Articles

Startup Company Strategy to be Sustainable through Financial Services Product: Mitra Bukalapak Study Case

Mitra Bukalapak is a B2B platform that digitalises 13.1 million Warung or Kiosks to be able to sell physical, virtual, and financial products. Today, this company is still having a negative contribution margin. Research has been conducted and shows that non-T1 cities are having the highest Mitra Bukalapak agent growth. This due to the unbanked people are demanding to get a certain service. A questionnaire has been sent to Mitra Bukalapak’s agent and an in-depth interview with internal stakeholders has been done to collect the data. The analysis of the data is conducted through qualitative and quantitative analysis and found 3 potential business strategies for the company. VRIO framework is used to identify Mitra Bukalapak’s competitive advantage internally. External analysis is done through STP marketing strategy and 7P marketing mix analysis. As the result, developing a new product portfolio can be one option. Tapping into a new market and concentrating on the high-growth market in T2 and T3 cities can be another. Also boosting revenue from existing customers by giving a higher charged fee can increase the take rate. This study aims to propose a strategy for Mitra Bukalapak to get a positive contribution margin specifically through its financial services product.

Impact of Working Capital Management on Profitability and Market value of the Logistics Industry

A company needs sufficient non-current assets and current assets for the successful running of the business and maximization of the wealth of the firm. Especially, in the short-run current assets or working capital management plays an important role in the success or failure of the firm and its impact on its profitability of the firm. This article aims to examine the impact of working capital management on the performance and as well as the market value of companies in the logistics industry. This study used the fixed effect panel data analysis with a data set covering six logistics companies listed on the Bombay Stock Exchange, India for the period 2013-2022.

To estimate the relationship between working capital management and the performance of companies used Return on Assets (ROA), Return on Equity (ROE), and Market value to Book value (MVBV) as dependent variables in the research models. The main results indicate that the positive relationship between working capital, market value, and profitability is not very clear. Logistics companies’ sales are negatively associated with MVBV and ROE of logistics companies. The cash conversion cycle is found statistically not significant, and the relationship between CCC and profitability is negative. Overall, of the study, it is concluded that working capital has an impact on the profitability of logistics companies in India.

Strategic Investment Analysis for the Gas Station Projects Using Build Operate and Transfer (Case Study: PT Pertamina, Besakih Bali)

One of deployment planning from Pertamina is Besakih area in Bali. In this simple requirement, Pertamina need a further study to plan which type of gas stations will be implemented, COCO (Company Own Compant Operate) or DODO (Dealer Own Dealer Operate). COCO was found to be the viable option because DODO facing a major challenge based on the PESTLE and SWOT which is an issue related to government attitude towards greener technology such as electric vehicle.  A several options for funding have been identified and well documented with several restrictions which are equity, loan, venture capital, and build operate transfer. If Pertamina need a new gas stations in terms of only 20% coming from capital (80% loan). Pertamina is not entitled to fund by venture capital as Pertamina is a state own company with rigid regulation. For the deployment of new gas station, the most expensive part is the land, therefore searching the solution through land funding is the most viable option. It was found that the strategy build, operate, and transfer (BOT) is a very interesting option. For the Pertamina, it erases the necessity for buying the land, on the other hand, for the land owner, it is better that their land could be useful for them in the next 15 years before they are getting all the facility transferred. The payback period is only 3,36 years with the IRR of 27,03% which is higher than the WACC. In case of Pertamina taking 80% loan and 20% equity, the NPV will return in the 5th year in start of the investment or 4th year in start of the operation. This strategy opens up new opportunities and solution for the business because it writes out land CAPEX necessity.

The Role of Profitability in Moderating the Influence of Liquidity and Leverage on Audit Opinion

The auditor issued an audit opinion to determine the risk of uncertainty regarding the condition of the company to continue operating where COVID-19 is spreading rapidly. This research aims to look at the influence of liquidity and leverage on audit opinion in the consumer goods sector listed on the Indonesia Stock Exchange in 2020, with profitability as a moderation variable. The research model uses a causal-comparative design and binary logistic regression analysis with secondary data types. 188 consumer goods sector companies listed on the Indonesia Stock Exchange, in 2020, met the criteria for being the research sample. The results of the study showed that liquidity and leverage simultaneously affect audit opinion. Partially, liquidity has no influence on audit opinion, while leverage partially affects audit opinion. Profitability as moderation is able to strengthen the influence of liquidity on opinions but is not able to moderate the influence of leverage on audit opinions. The limitation in this study is that it only selects the company’s internal factors. Further researchers are expected to consider other free variables such as auditor turnover, and opinions submitted by auditors in the previous period, as well as using other sectors such as the real estate property sector. The leverage factor can be used as reference data for auditors to see how the company is able to maintain the condition of the company to avoid bankruptcy in the pandemic.

Impact of Category Captains on Category Sales and Profitability

The Indian retail industry is a growing segment and there are several players in entire India. Some of the big names are Reliance Retail, Future Retail, Spar, Spencer’s, Ratandeep, and many more. They are present in different states of India and catering a huge urban population. In any retail store, category plays a vital role and its management is very important. Sales of any retail chain is dependent on better and effective management of different categories. For every category, there are some of the main brands which lead the category sales. Category captains may play important roles in driving the overall retail chain business. Category captains can formulate the strategy for different product categories and can suggest the retail chain for implementing the same. However, the final decision is taken by retail chains only.

The Effect of Debt, Liquidity and Corporate Tax Policy on Dividend Policy with Profitability as Intervening Variables in Trading Companies Listed on the Indonesia Stock Exchange for the 2014-2019

Study this aim for get Proof empirical is Policy Debt, Liquidity and Corporate Tax have an effect to Policy Dividend with Profitability as intervening variables in the company Trades listed on the IDX for the period 2014 to 2019. Research this using 16 companies Trades listed on the IDX from 2014 to 2019 with use purposive sampling method. Research data this analyzed with Analysis of Moment Structure (AMOS) method. Research results show that variable Policy Debt, Liquidity and Corporate Tax together take effect to Policy Dividends. Variable Policy Debt, Liquidity and Profitability take effect to Policy Dividends. Variable Policy Debt and Liquidity take effect to Profitability. Study this also finds that variable Profitability could mediate influence Policy Debt, Liquidity and Corporate Tax on Policy Dividends.

The Effect of Liquidity, Leverage, and Profitability on Financial Distress with Audit Committee as a Moderating Variable

This study examines the effect of liquidity, leverage, and profitability on financial distress with the audit committee as a moderating variable. This study used secondary data from the annual reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2016 to 2019. The research sample was selected using purposive sampling, and 33 companies were obtained as the study samples. The data were then analyzed using the logistic linear regression method with SPSS ver 26 software. The study results found that liquidity and profitability had a negative effect on financial distress, whereas leverage had a positive effect on financial distress. In addition, the study also found that the audit committee enhanced the effect of liquidity and profitability on financial distress. In contrast, the audit committee reduced the effect of leverage on financial distress.