Dampak kondisi makro ekonomi dan kebijakan perusahaan terhadap profitabilitas sub sektor konstruksi bangunan di bursa efek indonesia tahun 2012-2016

Halian, Wahana (2020) Dampak kondisi makro ekonomi dan kebijakan perusahaan terhadap profitabilitas sub sektor konstruksi bangunan di bursa efek indonesia tahun 2012-2016. Masters thesis, Institut Pertanian Bogor.

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Abstract

Good infrastructure is needed to support economic activities. Based on a report from the World Bank (2019) on the global ranking logistic performance index, the condition of Indonesia's infrastructure is ranked 46th, while Singapore 7, Thailand 32 and Malaysia 41. Overcoming the condition of Indonesia's infrastructure, the government undertakes activities to accelerate infrastructure development by increasing the budget allocation for infrastructure development which is expected to be able to provide positive construction industry market sentiment. Profitability is the company's ability to generate profits or profits, analysis to see the ability to obtain profits on investments made known as Return on Assets (ROA) and Return on Equity (ROE). ROA shows the company's financial performance in generating net income from assets used for company operations (Hendrayani 2014), while ROE is a ratio used to measure the company's ability to generate profits using its own capital, the higher the value of ROE obtained will reflect the company's performance more good and vice versa (Susiani 2016). The ROA and ROE of the building construction sub-sector has decreased every year, the company's profitability is influenced by internal and external factors. Internal factors are everything that can be controlled by the company such as cost of revenue and external factors include macroeconomic conditions that occur such as interest rates, inflation, rupiah exchange rate and gross domestic product. So that the growth of this construction sector can be very sensitive to macroeconomic indicators ( Directorate of 2016). Some external problems experienced by construction sub-sector companies include the weakening of the rupiah against the dollar and rising inflation. Therefore, it is necessary to examine the external and internal factors of the company that influence the company's performance and its impact on the profitability of the building construction sub sector. The research objective is to analyze: (1) the factors that influence the performance of companies in the building construction sub-sector, and (2) the impact of external and internal factors on the profitability of the building construction sub-sector company. The type of data used is panel data consisting of 5 building construction sub-sectors listed on the Indonesia Stock Exchange, namely PT Adhi Karya Tbk, PT Nusa Construction Engineering Tbk, PT Pembangunan Perumahan Tbk, PT Surya Semesta Internusa, and PT Waskita Karya in the 5 th period 2012-2016. The profitability model of the building construction sub sector company is formulated in the form of a recursive equation system, consisting of 13 equations (7 structural equations and 6 identity equations). The identification results state that the model is overidentified and estimated using the Two Stage Least Squares (2SLS) method. The results showed that civil income, building income is influenced by the lag variable t-1. Earning before interest and tax is influenced by the company's gross profit and operating expenses. The company's interest expense is affected by the company's total liability. The company's net profit is affected by earnings before interest and tax, company interest expense lag t-1 and tax expense. Return on assets is influenced by the company's net profit and total assets of the company. Return On Equity is influenced by Return On Equity lag t-1. The impact of external and internal factors on the profitability of building construction sub-sector companies, as follows: (1) in the condition of gross domestic product by 2% and cost of revenue decreased by 2% resulted in an increase in return on assets by 3.57% (ROA to 1.79) and Return On Equity of 0.85% (ROE to 27.21), (2) if inflation rises by 0.5 points and the cost of revenue decreases by 5%, the increase in return on assets is 9.71% (ROA to 1.89) and an increase in return on equity of 1.41% (ROE to 27.36), (3) if the interest rate rises by 10 basis points, the cost of revenue decreases by 8%, resulting in an increase in Return On Assets by 9.47% (ROA to 1.89) and an increase in Return On Equity by 0.51% (ROE to 27.12).

Item Type: Thesis (Masters)
Uncontrolled Keywords: Kondisi makroekonomi, Kebijakan perusahaan, perusahaan sub sektor konstruksi bangunan, profitabilitas, Return on asset, Return on equity, two stage least squares (2SLS) Building Construction Sub Sector, Company policy, Macroeconomic Conditions, Return On Asset, Return On Equity, profitability, Two Stage Least Squares (2SLS)
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 15 Jul 2020 13:04
Last Modified: 15 Jul 2020 13:04
URI: http://repository.sb.ipb.ac.id/id/eprint/3668

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