Journal articles on the topic 'Debts, External Indonesia'
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1
Rustiyana, Selviya, Fenisi Resty, and Yesi Gusteti. "Analisis Rasio Solvabilitas (DAR, DER, TIE) Terhadap Kinerja Keuangan Perusahaan pada Sektor Keuangan (PT Adira Dinamika Multi Finance Tbk dan PT BFI Finance Indonesia Tbk Periode 2016-2020)." Jurnal Bisnis, Manajemen, dan Akuntansi 9, no. 1 (March 28, 2022): 72. http://dx.doi.org/10.54131/jbma.v9i1.134.
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Abstract: This study aims to find and analyze the effect of debt to asset ratio, debt to equity ratio and times interest earned on the financial performance of PT Adira Dinamika Multi Finance Tbk and PT BFI Finance Indonesia Tbk. This research was conducted through the official website of the Indonesia Stock Exchange (IDX) at www.idx.co.id. The data source used is secondary data in the form of financial statements for the 2016-2020 period. The data analysis technique used in this research is quantitative descriptive analysis technique, namely data in the form of numbers which include financial statements in the form of balance sheets and income statements that describe real circumstances or events in the company. The results of the study using the debt to asset ratio, debt to equity ratio and times interest earned shows that the financial condition of PT Adira Dinamika Multi Finance Tbk and PT BFI Finance Indonesia Tbk during the 2016-2020 period showed an unfavorable condition. This is evidenced by the company's inability to pay off debts to external parties and the analysis results do not meet the general industry average standards. Keywords: Financial Performance; Solvency Ratio; DAR; DER; TIE
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Azis, Iwan J. "What Would Have Happened in Indonesia if Different Economic Policies Had Been Implemented When the Crisis Started?" Asian Economic Papers 1, no. 2 (May 2002): 75–103. http://dx.doi.org/10.1162/15353510260187418.
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Many models of the Indonesian economy cannot generate the large collapses in output and exchange rate experienced in 1997–98. The model in this paper was able to replicate the actual events by adding several new links. One new link is between the depreciation of the exchange rate and the deterioration of the balance sheets of firms, which are in turn linked to decline in investment. Another new link is between decline in output and decline in business confidence, leading to possible increased capital outflow and exchange rate collapse. The IMF's high interest rate policy did not succeed in strengthening the rupiah because it inflicted such severe damage on the net worth of Indonesian firms that it caused capital flight to accelerate, turning what was originally just a financial crisis into a major recession. Two alternative counterfactual policy packages are examined: (1) a lower interest rate policy and (2) a lower interest rate policy combined with a partial write-down of the external debt. The model indicates that the country's macroeconomic conditions would have fared better if the prolonged high interest rate policy had been avoided. The results suggest that early actions should have been undertaken to address the mounting private foreign debts. The delayed handling of private debts had prevented other policies from working effectively. The two counterfactual policies also would have resulted in a more favorable outcome for income distribution and poverty incidence. The model revealed a close correlation between worsening (improving) income distribution and increasing (declining) interest rates.
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Antoniawati, Anita, and Purwohandoko Purwohandoko. "Analisis Pengaruh Profitabilitas, Likuiditas, dan Leverage terhadap Financial Distress pada Perusahaan Transportasi yang Terdaftar di BEI Tahun 2018-2020." Jurnal Ilmu Manajemen 10, no. 1 (January 28, 2022): 28–38. http://dx.doi.org/10.26740/jim.v10n1.p28-38.
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Financial distress is a condition where management is unable to overcome financial problems that cause a successive decline in financial performance before the company is declared bankrupt. This study has something to be achieved, namely analyzing the possibility of financial distress in companies with financial ratios as indicators, including profitability ratios, liquidity ratios, and leverage ratios. The sample taken is a transportation company listed on the Indonesia Stock Exchange for the period 2018-2020. Purposive sampling was used as a sample selection method and 13 companies were obtained that matched the criteria proposed by the author. Data analysis with logistic regression using IBM SPSS version 25. As a result, the profitability represented by ROA has no effect on financial distress because when profits decline, there are still other funds from both internal and external sources to cover liabilities. Liquidity represented by the current ratio has no effect on financial distress because the companies have the ability to fund current debt with total assets. Meanwhile, leverage represented by DAR has a significant effect on financial distress. The solution that can be done by transportation companies with consecutive losses for 2 years is to be disciplined in paying short-term debts and efficiently use debt capacity so that companies can get large profits from their debts so that financial difficulties can be avoided.
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Supriyatni, Renny, and Nurjamil Nurjamil. "The Urgency of Handling Non-Performing Financing in Sharia Banks in the Development of Indonesian Sharia Economics." PADJADJARAN Jurnal Ilmu Hukum (Journal of Law) 8, no. 1 (2021): 26–46. http://dx.doi.org/10.22304/pjih.v8n1.a2.
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In Indonesia, non-performing financing in Islamic banking has a significant impact on banking system, soundness level of bank, and national economy. Proper handling can minimize the risks so that Islamic banking can continue to develop. This study elaborated the urgency of handling problematic financing in Islamic banks in the development of the Indonesian Islamic economy. This study is a descriptive analytical study with a normative juridical approach. The data was analyzed juridically and qualitatively. Problematic financing in Islamic banks occurs due to internal and external factors. On the other hands, Islamic economy, including its handling methods, are guided by the Holy Quran and the hadiths of the Prophet Muhammad (Peace be Upon Him). The guidance are understood contextually. One of the ways is through restructuring. Handling problematic financing is a very important thing, not only in terms of the obligation to settle debts and receivables of a legal subject, but also closely related to the sustainability of the business of Islamic banks since it also has an impact on the development of the Islamic economy in Indonesia.
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Setia, Wenda, and Piter Abdulah. "Strategi Pengembangan Kredit Retel(Studi Pada Bank QNB Indonesia)2017." Jurnal Riset Perbankan, Manajemen, dan Akuntansi 2, no. 2 (July 31, 2018): 137. http://dx.doi.org/10.56174/jrpma.v2i2.35.
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This study aims to formulate the strategy for developing retail credit at Bank QNB Indonesia. Analysis method using SWOT analysis. Assessment of internal and internal factors is done by distributing questionnaires. The results of the research are the identification of internal and external factors of the company, alternative strategies and priority strategies. The conclusion of this study is that banks have greater strengths than weaknesses and threats greater than the opportunities they have. The four alternative strategies of developing retail credit at QNB Bank Indonesia are: SO strategy by expanding retail credit distribution, using information technology to increase bank funding sources, expanding the network. WO strategy with competitive retail lending rates, credit priority for MSME sector. Strategy ST with the strengthening of handling of bad debts, improving the quality of human resources, and increasing the quality of services. WT strategy with accelerated credit application process and more careful credit policy. The main priority strategy is ST strategy. Suggestion of this research is company to always do analysis of external and internal factor so that company can apply appropriate strategy. Banks to implement SO strategies by enhancing marketing in both individual and MSME segments, enhancing m-banking capability so as to increase the amount of savings as a source of retail credit financing, and expanding the network by opening new branches and cooperating with cooperatives for retail credit distribution. In addition, further investigators can develop this research with other analytical tools.
Keywords: Strategy, Retail Credit, SWOT.
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Shamad Muis, Abdullah Ahadish, and Maulidatus Sholihah. "PENERAPAN PRINSIP AL-IHSAN PADA AKTIVITAS BISNIS SEBUAH PERUSAHAAN: SEBUAH STUDI LAPANG DI “X” TRAVEL INDONESIA." Profit : Jurnal Kajian Ekonomi dan Perbankan Syariah 3, no. 2 (December 22, 2019): 67–78. http://dx.doi.org/10.33650/profit.v3i2.873.
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The purpose of this study is to explain how the application of Islamic business ethics, specifically the principle of al-ihsan in a company's business activities based on a field study at X Travel Indonesia. This study uses a mixed method approach, which is a merger of qualitative and quantitative approaches taken from the company's internal and external perspectives. To find out the application of the principle of al-ihsan in the internal scope of the company, data collection techniques used depht interviews to five informants and direct observation. Meanwhile, to find out the application of the principle of al-ihsan in the external scope of the company, a survey was conducted to 86 partners and customers of X Travel Indonesia. Based on the results of the assessment of its customers, it was found that X Travel Indonesia has applied the principle of al-ihsan to its business activities with a score of 82.79%. Forms of the application of the principle of al-ihsan in X Travel Indonesia in the field of Production include: The existence of a refund mechanism; Finance: Carrying out social services and charity every month of Ramadan, Settling debts by deliberation and family relations; Marketing: Delivering to customers if there are deficiencies in each service, Do not bring down other competitors and even support each other; Human Resources: Be friendly and establish a family feel, Forgive staff if there is a mistake by continuing to act decisively if necessary
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Shamad Muis, Abdullah Ahadish, and Maulidatus Sholihah. "PENERAPAN PRINSIP AL-IHSAN PADA AKTIVITAS BISNIS SEBUAH PERUSAHAAN: SEBUAH STUDI LAPANG DI “X” TRAVEL INDONESIA." Profit : Jurnal Kajian Ekonomi dan Perbankan Syariah 3, no. 2 (December 22, 2019): 67–78. http://dx.doi.org/10.33650/profit.v3i2.874.
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The purpose of this study is to explain how the application of Islamic business ethics, specifically the principle of al-ihsan in a company's business activities based on a field study at X Travel Indonesia. This study uses a mixed method approach, which is a merger of qualitative and quantitative approaches taken from the company's internal and external perspectives. To find out the application of the principle of al-ihsan in the internal scope of the company, data collection techniques used depht interviews to five informants and direct observation. Meanwhile, to find out the application of the principle of al-ihsan in the external scope of the company, a survey was conducted to 86 partners and customers of X Travel Indonesia. Based on the results of the assessment of its customers, it was found that X Travel Indonesia has applied the principle of al-ihsan to its business activities with a score of 82.79%. Forms of the application of the principle of al-ihsan in X Travel Indonesia in the field of Production include: The existence of a refund mechanism; Finance: Carrying out social services and charity every month of Ramadan, Settling debts by deliberation and family relations; Marketing: Delivering to customers if there are deficiencies in each service, Do not bring down other competitors and even support each other; Human Resources: Be friendly and establish a family feel, Forgive staff if there is a mistake by continuing to act decisively if necessary
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Agustini, Sri, Sugeng Iscahyono, and Abdul Yogi Puadudin. "Profitabilitas, Likuiditas, Pertumbuhan Penjualan, dan Ukuran Perusahaan Terhadap Kebijakan Utang pada Perusahaan Sub Sektor Makanan dan Minuman." Journal of Academia Perspectives 2, no. 1 (March 31, 2022): 35–44. http://dx.doi.org/10.30998/jap.v2i1.901.
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This study aims to determine and analyze the effect of Profitability, Liquidity, Sales Growth, and Company Size on Debt Policy. For this reason, every company that has a goal to get maximum profit requires large capital, one of the sources is from external funds in the form of funds that obtained from other parties or debts. The research method used in this research is associative research method, namely research that aims to determine the influence or relationship between two or more variables. The results of the study show that for food and beverage companies listed on the Indonesia Stock Exchange in 2016-2018 that profitability has no effect on debt policy, as evidenced by the profitability significance value of 0.336 which is greater than the significance value of 0.05. Liquidity has an effect on debt policy, as evidenced by the significance value of 0.023 which is smaller than the value of 0.05. Then, sales growth has no effect on debt policy, as evidenced by a significance value of 0.283 greater than 0.05. And, firm size has no effect on debt policy, as evidenced by a significance value of 0.411 which is greater than 0.05. Partially shows that three variables, namely profitability, sales growth and firm size have no effect on debt policy, and one variable, namely liquidity, which affects debt policy. The results of the research simultaneously show that profitability, liquidity, sales growth and firm size together have no effect on debt policy. And the results simultaneously show that 0.039 is smaller than 0.05 simultaneously profitability, liquidity, sales growth and firm size affect debt policy.
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Kusumasari, Dita. "External debt of Indonesia: From debt-led growth to growth-led debt?" Jurnal Ekonomi Pembangunan 18, no. 1 (July 12, 2020): 21–30. http://dx.doi.org/10.29259/jep.v18i1.10801.
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Indonesia has received external debt as an external source of finance to fill in the investment-saving gap in achieving economic growth to improve social welfare. Despite Indonesian economy is able to recover to some extent, based on Bank Indonesia (2018), Indonesia’s external debt at the end of Q2/2018 still amounted to USD 355,7 billion; consisting of government and central bank external debt of USD 179.7 billion, as well as private sector (including state-owned enterprises) external debt of USD 176.0 billion. Therefore, this study aims to examine the trend and impact of external debt on economic growth in the context of Indonesia’s economy. If external debt is found to lead to debt trap, or already in the condition of growth-led debt, its benefits for economic development should be reviewed properly and government policies regarding external debt need to be redesigned. This study is a qualitative research in the form of case study of External Debt and its critical impact in Indonesia. Through observation, data comparison and literature study, it is found that external debt of Indonesia has been dominated by US Dollar and Japanese Yen, which assumed to cause surge in debt repayment.
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Nasir, Mohamad. "Solvency Analysis on Indonesia's External Debt." Kajian Ekonomi dan Keuangan 18, no. 2 (July 1, 2014): 99–118. http://dx.doi.org/10.31685/kek.v18i2.149.
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During Periods 2010-2013, Indonesia had economic growth. However, external debt had also inreased an reached USD265 billion in 2013, Indeed, this achievement raises a question, what the solvency level of indonesia's external debt is. By using Debt Sustainable Framework (DSF) method developed by Bretton Woods Institution (BWI), it can be known. Based on sample data in 2012 and calculation result, it can be known that form 6 DSF indicators Indonesia had 2 red indicators. They are debt service to export ratio and debt service to budget revenue ratio. The two indicators showed that Indonesia's solvency has risk regarding liquidity capability, and a limited fiscal support in the case Government do an intervention for external debt condition. Some main recommendations are proposed in this paper. Some o them are: 1) to improve liquidity or availability of foreign currency (USD), 2) to manage external debt of nonfinancial enterprises and no SOSEs, and 3) to increase export and decrease import.
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Istikomah, Navik. "ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI “CAPITAL FLIGHT” DI INDONESIA (Period Kuartal I 1990 s.d. Kuartal IV 2000)." Buletin Ekonomi Moneter dan Perbankan 6, no. 2 (December 15, 2004): 12–31. http://dx.doi.org/10.21098/bemp.v6i2.325.
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The purpose of this research is to identify the problems of the effect of economic variables, that is, changes of exchange rates Rp/US$, external debt, economic growth, inflation, differences of interest rate of Indonesian- America, Foreign Direct Investment, political stability condition, on capital flight in Indonesia, for period 1st quarter, 1990 – 4th quarter, 2000. The determinants of capital flight in Indonesia use cointegration equation model of Likelihood Johansen’s. The estimation completed by time series data validity, that is, unit-roots-test and co-integration-test.The result of research indicate that independent variable on model, that is, changes of exchange rates Rp/US$, external debt, economic growth, inflation, differences of interest rate of Indonesian-America, Foreign Direct Investment, and political stability condition, on the long run could explain changes of capital flight about 58,85 percent and altogether significant (computed-F = 7,1520 > value-F = 3,192). Partially, knowed that all variable on model, exceptly inflation and differences of interest rate of Indonesia-America, to have significant influence on capital flight in Indonesia. All variable sufficient stationery-condition at first different and the model could cointegrated at first different.Keywords: Capital Flight and determinant factors, and Cointegration of Johansen’s Likelihood
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Rangkuty, Dewi Mahrani, Bakhtiar Efendi, and Lia Nazliana Nasution. "Study of Indonesia's international macroeconomic indicators before and during the covid-19 pandemic." Jurnal Riset Pendidikan Ekonomi 6, no. 1 (April 17, 2021): 1–11. http://dx.doi.org/10.21067/jrpe.v6i1.5352.
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This study aims to review Indonesia's macroeconomic indicators before and during the covid-19 pandemic. Using time-series data sourced from ceicdata, this study uses non-parametric statistical methods of different tests (sign tests). The results showed that there is a significant difference between before and during the covid-19 pandemic on international macroeconomic indicators of the rupiah exchange rate against USD, external debt, reserves, and Indonesian CPI. Recommended to the Government of Indonesia through Bank Indonesia and other relevant Ministries need a strict policy on a rupiah exchange rate that leads to price stability to reduce the rate of inflation, management and disclosure of external debt information, the achievement of trade balance surplus to increase reserves towards increasing domestic economic growth.
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Woo, Wing Thye. "The External Debt Situation in Indonesia: Performance and Prospects." Asian Economic Journal 6, no. 2 (July 1992): 191–212. http://dx.doi.org/10.1111/j.1467-8381.1992.tb00090.x.
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Syahri Maulidiyah, Farah. "C. PENGARUH UTANG LUAR NEGERI DAN EKSPOR TERHADAP PERTUMBUHAN EKONOMI (Studi pada Produk Domestik Bruto Indonesia Periode 2015-2019)." Inovasi Manajemen dan Kebijakan Publik 4, no. 1 (January 2, 2021): 22. http://dx.doi.org/10.54980/imkp.v4i1.116.
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ABSTRACT
The purpose of this research is to analyze the influence of exports and foreign debt which can affect Indonesia's GDP (Gross Domesty Product). The variables of this research are the foreign debt value of the Indonesian government and the value of Indonesian exports as the independent variable, and the value of Indonesia's GDP as the dependent variable. The data used are supporting data for the 2015-2019 period from the time series (time series) of Bank Indonesia and BPS. The data analysis method used multiple linear regression analysis. The results of this study are the value of the Indonesian government's foreign debt and the value of Indonesia's exports have a significant effect. Meanwhile, the results of the partial test (t-test) show that the value of foreign debt and exports of the Indonesian government greatly affects the value of Indonesia's GDP.
Keywords : External Debt, Export, Economic Growth
(Menggunakan template jurnal sinta 2 JESP (Jurnal Ekonomi dan Studi Pembangunan) eISSSN : 2502-7115 l pISSN : 2502-7115 Universitas Negeri Malang).
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Nurmalindah, Nurmalindah, and Sugiharso Safuan. "Analisis Keseimbangan Eksternal Indonesia: Pendekatan Intertemporal Model of Current Account." Jurnal Ekonomi dan Pembangunan Indonesia 13, no. 2 (January 1, 2013): 196–213. http://dx.doi.org/10.21002/jepi.v13i2.192.
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Current account balance has an important role of measuring the direction and the amount of international loan. This study analyzes Indonesian external balance due to its solvency condition of external debt and sustainability of current account balance during 1970{2007 by intertemporal-model approach of current account. The results of cointegration test and bivariate autoregressive (VAR) indicate that solvency condition holds, but not for the sustainability condition of current account balance. It means that Indonesia has capability to payback its external debt.AbstrakDalam hubungannya dengan utang luar negeri, transaksi berjalan mempunyai peranan penting karena mengukur arah dan besarnya pinjaman internasional. Tulisan ini menganalisis mengenai keseimbangan eksternal Indonesia dengan melihat pada solvency condition atas utang luar negeri dan sustainabilitas neraca transaksi berjalan dengan pendekatan intertemporal model of current account. Data yang digunakan adalah time series tahunan periode 1970--2007. Hasil estimasi menunjukkan bahwa solvency condition Indonesia terpenuhi, artinya Indonesia berada dalam kemampuan membayar kembali utangnya, namun kondisi sustainabilitas neraca transaksi berjalan tidak tercapai.
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Anis Farida and Indah Yuliana. "Pengaruh Utang Luar Negeri dan Ekspor Terhadap Pertumbuhan Ekonomi (PDB) Indonesia Periode Tahun 2006-2020." MALIA (TERAKREDITASI) 13, no. 2 (July 24, 2022): 181–92. http://dx.doi.org/10.35891/ml.v13i2.3016.
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This review is expected to be able to carry out a test with the ultimate goal of deciding on the variables that affect Indonesia's GDP. This type of review uses a quantitative methodology. The factors in this review are the value of Indonesia's external debt and the value of Indonesia's GDP as the dependent factor and the value of Indonesia's GDP as the dependent factor. This information is taken as selected information (time series) from BI and the Central Statistics Agency for the period 2006-2020. This information checking technique uses multiple linear regression examination. The impact of this review proves that the relationship between Indonesia's external debt and the value of Indonesian exports has a very large impact together. The fractional test (t test) proves that the value of Indonesia's external debt basically has an impact on the value of Indonesia's economic growth. The export value factor does not affect the value of gross domestic product in Indonesia.
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Sitepu, Vido Metti. "The Effect of Foreign Direct Investment and External Debt on Economic Growth in Indonesia." International Journal on Social Science, Economics and Art 11, no. 2 (August 1, 2021): 78–82. http://dx.doi.org/10.35335/ijosea.v11i2.50.
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Indonesia as a development country, has a good economic growth in the 1990's. It shows by increasing of GDP year by year, stabilization of inflation, etc. But since 1997's economic crisis in Asia's countries, Indonesia's economic growth has been declining. It effected the monetary sector and real sector, and add again with progressively the amount of foreign debt of Indonesia, so that effect of Rupiah rate wich progressively weakening. This paper will analyze the foreign direct investment also foreign debt, on the economic growth of Indonesia. By using the OLS model on Indonesia yearly data from 1975-2009 and the confirm the significant of these independent variables as the factors that effected the economic growth of Indonesia. Foreign direct investment and foreing debt represent the way able to be gone through by government in overcoming deficit of national saving utilize to push the national development to get the good economic growth. Pursuant to things told above, writer try to study the problem of economic growth in Indonesia in its relation with the foreign direct investment and foreign debt by lifting title “Influence on The Foreign Direct Investment and The Foreign Debt to Economic Growth of Indonesia”.
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Nugraha, Nunu, Kamio Kamio, and Diah Setyorini Gunawan. "Faktor-Faktor Penyebab Utang Luar Negeri dan Dampaknya Terhadap Pertumbuhan Ekonomi Indonesia." Jurnal Ilmiah Universitas Batanghari Jambi 21, no. 1 (February 8, 2021): 21. http://dx.doi.org/10.33087/jiubj.v21i1.1160.
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This research aims to examine and analyze the effect of government spending, exchange rate, and Debtor economic growth on Indonesia's foreign debt, as well as the impact of external debt on economic growth. The tools of the analysis in this research used multiple linear regression method and use test (t-test and F-test). The result of study indicated government expenditures have a significant effect on foreign debt while debtor country exchange rate and economic growth have no significant effect on external debt. Simultaneously government spending, debt country, exchange rate and economic growth significantly affected Indonesia's foreign debt in 2001-2017. Meanwhile, foreign debt has significant effect on economic growth in Indonesia in 2001-2017.
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Iskandar, Mukhamad Yusuf. "ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI UTANG LUAR NEGERI INDONESIA PERIODE 1985-2020." Transekonomika: Akuntansi, Bisnis dan Keuangan 2, no. 6 (August 27, 2022): 21–34. http://dx.doi.org/10.55047/transekonomika.v2i6.263.
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Indonesia is one of the developing countries in the Asian continent that uses foreign debt as aid to support the country's economic development, resulting in an increase in Indonesia's foreign debt every year. On the other hand, increasing foreign/external debt is one of the economic problems caused by world economic shocks or when an economic recession is occurring. This study aims to determine the relationship between the variabels of the level of exports, imports, and inflation rates on Indonesia's external debt. The analysis technique used is the Vector Error Correction Model (VECM) with a research period from 1985 to 2020 and using the E-Views 10 application. The test results show that the variabels of exports, imports, and inflation have a significant relationship with external debt in the long term. While the relationship in the short term shows a less significant relationship between these variabels.
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Feridhanusetyawan, Tubagus, and Mari Pangestu. "Managing Indonesia's Debt." Asian Economic Papers 2, no. 3 (September 2003): 128–54. http://dx.doi.org/10.1162/asep.2003.2.3.128.
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This paper investigates how Indonesia should manage its massive debt burden arising from the Asian financial crisis, which led to increased external debt and, more significantly, increased domestic debt related to the country's bank restructuring program. Indonesia's enormous outstanding debt puts pressure on the balance of payments, causes severe budget constraints, and creates a huge future debt burden that brings with it the risks of illiquidity and default. The following measures are recommended for an effective debt management program: encourage rapid growth and ensure macroeconomic stability; minimize future contingent liability; increase domestic revenues by broadening the tax base and intensifying tax collection; seek better Paris Club rescheduling terms, obtain more concessional terms for new borrowing, and explore debt swaps; develop and regulate the government bond market; create a well-managed coordinated unit for debt management; and create the necessary legal foundations to protect investors.
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Hawari, Ryan, and Fitri Kartiasih. "KAJIAN AKTIVITAS EKONOMI LUAR NEGERI INDONESIA TERHADAP PERTUMBUHAN EKONOMI INDONESIA PERIODE 1998-2014." MEDIA STATISTIKA 9, no. 2 (January 24, 2017): 119. http://dx.doi.org/10.14710/medstat.9.2.119-132.
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Indonesia is a developing country which adopts an “open economic”. That caused Indonesia economic is strongly influenced by factors that come from outside of Indonesia. External factors in this research is referred to foreign debt, foreign direct investment, trade openness and exchange rate of rupiah with USD. The analytical method in this research used Vector Error Correction Model (VECM) which will focused on Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD). Based on result of IRF, exchange rate had a positive effect to economic growth, while foreign debt, foreign direct investment and trade openness had a negative effect to economic growth. Based on result of FEVD, shock on economic growth in Indonesia affected by economic growth itself (43.21%), followed by foreign debt (26.30%), trade openness (14.16%), foreign direct investment (8.29%) and exchange rate (8.04%) Keywords: economic growth, trade openness, VECM, IRF, FEVD
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H. Masri, Zainal Arifin. "ANALISIS DAMPAK UTANG LUAR NEGERI TERHADAP PRODUK DOMESTIK BRUTO INDONESIA PERIODE 1988 – 2019." Journal of Academia Perspectives 1, no. 2 (October 6, 2021): 43–56. http://dx.doi.org/10.30998/jap.v1i2.369.
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This study aims to see the impact of foreign debt on Indonesia's gross domestic product (GDP). This study uses a combined method, qualitative research methods and quantitative research methods. Qualitative methods are used to describe descriptively the development of foreign debt and GDP in Indonesia. The method used to explain statistically / quantitatively the relationship and influence of foreign debt on GDP in Indonesia. The data analysis technique used in quantitative methods is a simple regression equation, correlation coefficient, coefficient of determination and hypothesis testing (t test). The sample used is time series data for the last 30 years from the variables of external debt and GDP. The results of data processing using SPSS show that foreign debt has a significant effect on gross domestic product. External debt has a very strong relationship with gross domestic product. The calculation results obtained by the linear regression equation Y = - 4,358,467,905 + 50,498,518X, none = 0.976, KD = 0.953 and Fcount = 568.018 with Sig F Change = 0.000
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Handoko, Rudi. "Analisis Kesinambungan Transaksi Berjalan Indonesia: 1980 - 2010." Kajian Ekonomi dan Keuangan 15, no. 2 (July 1, 2011): 69–96. http://dx.doi.org/10.31685/kek.v15i2.157.
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This paper attempt to analyze the sustainability of current account in Indonesia. Sustainability analysis of current account is conducted by analysing factors affecting the sustainability of current account for some particular periods. The factors affecting current account sustainability include external debt, debt service ratio, export, real exchange rate, domestic saving and investment, fiscal surplus deficit, economy growth, and capital inflow. The result shows that during period of 1980-2010 current account sustainability facing some disturbances indicated by some factors affecting current account sustainability are lying above the warning level.
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Fitri, Nailil, Sri Ulfa Sentosa, and Melti Roza Adry. "Pengaruh Investasi dan Utang Luar Negeri Terhadap Cadangan Devisa Indonesia." Ecosains: Jurnal Ilmiah Ekonomi dan Pembangunan 8, no. 1 (May 9, 2019): 35. http://dx.doi.org/10.24036/ecosains.11519457.00.
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This research aims to knows and analyze the impact of Indonesia investment abroad, foreign direct investment and external debt to foreign exchange reserve. This research use ordinary least square (OLS). The result from this research is Indonesia investment abroad have significant and negative effect to foreign exchange reserve in indonesia. FDI unsignificant and positive impact to foreign exchange reserve in Indonesia. External debt have significant positive to foreign exchange reserve in Indonesia. From this research can be suggest that government and BI should be notice macro economic condition that impacted to balance of payment an stability of foreign exchange reserve, Indonesia’s government should be fix the resources that will increase FDI and foreign exchange reserve can be accomplish.
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Maggy, Maggy, and Patricia Diana. "Internal and External Determinants of Audit Delay: Evidence from Indonesian Manufacturing Companies." Accounting and Finance Review (AFR) Vol. 3 (1) Jan-Mar 2018 3, no. 1 (February 21, 2018): 16–25. http://dx.doi.org/10.35609/afr.2018.3.1(3).
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Objective - This study aims to examine and explain the relationship between a company's internal factors such as profitability, solvency and audit committee, and external factors including complexity and size of public accounting firms, with audit delay. Methodology/Technique - The importance of financial information is, in part, due to its utility for assessment of company performance. Hence, financial information should be produced and reported as quickly as possible each year. Findings - This study finds that manufacturing companies with high debt levels and low profitability experience longer audit delay. Moreover, the results in this study show that debt level is the most influential and significant factor with a positive relationship to audit delay. Novelty - This study shows that profitability, the number of members on an audit committees and public accounting firm (KAP) size all have an insignificant negative relationship with audit delay. Further, complexity has an insignificant positive relationship with audit delay. Type of Paper: Empirical Keywords: Profitability; Debt; Complexity; Audit Committees; Audit Delays. JEL Classification: M42, M41.
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Amalia, Dian Arista, and Norman Duma Sitinjak. "Peranan tax avoidance dan good cooperative governence terhadap cost of debt pada perusahaan property dan real estate yang tedaftar di Bursa Efek Indonesia." Jurnal Ilmiah Bisnis dan Perpajakan (Bijak) 2, no. 2 (July 15, 2020): 1–7. http://dx.doi.org/10.26905/j.bijak.v2i2.5430.
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ABSTRACTCompanies cannot always rely on internal funds to finance operational activities. Often external funds are needed to support company activities. External sources that are often used are debt. The consequence of using debt is the cost of debt. Creditors use tax avoidance and Good Corporate Governance considerations in making loan decisions to debtors. This study examines the role of tax avoidance and good corporate governance on debt costs. The result of this research is that tax avoidance has a positive effect on cost of debt, while institutional ownership and audit committee have a significant negative effect on cost of debt.
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Khusnatun, Laeli Lafi, and Dinar Melani Hutajulu. "ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI CADANGAN DEVISA INDONESIA." Ekono Insentif 15, no. 2 (October 31, 2021): 79–92. http://dx.doi.org/10.36787/jei.v15i2.583.
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Abstrak
Cadangan devisa merupakan bagian penting dari perekonomian suatu negara. Besar kecilnya cadangan devisa dapat dipengaruhi oleh nilai ekspor. Tujuan dari penelitian ini yaitu menganalisis pengaruh ekspor, inflasi, BI rate, dan Utang Luar Negeri (ULN) terhadap cadangan devisa, serta menganalisis hubungan kointegrasi antara ekspor, inflasi, BI rate, dan utang luar negeri terhadap cadangan devisa. Penelitian ini menggunakan data sekunder dengan bentuk data time series. Analisis data yang digunakan adalah Error Correction Model (ECM) menggunakan aplikasi Eviews10. Hasil penelitian ini menujukan bahwa yang mempengaruhi cadangan devisa adalah BI Rate dan ULN, serta keseimbangan jangka pendek mempengaruhi keseimbangan jangka panjang.
Abstract
Foreign exchange reserves are an important part of a country's economy. The size of foreign exchange reserves can be influenced by the value of exports. The purpose of this study is to analyze the effect of exports, inflation, BI rate, and External Debt (ULN) on foreign exchange reserves, as well as analyze the cointegration relationship between exports, inflation, BI rate, and foreign debt on foreign exchange reserves. This study uses secondary data in the form of time series data. Analysis of the data used is the Error Correction Model (ECM) using the Eviews10 application. The results of this study indicate that those that affect foreign exchange reserves are the BI Rate and external debt, and the short-term balance affects the long-term balance.
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Palupi, Ritma. "CASH FLOW, DEBT ISSUANCE, EQUITY ISSUANCE, AND FIXED ASSET INVESTMENT ON MANUFACTURE COMPANY 2010-2014CASH FLOW, DEBT ISSUANCE, EQUITY ISSUANCE, AND FIXED ASSET INVESTMENT ON MANUFACTURE COMPANY 2010-2014." Ekspektra : Jurnal Bisnis dan Manajemen 4, no. 1 (June 15, 2020): 11–21. http://dx.doi.org/10.25139/ekt.v4i1.2261.
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Matters about financing decision based on pecking order theory’s hierarchy are currently appealing. This research strives to discover how corporate’s fixed asset investment reacts to cash flow, debt issuance, and equity issuance. Researcher uses 75 samples of manufacturing company in Indonesia during 2010-2014 period with 199 firm-year observation. Multiple linear regression’s result indicates that cash flow and debt issuance have influence towards corporate’s fixed asset investment, but the equity issuance have no influence towards corporate’s fixed asset investment. Also regression coefficient exhibits that manufacturing company in Indonesia follows pecking order theory’s hierarchy. Cash flow’s influence towards fixed asset investment is more significant than debt issuance’s, and debt issuance’s influence is stronger than equity issuance. This points out that corporate’s fixed asset investment is more sensitive towards cash flow (internal fund) compared to debt issuance (external fund), and so is debt issuance is more sensitive compared to equity issuance. With all that in mind, it is concluded that manufacturing company in Indonesia follows pecking order theory in terms of financing decision, which uses internal fund at first then started to use external fund if deemed necessary.
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Saputro, Yogie Dahlly, and Aris Soelistyo. "ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI UTANG LUAR NEGERI DI INDONESIA." Jurnal Ilmu Ekonomi JIE 1, no. 1 (March 31, 2017): 45–59. http://dx.doi.org/10.22219/jie.v1i1.5408.
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The purpose of the research is to describe how the influence of budget deficit, foreign exchange reserves, net exports and foreign debt of the previous year against foreign debt in Indonesia. Instrument analysis used is the method linear regression multiple with the methods ols with the data time series.With the methods testing the assumption classical and by test statistics like a test t and F test. The results of the analysis what have been done by researchers the results that on partial foreign exchange reserves (CDV) have had a positive impact and foreign debt of the previous year (ULNt-1) have had a positive impact and influential but not significant is namely the budget deficit (DA) and net exports (NX).Simultaneously of the four variable influential in significant impact on foreign debt.With the coefficients R2 of 99.91. Conclusions from research has been done that the variable that influence the foreign debt in Indonesia is foreign exchange reserves and foreign debt year earlier, and influential but not significant variables to external debt are the budget defisit and net exsport.Keywords: foreign debt , the budget deficit , foreign exchange reserves , net exports
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Ahmad, Abu Hasan, and Maria Adventia Mentari Mayang Cardicna. "THE EFFECT OF FINANCIAL CONSTRAINT MODERATION IN CASH FLOW SENSITIVITY TO EXTERNAL FINANCING OF MANUFACTURING COMPANIES." Manajemen Bisnis 10, no. 1 (September 18, 2020): 65. http://dx.doi.org/10.22219/jmb.v10i1.11836.
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This study aims to test the pecking order theory by looking at the level of cash flow sensitivity as a source of internal financing for all types of external financing (debt and equity). This testing also considering the financial constraint variable as moderation. The data used are the financial statements of manufacturing companies listed on the Indonesia Stock Exchange in 2014 - 2018. The dependent variable is all types of external financing (debt and equity). Debt financing is divided into two forms, short-term debt financing and long-term debt financing. While the independent variable is cash flow. The results obtained is that cash flow does not substitute all types of external financing, and the highest cash flow sensitivity occurs in short-term debt financing. The next result is that financial constraint strengthen the sensitivity of cash flow to debt and equity financing
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Ferdiansyah, Kelvin, Zefanya Mose Saputra Panggabean, and Deris Desmawan. "ANALISIS PENGARUH HUTANG LUAR NEGERI (FOREIGN DEBT) DAN PENANAMAN MODAL ASING TERHADAP PDRB TAHUN 2009-2013." Populer: Jurnal Penelitian Mahasiswa 1, no. 3 (September 20, 2022): 77–86. http://dx.doi.org/10.58192/populer.v1i3.365.
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This research will show how external debt and also the level of FDI affect the GRDP of case studies in the Makassar region from 2009-2013. The theory of multiple linear regression analysis is applied in quantitative research methodology. Secondary data from the Makassar Central Bureau of Statistics is used as a data source. Information only regarding the amount of Indonesian loans, the total level of realization of FDI inflows by Indonesia, but also figures regarding the degree and total local national GRDP of Makassar City were all collected using straight literary elements using figures for the period 2009 to 2013 (5 years). The quantitative approach is indeed a technique used to assess the level of guiding decisions in one component having several other characteristics using the SPSS 25 application. Thus, producing an initial model that shows a positive and beneficial effect of the independent variables external debt and FDI is relevant to the dependent variable of City GRDP Macassar. This shows that it is important to increase these two variables because the GRDP level of Makassar city will also increase.
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Februansyah, Rivaldy, and Ika Yanuarti. "Pengaruh Financial Leverage terhadap Financial Performance pada Sektor Industri Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2015." Jurnal Manajemen 9, no. 2 (March 16, 2018): 33–48. http://dx.doi.org/10.31937/manajemen.v9i2.719.
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The manufacturing sector is one of the most dominant economic sectors in in achieving growth and development in Indonesia. It needs adequate fund to develop its business. The sources of fund are from internal and external. The firm usually optimized the usage of internal fund prior to external fund. The internal fund comes from equity while the external funds are from debt and stock. Debt is also known as financial leverage. There is a phenomenon that the usage of debt increased the firm’s financial performance, since interest on debt could lower the payment of tax (tax shield). On the other side, the higher the financial leverage the higher the risk of bankruptcy. This research aims to analyze whether financial leverage has an influence on financial performance in the manufacturing sector listed on the Indonesia Stock Exchange (IDX) period 2015. The method of analysis used in this research is multiple linear regression analysis. This research uses quantitative approach with a sample of 140 listed companies in the manufacturing industry. The firm’s financial performance could be measured by the financial ratios. Financial Leverage ratios are ratios that measure the ability of firm’s to meet its financial obligation and the level of usage debt as compared to equity. There are several financial leverage ratios that used in this research, such as Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), and Long Term Debt Ratio (LTDR). Financial performance indicates the ability of firm to generate profit and measured by Profitability Ratio. Return on Asset (ROA) is one of the Profitability Ratio. The statistical result shows that Debt Ratio (DR) negatively affect Return on Asset (ROA) and Interest Coverage Ratio (ICR) positively affect Return on Asset (ROA). Meanwhile, Debt to Equity Ratio (DER) and Long Term Debt Ratio (LTDR) did not affect Return on Asset (ROA). On the other hand, result shows that Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), and Long Term Debt Ratio (LTDR) affect Return on Asset (ROA) simultaneously.
Keywords: Financial Leverage, Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), Long Term Debt Ratio (LTDR), Financial Performance, Return on Assets (ROA)
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Sukma, Ira, and Khairil Anwar. "THE EFFECT OF FOREIGN INVESTMENT, GOVERNMENT EXTERNAL DEBT, AND GOVERNMENT EXPENDITURE ON GROSS DOMESTIC PRODUCT IN INDONESIA." Journal of Malikussaleh Public Economics 4, no. 1 (August 12, 2021): 20. http://dx.doi.org/10.29103/jmpe.v4i1.4790.
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This study aims to determine the influence of foreign investment, foreign debt, and government spending on Gross Domestic Product in Indonesia during 2005-2019. The data analysis method used in this study is a multiple regression analysis models using the Eviews application. The results show partially (t-test) show that foreign investment, foreign debt, and government expenditure have a positive and significant effect on gross domestic product.Then, the correlation coefficient or R-Squared value is 0.736793 or 73.67%. It shows that there is a strong correlation between the independent variables and the dependent variable. It concludes that foreign investment, foreign debt, and government spending have a positive and significant effect on the provincial gross domestic product in Indonesia from 2005 to 2019.
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Wulandari, Monica, Hasdi Aimon, and Mike Triani. "ANALISIS PENGARUH GONCANGAN FAKTOR EKSTERNAL TERHADAP PERTUMBUHAN EKONOMI." Ecosains: Jurnal Ilmiah Ekonomi dan Pembangunan 6, no. 1 (May 1, 2017): 25. http://dx.doi.org/10.24036/ecosains.11063357.00.
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The purpose of this research is to see how far the influence of external factors toward the economic growth in Indonesia and also to see any external factors that can decreasing economic growth in short and long term. The method is used in this research is Ordinary Least Square with use Error Correction Model (ECM) test and Cointegration. Based on analysis data was obtained three conclusions were; The first is based on the results of multiple regression, foreign investment and world oil prices and a significant positive effect on economic growth in Indonesia, while the exchange rate and foreign debt and no significant positive effect on economic growth in Indonesia at the 5% significance level. The second is in the short term through the Error Correction Model (ECM) test, the world oil price and foreign direct investment to boost economic growth while exchange rate USD / $ (NTR) and External Debt (ED) can shocks the economic growth in Indonesia. The third is in the long term through cointegration test, the variables included in the model and no significant negative effect on economic growth
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Sunarko, Robert, and Raymundus Parulian Sihotang. "ANALISIS PENGARUH KINERJA KEUANGAN TERHADAP HARGA SAHAM PERUSAHAAN TELEKOMUNIKASI INDONESIA." Journal of Applied Finance & Accounting 4, no. 1 (November 29, 2011): 51–77. http://dx.doi.org/10.21512/jafa.v4i1.281.
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Stock price movement is influenced by many factors such as actions taken by the government, interest rates fluctuating, as well as a variety of other internal or external factors. The authors discuss the internal side of the company and the use of liquidity ratios, solvency, activity, and profitability ratios on the Current Ratio, Return on Equity (ROE), profit margin, Debt Ratio, and Total Assets Turnover. The authors discuss whether there is a relationship between each of the five ratios with stock price movement. The authors showed that each of the Current Ratio, ROE, Profit Margin and Debt Ratio Total Assets Turnover, Profit Margin and ROE only affected the stock price movement, while the Current Ratio, Debt Ratio, and Total Assets Turnover had no significant effect on stock price movements.
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Satria, Doni. "ANALISIS FAKTOR PENENTU PERUSAHAAN DI INDONESIA MELAKUKAN PINJAMAN KE LUAR NEGERI." Ecosains: Jurnal Ilmiah Ekonomi dan Pembangunan 2, no. 2 (November 1, 2013): 179. http://dx.doi.org/10.24036/ecosains.348357.00.
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Why a firm issuing the global bonds? This is the question I try to investigate in this research. This phenomena is worth to investigate since from our 1997//98 crisis experience, high exchange rate depreciation triggered the external debt accumulation in Indonesia. This process ends up with an economic malaise, and many firm become highly indebted or collapse. After the beginning of global economic crisis in 2007, the trend of global bonds issuance by Indonesian corporation has the same pattern with the pre 1997/98 Asian crisis. Using OLS regression analysis due to the limitation of data availability, I found: the Indonesian corporate sector is more prudent in issuing global bonds, since the auto hedging is one of the significance factor. The decision in issuing global bonds are also depends on lower cost of fund and the availability of fund in domestic market. I conclude that recent global bonds issuance trend by Indonesian corporate sector is not a threat for Indonesian economy.
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Radjamin, Iryuvita Januarizka Putri, and I. Made Sudana. "Penerapan Pecking Order Theory dan Kaitannya dengan Pemilihan Struktur Modal Perusahaan pada Sektor Manufaktur di Negara Indonesia dan Negara Australia." Jurnal Manajemen dan Bisnis Indonesia 1, no. 3 (June 1, 2014): 451–68. http://dx.doi.org/10.31843/jmbi.v1i3.35.
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This study aimed to determine first , the difference between the capital structures in Indonesian manufacturing company with in Australia , and secondly to determine whether manufacturing companies in Indonesia and Australia applying the packing order theory in determining the capital structure . The analysis model used is the comparative analysis between the two groups of independent samples to determine differences in capital structure manufacturing company in Indonesia with a capital structure of manufacturing companies in Australia. Meanwhile, to determine whether manufacturing companies in Indonesia and Australian applying packing order theory, used Shyam - Sunder and Meyers models . The study was conducted on 42 Australian manufacturing companies and 33 manufacturing companies in Indonesia, which is selected by purposive random sampling over the period 2006-20010. The results showed a significant difference between capital structure manufacturing companies in Indonesia and in Australia. Manufacturing companies in Indonesia using long-term debt is relatively higher compared to manufacturing companies in Australia. In addition, it was also found that in determining capital structure manufacturing companies in Indonesia to implement packing order theory, while manufacturing companies in Australia are not .
Keywords : Capital Structure, Deficit External Financing, Pecking Order Theory
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Setyani, Astuti Yuli. "PERTUMBUHAN MODAL SENDIRI PADA INDUSTRI MANUFAKTUR: STUDI EMPIRIS DI BURSA EFEK INDONESIA." Jurnal Riset Akuntansi dan Keuangan 6, no. 2 (August 2, 2010): 113. http://dx.doi.org/10.21460/jrak.2010.62.37.
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Equity Growth is influenced by internal and external factors. Internal factor under control management, i.e. return on asset (ROA), dept to equity ratio (DER) retention rate (RR). The purpose of this study is to examine the effect of internal factors toward equity growth. Using financial data of campanies listed in Jakarta Stock Exchange (JSE) from the periods of 2004 to 2008, this study finds that return on asset influence equity growth. Meanwhile, Debt to Equity Ratio and Ratention Rate show no such effect. Kata kunci: Return On Asset, Debt to EquityRatio, Ratention Rate, Equity Growth
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Handayani, Anita, and Rahmat Agus Santoso. "Determination of Capital Structure of Public Companies in Indonesia." Journal of Social Science Studies 7, no. 1 (September 12, 2019): 8. http://dx.doi.org/10.5296/jsss.v7i1.15210.
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Capital structure is definitely related to the company’s long-term expenditure. Capital structure compares long-term debt to own capital. Corporate funding policies can be obtained from internal and / or external companies. So the purpose of this study is to analyze the capital structure of public companies in Indonesia. In the process of determining capital structure determination using multiple linear regression statistics, the results of the study are Return On Assets, Total Asset Turnover, and Current Ratio have a negative influence on the capital structure of public companies in Indonesia. So it can be concluded that public companies in Indonesia use internal funds more than external capital because internal capital does not create a fixed burden for the company.
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Cahyaningrum, Hana, Ghalbyna Nadzeva, Novia Tri Ramadhani, and Dian Hakip Nurdiansyah. "Analisis Faktor – Faktor yang Mempengaruhi Utang Luar Negeri di Indonesia Tahun 2015-2019." WACANA EKONOMI (Jurnal Ekonomi, Bisnis dan Akuntansi) 21, no. 1 (April 19, 2022): 39–54. http://dx.doi.org/10.22225/we.21.1.2022.39-54.
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The purpose of this study is to clarify the impact of exports, gross domestic product (GDP) and the rupiah exchange rate (exchange rate) on Indonesia's foreign debt. The data used in this study uses secondary data, including time series data from 2015 to 2019. The analytical tool used in this study is multiple linear regression analysis using SPSS23. The results showed that exports, gross domestic product (GDP) and the rupiah exchange rate (exchange rate) had a significant positive effect on Indonesia's external debt.
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Munir, Ningky Sasanti, Aries Prasetyo, and Pepey Kurnia. "Garuda Indonesia." Emerald Emerging Markets Case Studies 1, no. 1 (January 1, 2011): 1–33. http://dx.doi.org/10.1108/20450621111129654.
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Subject area Strategic management, system control management (balance score card). Study level/applicability Post graduate student, managers. Case overview This case examines “Garuda Indonesia” the National Indonesia airline and its exceptional performance in recent years due to successful strategic decision making. This comprehensive case is structured in five parts highlighting: Garuda's recent success based on positive strategic management; Garuda's history and how it shaped its success against strong competition through effective leadership and the challenges it has overcome; an examination of the development within the Indonesian airline industry; a focused examination of strategic development with Garuda, including competition policy; operational planning and delivery; debt restructuring and product/service strategy; and an examination of the ongoing challenges, including governmental pressures and political maneuvering. Expected learning outcomes Students will identify opportunities and threats, including strategic issues derived from the external environment facing by Garuda Indonesia. Students will identify strengths and weaknesses from the internal environment faced by Garuda Indonesia. Students will develop strategic alternatives to inform business decisions. Students will give recommendations including priority planning for the next three to five years. Supplementary materials Teaching note.
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Anam, Chairul. "Study of Internal Factors and External Factors of Insurance Companies Towards Company Value (Study on Indonesia Stock Exchange)." SHS Web of Conferences 86 (2020): 01010. http://dx.doi.org/10.1051/shsconf/20208601010.
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The purpose of this study is to determine the influence of the company’s external factors with proxies: inflation and interest rates, and the company’s internal factors with proxies: Return on Equity, and Debt to Equity Ratio partially and simultaneously to firm value in insurance sector companies listed on the Stock Exchange Indonesia. The research method used in this study is quantitative research methods, with the object of research of insurance companies listed on the Indonesia Stock Exchange, amounting to 14 companies. This study used a purposive sampling technique that produced 8 companies as the research sample. The research data source uses secondary data in the form of documents including data about the company’s general description and financial statements of insurance companies on the Indonesia Stock Exchange (IDX) for 5 years. The results of this study indicate inflation, interest rates, Return on Equity, and Debt to Equity Ratio simultaneously have a positive but not significant effect on company value, then partially the other 3 variables, namely inflation, interest rates, and Debt to Equity Ratio have a positive effect but not significant to firm value, while variable Return on Equity has a positive and significant effect on firm value. Based on the coefficient of determination of 0.138 this shows the influence of 4 variables, namely inflation, interest rates, return on equity, debt to equity ratio of 13.8% while the remaining 86.2% is influenced by other factors, for example: the level of competition, policy company, developments in macroeconomic conditions.
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Shabbir, Sadia, and Hafiz M. Yasin. "Implications of Public External Debt for Social Spending: A Case Study of Selected Asian Developing Countries." LAHORE JOURNAL OF ECONOMICS 20, no. 1 (January 1, 2015): 71–103. http://dx.doi.org/10.35536/lje.2015.v20.i1.a3.
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For developing countries with budgetary and balance-of-payments gaps to meet, maintaining large stakes of external debt is not free of cost. Highly indebted countries have to set aside a sizeable fraction of their scarce resources to service their debt, which naturally affects their development spending in general and allocations for the social sector in particular. This study examines the behavior of seven developing Asian countries and analyzes the impact of public external debt on social sector spending. The panel dataset includes Pakistan, India, Bangladesh, Sri Lanka, Nepal, the Philippines, and Indonesia, and spans the period 1980–2010. Our empirical analysis is based on three interrelated equations for different spending categories, which are estimated using the general method of moments. The study’s results confirm the common wisdom that outstanding external debt and its servicing liability have an adverse impact on public spending, particularly on social sector spending. This suggests that developing countries need to mobilize their own resources and minimize their dependence on external borrowing as far as possible.
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Kurniasih, Cut Endang, and Dahlan Tampubolon. "Pengaruh Inflasi Domestik dan Utang Luar Negeri terhadap Nilai Tukar Rupiah." Ecoplan 5, no. 1 (April 29, 2022): 29–39. http://dx.doi.org/10.20527/ecoplan.v5i1.378.
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Indonesia is a country that carries an open economy. Various internal and external factors will contribute to influencing the changes in the exchange rate at the same time. The purpose of this study is to investigate the impact of domestic inflation and external debt on the Rupiah exchange rate using secondary data from 2010.Q1 to 2021.Q1. Autoregressive Distributed Lag Analysis was used to analyze the data (ARDL). The study's findings confirmed the existence of a significant long-term relationship between the examined variables based on the analysis. It was found that both domestic inflation and external debt have a positive and significant effect on the Rupiah exchange rate over the long run, according to the long-run estimation results. Further, domestic inflation positively impacts the Rupiah exchange rate in the short-term estimation results, whereas external debt has a negative effect. Based on these findings, the government should maintain control over monetary variables such as inflation and the exchange rate through appropriate monetary policies and ensure that all external debt is prudently managed and directed toward more productive uses to mitigate exchange rate risk.
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Haron, Razali. "Do Indonesian firms practice target capital structure? A dynamic approach." Journal of Asia Business Studies 10, no. 3 (August 1, 2016): 318–34. http://dx.doi.org/10.1108/jabs-07-2015-0100.
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Purpose This study aims to investigate the dynamic aspects in the capital structure decisions of firms in Indonesia, offering an extension to the existing literature on Indonesia via a dynamic model, including the existence of target capital structure, the influencing factors, the speed of adjustments and the supporting theories to explain the findings. Design/methodology/approach This study uses a dynamic partial adjustment model estimated based on a generalized method of moments. Findings Indonesian firms do practice target capital structure and are influenced by firm-specific factors like profitability, business risk, firm size, liquidity and share price performance due to time-varying factors. A rapid adjustment toward target leverage is detected, thus supporting the existence of the dynamic trade-off theory (TOT). The pecking order theory (POT) also has significant influence, particularly after the new reformation of financing policy, where retained earnings are also preferred as a source of financing apart from merely external financing through bank loans. There are also traces of market timing influences where firms also seem to time their equity issuance. Research limitations/implications Despite relatively utilizing recent data and bigger sample firms compared to the previous limited studies on Indonesia, the results of this study, however, need to be cautiously interpreted. First, the sample chosen focused on listed firms, hence may not be generalized to all Indonesian firms, listed and unlisted. Second, the study does not separate firms by sectors and their leverage positions, that is under-levered and over-levered, so as to note that financial decisions may also be affected by the sector in which the firms operate and their leverage positions. These are to be considered in future research. Practical implications There is strong evidence that the corporate financing behavior of Indonesian firms is governed by the POT and TOT. Both are dealing with the function of debt. The financial sector reformation does have a positive impact on the banking sector, but not the local corporate bond market. Therefore, regulators and policymakers should bear in mind that banking as well as private bond market in Indonesia must be tailored in such a way that both could act as intermediaries of debt financing, as bond market represents an important component of a diversified financial sector. Originality/value This study fills the gap by providing an extension to the existing literature and a deeper insight of the capital structure of Indonesian firms using a more robust dynamic model.
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Nosita, Firda. "STRUKTUR MODAL OPTIMAL DAN KECEPATAN PENYESUAIAN: STUDI EMPIRIS DI BURSA EFEK INDONESIA." EKUITAS (Jurnal Ekonomi dan Keuangan) 20, no. 3 (February 2, 2017): 305. http://dx.doi.org/10.24034/j25485024.y2016.v20.i3.1836.
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The research investigate whether non-financial firms listed on the Indonesian Stock Exchange made capital structure adjustment towards optimal capital structure and the determinants of adjustment speed in context of trade-off theory for 2009-2014 period. Existence of tax benefit that generates by debt interest payment causing firms arranged their capital structure in order to maximize debt utilizing. Debt utilizing would be make default problem and bankruptcy if it excess firm’s capacity that determine by some firm’s characteristic. Because of optimal capital structure unobservable, so they will be estimate by using some variable which are influencing in capital structure arrangement such tangibility. profitability, size and growth opportunities. The results indicate that non-financial firms in Indonesia follows dynamic trade-off theory with make capital structure adjustment towards optimal capital structure but still underleveraged and need 2,45 years to adjust their capital structure. Distance between actual capital structure and optimal capital structure and financial surplus/deficit are influenced speed of adjustments, while current liabilities is not influenced speed of adjustment. Thus, the practical implication is the companies must be consider and compare their actual capital structure and their optimal capital structure in order to get the benefit from the adjustment by not adding the posibility of bankruptcy due to these adjustment. Capital structure decision also related with various external policy, for instance, accesability to external funding such as creditors, investor and government which influence their adjustment. This research has some limitation, proxies are used in determining the target leverage was only four variables and this study did not addres macroeconomic variables that may affect the adjustment and adjustment speed.
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MUHDI and Komei SASAKI. "Roles of External and Domestic Debt in Economy: Analysis of a Macroeconometric Model for Indonesia." Interdisciplinary Information Sciences 15, no. 2 (2009): 251–65. http://dx.doi.org/10.4036/iis.2009.251.
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Nugraha, Komang Cipta, and Luh Gede Sri Artini. "The Effect of Financial Performance on Stock Prices of Automotive and Component Sub Sector Companies in the Indonesia Stock Exchange." European Journal of Business and Management Research 7, no. 4 (August 22, 2022): 327–31. http://dx.doi.org/10.24018/ejbmr.2022.7.4.1595.
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The tock price is a measure of investor interest in investing in a company. Companies that have good financial performance are generally the main focus of investors. Analysis of a company can be done by analyzing financial ratios. The phenomenon that occurs in the automotive and component sub-sector companies is the occurrence of stock price fluctuations caused by the company's internal and external factors. This study aims to analyze the effect of financial performance on stock prices of companies in the automotive and component sub-sectors on the Indonesia Stock Exchange. The data used in this study is secondary data, namely by looking at the financial statements of the automotive and component sub-sector companies on the Indonesia Stock Exchange which can be accessed through the website www.idx.co.id. This study uses the method of determining the sample using purposive sampling. The sample used is the automotive and component sub-sector companies on the Indonesia Stock Exchange, with 60 data. The analysis technique used is multiple linear regression. The results show that Return on Assets (ROA) has a positive effect on stock prices of companies in the automotive and component sub-sectors on the Indonesian stock exchange. Current Ratio (CR) has a negative effect on stock prices of companies in the automotive and component sub-sectors on the Indonesian stock exchange. Debt to Equity Ratio (DER) has a negative effect on the stock prices of companies in the automotive and component sub-sectors on the Indonesia Stock Exchange.
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Fatmawati, Novita, and Nurjanti Takarini. "Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Hutang Perusahaan Subsektor Batu Bara yang Terdaftar di Bursa Efek Indonesia." Ekonomis: Journal of Economics and Business 6, no. 2 (September 26, 2022): 518. http://dx.doi.org/10.33087/ekonomis.v6i2.611.
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A company has a goal that is to experience continuous growth by getting maximum income and profit so that survival in a company can run well. In achieving this goal, large funds and capital are needed to support all activities within a company. Funds are divided into two categories, namely internal funds and external funds. The debt to equity ratio indicator is used in this study with debt policy as the dependent variable. This study aims to analyze the effect of business risk, asset structure, firm size and profitability on the debt policy of coal companies. In this research, using multiple linear regression analysis method with SPSS 25 program to process the data. The data used is secondary data which is the annual financial report of coal subsector companies on the Indonesia Stock Exchange in 2018-2020. The observation data used are 66 data, and there are 5 data outliers, so the total data is 61. The results of this study indicate that business risk has a positive and significant influence on debt policy, asset structure and firm size have no significant effect on debt policy, and profitability have a negative and significant impact on debt policy. The conclusion from the discussion is that high business risk contributes to an increase in debt. Meanwhile, asset structure, firm size and high profitability contributed to the decrease in debt.
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Rangkuty, Dewi Mahrani, and Muhammad Hidayat. "Does Foreign Debt have an Impact on Indonesia's Foreign Exchange Reserves?" Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi 16, no. 1 (March 18, 2021): 85. http://dx.doi.org/10.24269/ekuilibrium.v16i1.3365.
Full textAbstract:
Indonesia as one of the emerging market countries’ utilization of external resources of foreign debt to a boost in increasing economic growth in addition to international trade that supports accelerated growth Economy. Using time-series data of the period 1988-2017 and using the simultaneous approach of Two-Stage Least Square (TSLS), the research results find out and showed that the foreign debt and reserves have a two-way relationship. The study findings that macroeconomic variables of significant investment affect foreign debt and consumption expenditures significantly affect foreign exchange reserves. It as a basic contributor to monetary policymaking by the government in reducing foreign debt by utilizing investment in sustainable economic development and improving the performance of international trade net exports as well as public consumption expenditures thus supporting the acceleration in increasing foreign exchange reserves.