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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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The Impact Of Equity Research And Stock Split On Stock Liquidity And Stock Return A Study Case On Indonesia Stock Exchange Florida, Vera; Soekarno, Subiakto
The Indonesian Journal of Business Administration Vol 3, No 5 (2014)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Abstract- This research is intended to find wether equity research and stock split may create stock liquidity in Indonesia Stock Exchange, effectively. Stock liquidity is measured with liquidity ratio. Hypothesis testing is needed to prove that there are significant increase in stock liquidity after stock split or equity research conducted as well as to determine what kind of listed companies should be permitted to conduct stock split.  The results are equity research increased stock liquidity significantly, stock split increased liquidity at announcement date but it is non significant and liquidity of listed companies with higher stock prices increased significantly when they conducted stock split.   Key word: equity research, stock split, stock liquidity
Discriminant Function Analysis to Distinguish the Performance of Information and Communication Technology (ICT) Companies (A Study of U.S. Companies Listed in U.S. Stock Market) Soekarno, Subiakto; Kinanthi, Enggar Sukma
The Asian Journal of Technology Management (AJTM) Vol 13, No 2 (2020)
Publisher : School of Business and Management Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2020.13.2.2

Abstract

Abstract. The growing important role of ICT companies in digital era has attracted many institutions and researchers to conduct studies to measure the value creation created by digitalization. However, not many of them emphasize the importance of financial information as a performance measurement for ICT companies that are useful for their sustainability in the rapid pace of technology. Therefore, this study aims to find the importance of financial ratios in assessing the performance of ICT companies. This study uses discriminant function analysis to find the best financial ratios that distinguish the ICT companies’ performance based on their grade in the credit ratings. The scope of this study is 70 US-based companies listed in US stock market within ICT groups with 35 companies in each group of Investment Grade and Non-investment Grade. There are 4 financial ratios that best discriminate the performance between the two groups which are ROA, CFO to current liabilities, total debt to EBITDA, and CFO to net sales. This model has a predictive accuracy or early warning ability of 87.1% in the latest full-year financial statements prior to rating date and 80% in the longer period (up to 3rd last full-year financial statements prior to rating date).Keywords:  Discriminant function analysis, financial ratio, performance, information and communication technology
How financial literacy affect risk preference: an evidence from Bandung, Indonesia Muzakky, Faqih Ahmad; Soekarno, Subiakto
Jurnal Riset Akuntansi dan Keuangan Vol 9, No 1 (2021): Jurnal Riset Akuntansi dan Keuangan. April 2021 [DOAJ & SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v9i1.29202

Abstract

Financial literacy and risk preference become issues that attracting the attention of researchers. We analyse a survey that held in Bandung, Indonesia to measure financial literacy and study its relationship on risk preference through online questionnaire. We investigate the effect of financial literacy that measured by numeracy, inflation, interest compounding, time value of money, and money illusion into set of questions that represent risk appetite indicators. As results, financial literacy shows significance relation into risk preference at 5%. Moreover, four demography factors are added for control variables in this research. Age and gender shows significance relation at 1% while marital status and formal education is not effective to affect risk preference.
Financial Performance Analysis of PT Waskita Karya Related to Its Initial Public Offerings Stock Price and Future Prospect Lukmana, Marlisa; Soekarno, Subiakto
The Indonesian Journal of Business Administration Vol 2, No 12 (2013)
Publisher : The Indonesian Journal of Business Administration

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This final project attempted to analyze Waskita Karya decision to get the fund from initial public offerings, analyzes the factors that caused Waskita Karya’s IPO share oversubscribed until 800%, analyze the prospect of Waskita Karya by forecasting its stock price at the end 2013 with using Discounted Cash Flow (DCF) and Relative Valuation method. Moreover, author also give recommendation for investor and management of Waskita Karya related to its capital structure in order to maximize its firm value. Keywords: Initial Public Offerings (IPO), Discounted Cash Flow method, Relative Valuation, Capital Structure, Construction Industry, State-Owned Company
Feasibility Analysis of Assessment Program and Professional Certification in Ensuring and Maintaining Employess Competence to Increase Value of PT Krakatau Steel (Persero) Tbk Kunariadi, Didik Sugeng; Soekarno, Subiakto
The Indonesian Journal of Business Administration Vol 2, No 15 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

PT Krakatau Steel (Persero) Tbk is currently faced with the situation of business conditions characterized by raw material prices continue to rise and operational costs wastage resulting in increased cost of goods sold thus decrease the profitability of the company. Many factors can cause these problems, one of it is determined by the competence and professionalism of the employees, especially those directly related to the production line. HR competencies problems caused by the company does not have a model to ensure and maintain the specific competencies of employees who refer to job competence standards through the implementation of the competency assessment to give recognition to the professional certification/ allowances are integrated so that has an impact on the operating cost savings program (increasing the value of the company) as well as improvement specific competencies program of employees through training programs. Based on the analysis of the questionnaire influences the relationship between professional certification and organizational performance that is filled by the managements of the company's management indicated that professional certification and significantly positively related to organizational performance.
Analysis of Corporate Financial Decisions at PT Telekomunikasi Indonesia Tbk in Order to Increase Its Firm Value Whuana, Wiweka Reksa; Soekarno, Subiakto
The Indonesian Journal of Business Administration Vol 3, No 10 (2014)
Publisher : The Indonesian Journal of Business Administration

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Abstract— Any firm goes through the same life cycle – start up, rapid expansion, high growth, mature growth and decline. There are similar characteristics shared by firms within the same phase of life cycle in term of choices to increase firm value. They also typically share the same financial performances although some firm may not face the same circumstances. But it is rather an exception than the norm. PT Telekomunikasi Indonesia, Tbk (Telkom) has seen its growth decelerating. While on the other hand, it wishes to achieve market capitalization ofIDR 300 trillion by 2015. This paper analyzes corporate finance decisions of Telkom in its bid to increase the stock price. This study also employ the concept of corporate finance as outlined by Damodaran (2010), in which corporate finance can be detailed into three important decisions: investment, financing and dividend decision. This study found the investment decision, represented by IDN, to be feasible from the valuation standpoint. However, it is subject to Telkom satisfying several assumptions. The capital structure of Telkom is also found to be optimal, in the sense that the cost of capital is the lowest. On dividend front, this study concluded that Telkom still has more cash to be returned to the shareholders.The implementation of IDN should be done in an orchestrated and well-planned manner. Units responsible for deploying the capital expenditure should keep up with the schedule. Any late deployment will impact the ability of Telkom to grab certain markets. While for returning cash to shareholders, this study prefer stock buyback to dividend as the former provides more flexibility.           Keyword: Corporate Finance, Valuation, Capital Structure, Dividend, Stock Buyback
Technology Transfer Challenges in Indonesia: An Experience from Industry Turbine Overhaul Soekarno, Subiakto; Maya Damayanti, Sylviana; Samsu Wibowo, Putri Maharani
The Asian Journal of Technology Management (AJTM) Vol 2, No 1 (2009)
Publisher : School of Business and Management Institut Teknologi Bandung

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This paper discusses the problems and challenges that Indonesia faces in the process of its technology transfer. Matters discussed in this paper are based on the lead writer’s personal observation and experience of the technology transfer taking place in Indonesia’s turbine maintenance and overhaul industry.The first challenge faced is the lack of basic skills on the part of factory workers. The next challenge is the lack of supporting industries. Furthermore, the low level of English proficiency of the workforce has contribution to the technology transfer problems. Final challenges are the low credibility of the government entities that oversee the turbine maintenance industry in Indonesia. The steps undertaken in the technology transfer in the turbine maintenance and overhaul industry in Indonesia is done through several complex stages.Keywords: challenges in the transfer of technology, technology transfer in Indonesia, turbine maintenance and overhaul industry.
Analysis of Financial Ratio to Distinguish Indonesia Joint Venture General Insurance Company Performance using Discriminant Analysis Soekarno, Subiakto; Azhari, Dhinda Arisyiya
The Asian Journal of Technology Management (AJTM) Vol 3, No 2 (2010)
Publisher : School of Business and Management Institut Teknologi Bandung

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Abstract

Insurance industry stands as a service business that plays a significant role in Indonesiaeconomical condition. The development of insurance industry in Indonesia, both of generalinsurance and life insurance, has increased very fast. The general insurance industry itselfdivided into two major players which are local private company and Joint Venture Company.Lately, the use of statistical techniques and financial ratios models to asses financial institutionsuch as insurance company have been used as one of the appropriate combination inpredicting the performance of an industry. This research aims to distinguish between JointVenture General Insurance Companies that have a good performance and those who are lessperforming well using Discriminant Analysis. Further, the findings led that DiscriminantAnalysis is able to distinguish Joint Venture General Insurance Companies that have a goodperformance and those who are not performing well. There are also six ratios which are RBC,Technical Reserve to Investment Ratio, Debt Ratio, Return on Equity, Loss Ratio, and ExpenseRatio that stand as the most influential ratios to distinguish the performance of joint venturegeneral insurance companies. In addition, the result suggest business people to be concernedtoward those six ratios, to increase their companies’ performance.Key words: general insurance, financial ratio, discriminant analysis
DETERMINANTS OF CAPITAL STRUCTURE’S ADJUSTMENT SPEED: EMPIRICAL ANALYSIS OF REAL ESTATE, PROPERTY, AND CONSTRUCTION FIRMS Subiakto Soekarno; Eggy Muhammad Prayoga; Indra Yudha Mambea
Jurnal Bisnis Manajemen Vol 22, No 1 (2021): March 2021
Publisher : Fakultas Ekonomi dan Bisnis Universitas Padjadjaran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24198/jbm.v22i1.545

Abstract

This study explored the determinants of capital structure, optimal capital structure, and adjustment speed in real-estate, property, and construction firms in Indonesia. It conducted a quantitative analysis of the annual report of 25 listed firms by employing a generalized method of moment approach with panel data to estimate the result. Results showed that the determinants of capital structure, such as profitability, tangibility, size, and liquidity, have a negative impact on leverage. By contrast, a non-debt tax shield has a positive impact. Based on the regression result, firms have an optimal capital structure target with a yearly adjustment speed of 80%. Furthermore, calculation of optimal target structure shows that firms require approximately three years to meet the discrepancy between their current capital structure and the targeted capital structure.
Optimal Investment Portfolio Analysis Using The Markowitz Model For Stock In Each Sector In The Indonesia Stock Market During Covid 19 (2020-2021) Fitria Ulina Meliala; Subiakto Sukarno
Journal Research of Social Science, Economics, and Management Vol. 2 No. 8 (2023): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v2i08.399

Abstract

The COVID 19 pandemic in early March 2020 starting from Wuhan had a very large impact on the global economy and the Indonesian economy, the COVID 19 pandemic forced the government to establish a PPKM policy (Implementation of Restrictions on Community Activities) to suppress the spread of Covid 19 in Indonesia. Indonesia's State Gross Domestic Product fell in the second quarter 2021 amounting to -5.32% and also having an impact on the stock market in Indonesia at January 02 2020 the JCI was recorded at 6283 fell to 3937 in March 24 2020 (minus 36.77%) in March 2020. The results of this study using 22 of the stocks representing 11 sectors in the stock market in Indonesia obtained a maximum Sharpe ratio calculation of 31.57% with a weekly yield of 1.48% and a standard deviation of 4.39% and a maximum yield with a Sharpe ratio of 31.29% and a yield weekly yield of 1.37% and a standard deviation of 4.08%, the result of the minimum standard deviation with a Sharpe ratio of 5.92% with a weekly yield of 0.24% and a standard deviation of 2.51% and the results of Portfolio in the efficient frontier namely portfolio 6 with a Sharpe ratio of 30.94% and weekly yield of 1.3% and a standard deviation of 3.9%. For investors who want to optimize their portfolio, they can choose stocks with optimal Sharpe ratios that already pay attention to risk-adjusted return.
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