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All Journal JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Jurnal Manajemen dan Agribisnis Signifikan : Jurnal Ilmu Ekonomi Jurnal Ekonomi Journal The Winners Indonesian Journal of Business and Entrepreneurship (IJBE) Journal of Indonesian Economy and Business Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal MIX : Jurnal Ilmiah Manajemen Jurnal Ekonomi & Kebijakan Publik Jurnal Manajemen Indonesia Journal of Economic, Bussines and Accounting (COSTING) Al-Muzara'ah AFEBI Economic and Finance Review JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Jurnal Proaksi International Journal of Zakat (IJAZ) Business Review and Case Studies JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Indonesian Journal of Multidisciplinary Science Journal of Indonesian Economy and Business Eduvest - Journal of Universal Studies Journal of Contemporary Administration and Management (ADMAN) Jurnal Ekonomi dan Pembangunan Indonesia Jurnal Komplikasi Anestesi

Tony Irawan

Department Of Economics, Faculty Of Economics And Management, Bogor Agricultural University

Author-ID : 288114

Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Medicine & Pharmacology Neuroscience Public Health Social Sciences Other

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The Effect of External Sourcing on The Financial Performance of Manufacturing Companies Listed in Indonesia Stock Exchange (BEI) Risya Maulida Septiana; Noer Azam Achsani; Tony Irawan
Indonesian Journal of Business and Entrepreneurship (IJBE) Vol. 4 No. 2 (2018): IJBE, Vol. 4 No. 2, May 2018
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijbe.4.2.170

There were differences in research results of several previous studies which examined the relationship between external sourcing and corporate financial performances. Those results indicated that external sourcing could have a positive, negative, or no effect on the financial performance of the company. There was numerous literature stated that external sourcing was a strategy to minimize costs which could reduce production and procurement costs, thus becoming a strategy considered by the top management to improve the company performance. This study analyzed the external sourcing effects on financial performance (ROA) of manufacturing company listed in Indonesia Stock Exchange (BEI). Total population of manufacturing companies listed in the Indonesia Stock Exchange from 2012-2016 was as many as 132 companies, but there were only 70 companies that met the criteria to be the object of the research. The manufacturing company used three industry sectors namely basic and chemical industry, consumer goods industry, and miscellaneous industry as the research objects. Using panel data regression, the research results indicated that external sourcing strategy had a significant and negative effect on ROA. Negative effects resulting from purchases on external parties (external sourcing) were caused by the high cost of sales exceeded the company revenue. Therefore, the company should pay attention to the level of purchases made, namely purchases to the third party on raw materials and goods in the process to have the level of purchases at an optimal point in order to generate profits for the company.Keywords: external sourcing, financial performance, panel data, manufacturing company

Optimum Portfolio Analysis of Black-Litterman Model in The Indonesian Stock Exchange on Consumer Goods Industrial Sector Meilina Pudjiani; Yusman Syaukat; Tony Irawan
The Winners Vol. 21 No. 1 (2020): The Winners
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/tw.v21i1.5954

The aim of the research was to identify the allocation of optimum portfolio formation in consumer goods sector at Indonesian Stock Exchange from 2014 to 2018 by using Black-Litterman model. This quantitative research used secondary data on stock prices of the consumer goods sector on the Indonesian Stock Exchange from January 2014 to December 2018 which was obtained from Yahoo Finance and the Indonesia Stock Exchange. Four stocks formed the optimum portfolio of consumer goods sector identified by using Black-Litterman model. Those are stocks of PT Indofood CBP Sukses Makmur Tbk, PT Kimia Farma Tbk, PT Indofarma Tbk, PT Indofarma Tbk, and PT HM Sampoerna Tbk. The results show that stock with the biggest proportion was ICBP’s with proportion of 68,5379%. Meanwhile the smallest proportion was INAF’s, which is 3,0277%. The mean return was calculated from this proportion, resulting in 3,678% while the risk value was 1,471%.

INVESTMENT DECISION IN THE AGENCY THEORY FRAMEWORK Ahmad Cahyo Nugroho; Muhammad Firdaus; Trias Andati; Tony Irawan
MIX: JURNAL ILMIAH MANAJEMEN Vol 8, No 1 (2018): MIX: Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Abstract. This studies aims to observe the development of literature on companyinvestment decisions and to decide what research should be conducted further oncompany investment decisions in the theoretical framework of agency theory. Themethods used were bibliometric network analysis and literature review. This study hasmapped out the literature on company investment decisions based on agency theory.This study shows that the topics on competition research, corporate governance, andcapital structure are closely related to the company investment decisions in the theory ofagency, and it is worth investigating. Therefore, it is necessary to develop furtherempirical research related to company investment decisions in the framework related toagency theory by analyzing the influences of competition, corporate governance, andcapital structure comprehensively on invesment decision.

Inflasi dan Imbal Hasil Saham di Bursa Efek Indonesia [Inflation and Stock Return in Indonesia Stock Exchange] Ready Prima Dudesy; DS Priyarsono; Tony Irawan
Jurnal Ekonomi & Kebijakan Publik Vol 9, No 1 (2018)
Publisher : Pusat Penelitian, Badan Keahlian DPR RI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22212/jekp.v9i1.961

The performance of capital market does not only set by internal factors, but also set by external factors. One of the external factors is economic conditions. Investors can use the national economic indicator such as inflation rate for investment decisions. The purpose of this study is to identify the Indonesia’s inflation shock impact on stock returns in Indonesia Stock Exchange or IDX. The result of the study showed a causal relationship or interrelation between national inflation rate variable and stock return of basic industry and chemical sector variable. In addition the study also showed four one-way relationship of the stock return of agricultural sector which significantly affects inflation rate, the stock returns of financial sector which significantly affects inflation rate, the stock returns of composite stock index in IDX which significantly affects inflation rate, and the inflation rate which significantly affects stock returns of infrastructure sector. The Impulse of the Indonesia’s inflation rate get a negative response of the stock returns of the basic & chemical industry sectors. On the other hand, the impulse of the stock returns of the basic & chemical industry get a negative response of the Indonesia’s inflation rate. The impulse of the stock returns of agricultural sector get positive response of the national inflation rate. The impulse of stock return of financial sector get a negative response of the national inflation rate. The impulse of stock return of composite index get a negative response of the national inflation rate. The impulse of the Indonesia’s inflation rate get a negative response of the stock returns of infrastructure, public works and transportation sectors.Keywords: inflation, stock return, causalityAbstrakKinerja pasar modal tidak hanya ditentukan oleh faktor internal perusahaan saja, tetapi juga oleh faktor eksternal perusahaan. Faktor eksternal perusahaan salah satunya adalah kondisi ekonomi. Investor dapat menggunakan indikator kondisi perekonomian nasional yaitu tingkat inflasi untuk keputusan investasi. Tujuan dari penelitian ini adalah untuk mengidentifikasi pengaruh guncangan tingkat inflasi Indonesia terhadap imbal hasil saham di Bursa Efek Indonesia (BEI). Hasil penelitian menemukan satu hubungan kausalitas atau saling memengaruhi yaitu antara variabel tingkat inflasi nasional dan variabel imbal hasil saham sektor industri dasar dan kimia. Hasil penelitian juga mendeteksi bahwa terdapat empat hubungan satu arah yaitu antara imbal hasil saham sektor pertanian yang signifikan memengaruhi tingkat inflasi, imbal hasil saham sektor keuangan yang signifikan memengaruhi tingkat inflasi, imbal hasil indeks saham gabungan di BEI yang signifikan memengaruhi tingkat inflasi, dan tingkat inflasi yang signifikan memengaruhi imbal hasil saham sektor infrastruktur. Guncangan tingkat inflasi Indonesia direspon negatif oleh imbal hasil saham sektor industri dasar dan kimia. Sebaliknya guncangan imbal hasil saham sektor industri dasar dan kimia juga direspon negatif oleh tingkat inflasi nasional. Guncangan imbal hasil saham sektor pertanian direspon positif oleh tingkat inflasi nasional. Guncangan imbal hasil saham sektor keuangan direspon negatif oleh tingkat inflasi nasional. Guncangan imbal hasil indeks harga saham gabungan direspon negatif oleh tingkat inflasi nasional. Guncangan tingkat inflasi Indonesia direspon negatif oleh imbal hasil saham sektor infrastruktur, pekerjaan umum, dan transportasi.Kata kunci: inflasi, imbal hasil saham, kausalitas

INFRASTRUCTURE IMPROVEMENT AND ITS IMPACTS ON THE INDONESIAN ECONOMIC PERFORMANCE Tony Irawan; Djoni Hartono; Ferry Irawan; Arief Anshory Yusuf
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 3 (2012): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Indonesian government shows their big commitment on the improvement of infrastructure which is reflected in some regulations and policies made. It is supported by many empirical evidences that show the importance of infrastructure improvement on the economic performance. This paper developed a Computable General Equilibrium (CGE)model to analyze the impacts of infrastructure on the Indonesian economy by introducing several types of infrastructure and discussing the impacts of it on the poverty level. The results suggest that improvement on any types of infrastructure is expected to increase the economic growth, raise the government revenue, raise the factors’ income and reduce the poverty level. Improvement on the public work of agriculture, land transportation and telecommunication are still being preferable options comparing to others. Interestingly, even though the public work of agriculture is usually located in rural areas, the model suggests that the improvement on this sector will result higher impact on the urban household rather than to the rural household.Keywords: infrastructure, CGE, policy, poverty.

KINERJA KEUANGAN SUB SEKTOR BUILDING CONSTRUCTION NON-BUMN SEBELUM DAN SETELAH PRIORITAS INFRASTRUKTUR Ray Agung Sucika Pratama; Tony Irawan; Raden Dikky Indrawan
Jurnal Proaksi Vol 8 No 1 (2021): Januari - Juni
Publisher : Fakultas Ekonomi, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v8i1.1842

Since 2014 the government has focused on developing national infrastructure as stated in Nawacita and as seen in the significant increase in the infrastructure budget from 2015-2019. However, the increase in the infrastructure budget did not affect the private building construction sub-sector companies' profit. This study aims to measure the financial performance of the private building construction sub-sector and to determine the significance of the differences between financial performance before and after infrastructure becomes the focus of development. Purposive sampling was used within the criteria of a private building construction sub-sector company that publishes annual financial reports for 2011-2019. The period is divided into two, before infrastructure becomes the focus of development (2011 - 2014) and after infrastructure becomes the focus of development (2015 - 2019). Paired sample t-test and financial ratio analysis (FRA) were used to analyze the data. The results show that return on assets and total asset turnover have a significant difference between the period before and after infrastructure becomes the focus of development, while the current ratio and debt to equity ratio are not significantly different. These findings can be useful for company managers who would continue to explore opportunities to provide higher profits. Keywords: financial performance, construction, profitability, solvency

Dampak Zakat terhadap Kemiskinan dan Kesejahteraan Mustahik (Kasus : BAZNAS Provinsi Jawa Tengah) Isro'iyatul Mubarokah; Irfan Syauqi Beik; Tony Irawan
AL-MUZARA'AH Vol. 5 No. 1 (2017): AL-MUZARA'AH (June 2017)
Publisher : Department of Islamic Economics, IPB University

Poverty is one of Indonesia's problems. One of the instruments used to reduce poverty is zakat. This study aims to analyze the impact of zakat on poverty and welfare of mustahik. The method used in this research is the interview with the questionnaire. The method of the sampling used purposive. The analysis tool used CIBEST model. The results show that the index value of Islamic poverty without and with zakat has not changed.

Day-of-The-Week Anomaly on Different Stock Capitalization: Evidence from Indonesian Stock Market Dadang Wahyu Juniarwoko; Tony Irawan; Lukytawati Anggraeni
AFEBI Economic and Finance Review Vol 2, No 1 (2017)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

The aim of this study is to determine whether the “Day-of-The-Week Anomaly” (DOWA) exists on different stock capitalization in Indonesian stock market. A total of 58 stocks listed in both LQ45 index and Pefindo25 index used to represent large cap stocks and small and medium cap stocks respectively. The Ordinary Least Squares (OLS) method and ARCH/GARCH model were employed to capture the DOWA and the daily volatility behavior for the period between January 2010 and December 2015. The result reveals that DOWA exist for a significant proportion of individual stocks in both LQ45 and Pefindo25. Monday was found to have the lowest mean returns while Wednesday has the highest mean return. The differences between Monday’s return and return of the other days ranged from 0.15 to 0.41 percent. LQ45 stocks also found to have slightly higher Wednesday’s volatility than of Pefindo25 stocks. It indicates that the higher return of the LQ45 is naturally accompanied by a higher risk.JEL Classification: G02, G10, G17Keywords: Day-of-The-Week Anomaly, Indonesia, LQ45, Pefindo25, Stock Market

KARAKTERISTIK KESEHATAN PERUSAHAAN DI INDUSTRI ASURANSI UMUM INDONESIA Abrar Setiawan; Tony Irawan; Hendro Sasongko
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 5, No 2 (2019): Vol 5, No 2 (2019)
Publisher : Universitas Pakuan

Health of general insurance companies can be seen from the value of Risk Based Capital (RBC) with a minimum value of 120%. In the 2013-2017 period, the RBC value tended to decline, 2 general insurance companies which had an RBC value of less than 120%, 1 company that is under the supervision of the regulator, and 1 company is bankrupt. 40 companies were used as samples. Based on descriptive statistical analysis, the average RBC of general insurance companies is 351%. This value is far higher than the minimum value set by the regulator, which is 120%. This RBC value that is too large means the general insurance company in Indonesia is at a healthy level. However, the RBC value that is too large also indicates that general insurance companies have not been able to maximize existing capital so that it is over the capital. The results of this study require management must also maintain the ideal RBC value so that the profits obtained remain optimal. The regulator must also keep an eye on the RBC value to stay greater than 120%. However, this RBC value should not be too large to prevent over capital so that there is a decrease in industrial performance.

DETERMINANTS OF PROFITABILITY OF GENERAL INSURANCE COMPANIES IN INDONESIA Faisal Azmi; Tony Irawan; Hendro Sasongko
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 6, No 2 (2020): Vol 6, No 2 (2020)
Publisher : Universitas Pakuan

This paper investigates the determinants of profitability of General Insurance in Indonesia, focusing on firm-specific factors and macroeconomics factors. General Insurance in Indonesia play important role in the economy by providing protection of risk of loss either to organizations and individuals. Based on this background, the aim of this paper is to study and improve the profitability of general insurance through a random effect analysis of 40 general insurance companies since 2013 until 2017. The data obtained is time series data and cross section data so that the data analysis in this study uses Panel Data Regression Analysis. The empirical study shows that firm size, liquidity ratio, equity growth, underwriting result, return on investment, input cost, claim ratio, technical ratio, economic growth rates and Bank Indonesia interest rate are significant factors that affect profitability of general insurance companies. Companies can improve their profitability by planning, monitoring and defining financial strategy based on the relation whether – positive or negative, between significant factors and profitability.

Co-Authors Abdullah, Feriansyah Abrar Setiawan Achsani, Noer Azham Adler Haymans Manurung Afrianto, Andri Ahmad Cahyo Nugroho Ahmad Rifai Ajeng Ayu Sabriani Alla Asmara Anny Ratnawati Arief Anshory Yusuf Aruddy Aziz, Lukmanul Hakim Dadang Wahyu Juniarwoko Debby Anggraeni Dedi Budiman Hakim Deviyantini Deviyantini Deviyantini, Deviyantini Djayanti Sari Djoni Hartono Dominicus Savio Priyarsono DS Priyarsono Eka Khaerandy Oktafianto Erliza Noor Faisal Azmi Feriansyah Abdullah Feriansyah, Feriansyah Futu Faturay Hakim, Dedi Budiman Hartoyo Hendri Setiadi Hendro Sasongko Hermanto Siregar Herry Suhardiyanto Indrawan, Dikky Irfan Syauqi Beik Isro'iyatul Mubarokah Isro’iyatul Mubarokah Jamhari Jamhari Juniarwoko, Dadang Wahyu Khoirul Marzuki Kusumadewi, Tiara Lukytawati Anggraeni M. Abdul Rahman Maemonah, Maemonah Meilina Pudjiani Moch. Hadi Santoso Muhammad Fauzan Fadhlani Muhammad Firdaus Mulya Syafnur Mursalin, Destrianto Noer Azham Achsani Noviyanti, Fuzi Nugraha, Dwi Tjahya Nur Maghfirah Nur Muflihatun Azizah Pudjiani, Meilina Raden Dikky Indrawan Rahmawati, Mega Tri Ranti Wiliasih Ray Agung Sucika Pratama Ready Prima Dudesy Reffi Marizka Dewi Risya Maulida Septiana Salman Fajri Salman Fajri Santoso, Moch. Hadi Saraswati, Raras Aisyah Sidiq Suryo Nugroho Solihati, Garin Pratiwi Soni Rita Purba Sri Retno Wahyu Nugraheni Sudadi Sugema, Iman Tamami, Ahmad Jihan Tony Trias Andati Trias Andati Trias Andati Vina Eka Andriyani Wanda Kharisa Ristyanti Wita Juwita Ermawati Yusman Syaukat

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