3559 research outputs found
Sort by
Pengaruh variabel makroekonomi terhadap return indeks harga saham gabungan
Get PDFJakarta Composite Index (JCI) is an index that represents Indonesia’s stock market condition. Positive movement of the index means growth of the market and if the movement is negative, it means that the market is weakening. This index is influenced by many variables. The objective of this research was to modeled JCI's return based on the variables that influenced it. These variables includes domestic and global macroeconomic variables. Changes in macroeconomic conditions would affect most of the entities in the capital market.
The macroeconomic variables used in this study were Indonesian real interest rate, real exchange rate of US dollar against Indonesia rupiah, US real interest rate, and WTI crude oil prices. Data used in this research were monthly time series data from January 2003 to December 2017. Then, the time series data were analyzed by descriptive and quantitative econometrics approach.
The analysis model used in this study were a vector error correction model (VECM) and an adaptive network-based fuzzy inference system (ANFIS). In the VECM method, an impulse response function (IRF) test were used to show the JCI’s response if there is a shock in the macroeconomic variables and a forecast error variance decomposition (FEVD) test to show the contribution of each macroeconomic variable to the JCI movement. The ANFIS model was used to construct the JCI’s return prediction model in various macroeconomic conditions.
The result of VECM equation showed that in the long-term, both Indonesia real interest rate and US real interest rate significantly and positively influenced the JCI. The IRF and FEVD results indicated that changes in US real interest rate has the greatest influence on the JCI return compared than the other three macroeconomic variables. The ANFIS model exhibited the direct impact of changes in macroeconomic variables on JCI’s return. The model also showed that real exchange rate is the most significant variable in JCI’s return. Accuracy rate of the prediction model is 83,33 percent in terms of predicting the direction of the JCI movement. The model has better performance then the VECM model
Strategi alih teknologi di perguruan tinggi berdasarkan analisis informasi paten: studi kasus teknologi kelapa sawit
Get PDFToday's universities are not only required to produce quality and competent human resources according to market needs, but more than that, universities are expected to contribute significantly to fulfill national technological needs, preparing technology needed by industry, and contributing to the state economic growth. The low utilization of domestic technology by industry in Indonesia is partly due to the process of technology transfer from technology producers, namely universities that have not run well. This study aims to formulate a technology transfer strategy from universities to industry based on patent information analysis by taking a case study of palm oil technology.
This research is an exploratory research and research design that is used is secondary data content analysis in the form of patent documents that are accessed online (Patent Inspiration database and Directorate General of Intellectual Property of the Ministry of Law and Human Rights of the Republic of Indonesia’s database) and primary data surveys through interviews and questionnaires. The total application (document) of palm oil patents in the world obtained is 695 patent documents and in Indonesia 331 patent documents. The primary data collection technique is done by distributing questionnaires online and manually. The selection of respondents in this study used a non-probability sampling technique with a purposive sampling method. The number of samples taken using the accidental sampling method (referring to the availability of subjects that might be obtained by researchers) with the number of samples obtained was 36 respondents, consisting of 52.78% representing oil palm researchers from universities, 44.44% representing companies/ professionals in the field oil palm, and 2.78% representing the government.
Quantitative data of patent information analysis examines four aspects: 1) technology life cycle; 2) classification of technology based on International Patent Classification (IPC), 3) patent producer; and 4) market size. Quantitative data analysis of world patent information uses Patent Inspiration software and Microsoft Excel programs and quantitative data analysis of Indonesian patent information using the Microsoft Excel program. Analysis of factors that influence the technology transfer process from universities to industry examines 5 factors: 1) technology offered; 2) technology producer (universities); 3) recipient of technology (industries); 4) market; and 5) influence government. Processing and data analysis techniques of factors that influence the process of oil palm technology transfer using Confirmatory Factor Analysis (CFA) with the Partial Least Square (PLS) method approach. The formulation of technology transfer strategy from universities to industry is carried out using qualitative SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
The results of mapping oil palm technology based on information patent analysis in this study show that the development of palm oil technology is in a trend of increasing or growth stage. The technologies that are widely developed are the technology of oil and fat production processes from crude palm oil raw materials and the use of enzymes for the synthesis of organic compounds, processing of liquid waste and fertilizers from palm oil waste, oil palm cultivation or nursery, herbal preparations, and biomass utilization palm oil for particle board. Malaysia through the Malaysian Palm Oil Board (MPOB) is the largest producer of palm oil technology. Palm oil patent applicants are dominated by groups of companies and join patent applications from universities-industry only reach 3.02% of 695 patent applications.
The indicators and factors in this study significantly influence the process of technology transfer from universities to industry. The weakest factor in measuring the use or transfer of palm oil technology from universities to industry is the influence of the government, while the most dominant factor in measuring the use or transfer of palm oil technology from universities to industry is the technology-producing factor (universities).
Based on the SWOT analysis, the formulation of technology transfer strategy from universities to industry based on patent information analysis for the case study of palm oil technology are 1) increasing the quantity and quality of applied research so that it is ready to be implemented on an industrial scale and globally competitive; 2) increasing the capacity, understanding and concern of stakeholders in the palm oil sector towards the IP system, especially patents; and 3) Optimizing the synergy of Academician, Business, Government (A-B-G) through promotional programs and technology transfer
Analisis perilaku komplain konsumen online shopping
Get PDFThe development of online business is increasing rapidly every year, this is proven to increase e-commerce revenue in 2018 estimated to reach 144 trillion. This increase was due to the penetration of internet usage in Indonesia which was disrupted by 54.68%. Internet is used by consumers is not only to communicate but also to do business. Indonesian consumers amounting to 32.19% have switched to online stores that are more efficient and easier. From this phenomenon, online businesses also have weaknesses, that is problem in online shopping such as delivery time, payment confirmation, shipping errors, defective products, and product display not match. The objectives of the research are (1) to identify the problem of customer dissatisfaction in conducting online transactions, (2) analyze the behavior of customer complaints when dissatisfied, (3) analyze the influence of perceived product quality, perceived service quality, perceived value, and personality on complaint behavior, (4) formulate managerial implications. The study used a cross-sectional method with an online self-administered survey questionnaire. The population consisted of undergraduate Business School students IPB, the sampling method used purposive with criteria of having experienced dissatisfaction in online shopping in the last years. The number of sample used in this study were 161 respondents. Data analysis using descriptive statistics and SEM (Structural Equation Modeling) with SmartPLS software.
The results of the study, data that the majority of respondents were woman, aged 17-22 years. Consumer dissatisfaction is caused by product defects, delivery times, and shipping error that occur in the last month period. Dissatisfaction based on the highest product category is produced in fashion and cosmetic. The highest types of online store that cause of dissatisfaction included C2C online shop (shopee) and social media (instagram). Online shopping consumers respond to dissatisfaction experienced by complaining (passive, voicer and iratest), and a small number of activist. Based on crosstab analysis, consumer female, high product prices and larger allowances resulted in voice and iratest complaints or conveying directly to the seller and to family/friends through social media.
Based on the evaluation of the hypothesis, this study resulted that the perceived quality (service and product) and personality were significant toward complaint. Perceived service quality has the highest influence on complaints with the biggest contributing indicator are seller competency and availability product information. At perceived product quality, the respondent states that the workmanship quality of the product was not satisfactory, besides, the quality of product display on online site was still low. In terms of personality, respondent with openness to experience characteristic who have a high desire to try new thing become dominant in the complaint.
Manajerial implication for increasing customer satisfaction and the performance of online stores, companies need to improve product quality (workmanship and product quality display). Therefore, sellers and e-commerce companies need to have a mock-up website with a view that can be enlarged in the photo area, can be seen from various angles (3D) and available color choices, visible texture, so that consumers can realistically describe the product. Then, the seller needs to implement quality control of the products, before delivered to the customer. Perceived service can be improved by providing detailed information on product availability and seller competency. Then, sellers can implement service excellent (employees/sellers are more helpful and have product knowledge, easy to find product information) and the implementation of customer service that can communicate well, so, as to facilitate consumers in purchasing products and submitting complaints. Facilitate access for consumers in term of complaints directly to the seller with good procedure and system that can motivate consumers to convey dissatisfaction that occurs
Analisis non performing financing pada tiga bank syariah nasional segmen mikro dan secara umum
Get PDFBank is an institution whose role is to collect funds from the public in the
form of savings account and distribute them to the public in the form of credit.
Based on its business activities, bank is divided into two, namely conventional
commercial bank and sharia commercial bank. According to its functions as the
collector and distributor of funds from and to the public, most of banking
activities in Indonesia is still dominated by credit distribution or financing in
generating profits.
Overall, financing is inseparable from risk element, one of the risks is bad
financing. Bad financing risk in sharia bank is reflected byNon-
PerformingFinancing (NPF) ratio. The higher the NPF ratio of a bank, the higher
the bad financing risk carried by the bank. Given the above explanation, there
needs to be a deeper analysis regarding factors influencing NPF both in general
and in micro segmentation.
This research made use of data from three sharia commercial banks (BUS),
namely Bank SyariahMandiri (BSM), Bank Rakyat Indonesia (BRI) Syariah, and
Bank Negara Indonesia (BNI) Syariah. The data obtained were quarterly data
from the annual report of each sharia bank above from 2011to 2017. The testing in
this research was conducted through panel data testing using eviews 9.After
handling the classical assumptions, the best model was obtained withFixed Effect
Model (FEM).
Based on comparison analysis results of NPF in national sharia banks from
2011 to 2017, the average NPF in general and micro tend to increase with the
average of NPF in general was 3.82%. Meanwhile, the average NPF in microsegmentation
was 5.45%, exceeded the limit value of NPF that has been set. The
factors that had a significant influence on NPF in general were FDR, NOM,and
ROE.Those three variables had a negative influence on NPF. An increase in FDR,
NOM, and ROE value would cause the NPF to decrease. In micro-segmentation,
the factors that had a significant influence on NPF were CAR,NOM, ROA, BOPO,
and GDP. ROA, CAR, and BOPO had a positive and significant influence on
NPF. An increase in ROA, CAR, and BOPO value would cause the NPF in microsegmentation
to increase. Meanwhile, NOM and GDP variable had a negative and
significant influence on NPF, so that a rise in NOM and GDP value would lower
the percentage of NPF in micro-segment
Analisis integrasi dan pengaruh makroekonomi terhadap indeks saham sektoral di bursa efek indonesia (studi kasus pada periode tahun 2009-2016)
Get PDFThe phenomenon of capital market integration has been creating a domino effect or Contagion Effect. Simply, domino effect or chain reaction is a cumulative effect produced when one event initiates a succession of similar events. Contagion effect can be resulted from the economic dependence relationship such as similarities in macroeconomics. Macroeconomics factor that affects the Stock Indices is the change of interest rate in central bank, the condition of global economy, world’s energy price, political stability in a country and etc (Blanchard, 2006). The purposes of this research was analyzing the integration on sector indexes in Indonesia’s Stock Exchange within 2009-2016, analyzing the effects of macroeconomics towards sector stock indexes in Indonesia’s Stock Exchange within 2009-2016, and analyzing which sector stock indexes that were dominant in Indonesia’s Stock Exchange within 2009-2016. The analysis methods used here were VAR and VECM.
The research finding showed that there was integration among the sector stock in Indonesia’s Stock Exchange. It had a meaning that there was a relationship between one to another sector. The result of causality tests explained that exchange rate, BI rate, and inflation had causal relationship to the nine sectors, i.e. agriculture sector, mining sector, basic industry and chemicals sector, miscellaneous industry sector, consumer goods sector, property and real estate sector, consumer goods industry sector, transportation and infrastructure sector, financial sector, trade sector, services and investment. Meanwhile, the world’s oil price affected the eight sectors except agriculture sector.
Those nine factors gave negative response toward the inflation shocks and BI rate, but it gave positive response toward world’s oil price fluctuation. The fluctuation toward exchange rate had been positively responded by basic industry and chemicals sector, consumer goods industry sector, property and real estate sector, miscellaneous industry sector, transportation and infrastructure sector, financial sector, and trade sector, services and investment. Meanwhile, the agriculture sector, mining sector, and miscellaneous industry sector responded negatively toward fluctuation of exchange rate. Miscellaneous industry had the biggest contribution among the sectors in the fluctuation in prices experienced by IHSG. Meanwhile, the sector of trade, services, and investment had the lowest contribution in affecting the fluctuation of IHS
Pengembangan strategi bisnis produk olahan susu di pt cisarua mountain dairy
Get PDFMilk is a supplementary daily nutritional needs. Milk consumption in Indonesia is currently increasing, but the milk productivity had not been able to fill the milk consumption needed. The government made a regulation that every milk processing industry had to take domestic fresh milk to produce their products. This caused a competition to get fresh milk. Cimory is a dairy industry in Bogor that does not have its own farms and cooperates with regional dairy cooperatives to get fresh milk. The tight competition in getting fresh milk made Cimory have to create a new business strategy based on the evaluation of the present business model. This study aimed to 1) identify Cimory's business model, 2) identify environmental factors that influence Cimory's business model, 3) evaluate Cimory's business model, and 4) develop business strategies from the evaluation of the current business models. The research was carried out by descriptive method. Data came in form of primary and secondary data. The methods were interview, questionnaire, and literature study. Sampling was done by non-probability sampling with purposive sampling technique. Cimory’s business model showed that the customer segment was a family with middle and upper middle economic abilities. Products offered include quality, satisfaction, innovation, and images. Current channels were direct and indirect channels. Customer relations were guarded by complaints channels, mass media communication channels and Miss Cimory's programme. The activities were production, marketing and distribution supported by tangible and intangible resources and having partners such as local milk cooperatives, and packaging production companies. Revenue was obtained from dairy products selling and the cost structures consisted of production cost, salaries cost, and product distribution cost. Environmental factors that influence Cimory's business model were market strength, key trends, industrial strength, and macroeconomic strength. Evaluation of the BMC SWOT showed that the main strength came from customer relationships element caused by close relationship between the company to customers using Miss Cimory programme. Meanwhile, the main weakness came from cost structure because production activities did not run efficiently. The biggest opportunity is at the customer segment because of the new market segmentation that has not been maximally reached. Meanwhile the biggest threat came from key resources because of scarcity of fresh milk. The strategy was to conduct a feasibility study in establishing dairy farm in order to solve the problem of milk’s scarcity, improved communication with customers, and product’s promotion at social media platform, website and ad at television or newspaper
Pengembangan analisis strategi pengelolaan usaha koperasi (studi kasus: kps bogor dan kud giri tani)
Get PDFDairy farming is one part of the livestock subsector. Based on the ecological,
geographical and fertility conditions of land in several regions in Indonesia
therefore the opportunity to develop the dairy industry is quite good. Some factors
are the reason why national milk production is unable to meet demand because
small scale businesse of farmers, low milk production ability, inadequate milk
selling price and high production cost. In order to meet the national supply of fresh
milk, there needs to be an expansion of development in dairy agribusiness. One way
is to gather small farmers to be a member of cooperative with basically aims to
prosper the entire members.
The objective of this study were to obtain internal and external enviromental
factors that faced bt the cooperative, to make the right alternative strategy for
managing cooperative business and recommend the order of implementation of the
right alternative strategies for the management of dairy cooperatives.
This research is limited to the scope of the discussion around the development
strategy in the management of cooperatives. These researchers only go through the
assessment of strategies, while the implementation phase is fully submitted to the
stakeholders in the cooperative environment. The research was conducted in two
cooperatives which were the case studies of researchers, KPS Bogor located on
Jalan Baru Kedung Badak, Bogor and KUD Giri Tani located on Jalan Taman Safari,
Kampung Baru Tegal Cibereum Cisarua, Bogor.
This study used phenomena based analysis from the case study, by analyzing
the cooperative enviroment based on interviews and annual reports. The data
obtained were analyzed qualitatively and quantitatively to formulate a cooperative
developmentstrategy with help of an external internal matrix to find the position of
cooperative in diagram and to limit the stategy direction in the SWOT matrix. The
results of the SWOT matrix are sorted by the rules of PERT and CPM to be able to
sort the implementation of the strategy, because a strategy can be done after the
previous strategy has been completed.
The results in this study are recommendations for the implementation of the
strategy for the two cooperatives. The strategy implementation phase that can be
carried out by KPS Bogor is (1) strengthening capital through financial institutions
and coordinating with local governments for assistance in strengthening
cooperatives and breeders, (2) business partnerships, (3) developing processed
products, (4) increasing promotion with take advantage of technological
advancements. The strategy implementation phase that can be carried out by KUD
Giri Tani is (1) internal consolidation of cooperative managers, (2) Strengthening
capital through loans other than financial institutions, (3) Improving HR skills
through management and technical guidance to KUD and farmers, fostering large
farmers so send milk through KUD, (5) Establish a production unit for processing
pasteurized milk and yoghurt. Dairy farming is one part of the livestock subsector.
The opportunity to develop the dairy industry in Indonesia is very large because the
ecological, geographical, and soil fertility conditions in some regions in Indonesia are very good. One important element in the development of national dairy is the
development of dairy cows in terms of quantity and quality. Indonesia has a wealth
of terrestrial biodiversity, relatively extensive and fertile land, a climate that
supports Indonesia's comparative advantage in the agricultural sector.
Advice that can be submitted is the cooperative management needs more in
depth study about timing on each strategy implementation. Advice that needs to be
done in furthure research is sorting analysis of implementation of development
stategies based on cost analysis for each strategy, sorting strategies can be seen from
cost and add respondent from farmers to see the impact of alternative strategies on
farmers in the cooperative
Strategi pengembangan bisnis klinik q medical and dental dengan perspektif pembangunan berkelanjutan
Get PDFThis research is a research related to the formation of development strategies in a clinic. The discussion is aimed at the theme of the clinical business development strategy. In addition, in its wetting, sustainable business development perspectives will be used.
Data collected is sourced from experts with different expertise. The assessing experts were asked to provide a questionnaire assessment related to the internal environment and the external environment of the clinic. The financial statements used are from 2015 to 2017. The assessment results from experts are then adjusted to the IE Matrix to obtain the company's strategy formulation. After obtaining the strategy formulation, the best strategy for the clinic was conducted using the QSPM approach.
The results of the study show that the position of the Klinik-Q Medical & Dental is in quadrant 1 which means the clinic is recommended for development. In addition, based on the assessment of QSPM, it is found that the company can implement product development, integration and market penetration. On the other hand clinics are also advised to continue to increase their role in protecting the environment
Financial disstress dan faktor makroekonomi serta pengaruhnya terhadap harga saham pada perusahaan pertambangan subsektor batubara yang terdaftar di bursa efek indonesia tahun 2013-2017
Get PDFThe fast growth of technology and global economy has insisted the business industry to keep up with its development. Any changes in the companies’ performances would be reflected from their ability to accommodate and adapt to every change. For public companies, its performances would be reflected through their stock prices that have been registered in the stock exchange. During 2013-2017, the mining sector has experienced one of the sharpest declines in stock price performance compared to other sectors, with an average decline of 23%. The downturn global economy and commodity prices that have not grown until 2017 are suspected to several reasons behind the decline of stock price performance in global market. A decline in financial performance could initially indicate that companies in the mining industry is experiencing financial distress.
There are many factors influencing the stock price. The purpose of this study was to analyze the effect of financial distress, financial characteristics and macroeconomic on stock prices of coal company as listed on Indonesia Stock Exchange (IDX) during the period of 2013-2017.
This paper uses panel data regression with fixed effect model. Eleven coal companies were selected as samples. The finding of the research showed that Z-score, financial characteristic, such as ROA and CFO which have positive and significant effect on stock prices, while macroeconomic such as interest rate, exchange rate and inflation have negative and significant effect on stock prices.
A company’s management had done numerous efforts in order to focus and strive to maintain their financial performance. When investor is planning to invest in a company, they would analyze the company’s financial characteristics, financial distress, and macroeconomic factors as basic elements that needs to be considered. The government plays a crucial role in improving the national’s economic growth to formulate and generate policies that could offer some assurance and sustainability of the company that could have an impact on increasing financial performance and stock prices. This could encourage more investment to come into the country
Kebijakan dan strategi peningkatan kinerja bumn abc holding
Get PDFThe government's efforts to improve the performance of SOEs include
establishing a holding for SOEs that are similar in their business fields. The
establishment of the holding company has been carried out in several business
fields, including PT Pupuk Indonesia Holding Company for state-owned
companies in the fertilizer industry, PT Semen Indonesia Holding Company for
state-owned companies in the cement industry, and PT XYZ Holding Company in
plantation and pharmaceutical businesses. and BUMN ABC Holding for BUMN
in the plantation business.
The formation of BUMN ABC Holding was intended to increase BUMN
ABC Holding's and its subsidiaries' performance. But unfortunately, the results of
the study revealed that the financial and operational performance of BUMN ABC
Holding's subsidiaries during the 2014-2017 period was no better than the
performance before the holding, and BUMN ABC Holding's performance was
lower than the target in the holding proposal.
The research objectives are to: 1) Analyze the development of the
performance of BUMN subsidiaries before and after holding, holding
performance, and the factors that influence its performance; 2) Analyze, and
Formulate policies that need to be carried out by the government to improve the
performance of BUMN ABC Holding and its subsidiaries, including proposed
systems for evaluating the performance of plantation SOEs, and holding stateowned
plantations, as well as forms of state-owned holding plantations; 3)
Analyze, and formulate a strategy that needs to be done by BUMN ABC Holding
to improve the performance of BUMN ABC as a whole.
Data collection is carried out through field surveys, interviews, in-depth
interviews, and FGDs with experts. The data was then obtained by descriptive
statistics, non-parametric statistics, soft system methodology (SSM) including rich
picture (RP), root definition (RD), and purposive activity model (PAM) and a
system of system methodology (SOSM) which included the strategic assumption
of surfacing and testing (SAST), interpretive structural modeling (ISM), and
analytical network process (ANP).
From descriptive statistics, it is known that the equity of BUMN ABC
Holding subsidiary was better than before holding established due to asset
revaluation. Profit and Loss and ROA are no better than before holding, ROE and
DER have no significant changes. BUMN ABC Holding's performance is far
lower than the target set in the holding proposal. Statistic non-parametric test
hypotheses whether equity, profit and loss, ROA, ROE, and DER, equal or not
before and after holding. By using a 90% significance level, the results of the
hypothesis test show: 1) There are differences in equity before and after holding
(equity after holding is higher); 2) There is a difference in income before and after
holding (deteriorating profit-loss performance after holding); 3) There are
differences in ROA before and after holding (decreasing ROA after holding); 4) There is no difference in ROE after and before holding; 5) There is no difference
in DER after and before holding.
With SSM analysis, the problem of policy and strategy described in the rich
picture is continued with root definition which results in more focused root
causes. The results of the analysis show that the performance of BUMN ABC
Holding is due to the government's inconsistency in the bio diesel and bio ethanol
program, the absence of individual performance appraisals, the formation of
holding companies which are not preceded by good due diligence, the absence of
subsidiary governance guidelines there are financial difficulties that have an
impact on fertilization, maintenance and replanting that are not in accordance with
the standards, human resources whose capabilities and integrity still need to be
improved, as well as the tendency for the decline in plantation commodity prices.
From the results of the analysis of SAST and ISM, it can be obtained the
definite important variables which have a high driving power and independent
level that can be used as a basis for the preparation of policies and strategies,
which are; 1) the existence of performance assessment of the holding; 2) the
performance self-assessment of plantation SOEs is focused on the sustainability of
the plantation business. 3) the existence of a certain legal basis related to the
position of SOEs; 4) global synergies to stabilize the plantation products prices; 5)
intensive and integrated campaigns by all stakeholders to mitigate any negative
issues on plantation products; 6) bio ethanol and bio diesel programs that are
carried out consistently by the government; 7) the presence of clear criteria for
replacement if necessary of the position of directors and commissioners before
their term of office is completed; 8) the selection of directors of subsidiaries is the
authority of the parent company; 9) strengthening subsidiaries governace; 10) the
enhancements of HR capabilities and integrity; 11) the development of talent pool
for developing innovations; 12) strengthen the synergy between holding with
subsidiaries (breaking the silos); 13) development of downstream industries ;14)
production machinery rejuvenation and revitalization of low productivity assets;
15) IT development to integrate financial and operating data; 16) fertilization
according to standards; 17) standardised maintenance; and 18) technology
development for efficient production and distribution.
From the results of ANP analysis, it can be concluded that the priority
policies and performance improvement strategies of BUMN ABC Holding are: 1)
performance self-assessment of the holding; 2) bio ethanol and bio diesel
programs carried out by the government consistently; 3) strengthen the
governance of subsidiaries; 4) development of downstream industries; 5)
technology development for efficient production and distribution; and 6) the
enhancements of HR capabilities and integrity.
Government policies in improving institutions, competitive advantages, and
governance, as well as strategies, have been carried out by BUMN ABC Holding
in sales, human resource development, investment, production, procurement of
goods and services, and financing have not been able to improve BUMN ABC
Holding's performance. If there is no sharpening of the policies and strategies that
have been carried out, then the performance of BUMN ABC Holdings will not
increase as expected. In making policies and strategies for improving BUMN
ABC Holding's performance, the results of this study can be one of the references