Analisis Efisiensi Kinerja Keuangan Perusahaan Yang Terdaftar Di Bursa Efek Indonesia (BEI) : Studi Kasus Dari Laporan Keuangan
Abstract
Studi ini menganalisis kinerja lima perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) berdasarkan data dari laporan keuangannya. Kelima perusahaan yang dipilih adalah PT Astra Agro Lestari Tbk, PT Acset Indonusa Tbk, PT Adaro Minerals Indonesia Tbk, dan PT Adaro Energy Indonesia Tbk. Analisis dilakukan terutama terhadap biaya overhead dan pendapatan bunga bersih, serta rasio biaya terhadap pendapatan. Hasil analisis menunjukkan variasi yang signifikan dalam kinerja keuangan dan strategi operasional antara perusahaan-perusahaan tersebut. Beberapa perusahaan mengalami peningkatan pendapatan bunga bersih sementara yang lain mengalami penurunan biaya overhead. Rasio biaya terhadap pendapatan juga bervariasi dari satu perusahaan ke perusahaan lainnya. Penemuan ini memberikan gambaran yang komprehensif tentang kondisi sektor industri di Indonesia, menunjukkan bahwa perusahaan-perusahaan tersebut memiliki pendekatan yang berbeda dalam mengelola biaya operasional dan meningkatkan pendapatan. Studi ini memberikan wawasan berharga bagi para pemangku kepentingan untuk memahami tren dan dinamika di pasar yang beragam ini, serta memberikan landasan untuk pengambilan keputusan yang lebih baik dalam mengelola bisnis.
References
[1] Ady, S. U., & Zahroh, S. B. T.-R. M. in S. S. (2024). Corporate social responsibility disclosure on financial performance. Elsevier. https://doi.org/https://doi.org/10.1016/B978-0-44-313776-1.00170-7
[2] Angelia, D., & Suryaningsih, R. (2015). The Effect of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study to Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange). Procedia - Social and Behavioral Sciences, 211, 348–355. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.11.045
[3] Bawono, I. R., & Handika, R. (2023). How do accounting records affect corporate financial performance? Empirical evidence from the Indonesian public listed companies. Heliyon, 9(4), e14950. https://doi.org/https://doi.org/10.1016/j.heliyon.2023.e14950
[4] Chen, J., & Jia, L. (2024). Investor-listed company interaction and post-earnings announcement drift for individual stocks. Finance Research Letters, 62, 105097. https://doi.org/https://doi.org/10.1016/j.frl.2024.105097
[5] Fachrudin, K. A., & Fachrudin, H. T. (2015). The Study of Investment Portfolio Management and Sustainability of Property and Real Estate Companies in Indonesia Stock Exchange. Procedia - Social and Behavioral Sciences, 211, 177–183. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.11.026
[6] Gunawan, J., Permatasari, P., & Fauzi, H. (2022). The evolution of sustainability reporting practices in Indonesia. Journal of Cleaner Production, 358, 131798. https://doi.org/https://doi.org/10.1016/j.jclepro.2022.131798
[7] Hajawiyah, A., Suryarini, T., Kiswanto, & Tarmudji, T. (2021). Analysis of a tax amnesty’s effectiveness in Indonesia. Journal of International Accounting, Auditing and Taxation, 44, 100415. https://doi.org/https://doi.org/10.1016/j.intaccaudtax.2021.100415
[8] Hamid, N., & Purbawangsa, I. B. A. (2022). Impact of the board of directors on financial performance and company capital: Risk management as an intervening variable. Journal of Co-Operative Organization and Management, 10(2), 100164. https://doi.org/https://doi.org/10.1016/j.jcom.2021.100164
[9] Huang, J., Kombate, B., Li, Y., Kouadio, K. R., & Xie, P. (2023). Effective risk management in the shadow of COVID-19 pandemic: The evidence of Indonesian listed corporations. Heliyon, 9(5), e15744. https://doi.org/https://doi.org/10.1016/j.heliyon.2023.e15744
[10] Li, N., Wei, C., & Zhang, L. (2023). Risk factors in the Indonesian stock market. Pacific-Basin Finance Journal, 82, 102175. https://doi.org/https://doi.org/10.1016/j.pacfin.2023.102175
[11] Lo, S.-F. (2013). Which stock exchanges are more attractive? The competition analysis of listing and trading performance. Economic Modelling, 30, 501–509. https://doi.org/https://doi.org/10.1016/j.econmod.2012.09.036
[12] Luh, P. K., & Kusi, B. A. (2023). How do females in top executive positions influence firm profitability: new insight from non financial firms on Ghana Stock Exchange. Gender in Management, 38(4), 525–544. https://doi.org/https://doi.org/10.1108/GM-03-2022-0091
[13] Meiryani, Huang, S.-M., Soepriyanto, G., Audrelia, J., Fahlevi, M., Aljuaid, M., & Grabowska, S. (2022). An exploration of circular water management accountability: A case from Indonesia. Heliyon, 8(9), e10556. https://doi.org/https://doi.org/10.1016/j.heliyon.2022.e10556
[14] Nareswari, N., Tarczyńska-Łuniewska, M., & Hashfi, R. U. Al. (2023). Analysis of Environmental, Social, and Governance Performance in Indonesia: Role of ESG on Corporate Performance. Procedia Computer Science, 225, 1748–1756. https://doi.org/https://doi.org/10.1016/j.procs.2023.10.164
[15] Narsa, N. P. D. R. H., Afifa, L. M. E., & Wardhaningrum, O. A. (2023). Fraud triangle and earnings management based on the modified M-score: A study on manufacturing company in Indonesia. Heliyon, 9(2), e13649. https://doi.org/https://doi.org/10.1016/j.heliyon.2023.e13649
[16] Puspitaningrum, D., & Atmini, S. (2012). Corporate Governance Mechanism and the Level of Internet Financial Reporting: Evidence from Indonesian Companies. Procedia Economics and Finance, 2, 157–166. https://doi.org/https://doi.org/10.1016/S2212-5671(12)00075-5
[17] Rokhmawati, A., Sathye, M., & Sathye, S. (2015). The Effect of GHG Emission, Environmental Performance, and Social Performance on Financial Performance of Listed Manufacturing Firms in Indonesia. Procedia - Social and Behavioral Sciences, 211, 461–470. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.11.061
[18] Rusmanto, T., & Williams, C. (2015). Compliance Evaluation on CSR Activities Disclosure in Indonesian Publicly Listed Companies. Procedia - Social and Behavioral Sciences, 172, 150–156. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.01.348
[19] Soetanto, T. V., & Fun, L. P. (2015). Super Slack-Based Model Efficiency and Stock Performance of Manufacturing Industry Listed in Indonesian Stock Exchange. Procedia - Social and Behavioral Sciences, 211, 1231–1239. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.11.164
[20] Sugianto, I. M., Pujawan, I. N., & Trijoyo Purnomo, J. D. (2023). A study of the Indonesian trucking business: Survival framework for land transport during the Covid-19 pandemic. International Journal of Disaster Risk Reduction, 84, 103451. https://doi.org/https://doi.org/10.1016/j.ijdrr.2022.103451
[21] Sugih, I. L., & Soekarno, S. (2015). Lesson Learned from Indonesian Biggest Fashion Retailer Company to Encourage the Development of Small Fashion Business. Procedia - Social and Behavioral Sciences, 169, 240–248. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.01.307
[22] Sugiyono. (2014). Metode Penelitian Manajemen. Bandung: Alfabeta.
[23] Supsermpol, P., Huynh, V. N., Thajchayapong, S., & Chiadamrong, N. (2023). Predicting financial performance for listed companies in Thailand during the transition period: A class-based approach using logistic regression and random forest algorithm. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100130. https://doi.org/https://doi.org/10.1016/j.joitmc.2023.100130
[24] Tjahjadi, B., Soewarno, N., & Mustikaningtiyas, F. (2021). Good corporate governance and corporate sustainability performance in Indonesia: A triple bottom line approach. Heliyon, 7(3), e06453. https://doi.org/https://doi.org/10.1016/j.heliyon.2021.e06453
[25] Wicaksono, A. P., Setiawan, D., Anni Aryani, Y., & Hartoko, S. (2024). The effect of ownership structure on water disclosure in Indonesian companies. Journal of Open Innovation: Technology, Market, and Complexity, 10(1), 100185. https://doi.org/https://doi.org/10.1016/j.joitmc.2023.100185
[26] Yang, A. S., & Pangastuti, A. (2016). Stock market efficiency and liquidity: The Indonesia Stock Exchange merger. Research in International Business and Finance, 36, 28–40. https://doi.org/https://doi.org/10.1016/j.ribaf.2015.09.002
[2] Angelia, D., & Suryaningsih, R. (2015). The Effect of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study to Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange). Procedia - Social and Behavioral Sciences, 211, 348–355. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.11.045
[3] Bawono, I. R., & Handika, R. (2023). How do accounting records affect corporate financial performance? Empirical evidence from the Indonesian public listed companies. Heliyon, 9(4), e14950. https://doi.org/https://doi.org/10.1016/j.heliyon.2023.e14950
[4] Chen, J., & Jia, L. (2024). Investor-listed company interaction and post-earnings announcement drift for individual stocks. Finance Research Letters, 62, 105097. https://doi.org/https://doi.org/10.1016/j.frl.2024.105097
[5] Fachrudin, K. A., & Fachrudin, H. T. (2015). The Study of Investment Portfolio Management and Sustainability of Property and Real Estate Companies in Indonesia Stock Exchange. Procedia - Social and Behavioral Sciences, 211, 177–183. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.11.026
[6] Gunawan, J., Permatasari, P., & Fauzi, H. (2022). The evolution of sustainability reporting practices in Indonesia. Journal of Cleaner Production, 358, 131798. https://doi.org/https://doi.org/10.1016/j.jclepro.2022.131798
[7] Hajawiyah, A., Suryarini, T., Kiswanto, & Tarmudji, T. (2021). Analysis of a tax amnesty’s effectiveness in Indonesia. Journal of International Accounting, Auditing and Taxation, 44, 100415. https://doi.org/https://doi.org/10.1016/j.intaccaudtax.2021.100415
[8] Hamid, N., & Purbawangsa, I. B. A. (2022). Impact of the board of directors on financial performance and company capital: Risk management as an intervening variable. Journal of Co-Operative Organization and Management, 10(2), 100164. https://doi.org/https://doi.org/10.1016/j.jcom.2021.100164
[9] Huang, J., Kombate, B., Li, Y., Kouadio, K. R., & Xie, P. (2023). Effective risk management in the shadow of COVID-19 pandemic: The evidence of Indonesian listed corporations. Heliyon, 9(5), e15744. https://doi.org/https://doi.org/10.1016/j.heliyon.2023.e15744
[10] Li, N., Wei, C., & Zhang, L. (2023). Risk factors in the Indonesian stock market. Pacific-Basin Finance Journal, 82, 102175. https://doi.org/https://doi.org/10.1016/j.pacfin.2023.102175
[11] Lo, S.-F. (2013). Which stock exchanges are more attractive? The competition analysis of listing and trading performance. Economic Modelling, 30, 501–509. https://doi.org/https://doi.org/10.1016/j.econmod.2012.09.036
[12] Luh, P. K., & Kusi, B. A. (2023). How do females in top executive positions influence firm profitability: new insight from non financial firms on Ghana Stock Exchange. Gender in Management, 38(4), 525–544. https://doi.org/https://doi.org/10.1108/GM-03-2022-0091
[13] Meiryani, Huang, S.-M., Soepriyanto, G., Audrelia, J., Fahlevi, M., Aljuaid, M., & Grabowska, S. (2022). An exploration of circular water management accountability: A case from Indonesia. Heliyon, 8(9), e10556. https://doi.org/https://doi.org/10.1016/j.heliyon.2022.e10556
[14] Nareswari, N., Tarczyńska-Łuniewska, M., & Hashfi, R. U. Al. (2023). Analysis of Environmental, Social, and Governance Performance in Indonesia: Role of ESG on Corporate Performance. Procedia Computer Science, 225, 1748–1756. https://doi.org/https://doi.org/10.1016/j.procs.2023.10.164
[15] Narsa, N. P. D. R. H., Afifa, L. M. E., & Wardhaningrum, O. A. (2023). Fraud triangle and earnings management based on the modified M-score: A study on manufacturing company in Indonesia. Heliyon, 9(2), e13649. https://doi.org/https://doi.org/10.1016/j.heliyon.2023.e13649
[16] Puspitaningrum, D., & Atmini, S. (2012). Corporate Governance Mechanism and the Level of Internet Financial Reporting: Evidence from Indonesian Companies. Procedia Economics and Finance, 2, 157–166. https://doi.org/https://doi.org/10.1016/S2212-5671(12)00075-5
[17] Rokhmawati, A., Sathye, M., & Sathye, S. (2015). The Effect of GHG Emission, Environmental Performance, and Social Performance on Financial Performance of Listed Manufacturing Firms in Indonesia. Procedia - Social and Behavioral Sciences, 211, 461–470. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.11.061
[18] Rusmanto, T., & Williams, C. (2015). Compliance Evaluation on CSR Activities Disclosure in Indonesian Publicly Listed Companies. Procedia - Social and Behavioral Sciences, 172, 150–156. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.01.348
[19] Soetanto, T. V., & Fun, L. P. (2015). Super Slack-Based Model Efficiency and Stock Performance of Manufacturing Industry Listed in Indonesian Stock Exchange. Procedia - Social and Behavioral Sciences, 211, 1231–1239. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.11.164
[20] Sugianto, I. M., Pujawan, I. N., & Trijoyo Purnomo, J. D. (2023). A study of the Indonesian trucking business: Survival framework for land transport during the Covid-19 pandemic. International Journal of Disaster Risk Reduction, 84, 103451. https://doi.org/https://doi.org/10.1016/j.ijdrr.2022.103451
[21] Sugih, I. L., & Soekarno, S. (2015). Lesson Learned from Indonesian Biggest Fashion Retailer Company to Encourage the Development of Small Fashion Business. Procedia - Social and Behavioral Sciences, 169, 240–248. https://doi.org/https://doi.org/10.1016/j.sbspro.2015.01.307
[22] Sugiyono. (2014). Metode Penelitian Manajemen. Bandung: Alfabeta.
[23] Supsermpol, P., Huynh, V. N., Thajchayapong, S., & Chiadamrong, N. (2023). Predicting financial performance for listed companies in Thailand during the transition period: A class-based approach using logistic regression and random forest algorithm. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100130. https://doi.org/https://doi.org/10.1016/j.joitmc.2023.100130
[24] Tjahjadi, B., Soewarno, N., & Mustikaningtiyas, F. (2021). Good corporate governance and corporate sustainability performance in Indonesia: A triple bottom line approach. Heliyon, 7(3), e06453. https://doi.org/https://doi.org/10.1016/j.heliyon.2021.e06453
[25] Wicaksono, A. P., Setiawan, D., Anni Aryani, Y., & Hartoko, S. (2024). The effect of ownership structure on water disclosure in Indonesian companies. Journal of Open Innovation: Technology, Market, and Complexity, 10(1), 100185. https://doi.org/https://doi.org/10.1016/j.joitmc.2023.100185
[26] Yang, A. S., & Pangastuti, A. (2016). Stock market efficiency and liquidity: The Indonesia Stock Exchange merger. Research in International Business and Finance, 36, 28–40. https://doi.org/https://doi.org/10.1016/j.ribaf.2015.09.002
Published
2024-04-30
Section
Articles
Copyright (c) 2024 Yulia Komala, Atyanto Mahatmyomo, Agus Supriyadi, Ratih Andriani
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
