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All Journal Journal of Business and Management The Indonesian Journal of Business Administration JAM : Jurnal Aplikasi Manajemen The Asian Journal of Technology Management (AJTM) Jurnal Bisnis dan Manajemen Jurnal Riset Akuntansi dan Keuangan Journal of Economic, Bussines and Accounting (COSTING) Jurnal Ilmiah Administrasi Bisnis dan Inovasi TECHNOBIZ : International Journal of Business International Journal of Science and Environment Journal Research of Social Science, Economics, and Management ManBiz: Journal of Management and Business
Subiakto Soekarno
School of Business and Management, Institut Teknologi Bandung, Indonesia
Religion Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Mathematics Physics Social Sciences

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Financial Performance Assessment of PT Pelabuhan Indonesia II (Persero) in Comparison with other Port Companies Locally and Globally Okitanya, Rininta Rizkia; Soekarno, Subiakto
Journal of Business and Management Vol 1, No 4 (2012)
Publisher : Journal of Business and Management

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Abstract

Two-thirds of Indonesia is water. Thousands lined the island of Sabang to Merauke. As an archipelago, marine transportation plays an important role in the development of Indonesia. Supported by Indonesia's strategic location as it is situated at the crossroads of world trade routes. Therefore it required sea transportation system that is reliable and efficient. This can be achieved if the management of the navy, both shipping companies and port operator operates properly and professionally.This study focuses on the performance of the port operator, PT Pelabuhan Indonesia II, which has its head office in Jakarta. PT Indonesia II port operational areas of the company covers 10 provinces and it has three subsidiaries, affiliate one, two business units and one joint operation.The performance that discussed in this study focused on financial performance, since only a company with good financial performance that can perform the operations well too.This final will discuss the performance of PT Pe4labuhan Indonesia II and will also be compared with other companies in the same industry both locally and globally. The author will use some framework. In the end, come to the conclusion and recommendation for PT Pelabuhan Indonesia II to achieve better performance.As a conclusion, PT Pelabuhan Indonesia II almost rivaling global competition a leader in several assessment framework, with an optimal capital structure when the WACC minimized at 53% of debt and 47% of equity while the maximum of firm value of IDR 8,620,465,240,669.Keywords: Archipelago, Port, Performance, Comparison, Financial statements analysis.
Financial Performance Assessment of PT. Angkasa Pura II in Comparison with other Airport Companies Locally and Globally Agustina, Meidita; Soekarno, Subiakto
Journal of Business and Management Vol 1, No 5 (2012)
Publisher : Journal of Business and Management

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Abstract

In relation to the magnitude of migration on population growth is causing many residents Indonesia, especially Jakarta, who was traveling out of town after another. It cause the number of users of transportation between the city / country is becoming increasingly high, especially aircraft.PT Angkasa Pura II is a monopolistic market, where they have no competitor in its country. Growth in passenger numbers continued to move up to 18.5% since 2010. Development of airport development depends on economic growth in the country. In accordance with the type of market is monopolistic market segments, the airport is quite focused on the stability of their internal performance.This final project presents the reader about how important analyzing the performance assessment in order to reach the best performance. The final project will talk about the performance assessment of PT Angkasa Pura II, through several frameworks, compared to other companies in same industry locally and globally. Then ended by conclusions and recommendation for PT Angkasa Pura II in order to reach a better performance.As a conclusion, PT Angkasa Pura II almost compete the global competition even been a leader in several assessments, with maximum firm value of IDR 11,304,648,783,186.Keywords: airport area economic development, financial statements analysis, airport industry, passenger movement.
Constructing Optimal Portfolio From First State Investments indonesia's mutual Funds Period Eka Putra, Chandra; Soekarno, Subiakto
Journal of Business and Management Vol 2, No 1 (2013)
Publisher : Journal of Business and Management

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The goal of this thesis is to construct an optimal portfolio based on Markowitz’s modern portfolio theory from First State Investments Indonesia’s mutual funds. The time horizon of this thesis is from the beginning of 2009 until the end of 2011. There are 3 optimal portfolios that have been created. Those 3 are Maximum Return portfolio, Minimum Stadev portfolio, and Maximum Sharpe Ratio portfolio. The creation of those 3 portfolios was helped by the MS Excel Solver add-ins to determine the weights of each mutual fund in a portfolio. Then those 3 portfolios compared to each other and the market with some performance measurements like Sharpe ratio, Treynor ratio, and Jensen’s Alpha. The calculation creates a result that the best performance achieved from those 3 portfolios is the Maximum Sharpe Ratio portfolio because the portfolio generates the highest Sharpe ratio. The highest Sharpe ratio according to Markowitz is the most optimal portfolio. That portfolio exceeds the market in terms of performance with 0.0674% average daily return and 0.5640% average daily standard deviation. This thesis focuses only for the NAV of 6 First State Investments Indonesia’s mutual funds, JCI historical data, and BI rate from 2009 until 2011. The outcome of this thesis is an investment to the Maximum Sharpe Ratio portfolio which has the best performance according to Markowtiz’s modern portfolio theory among the other portfolios, mutual funds, and the market from 2009 until 2011. There are changes in the NAV, JCI’s closing prices, and BI rate to support the proposed optimal portfolio strategy. This research creates an optimal portfolio based on Markowitz’s modern portfolio theory of First State Investments Indonesia’s mutual funds for investors. Keywords: Optimal Portfolio, Mutual Fund, First State Investments Indonesia, 2009-2011.Category:Finance; Performance Management.
Comparison of Unit Link Product in Indonesia: Study of Insurance and Unit Link products Performance Sricista, Madiasta; Soekarno, Subiakto
Journal of Business and Management Vol 2, No 3 (2013)
Publisher : Journal of Business and Management

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Abstract

Risks can come at any time, living in Indonesia have a greater risk than living in many developed countries because the government has reduced the lives risks. All of the risks are a blessing for some companies that offer insurance. Development of insurance in Indonesia cannot be separated from the rising level of economic performance, so that the insurance industry continued to a significant increase over the last 5 years. Growth of the insurance industry, making more types of insurance offered. Unit Link products is one of the booster of production premium in the life insurance industry. Unit Link products are modern insurance that combine with insurance and investment inside. Through investment product combined with insurance, raises many pros and cons regarding the products performance optimization. To determine the performance of the Unit Link products, it will be carried out performance analysis of each product in term of insurance and investment. There are four bancassurance companies were selected as research sample; Axa Mandiri, BNI Life, CIMB Sun Life, and Commonwealth Life. Also Prudential become the benchmark to determine the performance of bancassurance. From each company will take one Unit Link product as samples to be compared. In terms of the performance of the insurance will be based on the performance optimization of the product indicated by the allocation dues cost of insurance and amount of insurance money that can be generated. The performance of the investment will be based on returns generated in accordance with the investment allocation of each company. The data is used as the basis of net asset value (NAV) based on historical data. Returns generated will be used as a variable comparison with each product and also be analyzed by the method of risk adjusted performance, namely Sharpe Index. The results of the calculation will be used as a comparison of each Unit Link products and will be compared to the market index (IHSG) as a benchmark. Keywords: Unit Link, insurance, Sharpe Index, performance, bancassurance--------------------------DISCLAMER: This paper is created by undergraduate students of School of Business and Management ITB in partial fulfillment of the requirement of the degree Bachelor of Management. Journal of Business and Management is not responsible for the content, opinions, or any other materials expressed here.
Financial Performance Assessment of PT Bumi Resources Tbk in Comparison with other Coal Mining Companies and Estimating the Company Value Farizan, Radhitya Avila; Soekarno, Subiakto
Journal of Business and Management Vol 3, No 7 (2014)
Publisher : Journal of Business and Management

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Abstract

In the latter half of 2009 until the beginning of 2011, Indonesian coal mining industry experiences an escalation as the increase of global coal mining prices. However from the year 2011 to 2013, coal price is declining. This condition caused by the oversupply of global coal productions. PT Bumi Resources Tbk (BUMI), one of the local mining companies has experienced a downward in the stock price and uncertainties regarding its feature prospect in the long run. This caused by the coal price that significantly decline. From the explanation above, author would like to analyze the company performance and make a comparison with the other local coal mining companies using several methods which are trend analysis, cross-section analysis, common-size financial statement analysis, and DuPont system of analysis. The benchmarking companies are the listed coal mining companies in Indonesia Stock Exchange. From the analysis that has been conducted, the financial performance of PT Bumi Resources Tbk is below the other benchmarking companies caused by several financial issues. Therefore, PT Bumi Resources require improvements to its financial performance to compete with the other coal mining companies. Based on income approach valuation, it indicates that PT Bumi Resources has experienced undervalue. It indicates that PT Bumi Resources Tbk has an opportunity to increase its value. Suggestions that can be given to PT Bumi Resources Tbk are effectively manage the level of debt, to be more effective in using its capital, and consider the cost and operating efficiency in order to improve the financial performance and compete better with the other coal mining companies.Key words: BUMI, financial performance, ratio, valuation
SEED CAPITAL FINANCING VALUATION OF M-HEALTH SERVICE STARTUP CASE STUDY: CAGEUR.IN Rachmat, Eraulia Nadinda; Soekarno, Subiakto
Journal of Business and Management Vol 6, No 3 (2017)
Publisher : Journal of Business and Management

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Abstract—Mobile Health or M-Health has becoming more popular in the effort of supporting healthcare services through mobile apps. In Indonesia, the government tries to reach a Universal Health Coverage (UHC) through its National Insurance program called JKN (Jaminan Kesehatan Nasional). As the growing members of JKN to reach the UHC, the number of patients who are going to go to the clinics will also increased. Sick patients will make clinics business spend higher cost that eventually will make them suffer from heavy losses. Cageur.in company is a startup founded in 2016 that tries to help reducing the cost of the clinics by reducing the number of sick patients through its digital platform for clinics. However they are still in the seed stage without any revenues and require some capital to finance its operational. Therefore they need to find a suitable source of financing to support their business. The purposes of this research are to find Cageur.in enterprise value in order to prepare Cageur.in to seek for seed capital financing. We will apply several valuation methods which are recommended for valuating the seed stage startups. From the assessment of five valuation methods the results show Berkus method generates USD 1,400,000 valuation, Scorecard method shows USD 900,999, Risk Factor Summation method shows USD 1,320,956, DCF shows a USD USD4,897,766 valuation and Venture capital method shows a USD USD 4,398,765  valuation. For a seed stage startup like Cageur.in, Berkus, Scorecard and Risk Factor Summation method are more preferable than the two following methods which are DCF and VC method. This is due to the lack of financial records that makes finding the right input factors used the later methods such as growth rates, cost of capital and other underlying financial assumptions for forecasting its future financial projections is difficult.Keyword: Financing, Healthcare, Seed Stage, Startup, Startup Valuation
The Analysis of Risk and Return Comparation Between Silver, Gold, JKSE, and Property in Pasar Kemis, Sukamantri, Kutajay, Gelam Jaya and Kutabaru Wards in Kabupaten Tangerang for Long Term Investment Putri, Lupita; Soekarno, Subiakto
Journal of Business and Management Vol 1, No 3 (2012)
Publisher : Journal of Business and Management

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Abstract

Nowadays, investment term has become a common word be heard and be talk of many people, from businessmen to students, even among the housewives. The understanding that the investment of capital or funds are placed in assets which are expected to provide benefits or the value will rise someday in the foreseeable future, it means investing is done by 'sacrificing' the potential of current consumption to get better opportunities or greater in the future. Generally, the purpose of investment is to fulfill the needs and desires in order to improve the quality of life. In order to achieve those needs and desires, then the investment is one of the best solution.  Indonesia's strong economic growth and favorable demographics make it a great country for investors, but there are several risks that investors should be aware of before committing any capital. There are several benefits of investing in Indonesia, Indonesia has strong historic growth. Indonesia has been one of the best performing investments throughout the world economic crisis that began in 2008. The types of investment instrument is quite widely and variously. It could be real or paper investment, such as stocks, bonds, mutual funds, precious metals, property, and even open your own real business. In this term, author will analyze risk and return of silver, gold, JKSE, and Pasar Kemis, Sukamantri, Kuta Jaya, Gelam Jaya, Kuta Baru Property in KPP Kosambi, Tangerang.  Methodology used in this research are Problem Identification, Theoretical Foundation, Data Collection, Data Analysis, and the last step is Conclusion and Recommendation. These steps need to be conducted in order to complete the project. Basically, the writer want to analyze the risk and return and give the result to determine the highest return of instrument  investment the recommendation for retirement financial purposes. Correlation must be analyzed also for the recommendation for the choices of investment proportion.  The Conclusion came out with Pasar Kemis property as the best investment instrument with the highest point in Treynor in risk adjusted method. The combination of two investment which came out with the best correlation is Pasar Kemis property and Silver. These two investments give the most negative result which means that the movement towards market would be in contrast to each other and give the best diversified portfolio. Further research is could be the recommendation in order to construct an optimal portfolio investment.Key Words : Investment Instruments, Risk and Return, Silver, Gold, JKSE, Property
The impact of good corporate governance implementation and fundamental factors on company’s market performance (a study of listed companies in indonesia stock exchange in 2010-2013) Dwijayanti, Mita; Soekarno, Subiakto
The Indonesian Journal of Business Administration Vol 5, No 1 (2016)
Publisher : The Indonesian Journal of Business Administration

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Abstract -  GCG implementation was believed will help companies and countries which were in a cricis condition rising towards to a better conditions, competitive and restore the investor confidences. Therefore, the improvement of GCG implementation in Indonesia, especially for Publicly Listed Companies became main priority because it was one of the companies’ key to successful growth as well as giving long term benefits for the companies to win the bussiness competition. Many efforts were made to improve awareness of all parties about the importance of GCG implementation in Indonesia, as well as IDX which always try to improve GCG implementation of Listed Companies.This research was done to find out the impact of GCG implementation to the market performance of the companies which listed in IDX. GCG implementation will be proxied by the value of Corporate Governance Perception Index (CGPI). While company’s market performance will be proxied by PBV ratio. Besides, this research also try to find out the impact of fundamental factors, such as ROE, ROA, DER, growth and firm size to PBV. It was done to know what should be done by IDX to improve GCG implementation of the Listed Companies. This research uses multiple regression model in SPSS to test the correlation of GCG implementation, fundamental factors and company’s market performance. The samples are companies which listed in IDX from 2010-2013, have complete financial datas, and have CGPI value which released by The Indonesia Institute of Corporate Governance (IICG) from 2010-2013. The result shows that only ROE and DER variables which have significant impact to PBV at the level of significance (α) 10%. While CGPI, ROA, growth and firm size variables do not have significant impact to PBV. Those  results show that the benefit of GCG implementation to create added value to the stakeholders is still can be reflected well yet in Indonesia because of the variation of the GCG implementation that caused by the lack of strict legal rules regarding to the GCG implementation and also lack of awareness about the need of GCG implementation. Hence, IDX as one of the regulator in Indonesian Capital Market is expected to have a strict rule regarding to GCG implementation of Listed Companies and able to improve the awareness of Listed Companies, investors, and all parties in Indonesian Capital Market about the importance of GCG implementation through educational programs, seminars, and the other forms of coaching as well as incentive and reward programs. The budget to implement those plans could use budget of routine activities as well as budget specialized for workshop or seminar activities in IDX. Keywords: Good Corporate Governance (GCG), Corporate Governance Perception Index (CGPI), ROE, DER, Multiple Regression , Bursa Efek Indonesia (IDX).
Value Enhancement of PT Indosat Natalina, Melda; Soekarno, Subiakto
The Indonesian Journal of Business Administration Vol 3, No 11 (2014)
Publisher : The Indonesian Journal of Business Administration

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Abstract- PT IndosatTbk is one of the biggest three telecommunication provider in Indonesia. For the last five years, Indosat has a decreasing performance from its earning profit, revenue growth and share price that tend to decrease. In order to know the cause of decreasing profit is by analyzing its external and internal environment. External analysis is using PEST analysis or Political, Economic, Social and technology and five porter analysis to know its industry analysis. While internal analysis is used to know company performance from its revenue, expenses and profit earning. Besides, financial ratio analysis is used to compare its performance with competitor. Dupont analysis is used to analyze profit earning from Return on Asset and Return on Equity. Return on asset of Indosat in 2013 is  -0.05103 while ROE is -0.1684 due to negative earning profit. Eventhough Indosat still make profit, but from its economic profit the result is no economic value. The cause of decreasing profit is due to revenue growth is lower than other competitor also increasing expenses that cannot covered by its revenue. From internal and external analysis, telecommunication industry has a several player and number of subscriber from the biggest three company, Telkomsel, XL and Indosat are higher than number of Indonesia population. Proposed solution is how to increase its revenue  especially from data service that currently has an increasing demand and how to make cost efficiency. Solution is to increase its technology in order to serve costumer demand in data sector. The result can be seen from targeted stock price that would increase into Rp 7599,-Keywords: Financial Ratio, EVA, Discounted cash flow, Valuation
The Effect Soekarno-Hatta - Jakarta Railway Train Project to PT. Kereta Api Indonesia Financial Performance Nugraha, Adhi; Soekarno, Subiakto
The Indonesian Journal of Business Administration Vol 2, No 1 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Soekarno-Hatta is the largest and busiest airport in Indonesia. So far, the transportation route in and out of the airport is only via the highway road (toll or non-toll) that will pass ring road Jakarta. Currently, the growth of vehicles in Jakarta is very surprising to cause severe traffic jam. The traffic jam that often occured is also affected either directly or indirectly to the traffic conditions and from the Soekarno-Hatta Airport. Indonesia Government through Presidential Decree number 83 of 2011 assigned PT Indonesia Railway to build railway transportation infrastructure through a circular route Jakarta to Soekarno Hatta. The purpose is to develop alternative transportation to help reduce transport problems in the future. For PT KAI itself, as the government-owned company that has a public service obligation (PSO), the project must be done, but there will be a question of whether this project will give positive or negative impact for the company in the future, especially in terms of financial performance. Therefore, to analyze the velua added of this project, the future financial statements between if PT KAI do the project and if they don’t do the project must be compared. As a first step analyzed the financial condition of PT KAI current through the analysis of time series, cross section, a ranking based on two methodologies (BUMN & Moody's), and the current capital structure. Furthermore, the feasibility and demand analysis of the project will be presented as information. To determine how much value the project given, the projected consolidated financial statements and financial statement projections of the project will be conducted. Next step will compare and analyze the results of these projections, which are the consolidated financial statements without a project with projected financial statements consolidation plus project. From the results of the comparison will be observed whether the project also increased ratings of PT KAI. This research provides business solutions to PT KAI to improve financial performance and corporate value by increasing the financial indicators and investment rating. In the end, the project can be roled as a business solution in the future Keywords: Railway Train, Capital Structure, Project Investment, Financial Performance
Co-Authors Adhi Nugraha Anny Nainggolan, Yunieta Azhari, Dhinda Arisyiya Chandra Eka Putra Didik Sugeng Kunariadi Dwijayanti, Mita Eggy Muhammad Prayoga Febryansyah Djatu Rachman Fitria Ulina Meliala Indra Yudha Mambea Kinanthi, Enggar Sukma Lupita Putri Madiasta Sricista Marlisa Lukmana Maya Damayanti, Sylviana Meidita Agustina Melda Natalina, Melda Muhammad Rizky Amin Muhammad, Hemadanda Muzaffar, Mumtaz Muzakky, Faqih Ahmad Nugok, M. Dye Ralang Rachmat, Eraulia Nadinda Radhitya Avila Farizan Rininta Rizkia Okitanya Samsu Wibowo, Putri Maharani Sobrizal, Yudi Abdillah Sylviana Maya Damayanti Vera Florida, Vera Wiweka Reksa Whuana, Wiweka Reksa