JURNAL AKUNTANSI UNIVERSITAS JEMBER
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STOCK MARKET INDICATORS AND NIGERIAN ECONOMY
No full textABSTRACTThis study examines the impact of stock market indicators on economic growth in Nigeria. The research used an expo-facto design and purposive sampling, employing ARDL to analyze the effects of stock market indicators on Nigeria's economic growth. Data was sourced from Central Bank of Nigeria Statistical Bulletin. The overall findings revealed correlation value of 0.628 which indicate a moderate positive correlation between the predictors Equity (LEQ), Corporate Bond (LCB), All-Share Index (LALS), and Inflation (INFLA) and GDP. The study also revealed F statistic of 4.237 with a significance level of 0.009 which confirms that the model is statistically significant, meaning that there is significant relationship between the dependent and independent variables. The study recommendations that the policymaker should not only rely on the value of bond as the driver on economic growth in Nigeria. The investors can be encouraged to diversify their investment across different asset classes which serve as long-term investment strategy rather than focusing on the stock market equities. This is because the economic cycle and market trend can change over time and this will mitigate risk that is associated with volatile equity market and take into account broader economic trend and potential growth over time. The Nigeria stock market regulators should always review rules and regulations guiding the activities of buying and selling on the market in order to promote efficiency in price movement of stock market.Keywords: All Share Indexes; Gross Domestic Product; Stock Market Corporate Bonds; Stock Market Equities
REAKSI PASAR PERUSAHAAN BUMN PADA PENERBITAN RESTATEMENT LAPORAN KEUANGAN PT GARUDA INDONESIA TBK
Full text linkThis study aimed to investigate whether there is a difference in abnormal returns of BUMN (State-Owned Enterprises) stock prices before and after the issuance of financial report restatements. The data for this study was obtained from secondary sources, specifically the share price data of state-owned companies listed on the Indonesia Stock Exchange. The analysis focused on the 5-day period before the issuance of the restated financial reports and the 5-day period after. The sample selection employed purposive sampling, and the data were analyzed using the Wilcoxon Signed Rank Test in SPSS. The findings of this study indicate that the incident of financial report restatement by PT Garuda Indonesia (Persero), Tbk did not result in any significant differences in the share prices of BUMN companies listed on the Indonesia Stock Exchange.Keywords: abnormal return, financial report restatement, market reaction
ABSTRAKPenelitian ini bertujuan untuk mengetahui apakah terdapat perbedaan abnormal return harga saham BUMN (Badan Usaha Milik Negara) sebelum dan sesudah penerbitan restatement laporan keuangan. Data untuk penelitian ini diperoleh dari sumber sekunder, yaitu data harga saham perusahaan milik negara yang terdaftar di Bursa Efek Indonesia. Analisis difokuskan pada periode 5 hari sebelum penerbitan laporan keuangan yang disajikan kembali dan periode 5 hari sesudahnya. Pemilihan sampel menggunakan purposive sampling, dan data dianalisis menggunakan Wilcoxon Signed Rank Test dengan SPSS. Temuan penelitian ini menunjukkan bahwa peristiwa restatement laporan keuangan oleh PT Garuda Indonesia (Persero) Tbk tidak mengakibatkan perbedaan yang signifikan pada harga saham perusahaan BUMN yang terdaftar di Bursa Efek Indonesia.Kata Kunci: abnormal return, reaksi pasar, restatement laporan keuanga
PROFIT FORECASTING ANALYSIS AND VISUALIZATION OF CEMENT COMPANIES LISTED IN THE INDONESIA STOCK EXCHANGE
Full text linkThis study aims to determine the amount of profit for the next 5 years from 2022-2026 by forecasting profits using a simple linear regression method. Presentation of profit forecasting data needs to be processed to make it simpler and easier for stakeholders to understand. Therefore this study visualizes data using Microsoft Power BI based on historical data of cement companies in Indonesia that are listed on the Indonesia Stock Exchange in 2017-2021. Type of research is Research and Development (R&D). This study uses a simple linear regression method to determine profit forecasting. Meanwhile, the dashboard creation stage uses the ADDIE method. The results of this study conclude that profit forecasting for 2022-2026 at PT Indocement Tunggal Prakarsa Tbk, PT Solusi Bangun Indonesia Tbk, and PT Semen Indonesia Tbk has increased profits while PT Semen Baturaja Tbk, PT Wijaya Karya Beton Tbk, and PT Waskita Beton Precast Tbk suffered losses.Keywords: forecasting profit, historical data, Microsoft Power BI
ABSTRAKPenelitian ini bertujuan untuk mengetahui besarnya laba 5 tahun mendatang dari tahun 2022-2026 dengan melakukan peramalan laba menggunakan metode regresi linier sederhana. Penyajian data peramalan laba perlu diolah agar lebih sederhana dan mudah dipahami oleh pemangku kepentingan. Oleh karena itu penelitian ini memvisualisasikan data menggunakan Microsoft Power BI berdasarkan data historis perusahaan semen di Indonesia yang terdaftar di BEI tahun 2017-2021. Jenis penelitian adalah Research and Development (R&D). Metode pengumpulan data menggunakan metode dokumentasi. Penelitian ini menggunakan metode regresi linier sederhana untuk menentukan peramalan penjualan Kontribusi penelitian ini diharapkan dapat memberikan informasi sebagai dasar analisa pemangku kepentingan. Sedangkan implikasi praktis penelitian ini perlu dilakukannya perluasan target penjualan dengan ekspor semen ke luar negeri untuk meningkatkan keuntungan dan mengatasi kelebihan pasokan semen di Indonesia. Periode penelitian terbatas selama 5 tahun. Peneliti selanjutnya sebaiknya menampilkan laba bersih, laba operasi, laba kotor, dan pendapatan untuk meningkatkan kegunaan informasi dalam pengambilan keputusan.Kata Kunci: peramalan laba, data historis, Microsoft Power BI 
PROFIT OPTIMIZATION AND COST EFFICIENCY OF PRODUCT MIX WITH LINIER PROGRAMMING SPREADSHEET MODEL: (Case of Nanda Salad)
Full text linkABSTRACTThis research aims to provide the best model in order to optimize profits and minimize costs in the field of product mix at Micro Smal Medium Enterprises called Nanda Salad, Malang, East Java, Indonesia.This research uses the Solver Spreadsheet Model to produce a Linier Programming scheme. The analysis method begins with the process of collecting data, constructing the model, defining the variables, constructiong the objective function, designing the model constraints, constructing the solution model, and implementing the solution. The results of this research indicate that profit optimization and cost efficiency can be obtained more optimally if Nanda Salad chooses to carry out production activities with on line 1 compared to on line 2. In addition to getting profit optimization and cost efficiency schemes, on line 1 shows that Nanda Salad can use their limited resources to produce of product mix optimally. By considering the average of return, Nanda Salad can optimally meet consumer demand without wasting costs. To increase the accuracy result, MSMEs can combine forecasting approaches with Linier Programming.Keywords: Cost efficiency, Excel, Linier Programming, Product Mix, Profit Optimization
ABSTRAKPenelitian ini bertujuan untuk memberikan model terbaik dalam rangka mengoptimalkan laba dan meminimalkan biaya terhadap produksi produk campuran pada Usaha Mikro Kecil Menengah bernama Nanda Salad, Malang, Jawa Timur, Indonesia. Penelitian ini menggunakan Solver Spreadsheet Model untuk menghasilkan skema Linier Programming. Metode analisis dimulai dengan proses pengumpulan data, membangun model, mendefinisikan variabel, membangun fungsi tujuan, merancang batasan model, membangun model penyelesaian, dan pengimplementasian solusi. Hasil penelitian ini menunjukkan bahwa optimalisasi laba dan efisiensi biaya dapat diperoleh dengan lebih maksimal apabila Nanda Salad memilih untuk menjalankan kegiatan produksi dengan skema on line 1 dibandingkan on line 2. Selain mendapatkan skema optimalisasi laba dan efisiensi biaya, skema on line 1 menjawab dengan jelas bahwa Nanda Salad dapat mempergunakan sumber daya yang terbatas untuk memproduksi produk campuran dengan optimal. Dengan mempertimbangkan rata-rata jumlah retur Nanda Salad dapat memenuhi permintaan konsumen secara optimal tanpa adanya kondisi pemborosan biaya. Untuk meningkatkan keakuratan hasil, UMKM dapat mengombinasikan pendekatan forecasting dengan Linier Programming.Kata Kunci: Efisiensi biaya, Excel, Linier Programming, Optimalisasi laba, Produk Campura
FRAUD HEXAGON DAN FRAUDULENT FINANCIAL STATEMENT DENGAN PENDEKATAN BENEISH M-SCORE MODEL
Full text linkABSTRACTThe increase in construction project fraud cases resulting in large losses for Indonesia is serious concern because the value of project contracts is large. This fraud occurs because of pressure, capability, collusion, opportunity, rationalization, and ego from both internal and external parties. This indicator is known as the fraud hexagon theory. The fraud committed has an impact on the accuracy and reliability of the financial statements, including affecting the amount of taxes, fines paid and audit process. The purpose of this study was to determine the effect of fraud hexagon: stimulus, capability, collusion, opportunity, rationalization, and ego in detecting fraudulent financial statements using Beneish M-Score Model. This research is quantitative study using purposive sampling method with criteria, construction companies listed on the Indonesia Stock Exchange (IDX) and issuing annual reports for the 2017–2021 period. There are 75 observation samples from 15 companies. Methods of data analysis using logistic regression analysis with testing using STATA14. The research results that stimulus is measured by financial stability, opportunity by nature of industry, rationalization by total accrual to total assets and ego by dualism position affects the occurrence of fraudulent financial statements as measured by Beneish M-Score Model. Meanwhile, other indicators, capability seen from changes in directors and collusion, cannot influence the occurrence of fraudulent construction company financial statements.Keywords: Beneish M-Score Model, Construction Company, Fraud Hexagon, Fraudulent Financial Statement.
ABSTRAKPeningkatan kasus kecurangan proyek konstruksi mengakibatkan kerugian bagi Indonesia menjadi perhatian serius karena nilai kontrak proyek besar. Kecurangan tersebut terjadi karena dorongan, kapabilitas, kolusi, kesempatan, rasionalisasi, dan ego baik dari pihak internal maupun eksternal. Indikator tersebut dikenal dengan fraud hexagon theory. Kecurangan yang dilakukan berdampak pada keakuratan dan keandalan dari laporan keuangan yang disajikan diantaranya mempengaruhi besaran pajak, denda yang dibayar dan proses audit. Tujuan penelitian ini adalah untuk mengetahui pengaruh fraud hexagon yaitu stimulus, kapabilitas (capability), kolusi (collusion), kesempatan (opportunity), rasionalisasi (rationalization), dan ego dalam mendeteksi kecurangan laporan keuangan dinilai menggunakan Beneish M-Score Model. Penelitian ini, penelitian kuantitatif dengan pengambilan sampel menggunakan metode purposive sampling dengan kriteria, perusahaan konstruksi yang terdaftar di Bursa Efek Indonesia (BEI) dan menerbitkan laporan tahunan periode 2017–2021. Terdapat 75 sampel observasi dari 15 perusahaan. Metode analisis data menggunakan analisis regresi logistik dengan pengujian menggunakan STATA 14. Hasil Penelitian menunjukan bahwa stimulus diukur dengan financial stability, kesempatan dengan nature of industry, rasionalisasi dengan total accrual to total asset dan ego dengan dualism position mempengaruhi terjadinya kecurangan laporan keuangan yang diukur melalui Beneish M-Score Model. Sedangkan indikator lain yaitu kapabilitas dilihat dari pergantian direktur dan kolusi tidak dapat memengaruhi terjadinya kecurangan laporan keuangan perusahaan konstruksi.Kata Kunci: Beneish M-Score Model, Fraud Hexagon, Kecurangan Laporan Keuangan, Perusahaan Konstruks
PENGUNGKAPAN INFORMASI DANA CORPORATE SOCIAL RESPONSIBILITY DAN REAKSI INVESTOR: STUDI EMPIRIS PADA INDEX LQ45
No full textThe sustainability report publishes financial, social, and environmental information. The report contains mostly qualitative information and some quantitative data. This research aims to identify the elements in a sustainability report that are needed by investors in making investment decisions. The research tests the information in the form of Corporate Social Responsibility fund amounts disclosed by companies in their sustainability reports. The benchmark for investor reaction is measured using stock prices, which are then calculated for their cumulative abnormal returns. The research method uses t-tests to determine the level of significance, which is further explained using legitimacy theory and signal theory. The sample used consists of companies listed on the LQ45 index. This study shows that information in the form of CSR fund amounts influences investor decision-making. Based on these results, it can be concluded that investors or stakeholders require information, specifically in the form of CSR fund amounts as one of the elements in the sustainability report.Keywords: CSR Funds, Market Reaction, Sustainability Reports
ABSTRAKLaporan keberlanjutan mempublikasikan informasi keuangan, sosial dan lingkungan. Di dalam laporan tersebut terdapat informasi yang sebagian besar kualitatif dan beberapa kuantitatif. Penelitian ini bertujuan untuk mengetahui apa saja elemen pada laporan keberlanjutan yang dibutuhkan oleh investor dalam pengambilan keputusan investasi. Penelitian ini melakukan uji pada informasi dalam bentuk nominal dana CSR yang diungkapkan oleh perusahaan pada laporan keberlanjutannya. Tolak ukur reaksi investor menggunakan harga saham yang kemudian dihitung cumulative abnormal return-nya. Metode penelitian menggunakan uji-t untuk mengetahui tingkat signifikansinya yang kemudian dijelaskan menggunakan teori legitimasi dan teori sinyal. Sampel yang digunakan adalah perusahaan yang terdaftar pada indeks LQ45. Penelitian ini menunjukkan bahwa informasi dalam bentuk nominal CSR berpengaruh pada pengambilan keputusan investor. Berdasarkan hasil ini, dapat disimpulkan bahwa investor atau stakeholder membutuhkan informasi dalam bentuk nominal khususnya dana CSR pada elemen laporan keberlanjutan.Kata kunci: Dana CSR, Reaksi Pasar, Laporan Keberlanjuta
CHINESE POVERTY REDUCTION MODEL: A VIRILE TOOL FOR ACHIEVING POVERTY REDUCTION IN NIGERIA BY 2030
Full text linkVarious strategies have been used by Nigerian government in a bid to stem the tide of rising poverty in the country but poverty appears not to have been abated judging from the available statistics. However, China has been able to reduce its poverty from 57% to less than 1% between 1999 and 2020. Therefore, this study appraised empirically the efficacy of Chinese poverty reduction model reducing poverty in Nigeria. Both the CBN Statistical Bulletin and World Bank Development Indicators were used as sources for the data. The data were analyzed using regression utilizing the Ordinary Least Square method. The results showed that agricultural productivity, a component of China's strategy to combat poverty, had a significant impact on reducing poverty in Nigeria. Additionally, it was discovered that government spending on social services, another Chinese strategy, had a beneficial effect on the eradication of poverty. It was discovered that a 1% increase in the amount spent on social and community services in Nigeria resulted in a 21% decline in the country's poverty rate. However, it was found that agricultural spending was inversely correlated with capital income, which went against the theoretical prediction. Therefore, it was determined that the Chinese model for decreasing poverty, which incorporates better agricultural techniques, higher social security, and community services, will be effective in significantly lowering poverty in Nigeria by 2030.Keywords: Poverty Reduction, Chinese Model, Agricultural Productivity, Social and Community Expenditur
PENGARUH MODAL INTELECTUAL TERHADAP KINERJA DENGAN INVESTMENT OPPORTUNITY SET SEBAGAI ANTESEDEN DAN PERUBAHAN LINGKUNGAN SERTA KNOWLEDGE SHARING SEBAGAI PEMODERASI
Full text linkABSTRACTResearch investigating the role of Intellectual Capital (IC) in performance has yielded inconsistent findings. This study aims to identify antecedent variables for IC, positing that IC emerges in response to environmental changes and can only be cultivated through appropriate Investment Opportunity Sets (IOS). Additionally, the study seeks to explore the impact of IC on company performance, with Knowledge Sharing (KS) serving as a moderating variable. Surveys were distributed to companies in a knowledge-intensive industry, utilizing the Balanced Scorecard (BSC) approach to assess key dimensions of organizational performance. Results obtained through Structural Equation Modeling (SEM) using warpPLS 6.0, based on 34 completed questionnaires from banking and manufacturing companies, indicate that investment opportunity sets positively and significantly affect Intellectual Capital. The study establishes the influence of IC on the Balanced Scorecard (BSC) but fails to support the hypothesis that KS moderates the relationship between BSC and IC. Furthermore, the research offers practical implications for managers, suggesting that organizational performance can be enhanced by integrating IC development activities across various IOS alternatives, taking into account environmental changes, and initiating Knowledge Sharing.Keywords: Balanced Scorecard, Environmental Change, Intellectual Capital, Investment Opportunity Sets, Knowledge Sharing
ABSTRAKStudi yang mengkaji peran Intelectual Capital (IC) terhadap kinerja masih menunjukkan hasil yang kontradiktif. Tujuan dari penelitian ini adalah untuk mengidentifikasi variabel anteseden untuk IC, dengan asumsi bahwa IC muncul karena perubahan lingkungan dan hanya dapat dibuat melalui set peluang investasi (IOS) yang tepat. Penelitian ini juga mencoba menguji pengaruh IC terhadap kinerja perusahaan dengan menjadikan knowledge sharing (KS) sebagai variabel pemoderasi. Studi ini menggunakan survei yang dikirim ke perusahaan dalam industri berbasis pengetahuan intensif. Pendekatan Balanced Scorecard (BSC) digunakan untuk mengukur dimensi kunci dari kinerja organisasi. Hasil SEM menggunakan warpPLS 6.0 pada 34 kuesioner yang diterima dari perbankan dan perusahaan manufaktur menunjukkan bahwa set kesempatan investasi berpengaruh positif dan signifikan terhadap modal intelektual. Hipotesis kedua yang menyebutkan perubahan lingkungan mempengaruhi hubungan antara IOS dan IC, didukung. Penelitian ini juga membuktikan pengaruh IC terhadap BSC namun tidak mendukung hipotesis bahwa KS memoderasi hubungan antara BSC dan IC. Studi ini juga memberikan implikasi praktis bagi para manajer untuk meningkatkan kinerja organisasi dengan mengintegrasikan aktivitas pengembangan IC dalam berbagai alternatif IOS, mempertimbangkan perubahan lingkungan dan menginisiasi KS.Kata Kunci: Balanced Scorecard, Environmental Change, Intellectual Capital, Investment Opportunity Sets, Knowledge Sharin
ANALISIS PREDIKSI KEBANGKRUTAN (FINANCIAL DISTRESS) DENGAN MENGGUNAKAN METODE ALTMAN Z SCORE DAN METODE GROVER: (Pada Perusahaan Retail yang Terdaftar Di Bursa Efek Indonesia Tahun 2017-2019)
Full text linkABSTRACTThe purpose of this study is to analyze the company's financial statements to predict bankruptcy (financial distress) of retail companies listed on the Indonesia Stock Exchange. The population in this study are all retail companies which financial statements are available in the Indonesia Stock Exchange publications in 2017-2019. The test in this study uses a different test calculation (T-Test) to determine the significant difference between the Altman Z Score method and the Grover method regarding financial distress prediction. This is proven by the results of the analysis which show that there is a significant difference between the calculation using the Altman Z Score Method and the Grover Method with a significance value of less than 0.05.Keywords: Altman Z Score, Financial Distress, Grover
ABSTRAKTujuan penelitian ini adalah untuk menganalisis laporan keuangan perusahaan untuk memprediksi kebangkrutan (financial distress) terhadap perusahaan retail yang terdaftar di Bursa Efek Indonesia. Populasi di dalam penelitian ini adalah seluruh perusahaan retail yang laporan keuangannya terdapat di publikasi Bursa Efek Indonesia pada tahun 2017-2019. Pengujian dalam penelitian ini menggunakan perhitungan uji beda (T-Test) untuk mengetahui perbedaan yang signifikan antara metode Altman Z Score dengan Metode Grover mengenai prediksi financial distress. Hal ini terbukti dengan hasil analisis yang menunjukan bahwa terdapat beda statistik antara perhitungan dengan Metode Altman Z Score dan Metode Grover. Implikasi dari hasil uji beda ini adalah diperlukan kehati-hatian bagi pengguna kedua metode ini dikarenakan memiliki sensitivitas yang berbeda di dalam memprediksi kebangkrutan yang akan berdampak pada keputusan yang dihasilkan.Kata Kunci: Altman Z Score, Financial Distress, Grove
STUDI PERBANDINGAN KINERJA KEUANGAN ANTARA PERBANKAN SYARIAH DI INDONESIA DAN MALAYSIA SELAMA PANDEMI COVID-19
Full text linkThis study aims to examine and analyze the differences between the financial performance of Islamic banking between 2 (two) countries, namely Indonesia and Malaysia during the Covid-19 pandemic. This research is a quantitative study that examines the difference between financial performance during Covid-19 and the financial ratios of Indonesia and Malaysia using the ratio of Return on Assets (ROA), Capital Adequacy Ratio (CAR), Non Performing Loans (NPF), and Financing to Deposit Ratio ( FDR). This study uses secondary data obtained from the financial statements of each Indonesian and Malaysian Islamic banking. Based on the purposive sampling method, the sample used was 25 Islamic banks, consisting of 13 Indonesian Islamic banks and 12 Malaysian Islamic banks. Hypothesis testing in this study used the Independent sample t-test and the Mann Whitney test. The results of this study are that during the Covid-19 pandemic between Indonesian and Malaysian Islamic banking there was a significant difference in the CAR ratio, and for the ratios of ROA, NPF and FDR there were no significant differences.Keywords: covid-19 pandemic, financial performance, financial ratios, islamic banking
ABSTRAKPenelitian ini bertujuan untuk menguji dan menganalisis perbedaan antara kinerja keuangan perbankan syariah diantara 2 (dua) negara yaitu Indonesia dan Malaysia selama pandemi Covid-19. Penelitian ini merupakan penelitian kuantitatif yang menguji perbedaan antara kinerja keuangan selama Covid-19 terhadap rasio keuangan Indonesia dan Malaysia menggunakan rasio Return of Asset (ROA), Capital Adequacy Ratio (CAR), Non Performing Loan (NPF), dan Financing to Deposit Ratio (FDR). Penelitian ini menggunakan data sekunder yang diperoleh dari laporan keuangan masing-masing perbankan syariah Indonesia dan Malaysia. Berdasarkan metode pemilihan sampel purposive sampling, sampel yang digunakan berjumlah 25 perbankan syariah, yang terdiri dari 13 perbankan syariah Indonesia dan 12 perbankan syariah Malaysia. Pengujian hipotesis dalam penelitian ini menggunakan uji beda Independent sample t-test dan uji Mann whitney. Hasil penelitian ini adalah pada masa pandemi Covid-19 antara perbankan syariah Indonesia dan Malaysia terdapat perbedaan yang signifikan pada rasio CAR, dan untuk rasio ROA, NPF dan FDR tidak terdapat perbedaan yang signifikan.Kata Kunci: kinerja keuangan, pandemi covid-19, perbankan syariah, rasio keuangan