Value Investing Analysis: A Look at Anthony Salim Portfolio

Investors in Indonesia are in search of the market for stocks, including ways and methods suitable for investors’ way of thinking. Value Investing looks for undervalued stocks by carefully analyzing a company’s financial ratios. Past research found evidence that investment in value stocks benefitted the likes of Warren Buffet, Seth Klarman, etc. However, we found a lack of studies that investigates value investing in the Indonesian market and investment by prominent figures in Indonesia. This resulted in the following research question: Would Indonesia’s prominent figures Anthony Salim portfolio listed at Composite Index in Indonesia consist of value stocks? In order to answer the research question, a quantitative method with a deductive approach has been applied, and historical stock prices and financial ratios over the time period 2019-2020 of Anthony Salim portfolio of eight stocks have been collected from Indonesia Stock Exchange. Intrinsic value and margin of safety by Phil Town (2014) were then calculated, and the research will look into its relationship with the value of the company based on its P/E ratios. The study suggests investors buy IMJS and IMAS stock of Anthony Salim based on the Phil Town method. However, the findings on Phil Town MOS were not statistically significant. The study did contribute with new knowledge, however, by increasing the data available for value investing in Indonesia and highlighting a need for more studies into smaller stock markets and for a period of financial distress, such as the financial crisis.Keywords: Value, Investment, Intrinsic, Maring of Safet

EFFECT OF GREEN ACCOUNTING, LEVERAGE, FIRM SIZE ON FIRM VALUE WITH PROFITABILITY AS INTERVENING VARIABLE

Purpose: This study investigates how green accounting practices, leverage (debt levels), and company size influence profitability and ultimately firm value. The research focuses on companies listed in the Jakarta Islamic Index (JII). Previous research on these relationships has yielded mixed and inconsistent results. They point out that few studies have examined these variables together in a single model. This study aims to address this gap by creating a new model that explores the combined effects of green accounting, leverage, and size on profitability, and ultimately, firm value within the JII context.   Theoretical Framework: This research is grounded in two key theories: stakeholder theory and signaling theory. While past empirical studies haven't yielded definitive results, this research offers a fresh perspective. The novel model developed in this study builds upon existing knowledge by examining how several previously linked variables interact and influence firm performance.   Design/Methodology/Approach: This research employed a descriptive approach, analyzing financial data from company annual reports. To understand the relationships between the variables, a statistical technique called Structural Equation Modeling (SEM) was used. The study focused on companies listed on the Jakarta Islamic Index (JII) of the Indonesian Stock Exchange between 2019 and 2022. A 120-sample size from 30 companies was chosen strategically using a purposive sampling method from the JII.   Result and Discussion: This study found that leverage (debt) and company size have a positive and statistically significant impact on profitability. Interestingly, green accounting practices did not have a clear influence on firm value. There was a negative effect, but it wasn't statistically significant. Firm size itself also did not directly affect firm value in a statistically significant way. However, profitability itself has a strong and positive impact on firm value. Additionally, profitability can act as an indirect factor, mediating the relationship between leverage and firm value. Based on these results, the study recommends that companies listed on the Jakarta Islamic Index (JII) consider strategic use of debt financing. This can be a way to improve profitability and ultimately attract investors, leading to a higher firm value.   Originality/Value: This research introduces a novel model that investigates the interconnected effects of several variables with proven relationships.Propósito: Este estudio investiga cómo las prácticas de contabilidad ecológica, el apalancamiento (niveles de deuda) y el tamaño de la empresa influyen en la rentabilidad y, en última instancia, en el valor de la empresa. La investigación se centra en las empresas que figuran en el Índice Islámico de Yakarta (JII). Investigaciones anteriores sobre estas relaciones han arrojado resultados mixtos e inconsistentes. Señalan que pocos estudios han examinado estas variables juntas en un solo modelo. Este estudio tiene como objetivo abordar esta brecha mediante la creación de un nuevo modelo que explore los efectos combinados de la contabilidad, el apalancamiento y el tamaño verdes sobre la rentabilidad y, en última instancia, el valor de la empresa dentro del contexto de la JII. Marco teórico: Esta investigación se basa en dos teorías clave: la teoría de las partes interesadas y la teoría de la señalización. Si bien estudios empíricos anteriores no han arrojado resultados definitivos, esta investigación ofrece una nueva perspectiva. El novedoso modelo desarrollado en este estudio se basa en el conocimiento existente al examinar cómo varias variables previamente vinculadas interactúan e influyen en el desempeño de la empresa. Diseño/metodología/enfoque: Esta investigación empleó un enfoque descriptivo, analizando datos financieros de los informes anuales de las empresas. Para comprender las relaciones entre las variables se utilizó una técnica estadística denominada Modelado de Ecuaciones Estructurales (SEM). El estudio se centró en empresas que cotizan en el Índice Islámico de Yakarta (JII) de la Bolsa de Valores de Indonesia entre 2019 y 2022. Se eligió estratégicamente un tamaño de muestra de 120 de 30 empresas utilizando un método de muestreo intencional del JII. Resultado y discusión: Este estudio encontró que el apalancamiento (deuda) y el tamaño de la empresa tienen un impacto positivo y estadísticamente significativo en la rentabilidad. Curiosamente, las prácticas de contabilidad ecológica no tuvieron una influencia clara en el valor de las empresas. Hubo un efecto negativo, pero no fue estadísticamente significativo. El tamaño de la empresa en sí tampoco afectó directamente el valor de la empresa de manera estadísticamente significativa. Sin embargo, la rentabilidad en sí misma tiene un impacto fuerte y positivo en el valor de la empresa. Además, la rentabilidad puede actuar como un factor indirecto, mediando la relación entre el apalancamiento y el valor de la empresa. Sobre la base de estos resultados, el estudio recomienda que las empresas que cotizan en el Índice Islámico de Yakarta (JII) consideren el uso estratégico de la financiación de deuda. Esta puede ser una forma de mejorar la rentabilidad y, en última instancia, atraer inversores, lo que generará un mayor valor de la empresa. Originalidad/valor: Esta investigación introduce un modelo novedoso que investiga los efectos interconectados de varias variables con relaciones comprobadas.Objetivo: Este estudo investiga como as práticas contábeis verdes, a alavancagem (níveis de endividamento) e o tamanho da empresa influenciam a lucratividade e, em última análise, o valor da empresa. A pesquisa concentra-se em empresas listadas no Índice Islâmico de Jacarta (JII). Pesquisas anteriores sobre essas relações produziram resultados mistos e inconsistentes. Eles ressaltam que poucos estudos examinaram essas variáveis ​​juntas em um único modelo. Este estudo visa colmatar esta lacuna através da criação de um novo modelo que explora os efeitos combinados da contabilidade verde, da alavancagem e da dimensão na rentabilidade e, em última análise, no valor da empresa no contexto JII. Enquadramento Teórico: Esta investigação baseia-se em duas teorias principais: teoria das partes interessadas e teoria da sinalização. Embora estudos empíricos anteriores não tenham produzido resultados definitivos, esta pesquisa oferece uma nova perspectiva. O novo modelo desenvolvido neste estudo baseia-se no conhecimento existente, examinando como diversas variáveis ​​previamente vinculadas interagem e influenciam o desempenho da empresa. Delineamento/metodologia/abordagem: Esta pesquisa empregou uma abordagem descritiva, analisando dados financeiros dos relatórios anuais das empresas. Para compreender as relações entre as variáveis, foi utilizada uma técnica estatística denominada Modelagem de Equações Estruturais (SEM). O estudo centrou-se em empresas cotadas no Índice Islâmico de Jacarta (JII) da Bolsa de Valores da Indonésia entre 2019 e 2022. Um tamanho de amostra de 120 de 30 empresas foi escolhido estrategicamente utilizando um método de amostragem proposital do JII. Resultados e Discussão: Constatações: Este estudo concluiu que a alavancagem (dívida) e o tamanho da empresa têm um impacto positivo e estatisticamente significativo na rentabilidade. Curiosamente, as práticas de contabilidade verde não tiveram uma influência clara no valor da empresa. Houve um efeito negativo, mas não foi estatisticamente significativo. O próprio tamanho da empresa também não afetou diretamente o valor da empresa de forma estatisticamente significativa. No entanto, a própria rentabilidade tem um impacto forte e positivo no valor da empresa. Além disso, a rentabilidade pode atuar como fator indireto, mediando a relação entre alavancagem e valor da empresa. Com base nestes resultados, o estudo recomenda que as empresas listadas no Índice Islâmico de Jacarta (JII) considerem o uso estratégico do financiamento da dívida. Esta pode ser uma forma de melhorar a rentabilidade e, em última análise, atrair investidores, levando a um maior valor da empresa. Originalidade/Valor: O novo modelo neste estudo vincula várias variáveis que anteriormente se mostraram relacionadas entre si

Pengaruh Profitabilitas dan Cash flow terhadap Harga Saham di Masa Pandemi Covid-19

Tujuan penelitian ini adalah untuk melihat bagaimana profitabilitas dan cash flow mempengaruhi harga saham di masa pandemi covid saat ini sehingga investor maupun manajemen bisa memprediksi dan membuat rencana di masa pandemi covid ini. Variabel independent dalam penelitian ini adalah rasio Profitabilitas menggunakan Return on Asset, Return on Equity, dan Net Profit Margin dengan variabel Cashflow menggunakan Arus Kas Operasi, Arus Kas Pendanaan dan Arus Kas Investasi. Variabel dependent adalah Harga Saham. Analisis data yang digunakan yaitu deskriptif statistik, koefisien determinasi dan signifikan test. Objek perusahaan dalam penelitian ini adalah 26 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia sub sektor makanan dan minuman dan data yang peneliti gunakan merupakan data sekunder pada Laporan Keuangan sebanyak 78 sampel pada tahun 3 tahun periode yaitu 2018-2020. Hasil penelitian menunjukkan bahwa Profitabilitas dan Harga Saham berpengaruh signifikan. Cash flow dan Harga Saham tidak berpengaruh signifikan. Hasil penelitian juga menunjukkan secara bersama-sama bahwa ada pengaruh yang signifikan antara profitabilitas dan cashflow terhadap harga saham pada tingkat signifikansi 5% pada perusahaan manufaktur subsektor makanan dan minuman

Pengaruh Cash Effective Tax Rate, Pajak Tangguhan Dan Profitabilitas Terhadap Manajemen Laba (Study Kasus Perusahaan Index Idx30)

Purpose of this study is determine to an influence Cash Effective Tax Rate, deferred tax and profitability for earnings management. Samples were taken from the IDX30 Index on the IDX 2018-2021. Then the samples were collected by purposive sampling method to obtain 27 samples. The analysis technique used is the classical assumption test, the significant F and t test, multiple linear regression analysis and the coefficient of determination test. The results show that there is a partial influence between Cash Effective Tax Rate, Deferred Tax, Profitability and earnings management of the IDX30 Index. Partially found, deferred tax and profitability have a significant effect on earnings management at a significance level of 10% (deferred tax) and 5% (profitability). The implications of the results of this study can be used by investors, if they want to detect the potential for earnings management, deferred taxes and profitability achieved by the company, can be used as a predictor of earnings management activity

PENGARUH UKURAN PERUSAHAAN DAN REPUTASI KAP TERHADAP AUDIT REPORT LAG PADA SEKTOR TEKNOLOGI DI BURSA EFEK INDONESIA

The purpose of this study is to find out how the influence of company size and KAP reputation on audit report lag. The sample used in this study was collected using a purposive sampling method, with a total sample of 15 companies engaged in the technology sector on the Indonesia Stock Exchange (IDX) in the 2019-2021 period. The method applied in this study is multiple linear regression which is used with the aim of obtaining the relationship between the variables studied. This research succeeded in obtaining an answer stating that company size and KAP reputation can affect audit report lag in technology sector companies listed on the Indonesia Stock Exchange (IDX). Kata Kunci: Ukuran Perusahaan, Reputasi Auditor, Audit Report Lag Abstrak Tujuan dari penelitian ini adalah untuk mengetahui bagaimana pengaruh ukuran perusahaan dan reputasi KAP terhadap audit report lag. Sampel yang digunkan pada penelitian ini dikumpulkan melalui metode purposive sampling, Dengan jumlah sample yakni 15 perusahaan yang bergerak pada sektor teknologi pada Bursa Efek Indonesia (BEI) pada kurun waktu 2019-2021. Adapun metode yang diterapkan di penelitian ini yakni regresi linier berganda yang digunakan dengan maksud untuk memperoleh kaitan antar variable yang diteliti. Dengan itu penelitian ini berhasil memperoleh jawaban yang menyatakan bahwa, Ukuran perusahaan dan reputasi KAP dapat mempengaruhi audit report lag pada perusahaan sektor teknologi yang terdaftar di Bursa Efek Indonesia (BEI). Kata Kunci: Ukuran Perusahaan, Reputasi Auditor, Audit Report Lag &nbsp

STOCK VALUATION ANALYSIS USING DIVIDEND DISCOUNTED MODEL DAN FREE CASH FLOW TO EQUITY OF TECHNOLOGY COMPANIES LISTED AT IDX

The economic situation in Indonesia has suffered a major hit in various sectors since the end of 2019. This study aims to analyze the Valuation of Technology Company Shares listed on the Indonesia Stock Exchange using the Dividend Discount Model and Free Cash Flow to Equity. This study uses a sample of 8 companies from 35 technology companies on the Indonesia Stock Exchange. The research data compares stock valuations in 2019, 2020 and 2021 before, during and after Covid 19. Statistical analysis uses the Kolmogorov-Smirnov one sample, Pair-Sample t-test, and descriptive statistical analysis. The research results show that there is a significant difference between the valuation of free cash flow to equity shares in 2019 before Covid 19 and in 2020 during Covid 19 in technology companies on the Indonesia Stock Exchange. Conversely, for a comparison of 2019 and 2021 stock valuations, no significant difference was found and for the dividend discount model it was found that there was no significant difference between stock valuations in 2019 and in 2020, and 2021. Keywords: Dividend discount model, free cash flow to equity, stock valuation Situasi ekonomi di Indonesia mengalami pukulan besar di berbagai sektor sejak akhir era 2019. Penelitian ini hendak menganalisis Valuasi Saham perusahaan Teknologi yang terdaftar di Indonesian Stock Exchange dengan menggunakan Dividen Discounted Model dan Free Cash Flow to Equity. Penelitian ini menggunakan sample 8 perusahaan dari 35 perusahaan teknologi di Indonesian Stock Exchange. Data penelitian membandingkan valuasi saham pada tahun 2019, 2020 dan 2021 pada masa sebelum, saat, dan sesudah covid-19. Analisa statistik menggunakan one sample Kolmogorov-Smirnov, Pair-Sample t-test, dan analisa statistik deskriptif. Hasil penelitian menunjukkan bahwa ada perbedaan yang signifikan antara valuasi saham free cash flow to equity pada tahun 2019 sebelum covid-19 dan pada tahun 2020 saat covid-19 di perusahaan teknologi di Indonesia Stock Exchange. Sebaliknya, untuk perbandingan valuasi saham 2019 dan 2021, ditemukan tidak ada perbedaan yang signifikan dan untuk dividend discounted model ditemukan tidak ada perbedaan signifikan antara valuasi saham pada tahun 2019 dan pada tahun 2020, dan 2021. Kata Kunci: dividend discount model,  free cash flow to equity, valuasi saha

PENGARUH DEFERRED TAX & TAX TO BOOK RATIO TERHADAP FIRM PERFORMANCE

The purpose of this study was to determine the effect of deferred tax & tax-to-book ratio on company performance. Technological developments affect many business sectors, including the technology sector, but every company must understand the tax in their company. The population and research samples use companies on the IDX in the technology sector. There are 48 research samples from 4 years of observation 2018-2021. This study analyzes with regression analysis the research variables, namely deferred tax, tax to book ratio, company performance. The results of the study show that there is a significant influence between deferred taxes and company performance in the corporate technology sector on the Indonesia Stock Exchange. In contrast, company performance is not affected by the tax to book ratio in technology sector companies on the Indonesia Stock Exchange. Tujuan penelitian ini untuk mengetahui pengaruh deferred tax & tax to book ratio terhadap firm performance. Perkembangan teknologi mempengaruhi banyak sektor bisnis, termasuk sektor teknologi, namun setiap perusahaan harus memahami pajak dalam perusahaan mereka. Populasi dan sampel penelitian menggunakan perusahaan pada BEI di sector teknologi. Terdapat 48 sampel penelitian dari 4 tahun pengamatan 2018-2021. Penelitian ini menganalisa dengan analisa regresi variabel penelitian yaitu deferred tax, tax to book ratio, firm performance. Hasil penelitian menunjukkan ada pengaruh yang signifikan antara deferred tax dan firm performance pada perusahaan sektor teknologi di Bursa Efek Indonesia. Sebaliknya, firm performance tidak dipengaruhi tax to book ratio pada perusahaan sektor teknologi di Bursa Efek Indonesia. Kata Kunci: Deferred tax, tax to book ratio, firm performanc

Factor Analysis of Student’s Satisfaction on Academic Courses of Southern Asia Pacific Division Higher Education Institutions

This study aimed to identify factors affecting student satisfaction in the Southern Asia Pacific Division Higher Education Institutions. Understanding these factorscould help leaders in educational institutions to better plan their strategies andfurther research on student satisfaction. A set of questionnaire was developed anddistributed to students at two higher education institution (HEI) institutions inSouthern Asia Pacific Division Higher Education Institution namely, Asia PacificInternational University (AIU) of Thailand and Universitas Advent Indonesia(UNAI) of Indonesia. Exploratory factor analysis was used to identify theunderlying dimensions that drive student satisfaction. Factor analysis pertains toanalysis on dimensions of academic courses. The results showed that KMO valueis 0.590 which is > 0.5; hence, the sample size is adequate for the analysis. On theother hand, the communalities of all the variables are more than .4; therefore, allthe variables are useful in the model. The results showed that factors in the analysisof student satisfaction on academic courses at AIU and UNAI are that the courseshelped them in: problem solving skills, work as a team member, communicationskills, planning ability development, systematic content, and valuable course

PENGARUH ANALISA LAPORAN KEUANGAN DAN NILAI PENYUSUTAN TERHADAP LABA PERUSAHAAN MINYAK BUMI DAN GAS

Waktu berjalan maju sebagaimana bisnis yang berkembang pesat dan maju sehingga persaingan antarperusahaan semakin ketat. Pandemi Covid-19 yang tak terduga datang dan segera melumpuhkan ekonomi dunia yang mana keadaan ini semakin membuat sengit persaingan antarperusahaan. Dalam menghadapi ketatnya persaingan, target pertama yang ditetapkan perusahaan adalah laba. Manajemen perusahaan berusaha untuk mencari tahu hal-hal yang dapat mendorong peningkatan laba atau mencegah penurunan laba agar perusahaan dapat bertahan atau menguasai persaingan global. Laba adalah perhatian utama pengguna informasi karena angka laba diharapkan menjadi representasi yang cukup baik dari kinerja perusahaan secara keseluruhan, jika perusahaan tidak berhasil mendapatkan laba maka dinyatakan perusahaan tidak mampu untuk melanjutkan kegiatan usahanya. Penelitian ini akan memberikan pemahaman dan analisis yang lebih mendalam mengenai pengaruh nilai depresiasi, capital expenditure, dan jumlah aset terhadap laba perusahaan pada perusahaan minyak bumi dan gas tahun 2018-2020. Teknik yang digunakan dalam menganalisis data adalah alat uji analisis regresi linier dan hasil dari penggunaan metode purposive sampling terdapat 10 perusahaan yang dipilih sebagai sampel penelitian. Hasil analisis menunjukkan bahwa jumlah capital expenditure dan depresiasi tidak memiliki pengaruh signifikan terhadap laba dan total aset memiliki pengaruh positif terhadap laba perusahaan di sektor minyak bumi dan gas pada tahun 2018-2020. Hubungan positif ini menunjukkan bahwa perusahaan menggunakan seluruh aset untuk meningkatkan penjualan yang akan mempengaruhi pendapatan.Kata Kunci: CAPEX, Depresiasi, Total Aset, Laba, Minyak Bumi dan Ga

ANALYSIS FACTOR OF FINANCIAL DISTRESS: AN EVIDENCE OF CABLE SUB SECTOR IN INDONESIA FROM YEAR 2016-2017

Every company’s goal is to maximize its profit, however, with the downturn in 2015 economy, many companies around the world including Cable subsector companies in Indonesia are wondering their future in 2016-2017, whether they can cope financially or at worst they can fall into financial distress. The purpose of this study is to analyze the factor affecting financial distress in the Cable Sub Sector in the Indonesia Stock Exchange. This method of the study is descriptive using quantitative data from cable sub-sector companies that are listed on the Indonesia Stock Exchange namely Sumi Indo Kabel (IKBI), Jembo Cable Company (JECC), KMI Wire and Cable (KBLI), Kabelindo Murni (KBLM), Supreme Cable Manufacturing and Commerce (SCOO), Voksel Electic (VOKS) with an observation period of  2 years, from 2016-2017. The variables of the study are solvability and liquidity as the independent variable and Financial Distress Altman model as dependent variables. Descriptive statistic, correlation, significant test, and regression are used in the analysis of the data. The results show that solvability ratio averaged above 30% minimum debt standard, the liquidity ratio is averaging above 1 which shows its ability to pay short term debt. And in terms of Financial Distress, Altman Model shows that companies are solvent since the result above the standard 1.81 given. The results showed that there was a significant relationship between Solvency and liquidity towards financial distress with a significant value of 0.000 < 0.05 using F-test. The result also shows that out of the two factors analyzed, liquidity is important for the regression model in explaining the variation of bankruptcy potential with significant value at 5%, and solvability is significant at 10%. Thus, the study suggests that the company need to evaluate and monitor its liquidity and debt level in order to avoid distress condition