Farida T . Kristanti | Telkom University (original) (raw)

Papers by Farida T . Kristanti

Economies, 2022

In 2008, the Lehman Brothers’ bankruptcy, accumulated from the global financial crisis, proved a ... more In 2008, the Lehman Brothers’ bankruptcy, accumulated from the global financial crisis, proved a unique role of the highly interconnected financial entities. Shocks in a bank might trigger loss, induce spillovers, provoke a contagion shock spreading to other entities, trigger the whole banking system to collapse, and ultimately unsettle the worldwide economy. Therefore, evaluating financial stability through a system-wide network approach provides more adequate knowledge than evaluating a bank as an individual. In this approach, individual banks and their transaction activities are modeled into a transaction network, forming a network topology. Financial shocks are generally detected through various macro procedures, such as outstanding external debt and uncontrolled transaction deficits. This study proposes financial shock detection from a macro and micro perspective by exploring the effect of disruption on transaction network structure. We investigate the most changing triadic mot...

IOP Conference Series: Materials Science and Engineering, 2021

Financial investment has become a trend in Indonesia with significant increase of active investor... more Financial investment has become a trend in Indonesia with significant increase of active investors since 2015. Before making an investment, the investors need a comprehensive analysis to reduce the chances of failure that result in financial distress, the same apply towards companies in order to organize its financial strategies. Financial distress indicated by losing its value, ineffective production, cash flow problems or high financial leverage value. These conditions threaten the companies and the investors who face significant financial loss. The purpose of this research is to construct early warning model of financial distress, by examining the phenomenon of 90 companies in Indonesia, from 2015 to 2018 listed on Indonesia Stock Exchange (IDX). We apply Artificial Neural Network (ANN) backpropagation methodology using financial indicators such as profitability, liquidity, and solvability as the inputs. We divide the ANN model into time categories that is t-2, t-3, and t-4. In c...

Proceedings of the 2nd International Conference on Inclusive Business in the Changing World, 2019

Polish Journal of Management Studies, 2019

Small and Medium Businesses (SMEs) in developing countries are always associated with economic an... more Small and Medium Businesses (SMEs) in developing countries are always associated with economic and social problems (for example: poverty, unemployment, economic inequality). Therefore, the development of this business is expected to contribute positively to these issues. In order to realize this, SMEs must be sustainable, at least they must be able to avoid financial distress. Financial distress occurs when a company is unable to fulfill its obligations. This study aims at analyzing the survival time and determinants of financial distress from SMEs in Indonesia. Purposive sampling used in the data of companies listed on the Indonesia Stock Exchange produced 34 samples of SMEs. The survival analysis used because it is more consistent and accurate. The Cox Hazard Model was used and found the fact that for SMEs in Indonesia, the probability of experiencing financial distress after eight years was small. Age and Net working capital to total assets negatively affected financial distress, while inflation and economic growth had a positive effect on SMEs financial distress in Indonesia. Therefore, it is important for companies to survive for up to eight years by having optimum working capital, since macro factors are difficult to control by the companies. The policy makers are recommended to keep monitoring inflation and economic growth so that Indonesian SMEs can survive.

Jurnal Keuangan dan Perbankan, 2018

The objective of this study is to discover evidences whether the variables selected as predictors... more The objective of this study is to discover evidences whether the variables selected as predictors affect the probability of companies experiencing financial distress. Through a purposive sampling technique, 336 companies listed on the Indonesia Stock Exchange were chosen and then grouped into three sectorals groups of companies. One of evidences resulted from survival analysis using cox hazard model showed that if the control of corruption increases then the probability of companies undergoing financial distress will decrease. During the research, the evidence was consistent across the three sectoral groups of Infrastructure, Mining, Property (IMP); Basic industry and chemical, Consumer goods industry, Miscellaneous (BCM); and Agriculture, Trade, and Investment (AT). Results of the study also showed that the companies, on the average, had implemented good corporate governance. It could be seen from the percentage of the independent commissioner involvement, which exceeded the minimum requirement of 30 percent as stated in its regulation. Among the groups, IMP had the highest average of leverage, operational risk, and size, but contrastively it had the lowest average of profitability. The results of this study can be used by the government to further improve the control of corruption in order to prevent companies from experiencing financial distress. Meanwhile, companies should not also do something encouraging bureaucrats to corrupt.

International Journal of Engineering & Technology, 2018

Cox Hazard model with time independent covariates is used to view the functions of survival and h... more Cox Hazard model with time independent covariates is used to view the functions of survival and hazard for each group of industrial sector of companies listed on the Indonesia Stock Exchange. The hazard explains whether events of financial distress will occur in companies that have survived for a certain period. The survival function shows the relationship between probabilities to survive and time, in which time indicates the duration of an event (financial distress). The results of statistical analysis show that the survival time for each industrial group varies from 10.5 to 12.5 years. The results can be used as a basic idea for companies to determine when the preventive actions should be conducted so that companies will sustain their business.

International Journal of Engineering & Technology, 2018

Previous researches and results show that women-owned small firms have less debt than man-owned f... more Previous researches and results show that women-owned small firms have less debt than man-owned firms, and they have different performance. The objective of this study is to know whether the difference of capital structure is a factor correlated with gender differences resulting in different financial performance. This study utilizes sample data of all small and medium-sized businesses listed in Indonesia Stock Exchange to determine the differences of capital structure and performance between companies with male and female CEOs. The statistical test result using independent t-test shows that there is no difference in both of them. Regression result shows variables influencing capital structure of small and medium-sized businesses in Indonesia are age of company, company size and company liquidity. Meanwhile, for company performance, the statistical test result shows that it is only variables of age of company and leverage that have significant effect. Therefore, small and medium-siz...

Procedia - Social and Behavioral Sciences, 2016

Jurnal Keuangan dan Perbankan, 2019

A family firm is a firm controlled by members of a family through their ownership in the manageme... more A family firm is a firm controlled by members of a family through their ownership in the management. This study aimed to observe the presence of differences in gender diversity, cash holding, and financial performance on Family Firms (FFs) and Non-Family Firms (NFFs). The purposive sampling conducted in this study produced 67 samples of companies listed on the Compass 100 Index. They mostly belong to the FF criteria. They also have gender diversity, non-conservative capital structure, medium-size, and low cash holding. The results of difference tests proved the presence of significant differences between the FFs and the NFFs on the variables of firm size, leverage, and gender diversity. Although ROE did not show significant differences, the FFs had higher ROE than the NFFs. Furthermore, the practical implication of this study is the need to consider the presence of women on the board and their share in the firms' decision making. Abstrak Perusahaan keluarga adalah perusahaan dimana sebuah keluarga mengendalikan perusahaan melalui kepemilikannya dalam manajemen. Penelitian ini bertujuan untuk melihat apakah ada perbedaan keragaman gender, kas perusahaan, dan kinerja keuangan pada perusahaan keluarga dan perusahaan bukan keluarga. Purposive sampling menghasilkan 67 sampel atas perusahaan Indeks kompas 100. Uji beda yang digunakan menunjukkan bukti bahwa ada perbedaan yang signifikan antara perusahaan keluarga dan perusahaan bukan keluarga untuk variabel ukuran perusahaan, rasio utang, dan keragaman gender. Walaupun ROE tidak menunjukkan perbedaan yang signifikan, namun perusahaan keluarga memiliki ROE yang lebih tinggi dibandingkan perusahaan bukan keluarga. Implikasi praktisnya adalah perlunya mempertimbangkan kehadiran wanita dalam dewan dan mempertimbangkan porsi mereka dalam pengambilan keputusan perusahaan.

The growth of SMEs in Indonesia is rising from year to year. As an anticipation of bankruptcy, pr... more The growth of SMEs in Indonesia is rising from year to year. As an anticipation of bankruptcy, predictions can be made in an integrated means from the perspective of capital structure, financial, and non-financial performance. Methodology/Technique -A sample of 39 companies were selected using purposive sampling during the research period of 2013-2017. The results of the statistical logistic regression show that profitability is an important factor in predicting financial distress of the SMEs in Indonesia. Findings -The operating income to total assets has a negative and significant effect on SMEs financial distress. Meanwhile, retained earnings to total assets have a positive impact. Indonesian SMEs must be efficient in their operational costs to avoid financial distress. Novelty -In addition, sales are also important. If the company's sales are high, and the operational cost efficiency is maintained, the retained earnings will increase. This means that the company will be safe and able to avoid financial distress.

Jurnal Keuangan dan Perbankan, 2019

A family firm is a firm controlled by members of a family through their ownership in the manageme... more A family firm is a firm controlled by members of a family through their ownership in the management. This study aimed to observe the presence of differences in gender diversity, cash holding, and financial performance on Family Firms (FFs) and Non-Family Firms (NFFs). The purposive sampling conducted in this study produced 67 samples of companies listed on the Compass 100 Index. They mostly belong to the FF criteria. They also have gender diversity, non-conservative capital structure , medium-size, and low cash holding. The results of difference tests proved the presence of significant differences between the FFs and the NFFs on the variables of firm size, leverage, and gender diversity. Although ROE did not show significant differences, the FFs had higher ROE than the NFFs. Furthermore, the practical implication of this study is the need to consider the presence of women on the board and their share in the firms' decision making. Abstrak Perusahaan keluarga adalah perusahaan dimana sebuah keluarga mengendalikan perusahaan melalui kepemilikannya dalam manajemen. Penelitian ini bertujuan untuk melihat apakah ada perbedaan keragaman gender, kas perusahaan, dan kinerja keuangan pada perusahaan keluarga dan perusahaan bukan keluarga. Purposive sampling menghasilkan 67 sampel atas perusahaan Indeks kompas 100. Uji beda yang digunakan menunjukkan bukti bahwa ada perbedaan yang signifikan antara perusahaan keluarga dan perusahaan bukan keluarga untuk variabel ukuran perusahaan, rasio utang, dan keragaman gender. Walaupun ROE tidak menunjukkan perbedaan yang signifikan, namun perusahaan keluarga memiliki ROE yang lebih tinggi dibandingkan perusahaan bukan keluarga. Implikasi praktisnya adalah perlunya mempertimbangkan kehadiran wanita dalam dewan dan mempertimbangkan porsi mereka dalam pengambilan keputusan perusahaan.

Jurnal Keuangan dan Perbankan, 2018

The objective of this study is to discover evidences whether the variables selected as predictors... more The objective of this study is to discover evidences whether the variables selected as predictors affect the probability of companies experiencing financial distress. Through a purposive sampling technique, 336 companies listed on the Indonesia Stock Exchange were chosen and then grouped into three sectorals groups of companies. One of evidences resulted from survival analysis using cox hazard model showed that if the control of corruption increases then the probability of companies undergoing financial distress will decrease. During the research, the evidence was consistent across the three sectoral groups of Infrastructure, Mining, Property (IMP); Basic industry and chemical, Consumer goods industry, Miscellaneous (BCM); and Agriculture, Trade, and Investment (AT). Results of the study also showed that the companies, on the average, had implemented good corporate governance. It could be seen from the percentage of the independent commissioner involvement, which exceeded the minimum requirement of 30 percent as stated in its regulation. Among the groups, IMP had the highest average of leverage, operational risk, and size, but contrastively it had the lowest average of profitability. The results of this study can be used by the government to further improve the control of corruption in order to prevent companies from experiencing financial distress. Meanwhile, companies should not also do something encouraging bureaucrats to corrupt.

International Journal of engineering & Technology, 2018

Cox Hazard model with time independent covariates is used to view the functions of survival and h... more Cox Hazard model with time independent covariates is used to view the functions of survival and hazard for each group of industrial sector of companies listed on the Indonesia Stock Exchange. The hazard explains whether events of financial distress will occur in companies that have survived for a certain period. The survival function shows the relationship between probabilities to survive and time, in which time indicates the duration of an event (financial distress). The results of statistical analysis show that the survival time for each industrial group varies from 10.5 to 12.5 years. The results can be used as a basic idea for companies to determine when the preventive actions should be conducted so that companies will sustain their business.

International Journal of ENgineering & Technology, 2018

Previous researches and results show that women-owned small firms have less debt than man-owned f... more Previous researches and results show that women-owned small firms have less debt than man-owned firms, and they have different performance. The objective of this study is to know whether the difference of capital structure is a factor correlated with gender differences resulting in different financial performance. This study utilizes sample data of all small and medium-sized businesses listed in Indonesia Stock Exchange to determine the differences of capital structure and performance between companies with male and female CEOs. The statistical test result using independent t-test shows that there is no difference in both of them. Regression result shows variables influencing capital structure of small and medium-sized businesses in Indonesia are age of company, company size and company liquidity. Meanwhile, for company performance, the statistical test result shows that it is only variables of age of company and leverage that have significant effect. Therefore, small and medium-sized businesses should maintain their capital structure at low rates to have a good financial performance. Companies that are able to survive in a long term will also increase the company performance.

Global Journal of Business and Social Science Review, 2018

Objective-The objective of this study is to evaluate the stock intrinsic value of companies liste... more Objective-The objective of this study is to evaluate the stock intrinsic value of companies listed on the Indonesian Stock Exchange. The evaluation is carried out by using a DCF method of Free Cash Flow to Firm (FCFF) approach, and a relative method of Price to Earnings Ratio (PER) and Price to Book Value (PBV) approaches. Each approach uses three scenarios of optimism, moderation and pessimism. Methodology/Technique-The historical data of the companies between 2014 and 2017 was used to predict their performance in the period between 2018 and 2021. Findings-The results of this study indicate that by comparing the stock prices to their intrinsic value of the stock valuation of the DCF-FCFF, the stock market prices as of 1 January 2018 according to the optimistic scenario show that TBIG and SUPR were undervalued, while TOWR and IBST were overvalued. In the moderate scenario, TBIG and SUPR were undervalued, while TOWR and IBST were overvalued. Novelty-Meanwhile, TBIG, TOWR and IBST were overvalued and only SUPR was undervalued in the pessimistic scenario. Relative valuation using a PER approach in all scenarios indicates that TBIG, TOWR and IBST were overvalued and SUPR was undervalued. Finally, through a PBV approach, the relative valuation of TOWR, SUPR and IBST were overvalued and TBIG was undervalued in all scenarios.

Accounting and Finance Review , 2018

Objective-This research aims to determine the presence of partial effects on gender-diversity and... more Objective-This research aims to determine the presence of partial effects on gender-diversity and financial performance variables on the cash holding of family firms on the Indonesian Stock Exchange included in the Kompas100 index. Methodology/Technique-The approach used in this research was causal associative testing using a panel data regression with a General Least Square (GLS) method using six independent variables: size, growth opportunity, dividend, return on assets, leverage, and gender diversity. Meanwhile, cash holding acts as a dependent variable. Findings-The results of the research show that the independent variables of leverage have significantly negative relationships on cash holding on the Kompas100 index of Indonesia in the period of 2013-2016. Contrary to this, return on asset has a significantly positive relationship with cash holding. Novelty-Gender diversity is an important variable of boardroom; this paper reveals the impact of gender diversity and performance on family holding firms. These results can be used to assess the performance and fundamentals of a firm. Type of Paper: Empirical.

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 2017

Islamic Bank Listed in Financial Market: Risk, Governance, Earning, and Capital. Islamic Bank is ... more Islamic Bank Listed in Financial Market: Risk, Governance, Earning, and Capital. Islamic Bank is a bank that applies Islamic principles in running the business. Until 2015, there were 12 Islamic Bank in Indonesia; one of them already listed on the stock market. The purpose of this study was to analyze differences in the bank's soundness was assessed using a bank's risk profile, good corporate governance, income, and capital (RGEC) between listed Islamic Banks and the unlisted ones. Using the data period 2011-2015 used the independent t-test to test for differences. Statistical tests showed that there is no significant difference in credit risk as measured by NPF and Earning as measured by BOPO that represent cost efficiency between the two groups of companies. Listed Islamic banks have lower credit risk and greater efficiency than the unlisted ones. Abstrak. Bank Syariah yang Terdaftar Pada Pasar Keuangan: Risiko, Tata Kelola, Pendapatan, dan Modal. Bank syariah adalah bank yang mengaplikasikan prinsip-prinsip syariah dalam menjalankan kegiatan bisnisnya. Hingga tahun 2015 terdapat 12 Bank Islamik di Indonesia, dimana salah satunya sudah terdaftar di pasar modal. Tujuan studi ini adalah menganalisis perbedaan kesehatan bank yang dinilai menggunakan profil risiko, tata kelola perusahaan yang baik, pendapatan, dan modal untuk Bank syariah yang terdaftar dengan yang tidak terdaftar di pasar modal Indonesia. Uji independen t digunakan untuk menguji perbedaan tersebut dengan menggunakan data periode 2011-2015. Hasil pengujian statistik menunjukkan ada perbedaan yang signifikan pada risiko kredit yang diukur dengan NPF dan Earning, diukur dengan BOPO yang mencerminkan efisiensi biaya, antara kedua kelompok perusahaan tersebut. Bank syariah yang terdaftar di pasar modal memiliki risiko kredit yang lebih kecil dan efisiensi yang lebih besar dibandingkan yang tidak terdaftar di Bursa Efek.

Procedia - Social and Behavioral Sciences, 2016

Economies, 2022

In 2008, the Lehman Brothers’ bankruptcy, accumulated from the global financial crisis, proved a ... more In 2008, the Lehman Brothers’ bankruptcy, accumulated from the global financial crisis, proved a unique role of the highly interconnected financial entities. Shocks in a bank might trigger loss, induce spillovers, provoke a contagion shock spreading to other entities, trigger the whole banking system to collapse, and ultimately unsettle the worldwide economy. Therefore, evaluating financial stability through a system-wide network approach provides more adequate knowledge than evaluating a bank as an individual. In this approach, individual banks and their transaction activities are modeled into a transaction network, forming a network topology. Financial shocks are generally detected through various macro procedures, such as outstanding external debt and uncontrolled transaction deficits. This study proposes financial shock detection from a macro and micro perspective by exploring the effect of disruption on transaction network structure. We investigate the most changing triadic mot...

IOP Conference Series: Materials Science and Engineering, 2021

Financial investment has become a trend in Indonesia with significant increase of active investor... more Financial investment has become a trend in Indonesia with significant increase of active investors since 2015. Before making an investment, the investors need a comprehensive analysis to reduce the chances of failure that result in financial distress, the same apply towards companies in order to organize its financial strategies. Financial distress indicated by losing its value, ineffective production, cash flow problems or high financial leverage value. These conditions threaten the companies and the investors who face significant financial loss. The purpose of this research is to construct early warning model of financial distress, by examining the phenomenon of 90 companies in Indonesia, from 2015 to 2018 listed on Indonesia Stock Exchange (IDX). We apply Artificial Neural Network (ANN) backpropagation methodology using financial indicators such as profitability, liquidity, and solvability as the inputs. We divide the ANN model into time categories that is t-2, t-3, and t-4. In c...

Proceedings of the 2nd International Conference on Inclusive Business in the Changing World, 2019

Polish Journal of Management Studies, 2019

Small and Medium Businesses (SMEs) in developing countries are always associated with economic an... more Small and Medium Businesses (SMEs) in developing countries are always associated with economic and social problems (for example: poverty, unemployment, economic inequality). Therefore, the development of this business is expected to contribute positively to these issues. In order to realize this, SMEs must be sustainable, at least they must be able to avoid financial distress. Financial distress occurs when a company is unable to fulfill its obligations. This study aims at analyzing the survival time and determinants of financial distress from SMEs in Indonesia. Purposive sampling used in the data of companies listed on the Indonesia Stock Exchange produced 34 samples of SMEs. The survival analysis used because it is more consistent and accurate. The Cox Hazard Model was used and found the fact that for SMEs in Indonesia, the probability of experiencing financial distress after eight years was small. Age and Net working capital to total assets negatively affected financial distress, while inflation and economic growth had a positive effect on SMEs financial distress in Indonesia. Therefore, it is important for companies to survive for up to eight years by having optimum working capital, since macro factors are difficult to control by the companies. The policy makers are recommended to keep monitoring inflation and economic growth so that Indonesian SMEs can survive.

Jurnal Keuangan dan Perbankan, 2018

The objective of this study is to discover evidences whether the variables selected as predictors... more The objective of this study is to discover evidences whether the variables selected as predictors affect the probability of companies experiencing financial distress. Through a purposive sampling technique, 336 companies listed on the Indonesia Stock Exchange were chosen and then grouped into three sectorals groups of companies. One of evidences resulted from survival analysis using cox hazard model showed that if the control of corruption increases then the probability of companies undergoing financial distress will decrease. During the research, the evidence was consistent across the three sectoral groups of Infrastructure, Mining, Property (IMP); Basic industry and chemical, Consumer goods industry, Miscellaneous (BCM); and Agriculture, Trade, and Investment (AT). Results of the study also showed that the companies, on the average, had implemented good corporate governance. It could be seen from the percentage of the independent commissioner involvement, which exceeded the minimum requirement of 30 percent as stated in its regulation. Among the groups, IMP had the highest average of leverage, operational risk, and size, but contrastively it had the lowest average of profitability. The results of this study can be used by the government to further improve the control of corruption in order to prevent companies from experiencing financial distress. Meanwhile, companies should not also do something encouraging bureaucrats to corrupt.

International Journal of Engineering & Technology, 2018

Cox Hazard model with time independent covariates is used to view the functions of survival and h... more Cox Hazard model with time independent covariates is used to view the functions of survival and hazard for each group of industrial sector of companies listed on the Indonesia Stock Exchange. The hazard explains whether events of financial distress will occur in companies that have survived for a certain period. The survival function shows the relationship between probabilities to survive and time, in which time indicates the duration of an event (financial distress). The results of statistical analysis show that the survival time for each industrial group varies from 10.5 to 12.5 years. The results can be used as a basic idea for companies to determine when the preventive actions should be conducted so that companies will sustain their business.

International Journal of Engineering & Technology, 2018

Previous researches and results show that women-owned small firms have less debt than man-owned f... more Previous researches and results show that women-owned small firms have less debt than man-owned firms, and they have different performance. The objective of this study is to know whether the difference of capital structure is a factor correlated with gender differences resulting in different financial performance. This study utilizes sample data of all small and medium-sized businesses listed in Indonesia Stock Exchange to determine the differences of capital structure and performance between companies with male and female CEOs. The statistical test result using independent t-test shows that there is no difference in both of them. Regression result shows variables influencing capital structure of small and medium-sized businesses in Indonesia are age of company, company size and company liquidity. Meanwhile, for company performance, the statistical test result shows that it is only variables of age of company and leverage that have significant effect. Therefore, small and medium-siz...

Procedia - Social and Behavioral Sciences, 2016

Jurnal Keuangan dan Perbankan, 2019

A family firm is a firm controlled by members of a family through their ownership in the manageme... more A family firm is a firm controlled by members of a family through their ownership in the management. This study aimed to observe the presence of differences in gender diversity, cash holding, and financial performance on Family Firms (FFs) and Non-Family Firms (NFFs). The purposive sampling conducted in this study produced 67 samples of companies listed on the Compass 100 Index. They mostly belong to the FF criteria. They also have gender diversity, non-conservative capital structure, medium-size, and low cash holding. The results of difference tests proved the presence of significant differences between the FFs and the NFFs on the variables of firm size, leverage, and gender diversity. Although ROE did not show significant differences, the FFs had higher ROE than the NFFs. Furthermore, the practical implication of this study is the need to consider the presence of women on the board and their share in the firms' decision making. Abstrak Perusahaan keluarga adalah perusahaan dimana sebuah keluarga mengendalikan perusahaan melalui kepemilikannya dalam manajemen. Penelitian ini bertujuan untuk melihat apakah ada perbedaan keragaman gender, kas perusahaan, dan kinerja keuangan pada perusahaan keluarga dan perusahaan bukan keluarga. Purposive sampling menghasilkan 67 sampel atas perusahaan Indeks kompas 100. Uji beda yang digunakan menunjukkan bukti bahwa ada perbedaan yang signifikan antara perusahaan keluarga dan perusahaan bukan keluarga untuk variabel ukuran perusahaan, rasio utang, dan keragaman gender. Walaupun ROE tidak menunjukkan perbedaan yang signifikan, namun perusahaan keluarga memiliki ROE yang lebih tinggi dibandingkan perusahaan bukan keluarga. Implikasi praktisnya adalah perlunya mempertimbangkan kehadiran wanita dalam dewan dan mempertimbangkan porsi mereka dalam pengambilan keputusan perusahaan.

The growth of SMEs in Indonesia is rising from year to year. As an anticipation of bankruptcy, pr... more The growth of SMEs in Indonesia is rising from year to year. As an anticipation of bankruptcy, predictions can be made in an integrated means from the perspective of capital structure, financial, and non-financial performance. Methodology/Technique -A sample of 39 companies were selected using purposive sampling during the research period of 2013-2017. The results of the statistical logistic regression show that profitability is an important factor in predicting financial distress of the SMEs in Indonesia. Findings -The operating income to total assets has a negative and significant effect on SMEs financial distress. Meanwhile, retained earnings to total assets have a positive impact. Indonesian SMEs must be efficient in their operational costs to avoid financial distress. Novelty -In addition, sales are also important. If the company's sales are high, and the operational cost efficiency is maintained, the retained earnings will increase. This means that the company will be safe and able to avoid financial distress.

Jurnal Keuangan dan Perbankan, 2019

A family firm is a firm controlled by members of a family through their ownership in the manageme... more A family firm is a firm controlled by members of a family through their ownership in the management. This study aimed to observe the presence of differences in gender diversity, cash holding, and financial performance on Family Firms (FFs) and Non-Family Firms (NFFs). The purposive sampling conducted in this study produced 67 samples of companies listed on the Compass 100 Index. They mostly belong to the FF criteria. They also have gender diversity, non-conservative capital structure , medium-size, and low cash holding. The results of difference tests proved the presence of significant differences between the FFs and the NFFs on the variables of firm size, leverage, and gender diversity. Although ROE did not show significant differences, the FFs had higher ROE than the NFFs. Furthermore, the practical implication of this study is the need to consider the presence of women on the board and their share in the firms' decision making. Abstrak Perusahaan keluarga adalah perusahaan dimana sebuah keluarga mengendalikan perusahaan melalui kepemilikannya dalam manajemen. Penelitian ini bertujuan untuk melihat apakah ada perbedaan keragaman gender, kas perusahaan, dan kinerja keuangan pada perusahaan keluarga dan perusahaan bukan keluarga. Purposive sampling menghasilkan 67 sampel atas perusahaan Indeks kompas 100. Uji beda yang digunakan menunjukkan bukti bahwa ada perbedaan yang signifikan antara perusahaan keluarga dan perusahaan bukan keluarga untuk variabel ukuran perusahaan, rasio utang, dan keragaman gender. Walaupun ROE tidak menunjukkan perbedaan yang signifikan, namun perusahaan keluarga memiliki ROE yang lebih tinggi dibandingkan perusahaan bukan keluarga. Implikasi praktisnya adalah perlunya mempertimbangkan kehadiran wanita dalam dewan dan mempertimbangkan porsi mereka dalam pengambilan keputusan perusahaan.

Jurnal Keuangan dan Perbankan, 2018

The objective of this study is to discover evidences whether the variables selected as predictors... more The objective of this study is to discover evidences whether the variables selected as predictors affect the probability of companies experiencing financial distress. Through a purposive sampling technique, 336 companies listed on the Indonesia Stock Exchange were chosen and then grouped into three sectorals groups of companies. One of evidences resulted from survival analysis using cox hazard model showed that if the control of corruption increases then the probability of companies undergoing financial distress will decrease. During the research, the evidence was consistent across the three sectoral groups of Infrastructure, Mining, Property (IMP); Basic industry and chemical, Consumer goods industry, Miscellaneous (BCM); and Agriculture, Trade, and Investment (AT). Results of the study also showed that the companies, on the average, had implemented good corporate governance. It could be seen from the percentage of the independent commissioner involvement, which exceeded the minimum requirement of 30 percent as stated in its regulation. Among the groups, IMP had the highest average of leverage, operational risk, and size, but contrastively it had the lowest average of profitability. The results of this study can be used by the government to further improve the control of corruption in order to prevent companies from experiencing financial distress. Meanwhile, companies should not also do something encouraging bureaucrats to corrupt.

International Journal of engineering & Technology, 2018

Cox Hazard model with time independent covariates is used to view the functions of survival and h... more Cox Hazard model with time independent covariates is used to view the functions of survival and hazard for each group of industrial sector of companies listed on the Indonesia Stock Exchange. The hazard explains whether events of financial distress will occur in companies that have survived for a certain period. The survival function shows the relationship between probabilities to survive and time, in which time indicates the duration of an event (financial distress). The results of statistical analysis show that the survival time for each industrial group varies from 10.5 to 12.5 years. The results can be used as a basic idea for companies to determine when the preventive actions should be conducted so that companies will sustain their business.

International Journal of ENgineering & Technology, 2018

Previous researches and results show that women-owned small firms have less debt than man-owned f... more Previous researches and results show that women-owned small firms have less debt than man-owned firms, and they have different performance. The objective of this study is to know whether the difference of capital structure is a factor correlated with gender differences resulting in different financial performance. This study utilizes sample data of all small and medium-sized businesses listed in Indonesia Stock Exchange to determine the differences of capital structure and performance between companies with male and female CEOs. The statistical test result using independent t-test shows that there is no difference in both of them. Regression result shows variables influencing capital structure of small and medium-sized businesses in Indonesia are age of company, company size and company liquidity. Meanwhile, for company performance, the statistical test result shows that it is only variables of age of company and leverage that have significant effect. Therefore, small and medium-sized businesses should maintain their capital structure at low rates to have a good financial performance. Companies that are able to survive in a long term will also increase the company performance.

Global Journal of Business and Social Science Review, 2018

Objective-The objective of this study is to evaluate the stock intrinsic value of companies liste... more Objective-The objective of this study is to evaluate the stock intrinsic value of companies listed on the Indonesian Stock Exchange. The evaluation is carried out by using a DCF method of Free Cash Flow to Firm (FCFF) approach, and a relative method of Price to Earnings Ratio (PER) and Price to Book Value (PBV) approaches. Each approach uses three scenarios of optimism, moderation and pessimism. Methodology/Technique-The historical data of the companies between 2014 and 2017 was used to predict their performance in the period between 2018 and 2021. Findings-The results of this study indicate that by comparing the stock prices to their intrinsic value of the stock valuation of the DCF-FCFF, the stock market prices as of 1 January 2018 according to the optimistic scenario show that TBIG and SUPR were undervalued, while TOWR and IBST were overvalued. In the moderate scenario, TBIG and SUPR were undervalued, while TOWR and IBST were overvalued. Novelty-Meanwhile, TBIG, TOWR and IBST were overvalued and only SUPR was undervalued in the pessimistic scenario. Relative valuation using a PER approach in all scenarios indicates that TBIG, TOWR and IBST were overvalued and SUPR was undervalued. Finally, through a PBV approach, the relative valuation of TOWR, SUPR and IBST were overvalued and TBIG was undervalued in all scenarios.

Accounting and Finance Review , 2018

Objective-This research aims to determine the presence of partial effects on gender-diversity and... more Objective-This research aims to determine the presence of partial effects on gender-diversity and financial performance variables on the cash holding of family firms on the Indonesian Stock Exchange included in the Kompas100 index. Methodology/Technique-The approach used in this research was causal associative testing using a panel data regression with a General Least Square (GLS) method using six independent variables: size, growth opportunity, dividend, return on assets, leverage, and gender diversity. Meanwhile, cash holding acts as a dependent variable. Findings-The results of the research show that the independent variables of leverage have significantly negative relationships on cash holding on the Kompas100 index of Indonesia in the period of 2013-2016. Contrary to this, return on asset has a significantly positive relationship with cash holding. Novelty-Gender diversity is an important variable of boardroom; this paper reveals the impact of gender diversity and performance on family holding firms. These results can be used to assess the performance and fundamentals of a firm. Type of Paper: Empirical.

Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 2017

Islamic Bank Listed in Financial Market: Risk, Governance, Earning, and Capital. Islamic Bank is ... more Islamic Bank Listed in Financial Market: Risk, Governance, Earning, and Capital. Islamic Bank is a bank that applies Islamic principles in running the business. Until 2015, there were 12 Islamic Bank in Indonesia; one of them already listed on the stock market. The purpose of this study was to analyze differences in the bank's soundness was assessed using a bank's risk profile, good corporate governance, income, and capital (RGEC) between listed Islamic Banks and the unlisted ones. Using the data period 2011-2015 used the independent t-test to test for differences. Statistical tests showed that there is no significant difference in credit risk as measured by NPF and Earning as measured by BOPO that represent cost efficiency between the two groups of companies. Listed Islamic banks have lower credit risk and greater efficiency than the unlisted ones. Abstrak. Bank Syariah yang Terdaftar Pada Pasar Keuangan: Risiko, Tata Kelola, Pendapatan, dan Modal. Bank syariah adalah bank yang mengaplikasikan prinsip-prinsip syariah dalam menjalankan kegiatan bisnisnya. Hingga tahun 2015 terdapat 12 Bank Islamik di Indonesia, dimana salah satunya sudah terdaftar di pasar modal. Tujuan studi ini adalah menganalisis perbedaan kesehatan bank yang dinilai menggunakan profil risiko, tata kelola perusahaan yang baik, pendapatan, dan modal untuk Bank syariah yang terdaftar dengan yang tidak terdaftar di pasar modal Indonesia. Uji independen t digunakan untuk menguji perbedaan tersebut dengan menggunakan data periode 2011-2015. Hasil pengujian statistik menunjukkan ada perbedaan yang signifikan pada risiko kredit yang diukur dengan NPF dan Earning, diukur dengan BOPO yang mencerminkan efisiensi biaya, antara kedua kelompok perusahaan tersebut. Bank syariah yang terdaftar di pasar modal memiliki risiko kredit yang lebih kecil dan efisiensi yang lebih besar dibandingkan yang tidak terdaftar di Bursa Efek.

Procedia - Social and Behavioral Sciences, 2016

IOP Conf. Ser.: Mater. Sci. Eng. 1098 052103, 2021

Financial investment has become a trend in Indonesia with significant increase of active investor... more Financial investment has become a trend in Indonesia with significant increase of active investors since 2015. Before making an investment, the investors need a comprehensive analysis to reduce the chances of failure that result in financial distress, the same apply towards companies in order to organize its financial strategies. Financial distress indicated by losing its value, ineffective production, cash flow problems or high financial leverage value. These conditions threaten the companies and the investors who face significant financial loss. The purpose of this research is to construct early warning model of financial distress, by examining the phenomenon of 90 companies in Indonesia, from 2015 to 2018 listed on Indonesia Stock Exchange (IDX). We apply Artificial Neural Network (ANN) backpropagation methodology using financial indicators such as profitability, liquidity, and solvability as the inputs. We divide the ANN model into time categories that is t-2, t-3, and t-4. In constructing ANN model, we configure four types of splitting training and testing data. The results show that ANN backpropagation model with 30 neurons, 90% training data and 10% testing data in category t-4 works well an accuracy 95.6% for financial distress prediction in Indonesia.