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All Journal Journal of Business and Management The Indonesian Journal of Business Administration Jurnal Keuangan dan Perbankan JAM : Jurnal Aplikasi Manajemen Journal of Engineering and Management in Industrial System Journal of Accounting and Investment The Asian Journal of Technology Management (AJTM) Jurnal Ilmiah Manajemen dan Bisnis (JIMB) Syntax Literate: Jurnal Ilmiah Indonesia Journal of Economic, Bussines and Accounting (COSTING) JURNAL MANAJEMEN BISNIS Ekonomi dan Bisnis Jurnal Mantik Cakrawala Repositori Imwi JBMR: Journal of Business and Management Review Journal of Economics and Business UBS Warta Pengabdian Andalas: Jurnal Ilmiah Pengembangan Dan Penerapan Ipteks International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Journal of Social Research Malcom: Indonesian Journal of Machine Learning and Computer Science Journal Research of Social Science, Economics, and Management Eduvest - Journal of Universal Studies International Journal of Entrepreneurship and Sustainability Studies Amkop Management Accounting Review (AMAR) IIJSE Journal Integration of Management Studies ManBiz: Journal of Management and Business Jurnal Abdimas Mahakam Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Sylviana Maya Damayanti
School Of Business And Management, Institut Teknologi Bandung
Religion Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Neuroscience Social Sciences Other

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Selecting Line of Business (LOB) Development Priority Using Analytical Hierarchy Process Zico Andrea Aripratama; Sylviana Maya Damayanti
Journal Research of Social Science, Economics, and Management Vol. 5 No. 12 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i12.1562

Abstract

PT Asuransi Kredit Indonesia (Askrindo), a state-owned insurance company and a member of the Indonesia Financial Group (IFG) holding, is currently facing a significant strategic agenda. Prior to this initiative, Askrindo’s parent company experienced a declining performance trend, as reflected by a 20% year-on-year decrease in gross written premiums (GWP) in 2025, while its combined ratio increased to 112% during the same period. This condition differed from the overall industry performance, as data from the Financial Services Authority (Otoritas Jasa Keuangan or OJK) indicated that the general insurance industry recorded 3% premium growth in 2025 while maintaining a combined ratio of approximately 71%. Askrindo’s business portfolio remained highly concentrated in the financial lines of business (LOB), which accounted for 88% of the company’s total portfolio in 2025. Therefore, portfolio diversification through the development of non-financial lines of business has become one of the company’s key strategic priorities. Askrindo needs to optimize its existing LOB portfolio to generate added value and maintain competitive advantage amid the consolidation of state-owned insurance companies.Based on these conditions, this study aimed to evaluate Askrindo’s financial performance compared with industry competitors and other companies within the IFG holding. Furthermore, this study sought to determine priority LOBs for further development using the Analytic Hierarchy Process (AHP). At the LOB level, the AHP framework identified Miscellaneous (microinsurance products), Suretyship, and Property as the priority business lines for further development by Askrindo.
Strengthening Indonesia’s Healthcare Resilience Through the Establishment of Local Medical Device Manufacturing Yudi Abdillah Sobrizal; Sylviana Maya Damayanti; Subiakto Soekarno
ManBiz: Journal of Management and Business Vol. 4 No. 3 (2025): ManBiz: Journal of Management and Business
Publisher : Institut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/manbiz.v4i3.11162

Abstract

Indonesia’s healthcare system is still heavily dependent on imported dialyzers, with around 89% of national demand supplied from abroad. This high level of import reliance impacted to the healthcare sector to supply disruptions and ongoing capital outflow, the problems that became particularly apparent during the COVID-19 pandemic. Inline with the number of patients requiring routine dialysis is continue to increase, the demand for dialysis medical devices has also increased. This situation emphasizes the importance of developing local manufacturing facilities to strengthen healthcare resilience in Indonesia. This study assesses the feasibility of establishing a local dialyzer manufacturing facility in Indonesia through a case study of PT. Ichiban Medical Global (pseudonym name). The research uses a case study approach with primary data from internal company sources, including investment, cost, and operational projections, supported by secondary data from government regulations, BPJS Kesehatan, industry associations, and international health organizations. The analysis covers market demand, regulatory support under the Domestic Content Requirement (TKDN) policy, technical and operational readiness, and financial feasibility using capital budgeting methods. The results indicate strong and sustainable market demand supported by BPJS coverage and single-use dialyzer regulation, along with favorable government policies such as TKDN incentives and e-Catalog procurement. Financial analysis shows positive investment outcomes, with a positive Net Present Value, an Internal Rate of Return above the cost of capital, and an acceptable payback period. Overall, the study concludes that local dialyzer manufacturing is financially viable and strategically important for reducing import dependency and strengthening Indonesia’s healthcare system.
The Impact of Construction Management Patterns on Housing Quality in Housing Residences Muhammad Yusuf Ali; Sylviana Maya Damayanti; Mulya Amri
Jurnal Ilmiah Manajemen dan Bisnis Vol. 12 No. 1 (2026): Jurnal Ilmiah Manajemen dan Bisnis
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jimb.v12i1.37944

Abstract

This study examines how construction management patterns, self-performance versus subcontracting, and Project Manager (PM) leadership relate directly to housing quality in a residential project. Using a case study of the Vila Rizki Insani development (IDR 3,800,000/m²), a mixed-method approach integrated unit-level complaint records during a 90-day retention window, pre-handover homecare checklists for ready-stock units, project documents, and semi-structured interviews with PMs, foremen, and estate staff. Quantitative analysis compared the outcomes across two contractors: a self-performing contractor delivering 297 units and a subcontracting contractor delivering 106 units. Self-performing output showed lower normalized complaint rates (minor 2.36%, moderate 2.36%) but included a small incidence of serious defects (0.34%), whereas subcontracting showed a higher minor-complaint rate (8.4%), lower moderate complaints (1.88%), and no serious cases recorded during retention period. Qualitative findings indicate that contracting schemes structure accountability and inspection routines, shaping the PM’s practical leverage over workmanship; transactional control is easier to operationalize under self-performing teams, whereas fragmented trade packages in subcontracting increase interface gaps and finishing rework risk. Overall, contracting schemes and workforce capacity emerged as primary drivers of quality consistency under tight pricing, with complaint response speed influencing perceived quality. The study recommends aligning work packages with supervision capacity and formalizing inspection and post-sales response routines.
The Financial Ripple Effect: Evaluating the Impact of Corporate Downsizing in Meta Aaron Kevin Sammy Tatengkeng; Sylviana Maya Damayanti; Jagat Prirayani
Journal Research of Social Science, Economics, and Management Vol. 5 No. 4 (2025): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i4.1192

Abstract

This study examines the financial ramifications of corporate downsizing on Meta Platforms Inc., focusing on the timeframe from 2018 to 2025, which includes the company's rapid growth and the ensuing "Year of Efficiency" layoffs commencing in late 2022. The study uses a quantitative approach, looking at changes in key financial and operational factors before and after the downsizing intervention. It does this by using Interrupted Time Series Analysis (ITSA) and multiple regression models on quarterly data. There is a lot going on with this "ripple effect." On the one hand, cutting back on staff and costs helped profits and efficiency a lot in the short run. Some numbers, like Return on Assets (ROA) and Operating Margin (OPM), went up after the company was slashed. Operating Income per Employee (OIPE) also went up. This means that employees made more money, mostly because costs were cut. On the other hand, the plan made it harder to get work done. Sales per Employee (SPE) steadily went down, which shows that fewer workers hurt production and may have hurt employee happiness. Also, cutting back on staff did not have a big effect on Return on Equity (ROE) or the Operating Cash Flow to Assets ratio (OCF). This means that laying off workers did not instantly increase short-term liquidity or returns for shareholders. Even when internal variables like R&D intensity and leverage and external macroeconomic factors like GDP growth and inflation were considered, these results stayed the same.
FINANCIAL RESTRUCTURING, COST OPTIMIZATION, AND HUMAN RESOURCE TRANSFORMATION IN A DISTRIBUTION COMPANY (PT ASAR ABADI INDONESIA) Adrian Satrioutomo; Erman Arif Sumirat; Sylviana Maya Damayanti
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/t8rppq26

Abstract

Penelitian ini bertujuan untuk mengevaluasi kondisi keuangan serta beban operasional PT Asar Abadi Indonesia (AAI), sekaligus menyusun strategi restrukturisasi yang tepat guna meningkatkan kestabilan finansial dan efisiensi biaya operasional. Hasil analisis rasio keuangan menunjukkan adanya penurunan signifikan dalam performa perusahaan, yang ditandai dengan melemahnya Return on Equity (ROE), meningkatnya Debt to Equity Ratio (DER) hingga mencapai 11,99, serta turunnya skor Altman Z menjadi 3,33 pada tahun 2023. Proyeksi keuangan dalam berbagai scenario baik pesimistis, moderat, maupun optimistis secara konsisten memperlihatkan tren negatif terhadap laba bersih dan ekuitas perusahaan. Sebagai langkah penanganan, penelitian ini merekomendasikan strategi utama berupa Debt-to-Equity Swap (DES), dengan fokus pada pengurangan utang kepada pihak berelasi guna menurunkan DER menjadi 5,91. Di samping itu, dilakukan analisis terhadap beban umum dan administrasi (G&A) menggunakan metode common size, dengan pembanding empat perusahaan distribusi yang tercatat di Bursa Efek Indonesia (BEI). Hasil analisis benchmarking menunjukkan bahwa alokasi biaya AAI dinilai kurang efisien, khususnya dalam aspek sumber daya manusia, operasional kantor, dan layanan profesional. Untuk mendukung efisiensi operasional, studi ini juga mengusulkan struktur organisasi baru untuk seluruh entitas dalam grup perusahaan, lengkap dengan rencana implementasi bertahap. Selain itu, penelitian ini menyoroti pentingnya kepatuhan terhadap batas wilayah distribusi sebagai upaya untuk menghindari lonjakan biaya yang tidak perlu. Serangkaian strategi ini diharapkan mampu memperbaiki struktur biaya G&A perusahaan serta memulihkan profitabilitas jangka panjang.
RISK MANAGEMENT IN PROJECT FINANCING OF FERRONICKEL PROJECT: A CASE STUDY OF PT NIKEL MAJU BERSAMA Edward Veldman; Sylviana Maya Damayanti
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v8i4.15561

Abstract

This study aims to identify key financial risks in the financing strategy of the Venus Project by PT Nikel Maju Bersama (PT NMB), and to develop effective mitigation plans to ensure the project's continuity and success. The Venus Project is part of Indonesia’s nickel down streaming agenda supporting the electric vehicle (EV) battery ecosystem. A qualitative approach was applied through in-depth interviews and Focus Group Discussions (FGDs) with internal and external stakeholders. Data analysis employed coding methods, SWOT, PESTEL, and stakeholder mapping. The findings reveal that financial risks such as funding delays, capital cost overruns, and market uncertainty significantly threaten project viability. Moreover, the lack of formal documentation on mitigation strategies was noted. Based on these findings, the study proposes a comprehensive risk management framework, including mitigation strategies such as optimized capital structure, financial hedging, and robust covenant design. This study contributes practical insights into financial risk management for large-scale mining projects, especially those utilizing project finance structures. Keywords: Risk Management, Project Financing, Ferronickel, Nickel Down streaming, PT Nikel Maju Bersama
Proposed Innovation Leadership Framework for Risk Based Strategic Decision?Making and Value Creation: A Case Study from the Indonesian Plastic Manufacturing Company Fahmmy Herdiansyah Heryadi; Sylviana Maya Damayanti
Journal Research of Social Science, Economics, and Management Vol. 5 No. 12 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i12.1561

Abstract

Innovation has become an important requirement for organizations seeking to maintain competitiveness and achieve sustainable growth. However, many organizations still face challenges in transforming innovation initiatives into sustainable organizational capabilities. This study aims to assess the organization’s innovation readiness, identify capability gaps, analyze their root causes, and develop a Proposed Innovation Leadership Framework. A qualitative case study was conducted in an Indonesian plastic manufacturing company through interviews with key leaders and analysis of organizational documents. The findings indicate that the organization has demonstrated a strong commitment to innovation and implemented various innovation initiatives. However, challenges remain in governance, organizational learning, strategic alignment, and capability development, limiting the organization’s ability to build sustainable innovation capability. Based on these findings, this study proposes an Innovation Leadership Framework to strengthen innovation capability, support risk-based strategic decision making, and enhance value creation. The framework emphasizes leadership involvement, effective governance, organizational learning, and long-term capability development to enable innovation as a sustainable source of competitive advantage.
IMPROVING FEEDLOT EFFICIENCY AND PROFITABILITY THROUGH STRATEGIC INVESTMENT EVALUATION OF JAKARTA'S STATE-OWNED FEEDLOT Afan Wahyu Syafii; Sylviana Maya Damayanti
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 5 (2026): October (ON-PROGRESS)
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21884551

Abstract

Indonesia meets only 55–60% of national beef demand through domestic production, with the remainder sourced from live feeder cattle imports. This paper assesses the financial viability of an integrated investment program to upgrade the physical and management capabilities of the Serang Feedlot of Perumda Dharma Jaya. As part of its role as a Regional State-Owned Enterprise of the DKI Jakarta Provincial Government, this feedlot is responsible for processing the majority of live feeder cattle imported into Indonesia. Due to high costs associated with importing live animals, it has become imperative for Indonesia to develop greater efficiency in utilizing these resources domestically. Despite being the first point of contact for all imported cattle prior to their entry into the human food chain, Indonesian feedlots have historically performed poorly compared to global averages when measured by such performance metrics as average daily weight gain (ADG), percent feed cost per head and space usage per head. The proposed combined investment program includes upgrading pens (pen expansion); total mixed ration (TMR) feeding systems (mechanizing TMR); and a feed inventory system (bulk feed storage). It is based on a 10 year financial projection of cash flows using historical operating data provided by the facility over a 3-year period. In addition to performing a traditional cost benefit analysis and Monte Carlo risk analysis of projected returns on investment (ROI), this research also performs PESTLE analyses and SWOT/TOWS strategic analyses. A total of 13 sensitivity analyses were conducted to test the impact of potential future changes in input prices and/or facility operating conditions. Under the base-case assumptions (including 60% equity and 40% loan financing structure; weighted average cost of capital 12.0%) the total investment outlay will generate a net present value of IDR 349.9 Billion and an internal rate of return (IRR) of approximately 83.97% over the 10 year planning period. Based upon the Monte Carlo simulation results there is 100% confidence level that the expected net present value will be positive. With respect to the sensitivity analyses, all thirteen possible combinations of either increased or decreased costs or reduced or enhanced operation efficiencies resulted in both positive expected values for ROI and rates of return on investment above the respective costs of capital. These results provide evidence that poor performance in this facility is due to a combination of avoidable internal factors rather than non-controllable external factors and that the application of a formalized process-based evaluation model can provide a basis for identifying feasible solutions, justifying those solutions and implementing them.
Strategic ESG Transformation To Enhance Funding Access: A Case Of PT Kilang Pertamina International Ralang Argi Barus; Erman Sumirat; Sylviana Maya Damayanti
Journal Integration of Management Studies Vol. 3 No. 2 (2025): (Special Issue)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i2.382

Abstract

Environmental, Social, and Governance (ESG) principles are now at the heart of corporate competitiveness and long-term viability. This study assesses PT Kilang Pertamina Internasional's (PT KPI) current ESG practices and identifies areas for improvement that extend beyond regulatory compliance. Using a mixed-methods analysis, the author combined stakeholder analysis, resource-based and gap analyses, and a PESTLE review to assess internal capabilities and external analysis, then benchmarked the results against international standards using the Sustainalytics framework. The study identifies three priority areas for improvement: enhancing waste and water management (Beyond PROPER), revitalizing Process Safety Management (PSM), and strengthening ESG governance structures. These initiatives are expected to reduce operational risks, attract foreign investment, and support long-term financial resilience. Future research could examine how these initiatives influence financial performance, policy outcomes, and stakeholder perceptions.
FINANCIAL EVALUATION OF AIRCRAFT ACQUISITION ALTERNATIVES: LEASE VERSUS BUY DECISION FOR GARUDA INDONESIA’S BOEING 737 MAX Richlah Nia; Sylviana Maya Damayanti
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21030310

Abstract

This study evaluates aircraft acquisition alternatives for Garuda Indonesia’s Boeing 737 MAX procurement by comparing direct purchase, sale and leaseback, operating lease, and financial lease structures. The analysis is motivated by Garuda Indonesia’s post restructuring condition, fleet readiness constraints, aircraft redelivery obligations, and the need to renew its aging narrow body fleet. A discounted cash flow model is used to calculate Net Present Value (NPV), supported by Net Advantage to Leasing (NAL), SWOT analysis, and sensitivity analysis. The base case result shows that leasing-based alternatives provide stronger financial value, with financial lease recording the highest result among all acquisition alternatives. Direct purchase records an NPV of USD 38.569 million and is used as the benchmark. Sale and leaseback records an NPV of USD 44.041 million, operating lease records USD 47.920 million, and financial lease records the highest NPV of USD 48.047 million. Financial lease also generates the highest NAL NPV of USD 9.478 million. The sensitivity analysis indicates that financial lease remains the strongest alternative in most scenarios, although the result is sensitive to WACC, residual value, and monthly base rent assumptions.
Co-Authors Aaron Kevin Sammy Tatengkeng Adrian Satrioutomo Afan Wahyu Syafii Arinda Mentari Putri Arry Akhmad Arman Arry Akhmad Arman Astari, Yen Syifa Aulia Rinald Muhammad, Aulia Rinald Barelvi Ghazy Daffa Bayu Indra Wibiksana Bo, Liu Danial David Anwar Dini Lestari Dini Lestari, Dini Dwiarso, Adhi Priyo Edward Veldman Erman Arif Sumirat Erman Arif Sumirat Erman Sumirat Fahmmy Herdiansyah Heryadi Fakhru Umam Firmansyah Arifin, Firmansyah Gatot Yudoko Gerry Julian Agusty, Gerry Julian Gina Dwi Jayanthi, Gina Dwi Handayani, Fanty Haris Santoso Herlien Dwiarti Soemari Hidavat, Agustini Hidayat Ihsan Abditama, Hidayat Ihsan Indra Wibiksana, Bayu Irma Damajanti Isrochmani Murtaqi Isrochmani Murtaqi Jagat Prirayani Jagat Prirayani Jane Julia Mulyono Jonathan, Filbert Jota, Astrid Laregan Karenina, Melita Jenar Kevin Hanafi Kinsenary Tjendrasa Lubis, Khayruna Maryadi, Martya Putri Mico Suryo Atmahadi Muhaimin Hasbi Muhammad Yusuf Ali Mulya Amri Mulyono, Jane Julia Nadhila Dzikrina Yusuf Nugraha Yanureza Raeputranto Nugroho, Edwin Adi Octaviani Ratna Sari Santoso Oeshya Lubis, Rizki Padmodipoero, Faya Daffani Awinatama Pratama, Aditya Firza Purwaningrum, Rr Diah Asih Putranto Wicaksono, Adhi Putri, Arinda Mentari Putri, Gaitsa Farah Zahira Ralang Argi Barus Richlah Nia Rico Wanardijaya Rifqi, Audi Rizaldi Zakarias Rizky Andri Ulaan, Aldi Rohmat Agung Sholehuddin, Rohmat Agung Rupiani, Dewi Salsabilla, Zahra Samsu Wibowo, Putri Maharani Santoso, Octaviani Ratna Sari Saraya, Getha Senator Kramadibrata, Senator Siahaan, Uke Marius Subiakto Soekarno Subiakto Soekarno Sudarso Kaderi Wiryono Sumirat, Erman Arif Syaputra, Arifa Rizki Theodorus Tio Wibowo Tinton S, Bonifacius Perdana Turas Hari Mukti, Turas Hari Uke Marius Siahaan Umam, Fakhru Vinsensius Willson Limantoro Wicaksana, Pramudya Wikaningtyas, Pratiwi Yudha Nugraha Wibisana, Yudha Nugraha Yudi Abdillah Sobrizal Yunika Adiyono Zico Andrea Aripratama