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All Journal Media Ekonomi dan Manajemen JURNAL ILMU MANAJEMEN DAN BISNIS International Multidiciplinary Conference on Social Sciences (IMCoSS) Economics and Finance in Indonesia Dinasti International Journal of Education Management and Social Science Jurnal Ekonomi Dan Bisnis Jurnal Akuntansi Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Media Riset Bisnis & Manajemen Indonesian Journal of Sustainability Accounting and Management Economic and Finance in Indonesia E-JURNAL AKUNTANSI E-Jurnal Akuntansi
Budi Frensidy
Departemen Akuntansi, Fakultas Ekonomi Dan Bisnis, Universitas Indonesia
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Social Sciences

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Evaluation of Housing Project Business Feasibility Calculations from a Financial Perspective Muhammad Avri Firdaus; Budi Frensidy
Dinasti International Journal of Education Management and Social Science Vol. 7 No. 3 (2025): Dinasti International Journal of Education Management and Social Science (Febru
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v7i3.6098

Abstract

This study evaluates the limitations of Return on Investment (ROI) as PT XYZ’s primary project assessment tool and contrasts it with the Discounted Cash Flow (DCF) and Net Present Value (NPV) approaches. Analysis of three projects reveals that ROI fails to account for the time value of money and tends to produce overly optimistic evaluations. Major deviations stem from cost overruns in operational, legal, and construction components, as well as oversimplified cash-flow assumptions. Qualitative findings confirm that reliance on ROI is driven by time pressure and limited expertise in DCF modeling. The simulation of Project D demonstrates that a conservative DCF framework provides a more accurate assessment and exposes hidden risks. This study recommends using ROI only as an initial screening tool, with final investment decisions based on NPV supplemented by scenario analysis.
Determinants of United States - Indonesia Equity Market’s Dynamic Correlation: The Role of Commodities and Exchange Rate’s Volatilities Robiyanto Robiyanto; Essy Indah Pangesti; Harijono Harijono; Budi Frensidy
Media Ekonomi dan Manajemen Vol 38, No 2 (2023): July 2023
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v38i2.3595

Abstract

This study aims to analyze the effect of oil price volatility, gold price volatility and exchange rate volatility on the dynamic relationship between Indonesian and United States capital market. The data used in this study are daily closing prices of oil, gold and exchange rates (USD/IDR) as well as Indonesian capital market (JKSE) and United States capital market (DJIA) composite indices during period of January 2005 to October 2020. This study uses DCC-GARCH method to calculate the dynamic correlation between two capital markets and GARCH with the GED parameter to analyze oil volatility, gold volatility and exchange rate volatility on the integration of Indonesian capital market and United States capital market. The results of this study show positive and strong results on the integration of Indonesian and United States capital markets, thus proving that the movements of Indonesian market and American market tend to be strong and mutually influence the two capital markets. Moreover, the oil, gold and exchange rates volatilities have a negative effect on the integration of the Indonesia capital market and the US capital market. This finding implies investors should take oil, gold and exchange rates volatilities in their investment consideration.
Agency Conflict Management in Investment Stages of Startups with Venture Capital Funding Ratih Mustikoningsih; Budi Frensidy
E-Jurnal Akuntansi Vol. 35 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This research aims to manage agency conflicts such as information asymmetry and moral hazard that occur during the pre-investment to post-investment phases. During the investment process, Venture Capital acts as the principal, while Startups act as the agents. This study employs a qualitative method with a case study approach. The research subjects consist of one (1) Startup in the financial technology (fintech) sector and two (2) Venture Capital firms, one owned by a State-Owned Enterprise (SOE) and the other privately owned. The findings indicate that managing agency conflicts between Venture Capital and Startups requires comprehensive pre-investment assessments, including initial selection that covers financial and non financial aspects, as well as contractual agreements involving a due diligence process. Meanwhile, post-investment management is carried out through performance monitoring, staged funding, and forming a Venture Capital Syndicate.
Co-Authors A. Harijono Anthony, Aries Wicaksono Ardilla Putri Naina Sari Essy Indah Pangesti Muhammad Avri Firdaus Ratih Mustikoningsih Ratih Mustikoningsih Regina Fitriafrishanti Robiyanto Ryan Bagas Wikantyoso Sari, Putu Ayu Sruti Permata Tasya Indah Mardhaniaty