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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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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.
ANALYSIS OF MARGIN, ASSET TURNOVER, AND FINANCIAL LEVERAGE ON PROFITABILITY OF AN AGRICULTURE COMPANY Alhania Farahanny Sofyan; Oktofa Yudha Sudrajad; Erman Arif Sumirat
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 2 (2025): April
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i2.2607

Abstract

The agricultural industry plays a crucial role in Indonesia’s economy, contributing to both economic growth and food security. This research determines the effect of margin, asset turnover, and financial leverage on the profitability of PT. Japfa Comfeed Indonesia from 2015 to 2024 period. PT. Japfa Comfeed Indonesia is a leading agri-food company in Indonesia. Profitability in this research is measured using Return on Equity. This research employs explanatory research with a quantitative approach. Data analysis is conducted using the Multiple Linear Regression method, along with F-tests and t-tests, applied through the SPSS version 29 software. The findings indicate that margin, asset turnover, and financial leverage simultaneously have a significant effect on the company’s profitability. Margin has a significant positive effect on profitability, asset turnover has a significant positive effect on profitability, while financial leverage has a negative but not significant effect on profitability.
Financial Improvement Strategy of PT. Wahana Interfood Nusantara Tbk. Using The Cash Waterfall Method Muhammad Hanivan Titunanda; Oktofa Yudha Sudrajad; Erman Arif Sumirat
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 2 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i2.6319

Abstract

This paper examines the financial issues of PT. Wahana Interfood Nusantara Tbk., a manufacturer of cocoa and chocolate goods, and recommends improvements through the Cash Waterfall Method and the \ optimization of their capital structure. As of the third quarter of 2024, the company had a Debt to Equity Ratio of 261% and a negative Interest Coverage Ratio of -0.66, indicating significant financial distress due to excessive debt servicing. This research utilized financial modeling tools such as CAGR forecasting, linear regression, and ARIMA methods, revealing significant shortcomings in cash flow management and recommending a negotiation to debitors of one-year grace period to mitigate severe urgent financial pressures. The Cash Waterfall Method is applied to enhance debt servicing, business viability, and reinvestment, although its application is tempered by its capacity to improve liquidity and recover the company's financial health. The analysis indicates that the unutilized capacity of the newly constructed Sumedang factory, which has an annual production capacity of 20,000 tons, combined with the existing yearly production objective of 6,000 tonnes, is likely to improve the company's overall growth potential. This properly strategized investment necessitates assertive marketing and distribution tactics to facilitate the company's enhancement of net income while concurrently diminishing its need on external financing sources. The study concludes that while the optimal capital structure remains unattainable under current financial distress, a restructured approach focusing on operational recovery and disciplined cash flow management is imperative. Recommendations include leveraging increased production capacity, implementing strategic marketing initiatives, and pursuing shareholder returns once financial stability is restored. This research contributes to understanding the interplay between capital structure, cash flow prioritization, and operational performance in heavily indebted firms, offering actionable insights for practitioners and policymakers in similar contexts.
Determining the Optimal Capital Structure of PT. Krakatau Steel Tbk (Persero) Muhammad Rafif Adiguna; Oktofa Yudha Sudrajad
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 5 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i5.7241

Abstract

Indonesia's steel industry is expected to keep growing, with the country's steel consumption projected to increase from 17.4 million tons in 2023 to 18.3 million tons in 2024, while production is expected to increase from 15.2 million tons to 15.9 million tons. However, PT Krakatau Steel Tbk, or KRAS, is one of the leading players in this sector, with big challenges ahead that it is facing and thus affecting its performance. One of the critical contributory factors is the increased volumes of steel imports, which heighten competition and have led to a significant decline in revenue. This is because the cheaper steel imports, especially those from countries like China, are contributing to putting pressure on prices and further complicating the market status quo for KRAS. This research study seeks to analyze and determine the optimal capital structure for KRAS with a focus on enhancing its financial stability and overall value. In this research author analyse and explore for the solution with external analysis using PESTLE Analysis. Based on secondary data from annual reports and relevant academic literature, the study evaluates the financial performance of KRAS from 2021 to 2023. The results showed a significant revenue decline of 35.68% from 2022 to 2023, mainly influenced by increased import competition and unstable global steel prices. Beyond this, high leverage remains a concern for KRAS, which has liabilities, even though it declined from $3.16 billion in 2021, having reached $2.35 billion as of 2023.
Healthcare Company Valuation (Case Study Of Hospital ABC) Zayetri, Novia; Yudha Sudrajad, Oktofa
Journal of Economics and Business UBS Vol. 12 No. 2 (2023): Regular Issue
Publisher : Cv. Syntax Corporation Indonesia

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.
Choosing the most suitable sustainability report standard for banking industry: A case study of Bank ABC Chintia Rudiyanto; Oktofa Yudha Sudrajad
Journal of Digital Business and Marketing Vol. 1 No. 2 (2025): August
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jdbm.v1i2.3326

Abstract

Purpose: This study aims to evaluate and prioritize sustainability reporting standards in the banking sector by identifying key criteria influencing their selection, with a particular focus on integrating local regulatory compliance and global best practices. Research Methodology: The research employs a mixed-methods approach, beginning with qualitative interviews with key stakeholders and a literature review to identify relevant criteria. Insights from this phase inform the quantitative analysis using the Analytic Hierarchy Process (AHP). Five sustainability reporting experts from ABC Bank served as respondents, assessing alternative standards based on predetermined criteria derived from both interviews and literature studies. Results: The findings indicate that “integration with financial metrics” and “use of technology” are the most critical criteria in selecting sustainability reporting standards. AHP analysis shows that while POJK 51 meets regulatory requirements, global frameworks such as GRI and SASB offer broader and more investor-oriented disclosures. Combining multiple standards provides a more comprehensive approach, though it demands greater resources and capacity. Conclusion: The study concludes that hybrid adoption of local and global sustainability frameworks enhances reporting credibility, aligns with stakeholder expectations, and strengthens competitive positioning Limitations: The small sample size of five experts from a single bank limits the generalizability of findings. Contribution: This research provides empirical insights into the prioritization of sustainability reporting standards, offering practical guidance for banks and policymakers seeking to enhance ESG transparency and alignment with both domestic regulations and international standards.
ASSESSING FINANCIAL PERFORMANCE AND COMPANY VALUATION WITHIN THE FRAMEWORK OF PT XYZ'S LONG-TERM PLAN Syafiq Ziyad; Oktofa Yudha Sudrajad
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 1 (2025): Sharia Economics
Publisher : 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.
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