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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis The Asian Journal of Technology Management (AJTM) Journal of Economic, Bussines and Accounting (COSTING) JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) International Journal of Applied Business Research International Journal Of Science, Technology & Management (IJSTM) Journal of Economics and Business UBS Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Journal of Research in Social Science and Humanities International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Co-Value : Jurnal Ekonomi, Koperasi & Kewirausahaan Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Jurnal Transportasi Multimoda Journal of Social And Economics Research Journal of Accounting and Finance Management (JAFM) Return : Study of Management, Economic and Bussines International Journal of Management, Entrepreneurship, Social Science and Humanities (IJMESH) IIJSE El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Journal Integration of Management Studies journal of social and economic research Journal of Ekonomics, Finance, and Management Studies Journal of Digital Business and Marketing Journal of Rural Development and Applied Technology
Sudrajad, Oktofa Yudha
School Of Business And Management Institut Teknologi Bandung
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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)
Covid-19 dan Pengaruhnya Terhadap Bisnis Angkutan Logistik di Indonesia Subiakto Soekarno; Liane Okdinawati; Prawira Fajarindra Belgiawan; Dedy Sushandoyo; Oktofa yudha Sudrajad; Harimukti Wandebori; Muhamad Rizki; Umiyatun hayati Triastuti; Dedy Cahyadi; Listantari Listantari; Yessi Gusleni; Win Akustia; Herma Juniati; Elviana R. Simbolon; Herawati Herawati; Rita Pasaribu; Reslyana Dwitasari; Irawati Andriani; Maria Magdalena; Hasriwan putra; Yuveline Aurora; Sugiyanto sugiyanto; Akhmad Rizal Arifudin; Suci Susanti; Marlia Herwening; Anzy Indrashanty; Agung wicaksono
Jurnal Transportasi Multimoda Vol 18, No 2 (2020): Desember
Publisher : Puslitbang Transportasi Antarmoda-Kementerian Perhubungan Republik Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (3721.059 KB) | DOI: 10.25104/mtm.v18i2.1719

Abstract

Pandemi COVID-19 membuat masyarakat mengurangi aktivitas ekonomi, seperti berbelanja kebutuhan tersier atau berlibur. Penerapan Pembatasan Sosial Berskala Besar (PSBB) di DKI Jakarta yang sudah berjalan dan disambut positif oleh masyarakat, dimana bidang logistik merupakan salah satu sektor yang dikecualikan dalam aturan PSBB sehingga dapat dengan leluasa melakukan distribusi dengan tetap mengikuti protokol COVID-19. Walaupun sektor logistik mendapat pengecualian pada masa PSBB ini, dari sisi arus pengiriman barang dalam negeri maupun skala ekspor sayangnya mengalami tren penurunan. Oleh karena itu penelitian ini mencoba melihat bagaimana dampak COVID-19 dan pengaruhnya terhadap angkutan logistik. Penelitian ini juga ingin melihat apakah angkutan logistik yang dikecualikan dalam PSBB memiliki pengaruh pada meluasnya penyebaran COVID-19. Data-data dari Badan Pusat Statistika dan wawancara beberapa pelaku logistik dipergunakan untuk melihat pengaruhnya terhadap keberlangsungan bisnis selama pandemik. Sedangkan, metode regresi linear dipergunakan untuk fokus pada tujuan kedua dari penelitian ini. Berdasarkan analisa yang dilakukan maka diketahui bahwa sektor lapangan usaha transportasi dan pergudangan menunjukkan tanda-tanda pemulihan di kuartal III 2020. Sedangkan berdasarkan regresi linier menunjukan bahwa pergerakan logistik tidak berpengaruh terhadap lonjakan kasus COVID-19.
Business Model in Islamic Business Unit: A Lesson from Islamic Boarding Schools in West Java Adrian Ariatin; Wawan Dhewanto; Oktofa Yudha Sudrajad
Jurnal Internasional Penelitian Bisnis Terapan Vol 4 No 01 (2022)
Publisher : Politeknik Negeri Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35313/ijabr.v4i1.193

Abstract

Traditional Islamic boarding schools or Pesantren in Indonesia are experiencing rapid development. To assist their educational funding, Islamic boarding schools create a business unit in the form of a cooperative called kopontren (hereinafter referred to as Islamic business unit). This study aims to discover what business model should be applied in Islamic boarding schools and what factors lead to the success of Islamic boarding school’s businesses. The case study was carried out by analyzing statistical data on Islamic boarding schools in West Java and conducting in-depth interviews with business actors from six Islamic boarding schools. In addition, the researchers directly observed the schools to determine the business activities and donations that exist. Validation was done by triangulating the data from business actors and academicians who were directly or indirectly involved in the Islamic boarding schools’ businesses. To strengthen the findings, the researchers analyzed the data using qualitative data analysis software called NVivo. The theory of business model, business unit, and Islamic boarding school was used as the basis of this research. This study discovers the efforts made by Islamic boarding schools in meeting their daily operational needs by applying the sharia business model. Through the Islamic business unit, the schools try to take advantage of the existing potential in their environment, participate in training and mentoring programs from the government, and establish cooperation with their networks.
Financial Health Analysis and Bankruptcy Prediction of BUMN Karya Listed on IDX in The Midst of Increasing Government Infrastructure Projects Based on The National Medium-Term Development Planning (RPJMN 2020 - 2024) Akila Badzlina Putri; Ana Noveria; Oktofa Yudha Sudrajad
Co-Value Jurnal Ekonomi Koperasi dan kewirausahaan Vol. 15 No. 1 (2024): Co-Value: Jurnal Ekonomi, Koperasi & Kewirausahaan
Publisher : Program Studi Manajemen Institut Manajemen Koperasi Indonesia Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/covalue.v15i01.4437

Abstract

Concerning the increase in the national infrastructure budget by 6% from the previous year, as well as the emphasis on infrastructure reflected in the RPJMN 2020 – 2024 document, the government has once again appointed construction State-Owned Enterprises (BUMN Karya) as the drivers of national development. Unfortunately, over the past five years, the financial condition of BUMN Karya has deteriorated. Additionally, several directors within these companies have been implicated in corruption cases, damaging the public image and trust in BUMN Karya. This led the IDX to suspend trading in one of its stocks in May 2023. This study aims to evaluate the financial performance and health condition of BUMN Karya listed on the IDX, namely WSKT, WIKA, PTPP, and ADHI. The research methodology is based on the Ministry of SOEs No decree. KEP-100/MBU/2002. Furthermore, this study predicts the financial distress faced by these BUMN Karya from 2019 to 2023 using four methods: Altman Z-Score, Ohlson O-Score, Zmijewski, and Springate The findings indicate the health conditions of each company from 2019 to 2023 as follows: WSKT (BB, CCC, B, BB, B), WIKA (AA, BB, BB, B, CCC), PTPP (BBB, BB, BBB, B), and ADHI (BBB, B, BB, BB, BBB). Among the four predictive methods, the Altman Z-Score model most closely approximates the actual condition in 2024 with an accuracy rate of 65%. The results show that all four SOEs experienced a decline in their Altman Z-Score in 2023. This study complements previous research with a different approach and provides additional insights into the government’s push for infrastructure development and efforts to improve and strengthen the financial condition of BUMN Karya.  
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
Determining the Optimal Capital Structure of PT. Waskita Karya Tbk (Persero) Bintang Raihandika, Arya; Yudha Sudrajad, Oktofa Yudha Sudrajad
Journal of Accounting and Finance Management Vol. 5 No. 6 (2025): Journal of Accounting and Finance Management (January - February 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i6.1239

Abstract

PT Waskita Karya Tbk, as one of the leading State-Owned Enterprises in Indonesia, plays an important role in national infrastructure development. However, major challenges arise due to the company's dependence on debt financing which causes an unbalanced capital structure. This study aims to determine the optimal capital structure of PT Waskita Karya and provide strategic solutions to support its business sustainability. Based on the analysis of financial projections for 2025, the optimal capital structure can be achieved at a debt ratio of 15%, with a Weighted Average Cost of Capital (WACC) of 7.50%. In this condition, the company's value can be maximized to IDR25,175 billion. This study recommends three main steps: debt restructuring through negotiation and debt-to-equity swap, sale of non-strategic assets to pay off high-interest debt, and operational efficiency with a focus on high-value projects. This study emphasizes the importance of strategic capital structure management for the sustainability of PT Waskita Karya. With targeted implementation, the company is expected to reduce financial risk, increase company value, and remain a reliable partner in national infrastructure development.
PORTFOLIO OPTIMIZATION OF ESG STOCKS USING THE MARKOWITZ MODEL ON ALL GREEN INDEXES IN INDONESIA Astri Budiarti; Oktofa Yudha Sudrajad
Journal of Social and Economics Research Vol 6 No 1 (2024): JSER, June 2024
Publisher : Ikatan Dosen Menulis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/jser.v6i1.557

Abstract

ESG (Environmental, Social, and Governance) investments are becoming popular because they may provide competitive financial returns while promoting sustainable development. However, the uptake of ESG investments is limited due to barriers such as a lack of understanding and insufficient information. Indonesia has ESG-oriented indexes, such as SRI-KEHATI, ESG Leaders, ESG Sector Leaders IDX KEHATI, and ESG Quality 45 IDX KEHATI serve as a basis for ESG stock selection. This research uses the Markowitz model to optimize an ESG portfolio from four Indonesian green indices. The Markowitz model is employed to determine the optimal weights for establishing a portfolio on the efficient frontier. Using monthly adjusted closing prices from 2019 to 2024, the optimal portfolio suggested by four green indexes offers a balance of risk/return ratio. The optimal portfolio's performance comparison, which is measured by using the Treynor measure, Sharpe ratio, and Jensen's alpha is done to indicate which portfolio provides better risk-adjusted returns. The findings may provide optimal ESG portfolio choices to investor depending on their financial goals and risk tolerance. This research may also inspire other investors who have not yet invested in ESG companies to consider green investing, as ESG stocks provide investors with many benefits.
PORTFOLIO OPTIMIZATION OF ESG STOCKS USING THE MARKOWITZ MODEL ON ALL GREEN INDEXES IN INDONESIA Astri Budiarti; Oktofa Yudha Sudrajad
Journal of Social and Economics Research Vol 6 No 1 (2024): JSER, June 2024
Publisher : Ikatan Dosen Menulis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/jser.v6i1.557

Abstract

ESG (Environmental, Social, and Governance) investments are becoming popular because they may provide competitive financial returns while promoting sustainable development. However, the uptake of ESG investments is limited due to barriers such as a lack of understanding and insufficient information. Indonesia has ESG-oriented indexes, such as SRI-KEHATI, ESG Leaders, ESG Sector Leaders IDX KEHATI, and ESG Quality 45 IDX KEHATI serve as a basis for ESG stock selection. This research uses the Markowitz model to optimize an ESG portfolio from four Indonesian green indices. The Markowitz model is employed to determine the optimal weights for establishing a portfolio on the efficient frontier. Using monthly adjusted closing prices from 2019 to 2024, the optimal portfolio suggested by four green indexes offers a balance of risk/return ratio. The optimal portfolio's performance comparison, which is measured by using the Treynor measure, Sharpe ratio, and Jensen's alpha is done to indicate which portfolio provides better risk-adjusted returns. The findings may provide optimal ESG portfolio choices to investor depending on their financial goals and risk tolerance. This research may also inspire other investors who have not yet invested in ESG companies to consider green investing, as ESG stocks provide investors with many benefits.
Healthcare Company Valuation (Case Study Of Hospital ABC) Novia Zayetri; Oktofa Yudha Sudrajad
Journal of Economics and Business UBS Vol. 12 No. 2 (2023): Regular Issue
Publisher : UniSadhuGuna Business School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/joeb.v12i2.152

Abstract

The acquisition company of Ministry Stated-Owned Enterprise (SOE) are a very important issue in Indonesia. Similar to other SOE holdings, the hospital will be grouped and managed by PT Pertamedika IHC, and the acquisition will benefit Hospital ABC, IHC, and all company stakeholders. This study assessing Hospital ABC’s current business environment, determine forecast financial performance and determine Hospital ABC’s Equity valuation. This study analyses the environmental aspects of Hospital ABC, both external and internal, as well as the healthcare sector. Research methodology using both qualitative and qualitative and case study design. This study collects primary data through interview management and from secondary data, author makes projections based on financial statement reports. This study computes valuation using the discounted cash flow method. The results show that the value of Hospital ABC Equity about Rp.330.301 million, 679% higher than Equity in 2021. By calculating value of equity Hospital ABC, management could get additional data from preparation of acquisition process.
VALUATION AND BUSINESS PERFORMANCE ANALYSIS OF PT. IMC PELITA LOGISTIK .TBK (PSSI) Pandumulia Segalapuja Hasayangan; Isrochmani Murtaqi; Oktofa Yudha Sudrajad
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 2 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v8i2.13788

Abstract

This study investigates the valuation and financial performance of PT. IMC Pelita Logistik Tbk. (PSSI), a player in Indonesia's shipping and logistics industry. Using an absolute valuation method with Free Cash Flow to the Firm (FCFF) and Weighted Average Cost of Capital (WACC), PSSI's intrinsic value per share was determined to be US$ -0.0391, significantly below its market price of US$ 0.0278, indicating that the stock is overvalued. For relative valuation, the metrics used were Price to Earnings Ratio (PER), Price to Book Value (PBV), and Enterprise Value to EBITDA (EV/EBITDA). PSSI's PER (3.56) is lower than its peers (6.43), but its PBV (0.86) and EV/EBITDA (3.18) are higher than the average of its peers (0.68 and 2.33), indicating overvaluation. The author prioritizes EV/EBITDA as it provides a more comprehensive assessment compared to PER. The financial performance analysis includes profitability, liquidity, activity, and solvency ratios. The final recommendation for investors is to sell, as PSSI is overvalued based on absolute valuation, PBV, and EV/EBITDA metrics.
Co-Authors Adrian Ariatin Ahmad Fajri Prabowo Airlangga, Thomas Akhmad Rizal Arifudin Akila Badzlina Putri Alhania Farahanny Sofyan Ana Noveria Anzy Indrashanty Apri, Mochamad Astri Budiarti Belgiawan, Prawira Fajarindra Bintang Raihandika, Arya Boni Susanto Chintia Rudiyanto Dedy Cahyadi Elviana R. Simbolon Erman Arif Sumirat Faturohman, Taufik . Fidinilah, Efi Ginanjar, Tetep Hapsari, Rr. Amirah Puspita Harimukti Wandebori Hasriwan Putra Herawati Herawati Herma Juniati Irawan, Atika Irawati Andriani Isrochmani Murtaqi Kabir, Rezaul Liane Okdinawati Listantari Listantari Maharani, Auryn Khansa Maria Magdalena Marlia Herwening MUHAMAD RIZKI Muhammad Hanivan Titunanda Muhammad Rafif Adiguna Muhammad Reihant Muzadi Namira Jayarachman, Marsha Novia Zayetri Noviana, Zelika R Panca, Aqilla Dhianir Rahman Pandumulia Segalapuja Hasayangan Purnamawati, Rizka Putri, Jessica Amanda Reslyana Dwitasari Rita Pasaribu Rizkyani, RR. Deby A Salsabila, Unik Hanifah Satriawan, Rizki Subiakto Soekarno Suci Susanti Sugiyanto Sugiyanto Sushandoyo, Dedy Syafiq Ziyad Tasya Ravida Ayu Padantya Taufikurahman, Taufik Ulfa, Nanda Shofiyah Umiyatun hayati Triastuti Wawan Dhewanto Win Akustia Wiranti Wiranti Yessi Gusleni Yos Sunitiyoso yuveline aurora Zayetri, Novia Zuliansyah, Afifah Shafari