Browsing by Author "Gusni"

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    ANALYSIS PREDICTION BANKRUPTCY BUSINESS BY USING THE METHOD ALTMAN Z-SCORE AND METHODS SPRINGATE (STUDY IN PT HOLCIM INDONESIA TBK.)
    (International Journal of Psychosocial Rehabilitation, Vol. 24, Issue 1, 2020) Mulyadi, Dedi; Sihabudin; Gusni
    Bankruptcy is a condition where a company has financial difficulties that make business failures and harm many parties. Bankruptcy itself becomes a threat to companies that do not realize early on the existence of business bankruptcy. Therefore, it is necessary to predict bankruptcy early on. There are several ways to predict bankruptcy by analyzing financial ratios with Altman Z-Score and Springate Methods. This study aims to determine the company's financial performance by using the ratio of financial analysis and prediction analysis of bankruptcy method Altman Z-Score and Springate Method. This study uses secondary data obtained from the financial statements of PT Holcim Indonesia Tbk period 2010 to 2014. To know the financial performance of the company there are 5 ratios used consisting of liquidity, solvency, activity, profitability and market ratios. Then to predict bankruptcy by the Altman Z-score method and the Springate method. Altman Z-Score method consists of Working Capital to Total Assets, Retained Earning to Total Assets, Earning Before Interest and Tax to Total Assets, Market Value of Equity to Book Value of Debt, Sales to Total Aseets. Springate method consist of 4 ratio namely Working Capital to Total Assets, Earning Before Interest and Tax to Total Assets, Earning Before Tax to Current Liabilities, Sales to Total Aseets. The results showed the company's financial performance with ratio analysis from the period 2010 to 2014 showed the company in good condition because there is no negative result even though every year the results fluctuate. The results of bankruptcy analysis by the method of Altman Z-Score in the period 2010 to 2013 are categorized not bankrupt and in 2014 categorized the company is in the area of gray or hesitant. The results of bankruptcy analysis by Springate method in the period 2010 to 2012 companies are categorized not bankrupt and in the period 2013 to 2014 companies are categorized bankrupt.
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    THE APPLICATIONS OF DISCOUNT CASH FLOW, ABNORMAL EARNING, AND RELATIVE VALUATION APPROACH” (Firm Intrinsic Value Analysis Pada Perusahaan BUMN)
    (Seminar Nasional Kewirausahaan dan Inovasi Bisnis IV, Universitas Tarumanagara, 2014-05-08) Gusni
    The purpose of this research is to analyze the intrinsic value of PT. Telekomunikasi Indonesia Tbk. by using three different methods, namely discounted cash flow (DCF) techniques, abnormal earning and relative valuation, and to compare these calculations result, as well as to calculate the deviation of those three methods. Thus, the hypotheses are: (1) Each of the firm intrinsic value measurement method that we use will give different calculation results; (2) There is a relation between changes of firm intrinsic value with the changes of company market value. This research is using secondary data, such as the financial reports of PT. Telekomunikasi Indonesia Tbk. from the period of 2008 to 2012 and other information related with the topic of research. The result of the research shows that the company intrinsic value turns out to be lower than the company market value, which means that the common stock price per share of PT. Telekomunikasi Indonesia Tbk. has been on “overvalued” position. Meanwhile the result of deviation calculation using the mean signed prediction error (MSPE) method showed that the abnormal earning method is able to give lower deviation level if compared with DDM and P/E methods. Statistical analysis using T-test two tailed shows that there are significant difference in calculation resulted by all of these methods. Correlation analysis result using the linier regression on the SPSS program show that the correlation between the company’s actual market price and the company’s intrinsic value not happened for all of these methods.
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    ASSET GROWTH, SALES GROWTH, PROFITABILITY, AND FIRM VALUE: Evidence from Indonesia
    (Journal of Advanced Research in Dynamical & Control Systems, Vol. 11, 03-Special Issue, 2019) Subing, Hesty Juni Tambuati; Gusni; Mulyati, Yati
    The impact of the global economic crisis has resulted in weakening economic growth in Indonesia. The economic crisis in 2014 was marked by the value of the rupiah which continued to weaken against the US dollar, continued weakening economic growth and declining purchasing power. So that it affects the performance of various industrial sectors in Indonesia, including the textile industry sector. This study aims to determine the effect of asset growth, sales growth and the probability of returning assets to the intrinsic value of the company. The population in this study is the textile industry sector listed on the Indonesia Stock Exchange in the period 2013-2017. The research sample used was 7 sample companies using the purposive sampling method. The results of this study indicate that only the Return on Asset (ROA) variable has a positive effect on firm value (FV).
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    CAPITAL STRUCTURE, AGENCY COST, SIZE, AND FIRM VALUE OF SMALL AND MEDIUM LISTED COMPANIES
    (WIBEST-III, 2022) Gusni; Merdekawati, Siska; Jatnika, Fitri Pratiwi; Agustia, Widi Nurina; Marina, Lastri
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    CEO POWER AND STOCK PRICE: An Emperical Study of Indonesia Automotive and Components Listing Firms
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Gusni; Komariah, Siti; Puspitasari, Devy Mawarnie
    Relationhip between CEO power and stock price is still an interesting issue in the literature of corporate finance. The purpose of this study is to indentifies the effect of CEO power on the firms stock pricing. The study also interested to show factors that investors rely on to take their investment decisions in the automotive and components firms listed in the Indonesian capital market. This research using secondary data gathered from the official website of Indonesia Capital Market. In the way to fulfill the research objective, this study using a panel data analysis method in which the sample was taken from 12 firms by using a purposive sampling technique. The research finding was denoted that CEO power has strong effect on the firms stock price. Our finding important for the investor as information and consideration in making invstment decisions.
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    CUSTOMER BASE BRAND EQUITY APPROACH AND CONSUMER LOYALTY OF PURCHASING DECISIONS ON ONLINE SHOPPING IN INDONESIA
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Bestari, Dinda Kayani Putri; Gusni; Agustriyana, Darwis; Butarbutar, DJ Anderson
    In the digitalization era, the Indonesian people were very fond of the type of online shopping and this was seen as an opportunity for e-commerce companies. Data on the number of visitors for each e-commerce website has increased, but this has not been offset by increased revenue. Some e-commerce companies have the highest ranking on the number of visitors, but the revenue earned does not reflect that position. This indicates that there is a mismatch between the number of website visitors and the revenue earned by each company. Is the increasing number of visitors an effect of good customer base brand equity, why this does not have an impact on the addition of reports in each company, and how the influence of customer base brand equity and customer loyalty towards purchasing decisions in online shopping, various questions above can be answered through this research. The survey was conducted on 100 respondents who were consumers of Lazada e-commerce in parts of West Java and DKI Jakarta, namely the cities of Bandung, Bogor, Depok, Tangerang, Bekasi, Garut, Tasikmalaya and Sumedang. The survey results were obtained using Partial Least Square (PLS-SEM), with a type of construct with a reflexive indicator. Base on analysis, the findings is(1) Customer based brand equity has a positive and significant effect on online purchases, especially for Lazada. (2) Consumer loyalty consist of: cognitive loyalty, affective loyalty, connective loyalty and action loyalty has a negative effect on purchase decision but has a significant influence on the formation of purchase decisions on online purchase.
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    DETERMINANTS OF CAPITAL STRUCTURE: Empirical Study of Consumer Goods Listing Firm in Indonesia Capital Market
    (WIBEST-III, 2022) Afriliyati, Nur; Prihatini, Siska; Yudhistira B.S., Andhika; Nainggolan, Paulina; Aprilia, Dian; Gusni
    Capital Structure is one of the most researched topics by academics and professionals because it has a direct influence on the enterprise stock value. Many studies have discussed the determinants of capital structure, but the results are still mixed. This paper aims to determine factors affecting the capital structure of consumer goods companies listed in the Indonesia capital market during 2016–2020. This research is a type of applied research with a quantitative approach. This paper use panel data regression with a random effect model to achieve the research goal with sample size is 36 firms selecting by using the purposive sampling technique. The results show that liquidity has a negative effect on the company's capital structure in the consumer goods industry, meanwhile, firm growth and business risk have no effect on the company's capital structure. This condition shows the relevance of the pecking order hypothesis in explaining the determinants of the firm's capital structure in the consumer goods industry.
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    DIVIDEND POLICY, CORPORATE GOVERNANCE MECHANISM, PROFITABILITY, SYSTEMATIC RISK, AND FIRM SIZE: A PANEL DATA ANALYSIS
    (4th Gadjah Mada International Conference on Economics and Business 2016,Fakultas Ekonomi & Bisnis Universitas Gadjah Mada, 2016-11-25) Gusni
    This study examines the impact of corporate governance mechanism (CGM), profitability, systematic risk (beta) and firm size on the dividend policy in the financial industry, and determines which of those variables having powerful effects to the dividend policy. The study also interested to show the variables that investors rely on to take their investment decisions related to gain from dividends paid by the company. Those variables proposed to develop this research model were formed by a survey of literatures. To achieve the objectives of this study, a total of 18 listed firms of financial industry in Indonesia Stock Exchange was selected using purposive sampling technique from the period of 2009 to 2013. A panel data analysis method has been conducted to explain the impact of corporate governance mechanism (board of director, and institutional ownership), profitability, systematic risk and firm size on the dividend policy. The result shows that systematic risk and board of director have a positive and significant impact on the dividend policy. Firm size has a negative and significant impact on the dividend policy. Meanwhile, profitability and institutional ownership not significantly impact on the dividend policy which is contrary to the theory.
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    DO CAPM OR APT IS BETTER IN PREDICTING SHARIA STOCK RETURN?
    (Solid State Technology, 2020) Gusni; Susilawati, Gatri; Utami, Indriati Melanda; Hardianti, Novi; Aswendah, Selvia Nurul
    Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory are two basic models for understanding the relationship between stock return and risk in assessing shares traded in the capital market. The purpose of this study is to understand whether CAPM or APT is better and more accurate in predicting the return of sharia stocks traded in the Indonesia capital market. This study uses secondary data gathered from the official website of Indonesia Capital Market. In the way to achieve the research objective, this study using mean signed prediction error to verify which method is more accurate in predicting sharia stock return in Jakarta Islamic Index (JII) 30 for the period of 2015 – 2019 which sample was taken from 14 companies by using a purposive sampling technique. The result of this study indicate that the APT method is more suitable and accurate using by investors in estimating the return of sharia stocks that are registered in the Jakarta Islamic Index (JII) 30.
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    THE EFFECT OF ADVERSITY INTELLIGENCE TOWARDS SOCIAL ADJUSTMENTS IN IDENTIC DRUG USERS (A STUDY ON METADON HOUSING THERAPY PROGRAM’S PARTICIPANTS (PTRM)
    (International Journal of Psychosocial Rehabilitation, Vol. 24, Issue 1, 2020) Safitri; Dewi, Larra Sylvia; Madani, Hilman Al; Gusni
    In eventually get through methadone needed the ability to adapt to the social environment, in addition MMT patients are required to be able to be acclimated with the for follow therapy. One of the factors that forms the ability adjustment society is adversity intelligence. The purpose of this research is to know the influence of adversity intelligence on social adjustment on drug users injection who joined the methadone maintenance treatment (MMT). The research is the causal-comparative study using purposive sampling technique obtained a number of patients samples 120 MMT consisting of 60 MMT Tambora Community Health Center and 60 MMT Grogol Petamburan Community Health Center. Adversity intelligence is measured using a Stoltz ARP scale (2000) with a reliability (α ) = 0.91 and a scale of social adjustment (1960) with a reliability (α) = 0.901 of 19 valid items. Based on the one way test ANOVA value obtained sig (p) = 0.945; (p) = 0.945> 0.05) , which means hypothesis rejected. Known also the subject of that age and experience drop out subject influence on social adjustment. A subject with adulthood the beginning and subject able to follow therapy (not drop out) more having social adjustment good. Besides ever therapy will not affect social skills adjustment.
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    EFFECT OF FINANCIAL LITERACY, MOTIVATION, AND PERCEIVED RISK ON STUDENTS INVESTMENT INTEREST
    (Solid State Technology Volume: 63 Issue: 4, 2020) Gusni; Tamtama, Hardian Ega; Aniza; Adriani, Nadia Khoirunnisa; Razualdi, Mochamad
    The number of student investors tends to increase every year in Indonesia, but the level of investment still low compared to other countries. The Indonesia Stock Exchange continues to encourage the increase of student investment interest by cooperating with establishing investment galleries in various universities. The purpose of this study is to analyze the effect of financial literacy, investment motivation, and perceived risk on the student’s investment interest. This study unit analysis is an active student of Widyatama University with the total sample are 145 respondents by using a nonprobability sampling technique with Tabachnick and Fidell formula. This research uses multiple linear regression to find out variables that have a powerful effect on the student’s investment interest. The study result shows that investment motivation and perceived risk have a positive effect on the student’s investment interest in Widyatama University, but financial literacy does not affect the Widyatama student’s investment interest. Strong motivation and a high understanding of risks can actually increase student investment interest.
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    THE EFFECT OF REMUNERATION AND EMPLOYEE ENGAGEMENT ON EMPLOYEE PERFORMANCE
    (Journal of Advanced Research in Dynamical & Control Systems, Vol. 11, 03-Special Issue, 2019) Tarmidi, Didi; Putri, Rizka Rahmayati; Gusni; Agustriana, Darwis
    This study aims to determine the remuneration, employee engagement and employee performance at PT. INTI (Persero) Bandung and to find out how much the influence of the remuneration and employee engagement have on employee performance at PT. INTI (Persero) Bandung. Regarding the remuneration provided by the company is considered that it is in accordance with the agreement and the applicable provisions in the company so that the employee does not experience shortages in terms of the remuneration earned. And the company treats the employees well so that a positive and close family relationship between the company and employees is formed. But the performance that employees provide is still considered to be not maximal by the company even though the remuneration provided is appropriate and there is a positive relationship between the company and employees. The research used a descriptive-verification method. The sample used in this study is the employees who work at PT. INTI (Persero) Bandung. The data processing is done by using the multiple linear regression analysis, correlation coefficient analysis, coefficient of determination analysis and hypothesis testing. Based on the results of the study it can be concluded that there is an influence between the remuneration on the performance of employees of PT. INTI (Persero) Bandung. And there is an influence between the employee engagements on the performance of employees of PT. INTI (Persero) Bandung. The remuneration and employee engagement simultaneously affect the performance of employees of PT. INTI (Persero) Bandung.
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    THE EFFECTS OF REMUNERATION AND EMPLOYEE ENGAGEMENT TOWARDS EMPLOYEES’ PERFORMANCE: A Study on PT INTI (Pasero) Bandung, Indonesia
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Tarmidi, Didi; Putri, Rizka Rahmayati; Gusni; Agustriana, Darwis
    This study aims to determine the remuneration, employee engagement and employee performance at PT. INTI (Persero) Bandung and to find out how much the influence of the remuneration and employee engagement have on employee performance at PT. INTI (Persero) Bandung. Regarding the remuneration provided by the company is considered that it is in accordance with the agreement and the applicable provisions in the company so that the employee does not experience shortages in terms of the remuneration earned. And the company treats the employees well so that a positive and close family relationship between the company and employees is formed. But the performance that employees provide is still considered to be not maximal by the company even though the remuneration provided is appropriate and there is a positive relationship between the company and employees. The research used a descriptive-verification method. The sample used in this study is the employees who work at PT. INTI (Persero) Bandung. The data processing is done by using the multiple linear regression analysis, correlation coefficient analysis, coefficient of determination analysis and hypothesis testing. Based on the results of the study it can be concluded that there is an influence between the remuneration on the performance of employees of PT. INTI (Persero) Bandung. And there is an influence between the employee engagement on the performance of employees of PT. INTI (Persero) Bandung. The remuneration and employee engagement simultaneously affect the performance of employees of PT. INTI (Persero) Bandung.
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    AN EMPIRICAL ANALISIS OF FIRM VALUE: A Case Study of Indonesian Real Estate Company
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Subing, Hesty Juni Tambuati; Gusni; Fathonah, Andina Nur; Mariana, Citra
    The firm value is still a current issue that is often discussed by various groups in the world of the economy both corporate owners, investors, governments, economic observers and researchers in various studies and financial literacy of the company. The question is how do companies increase the firm value of their companies? And what factors determine the firm value in the field of property and real estate in Indonesia. This study was conducted to analyze whether Capital Expenditure, Leverage, Agency Cost and Profitability have an influence on Firm Value on the Indonesia Stock Exchange in the property and real estate business in 2013-2018. All variables proposed in this study were formed based on literature studies. a total of 65 companies as a population and a sample of 39 companies. Panel data regression method is chosen by the researcher in this research. Panel data regression analysis results show that only the capital expenditure variable does not have an impact on firm value, while other independent variables have an impact on firm value. Based on testing that has been done, expected to be a source of information for investors before investing. For companies, the results of this study become a reference for improving financial performance to increase firm value.
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    FACTORS AFFECTING FIRM VALUE OF A PROPERTY AND REAL ESTATE LISTED ON THE INDONESIA CAPITAL MARKET
    (Turkish Journal of Physiotherapy and Rehabilitation, Vol.32, No.2, 2021) Gusni; Muliani, Sintia; Caesar, Yoanita Amalia; Az-Zahra, Salma Putri; Septianinda, Winda
    Creating firm value is important for all levels of the company to face the increasing business challenges. This paper is to examine factors affecting the firm value of the property and real estate listed companies on the Indonesia Stock Exchange for the period of 2013-2019. The variables used in this study are agency cost, CEO tenure, and profitability. In the way to determine the variables that have a strong influence on the firm value, 38 companies are used as samples, which are selected by using a purposive sampling technique. This study data were processed by using a panel data regression model. The result denotes that agency cost and profitability have a strong influence on the property and real estate listed companies. CEO tenure does not affect the firm value. These findings point that enhancement in the agency costs and profitability leads to raising market trust in the company which can encourage an increase in company value.
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    FACTORS THAT AFFECT STOCK PRICING IN INDONESIA STOCK EXCHANGE
    (8th Widyatama International Seminar on Sustainability (WISS 2016), Widyatama University, 5 - 8, 2016-09) Gusni
    This study identifies factors of affecting stock pricing in the financial industry, and define which of the most important factors having powerful effect on the firm stock price. The study also interested to show factors that investors rely on to take their investment decisions. The data used in this study were collected from the period of 2009 to 2013 of financial industry listed in Indonesia Stock Exchange which samples were taken from 18 companies. Panel data regression methods have been conducted to explain factors affecting stock pricing on the firm stock price. Regression result indicates that, profitability, leverage, and dividend policy have negative impact on the firm stock price. Moreover, systematic risk and institutional ownership significantly affect on the firm stock price.
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    FINANCIAL PERFORMANCE ANALYSIS BASED ON PROFITABILITY RATIO (Study at PT Astra International Tbk Period 2009-2018)
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Gusni; Agustriyana, Darwis; Tarmidi, Didi; ButarButar, D.J. Anderson
    Islamic bonds or commonly known as "sukuk" is one of the capital market instruments that is come up as one of the important components in the global Islamic financial system and has become an innovative investment instrument for recent years. The purpose of this paper is to investigate the effect of CEO power, corporate governance, auditors reputation and firm characteristic as control variables (productivity, leverage, and firm size) to the corporate Islamic bonds rating listed in Indonesia stock exchange for the period of 2013-2017. This research uses ordinal logit regression model to find out variables that has powerful effect to the corporate Islamic bonds rating which samples were taken from 11 firms that issued Islamic bonds by using purposive sampling technique. The research finding was denoted that CEO power, board size, and leverage have no effect on the Islamic bond's rating. This result was explained that CEO power is measured by CEO tenure, board size and leverage do not determine the better of corporate Islamic bonds rating. Meanwhile, auditors reputation, board commissioner, productivity and firm size have positive effect on the corporate Islamic bonds rating.
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    IMPACT OF INTERNAL AND EXTERNAL FACTORS ON STOCK RETURN IN INDONESIA STOCK EXCHANGE
    (The 13th UBAYA International Annual Symposium on Management (Insyma), Department Of Management, Faculty Of Business & Economics Universitas Surabaya, 18 - 20, 2016-03) Gusni
    The purpose of this research is to obtain empirical evidence about the impact of these following factors: debt to equity ratio, basic earning power, dividend payout ratio, and sales growth (internal factors), and Gross Domestic Product and inflation (external factors) on the firm stock return in consumer goods industry, and define which of the most important factors having powerful impact on the firm stock return. The study also interested to show those factors that investors rely on to take their investment decisions. This research is using secondary data, such as the financial reports, annual reports, economic and monetary report and other related information of consumer goods industry listed in Indonesia Stock Exchange which sample were taken from16 companies for the period of 2010 to 2014. The sample technique used in this research was purposive sampling method. In this study, panel data regression methods have been conducted to explain the impact of internal and external factors on the firm stock return. The result indicate that internal factors which is measured by debt to equity ratio (DER), basic earning power (BEP), dividend payout ratio (DPR), and sales growth have negative impact on the firm stock return as dependent variables. Moreover, in terms of external factors; inflation rate significantly affect on the firm stock return, meanwhile Gross Domestic Product have negative impact which similar to the above internal factors.
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    KANO APPROACH FOR DEVELOPING LEARNING EXPERIENCES IN AN EDUCATIONAL SERVICE INDUSTRY
    (International Journal of Psychosocial Rehabilitation, Vol. 24, Issue 1, 2020) Nindiani, Aina; Suhara, Ade; Gusni
    This research aimed to identify the learning process and assessment to develop students’ learning experiences using the Kano approach. The objects of this research were students of industrial engineering and civic education programs. The sampling technique implemented was proportionate stratified random sampling by taking samples at all students’ levels of the academic year. By adopting the National Higher Education Standard to build the attributes, the result showed that there were differences in learning experiences between industrial engineering and civic education programs on ten attributes (29,41%). The highest satisfaction coefficient for industrial engineering students was attributed no. 4, The lecturer implements a simulation learning method (0,52), and the highest dissatisfaction coefficient was attributed no. 2, implementation of the learning process in accordance with SLD (-0,62). While For civic education students, the highest satisfaction coefficient was attributed no. 17, the lecturer implements a community engagement form of learning (0,50); the highest dissatisfaction coefficient was attributed no. 2, implementation of the learning process in accordance with SLD (-0,44). Follow-up recommendations were proposed to develop better learning experiences for attributes categorized in must-be, attractive, and one-dimensional to improve satisfaction in the future.
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    MEKANISME GOOD CORPORATE GOVERNANCE, LEVERAGE DAN KINERJA KEUANGAN PERUSAHAAN
    (Jurnal Riset Akuntansi, Program Studi Akuntansi Fakultas Ekonomi Universitas Komputer Indonesia, Vol.10, No.1, 2017-04) Sofiyanti, Asriningsih; Gusni; Octavia, Evi
    The purpose of this research is to explain an empirical evidence about the effect of Good Corporate Governance (GCG) mechanism and leverage on financial performance, and define which of the most important variables having powerful impact on the firm financial performance. Good Corporate Governance mechanism measured by using board gender, board of directors, board of commissioner, audit committee, and institutional ownership variables. Leverage measured by using Debt to Equity Ratio (DER) variable, while financial performance measured by using Return on Equity (ROE) variable. This research is using secondary data, such as the financial report, idx statistic report, and other related information of financial industry listed in Indonesia Stock Exchange for the period of 201 I to 2015. The sample used in this reseach were 23 companies which selected by using purposive sampling method. In this study, panel data regression methods have been conducted to explain the effect of GCG and leverage on the firm financial performance. The results show that board gender has a positive and significant effect on the firm financial performance. Meanwhile, boards of directors, board of commissioner, audit committee and leverage haveno significant effect on the firm financial performance. Moreover, institutional ownership has a positive effect and no significant on the firm financial performance.