mengidentifikasi segmentasi periode bullish dan bearish dengan menggunakan model perpindahan Markov (Markov Switching), dan mengukur risiko sistematis menggunakan model penilaian modal (capital assets pricing model, CAPM) dengan indikator beta Sharpe.  Menggunakan data indeks harga saham gabungan (IHSG) serta data perdagangan bersumber dari TICMI (The Indonesia Capital Market Institute) periode 2011-2016 yang mencakup 560 emiten, diperoleh hasil bahwa dalam periode tersebut terdapat 10 segmen yang dapat diidentifikasi sebagai 5 periode bullish selama 30 pekan, dan 5 periode bearish selama 8 pekan.  Temuan lain menunjukkan bahwa peluang perpindahan dari kondisi bullish ke bearish sebesar 3,33% dan dari kondisi bearish ke bullish sebesar 12,14%. Artinya terdapat sentimen positif bahwa pasar cenderung menjadi bullish daripada sebaliknya.  Hasil identifikasi risiko sistematis menunjukkan, berbeda dengan konsep dasar CAPM, bahwa beta pada periode bullish dan bearish tidak sama.  Temuan menarik lainnya, pada kedua kondisi tersebut terdapat beta negatif yang dapat memberikan tingat imbalan positif.
Pengaruh Arus Kas Terhadap Profitabilitas dan Kinerja Saham Emiten Kompas 100 di Bursa Efek Indonesia Samsudin Sitepu; Budi Purwanto; Abdul Kohar Irwanto
Jurnal Manajemen dan Organisasi Vol. 8 No. 3 (2017): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (490.474 KB) | DOI: 10.29244/jmo.v8i3.22472

Abstract

ABSTRACTIn carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio.  Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.ABSTRAKDalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham.  Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan keuangan disajikan dalam mata uang rupiah demikian juga perusahaan memiliki data secara  lengkap tentang laporan keuangan selama periode pengamatan. Variabel yang digunakan dalam penelitian ini adalah variabel laten arus kas dengan indikator perubahan arus kas operasi, perubahan arus kas investasi, dan perubahan arus kas pendanaan, variabel laten profitabilitas dengan indikator return on asset, return on equity, net profit margin, dan variabel laten kinerja saham yang digunakan dengan indikator return saham, earning per share, dan price earning ratio. Hasil uji SEM-PLS menghasilkan bahwa arus kas memiliki pengaruh positif signifikan terhadap profitabilitas dan kinerja saham, dan profitabilitas berpengaruh positif signifikan terhadap kinerja saham. Hasil penelitian ini  menghasilkan dan merekomendasikan kepada calon investor di bursa saham, bahwa sebelum mengambil keputusan investasi sebaiknya perlu mempertimbangkan analisa likuiditas perusahaan dengan arus kas dan analisa kinerja perusahaan dengan profitabilitas, yang kemudian dapat memutuskan untuk melakukan investasi pada perusahaan di Bursa Efek Indonesia guna memperoleh pendapatan yang positif dan maksimal.
Strategi Peningkatan Kinerja Perusahaan Berdasarkan Keunggulan Kompetitif yang Berkelanjutan dan Perencanaan Sumber Daya Dase Purnama; Budi Purwanto; Abdul Kohar Irwanto
Jurnal Manajemen dan Organisasi Vol. 9 No. 1 (2018): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (505.598 KB) | DOI: 10.29244/jmo.v1i1.25337

Abstract

Optimization of resources can be achieved by using technology to improve operating performance in order to support the company's business activities. This study was conducted in the implementation of Enterprise Resource Planning (ERP) system in plantation company conducted by PT Kencana Group in 16 subsidiaries, five subsidiaries have implemented ERP as an effort of transformation in using information system. Information and Technology can provide a competitive advantage for the company by adding value to various aspects such as increased operational performance and cost reduction. The research aims to identify the utilization of the company's ERP, ERP implementation measure performance, identify factors that affect the performance of the company, as well as measuring the impact of ERP on business performance. Methods of data analysis used in this research is descriptive and qualitative analyzes to provide a general overview of the study. Inter-variable relationship analysis was done by structural equation modeling (SEM) with partial least square approach using SmartPLS software. Hypothesis test is done by regression analysis to measure the validity and significance of influence of each veriabel, and to estimate the direction and magnitude of its influence respectively. The results showed that there is a significant influence of performance factors of ERP utilization that can affect company performance. Operating performance increased by 1% would increase the net profit margin amounted to 38.7%. Furthermore, enterprise resource planning and sustainable competitive advantage have a positive effect on company performance with general and environmental cost factor significantly less than 0.05. The impact of ERP on the performance of the company has decreased the cost of general expenses. While the impact of SCA on the company's perceived performance at this time is that the environment such as the acreage still has not reached the hectare per staple, and the standard number of labor has not been in accordance with the normative of the garden area.
Co-Authors Abdul Kohar Irwanto Agus Supriadi Alfiana Farah Ali Jamaludin Andi Fauziah Anggi Angga Resti Aron Marsondang Budi Prasetyo Choiri Chosiah Dase Purnama Dasryanto Dasryanto Desy Khairunnisa Edryoko Dwi Hardono Eka Dasra Viana Eko Ruddy Cahyadi Heti Mulyati I Nyoman Suisnaya Intan Adhitya Rosmasari Luthpiyah Juliandara Melania Hanny Aryantie melia catherin Mochamad Syawie Muhammad Firdaus Musa Hubeis Nanda Karunia Amanah Nora H. Pandjaitan Novia Nour Halisa Nur Hasbullah Matturungan Pandi Pandi Prima Respati priyantika yuliningtyas Puty Yousnelly Rianda Rizky Permata Rijaluddin Rijaluddin Rina Aprishanty Rosharia Andina Putri Samsudin Sitepu Setia Murningsih Setyo Susilo Siti Jahroh Sophie Tiara Adriaty Tazkiyah Sakinah Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Utami, Kery Wita Juwita E Wulandari Wulandari Zahir Syah Zulfachmi Zulfachmi