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Analisis faktor-faktor yang memengaruhi credit spreads obligasi pada sub sektor perbankan tahun 2014-2016
Get PDFBonds are one source of corporate funds in addition to profits, bank debt and stocks. bonds become an effective source of financing for the company as the bond market grows every years. In 2016 the banking sector has the largest outstanding bonds. The dominance of the banking sector in corporate bonds is inseparable due to the need for bank capital in long-term expansion. Generally, bond investors aim to find the maximum yield. The investors are more interested in corporate bonds with investment grade ratings than bonds that have high yields. This is because bonds with investment grade have lower risk levels, given the less likely the bonds fail to pay interest and loan principal. In measuring the level of risk obtained by investors can be interpreted by credit spreads on bonds that have risk levels, both high and small risk with risk-free bonds. Bonds at risk themselves are corporate bonds, while risk-free bonds are government bonds. Credit spreads are an interpretation of the return of bonds received by investors as measured by the difference between the yield rate of corporate bonds and the resulting government bonds. In some previous studiees, there are differences in outcomes regarding the discussion of credit spreads. Previous research gives the result that stock return volatility, default probability and inflation can have positive, negative effect even no effect on credit spreads. Therefore, this study wants to analyze the factors that influence the credit spreads of banking sub-sector bonds. This research is divided into two categories namely investment grade bond and non investment grade bond. The population in this research is 5 companies for investment grade bond and 3 companies for non investment grade bond during period 2014 - 2016. By using panel data regression, research result show that the relation between variable of probability and inflation significantly influence credit spreads of investment grade bond, while the variable stock return volatility has no significant effect. In non-investment grade bonds, stock return volatility variables, default probability and inflation have a significant effect
Analisis strategi kemitraan budidaya puyuh cv slamet quail farm
Get PDFThe livestock subsector is divided into two groups, namely ruminants and poultry. Poultry population on a national scale has increased every year from 2013 to 2017, especially in quail populations. At present the quail cultivation business is still empowered by UMKM farmers. One of the UMKM engaged in quail cultivation livestock is CV Slamet Quail Farm (CV SQF). The company has a partnership group in the quail cultivation business. The increase in quail egg production was not matched by an increase in consumption being a problem faced by the company, because until now the company has not been able to meet customer needs. This is due to the number of quail livestock populations and the number of quail farmers who are not as many as other poultry farmers. The research objective is to analyze the business model conducted by the company, analyze and map the role of each stakeholder of the CV SQF company, develop a business model for the improvement of CV SQF in the future, and analyze the benefits obtained by partner farmers and independently Based on the results of the study, CV SQF has two business models that are run, namely the partnership program business model and the quail cultivation business model. CV SQF has several obstacles in running both of its current business models. Stakeholders involved in the CV SQF business process are divided into two, namely suppliers and consumer stakeholders. Supplier stakeholders are in the cummunicate and engage category. Consumer stakeholders are in the inform, communicate and engage categories. Based on the results of the improvement of the nine elements of the partnership program business model, the company can improve the material in the partnership program curriculum according to the needs of farmers, using e-learning to reduce constraints, and create non-formal activities to improve relationships. The results of the improvement of nine elements in the Quail Quail cultivation business model of the company can improve key activities in product distribution and egg sorting, data base repair, addition of value propositions in the form of factory feed, use of online media in marketing channels, and optimization of key resources. Based on the results of the calculation of investment analysis, the level of profit gained in the quail cultivation business in the partnership pattern is more profitable than the independent pattern. The partnership pattern in the quail cultivation business offered by CV SQF can provide added value to partner farmers so that farmers can reduce losses and get greater profits. Based on the results of sensitivity analysis using switching values in partnership patterns and independent patterns it can be concluded that the quail cultivation business is more sensitive to changes in selling prices and the amount of egg production compared to changes in feed prices
Perilaku harga komoditas timah
Get PDFTin is a rare industrial metal with its properties; non-toxic, non-corrosive, and a good conductor. Indonesia, Malaysia and China are the world’s tin producers which can affect tin price on the supply chain.Tin price movements prior to 1985 influenced by ITC (International Tin Council) which is an intergovernmental organization that regulates the world's tin. Tin price movements after the collapse of the ITC is more volatile than ever before. The main problem of a commodity is the dependence issue on exports for specific commodities within developing countries and the fluctuate behaviour of commodity prices, unstable cycle of commodity prices, tin consumption that does not keep up with supply and demand, as well as the international environment gives influence in the commodity producing countries. Various studies of commodity prices behaviour established by previous researches were not specific to a particular commodity, especially tin. Based on these issues, the purpose of the study are (i) to analyse the factors which affecting prices volatility of tin commodity, (ii) to analyse the determinants of tin price with country specific Indonesia, Malaysia and China, (iii) to analyse the relationship between tin commodity markets of INATIN, KLTM and LME, (iv) to analyse the effect of tin prices volatility towards the tin company’s stock prices.
The research employed descriptive and quantitative approach. We employed data from period 1990 to 2015 based on the availability of data. Literature study has been utilized for the descriptive approach. Method of volatility used Autoregressive Conditional Heteroskedasticity - Generalized Autoregressive Conditional Heteroskedasticity (ARCH-GARCH), determinant of tin price used Error Correction Model (ECM), relationship of tin prices in commodity markets used granger causality, then link volatility between tin price and stock used Vector Error Correction Model (VECM) and confirmed by the experts tin.
The results of the study as follows: (i) price volatility of tin commodity is influenced by commodity prices of crude oil, the price of lead, copper, and US T-Bill 3M, (ii) tin price has a long-term relationship with the country’s macroeconomic in Indonesia, Malaysia, and China and there is a short-term relationship between industrial metals prices, interest rate in Indonesia, industrial production in Indonesia and exchange rate in Malaysia toward tin commodity price, (iii) LME’s prices affect KLTM and INATIN’s prices, KLTM’s prices also affect INATIN’s prices, however both of them do not apply vice-versa, and (iv) the volatility of tin price has a negative relationship with the equity of PT Timah Tbk, Malaysia Smelting Corporation and Yunnan Tin Company Limited.
Managerial implications from the study results divided to three section which are company, investor or trader, and government. For the company as follows: (i) high tin price volatility requires the company to hedge the price, inventory management, and forecasting when conducting exploration, mining, and tin sales to minimize the risk by observing other commodity price and US interest rates, (ii) company’s short-term and long-term planning on tin price determination should pay attention to commodity price, the country’s mancroeconomic in Indonesia (interest rate and industrial production) and Malaysia (exchange rate), (iii) LME as market driven on tin price, demands the company to involve in LME exchange to obtain margin or tin stock and listing brand tin ingot, (iv) Tin prices volatility affect stock prices which allow the company to do buy back shares when the price is low.
Managerial implications for investor or trader as follows: (i) investor or trader may gain tin commodity as one of porfolio because high volatility indicate high return, (ii) investor or trader should keep a stock of tin ingot to reduce the risk of price shock, (iii) LME become a market driver so the investor or trader should look at LME as price reference in management (buy and sell) portfolio, (iv) tin price volatility affects tin company’s stock price so the investor or trader should initiate diversification if they have tin commodity and tin company’s stock. Managerial implications for regulator as follows: (i) high price volatility lead to less developed downstream industry so that the government should conduct policies which support tin’s downstream industry with the development in infrastructure, attract electronic component investor into Indonesia and create domestic market, (ii) tin price affects by the countries of Indonesia and Malaysia which requires the government to maintain tin price at the equitable price, (iii) LME as market driver for tin price in KLTM and INATIN. Thus lead the government to encourages the optimization INATIN and transaction systems in exchange, (iv) tin price volatility affects tin company’s stock price to induce the government to support BUMN companies for diversification practices which not dependence only on tin commodity.
Based on the research, several advices obtained as follows: (i) study on volatility need to include inventory variable and volatility influence towards country’s economy in Indoneisa, Malaysia, and China, (ii) study on determinant should conduct theory storage aproach, (iii) deeper research requires as the effort to optimize INATIN exchange in affecting world’s tin price, (iv) further research requires in the influence of tin price volatility toward firm financial performance as well as the influence of futures price towards spot price
Analisis pengaruh sentimen investor terhadap excess return dan volatilitasnya
Get PDFIrrational Investor behavior was incompatible with classical financial theory such as Black Thursday and Black Monday stimulated behavioral finance development. IHSG is an index used as an indicator of stock price movements on Indonesia Stock Exchange and reference of capital market activities. Stock securities had high risk because they do not have maturity such as bonds so volatility is one of the important things in stock investment.
Investor sentiment is one of behavioral finance assumptions which may affect volatility if sentiment as noise traders affecting price and causing systematic risk so it is necessary to analyze impact of investor sentiment on IHSG and sectoral volatility. This study used monthly time series January 2001 to December 2015 with GJR-GARCH method and Business Tendency Index as investor sentiment proxy.
The results showed that there was significant effect of investor sentiment on excess return and excess return volatility. As investors were optimistic, uncertainty in the stock market will increase, also IHSG and sectoral excess return volatility will increase as the average investor is pessimistic. There was noticeable leverage effect in the presence of negative shocks resulting in higher conditional variance changes compared to positive shocks at same magnitude
Reaksi pasar terhadap saham perusahaan gas negara (pgn) dalam kasus pembentukan holding company BUMN sektor minyak dan gas
Get PDFThe stock market’s reaction on PGN’s stock in case of forming holding company for oil and gas sector BUMN was analyzed based on the correlation between the investors’ reaction on PGN’s stock when the announcement of holding company happened on 25 January 2018. This research aimed to identify the correlation between PGN’s stock market reaction and the announcement of holding company and to identify whether there are macroeconomic variables influencing PGN’s stock during the announcement. Using the method of event study, the data utilized here were daily abnormal return (AR) that were cumulated, called cumulative abnormal return (CAR). The data were analyzed under the different event windows (-5, +5, -10, +10, and 15, +15 from the announcement) by applying t-paired test and linear regression test with the macroeconomic variables of gold price, natural gas price, oil price, exchange rate, and dummy variable, assuming value of zero a value before the announcement and value of one as value after the event.
Based on the results of t-paired test, the CAR value before and after the announcement at the event window (-10, +10) and (-15, +15) had a significant and positive influence, while the CAR value before and after the announcement at the event window (-5, +5) had no significant correlation. Based on the linear regression analysis, all macroeconomic variables had no significant influence on CAR value at the event window (-10, +10) and (-15, +15), while at the event window (-5, +5) there obtained variables that had a significant correlation, namely gold price and gas price. In addition, dummy variable had a significant correlation with CAR value at all event windows. In conclusion, the market’s reaction on PGN’s stock was affected by the announcement of holding company, especially at the event window (-10, +10) and (-15, +15).
The implication that can be conveyed from this research is in regard to the decision making when investing, particularly when the announcement of holding company for oil and gas sector BUMN occurs. Based on the results, the investors can purchase PGN’s stock at the event window fifteen or ten days before the announcement and hold it until after the announcement as the CAR of PGN;s stock from before to after the announcement rose, so that investors can gain profit from the difference between stock purchase price and selling price. The rising stock’s CAR indicates the presence of positive return gained by the investors
Peranan serikat pekerja bpjs ketenagakerjaan dalam peningkatan kesejahteraan dan penyaluran aspirasi karyawan
Get PDFCompany as a place where human resources (HR) gather must provide
freedom for HR to group, organize or associate according to article 28 E Paragraph
(3) Amendments to the 1945 Constitution. In this case, the company gives freedom
form a group or organization as a place for its employees to aspire and gather, called
trade unions (TU) or labor unions (LU). The purpose of this study were (1)
Analyzing the role of LU BPJS Ketenagakerjaan in improving employee welfare,
(2) analyzing the role of LU BPJS Ketenagakerjaan in channeling employee
aspirations, (3) analyzing the influence of the existence of LU BPJS
Ketenagakerjaan which provides direct benefits to employees and (4) providing
advice for LU BPJS Ketenagakerjaan to be able to carry out its functions to the
maximum as an employee representative.
The research method used is descriptive research with quantitative and
qualitative approaches. Quantitative data sampling techniques used purposive
sampling technique with a total sample of 55 employees of BPJS Ketenagakerjaan
and for qualitative data using non-probability sampling techniques with a total of 3
person. Data processing techniques with correlation descriptive analysis. Analyze
tools are used with validity, reliability, frequency distribution and Rank Spearman
correlation tests. The results of the analysis are used to deepen the interview process
to the interviewees.
Based on the results of Rank Spearman correlation test obtained, a low
correlation on the relationship of economic indicators with distant aspirations
(0.469) and the highest correlation on social indicators with distant aspirations
(0.676).
Research shows the role of LU BPJS Ketenagakerjaan according to the three
sources is good enough, in terms of role to improve employee welfare and role in
channeling employee aspirations, although there are still some obstacles faced by
the management and LU BPJS Ketenagakerjaan management
Analisis potensi dana pensiun lembaga keuangan syariah di indonesia
Get PDFThis research is a research related to financial cases. The discussion is aimed at the theme of investment related to pension funds for sharia financial institutions in Indonesia. Where this is considered to be a potential in the future that can be used as an investment choice.
Data collected is derived from tingkat pengembalians from several Islamic instrumens (Islamic stocks, sukuk, Islamic mutual funds). The data period is from 2013 to 2017. All Islamic instrumens are then compared to conventional investment instrumens with the same composition. This is done to find out the amount of tingkat pengembalian that has occurred and the potential that can be achieved in the future.
The results of the study show that Islamic DPLK has not been able to provide tingkat pengembalians that can exceed the conventional DPLK. Likewise, in the formation of investment composition through the age approach, it is only able to approach the tingkat pengembalian of conventional DPLK. On the other hand Sharia DPLK is considered to have more value in guaranteeing rightfull
Pengaruh awareness dan attitute konsumen terhadap perilaku penggunaan pembiayaan modal kerja perbankan syariah di kota bogor
Get PDFThe high Gini Index of Indonesia shows that economic growth is not accompanied by economic equality. The high income inequality occurred in all provinces in Indonesia from 2009 to 2014, including in the city of Bogor. The current practice of interest applied in the conventional banking system reinforces the propensity of wealth accumulated in the hands of a few people. Islamic economics has a solution to the disparity problems generated by the riba-related conventional economic system, such as the forbidden use of riba and the use of profit sharing-based working capital contracts for productive sector. By applying the instruments of Islamic economics, sharia banking is expected to contribute to the distribution of wealth, poverty alleviation and community welfare. However, the benefits of sharia banks have not had an impact on the increasing market share of sharia banking in Indonesia.
The study aimed to learn the awareness and attitude of the Muslim consumers of sharia banks in Bogor towards sharia banking practice and working capital financing of sharia banks based on profit sharing that can become the significant factors for the growth of sharia banking market share, which in turn will decrease poverty rate and income inequality in Indonesia. The conceptual framework of this study was developed based on AIDA's hierarchy of effects model and the theory of planned behavior (TPB). This study used the structural equation modeling (SEM) to measure the relationships between four latent variables, i.e. demography, awareness, attitude, and action, and the relationships between those latent variables and their indicator variables. The SEM model in this study was processed using the LISREL software. The primary data collection was performed through self-administered questionnaire with 125 Muslim consumers of sharia banks in Bogor who own business. The sampling technique in this study was a non-probability snowball sampling, by way of convenience sampling. The model in this study has had a good fit in accordance with the established criteria of the Goodness of Fit.
The research results showed that the awareness owned by the consumers in Bogor significantly influences the attitude of consumers and the usage behavior of sharia banking working capital financing at 90 percent confidence level. The research results also showed that consumers have a positive attitude towards the working capital financing of sharia banks. However, the attitude of consumers have no significant effect on the use of working capital financing of sharia banks. The main difference between sharia banks and conventional banks known to the respondents lies in the contracts used in sharia banking transactions. One step that can be done to increase the market share of sharia banking, and ultimately reduce the inequality between the rich and the others, is to increase the awareness and attitude of consumers towards the practice of sharia banking and the working capital financing of sharia banks. This step should start with a simultaneous paradigm shift of thought from all parties, namely the Muslim community, sharia banking, and government. The paradigm shift of thought to be addressed is the act to position sharia banking as a lifestyle of the Muslim community, by practicing
sharia law-based financial activities, and not as a substitute product of conventional banking
Pengembangan model bisnis canvas pada galeri indonesia wow
Get PDFThe policy on the sectors of Cooperatives and Micro, Small, and Medium Enterprises (MSMEs) as mandated in the Presidential Regulation No: 2 of 2015
concerning the National Medium-Term Development Plan (RPJMN) Years 2015-2019 stipulates that it is imperative to enhance the competitiveness of MSMEs and
Cooperatives so as to develop into a sustainable business with a larger scale (“move to the next level”) in order to contribute to the national economic self-sufficiency.
In the micro business segment, in this regard the development of MSMEs, the Government plays a vital role in the marketing of MSME products, especially
through assistance and funding which in turn will enable those MSMEs to expand, for example by facilitating the marketing of their products to domestic and
international markets through Galeri Indonesia Wow (GIW) as an initial forum to connect between those running MSMEs, and domestic and foreign customers who
want to buy the products produced by MSMEs from all over Indonesia.
This research employed a descriptive method, i.e. a case study on business development, by collecting data and information from various sources to answer
the existing problems. The research data that had been collected were analyzed using several research instruments that were divided into some research stages.
Those research data were processed and analyzed using business the business model canvas analysis, the SWOT analysis, and improvement of the Galeri Indonesia
Wow program development strategy.
Results of the business model that have been improved based on results of the SWOT analysis, that included improvements in each element consisting of
creating community in the field of cooperatives and SMEs for the Co-Creator element, performing a customer demand analysis for the Value Proposition
element, developing e-commerce facilities for the Channels element, increasing personal assistance resources for the Relation element, participating in international
events for the Value Stream-Returns element, replacing unproductive resources for the Key Resources element, conducting persuasive training for the Key Activities
element, partnering with the Agency Creative Economy (Bekraf) and Jakarta's Creative Hub for the Key Partnerships element, and optimizing budget allocation
planning for the Value Stream-Outlay Costs element, it is vital for Galeri Indonesia Wow to take into account this research finding in the development of its future
business strategies
Strategi pengembangan bisnis biji kopi robusta (studi kasus: pt asia makmur)
Get PDFProduction rate of robusta coffee beans in Indonesia has reached 85 % of total coffee beans production in Indonesia. Bandar Lampung as the main trading centre of robusta coffee beans has its annual export volume at least 75 % from total export volume of coffee beans from all regions in Indonesia. PT Asia Makmur (PTAM) is one of local company which has its trading license as exporter and located in Bandar Lampung. The business development strategy is needed by PTAM as so far the company is managed according to family-relationship management in order to preserve and escalating the company’s income in coming years. The strategic steps are needed to manage the internal and external factors of the company means the management of its strengths, weaknesses and to optimize the opportunities as well as to overcome the exsisting threats.
This research is using the descriptive approach with a case study research to obtain the information, condition and clarity of the company related with research object in a factual way, accurate and systematic. All data are obtained by depth-interview and directly conducted with management team of PTAM and accompanied with the company’s documentations.
Processing techniques and data analysis in this research is quantitative descriptive analysis by analyzing the internal and external factors which influence the company. Analysis tools used here Internal Factor Analysis Summary (IFAS), External Factor Analysis Summary (EFAS) and Strategic Factor Analysis Summary (SFAS) with paired-comparison method by giving the weight and rate for each internal and external factors of the company. Through the evaluation of SFAS matrix, there are prioritized strategi for PTAM which are short-term strategy, medium term strategy or long term strategy. Afterwards, SWOT (Strenghts, Weaknesses, Opportunities and Threats) analysis is being used according to SFAS result. According to research result and evaluation into those three elements the conclusion reached are the dominant internal factors which are strengths factor of PTAM are the ability to produce the special (premium) product and accompanied with its storage and processing capacity. The main weaknesses factors are the qualified human resource with lack ability of English skill for business purpose and the knowledge of international trading. Dominant external factors which become the main opportunities for PTAM are the direct selling to the end users, ability to produce the international certified robusta coffee beans and the demand of domestic market. While the main threats for PTAM are the competition with FDI (Foreign Direct Investment) companies, the volatility of world coffee exchange and the competitive selling price for export business. The recommended strategy for business development of PTAM would be made in a way of vertical integration either forward integration or backward integration