Garuda - Garba Rujukan Digital

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

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (261.403 KB)

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

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.

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.

ACADEMIC, PERSONAL AND INSTITUTIONAL PREDICTORS OF JOB READINESS : AN INSIGHT FROM RECENT COHORT UNIVERSITY GRADUATES Noveria, Ana
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 9 No 2 (2025): Edisi Mei - Agustus 2025
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v9i2.6000

The research seeks to explain the impact of academic achievements, personal competencies, institutional features, teaching and learning method and personal development on graduates’ job readiness under the current economic situation. The dramatic changes in unemployment of youth (under 24 of age) started a new debate on the relevance and acquisition of employer-specific skills and competencies obtained from higher education institutions. Following the quantitative approach, data from 611 students who graduated in 2020 and surveyed in 2022 from a public university located in the West Java province of Indonesia, structural equation modeling (SEM) technique, the study evaluates the role and relevance of different skills and competencies obtained from a higher education institution for seeking formal employment. The findings indicate that academic achievements, personal competencies, institutional features and learning and teaching are significant whereas personal development are insignificant contributors to graduates’ job readiness. The results also confirm a significant positive moderating impact of financial support in improving academic achievements, personal competencies and teaching and learning of graduates seeking formal employment. Similarly, the moderating results of job market conditions highlighted as one of the key contributors to pushing graduates to focus on academic excellence, personal competencies and development.

Do Environmental, Social, and Governance (ESG) Factors Affect Firm Value in Indonesia’s Environmentally Sensitive Industries? Nisa Iksi Rosa; Ana Noveria
Jurnal Manajemen Bisnis Vol. 12 No. 2 (2025): September
Publisher : Pusat Penerbitan dan Publikasi Ilmiah, FEB, Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33096/jmb.v12i2.1164

This study aims to analyze the influence of Environmental, Social, and Governance (ESG) performance on company value proxied by the Price to Earnings Ratio (PER), especially in industries that are sensitive to environmental issues in Indonesia. Using five years of panel data and panel regression, the study evaluated the impact of each ESG pillar separately or in combination on company value. The results of the study show that the overall ESG score has a positive and significant effect on PER. Among the three pillars, the Social aspect (SOC) had the strongest and most significant influence, followed by the positive but insignificant Environmental aspect (ENV), while the Governance aspect (GOV) showed no significant influence. These findings indicate that investors in environmentally sensitive sectors respond most strongly to social and environmental performance as they are perceived to reflect risk management and long-term operational sustainability. This research refers to three main theories: Stakeholder Theory which emphasizes the importance of social and environmental engagement; Shareholder Theory that sees ESG as a signal of company quality; and Legitimacy Theory which highlights ESG as a tool to gain social legitimacy. The practical implications of these findings are the importance of companies strengthening their commitment to social and environmental pillars strategically, investors to consider ESG aspects in decision-making, and regulators to improve the standards and credibility of ESG disclosures in Indonesia

Fundamental Financial Performance Analysis and Stock Valuation of PT DCI Indonesia TBK at Year 2024 Hermawan, Mega; Noveria, Ana
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51308

Indonesia’s accelerating digital transformation has boosted demand for data center services, positioning PT DCI Indonesia Tbk (DCII) as a key player. Since its IPO in 2021, DCII’s stock surged to IDR 42,100 by end-2024, raising concerns about whether this valuation reflects financial fundamentals or speculative sentiment. This study evaluates DCII’s intrinsic value using financial ratio analysis and valuation models. Financial performance shows strong profitability and revenue growth, yet liquidity weaknesses and longer collection periods signal emerging risks. A multi-stage Discounted Cash Flow (DCF) model projects free cash flow over 15 years, with a terminal growth rate of 4% and WACC of 12.85%, yielding a fair value of IDR 18,529 per share less than half of its market price. Comparable Company Analysis (CCA) further reveals that DCII trades at a significant premium across EV/EBITDA and P/E multiples. Sensitivity tests confirm intrinsic values consistently below market levels, suggesting investor expectations exceed fundamentals. The study recommends a 1:3 stock split with insider lock-up, quarterly investor bulletins, and working capital optimization to reduce mispricing and strengthen sustainability. Future research may extend to Southeast Asian peers and incorporate ESG and customer concentration factors.

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.

Title

Found 21 Documents
Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title Search

Found 21 Documents Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title

Found 21 Documents
Search