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All Journal Jurnal Bisnis dan Ekonomi Jurnal Siasat Bisnis IQTISHODUNA Assets : Jurnal Ekonomi, Manajemen dan Akuntansi JURNAL RELASI STIE MANDALA JEMBER JURNAL EKONOMI AKUNTANSI DAN MANAJEMEN JURNAL AKUNTANSI UNIVERSITAS JEMBER UNEJ e-Proceeding E-Dimas: Jurnal Pengabdian kepada Masyarakat Bisma: Jurnal Bisnis dan Manajemen Jurnal Akuntansi dan Bisnis J-Dinamika: Jurnal Pengabdian Kepada Masyarakat JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT Review of Management and Entrepreneurship International Journal of Environmental, Sustainability, and Social Science Jurnal Ekonomi Efektif Jurnal Manajemen dan Usahawan Indonesia Jurnal Akuntansi dan Keuangan Jurnal Manajemen dan Kewirausahaan VALUE: Journal of Business Studies Relasi : Jurnal Ekonomi Management Dynamics: International Journal of Management and Digital Sciences Global Management: International Journal of Management Science and Entrepreneurship eJEBA
Elok Sri Utami
Faculty Of Economics And Business Universitas Jember
Humanities Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Social Sciences Other

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KINERJA FINANSIAL PERUSAHAAN YANG MELAKUKAN AKUISISI Utami, Elok Sri
JURNAL AKUNTANSI UNIVERSITAS JEMBER Vol 11, No 2 (2013)
Publisher : JURNAL AKUNTANSI UNIVERSITAS JEMBER

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Abstract

This study attempts to examine empirical evidence of the firms’ financial performances conducting acquisition at the Indonesian Stock Exchange. A sample of 22 firms undertaking acquisition during 2007-20010 is examined. The t-test for mean difference is employed to examine the performance for the period prior to and after the acquisition. The results show that the firms’ liquidity ratio is not significantly different for the periods before and after acquisition. Total debt to total assets ratio and total debt to equity ratio are significantly different. In particular, the average of these two ratios is higher in the period after the acquisition. This study also documents that the firm activity ratio, measured as total assets turnover, is indifferent between the periods. In addition, the firms’ return on investment and return on equity is lowering after acquisition and the difference is significant. Keywords: acquisition, financial performance,Indonesian Stock Exchange
ANALISIS EFISIENSI KINERJA PERUSAHAAN MELALUI PENDEKATAN SISTEM DU PONT PADA PT HM SAMPOERNA TBK Harditama, Rangga Rudvi; Utami, Elok Sri; Mufidah, Ana
JURNAL AKUNTANSI UNIVERSITAS JEMBER Vol 13, No 2 (2015)
Publisher : Universitas Jember

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Abstract

This study analyze about financial performance of the company with Dupont system. The object of the research is PT HM Sampoerna Tbk . PT HM Sampoerna Tbk is one of the leading cigarette manufacturer in Indonesia. The result of this research will be comparing with the industry average. From this research will be knowing the position of the company is below, same as or above of the industry average. The analysis technique used is du pont system and compared with the industry average, with the following steps: 1) Net Profit Margin (NPM), 2) Total Asset Turnover (TATO), 3) Return On Investment (ROI) . Key Words : Sistem Dupont, Net Profit Margin (NPM), Total Asset Turnover (TATO), Return On Investment
PENGARUH KINERJA KEUANGAN TERHADAP RETURN SAHAM PADA PERUSAHAAN KELOMPOK JAKARTA ISLAMIC INDEX Wardana, Guntur Kusuma; Gumanti, Tatang Ary; Utami, Elok Sri
IQTISHODUNA IQTISHODUNA (VOL 11, NO: 1.
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v1i1.3700

Abstract

The purpose of this research is to analyse the influence of financial performance on returns a stockslisted in Jakarta Islamic Index. The populations in this research are all companies listed on the Jakarta IslamicIndex (JII) 2012 to 2013. The data were analysed by using method criteria a purposive sampling generate a totalof 20 companies. Multiple regression analysis results show that Price Earnings Ratio effect CumulativeAbnormal Returns, while the Net Profit Margin, Price to Book Value and Current Ratio do not influence onCumulative Abnormal Return.
PERUBAHAN ABNORMAL RETURN DAN VOLUME PERDAGANGAN PADA HARI SEKITAR CUM-DIVIDEND DATE DI BURSA EFEK INDONESIA Lavista, Eka; Utami, Elok Sri; Puspitasari, Novi
BISMA: Jurnal Bisnis dan Manajemen Vol 12 No 3 (2018)
Publisher : Jurusan Manajemen Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19184/bisma.v12i3.9009

Abstract

Abstract: The purpose of this study is to examine the changes of the stock pricesand stock volume traded on the Indonesia Stock Exchange (IDX) on the last daywhere the shareholders would still posses the right to dividends (cum-dividenddate). The population of this study was all public companies listed in the IDX in2013 that distributed their dividends continuously from 2014 to 2016. The sampleconsisted of 118 companies collected by using purposive sampling approach. Theresults showed that there was a difference of abnormal return and trading volumeactivity on the days around the cum-dividend date.Keywords: dividen, cum-dividend date, abnormal return, trading volume activity,event study.Abstrak: Tujuan penelitian ini adalah untuk menganalisis perubahan harga sahamdan volume saham yang diperdagangkan di Bursa Efek Indonesia (BEI) pada hariterakhir dimana pemegang saham masih akan berhak atas dividen (cum-dividenddate). Populasi penelitian ini adalah seluruh perusahaan go public pada tahun2013 yang terdaftar di BEI yang membagikan dividen secara terus menerus padatahun 2014 sampai 2016. Sampel penelitian terdiri dari 118 perusahaan yangdiambil dengan pendekatan purposive sampling. Hasil penelitian menunjukkanbahwa terdapat perbedaan abnormal return dan trading volume activity pada harihari sekitar cum-dividend date.Kata kunci: dividen, cum-dividend date, abnormal return, trading volume activity,event study.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PERTUMBUHAN LABA PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BEI Nurhayati, Nurhayati; Hidayati, Anis Iftitah; Utami, Elok Sri
BISMA: Jurnal Bisnis dan Manajemen Vol 14 No 3 (2020)
Publisher : Jurusan Manajemen Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19184/bisma.v14i3.16171

Abstract

This study aims to analyze the effect of the current ratio (as a measure of the liquidity ratio), debt ratio (as a measure of the solvency ratio), total asset turnover (as a measure of activity ratio), gross profit margin, and return on assets (as a measure of the ratio. profitability) on the profit growth of mining sector companies. The sample consisted of 37 mining sector companies listed on the IDX during the 2015-2018 period taken by the purposive sampling method. The data analysis method used is multiple linear regression analysis. The study results indicate that the current ratio, debt ratio, total asset turnover, and return on assets significantly affect profit growth. Meanwhile, the gross profit margin variable does not affect profit growth. These results inform that the current ratio, debt ratio, total asset turnover, and return on assets can be used to predict the mining companies' future profit growth. Meanwhile, the gross profit margin cannot be used as a predictor of profit growth. Keywords: current ratio, debt ratio, gross profit margin, growth of profit, return on asset, total asset turnover
Underpricing and Post Issue Financial Performance in Indonesian Initial Public Offerings Indri Puspa Linggarini; Tatang Gumanti Ary Gumanti; Elok Sri Utami
Jurnal Manajemen dan Usahawan Indonesia Vol 42, No 4 (2013): Jurnal Manajemen Usahawan Indonesia
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Indonesia

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Abstract

Penelitian ini membahas dua isu, underpricing pada penawaran umum perdana (InitialPublic Offerings-IPO) dan kinerja keuangan sekitar IPO di pasar modal Indonesia.Underpricing telah menjadi teka-teki dalam literatur keuangan karena seakan menentanghipotesis pasar efisien. Fenomena underpricing ditemukan di semua pasar modal diseluruh dunia. Bukti empiris tampaknya setuju bahwa perusahaan yang melakukan IPOsecara rata-rata tidak mampu meningkatkan kinerja keuangan setelah IPO. Penelitian inibertujuan menganalisis abnormal return dan pengaruh go public terhadap kinerjaoperasi perusahaan IPO di Bursa Efek Indonesia. Penelitian ini menggunakan sampelsebanyak 33 perusahaan yang melakukan IPO dari 2007-2010. Return yang disesuaikandengan return pasar di samping return riil digunakan untuk menguji derajat underpricing.Penelitian ini menggunakan pendekatan yang digunakan dalam Jain dan Kini (1994)dalam pengujian kinerja kinerja keuangan perusahaan di sekitar tahun IPO. Serupadengan penelitian sebelumnya, penelitian ini menemukan bahwa perusahaan yangmelakukan IPO rata-rata mengalami underpricing sebesar 6,3% pada hari pertamadilakukan perdagangan saham. Kinerja perusahaan setelah go public cenderungmenurun tetapi tidak semua pola berbeda secara signifikan antara periode. Kinerjaoperasi cenderung meningkat mendekati tanggal penawaran, tetapi sedikit menurunsetelah itu. Angka-angka underpricing berfluktuasi pada hari 2 sampai hari ke-5. Hasilpengujian atas kinerja keuangan perusahaan menunjukkan bahwa empat proksi untukmengukur kinerja operasional keuangan memiliki kecenderungan menurun setelah IPO.Hal ini mengindikasikan bahwa perusahaan tidak dapat menggunakan dana yangdiperoleh dari IPO untuk kegiatan produktif atau mungkin diperlukan waktu lebih lamaagar penggunaan dana akan berdampak positif bagi perusahaan.
ANALISIS KELAYAKAN INVESTASI MESIN PENCETAK KEMASAN PADA UD "ROBIN JAYA SENTOSA" SITUBONDO Nely Supeni; Isti Fadah; Elok Sri Utami
RELASI : JURNAL EKONOMI Vol 19 (2014)
Publisher : STIE Mandala Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31967/relasi.v19i0.36

Abstract

An investment  is one of alternative policies of the company to develop its business in order to obtain profits in the future. UD "Robin Jaya Sentosa" Situbondo has invested 2 new package printing machines to maximize the company objectives. This study examines whether the proposed investment is worth it or not to do. The data used are primary data and secondary data. Primary data is  investment planning and estimated cash flow. Secondary data is the company's finances. Some investment appraisal methods used are the payback period, average rate of return, net present value, internal rate of return, modified rate of return, profitability index, and monte carlo simulation. The results of analysis shows that the payback period  results is 1 year 10 months 10 days, 101% ARR, NPV of Rp835.044.270, IRR of 68,3%, 45% MIRR, PI of 2,67, and a monte carlo simulation calculations as many as 300 times shows that the probability of NPV<0 by 22%. Based on project acceptance criteria, the results of this analysis indicate that the investment plan of UD "Robin Jaya Sentosa" is feasible.
Intellectual Capital Disclosure and The Underpricing Of Indonesian Initial Public Offerings Elok Sri Utami; Nurul Illiyyin; Tatang Ary Gumanti
Jurnal Akuntansi dan Bisnis Vol 19, No 1 (2019)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (443.653 KB) | DOI: 10.20961/jab.v19i1.427

Abstract

Studies examining the relationship between the level of intellectual capital and firm values of public companies have been mounting. Yet, very view is devoted on those that are making initial public offering (IPO). For already publicly companies, intellectual capital disclosure can be seen in the annual report. For IPO, the information is embedded in the prospectuses. This study is aimed to analyze the influence of intellectual capital disclosure index (ICDI) and other variables including the prestige of underwriter, financial leverage, return on assets (ROA), and firm size on the extent of underpricing of companies making IPO from 2013 to 2017. The population consist of 125 companies. A total of 79 IPOs satisfied the sample selection criteria. Results using multiple linear regression analysis show ICDI, the prestige of underwriter, and company size have negative and significant effect on the level of underpricing. Whilst, financial leverage and profitability (ROA) are not the explanatory variables for the variation of underpricing. Penelitian yang menguji hubungan antara tingkat modal intelektual dan nilai-nilai perusahaan-perusahaan publik telah meningkat. Namun demikian, jumlah penelitian yang ada masih sangat dikhususkan untuk menguji perusahaan yang melakukan penawaran umum perdana (initial public offerings = IPO). Untuk perusahaan yang sudah terbuka, pengungkapan modal intelektual dapat dilihat dalam laporan tahunan. Untuk IPO, informasi tersebut tersedia di dalam prospektus. Penelitian ini bertujuan untuk menganalisis pengaruh indeks pengungkapan modal intelektual (ICDI) dan variabel-variabel lain termasuk underwriter prestige, financial leverage, return on assets, dan ukuran perusahaan terhadap tingkat underpricing perusahaan yang melakukan IPO dari 2013 hingga 2017. Populasi penelitian terdiri atas 125 perusahaan. Sebanyak 79 IPO memenuhi kriteria pemilihan sampel. Hasil analisis menggunakan regresi linier berganda menunjukkan ICDI, underwriter prestige, dan ukuran perusahaan berpengaruh negatif dan signifikan terhadap tingkat underpricing. Sementara, financial leverage, dan profitabilitas (ROA) bukan variabel penjelas untuk variasi underpricing.
DETERMINAN STRUKTUR MODAL PADA PERUSAHAAN PERTAMBANGAN SUB SEKTOR BATUBARA DAN NON BATUBARA YANG LISTED DI BURSA EFEK INDONESIA Yusuf Fatoni; Hadi Paramu; Elok Sri Utami
Jurnal Bisnis dan Ekonomi Vol 20 No 1 (2013): vol. 20 No. 1 EDISI Maret 2013
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Stikubank

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (97.28 KB)

Abstract

The objective of this research is to analyze the influence of partial and simultaneous determinants of capital structure, including the cost of debt, business risk, size, growth, dividend policy, and profitability. This research also analyzes the influence of differences the capital structure determinants in two different sub sectors. Listed sub sector of coal mining and non coal mining companies at Indonesia Stock Exchange period 2008-2012 were examined. Based on the census method, 17 coal mining companies and 14 non coal mining companies were included in the research. This research applied multiple regression analysis and Chow test. The result showed that simultaneously, all six independent variables do not significantly affect the capital structure on the sub sector of coal mining but significantly affect it on the sub sector of non coal mining. Partially, the influence of six independent variables varied in sub sector of coal mining and non coal mining. The result of Chow test showed that all variables has a different influence on the capital structure between those two sub sectors. Key words: capital sructure, cost of debt, business risk, size, growth, dividend policy.
DETERMINAN-DETERMINAN MANAJEMEN LABA PADA PENAWARAN SAHAM PERDANA (KASUS PADA PERUSAHAAN SEKTOR ANEKA INDUSTRI) Tatang Ary Gumanti; Sheila Regina Prihandini; Elok Sri Utami
Jurnal Siasat Bisnis Vol. 18 No. 2 (2014)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol18.iss2.art9

Abstract

Penelitian ini menganalisis pengaruh arus kas operasi, perubahan laba, leverage, dan tujuan penggunaan dana hasil IPO pada manajemen laba perusahaan di berbagai sektor industri yang melakukukan penawaran saham perdana (IPO) di Bursa Efek Indonesia. Sampel penelitian ini dipilih dengan menggunakan metode purposive sampling di mana ada 15 dari 33 perusahaan pada periode 1990-2012. Data yang digunakan adalah data sekunder dari berbagai sektor industri. Prospektus perusahaan diperoleh dari database Fakultas Ekonomi, Universitas Jember, Direktori Pasar Modal Indonesia (ICMD), dan sumber-sumber lainnya. Variabel terikat dalam penelitian ini adalah manajemen laba, yang diukur dengan menggunakan rasio Discretionary Akrual yang dikembangkan oleh Friedlan (1994). Variabel independen terdiri dari arus kas operasi, perubahan laba, tujuan penggunaan dana IPO yang berfungsi sebagai variabel dummy, dan rasio leverage diukur dengan rasio hutang terhadap ekuitas. Hasil penelitian menunjukkan bahwa hanya arus kas operasi yang berpengaruh negatif dan signifikan terhadap manajemen laba. Sementara perubahan pendapatan, leverage, dan tujuan penggunaan dana IPO tidak mempengaruhi secara signifikan manajemen laba perusahaan di berbagai sektor industri.Kata kunci: manajemen laba, arus kas operasi, perubahan laba, leverage
Co-Authors Ahmad Ahsin Kusuma Mawardi Alif Mirzania Ana Mufidah Anitasari, Diah Annissa Nur Imani Fithry Ariwan Joko Nusbantoro Ariwan Joko Nusbantoro Ary Gumanti, Tatang Ary Gumanti Bambang Irawan Chairul Saleh Deasy Wulandari Devy Kristiningrum Dewi Prihatini Dian Permata Sari Eka Lavista Enni Savitri Guntur Kusuma Wardana Gusti Ayu Wulandari Hadi Paramu Hari SUKARNO Herlina Herlina Herlina Herlina Hidayati, Anis Iftitah Ihrom Caesar Ananta Putra Imam Suroso Indri Puspa Linggarini Isti Fadah Ketut Indraningrat Ketut Indraningrat KINANTI, Kartika Ayu Lavista, Eka Lilik Farida Lilik Farida Lilik Farida Luccy Avrindy Ragilia Putri M Fatwa Algifari Markus Apriono Mega Rizky Aprilia Muhammad Irhas Zulfani Putra Hariyanto Nadia Azalia Nadia Azalia Putri Nely Supeni Novi Puspitasari Novi Puspitasari Nurhayati Nurhayati Nurul Illiyyin Nurul Wahidatun Nisa Nyoman Gede Krishnabudi Rangga Rudvi Harditama Rangga Rudvi Harditama, Rangga Rudvi Sanjaya, Nori Alfiani Shafly Perdana Lestamanta Sheila Regina Prihandini Siswoyo Soekarno Sudarsih Sudarsih Tatang Ary Gumanti Tatang Ary Gumanti Tatang Ary Gumanti Tatang Ary Gumanti Ary Gumanti Tatang Gumanti Ary Gumanti Tatok Endhiarto Tria Apriliana, Tria Wahidatun Nisa, Nurul Yuli Wibowo Yusuf Fatoni