Determinants of Profit Growth in Food and Beverage Companies in Indonesia

ENDRI, Endri,SARI, Aprida Kartika,BUDIASIH, Yanti,YULIANTINI, Tine,KASMIR, Kasmir Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.12

The study aims to estimate the effect of current ratio (CR), current liability to inventory (CLI), total asset turnover (TAT), net profit margin (NPM), sales growth (SG), and company size (FS) on profit growth (PG). The research population was 18 companies in the Food and Beverage (F&B) sector listed on the Indonesia Stock Exchange (IDX) from 2014-2018. The data estimation method uses the common effect panel data regression model. The empirical findings show that the CR and CLI ratios have a negative effect on PG, while the TAT, NPM, and SG ratios have a positive effect. Company size is a factor that does not affect the growth of company profits. The results of the study imply that an increase in company profits can be achieved if the company operates efficiently and with low liquidity to encourage higher sales growth. The limitations of the research are as follows: first, this research considers only one type of industry, hence the results of this study would not be the same if applied to another type of industry. Second, the author observes profit growth by using the company's financial ratios and size and ignores other factors that may affect profit growth, for example, the number of employees, total net sales, and market capitalization.

Risk factors associated with provoked pulmonary embolism

( Endri Gjonbrataj ),( Ji Na Kim ),( Juarda Gjonbrataj ),( Hye In Jung ),( Hyun Jung Kim ),( Won-il Choi ) 대한내과학회 2017 The Korean Journal of Internal Medicine Vol.32 No.1

Background/Aims: This study aimed to investigate the risk factors associated with provoked pulmonary embolism (PE). Methods: This retrospective cohort study included 237 patients with PE. Patients that had transient risk factors at diagnosis were classified as having provoked PE, with the remaining patients being classified as having unprovoked PE. The baseline clinical characteristics and factors associated with coagulation were compared. We evaluated the risk factors associated with provoked PE. Results: Of the 237 PE patients, 73 (30.8%) had provoked PE. The rate of respiratory failure and infection, as well as the disseminated intravascular coagulation score and ratio of right ventricular diameter to left ventricular diameter were significantly higher in patients with provoked PE than in those with unprovoked PE. The protein and activity levels associated with coagulation, including protein C antigen, protein S antigen, protein S activity, anti-thrombin III antigen, and factor VIII, were significantly lower in patients with provoked PE than in those with unprovoked PE. Multivariate analysis showed that infection (odds ratio [OR], 3.2; 95% confidence interval [CI], 1.4 to 7.4) and protein S activity (OR, 0.97; 95% CI, 0.95 to 0.99) were significantly associated with provoked PE. Conclusions: Protein S activity and presence of infection were important factors associated with provoked PE. We should pay attention to the presence of infection in patients with provoked PE.

Zoonoses in Korea Part Ⅰ

Endris, Richard G.,Cox, Edward D. 대한의학협회 1976 대한의학협회지 Vol.19 No.9

Determinants of Firm Value

Syintia BAHRAINI,Endri ENDRI,Sugeng SANTOSO,Leni HARTATI,Sri Marti PRAMUDENA 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.6

There are many factors that affect the firm value, both internal and external factors. These factors can directly or indirectly affect the firm value. This study aims to prove empirically the determinants of firm value as measured by using the Price to Book Value (PBV) in the food and beverage (F&B) industry listed on the Indonesia Stock Exchange (ISE). The estimated determinants include Total Asset Turnover (TATO), company size (SIZE), Current Ratio (CR), Return on Equity (ROE), and Debt to Equity Ratio (DER). The research method used is a panel data regression model with a sample of 17 companies in the F&B sector from 2015 to 2019. The results of the study conclude that the increase in the TATO, CR, and Size factors results in a decrease in firm value, while the impact of ROE and DER factors on the contrary causes PBV to increase. Taken together, all of the estimated determinants affect firm value. The practical implication of the research findings for the company is that if profitability increases, the increase in total debt can increase firm value. However, the use of debt must be allocated for investment in both current assets and fixed assets, if these assets are used efficiently to generate profits so that it has an impact on increasing company value.

A New Measure of Asset Pricing: Friction-Adjusted Three-Factor Model

NURHAYATI, Immas,ENDRI, Endri Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.12

In unfrictionless markets, one measure of asset pricing is its height of friction. This study develops a three-factor model by loosening the assumptions about stocks without friction, without risk, and perfectly liquid. Friction is used as an indicator of transaction costs to be included in the model as a variable that will reduce individual profits. This approach is used to estimate return, beta and other variable for firms listed on the Indonesian Stock Exchange (IDX). To test the efficacy of friction-adjusted three-factor model, we use intraday data from July 2016 to October 2018. The sample includes all listed firms; intraday data chosen purposively from regular market are sorted by capitalization, which represents each tick size from the biggest to smallest. We run 3,065,835 intraday data of asking price, bid price, and trading price to get proportional quoted half-spread and proportional effective half-spread. We find evidence of adjusted friction on the three-factor model. High/low trading friction will cause a significant/insignificant return difference before and after adjustment. The difference in average beta that reflects market risk is able to explain the existence of trading friction, while the difference between SMB and HML in all observation periods cannot explain returns and the existence of trading friction.

Risk and Return of Islamic and Conventional Indices on the Indonesia Stock Exchange

SURYADI, Suryadi,ENDRI, Endri,YASID, Mukhamad Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.3

The purpose of this study is to compare the level of risk and return of Islamic stocks in the Jakarta Islamic Index (JII) with conventional stocks on the IDX30 in the period from January 2017 to July 2019. The Sharpe ratio method is used to calculate risk and stock returns. The performance of the stock portfolio is measured by comparing the risk premium portfolio with the portfolio risk that is expressed as a standard deviation of the total risk. This study uses secondary data collected by the Indonesia Stock Exchange (IDX), which provides the names of stock issuers included in the JII and IDX30 indices along with their montly closing price. The results of the descriptive analysis show that the JII Sharpe ratio index from January 2017 to July 2019 is from the minimum range of -0.28820 to a maximum range of 0.05622, while the IDX30 Sharpe ratio index from January 2017 to July 2019 is from the minimum range of -0.09290 to the maximum range of 0.17436. The results of inferential analysis using a different test show that there is a significant difference between the Sharpe ratio JII and IDX30 in measuring the performance of the stock portfolio.

Determinants of Corporate Bond Yield: Empirical Evidence from Indonesia

MEGANANDA, Danthi,ENDRI, Endri,OEMAR, Fahmi,HUSNA, Asmaul Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.3

This study aims to examine the factors that determine bond yields in infrastructure companies listed on the Indonesia Stock Exchange. The research sample used 31 bonds issued by the company during the 2015-2019 period. The data analysis method to estimate the determinant of bond yield uses multiple regression models. The results prove that the increase in the coupon rate causes bond yields to increase, while the inflation rate has the opposite effect of decreasing bond yield. Interest rate, exchange rate, duration, and bond rating variables cannot affect the bond yield. The results of this study imply that investors will be interested in investing in bonds with better yields if the company has to set a higher coupon rate, especially in economic conditions that experience low inflation rates. Interest rates and exchange rates as macroeconomic variables have not been considered by investors in purchasing bonds. Bond characteristic factors, namely, the duration and rating of the bonds, are considered less important factors in bond investment decisions because they are more oriented towards getting higher yields. Therefore, further research needs to be explored further related to the behavior of Indonesian bond investors who may have different characters from investors in other countries.

The Role of Transformational Leadership in Building Organizational Citizenship: The Civil Servants of Indonesia

HAPSARI, Diana,RIYANTO, Setyo,ENDRI, Endri Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.2

For civil servants in the legal sector, the best performance that must be shown is not how they carry out activities following standard operational procedures but what is more important is how they show Organizational Citizenship Behavior (OCB) in daily activities. This study aims to examine what factors influence the formation of OCB civil servants in the legal sector in Indonesia. The study was conducted on 145 civil servant respondents who were involved in secretarial activities, each from the Judicial Commission Secretariat, the Attorney General's Office, the Ministry of Justice, the Supreme Court, the Police Headquarters, and the Constitutional Court. The research methodology used Partial Least Square (PLS) Version 3.0. The empirical findings of the research show that organizational culture has a significant influence in shaping transformational leadership that can build OCB among civil servants in Indonesia. This effect is much larger and more significant than the compensation system, which is widely believed to be the main factor in forming OCB, such as the results of previous studies. The results of this study imply that the formation of an organizational culture with values that can create high work productivity which has an impact on transformational leadership styles in building OCB.

The Effect of Compensation and Career on Turnover Intention: Evidence from Indonesia

Nico Alexander VIZANO,Ahmad Hidayat SUTAWIDJAYA,Endri ENDRI 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.1

This study aims to investigate the determinants of turnover intention among company managers in Indonesia. Based on the literature, this research hypothesizes that job satisfaction is a mediator in the relationship between compensation, career and turnover intention of companies in Indonesia. Respondents as research samples are grouped into middle managers from two industries, namely, manufacturing and services. A total of 215 questionnaires were returned from middle managers. Data analysis used Structural Equation Model - Linear Structural Relationship (SEM LISREL). The research results prove that compensation and career have a positive effect on job satisfaction. Compensation, career, and job satisfaction have a negative impact on turnover intention. Compensation is known to be one of the motivating drivers of workers around the world. From this study it can be said that, if middle manager teachers are well compensated, they will be encouraged, persuaded and will have positive feelings toward their work, and this will result in staying put. It works also with career and job satisfaction. If both variables are considered carefully, intention to move tends to be low. These findings provide new insights into the field of international human resources in developing multinational companies and service businesses.

Analysis of Bank Efficiency Between Conventional Banks and Regional Development Banks in Indonesia

Zaenal ABIDIN,R.Mahelan PRABANTARIKSO,Rhisya Ayu WARDHANI,Endri ENDRI 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.1

The research aims to analyze the level of efficiency by grouping banks during the period 2017 - 2018 into category 1 and category 2 banks and then dividing them as Regional Development Banks (BPD) and Non-BPD Conventional Commercial Banks (BUK) within each category. The research objects are banks within the categories BPD and BUK comprised 18 BPDs and 35 BUKs. The research methodology uses 3 stages, first, using Data Envelopment Analysis (DEA) we measure the level of bank efficiency; second, using the Tobit regression model we evaluate the effect of financial performance on DEA efficiency, and third, using the Mann-Whitney test we determine whether there is a difference in the efficiency of category 1 and 2 banks. The results showed that there was a decrease in the efficiency of category 1 and 2 banks but on average, the efficiency of category 1 banks is higher than category 2 banks. The estimation results of the Tobit regression model show that only the ROA variable affects the efficiency level of category 1 banks, while category 2 banks are influenced by NPL and ROA variables. In the Mann-Whitney test, it was proven that there were differences in efficiency between BUK and BPD in category 1 and 2 banks.