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All Journal The Indonesian Journal of Business Administration Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen International Journal of Supply Chain Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Dynamic Management Journal International Journal of Humanities Education and Social Sciences Journal Integration of Management Studies
Erman Sumirat
Faculty Of Business And Economics, Univesitas Padjadjaran, Indonesia
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences Transportation Other

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Stock Pricing Analysis of PT. LEN as Alternative Sources of Fund Through the Initial Public Offering (IPO) Attamimi, Fahmy Helmy; Koesrindartoto, Deddy P; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 1, No 7 (2012)
Publisher : The Indonesian Journal of Business Administration

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Abstract

PT. LEN is one of state owned companies (BUMN) in Indonesia which is engaged in technology industries. As one of state owned companies (BUMN) which enroll in strategic industries, PT. LEN has a very important role in supporting the growth of Indonesia’s development, PT. LEN’s business performance has successfully led PT. LEN as a trillion company. In 2011, the life cycle of this company has been projected from phase stability to phase growth. Nevertheless, one issue has arisen when the growth of the company is hampered by funding issue, especially the lack of capital to run the projects. The growth of revenues become unbalanced with working capital, especially liquid working capital (cash). The objective of the company is to Go Public with huge amount of capital which can support the business activities and also to strengthen the capital structure and the liquidity of assets. The sales revenue from some of its stocks is used as an alternative source of fund apart from bank loans. The fund is used to expand the company’s activities, to build the facility of developing system, and also to build fabrication workshop. The total amount of fund needed is 590 billion. During the IPO process, there are several things to be concerned, internally and externally. From the company’s internal perspective, several things to be be concerned are company’s feasibility studies in doing IPO. From the external perspective will affect investors’ interest to the company. This thesis uses discounted cash flow as a method to calculate the valuation of the company. This method is used to value stock’s price and the amount of stocks issued by PT. LEN for IP process so the price will be interesting to the investors. Other than to fulfill the needs of source funding, IPO process  is also one of the program to privatize the state owned companies in Indonesia which is included in BUMN’s Masterplan 2010-2014. Keywords: BUMN (state owned companies), Need of Funds, Initially Public Offering, Discounted Cash Flow.
Telkom's New Wave Valuation Alinursafa, Ibnu; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 2, No 17 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Telkom's share price in the Indonesian stock exchange (IDX) since 2007 growth lower comparing to the performance of the overall index. From year 2007 to the end of 2012, Telkom's share price has dropped by approximately 10%, whereas the composite stock price index increased by about 130% in the same period. The low performance of Telkom stock price due to the high of competition level in Indonesia telecommunications business. The price war reduced phone rates, and the firm face a negative growth around 7% in 5 years.  To anticipate negative growth, the management has decided to enter the business of New Wave as a new revenue stream.To determine the root cause of low performance of Telkom’s share price,  The analysis  should be done by calculating the fundamental value of Telkom. Telkom’s fundamental share price calculated using the Free Cash Flow to Equity (FCFE) and Dividend Discount Model (DDF) method as comparison. Based on FCFE, the fair fundamental prices shares amounted Rp.11.961, while based on DDF Telkom shares process is Rp. 13, 253. This result is not much different from the Telkom closing share price 2013 amounted Rp .9,050. To increase growth is to increase the proportion of new wave business. Increase in new wave business can be done with synergies between business units and subsidiaries in the Telkom Group. The programs are conducted on a unit must have an impact to other units, in order to support the business growth of new wave. Keywords: stock, valuation
Evaluation of Appropriate Dividend Payout Ratio at PT. Telekomunikasi Indonesia, Tbk. Sulistyo, Annisa Rahma Nur; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 4, No 2 (2015)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Abstract.PT. Telekomunikasi as one of state-owned enterprise and telecommunications service provider company in Indonesia has been privatized since 1995. As a privatized company, PT. Telekomunikasi Indonesia distributes dividends to shareholders, both the government and the public shareholders. All this time, PT. Telekomunikasi Indonesia paid dividend as the rest of net profit after allocated for the investment. Along with the increasing net profit every year, it also generated higher dividend payout ratio in 2004-2013. Beside the increasing net profit, government as the major shareholders wanted high dividend from PT. Telekomunikasi Indonesia to fulfill the Indonesian Budget. The purpose of this final project is to know how much the appropriate dividend payout ratio of PT. Telekomunikasi Indonesia with analyze what are the determinants. In order to know what are the the determinants of dividend payout ratio, by using multiple linier regression, the result is that return on equity, size, free cash flow from equity, debt to equity ratio, growth, and risk effect high dividend payout ratio. Every company has different capacity to pay dividend based on what stage the company is. To know company stage, there are three factors to analyze, external fund, internal fund, and capacity to pay dividend. PT. Telekomunikasi Indonesia has increasing dividend payout ratio from 2004-2013 and use more internal fund (equity) than external fund (debt). Thus PT. Telekomunikasi Indonesia is in mature growth company. The next research is analyze appropriate dividend payout ratio PT. Telekomunikasi that compare to the competitors and worldwide telecommunication service provider companies. Using data dividend payout ratio from 2004-2013, dividend payout ratio trend for telecommunication industry is between 50% - 69% because of there are some investment opportunities in the future. With the appropriate dividend payout ratio, PT. Telekomunikasi Indonesia has to maintain the investment opportunities to make the company sustainable.Keywords: Dividend payout ratio; PT. Telekomunikasi Indonesia, Tbk.
Risk Management in Pinisi Relaxation Using Analytical Hierarchy Process Rahardjo, Wisnumurti; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 2, No 12 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Pinisi Relaxation is a massage parlor that was established in September 2012, and located in the city of Bandung and Sukabumi. Along with the passage of a new company, there are many events that can cost the company, both in terms of financial and non-financial. To be able to cope with such events, Pinisi Relaxation could use risk management approach, as well as the use of Analytical Hierarchy Process in selecting alternative needed to handle the risks. Risk identification in Pinisi Relaxation divided into business risk, financial risk, operational risk, marketing risk, and human resource risk. All risks will be placed in a risk map that reflects the position of any risks inherent in Pinisi Relaxation. The next process is to mitigate the risks inherent in Pinisi Relaxation through analysis of theory and concepts related to conditions in Pinisi Relaxation. Results of analysis for risk mitigation alternatives will then be selected through the Analytical Hierarchy Process to produce the best alternative to handle the risks. Criteria that must be met to handle the risks in Pinisi Relaxation are divided over the cost, effectiveness, and time, in which each of these criteria have different comparisons. Through the process of the analysis, there would be the alternatives that required by Pinisi Relaxation to handle the risks. Each entity in the company should be able to do the alternatives that have been selected in accordance with their respective duties. In addition, the risk management process should always be reviewed and controlled in order to avoid the things that could cost the company if it the risk treatment doesn’t run in an appropriate way. Keywords: Pinisi Relaxation, Risk Management, Analytical Hierarchy Process
Feasibility Investment Analysis On Development Telkom Landmark Tower Building At PT Telkom Landmark Tower Husna, Qoriatul; Sumirat, Erman
The Indonesian Journal of Business Administration Vol 2, No 17 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

PT Telekomunikasi Indonesian, Tbk (Telkom) intends for the consolidate entire operational activities Telkoms’ office and subsidiaries which at this time some of them still rent office building to another party in Jakarta, to be united into one office building which will referred as Telkom Landmark Tower (TLT). To apply this program, the Board of Directors Telkom has assigned that the TLT will be built in land belonging to Telkom in Jalan Jendral Gatot Subroto, Jakarta. Property commercial industry, in particular office space on quarter IV-2012 in the Jabodebek experiencing positive development, it is indicated with increase in supply which followed with increase in occupancy rates and sales as well as tariff lease and price the selling. Based on the fact Telkom plans to build the building which can accommodate the needs office space for Telkom Group, hence it can decrease rent expense office buildings in Group. In conduct of feasibility investment analysis on the construction of TLT using capital budgeting method, with some approaches namely Payback Period, Net Present Value, Internal Rate of Return and Profitability Index. Based on the results of calculation and feasibility investment analysis using capital budgeting method obtained the result that the investment of the construction of TLT feasible to be implemented.  Keywords: Capital Budgeting, Feasibility Investment Analysis
Foreign Investors and Control Power of Company Engaged in Energy and Basic Materials through Global Energy Crisis in Indonesia Regina Maharani Parameswari Sapsudin; Erman Sumirat; Benny Budiawan Tjandrasa
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 5, No 1 (2022): Budapest International Research and Critics Institute February
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i1.4248

Abstract

This study aims to investigate the control power of foreign investors that can weaken the domestic position in managing Indonesia's natural resources when facing the global energy crisis. The control power is reflected in financial decision-making, which consists of investment decisions, funding decisions, and dividend decisions. The sample companies in this study are listed on IDX in the energy and basic materials sector in 2020, where supercycle commodities occurred. The total sample is 166 companies, with 66 companies to be observed. Using multilinear regression using ROA and Tobin's Q as control variables, the authors find the effect on investment decision making where foreign investors have a significant positive in company liability. However, its effect is negative on company equity. Foreigner investors also influence funding decisions where foreign investors have a significantly positive effect on firm size. However, foreign investors have a significantly negative effect on the decision-making of dividends.
Risk Management Analysis Based on Supply Chain Business Process for Public Private Partnership Public Housing Erman Sumirat; Sulaeman Rahman Nidar; Aldrin Herwany; Sudarso Kaderi Wiryono
International Journal of Supply Chain Management Vol 9, No 6 (2020): International Journal of Supply Chain Management (IJSCM)
Publisher : International Journal of Supply Chain Management

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Abstract

Covid19 Pandemic has made many countries like Indonesia spent their budget heavily on health and economy recoveries, meaning that some allocated budget including for infrastructure has been cut. In contrast, number of backlogs which determine numbers of people that need shelters are still remain high especially for low income groups (LIG). To tackle the problem, government has an initiative to engage private sectors through public private partnership (PPP) in public housing. The process is quite complex and has taken so many stakeholders like government, private sectors, consultants, contractors, vendors, subcontractors and financial institutions like banks and insurance companies. The complexities in PPP business models which involving so many stakeholders can create potential risks. Therefore, besides calculating investment return in the feasibility study stage, it is also important to make a risk management analysis based on supply chain business process. The supply chain business process must start from mapping business process, i.e. planning stage, contract award stage, implementation and the phase of hand over the facilities once the concessional period would end, transfer the ownership back from private sectors to government. This study has an objective to conduct literature study about risk management analysis by using ISO 31000: 2018, the relative new concept in risk management that replaces the same standard but from year of 2009. The model then will be combined with supply chain business process so risk management can be mitigated in each business process. The model of the study use supply chain business process in establishing the context in risk analysis followed by risk identification, risk analysis, risk evaluation with the integrated process of communication and consultation, recording and reporting as well as reviewing and monitoring. Study has found that there are critical risks that must be mitigated namely design risk, land price risk, legal land status risk, political risk, contractual risk, market risk, business risk, material price risk, operational risk, legal risk in hand over and asset impairment risk. The model has proposed several new techniques to mitigate risk namely using value at risk (VaR) by monte carlo simulation to measure market risk, business risk and operational risk, developing digitalization for the process in communication communication, recording reporting as well reviewing monitoring. It is also recommended the using of supply chain financing to vendors and subcontractors as Banks have the accessed data from digitalization that consider government and private sectors’ guarantees.
INVESTMENT DECISION OF BIOMEDICAL IMPLANT PRODUCTION UNDER UNCERTAINTY CONDITION: A MONTECARLO SIMULATION APPROACH Setiawan, Suganta Handaru; Sumirat, Erman; Rahadi, Raden Aswin
Dynamic Management Journal Vol 8, No 1 (2024): January
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i1.10588

Abstract

PT. Langit Biru make investment project plan in biomedical implant production to grab the attractive market potential of biomedical implant and to diversify the business footprint in medical segment. Investment decision is made by considering the impacts of discrete risks using scenario analysis, and montecarlo simulations analysis for exploring the consequences of continuous risk to the project NPV.Based on the analysis, the project is feasible and exhibits a relatively low risk  under discrete and continuous risk where based on scenario analysis  NPV in worst case scenario is positive with value USD 433.621 (93% lower than the base case ) and montecarlo simulation expose that the project has 100% probability of positive NPV from 1000 simulation with NPV mean USD 6.224.042 that very close to the base NPV  USD 6.252.653 (-0,46% lower).  
A Comparative Analysis Of Active And Passive Investing Strategies In Dana Pensiun XYZ (Dapen XYZ) Novryansyah, Ryan; Erman Sumirat
International Journal Of Humanities Education and Social Sciences (IJHESS) Vol 4 No 3 (2024): IJHESS DECEMBER 2024
Publisher : CV. AFDIFAL MAJU BERKAH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55227/ijhess.v4i3.1244

Abstract

The study aims to provide a comprehensive comparative analysis of active vs. passive investment strategies in the context of pension funds, aimed at providing insights into the dynamic discourse surrounding active and passive investment. Through an exploration of empirical data and scientific discourses, the study highlights the potential benefits and limitations of each strategy, ultimately contributing to the informed decision-making process for pension fund managers. The study will also use the Markowitz model and efficient boundary methods to analyze and optimize investment strategies, focusing on risk, cost and cost management, and investment strategy. The analysis will also provide insights that can be done for fund managers to target higher investment returns, in terms of influencing company decisions and behavior to implement long-term investment strategies by reallocating some assets to other investment strategies
Strategic ESG Transformation To Enhance Funding Access: A Case Of PT Kilang Pertamina International Barus, Ralang Argi; Sumirat, Erman; Damayanti, Sylviana Maya
Journal Integration of Management Studies Vol. 3 No. 2 (2025): (Special Issue)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i2.382

Abstract

Environmental, Social, and Governance (ESG) principles are now at the heart of corporate competitiveness and long-term viability. This study assesses PT Kilang Pertamina Internasional's (PT KPI) current ESG practices and identifies areas for improvement that extend beyond regulatory compliance. Using a mixed-methods analysis, the author combined stakeholder analysis, resource-based and gap analyses, and a PESTLE review to assess internal capabilities and external analysis, then benchmarked the results against international standards using the Sustainalytics framework. The study identifies three priority areas for improvement: enhancing waste and water management (Beyond PROPER), revitalizing Process Safety Management (PSM), and strengthening ESG governance structures. These initiatives are expected to reduce operational risks, attract foreign investment, and support long-term financial resilience. Future research could examine how these initiatives influence financial performance, policy outcomes, and stakeholder perceptions.
Co-Authors Achmad Rizal Noor Aldrin Herwany Annisa Rahma Nur Sulistyo, Annisa Rahma Nur Barick Ahmad Setiawan, Barick Ahmad Barus, Ralang Argi Benny Budiawan Tjandrasa Deddy P Koesrindartoto Fahmy Helmy Attamimi Fany Yulinda Faremi Adirama, Farza Hasda, Erdiyan Krisnadi I Ketut Suwetja Darsana Ibnu Alinursafa Kakan Handoko Nabila Djunet, Ajeng Novryansyah, Ryan Qoriatul Husna Raden Aswin Rahadi Regina Maharani Parameswari Sapsudin Setiawan, Suganta Handaru Sudarso Kaderi Wiryono Sulaeman Rahman Nidar Sylviana Maya Damayanti TATI NURHAYATI Wisnumurti Rahardjo Yoga Yulianda