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Analisis Kebijakan Strategis PT Aneka Tambang Tbk
Full text linkThe writing of PT Aneka Tambang Tbk in this thesis henceforth is called
ANTAM. The main products and services are produced by ANTAM are as follows:
Exploration Services, Precious Metal Processing Services, Nickel Ore, Ferronickel,
Gold, Bauxite Ore, Alumina, and a small portion of Coal. All products and services
are divided into segments as follows:
• Gold Segments: Gold, Silver, Gold Processing and Refining
• Nickel Segment: Nickel Ore and Ferronickel (processed from nickel ore)
• Bauxite Segments: Bauxite Ore and Alumina (Processed from Bauxite)
• Other Segments: Coal, iron ore and others
ANTAM's Ferronickel Production during the last five years from 2014 to
2018 the highest record was 24,868 TNi, or in other words ANTAM's Ferronickel
Production grew 47.5% over the past five years. ANTAM Alumina Production from
2016 to 2018 has continued to decline. Gold production in the last five years has
continued to decline, this has resulted in supplies for the Gold Processing and
Refining Plant not being able to rely on the ANTAM Mine itself. While ANTAM's
competitors, such as Nickel, Bauxite and Gold, showed a performance that
exceeded ANTAM's.
This research was conducted to analyze the strategic policies taken by
ANTAM whether they are in accordance with the market situation and the
competition map in the mining industry. The research data was obtained through
ANTAM's Annual Report and the Annual Report of several other mining
companies and obtained other data through the internet media.
Strategy Analysis uses 3 stages according to Fred. R. David (2009), stage one
inputs the IFE (Internal Factor Analysis) and EFE (External Factor Analysis)
matrix, stage two matching uses the SWOT Matrix, SPACE Matrix, BCG Matrix,
IE Matrix, GRAND STRATEGY Matrix and stage three selection strategy using
the QSPM matrix. The results showed that the strategy chosen was in accordance
with ANTAM's implementation, only that in the implementation process it still
needed corrections to make adjustments so that the strategy went well
Relationship value dan sales collaboration dalam meningkatkan kinerja retailer
Full text linkRetail channels play an important role in sales and promotion of paints product. The main challenge for paint manufacturers in building partnerships with retailers is how to build mutually beneficial relationships in the long run. Research and practice of marketing channel management has proven the importance of managing relationships between people or organizations that drive the distribution functions. Proper marketing channel management will produce marketing targeted performance. The main objective of this study is to analyze an empirical model of the relationship between marketing channel, principal and retailer, to create relationship value and sales collaboration to increase business performance: marketing performance, financial performance and operational performance.
This research uses descriptive quantitative method that is giving an overview of an event or symptom in a certain place. Unit analysis of this study is building material and paint shop that sells wall paint. The respondent are owners or and managers of paint shop in Java. Processing and data analysis techniques in this study are quantitative descriptive analysis and analyze using the Structural Equation Modeling (SEM).
The results of this study show that to improve business performance is done by building relationship values by creating knowledge value, strategic value, personal value and financial value. Relationship value creates business performance through sales collaboration, relational trust and relational commitment. Its built from sharing values and more value creation between principal-retailers to strengthen relationships. Meanwhile, the relationship age factors are not significant in moderating the influence of relationship value and sales collaboration. Hence, the research indicates that relationship value, relational trust, relational commitment and sales collaboration are important factors in improving retailer performance
Pengaruh Sustainability Report terhadap Kinerja Pasar dan Kinerja Fundamental Perusahaan
Full text linkThe practice of disclosure of sustainability reports in Indonesia is still
voluntary for business people, almost 9% of all companies listed on the IDX have
made Sustainability Report disclosures. The practice of disclosure of sustainability
reports is indicated by market perceptions and information asymmetry towards
green-faced companies as explained by signaling theory and stakeholder theory.
This study aims to (i) Identify the application of the concept of environmentally
friendly companies to companies that have gone public; (ii) Analyzing the impact
of publishing the sutainability report; (iii) Evaluate the differences in the
characteristics of BUMN and BUMS companies that publish sustainability reports
in Indonesia.The research used, secondary data on economic, social, environmental
disclosure, return on equity, current ratio, debt to equity ratio, total asset turnover,
market capital, price to book value of the company in the SRI-Kehati and LQ45
index groups 2013-2018 . Data was evaluated from the Annual Report and
Sustainability Report of 48 companies in the SRI-Kehati and LQ45 index groups
for the 2013-2018 period. The method used in this research is descriptive analysis,
factor analysis and path analysis.
The practice of disclosing sustainability reports in Indonesia is still
voluntary for business actors. Nearly 9% of all companies listed on the Indonesia
Stock Exchange (IDX) have disclosed sustainability reports. The practice of
sustainability report disclosure indicates the existence of market perceptions and
information asymmetry of companies that are considered green. This study aims to
(i) identify the application of the concept of environmentally friendly companies to
companies that have gone public; (ii) analyzing the impact of publishing the
reliability report; (iii) evaluating the differences in the characteristics of stateowned
companies (BUMN) and private-owned companies (BUMS) that publish
sustainability reports in Indonesia.
In this study, the secondary data used were economic, social, environmental
disclosure, return on equity, current ratio, debt to equity ratio, total asset turnover,
market capital, price to book value of companies in the Sustainable and Responsible
Investment (SRI) stock index group. SRI-Kehati and the LQ45 stock index for the
period 2013-2018. The SRI-Kehati index is an index that is an indicator of stock
price movements on the Indonesia Stock Exchange. The principles used in this
index are sustainability, finance, governance, and concern for the environment as
benchmarks. Meanwhile, the LQ45 index is a stock market index on the Indonesia
Stock Exchange which consists of 45 companies. These companies have met certain
criteria, which include being included in the top 60 companies with the highest
market capitalization in the last 12 months. Data evaluated from the annual report
and sustainability report of 48 companies in the SRI-Kehati index group and LQ45
for the 2013-2018 period. The method used in this research is descriptive analysis,
factor analysis, and path analysis.
The results show that not all of the implementation of the concept of
environmentally sound company in publicly traded companies has been applied.
Currently, only 9% of go public companies have implemented the concept of
environmentally friendly companies. This is evidenced by the issuance of the
sustainability report disclosure. Of the 9% companies that apply environmental
concepts, 52% of them are state-owned companies, while the rest are state-owned
companies. The lowest percentage is found in the consumer goods industry sector,
which is 3.57% or two companies that disclose sustainability reports. Miscellaneous
industry sector of 5.36% or 3 companies. The highest percentage is found in the
financial sector, which is 25% or as many as 14 companies that disclose
sustainability reports.From this research it is known that only the ratio of
profitability and activity has a significant effect on market performance.
Meanwhile, in terms of liquidity and solvency, it does not affect market
performance. Thus, it can be seen that the market will respond positively if the
company is able to manage and determine the right policies to increase the value of
the company's profitability ratio and activities.
Ownership actors that have a significant negative effect on the company's
fundamental performance. This shows that if the company is a BUMN, the
fundamental performance value is smaller than the BUMS ownership actor. In the
research results of BUMS companies (whether controlled by sector or not) there are
still many that do not publish sustainability reports because without even publishing
sustainability reports, the market performance value and fundamental performance
of BUMS companies are already good. Therefore, it is not difficult for management
to attract investors to invest in their companies. Meanwhile, for BUMN, the
issuance of sustainability reports can provide added value because they realize that
the fundamental value is smaller than BUMS, making investors hesitant to invest.
Therefore, the management got around by disclosing sustainability reports to
increase company value. Sustainability reports have a role as a medium to minimize
the risk of diminishing public trust due to the issue of market sentiment being rolled
out. Therefore, this report contains the transparency of the company and its
contribution to society and the environment. In addition, this report is also used to
maintain transparency and accountability in managing negative impacts caused by
industrial / organizational activities. With thatThe ongoing report has a role as a
media to minimize the risk of a decrease in public confidence due to the issue of
market sentiment being rolled out. Because in this report contains the transparency
of the company to its contribution to social and environmental stature. As well as
to maintain transparency and accountability in managing the negative impacts
caused by these industrial / organizational activities, so that their management and
preventive actions can be monitored from year to year
Strategi pengembangan bisnis baja PT XYZ
Full text linkThe vision of the national industrial development as stated in Presidential
Regulation No. 28 of 2008 concerning national industrial policy is that Indonesia
becomes a tough industrial country by 2025. The steel industry is a priority industry
which is an industrial cluster that has high prospects to be developed based on its
ability to compete in the market international. A country's steel consumption is one
indicator growth of country. PT. XYZ is part of the steel industri that focuses on
the automotive sector which is very possible to increase business capacity. The
stagnant earnings ratio in the period 2014-2018 triggered the development of a
business model to improve the business situation..
The research was conducted using descriptive method which aims to identify
the business model of canvas PT. XYZ, to analyze the influence of internal and
external factors for the company, to make a business development strategy with
SWOT analysis dan blue ocean strategy perspective. The data used as a reference
in the study are primary data and secondary data. Data collection was conducted in
February 2019 - June 2019 through the method of observation, interviews,
questionnaires, and literature studies. The selection of respondents was carried out
by purposive sampling with a total of six respondents.
Identification of the business model of PT. XYZ showed that customer
segments were a company based on automotive components of four-wheeled
vehicles both domestically and abroad. Value proposition companies were
providers of steel raw materials with size customization, timely delivery, and
proximity. Channels used were direct channels or direct channels, which were
companies that process product sales transactions directly to customers. Customer
relationships that were woven were dedicated personal assistance. Revenue streams
were income earned through steel sales. Key activities include sales activity,
customer retention, production, and inventory management. Key resources needed
were human resources, slitter and leveler production machines, and networks with
suppliers. Key partners for companies were overseas suppliers and delivery
services. Cost structure includes employee salary, cost of purchasing raw materials,
transportation costs, and production costs.
Identification of the external environment showed that the factors that
influence were market power 29.13%, industrial strength 24.69%, key trends
23.61%, and macroeconomic strength 22.58%. Identification of the internal
environment showed there were 4 factors that influence the company's business
model. The first factor was a product that was influenced by raw materials, quality,
human resources, production processes, and quantity. The second factor was
customer interface which was influenced by the closeness of the company's
relationship with the customer, the company's distance from the customer, media
information. The third factor was infrastructure management which was influenced
by skills, motivation, reward sistems, and the number of HR. The fourth factor was
financial aspect which was influenced by good relations with investors and product
selling prices.
Two strategies were formulated, namely the substitution strategy for imported
materials and the strategy for time efficiency and market expansion. The two
strategies are based on the policy of the company's business development direction,
internal and external environmental analysis, evaluation of existing business model
elements, and a combination of four steps of blue ocean strategy work. The first
strategy is the development of business models on cost structure elements. The
strategy is carried out by reducing the purchase of raw materials from foreign
suppliers by creating a component of domestic suppliers in the key partners block.
The second strategy, namely the development of business operating systems is
considered capable of impacting the efficiency of business operations by creating
components of business operating system development in the key activities block
and expanding new markets with the target company manufacturing two-wheeled
components in the customer segments block
Analisis Faktor-faktor yang Mempengaruhi Efisiensi Bank BUMN BUKU EMPAT
Full text linkBanking efficiency is one indicator to measure the level of health and
stability of a country's financial system. Banking total assets in Indonesia compared
to other financial services institutions amounted to 76%. Bank BUKU Empat,
which consists of 5 banks, contributed to the Total Assets of Conventional
Commercial Banks amounted to 53.1%. Bank BUMN consisting: Bank BRI, Bank
Mandiri, and Bank BNI contributed to 74.8% of the Total Assets of the Bank BUKU
Empat. The significant contribution suggested that Bank BUKU Empat able to
represents Conventional Commercial Banks, and the Bank BUMN has represented
the condition of the Bank BUKU Empat in Indonesia.
The ratio of BOPO and NIM as a proxy of efficiency uses only a single
variable. Therefore, to get more comprehensive analysis is needed a method by
using multiple variables, because many factors that affect banking efficiency. The
research questions related to analysis the Efficiency of Bank BUMN BUKU Empat
and its Determinants in Indonesia are: (1) How is the rate of the efficiency of Bank
BUMN BUKU Empat in Indonesia? (2) What factors affected the rate of the
inefficiency of the Bank BUMN BUKU Empat in Indonesia?
To analysis the efficiency of Bank BUMN BUKU Empat in Indonesia is
carried out using the Data Envelopment Analysis (DEA) method, so the inputoutput
to be used must first be determined. The input variables used are Savings
Total, Fixed Assets, and Labor Costs. The output variables used are Total Credit,
Interest Income, and Non-Interest Income. The efficiency scores obtained are then
analyzed again using the panel data regression to find out the factors that affected
the efficiency of Bank BUMN BUKU Empat in Indonesia. Internal variables used
are Assets Total (TA), Return on Assets (ROA), Share of saving (PDPK), Loan to
Deposit Ratio (LDR), Capital Adequacy Ratio (CAR). The external variables used
are Inflation (INF), GDP Growth (GDP), Exchange Rate (ER).
The results of the efficiency analysis using the Data Envelopment Analysis
(DEA) method suggest that Bank BRI was the most efficient during the study
period, with an average score of 0.9686. Bank Mandiri and Bank BNI obtained an
average score of 0.9649 and 0.9397. Determinants causing inefficiencies at Bank
BRI are high Labor Costs and low Non-Interest Income. Determinants causing
inefficiency in Bank Mandiri is the number of Fixed Assets. Determinants causing
inefficiency at Bank BNI are the number of Fixed Assets and the low-Interest
Income.
Bank BRI in improving efficiency must reduce Labor Costs or improve the
performance of existing employees so that more productive in producing output
through increased fees of transaction services. Bank Mandiri in improving
efficiency must convert fixed assets to current assets that are more productive. In
improving efficiency, Bank BNI must convert fixed assets to current assets that are
more productive, to increase Credit Total and obtain higher Interest Income.
The result of panel data regression suggests that overall, the independent
variables simultaneously affected the efficiency score as the dependent variable.
Results of t-Test suggest that the independent variables CAR, ER, INF, LDR,
PDPK, ROA, and TA have a significant effect on the EF, while the independent
variable GDP has no significant effect although it is positively related.
The negative effect of the CAR variable is caused by banks having to deposit
funds to Bank Indonesia, so that these funds cannot be distributed as credit. The
positive effect of LDR is caused by the greater loan given to third parties, the higher
the Interest Income obtained. The positive effect of PDPK is caused by the higher
savings total owned by banks, the smaller the cost of funds. The positive influences
of ROA variable suggest that the ability of banks to manage assets more effectively.
The negative influences of TA are due to the more maintenance costs incurred for
unproductive fixed assets.
The positive effect of GDP reflects the economic growth of a country, where
people need capital to increase production, and need banks to save funds. The
negative effect of INF caused by rising inflation will reduce the ability of the people
to save money and reduce the ability of debtors to pay off their obligations. ER has
a positive effect on reflecting increased lending to exporters, proper placement of
funds on the money market, and increasing international payment transactions
Pengembangan Daya Saing UKM (Studi Kasus di Perkampungan Industri Kecil Pulogadung)
Full text linkPerkampungan Industri Kecil (PIK) Pulogadung is the center of Small and
medium-sized enterprises (SMEs) in East Jakarta and managed by Unit Pengelola
Kawasan Pusat Pengembangan Usaha Kecil dan Menengah serta Permukiman
(UPK PPUKMP) Pulogadung UPK PPUKMP Pulogadung is a government agency
which implement Pola Pengelolaan Keuangan (PPK) of Badan Layanan Umum
Daerah (BLUD) to provide assistance for Small and medium-sized enterprises
(SMEs) in. The purpose of the establishment of the Agency is to facilitate the
development of SMEs. The research aims to analyse strategies in financial
perspectives, customer perspectives, internal business perspectives, as well as
growth and learning perspectives and recommend alternative strategies in the
development of SMES in PIK Pulogadung.
The data collection methods conducted in this study used in depth interviews
and surveys. The data analysis method using a Balanced Scorecard to describe
strategic objectives and AHP to weigh against strategic target priorities. The results
showed that strategic target that needs to be done in financial trade consists of three
efforts in order to create a competitive SME, namely realizing the target of
acceptance, increasing the independence, and realizing the budget. Customer
perspective has two strategic objectives, which are customer satisfaction and
increased number of customer. The perspective of internal business process has
three strategic objectives, namely increased SME training activities, increased
number of infrastructure facilities, and effective business process improvement.
The learning and growth perspectives consist of strategic objectives in the form of
employee satisfaction and improvement of human resources competence.
Based on AHP's weighted results, it is obtained that the customer's
perspective ranks first in the strategy priority of the Balanced Scorecard, followed
by a learning and growth perspective, internal business process perspective, and last
financial perspective. The strategic goal of every perspective that has the greatest
weight, which is the financial perspective is the increase in self-reliance, customer
perspective is customer satisfaction, the perspective of the internal process is an
effective improvement of business processes, and the perspective of learning and
growth is an increase in human resource competence. In addition, the value of the
strategic target weights that become five priorities are customer satisfaction,
improvement of human resources competence, increased number of customers,
improvement of effective business processes, and increased self-reliance.
There are things to oversee and improve to develop the competitiveness of
SMEs is to focus on the strategic objectives of the customer's perspective by
continually striving to understand and meet the needs of customers. In addition,
learning and growth perspectives need to be improved because employees are the
key to manage and achieve the competitive PIK area
Analisis Kualitas Laba (Earnings Quality) Perbankan Syariah di Indonesia
Full text linkThe financial report manipulation is related to the earnings management
practice, whereas the company adjusted the profit for a certain purpose, without
supported by the real underlying transactions. There were some reasons why the
companies tend to perform earnings management practice, mainly due to there was
an agency problem amongst the company’s management (agent) and the owner
(principal), in more specifically because the lack of corporate governance,
managers’ bonus/compensation plan, decreasing of audit-supervision, debtcovenant,
and economic-meltdown condition.
Earnings management practice is potentially done by any type of companies
included the sharia bank. The earnings management practice will affect the
company’s earnings quality as represented in the financial report. The company
usually performs the earnings management through the accrual processing of
revenues and expenses. Despite the mudharabah and musyarakah financing uses the
accounting cash-basis, the sharia-bank may manipulate the earnings by adjusting
the investment profit-sharing projection refer to the bank’s profit target. The bank’s
debt excluding the customer’s deposit could lead the sharia-bank to performs the
earnings management. The sharia-bank should achieve a certain profit to fulfill debt
covenant as stipulated in the credit agreement.
The study aims to investigate the differences of earnings quality and examine
the effect of mudharabah and musyarakah financing and leverage to earnings
quality, within two sharia bank types i.e. stand-alone/sharia-bank owned by the
conventional bank (BUS) and sharia-business window in a conventional bank
(UUS) during economic meltdown period in Indonesia between 2014-2016.
The results show that there are no significant differences in the earnings
quality within sharia bank types during the observed period. Furthermore, the
results show that the effect of mudharabah and musyarakah financing and leverage
to earnings quality within sharia bank types are in-significant within the same
observed period
Analisis risiko bisnis jasa pelatihan di PT. mutiara mutu katiga
Full text linkTraining is one of the ways to solve human resources problems in Indonesia
because it can increase the skills and the chances of getting a job. There are many
trainings organised by the government and private sector. And again, that’s propels
business opportunities in training services in various fields. The one of the business
training services was rapidly growth is the business of occupational safety and
health training services. PT. MMK is a occupational health and safety service
company have established 2016 until now. PT. MMK is facing risks in its business
activities. Risks facing of the company were failure of implementation of training
because of unreached quota of participants, customer complaints, safety of
participants from the things that are not desirable during the training, delayed in
training equipment and damaging of goods that exist during the training. There are
various problems and potential risks faced, because that PT. MMK need a research
of business risk management. The main objectives are to identify and classify the
risks, to analyze the level of risk and to provide risk mitigation advice that needed
by PT. MMK.
The types of data were primary and secondary data. The primary data re
collected through observations, interviews and questionnaires. The purposive
sampling is using with 5 internal respondents and 3 external respondents. The
methods of analyzed are using Cochran analysis and Godfrey risk map.
Based on operational, financial, logistic and HRD divisions, there are 30
internal risks and 8 external risks. The low level of risk is low employee discipline,
floods, earthquakes and fires. There are 14 medium risk level, including delay in
ordering training equipment, delay in delivery of goods, dependence on one
supplier, damage to training support equipment, lack of human resource
competence, changes in organizational structure, limited own capital, no service
quality standards, no SOP, increased advertising costs, failure to update marketing
methods, lack of competent teaching staff, increased complaints, changes in
customer preferences. There are 19 high risk level including increase in the price of
training equipment, inappropriate stock taking, loss of training support equipment,
limited human resources, errors due to human factors, delay in reporting time, high
cash flow, ineffective cash flow checking system, incorrect selling price decisions,
over cost from the initial cost plan, weak internal company controls, mismatching
training schedules and locations, ineffective advertising, dependence on marketing
methods, limited market reach, high selling price competition, regulatory changes,
uncompetitive selling prices, high competitor growth. The extreme level of risk is
dependent on the number of participant.
Based on the level of risk acceptance, there are 4 risks with unacceptable
acceptance levels, 16 risks with undesirable classification risk acceptance levels, 8
risks with acceptable classification risk acceptance levels and 10 risks with
negligible classification risk acceptance levels. Mitigation required by PT. MMK
when viewed from the 4 highest risks is not to conduct training with little interest,
recruiting freelancers for each training event by providing written standard operating procedure that must be obeyed, conducting budgeting in more detail and
expanding market share
Pengembangan strategi manajemen talenta pada program digital amoeba PT Telkom Indonesia, Tbk
Full text linkTalent management is a dynamic and comprehensive process for
developing the highest potential employees in an organization through direct and
integrated development. In order to increase revenue and capabilities in the digital
service sector, Telkom initiated the talent management program under the name
amoeba digital program. Digital Ameba is a new initiative program within the
company that aims to capture and accelerate digital business innovation from
Telkom employees. But until now the evaluation process carried out is still
focused on the business aspects of the digital services produced, not yet on the
aspect of resources. Therefore it is necessary to conduct an evaluation of the
interrelationship between the talent management program namely Digital Amoeba
on improving the company's human resources (aspects of corporate culture and
employee performance) so as to produce the right strategy.
This study aims to analyze the effect of talent management on company
culture and employee performance and formulate an appropriate talent
management development strategy to be applied in the Digital Amoeba program
at PT Telkom Indonesia. The type of data used is primary data obtained directly
from respondents who are members of this program and expert respondent data
both internal and external, while secondary data is obtained through data library
studies. Sample collection uses a saturated sample, where the population in this
study are all employees who are members of the Digital Amoeba program with
active status and work locations in Jakarta, amounting to 55 people. While there
were 5 expert respondents, both internal and external from the Digital Amoeba
program. Data processing and analysis methods in this study use Structural
Equation Modeling - Partial Least Square (SEM PLS) analysis. Meanwhile, to
formulate an appropriate talent management development strategy using the
Analytical Hierarchy Process (AHP) method.
SEM analysis results show that talent management has a significant effect
on corporate culture while talent management does not significantly influence
employee performance, so it is necessary to develop the talent management
program. For the corporate culture, it has a direct and valid effect which is valid as
a mediation of talent management which has a significant effect on employee
performance. While the results of AHP analysis of the priority development
strategies for amoeba digital talent management programs include realizing
performance management systems and implementing personality assessments
Analisis dan Optimalisasi Kinerja Portofolio Investasi (Studi Kasus Dana Pensiun PLN)
Full text linkThis study aimed to analyze the performance of each investment asset in an
investment portfolio using risk-adjusted performance. The types of assets referred
to in this study are government bonds, time deposits, stocks, bonds, and mutual
funds. The risk-adjusted performance method used in this study is the Sharpe
ratio, the Treynor ratio, and the Jensen alpha methods. The three methods use
different elements of risk in performance measurement. The results of the
calculation of the performance of each type of asset-based on risk-adjusted
performance will be compared with their respective benchmarks.
This study also aimed to optimize the investment portfolio performance. The
optimal portfolio formation used in this study is the single-index model and
portfolio tangency. Then analyze the performance of the investment portfolio
using the Sharpe ratio. Before optimizing the investment portfolio, a study of
PLN's Pension Fund investments is carried out to obtain the historical PLN
Pension Fund portfolio formed during the study period.
The results of the performance of each asset compared to each benchmark
based on the Sharpe ratio method is that each asset can outperform each other's
market performance except mutual funds. This is in line with the Treynor ratio,
where there is one asset that cannot outperform the market performance, namely
mutual funds. Based on the Jensen alpha method, there is one asset that has
suboptimal performance, namely mutual funds. This is in line with the Sharpe
ratio and Treynor ratio.
The results of portfolio performance optimization based on the single-index
model are that two assets are forming a portfolio, namely government bonds and
shares. While time deposits, bonds, and mutual funds are not instruments for
forming an optimal portfolio. Slightly different from the single-index model,
government bonds, time deposits, stocks, and bonds is an optimal portfolio
forming asset. While mutual funds are not an instrument for forming an optimal
portfolio. Based on the results of optimal portfolio composition, the single-index
model and tangency portfolio can provide an optimal rate of return with a lower
level of risk compared to the historical portfolio of the PLN Pension Fund.
However, the portfolio composition produced by the single-index model is not
following PLN's Pension Fund investment policy, the allocation of government
bonds exceeds the maximum quantitative limit. The portfolio assessed using the
Sharpe ratio, tangency portfolio has the highest Sharpe ratio. So the portfolio
formed based on portfolio tangency is the best portfolio combination.
The managerial implication in this research is that management should
consider reducing the composition of mutual funds in investing, which based on
risk-adjusted performance has not optimal performance. The optimal alternative
portfolio proposal is that management can use tangency portfolios that provide a
lower level of risk with a higher rate of return and have a better performance
compared to the historical portfolio of the PLN Pension Fund