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Analisis Faktor Syariah terhadap Kinerja Portofolio pada Pelemahan dan Penguatan Nilai Tukar Rupiah Edryoko Dwi Hardono; Budi Purwanto; Wita Juwita Ermawati
Jurnal Manajemen dan Organisasi Vol. 11 No. 2 (2020): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jmo.v11i2.26866

Abstract

IHSG and ISSI in the last three periods show that standard deviations have increased and the yield rate has declined. Preliminary observations found that during this period there was a weakening of the Rupiah against the US dollar which was reported to weaken from February to October 2018 and regained strength afterwards. The focus of this research is to analyze the performance of Islamic stock portfolios and general stock portfolios compiled with the Markowitz method under conditions of a weakening exchange rate and when the exchange rate conditions strengthen. The results of the portfolio formation reveal that, more Islamic stocks are needed when the condition of the rupiah exchange rate weakens and fewer Islamic stocks are needed when the exchange rate conditions strengthen. Islamic stock portfolios have returns and risks that are greater than the general portfolio in each condition. However, the performance of the Islamic stock portfolio is inversely proportional to the general stock portfolio.
Masalah Keagenan dalam Kontrak Bagi Hasil Perbankan Syariah di Indonesia Kery Utami; Budi Purwanto; Tubagus Nur Ahmad Maulana
Jurnal Manajemen dan Organisasi Vol. 9 No. 3 (2018): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (677.114 KB) | DOI: 10.29244/jmo.v9i3.28225

Abstract

The Principle of profit-sharing operation in Sharia bank is often utilized for financing. However, in its practice, the distribution of Sharia Bank funds be done at the equivalent cost. This might occur due to the agency predicament in which Sharia Commercial Bank become a liaison between the depositor and the debtor who bring money. By conducting panel analysis of regression data at 11 sharia commercial banks in Indonesia during period 2012.Q1-2016.Q4, it was found that financial problems happen chiefly because of adverse Sharia Banks and moral hazard which intentionally increase financing.
Pengukuran Efisiensi Serta Analisis Faktor Internal dan Eksternal Bank yang Memengaruhinya Aron Marsondang; Budi Purwanto; Heti Mulyati
Jurnal Manajemen dan Organisasi Vol. 10 No. 1 (2019): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (464.193 KB) | DOI: 10.29244/jmo.v10i1.28860

Abstract

Efficiency for the banking industry as a whole is the most important aspect considered to realize healthy and sustainable financial performance. Therefore, to realize a healthy and sustainable financial performance, the government intervenes in the banking business to divide or categorize banks based on core capital. This study will measure the efficiency level of conventional commercial banks with input variables that are thought to affect the output variable using non-parametric methods with the Data Envelopment Analysis (DEA) model. Bank size (SIZE), Capital Adequacy Ratio (CAR), and Loan to Deposit Ratio (LDR) proved to have a significant positive effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. Meanwhile, non-performing loan (NPL) proved to have a significant negative effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. External factors such as the rupiah exchange rate (KURS), Bank Indonesia interest rates (SBI), and gross domestic product (GDP) have proven to have no significant positive effect on the efficiency of banks listed on the Indonesian Stock Exchange in the period 2013-2017.
Apakah Saham Berlabel Syari’ah Memenuhi Kepatuhan dan Prinsip Moral Islam? (Study Kasus: Pasar Modal Syari’ah Indonesia) Nanda Karunia Amanah; Budi Purwanto; Wita Juwita Ermawati
Jurnal Manajemen dan Organisasi Vol. 10 No. 2 (2019): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (689.024 KB) | DOI: 10.29244/jmo.v10i2.30130

Abstract

The financial industry with the principle of shari'ah compliance has grown rapidly in almost all countries in recent years. Sharia Capital Market is an important segment of sharia financial development. The Islamic capital market must adhere to the moral principles of Islam, which are free from interest (riba), masyir (gambling) which automatically avoids things that lead to gharar (uncertainty). Islamic rules clearly forbid such conditions, so that the allocation of assets to Sharia stocks in the Islamic capital market tends to be bounded based on sharia moral principles. This study intends to evaluate the level of compliance of shariaa labeled stocks against bounded moral sharia. The method used is a measure of financial ratios based on POJK No. 35 /POJK.04/2017, linkage distance sharia compliance to default (DSCD) and the rate of compliance value for all shari'ah shares incorporated in the Indonesian Syari'ah Stock Index (ISSI). The fact is that not all shares with a syari'ah label are compliant with the existing Shari'ah moral principles.
Myopic Loss Aversion dan Literasi Keuangan Pada Pengambilan Keputusan Investor Pemula Indonesia Andi Fauziah; Budi Purwanto; Wita Juwita Ermawati
Jurnal Manajemen dan Organisasi Vol. 11 No. 1 (2020): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (208.258 KB) | DOI: 10.29244/jmo.v11i1.30498

Abstract

Risk averse behavior are psychological barriers for investor to join the capital market. Risk averse behavior will restrict the investor financial decision, so it needs to be anticipated through improving financial literacy. Low financial literacy increases the evaluation frequency, hence the risk averse behavior will increased and reduce the return. This problem can be prevented by increasing financial literacy so that the investor will behave as a risk seeker and increase the return. This paper aims to examine factors that are affected the investor returns. Multiple linear regression analyses using SPSS 20 was utilized to see the effect of financial literacy, evaluation frequency, maxhold, investment duration, technical analysis, and fundamental analysis against return increasing. The results showed that financial literacy and investment durations were positively significant towards investor returns, the use of technical analysis negatively significant towards investor returns, while insufficient evidence to Indicates that the frequency of evaluation, max hold, and the use of fundamental analysis affects investors returns at a 90 percent confidence level.
Cryptocurrency Risk Analysis During the Covid-19 Pandemic: Value at Risk (VaR) Approach Desy Khairunnisa; Budi Purwanto; Wita Juwita Ermawati
Jurnal Manajemen dan Organisasi Vol. 13 No. 1 (2022): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jmo.v13i1.40428

Abstract

The COVID-19 outbreak had a severe impact on almost all countries in the world. One aspect of concern during the pandemic is an investment. In this study, the GARCH model used to estimate Value at Risk (VaR) on cryptocurrency investments as a tolerable loss during the COVID-19 pandemic. Data in this study are ten cryptocurrencies with the largest capitalization. The observation period when WHO declared COVID-19 as a pandemic, namely on March 11, 2020 - June 11, 2020. From this study, the highest cryptocurrency VaR value is Crypto.com with an amount of 0,18214. It means that the maximum loss that an investor can tolerate with an investment of $500.000.000 for a 95 percent confidence level is $ 91.070.392.
Kajian Prospek dan Strategi Pengembangan Usaha Pengolahan Aloe Vera Pada PT Libe Bumi Abadi I Nyoman Suisnaya; Musa Hubeis; Budi Purwanto
MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah Vol. 4 No. 2 (2009): Manajemen IKM
Publisher : Institut Pertanian Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (217.138 KB) | DOI: 10.29244/mikm.4.2.163-175

Abstract

Aloe vera has a compete nutrition which has function as natural antioxidant. The objectives of this study are (1) to know the business prospect in market aspect and raw material supply, (2) to evaluate financial feasibility, (3) to evaluate business management in the management aspect and production technology, (4) to average business development strategy of PT. Libe Bumi Abadi. The method of analysis used were (1) descriptive method which was used in collecting data of raw material, market prospect, financial statement, selling volume, income and cost, and strategic competitor; (2) feasibility investment method; (3) analysis of strengths, weaknesses, opportunities and threats (SWOT) and Internal-External (IE) matrix. The result of the study showed that the business processing of Aloe vera needed investment cost Rp. 687.750.000 and average of operational cost Rp.1.997.400.000 per year. It was a proper business because it resulted Net Present Value (NPV) Rp.383.606.492, Internal Rate Return (IRR) 34.39%, Pay Back Period (PBP) during 3.6 years, Benefit Cost Ratio (BCR) 1.558 (> 1) and Break Event Point (BEP) 30,385.41 or 42.20% from used production capacities. The sensitivity analysis showed that the investment was susceptible with the decreasing of selling price 5% but it was still defend in the increasing of raw material 5%. Based on the SWOT analysis, some alternative strategies that are SO, ST, WO and WT. The strategy which recommended to PT. Libe Bumi Abadi is WO strategy; they are (1) minimal benefit and production, (2) finding the new partnership as a the fund resource. The result of the analysis IE matrix showed PT. Libe Bumi Abadi in quadrant V, which is growth. It showed that it passed through horizontal integration or consolidation by defending of selling level and profit
Pengaruh Karakteristik dan Perilaku UKM, serta Sistem Pembiayaan terhadap Penyaluran Pembiayaan BNI Syariah Setyo Susilo; Musa Hubeis; Budi Purwanto
MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah Vol. 7 No. 1 (2012): Manajemen IKM
Publisher : Institut Pertanian Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (304.087 KB) | DOI: 10.29244/mikm.7.1.1-9

Abstract

After the economy crisis, there were 42.4 million unit of UKM os SMEs (Small and Medium Scale Enterprises) in 2003 or increase of 9.5%, compared to 2000 with a labor of 79 million. At the same time, (1) Syariah banking found its momentum again to grow, known as the negative spread, and (2) The Majelis Ulama Indonesia (MUI) prohibits bank interest. The market share of Syariah banking is 1.20% and the financial distribution per November 2003 is Rp5,466.04 billion, dominated by Murabahah financing as much as Rp3,893.1 billion (71,2%). In general, the syariah financing is based on profit sharing and margin. The most common profit sharing in Syariah banking are musyarakah and mudharabah. The method of margin is done in the form of sales contract. The most developed in Syariah banking are murabahah, salam and istishna.  This objectives of this research are to study the characteristics and behavior of SMEs that influence the method of financing, to study the constraints in applying the profit sharing method, to determine the most suitable financing method most suitable to the characteristics of SMEs, and to determine the strategy of BNI Syariah to increase market share, and to compete in the Syariah banking industries. The analysis was done by using the qualitative descriptive, crossed tabulation, chi squared (χ²), and Strengths, Weaknesses, Opportunities and Threats (SWOT). Based on the analysis of χ², and the result frequency, it shows that the characteristic and behavior of UKM that agree with the murabahah financing system is highly significant, while those that agree with the Syariah banking system is significant, and that agree there are constrains in applying profit sharing method is significant. Based on the SWOT analysis, the strategies are (1) SO, by opening new branches to increase market share, changing perception towards bank interest, cooperating with Islamic Development Bank (IDB); (2) WO, by improving quality of services, Automated Teller Machine (ATM) and technology, recruiting experts in Syariah banking and developing products, (3) ST, by using corporate image as institutional positioning, improving skills, simplifying procedures and processes, (4) WT, by cooperating with competitors, increasing product promotion and authority in financial decision. Opening new BNI Syariah branches in potential areas and improving products according to the consumers need, such as foreign currency, is the most possible thing to do. Key words:Islamic banking, profit sharing, SMEs, strategic
Kelayakan dan Strategi Pengembangan Kemitraan KUB Petani Lidah Buaya di Kecamatan Beji, Depok Puty Yousnelly; Nora Herdiana Pandjaitan; Budi Purwanto
MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah Vol. 8 No. 2 (2013): Manajemen IKM
Publisher : Institut Pertanian Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (372.399 KB) | DOI: 10.29244/mikm.8.2.123-134

Abstract

The success of aloe vera as business commodity in co-partnership pattern, like that between PT Kavera Biotech and the collective work cluster (KUB) of aloe vera farmers in Kecamatan Beji, Depok, needs an accurate evaluation. The objective of this research were to (1) investigate the co-partnership business, (2) analyze the feasibility, and (3) analyze the development strategy. The data were collected by observation, interview, and questionnaire. The location selection was done purposively based on the consideration that the location had been used as sampling for aloe vera cultivation. The feasibility of business was valued using the methods of PBP, NPV, BCR, IRR, and BEP. Analysis of enterprise development strategy using the Input Stage (EFE and IFE), Matching Stage (SWOT and IE), and Decision Stage (QSPM). The result of this study showed that the aloe vera business with co-partnership pattern based on Analysis I was feasible to be managed in 6 KUBs; while the one based on Analysis II was feasible to be managed in 5 KUBs. Analysis I on the farmers with house-yard cultivation field or pot cultivation resulted that it was feasible to be managed, while the Analysis II on the farmers in KUB Tanah Baru and Kemiri Muka resulted that they were not feasible to be managed. In the meantime, the aloe vera cultivation in abandon field in KUB Pondok Cina and Tanah Baru were feasible to be managed based on Analysis I and II. The farmers with house-yard cultivation field or pot cultivation in small scale (<100  plants), middle scale (100-199 plants), and big scale (200-399 plants) cultivation and the aloe vera cultivation in abandon field with small scale (300-399 plants), middle scale (400-499 plants), and big scale (>500 plants) on Analysis I and II that it was feasible to be managed. The best result of the development strategies is the need to increase the productivity in utilizing the increasing demand of aloe vera materials. The implementation of the strategy is performed by advancing the work cluster along with its supporter effectively and efficiently.  Key words: aloe vera, collective work cluster (KUB), co-partnership strategy, feasibility study
Evaluasi Bantuan Modal Pengembangan Usaha Mina Pedesaan Pengolahan dan Pemasaran Hasil Perikanan di Kabupaten Bogor (Studi Kasus UKM Penerima Bantuan PUMP-P2HP Tahun 2012-2014) Budi Prasetyo; Musa Hubeis; Budi Purwanto
MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil Menengah Vol. 15 No. 1 (2020): Manajemen IKM
Publisher : Institut Pertanian Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/mikm.15.1.10-18

Abstract

Pengembangan Usaha Mina Pedesaan (PUMP) Pengolahan dan Pemasaran Hasil Perikanan (P2HP) merupakan kegiatan pemberdayaan melalui fasilitasi bantuan pengembangan usaha bagi pengolah dan pemasar hasil perikanan dalam wadah Kelompok Pengolah dan Pemasar (POKLAHSAR). Tujuan penelitian: (1) Mengidentifikasi masalah mekanisme penyaluran, pemanfaatan dan pendampingan dalam program PUMP-P2HP, (2) Mengidentifikasi model bisnis kanvas POKLAHSAR, dan (3) Merumuskan alternatif strategi peningkatan daya saing kelompok UKM penerima Bantuan Langsung Masyarakat PUMP-P2HP di Kabupaten Bogor. Pengumpulan data dilakukan dengan wawancara dan kuesioner. Metode pengambilan contoh dilakukan secara sensus pada 13 POKLAHSAR. Metode analisis yang digunakan adalah model bisnis kanvas dan analisis SWOT (Strengths, Weakness, Opportunities dan Threats). Berdasarkan model bisnis kanvas, ditemukan unsur paling kuat dimiliki oleh POKLAHSAR adalah value preposition, karena memenuhi kebutuhan pelanggan dalam citarasa produk yang enak dan gurih, mutu bahan baku ikan yang baik dan harga yang ditawarkan cenderung lebih murah. Unsur yang kurang saat ini adalah channel, karena media yang digunakan saat ini hanya promosi dari mulut ke mulut, sehingga pemasaran tidak berkembang. Berdasarkan analisis SWOT diperoleh tujuh rumusan alternatif strategi, yaitu (1) memanfaatkan teknologi informasi untuk pemasaran atau promosi melalui sosial media atau e-commerce, (2) klasterisasi pusat pengolahan sesuai kebutuhan pasar, (3) meningkatkan efisiensi bahan baku, (4) menggunakan peralatan pengolahan secara optimal, (5) meningkatkan dan mempertahankan mutu produk, (6) mengikuti pelatihan manajemen pemasaran dan keuangan, (7) menjalin kerjasama yang baik dengan instansi pemerintah, dan (h) menjadi anggota koperasi perikanan