Business Excellence and Management

19-30

Authors: Lukic RADOJKO

Various methods of multi-criteria optimization have been developed and have recently been widely applied in trade. With this in mind, this paper investigates the efficiency of trade in Serbia based on the Promethee method. Using this method, in relation to the analysis of the analysis, we can more accurately assess the efficiency of trade in Serbia in the function of improvement in the future by taking appropriate more efficient measures. The results of research obtained using the Promethee method show that the efficiency of trade in Serbia has been continuously increasing recently. It was the best in 2020. It was positively influenced by numerous macro and micro factors, such as: favorable economic climate, low inflation, lower interest rates, foreign retail chains, increased employment, increased living standards, stable exchange rate, digitalization of the entire business, etc. The impact of the Covid-19 coronary virus pandemic on trade efficiency in Serbia is negligible. It is, among other things, largely neutralized with the increase in electronic sales. This is the case in other countries as well (as evidenced by the recently published available empirical data of Eurostat for European Union distribution trade). Empirical research shows that this is not, however, the case with other sectors in Serbia, such as transport and storage, tourism and catering, banks, etc. To increase (or maintain the existing) efficiency of trade in Serbia in the future, it is necessary to improve the efficiency of management of human resources, assets, capital, sales and profits. The main problem is that there are no similar empirical studies of trade efficiency in other countries, which limits international comparison. This paper can therefore serve as an impetus for future similar empirical research.

50-63

Authors: Cynthia Sari DEWI,Brighton JORDY,Harris WIJAYA

This study to find out the determinants of capital structure in the palm oil industry in Indonesia. The variables are commodity prices, total assets, tangible assets, profitability, asset turnover, liquidity, inventory turnover, interest rates, and capital structure as independent variables. The data processing uses SPSS version 25 and performs classical assumption test, coefficient of determination test, and multiple regression analysis. The object of this study is oil palm plantation companies listed in Indonesian stock exchange (IDX) period 2016 to 2019. The results show that CPO prices, total assets, tangible assets, profitability, and interest rates have no effect on capital structure. Meanwhile, asset turnover has a positive effect on capital structure. Current ratio has a negative effect on the capital structure. Inventory turnover has a negative effect on the capital structure of oil palm plantation companies. This research is useful for companies engaged in the palm oil industry in determining policies.

80-94

Authors: Nathaniel Karel DJAYA,Ika YANUARTI

This study has the purpose to analyze the influence of Capital Adequacy Ratio and Non-Performing Loan on profitability of Commercial Banks. The sample of this study consists of 26 Commercial Banks listed on the Indonesia Stock Exchange in 2017 – 2019. This research used Multiple Regression Analysis to analyze the data gathered from audited financial reports of those banks. The results showed that the Capital Adequacy Ratio and NonPerforming Loan simultaneously affect the Profitability, which means that if there is an increase in Capital Adequacy Ratio and Non-Performing Loan, then it will be followed by an increase in Return on Assets. However, if it`s tested partially then it is only Non-Performing Loans that affect the Return on Assets. The influence was negative and statistically significant. The Capital Adequacy Ratio had positive influence on Return on Assets but not statistically significant.