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Pengaruh Kapitalisasi Pasar Saham dan Variabel Makroekonomi terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia Asep Kurnia Hidayat; Muhammad Firdaus; Bunasor Sanim
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 5 No. 2 (2019): JABM Vol. 5 No. 2, Mei 2019
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.5.2.332

Abstract

This research aimed to analyze the impact of stock market capitalization and macroeconomic variables on Indonesia Composite Index (ICI) and formulate recommendations of strategies to enhance stock market capitalization. The analysis of macroeconomic data variables covered the inflation rate, oil price, gold price, and Hang Seng Index from 2008 to 2017. The model used in this research was Error Correction Model (ECM) and Analytical Hierarchy Process (AHP). The results showed that in general, all independent variables in the long run had a positively significant impact, except for inflation which had a negatively significant impact. In short run, stock market capitalization, inflation, world oil price, and HSI had a significant impact, while gold price had an insignificant impact. Stock market capitalization and HSI had a positive impact, while inflation and world oil price had a negative impact. Error Correction Term coefficient had an impact of -0.207329 with a negatively significant direction at the significance level of 5%. It showed that the adjustment mechanism process in the long run equilibrium lasted for 5 quarters. Stock market capitalization and HSI had a positive impact, while inflation and world oil price had a negative impact. Stock market capitalization, both in short and long run, had a positively significant and more dominant impact than that of macroeconomic variables. In consequence, a strategy to enhance stock market capitalization in IDX is required. Based on the results of AHP vertical analysis, factors that become a priority in the strategy is the policy (monetary and capital markets). The recommended alternative strategy encourages the increase in large cap stock investments.Keywords: capitalization, composit indexs, macroeconomic, ECM, AHPAbstrak: Penelitian ini bertujuan menganalisis pengaruh kapitalisasi pasar saham dan variabel makroekonomi terhadap IHSG dan kemudian merumuskan rekomendasi strategi meningkatkan kapitalisasi pasar saham. Data variabel makroekonomi yang dianalisis inflasi, harga minyak, harga emas dan indeks Hang Seng dari 2008 sampai 2017. Model penelitian menggunakan Error Correction Model (ECM) dan Analytical Hierarchy Process (AHP). Hasil penelitian menunjukan bahwa secara umum seluruh variabel independen dalam jangka panjang berpengaruh positif signifikan, hanya inflasi berpengaruh negatif signifikan. Pada jangka pendek, kapitalisasi pasar saham, inflasi, harga minya dunia dan HSI berepengaruh signifikan, Sedangkan harga emas tidak berpengaruh signifikan. Kapitalisasi pasar saham dan Indeks Hang Seng berpengaruh positif. Sedangkan inflasi dan harga minyak dunia berpengaruh negative. Koefisien Error Corection Term memiliki pengaruh sebesar – 0,207329 dengan arah negative signifikan pada taraf 5%, menunjukan bahwa proses penyesuaian (Adjusment Mechanism Prosses) pada keseimbangan jangka panjang berlangsung selama 5 triwulan. Kapitalisasi pasar saham dalam jangka pendek dan panjang berpengaruh positif signifikan dan dominan daripada pengaruh variabel makroekonomi. Untuk itu diperlukan strategi meningkatkan kapitalisasi pasar saham. Berdasarkan hasil analisis vertikal AHP, faktor yang menjadi prioritas dalam strategi adalah kebijakan (pasar modal dan moneter). Alternatif strategi yang direkomendasikan mendorong peningkatan investasi saham-saham berkapitalisasi besar. Kata kunci: kapitalisasi, IHSG, makroekonomi, ECM, AHP
Pengaruh Persepsi Agen Brilink Terhadap Keputusan Penggunaan Layanan Branchless Banking : The Effect of Agent Brilink Perception on The Decision to Use Branchless Banking Service Riza Rahmanu; Lilik Noor Yuliati; Bunasor Sanim
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 6 No. 2 (2020): JABM Vol. 6 No. 2, Mei 2020
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.6.2.403

Abstract

This study aims to analyze the influence of Brilink Agents Perception on the decision to use BRI branchless banking service through the AIDA model. The research method is carried out by modeling the Structural Equation Model (SEM) regarding the relationship between brilink agent perceptions of the relative advantage, risk, trust, usefulness, and security as well as the agent's perception of awareness, interest, desire and action. Data collection techniques were carried out by distributing questionnaires to the community around Brilink agents by cluster random sampling. From these results it can be seen that for the brilink agent user model variables that have a dominant influence are trust, security, usefulness, risk, and relative advantage. As for the non-brilink agent model, the most dominant variables are risk, security, trust, relative advantage and usefulness. The results of using SEM also found that the influence of Brilink Agent's perception of the AIDA variable (awareness, interest, desire, and action) had a greater indirect effect, that is, the brilink Agent's perception variable affected awareness then awareness affected interest, desire, and then action. In addition to knowing the effectiveness of brilink agents, a customer response index value is calculated with the results of the Customer Response Index value at each stage having a value above the minimum value so that it can be said that the brilink agent has a good effectiveness. Keywords: branchless banking, customer response index, structural equation model, AIDA
PENGARUH ECONOMIC SHOCK TERHADAP PENERIMAAN PAJAK PADA KANTOR WILAYAH PAJAK DI INDONESIA Eddi Wahyudi; Bunasor Sanim; Hermanto Siregar; Nunung Nuryartono
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 10, No 1 (2009): JEP Juni 2009
Publisher : Muhammadiyah University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v10i1.809

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The purpose of this research is to analyse how far the economic shock influence upon the tax revenue performance in the regional tax office. The research is conducted using yearly time series data within 2002 to 2007 and also applying two indicators: Income Tax and Value Added Tax. By using the panel data analysis the result upon 31 Kanwil Directorate General of Tax (DGT) whole Indonesia it is known that the fluctuation variable of Tax Early Warning System (TEWS) gives positive effect to the tax income performance at Kanwil Khusus, Kanwil WP Besar 1 and 2, Kanwil Jakarta Selatan and Kanwil Jakarta Pusat. Overall the entire research result explains that Indonesia economic condition until he year of 2007 is still in the small open economy status and identically to New Keynes theory. The conclusion is as if the research about the Indonesia business cycle previously and consistent with the initial assumption applied.
Factors Affecting Profitability on Animal Feed Companies in Indonesia Mercky Haryo; Amzul Rifin; Bunasor Sanim
Agro Ekonomi Vol 28, No 2 (2017): DECEMBER 2017
Publisher : Department of Agricultural Socio-Economics Faculty of Agriculture Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (546.772 KB) | DOI: 10.22146/jae.26034

Abstract

The animal feed industry is essential as it supports livestock industry in meeting the need of protein of a country. Feed contribution reaching at 70 percent of livestock production cost makes feed becomes an pivotal factor which could boost its sales. Unfortunately net income of animal feed companies for the last five years tent to decrease and emerged problems. The aim of this study were to examine internal and external factors affecting profitability represented by ROA and formulate recommendations in improving them. The results showed that internal factors affecting ROA significantly are Sales, COGS, and TATO, while for the external factor is exchange rate. DAR, inflation and international corn prices do not influence ROA significantly. The implications for companies and animal feed industries in improving profitability generally is by increasing sales and TATO value. Also, the company must be able to press COGS especially raw material cost which is more sensitive to profitability when its price is higher. Companies have to conduct risk management in order to anticipate exchange rate volatility followed by government’s action as regulator in maintaining macroeconomic and trade stability.
Konversi Hutan Menjadi Lahan Usahatani Karet dan Kelapa Sawit serta Pengaruhnya terhadap Aliran Permukaan dan Erosi Tanah di DAS Batang Pelepat . Sunarti; Naik Sinukaban; Bunasor Sanim; Suria Darma Tarigan
JOURNAL OF TROPICAL SOILS Vol 13, No 3: September 2008
Publisher : UNIVERSITY OF LAMPUNG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5400/jts.2008.v13i3.253-260

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Forest conversion to some land use happened in all watershed, includes Batang Pelepat watershed. The objectives of this research are to know effect of forest conversion to land of rubber (Hevea brasiliensis) and palm oil (Elaeis guinensis Jack) farming on run off and soil erosion and different of erosion rate on agro technology of rubber and palm oil farming in Batang Pelepat watershed. The research was carried out during 3 months, begin October to December 2006. Run off and soil erosion measured plot with gutter in the lower of plot. Experimental design for this research is randomized complete block design, with land use type as treatment and slope class as replication or block. Data analyzed statistically by variance analysis (F-test) and Duncan New Multiple Range Test on confidence 95% (α = 0.05). The results of this research show that area of forest coverage in Batang Pelepat watershed was decreasing. In 1986 this area still 94,50% of watershed area, but in 1994 area of forest only 78,17% and in 2006 forest area 64,20% of watershed area. Forest conversion was carried out to land of rubber and palm oil farming with some actual agro technologies. Land of monoculture rubber I resulted the highest run off and soil erosion more than the other land use type and showed different of run off and soil erosion on land of secondary forest. 
Efektivitas Penyaluran dan Pengembalian KUT Pola Khusus Bunasor Sanim
Jurnal Agro Ekonomi Vol 17, No 1 (1998): Jurnal Agro Ekonomi
Publisher : Pusat Sosial Ekonomi dan Kebijakan Pertanian

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21082/jae.v17n1.1998.51-65

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EnglishThe government of lndonesia has implemented a new credit scheme for farmers, KUT Special Scheme (KUT SS) in order to support food self-sufficiency program. The purpose of this study is to evaluate the effectiveness of KUT SS for farmers. This study employed before and after the KUT SS implemented to farmers. Primary data obtained by interviewing farmers, farmer groups, field extension agencies, cooperative village unit, technical administration staff, and banks involved in KUT SS. The data were analyzed by descriptive method and econometric statistics technique (simple multiple regression analysis). The study shows that farmers preferred to receive KUT SS in cash money, not in a physical form such as fertilizer, seeds, herbicides and pesticides. Farmers also preferred to retum back the KUT SS to their farmer group instead of the bank or cooperative village unit. The KUT SS has successfully increased farmers' production and income. The study find that factors affecting collectability of credit are level of farmer group class, farmer's experience on taking the credit before, savings in KUD or farmer group, participation in making RDKK, kind of credit, time of taking credit, frequency of meeting, commodity, acreage of farmer, and frequency of extension from PPL and KUD.IndonesianDalam rangka mendukung swasembada pangan, pemerintah telah mengeluarkan skim kredit baru yang disebut Kredit Usaha Tani Pola Khusus (KUT PK). Salah satu perbedaan paling menonjol antara KUT PK dengan KUT yang sudah dijalankan adalah dipersingkatnya prosedur peminjaman dari 12 tahap menjadi hanya tiga tahap. Penelitian ini bertujuan untuk mengevaluasi efektivitas pemberian KUT PK terhadap petani. Secara khusus, penelitian ini bertujuan untuk: (1) Mengidentifikasi karakteristik petani penerima KUT PK; dan (2) Mengevaluasi efektivitas pemberian KUT PK terhadap peningkatan produksi dan pendapatan petani. Pengukuran penelitian dilakukan dengan metode sebelum dan setelah pemberian kredit. Data primer dikumpulkan dengan metode wawancara dari petani, kelompok tani, penyuluh pertanian lapangan (PPL), Koperasi Unit Desa (KUD), tenaga teknis administratif (TTA), dan bank pemberi KUT PK. Sampel dalam penelitian ini dilakukan dengan menggunakan teknik purposive sampling yang didasarkan pada peranan (pangsa) pemberi KUT PK, jumlah bank pemberi KUT, serta cukup mewakili wilayah Indonesia. Khusus penarikan sampel petani penerima KUT PK dilakukan berdasarkan two stages stratified random sampling. Data dianalisis dengan menggunakan metode deskriptif tabulasi dengan metode statistik ekonometrik (regresi ganda sederhana). Hasil penelitian menunjukkan bahwa petani lebih menyukai pemberian kredit dalam bentuk tunai dan mengembalikan kredit melalui kelompok tani daripada ke bank dan KUD. Selanjutnya KUT PK telah memberikan dampak positif bagi petani dalam peningkatan produksi dan pendapatan.
PERUMUSAN STRATEGI BISNIS PT. BPRS BINA AMWALUL HASANAH DEPOK Muhammad Fahrudin; Dwi Rachmina; Bunasor Sanim
Journal of Management Review Vol 3, No 1 (2019): Journal of Management Review
Publisher : Magister Manajement Studies Program

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (68.264 KB) | DOI: 10.25157/jmr.v3i1.1806

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Berdasarkan data tahun 2011 sampai dengan tahun 2015 mengindikasikan adanya penurunan kinerja PT. BPRS Bina Amwalul Hasanah, hal ini tercermin dari rasio keuangan perusahaan yang buruk, nilai pertumbuhan asset dan DPK yang terus mengalami penurunan, serta rasio NPF yang terus meningkat. Berdasarkan permasalahan tersebut, maka tujuan dari penelitian ini adalah mengidentifikasi faktor internal dan faktor eksternal yang mempengaruhi PT. BPRS Bina Amwalul Hasanah dalam menjalankan bisnisnya, menganalisa alternatif strategi bisnis yang dapat dilakukan PT. BPRS Bina Amwalul Hasanah sesuai dengan kondisi internal dan eksternal, dan merumuskan strategi bisnis yang tepat bagi PT. BPRS Bina Amwalul Hasanah. Penelitian ini dilakukan dengan metode kualitatif melalui kuesioner kepada lima orang pakar baik dari manajemen PT. BPRS Bina Amwalul Hasanah maupun pihak eksternal yang dipilih secara sengaja. Tahap awal dilakukan identifikasi faktor-faktor internal dan eksternal yang dianalisa menggunakan IFE Matrix dan EFE Matrix, kemudian pada tahap kedua dilakukan analisa IE Matrix untuk mengetahui kondisi perusahaan saat ini, dan pada tahap terakhir dilakukan analisa QSPM untuk menentukan prioritas perumusan strategi alternatif. Berdasarkan hasil analisa QSPM dalam penentuan strategi prioritas, maka terlihat bahwa strategi divestasi keseluruhan merupakan strategi prioritas dari PT. BPRS Bina Amwalul Hasanah.
ANALISIS DESKRIPTIF ATAS LITERASI KEUANGAN PADA KELOMPOK TANI Minto Yuwono; Budi Suharjo; Bunasor Sanim; Rita Nurmalina
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 1 No 3 (2017)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (0.057 KB) | DOI: 10.24034/j25485024.y2017.v1.i3.2400

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Rendahnya tingkat keuangan inklusif Indonesia disebabkan oleh rendahnya tingkat keuangan inklusif dari 62% masyarakat Indonesia, dimana mayoritas bekerja pada sektor informal (diantaranya adalah petani). Penelitian ini bertujuan untuk mengidentifikasi dan menganalisis secara deskriptif tingkat pengetahuan petani terkait keuangan atau literasi keuangan yang memungkinkan individu untuk membuat keputusan efektif. Penelitian dilakukan dengan menggunakan Structural Equation Modelling (SEM). Lokasi penelitian meliputi beberapa sentra pertanian di pulau Jawa meliputi 3 Provinsi  yakni meliputi Jawa Barat, Jawa Tengah dan Jawa Timur. Dalam mengelola keuangan baru sebagian kecil petani yang menggunakan lembaga keuangan baik untuk menyimpan maupun meminjam.  Untuk peminjaman dana dalam jumlah tertentu dan bersifat mendadak petani lebih mengandalkan pinjam dari teman atau keluarga/famili. Tidak lebih dari 6% petani yang merencanakan pengeluaran rumah tangga dan menjalankannya secara konsisten. Pada penelitian ini juga didapatkan bahwa terdapat hubungan yang significant dan positif antara pengetahuan terhadap lembaga keuangan dengan tingkat penggunaan produk lembaga keuangan. Semakin tinggi tingkat pengetahuan petani terhadap lembaga keuangan maka semakin tinggi pula tingkat penggunaan produk lembaga keuangan.
Strategi Bersaing Perusahaan Taksi Dalam Menghadapi Perubahan Lingkungan Ahmad Saifi Athoillah; Muhammad Firdaus; Bunasor Sanim
CAPITAL: Jurnal Ekonomi dan Manajemen Vol 3, No 1 (2019)
Publisher : UNIVERSITAS PGRI MADIUN

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (277.861 KB) | DOI: 10.25273/capital.v3i1.5060

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This study aimed to analyze the satisfaction of taxi passengers, analyze the internal and external factors in PT A and formulate the competitive strategy with conventional taxi competitor and online taxi companies. The scope og this research is specifically focused on the competitive staretgy at strategic business unit level. This study is uses quantitative and quantitative descriptive approach. Data analysis techniques used are porter five score model, IFE, EFE, IE and QSPM. The results of this study on the analysis of IFE, PT A shows that the highest strength is on a strong, strategic distribution network of taxi in big cities. Meanwhile, the highest threat is standardization of tariff, number of taxi, and minimum identify of online taxi. Furthermore, IE matrix analysis shows that PT A is in quadrant I (grow and build strategy). The decision making stage with QSPM matrix has the order of strategic prority as follows: forward integration, backward integration, horizontal integration, product development, market penetration, and market development.Keywords: EFE, IFE, IPA, QSPM, competitive strategy
Competititve strategy of taxi company in facing environmental changes Ahmad Saifi Athoillah; Muhammad Firdaus; Bunasor Sanim
BISMA (Bisnis dan Manajemen) Vol. 12 No. 1 (2019)
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2143.624 KB) | DOI: 10.26740/bisma.v12n1.p66-87

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This study aims to analyze the satisfaction of taxi passengers, the internal and external factors in PT XYZ and formulate the competitive strategy with conventional taxi competitor and online taxi companies. The scope of this research is specifically focused on the competitive strategy in strategic business unit level. This study uses quantitative descriptive approach. The data analysis techniques used are IFE, EFE, IE, and QSPM. The result of this study on the analysis of EFE, PT XYZ shows that the highest strength is on a strategic distribution network of taxi in big cities. Meanwhile, the highest threats are standardization of tariff, number of taxi, and minimum identity of online taxi. Furthermore, IE matrix analysis shows that PT XYZ is in quadrant I (grow and build strategy). The decision making stage based on QSPM matrix has the order of strategic priority as follows: forward integration, backward integration, horizontal integration, product development, market penetration, and market development.KeywordsEFE; IFE; IPA; QSPM; strategy competitive
Co-Authors . Erwidodo . Kuntjoro AA Sudharmawan, AA Aang Munawar Abdul Kohar Mudzakir Ade Supandi Ade Supandi Adityawarman, Yudha Adler Hayman Manurung Agus Maulana Agus Wahyudi Ahmad Saifi Athoillah Ahmad Saifi Athoillah Aida Ratna Zulaiha Aisa Rurkinantia Amri Jahi Amril Aman Amru, M Kadafi Amzul Rifin Ana Yuliana Jasuni Ardianto, Luky Arief Daryanto Arief Daryanto Arief Daryanto Arief Daryanto Asep Kurnia Hidayat ASEP SAEFUDDIN Bambang S. Kusmuljono Bambang Trenggono Bimahri Qaulan Tsaqiela Bonar M Sinaga, Bonar M Bonar M. Sinaga Budi Suharjo DADANG DADANG Dadang Dadang Deden Kurniawan Dedi Budiman Hakim Dewayany Sutrisno, Dewayany Djati Kerami Djoni Hartono Dominicus Savio Priyarsono Dudi S. Hendrawan Dwi Rachmina Dwi Widodo Primantoro Dyan Vidyatmoko Dyan Vidyatmoko Eddi Wahyudi Eddi Wahyudi, Eddi Eriyatno . Erliza Noor Ernan Rustiadi Etty Riani Gendut Suprayitno Gunawan Sumodiningrat Hendra Wijaya Heny K Daryanto Hermanto Siregar Hermanto Siregar hidayati, iik yani Irawadi Jamaran Jaka Suyana Jaka Suyana Joko Sutrisno JOKO SUTRISNO Kukuh Murtilaksono La Baco S Latifa Hanum Leo Cahya Trias Putra Rachman Lilik Noor Yuliati Lukman M Baga Luky Adrianto Luluk Sulistiyono Luluk Sulistiyono M Parulian Hutagaol M Yanuar J Purwanto M. Parulian Hutagaol M. Said Didu M. Yanuar J. Purwanto M. Yogi Riyantama Isjoni Mahruddin Harahap Marimin , Mawardi Ps Bagindo Mawardi, Muhammad Ikhwanuddin Mercky Haryo Minto Yuwono Muhammad Fahrudin Muhammad Firdaus muhammad Firdaus Muhammad Firdaus Muhammad Firdaus Mulyono S. Baskoro Muryani Muryani Naik Sinukaban Naik Sinukaban Naik Sinukaban Naik Sinukaban Nunung Nuryartono Primasti Ramadhani Rahmat Ingkadijaya Rina Oktaviani Rina Oktaviani Rita Nurmalina Rita Nurmalis Riza Rahmanu Rudi C. Tarumingkeng Rudy C. Tarumingkeng Rui Andriano, Rui Safril Kemala Sampor Ali Santun R.P. Sitorus SANTUN R.P. SITORUS Setiadi Djohar Shally Alpriany Aisyah Slamet Budi Yuwono Slamet Hariadi Soekmana Soma Soepanto Soemokaryo Soesilo Hadimartono, Soesilo Sri Haryati Sugeng H. Wisudo Suharjo, Budi, Dr.Ir. MS Sulastri Sulastri Sumardjo Sunarti Sunarti Sunarti Sunarti Suria Darma Tarigan Surjono H. Sutjahjo Sutopo, Muhammad Fauzi Sutrisno Ali Syamsiar, Syamsiar Teguh Saptono Tobing, Adil Ujang Sumarwan Vidyatmoko, Dyan Widadi W. Widayat Wiwiek Rindayati Yadi Suryadi Yandra Arkeman Yusman Saukat, Yusman Yusman Syaukat Yuwono Minto Yuwono, Minto Zaim Uchrowi