Article Per Year (5 Year)
p-Index From 2021 - 2026
1.066
P-Index
This Author published in this journals
All Journal IJIES (International Journal of Innovation in Enterprise System) Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Journal Integration of Management Studies
Raden Aswin Rahadi
Unknown Affiliation
Agriculture, Biological Sciences & Forestry Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

Published : 6 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 6 Documents
Search

 1 
Study on The Financial Health of State-Owned Construction Companies Based on The Decree of The Minister of State-Owned Enterprises Kep-100/MBU/2002 for The Period 2014-2024 Allenby, Risyad; Raden Aswin Rahadi
Journal Integration of Management Studies Vol. 3 No. 2 (2025): (Special Issue)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i2.347

Abstract

This study assesses the financial stability of four Indonesian state-owned construction firms—PT Adhi Karya (ADHI), PT Pembangunan Perumahan (PTPP), PT Wijaya Karya (WIKA), and PT Waskita Karya (WSKT)—during President Joko Widodo's tenure from 2014 to 2024. The analysis utilizes a dual-method approach by combining the Ministry of State-Owned Enterprises Decree No. KEP-100/MBU/2002 with the Altman Z-Score (2006) model.  This combination provides an evaluation based on regulatory compliance and a predictive analysis of future financial difficulties. This study examines solvency, liquidity, profitability, and activity ratios utilizing longitudinal financial data from audited corporate reports. The results indicate that all four organizations underwent a substantial deterioration in financial stability, especially during the 2020–2024 timeframe, attributed to heightened project demands, inadequate asset use, and the economic repercussions of the COVID-19 pandemic. WSKT exhibited the most pronounced drop, characterized by ongoing financial distress indicators as evidenced by Z-Score data. Conversely, ADHI, PTPP, and WIKA exhibited comparatively superior albeit volatile performance. This study emphasizes the significant financial obstacles encountered by state-owned construction businesses in reconciling development objectives with fiscal sustainability. The findings highlight the necessity for enhanced receivables management, debt reorganization, and strategic supervision to prevent enduring financial instability. The results will assist policymakers, regulators, and investors in evaluating the profitability of state-owned enterprises and formulating future infrastructure financing strategies in Indonesia.
Public Policy and Financial Regulation in Housing Sector (Case Study: One Million Houses and KPR FLPP) Maria Dellarosawati Idawicaksakti; Monica Dianrosawati Itaratnasari; Raden Aswin Rahadi
International Journal of Innovation in Enterprise System Vol. 6 No. 1 (2022): International Journal of Innovation in Enterprise System
Publisher : School of Industrial and System Engineering, Telkom University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25124/ijies.v6i01.127

Abstract

During Jokowi’s tenure, a lot of programs and policies that focusing on housing sector were built byhim. Package of Economic Policy XIII is one of many policy’s package that Jokowi develop formanaged housing of people who have low income (MBR) with target that chosen is built onemillion houses. The lack of availability of housing for low-income people, is one of the reasons forthe policy package. In this research, author used qualitative method to analyst the phenomenon. Theresults of this study are the high rate of housing backlogs, the difficulty of obtaining housing ataffordable prices, and discussing KPR schemes in Indonesia. The existence of these governmentprograms does not significantly eliminate the phenomenon of housing a backlog. In addition, theexistence of the program must be accompanied by high supervision from the government andaccompanied by laws that bind violators.
Hybrid Technology Internalisation Strategies in Industrial Services: The Case of Foam Pigging Levina Marchyani; Raden Aswin Rahadi
Journal Integration of Management Studies Vol. 4 No. 1 (2026): Article In Press
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v4i1.436

Abstract

Technology acquisition in specialised industrial services often fails to translate into internal capability when knowledge remains externalised. In Indonesia, foam pigging technology remains sourced from external actors, despite growing local content requirements and strategic interest in industrial independence. This study examines the case of PT BES by applying the Resource-Based View (RBV) and Knowledge-Based View (KBV) to assess internalisation pathways. Using a mixed-method approach, the study combines SWOT analysis and discounted cash flow modelling—covering Net Present Value (NPV), Internal Rate of Return (IRR), and Cash-on-Cash (CoC) returns—to evaluate two options: talent acquisition (TA) and joint venture (JV). Results show that while both approaches are financially viable, TA enables early control and learning, whereas JV offers long-term expansion with shared risk. The proposed hybrid sequence—TA followed by JV—supports gradual internal capability formation. This case contributes to technology management literature by demonstrating how hybrid strategies can resolve the tension between knowledge dependence and capability development under regulatory constraints.
Financial Performance Analysis and Z-Score Assessment Of Telecommunication Industry: PT Indonesia, PT XL Axiata, PT Indosat Ooredoo, PT Smartfren Telecom Before and After Covid19 Pandemic Indriyanti Novitasari; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6269

Abstract

The COVID-19 pandemic created changes in the telecommunications industry in Indonesia. During the pandemic, demand for digital services increased as people relied on online platforms for work, education, and daily activities. This led to an increase in demand for telecom companies. However, after the pandemic ended and people returned to normal physical activities, sales growth in the telecom industry began to decline. This study aims to understand the impact of COVID-19 on the financial performance of Indonesia's telecommunications industry, analyze the performance of each company, assess their risk of bankruptcy, and propose strategies to address these challenges. To achieve these objectives, quantitative approaches such as financial ratio metrics, including profitability, liquidity, solvency, and activity, were calculated. Statistical tests, including paired t-tests, Wilcoxon signed-rank tests, and Kolmogorov-Smirnov tests, were conducted to compare the financial performance of the Indonesian telecommunications industry before and after the pandemic. The Altman Z-Score model was also used to measure bankruptcy risk and identify whether the companies are in financial distress. The results showed a significant difference in Indonesia’s telecommunications industry’s financial performance before and after the pandemic in terms of profitability, as measured by ROA, ROE, and NPM, all of which showed an increase. Among the major players, PT Telkom Indonesia Tbk led the industry with strong and stable financial performance and was the only company classified in the "safe zone" by the Altman Z-Score. XL Axiata also maintained stability, although its performance was lower than Telkom and Indosat. Indosat Hutchison showed improvement during the period, partly due to its merger with Hutchison and initiatives such as massive tower sales and continuous innovation, which helped strengthen its position in the market. On the other hand, Smartfren faced significant struggles, showing a decline in profitability and being heavily in financial distress.
Financial Performance Analysis and Z-Score Assessment of Pharmaceutical Industry During and After Economic Crisis In 2020 Habib Muhammad Dwana Nugraha; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6278

Abstract

This study discusses the analysis of financial performance and potential bankruptcy of all publicly listed pharmaceutical companies in Indonesia during and after the COVID-19 pandemic. This study uses financial ratio analysis such as Liquidity, Solvency, Profitability, and Activity Ratio as well as bankruptcy potential assessment with the Altman Z-Score Model. This research aims to evaluate the financial conditions of companies and identify the financial risks faced by the pharmaceutical industry in Indonesia. Statistical approach Kolmogorov-Smirnov, Paired T-Test, and Wilcoxon Signed Rank Test, to asses significant change in financial performance during and after pandemic. The results of this study indicate that PT Kimia Farma (KAEF), PT Indonesia Farma (INAF), PT Pharos (PEHA), and PT Pyridam Farma (PYFA) have poor financial conditions based on the results of all poor financial ratios, Moreover, these companies showed significant bankruptcy potential, with Altman Z-Score values below 1.89. and for SOHO it also has a poor profitability ratio especially in Gross Profit Margin categorizing them in the "Distress Zone.", And Soho Global Health (SOHO) is not so safe from the potential remains in the "Gray Zone," with Z-Score values ranging from 1.89 to 2.99, indicating moderate bankruptcy risk. In conclusion, this research highlights the urgent need for pharmaceutical companies in Indonesia to enhance their financial resilience in the post-pandemic era.
Financial Performance and Valuation Analysis of Diversification Company in Indonesia Case Study: PT. Harum Energy Tbk (HRUM) Danyaa Allya Salsabilla; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6330

Abstract

The planned termination of coal-fired power plants (PLTU) and the ongoing energy transition are set to significantly reshape Indonesia's energy sector. This shift is expected to lead to a marked decrease in coal demand. In response to these changes, several coal companies in Indonesia are diversifying their operations into green energy enterprises. The Indonesian government has introduced various incentive packages designed to promote the construction of nickel smelters and processing facilities. PT Harum Energy, a company that focused on coal but has significantly expanded its operations by acquiring nickel mines and smelters. Despite the promising prospects of nickel, HRUM faced a dramatic 99% decline this year. Apart from that, HRUM's share price has exhibited considerable volatility since the diversification began. The objective of this study is analyze financial performance during diversification and evaluate the intrinsic value of HRUM to give recommendation to the investors in making decisions in the current market. The methods utilized are secondary data by looking at historical data for the last 5 years through the 2019-2023. The author applies the DCF-FCFF method to determine the intrinsic value, which is calculated at IDR 570. With the current market price of IDR 1,130, the stock is perceived to be overvalued as its market price exceeds its intrinsic value. Further analysis is also carried out using relative valuation, which the P/E ratio, P/B ratio, and EV/EBITDA ratio is overvalued compared to the industry average. Therefore, the author does not recommend prospective investors to buy shares at this time.
Co-Authors Allenby, Risyad Danyaa Allya Salsabilla Habib Muhammad Dwana Nugraha Indriyanti Novitasari Levina Marchyani Maria Dellarosawati Idawicaksakti Monica Dianrosawati Itaratnasari