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All Journal Journal of Business and Management The Asian Journal of Technology Management (AJTM) JURNAL MANAJEMEN BISNIS Journal of Economics and Business UBS Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) Journal of Research in Social Science and Humanities Co-Value : Jurnal Ekonomi, Koperasi & Kewirausahaan Jurnal Locus Penelitian dan Pengabdian KEYNESIA : INTERNATIONAL JOURNAL OF ECONOMY AND BUSINESS Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) International Journal for Disaster and Development Interface Journal Research of Social Science, Economics, and Management KOLONI Eduvest - Journal of Universal Studies Journal Integration of Management Studies Journal of Economic Development and Village Building
Ana Noveria
School Of Business And Management, Institut Teknologi Bandung
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Integrasi Vertikal Ke Belakang pada Peternakan Ayam Petelur: Analisis Kelayakan Investasi Rearing House di Senopati Farm Indira Wafaa Nur; Ana Noveria
KOLONI Vol. 5 No. 3 (2026): SEPTEMBER 2026
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/koloni.v5i3.1122

Abstract

This research aims to analyze the financial feasibility of a rearing house investment for layer chickens at Senopati Farm, a medium-scale poultry farm in South Lampung, and to identify the variable most sensitive to the investment's feasibility. The investment was undertaken in response to Senopati Farm's complete dependence on external suppliers for pullet chickens, which exposed the farm to price volatility, inconsistent biological quality, and supply uncertainty. This study applies a quantitative case study approach, using primary data from interviews with Senopati Farm's management and secondary data from the company's financial and operational records, government regulations, and Lohmann Brown management guidelines. Feasibility was assessed using four capital budgeting criteria, namely Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), and Payback Period (PP), discounted at a Weighted Average Cost of Capital (WACC) of 10.20%. Risk analysis was conducted using sensitivity analysis with a tornado diagram and a Monte Carlo simulation of 1,000 iterations to evaluate the impact of uncertainty on investment feasibility. The results show that the rearing house investment is financially feasible, generating an NPV of Rp2,196,969,499, an IRR of 35.18%, a PI of 3.19, and a payback period of 2 years and 22 days, all within the ten-year project lifetime. Grower feed price was identified as the most sensitive variable, capable of turning the project's NPV negative with a 20% price increase. The study concludes that Senopati Farm's backward vertical integration decision creates financial value, though its sustained performance depends on management's ability to control feed price risk exposure.
Financial Assessment of Potential Carbon Pricing Policy and Energy Transition Scenarios in Indonesia’s Nickel HPAL Project Tio Gefien Imami; Ana Noveria
Journal Integration of Management Studies Vol. 4 No. 1 (2026): Article In Press
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v4i1.417

Abstract

Indonesia’s mandate to achieve Net Zero Emissions (NZE) by 2060 exerts unprecedented pressure on energy-intensive mineral processing sectors to decarbonize while maintaining economic viability. While the macro-level implications of carbon policies are well documented, project-level financial responses to the simultaneous imposition of domestic carbon pricing (Nilai Ekonomi Karbon - NEK), the EU’s Carbon Border Adjustment Mechanism (CBAM), and renewable energy transition pathways remain underexplored. This study quantifies the financial resilience and risk profiles of a representative large-scale state-owned High-Pressure Acid Leach (HPAL) nickel project in Eastern Indonesia under diverse policy trajectories. A 20-year scenario-based Discounted Cash Flow (DCF) model was developed (WACC = 14.89%)  and integrated with Monte Carlo simulations to evaluate four configurations: (1) a gas-powered baseline; (2) gas subject to NEK; (3) gas subject to both NEK and CBAM; and (4) a solar-powered configuration incorporating NEK, CBAM, and a 10% carbon-offset allocation. Results demonstrate that while dual carbon-pricing regimes significantly compress project margins, transitioning to solar-powered operations curtails cumulative emissions and hedges against long-term regulatory volatility. Sensitivity analysis identifies nickel pricing, sales volume, and input costs as the primary determinants of valuation. Monte Carlo simulations reveal that the renewable configuration yields a more concentrated Net Present Value (NPV) distribution, indicating enhanced resilience amid extreme policy and price uncertainty. Ultimately, the project maintains financial viability across all scenarios, though performance depends on the architecture of international carbon regimes and energy procurement strategies. This research internalizes carbon-policy uncertainty into project-level capital budgeting, providing a framework for navigating the decarbonization of critical mineral value chains.
Bridging The Adoption Gap: An Extended TPB Analysis of Rent-To-Own Scheme Acceptance Among Young Homebuyers in Indonesia Teuku Muhammad Ridha Kuswalabirama; Ana Noveria
Journal of Economics and Business UBS Vol. 15 No. 4 (2026): Journal of Economics and Business UBS
Publisher : Cv. Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/c7zwbr31

Abstract

Housing affordability has become a major challenge for Generation Z and Millennials in Indonesia, as reflected in the growing preference for renting rather than owning homes. This study examined the factors influencing the adoption of the Rent-to-Own (RTO) housing scheme by extending the Theory of Planned Behavior (TPB) framework with four additional constructs: Perceived Affordability, Government and Institutional Support, Perceived Risk of RTO, and Perceived Usefulness of RTO. A mixed-method approach was employed, combining a quantitative survey analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with qualitative interviews involving property and finance experts. The findings revealed that Perceived Affordability, Government and Institutional Support, and Perceived Usefulness significantly and positively influenced Attitude Toward RTO, Perceived Behavioral Control, and Subjective Norms, while Perceived Risk had no significant effect on Attitude Toward RTO or Perceived Behavioral Control. Subjective Norms emerged as the strongest predictor of Behavioral Intention, followed by Perceived Behavioral Control and Attitude Toward RTO. The qualitative findings indicated that limited financial literacy, consumptive lifestyles, unclear regulatory frameworks, and insufficient institutional support remained key barriers to RTO adoption among young adults. Based on these findings, this study proposed three strategic solutions: establishing a comprehensive regulatory framework, developing financial education and literacy programs using the Value-Focused Thinking (VFT) approach, and implementing the Financial Education for Savings (FES) model to strengthen long-term financial planning. This study contributes to the extension of the TPB framework within the housing finance context and provides practical recommendations for policymakers, financial institutions, and property developers to enhance the adoption of RTO schemes in Indonesia.
Co-Authors Adelia Putri Pratiwi Akila Badzlina Putri Arief Rahman Pratama Aryudho Mahardi Setianto Ayu Prabandari Ceria Minati Singarimbun Dea Vibby Irsania Eka Puteri Febrandy Mazani Fikri, Muhamad Hasiholan, Matthew Giovanni Hermawan, Mega Indira Wafaa Nur Jagat Prirayani Kayom Mukti Nursalim Khansa Aida Dewiyanti Linggar Esty Hardini Matthew Giovanni Hasiholan Mega Hermawan Muhamad Fikri Nabila Zahra Widjana Nanda Ismi Kumalawati Nisa Iksi Rosa Nurliani, Alin Nursanthy Indah Hartini Rahmat Faikar Makarim Stefanus Reinhard Aditya Sudrajad, Oktofa Yudha Tanubrata, Kezia Jovita Teuku Muhammad Ridha Kuswalabirama Tio Gefien Imami Vincentius Ivan Vinsensius Paul Goodman