The Influence of Company Size and Capital Structure towards Liquidity, Corporate Performance and Firm Value, for Large and Small Group Companies

This research conducted based on a deep curiosity towards the issues of which among the key variables that will genuinelly influence a company profitability and the Firm Value. Clustering the companies by it’s asset size ie. Large and Small Groups, was offered as the novelty of this research. Statistical testing method employed is Generalized Structured Component Analysis (GSCA) to measure the influence of Company Size and Capital Structure towards Liquidity, Financial Performance and Firm Value and to prove the moderation between the two company size clusters. This research found that essentially there was a significant different characteristic between the two groups, regarding the influence of the endogenic variables towards exogenic variable. It is then considered as a new contribution to the academic world, that the influence of endogenic variables towards exogenic variables are not identical one to another, when there is different assets size involved. Keywords: Asset Size Grouping, Company Size, Capital Structure, Financial Performance, Liquidity, Firm Value, GSC

Business Strategy of Automotive Company After Sales Costs Structure to Optimize Profitability (Case Study PT. XYZ TBK. in Banjarmasin, South Borneo, Indonesia)

The Covid-19 pandemic affected PT. XYZ Tbk., specifically in Banjarmasin branch After Sales area. The overall gross profit increased compared to 2019 before pandemic hit which was 0,6%. However, in the After Sales area itself, there was a significant decline of -17,4% where the largest decline was in the body repair sector, which was -47,7%. PT. XYZ Tbk. must minimize the impact of the Covid-19 pandemic and continues to strive to grow in its performance. This study aims to formulate strategies for PT. XYZ Tbk. Banjarmasin branch to earn potential profits during and after the pandemic. The researchers use sensitivity analysis methods on feasibility studies to find the most impactful variable. Next, the researchers formulate an alternative financial and operational strategies for PT. XYZ Tbk. Banjarmasin branch. The sensitivity analysis found that changes in COGS and OPEX in cost structure had the greatest impact on overall profitability during this pandemic. In this study, the researchers compare the costs structures when only using COGS during the pandemic, OPEX during the pandemic, and when the two cost structures are combined and look at PT. XYZ Tbk. Banjarmasin branch projections for the next 5 years. Based on the results of the sensitivity analysis, PT. XYZ Tbk. Banjarmasin branch may choose to use a mixed composition between COGS and OPEX during the pandemic because it has a fairly large impact on the company's overall margin. From the projection results on the fifth year, the margins that will be obtained are 26.57% on Gross Profit, 19.26% on Operating Profit, and 19.83% on EBITDA. To ensure to get maximum results, the researchers support PT. XYZ Tbk. Banjarmasin branch with detailed operational strategies for each department in the After Sales area. Keywords: automotive, business strategy, costs, covid-19, profitability DOI: 10.7176/EJBM/14-2-07 Publication date: January 31st 202

The effect of sukuk financing and capital structure on financial performance and corporate value: A study of sukuk issuer listed in Indonesian stock exchange

This research aims to understand what factors will actually affect the corporate to increased profitability and corporate value, especially for the corporate which issuing syariah bonds or sukuk. In particular, the influence of Sukuk bonds funding integrated with the capital structure to the corporate financial performance and value. This research used panel data that processed by Partial Least Square (PLS) method to see the influence of Sukuk funding and capital structure on liquidity, financial performance, and corporate value. Based on this research, it found that there are significant and negative influences of Sukuk funding, to the corporate value, which leads to the conclusion that especially for investors in Indonesia, has a negative opinion and avoided investing in sukuk issuer, which is most likely due to the investor avoiding Negative impact on the corporate dividend distribution. The results of this research are expected to give a new point of view about sukuk funding in Indonesia especially for academics, investors, and government. Practically, the result of this research show that corporate need to make different action and decision between sukuk bonds and conventional financing