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All Journal The Asian Journal of Technology Management (AJTM) JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Journal of Research in Social Science and Humanities International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) International Journal of Management, Entrepreneurship, Social Science and Humanities (IJMESH) IIJSE Journal Integration of Management Studies
Sudrajad, Oktofa Yudha
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Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Social Sciences Other

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DATA ENVELOPMENT ANALYSIS (DEA) EFFICIENCY OF ISLAMIC BANKS IN ASEAN: A CROSS-COUNTRY COMPARATIVE EXAMINATION OF INTERMEDIATION AND PRODUCTION EFFICIENCY APROACH Faturohman, Taufik .; Maharani, Auryn Khansa; Sudrajad, Oktofa Yudha; Irawan, Atika
JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). Vol 6, No 3 (2019): JMBI UNSRAT Volume 6 Nomor 3
Publisher : FEB Universitas Sam Ratulangi Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35794/jmbi.v6i3.26680

Abstract

Abstract: In 2015 ASEAN leaders agreed to form an integrated market called ASEANEconomic Community (AEC) that enables countries in Southeast Asia to trade goodsand services more easily, attracting strong demand from investors and heightened thecompetition in the industry. The heightened of competition should encourage banks toreduce operating costs and, hence, eliminate inefficiencies in the banking industry. Theobjective of this study is to examine the relative efficiency scores of Islamic banksacross six countries in ASEAN from 2011 to 2018. The study implement DataEnvelopment Analysis under the intermediation and production approach. Despite therapid growth of the Islamic banking, examination of Islamic banks at a cross-countrylevel is still at its infancy, especially in ASEAN. Therefore, this research aims to fill thegap in the literature by providing the empirical evidence on the efficiency of Islamicbanks in ASEAN during 2011-2018. The analysis is divided into two frontiers, namelysingle-multiyear frontier to examine the efficiency trends of all ASEAN countries ineight years and cross-sectional frontier to compare the efficiency of countries inASEAN per year. The single multi-year frontier shows that the Philippines, Malaysia,Thailand and Singapore presents positive trend efficiency, while Indonesia fell, andBrunei fluctuated. Cross-sectional frontier shows that Brunei is the country that is mostfrequent in achieving optimum efficiency. Furthermore, the higher the efficiency of anIslamic bankingKeywords: Data Envelopment, Analysis (DEA), Efficiency, Islamic Banks, Association of Southeast Asian Nations (ASEAN)
Evaluating ASEAN and EU Banking Sector Efficiency Using DEA (Data Envelopment Analysis) Putri, Jessica Amanda; Sudrajad, Oktofa Yudha; Kabir, Rezaul
The Asian Journal of Technology Management (AJTM) Vol. 16 No. 2 (2023)
Publisher : Unit Research and Knowledge, School of Business and Management, Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2023.16.2.4

Abstract

Abstract. This study compares ASEAN and EU banking efficiency using Data Envelopment Analysis (DEA) and an intermediary approach. Three input variables (staff expense, fixed assets, total customer deposits) and two output variables (loans to customer and operating income other than interest) are analyzed using RStudio and R. EU and ASEAN banks had efficiency scores of 0.7 and 0.65, respectively, showing opportunity for improvement. Based on cost analyses, ASEAN banks are more efficient than their EU counterparts. Inefficiencies occur when output surpasses input or is much lower than another output variable. However, both regions may improve banking efficiency to do better. The 10-year trends exhibit oscillations, showing that regulatory issues affect banking efficiency. Stricter laws, higher capital requirements, and risk management changes may have hampered ASEAN credit. The dynamics and objectives of the EU and ASEAN economic blocs shape their financial systems. ASEAN is working toward regulatory convergence, while the EU has integrated and harmonized more. To maintain a stable and efficient financial industry, the region's banks must adapt to changing economic landscapes, technological advances, and mounting challenges.  Keywords:  ASEAN, bank performance, data envelopment analysis, efficiency, EU
Risk-Based Budgeting in Non-Profit Organization (A Case Study at Rumah Amal Salman) Zuliansyah, Afifah Shafari; Sudrajad, Oktofa Yudha
Journal of Research in Social Science and Humanities Vol 5, No 2 (2025)
Publisher : Utan Kayu Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47679/jrssh.v5i2.358

Abstract

This study aims to propose a risk-based budgeting framework for non-profit organizations, particularly zakat institutions, with a case study at Rumah Amal Salman (RAS). This study was conducted because there is no integration between risk management and the budgeting process. As a result, risk management is only administrative in nature, and the programs developed do not consider the uncertainties that may occur systematically. The method used in this study is a qualitative approach combined with financial and budget analysis. Data was collected through various documents such as financial reports, work plan and budget documents (RKA), internal risk analysis documents, and through unstructured interviews with a key internal informant of the institution. Data was analyzed through two approaches, such as financial analysis and risk analysis. Financial analysis was conducted through financial ratio analysis and trend analysis. Risk data was analyzed through a risk management process adapted from elements of ISO 31000. This process yielded several findings. First, most of the risks were found in the Program and Marketing Department. In terms of risk categories, the majority were compliance, strategic, and operational risks. Second, the results of mapping risk mitigation action into program proposals indicate that RAS needs to prioritize programs focused on system and database development. This finding aligns with the results of the analysis from the opposite direction, where identified risks are mapped into budgeted programs. This demonstrates the consistency of the need to strengthen digital systems as a strategic step in risk control. Finally, this study generates a risk-based budgeting framework and workflow that can be implemented as a standard operating procedure (SOP) or budget planning flowchart. In general, the proposed budget planning process flow is similar to the existing one. Previously, the process began with the establishment and targeting of budget allocations. Now, two additional processes have been added before that, running in parallel, such as reviewing previous financial performance and reviewing, updating, and establishing risk profiles.
The Role of Fintech Lending in Financial Inclusion and Poverty Alleviation: A Systematic Review Airlangga, Thomas; Sunitiyoso, Yos; Sudrajad, Oktofa Yudha
International Journal of Management, Entrepreneurship, Social Science and Humanities Vol. 8 No. 2 (2025): January - June Volume
Publisher : Research Synergy Foundation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31098/ijmesh.v8i2.3115

Abstract

Fintech lending has emerged as a transformative tool for expanding financial inclusion and reducing poverty. This study conducts a systematic literature review (SLR) of 39 articles published between 2010 and 2023, using Scopus as the primary database, to evaluate the impact of fintech lending on poverty alleviation across different socio-economic contexts. The findings reveal that fintech lending enhances financial accessibility through mobile money, digital microfinance, and alternative credit-scoring mechanisms, particularly benefiting underserved populations. However, challenges such as the digital divide, financial literacy gaps, and risks of over-indebtedness persist. Islamic finance models, including digital zakat and Shariah-compliant microfinance, have shown the potential to support poverty alleviation in Muslim-majority regions. Effective fintech implementation depends on adaptive regulatory frameworks, consumer protection measures and integration with traditional financial institutions. This study contributes to the literature by synthesizing global insights on fintech’s role in poverty alleviation and identifying key success factors for sustainable financial inclusion. Policymakers and practitioners can leverage these findings to develop inclusive fintech ecosystems that mitigate risks while maximizing social and economic impact. Future research should explore the long-term effects of fintech lending and its role in environmental sustainability and regulatory advancements.
Stability, Liquidity, Efficiency, and Profitability After Spin-off Implementation: Evidence from Indonesian Islamic Banking Industry Panca, Aqilla Dhianir Rahman; Sudrajad, Oktofa Yudha
Journal Integration of Management Studies Vol. 1 No. 1 (2023)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v1i1.13

Abstract

The business-unit Islamic bank was forced to separate from its parent company according to Banking Act No. 21 of 2008 that issued by the Indonesian Central Bank. However, the Development and Strengthening of the Financial Sector Act No.4 of 2023 have allowed them not to convert themselves into full-fledged Islamic banks with certain conditions. Thus, doing spin-offs will be appealing if it is beneficial for them. However, the benefit of converting a business-unit Islamic bank spin-off into a full-fledged Islamic bank has yet to be entirely evident. This study aims to determine how spin-off affects the stability and financial performance, covering the profitability, efficiency, and liquidity of spin-off business-unit Islamic banks in Indonesia. Using difference-in-difference (DID) analysis, this study examined four spin-off full-fledged Islamic banks as the treatment group and twenty business-unit Islamic banks as the control group from 2005 to 2019. The parameter used are return on equity (ROE), cost-to-income ratio (CIR), financing-to-deposit ratio (FDR), quick ratio (QR), and Z-score. The result indicates that profitability and efficiency are decreasing, while the liquidy kept increasing after the spin-off undertaking. However, the stability has not been found to have evidence of significant differences after spin-off implementation.
DETERMINING OPTIMUM CAPITAL STRUCTURE (CASE STUDY: PT MMS) Hapsari, Rr. Amirah Puspita; Sudrajad, Oktofa Yudha
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 3 (2025): June
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i3.3140

Abstract

This study analyzes the optimal capital structure for PT MMS, a high-precision steel cutting service company using EDM wire technology. From 2019 to 2024, the company operated without long-term debt, reflecting a conservative but potentially underleveraged position. Using a descriptive quantitative approach with embedded mixed methods, data were gathered from financial reports, customer surveys, and internal interviews. The analysis covered financial performance (profitability, liquidity, activity) and organizational environment (PESTEL, Porter's Five Forces, SWOT). Capital structure optimization was conducted through WACC simulations, with the cost of equity estimated via CAPM and cost of debt derived synthetically using the Damodaran approach. Results show that the optimal capital structure is 25% debt and 75% equity, achieving the lowest projected WACC of 10.105% in 2025, compared to 11.05% under a 100% equity scenario. A high Interest Coverage Ratio (ICR) of 19.21 further supports the firm’s capacity to adopt debt financing. However, since the firm’s ROC and ROE remain below its capital costs, moderate leverage should only be implemented once project returns improve to ensure value creation.
ASSESSING FINANCIAL PERFORMANCE AND COMPANY VALUATION WITHIN THE FRAMEWORK OF PT XYZ'S LONG-TERM PLAN Ziyad, Syafiq; Sudrajad, Oktofa Yudha
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 1 (2025): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7133

Abstract

This study evaluates the financial performance and determines the fair value of PT XYZ, a state-owned Indonesian coal mining company, within the framework of its Long-Term Corporate Plan (RJPP). In an era of fluctuating coal prices and increasing pressure for energy transition, mining companies face challenges in maintaining profitability while planning for future sustainability. The research aims to assess PT XYZ's financial health from 2021-2023 based on the Decree of the Minister of SOEs No. KEP-100/MBU/2002 and determine its fair value using established valuation methodologies. Using a mixed-method approach, the study analyzes secondary data from financial statements, coal price forecasts, and strategic planning documents. Findings reveal that PT XYZ improved from an AA rating in 2021-2022 to AAA in 2023, despite challenges in inventory management due to transportation constraints. The FCFF valuation across three scenarios, optimistic, moderate, and pessimistic, yielded enterprise values ranging from IDR 27.7-84.4 trillion, with the moderate scenario providing the most realistic assessment at IDR 33 trillion. Relative valuation using PER and PBV metrics further suggests potential undervaluation in moderate and optimistic scenarios. The research concludes that PT XYZ's financial health and valuation are significantly dependent on infrastructure development timelines and the successful implementation of diversification strategies aimed at mitigating long-term coal demand decline. Strategic recommendations emphasize adherence to project execution timelines, alignment of financing strategies, and acceleration of diversification initiatives to maximize long-term value.
Integration of Risk Strategy of PT Bukit Asam, Tbk Subsidiaries Susanto, Boni; Sudrajad, Oktofa Yudha
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7651

Abstract

Risk management in State-owned enterprise (SOEs) in Indonesia presents difficulties from operational risks to regulatory complexity. SOEs that have subsidiaries, such as PT Bukit Asam Tbk (PTBA) struggle with the effective implementation of structured and comprehensive risk management frameworks. This research aims to identify and propose a precise method for developing a risk strategy (Risk Capacity, Risk Appetite, Risk Tolerance, and Risk Limit) that can be integrated from the SOE holding company to its subsidiaries, and to strengthen the risk management framework's resilience for reliable and efficient implementation. The methodology employing quantitative followed by qualitative approach and stick to Indonesian Ministry of SOEs guidelines (PERMEN BUMN PER-2/MBU/03/2023 and SK-6/DKU.MBU/10/2023). Independent variables influencing the framework include financial metrics (NWC, Retained Earnings, NOPAT), regulatory requirements, and best-practice allocation models (equity-based, profit-based, asset-based). The dependent variable is the successfully integrated and defined risk strategy for the holding and its subsidiaries. Data includes financial reports of subsidiaries of a major Indonesian SOE for the 2019-2023 period, alongside qualitative data from Focus Group Discussions (FGDs) and questionnaires. Results for a representative subsidiary indicate a NOPAT-based Risk Capacity of 102.000 million rupiah, a Risk Appetite of 17% of Risk Capacity, and Risk Tolerance of 18.7%. The equity-based Risk Limit distribution method yielded 2.838 million rupiah, differing from SK-6/DKU.MBU/10/2023 calculations with comparisons with Altman Z-Score.
Co-Authors Airlangga, Thomas Faturohman, Taufik . Hapsari, Rr. Amirah Puspita Irawan, Atika Kabir, Rezaul Maharani, Auryn Khansa Panca, Aqilla Dhianir Rahman Putri, Jessica Amanda Susanto, Boni Yos Sunitiyoso Ziyad, Syafiq Zuliansyah, Afifah Shafari