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Do Foreign Firms Bring Value to Emerging Country? Johan, Suwinto; Siregar, Hermanto; Santoso, Perdana Wahyu; Maulana, Tubagus Nur Ahmad
Jurnal Manajemen Teknologi Vol 11, No 3 (2012)
Publisher : SBM ITB

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Abstract

Abstract. The aim of the paper is to study the value created by foreign firms in Indonesia finance company industry over the period 2001-2011. We analysed the value creation of foreign firms by comparing the key financial performance to local shareholders. Foreign firms are the major players in banking industry and automotive industry with market share more than 90% in both 2 wheeler and 4 wheeler. Meanwhile, the automotive manufacturers and dealers are the one who provide the products of financing for finance company. We analysed 7 micro key financial ratios (profitability, efficiency, growth, firm size, liquidity, solvency and asset quality). We use non parametric Mann Whitney and parametric panel data dummy regression. The empirical results show that finance companies owned by foreign firms are more efficient, lower in profitability, bigger in size, higher in growth capability, lower in liquidity and higher in solvency.
Faktor - Faktor yang Memengaruhi Kompensasi Eksekutif dan Dampaknya terhadap Kinerja BUMN Perkebunan Vidyatmoko, Dyan; Sanim, Bunasor; Siregar, Hermanto; Didu, M. Said
Jurnal Manajemen Teknologi Vol 12, No 2 (2013)
Publisher : SBM ITB

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Penelitian ini bertujuan untuk (1) menganalisis faktor-faktor yang memengaruhi kompensasi eksekutif BUMN Perkebunan Indonesia, (2) menganalisis hubungan antara faktor-faktor tersebut dengan kinerja BUMN Perkebunan dan (3) menganalisis hubungan antara kompensasi eksekutif dengan kinerja BUMN Perkebunan. Metode analisis yang digunakan adalah Structural Equation Model (SEM), analisis kontingensi, analisis regresi dan analisis kualitatif. Hasil studi menunjukkan bahwa dari semua faktor yang diidentifikasi, mekanisme keputusan eksekutif, kompleksitas jabatan, skala usaha, kemampuan perusahaan membayar kompensasi, dan diversifikasi produk dan perluasan pasar mempunyai hubungan positif dan pengaruh signifikan terhadap kompensasi eksekutif. Human capital dan pasar tenaga kerja eksekutif mempunyai hubungan signifikan dengan kompensasi eksekutif. Temuan lain dari penelitian ini menunjukkan bahwa skala usaha mempunyai hubungan positif dan pengaruh signifikan terhadap kinerja pelanggan, kinerja proses bisnis internal, dan kinerja pertumbuhan dan pembelajaran. Kemampuan perusahaan membayar kompensasi mempunyai hubungan positif dan pengaruh signifikan terhadap kinerja keuangan, kinerja pelanggan, dan kinerja pertumbuhan dan pembelajaran. Diversifikasi produk dan perluasan pasar mempunyai hubungan positif dan pengaruh signifikan terhadap kinerja pelanggan dan kinerja proses bisnis internal. Penelitian ini juga memberikan hasil bahwa kompensasi eksekutif mempunyai hubungan positif dan pengaruh signifikan terhadap kinerja keuangan, kinerja pelanggan, kinerja proses bisnis internal, dan kinerja pertumbuhan dan pembelajaran.Kata kunci: Kompensasi Eksekutif, Kinerja, BUMN, SEM, Analisis Regresi 
Development Model of Renewable Energy Policy Based On Social Forestry For Sustainable Biomass Industry Sadirsan, Erwin Susanto; Siregar, Hermanto; Eriyatno, Eriyatno; Legowo, Evita H.
Journal of S&T Policy and R&D Management Vol 12, No 1 (2014): Journal of S&T Policy and R&D Management
Publisher : Pusat Penelitian Perkembangan Iptek, LIPI

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Renewable energy development strengthened due to considering Energy Act number 30 year 2007 article 21. Presidential Decree No. 5, 2006, mandate the target energy mix by 2025 to be 17% for new and renewable energy. Companies can contribute in terms of investment as Corporate Social Responsibility for Community Development interests. This study aimed to (1) formulate the development of renewable energy policy models, in particular biomass for rural electrification, (2) formulate the factors that influence the price of feed in tariff policy, in particular wood based biomass, (3) design the role of social forestry for raw materials biopelet industry in a sustainable supply chain. Research methods used techniques of Soft Systems Methodology, in the form of case studies supported by the literature to provide an alternative approach to solve the problems faced by leaders in the Indonesian Mining Company.
PENGARUH ECONOMIC SHOCK TERHADAP PENERIMAAN PAJAK PADA KANTOR WILAYAH PAJAK DI INDONESIA Wahyudi, Eddi; Sanim, Bunasor; Siregar, Hermanto; Nuryartono, Nunung
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 10, No 1 (2009): JEP Juni 2009
Publisher : Universitas Muhammdaiyah Surakarta

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The purpose of this research is to analyse how far the economic shock influence upon the tax revenue performance in the regional tax office. The research is conducted using yearly time series data within 2002 to 2007 and also applying two indicators: Income Tax and Value Added Tax. By using the panel data analysis the result upon 31 Kanwil Directorate General of Tax (DGT) whole Indonesia it is known that the fluctuation variable of Tax Early Warning System (TEWS) gives positive effect to the tax income performance at Kanwil Khusus, Kanwil WP Besar 1 and 2, Kanwil Jakarta Selatan and Kanwil Jakarta Pusat. Overall the entire research result explains that Indonesia economic condition until he year of 2007 is still in the small open economy status and identically to New Keynes theory. The conclusion is as if the research about the Indonesia business cycle previously and consistent with the initial assumption applied.
ANALISIS FAKTOR-FAKTOR YANG MEMENGARUHI PENAWARAN EKSPOR DAN HARGA EKSPOR GAHARU INDONESIA Septiningrum, Diana; Siregar, Hermanto; Juanda, Bambang
Jurnal Penelitian Hutan dan Konservasi Alam Vol 12, No 2 (2015): Jurnal Penelitian Hutan dan Konservasi Alam
Publisher : Pusat Penelitian dan Pengembangan Hutan

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Indonesia merupakan negara pengekspor gaharu terbesar di dunia dengan volume ekspor rata-rata 456,9 ton/tahun.  Penelitian bertujuan memperoleh  informasi tentang faktor-faktor yang mempengaruhi penawaran dan harga ekspor gaharu serta merumuskan kebijakan peningkatan ekspor Indonesia berdasarkan data ekspor gaharu  tahun 2002-2013. Analisis yang digunakan adalah model persamaan simultan yang diduga dengan metode Two Stages Least Squares ( 2SLS). Hasil penelitian menunjukkan bahwa penawaran ekspor gaharu dipengaruhi oleh produksi gaharu, nilai tukar rupiah terhadap dollar Amerika dan dummy gaharu budidaya. Faktor yang mempengaruhi harga ekspor gaharu adalah produksi gaharu dan harga gaharu dunia. Pemerintah dan pihak terkait di dalam penyempurnaan kebijakan peredaran dan implementasi pengembangan gaharu di Indonesia  hendaknya  memperhatikan peningkatan kapasitas  dan  pengetahuan penjual  gaharu,  negosiasi dengan  negara  pengimpor gaharu;  fasilitasi  pengelolaan dan  pengembangan industri  gaharu;  penjualan produk gaharu kepada konsumen gaharu; peningkatan kualitas produk gaharu berskala internasional; penyusunan kebijakan pengembangan gaharu budidaya
Linkage of Credit on BI Rate, Funds Rate, Inflation and Government Spending on Capital Sipahutar, Mangasa Augustinus; Oktaviani, Rina; Siregar, Hermanto; Juanda, Bambang
JEJAK: Jurnal Ekonomi dan Kebijakan Vol 10, No 1 (2017): March 2017
Publisher : Semarang State University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jejak.v10i1.9123

Abstract

Linkage of credit on BI rate, funds rate, inflation, and government spending on capital provides evidence from Indonesia.  This paper found advance explanation about banks credit as monetary transmission channel and its role on Indonesian economy.  We used credit depth as a ratio of banks credit to GDP nominal, to explain the role of credit in Indonesian economy.  We developed a VAR model to measure the response of credit to BI rate, funds rate and inflation rate, and OLS method to find out how banks credit response to government spending on capital. This paper revealed bi-direction causality between credit and BI rate, credit and funds rate, and credit and inflation.  There is trade-off between credit and BI rate, credit and funds rate, and credit and inflation, but government spending on capital promotes credit depth.  We found that Indonesian banking is bank view, allocated their credit based on their performance, not merely on the monetary policy determined by central bank.  For bank view perspectives, we analyzed the link between LDR as an indicator of credit channel mechanism to NPLs and CAR.  We found that there is no significant effect of CAR to LDR, but has a strong negatively relationship between NPLs to LDR.  This evidence indicates that commercial banks in Indonesia allocated their credit do not related to their capital but merely to the quality of their credit portfolio.
PENGARUH ECONOMIC SHOCK TERHADAP PENERIMAAN PAJAK PADA KANTOR WILAYAH PAJAK DI INDONESIA Wahyudi, Eddi; Sanim, Bunasor; Siregar, Hermanto; Nuryartono, Nunung
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 10, No 1 (2009): JEP Juni 2009
Publisher : Universitas Muhammdaiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v10i1.809

Abstract

The purpose of this research is to analyse how far the economic shock influence upon the tax revenue performance in the regional tax office. The research is conducted using yearly time series data within 2002 to 2007 and also applying two indicators: Income Tax and Value Added Tax. By using the panel data analysis the result upon 31 Kanwil Directorate General of Tax (DGT) whole Indonesia it is known that the fluctuation variable of Tax Early Warning System (TEWS) gives positive effect to the tax income performance at Kanwil Khusus, Kanwil WP Besar 1 and 2, Kanwil Jakarta Selatan and Kanwil Jakarta Pusat. Overall the entire research result explains that Indonesia economic condition until he year of 2007 is still in the small open economy status and identically to New Keynes theory. The conclusion is as if the research about the Indonesia business cycle previously and consistent with the initial assumption applied.
STRATEGI PEMUNGUTAN PENERIMAAN PAJAK REKLAME KOTA BEKASI Ichsan, Aulia; Siregar, Hermanto; Soetarto, Endriatmo
Jurnal Manajemen Pembangunan Daerah Vol. 10 (2018): Edisi Khusus "Tatakelola Keuangan dan Investasi Daerah"
Publisher : Program Studi Manajemen Pembangunan Daerah. Fakultas Ekonomi dan Manajemen. IPB

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (362.739 KB) | DOI: 10.29244/jurnal_mpd.v10i-.22697

Abstract

One of the efforts of Local Government in financing regional development is through local taxes. Bekasi City is a cross-trade City and its strategic location has great potential to be able to maximize local revenue through the local tax sector, e.g. advertisement tax. The purpose of this research was to determine the growth rate and the contribution of advertisement tax to local taxes, measure the effectiveness and efficiency of advertisement tax, and determine the strategy in the implementation of revenue advertisement tax collections. Analysis methods of this research includes calculation of growth and contribution ratio as well as effectiveness and efficiency ratio and the analytical hierarchy process (AHP). Results of this research show that the growth rate of advertisement tax in Bekasi City average 20.65% and its contribution to local taxes average of 3.52% with the average effectiveness rate 82.20% (“quite effective”) and the efficiency level 6.31% (“highly efficient”). It is suggested from the AHP results that the Local Government of Bekasi City should implement a strategy of improving the quality and quantity of human resources as well as a strategy of improving technical guidelines on advertisement tax collection.Keywords : advertisement tax, growth and contribution, effectiveness and  efficiency, strategy, Bekasi City.
Asymmetric volatility and macroeconomic factors on Indonesian government bond returns Megasari, Debbie; Siregar, Hermanto; Syarifuddin, Ferry
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.2613

Abstract

Macroeconomic are important variables influencing volatility in the bond market. Some of the challenges faced such as default risk, liquidity risk, interest rate risk, inflation risk, and exchange rate risk. This study is aimed at examining asymmetric volatility using the EGARCH model and at estimating macroeconomic variables which influence the return of Indonesian Government bonds. The asymmetric volatility can be measured by determining the best order value of the EGARCH model. Based on the findings of the study, EGARCH (2.1) is the best model for assessing volatility in short-term SUN returns, EGARCH (3.1) for medium-term SUN and EGARCH (2.3) for the long term. The asymmetric volatility pertains in the returns of short, medium and long-term government bonds. In addition, the negative information has a greater impact than positive information in the short, medium and long term. The deposit rate and return of the Composite Stock Price Index have a significant positive effect on short, medium and long term bond returns. The effective federal funds rate or FED interest rate has a significant positive effect on the return of short and long-term SUN bonds while in the medium term it has no effect. Exchange rates have a significant negative effect on short, medium and long term bond returns.JEL Classification: D13, I31, J22DOI: https://doi.org/10.26905/jkdp.v23i3.2613
ANALISIS SISTEM NERACA SOSIAL EKONOMI KABUPATEN INDRAGIRI HILIR TAHUN 2005 Siregar, Hermanto; Mahyuddin, .; Aris, Ahmad
Indonesian Journal of Socio Economics Desember, Jurnal Sosio Ekonomika
Publisher : Lampung University

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This research aims at Artikel ini bertujuan mendeskripsikan Sistem Neraca Sosial Ekonomi (SNSE) Kabupaten Indragiri Hilir (Inhil) tahun 2005 dan menganalisis sektor-sektor produksi yang mampu memberi dampak pertumbuhan ekonomi yang relatif tinggi sekaligus memberi dampak pemerataan pendapatan. Analisis dampak dilakukan dengan metode simulasi berdasarkan efek dampak pengganda, di mana dampak pertumbuhan diproksi dengan dampak terhadap output sedangkan dampak pemerataan didekati dengan dampak terhadap indeks Gini. Dari matriks SNSE diketahui bahwa nilai tambah yang diciptakan berbagai sektor ekonomi mencapai sekitar 65.15 persen dari total output yang dihasilkan. Analisis dampak pengganda menunjukkan bahwa injeksi terhadap sektor industri kelapa sebesar 10 persen memberi dampak pertumbuhan output paling besar yakni sebesar 5.74 persen, akan tetapi injeksi ini memperlebar ketimpangan pendapatan. Sebaliknya, injeksi pada sektor perdagangan memberi dampak relatif paling besar pada penurunan indeks Gini (pengurangan ketimpangan pendapatan). Dampak pertumbuhan output dari injeksi ini juga relatif besar yakni 5.05 persen.