Journal of Business and Management
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Determinants of Capital Structure Analysis: Empirical Study of Telecommunication Industry in Indonesia 2008-2015
Get PDFAbstract.The capital structure is an essential element in the firm’s long-term financial strategic decision. Generally, the firm’s management tends to create leverage with the optimal capital structure as the target. The optimal capital structure reflects proportional number of debt and equity to maximize the return on investment and firm’s value alongside minimizes the cost of capital that directly protects the firm from any potential risks such as bankruptcy and financial distress.Many studies have been discovered the contemporary capital structure theory which helps the firms to understand financing behavior with the capital structure determinants. But, these theories also proposed different hypotheses/assumptions regarding the capital structure. The result of those studies does not lead to a concurrence for the specific factors that affect the capital structure so that the theories cannot perfectly explain the ideal financing decisions. Therefore, this research focuses on investigating the capital structure regarding the MoF (Minister of Finance) regulation No. 169/PMK.010/2015, the government limits the Debt to Equity Ratio (“DERâ€) maximum of 4:1 which effective for Fiscal Year 2016. One of the industries that will be restructured their capital is telecommunication. They had an important role as one of the key industries in Indonesia. This final project reviews the capital structure theories to formulate testable hypotheses regarding the determinants of capital structure. The panel data econometric techniques are used to investigate the most significant factors that affect the capital structure of telecommunication industry in Indonesia which represented by five listed telecom firms with the largest market capitalization in Indonesia Stock Exchange (IDX) during 2008-2015. The final project processes the data from secondary sources to be tested in a statistical software STATA.11. The result shows 68.5% variation of the dependent variables (leverage/TDR) of capital structure as a whole can be explained by the variables in the model such as profitability, size, tangibility, liquidity, risk, the effective tax rate, ownership, interest rate and GDP, while the remaining 31.5% is influenced by other variables outside the system. The final project suggests the most significant factors that affect the capital structure such as size, tangibility, liquidity, risk, interest rate, GDP and ownership which consistent with some capital structure theories. It is suggested for managers in the telecommunication industry in Indonesia to consider those factors when restructuring their capitals or others financial decision. However, the optimal capital structure variable evidently does not affect the firm’s value in industry level. The result indicates that firm value independent of the capital structure due to behavioral factors of the investors in Indonesia who tend to ignore the fundamental factor(s) of the firm.Keywords: Indonesia’s telecommunication industry, capital structure, leverage, value of the fir
The Effect of Service Failure and Recovery toward Customer Loyalty of Indihome
Get PDFAbstract.Nowadays internet is one of the most important necessities in human life. PT Telkom Indonesia comes with indiHome product as the answer of the challenge of this globalization era. indiHome which come with a package of internet, IPTV, and fixed phone succeed to get big number of subscriber, but eventually the reputation of its quality is generates some bad reviews due to the numbers of service failure happened. This research is aimed to assess the effect of service failure happened, and also its recovery by PT Telkom toward the loyalty level of indiHome customer specifically in Bandung area. The data for this research are gathered using questionnaire, and analysed statistically with difference test method. In this research the customer of indiHome are divided into six different groups based on the experience of service failure and recovery which will affect the loyalty. The customer groups are A, customers who never experience service failure, B who have experience service failure which divided into B.1 who get the problem solved, and B.2 who get the problem unsolved. Group B.1 is divided again into B.1.1 who get the outstanding recovery, B.1.2 who get the fair recovery, and B.1.3 who get recovery which is lower than what have been expected. The result shows that each group has different level of loyalty. The group of customer who has ever experience service failure and got the outstanding recovery shows the highest score of loyalty level, even exceeding the group of customer who never experience service failure at all. This result of research would contribute to give the recommendation to companies in service industry especially PT Telkom, to put a big concern in designing an outstanding recovery program, and for the academic and research practitioners to take this research for the future researches related.Keywords: Service Failure, Service Recovery, Customer Loyalty, indiHom
Factors Influencing the Intention to Purchase and Actual Purchase Behavior of Organic Food
Get PDFAbstract.The organic market is widely considered as one of the biggest growing markets in food industry. The trends of healthy lifestyle also reflected in Indonesia. However, the number of consumer who purchases organic food in regular basis is reported to be low. To encourage consumption of organic foods, marketers must understand the consumers well to create better marketing strategy. Therefore, the objective of this study is to examine the factors that influence consumer intention and actual purchase behavior in the context of organic food. The proposed model of this study is using the modified Theory of Planned Behavior by Ajzen (1991) with added variables as determinants in organic food consumption. The research was conducted by distributing questionnaires to organic food consumers in Jakarta. Using the final data from 200 respondents, the data was analyzed by using Microsoft Excel, SPSS and assessed through Factor Analysis, One Way ANOVA, Multi Linear Regression, and Path Analysis. The result found that health consciousness, organic knowledge and trust have significant influence on attitude. As for the intention to purchase organic food, attitude has the strongest influence then followed by subjective norms and price. However, availability showed to have no significant influence on intention to purchase which demonstrated a different result from previous studies. Finally, actual purchase behavior found to greatly influenced by the intention to purchase itself.Keyword: Organic Food, Organic Consumers, Theory of Planned Behavior, Intention to Purchase, Actual Purchase Behavio
Project Effectiveness Improvement: A Case Study in Indonesia Aerospace Inc.
No full textAbstract. Project management is important and powerful tool in global business because increasingly technically complex products and processes, vastly shortened time to market demand, and the need for cross-functional expertise. PT X is aircraft industry with complex product with millions of individual components and many dependencies. The project success can achieve the customer and contractor objectives of a project, and getting the job done within the constraints of time, cost and quality. The company is delayed delivery Tail boom to Airbus Helicopter. It makes customers give complaints related to the performance of company. CPM used to analyze the project planning. After decide the method for evaluate the planning project, we must clustering 455 elementary part into activities in process production Tail Boom. PERT analysis is used when the duration of activities are not known with certainty, calculated expected time using scenario base of PERT. The expected time will use in new critical path diagram for calculate total time in actual or reality at the time happen the problems of delayed delivery Tail boom. Project Crashing used for compare the project planning and actual to know the appropriate project management. Keywords: Project Management, Project success, Critical Path Method (CPM), Project Evaluation and Review Technique (PERT), Project Crashing.Â
Mapping and Improving Employee Engagement Driver Factors at PT XYZ
Get PDFAbstract. PT. XYZ is a state-own oil and Gas Company of Indonesia. Founded in 13 September 2005, PT. XYZ is a company that runs an upstream business activity of oil and natural gas in Indonesia, covering exploration and exploitation. Based on PT. XYZ performance realization report, their employee engagement sector has scored 75% out of 100%. Based on that data, PT. XYZ left 25% room for improvement in Employee Engagement sector. The main point of this research is to mapping the employee engagement driver factor in the company in order to increase the employee engagement level of the company. In order to know which driver factor which have the most significant impact of the employee engagement, this research use a synthesis of employee engagement framework from ASTD, Gallup, and DDI. This research use questionnaire to gather the data and analyzed by SPSS. The result of this research was Job Fit became the most significant employee engagement driver factor in PT. XYZ. Based on that result, the suggestion plan for PT. XYZ was to apply the competency-based management and competency-based human resource to make a strong competency-based foundation in the company. Keywors : employee engagement, driver factor, employee performance, competency-based management, competency-based human resource
The Influence of Self Service Technology Toward Customer Satisfaction. Case: Genki Sushi
No full textAbstract - Companies view technology as a way to enhance service exchanges and has posited that the increasing role of technology in such encounters offers benefits to both customers and firms (e.g, Bitner, Brown, and Meuter 2000; Salomann et al. 2007). GS is one of the businesses that using technology in delivering their restaurant service to gain customer satisfaction. In this case, GS infused Self-Service Technology (SST) that largely replaced their personal service interaction with the customer. SST is a technology infusion, where customers deliver service themselves using some form of technological interface. Technology has replaced the human touch in the process of ordering food, delivering the ordered meal, and billing statement, and in the time customer needs waiter assistance they are able to call the waiter by clicking on the self-service technology device, which also replaced the menu book. Even though companies consider the technologies are able to enhance the service exchange, recent research argued that the technology implementation does not always lead to higher customer satisfaction scores. Therefore, it is important to determine the customer satisfaction of GS services, which remain unidentified. This study aims to explore the influence of SST and Personal Service toward Overall Satisfaction in GS. Quantitative research was conducted in this study by distributing online questionnaires to 100 respondents in Jakarta Selatan that at least had been once to GS, which taken place at Plaza Senayan, Jakarta Selatan. Indicators used in the questionnaire had been proven as valid and reliable using the Pearson correlation and Cronbach Alpha value. Descriptive Analysis and Multiple Linear Regressions (MLR) were conducted to analyze data collected. The research provided empirical evidence of relative impact of SST on overall consumer satisfaction. Findings show that SST positively influence overall satisfaction at GS, however personal service does not have significant influence toward the overall satisfaction, therefore SST considered as the only variable contributive to 21% of the overall satisfaction. This study result shows that Self-Service Technology has enhance service convenience and deliver efficient service process to the customer. The absence of personal service interaction has no direct effect to the overall satisfaction
Empirical Relationship Between Macroeconomic Volatility and Islamic Stock Returns (Case Study on Jakarta Islamic Index within Period of 2009-2014)
No full textAbstract- Capital market as one of the promising economic instruments is the investment object that quite interesting, but still not much glimpsed by Indonesian people. Recorded only about 4% of people who know about the capital market, and based on an index of literacy in services and financial sector, the utilization rate of capital market products and services only reached 0.11%. Meanwhile, the market share of Islamic stocks has mastered 50% of the shares in the Indonesian Stock Exchange. Thus the Jakarta Islamic Index (JII) as one of sharia stock index may be a reference to an attractive investment for the Muslim majority of Indonesian people (87.18%). On the other hand, gold that has a long history and relations with the Islamic economic world is still a favorite commodity to invest. World Gold Council noted that Indonesia becomes the highest gold consumer in Southeast Asia. However, despite being one of the safest investment due to its value tends to rise, but the gold return tends to be lower than stock returns. Meanwhile the year 2009 was a year with a positive vision for the Indonesian economy after the global crisis of 2008. Various economic indicators experienced a positive trend, as inflation reached 2.78%, the lowest in the history of the Indonesian economy. As well as the performance of the Indonesian capital market, IHSG in 2009 increased by 87% from the previous year, the highest in ASEAN. By contrast, the exchange rate of has weakened against US dollar over the years, with the exception of 2010 which is capable strengthened to Rp8.900, - per US dollar. Also the nominal GDP has increased from year to year. This research aimed to determine the effect of macro-economic factors that have been mentioned, that are inflation, exchange rate and GDP, as well as the price of gold toward stock returns in companies listed in JII from 2009 to 2014. The data used in this research is the annual secondary data of each variable. By using panel data regression method, this research found that inflation, exchange rates and the gold price has a significant effect on stock returns in JII, while GDP has no significant effect. But simultaneously, all four of these variables have a significant effect and are able to explain as much as 62% of the information on the stock return of companies listed in JII, the rest of 38% is explained by other variables outside the four independent variables in this research. This research is also expected can give consideration to investors who want to invest in the capital market, especially Islamic stock in JII. Keywords: capital market, stock returns, inflation, exchange rates, gross domestic product, the price of gold, panel data regression, Jakarta Islamic Inde
Design Improvement of Employee Performance Appraisal Management In PT Bina Kayu Lestari Tasikmalaya
No full textAbstract. Performance appraisal is one of the important components in the rational and systematic process of human resources management. The Primary reason for having a performance appraisal program is to monitor employee’s performance, motivate staff and improve the company morale. In PT Mantu, the monitoring employee performance requires routine is from the attendance there is still use manual attendance, which is accomplished through completing a performance appraisal form which call “Amanoâ€. The current performance appraisal system is not have the formal procedure so that the effect for the employees is perceived unfairness of the performance review during the performance appraisal process. This research is done using quantitative and qualitative data to know the employee performance appraisal system in current system and how to improve this system to the future in PT Mantu. The current employee performance appraisal system in PT Mantu cannot increase the employee performance and increase the employee productivity because the company not clearly criteria to appraise the employee performance. Not have the formal procedure to performance appraisal process. Not use the formal performance appraisal form. This research have the recommendation such as: design of performance appraisal, the criteria of employee performance appraisal system is, method of employee performance appraisal and period of employee performance appraisal. Keywords: Employee Performance Appraisal, Performance Appraisa
Strategy Formulation for Railway Container Transport of PT KALOG
Get PDFAbstract - Indonesia has a huge potential of logistics market. However, the performance of logistics in Indonesia is still lagging behind other countries. One of the factor is because of the dependency on trucking modes. PT.KALOG is a subsidiary of PT.KAI which is a railway freight logistics company that has an important role to help streamline the national logistics and help to reduce the utilization of truck. The logistic industry also become more tight with the emergence of the other railway operator. This research aim to formulate the strategy for PT.KALOG to improve its performance in order to become excel in this competition and make the logistic in Indonesia more effective. Keywords - Strategic Management, Strategy Formulation, Environmental Scanning, Railway Container Transport, Logistic
CEO Performance Measurements of PT ASTRA Otoparts Tbk 2007-2014
No full textAbstract - Two important roles that have crucial role in the company in order to keep the company running First are the agents who runs the business, the performance of the agents are usually represented by the Chief Executive Officer. Chief Executive Officer or CEO for short is the head leader of a company. It is also common for some companies to call CEO as President of Director. CEO or President of Director’s job description cannot be stated as a general because each company has their own policy. Second are the shareholders or the financiers who have the capital in order for the company to keep on going. The fund that is given is represented in stocks. The relationship between agents and shareholders is concluded in the Agency Theory. Agency theory addresses the relationship where in a contract ‘one or more persons (the principal(s)) engage another person (the agent) to perform some service on their behalf which involves delegating some decision making to the agent’. Problems will arise if there is a difference of interest between the agent and shareholders. Keywords: Agency cost, stock prices, Chief Executive Officer, Shareholder