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All Journal Journal of Business and Management The Indonesian Journal of Business Administration Syntax Literate: Jurnal Ilmiah Indonesia Ekonomi dan Bisnis Journal of Accounting and Finance Management (JAFM) Journal Integration of Management Studies
Isrochmani Murtaqi
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences Other

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The impact of profitability and leverage towards stock returns on food and beverage firms listed in indonesia stock exchange period of 2012 – 2014 Ghoffur, Fadhel; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 7, No 3 (2018)
Publisher : The Indonesian Journal of Business Administration

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Abstract. Indonesia has become the most commercially attractive segment in the consuming class. Indonesia has grown consistently over the past ten years. The consumer goods industry has changed because of economic conditions, changing technology consumers who are more empowered. Cullinary is in great demand in all circles (age, gender, etc). This would be a good opportunity for entrepreneur to start new business in manufacturing in food and beverage. Therefore, this research investigates the impact of profitability and leverage towards stock returns on food and beverage firms listed in IDX period of 2012-2014. This investigation would probably as a reference for entrepreneurs who like to start their own new business. This research find the probability (ROA, ROE, and NPM) and Leverage (DER) as an independent variables, have statistically significant at ? = 10% towards SR as a dependent variable. The relationship among independent variables have various impact on SR. This research stated that, DER has the most impact on SR negatively, and the rest consecutively are negative ROA, positive NPM, and positive ROE. However, the samples are abnormal distributed. For further research, the Author recommends to conduct the advanced of this result, because these political, economic, social cultural, and technology as a macro environment indicators would give an impact dynamic result.Keywords: Return on Asset, Return on Equity, Net Profit Margin, Debt to Equity Ratio, Stock Returns, Consumer Goods, Food and Beverage
1 x 125 mw coal fired steam power plant economic analysis at pt krakatau daya listrik Anggraeni, Dian; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 7, No 3 (2018)
Publisher : The Indonesian Journal of Business Administration

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Abstract. This study aims to perform an economic feasibility analysis of the construction project of Coal Fired Steam Power Plant with 125 MW capacities to be performed by PT Krakatau Daya Listrik, a subsidiary company from PT Krakatau Steel This research will analyze whether an investment on the construction of Coal Fired Steam Power Plant with 125 MW capacity is financially feasible. The analysis is conducted by using Capital budgeting method through Discounted Cash Flow approach. Indicators measured are Net Present Value, Internal Rate of Return, Payback Period. In this approach also carried out the project sensitivity analysis. The construction project of a 1 x 125 MW Coal Fired Steam Power Plant is financially feasible by comparing financial feasibility parameters such as Net Present Value (NPV)> 0, Internal Rate of Return (IRR)> Cost of Capital and Payback Period less than maximum payback period that can be accepted. Based on the results of the analysis of these parameters, the construction project of Coal Fired Steam Power Plant 1 x 125 MW is feasible to be done financially with NPV value of MIDR 2,345,451, IRR 13.76% larger than WACC of 8.07% and Payback Period for 6 years 3 months. In relation to the results of financial analysis, the sensitivity analysis is used to determine the feasibility characteristics of the project on changes in investment value caused by the influence of economic variables and technical parameters. To conduct a deeper analysis, it is necessary to calculate the investment indicators by making changes (sensitivity analysis) to the key parameters that influence: EPC cost, coal price, loan interest rate, change in exchange rate and electricity tariff.Keywords: Capital Budgeting, Net Present Value, Internal Rate of Return, Payback Period, Sensitivity Analysis.
The relationship between working capital management, solvency, profitability and bankruptcy risk: case of property and real estate sub-sector in indonesia capital market Arira Putri, Rizkita; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract. Bankruptcy becomes a major risk faced by every companies including property and real estate companies in Indonesia. Currently, some economic and business analysts conclude that Indonesia's property sector still has a decline trend in 2018. Bankruptcy is not always experienced by poor performance companies, but it can also be experienced by companies with strong performance. Performance of the company can be affected by the efficiency of companies’ working capital management. That can be the reason why thorough bankruptcy assessment will be needed. The purpose of this study is to examine the relationship between bankruptcy risk (Altman Z-Score) of property and real estate companies in Indonesia and the efficiency of working capital management, solvency, and profitability. The study focuses on 41 publicly-listed firms of property and real estate sub-sectors in Indonesia Stock Exchange during the period of 2012-2017. Bankruptcy risk calculation will be examined based on Altman Bankruptcy Theory. Besides, the components Cash Conversion Cycle wll be used as working capital management indicator, DAR as the solvency indicator, and ROE as the profitability indicator. The relationship between bankruptcy risk and the efficiency of working capital management, solvency, and profitability will be examined using panel data regression method. The result of this study indicates that AAI, APP, and ROE are significantly related to bankruptcy risk (Altman Z-Score). The study will contribute as an empirical analysis to highlight the link relationship between working capital management efficiency, solvency and profitability with bankruptcy risk of property and real estate companies in Indonesia.Keywords: Altman Bankruptcy Model, Bankruptcy Risk, Working Capital Management, Cash Conversion Cycle, Property and Real Estate.
Comparison of Natural Hedges from Diversification and Derivative Instruments Agains Commodity Price Risk: A Case Study of PT Aneka Tambang, Tbk Dwiparandi, Dikdik; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 2, No 13 (2013)
Publisher : The Indonesian Journal of Business Administration

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Antam is a mining company which most revenues come from the sales of diversified commodities, namely ferronickel (36.5% of total revenues in 2011), nickel ore (24.1%), gold (36.0%), silver (2.7%), and coal (0.8%). With the trend of declining nickel price in 2012, more than half of the company’s revenue is exposed to the nickel commodity price downside risk. Despite that, Antam claimed that its diversified commodities can reduce such impact, in other words it creates natural hedges, a hedging method that comes from daily activities. The topic of this final project is concerning the commodity price risk of nickel against Antam’s natural hedge and other hedging tools. This research aims to find the strength of natural hedge compared with the use of derivatives to mitigate the risk of declining nickel price. Due to the limitation of data, only forward and option contract are used as derivative instruments. Risk in natural hedge is conducted by calculating the VaR of portfolio using Delta-Normal method, which then is compared to the company’s retained earnings in 2011. Forward and Option contracts are applied to ferronickel and nickel ore, which make four combinations of derivatives strategy. Comparison of natural hedge and derivatives is done by comparing VaR of natural hedge with the cost of hedging of derivatives strategy in three time horizon. Based on calculation, although Antam’s natural hedges is strong, the company should hedge its nickel-based commodities in short period by entering ferronickel into put option contract and nickel ore into short forward contract. Antam may also improve its diversification by adjusting its sales volume per commodity or use both derivative instruments to each commodity.  Keywords: Commodity Price Risk, Value at Risk, Natural Hedge, Forward Contract, Option Contract.
The Relationship Between Cash Conversion Cycle and Profitability in Medium-Sized Real Estate and Property Firms Listed in The Indonesia Stock Exchange (IDX) Dondokambey, Griffit Yoyner; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 4, No 4 (2015)
Publisher : The Indonesian Journal of Business Administration

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Abstract.The objective of the research is to examine the impact of CCC’s components on the profitability of Indonesia medium sized real estate and property firms. The research used the samples of eight companies listed on Indonesia Stock Exchange period of 2008-2012, selected by purposive sampling method based on criteria of Medium Enterprise according to UU No. 20 Tahun 2008 Tentang Usaha Mikro, Kecil, dan Menengah. Pearson Product Moment Correlation and Multiple Linear Regression were used to examine the relationship of CCC’s components: (Average Age of Inventory (AAI), Average Collection Period (ACP), And Average Payment Period (APP) on the firm’s profitability (Earning Per Share (EPS). The findings of this research show that AAI partially has negative relationship on firm profitability, but it is not statistically significant. ACP and APP partially have negative relationship and significant effect on a firm’s profitability. Simultaneously, AAI, ACP, and APP have positive relationship and significant effect on a firm’s profitability. These findings imply that Medium-sized real estate and property firm need to focus on managing ACP and APP in order to improve their profitability.Keywords: Real estate dan property, Small Medium Enterprise (SME), Cash Conversion Cycle(CCC)  
Valuation of a construction company, pt. Xyz – a case study Lande, Dennis Aditya; Murtaqi, Isrochmani
Journal of Business and Management Vol 9, No 2 (2020)
Publisher : Journal of Business and Management

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Abstract. PT. XYZ is a company that move in construction sector. PT. XYZ is not a publicly listed company and hasn’t planning on going IPO yet. The shares are owned by private investors. Recently, PT. XYZ is in talks with a potential shareholder to invest in the company. Existing shareholder of PT. XYZ is willing to give up a maximum of 20% dilution from the new share composition by issuing new shares. By doing valuation of PT. XYZ, we can calculate how much worth of 20% PT. XYZ share dilution to help PT. XYZ determine it price. The projection growth of PT. XYZ will consider the COVID-19 outbreak. Valuation of PT. XYZ will be using DCF approach. From DCF valuation, PT. XYZ intrinsic value is IDR 345,141,295,887 which is 1.83x their book value. Current number of share of PT. XYZ is 25,678 shares, which will become 32,098 shares after dilution. There will be 6,420 new shares that will be subscribed by new investor.Keywords: Construction Industry, Valuation, Discounted Cash Flow
Risk Management at PT. BQC Mubarak, Husni; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 3, No 1 (2014)
Publisher : The Indonesian Journal of Business Administration

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Abstract— Generally, every company is expected to initially identify any risk that has been or is likely to occur, then to analyze them and find the best solution. Such process is called risk management. In this case, the use of the framework AUS / NZ 4360 is an approach to manage the risks in PT BQC. Assessing PT BQC’s risks from five categories, namely business, human resource, finance, marketing, and operation, 21 risks are identified. From those identified risks, it is found that at least 3 risks have the highest links with other risks, which are risk of organizational structure, risk of compensation, and liquidity risk. Besides that, risk of survey, risk of employee crime, risks of conflict of interest, risk of bribery, and risk of saturated market are also crucial for the company to be analyzed. Therefore, mitigation of these risks is expected to be an impact on lessening the impact and likelihood of other risks associated. The solutions to mitigate three risks that have the highest links are: restructuring the organization in the branch and clarifying each position’s job description, recalculating the wages using combination of basis (base salary using person-based calculation and work allowance using job-based calculation), adding long-term debt for financing. The risk mitigations for the other catastrophic risks are: updating the survey criteria, using integrity test procedure and investigating directly to the field, conducting evaluation of supplier performance, emphasizing giving credit for productive goods or on productive sectors. Keyword: risk management, PT BQC, AUS/NZ 4360
Capital Budgeting Analysis, Sensitivity Analysis, and Monte Carlo Simulator for Mbah Jingkrak's New Outlet Maharani, Nadia Putri; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 4, No 5 (2015)
Publisher : The Indonesian Journal of Business Administration

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Abstract.This research was conducted in order to assess the expansion plan of Mbah Jingkrak, a Javanese traditional restaurant located, that is going to build new outlet in Serpong, South Tangerang. The objective of this research is to make sure that the investment will give positive financial outcome to the company. In order to give clear projection of its financial performance, 3 steps of study are conducted, which are feasibility study for capital budgeting assessment, sensitivity analysis, and Monte Carlo Simulation. The results of feasibility study shows that the NPV of the project is positive, the internal rate of return exceed the project’s cost of capital, and there are no indications of negative cash flow, which show that the project of the expansion plan is financially feasible and viable. On the next step, which is sensitivity analysis, the project shows that the 4 most sensitive factors are: the cost of raw materials, the first year occupancy, spending per customer, and the growth of restaurant’s occupancy. These 4 most sensitive factors need to have higher attention from management since these factors have the lowest tolerance scale and need to be kept as close as possible to the assumptions in order to maintain positive financial outcome. Lastly, under Monte Carlo Simulation, the project shows a promising result, where the probability of expecting positive Net Present Value is above 85,90%, supported with only 3,80% probability of cash shortage. These indicators lead to a conclusion that the restaurant’s plan to open new outlet should be executed. Using these conclusions, Mbah Jingkrak can design implementation plan for its new outlet. The implementation of these results includes setting sales and cost target, complemented with menu combination and innovation to increase customer’s spending and restaurant’s occupancy.Keywords : Capital Budgeting, Feasibility Study, Sensitivity Analysis, Monte Carlo Simulation. 
Valuation and Business Performance Analysis of PT Barito Renewables Energy Tbk. (BREN) Post-IPO Alviandi Taniwidjaja, Davin; Murtaqi, Isrochmani
Journal of Accounting and Finance Management Vol. 5 No. 6 (2025): Journal of Accounting and Finance Management (January - February 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i6.1291

Abstract

This study analyzes the valuation and financial performance of PT Barito Renewable Energy Tbk (BREN), specifically examining its post-IPO performance within Indonesia's renewable energy sector. Employing the Discounted Cash Flow (DCF) method alongside a Free Cash Flow to the Firm (FCFF) approach and Relative Valuation metrics (including Price Earnings Ratio, Price to Book Value, and EV/EBITDA), the findings indicate a significant overvaluation of BREN's stock, with an intrinsic value per share derived from the DCF method estimated at $0.00832, which starkly contrasts with its market price of $0.486. This discrepancy points to a substantial market overvaluation, influenced by speculative trading and heightened investor enthusiasm. Furthermore, BREN's financial profile reveals elevated leverage ratios, such as Debt-to-Equity and Debt-to-EBITDA, in comparison to industry peers, underscoring inherent financial risks despite commendable operational efficiency evidenced by an 84% EBITDA margin. The study emphasizes the necessity of reconciling market expectations with financial fundamentals, providing critical insights into the dynamics of overvaluation among emerging renewable energy firms, and proposing strategies to enhance financial sustainability while supporting Indonesia’s transition toward renewable energy.
The Green Bonds Issuance Role In Reducing Carbon Emission: Evidence From ASEAN Robert Chowiendo; Yunieta Anny Nainggolan; Isrochmani Murtaqi
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.310

Abstract

The global initiative to reduce carbon emissions has accelerated in line with the Paris Agreement’s target to limit global warming to below 2°C. Yet, transitioning to a low-carbon economy remains financially challenging, with limited funding channels for decarbonization. Green bonds have emerged as a key financing mechanism, mobilizing capital toward clean energy, energy efficiency, and environmentally sustainable projects. This study offers novel empirical evidence on the role of green bonds in mitigating carbon emissions within ASEAN—an economically dynamic yet fossil fuel-dependent region with substantial greenhouse gas outputs. Leveraging panel data from 2019 to 2023 across publicly listed firms in ASEAN countries, this research applies multiple regression analysis to examine the effects of Green Bonds (GB), Firm Size (FS), and Gross Domestic Product (GDP) on Carbon Emissions (CE). The findings reveal a statistically significant negative relationship between green bond issuance and carbon emissions, indicating that increased green bond financing contributes to emission reductions. Firm size is also found to influence emissions negatively, whereas GDP has no statistically significant impact. The study provides practical insights for policymakers and investors by highlighting the effectiveness of green bonds as a sustainable financing tool in the ASEAN context.
Co-Authors ., Hariswoyo Alexius Justianto Alviandi Taniwidjaja, Davin Amalia Husna Dita Anak Agung Gede Sugianthara Anggraeni Novianti, Dwi Arira Putri, Rizkita Ashifa Arief Utzanah Azolla Degita Azis Budiarani, Vanesa Hana De Rembulan Ayudhasurya Dikdik Dwiparandi Ghoffur, Fadhel Griffit Yoyner Dondokambey, Griffit Yoyner Gustinov, Roberto Hanifah, Syafita Nur Irvianti, Essy khusnul khotimah Kusumawardani, Andika Setya Lande, Dennis Aditya Marsha, Nadya Marvella Justia Setiawan, Marvella Justia Meutia Arsanti Mulyono, Jane Julia Nadia Putri Maharani, Nadia Putri Omar Yusuf Tadjoedin Robert Chowiendo Satryo Sidhi Rachmat Sylviana Maya Damayanti Wardono, Anindita Alifa Wiwik Handayani Yanan, Wang Yunieta Anny Nainggolan