The Influence Cash Conversion Cycle, Capital Structure and Profitability to Intrinsic Value on Consumer Goods Company in Indonesia

Objectives: To examine the influence cash conversion cycle, capital structure and profitability to intrinsic value on consumer goods company in Indonesia Stock Exchange Method/ Analysis: The paper usepath analysis to analyze cross-sectional data covering 30 consumer goods company listed in Indonesia Stock Exchange for period 2012 to 2015. cash conversion cycle and capital structure as independent variable, instrinsic value as dependent variable and profitability as intervening variable. this study use free cash flow to firm valuation to calculate intrinsic value, total debt to total asset to calculate capital structure and return on asset to calculate profitability. Findings: This study found that capital structure and profitability significantly affect direct to intrinsic value, cash conversion cycle not significantly affect direct to intrinsic value, cash conversion cycle and profitability significantly affect indirectly to intrinsic value using profitability as variable intervening at alpha 5%. This show that cash conversion cycle not directly affect to profitability, and this profitability will affect intrinsic value. this study may be useful for student, financial manager, investor, financial consultant, appraisal and many other stakeholder in Indonesia so they can more aware about efficiency of cash conversion cycle, capital structure, profitability to intrinsic value. Keywords: Cash Conversion Cycle, Capital Structure, Profitability, Intrinsic Valu

DETERMINAN PREFERENSI STRUKTUR MODAL USAHA MIKRO DAN KECIL

Struktur modal adalah bauran sumber dana yang digunakan perusahaan.  Struktur modal usaha mikro dan kecil (UMK) dapat ditentukan oleh sejumlah faktor seperti karakteristik pemilik serta karakteristik perusahaan. Tujuan studi ini adalah untuk menyelidiki determinan preferensi struktur modal usaha dari UMK di Pajak USU Padang Bulan Medan. Determinan tersebut terdiri atas karakteristik pemilik dan karakteristik usaha. Karakteristik pemilik terdiri atas pendidikan, kewirausahaan, dan pengalaman, sedangkan karakteristik usaha yang digunakan adalah ukuran usaha. Pertanyaan terstruktur digunakan untuk mengumpulkan data 100 usaha kecil dan menengah. Model regresi logistik digunakan untuk menguji hipotesis yang diturunkan dari literatur. Hasil uji pada alpha 5% menunjukkan bahwa ukuran usaha berpengaruh signifikan terhadap preferensi struktur modal usaha mikro dan kecil. Variabel lain ditemukan tidak berpengaruh signifikan. Implikasi hasil penelitian ini adalah semakin besar ukuran usahanya, semakin besar peluang usaha tersebut untuk menggunakan struktur modal dari eksternal. Usaha yang lebih kecil mengalami kesulitan untuk mengakses dana eksternal karena kurangnya jaminan. Mereka juga kurang memiliki waktu untuk mengurus administrasi pinjaman.  Lembaga keuangan formal perlu memperhatikan hal ini dan membantu usaha kecil untuk mendapatkan modal yang diperlukan untuk mengembangkan bisnis mereka

DETERMINAN PREFERENSI STRUKTUR MODAL USAHA MIKRO DAN KECIL

Struktur modal adalah bauran sumber dana yang digunakan perusahaan.  Struktur modal usaha mikro dan kecil (UMK) dapat ditentukan oleh sejumlah faktor seperti karakteristik pemilik serta karakteristik perusahaan. Tujuan studi ini adalah untuk menyelidiki determinan preferensi struktur modal usaha dari UMK di Pajak USU Padang Bulan Medan. Determinan tersebut terdiri atas karakteristik pemilik dan karakteristik usaha. Karakteristik pemilik terdiri atas pendidikan, kewirausahaan, dan pengalaman, sedangkan karakteristik usaha yang digunakan adalah ukuran usaha. Pertanyaan terstruktur digunakan untuk mengumpulkan data 100 usaha kecil dan menengah. Model regresi logistik digunakan untuk menguji hipotesis yang diturunkan dari literatur. Hasil uji pada alpha 5% menunjukkan bahwa ukuran usaha berpengaruh signifikan terhadap preferensi struktur modal usaha mikro dan kecil. Variabel lain ditemukan tidak berpengaruh signifikan. Implikasi hasil penelitian ini adalah semakin besar ukuran usahanya, semakin besar peluang usaha tersebut untuk menggunakan struktur modal dari eksternal. Usaha yang lebih kecil mengalami kesulitan untuk mengakses dana eksternal karena kurangnya jaminan. Mereka juga kurang memiliki waktu untuk mengurus administrasi pinjaman.  Lembaga keuangan formal perlu memperhatikan hal ini dan membantu usaha kecil untuk mendapatkan modal yang diperlukan untuk mengembangkan bisnis mereka

PREFERENSI PEMBIAYAAN USAHA MIKRO DAN KECIL : PERSPEKTIF GENDER DAN ENTREPRENEURABILITY

Preferensi pembiayaan dalam perusahaan besar lebih didasarkan pada karakteristik perusahaan tersebut.  Namun dalam usaha mikro dan kecil hal ini mungkin berbeda dan bergantung pada karakteristik pemiliknya seperti gender dan entrepreneurability.   Perbedaan gender mungkin juga membedakan entrepreneurability dan dukungan yang diterima.  Penelitian ini akan menguji apakah terdapat perbedaan preferensi pembiayaan berdasarkan gender, entrepreneurability berdasarkan gender dan berdasarkan preferensi pembiayaan, serta perbedaan dukungan berdasarkan gender.  Sampel dari usaha mikro dan kecil yang bergerak dalam bidang kuliner  diuji dengan uji beda Independent Sample t Test dan kemudian dengan Crosstabulation untuk lebih memperinci hasilnya.  Hasil uji menunjukkan bahwa tidak terdapat perbedaan yang signifikan preferensi pembiayaan berdasarkan gender dan berdasarkan  entrepreneurability, namun entrepreneurability berbeda signifikan berdasarkan gender dan juga ditemukan bahwa dukungan moral, tenaga, dan modal yang diterima pemilik usaha pria dan wanita tidak berbeda signifikan (p value lebih kecil dari 0.05).   Hasil ini menunjukkan bahwa terdapat kesetaraan gender dalam pembiayaan usaha dan entrepreneurability lebih tinggi pada pria.  Pria pemilik usaha juga mendapatkan dukungan tenaga kerja yang lebih banyak daripada wanita.  Dukungan tenaga ini adalah salah satu bentuk  financial bootstrapping karena dapat mengurangi pembiayaan usah

The Influence of Capital Structure, Growth Opportunity and Profitability at Mining Companies in Indonesia

Objectives: The purpose of this research is to examine the influence of capital structure and growth opportunity on profitability as well as intrinsic value of mining company in Indonesia Stock Exchange.Methods/Analysis: The data for this research is analyzed through path analysis. The population of this research is mining companies listed on the Indonesian Stock Exchange in period 2013-2015. The target population that meets the research criteria is 32 mining companies. Capital structure and growth opportunity as independent variable, profitability as intervening variable, and the intrinsic value of the company as dependent variable which is the net present value of projected free cash flow to firm (FCFF).Findings:The results of this analysis show that, capital structure and profitability partially have significant influence on intrinsic value of the company, while growth opportunity does not partially influence on intrinsic value of the company significantly. Moreover, profitability cannot mediate the relationship between capital structure and intrinsic value of the company; and profitability can mediate the relationship between growth opportunity and intrinsic value of the company at alpha 5%. Keywords: Capital Structure, Growth Opportunity, Profitability, Free Cash Flow to Firm, Intrinsic Valu

ANALYSIS OF FACTORS AFFECTING THE MARKET VALUE OF RESIDENTIAL HOUSES IN THE CITRALAND GAMA CITY COMPLEX

The purpose of this study is to answer the problem analysis of factors affecting the market value of residential houses in the Citraland Gama City Complex. This research uses the type of quantitative research. The population in this study are all houses in the Citraland Gama City Complex. Based on information from the complex management office, the number of houses built in the complex is 895 units. However, from this figure, the number of houses that have been inhabited at this time is 225 units which are the target population. The researcher uses the number of houses that have been inhabited as the target population, then the calculation results from the slovin formula, obtained the number of samples to be used in this study is 70. The method of analysis using multiple linear regression test. The results show that design has a positive and significant effect on the market value of residential houses in the Citraland Gama City Complex. Availability of facility has a positive and significant effect on the market value of residential houses in the Citraland Gama City Complex. Environmental condition has a positive and significant effect on the market value of residential houses in the Citraland Gama City Complex. Position or location has a positive and not significant effect on the market value of residential houses in the Citraland Gama City Complex. Land area has a positive and significant effect on the market value of residential houses in the Citraland Gama City Complex. Building area has a positive and not significant effect on the market value of residential houses in the Citraland Gama City Complex. Status of ownership right has a positive and not significant effect on the market value of residential houses in the Citraland Gama City Complex

Factors Influencing Energy Conservation Application in Green Campus Design Based on Green Behavior

The energy conservation application on campus may reduce energy consumption by using alternative energy sources. Green behavior in energy conservation by students and campus regulation has an important role in developing green campus. The purpose of this research is to analyze factors affecting energy conservation application on green campus design based on green behavior. Green behavior consists of attitudes, responsibilities, control behavior, beliefs, and intentions in energy conservation. This research used a quantitative method and conducted at universities in Medan city, Indonesia. The population of this research was university students with a total sample of 395 respondents. The analysis was carried out with SEM-PLS. Attitudes and beliefs were affecting perceived behavior control. In addition, beliefs are also affecting energy conservation application on green campus. Therefore, the campus policy and management should consider students green behavior in designing energy conservation application for green campus. Green behavior by campus occupants is beneficial to support campus efforts to apply green campus concepts.Keywords: attitude; energy conservation; green behavior; green campus designJEL Classifications: I23, P18, Q20, Q42DOI: https://doi.org/10.32479/ijeep.11355</p

THE FINANCIAL BEHAVIOR OF INVESTORS USING DISCRIMINANT ANALYSIS APPROACH

Behavioral finance is a recent line of research that is attracting the attention of the investor.Behavioral finance has an important role in decision-making process of investors. Thepurpose of this study is to examine whether there are any differences in the decision ofinvestors in terms of demographic variables, such as marital status, gender, education level,and then it will be examined how the different criterias on financial behavioral factorsinclude: herding, heuristics, and behavioral factors are associated with the financialmarkets. This research is descriptive quantitative. The sample in this study consists of 120stock investors in Medan. Data were collected through questionnaires, interviews, anddocumentation studies. This research applies statistical technique of discriminant analysis,using the three groups of variables: marital status, sex, and educational level. The results ofthis study showed significant differences with an alpha of 5% on financial behavioralfactors in the decision of investors in terms of marital status groups. Meanwhile, there wasno difference in the decision of investors if in terms of other demographic variables, whichconsist of sex and level of education.Keuangan perilaku cabang keilmuan yang menarik perhatian investor. Perilaku keuanganmemiliki peran penting dalam proses pengambilan keputusan investor. Tujuan daripenelitian ini adalah untuk menguji apakah ada perbedaan dalam keputusan investor dalamhal variabel demografis, seperti status perkawinan, jenis kelamin, tingkat pendidikan, dankemudian akan meneliti bagaimana kriteria yang berbeda pada faktor perilaku keuanganmeliputi: herding, heuristik, dan faktor perilaku yang terkait dengan pasar keuangan.Sampel dalam penelitian ini terdiri dari 120 investor saham di Medan. Data dikumpulkanmelalui kuesioner, wawancara, dan studi dokumentasi. Penelitian ini menggunakan teknikstatistik analisis diskriminan, dengan menggunakan tiga kelompok variabel: statusperkawinan, jenis kelamin, dan tingkat pendidikan. Hasil penelitian ini menunjukkanperbedaan yang signifikan dengan alpha 5% pada faktor-faktor perilaku keuangan dalamkeputusan investor dalam hal kelompok status perkawinan. Sementara itu, tidak adaperbedaan dalam keputusan investor pada variabel demografis lainnya, yang terdiri darijenis kelamin dan tingkat pendidikan

ANALYSIS OF THE MANAGEMENT INFORMATION SYSTEM IMPLEMENTATION OF LOCAL GOVERNMENT ASSET, HUMAN RESOURCES CAPACITY AND GOVERNMENT INTERNAL CONTROL SYSTEMS ON NORTH SUMATRA’S PROVINCIAL GOVERNMENT FINANCIAL STATEMENTS QUALITY

The objective of this study is to analyze the implementation of management information system of local government asset, human resources capacity and government internal control systems on North Sumatra’s provincial government financial statements quality. This type of research is quantitative research which belongs to causal comparative. The population in this study was the organizer of goods in the Government of North Sumatra Province in 49 OPD. This research method used census in which the entire population of this study used as research samples. The results of this study indicate that to some extent, the implementation of local assets management information systems has a positive and significant effect on the quality of financial statements, the capacity of human resources has a positive and significant effect on the quality of financial statements and the government's internal control system has a positive and significant effect on the quality of financial statements. The results of the study simultaneously showed the implementation of local assets management information systems, human resource capacity, and government internal control systems have been cooperatively influential on the quality of the financial statements of the Government of North Sumatra Province.JEL: G18; G28; G29 Article visualizations