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All Journal Journal of Economics and Business UBS Jurnal Indonesia Sosial Teknologi Eduvest - Journal of Universal Studies Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Raden Aswin Rahadi
Institut Teknologi Bandung, Indonesia
Aerospace Engineering Agriculture, Biological Sciences & Forestry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences

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 1 
Business Potential of Post-Harvest Processing of Robusta Coffee in Jangkat Village, Merangin District Dhio Wira Alanda; Raden Aswin Rahadi
Journal of Economics and Business UBS Vol. 12 No. 2 (2023): Regular Issue
Publisher : UniSadhuGuna Business School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/joeb.v12i2.157

Abstract

Jangkat coffee or Merangin Robusta coffee is a variety of Robusta coffee that is one of the leading commodities from the highlands of Merangin district, Jambi province. Jangkat robusta coffee has high potential because it already has its own geographical indication area and has a very good taste score if proper post-harvest processing is carried out. There is huge potential to develop business by investing in post-harvest production of Robusta coffee greenbeans due to the large availability of raw materials there and also very few other companies engaged in the post-harvest coffee production processing industry in the area. Companies that want to invest in this area are expected to create value and profit by adhering to coffee certification and traceability standards and selling to business-to-business customers and this can be done by providing education to coffee farmers.
Digital Car Showroom Business Strategy in the Automotive Industry: Its Impact on Consumer Behavior in PT. Carro Indonesia Muhammad Fahmi Fahrurrodzi; Raden Aswin Rahadi
Jurnal Indonesia Sosial Teknologi Vol. 5 No. 7 (2024): Jurnal Indonesia Sosial Teknologi
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jist.v5i7.1105

Abstract

This study aims to identify consumer behavior towards the development of business models carried out by showrooms and dealers, especially Carro Indonesia which is based on digital startups, and create a strategic position to gain a competitive advantage in the car buying and selling industry. To analyze the environmental factors of this business externally using PESTEL and Porter's 5 strengths, then internal analysis through VRIO and SWOT. This research method uses qualitative and quantitative methods, with data collection conducted online and offline, using in-depth interviews and questionnaires. Data analysis was conducted using content analysis and Analytical Hierarchy (AHP) survey process. As for determining critical adoption factors for consumer behavior in buying a car by doing 4 criteria and 15 sub-criteria. AHP is a methodical framework that establishes a hierarchical structure with interdependent layers, analyzes the weights of various aspects, and evaluates potential actions with regard to existing structures. AHP has been used to prevent contradictory situations in research. As a result, interview data must be presented in quantitative form, i.e. how AHP ensures consistency of its findings because statements in qualitative interviews can be weighted. Then from the results of this study, each stakeholder can use this research as a basis for decision making to determine the company's steps to increase the level of adoption of services that are used as company products that are in accordance with the car buying and selling market.
Financial Performance Analysis and Z-Score Assessment Of Telecommunication Industry: PT Indonesia, PT XL Axiata, PT Indosat Ooredoo, PT Smartfren Telecom Before and After Covid19 Pandemic Indriyanti Novitasari; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6269

Abstract

The COVID-19 pandemic created changes in the telecommunications industry in Indonesia. During the pandemic, demand for digital services increased as people relied on online platforms for work, education, and daily activities. This led to an increase in demand for telecom companies. However, after the pandemic ended and people returned to normal physical activities, sales growth in the telecom industry began to decline. This study aims to understand the impact of COVID-19 on the financial performance of Indonesia's telecommunications industry, analyze the performance of each company, assess their risk of bankruptcy, and propose strategies to address these challenges. To achieve these objectives, quantitative approaches such as financial ratio metrics, including profitability, liquidity, solvency, and activity, were calculated. Statistical tests, including paired t-tests, Wilcoxon signed-rank tests, and Kolmogorov-Smirnov tests, were conducted to compare the financial performance of the Indonesian telecommunications industry before and after the pandemic. The Altman Z-Score model was also used to measure bankruptcy risk and identify whether the companies are in financial distress. The results showed a significant difference in Indonesia’s telecommunications industry’s financial performance before and after the pandemic in terms of profitability, as measured by ROA, ROE, and NPM, all of which showed an increase. Among the major players, PT Telkom Indonesia Tbk led the industry with strong and stable financial performance and was the only company classified in the "safe zone" by the Altman Z-Score. XL Axiata also maintained stability, although its performance was lower than Telkom and Indosat. Indosat Hutchison showed improvement during the period, partly due to its merger with Hutchison and initiatives such as massive tower sales and continuous innovation, which helped strengthen its position in the market. On the other hand, Smartfren faced significant struggles, showing a decline in profitability and being heavily in financial distress.
Financial Performance Analysis and Z-Score Assessment of Pharmaceutical Industry During and After Economic Crisis In 2020 Habib Muhammad Dwana Nugraha; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6278

Abstract

This study discusses the analysis of financial performance and potential bankruptcy of all publicly listed pharmaceutical companies in Indonesia during and after the COVID-19 pandemic. This study uses financial ratio analysis such as Liquidity, Solvency, Profitability, and Activity Ratio as well as bankruptcy potential assessment with the Altman Z-Score Model. This research aims to evaluate the financial conditions of companies and identify the financial risks faced by the pharmaceutical industry in Indonesia. Statistical approach Kolmogorov-Smirnov, Paired T-Test, and Wilcoxon Signed Rank Test, to asses significant change in financial performance during and after pandemic. The results of this study indicate that PT Kimia Farma (KAEF), PT Indonesia Farma (INAF), PT Pharos (PEHA), and PT Pyridam Farma (PYFA) have poor financial conditions based on the results of all poor financial ratios, Moreover, these companies showed significant bankruptcy potential, with Altman Z-Score values below 1.89. and for SOHO it also has a poor profitability ratio especially in Gross Profit Margin categorizing them in the "Distress Zone.", And Soho Global Health (SOHO) is not so safe from the potential remains in the "Gray Zone," with Z-Score values ranging from 1.89 to 2.99, indicating moderate bankruptcy risk. In conclusion, this research highlights the urgent need for pharmaceutical companies in Indonesia to enhance their financial resilience in the post-pandemic era.
Safe-Haven and Diversification Roles of Gold and Bitcoin: Evidence from Financial Markets Bayu Avrianto Raksakadarma; Raden Aswin Rahadi
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51399

Abstract

This study investigates the safe-haven and diversification roles of gold and Bitcoin in financial markets from 2015 to 2025. With rising economic uncertainties, the need for reliable safe-haven assets has become critical. Gold has historically provided stability during crises, whereas Bitcoin's volatile nature raises questions about its reliability as a safe haven. Through empirical analysis, including GARCH models and quantile regression, the research evaluates the performance of both assets during market stress. Findings indicate that gold consistently outperforms Bitcoin in terms of downside protection, confirming its status as a traditional safe-haven asset. Conversely, Bitcoin offers potential diversification benefits, enhancing portfolio performance when combined with gold. The results support the notion that integrating both assets can lead to improved risk-adjusted returns, making a dual-asset investment strategy a practical approach for investors navigating market uncertainties.
Impact of Bank Super App as Game Changer to Improve Funding Structure and Bank Wide Financial Performance: Case Study in BNI Super App (Wondr By BNI) Ryan Hutomo Suhardi; Raden Aswin Rahadi
Eduvest - Journal of Universal Studies Vol. 5 No. 11 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i11.51486

Abstract

Based on performance in 2023, the share of Loans and Third-Party Funds from BNI decreased compared to 2022. In the profit and loss statement, BNI’s net interest income decreased by 0.1% (IDR 45.0 billion) compared to 2022. BNI’s Net Interest Margin (NIM) fell from 4.8% in 2022 to 4.6% in 2023. As a trusted financial institution, to address these business challenges, BNI launched a Super App in early July 2024. This research aims to analyze the correlation and evaluate the impact of the BNI Super App on BNI's funding structure and financial performance. This study employs both qualitative and quantitative research methods. The qualitative data analysis uses a content analysis approach, while the quantitative methods include correlation and paired samples t-test analyses. Data collection combines interviews and secondary data from BNI’s Annual Report and financial performance records. Based on the correlation results, Hypothesis 1 for CASA Ratio, Cost of Fund, NIM, and ROA is accepted. For impact results, Hypothesis 1 is accepted for Cost of Fund, NIM, and ROA, while it is rejected for CASA Ratio. There is a positive correlation between the BNI Super App—in terms of the number and volume of transactions—and CASA Ratio, NIM, and ROA, and a negative correlation with Cost of Funds. The results also show a significant impact after the launch of the Super App in reducing Cost of Fund and increasing NIM and ROA. However, the CASA Ratio has not yet increased significantly.
Financial Feasibility Study to Determine the Best Funding Structure for Garuda Project in Pt Asgardian Muda Ineu Utami Dewi; Raden Aswin Rahadi
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.52056

Abstract

The pharmaceutical industry faces growing regulatory challenges and financial constraints when expanding into new markets. This study evaluates the financial feasibility of the Garuda Project, a strategic initiative by PT Asgardian Muda to build a pharmaceutical manufacturing facility meeting European Good Manufacturing Practices (GMP) standards. The aim is to determine the most suitable funding structure to ensure financial sustainability and regulatory compliance. The research uses both qualitative and quantitative methods, including financial performance analysis, stakeholder evaluation, and investment feasibility assessment. Key financial metrics, such as Net Present Value (NPV), Internal Rate of Return (IRR), and Weighted Average Cost of Capital (WACC), are applied to compare different funding options: internal financing, debt-based funding, and hybrid models. Sensitivity analysis also examines the impact of factors like interest rates, Cost of Goods Sold (COGS), demand fluctuations, and delayed regulatory approval on financial viability. Findings indicate that all scenarios are financially feasible, with IRRs surpassing the WACC. The 50% equity and 50% debt hybrid model performs best, offering the highest NPV (up to IDR 226 billion), a lower WACC (8.74%), and the shortest payback period (2044). Sensitivity analysis shows the project is most sensitive to regulatory approval delays and market demand fluctuations. The Garuda Project is both economically and strategically viable, with the hybrid funding model providing an optimal balance between profitability and risk. If the company adheres to its zero-debt policy, the project remains feasible under a 100% equity structure, although with reduced financial efficiency.
Internal and External Analysis for Spam Investment Perum Jasa Tirta II Sripamesti Putri; Raden Aswin Rahadi
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.52063

Abstract

Indonesia is facing increasing water demand due to rapid urbanization, industrialization, and population growth. To address this challenge, the government is prioritizing the development of Sistem Penyediaan Air Minum (SPAM) as part of its Vision Indonesia 2045*, aiming to ensure universal access to clean water while reducing groundwater dependency and environmental degradation. This study evaluates the feasibility of SPAM investment by* Perum Jasa Tirta II (PJT II), a state-owned enterprise tasked with water resource management. Using a mixed-methods approach, the study combines qualitative PESTLE analysis with quantitative financial assessments, including NPV, IRR, PBP, and PI, supported by sensitivity testing. The financial analysis reveals a positive NPV of IDR 58.3 billion, an IRR of 16.8% (exceeding the 12% WACC), a payback period of 6.2 years, and a profitability index of 1.42, confirming strong financial viability. The findings reveal that strong political backing, economic recovery, rising public health awareness, and PJT II's operational mandate support the strategic relevance of SPAM. Despite challenges such as aging infrastructure, the investment is found to be both financially and strategically viable. This study offers practical insights for aligning public infrastructure investment with national development goals and sustainable resource management.
Co-Authors Bayu Avrianto Raksakadarma Dhio Wira Alanda Habib Muhammad Dwana Nugraha Indriyanti Novitasari Ineu Utami Dewi Muhammad Fahmi Fahrurrodzi Ryan Hutomo Suhardi Sripamesti Putri