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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) 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) Journal Research of Social Science, Economics, and Management 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
Sudrajad, Oktofa Yudha
School Of Business And Management Institut Teknologi Bandung
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Financial Performance Analysis And Stock Valuation of PT Kimia Farma Tbk. Wiranti Wiranti; Oktofa Yudha Sudrajad
Return : Study of Management, Economic and Bussines Vol. 3 No. 7 (2024): Return : Study of Management, Economic And Bussines
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v3i7.254

Abstract

Laparoscopic cholecystectomy is the surgical method of choice for gallbladder removal. Enhanced Recovery After Surgery (ERAS) is a program designed to accelerate patient recovery after surgery by reducing length of stay, pain, and accelerating initial mobilization. This study aims to evaluate the effectiveness of the ERAS nursing program on pain levels, initial mobilization, and length of hospitalization of post-laparoscopic cholecystectomy patients at Pluit Hospital Jakarta. A total of 65 patients undergoing laparoscopic cholecystectomy were sampled, with 40 patients in the ERAS group and 25 patients in the control group. Data were collected using questionnaires and observation sheets, and analyzed using the ANCOVA test. The results showed that the ERAS group had lower numerical scale scores for pain (1.87 vs 5.72, p < 0.001), earlier mobilization (3.45 hours vs 9.12 hours, p < 0.001), and shorter length of stay (27.13 hours vs 74.84 hours, p < 0.001) compared to the control group. The implementation of the ERAS nursing program has proven to be effective in reducing pain levels, accelerating initial mobilization, and reducing the length of stay of patients after laparoscopic cholecystectomy at Pluit Hospital Jakarta. This study supports the use of ERAS protocol to improve the quality of surgical care in Indonesia.
Evaluating The Impact of ESG Integration on The Financial Performance of Pertamina Geothermal Energy: A Sustainable Growth Perspective Tasya Ravida Ayu Padantya; Oktofa Yudha Sudrajad
Return : Study of Management, Economic and Bussines Vol. 3 No. 7 (2024): Return : Study of Management, Economic And Bussines
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v3i7.255

Abstract

The global energy landscape is undergoing a significant transformation driven by the urgent need to mitigate climate change, increased regulatory pressures, and rising stakeholder expectations. This study aims to explore the impact of ESG integration on the financial performance of Pertamina Geothermal Energy (PGE), a subsidiary of PT Pertamina (Persero), which plays an important role in the energy transition in Indonesia. This study uses secondary data from financial statements, prospectuses, annual reports, and information from the PGE website. In addition, historical data on the stock prices of power generation companies and comparative analysis of the industry are used. The analysis was carried out using the Discounted Cash Flow (DCF) method to calculate the intrinsic value of the company, as well as an assessment of sustainability policies, community engagement programs, and improvement of corporate governance. The results show that ESG integration has a positive impact on PGE's sales growth, profitability, and return on investment. Improved sustainability policies, community engagement programs, and corporate governance contribute significantly to better financial performance. The integration of ESG principles in PGE not only improves financial performance but also shows that sustainability and profitability can go hand in hand. These findings provide valuable insights for the broader energy sector, suggesting that ESG integration can drive positive change and facilitate an era where financial growth and environmental responsibility complement each other.
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.
Implementation Of Integrated Governance: A Case Study At Pt Xyz Group Fidinilah, Efi; Sudrajad, Oktofa Yudha
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 2 (2026): April
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i2.9852

Abstract

PT XYZ, as a state-owned enterprise in the energy sector, faces challenges in implementing appropriate integrated governance. The latest regulation, Permen SOEs No. 02/MBU/03/2023, emphasizes the importance of implementing integrated governance encompassing risk management, internal audit, and compliance. Therefore, an adaptive, effective, and efficient integrated governance model is needed, capable of addressing the weaknesses of the current silo approach while consistently strengthening GCG across all group entities. The purpose of this study is to analyze the structure of risk management organs in each subsidiary, identify and formulate relevant parameters for designing an effective and optimal integrated governance model or policy, and develop a roadmap for implementing integrated governance in the PT XYZ Group. Data were collected through primary and secondary data. Primary data were obtained through questionnaires, while secondary data were obtained from PT XYZ's annual reports. The analysis was conducted using the Analytical Hierarchy Process (AHP) method based on three main parameters: (1) Business Line (directly connected to the parent supply chain, not related to the supply chain but supporting the RJPP pillars, not supporting both), (2) Size and Contribution (assets, capital, net profit), and (3) Status and Share Ownership (operational, controlling, non-controlling). The findings show that based on the analysis of the hierarchy process (AHP), the priority weights of the criteria in the entity assessment are Business Line (59.6%), Status & share ownership (22.8%), and size & contribution (17.5%). The AHP results confirm that subsidiaries in the core supply chain and with operational status have the highest priority in strengthening governance. Based on the risk classification, this study simplifies the entity types into three categories: Type 1, Type 2 and Type 3 and this study compiles a three-stage roadmap (short, medium, and long term). This study recommends that strengthening integrated governance in PT XYZ Group must be carried out gradually and proportionally.
Optimal Investment Strategy Selection: Real Options Approach in Indonesia’s Oilfield Drilling Services Muhammad Reihant Muzadi; Oktofa Yudha Sudrajad
Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Vol 10 No 1 (2026): Jurnal Relevansi: Ekonomi, Manajemen dan Bisnis
Publisher : LPPM STIE KRAKATAU

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61401/relevansi.v10i1.374

Abstract

This study develops an analytical framework to select the optimal investment strategy for an Indonesian state-owned oilfield services company, addressing CAPEX gaps and comparing static and dynamic valuation approaches under uncertainty. The study employs a case-based quantitative valuation design. Discounted Cash Flow (DCF) is used as the A case-based quantitative design uses Discounted Cash Flow (DCF) to assess project feasibility in varying demand scenarios, while Real Options Valuation (ROV), supported by Monte Carlo simulation, evaluates the value of managerial flexibility. DCF shows the project is unfeasible in low demand but viable in base and high scenarios. ROV, incorporating flexibility, provides higher investment values, turning a negative NPV in the low-demand case into a positive Total Investment Value (TIV), indicating strategic viability under uncertainty. Integrating Real Options Valuation into the firm’s capital budgeting process improves investment decision making compared with relying on Discounted Cash Flow alone. The analysis focuses on a single Indonesian state-owned oilfield services company, with uncertainty primarily in market demand and volatility, limiting generalizability to other firms or environments. This study provides a decision-making framework for investment strategy selection in oilfield services by comparing DCF and ROV, showing how option value influences decisions under uncertainty through simulation-based valuation.
The Role of Fintech Lending in Financial Inclusion and Poverty Alleviation: A Systematic Review Thomas Airlangga; Yos Sunitiyoso; Oktofa Yudha Sudrajad
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.
Strategic and Financial Evaluation of New-Generation Jet Engine Maintenance Development: A Case Study on Investment Decision-Making for PT GG Aircraft Maintenance Ari Wibowo; Oktofa Yudha Sudrajad
Journal Research of Social Science, Economics, and Management Vol. 5 No. 12 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i12.1548

Abstract

In the next decade, the Maintenance, Repair, and Overhaul (MRO) market is expected to undergo significant changes driven by evolving demand for aircraft and engine maintenance services. The currently dominant CFM56 engine family is gradually being replaced by the LEAP engine family, which represents a new generation of commercial aircraft engines. As one of the largest MRO providers in Southeast Asia, PT GG Aircraft Maintenance has established capabilities in CFM56 engine maintenance but faces a strategic challenge regarding whether to invest in developing LEAP engine maintenance capabilities, which requires an estimated capital expenditure of approximately USD 75 million. This investment decision is critical to ensuring the company’s long-term sustainability, particularly in maintaining competitive aircraft engine maintenance service capabilities. This study examines strategic alternatives for the company, including the development of LEAP engine maintenance capabilities through internal investment and resources, as well as the evaluation of potential collaboration schemes with investors or strategic partners, such as joint operations (JO) or joint ventures (JV) with original equipment manufacturers (OEMs) or other MRO providers. This study aims to provide strategic recommendations supported by comprehensive financial evaluations, serving as a reference for strategic decision-making to strengthen the company’s long-term competitiveness in the regional and global MRO industry.
FORMULATING THE IMPLEMENTATION OF MUQASAH IN MURABAHAH FINANCING IN INDONESIA’S ISLAMIC BANK Ahmad Fajri Prabowo; Oktofa Yudha Sudrajad
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 1 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.18465018

Abstract

In Islamic banking in Indonesia, murabahah (contract of trading) is one of the most popular contracts to use in the financing products. In order to regulate this contract, Indonesia’s Otoritas Jasa Keuangan (OJK) issued the Guidance on Murabahah Financing which comprehensively stipulate the rules in distributing the financing under the contract of murabahah. One of the stipulations in the Guidance governs the mandatory discount for the early-settled financing, later referred to as the muqasah. This research highlighted the potential impact of implementing the regulation in the Bright Bank, a listed sharia Bank which distributes majority of its financing under the contract of murabahah. Both quantitative and qualitative studies were conducted to understand the financial magnitude of the implementation of muqasah in the Bright Bank, to formulate the potential financial scheme (i.e. early-settlement fee) that will prevent further loss on the bank’s profitability, and to understand the customers’ perception on early financing settlement and the prospectively implemented surcharge. The solution offered in this writing is a policy-based strategy that is based on the research result. This research will contribute to be one of the early references for the further development of the strategy to better implement muqasah in the distribution of murabahah financing.
FEASIBILITY STUDY OF CNC MACHINE INVESTMENT TO OPTIMIZE MAIN WORKSHOP OPERATIONS AT PT BUKIT ASAM TBK Rizki Satriawan; Oktofa Yudha Sudrajad
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (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/xh5d5657

Abstract

PT Bukit Asam Tbk (PTBA), a company operating in the coal mining industry, is currently facing challenges in improving operational efficiency, especially in the maintenance and repair activities at the Coal Handling Facility (CHF). The increasing demand for components and spare parts reveals the shortcomings of conventional machinery in terms of precision, productivity, and cost-effectiveness. In response, PTBA is exploring the possibility of investing in Computer Numerical Control (CNC) machines to enhance output and lower long-term operational costs. This study investigates the feasibility of such an investment using capital budgeting techniques, including Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PBP), and Profitability Index (PI). To further examine potential uncertainties, a risk assessment was carried out through sensitivity analysis and Monte Carlo simulation. The findings show that the investment is financially sound, generating an NPV of IDR 5.26 billion, an IRR of 18%, and a payback period of 6 years and 4 months, with a 93.7% likelihood of achieving a positive return. With proper execution—such as optimizing production processes, maximizing machine utilization, and providing adequate workforce training—the CNC machine investment is anticipated to significantly improve operational performance, reduce dependency on third-party suppliers, and support PTBA’s long-term strategic goals.
Co-Authors Adrian Ariatin Ahmad Fajri Prabowo Akhmad Rizal Arifudin Akila Badzlina Putri Alhania Farahanny Sofyan Ana Noveria Anzy Indrashanty Ari Wibowo Astri Budiarti Belgiawan, Prawira Fajarindra Bintang Raihandika, Arya Boni Susanto Chintia Rudiyanto Dedy Cahyadi Elviana R. Simbolon Erman Arif Sumirat Faturohman, Taufik . Fidinilah, Efi 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 Panca, Aqilla Dhianir Rahman Pandumulia Segalapuja Hasayangan Putri, Jessica Amanda Reslyana Dwitasari Reynara Davin Chen Rita Pasaribu Rizki Satriawan Salsabila, Unik Hanifah Subiakto Soekarno Suci Susanti Sugiyanto Sugiyanto Sushandoyo, Dedy Syafiq Ziyad Tasya Ravida Ayu Padantya Thomas Airlangga Umiyatun hayati Triastuti Wawan Dhewanto Win Akustia Wiranti Wiranti Yessi Gusleni Yos Sunitiyoso yuveline aurora Zayetri, Novia