3559 research outputs found
Sort by
Pengujian efficient market hypothesis weak-form dan pengaruh kinerja perusahaan terhadap return saham emiten infrastuktur
Get PDFOne of sectors in Indonesia that is interesting to study currently is infrastructure sector. Infrastructure is one of important aspects in economic growth. Government of Indonesia (GoI) continues to accelerate infrastructure development in Indonesia. Contributions from companies operating in the field of infrastructure are consideredto be on of success factors in infrastructure development. GoI has realized this matter and starts to involve various parties including private sector to jointly develop infrastructure. In line with the government policy direction, the stocks of issuers in the field of infrastructure is believed to gain positive sentiment and be anticipated. However, the movement of Infrastructure Sectoral Stock Price Index (IHSS INFRA) and most of the issuers included in the index have a downward trend in 2015. Stock movement is expected to be affected by various factors, such as company performance and macroeconomy. Many practitioners and researchers even try to predict stock movement based on its historical data. According to Efficient Market Hypothesis (EMH) developed by Eugene Fama, stock movement prediction can be carried out if the stock market is inefficient. In contrast, if the stock market is efficient, the stock movement can not be predicted and there no one will be able to defeat the market. The importance of EMH implication has made many researchers to conduct research on weak-form EMH in various stock market in the last twenty years. EMH implication is really important because it can help investor in making the right decision. Therefore, EMH test on IHSS INFRA needs to be undertaken, at least weak-form EMH test. Several researches show that company performance is proven to have a significant effect on stock return. Accordingly, an analysis of the effect of company performance on stock return of infrastructure issuers becomes another focus in this research. Company performance parameters used in this research are efficiency, liquidity, profitability, and valuation.
The methods used to test weak-form EMH on IHSS INFRA are unit root test, autocorrelation test, and runs test. The method used to measure company efficiency is Data Envelopment Analysis (DEA). The method used to analyze the effect of company performance on stock return of infrastructure issuers is panel data regression with the independent variables of current ratio (liquidity), Return on Asset (profitability), price to book ratio (valuation), and efficiency score (based on DEA implementation result).
The result of this research shows that IHSS INFRA tends to be inefficient in weak-form. The implication of IHSS INFRA that is proven to be inefficient in weak-form is that investors are likely to obtain abnormal return. Investors can predict infrastructure stock movement using technical analysis. In addition to technical analysis, fundamental analysis can also be used to predict stock movement. The result shows that most of the issuers in the field of infrastructure has yet work efficiently. Infrastructure issuer efficiency is proven to be significantly affected by cost of revenue, debt to equity ratio, and gross profit margin. Cost of revenue and debt to equity ratio have a negative effect, while
gross profit margin has a positive effect. Cost of revenue has the strongest effect. Based on the analysis of efficiency and factors influencing infrastructure issuer efficiency, company managers need to reduce cost of revenue and debt to equity ratio to increase gross profit margin so that the company can operate more efficiently. The result shows that the stock return of infrastructure issuers is proven to be significantly affected by current ratio, Return on Asset, and price to book ratio. Based on the analysis of factors influencing stock return of infrastructure issuers, investors need to consider company liquidity, profitability, and valuation in making investment decision
Pengaruh modal kerja dan makroekonomi terhadap profitabilitas dan likuiditas pada industri properti
Get PDFWorking capital is important for business operations. Property industry has a bigger cash conversion cycle and net working capital needed per rupiah of sales than another industry (SSKI Bank Indonesia 2015; and financial report). Profitability trend in property industry and GDP growth was decreased at 2013 until 2015, it was a problem for management and investor in property industry. Therefore it is important for manager or CFO to manage a working capital efficiently to increase profitability but still maintain liquidity steady. The purpose of the present study is to investigate the impact of working capital management and macroeconomics indicator on profitability and liquidity of public listed propety industry in Indonesia.
The firm’s profitability is measured by ROA and ROE, while the firm’s liquidity measured by CR and QR. Working capital components include CCC, CATAR, and CLTAR with control variables which include of SIZE, SLGR,and DER. While macroeconomics indicator include GDP growth, interest rate, and inflation. This study used data from quarter financial report of 19 property firms listed in Indonesia Stock Exchange over the periode 2011-2015 quaterly,while GDP, inflation, and interest rate from Statistic Indonesia and Bank of Indonesia. The data was analyzed using panel data regression analysis.
The result showed that Cash Conversion Cycle (CCC) has negative relationship with Return on Assets (ROA), Return on Equity (ROE), and Quick Ratio (QR). While CCC is positive relationship with Current Ratio (CR). These study find there is a trade off in working capital policy between profitability and liquidity. Furthermore the result showed when GDP growth increase property firms performance would increase. Strict monetary policy would decrease firm's profitability in property industry. Inflation have positive relationship on profitability and negative relationship on liquidity. Furthermore firm size, sales growth, and capital structure have significant effect on the profitability and liquidity.
As a result of this reasearch, these study recommends management to accelerating the cash conversion cycle to improve firm performance. Manager can decrease cash conversion cycle by accelerating days inventory outstanding and days sales outstanding and extend days payable outstanding. Manager should use more aggresive working capital policy to improve profitability but still maintain their liquidity. Manager must look macroeconomic condition to make business strategic. Investor can choose firm that have a fast cash conversion cycle and aggressive in working capital policy but still have a good liquidity. Furthermore investor must look macroeconomic condition to make investment decision
Analisis kebijakan hedging harga terhadap kinerja keuangan produsen crude palm oil di indonesia
Get PDFIndonesia as the world's largest CPO (Crude Palm Oil) producer hasn’t been able to managed CPO price applicable either in local market or international market, while CPO price fluctuates following market mechanism and other factors such as fundamental and technical, producer. Price hedging instrument is a solution to mitigate price risks, but not all of CPO producers took hedging policy and prefer to make short-term policies regarding current market conditions.
This study was conducted to research about the hedging policy of Indonesian CPO producers, that ware analyzing about factors influence the producers to make hedging decision and how the financial performance of hedging and non-hedging producers. Technique of processing and data analysis in this research using descriptive analysis of quantitative, with analysis tool using binary logistic regression method with categorical dependent variable that is 0 for non hedging and 1 for hedging and software used is EViews version 9.0. The sample used ware the CPO producers that listed and actived in Indonesia Stock Exchange in the period 2010 to 2016, they are six companies producing CPO with three companies that do hedging policy and the other three didn’t do hedging that are insequentially, PT Sampoerna Agro Tbk, PT Sinar Mas Agri Resources and Technology Tbk, PT Bakrie Sumatera Plantation Tbk, PT Astra Agro Lestari Tbk, PT PP London Sumatera Indonesia Tbk and PT Tunas Baru Lampung Tbk.
Based on the results of research and evaluation resulted four factors that had influence the company taken hedging the price are firm size that has a significant positive effect, and then tax avoidance factor, activity ratio and profitability ratio which has a significant negative effect on hedging means that companies have small profits and turnover convert inventory into cash small companies and companies that do not avoid taxes tend to do hedging then companies that have large sizes will tend to try to protect their assets by hedging.
Hedger’s financial performance ware in generally better than non-hedger. The analysis uses five financial ratios: liquidity ratio, leverage ratio, activity ratio, profitability ratio and market ratio. The hedger company has better financial planning and has the ability to pay short-term debt and has a larger profit than non-hedger so that third parties such as banks and investors investing in companies because they are confident of returning their investments. But on the other hand hedger companies have a longer time to convert their inventory into cash, so that in the company has difficulty in fulfilling its long-term obligations
Analisis adopsi teknologi branchless banking pt bank rakyat indonesia (persero) tbk oleh agen brilink dengan model utaut 2
Get PDFPT. Bank Rakyat Indonesia (Persero) Tbk, or BRI has applied branchless banking technology since 2013 which known as BRILink. Since launched, BRILink contribution hasn’t fullfilled BRI’s management expectation. It’s must be minimum 200 transactions or equal to Rp. 400.000 – Rp. 1.000.000 comission generated by each BRILink Agent a month to meet the breakevent calculation on business. The character of agen which is low utilization the branchless banking technology was predicted as the main factor caused slow technology adoption. This research aim is to investigate factors that affected to behavioral intense to use and use behavior agent in adopting branchless banking technology. This research focused to active agent who generate comission above Rp. 1.000.000 per month, becaused they are predicted as active agent.
Unified Theory of Acceptance and Use of Technology 2 (UTAUT 2) approach apllied in this research. The data collected by spreaded online quetionaire survey link to BRILink population at Kantor Wilayah BRI Semarang and resulted 205 feedback from respondents. This research design is quantitative descriptive with cross sectional survey and the data analized using structural equation model (SEM) running with SmartPLS v.3.2.7 program. The result show that effort expectancy and social influence significantly influence at 10% confident the behavioral intention to use and use behavior of BRILink technology. Otherwise, the others factor such as performance expectancy, facilitating conditions, hedonic motivation, price and habit aren’t significant influence to the behavioral intention to use use behavior of BRILink technology.
In order to accerelate the adoption of branchless banking technology by BRILink agent support all BRI’s employee are needed. They have to do massive socialization and education the ease utilization branchless banking features. And also, BRI have to review the ease utilization branchless banking both existing or next developed features. The author recommendation on this research is to have advanced research focusing at low transaction agen group. That can investigate the slow adopting BRILink technology factors by agent
Keragaan ekspor lada indonesia dan vietnam serta strategi pengembangan ekspor lada indonesia di pasar internasional
Get PDFIndonesia is a producer and exporter of pepper in the world. Indonesia has the advantages of producing pepper such as the suitability of climate condition and the availability of land. The high value of export than other spice commodities shows that this commodity has high demand in the world.
The main importing countries of Indonesian pepper are Vietnam, USA, Singapore, India, Netherland, and Japan. However, in terms of the share of Indonesian pepper export to the destination country, Vietnam is the largest pepper market of Indonesian pepper by the export share of 39%, while Vietnam is the main Indonesia’s competitor in exporting pepper in the world. In this case, most of pepper from Indonesia were exported to Vietnam which is already known as the largest producer and exporter of pepper in the world.
The objectives of this study are to analyze the export performance of Indonesian and Vietnam pepper, analyze the determinant of Indonesian pepper trade flow, and determine the development strategy of Indonesian pepper export in the international market. The forms of pepper as the scope of this study are whole pepper (HS 090411) and ground pepper (090412). The strategy for developing export of Indonesia pepper are determined based on the priority level of the alternative strategy.
This study uses the ratio of market share analysis, trade complementary index (TCI), intra-industry trade (IIT), and trade intensity index (TII) to explain the export performance and linkages of pepper trade between Indonesia and Vietnam. In addition, this study uses several competitiveness indicators to explain the export performance such as revealed comparative advantage (RCA), revealed comparative trade advantage (RCTA), and constant market share analysis (CMSA). Panel data regression analysis using export demand approach is also used to obtain the factors that influence the export of Indonesian pepper in the international market. The panel data is consisted of seven main importing countries of Indonesian pepper as a cross-section data and 13 years of observation (2002-2014) as a time series data. The priority strategy for developing export of Indonesian pepper are determined using analytical hierarchy process (AHP).
The result shows that export market share of Vietnam pepper in 2002-2014 is greater than Indonesia and it tends to increase from year to year. It indicates that Vietnamese pepper export market is getting stronger in the world market. TCI analysis shows that Vietnam is a trading partner that is also a competitor of Indonesia in the pepper trade. In addition, the results of IIT and TII analysis shows that Vietnam has a strong integration with Indonesia in the pepper trade and the relationship is stronger than the world average.
The result of the competitiveness analysis using RCA and RCTA index in 2002-2014 shows that Indonesia and Vietnam have a comparative advantage in pepper trade. However, the competitiveness of Vietnam pepper is higher than the competitiveness of Indonesian pepper. Based on the CMS analysis, Indonesian pepper export growth rate in 2014 was below the average growth of the world's exports. This was caused by the negative effects of competitiveness and negative market distribution which indicated weakening of the competitiveness of Indonesian pepper and decreasing of demand pepper in the destination countries of Indonesian pepper. In the same year, the growth rate of exports of Vietnam pepper was above the average growth of the world's exports. This was caused by the positive effect of the market distribution showing that the destination countries of Vietnam pepper experience high growth in import of pepper.
The factors affecting Indonesian pepper export to the international market are GDP per capita of the importing countries, economic distance, export price, real exchange rate, and participation in free trade agreement. GDP per capita of the importing country has a positive significant effect to the export volume of Indonesian pepper, while the economic distance, export price, real exchange rate, and participation in free trade agreement have a significant negative effect to the export volume of Indonesian pepper.
Based on the results of pairwise comparisons using AHP, the main factor affecting the development of Indonesian pepper export is competitiveness. The actor who most influence on the development of pepper export is the business actors. The main objectives of export development are to reduce unemployment and increase the prosperity. The priority strategy for developing Indonesian pepper export in the international market is product quality improvement
Analisis daya saing budidaya jagung berbasis mekanisasi dan konvensional
Get PDFProductivity corn in Indonesia still unable to complied the domestic market. To improve productivity corn can be done by applying mechanization technology in the cultivation process. This study attempts to: 1 ) know the state of competitiveness cultivation corn conducted in mechanization and conventionally, 2 ) know influence sensitivity to competitiveness cultivation corn conducted in mechanization and conventionally, 3) give recomendation for PT XYZ and farmers to increase the competitiveness of whether mechanization corn and conventional. The study is done in two locations, PT XYZ located in Berau district for cultivation mechanically and Demak district for cultivation conventionally. The method of analysis to know competitiveness of corn cultivating based on mechanization and conventionally used Policy Analysis Matrix (PAM )
The results showed DRCR value of mechanization less than 0,545, which means it has comparative advantage and PCR value is 0,495, meaning it has a competitive advantage amongst others in the same industry. While DRCR value of cultivating konvensionally is 1,02 which means it has not comparative advantage without government policy. And PCR value of konvensional cultivication is 0,74 which means it has competitive advantage. Output policy application makes Nominal Protection Coefficient of Output (NPCO) value of mechanization is 1.19 and 1.12 for corn cultivation konvensional. This shows that the government influence makes domestik market price is above than world prices. Nominal Protection Coefficient on Input (NPCI) value of corn mechanization is 1.08 while the konvensionally is 0.64. This shows the protection of the government for konvensionally cultivication with the implementation of subsidies and taxes. EPC value indicates the influences of government policies which is more protective or hinder domestik production. Both of mechanization and konvensional cultivication haveEffective Protection Coefficient (EPC) value more than one, that means the policy implemented by the government has been running effectively. Another indicator is the value of Subsidiy Ratio to Producers (SRP). SRP value for mechanization is 0,12 and 0,27 for konvensional cultivication. SRP value of konvensional cultivication is higher than mechanization, it’s because subsidies implementation for konvensional cultivication.
PAM used dynamic price, so its need to conduct sensititivty analysis based to reduce the weakness of PAM. Sensitivity analysis performed with price changes simulation. Sensitivity analysis results shows that price changes simulation proved sensitive and affects the competitiveness of mechanizations and conventional cultivicating
Analisis adopsi inovasi aplikasi go-jek
Get PDFGo-jek application is a form of innovation in the provision of public transportation services. Development and innovation of a technology will be
underutilized and abandoned by the user when the acceptance of these technologies is limited and did not have enough speed to be adopted, so the rate of adoption
among potential users of the application will be extremely low. In other words, the desire and the speed of the user to adopt a technological innovation will affect the
extent to which the technology will survive.
The results showed that the influence of characteristics innovation of the adoption of innovations in Go-jek driver applications indicates that the
characteristic of innovation is significantly positive effect on adoption of innovation Go-jek application system.
The results of the analysis of the success of the application of Go-jek information systems showed that the variable quality of the system and the quality
of information proved a significant effect on other variables in the research model.
However, the result showed that there is no influence on the perception of the
quality system variables to user satisfaction.
The results of the analysis of the success of information systems to the
adoption of innovations in Go-jek driver application showed that the success of
information systems significantly positive effect on adoption of innovation Go-jek
application systems
Implementasi manajemen risiko dalam perecanaan audit internal berbasis risiko pada kementrian esdm
Get PDFFor supporting the realization of the objective of the Ministry of Energy and Mineral Resources (KESDM) in achieving the national sustainable development goals in energy sector, accordingly the role of internal audit is literally required in order to assist the organization in achieving this objective. The internal audit is forced to meet the requirements upon the good organizational governance, which combining both the effective risk management need and reliable control. As one of the organizational function, the internal audit unit is faced to the resources limitation, which includes the time limit and budget limit, hence such risk- based planning with reliable ability to evaluate the risk is critically required, asides from its role in improving the effectiveness of audit and risk management system. Departing from these backgrounds, a research on the audit planning by using the risk management approach was done, in which the internal audit was able to facilitate the implementation process of risk management, such as by initially developing the risk management system by using 31000:2009 ISO framework.
The research was conducted at the Directorate General of New Energy, Renewable and Energy Conservation, Directorate General of Electricity and Secretary of the National Energy Board in the Ministry of Energy and Mineral Resources. This research used both the primary data and secondary data in form of qualitative and quantitative data. The primary data was generated through the questioner, focus group discussion, and brainstorming towards the respondents which were selected through the purposive sampling method. The secondary data itself was generated through the collection of the existing data in the organization internal, including the vision and mission, strategic planning, organizational structure, and work plan as well as budget plan.
Within the research, the risk management system and its implementation developed in order to generates the effective and efficient risk- based internal audit. The research methodology involved literature review, questioner, group discussion and benchmarking, for the purpose of observing the inherent risk on the examined object, while the Analytic Hierarchy Process (AHP) was used to obtain risk level and subject observed in the internal auditor’s perspective. From engaging the risk- based internal audit planning within this research, the result showed an efficient working day which may be used to carry out the additional duties which have not been scheduled before to create such added- value through consulting and evaluating
Analisis risiko pembiayaan dan determinannya pada perbankan syariah di Indonesia
Get PDFOne of the main problems of Islamic banking in Indonesia today is a high financing risk reflected in the Non-Performing Financing (NPF) ratio of Islamic Commercial Banks (BUS) per June 2016 at 5.68%, almost twice of the Non-Performing Loan (NPL) ratio of the Conventional Commercial Bank (BUK), which was 2.95%. This study aims to identify and examine factors affecting the NPF ratio of Islamic banking both macroeconomic factors coming from external bank and bank-specific factors coming from internal. This research uses panel data regression methods on a monthly basis from eleven Islamic commercial banks representing 68.39% share of Indonesian Islamic banking. Two periods data are examined, i.e December 2011-June 2016 (no specific restriction on economic performance) and February 2013-January 2015 (restriction on economic performance). Some recommendations based on the estimation results are also discussed in this study for both Islamic banking industry as well as for the relevant authorities.
This study uses NPF ratio (NPF) as the dependent variable and the independent variables are Industrial Production Index (IPI) as a proxy of the Gross Domestic Product, Real Sales Index (IPR), the difference between the BI Rate and inflation (BIREAL), the exchange rate of Rupiah against the US Dollar (EXR), the annual growth of financing (GFINY ), the ratio of financing to total assets (FINTA), the Capital Adequacy Ratio (CAR), Return on Assets ratio (ROA), the ratio of loan loss provision to total financing (CKPN), and the concentration of financing in the real estate sector (REFIN).
The results show that for the two periods, NPF ratio significantly influenced by internal factors. Whilst, for a general time period (no specific restrictions on economic performance), NPF is significantly influenced by variables GFINY NPF, CKPN, and REFIN, whereas for periods of declining economic performance, NPF is influenced by variables CAR, ROA, CPKN, and REFIN.
Based on these results, this research proposes recommendation for Islamic banking and related authorities to be able to lower the NPF ratio and keep it at a low level. For Islamic banking, this research recommends to: i) do internal consolidation and enhance the effectiveness of financing risk management, ii) focus on handling non-performing financing, iii) continue financing business selectively, iv) improve efficiency, dan v) increase capital capacity. In addition, the related authorities, especially Otoritas Jasa Keuangan and Bank Indonesia, need to take action by setting policies that can reduce the NPF ratio of Islamic banking directly or through it’s determinants
Perancangan pengukuran kinerja di pt sayuran siap saji
Get PDFIt is very important to enhance and improve a company’s performance in order to maintain the company’s existence in the midst of business competitions that only get tougher. Designing a measurement system of performance that is comprehensive is the base of the planning of company’s strategy to make improvements. A measurement that is based on only the financial statements is no longer adequate in the current business environment that has got more complex. Companies can use various approaches in measuring their performance, one of the performance measurements that is comprehensive and provides a perception that is more balanced than the other methods is Balanced Scorecard. In BSC, every perspectives, strategic objectives and KPIs needs to be weighted in order to determine their contribution on the whole company’s performance. One of the methods that can be used is Analytic Hierarchy Process (AHP). PT Sayuran Siap Saji is a developing company that supplies vegetables. Designing a comprehensive performance measurement using BSC approach can help PT Sayuran Siap Saji achieve its goals as well as improve its performance.
The goal of this research is to design a performance measurement using BSC approach for PT Sayuran Siap Saji by, firstly, analyzing the strategic objectives and KPIs, determining the targets and strategic initiatives, determining strategic objectives priorities in four BSC perspectives as well as creating a strategy map based on the strategic objectives on every BSC perspective.
The research was done using descriptive technique in the form of case study. The interviewees determination technique was done using the purposive sampling method which is the management party of PT Sayuran Siap Saji. The data collection technique in this research was done using the in-depth interview technique, structured interview using questionnaire, and literature review
Based on the results of the designing of the Balance Scorecard of PT Sayuran Siap Saji, There are 19 strategic objectives that are arranged based on the BSC concept of PT Sayuran Siap Saji with 46 KPIs. The determination of targets and strategic initiatives was done based on in-depth discussions with the management party and several indicators are included in the Work Plan and Budget of PT Sayuran Siap Saji. The determination of the prioritized strategic objectives was done using AHP method whose processing was done using software expert choice 2000. The results of this research show that the customer perspective is on the highest priority, followed by the finance perspective, growth and learning perspective and the last one is the internal business process perspective. The strategy map of PT Sayuran Siap Saji shows linkages among the strategic objectives of each perspective. All the perspective strategic measures are strongly related to the performance from the finance perspective