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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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DETERMINANTS OF RETURN ON ASSETS OF BANKING SECTOR IN INDONESIA: CASE STUDY ON 19 COMMERCIAL BANKS IN INDONESIA FROM 2008 TO 2017 Mahmudi, Ilham Muharam; Anggono, Achmad Herlanto
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract. It is recorded during the period of 2008 to 2017, 3 major banks in this research sample has changed its ownership to foreign-owned. While their asset categorized as foreign-owned, the asset growth of both domestic and foreign banks is still increasing despite the tightening competition from foreign banks. The determinants being observed in the research are CAR, LDR, FED, NPL, NIM, Bank Size, BOPO, CRDTA, INFL, and GDP with the dependent variable is ROA. This research used the sample of 19 commercial banks categorized as BACB 3 and BACB 4 over the period of 2008 to 2017. The result found out that NPL, BOPO, and GDP are having a negatively significant relationship to the banks’ profitability. While CAR, LDR, NPL, NIM, LNSIZE, and Inflation Rate found to be positive and significantly correlated with the profitability of the bank.Keywords: Commercial Bank, Determinant, Foreign Ownership, Return on Assets, Panel Data Regression   
DETERMINANT ANALYSIS OF NET PROFIT MARGIN USING BANK-SPECIFIC VARIABLES OF ISLAMIC BANKS IN INDONESIA Ramadhan, Dary Rahmat; Anggono, Achmad Herlanto
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract -  The financial sector strongly influences economic growth in a country. The role of banks here is vital as an intermediary for exchanging money in the community. In conducting its operational activities, the bank focuses its business activities as a manager of public funds as its primary business activity. Besides, to be used to generate profits for banks, interest rates also function as a tool to influence a country's economy. Indonesia adopted a dual banking system, namely a conventional bank that runs a regular system and Islamic banks that use Islamic law as a basis for its operational activities. Islamic Banks provide a profit-sharing system from profits derived from funds managed in exchange for interest. To calculate the performance of Islamic banks to generate profit, the Net Profit Margin Ratio. This study obtained data from the website of the Financial Services Authority (OJK) and from official websites of each bank which included 7 Islamic banks which belonged to the category of foreign exchange Islamic banks and mixed Islamic banks which took place in 2011 the first quarter to 2017 fourth quarter. Regression results show that four of the six independent variables, namely Bank Size, Deposit and Short Term Financing to Total Asset, Operating Expense to Operating Income Ratio, and Capital Adequacy Ratio have a significant impact on Net Profit Margin. While Financial to Deposit Ratio and Credit Risk have no significant effect on Net Profit Margin. This study has recommendations to stakeholders in the banking industry pay more attention to these variables to adjust the value of Net Profit Margin. From the results of the intercept shows Panin Dubai Syariah Bank must pay attention to their Net Profit Margin because it has the lowest intercept from other banks. Keywords:  Islamic Banking, Banking Industry, Profit Margin, Profitability, Regression
Performance Analysis and Optimal Portfolio Disversfication of Fifthteen Stocks of LQ-45 Index Period 2007 - 2012 Using Markowitz Modern Portfolio Theory Paramitha, Fadila; Anggono, Achmad Herlanto
Journal of Business and Management Vol 2, No 1 (2013)
Publisher : Journal of Business and Management

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The main theme of this research is Capital Market and focus on finding an Efficient and Optimal Portfolio based on the Markowitz Modern Portfolio Theory. Markowitz Modern Portfolio Theory explains that risk could be minimized by diverse the asset as a portfolio. It also explains than an optimal portfolio is a portfolio that gives highest return in a point of risk, or also meaning a portfolio with highest Sharpe ratio.  To find an optimal portfolio, the author made a portfolio simulation. In that simulation, there were 25 portfolios that made from stocks which were established in Jakarta Composite Index. 14 stocks were chosen in the simulation, these stocks were a stock that listed in LQ-45 Index in the January 2nd 2007 up to January 2nd 2012 period. The author uses Solver Add-ins in the process of making the portfolio. From the portfolios that were made, the author compares the portfolios performance with the Jakarta Composite Index performance. The compartment includes risk, return, beta, Sharpe ratio, and Treynor ratio.  The portfolio number 3 which had highest Sharpe ratio shows a better performance than the JCI, while had higher risk. The weight proportion of the Portfolio number 3 was 50.95% ASII, 33.42% BBCA, 9.06% PGAS, 3.98% BBRI and 2.59% PTBA. The result of the Sharpe ratio is 147.49%, the beta was 1.2 and the Treynor ratio is 60.31%. Expected return of this portfolio was 79.34% while giving 48.95% risk. Keywords: Stocks, LQ-45 Index, Risk and Return, Portfolio, Sharpe Ratio, Treynor Ratio, Solver, Efficient Frontier, Markowitz Modern Portfolio Theory
THE EFFICIENCY OF COMMERCIAL BANKS IN INDONESIA (CASE STUDY 19 COMMERCIAL BANKS IN INDONESIA PERIOD 2008-2017) Shubhi, Muhammad Miftahus; Anggono, Achmad Herlanto
Journal of Business and Management Vol 7, No 3 (2018)
Publisher : Journal of Business and Management

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Abstract. Background: . The purpose of this research is to analyze the technical eficiency of the commercial banks in Indonesia from 2008 until 2017. This research used 19 commercial banks that listed on BUKU 3 and BUKU 4 in Indonesia. Methods: Non-parametric Data Envelopment Analysis (DEA) was calculated using intermediation approach, output oriented, and using Variable return to scale (VRS). This research using total deposits, fixed asset, and price of labor as the input and using total loan and income as the output. Results: The result of this research shows that Only BRI, MANDIRI, MIZUHO and SUMITOMO MITSUI have 100% of efficiency from 2008 to 2017, meanwhile BNI, BJB, MAYBANK, OCBC and MEGA never reach 100% of efficiency in the same period. Conclusion: not all the commercial banks from BUKU 3 and BUKU 4 already efficient, and for the others banks in this research can use BRI, MANDIRI, MIZUHO and SUMITOMO MITSUI as the bencmark to keep the bank efficiency. In th eother hand, all of those banks may have to increase 6,8% of the output to reach the effciency score without requiring the additional input.Keywords: Efficiency, Banking, Data Envelopment Analysis
Forecasting and Volatility Analysis of International Soybean Price From 2004 until 2014 Novariandi, Panji Mario; Anggono, Achmad Herlanto
Journal of Business and Management Vol 4, No 10 (2015)
Publisher : Journal of Business and Management

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Abstract.Soybean is the important commodity in Indonesia because its benefit. As the source of protein, soybean has been known and used for many food products such as tofu, tempe, ketchup, etc and most of the people of Indonesia tend to eat Tofu and tempe. The problem arises because Indonesia has become the importer of soybean and the international soybean price is volatile since 10 years. The price volatility can rise uncertainties and makes financial & strategic investment planning more difficult especially for soybean processor. Based on that problem, this paper is aimed to know the future price forecasting and the volatility of international soybean price in the next ten years. The result of this paper would be a baseline to hedge toward risk in soybean industry area. The sample of data is monthly international soybean price in periode of December 2004 until November 2014, counted for 120 observations. This financial time series data could be analyzed using Autoreggresive Integrated Moving Average (ARIMA) to show the result of the future price forecasting and volatily of soybean. There are three models tested here: ARIMA(1,1,0), ARIMA(0,1,1), and ARIMA(1,1,1). The result of this study shows that ARIMA(1,1,0) is the best model to forecast the international soybean price in the next ten years. Later in the forecasting result, there is strategy that can be recommended for soybean industry and importer to hedge against the volatility. The price predicted to rise sharply start from November 2016 until July 2018 so the soybean processor and importer especially should be prepared to establish forward futures contract before October 2016 for period November 2016 until November 2017 and December 2017 until July 2018 to lock the price against the upcoming trend that will come. After that the forward future contract shoukd be set once again to encounter with the upcoming trend which expected occur the next three years until August 2022. Keywords : soybean, volatility, future price, forecasting, ARIMA
The Construction of an Optimal balanced Fund Consisting Indonesian Stock and Bonds (Case Study: LQ45 Stocks and Government Bonds as of July 2009 - June 2014) Lontoh, Adellia Debyane; Anggono, Achmad Herlanto
Journal of Business and Management Vol 3, No 3 (2014)
Publisher : Journal of Business and Management

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This study concerns about the optimization construction of a balanced fund consisting the LQ45 stocks and Indonesian Government Bonds, which also includes the assessment of each single asset risk-return tradeoff and the performance measurement of the constructed optimal balanced fund portfolio. The time scope of this study ranges as of 1 July 2009 to 30 June 2014. Several data required to conduct the analysis of this study that include the historical daily price of stocks, bonds, Jakarta Composite Index, and LQ45, as well as the monthly data of BI Rate as the risk-free rate used in this study. The selected stocks and bonds were further analyzed in the asset allocation as a part of the portfolio optimization, by attaining the possible maximum return at a given risk and the possible minimum variance at a given expected return, as refers to the Mean-Variance analysis in Markowitz Portfolio Theory. The Efficient Frontier was also constructed to ensure that the constructed portfolios lie in the Efficient Frontier. The constructed balanced fund was ultimately selected based on the 3 (three) measurement indices. The selected balanced fund was assessed to perform above the markets regarding its high return, Sharpe Ratio, and Treynor Index, as well as low standard deviation as below the JCI and LQ45, and Alpha that positively identified above the markets. The author believes this study may ensure readers to invest in balanced fund that provides minimum risk for certain return with high excess return.Keywords: Balanced Fund, Portfolio, Optimization, LQ45 Index, Stocks, Indonesian Government Bonds, Jakarta Composite Index, BI Rate, Mutual Fund, Markowitz Portfolio Theory
Risk and Return Comparison Analysis Between Gold, JKSE, and Property in Sumur Bandung, Bandung Wetan, and Coblong District in Long Term Investment Soelaiman, Ratu Sitti Bashiira; Anggono, Achmad Herlanto
Journal of Business and Management Vol 1, No 5 (2012)
Publisher : Journal of Business and Management

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Basically, the goal of investing is to maximize the investor’s return. There are three basic consideration in making an investment decision; they are return, risk, and the relationship level of risk and expected return. The longer time available to achieve financial objectives, the riskier instrument can be used in order to widening high return possibility and also allow us to accept the fluctuations of the value of our savings. The long-term investment products, such as property, gold, and stock are believed as the best choice in gaining high return as well as against the inflation. Gold is commonly regarded as a value and wealth protector, normally called ‘hedging’. The risk of investing in stocks is quite high, but until now the rate of return of the stocks is very much higher compared to the interest rate of savings and time deposits. Public interest on capital market investing continues to rise nowadays, can be seen from Jakarta Composite Index which illustrates the increasing number of members of exchanges, as well by changes in stock prices traded itself. Property prices keep increasing due to the ever-growing population. Properties can also provide passive income for the owner. Those three investment instruments are assumed potentially provide high return with a controllable risk for the investors.Key Word : Investment Instruments, Risk and Return, Gold, JKSE, Property
Building Equity Find Using LQ45 Stocks based on Business Cycle Issue in the period 2009-2013 Sumaryana, Fitriana Dewi; Anggono, Achmad Herlanto
The Indonesian Journal of Business Administration Vol 4, No 1 (2015)
Publisher : The Indonesian Journal of Business Administration

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The growth of Mutual Funds in Indonesia is very rapid. This certainly has a positive influence on the Indonesian capital market. Mutual Fund is one instrument that has a quite large investment in the contribution of investment in the capital market. Referring to the Capital Market Law No. 8, 1995, article 1, paragraph (27) defined that the Mutual Fund is a vehicle used to collect funds from public investors to be invested in a portfolio of securities by the investment manager. From there, this final project provides an alternative to invest in mutual fund shares that contain any stocks that may provide better performance in the current economic conditions and how best portfolio of these stocks.In this final project, a conceptual framework is the stock selection, and composition of the portfolio return. Historical stock price data used are LQ-45. To create a portfolio, Excel Solver Ad-In is used to optimize the proportion of each stock. In addition, this study uses the business cycle as issues relating to the investment world. In different business cycles, the growing sector in general different.The approach used is the rate of profit (expected return) and the level of risk (standard deviation) generated from each portfolio are formed. Stocks are selected based on criteria are stocks in the index option LQ-45 and then projected by the method of regression for the next five years to see the performance in the future. Optimization aims to maximize portfolio returns using an efficient barrier specified, where in this thesis is the maximum return, the minimum standard deviation, beta value, and the maximum Sharpe Ratio.The conclusion of this final project is to construct optimal equity fund that can survive or perform well during periods of recession. Keywords:  mutual funds, equity fund stock selection, optimization of stock, the business cycle. 
Business Process Improvement on Capital Projects Evaluation System at PT. Freeport Indonesia Zefrinardi, Rendy; Anggono, Achmad Herlanto
The Indonesian Journal of Business Administration Vol 1, No 10 (2012)
Publisher : The Indonesian Journal of Business Administration

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Underground area, in particular is focusing on sub-area Underground and sub-area Long- Term Development, have business development projects with high-intensive capitals and as a consequence also have extraordinary business risks. This areas would be revenue sources for PTFI for the next ten years of operations, 2011-2021.This final project aims to initiate an optimization of business process in capital project evaluation system with emphasis to underground area, with objectives to increase PTFI resources capability to conduct capital project forecast, projects evaluation and projects approvals and authorization according to company policy.Approach taken by conducted root-cause-analysis to find source of issue by referencing three-year capital projects performance for mentioned sub-areas, and field survey to active project users to identify and analyze source of issues that leads to steps for improvement. Process tools utilized are Issue Tree, Severity Matrix dan FCX PMO (Project Management Office) Methodology.Source of issues found in sub-areas of Underground is that total actual cost in comparison to projected forecast project cost, in cumulative for the past three years.  There are arising business requirements to optimize capital projects evaluation system to specifically address project cost forecast in Underground and Long-Term Development sub-areas.   Other than that an end-to-end interconnection is necessary starts from a request for project budget submitted, project evaluation process, to decision making process where it ties approvals for budget authorization up to company’s director level into a single system.Recommended solution to be applied is to optimize process in project evaluation system to get and prepare more accurate projects cost estimate, accountable and consider business risks to support capital management on capex projects in PTFI. Key words:  business process improvement, project evaluation system, authorization for expenditure, capex, finance process improvement.
Feasibility Study & Investment Analysis – Textile Machineries at PT Heksatex Adriano, William; Anggono, Achmad Herlanto
The Indonesian Journal of Business Administration Vol 2, No 8 (2013)
Publisher : The Indonesian Journal of Business Administration

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The Spacer fabric production from PT Hexsatex number is very increasing by the year ,it can be seen from the history of the production increase due to increase in demand from 2006 to 2011. The need of spacer fabric varies from the base material product shoe products, furniture, mattresses, bags, garmentand accesories, and various other needs . Based on the customer needs, the company strives to provide availability of productson the market. In fact, the production capacity of PT Hexsatex machine is still limited and not comparable with increasing demand from the market. However, this research through the end of the project to carry out an analysis of the new machine investment Spacer fabric to enhance the production capacity of PT Hexsatex. In conducting investment analysis of new engines for PT Heksatex, researchers conducted a financial analysis to drive the machine, through the analysis of financial lease or operating lease, which is more profitable for the company. Once these aspects are fulfilled researchers to analyze cash flow predictions, Payback Period, Net Present Value, Interest Rate Return, and Profitability Index. Based on this analysis can be said to be feasible if the value of the project NPV is greater than zero and IRR greater than theWACC. As foraspects of production estimates PT Heksatex will choose the estimated sales optimist. Based on the financialanalysis of the PT Heksatex choose leasing options with optimistic estimates. The option shave a NPV>0,IRR>WACC, and a payback period of 5 years. From the analysis of the analysis showed that the advantage of this option, especially because the cost is lower. Key Words: Spacer fabric machine, New investment, Financial Aspect, NPV, IRR, and Optimistic estimate.
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