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All Journal Jurnal Manajemen Teknologi Journal of Business and Management The Indonesian Journal of Business Administration JEJAK AFEBI Islamic Finance and Economic Review Jurnal Ilmiah Manajemen Kesatuan Jurnal EK dan BI International Journal of Management, Entrepreneurship, Social Science and Humanities (IJMESH) International Journal of Entrepreneurship and Sustainability Studies Journal Integration of Management Studies Journal of Management, Economic, and Financial International Research Journal of Business Studies
Sudarso Kaderi Wiryono
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Financing Strategy for FSRU Belawan Project: a Recommendation on Financing Strategy for the FSRU Belawan Project Sentosa, Erik; Wiryono, Sudarso Kaderi
The Indonesian Journal of Business Administration Vol 1, No 6 (2012)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Related to PGN’s plan to invest in Floating Storage and Regasification Unit (FSRU) in Belawan, Medan, Budget Division of PGN needs an efficient financing strategy. Based on PGN’s financial condition in 2010, four scenario of financing strategy were analyzed. The four financing strategy are carried out by issuing right, issuing corporate bond, combination of issuing right and utilizing company’s liquid assets, and combination between issuing corporate bond and utilizing company’s liquid asset. Each scenario is analyzed by computing its WACC and assessing NPV, IRR and payback period based on the calculated WACC. Along with that, the opportunity costs, securities issuance costs, and its effect to company’s liquidity are also assessed. The recommended solution is to issue corporate bond and utilizing excess liquidity, since this strategy has the highest NPV, no opportunity cost in issuing undervalued stock, short period of debt repayment, and relatively acceptable effect on company liquidity. Another part of the report is the risk management strategy for the project. The risk management is mainly mitigating the funding liquidity risk, and the market risk of interest rate, foreign currency and natural gas price. The implementation plan will discuss about the project management in corporate bond issuance and liquidity allocation for project financingand risk management.   Keywords: Financing strategy, FSRU, Right issue, Corporate bond issue, WACC.
Risk Mitigation Weather Anomaly Impact on PT. XYZ Pure Farming Nugroho S, Purwoko; Wiryono, Sudarso Kaderi
The Indonesian Journal of Business Administration Vol 1, No 6 (2012)
Publisher : The Indonesian Journal of Business Administration

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Abstract

XYZ pure farming is a pilot project from PT. XYZ Holding as a new business unit who operates in agricultural product. In year 2010 and 2011, the weather anomaly makes some rice plantation failed to harvest or damaged and decrease the amount of production. XYZ pure farming calculate its Earning at risk using three forecasted period gives different risk exposure and use confidence level of 95%. It shows that XYZ pure farming could loss 214 million rupiah in 3 years forecast, increasing to 1.2 billion rupiah in 5 years forecast, and 6.7 billion rupiah at 10 years forecast. Risk management of weather anomaly in XYZ pure farming can be begin with identification of risk based on their type. There are several risk that has been identified such as : Environmental Risk, Counter-party Risk, Operational Risk, Market Risk, and Financial Risk. After risk identification, all risk is scaled based on its severity and probability and then make the risk mapping to helps in problem solving. There are several risk in XYZ pure farming that increase when the rice production is decrease due to the weather anomaly impact. After measure the risk and prioritize the risk, the next step is to mitigate the risk, take an action for the every risk measured. Risk can be mitigated by doing 4 optional actions related to the severity and the probability of the risk itself. There are Retain, Control, Tranfer, and Avoid. Some of XYZ pure farming mitigation action: Capital raising, below the line marketing, new supplier, contact improvement safety stock, smart pricing, partnership program, FiFo System, vacuum sealed package, green house technology R&D in new type of seed, and integrated irrigation system. Keywords: risk management, weather anomaly, SRI, pure farming, return at risk.
Business Analysis of Antimony Between PT Timah-Mitsubishi-Yamanaka Purwoko, Purwoko; Wiryono, Sudarso Kaderi
The Indonesian Journal of Business Administration Vol 2, No 16 (2013)
Publisher : The Indonesian Journal of Business Administration

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PT Timah (Persero) Tbk is the State Owned Enterprises that do tin mining business integrated starting from exploration, mining, smelting and marketing. The company set a target revenue growth of at least 15% per year by the company's business development strategy year (Albar, Alwin, personal interview, 10/9/2012). Inorganic Chemical Unit is a business unit of Mitsubishi Corporation that provides services and products, ethanol, methanol, ammonia, sulfuric acid, fertilizers, mining products and other.  Yamanaka & Co Ltd has a copper smelting business, metallic materials, electronic materials, chemical industry, and experienced more than 20 years to produce antimony trioxide.  Since the 2009 China as the supplier of the world's largest antimony metal (82%) regulate antimoni industry in the country, one of which implements the antimony metal export quota and prevent illegal mining or smuggling activities. This brings Chinese policies impact antimony metal supply deficit in global market and lead to a price increase from USD 5,500/ton in 2007 reached peak USD 17,200/ton in 2011 and USD 13,400/ton in June 2012. According to projections made by Mitsubishi Corporation, world consumption antimony in 2016 for 241,650 tonnes with supply of 206,460 tons so that there will be a supply shortage 35,190 tons. Antimony smelting plant requires a total project cost of $ 16,851,655 and financial analysis of the business of appealing to run because of the calculation of the financial projections all provide good indicators, namely: IRR 110.02%, NPV of USD 30,641,727; ROI 55.8%; PBP 1.1 years and PI 7.5. This situation is captured as a business opportunity by PT Timah (Persero) Tbk, Mitsubishi Corporation and Yamanaka Co Ltd is planning to form a strategic alliance Joint Venture Company (JV Co) with antimony smelting plant established in Indonesia with a capacity of 5,000 tons / year. The sales target for the Japanese market as much as 3,000 tons / year, South Korea targeted 1,000 tons / year and the rest for the Indian market, Thailand, Hong Kong, Europe and the Americas allocated a maximum of 1,000 tons / year. Keywords : antimony business, strategic alliance, business analysis of antimony, antimony metal, antimony smelting project.
Weighting Model of Internal Rating System to Control Non-Performing Loan at. PT. XYZ (Persero) Tbk Aripradipta, Nieken Sukma; Wiryono, Sudarso Kaderi
The Indonesian Journal of Business Administration Vol 1, No 7 (2012)
Publisher : The Indonesian Journal of Business Administration

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Abstract

The  effectiveness  and  the  efficiency  of  controlling and managing  credit is become the most important things that need to be considered  in bank, due to the function  of bank as an  intermediation   in  collecting  and  disbursement   of  people money and credit become the largest source of income for the corresponding   bank.  PT.  XYZ  (persero)  Tbk  is  the  fourth largest  bank  in  Indonesia.  As  one  financial  institution   that plays an important  role in the economical  sector of Indonesia, XYZ has to maintain the stability of their performance. In maintaining   the   stability   of   their   performance,   PT.   XYZ (Persero)  Tbk  is  completed   with  a  tools  called  as  Internal Rating System (IRS) that could help them in analyzing the feasibility   of  the  potential   debtor   for  the  credit  approval. However,  as the  economy  fluctuation  in Indonesia,  PT.  XYZ (Persero)  Tbk  faces  a problem  related  with  the increment  of the NPL (Non-Performing  Loan). It is due to the errors of the company  in  determining  the  weighted  value  in  IRS.  Where they were giving the same weighting value for a different economical sectors, in fact each economical sector are having a different  risk and characteristics.  This research  would  give a proposed solution for PT. XYZ (Persero) Tbk as alternative solution  that  is new  weighting  model  for  IRS  by considering the characteristics  and risks for each economical sector. Where the  implementation   of  this  new  weighting   model  hopefully could  help  PT.  XYZ  (Persero)  Tbk  in  controlling  their  NPL ratios. Key Words:  Risk Management,  Internal  Rating  System,  IRS, weighting model, banking, credit.  
Merger Review Process Finance PT Timah (Persero) Tbk and PT Tambang Timah Eliani, Fina; Wiryono, Sudarso Kaderi
The Indonesian Journal of Business Administration Vol 2, No 16 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Law no 4 in 2009 is about Mineral and Coal Mining 2009 and its implementation rules set mining companies do their own mining activities and conduct processing and refining facilities in the country and has its own processing or purification. PT. Timah (Persero) Tbk is having the biggest Tin Mining Permit in Indonesia but has no mining equipment, metal processing and refining facilities and other assets due to the mining operations supporting the asset has been transferred in the context of business expansion (spinn off) in 1998 as a capital contribution Subsidiary to the PT.Tambang Timah. After the enactment of the Mining Law, PT. Timah Tbk conduct mining activities that give rise to its own internal transactions between PT. Tambang Timah and PT. Timah Tbk ineffective and inefficient.In 2012 Minister of Energy and Mineral Resources (ESDM) published law No.7/2012 of Added Value Through Mineral Processing and Refining Mineral activities, in order to comply with the regulations PT. Timah Tbk purchase processing facilities and / purification along with other supporting assets are located in Unit Metallurgy. Therefore it will be proposed merger solution. Analysis shows that with merger in 2013 reachs efficiency Rp. 8.9 billion and increase in cash / cash equivalents of Rp 23, 7 billion. Expected merger synergies will also result in managerial, streamlining organizational structure and company’s support going concern. Through this merger would make PT. Timah Tbk as mining companies an efficient and integrated with core ownership of whole mining assets so it can achieve the conditions in accordance with the Mining Law and its implementation. Keywords: Mining Law, Merger (Merger), PT. Timah Tbk, PT. Tambang Timah
Tingkat Kesadaran dan Implementasi manajemen Risiko di Perusahaan Start-up Samsinar Sinar; Sudarso Kaderi Wiryono
Jurnal Ekonomi dan Bisnis (EK dan BI) Vol 5 No 2 (2022)
Publisher : Politeknik Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37600/ekbi.v5i2.701

Abstract

Digital start-ups have grown rapidly in Indonesia which reached 1.190 total start-ups according to the MIKTI start-up mapping in 2021. However, this growth aligns differently with the success rate since 95% of the start-ups fail. The high failure rate of start-ups indicates that the risk faced by a start-up is high. Therefore, many companies implement risk management because it can help maintain its risk and protect its value. Concerning that issue, the researcher wants to know the level of risk management awareness and implementation in start-up company. To answer that question, the researchers conducted quantitative research and collected the data using non-probability and purposive sampling techniques. The number of respondents is 51, which are CEO/Founder of Digital Start-up in Indonesia. The data collection used an online questionnaire with a close-ended question with three parts: respondent demographic, risk management awareness variable, and risk management implementation variable. The method analysis used is a descriptive to get an overview about risk management awareness level and the implementation. This research shows that the risk management awareness level of digital start-up CEO/Founders is high, but the risk implementation still needs to be fully implemented. Keywords: risk management, start-up, risk awareness
Causal Relationship Between Islamic Stocks and Staple Food Commodities of Largest Muslim on South-East Asian Countries Dini Lestari; Sudarso Kaderi Wiryono
AFEBI Islamic Finance and Economic Review Vol. 7 No. 2 (2022)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

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Abstract

With many adherents of Islam, it is appropriate for the Muslim-dominant countries such as Indonesian and Malaysia capital markets to accommodate the investment needs of the community in line with sharia principles. Staple food commodity is one of the crucial commodities which can affect the mobility of stock prices. This paper examines the relationship between staple food commodities and Islamic capital markets. Using MGARCH and robustness VAR technique analysis and monthly data from 2017-2021, the empirical evidence suggests that getting information about the dynamic correlation between them is vital. The main findings from this study are that there are relationships among them in the long run and they have positive and negative correlations. From the point of view of investors with sharia compliance importance, it should be aware that staple food (rice) is more volatile rather than other staple food commodities (cooking oil) that will affect the Islamic Stocks Instrument.
The Perception Reality of Sustainable Investment in Millennial and Generation Z Lestari, Dini; Wiryono, Sudarso Kaderi
International Research Journal of Business Studies Vol. 16 No. 2 (2023): August - November 2023
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.16.2.123-138

Abstract

Extensive research on human behavior and decision-making has been conducted because sustainable practices are among the elements that help improve the quality of human life today. Members of various generations act differently from others in terms of consumer references, ideas, habits, and how they approach societal issues when making judgments. In addition to determining whether or not they are persuaded to adopt specific investing niches, like sustainable investments, based on their personal perspectives, the research aims to ascertain the level of awareness of sustainability issues in finance among Millennials and Generation Z in Indonesia. The research is presented as quantitative research, with 240 individual investor samples. Data were examined using structural equation modeling (SEM). The results indicate that influencers do not impact sustainable investment, while impact on return, risk-averseness, and positive performance positively influence sustainable investments. Finally, this paper discusses the implications for investors and the government.
Bibliometric Analysis of Islamic Finance Within the Halal Sector Industry Dini Lestari; Wiryono, Sudarso Kaderi
Journal Integration of Management Studies Vol. 1 No. 1 (2023)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v1i1.12

Abstract

The possibility of integration between the halal industry and with Islamic financial system can compromise the moving-forward promising business processes that are eligible on the Sharia principle. With the potential for the global, especially the pioneer from predominantly Muslim countries, Islamic finance in the halal industry may be one of the key enablers to support the implementation of growing markets worldwide. This study explores the bibliometric characteristics and trends of Islamic finance and halal business publications indexed in Scopus, Taylor & Francis, ProQuest, Google Scholar, and Crossref. Data were extracted from the five databases used in the paper's research, and free, unbiased searches of all publications published between 1997 and the present were conducted. The terms "Islamic finance" and "halal industry" were employed in this study. The study's methodology is a bibliometric analysis utilizing simple statistical approaches utilizing VOS-viewer software. This analysis discovered trends in document citations, co-citation connections, keyword co-occurrence, and bibliographic coupling. According to the bibliometric investigation, Malaysia and other Muslim-dominated nations produce most journal articles on halal items and Islamic finance. However, most citations come from non-Muslim countries like the United Kingdom. Furthermore, the economic and corporate environment is becoming increasingly important. Economic growth and development of the halal industry with the principle of Islamic finance are substantial as long they get the point of potential in the resource of their countries, not only in the Major-Muslim countries but also non-Muslim countries with promoting the benefits of shariah law. Based on the exciting outcomes, the methodology concern can be chosen as the literature gap in Islamic finance and halal industrial topics.
Financial Feasibility and Risk Analysis of a 4-Star Hotel Development at PT Bukit Asam’s Wisma Ombilin Besoni, Berlyan; Wiryono, Sudarso Kaderi
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 4 (2025): JIMKES Edisi Juli 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i4.3364

Abstract

This study proposes transforming PT Bukit Asam’s underutilized Wisma Ombilin land into a modern 4-star hotel to diversify revenue, reduce coal dependency, and align with sustainability goals. Located in Padang City, the project aims to boost economic value, create jobs, and support local growth. Combining qualitative and quantitative methods, the research analyzes Padang’s hotel market, financial feasibility, and project risks. Market analysis reveals strong demand for 4-star hotels, with post-pandemic occupancy rates and room prices surpassing pre-pandemic levels. Financial modeling estimates a Net Present Value (NPV) of RP 188.38 billion, an Internal Rate of Return (IRR) of 16.38%, and a payback period of 10.9 years, indicating solid profitability. Sensitivity analysis identifies key risks related to room rates, occupancy, and interest rates, recommending dynamic pricing and financing strategies for mitigation. Strategic risk management includes disaster-resilient design and operational efficiencies. The project supports PTBA’s transition from coal reliance, improves ESG performance, and enhances competitiveness. With strong market potential and effective risk controls, the hotel development offers sustainable returns and stakeholder value, warranting progression to detailed planning and financing.
Co-Authors , Aminah , Suharto Ady Taufik Yudisia Akbar, Fadjrin Asep Samsul Arifin Atta Alva Wanggai Besoni, Berlyan Budi Rahmat Dedi Yuswen Destya Ramia Abriyani Dini Lestari Dini Lestari Dini Lestari, Dini Eman Achmad Sulaeman Erik Sentosa Esther Bura Eva Mahdalena Fina Eliani Findy Idoliany Firmansyah Arifin, Firmansyah Gatot Yudoko Grisanto, Raden Gerald Setiawan Haga Sudipta Ida Arsiyanti, Ida Kharohmayani, Desy Marnalom Marnalom Muhammad Asfarudin Mutiara, Febrianisa Nieken Sukma Aripradipta Okky Paulin Panji Wicaksono Pipit Afiatun Purwoko Nugroho S Purwoko Purwoko Putri, Fawwaz Lu’ay Rahmat Mulyana Refi Rifaldi Windya Giri Risky Nugraha Ruky Yurizal, Ruky Ryan Haryogo, Ryan Samsinar Sinar Sanusi, Shafira Meutia Sylviana Maya Damayanti Trisetiani Diahmarrisa Yohanes Edward Widjonarko Yos Sunitiyoso