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All Journal Jurnal Manajemen Teknologi Journal of Business and Management The Indonesian Journal of Business Administration
Anggoro Budi Nugroho
School of Business and Management, Institut Teknologi Bandung
Computer Science & IT Decision Sciences, Operations Research & Management

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Portfolio Deternination and Markowitz Essicient Fronter in Five Indonesian Industrial Sector Rachmat, Doddy; Nugroho, Anggoro Budi
Journal of Business and Management Vol 2, No 1 (2013)
Publisher : Journal of Business and Management

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Abstract

The goal of this thesis is to construct an optimal and efficient portfolio of 5 Indonesia indsutrial sector stocks. The time horizon of this thesis is from February 2011 until November 2012. There are 2 portfolios that have been created. Those 2 are Maximum Return portfolio, and Minimum Standart Deviation portfolio. The creation of those 2 portfolios was helped by the MS Excel Solver add-ins to determine the weights of each stock in a portfolio. Then those 2 portfolios compared to each other and the market with some performance measurements like Sharpe ratio, Treynor measure, and Jensen’s Alpha. The outputs of this research are the portfolio which generates the highest return also turns out to have the best perfomance among other portfolios based on Sharpe Ratio and Jensen Alpha. This portfolio has a Sharpe Ratio of 19,59% with Jensen Aplha of 0,37%. This research has its scope and limited based on stocks that has been chosen by the writer which consistently included in the index from February 2012 until November 2012. All the stocks that the writer chose is based on the fundamental factor of each stock such as Price Earning Ratio (PER), Earning per Share (EPS), Return on Asset (ROA), and Return on Equity (ROE) which is often used by the investors to analize the company’s stocks for long term investment. The outcome of this thesis is an investment to the Maximum return portfolio which has the best performance among the other portfolios and the market from February 2011 until November 2012. This research creates an optimal and efficient portfolio of Five Indonesian indsutrial sector for investors. Keywords: Portfolio Construction, Performance Analysis, Sharpe Ratio, Treynor’s Measure, Jensen Alpha.Category: Finance; Performance Management.
Tobin's Q and Market Bubble Phenomenon in Indonesia Property Sector in 2011-2013 Farrosi, Faishal Ahmad; Nugroho, Anggoro Budi
Journal of Business and Management Vol 3, No 8 (2014)
Publisher : Journal of Business and Management

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Property has been one of the most interesting subject for investment since people believe that the prices of property won’t fall, but that kind of expectation can lead to irrational exuberance which can trigger bubble condition. Many media issued that Indonesia has shown the sign of bubble in property sectors, but is there really a bubble in the property or is it because the demand that is higher than the supply. The method that is chosen to analyze this research is valuing the 4 most liquid stocks in property sector using discounted cashflow valuation and then compares it with the market value. The result then analyzed using paired sample t-test to see whether there is significant difference between the market value and book value. The result shows that there is no significant difference between the market value and book value of property sectors which mean there hasn’t been any bubble sign in the property market. The increase or property prices aren’t caused by the speculation of the investors but it is supported by a massive amount of demands that excess the supply of housing in Indonesia. Even though there is no bubble sign in the property sector, there is a company that has a significant difference between market value and book value with the market value is bigger than the book value. It means that the company has shown a bubble sign which can be dangerous for investor if someday the bubble burst and make the stock price fall. Indonesia as a developing country shows that its fundamental economy condition is still good with no sign of bubble in the property sectors which is safe for investors and home buyers to buy property since the prospect for the future is good since the demand is double than the supply. Keywords Property, valuation, paired t-test, investment, stocks, bubble
Currency Returns and Investment Portfolio Impact in Optimizing Assets Risk Rubiyoso, Dimas Satrio; Nugroho, Anggoro Budi
Journal of Business and Management Vol 3, No 4 (2014)
Publisher : Journal of Business and Management

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This method determines the proportion of each asset to be invested based on the risk-adjusted return. To know the performance of optimal portfolios that have been formed, the writer used the Sharpe ratio and then compared with performance market of the Jakarta Composite Index (JCI). The sample data used by the author is Indonesia financial instruments which are  10 stocks that listed on the LQ-45 index and the Indonesian retail bonds (ORI), and foreign currencies against rupiah that recorded as hard currency, during the observation period October 2012 to May 2014, which was determined by purposive sampling method. The results of this study, foreign currency has given advantage to the investment on financial asset instrument. It can drive the performance portfolio that consist only stock and bond from 0.0736 to 0.1103. With adding foreign currency, rate of return portfolio became 0.0554% at risk level 0.3443%. EUR (euro) and CNY (yuan) are the most affect to the portfolio performance with 23.36% and 13.36% proportion in portfolio. Based on the calculation Sharpe ratio, performance of the optimal portfolio with foreign currency, have an average better performance than the performance on JCI.Keywords: Investment, Portfolio, Foreign Currency, Risk and Return, Markowitz Efficient Theory.
Hard Currency Prices and Industrial Equity market Indices: Impact Study in Indonesia Stock Exchange Pasaribu, Benhard Martin; Nugroho, Anggoro Budi
Journal of Business and Management Vol 3, No 3 (2014)
Publisher : Journal of Business and Management

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An exchange rate is the rate where a currency can be exchanged with another currency from different country. For years, people have been tried to find the relationship between exchange rates and stock market. There are some reasons for that, first, it will be a factor to determine decisions about monetary and fiscal policy because exchange rate play vital role in a country’s level of trade. Second, with knowing the relation between both of them, we can predict future’s decision in the stocks market by analyzes the situation of current exchange rates condition in Indonesia. Last, understand the exchange rate-stock market relationship can help the government to mitigate crisis. This paper aims to determine how currency fluctuations affect the business sector through the Industrial index. Currencies that the author uses for this research are 5 Hard Currency, which are US Dollar, Euro, Pound sterling, Japanese Yen, and Australian Dollar. Hard Currency is any currency that is expected to serve as a reliable and stable store of value. For the Industrial Index, author use 10 sectors which are classified in the Indonesian Stock Exchange (IDX). They are agriculture, mining, industrial base and chemical, various industries, consumer goods, property and real estate, infrastructure and utilities, finance, trade, and manufacture.Keywords: Hard Currency, Stock Market, Industrial Indices, Indonesia, and Relation 
Right Issue and Dilution Matters in Banking Equity Market: Study of PT Bank Mandiri (Persero) Tbk Albar, Arasyan; Nugroho, Anggoro Budi
Journal of Business and Management Vol 4, No 5 (2015)
Publisher : Journal of Business and Management

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Abstract. Banking industry has specific regulation on their capital requirements according to Basel Accord agreements that bank must keep their amount of capital balanced with the total risk assets in lots of requirement criteria especially Capital Adequacy Ratio (CAR). In order to fulfil this requirement, the only way banks could raise fund with capital is Initial Public Offering (IPO) for the unlisted company and Right Issue for listed company. Since PT. Bank Mandiri (Persero) Tbk, is the biggest assets bank in the country, the only way to rise this source funding is right issue if they want to maintain their amount of capital. Right issue is preemptive right for the investor to keep their ownership percentage to prevent it from share dilution as the company raised more shares to the market. However, not everyone is aware of the possibly wealth dilution as the rising amount of shares sold at the lower price where at this research commonly called “value dilution”. The research objective is to determine how variables in right issue are interacting, Bank Mandiri’s value of right issue and the value dilution as well (with comparison with similar industry at the same year), value dilution  factors that determine value dilution of right issue decisions, also the forecast of future right issue on Bank Mandiri’s plan in 2018. Theoretical right price and theoretical ex-right price have been used as the base of formula and calculation in the research developed with simulation of various number of independent variable such as subscription price and exchange ratio to find result in the correlation of these variables to the value dilution. Also, forecast of following Bank Mandiri’s right issue in 2018 used the same formula but through different process where the current price in the future has to be estimated first and the number of issued share has to be determine to forecast the possibly value dilution and choose the best combination of subscription price and exchange ratio. Findings on this research reveal that Bank Mandiri has the highest right value and total wealth value dilution among the other similar industry company that done the similar corporate action at the same year (2011, compared with Bank Bukopin, Bank Danamon, and Bank QNB) while the share exchange ratio (N) is determining factor for the value dilution as the new share calculation in fraction result will affect the existence of value dilution. If the N resulting fraction number of new shares, subscription price will make the bigger value dilution as it going lower than the current market share. However, despite of value dilution increase it makes the right value increasing as well. Recommendation of following right issue in 2018 for Bank Mandiri is they can set the price of the subscription price between Rp8,562 to Rp17,425 per share if assumed they raise the amount of new share same as the right issue before in 2011 where they issued 2.336 billion of shares (so the N would be 9.889). However if company decided not to raise the amount of share same as previous right issue, company can issue 1,538,461,538 shares (with ratio 100 for 1501 shares) with the subscription price in Rp13,000. Keywords: Right issue, Bank Mandiri, BMRI, Theoretical Right Price, Theoretical Ex-Right Price.
Lease Versus Purchase: Case Study of PT. Ardhia Multi Parama Issadi, Alif Anandata; Nugroho, Anggoro Budi
The Indonesian Journal of Business Administration Vol 4, No 3 (2015)
Publisher : The Indonesian Journal of Business Administration

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Abstract.This study analyze and determine which financing method for DengarSaya, a digital production company, to get a recording studio and all needed equipment regarded to the studio which are born from the needs of DengarSaya to having its own recording studio for its main core value creation. DengarSaya itself is a digital production company which offers and provides services to make digital products concentrated in music, video, and graphic production. The target customer is every person or institution that needs digital products. However, as an early established SME, DengarSaya wants to gain recording studio with the most efficient financing method. Meanwhile, purchase the asset by cash is seems not attractive for DengarSaya since its financial situation it has. In order resolve the problem, this study use collecting data, literature comparative study, financing method calculation and evaluation, decision making technique, difference between financing scheme, also sensitivity analysis to determine which financing method fit best for DengarSaya. These method and technique will give overview about the condition of DengarSaya, the situation in the related industry, and which financing method is the most attractive for DengarSaya; to lease or to purchase by cash and absorbed the risks on their own which can be mitigated by insurance premium. This study resulting in leasing as the most attractive financing method for DengarSaya, explained in narrative form. It also resulting an implementation plan and which financing scheme fit best is selected as a picture of the most possible and a recommendation to the company for use as a reference in determining and providing the tangible asset needed.Keywords: DengarSaya, finance, leasing, purchase by cash, financing method, SME, NAL (Net Advantage to Leasing), Sensitivity analysis, Decision Tree, PV cost, digital production.  
Asseessment of Cost Efficiency of Hospitality Business Case of SYNN - A state-owner Business Unit Nawazir, Aysa; Nugroho, Anggoro Budi
The Indonesian Journal of Business Administration Vol 4, No 7 (2015)
Publisher : The Indonesian Journal of Business Administration

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Abstract  – Financial reforms in government agencies demanding change from the traditional budgeting system towards performance-based budgeting. Financial reforms in the form of the Public Service Agency (PSA) is intended to provide public services such as the provision of goods and / or services which sold without profit orientation and run activities based on the principles of efficiency and productivity. SH University became PSA since 2008 and since then all the faculty and the business unit that lead by SH University follow BLU system. SYNN as a business unit is a facility built to support the development of the University of SH, this business unit provides services to internal and external parties of SH University in the form of provision of accommodation services and hall  rental services based on principles of productivity and efficiency. In running its business SYNN is very much governed by SH University in controlling the use and reporting of its fund. SYNN spend various expenses through several budgeting funds. Some of expenses are not detected thus the actual cost of running the business is not known, hence there is a tendency of overstated profit and difficulty in cost efficiency management. This alarming situation can lead to wrong judgement in making strategic decision. Another alarming financial condition is stagnant growth and tendency in declining sales revenue in the last eight years. Management team and operational staff have not maximized the potential growth proved by low room occupancy rate. By gaining expected potential grow can help contribute more in maximizing shareholders’ and stakeholders’ value.As one of its characteristic, PSA allows flexibility and autonomy in running its operation; flexibility in financial management, flexibility in asset management and goods/asset procurement. However, it is still difficult to apply by SYNN. As a business unit that is managed by the University, SYNN is still treated equally in doing business with faculty and lack of autonomy to do their business. So the operational team is difficult to move quickly in running the business.This study is expected to provide an overview to the management team, principle and operational team about the actual financial condition of SYNN so that improvements in areas related to  decline in productivity and efficiency can be done. Recommendations resulting from this study is expected to improve the performance of the financial sector in particular and increasing SYNN overall business growth in the future. The study also outlines recommendations for improvement and implementation plan.Keywords: Hospitality Business, Public Service Agency, Revenue, Improvement, Cost, Efficiency
Co-Authors Abiazka, Hifzhan Aditya Budidharma, Aditya Alexander Sinabutar, Alexander Alif Anandata Issadi, Alif Anandata Arasyan Albar, Arasyan Aysa Nawazir, Aysa Benhard Martin Pasaribu Dimas Satrio Rubiyoso Doddy Rachmat Faishal Ahmad Farrosi Hilmi Farizan Hakim Khadijah Ayu Miranti Raden Gunung Adityoso, Raden Gunung Venna Tri Kartika, Venna Tri Vinley Angelica Kurniawan, Vinley Angelica Wisnu Bayuaji Pramono