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All Journal Jurnal Manajemen Teknologi Journal of Business and Management The Indonesian Journal of Business Administration JURNAL AKUNTANSI, EKONOMI dan MANAJEMEN BISNIS
Achmad Herlanto Anggono
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Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Alternatif Strategi Keuangan pada Rencana Bisnis Bank BJB untuk Memperkuat Permodalan Yuneline, Mirza Hedismarlina; Anggono, Achmad Herlanto
Jurnal Manajemen Teknologi Vol 11, No 3 (2012)
Publisher : SBM ITB

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Bank BJB dengan permodalan sekitar Rp. 5 trilliun dikategorikan sebagai bank terfokus daerah. Dalam rencana jangka panjangnya, Bank BJB memiliki target pada tahun 2015 menjadi bank nasional yang memimpin dalam layanan dan kinerja, Berdasarkan Arsitektur Perbankan Indonesia, suatu bank dikategorikan sebagai bank nasional jika memiliki cakupan usaha yang luas dan beroperasi secara nasional serta memiliki modal antara Rp. 10 trilliun hingga Rp. 50 trilliun.  Penelitian ini bertujuan mengkaji strategi keuangan Bank BJB untuk mencapai permodalan sebagai Bank Nasional. Penelitian ini dimulai dengan mengkaji kemampuan internal dengan mengevaluasi mengevaluasi kinerja bank saat ini dalam hal pertumbuhan aset, modal, aktiva produktif, profitabilitas, likuiditas, dan efisiensi. Kemudian dilakukan penyusunan proforma model untuk Rencana Bisnis Bank Jangka Menengah, khususnya proyeksi laporan keuangan, proyeksi rasio, rencana pembiayaan, dan rencana permodalan. Dari analisis menunjukkan tiap strategi memiliki kelebihan dan kekurangan pada kinerja. Pengurangan dividen payout ratio menyebabkan kenaikan pada rasio BOPO dan ekspansi kredit menunjukkan kenaikan pada rasio LDR hingga melebihi aturan yang telah ditentukan oleh Bank Indonesia. Pada akhirnya, pengambilan keputusan oleh akan strategi keuangan alternatif yang diambil beserta pendanaan dari luarnya ditentukan oleh lingkungan eksternal yang dinamis yang berhubungan dengan teori dividen dan teori sinyaling
Valuation of Information Technology Investment Using the Discounted Cash Flow and Real Options Analysis Triastiti, Lely; Anggono, Achmad Herlanto
Jurnal Manajemen Teknologi Vol 11, No 3 (2012)
Publisher : SBM ITB

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PT. Telekomunikasi Indonesia (Telkom) planned to develop an IT-based integrated Customer Relationship Management (CRM) system called Unified TICARES in 2012 as a part of corporate strategic initiatives. The key question is whether the value of this investment is truly feasible for the company. The purpose of this thesis is to provide an IT-based investment valuation analysis using two approaches, namely the discounted cash flow (DCF) and real options analysis (ROA). It compares the results to find out whether different approach will arrive to different conclusions about the investment feasibility. The finding result from both approaches show that Unified TICARES is a promising investment, indicated by positive NPV. However, the result with ROA did not show much difference against the DCF approach. It indicates that the use of ROA is not always necessary to value an investment due to its complexity. The usefulness of ROA will be visible in valuing investments that involve complex configurations. ROA is also required when DCF is not sufficient to provide quantitative judgment on project that subject to high risk and uncertainty.
IDENTIFYING FACTORS THAT AFFECT INDONESIA HOTEL INDUSTRY STOCK RETURN BY USING REGRESSION ANALYSIS Panjaitan, Carlo Jeffry Emmanuel; Anggono, Achmad Herlanto
Journal of Business and Management Vol 7, No 1 (2018)
Publisher : Journal of Business and Management

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Abstract. At present tourism is one of the pillars in economic development, based on world GDP in 2016 by 10.6% (based on World Travel & Tourism council) of world GDP. Due to the economic development due to tourism makes the entrepreneurs and investors start to invest in the world, but tingkast investment in tourism has not been evenly distributed, especially in Indonesia. From IDX shows that the stock price in the field of tourism hotels in Indonesia is still not good. In this journal mentioned what factors can be known by regression analysis. From this method found which factors that greatly affect the stock price of hospitality in Indonesia. This thesis elaborates the factor in the perspective Indonesia hotel industry stock market price. Using regression analysis consist which factor has affected the stock market price, the author tried to find the factor which has impact in stock market pricing. This thesis will found which factor has bigger impact, which can be improve by the government to attract more investor to develop Indoensia hotel tourism industry.Keywords : Hotel, Finance, Business, Risk and Return, Beta Analysis, Market, Travel, Tourism, Indonesia
Analysis of Determinants of Capital Structure of Plantation Companies in Indonesia (Case Study Public Listed Plantation Companies Q1 2006 - Q4 2012) Sakinah, Alida Nur; Anggono, Achmad Herlanto
Journal of Business and Management Vol 3, No 1 (2014)
Publisher : Journal of Business and Management

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Abstract- This research focuses on capital structure with the objective to examine the effect of several determinants of capital structure of listed plantation companies in Indonesia. The factors influencing capital structure analyzed in this research are asset tangibility, growth, firm size, and profitability. The research is conducted by observing financial data of 10 listed plantation companies in Indonesia from period 2006 the earliest to 2012 the latest. Panel data regression technique is used in this research and random effects assumption is chosen as the best to be applied on the capital structure determinants model, and so the model is constructed by using Generalized Least Square method. The capital structure determinants model constructed in this research shows that asset tangibility and growth of the firm (represented by asset growth) do not have significant effect on debt to equity ratio. It is most likely that these two aspects are not taken into account by listed plantation companies in Indonesia in making their capital structure decision. However, firm size (represented by natural logarithm of total asset) and profitability (with net profit margin as proxy) are proven to have significant negative effect on capital structure. If firm size increases by 10%, debt to equity ratio will decrease by 1.42%; and if profitability increases by 10%, debt to equity ratio will decrease by 4.87%. From the result of this research, it can be concluded that only firm size and profitability that have significant relationship with capital structure for the case of listed plantation companies in Indonesia. These aspects thus should be put into consideration by management and investor or other concerned party when assessing capital structure policy of the companies. Keywords: Capital Structure, Plantation Companies, Asset Tangibility, Growth, Firm Size, Profitability, Panel Data Regression
DETERMINANTS OF LOAN LOSS PROVISION USING BANK-SPECIFIC VARIABLES AND MACRO ECONOMIC FACTORS: CASE STUDY ON 19 COMMERCIAL BANKS IN INDONESIA PERIOD 2008-2017 Fauziyah, Dini; Anggono, Achmad Herlanto
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract.Bank in distributing loans is inseparable from the risk of impairment and uncollectible, therefore banks must anticipate these risks by preparing funds, known as Loan Loss Provision (LLP). The increase or decrease of LLP during the period of 2008 to 2017 can indicate a problem that can affect the sustainability of the banking industry and even further the country. Therefore, this research was conducted with the aim to figure out the variables that influence the increase and decrease in Loan Loss Provision. The data collected are the financial report of 19 banks which categorized in the BACB 3 and BACB 4 that obtained from the Financial Services Authority (OJK) and macroeconomic data obtained from Bank Indonesia during the first quarter of 2008 to the fourth quarter of 2017. The EGLS Panel (cross-section weight) is used to analyse the data. Regression results for six independent variables showed that two of those variables are not significant to Loan Loss Provision, namely Loan Ratio to Deposit and Growth of Gross Domestic Product. Non-Performing Loan, Capital Adequacy Ratio have a significant positive impact on Loan Loss Provision, while Bank Size and Inflation have a significant negative impact on Loan Loss Provision.Keywords: BACB, Bank, CKPN, Loan Loss Provisions, Panel Data Regression.
DETERMINANTS ANALYSIS OF NON PERFORMING LOAN USING BANK SPECIFIC VARIABLES AND MACROECONOMIC FACTORS OF 19 COMMERCIAL BANKS IN INDONESIA Putra, Reynold Adi; Anggono, Achmad Herlanto
Journal of Business and Management Vol 6, No 3 (2017)
Publisher : Journal of Business and Management

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Abstract. Bank’s main activity in generating income is by spreading credit. The credit given by the bank might become Non Performing Loan (NPL), which is a condition when the interest payment is delayed by the agreement. Thus, credit risk is one of the most important risk that are faced by the bank. This research intended to find the relationship of banks specific variables: Bank Size (LNSIZE), Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR), Return on Asset (ROA) and Net Interest Margin (NIM) and macroeconomic factors: Inflation Rate (INFL), Interest Rate (INTR) and Growth Domestic Product (LNGDP) toward Non Performing Loan (NPL) in 19 commercial banks in Indonesia which is included in BACB 3 and 4 in the period of 2012-2016. The data is processed using panel data regression with Random Effect Method. The result shows that CAR, LDR, NIM and LNGDP have positive significant relationship to NPL while LNSIZE and ROA have negative significant relationship to NPL. On the other hand, INFL and INTR have no significant relationship to NPL. According to the result, the author recommend commercial banks in Indonesia to be more careful in spreading the credit using the funds that have been generated by the bank to improve the credit quality and monitor the significant variable so the amount of NPL can be decreased. Keywords: Non Performing Loan, Bank Specific Variables, Macroeconomic Factors, Indonesia.
DETERMINANT ANALYSIS OF HIGH QUALITY ASSET RATIO USING BANK-SPECIFIC VARIABELS OF 19 COMMERCIAL BANKS IN INDONESIA (2008-2017 PERIOD) Putri, Nabila Kesuma; Anggono, Achmad Herlanto
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract.According to (Basel Committee on Banking Supervision, 2013) the financial crisis that started in 2007 is caused by the poor management of the banks’ liquidity and if not solved with a contingency plan regarding liquidity, could cause them to collapse. This further stresses out the importance of liquidity especially in banking industry. And due to the recent highlight of new regulation issued by the Basel III committee, the liquidity of a bank will be measured with the Liquidity Coverage Ratio, which illustrates the condition of a bank’s liquidity measured by its high quality liquid asset divided to its net cash outflow in 30 days. This is used to measure the bank’s ability and liquidity in times of distress. This regulation showed the importance of banks to hold into their high quality liquid assets. This study uses bank-specific variables such as CAR, NIM, NPL, LDR, and SIZE to examine its relationship towards High Quality Liquid Asset Ratio as the dependent variable. The data used in this research are obtained from quarterly published financial statements of 19 commercial banks in Indonesia from 2008Q1-2017Q4. This research used Fixed Effect model on regression test, and EGLS Panel (cross-section weight) method is used in processing the data used in this research. The result of regression test showed that out of five independent variables, which are CAR, NIM, NPL, LDR, and SIZE, the only variable that does not have a significant effect towards the dependent variable, High Quality Liquid Asset Ratio is CAR. Then, out of the four remaining independent variables, which are NIM, NPL, LDR, and SIZE, the only variable that has a significant negative effect towards High Quality Liquid Asset is SIZE. Other independent variables, NIM, NPL, and LDR resulted in a significantly positive relationship with the dependent variable High Quality Asset Ratio.Keyword: : Liquidity, High Quality Liquid Asset Ratio, Fixed Effect Model Regression 
Determinants of Capital Adequacy Ratio (CAR) 19 Commercial Banks in Indonesia Based on Risk Based Bank Rating Nuviyanti, Nuviyanti; Anggono, Achmad Herlanto
Journal of Business and Management Vol 3, No 7 (2014)
Publisher : Journal of Business and Management

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Bank Indonesia issued some considerations for commercial banks in order to create healthy banking system and have ability to compete with worldwide should be preparing Minimum Capital Adequacy Ratio that meets with the international standards. Capital Adequacy ratio means amount of capital to ensure that banks can handle risk exposures. Implementing the Minimum Capital Adequacy Ratio must be adjusted to risk profile for absorb the potential losses on risk exposure as well as to fulfilling the minimum capital requirement. The objective of this research is to deteminants of capital adequacy ratio based on risk based bank rating 19 commercial bank in Indonesia.The research involved the use of Multiple Regression Linier based on Ordinary Least Square estimation technique to determine the affect of the independent variables - Good Corporate Governance measured by operating expense to operating income ratio and net interest margin, Risk Profile measured by non performing loan ratio and loan to deposit ratio, Earning measured by return on asset ratio and return on equity – Secondary data were obtained from condensed financial statement conventional bank quarterly that derived from Bank Indonesia covering 2008 to 2013. Using significant level of 5%. The result analysis obatained from coefficient corelation (), T test and F test. The research found  that operating expense to operating income ratio, loan to deposit ratio, return on equity ratio have negative significant affect with capital adequacy ratio in the other hand non performing loan ratio and return on asset ratio have positive influence with capital adequacy ratio. While variables that most affecting with dependent  variable is return on asset ratio that has coefficient value of  2.546153. Keywords : Capital Adequacy Ratio, Risk Based Bank Rating, Commercial Bank in Indonesia
The Influence of Net Interest Margin, Capital, Adequacy Ratio, Non-Performing Loan, Return on Equity, Loan to Deposit Ratio, and Underwriter to the Level of IPO Underpricing and Long Term Performance (Case Study: Banking Stock Period 2003-2013) Putra, Mohammad Rimba; Anggono, Achmad Herlanto
Journal of Business and Management Vol 2, No 4 (2013)
Publisher : Journal of Business and Management

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Banking sector that have been hit hard during both financial crisis is under the supervision of Indonesia Central Bank (Bank Indonesia) that regulates and supervise bank activities. One of the venues for bank to ensure their efficiency and to find new funds is through Initial Public Offering (IPO). Initial Public Offering is conducted by a company in order to register their shares toward capital market. The number of samples used for this study consists of 16 banks that conduct the IPO during the period of 2003-2013. For long term return which is after three year return with the Holding Period Return, the samples that are used consist of 10 banks from the sample of IPO from the year of 2003-2012. The hypotheses of this study were tested by using multiple regression test after conduct a preliminary test that consist of test of linearity, normality test, autocorrelation test, heteroscedasticity test, and multicolleniarity test. The result of the research showed that from the entire variables tested for IPO, there are no variables that provide significant effect on the initial return during the IPO (p-value bigger ≤ 0.05). For long term return, after elimination of one of the least significance variable (Loan to Deposit Ratio) it is found out that Return on Equity provide a significant effect toward the long term return. After elimination of the least significant variable, it is also found out that the whole variables provide a simultaneous influence toward the regression model (F test). Keywords: Stocks, IPO, Underpricing, Long Term Return, Net Interest Margin, Capital Adequacy Ratio, Non-Performing Loan, Return On Equity, Loan To Deposit Ratio, Underwriter ----------------------------DISCLAMER: This paper is created by undergraduate students of School of Business and Management ITB in partial fulfillment of the requirement of the degree Bachelor of Management. Journal of Business and Management is not responsible for the content, opinions, or any other materials expressed here.
Estimating Value of The Firm for Telecommunication Company (Case Study Telecommunication Companies: PT Telekomunikasi Indonesia, PT XL Axiata, PT Indosat, and PT bakrie Telecom in Indonesia) Arifin, Ahmad Faris; Anggono, Achmad Herlanto
Journal of Business and Management Vol 1, No 3 (2012)
Publisher : Journal of Business and Management

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Telecommunication has become the primary choice for communicating indirectly and has been use by every level of society. In Indonesia, phones have become the major factor of everyday life and the backbone of economic growth. In Indonesia, phone operators are growing fast every year and now, there are four major telecommunication company in Indonesia which are PT Telekomunikasi Indonesia, PT XL Axiata, PT Indosat, and PT Bakrie Telecom.However, the trends and estimation towards the industry in the next five years suggest that the revenue will decrease because of the decreasing trends of the Average Revenue Per User (Arpu) rate. To keep the business going and gain a growth on the revenue, an operator needs to develop new strategy. An operator needs to clarify their strength and persuade customer to use more of their services to increase the usage and the ARPU. To this date, operators competing to create a newValue Added Service and bringing new technology to Indonesia such as NFC (Near Field Communication), Cloud System, and LTE (Long Term Evolution) 4G network.To apply those new technologies and keeping growth on the company, operator needs a lot of money to be invested. Bank and private investors will be happy to invest their money only if they know that the investment will be paid back. To make a guarantee for the investors, a company will calculate their value in the future. It will appeal investors to invest in the company, and whoever have a higher value, they usually will lead the competition. That’s why, the calculation of the value for each company is necessary in order to see the position of the company in the market as well as the performance itself.This research will calculate the value of four different company in Indonesia telecommunication industry, the rank of company’s value, and each company’s condition whether it’s share price is undervalued or overvalued. After calculating the value of other company, with a condition that PT Bakrie Telecom cannot be measured in this research because of its negative earnings, it turns out that XL Axiata and Indonesia have a current share price inside of the price range, while Telkom Indoneisa has a current share price below the price range. Telkom Indonesia is undervalue from both market approach and income approach perspective.Keywords: Telkom Indonesia, Bakrie Telecom, XL Axiata, Indosat, value, valuation, estimation, assumption, discounted cash flow, p/e ratio, scenario.Category: Finance; Business Strategy.
Co-Authors Adellia Debyane Lontoh Ahmad Faris Arifin Alida Nur Sakinah Fadila Paramitha Fauziyah, Dini Fitriana Dewi Sumaryana Franky Pasaribu Linda Setiawati, Linda Luthfi Budiman Mahmudi, Ilham Muharam Milda Junita, Milda Mirza Hedismarlina Yuneline Mohammad Rimba Putra Nuviyanti Nuviyanti Panjaitan, Carlo Jeffry Emmanuel Panji Mario Novariandi, Panji Mario Putra, Reynold Adi Putri, Nabila Kesuma Raisha Raisha Ramadhan, Dary Rahmat Ratu Sitti Bashiira Soelaiman Rendy Zefrinardi Shubhi, Muhammad Miftahus Triastiti, Lely William Adriano