Dampak faktor eksternal dan internal terhadap fleksibilitas keuangan perusahaan batubara

Muhamad, Rezwan Rizki (2018) Dampak faktor eksternal dan internal terhadap fleksibilitas keuangan perusahaan batubara. Masters thesis, Institut Pertanian Bogor.

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Abstract

The development of the business world causes the organization to pay attention to the changes that occured. Prihadi (2010) said that financial flexibility is a condition of firms to have flexibility to deal with unexpected situations in their funding. The large amount of debt will reduce the flexibility to obtain loan. The company have financial flexibility if the company can fulfill all its obligations in the form of interest and loan principal to the creditor. The coal prices declined from 2011 to 2015 following the shale gas production expansion by the United States (Falianti 2015), excess supply of coal (IEA 2013 in Fiyanto 2014), and the increasing international campaign of clean energy that led many countries to reduce the use coal as the source of power generation (Bintang 2016). China as one of the largest coal importing countries experienced economy declining in 2015. It was the lowest decline over the past 25 years. The decline in China's economy affected demand for China’s coal commodities that also affected Indonesian coal commodity exports declined. The largest export declining in 2015 occurred in China, India and South Korea. At the same time there was a downward trend in earnings before interest and tax (EBIT) and sales of coal companies listed in Indonesia Stock Exchange 2011-2015. The coal industry requires large capital that probably need to use external capital. Coal companies could find alternative sources of funding such as indebtedness. If the company fails to fulfill its obligations, it will cause the company to have no financial flexibility. Companies with a value of Debt Service Coverage Ratio (DSCR) smaller than 1.20 expressed no financial flexibility (Ruster 1996). There were companies that have financial flexibility and do not have financial flexibility based on their DSCR. Therefore it is necessary to examine the external and internal factors of the company that affect and impact on the financial flexibility of coal companies. The objectives of this research are: (1) to analyze the financial flexibility of coal companies, (2) to analyze factors affecting coal companies performance, 3) to analyze the impact of external and internal factors on coal companies’ financial flexibility. The financial flexibility model built on this research is a recursive equation system. The model formulated of 24 equations or 24 variables (G) and total variables in the model, endogenous variables and 56 pre-determine variables (K). The maximum number of endogenous and exogenous variables in the equation model is 7 variables (M). The result should be (K - M) > (G - 1) so it can be concluded that all structural equations coal corporate financial flexibility model is identified as over-identified. Furthermore, the model estimation method used is 2SLS (Two Stage Least Square). The type of data used in the study is panel data of 10 coal companies listed in Indonesia Stock Exchange (BEI) in 2011-2015. Coal companies are classified by large and small scale coal companies. Large-scale coal firms are PT Adaro Energy Tbk (ADRO), PT Tambang Batubara Bukit Asam Tbk (PTBA), PT Indo Tambangraya Megah Tbk (ITMG), PT Bayan Resources Tbk (BYAN) and PT Delta Dunia Propindo Tbk (DOID). Source of data obtained from the comprehensive income statements, financial position statement, cash flow statement, notes of financial statements, and coal companies annual report. The results showed that four companies have financial flexibility; PT Adaro Energy Tbk (ADRO), PT Tambang Bukit Asam Tbk (PTBA), PT Indo Tambang Raya Tbk (ITMG) and PT Bayan Resources Tbk (BYAN). Meanwhile, PT Delta Dunia Propindo Tbk (DOID) doesn’t have financial flexibility. Total export sales of coal, domestic coal sales, earning before interest and tax, earning before interest tax depreciation and amortisation, bank loan payment, and loan lease payment are affected by lag t-1 variable. Earning before interest and tax is affected by gross profit and operating expenses. Depreciation and amortisation are affected by total assets. Earning before interest tax depreciation and amortisation is influenced by depreciation and amortisation variable. The impact of external and internal factors to coal companies financial flexibility are: (a) if China's gross domestic product decreased by 2%, and the exchange rate of Rupiah to USD also depreciated by 2%, the company would anticipated by lowering the production cost by 5%. Meanwhile general & administrative expenses, and selling & marketing expenses valued by 10% would affected the company's financial flexibility by 31.47% (debt service coverage ratio of 1.34), (b) If the international coal’s price decreased by 2% and the exchange rate of Rupiah to USD depreciated by 2%, the company would anticipated by lowering the production cost by 10%. Meanwhile general & administrative expenses, and selling & marketing expenses valued by 10% would affected the company's financial flexibility by 25.06% (debt service coverage ratio of 1.28), and (c) If Domestic Market Obligation policy (DMO) were added 5 million tons from last year, it would increase coal companies financial flexibility by 35.25% (debt service coverage ratio of 1.38), (d) if Domestic Market Obligation policy (DMO) were added

Item Type: Thesis (Masters)
Uncontrolled Keywords: Debt service coverage ratio, Domestic Market Obligation (DMO), faktor eksternal dan internal, fleksibilitas keuangan, perusahaan batubara, two stage least squares (2SLS) Debt service coverage ratio, Domestic Market Obligation (DMO), external and internal factors, financial flexibility, coal firms, two stage least squares (2SLS)
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 15 Dec 2018 04:19
Last Modified: 15 Dec 2018 04:19
URI: http://repository.sb.ipb.ac.id/id/eprint/3191

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