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Analisis pengaruh penerbitan obligasi korporasi subsektor bank terhadap reaksi pasar saham
Get PDFCorporate funding through capital market in Indonesia had experienced growth from 2013 to 2017. Based on IDX data in 2017, Indonesia's capital market capitalization increased 67,15% and dominated by finance sector stocks, trading frequency increased 98,33%, the total number of investors increased by 250,28%, the number of companies listed on the exchange increased from 483 companies to 566 companies. The market capitalization of finance sector stock was dominated by the stock of the banking subsector up to 91,87%. The tendency of Indonesian companies to issued corporate bonds is also high. The banking subsector has dominated 38,52% of the corporate bond market in Indonesia. This research aimed to analyze the development of the stock and corporate bond markets in the banking subsector of Indonesia from 2013 to 2017, analyzing the effects of the corporate bond issuance events, the internal and external factors towards the prices stock, analyzing the effects of the corporate bond issuance events towards the abnormal return stocks of banks listed in the IDX from 2013 to 2017.
This study used a descriptive approach, multiple linear regression model and paired sample t-test. The descriptive approach is used to obtain information on the development of the stock and corporate bond markets in the banking subsector of Indonesia from year 2013 to 2017. Multiple linear regression model is conducted to analyzing the effects of the corporate bond issuance events towards the stock prices, as well to analyzing the effect of internal and external factors towards the stock prices. Paired sample t test to determine whether the mean difference between abnormal stock returns before and after the corporate bond issuance events. The population in this study are banking companies that listed in IDX from year 2013 to 2017. This research’s sample are 16 banking companies.
This research showed that the stock and bond markets in the banking subsector of Indonesia had experienced growth from 2013 to 2017. Based on the results of partial regression, the announcement of issuance of corporate bonds, dividends per share, NIM and the exchange rate of rupiah to USD had a significant influence on stock prices and the form of influence was positive. NPL, DER, CAR, BI Rate and inflations had significant effects on prices stocks and the forms of influence were negative. Furthermore, the results of paired sample t-test indicated a significant negative abnormal return on H-1 and a significant positive abnormal return on H = 0 announcement of the bond issuance
Model minat pembelian ulang sayur/buah segar secara online
Get PDFThe online shopping business for fresh fruits and vegetables is the infant
business in Indonesia that has only recently developed, In general, people have
more intention in fresh vegetables/fruits shopping at the modern market and
traditional markets than online shopping, so there has not been much research
done on this business. The purpose of this study was to identify the buying
behavior of fresh vegetables/fruits online by e-shopper; analyzed the factors that
influence consumer repurchase interest through e-commerce; and formulated
managerial implications in an effort to increase online repurchase intention of
consumers of fresh vegetables/fruits. Stimulus-Organism-Response (SOR)
Models and Theory of Planned Behavior (TPB) were used as basic concepts in
exploring variabels in the concepts of this study. The research design used was
conclusive, while the research design used hypothesis testing. The research
approach used quantitative studies from the SOR and TPB integration models.
The data taken was cross sectional which was limited to one time at a time. The
sample collection in this study used convenience sampling with 331 respondents
who met the criteria. Research uses primary data using a google form survey that
was distributed through email or whatsapp.
The results of research indicated that dominant were female, Gen Y (birth
1981-1994). Education owned by respondents was dominated by undergraduate
graduates (S1), married and having jobs as private employees. The domicile of
the dominant respondent lives in Jakarta. E-shopper of fresh vegetables/fruit was
dominated by “A” socio-economic status bought when needed; online transaction
media through smart phones. Compared to vegetables, respondents bought more
fruits respondents who are familiar with fresh vegetable/fruit e-commerce through
social media; expenditure in a once shopping transaction of Rp. 100,000 - Rp.
150,000.
The findings indicate a significant influence of emotion, price concessions,
quality of vegetables/fruits, subjective norm and attitude towards the online
repurchase intention, the perceived risk variable also has a significant effect on
fresh vegetables/fruits online repurchase intention. The e-shopper emotion
variable has the biggest influence of all other variables because it has the biggest
positive influence on the intention to repurchase online e-shoppers in the future.
From the results of the study also found that the variable reputation of the
manager of e-commerce significantly has a positive effect on the e-shopper
emotion variable which will trigger the e-shopper fresh vegetables/fruits online
repurchase intention.
This research gave input to marketing managers in e-commerce companies
especially fresh vegetable/fruit e-commerce in making decisions related to e
shopper behavior, so that it has a positive influence on the intention to repurchase
online and minimize risk perception in consumers' minds. The marketing strategy
that can be chosen by e-commerce companies is by considering the reputation and
emotional aspects which are the dominant variables which have a very significant effect on fresh vegetables/fruits online repurchase intention. Growing positive
reputation and emotions for e-shopper by building an e-shopper community by
using social media such as Facebook, Twitter, Instagram, linked in and others can
also be a medium of communication between sellers, buyers and other e-shopper
communities that can be an evaluation product or service. In addition to what can
be done by marketing managers who can provide direct benefits through giving
discounts, free gifts, and free shipping that directly have an impact on repurchase
intention
Strategi pengembangan pasar domestik bisnis tanaman hias pt.monfori nusantara dengan pendekatan model bisnis kanvas
Get PDFThe ornamental plant industry has been proven over the past 5 years showing a positive contribution to economic growth. The increase in production activities of ornamental plants is marked by an increase in planting area. Based on BPS data it is known that there is an increase in planting area by an average of 2% per year. In the span of 5 years (2011-2016) the last average increase in production of ornamental plants in the form of cut flowers rose 7.85% / year, cut leaves rose 19.44% / year, potted plants rose 5.13% / year, landscaping plants 6.85% / year, seeds plants also rose an average of 6.46% / year.
However, it is known that increased production of ornamental plants has not met national demand due to low productivity. This is due to the lack of availability of ornamental plant seeds, while demand is increasing so that the availability of seeds is still very dependent on imported seeds. PT Monfori Nusantara as a floriculture industry actor engaged in ornamental plant propagation services through tissue culture needs to have the right business strategies and business models in the development of domestic market in the industry. The purpose of this study was to analyze and design a business model for domestic improvement of PT Monfori Nusantara based on the Business Model Canvas (BMC) approach and the SWOT (Strenght-Weakness-Opportunity-Threat) analysis.
Based on the research it is known that PT Monfori has several problems in the company's business model today, such as the customer segment elements and value propositions. Through the results of the SWOT analysis of internal and external factors, the company shows the weaknesses and strengths of the company and opportunities that can be developed to overcome threats. Through the improvement of the new Business Model Canvas the company must improve the company's business model towards new innovations that will expand the company's business development for the future.
The results of the improvement of the Business Model Canvas were then suggested in the application of managerial implications that would be taken into account by PT Monfori's management. Among them was expanding the offer of corporate’s value propositions in plant leasing services, expansion of new market segments, development of plantation crops, increasing production capacity, improve the quality of R&D, improve production efficiency, and collaboration in research
Analisis perbandingan metode farma-french dan capital asset pricing model terhadap return saham di sektor property dan real estate
Get PDFProperty and real estate sector often be considered as leading indicators for a nation’s economic. Property and real estate, experiencing a decline in performance due to several factors such as decline in economic power. This performance decline could lead to increase investor’s doubt in investing to Property and Real Estate, consider these sector are capital intensive. Therefore, additional information to assist investment decision making in property and real estate sectors are required
This research are quantitative research using Capital Asset Pricing Model and Fama-French Three Factors Model method. Total of 31 firms are chosen as samples within research period of 2011 to 2016. This research aim to seek the corellation of micro and macro factors within CAPM and Fama-French Three Factors Model to property and real estate stock return.
Results show that both CAPM and Fama-French Three Factors Model indicate that economic macro factor proxied by IHSG have positive and significan impact to stock return. Three Factor Model also shows that property and real estate sector are dominated by big size firm and high market price firm. Both model consistently able to explain variance of stock retrun, however in Fama-French Three Factor Model could explain variance better in overall
Analisis strategi dan efisiensi persediaan bahan baku di pt xyz
Get PDFThe level of inventory is one of the factors that greatly affects the production activities in a company. The inventory is obtained from the suppliers that have been appointed by the company based on the criteria desired by the company. The company must be able to maintain good relations with their suppliers so that in the future there will be no problems with the availability of the company's raw materials. It is very important for companies to guarantee the availability of raw materials and also meet the standards of efficiency of raw material inventories. One of the factor that influence the level of company’s efficiency is the result of company forecasting regarding its raw material requirements. PT XYZ so far has been fulfilled the raw material according to the production’s needs but it has not been able to achive inventory efficiency.
The purpose of this study is to identify the business and functional strategy of the company in maintaining their relationships with suppliers in fulfilling it’s raw materials. Furthermore, the purpose also to formulate an efficient raw material management policy for PT XYZ and providing alternative solutions in controlling raw materials. First of all, all the raw material is classified by the ABC method. The raw material that classified as type A will be assessed for the level of forecasting errors in the raw material inventory as to see the optimum amount when using the best method of comparison forecasting method. The total costs incurred by the company in one period will be compared with the EOQ method. Safety supplies are also calculated to determine the safety level for each raw material.
The results of the study show that the company has few business strategy alternatives, one of which is increasing the efficiency and effectivity of its inventory management. In addition, the company also exercising its functional strategy through type I partnership in a such way, that it’s able to maintain good cooperative relations with the suppliers company. Some of the criteria that must be met by suppliers company include price, lead time, payment tempo, quality and legality of the company. Each raw material has its own supplier, even one raw material there can be supplied by several company.
The raw materials used today are classified by the ABC method. Calculation of forecasting errors based on MAD values by comparing company forecasting errors with several methods (quadratic, linear, moving averages, and double exponential smoothing). There are four types of raw materials for 2016 which have a lower error value (using the company method) than the comparison method. Whereas for 2017 only one type of raw material has a smaller error value (using the company method) than other comparison methods. Based on the best method, then forecasting is calculated for 2018 and the sum of the results of the comparison of the calculation of total costs using the company method and research method, shows a comparison of the total costs for data in 2016 and 2017.
The use of the safety stock method is very important to prevent the occurance of running out of raw materials. Based on the efficiency of the total costs that have been produced so far, it shows that the use of safety stock has not been well considered by the company. The ordering system carried out by the company has also not provided a positive influence on the efficiency of the company in fulfilling raw materials
Volatilitas asimetrik dan variabel makroekonomi yang memengaruhi return obligasi pemerintah indonesia
Get PDFIncreased in infrastructure development by government has resulted in an improvement in the level of investment in Indonesia. It will also have an impact on increasing the government expenditure. Source of funds used by the government in funding the budget comes from government revenue and debt. Surat Berharga Negara (SBN) is one of the government's strategies in obtaining long-term development financing.
The renewal of SUN rating issued by Fitch Ratings in December 2017 became a positive sentiment for investors. The uncertainty of The Fed in determining the benchmark interest rate makes the bond market vulnerable and volatile so that the market could not survive with positive sentiment. In addition, foreign investors who withdraw their investments could also make the bond market vulnerable and volatile.
The results of the study found that EGARCH model is the best model that can be used to asses the volatility of government bond return. Asymmetric volatility was found in short, medium and long-term government bond return. Negative information had a greater impact than positive information in short, medium and long term government bond return.
Inflation had no significant effect in short-term bond return but it has significant positive effect on medium and long-term bond return. Deposit interest rates, Effective Federal Funds Rates (EFFR), and return in Jakarta Composite Index (JCI) had significant positive effect in short, medium and long term bond return. The exchange rate had significant negative effect in short, medium and long term bond return
Strategi pengembangan pengelolaan pasar oleh pd pasar pakuan jaya kota bogor
Get PDFPerusahaan Daerah Pasar Pakuan Jaya (PDPPJ) is the company which manages traditional market in the city of Bogor. The presence of the modern retail industry, the existence of society's stigma, and various problems have stalled the development of traditional markets. PD Pasar Pakuan Jaya has plans and targets in developing the traditional markets it manages and for dealing with existing problems. However, this has not run optimally due to various obstacles. PD Pasar Pakuan Jaya needs to conduct a more in-depth study as a consideration in the strategy of developing market management, especially as an effort to increase company income which will affect regional income (PAD). One of them is by using the canvas business model approach.
The objective of the study is to identify and map the current PD Pasar Pakuan Jaya canvas business model, evaluate elements of business models with strength, weakness, opportunity, and threat (SWOT) analysis, and design the development of canvas business models. In addition, the research is conducted on the views of traders and buyers on the services provided by PDPPJ, as well as benchmarking analysis. The results of the two analyzes were used as supporting data in designing the development strategy of the canvas business model at PD Pasar Pakuan Jaya.
The results of the study show that PD Pasar Pakuan Jaya needs to pay special attention to each element of its business model, especially to key activities and key resources. PDPPJ may take advantage of existing opportunities to improve the quality of its services according to customer needs. The use of competent human resources, the construction of modern and conceptual infrastructure, and the use of technology will improve the quality of PDPPJ, both in service and customer relations. The results of the study may be taken into consideration by the company in formulating strategies for developing traditional market management in accordance with the company's vision and mission
Pengaruh e-wom, prior online purchase experience dan openness personality terhadap online trust dan minat beli di instagram
Get PDFThe popularity of online shopping in social adoption media has given birth to a new e-commerce phenomenon called social commerce (s-commerce). S-commerce considers as part of e-commerce that uses social media to facilitate social interaction between consumers and sellers. The most used social media in Indonesia are Instagram 82.6%, Facebook 66.5%, and Path 49.6% (APJII 2017). In general, Instagram is used as a platform for sharing photos and videos between users. However, in recent years, more people made virtual stores on Instagram. This was supported by the Jakpat survey data (2017), online sellers in Indonesia who used Instagram platform were at 26.02% in 2015 and increased to 60% in 2017. This thing made competition among sellers on Instagram. However, based on the Jakpat survey data (2017), Intagram users who buy online only 12%, this number is a small number compared to other activities such as give like (63%), post photos (57%), read lines time (55%), watch videos (52%), and give comments (47%).
There are five latent variables in this study, E-WOM, prior online purchase experience, and openness personality as independent variables, online trust as an intervening variable, and purchase intention as the dependent variable. The objectives of this study are (1) to identify E-WOM, prior online purchase experience, openness personality, online trust, and purchase intention in Instagram, (2) analyze the effect of E-WOM, prior online purchase experience, and openness personality to online trust in Instagram, (3) analyze the effect of E-WOM, prior online purchase experience, and personality openness to purchase intention in Instagram, (4) analyze the effect of online trust to purchase intention in Instagram, and (5) formulate managerial implications that can be applied to seller in managing marketing activities through Instagram.
This research was carried out in August to September 2018. The research used quantitative descriptions with online survey methods using Google Form. The research respondents were determined by purposive sampling technique. The criteria of respondents of this study were consumers who had shopped online on Instagram, had criteria for ages 20-35 years (millennials generation) and shop for clothing or cosmetics products at least once in a past month. This study used a sample of 196 people in clothing products and 197 people on cosmetic products. Data processing in this study was carried out by descriptive analysis and Structural Equation Modeling (SEM). Data is processed with Microsoft Excel, SPSS 17, and AMOS 21 software.
Based on the results of the study, the characteristics of respondents were in the age range of 20-25 years. The majority of respondents is women. The domicile of spending the most through Instagram is West Java. Respondents have jobs as private employees dominate shopping activities through Instagram by spending ≥ Rp. 3,000.001 and last degree education.
Based on descriptive analysis, the majority of respondents in clothing and cosmetics products assess the indicator of frequency accessing information from Instagram has the biggest contribution in forming E-WOM. In addition, the majority of respondents to clothing and cosmetics products judge that easy-to-use Instagram indicators have the biggest contribution in forming prior online purchase experience. The majority of respondents to clothing and cosmetics products have dominant openness personality with indicators sensitive to aesthetic as the biggest contribution in shaping openness personality. The majority of respondents rated sellers on Instagram as trustworthy, with indicators having sufficient knowledge in conducting business as the biggest contribution to clothing products and indicators able to handle transactions well on cosmetic products. The majority of respondents to clothing and cosmetics products have a dominant purchase intention with indicators of the possibility to buy products from sellers as the biggest contribution in shaping purchase intention.
Based on the goodness of fit evaluation, this research model were good fit and marginal fit so that it is feasible to test the hypothesis. The results of this study on clothing products all hypotheses are accepted. E-WOM has a positive and significant effect on online trust and purchase intention. Prior online purchase experience has a positive and significant effect on online trust and purchase intention. Openness personality has a positive and significant effect on online trust and purchase intention. Online trust has a positive and significant effect on purchase intention. In cosmetic products almost all hypotheses are accepted, only the sixth hypothesis that is rejected, prior online purchase experience has a positive and insignificant effect on purchase intention. E-WOM has a positive and significant effect on online trust and purchase intention. Prior online purchase experience has a positive and significant effect on online trust. Openness personality has a positive and significant effect on online trust and purchase intention. Online trust has a significant effect on purchase intention.
The managerial implications on clothing products are to increase online trust by telling the actual product conditions to prospective customers such as the quality and material of the clothing, the clothing product is genuine or imitation, the size of clothing must also be clearly determined. E-WOM on cosmetic products play an important role in purchase intention. Sellers must pay more attention to the many opinions written by consumers on Instagram. Sellers can take advantage of the highlight feature on Instagram, sellers can collect opinions written by consumers to be well organized or sellers can create new accounts specifically for consumer testimonials, so that Instagram users are more confident and stimulated to make purchases
Strategi struktur modal industri keuangan non bank pada bisnis microfinance (studi kasus pada pt. xyz)
Get PDFThe growth of UMKM is supported by the government in the form of UMKM credit program policies through both bank and non-bank financial institutions. PT. XYZ is one of the non-bank financial institutions that has a special task in empowering UMKM and has different funding sources. The aim of this study was to analyze the funding sources with most appropriate proportion for microfinance companies PT. XYZ and analyze the impact of funding sources types used to achieve sustainable PT. XYZ, also providing corporate strategy in the non-bank financial industry of PT. XYZ in the microfinance business.
This study used financial report data and internal data to calculate optimal capital structure and financial performance. Financial performance can be seen from financial ratios while using WACC and WACOB for capital structure. IFE and EFE matrix were also used, IE matrix for strategy formulation and QSP matrix are also used for determining the capital structure strategy of PT. XYZ.
PT. XYZ used debt as the main funding source from the capital market and banking. PT. XYZ condition which was developing business capacity also affected earnings and financial ratios during the study period. The results of the study showed that the appropriate proportion of funding sources for PT. XYZ was from the capital market. Based on the ease of provision of funds, easier-to-obtain sources of funds from banks can be used to balance capital market funding sources. The impact of funding sources types used by PT. XYZ was the DER and costs arised from funding activities. This impact needs to be a major concern so that the company remains sustainable. Based on IE matrix results, PT XYZ was in quadrant V, which is a guard and maintain position. The main strategy carried out by PT. XYZ was market penetration strategy through business expansion by increasing the number of offices to create more qualified customers so that the company can gain more profit
Analisis respons kinerja perbankan buku 3 dan buku 4 terhadap kondisi makroekonomi tahun 2012-2017
Get PDFBanks should have adequate capacity, especially in holding capital, to be able to manage risks. In its development, the requirements of capital’s components and instruments as well as the calculation of bank capital adequacy need to be adjusted to the international standard. Strong capital will make banks healthier and more competitive in the face of the competition from major banks in the ASEAN region and globally. Therefore, the Financial Services Authority (OJK) issued a number of regulations so that the national banking industry is stronger and more trustworthy by the public. The rule is the OJK Regulation (POJK) Number 6/POJK.03/2016 concerning Business Activities and Office Networks Based on the Core Capital.
In 2012, the dynamics of the global economy set a negative trend and began to have an impact on the Asian economies, such as Indonesia. In this study, the focus was on the improvement in banking risk indicators that occurred to evaluate the performance of banks by using CAR, ROA, NIM, LDR and NPL variables, and analyze macroeconomic factors such as inflation, interest rates, exchange rates, and GDP.
This study aims to describe the performance of banking in Commercial Bank Business Activities or Bank Umum Kegiatan Usaha 3 and 4 (BUKU 3 and BUKU 4) consist of NIM, NPL, CAR, ROA, and LDR and analyze the response of banking performance in banks in BUKU 3 and BUKU 4 to macroeconomic variables. The method used was the VECM estimation model that was then analyzed with the Impulse Response Function (IRF) and Forecast Error Decomposition of Variance (FEVD). The results of the research on banking performance, if it was grouped based on bank business activities in BUKU 3 and BUKU 4, showed that overall bank performance in BUKU 4 was better than which was in BUKU 3. The result of bank IRF and FEVD in BUKU 3 was that the macroeconomic variable that provide the greatest response and contribution was interest rates. While the result of bank IRF and FEVD in BUKU 4 was that the macroeconomic variable that gave the biggest response and contribution was inflation