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All Journal Jurnal Manajemen dan Organisasi Jurnal Manajemen MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah JAM : Jurnal Aplikasi Manajemen Widyariset Jurnal Manajemen Pembangunan Daerah Widyariset Jurnal Sains Terapan : Wahana Informasi dan Alih Teknologi Pertanian

Abdul Kohar Irwanto

Departemen Manajemen FEM IPB

Author-ID : 288818

Aerospace Engineering Agriculture, Biological Sciences & Forestry Astronomy Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Electrical & Electronics Engineering Energy Engineering Immunology & microbiology Industrial & Manufacturing Engineering Library & Information Science Materials Science & Nanotechnology Mechanical Engineering Neuroscience Physics Social Sciences Veterinary

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Analisis Diskriminan sebagai Alat Manajemen Risiko Pembiayaan pada Lembaga Keuangan Mikro Syariah, KBMT Wihdatul Ummah Sheila Santika Putri; Abdul Kohar Irwanto; R. Dikky Indrawan
Jurnal Manajemen dan Organisasi Vol. 5 No. 1 (2014): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Sebagai lembaga keuangan mikro syariah, yang kegiatannya melakukan pembiayaan, tidak dapat dipisahkan dari pembiayaan risiko. Risiko pembiayaan dinilai oleh rasio Non Performing Financing (NPF). Trend NPF di Koperasi Baitul Maal wa Tamwil (BMT)-Wihdatul Ummah cenderung menurun, namun menunjukkan perbaikan dalam peramalan 3 tahun berikutnya. Diperlukan evaluasi dalam menilai kelayakan debitur untuk risiko pembiayaan yang dapat dikendalikan. Mengevaluasi kelayakan debitur memperoleh faktor-faktor yang mempengaruhi sistem penilaian tingkat risiko pembiayaan melalui analisis diskriminan. Faktor-faktor ini adalah pendekatan variabel karakter dan persyaratan dari BMT.Keywords: lembaga keuangan mikro syariah, pembiayaan, risiko pembiayaan, analisis diskriminan

Analisis Pengaruh Rasio Profitabilitas dan Economic Value Added terhadap Harga Saham pada Sub Sektor Industri Semen yang Terdaftar di Bursa Efek Indonesia Anggita Mugi; Abdul Kohar Irwanto; Yusrina Permanasari
Jurnal Manajemen dan Organisasi Vol. 5 No. 2 (2014): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Penelitian ini bertujuan untuk mengetahui pengaruh Return on Asset (ROA), Return on Equity (ROE), Net Profit Margin (NPM), Earning Per Share (EPS) dan Economic Value Added (EVA) terhadap harga saham. Sampel yang digunakan adalah perusahaan sub sektor industri semen yang terdaftar di BEI periode 2009-2011. Variabel independen yang digunakan adalah ROA, ROE, NPM, EPS dan EVA dengan variabel dependennya adalah harga saham. Metode analisis yang digunakan adalah regresi data panel yang meliputi data cross section dan time series. Hasil analisis regresi data panel menunjukkan bahwa secara simultan variabel ROA, ROE, NPM, EPS dan EVA berpengaruh secara signifikan terhadapa harga saham karena nilai p-value (0.000) < alpha (0.05). Sedangkan secara parsial variabel EVA tidak berpengaruh secara signifikan terhadap harga saham karena nilai p-value pada EVA (0.0683) > alpha (0,05) dan variabel ROA, ROE, NPM dan EPS berpengaruh secara parsial terhadap harga saham dengan nilai p-value berturut-turut sebesar (0.0002; 0.0013; 0.0008; 0.000). Hasil uji analisis koefisien determinasi adalah sebesar 95.51% hal ini bahwa variabel independen yang ada pada regresi ini mampu menjelaskan sebesar 95.51% dan sisanya 4.49% kemungkinan dijelaskan oleh faktor lain yang tidak dijelaskan ke dalam model ini.Kata kunci : ROA, ROE, NPM, EPS, EVA, Harga Saham

Analisis Strategi Optimalisasi Portofolio Saham LQ 45 (pada Bursa Efek Indonesia Tahun 2009-2011) Dwi Larasati; Abdul Kohar Irwanto; Yusrina Permanasari
Jurnal Manajemen dan Organisasi Vol. 4 No. 2 (2013): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Capital market is a meeting place for people who have excess money and those who need money for transaction of security. Every investor needs optimal profits with minimal risk. Portfolio is basically related to how one allocates a number of stocks into various investment types that results in optimal profits. By making diversification, investors may reduce the rate of risk and at the sametime optimize the rate of expected return. Based on this case this research raises the problem of how to design an optimal portfolio simulation. i.e. a combination of liquid shares LQ 45 list ini Indonesian Stock Exchange in the period of 2009-2011 by using two methods, using Single Index Model and Indexing. Single index Model is a model of portfolio analysis using the account of Excess Return to Beta (ERB) ratio and value of C* to gain optimal shares on portfolio. The procedure of indexing is to make one’s own group i.e liquid LQ 45 calculating the risk and return then compare the result with Single Index Model, the procedure of all securities are ranked by ERB instead of Excess Return to Risk (ERR). After securities were ranked using the above ratio, securities with greater Excess return to standart deviation and cut off point (C*) were included into the optimal portfolio. The conclusion of this research is that it is better to choose Single Index Model as the methode resulting in optimal profits. Keyword: Optimum portfolio, LQ 45, single index, indexing

Strategi Peningkatan Kinerja Perusahaan Berdasarkan Keunggulan Kompetitif yang Berkelanjutan dan Perencanaan Sumber Daya Dase Purnama; Budi Purwanto; Abdul Kohar Irwanto
Jurnal Manajemen dan Organisasi Vol. 9 No. 1 (2018): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Optimization of resources can be achieved by using technology to improve operating performance in order to support the company's business activities. This study was conducted in the implementation of Enterprise Resource Planning (ERP) system in plantation company conducted by PT Kencana Group in 16 subsidiaries, five subsidiaries have implemented ERP as an effort of transformation in using information system. Information and Technology can provide a competitive advantage for the company by adding value to various aspects such as increased operational performance and cost reduction. The research aims to identify the utilization of the company's ERP, ERP implementation measure performance, identify factors that affect the performance of the company, as well as measuring the impact of ERP on business performance. Methods of data analysis used in this research is descriptive and qualitative analyzes to provide a general overview of the study. Inter-variable relationship analysis was done by structural equation modeling (SEM) with partial least square approach using SmartPLS software. Hypothesis test is done by regression analysis to measure the validity and significance of influence of each veriabel, and to estimate the direction and magnitude of its influence respectively. The results showed that there is a significant influence of performance factors of ERP utilization that can affect company performance. Operating performance increased by 1% would increase the net profit margin amounted to 38.7%. Furthermore, enterprise resource planning and sustainable competitive advantage have a positive effect on company performance with general and environmental cost factor significantly less than 0.05. The impact of ERP on the performance of the company has decreased the cost of general expenses. While the impact of SCA on the company's perceived performance at this time is that the environment such as the acreage still has not reached the hectare per staple, and the standard number of labor has not been in accordance with the normative of the garden area.

Analisis Daya Saing dan Strategi Ekspor Singkong Olahan Indonesia ke China Fu Jing Yi; Jono M Munandar; Abdul Kohar Irwanto
Jurnal Manajemen dan Organisasi Vol. 9 No. 2 (2018): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Cassava (Manihot esculenta Crantz) is one of the export commodities from food crops sector and has many potencies to be developed. Indonesia is one of the top-10 biggest countries that can produced cassava for the world. This research aimed to 1) identify the competitiveness rate of Indonesian processed cassava export to China as the destination country, 2) identify the internal and external factors of export of Indonesian processed cassava to China, and 3) identify the strategies that can be used to improve the export competitiveness of processed cassava to China. Revealed Comparative Advantage (RCA), was implemented to determinded the competitiveness rate of Indonesian processed cassava. Indonesian processed cassava in China’s export market for 5 years period from 2012 to 2016 has an average RCA index less than 1. This shows that during the whole year period, Indonesian processed cassava has weak comparative advantage, and also has a fairly low competitiveness in the China market. From that result, strategies to improve the competitiveness of cassava sales both from export and import can be done by using SWOT analysis. The results of the SWOT analysis can generate the alternative strategies through AHP analysis. The integration of internal and external factors needs to be done as a strategy of market penetration of processed cassava of Indonesia. Strategic alternatives that become the main priority in the effort to increase the export competitiveness of Indonesian processed cassava are farmers with starch products and technology adoption to increase the fulfillment of export quantity of processed cassava.

Pengaruh Pengungkapan Corporate Social Responsibility terhadap Kinerja Keuangan dan Harga Saham pada Sektor Properti di Bursa Efek Indonesia Hidayansyah, Putri Fika; Hubeis, Musa; Irwanto, Abdul Kohar
Jurnal Manajemen dan Organisasi Vol. 6 No. 1 (2015): Jurnal Manajemen dan Organisasi
Publisher : IPB University

The company operational activities are performed with the purpose to maximize shareholder values; however, the company's activities have impacts on environment, social, economiy and community. In order to comply with the government regulation, companies must conduct Corporate Social Responsibility (CSR), because investors are more interested in companies which have a good image in the community. This leads to make consumer loyalty higher and subsequently increases the company's profitability and company's stock values. The purpose of this study was to analyze the influence of CSR disclosure on Corporate Financial Performance (CFP) and stock prices. This study used 20 samples of property companies in the Indonesia’s Stock Exchange selected by purposive sampling. Data were processed and analyzed using Structural Equation Modeling (SEM) with software smartPLS. This research shows that valid indicators measure CSR at property sector include environment, human rights and society. A valid indicator measuring financial performance construct is only Market Value Added (MVA) and stock return is the valid indicator to measure stock price construct. The hypothesis test shows that CSR disclosure had significant effect on CFP, but the CSR disclosure had no significant effects on stock price, and CFP had no significant effects on stock prices.Keywords : corporate social responsibility, financial performance, stock price, property sector

Analisis Faktor-faktor yang Memengaruhi Kelancaran Kredit dan Penilaian Kesehatan Keuangan pada Amartha Microfinance Pramono, Puteri Nurani Nur Syari’ati; Irwanto, Abdul Kohar; Permanasari, Yusrina
Jurnal Manajemen dan Organisasi Vol. 7 No. 1 (2016): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Penelitian ini bertujuan untuk menganalisis pengelolaan kredit, faktor-faktor sumberdaya manusia (SDM) dan nasabah yang memengaruhi kelancaran kredit serta menganalisis tingkat kesehatan dan peramalan keuangan Amartha Microfinance. Metode analisis data penelitian ini menggunakan metode kualitatif dengan teknik wawancara serta analisis faktor, analisis rasio, analisis tren dan peramalan. Hasil penelitian menunjukkan kunci utama pengelolaan penyaluran kredit adalah proses pembentukan kelompok yang dilakukan sendiri oleh anggota, sistem tanggung renteng selalu berjalan, disiplin kehadiran dan angsuran zero tollerant. Faktor SDM yang memengaruhi kelancaran kredit adalah aspek moral hazards dan morale hazards masing-masing sebesar 75,1%, sedangkan faktor anggota kelompok nasabah yang memengaruhi kelancaran kredit adalah aspek capital sebesar 64,3%, aspek capacity 52,2% dan aspek character 50,2%. Rasio likuiditas dan solvabilitas berada pada kondisi sehat, peramalan rasio likuiditas dan solvabilitas cenderung menurun.

Estimasi Bullish dan Bearish dengan Model Perpindahan Markov dan Risiko Sistematis (beta) dengan Model Penilaian Modal Sharpe dalam Investasi Saham di Bursa Efek Indonesia, Tahun 2011 - 2016 Respati, Prima; Purwanto, Budi; Irwanto, Abdul Kohar
Jurnal Manajemen dan Organisasi Vol. 8 No. 3 (2017): Jurnal Manajemen dan Organisasi
Publisher : IPB University

ABSTRACTVarious research including Panggabean (2010) and Usman (2016) show that the long-term trend of Indonesia's capital market is on an uptrend, marked by more bullish periods and longer duration than bearish; and the development determined by rising rates of return rather than interest rates and exchange rates (Defrizal et al, 2015). However, the research has not determined yet whether there are any difference risks in bullish and bearish conditions, especially for systematic or market risk. This study aims to 1) identify the bullish and bearish segmentation period using the Markov Switching Model, and 2) measure systematic risk using the capital assets pricing model (CAPM) with the Sharpe beta indicator. Using the composite stock price index (JCI) and trading data from TICMI (The Indonesia Capital Market Institute) period 2011-2016, consists of 560 issuers, it was found that there were 10 segments that could be identified as 5 bullish periods for 30 weeks , and 5 bearish periods for 8 weeks. Other finding indicates that the probability of switching from bullish to bearish is 3.33% and from bearish to bullish is 12.14%. That means there are positive sentiments that the market tends to be bullish rather than vice versa. The result of beta or systematic risk identification indicates that during bullish and bearish period the market proved to be different risk. Other interesting findings, in both these two different conditions there are negative betas exist that still gives a positive yield. ABSTRAKBerbagai riset termasuk Panggabean (2010) dan Usman (2016) menunjukkan bahwa kecenderungan jangka panjang pasar modal Indonesia berada pada kecenderungan naik (uptrend), ditandai dengan periode bullish lebih banyak, dan durasi lebih panjang, daripada bearish. Perkembangan perkembangan itu dipicu oleh kenaikan tingkat imbalan, alih-alih suku bunga dan nilai tukar (Defrizal et al 2015). Namun riset-riset tersebut tidak mengidentifikasi eksistensi kondisi bullish dan bearish dan berdampak perbedaan risiko, terutama risiko sistematis atau risiko pasar, kecuali mengasumsikan saja keberadaannya. Penelitian ini bertujuan 1) mengidentifikasi segmentasi periode bullish dan bearish dengan menggunakan model perpindahan Markov (Markov Switching), dan mengukur risiko sistematis menggunakan model penilaian modal (capital assets pricing model, CAPM) dengan indikator beta Sharpe. Menggunakan data indeks harga saham gabungan (IHSG) serta data perdagangan bersumber dari TICMI (The Indonesia Capital Market Institute) periode 2011-2016 yang mencakup 560 emiten, diperoleh hasil bahwa dalam periode tersebut terdapat 10 segmen yang dapat diidentifikasi sebagai 5 periode bullish selama 30 pekan, dan 5 periode bearish selama 8 pekan. Temuan lain menunjukkan bahwa peluang perpindahan dari kondisi bullish ke bearish sebesar 3,33% dan dari kondisi bearish ke bullish sebesar 12,14%. Artinya terdapat sentimen positif bahwa pasar cenderung menjadi bullish daripada sebaliknya. Hasil identifikasi risiko sistematis menunjukkan, berbeda dengan konsep dasar CAPM, bahwa beta pada periode bullish dan bearish tidak sama. Temuan menarik lainnya, pada kedua kondisi tersebut terdapat beta negatif yang dapat memberikan tingat imbalan positif.

Pengaruh Arus Kas Terhadap Profitabilitas dan Kinerja Saham Emiten Kompas 100 di Bursa Efek Indonesia Sitepu, Samsudin; Purwanto, Budi; Irwanto, Abdul Kohar
Jurnal Manajemen dan Organisasi Vol. 8 No. 3 (2017): Jurnal Manajemen dan Organisasi
Publisher : IPB University

ABSTRACTIn carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio. Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.ABSTRAKDalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham. Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan keuangan disajikan dalam mata uang rupiah demikian juga perusahaan memiliki data secara lengkap tentang laporan keuangan selama periode pengamatan. Variabel yang digunakan dalam penelitian ini adalah variabel laten arus kas dengan indikator perubahan arus kas operasi, perubahan arus kas investasi, dan perubahan arus kas pendanaan, variabel laten profitabilitas dengan indikator return on asset, return on equity, net profit margin, dan variabel laten kinerja saham yang digunakan dengan indikator return saham, earning per share, dan price earning ratio. Hasil uji SEM-PLS menghasilkan bahwa arus kas memiliki pengaruh positif signifikan terhadap profitabilitas dan kinerja saham, dan profitabilitas berpengaruh positif signifikan terhadap kinerja saham. Hasil penelitian ini menghasilkan dan merekomendasikan kepada calon investor di bursa saham, bahwa sebelum mengambil keputusan investasi sebaiknya perlu mempertimbangkan analisa likuiditas perusahaan dengan arus kas dan analisa kinerja perusahaan dengan profitabilitas, yang kemudian dapat memutuskan untuk melakukan investasi pada perusahaan di Bursa Efek Indonesia guna memperoleh pendapatan yang positif dan maksimal.

Co-Authors - Rheinnadia Adnan Sharif Afif M. Taftazani Ajen Mukarom Angga Prabowo Anggita Mugi Annisa Putri Caesari Annisa Putri Caesari, Annisa Putri Armansyah H. Tambunan Arpah, Fina Budi Purwanto Cahyadi, Eko Rudy Dase Purnama Dwi Larasati Eko Rudy Cahyadi Faqih Udin dan Jono M. Munandar Meivita Amelia Fu Jing Yi Gusfarini Fauziah Harianto - Harryanto, Harryanto Heni Istianawati Hidayansyah, Putri Fika Ma'mun Sarma Matturungan, Nur Hasbullah Muhammad Syamsun Muhammad Syamsun Muhammad Syamsun Mukhamad Najib Musa Hubeis Pandi Pandi, Pandi Permanasari, Yusrina Pramono, Puteri Nurani Nur Syari’ati Purwanto, Budi Raden Dikky Indrawan Respati, Prima Sekargita Agus Sheila Santika Putri Sitepu, Samsudin Syahputra, Khoirul Taftazani, Afif M. Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Yusman Syaukat Yusrina Permanasari

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