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All Journal Journal of Business and Management The Indonesian Journal of Business Administration Ekonomi dan Bisnis
Isrochmani Murtaqi
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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THE OPTIMAL CAPITAL STRUCTURE: AN EMPIRICAL STUDY OF INDONESIA COMPANY IN THE FOOD AND BEVERAGE INDUSTRY Damayanti, Sylviana Maya; Mulyono, Jane Julia; Murtaqi, Isrochmani
Ekonomi dan Bisnis Vol 4, No 2 (2017): Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (804.845 KB) | DOI: 10.35590/jeb.v4i2.738

Abstract

Optimal capital structure is mix between debt and equity which resulted in maximizing firm’s value. Food and beverage sub-sector industry play an important role in Indonesia economic growth as one of the biggest contributor of gross domestic product (GDP) in Non-Oil & Gas Industry. The aim of this study is to determine the optimal capital structure in Indonesia food and beverage manufacturing. Data used in this study from 14 food and beverage companies listed in Indonesia Exchange. This study used Adjusted Present Value (AVP) simulation by Aswath Damodaran to determine the optimal capital structure. This simulation started with estimated the unlevered company value then as the level of debt increase the unlevered company value adjusted by the net effect of both the benefit of debt and cost of debt. Company value estimated at each level of debt from 10% - 90% and the debt ratio which resulted in highest company value is the optimum debt ratio. The result from this study shows that there are two companies should have the 0% debt ratio.
The Effect of Financial Ratios on Firm Value in the Food and Beverage Sector of the IDX Marsha, Nadya; Murtaqi, Isrochmani
Journal of Business and Management Vol 6, No 2 (2017)
Publisher : Journal of Business and Management

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Abstract

Abstract.This research examines the use of Financial Ratios (ROA, Current Ratio, and Acid Test Ratio) and its effect on Firm Value of 14 Indonesia Firms in the Food and Beverages sector for period of 2010-2014. Tobin Q Ratio is used as the measure for Firm Value to investigate whether Financial Ratios has effect on Firm Value or not. This is investigated by using multiple regression analysis with ROA, CR, and ATR as the independent variable and Firm Value as dependent variable. The result of this study is that all three financial ratios has significant effect to firm value. ROA and Current Ratio have a positive relationship with Firm Value, while Acid Test Ratio has a negative relationship. On the basis of these findings, the study concludes that companies need to pay more attention on financial ratios and that there is increasing need for a more credible and comprehensive disclosure of financial ratios in the annual reports of firms. Keywords: Financial ratios; Firm Value; Multiple Regression Analysis; Tobin Q Ratio
The Fundamental Analysis of Indonesian Stock Return (Case Study: Listed Public Companies in Sub-Sector Food and Beverage for the Period 2003-2012) Khotimah, Khusnul; Murtaqi, Isrochmani
Journal of Business and Management Vol 4, No 1 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract. Indonesia stock market which reflected by IHSG grows extraordinary and stable for the last decade with average growth 28.67 % per year. Despite of stable growth of Indonesia economy, not all companies’ performance have similar good condition. Investigation of company’s performance especially fundamental analysis is needed to make sure that the investment is promising and can run for long term. In this investigation, Current Ratio, Book to Market, and Total Asset Turnover are used as fundamental factor affecting stock return. Using multiple regression method, these ratios are analyzed to determine which financial factors affect stock return. The result shows that Current Ratio, Book to Market, and Total Asset Turnover give significant effects to stock return. The relationship of these independent variables with stock return are negative for current ratio but positive for both Book to Market and Total Asset Turnover. This result explains that financial ratio especially Book to Market and Total Asset Turnover are indeed useful in making decision on investment and have same level of interest with other ratios. This research also exposes the possibility of other factors besides company’s financial performance affect the movement of firm’s stock price which lead to stock return. Therefore, the author suggest to conduct further research uses other macro level variables which can influence stock return such as money supply, economic growth (GDP), and inflation. Keywords: Fundamental Analysis, Stock Return, Financial Ratios, Multiple RegressionCategory: Finance
VALUATION OF A COMPANY WITH NEGATIVE EARNINGS: A CASE STUDY OF PT HERO SUPERMARKET TBK. (HERO) Hanifah, Syafita Nur; Murtaqi, Isrochmani
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract. Indonesia’s economy growth became slower since it reached its peak in 2011. This could be caused by the slowing down in household consumption which is the biggest contributor to the GDP. It leads to weakening in retail industry. PT. Hero Supermarket Tbk. is one of Indonesian retail firm that affected by this condition as they reported loss in 2015 and 2017. However, the author sees this case deeper than business cycle event as the slowing down has reached the fourth year and have not shown any good sign. Therefore valuation is conducted on PT Hero Supermarket to see whether the firm’s stock is currently worth buy. This firm is also considered as a special case firm with negative earnings referring to Damodaran’s paper entitled “Dark Side of Valuation”. Based on relative valuation, HERO stock is priced lower than the market. The low price was caused by the market pessimism. While based on the discounted free cash flow to the firm method, the intrinsic value of HERO is IDR 632 per share, while the market price was IDR 925 per share. This shows that HERO is overvalued. Based on this result, this study encourage the investors to sell HERO stock.Keywords:  Discounted Cash Flow Valuation, Negative Earnings Valuation , Retail Industry , Relative Valuation, Damodaran
Feasibility Study of Belitung Hotel Project (Case Study PT XYZ) Arsanti, Meutia; Murtaqi, Isrochmani
Journal of Business and Management Vol 3, No 2 (2014)
Publisher : Journal of Business and Management

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Abstract

This research will focus on tourism and hospitality business. For example is the hotel project of PT XYZ in Belitung. The purpose of this study is to gain feasibility of Belitung hotel project and determine whether the project is a good foundation for PT XYZ by knowing the return of the project of 10 years and after, required payback period in economic lifetime of 10 years, profitability index and internal rate of return as a decision rule for consideration in decision making management. To define the return of the project, author will be using the cash flow of the project. This project also assumed that the project will be continued and growing forever that’s why to determine terminal value of the project is a must. After calculating the cash flow and terminal value of the project the study found that the Net Present Value of the project generates a positive value of Rp 1,362,042,391,704 if PT XYZ continuing to operate the business forever. The profitability index of the project shows result of 9.5 with project Internal Rate of Return of 43.7% and the Modified Internal Rate of Return of this project is 55.5%. The Payback Period of the project is 5 years and 2 months and Discounted Payback Period this project is 5 years and 5 month. The safety number on occupancy rate can be a minimum standard and indicate the situation of the hotel operation. Net Present Value of theproject using safety occupancy rate generates a positive value of Rp 2,512,004,324,803 with the profitability index of the project showing result of 21.5. The Internal Rate of Return of the project is 101.4% and Modified Internal Rate of Return of this project using safety occupancy rate is 103.5%. The Payback Period of the project is 1 years and 7 months and the result of Discounted Payback Period is 1 years and 8 month. Based on the conclusion obtained from the analysis of the data author conclude that implementing Belitung hotel project is feasible and recommended for PT XYZ so they can increase firm wealth. Keywords: Belitung, Tourism, Hotel, Feasibility Study, Cash flow, terminal valueCategory : Finance, Business Plan
Independence Day Effect in the Stock Price of ASEAN State-Owned Enterprises Setiawan, Marvella Justia; Murtaqi, Isrochmani
Journal of Business and Management Vol 5, No 1 (2016)
Publisher : Journal of Business and Management

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Abstract

Abstract. Holiday effect is an anomaly on stock returns related to public holidays. This findings oppose Efficient Market Hypothesis directly as it proves that abnormal return presence. Lakonishok and Schmidt (1998) defined public holiday as days when market is closed, such as Labor Day, President’s Day, Memorial Day, Independence Day, Thanksgiving, New Year, Good Friday, and Christmas. The study reported that 30% up to 50% more return can be gained in holiday season compared to non-holiday season. Keyword(s): Holiday Effect, Independence Day, ASEAN
The Application of Fixed Asset Revaluation Method for the FOOD Distributor Company PT XYZ and the Benefit in TAX Justianto, Alexius; Murtaqi, Isrochmani
Journal of Business and Management Vol 2, No 3 (2013)
Publisher : Journal of Business and Management

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Abstract

Tax can be defined as the expense which must be paid by people or companies to the country and it is applied by the government to build our country. There are many ways in applying tax planning in order to minimize the amount of tax by “legal way”. One of that legal ways to minimize the tax burden is by applying revaluation method. This research is about the application of fixed asset revaluation method and the relatedness with income tax expense which must be paid. nevertheless if the result from this research shows that this revaluation method is benefit to be applied, PT XYZ will be recommended to execute this fixed asset revaluation for the vehicle. The writer presupposes that this research is executed in the end of 2011. For the next 8 years (from 2011 to 2019), it will be researched more whether it is more benefit to use fixed asset revaluation method or continue the previous system (historical method). Fixed asset revaluation can act as double-edged sword. One side it can decrease the income tax expense, but in one side the company must pay income tax caused by the increasing of asset value. The result of this research shows that by using PT XYZ’s discount rate of 4,67%, the revaluation method is worth to be applied in PT, and it shows the positive NPV Rp 37.731.211,-. From interpolation method, it is known that IRR of applying revaluation method in PT. XYZ is percentage of discount rate 12,74%., where in percentage of discount rate 12,74%, the revaluation method will not give benefit anymore (NPV = 0). The revaluation method will not worth to be applied (negative NPV) if the discount rate is more than 12,74%. Fortunately, the discount rate of PT. XYZ is less than 12,74% (4,67%), so the revaluation method is worth to be applied (positive NPV). Keywords: tax planning, the revaluation method for fixed assets----------------------------DISCLAMER: This paper is created by undergraduate students of School of Business and Management ITB in partial fulfillment of the requirement of the degree Bachelor of Management. Journal of Business and Management is not responsible for the content, opinions, or any other materials expressed here.
DETERMINANTS OF DIVIDEND PAYOUT POLICY: A CASE OF PROPERTY, REAL ESTATE, AND BUILDING CONSTRUCTION SECTOR Wardono, Anindita Alifa; Murtaqi, Isrochmani
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract

Abstract. Dividend payout policy is an important decision both for investor and corporation. There are several different theories and opinions related with dividend payout policy. Therefore, this research aims to find the determinant factors of dividend payout policy for firms engage in Indonesian property, real estate, and building construction sector. This research belongs to quantitative research. Panel data regression with fixed effect model as the approach is employed as the method to analyze the data. The sample consists of 18 companies from year 2013-2016 and taken using purposive sampling method. This research found that there is significant positive relationship between leverage and dividend payout ratio. All the independent variables also found simultaneously affect dividend payout ratio. The implication of this study is that leverage should be the factor that investors and the company should pay more attention related with the information of dividend payout policy of the company. Keywords:  Dividend payout ratio, firm size, leverage, liquidity,  regression analysis
The Effect of Debt to Equity Ratio, Dividend Payout Ratio, and Earnings Growth on Price to Earnings Ratio in Indonesia's Mining Sector Ayudhasurya, De Rembulan; Murtaqi, Isrochmani
Journal of Business and Management Vol 1, No 3 (2012)
Publisher : Journal of Business and Management

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Abstract

Investors play an important role in corporate sustainability. To make investors trust and be confident in investing, a company has to have good responsibility to them, especially in reporting the condition of financial performance. One of the analysis that investors will consider in the financial performance is price earnings ratio (PER). It shows how much money investor paid per share relative to the company’s net income. Investors’ willingness to invest in a company can be measured by calculating the price earnings ratio.This research is conducted to examine whether debt to equity ratio, dividend payout ratio, and earnings growth affect price earnings ratio in mining companies in Indonesia, both in Badan Usaha Milik Negara (BUMN) companies and in private companies. The data is secondary data that is collected from the annual report of the companies. The sample in this analysis is 7 mining companies that are listed in Jakarta Stock Exchange during a five-year period, from 2007 until 2011. The analysis is calculated by using multiple linear regression to test the influence of independent variables to the dependent variables. The significance influence test for hypothesis of independent variables is using T-test and F-test with 5% level of significant.Keywords: price to earnings ratio, debt to equity ratio, dividend payout ratio, earnings growth, indonesia’s mining companyCategory: Finance
The Impact of Earnings per Share and Debt to Equity Ratio Towards the Profitability of Companies Listed in LQ45 from 2009 to 2013 Utzanah, Ashifa Arief; Murtaqi, Isrochmani
Journal of Business and Management Vol 4, No 1 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract- The aims of a firm to operate are the development and the continuity of the business itself. It can be achieved by gaining more profits for the firm. Profitability measures the company performance by comparing the profits of the company with its resources during the period year. The firm with high profitability shows that the company efficiently and productively manages the sales, assets, and investment in its operating activity to gain profit. This research objective is to find out the impact of earning per share, debt to equity ratio, and current ratio toward the profitability, which is indicated to return on assets, of the companies listed LQ45 index. The method use to analyze the impact is multiple linear regression. The sample used of this research is 22 companies that listed consistently on LQ45 Index during 2009 – 2013 period. The result of this research shows that earning per share, debt to equity ratio, and current ratio have significant impact towards profitability (ROA). Earning per share has a positive significant impact towards profitability (ROA), on the other hand debt to equity ratio has a negative significant impact towards profitability (ROA), and current ratio also has a negative significant impact towards profitability (ROA). The earning per share, debt to equity ratio, and current ratio is influencing profitability (ROA) by 38.0%, as a result of Coefficient of Determination. Keywords: earning per share, debt to equity ratio, current ratio, return on assets, multiple linear regression
Co-Authors ., Hariswoyo Alexius Justianto Amalia Husna Dita Anak Agung Gede Sugianthara Anggraeni Novianti, Dwi Arira Putri, Rizkita Ashifa Arief Utzanah Azolla Degita Azis Budiarani, Vanesa Hana De Rembulan Ayudhasurya Dikdik Dwiparandi Ghoffur, Fadhel Griffit Yoyner Dondokambey, Griffit Yoyner Hanifah, Syafita Nur Husni Mubarak, Husni Irvianti, Essy khusnul khotimah Kusumawardani, Andika Setya Lande, Dennis Aditya Marsha, Nadya Marvella Justia Setiawan, Marvella Justia Meutia Arsanti Mulyono, Jane Julia Nadia Putri Maharani, Nadia Putri Omar Yusuf Tadjoedin Satryo Sidhi Rachmat Sylviana Maya Damayanti Wardono, Anindita Alifa Yanan, Wang