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Solvency Analysis on Indonesia's External Debt Nasir, Mohamad
Jurnal Kajian Ekonomi dan Keuangan Vol 18, No 2 (2014)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v18i2.149

During Periods 2010-2013, Indonesia had economic growth. However, external debt had also inreased an reached USD265 billion in 2013, Indeed, this achievement raises a question, what the solvency level of indonesia's external debt is. By using Debt Sustainable Framework (DSF) method developed by Bretton Woods Institution (BWI), it can be known. Based on sample data in 2012 and calculation result, it can be known that form 6 DSF indicators Indonesia had 2 red indicators. They are debt service to export ratio and debt service to budget revenue ratio. The two indicators showed that Indonesia's solvency has risk regarding liquidity capability, and a limited fiscal support in the case Government do an intervention for external debt condition. Some main recommendations are proposed in this paper. Some o them are: 1) to improve liquidity or availability of foreign currency (USD), 2) to manage external debt of nonfinancial enterprises and no SOSEs, and 3) to increase export and decrease import.

Analysis of the Performance of SMEs Credit Program in the Stakeholders' Perspectives Nasir, Mohamad
Jurnal Kajian Ekonomi dan Keuangan Vol 17, No 1 (2013)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v17i1.36

SMEs have siginifcant role for Indonesian economic, such as employing many labors and significant contribution to GDP. To support them more productive, Government launched a KUR in 2007, a credit program for SMEs that is feasible but not bankable, and has credit guarantee facility. Government has cooporated with some Banks for credit and with PT Askrindo and Perum Jamkrindo for credit guarantee. Since 2007, KUR has been run over 5 years. The question is how the performance of KUR viewed by Government, Banks, and Credit Guarantee Enterprises perspectives. Bu using descriptive analysis methode, the research shows that for Government perspective, KUR has distributed credit around Rp.97.6 triliun for around 7.6 million debitors during 2007-2013. For perspective of Banks, KUR has given profit because its interest rate (13% for retail and 22% for mikro] above basic lending rate of banks. Credit guarantee facility also has supported banks to penetrate new market or new debiturs. For credit guarantee enterprises, KUR has been able to increase their income.

ANALISA DAYA TARIKINVESTASI INDONESIA DIANTARA NEGARA TETANGGA ASEAN Nasir, Mohamad
Jurnal Kajian Ekonomi dan Keuangan Vol 14, No 2 (2010)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v14i2.61

Indonesia as an emerging country needs investment's role to increase economic growth, especially after economic crisis in 1998, because government's financing capacity is very limited, so do private sectors. During 1990-2009, value of investment in Indonesia reached a significant growth, DDl grew 24.17% and FDI grew 30.39% per annum. Indeed, these numbers were great numbers. However, role ofDDI and FDI to Indonesian economic were small if we look at ratios of DDl and FDI to GDP that were around 0.65% and 2.29% per annum.Actually, Indonesia has a potential source to attract investors, especially foreign investors to invest in Indonesia. However, Indonesia has a lower competiveness of investment than neighbor countries. There are some reasons that support this statement. First of all, Indonesia has a higher risk of investment. For example, Indonesian political risk score in medium and long term is 5 (high risk), while Singapore, Malaysia, and Thailand have score 1, 2, and 3 respectively. Secondly, based on GC1, Indonesia is in 54th position, whereas Singapore, Malaysia and Thailand are in 3rd, 24th and 36th position respectively. Lastly, Indonesian tax rate (28%) is still higher than Singapore (18%), Vietnam (25%) and Malaysia (25%). Regarding tax rate thoeritically tax rate is a main reason of investors to invest in particularly country. However World Economic Forum (2009) reported that tax rate is not a main problem if an entity will do business in Indonesia. Tax rate in Indonesia was just a 13rd factor of consideration for taking investment decision.The main problems are bureacracy, infrastructure, policy instability, and corruption. In conclusion, Indonesiaan competitiveness for investment is under neighbor countries especially Singapore, Malaysia, Thailand, and Vietname.

Kelayakan Stimulus Modal Pada Bank Milik Negara Nasir, Mohamad
Jurnal Kajian Ekonomi dan Keuangan Vol 19, No 2 (2015)
Publisher : Badan kebijakan Fiskal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31685/kek.v19i2.140

Kondisi akses kredit Indonesia kurang optimal dan saat ini membutuhkan dana pembangunan infrastruktur yang sangat besar. Hal ini memunculkan gagasan untuk memberikan stimulus PMN pada bank BUMN (Bank Mandiri, BRI, dan BNI) agar dapat mengumpulkan dana pihak ketiga dalam jumlah yang besar. Ditengah keterbatasan APBN, studi kelayakan perlu dilakukan untuk mengukur ketepatan stimulus tersebut. Dengan menggunakan analisi deskriptif, dan kinerja penyaluran kredit, kinerja keuangan, dan kinerja leverage, paper menunjukan bahwa gagasan PMN pada bank BUMN layak untuk dilakukan, khususnya pada Bank Mandiri dan BRI. Hal ini terlihat dari : 1) pencapaian penyaluran kredit yang besar secara nominal, serta tingkat LDR yang sehat dan kompetitif bila dibandingkan dengan BCA, 2) kinerja keuangan yang baik sebagaimana terlihat dari pencapaian keuntungan yang besar dan dukungan modal yang kuat, dan 3) kinerja leverage lebih baik dibandingkan dengan BCA. Dengan asumsi PMN Rp3 triliun, diperkirakan bank BUMN mampu mengumpulkan dana pihak ketiga sebesar Rp39,45 triliun dalam bentuk kewajiban dan Rp2,09 triliun dalam bentuk ekuitas baru. Selanjutnya, paper ini merekomendasikan 1) implementasi gagasan dengan mengalokasi PMN pada Bank Mandiri dan atau BRI, 2) mendorong bank BUMN untuk memperbaiki kinerja efisiensi, 3) menyusun indikator kinerja utama para manajemen bank BUMN, dan 3) mengarahkan penyaluran dana untuk pembangunan infrastruktur yang berisiko rendah.

PENGARUH ORIENTASI WIRAUSAHA TERHADAP KINERJA PERUSAHAAN KECIL DENGAN LINGKUNGAN DAN STRATEGI SEBAGAI VARIABEL MODERAT (STUDI KASUS PADA INDUSTRI ANEKA DI KOTA SEMARANG) Nasir, Mohamad; Handoyo, Agus
JURNAL BISNIS STRATEGI Vol 12, No 8 (2003): Desember
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Studies examining the effect of entrepreneurial orientation on firm performance,in which environment and strategy act as moderating variable. The main focus of the study is an approach using contingency theory. The theory states an assessment on how to overlook the effect of fit or match interactions between entrepreneurial orientation as independent variable and environment and strategy as moderating variables influence firm performance as dependent variable. Object of the study is multiple small industry available in Semarang with the respondents are the management of the industries. Data available was gained from distributed questioner directly to the respondents according to the multiple small industries listed in Kantor Dinas Perindustrian dan Perdagangan Semarang Municipality. Entrepreneurial orientation is conceptualized into dimensions such as innovativeness, proactiveness, and risk taking. Environmental variables are derived from heterogeneity, dynamism and unpredictability. Strategy as moderating variable consists of such dimensions as variable marketing differentiation, innovative differentiation, and cost leadership. Moderating regression analysis was used for examining the direction of interaction relationship. Findings from the study shows that both environment and strategy moderate the relatioship entrepreneur orientation to firm performance. Partial derivative approach illustrates a positive relationship available between the characteristic of moderations. Thus, the higher the value of moderate variables, the higher the effect of independent variables towards the performance of the firm. Unlike the proposed hypotheses, this study explains that cost leadership strategy as moderate variable indeed positively moderated towards the relationship between entrepreneurial orientation and firm performance.

PANDANGAN KOMITMEN ORGANISASI DAN PENGARUHNYA PADA MANAJER DI PERUSAHAAN GO PUBLIK DI INDONESIA Nasir, Mohamad
JURNAL BISNIS STRATEGI Vol 13, No 1 (2004): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Tujuan penelitian ini untuk menemukan item-item yang kuat yang membentuk konstruk komitmen organisasi, dan mengetahui baik wujud pengaruh dimensi komitmen organisasi terhadap manejar perusahaango publik di Indonesia. Masalah dalam penelitian ini adalah penting untuk menjawab nem-nem mana saja yang dapat mempengaruhi variabel dimensi komitmen organisasi dan jika ada beberapa item, adakah pengaruh dimensi terhadap komitmen organisasi tersebut. Data dikumpulkan sebanyak 201 responden dengan menggunakan kuesioner. Analisis menggunakan analisis faktor konfirmatori. Responden terdirl dari manajer atau ketua bagian yang terlibat dalam proses anggaran di perusahaan manufaktur di Indonesia. Hasil penelitian ini menunjukkan bahwa hanya ada delapan item kuesioner yang kuat untuk membentuk dimensi komitmen organisasi yang dapat digunakan. Ini didapati dari analisis taktar konfirmatori di mana ia mempunyai keunggulan. Agenda kajian akan datang perlu dilakukan pengukuran item kuesioner yang kuat safa yang boleh digunakan.

FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE TAHUN 2011-2013 Wicaksono, Santiko; Nasir, Mohamad
Diponegoro Journal of Management Volume 3, Nomor 4, Tahun 2014
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (128.27 KB)

This study aims to determine the effect of profitability, liquidity, leverage, growth and firm size on dividend policy. The population in this study are all companies listed in Indonesia Stock Exchange (IDX). The sampling technique used was purposive sampling or sampling based on criteria - criteria, namely: (1) companies that earn profits in a row from 2011-2013. (2) The financial statements of companies using local currency. (3) a company that always pay dividends in a row in 2011-2013. The analytical tool used is multiple linear regression analysis. Based on the results of tests performed can be seen that: (1) Profitability positive effect on dividend policy, meaning that the higher the profitability, the higher the dividend. (2) Liquidity no effect on dividend policy. (3) Leverage has no effect on dividend policy. (4) Growth negatively affect the Company's dividend policy, meaning that the higher the growth of the company, it will reduce the dividend policy (5) Firm size has no effect on dividend policy.

Pengaruh Kinerja Keuangan Terhadap Tingkat Bagi Hasil Deposito Mudharabah Dan Tingkat Pengembalian Ekuitas Pada Bank Umum Syariah Di Indonesia Moh. Iskandar Nur; Mohamad Nasir
Diponegoro Journal of Accounting Volume 3, Nomor 4, Tahun 2014
Publisher : Diponegoro Journal of Accounting

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (318.38 KB)

This research aims to determine the impact of profitability levels, financing levels, and efficiency levels to return on mudharabah deposit and return on equity. The proxy of profitability levels is return on asset, the proxy of financing levels is financing to deposit ratio, and the proxy of efficiency levels is operating expenses to operating income. While the dependent variable used in this research is return on mudharabah deposit and return on equity.This study used secondary data with entire population of Islamic banks listed in the Indonesia Bank (BI) in 2011-2013. The method used to determine the sample using purposive sampling. The analytical method used is multiple linear regression, regression testing prior to first tested the classical assumptions.The result of this research showed that return on asset (ROA) positive significant with return on mudharabah deposit (ROMD). Other result noted that operating expenses to operating income (BOPO) is negatively significant with return on mudharabah deposit (ROMD), while financing to deposit ratio (FDR) are did not significant with return on mudharabah deposit (ROMD). And the result of this research also showed that return on asset (ROA) affect return on equity (ROE), Operating expenses to operating income (BOPO) is negatively significant with return on equity, While financing to deposit ratio (FDR) are did not significant with return on equity (ROE). Overall it can be concluded from these results that return on asset (ROA), financing to deposit ratio (FDR), and operating expenses to operating income (BOPO) affect return on mudharabah deposito and return on equity.

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