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All Journal Journal of Business and Management The Indonesian Journal of Business Administration International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Jurnal Impresi Indonesia Journal Research of Social Science, Economics, and Management Eduvest - Journal of Universal Studies Journal Integration of Social Studies and Business Development IIJSE
Subiakto Sukarno
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Religion Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences

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Impact of the Implementation of Mining Law Number 4 Year 2009 and Minister of Finance Regulation Number PMK - 6/PMK.011/2014 Regarding Export Duty and Export Duty Tariff to PT. Freeport Indonesia Biran, Ludi Maulana; Sukarno, Subiakto
The Indonesian Journal of Business Administration Vol 4, No 11 (2015)
Publisher : The Indonesian Journal of Business Administration

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Abstract. This final project is regarding the curiousness of the author on the sustainability of PT Freeport Indonesia (“PTFI”) if the new mining law, Law Number 4 Year 2009 and its implementing regulation, Minister of Finance Regulation No. PMK - 6/PMK.011/2014 are enacted. The reason is, the implementation of the above law and regulation required PTFI to spend huge amount of money to establish a new purification company (in PTFI’s case is Smelter Company) and also disallowed PTFI to export its product. Since this is impacting the financial side of PTFI, its forecasted Financial Statement after the implementation of the said law and regulations should be assessed to find out whether PTFI will still provide financial benefit to its shareholders or not. Failed to satisfy the shareholders might provoke them to withdraw their investment that in its turn can stop PTFI’s operation due to lack of financing.The assessment of PTFI’s Financial Statement will use derivation of ratio analysis tools, DuPont Model Analysis and State Owned Company (“BUMN”) Scoring Method, to find out whether PTFI’s Financial Performance after the implementation of those law and regulation is still favorable for the shareholders or not, compare to the financial performance before the implementation of the law and regulation. Since the result of the assessment is not favorable for the shareholders, new strategies to overcome this problem should be setup. The proposed projects of Increasing Sales, Cost Reduction, Regulation Suspension, and Export Tax Discount, would worth to try, since they are proven can boost the Financial Performance of PTFI. Further, these project could also close Financial Performance gap between the Financial Performance before the implementation of the Law No. 4/2009 and MoF Regulation No. PMK - 6/PMK.011/2014 and the Financial Performance after the issuance of those law and regulation. At the end, there is no reason for shareholders to withdraw their investment at PTFI.Keywords: Favorable Financial Performance, Shareholders Satisfaction, Sustainability
Note On Portfolio Optimization An Empirical Study using Bisnis Index-27 and Gold as A Portfolio Asset Adhiatama, Zenda Christian; Sukarno, Subiakto
The Indonesian Journal of Business Administration Vol 1, No 2 (2012)
Publisher : The Indonesian Journal of Business Administration

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The global economic crisis in 2008, which originated in America impacted quite significant for the world economy. Slowing the growth of the economy was felt by some developed countries that are trading partners of the Americas. Exacerbated by this crisis Europe where some European countries have considerable debt and incriminating the economy of the countries. Decrease in the level of economic growth in developed countries, forcing investors to divert its funds shows that yield higher. Indonesia became a new spotlight for investor to invest their fund because of the economic growth and political stability.The emerge of new investment strategy makes investor confuse to choose the appropiate based on their risk profile. Using optimization model that create by Harry Markowitz and the combination of stock and gold as asset portfolio can be an alternative investment strategy for investor.   Keywords: stocks, gold, IHSG, correlation, modern portfolio, rebalancing
Stock Price Forecasting Accuracy Analysis using Mean Absolut Deviation (MAD) and Mean Absolute Percentage Error (MAPE) on Smoothing Moving Average and Exponential Moving Average Indicator (Empirical Study 10 LQ 45 Stock with Largest Capitalization from pe Halimawan, Alam Akbar; Sukarno, Subiakto
The Indonesian Journal of Business Administration Vol 2, No 13 (2013)
Publisher : The Indonesian Journal of Business Administration

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Indonesia stock market crash of 2008, in general the majority due to external factors. The recovery of the world economy had a positive impact on economic growth in Indonesia. LQ 45 stock is a stock that has a market capitalization of 45 stocks are the most liquid and capitalized great. Based on data obtained from sources (www.idx.co.id), the condition of the development of the stock price index LQ 45 from the fourth quarter of 2009 until the third quarter of 2010 increased by 99.75%. The situation above can be analyzed through technical analysis. Moving Average indicator provides information signal sale or purchase, as the determinant of the ongoing trend., Knowing the trend reversal (reversal), and Moving Average can be used to gain support and resistance. In general, there are several indicators to measure the accuracy of forecasting, the Mean Absolute Deviation (MAD), Mean Square Error (MSE) and Mean Absolute Error Percentage Error (MAPE). The samples used were the stocks that fall into the category LQ 45 in the period February 2013 - July 2013. The Result of Measurement showed that method with the smallest MAD and MAPE is the best method chosen to determine how much the stock price forecasting in a single month, the Exponential Moving Average method recommended by the company and the investors. Keyword: Smoothing Moving Average, Exponential Moving Average, Mean Absolute Deviation (MAD), Mean Absolute Percentage Error (MAPE),  LQ 45)
PT. Krakatau Steel (Persero) Tbk. Value Improvement through Financial Statement Benchmarking Basuki, Bambang Tri; Sukarno, Subiakto
The Indonesian Journal of Business Administration Vol 3, No 1 (2014)
Publisher : The Indonesian Journal of Business Administration

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Abstract-- From January 2011 to December 2012, KRAS price was continuously declining 46,22%.  On the same period, JCI was increased by 15,81%. To look into KRAS performance, benchmarking method was used to look into financial reports and financial ratios. The figures being benchmarked are Current Ratio, ROE by DuPont Method, Altman Z-Score and Sustainable Growth Rate (SGR). The Benchmarking between KRAS, 8 other publicly IDX’s iron and steel companies and the best global player POSCO are done using average and aggregate methods. The problem faced by KRAS are ROE amounted -2.67% Current Ratio 1,12.  KRAS‘s Altman Z-score 1.49 was on the DistressZone. KRAS’s SGR decline to -4.85 %. There are five objectives in formulating the alternative business solution.  Firstly, is to increase Current Ratio higher than 1.20.  Secondly, is to increase ROE above 0.0% Thirdly is to increase Altman Z-score to be higher than 1.81. Fourth is to increase SGR to be higher than 0% Lastly is to give a positive signal to investors and market players. Compiled from 6 alternatives, alternative 6 is selected because meet all the objectives of the business solution. Keywords: Current Ratio, ROE, Altman Z-Score, SGR, Aggregate
The Application of Dividend Yield Based Investment Strategy in Indonesian Stock Exchange Ekaputra, Adriansyah; Sukarno, Subiakto
The Indonesian Journal of Business Administration Vol 1, No 1 (2012)
Publisher : The Indonesian Journal of Business Administration

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Stock market development in Indonesia is growing rapidly, coupled with the increase of Indonesia’s investment rating by investment research and rating companies such as Moody’s and S&P, it makes Indonesian stock market look sexy in the eyes of investors from various countries. The investment strategy that simple and applicable is often sought by investors to maximize the investors’ portfolio. One investment strategy is evolving but still not widely used in Indonesia is an investment strategy based on dividend yield. Dividend yield based investment strategy such as the Dogs of the Dow is quite popular in the United States, but the use of this investment strategy in Indonesia is still quite uncommon. Therefore, the expected investment strategy in Indonesia may provide a favorable outcome. The main issue of writing this final project is whether the application of dividend yield based investment strategy on the Indonesia stock exchange, especially in LQ45 stock index so that it can produce such good results as on the Dow Jones stock index. The research to analyze the application of dividend yield based investment strategy used historical data of LQ45 stocks from period 2006 to 2011. Closing prices of the end of the year and the annual dividend of the companies are the components to calculate dividend yield. The portfolio is formed from the 10 highest dividend yield stocks. The research show that dividend yield based investment strategy can give high performance and also simple to apply. With an investment strategy that provides a profitable portfolio for investors, investment companies may also attract investors to invest in their products. Individual investor could also develop their portfolio using the investment strategy to maximize their profit themselves. Keywords: Indonesian stock exchange, dividend yield, investment strategy. 
Stock Valuation of PT Indika Energy Tbk: Impact of Net Zero Emission Transition Mohammad Rusyad Salim; Sumirat, Erman Arif; Sukarno, Subiakto
Journal Integration of Social Studies and Business Development Vol. 1 No. 2 (2023)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v1i2.121

Abstract

Climate change drives countries and the private sector to reduce their emission. Investors are becoming aware of sustainability issues and are more likely to prioritize companies demonstrating strong ESG. Adapting to this condition, coal mining companies in Indonesia are improving their ESG performance, one of which is PT Indika Energi Tbk (INDY). As one of the biggest mining companies in Indonesia, INDY has carried out sustainability initiatives and made it one of the companies with the best ESG scores compared to its competitors. However, Indika Energy's good ESG performance was not followed by its good stock performance. This phenomenon initiated the author to analyze how the business transition to low-carbon and Net Zero Emission (NZE) development by INDY will affect the stock valuation. The valuation was based on the Discounted Cash Flow (DCF) method, forecasting ten years of future financial statements considering the company's past performance and strategy. The evaluation was conducted under the Business-As-Usual (BAU) and the NZE Transition Scenario. The author also calculates relative valuations to achieve a more thorough and robust assessment of company value. Based on the DCF method, the intrinsic value of INDY is Rp 2,899 and Rp 2,726 per share for BAU and the NZE Transition Scenario, respectively, while the market price of a share is 1,910 as of the end of Jun-23, which indicated that current share price is undervalued. Therefore, it is recommended that investors buy INDY stock at the current price. The results also showed that the company's diversification strategy did not increase the value of its shares. This outcome might be attributed to the lack of strong incentives from the government or the capital market for supporting sustainable business practices. The company should take the initiative to increase the value, optimize capital structure, and assess assets.
Stock Valuation Of Pt Unilever Indonesia Tbk: Assessing Financial Impact Of Economic And Industry Pressures In The Fmcg Sector Jota, Astrid Laregan; Sumirat, Erman Arif; Sukarno, Subiakto
Jurnal Impresi Indonesia Vol. 4 No. 6 (2025): Indonesian Impression Journal (JII)
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jii.v4i6.6793

Abstract

This study examines the financial performance and stock valuation of PT Unilever Indonesia Tbk (UNVR.JK) amid mounting economic and competitive challenges in Indonesia's fast-moving consumer goods (FMCG) sector from 2020 to 2024. Unilever Indonesia, a market leader in household and personal care products, experienced deteriorating financial performance during this period, evidenced by declining revenue, profit margins, and market valuation. Macroeconomic pressures, including inflation, rupiah depreciation, rising operating costs, and shifting consumer preferences, have directly affected profitability and investor confidence. The company's net profit declined from IDR 5.8 trillion in 2021 to IDR 3.4 trillion in 2024, and its revenue dropped from IDR 38.6 trillion to IDR 35.1 trillion. The results indicate that although Unilever Indonesia has strong brand equity and a nationwide distribution network, the company suffers from supply chain inefficiencies, a high dependency on imported raw materials, and a limited ability to respond to rapidly evolving consumer behavior. Its market share has significantly declined, exacerbated by geopolitical boycotts and intensifying competition from nimble local companies such as Indofood CBP, Kino, and Mayora Indah. Macroeconomic variables, particularly inflation and exchange rate volatility, were found to have a statistically significant influence on financial performance and stock price volatility. Valuation analysis reveals that Unilever's intrinsic value, estimated through Discounted Cash Flow and Dividend Discount Model, exceeds its current market price. This indicates potential undervaluation if the company achieves operational improvements and strategic realignment. Based on these findings, the strategic recommendations proposed are diversifying the supply chain to reduce exposure to imported inputs, accelerating digital transformation across marketing and distribution, expanding into high-growth categories aligned with health and wellness trends, strengthening risk management frameworks to hedge macroeconomic shocks, and restructuring cost base to improve long-term profitability .
EVALUATION OF COAL DETERMINATION AS TAXABLE GOODS AND ITS EFFECT ON VAT TAX PLANNING & FINANCIAL STRATEGY TO OPTIMIZE FINANCIAL PERFORMANCE OF PT ABC Yulianto, Tomi; Sukarno, Subiakto
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7609

Abstract

PT ABC, a coal mining company, is preparing to undertake major infrastructure projects specifically the construction of Train Loading Systems (TLS) 6 and 7 to enhance logistics capacity and operational efficiency in line with its long-term goals. However, implementing both projects simultaneously require significant funding, potentially straining the company’s liquidity. To ensure financial sustainability, an integrated strategy is necessary during the investment phase. This research applies both quantitative and qualitative methods to develop a financial strategy that supports project execution without disrupting core operations. The strategy focuses on optimizing financing structures and tax planning, particularly through the use of input VAT to improve cash flow. Two alternative financing schemes were analysed: Alternative I, combining tax optimization with debt securities; and Alternative II, combining tax planning with bank financing. Simulation results show that Alternative II offers better financial outcomes. It provides greater cost efficiency and less strain on cash flow during construction. Under this approach, interest expenses are deferred until commercial operations begin, and Interest During Construction (IDC) is capitalized into the asset and loan balance. This results in a structured repayment schedule that lowers future interest burdens. Conversely, Alternative I requires fixed quarterly coupon payments from the outset, placing continuous pressure on cash flow and the income statement throughout the construction period. Given these considerations, Alternative II is recommended as the more financially sustainable option, allowing PT ABC to proceed with its infrastructure projects while maintaining healthy operational liquidity.
The Role of Macroeconomics and Financial Performance in Shaping Stock Returns: Evidence From the Coal Industry on the Indonesia Stock Exchange Nurrahman, Ahmad Rizki; Sukarno, Subiakto
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.v5i10.51419

Abstract

This study investigates the influence of macroeconomic variables and financial performance on stock returns in Indonesia’s coal industry over the period Q1 2015 to Q4 2024. Amid global uncertainty and the prolonged energy transition, coal remains a critical contributor to Indonesia’s economy and capital market. However, the sector faces increasing volatility and policy risk. Through panel data regression analysis, this study evaluates the effects of inflation, exchange rate, and coal price as macroeconomic indicators, along with financial performance variables including Gross Profit Margin (GPM), Return on Assets (ROA), Return on Equity (ROE), Current Ratio (CR), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Price to Book Value (PBV), and Price to Earnings Growth (PEG) on stock returns. The findings reveal that coal prices and financial performance indicators such as ROA, ROE, and PBV have a significant positive effect on stock returns, while inflation and exchange rate demonstrate mixed or insignificant impacts. The research confirms that strong internal performance and favorable external commodity conditions are key drivers of investor interest and stock valuation. This study provides valuable insights for investors, corporate managers, and policymakers in understanding the dynamics of the coal sector in Indonesia's capital market.
PORTFOLIO OPTIMIZATION USING MARKOWITZ METHOD FOR CRYPTOCURRENCY, INDONESIA STOCK MARKET, AND GOLD (2014–2024) Zaidaan Rizq Vinsa Putra; Subiakto Sukarno
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 1 (2025): February
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i1.2494

Abstract

This research focuses on portfolio optimization by leveraging Markowitz Modern Portfolio Theory (MPT) along with Sharpe ratio to analyze the inclusion of Bitcoin in diversified investment portfolios along with the LQ45 Index and gold. The methodology begins with collecting historical data of the underlying asset and the risk-free rate during the period from October 2014 to October 2024, followed by calculating the expected returns, standard deviations, and covariances. This research compares two different portfolio scenarios, with and without Bitcoin. The results shows that portfolio that incorporate Bitcoin have higher return and have better risk-adjusted performance compared to portfolio without Bitcoin during this period. This highlighted the potential for Bitcoin to contribute for enhancing portfolio performance and yielding better return with a given level of risk, providing valuable insight for portfolio diversification and underscore Bitcoin as a high-risk and high-return asset in modern financial markets.
Co-Authors Adriansyah Ekaputra Ajianto Puspoyo Al Farisy, Haidar Alam Akbar Halimawan Anisa Adiningrum, Anisa Bambang Tri Basuki, Bambang Tri Barkah Muharam, Barkah Evin Kartina Fatris, Evin Kartina Ferdo, Redian Giovanni Permata Dewi, Giovanni Permata Jermia, Jermia Jota, Astrid Laregan Ludi Maulana Biran, Ludi Maulana Maggie Rosalina Halim, Maggie Rosalina Meliala, Fitria Ulina Mohammad Rusyad Salim Muhammad Rizky Adisaputra Nurrahman, Ahmad Rizki Sumirat, Erman Arif Yulianto, Tomi Zaidaan Rizq Vinsa Putra Zenda Christian Adhiatama