Covid-19 Pandemic has caused massive changes. Lockdown policy set by the government to suppress the rate of transmission of the virus has had huge impact on the economy. Many companies must suffer losses, even have to declare bankruptcy. Operational activities had been limited that caused the company no longer being able to rely on internal funding to finance its business. The company is faced with a choice of external funding decisions, that is increasing debt (on liability side) or issue shares (on the equity side). This study aims to examine the effect of capital structure during the pandemic on financial performance. This research conducted on 121 companies from consumer non-cyclicals, transportation & logistic, and banking sector listed on Indonesia Stock Exchange. The results show that during the pandemic companies tend to prefer to increase debt than equity. Further testing shows that the companies with dominant debt capital structure have positive effect on financial performance. Meanwhile, the companies with a dominant equity capital structure have no significant effect.Keywords: debt, equity, financial performance, pandemicABSTRAKPandemi Covid-19 menyebabkan perubahan yang sangat masif. Kebijakan lockdown yang dilakukan oleh pemerintah untuk menekan laju penularan virus memberikan dampak yang sangat besar bagi perekonomian. Banyak perusahaan yang harus mengalami kerugian, bahkan harus mengumumkan kebangkrutan. Kegiatan operasional perusahaan yang terbatas mengakibatkan perusahaan tidak lagi dapat mengandalkan pendanaan internal untuk membiayai usahanya. Perusahaan dihadapkan pilihan keputusan pendanaan eksternal, yaitu menambah utang (di sisi liabilitas) atau menerbitkan saham (di sisi ekuitas). Penelitian ini bertujuan untuk menguji pengaruh struktur modal di masa pandemi terhadap kinerja keuangan. Pengujian dilakukan ke 121 perusahaan dari perusahaan sektor barang konsumen non-primer, transport dan logistik, dan perbankan yang terdaftar di Bursa Efek Indonesia. Hasil penelitian menunjukkan bahwa di masa pandemi, perusahaan cenderung lebih memilih menambah utang dibandingkan ekuitas. Pengujian lebih lanjut menunjukkan bahwa sampel perusahaan dengan struktur modal dominan utang menunjukkan hasil berpengaruh positif pada kinerja keuangan. Sedangkan pada sampel perusahaan dengan struktur modal dominan ekuitas menunjukkan hasil tidak signifikan.Kata kunci: ekuitas, kinerja keuangan, pandemi, utang
The purpose of this study was to examine the effect of corporate strategy on financial performance with capitalstructure as an intervening variable. The advantage of this research lies in taking the object of the company inthe agroindustry sector in the Covid-19 pandemic situation which has not been the concern of researchers. Thepopulation is all agroindustry companies, listed in Indonesian Stock Exchange. Data collection technique usingpurposive sampling method and a total of 52 sample data were obtained with a time span of 2020-2021 whichwere processed using the multiple regression method. The results show that there is an effect of corporatestrategy on capital structure, as well as capital structure that affects financial performance. However, theopposite result is shown by the non-influence of corporate strategy variables on financial performance. Thus,the mediating role of capital structure in the relationship between corporate strategy and financial performancehas been clearly proven. The results of this study are able to provide future research recommendations in theform of using variations of company strategies that can have different implications, especially for companies inthe agroindustry sector during the covid-19 pandemic. In addition, this study also recommends companies tomanage their capital structure optimally to generate value to financial performance. This research will alsocontribute on the fast growth of literature related to corporate strategy, capital structure, and financialperformance as well as the development of agency theory, signal theory and pecking order theory.
The socio-economic characteristics are used in making judgments about the effects of different effects on economic welfare policies. This research focuses on the issue of coffee farming as one of the objectives of the study to create empowered and prosperous farming communities. Thus, the purpose of this study is to describe the socioeconomic characteristics of coffee farmers who have successfully innovated in Jember Regency, to describe and explain the political factors of local government policies in forming social relations between the government, markets and farmers, to describe how the character of the coffee commodity market according to farmers. Market players. This type of research is a mixed method research with quantitative and qualitative approaches. The survey was conducted on coffee farmers in several areas in Jember. A binary logistic model is used to show how these characteristics influence farmers' choice of marketing channels through which to distribute their produce. The results show that increasing the age and income of coffee farmers, the tendency to choose the middleman sales channel increases.
<p class="ABSTRACT">Penelitian ini bertujuan untuk menganalisa pentingnya audit sosial di Indonesia melalui studi literatur. Hasil riset mengindikasikan : 1) Indonesia sangat membutuhkan audit sosial untuk menjelaskan dan proses kontrol isu laporan CSR di perusahaan supaya kredibel dan konsisten. 2) Beberapa negara telah menjalankan audit sosial dan Indonesia bisa mengadopsi audit tersebut, namun disesuaikan dengan kondisi riil program audit yang ada di Indonesia. Kontribusi dari riset ini munculnya kesadaran para stakeholder lebih tinggi terhadap evaluasi dan monitoring pelaksanaan CSR melalui audit sosial, karena audit sosial sangat diperlukan bagi kita, pemerintah pada umumnya dan perusahaan secara khusus. Kemudian kita harus concern terhadap audit sosial ini.</p>
Pemerintah Indonesia mendorong peningkatan perekonomian desa melalui pendirian Badan Usaha Milik Desa (BUMDes). Tata kelola BUMDes yang baik harus memilki akuntabilitas dan transparansi. Kondisi pelaporan keuangan BUMDes di wilayah lereng Pegunungan Tengger dan masyarakat Pandalungan masih manual, ada yang berbasis excel, bahkan ada yang belum memiliki laporan keuangan. Format laporan masih berupa laporan penerimaan dan pengeluaran kas, tidak berbasis akrual. Maka perlu disusun digitalisasi pelaporan keuangan berbasis Microsoft Access yang terkonsoldiasi antar unit usaha. Kata Kunci: BUMDes, Digitalisasi, Konsolidasi, Lapoan Keuangan
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