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Covid-19 dan Pengaruhnya Terhadap Bisnis Angkutan Logistik di Indonesia Subiakto Soekarno; Liane Okdinawati; Prawira Fajarindra Belgiawan; Dedy Sushandoyo; Oktofa yudha Sudrajad; Harimukti Wandebori; Muhamad Rizki; Umiyatun hayati Triastuti; Dedy Cahyadi; Listantari Listantari; Yessi Gusleni; Win Akustia; Herma Juniati; Elviana R. Simbolon; Herawati Herawati; Rita Pasaribu; Reslyana Dwitasari; Irawati Andriani; Maria Magdalena; Hasriwan putra; Yuveline Aurora; Sugiyanto sugiyanto; Akhmad Rizal Arifudin; Suci Susanti; Marlia Herwening; Anzy Indrashanty; Agung wicaksono
Jurnal Transportasi Multimoda Vol 18, No 2 (2020): Desember
Publisher : Puslitbang Transportasi Antarmoda-Kementerian Perhubungan Republik Indonesia

Pandemi COVID-19 membuat masyarakat mengurangi aktivitas ekonomi, seperti berbelanja kebutuhan tersier atau berlibur. Penerapan Pembatasan Sosial Berskala Besar (PSBB) di DKI Jakarta yang sudah berjalan dan disambut positif oleh masyarakat, dimana bidang logistik merupakan salah satu sektor yang dikecualikan dalam aturan PSBB sehingga dapat dengan leluasa melakukan distribusi dengan tetap mengikuti protokol COVID-19. Walaupun sektor logistik mendapat pengecualian pada masa PSBB ini, dari sisi arus pengiriman barang dalam negeri maupun skala ekspor sayangnya mengalami tren penurunan. Oleh karena itu penelitian ini mencoba melihat bagaimana dampak COVID-19 dan pengaruhnya terhadap angkutan logistik. Penelitian ini juga ingin melihat apakah angkutan logistik yang dikecualikan dalam PSBB memiliki pengaruh pada meluasnya penyebaran COVID-19. Data-data dari Badan Pusat Statistika dan wawancara beberapa pelaku logistik dipergunakan untuk melihat pengaruhnya terhadap keberlangsungan bisnis selama pandemik. Sedangkan, metode regresi linear dipergunakan untuk fokus pada tujuan kedua dari penelitian ini. Berdasarkan analisa yang dilakukan maka diketahui bahwa sektor lapangan usaha transportasi dan pergudangan menunjukkan tanda-tanda pemulihan di kuartal III 2020. Sedangkan berdasarkan regresi linier menunjukan bahwa pergerakan logistik tidak berpengaruh terhadap lonjakan kasus COVID-19.

PORTFOLIO OPTIMIZATION OF ESG STOCKS USING THE MARKOWITZ MODEL ON ALL GREEN INDEXES IN INDONESIA Astri Budiarti; Oktofa Yudha Sudrajad
Journal of Social and Economics Research Vol 6 No 1 (2024): JSER, June 2024
Publisher : Ikatan Dosen Menulis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/jser.v6i1.557

ESG (Environmental, Social, and Governance) investments are becoming popular because they may provide competitive financial returns while promoting sustainable development. However, the uptake of ESG investments is limited due to barriers such as a lack of understanding and insufficient information. Indonesia has ESG-oriented indexes, such as SRI-KEHATI, ESG Leaders, ESG Sector Leaders IDX KEHATI, and ESG Quality 45 IDX KEHATI serve as a basis for ESG stock selection. This research uses the Markowitz model to optimize an ESG portfolio from four Indonesian green indices. The Markowitz model is employed to determine the optimal weights for establishing a portfolio on the efficient frontier. Using monthly adjusted closing prices from 2019 to 2024, the optimal portfolio suggested by four green indexes offers a balance of risk/return ratio. The optimal portfolio's performance comparison, which is measured by using the Treynor measure, Sharpe ratio, and Jensen's alpha is done to indicate which portfolio provides better risk-adjusted returns. The findings may provide optimal ESG portfolio choices to investor depending on their financial goals and risk tolerance. This research may also inspire other investors who have not yet invested in ESG companies to consider green investing, as ESG stocks provide investors with many benefits.

PORTFOLIO OPTIMIZATION OF ESG STOCKS USING THE MARKOWITZ MODEL ON ALL GREEN INDEXES IN INDONESIA Astri Budiarti; Oktofa Yudha Sudrajad
Journal of Social and Economics Research Vol 6 No 1 (2024): JSER, June 2024
Publisher : Ikatan Dosen Menulis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/jser.v6i1.557

ESG (Environmental, Social, and Governance) investments are becoming popular because they may provide competitive financial returns while promoting sustainable development. However, the uptake of ESG investments is limited due to barriers such as a lack of understanding and insufficient information. Indonesia has ESG-oriented indexes, such as SRI-KEHATI, ESG Leaders, ESG Sector Leaders IDX KEHATI, and ESG Quality 45 IDX KEHATI serve as a basis for ESG stock selection. This research uses the Markowitz model to optimize an ESG portfolio from four Indonesian green indices. The Markowitz model is employed to determine the optimal weights for establishing a portfolio on the efficient frontier. Using monthly adjusted closing prices from 2019 to 2024, the optimal portfolio suggested by four green indexes offers a balance of risk/return ratio. The optimal portfolio's performance comparison, which is measured by using the Treynor measure, Sharpe ratio, and Jensen's alpha is done to indicate which portfolio provides better risk-adjusted returns. The findings may provide optimal ESG portfolio choices to investor depending on their financial goals and risk tolerance. This research may also inspire other investors who have not yet invested in ESG companies to consider green investing, as ESG stocks provide investors with many benefits.

Financial Improvement Strategy of PT. Wahana Interfood Nusantara Tbk. Using The Cash Waterfall Method Muhammad Hanivan Titunanda; Oktofa Yudha Sudrajad; Erman Arif Sumirat
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 2 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i2.6319

This paper examines the financial issues of PT. Wahana Interfood Nusantara Tbk., a manufacturer of cocoa and chocolate goods, and recommends improvements through the Cash Waterfall Method and the \ optimization of their capital structure. As of the third quarter of 2024, the company had a Debt to Equity Ratio of 261% and a negative Interest Coverage Ratio of -0.66, indicating significant financial distress due to excessive debt servicing. This research utilized financial modeling tools such as CAGR forecasting, linear regression, and ARIMA methods, revealing significant shortcomings in cash flow management and recommending a negotiation to debitors of one-year grace period to mitigate severe urgent financial pressures. The Cash Waterfall Method is applied to enhance debt servicing, business viability, and reinvestment, although its application is tempered by its capacity to improve liquidity and recover the company's financial health. The analysis indicates that the unutilized capacity of the newly constructed Sumedang factory, which has an annual production capacity of 20,000 tons, combined with the existing yearly production objective of 6,000 tonnes, is likely to improve the company's overall growth potential. This properly strategized investment necessitates assertive marketing and distribution tactics to facilitate the company's enhancement of net income while concurrently diminishing its need on external financing sources. The study concludes that while the optimal capital structure remains unattainable under current financial distress, a restructured approach focusing on operational recovery and disciplined cash flow management is imperative. Recommendations include leveraging increased production capacity, implementing strategic marketing initiatives, and pursuing shareholder returns once financial stability is restored. This research contributes to understanding the interplay between capital structure, cash flow prioritization, and operational performance in heavily indebted firms, offering actionable insights for practitioners and policymakers in similar contexts.

Determining the Optimal Capital Structure of PT. Krakatau Steel Tbk (Persero) Muhammad Rafif Adiguna; Oktofa Yudha Sudrajad
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 5 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i5.7241

Indonesia's steel industry is expected to keep growing, with the country's steel consumption projected to increase from 17.4 million tons in 2023 to 18.3 million tons in 2024, while production is expected to increase from 15.2 million tons to 15.9 million tons. However, PT Krakatau Steel Tbk, or KRAS, is one of the leading players in this sector, with big challenges ahead that it is facing and thus affecting its performance. One of the critical contributory factors is the increased volumes of steel imports, which heighten competition and have led to a significant decline in revenue. This is because the cheaper steel imports, especially those from countries like China, are contributing to putting pressure on prices and further complicating the market status quo for KRAS. This research study seeks to analyze and determine the optimal capital structure for KRAS with a focus on enhancing its financial stability and overall value. In this research author analyse and explore for the solution with external analysis using PESTLE Analysis. Based on secondary data from annual reports and relevant academic literature, the study evaluates the financial performance of KRAS from 2021 to 2023. The results showed a significant revenue decline of 35.68% from 2022 to 2023, mainly influenced by increased import competition and unstable global steel prices. Beyond this, high leverage remains a concern for KRAS, which has liabilities, even though it declined from $3.16 billion in 2021, having reached $2.35 billion as of 2023.

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