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The Complementary Nature Of Fundamental And Technical Analysis Evidence From Indonesia Hendra Suryanto, Stephanus Remond Waworuntu,
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 3, No 2 (2010): August-November 2010
Publisher : Universitas Prasetiya Mulya

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EFFECTS OF CORPORATE GOVERNANCE VARIABLES ON EARNINGS MANAGEMENT IN INDONESIA Stephanus Remond Waworuntu; Marko Sebira Hermawan; Sheila Nerissa Hokardi
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

To determine the effects of corporate governance on earnings management, this paper analyzed 171 annualreports from issued 2006 to 2009 by 57 non-financial, joint stock companies implementing GCG (GoodCorporate Governance) practices, which were listed on the Indonesia Stock Exchange (IDX). Six corporategovernance variables (board composition, independent commissioners, separate chairman/CEO roles, auditcommittee, managerial share ownership, and audit quality) as well as three control variables (leverage, size,and ROA) were used. The results showed that two corporate governance variables significantly influencedearnings management practices (separate chairman/CEO roles and managerial share ownership); the othervariables had no effect because these companies used GCG practices only to follow regulations rather than tomonitor and control.

EMPIRICAL INVESTIGATION OF ORGANIC GROWTH, EVIDENCE FROM INDONESIAN PUBLIC LISTED COMPANIES Stephanus Remond Waworuntu; Carina Tjhatra
Journal of Applied Finance & Accounting Vol. 2 No. 2 (2010): Published on June 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i2.158

The main objective of this research is to examine Indonesian public listed companies with earnings generated organically rather than through earnings management, income manipulation, financial engineering, or through mergers and acquisitions. 70 samples were taken from Kompas 100 Stock Index from the period of 2004 to 2007 excluding banks, financial institutions, REITs and insurance companies. The authors applied the model of Organic Growth Index (OGI), developed by Hess (2007). The OGI model designed to illuminate value-creating companies that have consistently outperformed industry competition through organic growth. The test begins by selecting the best Economic Value Added and high growth companies. The result of our study shows that there are 10 percent of Indonesian public listed companies identified as OGI winners. These companies passed the core earnings test, income manipulation test and cash realization test, and thus indicated that those Indonesian public companies have a low level of earnings manipulation and low engagement in non-core earnings such as hedging activities.

The Complementary Nature Of Fundamental And Technical Analysis Evidence From Indonesia Stephanus Remond Waworuntu, Hendra Suryanto
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 3, No 2 (2010): August-November 2010
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.3.2.511

The impact of enterprise digital management on manufacturing: Xiaomi Auto HUANG, ZITAO; Waworuntu, Stephanus Remond
Proceeding of the International Conference on Family Business and Entrepreneurship 2024: PROCEEDING OF 8TH INTERNATIONAL CONFERENCE ON FAMILY BUSINESS AND ENTREPRENEURSHIP
Publisher : President University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33021/icfbe.v0i0.5637

In today's global business environment, digital technologies have become crucial for fostering partnerships and creating value connections. The continuous emergence of new digital technologies is reshaping business processes, presenting both challenges and opportunities in a dynamic and competitive market.Companies are navigating a changing landscape marked by technological advancements and evolving consumer preferences, with a notable shift towards personalized products. This shift necessitates flexible production models capable of accommodating diverse products and smaller batch sizes.This paper aims to explore the profound impact of enterprise digital management on the manufacturing industry, with Xiaomi Auto as a case study for indepth analysis. With the rapid development of digital technology, enterprise digital management has become one of the key strategies for the transformation and upgrading of the manufacturing industry. Firstly, the background and significance of digital management in manufacturing are introduced, emphasizing the pivotal role of digital technology in enhancing production efficiency, optimizing supply chains, improving product quality, and meeting market demands. Subsequently, through a comprehensive analysis of Xiaomi Auto digital management practices, the specific effects of digital management on production manufacturing, supply chain coordination, quality management, and marketing are discussed, along with the implementation pathways. Furthermore, the unique characteristics and successful experiences of digital management in Xiaomi Auto are summarized, providing insights and lessons learned for other manufacturing enterprises to emulate. Lastly, the paper anticipates the future trends of digital management in the manufacturing industry, including prospects for intelligent manufacturing, datadriven decisionmaking, and humanmachine collaboration, aiming to provide theoretical support and practical guidance for promoting the digital transformation and continuous innovation of the manufacturing sector.

RESEARCH ON APPLICATIONS OF CONTINUOUS IMPROVEMENT IN MANUFACTURING COMPANIES Chengqi, Quan; Waworuntu, Stephanus Remond
Proceeding of the International Conference on Family Business and Entrepreneurship 2024: PROCEEDING OF 8TH INTERNATIONAL CONFERENCE ON FAMILY BUSINESS AND ENTREPRENEURSHIP
Publisher : President University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33021/icfbe.v0i0.5608

The ability to continuous improvement is part of an enterprise's core competitiveness. Only by continuous improvement can we better adapt to market changes and social progress and development. This study focuses on the problems of inventory backlog and low production efficiency faced by SZ Company, and deeply analyzes its root causes: inaccurate market demand forecasts, excess inventory caused by batch production mode, time differences between processes and imbalanced production capacity, etc. These problems not only increase capital occupation, but also cover up the deep-seated problems of the production system. In order to solve the above problems, this paper adopts a qualitative analysis method, applies the theory of Toyota Production System continuous improvement, and combines the successful experience of Mazak iSMART Factory project to propose a series of continuous improvement measures based on advanced technologies such as IoT , big data, and AI. By optimizing market demand forecasts and production plans, improving batch production modes, solving time differences and imbalanced production capacity between processes, improving employee skills and production efficiency, and realizing visualization and continuous improvement of the production process. This paper to provide SZ Company with a practical and feasible continuous improvement path combining the latest technology. Continuous improvement is solved the problems of high inventory and low production efficiency. It will help SZ Company significantly improve production efficiency, reduce operating costs, enhance market competitiveness, and ultimately achieve sustainable development and transformation and upgrading

OPTIMIZATION STRATEGY OF OVERSEAS OPERATION MANAGEMENT OF CHINESE ENTERPRISES BASED ON INTERNATIONAL EXECUTIVE EDUCATION COURSES Wei, Yu; Waworuntu, Stephanus Remond
Proceeding of the International Conference on Family Business and Entrepreneurship 2024: PROCEEDING OF 8TH INTERNATIONAL CONFERENCE ON FAMILY BUSINESS AND ENTREPRENEURSHIP
Publisher : President University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33021/icfbe.v0i0.5696

The purpose of this paper is to explore the challenges and optimization strategies faced by Chinese enterprises in their overseas operations and management processes. Jiangxi ZHENGBANG Plant Protection Co., Ltd, for example, conducts overseas operations mainly in Pakistan, Indonesia, Cambodia, Myanmar, Nigeria and 12 other countries. ZHENGBANG is a national high-tech enterprise focusing on the development, production and sales of pesticide dosage forms, pesticide intermediates and preparations, and is committed to the development of pesticide products for the prevention, elimination or control of agricultural and forestry pests and other pests, including insecticides, fungicides, herbicides and plant regulators. With the in-depth implementation of the "Belt and Road Initiative", Jiangxi ZHENGBANG Plant Protection Co., Ltd. actively expands the international market, and still faces multiple challenges in the field of cross-cultural management and municipal competition strategy, and needs to strengthen human resources and asset allocation management and supply chain digital transformation. In addition, the issue of intellectual property protection and compliance with national laws also needs to be resolved.By analyzing the successful experience of SIEMENS and MAZAK, this paper provides targeted optimization strategies for Chinese enterprises to improve the efficiency and competitiveness of their overseas operations(Dong, et al., 2015). Starting from the actual business background of the company, the research deeply discusses its continuous improvement method through literature review, which provides a solid theoretical basis for analyzing the actual operation status of Chinese enterprises.This study takes the success of SIEMENS and MAZAK as examples to analyze the root causes of the successful experience of their overseas operating companies. Drawing on the successful experience of SIEMENS and MAZAK, this study found a set of innovative optimization strategies aimed at comprehensively improving the efficiency and competitiveness of Chinese enterprises' overseas operations by utilizing advanced technologies and adopting a continuous improvement approach(Ren, 2024).

The Effect of Digital Transformation on Superior-Quality Development Improve Operation Capability And Market Competitiveness In Manufacturing Companies In Singapore Rongning, Wei; Waworuntu, Stephanus Remond
Proceeding of the International Conference on Family Business and Entrepreneurship 2024: PROCEEDING OF 8TH INTERNATIONAL CONFERENCE ON FAMILY BUSINESS AND ENTREPRENEURSHIP
Publisher : President University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33021/icfbe.v0i0.5801

Considering how the digital economy is always evolving, Digital transformation is essential to the long-term, high-caliber growth of businesses... The study adopts qualitative research methods, through field research and analysis of Yamazaki Mazak, Siemens AMTC and Speedcargo Technologies during TUM project visit in Singapore, and through semi-structured interviews with company executives and experts. Combined with the analysis of relevant literature and industry reports, this article thoroughly examines how digital transformation may support the growth of businesses. The study's findings demonstrate the critical role that digital transformation plays in the superior growth of manufacturing companies. By enhancing their operational capacities and competitiveness in the market, these companies are able to sustain their competitive advantages. This transformation not only affects enterprise value through internal and external factors, but also promotes the overall improvement of enterprise operating efficiency and production. Internal factors include the degree of product innovation, product quality, etc., while external factors generally include customer satisfaction and the impact of relevant national policies. The study suggests that enterprises, with the support of relevant favorable government policies, have a strategic digital transformation to gain competitive advantage as early as possible. Today, digital transformation in the era of digital economy seems to be driving enterprises to a new future. How enterprises should seize the opportunity of digital transformation, so as to improve the operation capacity and market competitiveness, and have a positive impact on the future high-quality development of enterprises, is worthy of attention and thinking.

The Complementary Nature of Fundamental and Technical Analysis: Evidence from Indonesia Waworuntu, Stephanus Remond; Suryanto, Hendra
International Research Journal of Business Studies Vol. 3 No. 2 (2010): August-November 2010
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/

Fundamental analysis and technical analysis has been used independently to predict the stock price movement. Both type of analysis usually used without interacting each other. This study was intended to test the complementary nature of fundamental and technical analysis as to whether it will increase the explanatory power to explain the stock price movement in Indonesia LQ45 market. The result shows that fundamental or technical analysis alone in isolation have the ability to predict future prices. But, by integrating both factors together in a single model will give the superior explanatory power to the prediction. However, in Indonesia stock market, technical analysis plays the biggest role in determining future price movements, while technical data was widely available in the market rather than the fundamental data such as analyst’s forecasted EPS. These findings prove that fundamental analysis can be used in determining which stocks or portfolio is prosperous in the future, and technical analysis can be used in determining the right time to buy or sell the stocks. By integrating both type of analysis, investors could have superior profit than the buy and hold strategy. The result should also enrich the knowledge of stock traders in gaining more profit.

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