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All Journal Journal of Business and Management International Journal of Supply Chain Management Jurnal Akuntansi dan Bisnis Jurnal Ilmu Sosial Politik dan Humaniora (Jisora) Journal Integration of Social Studies and Business Development Journal of Consumer Study and Applied Marketing Journal Integration of Management Studies
Mandra Lazuardi Kitri
School Of Business And Management, Institut Teknologi Bandung
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Environmental Science Industrial & Manufacturing Engineering Social Sciences Transportation

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Feasibility Study of PT XYZ's Villa Project In Seminyak, Bali Wijaya, Darren Anthony; Kitri, Mandra Lazuardi
Journal Integration of Management Studies Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i1.159

Abstract

The tourism industry in Bali, a cornerstone of the local economy, faced a severe downturn due to COVID-19, resulting in declines in tourist arrivals and accommodations. However, the sector has seen a robust recovery, with tourist arrivals now exceeding pre-pandemic levels. Despite this, accommodations recovery has lagged, presenting a significant investment opportunity. PT XYZ aims to capitalize on this by developing a luxury villa in Seminyak, targeting the middle-to-upper tourist market. The planned investment of IDR 2,109,848,475 will be fully financed through equity. This study assesses the financial feasibility and potential risks of the project. It involves constructing pro forma financial statements to forecast operations over 20 years, followed by detailed cash flow analysis. Key metrics such as Free Cash Flow (FCF) and Terminal Cash Flow are calculated, and the Weighted Average Cost of Capital (WACC) is used to discount future cash flows. The analysis employs Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), Payback Period, and Discounted Payback Period to evaluate financial returns and investment recovery time. The study indicates a positive NPV of IDR 1.6 billion and an IRR of 19.36%, suggesting substantial returns over the cost of capital. The project’s profitability index of 1.77 underscores its value generation potential, while the payback period and discounted payback period, at 6.06 years and 9.07 years respectively, highlight its efficiency in recouping investments well within its useful life. Risk assessment through sensitivity analysis and Monte Carlo simulations highlights daily and occupancy rates as critical factors, with a low 4.5% probability of a negative NPV. Strategic recommendations include dynamic pricing, enhancing guest experience with exclusive amenities, and listing the property on multiple Online Travel Agencies (OTAs) to boost visibility and bookings.
Financial Feasibility Analysis of XYZ Company Market Expansion Plan to Kalimantan Tsabita, Dinara; Kitri, Mandra Lazuardi
Journal Integration of Management Studies Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i1.178

Abstract

XYZ Company, a B2B manufacturer of Songkok in Gresik, East Java, plans to expand its market by establishing a new distribution warehouse in Banjarmasin, Kalimantan. This strategy aims to leverage the growing demand for Songkok in Kalimantan, which has a significant Muslim population. The primary goal of this study is to evaluate the financial feasibility of purchasing versus renting the new warehouse for this investment plan. The financial feasibility analysis was conducted in multiple stages. Pro forma financial statements were constructed for both scenarios, incorporating historical data of the company's financial statements, industry benchmarks, and growth assumptions from management interviews. Free Cash Flow to the Firm (FCFF) and terminal cash flows were calculated using the Weighted Average Cost of Capital (WACC). Capital budgeting techniques were then used to evaluate financial feasibility, including Net Present Value (NPV), Internal Rate of Return (IRR), and Discounted Payback Period. Risk assessment was performed through sensitivity analysis and Monte Carlo simulation. Results indicate that the renting scenario, with an initial investment of IDR 242 million, has a higher NPV and IRR than the purchase scenario, which requires an initial investment of IDR 944 million. The renting scenario also offers a faster-discounted payback period of 2 years and one month, making it more feasible. Risk assessment shows moderate risk, with an 83% probability of achieving a positive NPV. The financial feasibility analysis recommends renting the new warehouse in Banjarmasin. This option provides a quicker payback period, higher NPV and IRR, and positive risk assessment results. Investing in this project will enhance XYZ Company's market presence in Kalimantan, cater to the growing demand for Songkok, and achieve sustainable growth and profitability.
Optimal Capital Structure Analysis of PT Bluebird TBK Yuliani, Sri; Kitri, Mandra Lazuardi
Journal of Consumer Studies and Applied Marketing Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jcsam.v3i1.387

Abstract

PT Bluebird Tbk, a leading Indonesian road transportation company, plans to acquire 1,000 electric vehicles (EVs) by 2025, which will require an investment of IDR 1.8 trillion. Currently, the company's capital structure consists of 25.24% debt and 74.76% equity, a proportion that differs significantly from the Indonesian road transportation industry average of 51.63% debt and 48.37% equity. This difference suggests that PT Bluebird Tbk may not yet have reached an optimal capital structure. Achieving an optimal mix between debt and equity is important for minimising the company's cost of capital and maximising its overall value. The planned expansion provides an opportunity for PT Bluebird Tbk to evaluate and potentially restructure its capital structure. This study utilised the Cost of Capital approach to identify the optimal capital structure, with the Weighted Average Cost of Capital (WACC) formula to analyse various debt and equity scenarios. The Damodaran Synthetic Rating is utilised to estimate the cost of debt, while the Capital Asset Pricing Model (CAPM) is applied to calculate the cost of equity. The results indicate that the optimal capital structure for PT Bluebird Tbk consists of 32% debt and 68% equity. Therefore, the most favourable financing strategy for the expansion involves raising IDR 742,475 million through debt and IDR 438,711 million through equity to achieve this optimal structure.
Foreign Ownership and Corporate Financial Decision Making: A Review and Future Research Agenda Kitri, Mandra Lazuardi; Wiryono, Sudarso Kaderi; Nainggolan, Yunieta Anny
Jurnal Akuntansi dan Bisnis Vol 22, No 2 (2022)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jab.v22i2.793

Abstract

Individuals, firms, and even countries face scarcity due to limited resources. To overcome this problem, especially in the need for capital resources, firms and countries try to acquire additional capital externally through foreign investment. Previous research has been conducted to examine the effect of foreign ownership on a firm’s decision-making and performance. However, the systematic literature review shows that the results are still inconclusive and bring confusion for firms and governments in determining their strategy for promoting foreign investment. There are two gaps identified surrounding current research on foreign ownership that needs special attention. First, most research considers foreign ownership as an ownership type and puts less attention on the actual ownership types. Second, research has found that different characteristics of the home or host country involved in foreign investment may moderate the relationship between foreign ownership and a firm’s decision-making but only considers a one-sided observation of country characteristics (home or host country only). This research proposes future research agenda in examining how different foreign owner’s ownership types affect a firm’s decision-making, risk, and performance and whether country characteristics differences moderate the relationships between foreign owner’s ownership types, firm’s decision-making, risk, and performance. Individu, perusahaan, dan bahkan negara menghadapi persoalan kelangkaan akibat terbatasnya sumber daya. Untuk menghadapi hal tersebut, terutama terkait dengan kebutuhan modal, perusahaan dan negara berupaya untuk memperoleh tambahan modal melalui sumber eksternal berupa investasi asing. Penelitian terdahulu telah dilakukan untuk mengetahui efek dari kepemilikan asing terhadap pengambilan keputusan dan kinerja perusahaan. Namun, hasil penelitian-penelitian tersebut masih beragam dan membawa kebingungan bagi perusahaan dan negara dalam memutuskan strategi untuk mempromosikan investasi asing. Terdapat dua persoalan yang ditemukan dalam penelitian-penelitian terkait kepemilikan asing. Pertama, sebagian besar penelitian menilai kepemilikan asing sebagai jenis kepemilikan dan kurang memperhatikan jenis pemilik asing sesungguhnya. Kedua, beberapa penelitian menemukan bahwa karakteristik negara memoderasi hubungan antara kepemilikan asing dan pengambilan keputusan serta kinerja perusahaan, namun penelitian-penelitian tersebut hanya mempertimbangkan satu sisi karakteristik negara (asal investor atau lokasi perusahaan). Penelitian ini mengusulkan agar agenda riset masa depan dapat menggali pengaruh perbedaan tipe kepemilikan pemilik asing terhadap pengambilan keputusan, risiko, dan kinerja perusahaan serta bagaimana perbedaan karakteristik negara dapat memoderasi hubungan antara tipe pemilik asing dengan pengambilan keputusan, risiko, dan kinerja perusahaan.
Market Reactions To Changes In Sri-Kehati Index Constituents In The Post-COVID-19 Period Louis Orlanda Tarigan; Mandra Lazuardi Kitri
Journal Integration of Management Studies Vol. 4 No. 1 (2026): Article In Press
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v4i1.438

Abstract

This study examines market reactions to the semi-annual rebalancing announcements of the SRI-KEHATI Index in Indonesia during the post-COVID-19 period (2022–2024). As environmental, social, and governance (ESG) investing gains increasing global relevance, understanding how investors in emerging markets respond to sustainability-related index changes is crucial. Using an event study methodology based on a single-index market model, this research analyzes abnormal returns and trading volumes around five rebalancing announcements involving 18 inclusions and 17 exclusions. The results reveal significant short-term positive abnormal returns and heightened trading volumes following stock inclusions, while exclusions trigger negative price reactions accompanied by increased trading activity. These findings support the price pressure hypothesis and, to some extent, the sustainability taste hypothesis, suggesting that short-term market reactions are driven by temporary demand shifts and growing ESG awareness among investors. However, no persistent long-term abnormal returns are observed, indicating that the Indonesian capital market remains only partially efficient in assimilating ESG-related information. This study contributes to the literature on sustainable finance by providing post-pandemic evidence from an emerging market context and offers practical implications for investors, regulators, and policymakers advancing ESG integration.
Co-Authors Abdillah, Muhammad Bisma Cristian Eliezer Manurung Faikar, Fahd Irawan, Anjeli Siti Maliska Juanda, Kadek Yoga Ade Louis Orlanda Tarigan Muhammad, Zikri Nainggolan, Yunieta Anny Nita, Arfenia Putri Nadiya Intan Safira Putri Pradana, Dian Raden Aswin Rahadi Rahmatsyah Putranto, Nur Arief Sri Yuliani Tsabita, Dinara Wihardi, Michael Justin Wijaya, Darren Anthony Wiryono, Sudarso Kaderi Yunieta Anny Nainggolan, Yunieta Anny