How the Financial Performance Works? A Comparative Study in State-Owned and Private-owned Telecommunication Companies

This study aims to identify and analyze the comparison of the financial performance of state-owned and private-owned telecommunications companies. The population in this study are state-owned and private-owned telecommunications companies in Indonesia that are listed on the Indonesia Stock Exchange in 2008-2021. This is case study on PT Telekomunikasi Indonesia Tbk and PT Indosat Tbk. Data analysis techniques in this study used the independent sample t-test and Mann–Whitney. The results of the analysis found that there were significant differences in the financial performance of state-owned and private companies seen from the ratio of Return on Assets, Current Ratio, Total Debt to Total Assets, Total Assets Turnover Ratio, and Earning Per Share. Keywords: ROA, CR, DAR, TATO, EPS DOI: 10.7176/RJFA/14-13-04 Publication date:July 31st 202

PENGARUH PERTUMBUHAN PERUSAHAAN DAN PROFITABILITAS TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN

Nilai perusahaan adalah harga yang akan dibayarkan oleh pembeli jika suatu perusahaan akan dijual. Pandangan investor terhadap perusahaan akan dilihat dari nilai perusahaan, karena nilai perusaahaan mencerminkan kinerja perusahaan. Untuk mengetahui pengaruh dari pertumbuhan perusahaan dan profitabilitas terhadap struktur modal dan nilai perusahaan pada perusahaan industri barang konsumsi di Bursa Efek Indonesia periode 2014-2016 merupakan tujuan dari penelitian ini. Penelitian ini menggunakan 36 perusahaan sebagai sampel. Metode purposive sampling digunakan sebagai metode penentuan sampel pada penelitian ini. Penelitianninimmenggunakanmteknikaanalisissjalur (path analysis). Hasil yang ditemukan dalam penelitianniniyyaitu pertumbuhan perusahaan memiliki pengaruh yang positif dan signifikan terhadap struktur modal dan profitabilitas memiliki pengaruh yang negatif dan signifikan terhadap struktur modal. Pertumbuhan perusahaan tidak memiliki pengaruh terhadap nilai perusahaan, profitabilitasmmemilikippengaruhmyangmpositifmdan signifikanmterhadap nilai perusahaan dan yangmterakhir struktur modal memiliki pengaruh yang positif dan signifikan terhadap nilai perusahaan

ANALISIS PERBANDINGAN TINGKAT KESEHATAN BANK SELAMA PANDEMI COVID-19 DENGAN METODE CAMELS DAN RGEC

Sektor Perbankan secara umum mengalami penurunan pertumbuhan akibat Pandemi Covid19, bank BRI menjadi salah satu bank yang terdampak yang dibuktikan dari total aset yang berbanding terbalik dengan laba bersih. Oleh karena itu, penting dilakukannya penilaian tingkat kesehatan bank dalam upaya menjaga stabilitas ekonomi dalam ketidakpastian ekonomi dan risiko ekonomi yang meningkat akibat Pandemi Covid-19. Penelitian ini bertujuan mengetahui tingkat kesehatan pada PT. Bank Rakyat Indonesia (Persero) Tbk selama Pandemi Covid-19 dengan Metode CAMELS dan metode RGEC pada tahun 2020-2022. Penelitian ini berjenis deskriptif komparatif dengan membandingkan hasil akhir peringkat komposit masingmasing metode serta menggunakan data sekunder dari laporan keuangan tahunan PT. Bank Rakyat Indonesia (Persero) Tbk Periode 2020-2022. Hasil penelitian menunjukkan bahwa PT. Bank Rakyat Indonesia (Persero) Tbk dihitung dengan metode CAMELS berada pada kategori Sehat, berbeda dengan PT. Bank Rakyat Indonesia (Persero) Tbk yang dihitung dengan metode RGEC, yang berada pada kategori Sangat Sehat. Perbedaan ini terjadi karena metode RGEC berfokus pada risiko dan prinsip GCG, sedangkan metode CAMELS berfokus pada pencapaian laba. Implikasi Penelitian ini semakin memperkuat ketepatan penggunaan metode Penilaian Tingkat Kesehatan Bank Berbasis Risiko sebagai standar yang telah ditetapkan oleh Bank Indonesia dan Otoritas Jasa Keuangan. Keterbatasan Penelitian ini yaitu tidak menggunakan indikator sensitivity to market risk dikarenakan keterbatasan sumber data sehingga tidak dapat diperhitungkan dalam menilai tingkat kesehatan bank. Kata Kunci: CAMELS; RGEC; Kesehatan Bank

Determinants of Derivatives Usage and Its Effect on Firm Risk: Evidence from Indonesian Non-Financial Firms

The purposes of this research are to determine factors influencing firm derivatives usage and to analyze its effect on firm risk. The objects of this research are non-financial firms listed on Indonesian Stock Exchange for the year of 2015. Financial performance and corporate governance are employed in this research as important factors influencing derivatives usage and firm risk. Current ratio, debt to equity ratio, return on assets and total assets turnover ratio are used to assess financial performance. Managerial ownership, independence of board commissioners and commissioners’ education are used to assess corporate governance. The firm risk is measured by calculating the volatility of firm daily stock returns. This research employs path analysis in order to examine the relationship between financial performance, corporate governance, derivatives usage, and firm risk. The main finding of this research is that the derivatives usage has a negative relationship with firm risk. There is evidence that the firms tend to have lower risk if using more derivatives products as a risk management instrument. Keywords: financial performance, corporate governance, derivatives usage, firm ris

Analysing the Difference between Forward and Futures Prices for the UK Commercial Property Market

The paper analyses the differences between forward and futures prices for the UK commercial property market, using both time series and panel data. A first battery of tests establishes that the observed differences are statistically significant. Further analysis considers the modelling of this difference using mean-reverting models. The proposed models are then estimated with a number of alternative estimation methods and second stage statistical tests are implemented in order to decide which model and estimation method best represent the data

Forward–futures price differences in the UK commercial property market: Arbitrage and marking-to-model explanations

In this paper the differences between forward and futures prices for the UK commercial property market are analyzed, using both time series and panel data. A first battery of tests establishes that the observed differences are statistically significant over the study period. Further analysis considers the modeling of this difference using mean-reverting models. The proposed models are then estimated with a number of alternative estimation methods and second stage statistical tests are implemented in order to decide which model and estimation method best represent the data