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Return : Study of Management, Economic and Bussines
Published by PT. Publikasiku Academic Solution
ISSN : 29640121     EISSN : 29633699     DOI : 10.57096
Core Subject : Economy,
Economics, Econometrics & Finance
The Journal RETURN is a double blind peer-reviewed academic journal and open access to social and scientific fields. The journal is published monthly by PT. Publikasiku Academic Solution. The Jurnal RETURN provides a means for sustained discussion of relevant issues that fall within the focus and scopes of the journal which can be examined empirically. The journal publishes research articles covering all aspects of social sciences, ranging from Economic, management and Bussines. Published articles are articles from critical and comprehensive research, studies or scientific studies on important and current issues, or reviews of scientific books
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 362 Documents
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Risk-Adjusted Multicriteria Decision Analysis (MCDA) Based on Financial and Non-Financial Factor Integration Model in Prioritizing Decarbonization Projects at National Energy Company Rafi Herfini; Suhari Pranyoto; Eka Puspitawati
Return : Study of Management, Economic and Bussines Vol. 5 No. 8 (2026): Return: Study of Management, Economic and Business
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v5i8.494

Abstract

PT Pertamina (Persero)’s commitment to supporting Indonesia’s Net Zero Emissions 2060 target highlights the need to prioritize decarbonization projects based not only on financial feasibility but also on financial risks and non-financial factors. This study aimed to develop a Risk-Adjusted Multicriteria Decision Analysis (MCDA) model that integrates these three dimensions. The study employed a qualitative approach supported by descriptive quantitative analysis using data from PT Pertamina (Persero)’s decarbonization initiatives. Financial performance was assessed using Marginal Abatement Cost (MAC), Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP), while financial risk and non-financial criteria were identified through a Focus Group Discussion (FGD) involving 23 experts with more than 10 years of experience in decarbonization, energy transition, energy investment, and risk management. Of the 174 decarbonization initiatives identified, 46 strategies had complete data and were eligible for assessment across all financial, financial-risk, and non-financial indicators. The results showed that integrating all criteria changed the project priority rankings compared with assessments based solely on financial performance. The Renewable Energy Investment for Marine and Terminal Operations strategy ranked first, with a weighted composite score of 4.87, followed by Installation of ESD (fin, duct, etc.) with a score of 4.68 and Shore Connection (Cold Ironing) for Auxiliary Engine Replacement Using Grid/Generated Electricity with a score of 4.59. The proposed model generated a more comprehensive prioritization framework and may serve as a decision-support tool for decarbonization investment planning.
Analysis and Modeling of the Root Causes and Risk Mitigation Strategies for Default Risk in the Pertashop Project at PT Indonesia Sejahtera Hanna Verawaty Silalahi; Suhari Pranyoto; Nanda R. Nurdianto
Return : Study of Management, Economic and Bussines Vol. 5 No. 8 (2026): Return: Study of Management, Economic and Business
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v5i8.495

Abstract

Payment default risk represents a significant financial threat that may jeopardize business continuity, as experienced by PT Indonesia Sejahtera during the implementation of the Pertashop procurement project, in which PT Pindad Internasional Logistic had not fully fulfilled its payment obligations. This study aimed to identify the root causes of payment default risk, analyze the interrelationships among contributing factors, and formulate appropriate mitigation strategies based on the Enterprise Risk Management framework of ISO 31000. A qualitative approach with a case study design was employed at PT Indonesia Sejahtera. Primary data were collected through in-depth interviews with six informants comprising leaders and staff from relevant functions, supported by field observations and document analysis. Data were analyzed through data reduction, data display, and conclusion drawing, complemented by the Analytical Hierarchy Process (AHP) to determine the priority weights of risk factors. The results identified eight causal factors contributing to payment default, with three dominant factors: weak project supervision and monitoring, the absence of payment protection mechanisms such as bank guarantees or Surat Kredit Berdokumen Dalam Negeri (SKBDN), and the absence of an Early Warning System (EWS). Based on these findings, the study proposed an EWS model integrating Key Risk Indicators (KRI), trigger levels, continuous monitoring, and an escalation matrix as a closed-loop risk management system. This model enabled early detection of potential payment issues and supported proactive mitigation and decision-making. The study concluded that payment default risk was not solely attributable to the customer's financial capacity but also resulted from weaknesses in project governance, contractual control, and organizational risk management systems. Therefore, comprehensive, integrated, and preventive risk management was required to strengthen financial resilience and ensure business continuity.

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