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All Journal Journal of Business and Management JAM : Jurnal Aplikasi Manajemen Journal of Engineering and Management in Industrial System Journal of Accounting and Investment JURNAL MANAJEMEN BISNIS Ekonomi dan Bisnis JBMR: Journal of Business and Management Review Warta Pengabdian Andalas: Jurnal Ilmiah Pengembangan Dan Penerapan Ipteks Journal of Social Research Journal Integration of Management Studies
Sylviana Maya Damayanti
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Medicine & Pharmacology Social Sciences Other

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THE OPTIMAL CAPITAL STRUCTURE: AN EMPIRICAL STUDY OF INDONESIA COMPANY IN THE FOOD AND BEVERAGE INDUSTRY Damayanti, Sylviana Maya; Mulyono, Jane Julia; Murtaqi, Isrochmani
Ekonomi dan Bisnis Vol 4, No 2 (2017): Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (804.845 KB) | DOI: 10.35590/jeb.v4i2.738

Abstract

Optimal capital structure is mix between debt and equity which resulted in maximizing firm’s value. Food and beverage sub-sector industry play an important role in Indonesia economic growth as one of the biggest contributor of gross domestic product (GDP) in Non-Oil & Gas Industry. The aim of this study is to determine the optimal capital structure in Indonesia food and beverage manufacturing. Data used in this study from 14 food and beverage companies listed in Indonesia Exchange. This study used Adjusted Present Value (AVP) simulation by Aswath Damodaran to determine the optimal capital structure. This simulation started with estimated the unlevered company value then as the level of debt increase the unlevered company value adjusted by the net effect of both the benefit of debt and cost of debt. Company value estimated at each level of debt from 10% - 90% and the debt ratio which resulted in highest company value is the optimum debt ratio. The result from this study shows that there are two companies should have the 0% debt ratio.
Corporate Value Estimation of PT Sri Rejeki Isman Tbk Nugroho, Fajar; Damayanti, Sylviana Maya
Journal of Business and Management Vol 4, No 8 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract. Indonesia has the second largest export market share among Southeast Asia Region on textile exports which is 28.5% or 4.6 billion US dollar and 18.3% or 7.7 billion US dollar on garment exports. One of the biggest textile and garment factories is PT Sri Rejeki Isman Tbk. PT Sri Rejeki Isman Tbk had strategy to expand its business in the following year. The strategies will drive greater sales with the consequences that expenses go up as well. The Company needs to do corporate valuation due to know the company share price so the company can choose the appropriate strategy to expand the business.The valuation methods used in this research are Asset based method, Market approach, and Discounted Cash Flow valuation. The outcome of this research is that the share price of PT Sri Rejeki Isman Tbk is undervalued based on valuation method. The assets-based approach showed the book value price per share is US$ 0.0158 (IDR 195.99). Market based approach showed the book value price per share is US$ 0.0131 (IDR 162.91). Comparing to the current market value price per share at the end of 2014, which is IDR 163, the stock performance is undervalue. And also based on Discounted Cash Flow method, the market price is undervalued. PT Sri Rejeki Isman Tbk, should increase the free cash flow and decreasing the cost of capital. PT Sritex should increasing the operating income and/or decreasing change in net working capital and net capital expenditure. Keywords: valuation, company valuation, textile, garment, share price, discounted cash flow, asset based approach, market approach
THE DIFFERENCES ANALYSIS AMONG GROUP OF ATHLETES REGARDING THE FINANCIAL LITERACY INDEX BASED ON DEMOGRAPHIC PROFILES CASE STUDY: WEST JAVA ATHLETES Saraya, Getha; Damayanti, Sylviana Maya
Journal of Business and Management Vol 6, No 3 (2017)
Publisher : Journal of Business and Management

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Abstract. Ciletuh-Palabuhanratu Geopark is a tourism destination in Sukabumi district which is relied by the government of West Java to hold UNESCO Global Geopark status by the year 2018. However, for the geopark to be recognized as such, it needs to pass the requirements set by UNESCO, which is to develop the geopark area using sustainability concept and community development in mind. All these three aspects; economical, socio-cultural, and environmental, should be sustainably managed. This research aims to explore new strategies for CPG management in the cause of sustainably developing Ciletuh-Palabuhanratu community areas. In-depth interview, journal and article study are used as main data collection methods. Environmental scanning is conducted before strategic formulation using SWOT Analysis, TOWS Matrix, and Porter’s Generic Competitive Advantage. External analysis found that trend of ecotourism and the use of internet for tourism is rising, community members are mostly cooperative yet lacking in education about conservation, geopark vision, and foreign language. Internal analysis found that geopark has many diversities, strong government ties, and team of experts, but their problems are lack of infrastructure and public business facility and threat from illegal mining. Keywords: community development, Geopark Ciletuh-Palabuhanratu, local community, strategy formulation, sustainability
Financial Performance Analysis of PT Bio farma (Persero) Compare to National, Other Developing Countries, and Global Leading Pharmaceutical manufacturers by Using Most Common Financial Ratios, BUMN Financial Scoring and Moody's Global Pharmaceutical ratin Raeputranto, Nugraha Yanureza; Damayanti, Sylviana Maya
Journal of Business and Management Vol 4, No 2 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract. PT Bio Farma as the only one vaccine manufacturer in Indonesia, the first in ASEAN and one of the 30 world companies which gain WHO( World Health Manufacturer ) prequalification certification which considered as the highest standard of quality, faces the tight competition in current vaccine and global pharmaceutical market. As a result, to develop such good strategic, the company needs to assess its performance with one of the option by comparing company’s financial report with existing financial ratios methodology. The methodology using both quantitative and qualitative approaches with uses of three main frameworks to 10 world companies that divided by Indonesia companies, Other Developing Countries and Global Leading Pharmaceutical Manufacturers: 1. Most Common Financial Ratios 2. BUMN Financial Scoring 3. Moody’s Global Pharmaceutical Rating. The result then will be analyzed by qualitative approach to give recommendation for the company. Although Bio Farma considered as the small companies within the samples, in general Bio Farma has outperformed most of the financial ratios above the industries average with the exception of total asset turnover, product theurapetic diversity, revenues and too high of current and cash ratio which indicates the unproductive investment. Example of above ratios are Net Profit Margin 24% (Global 8%), Dupont Analysis 22% (Global 16%), considered as Healthy in BUMN Scoring (Total Score 94%, Global 70%)  and obtained Baa1, 7.92 in Moody’s Rating, only below Leading Industries Moody’s Rating Average.Keywords: Financial performance analysis, financial assessment, dupont Analysis, financial ratios, BUMN Scoring, Moody’s Rating.
Superior Strategic Markowitz Portfolio in Weak form Inefficient Jakarta Stock Exchange Sholehuddin, Rohmat Agung; Damayanti, Sylviana Maya
Journal of Business and Management Vol 5, No 1 (2016)
Publisher : Journal of Business and Management

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Abstract

Abstract. Capital market has become a regular investment alternative for investors. The existence of capital market provides the chance for investors to maximize their assets. However, capital market has its own risk characteristic. Related to the chance of risk and return, Jakarta Stock Exchange is available to provide the high possibility of earning return, respectively it also provides the high possibility of risk, as it is inefficient of weak-form market efficiency. Investors need to arrange the excellent investment strategy to prepare the investment action in Indonesia.Regarding to the availability of risk and return, investors have their own preference of investment. In general, investors are categorized as aggressive, moderate, and conservative risk profiled. The aggressive investors tend to select more risky assets in order to earn more return though they have to face the higher possibility of risk. The moderate investors tend to select the assets with fair possibility risk and return. And the conservative investors tend to select the assets that provide the lower risk though it will reduce the chance of gaining more return. To incorporate with this condition, investors need the excellent portfolio strategies for their investment. This study is using combined means-variance Markowitz portfolio combined with Merrill Lynch asset allocation for projected portfolio 2015 to 2018. And the results are efficient. The additional asset and fixed income asset included effectively reduce and diversify the potential risk. Keywords: Capital market, weak-from inefficiency, investor risk tolerance, asset allocation, Markowitz portfolio
Financial Performance Analysis of PT. Hero Supermarket Tbk During the Period of Economic Slowdown Rifqi, Audi; Damayanti, Sylviana Maya
Journal of Business and Management Vol 6, No 1 (2017)
Publisher : Journal of Business and Management

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Abstract

AbstractIndonesia is 4th most populated nation in 2015, with emerging middle class consumers that has growing interest in consumer products. Household consumption expenditures contributed 56.07% to the nation GDP in 2014. This makes retail industry a promising business in Indonesia. During the period of 2011-2015, Indonesia economic growth was experiencing a slight slowdown, which impacts the retailer in Indonesia. With low GDP growth, retail industry in Indonesia as one of the biggest contributor to GDP needs to maintain the performance to leverage the nation economy. The retail sales trend was fluctuating within each year, as consumer curbed spending, saving money as they know the unstable economic condition. One of the oldest local modern retail that still existed until now is PT Hero Supermarket Tbk. Having a declining market trend, PT Hero Supermarket Tbk seems getting hit by the effect of economic slowdown that drive the declining of retail sales. By the end of 2015, the company experienced loss even though it has done several preventive measures such as closing some less profitable store, driven by the previous year’s performance. This research will assess the financial performance of PT Hero Supermarket Tbk within the year 2011-2015, when the nation and the industry experienced hardship as the effect from economic slowdown. The research will be using financial ratio analysis and DuPont system of analysis. Three types of analysis will be used which are time series analysis, cross section analysis, and combined analysis. The result of this research shows the performance of PT Hero Supermarket Tbk is averagely declining from 2011-2015. The ratios of PT Hero Supermarket Tbk is below industry average. The last two years were the worst year within the period for PT Hero Supermarket Tbk. The recommendation for PT Hero Supermarket Tbk is to improve its operating efficiency and asset-use efficiency to increase its ROA and ROE. It can be done by reducing the operating cost, especially rent and salaries, as both contribute the most to the operating expense. PT Hero Supermarket Tbk should Keywords: Financial, Indonesia, performance, ratio, retail
Financial Feasibility Analysis of Gumanti Micro Hydro Power Plant Project Muhammad, Aulia Rinald; Damayanti, Sylviana Maya
Journal of Business and Management Vol 4, No 3 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract - The limited electricity supply in Indonesia nowadays could results in condition where the social, economic growth in Indonesia is restrained. In Response, the government has created programs and policies regarding the electricity to encourage private sector to invest and build power plant development. PT. Sangriang Megasakti has the initiative to create a private micro hydro power plant named PLTM Gumanti. However, in order to establish the project, a feasibility analysis must be conducted in order to determine whether the project is feasible or not. Thus, this research is proposed to analyze the financial feasibility of Gumanti micro hydro project. In this case, research used financial tools in analyzing the project feasibility such as net present value, internal rate of return, payback period, profitability index, and economic value added. In calculating the tools and analyzing the results, several data of the project are required such as total capital expenditure of the project, the operational and maintenance expenditure, and the cash inflow from the electricity generated. The results from the financial feasibility analysis of the project are as follows: the net present value is IDR 45,606,095,418, the internal rate of return is 64%, the profitability index is 4.76, the payback period is 1 year 10 months, and the economic value added is IDR 21,705,617,081. The conclusion of the project is that project was good and feasible to develop. Moreover, the economic value added and rate of return shows that the project economically and financially are worth doing. As recommendation, the researcher recommends to create a letter of intent to conduct a good business and to negotiate the credit rate with the lenders, since the project has big rate of return and fast payback period. Keywords: Feasibility Study, Micro Hydro Power plant, Project analysis
Feasibility Analysis of New Priok Port Project Phase 2 by Indonesia Port Corporation II Jayanthi, Gina Dwi; Damayanti, Sylviana Maya
Journal of Business and Management Vol 4, No 5 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract. Indonesia Port Corporation II (IPC) is a state-owned enterprise (SOE) that is involved in port and harbor services in ten provinces of Indonesia. Currently, the state company seeks expansion through changes in its strategic approach in order to become a world-class port operator. In order to become a world-class port operator and solve the overloaded dock in Indonesia, IPC develop and built Project New Priok Port. The complete New Priok Port project is divided into two phases. The first phase will be in total area 268 hectare, Phase II will be in total The phase 2 will be in total 300 ha, that will be built 4 containers terminal. Phase 2 become important stage since phase 1 considered not enough to handle the excess demand of the container terminal as the growth of the country by each terminal increasing 2,000 TEU/years and also in order to be a world-class port operator, phase 2 will be the trigger for Indonesia’s port to attract international vessels because it makes Tanjung Priok able to handle foreign large vessels.  Literature study and financial analysis methods used in this research are cash flow, Net Present Value (NPV), Internal Rate of Return (IRR), Weighted Average Cost of Capital (WACC), Capital Asset Pricing Model (CAPM), and Payback Period (PBP). Result of this analysis paper implies the feasibility of the New Priok Port Project Phase 2 and benefit for IPC II. The analysis turn out to the positive NPV, bigger IRR than WACC, sooner pay back period than economic value and the positive profitability index. This project is economically feasible and recommended to be conducted to generate profit, fulfill the demand, and to be a world-class port operator. Keywords: Cash Flow, NPV, IRR and Payback Period
The Influence of Company Performance Toward Stock Price of PT XL Axiata Tbk From 2008 to 2014 Abditama, Hidayat Ihsan; Damayanti, Sylviana Maya
Journal of Business and Management Vol 4, No 4 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract. Nowadays, Information and telecommunication sector had been increased highly. It is essential for the investors to make the profitable investment like stock market investment value. It is becoming the main reason to makes the company managers more intensively to catch these opportunity and create the creative and comprehensive planning for good company performance that increase the value of companies itself. One of that is the PT. XL Axiata Tbk. that ever success be the biggest operator in second position in Indonesia. These studies explore the influence of company performance toward stock price of PT. XL Axiata Tbk. in the form of financial ratios assessment. This study examines seven financial ratios that represent five basic category of financial ratio. There are Profitability, Liquidity, Activity, Debt, and Market Ratio. ROA, Current, Asset Turnover, DER, EAR, PER and Dividend Payout ratio was used as independent variable. Whereas stock price becoming the dependent variable. This study use the balance sheet income statement and capital adequacy report each four quarter during period 2008 to 2014 as well as implementing regression time series analysis method. This study indicate that only ROA that has positive significant relationship toward stock price. And the other way, DER, EAR and PER has negative significant relationship toward stock price. This study also indicate that ROA, PER and DPR is in step with profit movement, and Current, Asset turnover, DER and EAR is in step with revenue movement of PT. XL Axiata Tbk. from 2008 to 2014. Keywords: Company Performance, Financial Ratio, Linear Regression Time Series, Telecommunication, XL Axiata
Financial Improvement of PT Adhi Karya (Persero) Tbk to Complete in ASEAN Construction Industry Wibisana, Yudha Nugraha; Damayanti, Sylviana Maya
Journal of Business and Management Vol 5, No 1 (2016)
Publisher : Journal of Business and Management

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Abstract

Abstract – In 2016, Asean Economic Community (AEC) will effectively begin. The purpose of this international collaboration is to enforce economic power in South-East Asia region to become single market and production base. However with policies that may apply according to AEC agreements, there will be challenges for each country in South East Asia region especially because of the tighter competition that might occur. The purpose of this research is to see the readiness of national company to compete in Asean level and to give recommendations to company’s future improvement.. Author chooses PT Adhi Karya (Persero) Tbk. as the object of this research because they have statement in their vision to become the leading company in South East Asia. Moreover, PT Adhi Karya (Persero) Tbk is a company that involved in the industry of construction, one of the most strategically critical industries in developing country like Indonesia. To assess the readiness of PT Adhi Karya (Persero) Tbk., author use analysis of financial ratios to determine the current financial performance of the company. In addition, author also use BUMN framework scoring to get more information about company financial performance. As a benchmark, 3 companies in Indonesia and 3 companies from foreign country in Asean region. The analysis shown that PT Adhi Karya (Persero) Tbk. have many rooms to improve in their current financial performance. The company needs to increase their efficiency. Currently they need averagely 65 days to collect their receivables, which is considerably too long. The company also has to utilize their asset more efficiently since the findings shown that their significant increase in asset did not followed by high increase on sales. For leverage, PT Adhi Karya (Persero) Tbk could increase their debt to increase their financial leverage. They also could considering to merger or joint venture with foreign company from South-East Asia to prepare the competition of AEC since there are some foreign companies that perform well in construction industry, Keywords: Finance, financial performance, financial ratio analysis, construction industry, state-owned enterprises, Asean Region.
Co-Authors Astari, Yen Syifa Aulia Rinald Muhammad, Aulia Rinald Barus, Ralang Argi Bo, Liu Danial - Dini Lestari, Dini Dwiarso, Adhi Priyo Erman Sumirat FAJAR NUGROHO Gerry Julian Agusty, Gerry Julian Gina Dwi Jayanthi, Gina Dwi Handayani, Fanty Hidavat, Agustini Hidayat Ihsan Abditama, Hidayat Ihsan Irma Damajanti Isrochmani Murtaqi Jagat Prirayani Jota, Astrid Laregan Karenina, Melita Jenar Kevin Hanafi Lubis, Khayruna Maryadi, Martya Putri Mulyono, Jane Julia Nugraha Yanureza Raeputranto Nugroho, Edwin Adi Padmodipoero, Faya Daffani Awinatama Purwaningrum, Rr Diah Asih Putri, Gaitsa Farah Zahira Rifqi, Audi Rohmat Agung Sholehuddin, Rohmat Agung Rupiani, Dewi Salsabilla, Zahra Saraya, Getha Senator Kramadibrata, Senator Siahaan, Uke Marius Soemari, Herlien Dwiarti Syaputra, Arifa Rizki Tinton S, Bonifacius Perdana Turas Hari Mukti, Turas Hari Wicaksana, Pramudya Wikaningtyas, Pratiwi Yudha Nugraha Wibisana, Yudha Nugraha Yusuf, Nadhila Dzikrina