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All Journal Jurnal Bisnis dan Manajemen Jurnal Inspirasi Binsis dan Manajemen

Ratna Komara

Universitas Padjadjaran

Author-ID : 4117980

Economics, Econometrics & Finance Social Sciences

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Maturity Matching Struktur Aset dan Struktur Keuangan: Studi pada Perusahaan Manufaktur, Dagang, dan Jasa di Bursa Efek Indonesia Mahanani Margani; Ratna Komara; Egi Arvian Firmansyah; Layyinaturrobaniyah Layyinaturrobaniyah
Jurnal Inspirasi Bisnis dan Manajemen Vol 3, No 2 (2019): DESEMBER 2019
Publisher : Lembaga Penelitian Universitas Swadaya Gunung Jati

Abstract. This canonical study aims to determine the relationship between asset structure and financial structure in manufacturing, trading, and service companies, represented by food and beverages, retail trade, as well as restaurants, hotels and tourism firms listed on BEI. The analysis result shows that there is a powerfully positive relationship between asset structure and financial structure. It means interdependence occurs between sub-variables on asset structure and financial structure. The companies matched the maturity between funding sources and the age of the funded assets. Manufacturing and trading companies used equity to fund non-current assets; accounts payable to fund accounts receivable, cash and cash equivalents to secure non-current liabilities; and other current assets to guarantee other current liabilities. Meanwhile, service companies employed equity to fund the non-current assets, current liabilities to fund other current assets, and current liabilities and account payables to fund accounts receivable. Keywords: asset structure; canonical correlation; financial structure; maturity matching. Abstrak. Penelitian ini menggunakan analisis kanonikal untuk mengetahui hubungan antara struktur aset dan struktur keuangan di perusahaan manufaktur, dagang, dan jasa yang diwakili oleh sub-sektor makanan dan minuman, perdagangan eceran, restoran, hotel, dan pariwisata yang terdaftar di BEI. Hasil penelitian menunjukkan bahwa terdapat hubungan positif yang sangat kuat antara struktur aset dan struktur keuangan. Ini artinya ada interdependensi antar sub-variabel pada variabel struktur aset dan struktur keuangan. Perusahaan di tiga sub-sektor tersebut mencocokkan maturitas antara sumber pendanaan dengan usia aset yang didanai. Perusahaan manufaktur dan dagang menggunakan ekuitas untuk mendanai aset jangka panjang dan menggunakan utang usaha untuk mendanai piutang usaha. Kas dan setara kas dijadikan jaminan liabilitas jangka panjang, serta aset jangka pendek lainnya digunakan sebagai kolateral liabilitas jangka pendek lainnya. Perusahaan jasa menggunakan ekuitas untuk mendanai aset jangka panjang dan menggunakan liabilitas jangka pendek untuk mendanai aset jangka pendek lainnya. Piutang usaha didanai liabilitas jangka pendek dan utang usaha. Kata Kunci: kecocokan maturitas; korelasi kanonikal; struktur aset; struktur keuangan.

CAPITAL STRUCTURE AND BANK PERFORMANCE Arie Widyastuti; Ratna Komara; Layyinaturrobaniyah Layyinaturrobaniyah
Jurnal Bisnis Manajemen Vol 20, No 2 (2019): September 2019
Publisher : Fakultas Ekonomi dan Bisnis Universitas Padjadjaran

The decision of how firms finance their investments is among the prominent researchers in the area of corporate finance. The capital structure of banks, however, still relatively under-explored. Banking is one type of industry that employs a high level of leverage in creating companies’ value since its operating profits come from lending and borrowing activities. This research aims to analyse the effect of the mix of capital structure on financial performance of commercial banks in Indonesia. We use annual data for the period 2009 – 2017 that are extracted from the audited financial statement. The data is then analysed to find relationship on the use of leverage to the firms’ performance. Our study finds strong evidence that short term loan significantly has positive influence on profitability of banks through Return on Equity (ROE), which indicates that deposit is considered as the cheapest source of funding. However, banks should carefully maintain their liquidity risk to ensure the availability of funds to pay for withdrawals obligation. We also found that the use of long-term debt and the use of equity, in general, do not have a significant effect on firm value, which indicates that, in terms of long-term financing, profitability and firm value are insensitive to capital structure.

Rural Bank Technical Efficiency in West Java Indonesia: Evaluation by Ownership and District Mokhamad Anwar; Layyinaturrobaniyah Layyinaturrobaniyah; Ratna Komara; Sulaeman Rahman Nidar
Jurnal Bisnis Manajemen Vol 19, No 2 (2018): September 2018
Publisher : Fakultas Ekonomi dan Bisnis Universitas Padjadjaran

This study examines the efficiency of rural banks in West Java Indonesia in terms of technical efficiency. The analysis covers the 212 banks spread over some districts in west java province during the period 2012-2016. Those banks are under the supervision of the Financial Services Authority Regional Office of Bandung. The study employs Data Envelopment Analysis to obtain the technical efficiency of the banks over the study period. The study results suggest that there are some rural banks from certain districts enjoying most efficient; average efficiency of those banks over the study period is inclined to increase with the peak performance occurred in 2015. The other findings suggested that capital adequacy and bank size are of essential factors determining rural bank efficiency in West Java.

Co-Authors Arie Widyastuti Egi Arvian Firmansyah Layyinaturrobaniyah Layyinaturrobaniyah Mahanani Margani Mokhamad Anwar, Mokhamad Sulaeman Rahman Nidar

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