The Indonesian Journal of Business Administration
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DETERMINING THE OPTIMAL CAPITAL STRUCTURE OF PT BALI TOWERINDO SENTRA
No full textThe increasing number of smartphone user, wider penetration of internet using a mobile device and mobile data consumption lead to rapid growth in the telecommunication industry. It is a promising market prospect for tower telecommunication business in order to fulfill the telecommunication service provider’s company to support its service and infrastructure. The growth of telecommunication service user gives a significant impact on the company’s business to maintain its competitive advantage. Unfortunately, the net profit from PT Bali Towerindo Sentra is lower than companies in the same industry. In order to increase the profit, PT Bali Towerindo has to expand the business and it is important to matches the asset being financed. Therefore, determine the optimal debt- equity ratio is crucial to maximizing the company’s value. To answer the business issue, there are two analysis that been used, external and internal analysis. External analysis consists of PESTEL and Porter Five Forces analysis and internal analysis consist of the DuPont system and other financial ratios. Based on business issue analysis, it is found that the debt is low related to the average industry; however, the interest coverage ratio is higher than the average industry.The simulation for finding the optimal debt ratio using the year 2018 and 2019 with the cost of capital approach. To maximize the firm value, the cost of capital should be in the lowest that lead to optimal debt ratio. According to the optimal capital structure’s calculation, it can be concluded that the capital structure in 2018 is 50.73% and the optimal is 40%. The estimated capital structure in 2019 is 52.11% and the optimal is 40%. In order to achieve the optimal debt ratio, it needs to perceive the lowest cost of capital so that the firm value will be maximized. By decreasing the debt ratio in 2018 the firm value can increase by Rp132,923 million and in 2019 firm value can increase by Rp167,604 million.Keywords: Cost of Capital, Firm Value, Interest Coverage Ratio, Optimal capital structur
Analyzing Factors Influencing Concertgoers on Revisit Intention at Online Music Concert Using PERVAL Framework
No full textThe music industry is one of the industries that contributes the most to the country’s GDP, contributed 8% in 2017 and contributed to the creative economy GDP of IDR 4.89 trillion. Concerts or festivals are one of the crucial mediums for the development of the music industry. Due to the COVID-19 pandemic, causing a decline in the music industry. There were 113 concerts, tours, and music festivals that were delayed as of April 2020, currently around 50,000 creative workers in the music festival event industry are in danger of losing their jobs, and 1,218 organizers throughout Indonesia, the minimum potential loss obtained is IDR 2.69 trillion and a maximum of IDR 6.94 trillion. This causes event promoters and musicians must adapt to the current conditions that prohibit crowds of people, by holding online music concert. Based on the problem, this research aims to analyze factors influencing concertgoers willing to move from live music concert to online music concert and revisit intention at online music concert.There are several related theories in this research, including PERVAL framework. It showed that perceived value is a strong indicator and positively influences future purchase intentions or behaviour. This research used a quantitative method by using questionnaire to collect the data via Google Forms. The data was distributed to 200 respondents who have attended online music concert. There are several other variables in this research, which are satisfaction, loyalty, and motivation.The data is processed using SmartPLS 3 software to conduct a Path Analysis. The findings show that emotional value, social value, quality value, and price value significantly influence satisfaction. Satisfaction and loyalty significantly influence revisit intention at online music concert. But motivation variable does not have a significant value on revisit intentions at online music concert. Keywords: PERVAL Framework, Satisfaction, Loyalty, Motivation, Revisit Intention, Online Music Concer
VALUATION OF PT PEGADAIAN FOR PROPOSED IPO PRICE
No full textPT Pegadaian desire to be the most valuable financial company in Indonesia and as the public's first choice financial inclusion agent. PT Pegadaian planned to do an initial public offering (IPO) to achieve that. This study aimed to analyze and estimate the intrinsic value of Pegadaian and provide recommendations for investors. The valuation of the intrinsic value will use the absolute and relative valuation model. The absolute valuation model used is the free cash flow to equity (FCFE) model and the excess return model. The relative valuation used that are price to earnings ratio and price to book value ratio. The intrinsic value using the free cash flow of the equity model estimated is IDR 2.383,73/share. The intrinsic value using the excess return model estimated is IDR 2.571,41/share. The valuation using the price to earnings ratio has resulted is IDR 981,35/share. Then, the result of intrinsic value using the price to book value ratio is IDR 1.206,39/share. The valuation summary used the weighted average of intrinsic value from four model that is IDR 2.357,97/share.Keywords: initial public offering, intrinsic value, free cash flow to equity model, excess return model, price to earnings ratio, price to book value ratio
Relationship between Hard Skills and Soft Skills Towards Employee Performance at Crew Restauran KFC Medan
No full textIndustry 4.0 is about competitiveness and innovation. Organizations need to adapt their capabilities to handle new challenges. Besides change management, a sequential concept, design thinking is an iterative approach linking creative and analytical methods. The goal is to foster new ideas and concepts and increase organizations'; innovative power and competitiveness, and currently, the COVID-19 attack has shocked the world. The COVID-19 pandemic has surprised many organizations. This situation will affect work that changes organizational culture, such as work from home (WFH) instructions for employees, virtual organization control, and supervision by leaders previously only performed by large organizations. One of the companies that have a significant impact due to COVID-19 is PT. Fast Food Indonesia Tbk, which is the sole owner of the KFC franchise in Indonesia, was founded by Gelael in 1978 as the first party to acquire a KFC franchise for Indonesia. The company started operation in October 1979 at Jalan Melawai, Jakarta. This foreign Quick Service Restaurant's success was then followed by restaurants in major cities in Indonesia, which is Medan. While facing COVID-19, that happens in the world, other outlets of PT. Fast Food Indonesia, especially in Medan, has a goal to be achieved. The goal is to make KFC stable as before. This goal will be achieved through employee commitment and good performance. Lack of employee performance happened from any causes. Therefore, this research intended to find out the relationship between skills and employee performance during COVID-19 in term of facing Industri 4.0 Keywords: Hard Skills, Soft Skills, Employee Performance, COVID-19, Industry 4.0, Multilinear Regressio
The Influence of Engagement Drivers and Personal Values toward Teachers Engagement Behavior at Sekolah Alam Bandung
No full textEmployee engagement has become an essential topic in Human Resource management studies because it is related to employee loyalty and enthusiasm at work, which affect company performance. The primary purpose of this research is to find out how the influence of Employee Engagement Drivers and Personal Value (additional of Engagement Driver) towards Engagement Behavior, namely SAY (Speak positively about the organization to co-workers, potential employees, and customers), STAY (have an intense sense of belonging). and desire to be a part of the organization). Moreover, STRIVE (motivated and exert extra effort and engagement in work contributes to business success) at Sekolah Alam Bandung’s teachers. This research uses a descriptive quantitative method with multiple regression analysis techniques. The data that is processed beforehand is tested for validity, reliability, multicollinearity, autocorrelation, and heteroscedastic. The test results have met the requirements for further analysis. The sampling technique used a census (total sampling) by taking the entire sample with 34 teachers of Sekolah Alam Bandung (SAB).The results of the Coefficient Determination (R Square) test show that all operational variables of the Employee Engagement Driver consisting of Company Brand, Leadership, Performance, the Work, the Basic, Company Practice and Personal Value have a simultaneous effect on Say, Stay and Strive Behavior, with respective values of 91.8%, 92.2%, and 83.8%. Based on the t-test, which is to test how the Engagement Drivers influence Engagement Behavior partially. The “t” test results show that most influencing Say Behavior is Company Brand (Reputation). Meanwhile, the Engagement Drivers that most influencing Stay Behavior is Company Practice (Diversity & Inclusion and Communication). In addition, the most Engagement Drivers that influencing Strive Behavior is Leadership (Coaching).Keywords: Sekolah Alam Bandung, Employee Engagement Drivers, Employee Engagement Behavior, Personal Value
Proposed Strategy of Internal Recruitment within The Coal Mining Industry (Case Study at PT Berau Coal)
No full textBerau Coal founded in 1983 as a company that produces coal in the East Kalimantan area. In the Covid-19 pandemic situation, the management of the company issued a policy not to recruit new employees from external company candidates, which means that the existing vacant positions can only be filled by recruitment from internal employees of the company. The difficulty of the HR Department in filling vacant positions is crucial where this will have an impact on the achievement of coal production. The purpose of this study is to provide recommendations regarding the recruitment strategy for the company in accordance with existing conditions in the company. The research methodology used is quantitative data, by distributing questionnaires to PT Berau Coal employees. Based on the results of the study, all independent variables showed a significant influence on the dependent variable. The results of the analysis also show that there are alternative solutions that companies can use to do internally branding for attracting their employees.Keywords: Employer Value Proposition, Employer Branding, Employer Attractiveness Intention toAppl
PROJECT PERFORMANCE STRATEGY DURING COVID-19 OUTBREAK: A CASE STUDY OF PT WKG
No full textWKG is one of the seven subsidiaries of a state-owned construction company which has grown and developed consistently serving the government, other state-owned or country-owned corporations, loan and private markets in Indonesia. The spread of the coronavirus (COVID-19) has an impact on the construction industry sector. The emergency conditions caused by COVID-19 have implications for the impossibility of the construction work being able to run normally, effectively, with quality and on time. Based on the 2020 KPI result of Construction Division III at PT WKG, there were all decreases in all performance factors. This research was to identify internal and external factors during COVID-19 pandemic in year 2020. PT WKG as a state-owned corporation should align with government plan’s building construction projects and 2021 published KPI that despite the pandemic must go on running. Data were collected by distributing questionnaires and conducted interviews to all 8 Project Managers of Construction Division III also to the Operational Manager, Planning Manager and Finance Manager of the Construction Division III. The analysis method used Porter’s Five Forces Analysis, Root Cause – Fishbone Analysis, VRIO Analysis, SWOT Analysis and Project Performance Factors Analysis. Major result in the internal factors that impacted the Company were the non-material resources become the main power or core competencies which are integrate all company assets such as patents, brands and intellectual property. Financial resources such as: PT WKG cash flow, shares and other financial factors; and also PT WKG material resources such as raw materials, facilities, machines and equipment became temporary competitive advantage because those resources are considered valuable and organized. The technology owned by WKG is mainly the modular technology. While for the external factors were the results of the identification of macro external factors using PESTEL analysis shows technological, environmental, and social are important factors as well as economic factor which is the most important factor that need attention. Results of identification of micro external factors using Porter's Five Force show the factor of competition between companies becomes opportunities for PT WKG as one of the leading state-owned public construction company in Indonesia. Company needs to have alternative design optimization; use local competitive materials; reduce overtime work for the project personnel; have standardized procedures in every project site, green building requirements and strict health protocols in every project site; implement Building Information Modelling (BIM) software; and to have precast and modular usage to manage high customer satisfaction.Key words: VRIO, root cause analysis, SWOT analysis, PESTEL, Porter’s Five Forces, project performance
Investment Analysis of Junior High School Project in Bandung City (Case Study: Bandung Islamic School)
No full textSince the beginning of independence, the human right of the Indonesian people to obtain an education has been a commitment of the Indonesian state's founders. Compulsory learning is organized on formal education pathways, non-formal education, and informal education. Mandatory knowledge on formal tracks is carried out at a minimum of 9 years. Based on data from the Ministry of Education and Culture (Kemendikbud), for primary education and secondary education, the number of Junior High Schools in The City of Bandung is more diminutive than elementary schools. The limited quota of public schools in Bandung also requires some students to continue to private schools. Based on these circumstances, planning to invest in the Junior High School construction in Bandung is needed. To support this analysis, the author collecting secondary data from the financial report Bandung Islamic School and interview the owner and director of BISc then offered two alternatives about feasibility study analysis between rented buildings or profit-sharing. To evaluate the feasibility, the authors also conduct risk management analysis. According to capital budgeting analysis, profit-sharing alternatives are better than rental alternatives. Keywords: Investment Analysis, Payback Period, Net Present Value, Profitability Index, Internal Rate Retur
IMPROVEMENT STRATEGY FOR CREATING VALUE IN INCLUSIVE BUSINESS PLATFORM (KUKM ECOBIZ) FOR ENHANCING USER ACTIVITY
No full textKUKM Ecobiz is a collaborative platform between DEKOPINWIL West Java and an expertise team from SBM ITB supported to provide a digital platform from DEKOPINWIL and business supporters specifically cooperatives, SMEs, livestock, farmers, the government, and associations to exchange information about improving shared economy. Marketing efforts have been carried out on several cooperatives through training for several cooperatives in West Java through DEKOPINWIL, but the activity on the platform is still low. The objective of this study is to improve the competence and capabilities of cooperative members, SMEs, as well as farmers and livestock, review UI and UX, recommend website development based on user preferences, and finally increase activities in the KUKM Ecobiz platform. The data collection methodology used in this study mostly uses qualitative data. The primary data came from the previous research questionnaire and the questionnaire. For secondary data obtained from the Ecobiz KUKM database, several websites, and several sources that can support this research. Several stages of analysis are carried out, the first being external analysis using PEST analysis and other similar platform analysis. For internal analysis using platform analysis, comparing with good UI and UX methods, and using platform user needs analysis. After that, to proceed to the solution, it is necessary to search for the root of the problem using CRT (Current Reality Tree). To gain user activity, KUKM Ecobiz needs to do several scenarios that are intended to trigger activities in Ecobiz KUKM such as requiring chosen cooperative members to interact in the forum and several other things. Then create content that suits the needs of KUKM Ecobiz users, and design the KUKM Ecobiz website again with the rules of designing existing software.Keywords: Inclusive Business, Digital Platform, KUKM Ecobiz, Network Effect, CRT, User Experience
New Product Line Creation and Line Stop Resolution Method Using Lean Principles
No full text"As Indonesia’s industrial sector continues to grow rapidly, Solutions from Power Services business ensure that your gas turbine can fulfil its full lifetime potential, anywhere in the world. Gas turbine component is one of the supporting units of the power plants, PT XYZ is company that focused on repairing B and E class (Frame 3/5/6/7/9) gas turbine. In the end of 2020 PT XYZ stated to become B&E gas turbine service center COE (Center of Excellence) because the increment of capability repair service. It has capability to repair all component of GE gas turbine B/E Class included: Power Nozzle, Liner, Transition Piece, Flow Sleeve, Shroud, Bearing, Bucket. Growing of PT XYZ is impacted to the production capacity, by using lean principle PT XYZ increasing the production capacity on creating new production line. The new production line should be fulfilling the customer demand on 2021. New production line was calculated become the solution of the low production capacity. Based on the takt time, cycle time calculation 11 operators identify as the total manpower need to support the production line. Maximum capacity for the line is 9,954 pcs/year. The maximum capacity meets with 2021 forecast demand as a target on capacity increment, the target of capacity is 7047 pcs/year.Keyword: Lean, Gas Turbine, manpower, cycle time, takt time, new production line, production capacity, new line creation.