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Pengaruh kinerja keuangan dan makroekonomi terhadap return saham perusahaan subsektor konstruksi dan bangunan
Full text linkAutomotive industries are one of fast-growing business in Indonesia align with the increasing demand of vehicles. Car manufacturers are supported with layers of supply chain with Small and Medium Industries (IKM) are typically at Tier 2 and Tier 3. Automotive component’s IKM are challenged with limited raw materials, price fluctuations, limited capital support, and lack of human resources quality. PT PQR as automotive IKM have been struggled with 35% revenue decreasing within the last 4 years.
This study uses a descriptive method with a case study at PT PQR located in Cileungsi, Bogor. To describe the complete picture of the company's condition, the primary data was obtained through the results of questionnaires by deliberately selected respondents (purposive sampling technique) who were in the PT PQR supply chain, consisting of internal key person in PT PQR, as well as external parties such as customers, suppliers and small and medium industry associations.
Strategic planning stages by external analysis developed with Porter’s five Forces and PEST Analysis, internal analysis, IE Matrix, TOWS matrix and QSPM.
Results of this research found that the growth of demand, customer loyalty, and car-maker competition as opportunities while exchange rates and import policies are the main threats. Meanwhile product’s quality, competitive selling prices, and production capacity is major strength while low productivity, workplace accidents, and quality of human resources as major weaknesses. With IFE 2.367 and EFE 2.178 to position PT PQR in quadrant V of IE matrix, strategic recommendations are hold and maintain. Market development strategy is selected as top priority completed with 21 action plans in short and long term to implement selected strategy
Analisis pengaruh good corporate governance terhadap nilai perusahaan pada sub sektor konstruksi dan bangunan
Full text linkCorporate failure, financial scandals and crises in various countries have focused on the importance of good corporate governance. The implementation of supervision that can be used to minimize irregularities in the management of the company can be done with corporate governance mechanisms that are expected to increase the value of the company. One of the main goals of the company is to increase the value of the company through increasing the prosperity of the owners or shareholders. This research was conducted to examine the effect of managerial ownership variables, institutional ownership, independent board of commissioners, the size of the board of commissioners and the size of the board of directors on the value of the company proxied by tobin’s q.
Sample of this study is the construction and building sub-sector companies listed on the Indonesia Stock Exchange for the period 2013-2017 with a total of 10 companies using the purposive sampling method. While the analytical method used is the classic assumption test and hypothesis testing and multiple regression analysis.
The results of the are the mechanism of good corporate governance has a significant positive effect on the firm value of these variables, namely managerial ownership, independent board of commissioners, the size of the board of directors and the size of the board of commissioners. Partially only the institutional ownership component that shows no significant effect in influencing the value of the company and its relationship with uncollectible accounts as a mediating variable on firm value
Analisis pengaruh liquiditas, imbalan, jatuh tempo dan ihsg terhadap harga sukuk negara di pasar sekunder
Full text linkThe law No.19 year 2008 about Islamic based government securities defines that Sukuk is an Islamic based Bond issued by the Indonesian government in domestic or foreign currency. Further, in the issuance of Sukuk, it requires the underlying assets that made Sukuk differs with another type of government bond. Meanwhile, in terms of Sovereign Sukuk’ contracts, there are 14 types of contract that could be used for the Sukuk. As one type of securities, Sukuk is also being traded in the primary and secondary market. However, the volatility of Sukuk price in the secondary market is remaining low or even stagnant as compared with another government bond at the same place. This caused the investors are less interested in Sukuk and there must be a solution on how to attract the investors to invest Sukuk in the secondary market.
This study aims to investigate the impact of liquidity, coupon, maturity, and ICI on the price of Sovereign Sukuk on the secondary market for 42 months from January 2015 to June 2018. This study uses linear regression approach and the data of the study is collected from the Ministry of Finance of Indonesia.
This study found that all the variables are positively significant to the Sukuk price except the maturity variable. The results of this study referred the investors to invest in Sukuk with high liquidity and short maturity. Specifically, the best type of Sukuk for an individual investor is SR007 and the best type of Sukuk for the institutional investor is IFR006
Analisis strategi meningkatkan minat berwirausaha mahasiswa s1 ipb
Full text linkUnemployment has become one of the negative issue in Indonesia. One of the solution to reduce the amount of unemployment is by growing the field of entrepreneurship. Entrepreneurship will create vacancies. Bogor Agricultural University is one of the finest institute in Indonesia that responsible to create the culture of entrepreneurship. For that purpose, Bogor Agricultural University must acknowledge factors that influence the interest of entrepreneurship for undergraduate students and create the strategy formulation to increase those interest in entrepreneurship for undergraduate students of Bogor Agricultural University.
The purpose of this research are: 1) Acknowledge the general condition of interest for undergraduate students of Bogor Agricultural University. 2) Acknowledge factors that can increase the interest in entrepreneurship of undergraduate students of Bogor Agricultural University. 3) Formulating strategy that can be used to increase interest in entrepreneurship of undergraduate students of Bogor Agricultural University.
This research used MPE (Exponential Comparison Method) and AHP (Analytical Hierarchy Process) method. MPE used to analyze important factors that can influence interest in entrepreneurship of undergraduate students of Bogor Agricultural University. AHP used to analyze and formulate strategies to increase interest in entrepreneurship of undergraduate students of Bogor Agricultural University.
Based on the measurements using GET test, undergraduate students of Bogor Agricultural University have an interest in medium-level entrepreneurship. There are factors to increase interest in entrepreneurship of undergraduate students of Bogor Agricultural University. Those are inspiration, personal dreams, community culture, spiritual quetion, personal character, and lifestyle. These factors are part of the priority hierarchy of strategies that can increase the entreprenership tendency for IPB undergraduate students. Determination of alternative strategies to increase interest in IPB undergraduate entrepreneurship using AHP method. Based on AHP method, coaching, training and becoming the member of business community are priority strategies to increase the interest of entrepreneurship for undergraduate students of Bogor Agricultural University. The most influential factors that can increase the interest in entrepreneurship are lecturers and entrepreneurs
Analisis portofolio optimal model black-liiterman di bursa efek indonesia pada sektor industri barang konsumsi
Full text linkInelastic demand level has been an advantage in consumer goods sector because this sector provides basic supply. In other words, although the price might incline, people will not stop from buying it since it is basic supply. The object of this study is consumer goods company because investment in this industrial sector has good prospect in investment world development. Optimum portfolio is a selection of various portfolio stocks efficiently. There are some models of optimum portfolio development such as Mean-Variance Model, Capital Asset Pricing Model (CAPM), and Black-Litterman Model. The principal of Mean-Variance model is quantitative approach, linking risk that is measured by standard deviation or variance and its expected return of mean return. This CAPM model used beta to link the risk and return.
Black-Litterman model with Bayes approach uses views investor as prior information. Black-Litterman model shows the view of an investor with other investors could be different due to the view is subjective. The view is an investor's view in asserting the predicted return towards such stock. This research is a quantitative study by using secondary data on stock prices of the consumer goods sector on the Indonesian Stock Exchange for the period of January 2014 - December 2018 which was obtained from Yahoo Finance and the Indonesia Stock Exchange.
Beta with score more than 1, means that the return of certain stock is sensitive to all market changes. Issuers with beta scored more than one were INDF and GGRM. There were four stocks that formed the optimum portfolio in long term of consumer goods sector identified by using Black-Litterman model. Those are stocks of PT Indofood CBP Sukses Makmur Tbk, PT Kimia Farma Tbk, PT Indofarma Tbk, PT Indofarma Tbk, and PT HM Sampoerna Tbk. Stock with the biggest proportion was ICBP's stock with proportion of 68.5379%, meanwhile the smallest proportion one was INAF's stocks with proportion of 3.0277%. The mean return was calculated from this proportion, resulting in 3.678% and the risk value was 1.471%. In the short term period the composition formed is five stocks, those are GGRM, ICBP, KAEF, INAF, and HMSP. In the short term period of 12 months (2018) the mean return generated was 4.523% with a risk of 1.809%
Rancang bangun model pelayanan perizinan investasi terintegrasi
Full text linkPrivate investment is important at providing development fund resources other than the state budget. The current target of the government is to develop business ease and to promote investment climate at regional level. Indonesia is currently ranked 73 in ease of doing business indexed by the World Bank Group in 2019. This condition is far below neighbouring countries such as Singapore, Malaysia, and Thailand.
Various efforts to promote business climate have been done, one of which is through improving licensing services. Licensing is defined as government authority given to individuals/groups who will carry out certain activities as part of the supervision and control process in the administrative mechanism. It means that the government plays an important role in creating a licensing system that administratively can support the development of the business climate, and at the same time the establishment of good governance in public service sector.
This research was conducted with the aim of (1) analyzing the current situation of the organization and the implementation of investment licensing; (2) analyzing the regulatory map and its implementation on investment licensing; (3) developing a conceptual model of integrated investment licensing, (4) designing strategies for implementing an integrated investment licensing service model. The methods used in this study include Situational Analysis, Regulation Mapping, Soft System Methodology, Regulatory Impact Analysis and Analytical Hierarchy Process.
The results of the study compiled from 230 sample of DPMPTSPs all around Indonesia through the distribution of questionaire and Focus Group Discussions as well as indepth interviews with expert respondents indicated that the quality of licensing services are still far from the ideal as expected by the government. The establishment of Agency of Investment and One-Stop Service or Dinas Penanaman Modal & Pelayanan Terpadu Satu Pintu (DPMPTSP) in all Provinces and Regencies/Cities has not been able to strengthen the relationship between licensing services and investment rate. Moreover, the Ministry of Home Affairs' 2018 data, reveals that only 79.7% of the regional heads delegated all licensing and non-licensing authorities, as mandated by law, to the DPMPTSP. Regarding the nomenclature, 70% regional goverment has formed DPMPTSP with nomenclature in accordance to MoHA Decree Number 138 Year 2017. Moreover, it is found that the composition of DPMPTSP comprised of 32.17% A Type, 35.78% B Type, 25.22% C Type and 7.83% others. The centralization of authority by regional heads had make it difficult for the DPMPTSP to optimize its function as a one stop service agency.
Business actor expectation to receive easy licensing services has not been fullfiled. Convoluted mechanism problems, inadequate on-line application systems, inadequate infrastructure facilities, and inadequate skilled personnel are among problems encountered by business actors. In implementing the licensing service process the DPMPTSP is currently required to coordinate with the technical office to obtain a letter of recommendations before permits can be released. Nationaly, 45.91% of the technical teams are not assigned to be working one-roof in the DPMPTSP, but still situated in their technical office.
The results of the regulation mapping analysis shows that there are 12 Laws, 4 Government Regulations, 4 Presidential Regulations, 26 Ministerial Regulations that regulate the process of licensing services in Indonesia. Further analysis founds several problems regarding regulations arise both in central and regional level, namely: (1) overlapping and colliding regulations; (2) lack of National Standard Guidance; (3) unintegrated National Standard Guidance; (4) Regional Laws do not comply with National Law or National Standard Guidance, especially those which regulate the licensing service institutions.
From the above results, further analysis by utilizing the 6 stages of Soft System Methodology produced conceptual models, namely: (1) evaluation of regulations; (2) improvement of service mechanisms and (3) improvement of human resource quality. The designed model describes linkages among variables, actors, factors and the steps; as well as illustrates diagrammatically the format of the three decomposed submodels, and the format of the whole integrated one model. In order to design a strategy to implement the integrated investment licensing service model developed, the Analytical Hierarchy Process (AHP) was performed. AHP scores show that from the three conceptual models it is known that the first priority is evaluation of regulation with a weight value of 0.539, the second priority is improvement of service mechanisms with a weight value of 0.244 and the third priority is improvement of human resources quality with a weight value of 0.217.
Strategic application of the evaluation of regulation model leads to the importance of National Standard Guidance templates formulation; and the necessity to enact an Omnibus Law. The strategy to apply the improvement of service mechanism model is done through an Institutional Arrangement advancement and Online Single Submission System Advencement. The strategy to execute the Improvement of Human Resource Quality at operational level is carried out by education and training as well as by the improvement of promotion and placement system of personnel; while for the quality improvement of human resources at decision making level (Local Government Head) is conducted by guidance and supervision according to Law Number 23 Year 2014 mechanism and technical assistance. Furthermore, it is nessecary to implement affirmative policy in a form of talent pooling and jobs requirement fulfillment. Finally, the results of the model validation show that the integrated investment licensing service model can be implemented
Model penetapan harga ipo berdasarkan valuasi studi empiris pada perusahaan tercatat di bursa efek indonesia tahun 2000-2014
Full text linkThe process offering securities of a company to public investors is called IPO (Initial Public Offering). At time the company do an IPO, the shares price at IPO was an agreement between the company and its underwriter. The phenomenon that occurs is the shares price at IPO lower than the intrinsic shares price based on valuation, after the shares has been traded on the stock exchange, and it also lower than the closing price on the first day in the secondary market.
The purpose of this research is to create a model of how to set the share price at the time the company will conduct IPO based on intrinsic share price valuation results. The valuation method used is the Price Earning Ratio. Research was carried out on companies that did an IPO in 2000 - 2014 with a purposive sampling of 240 companies.
Test difference of mean was conducted with test statistic independent t-test for differences between fair stock prices based on valuation with the IPO stock price, the IPO stock price with closing price on the first day of trading and the fair stock price fair based on valuation with a closing price at the first day of trading. Test difference of underwriter in generating price difference conducted with statistical test Chi Square. Test of the factors that affect Positive Initial Return performed by multiple regression and made IPO pricing model with simple linear regression.
The results showed there was a difference between fair stock prices based on the valuation and the IPO stock price . After the stock listed in the secondary market, there was a difference between IPO stock price and the closing price on the first day in the secondary market. Meanwhile, there is no difference between the fair stock price and the closing price on the first day in the secondary market. Each underwriter will produce different levels of price differences. Positive initial return is caused by factors underwriter reputation, auditor reputation, firm size, firm age and sales. While holding fractional does not affect the positive initial return. Pricing an IPO can be predicted based on the fair stock price based on valuation
Mobile broadband for the farmers: a case study of cocoa farmers in southern east java indonesia
Full text linkRecent development on Indonesia digital technology has transform culture and the way of people interact each other on both social and business activities. Extensive broadband coverage expansion and increasing trend on smartphone penetration give significant impact to the growth on internet user (dominated by mobile internet), social media users, and mobile applications include local based applications. Some researchs state that the development of digital economy contributes to economic development. Broadband development affects many other sectors such as banking, trading, tourism, transportation and agriculture. This study focuses on digital inclusion in agriculture. Although digitalization could contribute to the improvement in many cases, it doesn’t necessary solve all the problems. There are some analog sides of the industry that require analog approaches. This study provides a comprehensive analysis on industry and assesses potential contribution of digital inclusion in improving the competitiveness of industry. This study focuses on cocoa sector as one of Indonesia seed commodity and part of international market which was supported by 1.7 million hectares plantation and 1.7 million farmers. Global cocoa value chain inclusion does not necessary improve the fartmers’ quality of life due to various problems faced by cocoa farmers. As mentioned above, this study analyses the industry environment and seeks the proper analog and digital approach to improve the competitiveness of Indonesia cocoa. As part of the analysis on digital contribution, this study also analyses the technology acceptance by cocoa farmers and the impact to their business performance. First part of this study provide a high level overview about Indonesia cocoa includes its’ position in the global cocoa supply chain. This section provides quantitative analysis on the market structure (market share) and competitiveness (Revealed Comparative Advantage) of Indonesia cocoa, while the qualitative analysis analyses the competitiveness gap on Indonesia cocoa based on interview with cocoa experts using World Economic Forum (WEF) framework as the measurement tool. This section concludes that there is a decreasing trend on Indonesia position in the global cocoa market and this sector faces competitiveness gaps on business sophistication, innovation, and macroeconomic condition. Next part of the study provides an analysis on potential benefit for cocoa farmers from global value chain inclusion by exploiting the dynamics in the governance of global value chain. Based on literature study and interview with the experts, internet is considered would able to help farmers to improve their quality of life by increasing the complexity of transaction along with the capability improvement on transaction codification and finally enabling the farmers to access a wider market include virtual market.
In order to analys the farmers’ acceptance on internet technology, this study employs Technology Acceptance Model (TAM), a model developed by Davis (1989) to explain the peoples’ behavior on adopting new technology. The two main factors in this model are Perceived Ease of Use (PEoU) and Perceived Usefulness (PU) which will influence the Intention to Use (IU) of specific technology. These two main factors are influenced by some external variables. Based on previous researches, this study combines the variable of business environment represented by sub-variable of Five Forces Porter with the variable of individual environment represented by sub-variable of perceived cost, perceive security and convenience, and social environment. This part of the study proposes a conceptual framework on the impact of technology adoption to business performance through intermediary variables of creativity and innovativeness. A field study was conducted in southern part of East Java with the consideration on the number of cocoa farmer, quality of broadband network, and prediction on smartphone penetration. Total respondents of this study are 193 cocoa farmers and this part of the study concludes that Perceived Ease of Use (PEoU) is significantly influenced by user’s perception on cost and social influence, while the Perceived Usefulness (PU) is significantly influenced by cost perception, security and convenience perception, and business environment. The Intention to Use (IU) of a technology is significantly influenced by the Perceived Usefulness (PU). The actual usage on mobile broadband technology is dominated by search engine on real time global market price and knowledge on cultivation and processing. As the result on the analysis on the impact of technology adoption, this study concludes that the user perceives the indirect benefit of mobile broadband through intermediary variables of creativity and innovativeness. This study concludes that Indonesia cocoa farmers have an opportunity to improve their quality of life by utilizing mobile broadband. Theoretically, this study contributes new understanding on technology acceptance model by combining individual and business environment factors with the impact of technology adoption to business performance through creativity and innovativeness. Managerial implication of this study states that key success factor on implementing this technology is the active involvement of business/farmer association to encourage the usefulness perception of this technology beside social approach to promote the perception on ease of use. This study has some limitations apart from the usefulness empirical insight provided by this study. It employs a nonprobability sampling that limits the generalizations of the findings. Moreover, with the consideration that the respondents are farmers, all of the measurements are using perception scale to simplify the data collection process
Kompetisi, efisiensi dan stabilitas perbankan di indonesia
Full text linkBanking industry is like a heart in the body of economy that plays the role to pump the ‘blood’ in the form of money and to distribute it to the organs of the body in need of blood. Thus, if the ‘heart’ is paralyzed, the economic system will crumble. Thus, the banking industry is the main channel where fragility is transmitted to other sectors in the economy by disrupting the interbank lending market and payment mechanism, and/or by reducing the availability of the financing.
Since 1970, there have been recorded 117 cases of systemic banking crises and 51 cases of non-systemic banking crises in developed countries and emerging market countries. Banking instability has created a large cost, one of which is in the form of fiscal resolution cost for the government. This cost comprises various expenses to rehabilitate the banking system including bank recapitalization cost and payment to depositors or savings through the deposit guarantee (insurance) scheme. This fiscal resolution cost on average is quite substantial, amounting to 15% of GDP. This cost is higher in emerging market countries especially when accompanied by currency crisis. In Indonesia, as a result of 1997-1998 crises, the overall total cost of recovery of the banking system through the issuance of government bonds was around Rp658 trillion, consisting of Rp430 trillion for bank recapitalization cost, Rp218 trillion for BLBI (Bank Indonesia Liquidity Support) cost, Rp9.97 trillion for program credit cost.
The first objective of this study was to measure the competition, efficiency, and stability of banking in Indonesia. Competition was measured by the Herfindahl-Hirschman Index, efficiency was estimated by the Stochastic Frontier Analysis approach, and stability was calculated by Z-Score. The second objective was to analyze the effect of competition on banking stability in Indonesia, whether it follows the Competition-Stability Hypothesis or the Competition-Fragility Hypothesis; the effect of the opposite direction was also analyzed, to see the influence of stability on the banking competition in Indonesia. The third objective was to analyze the effect of competition on banking efficiency in Indonesia, whether it follows the Competition-Efficiency Hypothesis or the Competition-Inefficiency Hypothesis; the effect of the opposite direction was also analyze, to find out the influence of efficiency on banking competition in Indonesia. The fourth objective was to analyze the effect of stability on banking efficiency in Indonesia and the effect of opposite direction as well.
To examine the relationship between competition, efficiency and stability, the Panel Vector autoregression model was used. The first stage of this test was conducting a formal test to determine data stationarity. The second stage was determining the number of optimal lags by using five methods or criteria. The third stage was ensuring that the Panel VAR model used met the conditions of stability on the optimal lags. The last stage was then the estimation of VAR Panel and Granger Causality Analysis. As a robustness test of the results of this Panel VAR estimation, Impulse Response Function of the endogenous variables due to the shock from other variables was conducted.
The results of this study indicated that HHI affected the level of banking efficiency with a positive relationship. This means that in Indonesia the increase of competition (indicated by the declining HHI) will reduce the level of banking efficiency. Therefore, the behavior of banking in Indonesia follows the Competition-Inefficiency Hypothesis. As for stability, it affected the level of banking efficiency in Indonesia with a positive relationship. This means that in Indonesia the increase of stability will also increase the level of banking efficiency.
Efficiency affected the HHI of banking with a negative relationship. This means that in Indonesia the increase of efficiency will ultimately increase banking competition (indicated by a decrease in HHI). On the other hand, stability did not significantly affect (not Granger cause) competition.
HHI affected stability with a positive relationship. This means that in Indonesia the increase of competition (indicated by the declining HHI) will decrease banking stability. This is in accordance with the Competition-Fragility Hypothesis. On the contrary, efficiency did not significantly affect banking stability in Indonesia.
On the macro prudential level, the first implication of these results is connected with the issue of interest rate management. The results of this study can explain, among others, the difficulty on lowering bank interest rates in Indonesia. The second one is the suggestion on the improvement of the Single Presence Policy. The third one is related to the evaluation of the magnitude of Counter-Cyclical Buffer. The fourth one is linked to the sharpening of the criteria for Domestic Systemically Important Banks. Lastly, the fifth implication is associated with the quality improvement of the monitoring and maintenance of the condition of financial system stability that is carried out by the Financial System Stability Committee.There were some managerial implications on micro prudential level on result of this study as well
Arsitektur strategik pt angkasa pura hotel
Full text linkIn the high level business of competition, a competitive advantage of company is only due to the influence of the dynamic environment and uncertainty. In order to have sustainable competitive advantage, a company must develop and strengthen their core competences to give value for customer. One of industry that is affected by disruption innovation related to rapid business changing is hotel industry. PT Angkasa Pura Hotel that engaged in hotel and lounge services which is located in airport must conduct business transformation that focus on strengthening core competence for their existence in doing bussiness. This research aim to identify current core competence of PT Angkasa Pura Hotel, to develop industry foresight base on core competence and to make architecture strategic towards new future industry. Respondents in this study are top management of PT Angkasa Pura Hotel who have authority in strategic decision making.
This research uses qualitative descriptive and quantitative method. Processing techniques and data analysis in this study is descriptive qualitative analysis that is by using questionnaires, focus group discussion, interviews and literature study. The analytical tools use BCG Matrix to analyze product portfolio of company, VRIO Analysis to identify core competences of company, gap analysis to set strategic challenges, using the architecture strategy to set strategy toward industry foresight.
The result of this research shows that the industry foresight of company is an airport hospitality with managing new core competence such as hospitality management, customer relationship management, hotel building and lounge interior designer and food menu designer. The company’s strategic architecture is arranged for the next 10 years that is divided into 3 strategic steps such as competence strengthening strategy, bussiness growing strategy and performance excellence strategy