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All Journal Jurnal Siasat Bisnis Jurnal Manajemen Teknologi Business and Management Review Jurnal Keuangan dan Perbankan Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Jurnal Bisnis dan Manajemen Jurnal Manajemen Indonesia JAF- Journal of Accounting and Finance Devotion: Journal of Research and Community Service International Journal of Multidisciplinary: Applied Business and Education Research Action Research Literate (ARL) Indonesian Journal of Multidisciplinary Science Journal of Social Research Research of Accounting and Governance Research of Economics and Business Research of Finance and Banking
Riko Hendrawan
Telkom University
Religion Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Medicine & Pharmacology Public Health Social Sciences

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Journal : Journal of Social Research

 1 
Adjustment Speed of the Capital Structure in the Telecommunication Industry in Indonesia Year 2013-2018 Putra, Fikri Dzuraeka; Hendrawan, Riko
Journal of Social Research Vol. 2 No. 10 (2023): Journal of Social Research
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/josr.v2i10.1407

Abstract

In 2013, telecommunications companies in Indonesia relied significantly on debt loans as a source of funding, with an average capital structure of -11.51%. The highest increase was observed in 2015, reaching an impressive 99.20%. Given this fluctuation, it becomes imperative to conduct research focusing on the adjustment speed of the capital structure in telecommunications companies during the period from 2013 to 2018. The research findings indicate varying rates of adjustment in capital structure, particularly in terms of Debt Equity Ratio (DER). The fastest adjustment was seen in XL Axiata at -19.14% and Indosat at -1.62%, while Telkom Indonesia exhibited a slower adjustment rate at 36.72%, and Smartfren Telecom had the slowest adjustment at 51.96%. Similarly, when considering the Debt Asset Ratio (DAR), XL Axiata displayed the swiftest adjustment at -17.63%, followed by Telkom Indonesia at -9.05%, and Indosat at -3.11%. In contrast, Smartfren Telecom had the most gradual adjustment, with a notable value of 71.70%. These findings underscore the dynamic nature of capital structure in the Indonesian telecommunications sector during the specified period. The varying speeds of adjustment in debt ratios reflect the strategic financial decisions made by these companies in response to market conditions and internal factors. Further analysis is essential to comprehend the factors influencing these diverse adjustment rates and their implications for the industry's financial stability.
Comparative Analysis of Black-Scholes and Garch Model in Rupiah and American Dollar with Short Strangle Strategy from 2009 to 2018 Hadiana, Riza; Hendrawan, Riko
Journal of Social Research Vol. 2 No. 10 (2023): Journal of Social Research
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/josr.v2i10.1431

Abstract

Foreign exchange transaction remains the most liquid trade in the world (Settlements, 2019). This paper examined the exchange rate of the US Dollar against Indonesian Rupiah at which volatility recorded the highest average of 1.98% and the lowest of 1.98% between 2009 and 2018. It shows that the existence of uncertainty or risk for economic actors. According to economists, the thing to protect the value of assets is by using available derivative products, The Option. The first model used for forecasting and determining the Option values is the Black-Scholes Model that uses historical volatility and some GARCH model to determine volatility. In this study, the object of the exchange rate of the US Dollar with Rupiah was comparing to two models using the average mean square error, and see how small the error results obtained. The results of the comparison of those two models found that during a month, the Black Scholes model had smaller errors for call and put values with a percentage of profits using a short strangle strategy was 83.75%. In contrast, over 2 months, the GARCH model showed better for call and put values with a profit percentage was 71.62%. Finally, the Black-Scholes model got a way better for call and put supplies with a percentage of the profit of 72.04% within 3 months.
An Efficiency Study in Indonesian Telecommunication Company Using Data Envelopment Analysis DEA Amin, Kokoh Kabul; Hendrawan, Riko
Journal of Social Research Vol. 2 No. 10 (2023): Journal of Social Research
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/josr.v2i10.1432

Abstract

PT. Telekomunikasi Indonesia, Tbk (Telkom), as a state-owned company, has a dual mission, namely as a business company that must be managed professionally, as well as being mandated by the Indonesian government to accelerate the development of information technology, telecommunications, and digital infrastructure to improve the Indonesian economy. Until early 2018, Telkom with Indihome fixed broadband products had reached 3 million customers and a market share of 57.69%. However, that is only 4.50% of the 2019 IBP household penetration target. Telkom is required to increase productivity, especially the number of customers and revenue, while the allocation of available resources is limited and varies in each region. Another condition is the significant reduction in staff due to massive retirements and differences in employee productivity levels in each division. This research aims to determine and compare the efficiency level of 7 Telkom Regional Divisions for the 2016-2018 period using the DEA Data Envelopment Analysis method, with data collection based on the census. The analysis process goes through two stages, namely using the DEA Data Envelopment Analysis method, Constant Return to Scale (CRS/CCR), output-oriented. The next step is to measure the strength of the relationship between each input/output variable on efficiency using Pearson's correlation. The results of the study concluded that Divisions E and B have the highest efficiency values. On the other hand, Division G is the lowest. The variables that have the strongest correlation with the level of efficiency are the number of employees (input), the number of customers (output), and business income (output).
Valuation of Indonesian Cable Company with Free Cash Flow to Firm and Relative Valuation Harjono, Sucipto; Hendrawan, Riko
Journal of Social Research Vol. 2 No. 10 (2023): Journal of Social Research
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/josr.v2i10.1433

Abstract

During 2014 - 2018, cable companies in Indonesia showed an 8.52% average annual revenue growth. Unfortunately, analysts are responding to this growth negatively. Hence, In this study, we will conduct a valuation of six cable companies in Indonesia that are listed on the Indonesia Stock Exchange (IDX). We evaluate using two methods, namely Free Cash Flow to Firm (FCFF) to get the Intrinsic Value of shares, Relative Valuation using Price to Book Value ( PBV), and Price to Earnings Ratio (PER) to validate the intrinsic value. The valuation results consider three scenarios: optimistic, moderate, and pessimistic. In the optimistic scenario, the Intrinsic Value of JECC, KBLI, and VOKS shares are overvalued in all scenarios, while IKBI, KBLM, and SCCO are undervalued throughout the scenario. Validation using PBV for the optimistic scenario, all companies are considered overvalued. For the moderate scenario, the PBV of IKBI, KBLI, and VOKS are overvalued, while JECC, KBLM, and SCCO are undervalued. As for the pessimistic scenario, only the PBV of IKBI is overvalued. Validation using PER for the optimistic scenario, the PER of IKBI, JECC, KBLM, and SCCO are overvalued, while the PER of KBLI and VOKS are undervalued. For the moderate scenarios, the PER of IKBI and SCCO are overvalued, while the PER of JECC, KBLI, KBLM, and VOKS are undervalued. Whereas for the pessimistic scenario, only the PER of IKBI is overvalued, while JECC, KBLI, KBLM, SCCO, and VOKS are undervalued.
Co-Authors Adrianov, Bobby Afina, Syadza Akbar, Lily M Al-Farisi, Ade Salman Alimuddin, Almand Fuad Amin, Kokoh Kabul Anggadi Sasmito Ariful Ulya Dwipanca Adi Nugraha Enggar Pratiwi Farida Titik Kristanti Fitriyani, Maya Gayuh T Permana Gede Teguh Laksana Hadiana, Riza Harjono, Sucipto Kristian WA Nugroho Muhammad Bayu Aji Sumantri Muhammad Chalil Gilbran Nurul Rachma Fadhyla Pebri Yanida Putra, Fikri Dzuraeka Rifqi Dzakiri Safar, Abdul Salehudin Eka Saputra Alrasidi Setiawan, Rian Soelistyo, Alex Teika Trikartika Gustyana Tendi Haruman Tendi Haruman Wibowo, Teguh Arie Wiwin Aminah