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The Relationship Among Foreign Direct Investment, Inflation Rate, Unemployment rate, and Exchange Rate to Economic Growth in Indonesia Irsania, Dea Vibby; Noveria, Ana
Journal of Business and Management Vol 3, No 5 (2014)
Publisher : Journal of Business and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (409.552 KB)

The main theme of this project is economic growth and focus on finding the relationship among foreign direct investment, inflation rate, unemployment rate, and exchange rate toward the economic growth in Indonesia based on the multiple linear regression analysis. The result represents that FDI, inflation rate, unemployment rate, and exchange rate has a significant influence towards the economic growth. The two of them which are exchange rate and inflation rate show a significant influence toward the economic growth. Thus, when the exchange rate and inflation rate increase, the economic growth will be decrease. Meanwhile, the rest of them which are unemployment rate and FDI also have a significant influence toward the economic growth. If FDI and unemployment rate increase, then Indonesiaâ€™s economic growth will also increase. Indonesia as a developing country shows an increase in the influence of Foreign Direct Investment toward economic growth and allow it to continue to rise in the future, but for now all of the macroeconomics factors that observed in this research have a significant influence toward Indonesiaâ€™s economic growth.Keywords: Foreign Direct Investment, inflation rate, exchange rate, unemployment rate, economic growth, relationship, multiple linear regression analysis

Estimating Company Value of PT LIPPO karawaci Tbk Puteri, Eka; Noveria, Ana
Journal of Business and Management Vol 3, No 2 (2014)
Publisher : Journal of Business and Management

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in the last few years, the Indonesian property sector continues to grow with the help of the Country, which has a strong economy. PT Lippo Karawaci Tbk is a diversified and integrated property group and is involved in townships, residential homes, hospitals, hotels, retail malls and industrial estate development and management. The share price in stock exchange of PT Lippo Karawaci Tbk is not always reflects the share value of the company itself. The objective of this research is to provide information for shareholders regarding share value of PT Lippo Karawaci Tbk by estimating the price per share value using the three methods in valuation, and estimating the companyâ€™s value. The theoretical fundamental that used in this research is based on valuation theory by Aswarth Damodaran. The methods used are Discounted Cash Flow, Market Approach, and Asset Based Approach. Discounted Cash Flow method result shows that share value of PT Lippo Karawaci Tbk is amount to four thousand nine hundred nineteen rupiah for Pessimistic, seven thousand five hundred twenty six rupiah for Most Likely, and eighteen thousand eight hundred fifty one rupiah for Optimistic. Compared to share price in stock exchange which amount to one thousand one hundred rupiah, the amount is smaller than share value, which shows that it is undervalued. The result of Market Approach method shows that share value of sector is amount to eight hundred sixty one rupiah. Compared to share value of company which amount to one thousand one hundred sixty three rupiah, it is greater than share value of sector, which means that it is undervalued. The result of Asset Based Approach method shows that the share value is amount to two hundred seventy three point five rupiah. Compared to share price which amount to one thousand one hundred rupiah, the share value is smaller, which means that it is overvalued.Based on the results of this research, investors can see the information about the share value compared to the share price according to the three methods above. Moreover, investors can use this information to consider the investment plans of the PT. Lippo Karawaci Tbk.Â Keywords: Valuation, Dicounted Cash Flow, and PT Lippo Karawci Tbk

Does Large-scale Social Restriction Affect Firms' Financial Performance? Fikri, Muhamad; Noveria, Ana
The Asian Journal of Technology Management (AJTM) Vol 14, No 3 (2021)
Publisher : School of Business and Management Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2021.14.3.4

Abstract. To prevent the spread of the COVID-19 pandemic, the government has had some large-scale social restrictions (LSSR). As a side effect, many firms experienced a decrease in their revenues, which will decrease their financial performance. This research seeks to investigate how the COVID-19 pandemic affects financial performance of companies listed in the Indonesian stock exchange. To analyze the effect of the COVID-19 pandemic, an ordinary least square (OLS) regression is employed with a dummy variable of the period before and after the pandemic started. Furthermore, to examine the causal effect of LSSR, this study uses the difference-in-difference method with a dummy variable whether the businesses could still operate during the LSSR. The results show that COVID-19 pandemic has a significant negative effect on firms’ financial performance represented by ROA. Secondly, by employing panel-data regression with difference-in-difference, it is found that the LSSR has an insignificant effect on firms’ performance in affected firms. From the results, this research can contribute to the literature to see the effect of the large-scale social restrictions on firms’ financial performance. This research also can be used as a consideration for the government in making future policies to prevent the spread of the COVID-19 pandemic.Keywords: COVID-19 pandemic, difference-in-difference, firms’ financial performance, large-scale social restrictions

The Evaluation of Regional Spatial Plan for 2011-2031 Based on Land Use Changes Prediction Using Cellular Automata-Markov Model in Sleman Linggar Esty Hardini; Ana Noveria
International Journal for Disaster and Development Interface Vol. 1 No. 1 (2021): October 2021
Publisher : Amcolabora

In the past years, the development of Sleman Regency has been considered rapid as evidenced by the emergence of built up areas including expansion of the university areas, shopping malls, and housing. Along with the increase in the total population, university students and workers from other regions coming to this regency, the land use in Sleman Regency has started to shift. Land use changes need to be controlled by predicting land use using the CA-Markov model. CA-Markov modeling has dynamic properties that integrate the dimensions of space and time, where the occurrence of events is determined by events that directly precede them and can be used to predict the next event. The accuracy of the CA-Markov concept can be determined by validation and expressed in the Kappa coefficient value (≥ 0.70). This CA-Markov concept has been developed since the 1940s in the field of computers by Von Neumann and Ulam. In this concept it is assumed that pixels are the beginning of the mathematical concept. When a pixel changes, its new status is only affected by its old status and the neighbor status. This research was conducted to predict the land use in 2031 using the Cellular Automata-Makov model, evaluate the use of land in 2031 in relation to RTRW or city plan, and create a scenario of the direction for land use control in 2031 for disaster-prone areas. Based on the prediction of land use in Sleman Regency in 2031, Kappa coefficient was obtained at 0.7399, implying that the suitability of spatial area and distribution reached 73.99% which is considered good. The results of the prediction also showed that in 2031, the land use would be dominated by building area which was predicted to reach 43.53% out of the total area. The evaluation of land use prediction in 2031 based on RTRW method showed that as large as 40.137,39 ha land would be used according to the RTRW, while 17.411,00 ha would not be used accordingly. The improper use of land might be due to the shift in the use of 4.659,18 ha of rice fields into buildings.

Does Large-scale Social Restriction Affect Firms' Financial Performance? Muhamad Fikri; Ana Noveria
The Asian Journal of Technology Management (AJTM) Vol. 14 No. 3 (2021)
Publisher : Unit Research and Knowledge, School of Business and Management, Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2021.14.3.4

Abstract. To prevent the spread of the COVID-19 pandemic, the government has had some large-scale social restrictions (LSSR). As a side effect, many firms experienced a decrease in their revenues, which will decrease their financial performance. This research seeks to investigate how the COVID-19 pandemic affects financial performance of companies listed in the Indonesian stock exchange. To analyze the effect of the COVID-19 pandemic, an ordinary least square (OLS) regression is employed with a dummy variable of the period before and after the pandemic started. Furthermore, to examine the causal effect of LSSR, this study uses the difference-in-difference method with a dummy variable whether the businesses could still operate during the LSSR. The results show that COVID-19 pandemic has a significant negative effect on firms’ financial performance represented by ROA. Secondly, by employing panel-data regression with difference-in-difference, it is found that the LSSR has an insignificant effect on firms’ performance in affected firms. From the results, this research can contribute to the literature to see the effect of the large-scale social restrictions on firms’ financial performance. This research also can be used as a consideration for the government in making future policies to prevent the spread of the COVID-19 pandemic.Keywords: COVID-19 pandemic, difference-in-difference, firms’ financial performance, large-scale social restrictions

The Impact of Financial Profitability Ratio to the Stock Returns of Telecommunication Company during the COVID-19 Pandemic in Indonesia Adelia Putri Pratiwi; Ana Noveria
Keynesia : International Journal of Economy and Business Vol. 2 No. 2 (2023): Keynesia : International Journal of Economy and Business
Publisher : ARKA INSTITUTE

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55904/keynesia.v2i2.945

COVID-19 has become a major pandemic striking the world with shocking effects. These strikes resulted in deaths of a lot of people across the globe and also forced people to adopt a new way of life. Not only lifestyle, this pandemic is also affecting all sectors of people’s lives, especially in economic and business sectors. This study focuses on the impact of the COVID-19 pandemic on firms financial performance and stock price in the telecommunication sector in Indonesia. In this case, it focuses on the profitability ratio. The independent variables include on this study are ROA, ROE, ROCE, ROIC, NPM, OPM, and GPM while the stock return becomes the dependent variables. The data is processed towards panel data regression and divided the timeline into 3 periods, pre-pandemic periods (2017-2019) and post-pandemic periods (2020-2022) and overall periods (2017-2022). This study found that in overall period model, pre-pandemic, and post pandemic model, none of the dependent variables significantly affect stock returns partially. Simultaneously, the profitability financial ratios also do not affect stock return significantly.

Financial Health Analysis and Bankruptcy Prediction of BUMN Karya Listed on IDX in The Midst of Increasing Government Infrastructure Projects Based on The National Medium-Term Development Planning (RPJMN 2020 - 2024) Akila Badzlina Putri; Ana Noveria; Oktofa Yudha Sudrajad
Co-Value Jurnal Ekonomi Koperasi dan kewirausahaan Vol. 15 No. 1 (2024): Co-Value: Jurnal Ekonomi, Koperasi & Kewirausahaan
Publisher : Program Studi Manajemen Institut Manajemen Koperasi Indonesia Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/covalue.v15i01.4437

Concerning the increase in the national infrastructure budget by 6% from the previous year, as well as the emphasis on infrastructure reflected in the RPJMN 2020 – 2024 document, the government has once again appointed construction State-Owned Enterprises (BUMN Karya) as the drivers of national development. Unfortunately, over the past five years, the financial condition of BUMN Karya has deteriorated. Additionally, several directors within these companies have been implicated in corruption cases, damaging the public image and trust in BUMN Karya. This led the IDX to suspend trading in one of its stocks in May 2023. This study aims to evaluate the financial performance and health condition of BUMN Karya listed on the IDX, namely WSKT, WIKA, PTPP, and ADHI. The research methodology is based on the Ministry of SOEs No decree. KEP-100/MBU/2002. Furthermore, this study predicts the financial distress faced by these BUMN Karya from 2019 to 2023 using four methods: Altman Z-Score, Ohlson O-Score, Zmijewski, and Springate The findings indicate the health conditions of each company from 2019 to 2023 as follows: WSKT (BB, CCC, B, BB, B), WIKA (AA, BB, BB, B, CCC), PTPP (BBB, BB, BBB, B), and ADHI (BBB, B, BB, BB, BBB). Among the four predictive methods, the Altman Z-Score model most closely approximates the actual condition in 2024 with an accuracy rate of 65%. The results show that all four SOEs experienced a decline in their Altman Z-Score in 2023. This study complements previous research with a different approach and provides additional insights into the government’s push for infrastructure development and efforts to improve and strengthen the financial condition of BUMN Karya.

THE INFLUENCE OF FINANCIAL LITERACY AND FINANCIAL INCLUSION TOWARDS MSME PERFORMANCE (A Case Study of Pananjung Market Shophouses' Owners) Hasiholan, Matthew Giovanni; Noveria, Ana
Journal of Economic Development and Village Building Vol. 1 No. 2 (2023): Journal of Economic Development and Village Building
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jedvb.v1i2.6

This study researches the effect of financial literacy and financial inclusion simultaneously on the performance of MSMEs that have been relocated to Pananjung Market in Pangandaran Regency. The type of research used in this research is descriptive and verification. The object studied in this study is the performance of UMKM shophouses in Pananjung Pangandaran Market. Researchers decided to use the number of MSME owners who were in the Pananjung Market Ruko as a sample of 40 people. Financial literacy was found to have a partial impact on the MSME performance of the MSME owners of Pananjung Market Shophouses based on the partial test (t test) conducted in this study. Secondly, the MSME performance of Pananjung Pangandaran Market Shophouse MSME owners is also partially influenced by financial inclusion. The results of this study's simultaneous test (F test) indicate that financial inclusion and financial literacy have a simultaneous impact on the MSME performance of the MSME owners of Pananjung Market Shophouses.

Techno-economic analysis of the transition from off-Grid to on-grid electricity in the mining industry Nurliani, Alin; Noveria, Ana
Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) Vol.6, No.1 (2025): June 2025
Publisher : Universitas Widya Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37631/ebisma.v6i1.1915

The mining sector's reliance on off-grid diesel generators imposes significant economic and environmental costs, including high energy expenditures and substantial greenhouse gas emissions. While existing techno-economic studies have explored renewable hybrids for off-grid mining operations, there remains a critical gap in evaluating grid-connected transitions—especially in emerging economies with coal-dependent grids like Indonesia. This study aims to find out how can transitioning from diesel to grid electricity in Indonesia’s mining sector achieve cost savings and emission reduction. Through integrated Levelized Cost of Electricity (LCOE), Net Present Value (NPV), and CO₂ emission analysis of a mining company as a case study, we demonstrate two key novel contributions: (1) a framework for quantifying trade-offs between cost savings and emission reductions in coal-reliant grids, and (2) empirical evidence that grid adoption reduces energy costs by 66% (from $0.50/kWh to $0.17/kWh) while delivering a projected NPV of $14.46 million (IRR: 32.34%). Moreover, switching to on-grid PLN shows a potential emission reduction of 2,054 tons/year (15% decrease). These findings highlight the dual imperative of grid electrification and renewable integration for sustainable mining, offering policymakers and industry stakeholders a replicable model to balance economic and environmental goals in resource-intensive sectors.

Fundamental Financial Performance Analysis And Stock Valuation Of PT DCI Indonesia TBK At Year 2024 Hermawan, Mega; Noveria, Ana
Jurnal Locus Penelitian dan Pengabdian Vol. 4 No. 7 (2025): JURNAL LOCUS: Penelitian dan Pengabdian
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/locus.v4i7.4609

Indonesia’s rapid digital transformation has significantly increased demand for data center services, positioning PT DCI Indonesia Tbk (DCII) as a key player. Since its IPO in 2021, DCII’s share price has grown sharply, reaching IDR 42,100 by the end of 2024. However, this steep valuation prompts an important question: does the market price reflect the company’s financial fundamentals, or is it driven by speculative sentiment? This research aims to evaluate the intrinsic value of DCII and assess whether its stock is overvalued. The study adopts a multi-method approach. First, a financial performance analysis was conducted using key ratios from 2021 to 2024, including liquidity, profitability, solvency, and efficiency metrics. The results indicate strong profitability and revenue growth, but also reveal financial pressure in the form of weakening liquidity ratios and increasing collection periods. Second, the study applies a multi-stage Discounted Cash Flow (DCF) model to estimate DCII’s intrinsic equity value. Free cash flow is projected over a 15-year horizon to reflect the company’s life cycle, with a terminal value based on a 4% growth rate and a WACC of 12.85%. The resulting fair value is IDR 18,529 per share—less than half of the market price. To strengthen the valuation, a Comparable Company Analysis (CCA) was also conducted, comparing DCII with similar firms in the digital infrastructure sector. The findings show that DCII trades at a substantial premium across valuation multiples, including EV/EBITDA and P/E. Sensitivity analysis further confirms that, even under optimistic assumptions, DCII’s intrinsic value remains significantly below its current market price. The evidence suggests that investor expectations have outpaced financial fundamentals, presenting risks to long-term shareholder value. Based on these findings, the thesis proposes three recommendations: (1) executing a 1:3 stock split with insider lock-up to enhance liquidity and signal long-term commitment; (2) issuing a quarterly business bulletin to guide investor expectations through strategic and financial updates; and (3) implementing a focused working capital optimization program to address emerging liquidity risks. These initiatives aim to reduce valuation misalignment and support sustainable growth. Future research may extend this analysis across Southeast Asian firms and incorporate qualitative factors such as ESG and customer concentration into valuation models.

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