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Analisis pengaruh faktor internal dan eksternal perusahaan terhadap nilai perusahaan (studi pada perusahaan sub sektor properti dan real estate yang terdaftar di bursa efek indonesia)
Get PDFProperty sector in Indonesia is still one of excellent choices for investors. This is evidenced by the realization of investment in the five sectors most in demand in first quarter of 2018, the first place is the property sector. The trend in the realization of investment in the property sector in the last five years also showed a high increase, both PMDN and PMA. Property and Real Estate industry has important role in the national economy growth. Property and Real estate industry has a multiplier effects on other industries. The property industry has backward industrial derivatives which related to industries that provide products for property needs before construction and forward industrial derivatives which related to industries that provide products for property needs after construction is completed. However, GDP growth of property and real estate sector experienced a downward trend since 2013-2017 and the stock price index of the property and real estate sub-sector also declined since the end of 2016.
One of method that is often used to measure firm value is to calculate price to book value (PBV). PBV describes how much the market values the book value of a company's stock. The higher PBV ratio indicates higher stock prices. Investors can predict stocks that are undervalued or overvalued by looking at PBV, so they can determine investment strategies that are in line with the expectations of investors to get high dividends and capital gains.
The purpose of this study is to investigate the influence of the internal and external factors on the firm value of the property and real estate companies listed in Indonesia Stock Exchange over the 5 year period from 2013 to 2017. The dependent variabel used in this study is Price to Book Value. Internal factors used in this study are debt equity ratio, asset growth, and return on equity, while external factors used are inflation, exchange rates and economic growth. The data used in this study were collected from financial statements of companies in property and real esate industry listed in Indonesia Stock Exchange during the period from 2013 to 2017, and samples were taken from 38 companies. Panel data regression has been applied to establish the relationship among dependent and independent variables by using E-views 9 software.
The results showed that debt equity ratio, return on equity, and asset growth have a significant positive relationship with price to book value. Inflation has a significant positive relationship with price to book value, while the exchange rate has a significant negative relationship with price to book value. And GDP has not a relationship with price to book value
Faktor-faktor yang mempengaruhi risiko likuiditas pt bank bukopin tbk
Get PDFAs one of the banks in BUKU 3 that categorized into the Domestic Systemically Important Bank (DSIB), they must be more prudent in managing all aspects of the risk. The first thing that will be in the spotlight of the regulator is the liquidity position of the bank itself. Liquidity is vulnerable and can suddenly be drained from a bank so that liquidity difficulties in a bank can spread to other banks (contagion effect) which creates systemic risk. In accordance with Basel III, OJK requires the implementation of Liquidity Coverage Ratio (LCR) to monitor the ability of banks to meet their short-term obligations of less than 30 days.
This ratio complements the existing liquidity ratio and is more long-term, namely Loan to Funding Ratio (LFR). Through the VAR estimation test, internal factors in the first model, Short Term Liquidity (SL), Funding Gap (FG) and Liquidity Creation (LC) have a negative effect on LCR. Furthermore, through the VECM estimation test, all of the external factors variables have a significant long-term effect.
INF and ROR have a negative effect, while BIRATE and IPI have a positive effect. Finally, the Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD) tests show that for internal factors are LFR and SL which has the biggest contribution to changes in LCR and for external factors, sum of INF and BIRATE in the long run has the biggest contribution compared to other variables
Strategi keberlanjutan bisnis organik hortikultura
Get PDFWith the attention of environmental health and the increasing number of middle class people, there is a shift in the trend towards consumption of healthy food, in this case organic products, and specifically, organic horticultural products. Organic farming and organic food industry may be a great potential for Indonesia's economic development in the current era. However, one of the main challenges in Indonesian organic agriculture is the inability to develop sustainable organic farming business strategies.
This study has four objectives, namely: (1) mapping the stakeholders involved in organic agriculture in Indonesia; (2) analyzing strategies that have been applied in the horticulture organic farming business in Indonesia; (3) formulating key factors in making sustainability strategies for horticultural organic agriculture in Indonesia; and (4) developing strategies for sustainable horticultural organic farming in Indonesia.
Using the framework of the soft system methodology, this study shows that there are many stakeholders in organic agriculture in Indonesia but there is no harmonious and sustainable cooperative relationship. Among these stakeholders, there are four main actors who play a role in making the sustainability strategy of organic agriculture in Indonesia, namely (1) agricultural owners, (2) foundations, (3) Indonesian Organic Alliances, (4) Ministry of Agriculture through Competent Authority of Organic Farming. Among the four actors, agricultural owners become key actors who can connect all stakeholders so that a network of stakeholders in organic agriculture is formed.
In making a sustainability strategy for organic agriculture in Indonesia, there are several key factors that must be possessed, which are obtained through analysis of interpretive structure modeling, namely: (1) competent human resources, (2) capital, and (3) market. This study also reveals the success indicator of the sustainability strategy implementation of organic agriculture in Indonesia, namely: (1) the increase in farmers' income, (2) the guarantee of fair commodity prices, (3) the expansion of organic markets, and (4) the maintenance of air quality, water and land.
The sustainability strategy offered in this study is divided into four major areas, namely the production strategy, marketing strategy, human resources strategy, and operational strategy. The results of weighting through the analytical hierarchy process show four main strategies that can be carried out by organic farming business owners to achieve sustainability, namely: (1) innovation of high value-added products that the market responds to, (2) certification by the National or Foreign Organic Certification Institute and the Indonesian Organic Community Assurance Certification Model (PAMOR) as an alternative guarantor, (3) routine training and mentoring for the involved human resources, (4) opening new service lines that are service-oriented to support an increase in the market for organic agricultural products, such as organic agrotourism
Analisis keberhasilan penerapan E- learning di universitas terbuka
Get PDFOpen University is one of the university in Indonesia that implements an education system with few face-to-face classes. Open University is the ideal prototype for universities in Indonesia to implement the concept of e-learning. E-learning is long-distance learning that uses computer and internet technology. Using DeLon and McLean information system success model, this study discover the conditions of e-learning implementation and analyze the factors that influenced success of e-learning implementation at Open University. The results of this study are expected to be useful for development and improvement of the e-learning implementation at Open University. The study was only limited to the Open University and focused on the analysis of the implementation and the factors that influenced success of e-learning implementation. The research sample was registered students and lecturers in UT at Bogor City. Using convenience sampling as a method of sampling, 300 people was then selected as research samples. On each question, the respondent gives rating based on their perception of the e-learning implementation at UT by choosing a number that matches with their experiences as follows; 1 = Very Low, 2 = Low, 3 = Medium, 4 = High, and 5 = Very High. Descriptive analysis was conducted to assess the conditions of e-learning implementation at UT, while Partial Least Square (PLS) analysis is used to analyze the relationship of variables that influence the success of e-learning implementation in accordance to Delone and McLean models. The results indicate that all the variables in the e-learning success model have high scores. This condition indicates that overall e-learning implementation at the Open University has a high success rate. All indicators of e-learning implementation success rate are also highly rated.
Information quality, system quality, and service quality have a positive effect on user satisfaction. Service quality and information quality have a positive effect on usage. Usage has a positive effect on user satisfaction, and usage & user satisfaction have a positive effect on the net benefit. As a suggestion for a better management and utilization of e-learning at UT, enhancing the level of success of e-learning implementation can be fulfilled by increasing the intensity of system usage and paying attention to the factors that form and influence user satisfactio
Analisis proses pengelolaan risiko operasional di perusahaan air minum (studi kasus: pt aetra air tangerang)
Get PDFClean water and sanitation sector is characterized by having many risks, namely institutional, organizational, and operational risks. However, many water companies in Indonesia have not implemented risk management methods and tools as part of companies’ policy and strategy. The research aims to identify and analyze operational risks faced by water companies, from raw water extraction process, water treatment, water distribution, to customer management processes. The result of this study is risk management formulation for significant operational risks.
The research used PT Aetra Air Tangerang as a case study and is conducted using primary and secondary data. Operational risks are identified through interviews and analyzed by assessing the likelihood and impact of each risk through questionnaires. The result of the risk analysis is mapped on a probability impact matrix to obtain significant risks. Actions for managing significant risks are formulated based on observation and literature studies.
Research shows that operational risk in water supply provision is largely caused by process and external factors, with the highest number of risks identified in the customer management process. However, almost all risks in the customer management process are not significant in terms of their possibilities and impacts. Based on the analysis, significant risks to Aetra Air Tangerang are the risk of quality and quantity of raw water, leaked transmission pipes, relocation of raw water facilities, production failures, supply disruptions, low water pressure, availability of contractors, and delays in the installation of meters. The most significant risk is found in the raw water extraction process.
Before managing the risk, company needs to set risk policies and establishes a risk management structure. Because the significant risks identified are mostly caused by external factor, part of the risk control involves maintaining effective communication and coordination with relevant stakeholders, and involving stakeholders in socialization activities and CSR programs to provide an understanding of the importance of the stakeholders role in the sustainability of clean water provision for the community. In addition, to control risks caused by process factor, company needs to develop procedures and guidelines as a reference in the risk management, as well as periodically reviewing the risk register that has been prepared to ensure that the identification and control of risk in the document is still relevant
Perencanaan sumberdaya manusia tenaga kependidikan pada fakultas ekonomi dan manajemen ipb
Get PDFIn the context of higher education, human resources are classified into two; educators or lecturers and education staffs. The focus of this research was on the educational staffs. The population of this research included all civil servant and non-civil servant education staffs at FEM IPB. Three analytical tools were employed in this research to determine whether the quantity and quality of the education staffs have met the proper strategy for the human resource planning in FEM.
The workload analysis in the form of Full Time Equivalent measurement showed that the number of education staffs in FEM could not yet met the ideal number needed. Moreover, the development of FEM was no longer relevant with the manpower planning set by the HR Directorate. 97 education staffs exceeded the ideal number of 81 people. Meanwhile, in terms of quality tested using the competency gap analysis showed competency gaps in core and managerial competencies as seen from the results of assessment doen by superiors and self-assessment. Regarding this condition, gradual improvement was needed to improve the competence of the staffs. The last analysis was conducted in the form of AHP analysis which was performed to determine the most appropriate HR planning strategies for education staffs in FEM. The strategies should address the HR planning issues, including the ones related to excessive number of staffs, imbalance workload, and competence gaps. The results of AHP analysis proposed some alternative strategies that could be implemented including professional training (0.262), enhancement of reward system (0.232), coaching (0.202), education (0.151), punishment system (0.086) and enhancement of recuitment process (0.067). Several partties had significant influences in the human resource planning in FEM namely, HR Director (0.403), FEM Dean (0.333) and Chairpersons (0.264).
This research proposed a managerial implication regarding to the necessity to have a comprehensive collaboration between policy makers related to the distribution of workload in every unit which unit had different characteristics. A dictionary of competences should be created and job analysis should also be carried out on every position in order to enhance the implementation of competency-based HR management as planned. Education staffs reduction policy can be done naturally by prioritizing the applicable regulations, and it is also necessary to study the impact of the reduction
Analisis loss produksi perusahaan otomotif pt dnia dengan value stream mapping dan overall resources effectiveness
Get PDFThe large market in Indonesia is the main attraction for the automotive industry. Increase in total production of four-wheeled vehicles managed to penetrate one million units / year. The entry of automotive manufacturers from China and ASEAN countries has made automotive competition in Indonesia hard for automotive manufacturers in Indonesia. This competition requires producers to make production systems that are effective and efficient, so that the effect of it all is profit from the reduction in production costs. Not only car manufacturers, but automotive component manufacturers such as PT. DNIA must be efficient in its entire production system. PT DNIA has set operational targets for improvement as follows, a 30% decrease in lead time, 15% increase in productivity. In 2018, the increase in productivity has only reached 13% and the lead time has not been done since 2015 because the company is still in the stage of developing 13 products
The concept of lean manufacturing explains that an efficient production system has three indicators, namely, short production lead times, low production costs, and high quality. In producing a quality product the production system also produces loss (waste), the smaller the level of loss, the more efficient the production system. Estimating the loss in the production system is a must in the foundation of thought to establish a company's operational strategy. The value stream mapping (VSM) and Overall Resources Effectiveness (ORE) method is used to analyze the loss which is the latest method.In the PT DNIA case study, the loss analysis stage can result in a reduction in production lead time of up to 28%, increased productivity up to 19.4%, decreased balance delay 4.21% and an increase in ORE reached 90.14%.
Based on the results of future value flow maps, PT DNIA must be added to the operational strategy to compete in the automotive industry. First, cooperation with suppliers and customers in reducing lead time should become an annual routine agenda and create a group of specific activities for their implementation. Second, increasing productivity must evaluate the balance delay in each production line and continue with ORE and automation. Third, the level of supply must be calculated optimally by looking at the value of the production process downtime, safety inventory, fluctuation, and lead time
Analisis dampak restrukturisasi keuangan melalui debt to equity conversion di pt. mitra rajawali banjaran
Get PDFDebt to Equity Conversion (DEC) is understood as one of financial strategies to recover the company’s financial problem from its debt. PT Mitra Rajawali Banjaran (PT MRB) as a subsidiary company of one of the state owned enterprises (SOE) experiences a financial failure at least since 2009, thus the shareholders decided to restruct it through DEC mechanism in the end of 2011 to secure the company from bankruptcy. DEC mechanism aims to make healthy financial performance for MRB. Even if shareholders lose the interest gain from the converted debt, restructuring the company’s performance is expected to provide income to shareholders in the form of dividends. So, the indicator of the effectiveness of the financial restructuring is profitability.
The purpose of this paper is (1) to attempt an assessment of the company financial ratios performance after implementation of DEC, (2) to study the prediction of the company’s bankruptcy before and after DEC and (3) to analyse factors that has influence the level of profitability of the company. The approach of this study is a quantitative method using PT MRB’s audited annual reports for the year 2009 to 2013. Financial data from the period 2009 to 2011 describes the financial condition prior to the implementation of DEC, and the data for 2012 to 2013 describes the financial condition after the implementation of DEC.
Analysis of financial data used in this research is the analysis of financial ratios, bankruptcy indicator analysis and statistical analysis. Analysis of financial ratios consisted of activity, liquidity, solvency and profitability ratios are used in this research. Altman Z’-scores is also used to measure the company’s financial performance and prediction of bankruptcy. Statistical analysis tools used were Mann-Whitney test and linear regressions. Statistical analysis by Mann-Whitney test was used to compare the financial performance before the DEC and financial performance after the DEC. Multiple linear regression analysis is used to look at the factors that affect the level of profitability of the company.
The result of this study showed that (1) DEC has impacted the financial ratios performance of the company, especially in activity measured by Fixed Assets Turnover and solvability measured by Debt to Total Assets Ratio. Restructuring debt to equity clearly has a direct impact, i.e. decreasing Interest, (2) DEC has also impacted the bankruptcy indicator calculated by Altman Z’-scores, (3) Factors of profitability that significantly influence ROA are debt to total assets ratio (DAR), fixed assets turn over (FATO), gross profit margin (GPM), and sales growth (SG). FATO, GPM and SG had a positive effect on ROA, while DAR had negative influence on ROA.
Implementation of DEC at PT MRB should immediately be followed by restructuring measures of financial performance further, because the bankruptcy indicator (Z’-score) shows the forthcoming of a business failure in the near future. Managerial implications of this research is that in order to meet the expectations of shareholders for the increased profitability due to the actions of financial restructuring through the DEC, the management of PT MRB has to prudently control financial factors that affect profitability, which is to increase asset utilization, to increase sales growth and to improve cost efficiency. Solvability of the company can be improved by effectively apply a new debt only for new investment, which can further improve profitability
Perencanaan bisnis tepung komposit dengan sistem bagi hasil
Get PDFNutritious food alternative needs with affordable prices opens up opportunities to produce processed from flour substituted with mocaf flour and tapioca flour are called composite flour. In addition, the technology of manufacturing composite flour is not too complicated and can used simple equipment and the availability of raw materials for processing these products is quite abundant. To create a composite flour industry need a feasibility study.
Currently, invesment still being operated by individual, cooperation or several entity to achieve high profit without considering any aplicable norm, neither positive or aspect of religion. The successful of composite flour business planning is required a feasibility study and revenue sharing system. The objective of this research is to design the business plan for composite flour through feasibility study and revenue sharing system.
The exploratory research method with observation approach was implemented in this research. Primary data from last interview that have consolidated are according to current issue and point of research. All information are collected from the owner of the flour mill. For environment aspect, all neccessary source are originated from interested party, representing and also give information about Bogor regency. Primary data that had collected are includes investment cost and composite flour mill technical eshtablishment aspect, data population and tapioca or mocaf flour production, operational and production cost, labor and organization structural, marketing achievment and system, cost information of main material, flour mill local resident condition, space availability, local characteristic and other relevant data and research result from instation or institutions that related to composite flour proccessing. Another secondary data are information related national flour consumption and production, government statistic head office. The feasibility aspects to observed are market, technical, human resource and organization, environment and financial aspect for revenue sharing.
The result showed that tapioca flour and mocaf flour were potential substitutes for wheat flour. Based on the availability of raw materials, mocaf flour has a minimum availability of 10 000 Tons/year, therefore it had 29 tons/day to substituted wheat flour. This research designed the substitution of wheat flour were 5% of mocaf flour and 5% of tapioca flour. The feasibility study showed that the payback period (PBP) was 3 years and 9 months while Break Event Point (BEP) was 153 258 Tons/year. The result concluded that this business planning were feasible to operate. Further, this research also designed 2 revenue sharing scenarios as recommended by National Sharia Board. Finally, this research succeeds to designed a feasible business for composite flour with revenue sharing
Dampak faktor eksternal dan internal terhadap financial distress perusahaan manufaktur go public sub sektor makanan dan minuman tahun 2008-2017
Get PDFThe manufacturing industry is one of the important industries for the country of Indonesia because it plays a major role in driving the acceleration of development and national economic equality. The food and beverage sub-sector is a sub-sector in the manufacturing sector with the largest contribution and growth rate. The food and beverage industry (mamin) is one of the important sectors for the national economy. Generally, food and beverage industry businesses use various types of financing to support their businesses such as bank loans, government-facilitated financing institutions namely Industrial Financing Institutions which began operating in 2016, as well as obtaining financing through public funds by issuing shares (go public) and issuance of bonds or debt securities.
Based on the background presented, the food and beverage sub-sector companies are very susceptible to financial distress, as seen from the growth of the DSC ratio from 2010-2017 showing a declining condition, with five out of seven sample companies experiencing financial distress with an average ratio DSC below 1.2. This is due to the decline in the company's ability to fulfill payment obligations to the bank as a funder in business activities. Financial distress itself is a condition where the results of a company's operations are not enough to meet the company's obligations (insolvency). Manufacturing companies engaged in food and beverages desperately need large capital to run business operations, so that the funding needed is not enough if they rely on internal funding sources, so that external funding sources are needed, one of which is loans to banks, related parties or other funding companies. Companies that use external funding sources in the form of debt give rise to an obligation that must be fulfilled in future periods in the form of repayment of loan principal and interest, if the payment cannot be met, the company will experience financial distress.
The financial distress model of food and beverage companies built in the research is a system of equations consisting of 16 equations or 16 variables (G) and total variables in the model, namely endogenous variables and 38 variable predetermined variables (K). The number of endogenous and exogenous variables included in one particular maximal equation in the model 6 variables (M) is thus obtained results (K-M)> (G-1) so that it can be concluded that all structural equations are declared overidentified. Next, the estimation method used is 2SLS (Two Stage Least Square). The type of data used in the study is panel data consisting of 7 food beverage sub-sector companies listed on the Indonesia Stock Exchange in the period 2008-2017.
The results of the study show that the simulation of deteriorating external conditions needs to be carried out efficiency of cost of goods sold, general administration expenses and sales marketing expenses and increasing current assets through cash and accounts receivable for payment of debts that are due and need to reduce funding through external factors. free from financial distress so that the debt service coverage ratio increases