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Impact of Covid-19 Pandemic on Dividend Policy: Case of Indonesia
Get PDFThe COVID-19 pandemic has dramatically impacted many companies in Indonesia. During the hard economy times, companies experienced declines in revenue, but still need to maintain shareholder’s trust by paying dividends regularly. Corporate governance plays an important role in determining the dividend policy, in order to ensure there is no managers expropriation and protecting the investors rights. For this research, the aim is to analyze the impact of corporate governance to dividend policy during pandemic and in general, as the firm behavior is quite interesting to be researched whether company with good corporate governance still maintain the regular dividend payment although they need immediate source of funds. The hypothesis for this research is firm with high corporate governance practices will continue to pay high dividends to the shareholders although the company cashflows maybe in trouble. With time series being concerned of FY 2016-2020, the writer used panel regression method with generalized least squares (GLS). The overall evidence showed that companies having better corporate governance score tend to pay higher dividends. Other determinants that impact dividend policy is profitability, leverage, growth and firm size have the expected impacts on dividend policy. Keywords: dividend policy, corporate governance, COVID-19, pandemi
The Fear of COVID-19 on Indonesia Capital Market Volatility
Get PDFCOVID-19 has caused a pervasive impact on human life and business operations, leading to investor fear and capital market volatility. This research aims to understand whether COVID-19 affecting Indonesia's capital market (IDX) volatility by analyzing the daily and weekly volatility from intraday stock data, the daily positive case of COVID-19 in Indonesia, and utilizing Google search volume index for some negative words related to the COVID-19 to understand the investor fear. This research adopted a simplified heterogeneous autoregressive model and covering the first case of COVID-19 in Indonesia until a day before the first vaccine was injected in Indonesia (March 2, 2020 - January 12, 2021) in all sectors on the IDX. The results showed the daily volatility, weekly volatility, and the daily positive case of COVID-19 in Indonesia can predict future volatility in almost all sectors on the IDX. We also found the global investor fear can predict future volatility in the property sector. However, we did not find evidence that investor fear in Indonesia could predict future volatility on sectoral indices on the IDX.Keyword:capital market, COVID-19, google trends, investor fear, volatilit
Proposed Business Strategy for PT Inti Bangun Sejahtera Tbk (IBST) to Improve Competitiveness in Indonesia's Tower Industry
Get PDFTowers are an important part of telecommunication infrastructure, especially in Indonesia where fixed-broadband penetration was really low. Evolution of telecommunication technology, robust nasional economic growth, and COVID-19 pandemic contribute to the spike of data demand which brings growth opportunities for mobile network operators (MNOs) and tower companies (towerco). However, there are several challenges that might cap the growth opportunities for towercos such as the intense competition among MNOs and economic downturn due to the pandemic, among others. This paper is written with the objective to provide a strategy for PT. Inti Bangun Sejahtera Tbk (IBST) as a towerco to gain and sustain competitive advantage in the tower industry using analyze-formulate-implement (AFI) framework. Qualitative method is used for the research to gain a deep understanding of the business situations through interview sessions with internal leaders, customers, and competitors, and then using mind mapping method to analyze collected data. PESTEL analysis, Porter’s Five Forces, VRIO framework, Value Chain analysis, and Business Model Canvass are used to analyze the business situations of IBST, both internal and external situations. The result of the strategy formulation is a three-phased strategy, consists of (1) “strengthening the core” which focuses on operational performance and efficiency as well as building core competency and infrastructure for present and future business needs, (2) “delivering unique value” which focuses on providing differentiated product and services, and (3) “growth and scale” which focuses on scaling the infrastructure portfolios. To execute the strategy successfully, the implementation plan has been developed complete with initiatives, timeframe, and programs for each phases of the strategy. Keywords: strategy, business strategy, strategy formulation, tower industr
Leading and Navigating Chaotic Situation: How Leadership through Resiliency Play Role in The Process of Responding to Emerging New Situation Induced by Novel Coronavirus Outbreak.
Get PDFThe Novel Coronavirus outbreak causing a chaotic context. Characterize by VUCA, the prolonged and situation induced by the outbreak also challenge the leader's stamina, including the leader of PT. Olefin Mono(*). In this Chaotic, leaders face such an environment that needs a different set of capabilities. This chaos may help identify the action and leader quality when facing any upcoming challenges in the future. This research introduces the Cynefin-Framework as a sensemaking process to understand the context of the problems induced by the Novel Coronavirus Outbreak. The Conceptual framework adapts from the integrated model of resilience for employees by Britt, T. W., Shen, W., Sinclair, R. R., Grossman, M. R., & Klieger, D. M. (2016). The framework shows complementing aspects in a leader's resource capacity (1). Attributes (2). Leadership, actions performed by the person. The research found that profile of resilient leaders clustering into (a). Leader's Resilience Action (b). Leader's Resilient System Thinking (c). Leaders' Resilience Capacity Building Skill. The research also found that leadership styles and actions tend to change during chaos. Keywords: Novel Coronavirus, VUCA, Cynefin Framework, Chaotic context, Resiliency, Leadership, Resilient Leade
Indonesia's Monetary Policies and its Effects in Stock Market in COVID-19 Era
No full textThe COVID-19 virus that is now spreading throughout the world has made it difficult in various sectors. Research proves that COVID-19 makes various countries experience a decrease in economic activity. Therefore, various countries are trying to implement monetary policy to improve the country's economy. The main objective of this study is to investigate the relationship between Rupiah stabilization through FX swap and DNDF and its impact on the stock market stabilization during the COVID-19 situation. Multiple regression in logarithm form was conducted to achieve this research. This method was used to identify the relationship between Rupiah as the dependent variable and FX swap, DNDF, JISDOR, COVID-19 case as the independent variables. The multiple regression model was validated using the ordinary least square (OLS) assumption, which must be achieved to create a valid model. Based on the results in this study, Rupiah stability influenced by FX swap, DNDF, JISDOR, and the stock market. Therefore, during the COVID-19 pandemic, monetary policies are essential. Bank of Indonesia can optimize its policy instruments through DNDF and FX swap for exchange rate stabilization. Keywords: COVID-19, DNDF, FX swap, JISDOR, Monetary Policies, Stock market
Customer Relationship Proneness: Is It Important for Customer Loyalty?
Get PDFAbstract. As customer satisfaction and loyalty are crucial elements in increasing company profits, companies must strive to establish good relationships with customers, including in mobile services. Opinions in previous research differ regarding the effect of customer extroversion on satisfaction toward impacting customer loyalty. The present study provides related input and potential solutions. It employs relationship marketing theory with the mediating variable of customer relationship proneness (CRP) added in, testing previous research and ultimately not finding a significant relationship between customer personality (extroversion) and customer satisfaction. Data was obtained via the survey method and structural equation modeling (SEM). The questionnaire serving as the main instrument of data collection is measured by a Likert scale, having been administered to 140 customers of mobile service providers. The findings have practical implications for identifying the effects of personality on customer satisfaction and obtaining customer loyalty in mobile services. This information can better enable mobile service providers to target and retain customers.Keywords: Conscientiousness, extroversion, customer relationship proneness, customer satisfaction, customer loyaltyAbstrak. Kepuasan dan loyalitas pelanggan merupakan hal yang menjadi sangat penting untuk meningkatkan keuntungan perusahaan, sehingga perusahaan dituntut untuk selalu dapat menjalin hubungan baik dengan pelanggan khususnya dalam layanan selular. Ditemukan adanya perbedaan pendapat pada penelitian sebelumnya mengenai pengaruh kepribadian extrovert pelanggan terhadap kepuasaan sehingga akan berdampak kepada loyalitas pelanggan. Penelitian ini memberikan masukan atau solusi yang menggunakan teori relationship marketing dengan menambahkan variabel mediasi Customer Relationship Proneness (CRP) untuk menguji penelitian sebelumnya yaitu tidak ditemukannya pengaruh hubungan yang signifikan antara kepribadian pelanggan (extraversian) terhadap kepuasan pelanggan. Data diperoleh dengan menggunakan metode survey dan dioleh menggunakan Structural Equation Modelling (SEM). Instrumen utama pengumpulan data adalah menggunakan kuesioner yang diukur dengan skala likert. Jumlah responden dalam penelitian ini adalah 140 reponden yang merupakan pengguna dari layanan selular, sehingga penelitian ini bermanfaat untuk mengidentifikasi kepribadian kepuasan pelanggan untuk mencapai loyalitas pelanggan dalam layanan selular. Dengan informasi ini, penyedia layanan selular dapat lebih mampu untuk menargetkan dan mempertahankan pelanggan.Kata kunci: Kepribadian kesadaran, kepribadian extrovert, hubungan pelanggan, kepuasan pelanggan, loyalitas pelanggan
Investment Project Lifecycle Guidelines: Implementation Evaluation at PT Clean Energy Indonesia
Get PDFCapital investment projects are intended to boost a company's portfolio and attain its strategic objectives through strategic programs and initiatives that will later be delivered through individual projects. On the other hand, a common project lifecycle is defined as the series of phases that a project passes through from its start to its completion and provides the basic framework for managing the project. Traditionally, the project management metrics of time, cost, scope and quality have been the most dominant factors in defining the success of a project. But more recently, scholars and practitioners have determined that project success should also be measured with consideration towards the achievement of project objectives. Therefore, a company tends not to be interested as solely to have as many projects properly executed as possible, but also having the right projects selected and passing to the execution phase. As Indonesia enters the Energy Transition era, PT Clean Energy Indonesia's (“The Company”) role in providing natural gas as a bridging fuel brings a strong momentum to push capital investments in order to dominate the market. This qualitative research studies the issues The Company faced in achieving its investment projects targets, and how it can improve its Project Lifecycle Guidelines. Keywords: Guideline Improvements, Implementation Issues, Investment Projects, Project Lifecycle, Project Performance, Root Caus
The Influence of Financial Threat on Go-Jek Drivers' Willingness to Change Financial Behavior in Surabaya, Indonesia
Get PDFAbstract. During the COVID-19 pandemic, Go-Jek drivers have experienced economic difficulties due to a decline in online orders from consumers. This decline and the fear of contracting the virus have prompted Go-Jek drivers to try various alternatives to be able to meet their daily necessities. This study aims to determine the effect of financial threat on the willingness to change financial behavior among Go-Jek drivers in Surabaya, Indonesia. Data was collected through a questionnaire distributed online using Google Forms, Instagram as well as offline, so that 100 respondents could be obtained. After the data was collected, it was processed through SEM-PLS to examine the relationship of economic hardship, debt, anxiety, and financial threat to willingness to change financial behavior. On the one hand, the results of the analysis show that debt and anxiety had a significant effect on financial threat, and that financial threat had a significant effect on the willingness to change financial behavior. On the other hand, they indicated that economic hardship did not have a significant effect on financial threat. Difficult financial conditions affected Go-Jek drivers' psychological conditions, and they had to be willing to change their financial behavior to survive; hence, psychological factors and financial knowledge have an influence on individuals in terms of their ability to make wise financial decisions.Keywords: Economic hardship, debt, anxiety, financial threat, willingness to change financial behaviorAbstrak. Selama pandemic COVID-19, driver Go-Jek mengalami kesulitan ekonomi disebabkan sulit mendapatkan pesanan secara online dari konsumen. Aktivitas pesanan online yang menurun serta ketakutan tertular virus mendorong driver Go-Jek untuk berusaha berbagai cara agar tetap dapat memenuhi kebutuhan hidupnya. Penelitian ini bertujuan untuk mengetahui pengaruh financial threat terhadap willingness to change financial behavior pada driver Go-Jek di Surabaya. Pengumpulan data dilakukan melalui kuesioner yang disebarkan secara online menggunakan google form, instagram serta offline, sehingga diperoleh 100 responden. Setelah data terkumpul, maka data diolah menggunakan SEM-PLS untuk menguji pengaruh economic hardship, debt, anxiety dan financial threat terhadap willingness to change financial behavior. Hasil analisis menunjukkan debt dan anxiety berpengaruh signifikan terhadap financial threat. Financial threat berpengaruh signifikan terhadap willingness to change financial behavior. Sebaliknya, economic hardship tidak berpengaruh terhadap financial threat. Kondisi keuangan yang sulit mempengaruhi kondisi psikologi driver Go-Jek, sehingga dibutuhkan kerelaan untuk mengubah perilaku keuangan agar tetap dapat bertahan, dimana faktor psikologi dan pengetahuan finansial memiliki pengaruh pada diri sendiri untuk dapat mengambil keputusan finansial dengan bijaksana.Katakunci: Economic hardship, debt, anxiety, financial threat, willingness to change financial behavio
Analyzing The Impact Of Job Stress, Job Insecurity, and Work Engagement On Job Performance During The COVID-19 Pandemic In The Aviation Industry
Get PDFAbstract. The COVID-19 pandemic has devastated the global airline industry. In Indonesia alone, the industry suffered USD 8.225 billion loss in revenue and recorded a 50% drop in passenger demand in 2020 compared to the previous year. The low demand for air travel and no clear end to the pandemic has caused a double crisis, health and economic, affecting aviation industry employees on a personal level. This research aims to determine the impact of perceived COVID-19 pandemic concerns on job stress, work engagement, and job insecurity among aviation industry employees. It further explores the pandemic’s impact on job performance. Using structural equation modeling (SEM) based on partial least squares (PLS), the research examined the data of aviation industry employees who work for various companies, including airlines, airports, and the Maintenance Repair Organization (MRO) in Indonesia. The results of this research show that perceived pandemic concerns create another layer of job insecurity and job stress and negatively impact work engagement. Work engagement positively impacts job performance. Therefore, as a result, perceived pandemic concerns have an indirect positive impact on job performance. Keywords: Aviation Industry, COVID-19 Pandemic, Employment Uncertainty, Job Performance
Determining Factors that Influence the Intention to Use Beauty Service Platform
No full textBeauty service industry has become a promising industry as appearance is one of every human's important asset. The need to find beauty services sometimes becomes a problem due to several factors, therefore an online beauty service platform can be a solution to simplify the need to find beauty services. With the existence of online beauty service platforms, the behavioral intention to use the platform has never been further identified. By determining the factors that will influence the intention to use the platform, it can help the further development of beauty service industry. This paper analyzes the factors that influence the behavioral intention to use an online beauty service platform by using three independent variables from UTAUT which are Performance Expectancy, Effort Expectancy and Social Influence with included Perceived Risk and Perceived Trust as external variables. This research used quantitative method and Multiple Linear Regression to analyze the data, 229 respondents has been collected through online questionnaires. This study found that Performance Expectancy and Perceived Trust are significantly influencing the behavioral intention to use an online beauty service platform. Keywords: Beauty Service Platform, Intention to Use, Perceived Risk, Perceived Trust, UTAU