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All Journal JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Jurnal Pijar : Studi Manajemen dan Bisnis Journal Integration of Social Studies and Business Development Journal Integration of Management Studies Conference Proceedings International Conference on Education Innovation and Social Science
Irawan, Atika
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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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)
Faktor Yang Memengaruhi Bank Syariah Di Indonesia Dalam Menyetujui Pembiayaan Pemilikan Rumah (PPR) Indent Zikaillah Cinta Diramia; Irawan, Atika
Jurnal Pijar Vol 1 No 4 (2023): Jurnal Pijar : Studi Manajemen dan Bisnis
Publisher : PT Naureen Digital Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65096/pmb.v1i4.742

Abstract

The Indent Home Ownership Financing (PPR Indent) is a financing product for the development of unfinished houses provided by Islamic banks to housing developers and financing customers. Due to the lack of research that can assist housing developers in creating optimal portfolios and housing development projects to facilitate the approval of Indent Home Ownership Financing (PPR Indent) financing, this study aims to identify the factors influencing Indonesian Islamic banks in approving such financing and how these factors affect the decision-making process. The study employed an Exploratory-Descriptive Qualitative (EDQ) approach, using interview methods with one Islamic Commercial Bank (BUS) and one Islamic Business Unit (UUS) through purposive sampling, with data analysis conducted using Interpretative Data Analysis. The research findings reveal that Islamic banks in Indonesia approve PPR Indent financing by considering the probability of Non-Performing Financing (NPF) risks, thus implementing Prudential Banking Principles. This is done through the analysis of the 5C (Character, Capacity, Capital, Collateral, and Condition of Economic) of financing customers and the ability, experience, and willingness of housing developers to bear moral hazard through buyback agreements. Each Islamic bank in Indonesia has different prioritization processes and decision-making processes for these factors.
Unraveling The Feasibility of Health and Wellness Food Business Through a Financial Perspective : A Case Study of Asa Cerra Fakhira Elda Khairunnisa; Irawan, Atika
Journal Integration of Social Studies and Business Development Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v2i1.213

Abstract

Asa Cerra is positioning itself to meet the growing global demand for health-conscious and sustainable products. Its flagship offering, "Nata De Whey," is a probiotic-rich beverage crafted from whey waste from mozzarella cheese. This product not only aims to enhance health but also to support environmental sustainability. Despite favorable initial feedback, a comprehensive financial feasibility study had yet to be conducted to ensure long-term viability. This research addresses this gap by evaluating Asa Cerra's financial feasibility using a combination of primary data from the company and secondary data from similar industry players. The study employs key financial metrics, including Payback Period, Net Present Value (NPV), and Internal Rate of Return (IRR). It integrates scenario analysis to capture a range of potential outcomes: most likely, pessimistic and optimistic. The analysis reveals a promising financial outlook for Asa Cerra, with a payback period of 2.4 years, an NPV of Rp465,551,298, and an IRR of 38.29%, significantly exceeding the Weighted Average Cost of Capital (WACC) of 9.00%. These results suggest that Asa Cerra is financially sound and has the potential for sustainable growth. The comprehensive financial assessment supports Asa Cerra's strategic planning efforts and highlights its readiness for long-term success in the market.
Financial Feasibility Of Business On Fast Fashion Startup: A Case Study Of Udo Innovate’s Offline Store Establishment Project Purba, Rafael Abrahim Immanuel; Irawan, Atika
Journal Integration of Social Studies and Business Development Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v2i1.228

Abstract

Fast fashion, noted for its trendy and affordable clothing, has gained significant traction in Indonesia, with the market expected to reach $22.66 billion by 2024 and a compound annual growth rate (CAGR) of 3.31% (Statista). UDo Innovate, a fast fashion company collaborating with the skateboarding community in Bandung, faces challenges in optimizing its marketing strategies due to low sales from online-only efforts. The company seeks to enhance its market presence through an omnichannel strategy, incorporating offline platforms. However, the financial feasibility of this shift has not been previously assessed. This study aims to evaluate the financial viability of establishing a retail store as part of UDo Innovate's omnichannel approach. Financial feasibility is analyzed using the payback period, net present value (NPV), and internal rate of return (IRR), with risk assessed through scenario analysis. The results reveal that setting up an offline store is financially viable within two years, with a payback period of 1.66 years, an NPV of Rp583,921,410, and an IRR of 49.53%. The analysis also considers funding options, recommending a loan from Bank Mandiri with a 6% annual interest rate and an 11% tax rate. This results in a weighted average cost of capital (WACC) of 5.63%, which is lower than the cost of utilizing the owner's capital at 6.38%. The study concludes that the investment in an offline retail store is financially sound and aligns with UDo Innovate's strategic goals.
Financial Feasibility of A Hair Care-Based Business: A Study Case of Sassle Ramadhan, Aulia Fatah Harum; Irawan, Atika
Journal Integration of Social Studies and Business Development Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v2i1.240

Abstract

Hair loss, or alopecia, is a global concern, with 3.8% of Southeast Asia's population affected by Alopecia Areata, an autoimmune disorder. Traditional treatments like minoxidil and finasteride, while effective, often have side effects. To address this, Sassle, a haircare startup, developed an almond-based hair serum in collaboration with ITB's School of Pharmacy, offering a natural solution without adverse effects. Sassle has completed product development and is preparing to launch its go-to-market strategy. This study evaluates the financial feasibility of Sassle's product using primary data from Sassle's records and secondary data from industry comparables. Key financial metrics such as the Payback Period, Net Present Value (NPV), and Internal Rate of Return (IRR) were analyzed, along with a scenario analysis under pessimistic, base, and optimistic conditions. The base scenario indicated a payback period of 3 years and five months, a positive NPV of Rp381,007,156, and an IRR of 49%, surpassing the Weighted Average Cost of Capital (WACC) of 5.02%. In the pessimistic scenario, with a 25% sales reduction, the payback period was four years and 11 months, with a positive NPV of Rp265,828,152 and an IRR of 32%. With a 15% sales increase, the optimistic scenario predicted a 2-year, 1-month payback period, a positive NPV of Rp622,915,633, and an IRR of 67%. The findings confirm that Sassle's business model is financially viable and capable of substantial returns, providing critical insights for strategic decisions in investment, market expansion, and operational scaling.
Financial Feasibility Analysis of Self-Owned Pattern Printed Kain as Product Innovation Strategy in Fashion Business: A Case Study of Tanair Sinaga, Gloria Galore Puandhia; Irawan, Atika
Journal Integration of Management Studies Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i2.170

Abstract

Generation Z in Indonesia faces a challenge in establishing a strong national identity, underscoring the importance of fostering pride and appreciation for local culture (Manurung et al., 2022). Fashion is a significant avenue for self-expression and can be crucial in cultural promotion. The burgeoning fashion market in Indonesia presents substantial opportunities for businesses aiming to leverage cultural pride. Tanair, a new fashion brand founded in Bandung in 2024, seeks to enhance Indonesian pride through its innovative use of kain (traditional fabric). To navigate the competitive fashion landscape, Tanair requires a comprehensive financial feasibility study to validate its product innovation strategy. This study encompasses a five-year financial projection across three distinct scenarios—pessimistic, baseline, and optimistic—to evaluate Tanair's business plan's financial viability. The analysis reveals positive outcomes across all scenarios, with the pessimistic case demonstrating a payback period of 3.37 years, a net present value (NPV) of Rp61,807,419, a profitability index of 2.5, and an internal rate of return (IRR) of 29%. Notably, the IRR exceeds the weighted average cost of capital (WACC) of 8.92%, indicating a favourable financial outlook for the company. This study confirms that Tanair's innovative approach is financially feasible, positioning it for success in promoting Indonesian cultural heritage through fashion.
The Effect of Financial Literacy on Impulsive Buying Behavior Towards Online Food Delivery of Generation Z and Millennials in Indonesia with Media as A Moderating Variable Oktaviana, Yasinta; Irawan, Atika
Journal Integration of Management Studies Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i1.179

Abstract

The rapid growth of online food delivery applications (OFDA), coupled with the increasing digital media exposure of younger generations, has raised concerns about impulsive buying behavior and its financial implications. This study investigates the effect of financial literacy on impulsive buying behavior towards OFDA among Generation Z and Millennials in Indonesia, with media as a moderating variable. This study employed a quantitative approach. The object of this study is Generation Z, aged 17-27 years old, and Millennials, aged 28-43 years old, living in Indonesia. The number of participants includes 434 for Generation Z and 407 for Millennials. The research uses Partial Least Squares Structural Equation Modeling (PLS-SEM) and Multi-Group Analysis (MGA) to examine the relationships between variables and compare effects across generational groups. The findings reveal that financial literacy positively and significantly affects impulsive buying behavior towards OFDA in the entire group, Generation Z and Millennials. The effect is stronger in Generation Z than in the complete and Millennial groups. The study also found a significant moderating effect of media usage, highlighting the importance of considering digital influences in financial behavior research. Based on these findings, the study recommends further research to explore the underlying factors causing this positive relationship. For practical applications for individuals, the study suggests that Generation Z and Millennials should implement their financial knowledge more effectively to manage their finances and distinguish between essential and non-essential spending. The study suggests incorporating financial literacy into curricula through courses and practical programs for educational institutions. The study suggests leveraging digital platforms for government bodies to provide interactive financial literacy content. This research significantly advances the understanding of financial literacy's impact on consumer behavior in the digital age, particularly in the context of OFDA among younger generations in Indonesia; by including media usage as a moderating variable, the research explores how digital media exposure influences the relationship between financial literacy and impulsive buying behavior. This aspect of the study underscores the media's significant role in shaping financial behaviors in the digital age.
Improving Company Performance using Financial Planning Approach Toward Fragrance Companies: A Case Study of Saja Salmatun Nafisah; Irawan, Atika
Journal Integration of Management Studies Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i1.184

Abstract

The perfume industry has experienced significant shifts towards using natural oils and synthetic components, driven by changing customer preferences and increased awareness of natural products. Saja, a perfume company established in 2022, aims to capitalize on this growing trend by offering natural products. Despite its potential, the company faces financial challenges due to a lack of strategic financial planning. An analysis of Saja's financial performance from late 2023 to mid-2024 revealed inconsistent income and fluctuating cash flow, as identified through financial ratios and DuPont analysis. These issues highlight the company's low financial performance. To address these challenges,  Saja plans to enhance its financial planning by optimizing budget allocations, increasing production cost efficiency, and expanding product and market segments to boost income and reduce expenses. The sustainability of this strategy was assessed using three economic and risk scenarios: realistic, optimistic,  and pessimistic. The feasibility of the proposed strategy was measured through the Payback Period (PP)  in future and present value, Internal Rate of Return (IRR), and Net Present Value (NPV). Results indicate that the proposed financial strategy is acceptable and feasible, suggesting that its implementation would improve Saja's financial performance.
PREDICTABILITY TEST OF COMMODITY FUTURES PRICE INFORMATION ON INDONESIAN COMPOSITE STOCK PRICE INDEX VOLATILITY PERIOD 2007-2023 Zidni, Muhammad Irfan; Irawan, Atika
Jurnal Pijar Vol 1 No 4 (2023): Jurnal Pijar : Studi Manajemen dan Bisnis
Publisher : PT Naureen Digital Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65096/pmb.v1i4.732

Abstract

Indonesia is one of the nations that relies on commodities as the main driver of the economy. Commodities in Indonesia also have a role in the movement of composite stock price in Indonesia (IHSG). Therefore, we conducted research to find out which commodity price information can predict realized volatility (RV) from the IHSG. We use the linear regression model to determine the predictability of the commodity futures RV on the next month's RV of IHSG. We also conduct principal component analysis (PCA) and factor analysis (FA) to extract common factors from each commodity category dan semua komoditas. Our results show that commodities futures RV for Soybeans, Gold, Silver, Wheat and Cotton have a significant effect on the RV of IHSG with their is explaining the variability of IHSG RV predictions. Extracted common factors using PCA and FA from the types of commodities futures RV of Precious Metals, Grains, and Softs have a significant predictability for the RV of IHSG. All commodity futures extracted using PCA and FA also have the ability to predict the RV of the IHSG significantly. Average method can calculate more than PCA and FA method, meaning that average methods can predict more information about the types of commodity futures RV variances to the variability of IHSG RV.
Financial Feasibility of Business on Toy Startup: A Case Study of Cody Kit Jagatpati, Thomas Aquinas Ardi; Irawan, Atika
Proceedings International Conference on Education Innovation and Social Science 2023: Proceedings International Conference on Education Innovation and Social Science
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Coding and computer science has been a hot topic lately, and according to OECD estimates, approximately 10 billion jobs around the world are likely to be transformed by technology in the next decade. Coding and computer science are nominated as the essence of our future, as we are slowly arriving to an era where technology is a daily part of most of our lives. In spite of that, 825 million children worldwide are still not learning the skill they essentially need, including computer science. Cody Kit is a startup company who will become the answer to the problems. Cody Kit is a startup company which innovates a coding-based learning toy that integrates physical products with programming systems based on visual block games. The kit is concepted as an educational product that applied a step-by-step and coding-based learning method. However, Cody Kit hasn't done a financial feasibility study. The purpose of this research is to conduct a financial feasibility study for the development of Cody Kit where it uses a quantitative approach with company data as primary data and similar company data as secondary data. The financial feasibility will be analyzed by calculating the payback period, net present value (NPV), and the internal rate of return (IRR) then the risk will be assessed using scenario analysis. The results show that Cody Kit is financially feasible with a payback period of 2.821 years, with NPV of Rp21,175,355, and an IRR of 16.05% which is far greater than the WACC, which is 9.29%.
Co-Authors Fakhira Elda Khairunnisa Faturohman, Taufik . Jagatpati, Thomas Aquinas Ardi Maharani, Auryn Khansa Maulana, Rizki Firman Oktaviana, Yasinta Purba, Rafael Abrahim Immanuel Ramadhan, Aulia Fatah Harum Salmatun Nafisah Sinaga, Gloria Galore Puandhia Sudrajad, Oktofa Yudha Wijayanto, Kevin Nurizky Zidni, Muhammad Irfan Zikaillah Cinta Diramia