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All Journal Jurnal Manajemen dan Agribisnis MIX : Jurnal Ilmiah Manajemen Jurnal Manajemen Indonesia Jurnal Sains Teh dan Kina International Journal of Economics, Business, and Entrepreneurship (IJEBE)
Trias Andati Trias Andati
Bogor Institute of Agriculture
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Industrial & Manufacturing Engineering Mechanical Engineering Social Sciences Other

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LIBERALISASI KEUANGAN DAN PENGARUHNYA TERHADAP NILAI Q-TOBIN SEKTOR INDUSTRI DASAR DAN KIMIA DAN PERBANKAN Trias Andati; Hermanto Siregar; Bonar M. Sinaga; Noer Azam Achsani
Jurnal Manajemen & Agribisnis Vol. 9 No. 1 (2012): Vol. 9 No. 1 Maret 2012
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (612.028 KB) | DOI: 10.17358/jma.9.1.13-22

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This research attempts to analyze the effect of financial liberalization to Q-Tobin ratio of Basic and Chemical industry and Banking sectors. Using annual data of 52 listed company’s financial report from 2002 to 2009, the results show that the financial liberalization variables i.e. Foreign Direct Investment (FDI) and Investment Portfolio has negative effect on Q-Tobin of Basic and Chemical Industry and Banking sectors. The increase of the financial deepening variables has positive effect on Q-Tobin of Basic and Chemical Industry and Banking sectors. SBI (Sertifikat Bank Indonesia) and Money Supply has negative impact on Q-Tobin, while loan interest rates has positive impact on both sectors. The average of net fixed asset investment of two sectors has the same pattern of Q-Tobin values, and increased from 2002 to 2009, while at the year of 2008, Q-Tobin of all sectors experienced decreasing due to financial crisis. Furthermore, there should be a corporate financial performance indicator such as leverage ratio, to prevent short term investment of FDI. Capital Market’s regulation, should be considerate a sectoral policy in portfolio investment, to prevent from financial global crisis. Corporation of two sectors could give more attention on capital structure while analyzing the company’s investment decision.Keywords: Q-Tobin Ratio, Financial Liberalization, Investment, Panel Data
DAMPAK PERUBAHAN NILAI TUKAR MATA UANG TERHADAP EKSPOR INDONESIA Dhany Surya Ratana; Noer Azam Achsani; Trias Andati
Jurnal Manajemen & Agribisnis Vol. 9 No. 3 (2012): Vol. 9 No. 3, November 2012
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1293.755 KB) | DOI: 10.17358/jma.9.3.154-162

Abstract

ABSTRACTThe aim of this research were (1) to analyze the impact of exchange rate movement on the Indonesian aggregate export volume and to Crude palm oils (CPO), rubber’s and coal’s, (2) to analyze factors that influencing those exports, and (3) to analyze Indonesian’s exports respond to those factors’ shock. The analysis method used was VAR/VECM, impulse-response function, and fixed-effects vector decomposition. World economic showed results as all models predicted were positive and significant effects on export volume. The relative price showed a negative and significant effect on all models. The exchange rate depreciation only showed a positive and significant effect on CPO model. It this research concluded that  the exchange rate movement does not have any effect on Indonesia export volume despite the commodities model have little to no import parts on its final export goods.Keywords: granger causality, VAR/VECM, export, exchange rateABSTRAKTujuan dari penelitian ini adalah (1) menganalisis dampak perubahan nilai tukar uang terhadap volume ekspor agregat dan komoditas Crude palm oil (CPO), karet, dan batu bara Indonesia, (2) menganalisis faktor yang mempengaruhi volume ekspor agregat dan komoditas CPO, karet, dan batu bara Indonesia, (3) menganalisis respon ekspor Indonesia terhadap guncangan variabel yang mempengaruhinya. Metode analisis data yang digunakan VAR/VECM, impulse-response function, dan fixed-effects vector decomposition. Ekonomi dunia menunjukkan hasil yang sesuai prediksi berpengaruh positif dan  signifikan pada volume ekspor pada seluruh model. Harga relatif memberikan hasil sesuai dengan prediksi negatif dan signifikan pada seluruh model. Depresiasi nilai tukar hanya menunjukkan hubungan positif signifikan pada model CPO. Dapat disimpulkan bahwa pergerakan nilai tukar tidak memiliki dampak pada volume ekspor Indonesia walaupun model komoditas hanya memiliki sedikit bagian impor pada barang akhir untuk ekspor.Kata kunci: granger causality, VAR/VECM, ekspor, nilai tukar
Perbandingan Kinerja Keuangan Perusahaan Perkebunan Sebelum dan Setelah Akuisisi Desi Maryanti; Hermanto Siregar; Trias Andati
Jurnal Manajemen & Agribisnis Vol. 14 No. 2 (2017): JMA Vol. 14 No. 2, Juli 2017
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1044.055 KB) | DOI: 10.17358/jma.14.2.92

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Merger and Acquisition (M & A) conducted by estate companies listed on the Indonesia Stock Exchange (ISE) are expected to increase their competitiveness in a dynamic business environment. However, there is no consensus from previous studies on the impact of M & A on the financial performance of the companies involved. This study was conducted to compare the financial performance of estate companies listed on the Stock Exchange (ISE) before and after M & A. The data used were secondary data obtained from the websites of the companies, the Indonesia Stock Exchange and PT Indonesian Capital Market Electronic Library. The test was performed using paired t-test and Wilcoxon test. The results show that the values of ROA, ROE and PBV of the estate companies after M & A are significantly lower than those before M & A.Keywords: mergers and acquisitions, financial performance, paired t-test, Wilcoxon testABSTRAKMerger dan akuisisi (M&A) yang dilakukan oleh perusahaan-perusahaan perkebunan yang terdaftar di Bursa Efek Indonesia (BEI) diharapkan mampu meningkatkan daya saingnya pada lingkungan bisnis yang dinamis. Akan tetapi, tidak ditemukan adanya konsensus dari penelitian-penelitian terdahulu mengenai dampak M&A terhadap kinerja keuangan perusahaan-perusahaan yang terlibat. Penelitian ini dilakukan untuk membandingkan kinerja keuangan perusahaan-perusahaan perkebunan yang terdaftar di BEI sebelum dan sesudah M&A. Data yang digunakan berupa data sekunder yang diperoleh dari website masing-masing perusahaan, website Bursa Efek Indonesia dan website PT Indonesian Capital Market Electronic Library. Pengujian dilakukan dengan menggunakan uji t berpasangan dan uji Wilcoxon. Hasil penelitian menunjukkan bahwa ROA, ROE dan PBV perusahaan perkebunan setelah M&A signifikan lebih rendah dibandingkan ROA, ROE dan PBV sebelum M&A.Kata kunci: merger dan akuisisi, kinerja keuangan, uji t berpasangan, uji Wilcoxon
KAJIAN PENERAPAN MARKET TIMING DI PASAR MODAL INDONESIA Salman Fajri; Tony Irawan; Trias Andati
Jurnal Manajemen Indonesia Vol 19 No 1 (2019): Jurnal Manajemen Indonesia
Publisher : Fakultas Ekonomi dan Bisnis, Telkom University.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25124/jmi.v19i1.1983

Abstract

This study is intended to discuss about implementation of market timing as an investment alternative strategic in Indonesian Stock Market. Market timing is procedure for changing portfolio asset allocation to deal with changes in business cycle. The market timing indicator used in this study is interest rate of Bank Indonesia. The active portfolio consists of IHSG and bond for simple rotation strategy. Sector rotation strategy consist of cyclical and non cyclical sector index. The dissecting cycle analyse by two methods, Hamilton Filter and indicator change assumptions. The secondary data used in this study have a span of time from January 2005 – December 2017. The result showed that active strategies produced better performance than passive strategy, and sector rotation were the best performance among other alternative strategies. Optimal performance of simple rotation occurs when change of variable BI rate by ± 25 bps (basis point) and optimal performance of sector rotation occurs when change of variable BI rate by ± 100 bps (basis point). Keywords—Hamilton Filter; Market Timing; Sector Rotation; Simple Rotation. Abstrak Penelitian ini bertujuan untuk membahas tentang penerapan market timing sebagai tindakan strategi investasi aktif di pasar modal Indonesia. Market timing merupakan prosedur perubahan alokasi aset portfolio untuk menghadapi perubahan siklus bisnis di suatu negara. Indikator market timing yang digunakan dalam penelitian ini adalah suku bunga acuan Bank Indonesia. Portfolio aktif terdiri dari IHSG dan obligasi untuk strategi aktif rotasi sederhana dan indeks sektor siklikal dan non siklikal untuk rotasi sektoral. Pemilahan siklus dilakukan dengan dua metode yaitu Hamilton Filter dan asumsi perubahan variabel indikator. Seluruh data sekunder yang digunakan dalam penelitian ini memiliki rentang waktu dari Januari 2005-Desember 2017. Hasil penelitian menunjukkan bahwa strategi aktif menghasilkan kinerja lebih baik relatif terhadap strategi pasif, dan strategi rotasi sektoral secara keseluruhan lebih baik dibandingkan dengan alternatif strategi lain. Strategi rotasi sederhana optimal pada penggunaan asumsi perubahan variabel ± 25 bps (basis point) dan strategi rotasi sektoral optimal pada penggunaan asumsi perubahan variabel ± 100 bps (basis point). Kata kunci— Hamilton Filter, Market Timing, Rotasi Sederhana, Rotasi Sektoral
INVESTMENT DECISION IN THE AGENCY THEORY FRAMEWORK Ahmad Cahyo Nugroho; Muhammad Firdaus; Trias Andati; Tony Irawan
MIX: JURNAL ILMIAH MANAJEMEN Vol 8, No 1 (2018): MIX: Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (474.14 KB) | DOI: 10.22441/mix.2018.v8i1.002

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Abstract. This studies aims to observe the development of literature on companyinvestment decisions and to decide what research should be conducted further oncompany investment decisions in the theoretical framework of agency theory. Themethods used were bibliometric network analysis and literature review. This study hasmapped out the literature on company investment decisions based on agency theory.This study shows that the topics on competition research, corporate governance, andcapital structure are closely related to the company investment decisions in the theory ofagency, and it is worth investigating. Therefore, it is necessary to develop furtherempirical research related to company investment decisions in the framework related toagency theory by analyzing the influences of competition, corporate governance, andcapital structure comprehensively on invesment decision.
VOLATILITAS HARGA KOMODITAS TIMAH Adis Imam Munandar; Hermanto Siregar; Trias Andati; Lukytawati Anggraeni
MIX: JURNAL ILMIAH MANAJEMEN Vol 6, No 2 (2016): MIX: Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (353.458 KB)

Abstract

Abstract. The aim of this research is to analyse the factors which influence the pricevolatility of tin commodity. Monthly basis data were collected from 1990 to 2015. Weemployed ARCH-GARCH models and verified by interview with tin expert. Theresults showed that model EGARCH (1,1,1) is the best model to explain the pricevolatility of tin commodity. Changing factors from crude oil price, copper price, leadprice and T-Bill 3M were significantly affecting volatility in tin price. Experts believethe high volatility from 2001 to 2015 led to the difficulties in developing ofdownstream tin industry in Indonesia.Keyword: ARCH-GARCH, Price, Tin, VolatilityAbstract. Tujuan penelitian menganalisis faktor-faktor yang mempengaruhi volatilitasharga komoditas timah. Data yang digunakan bersifat bulanan dari tahun 1990 hinggatahun 2015. Metode penelitian menggunakan ARCH-GARCH model dan verfikasidengan interview pakar timah. Hasil penelitian menunjukkan model EGARCH (1,1,1)merupakan model terbaik menjelaskan volatilitas harga komoditas timah. Faktorperubahan harga minyak mentah, perubahan harga tembaga, perubahan harga timbaldan perubahan T-Bill 3M secara signifikan mempengaruhi volatilitas perubahan hargatimah. Pakar berpendapat volatilitas tinggi sejak tahun 2001 hingga 2015 menyebabkanindustri hilir komoditas timah sulit berkembang di Indonesia.Kata kunci: ARCH-GARCH, Harga, Timah, Volatilitas.
A Text Analytic on Dynamic Capability Yudi Yudistira; Yandra Arkeman; Trias Andati; Siti Jahroh
International Journal of Economics, Business, and Entrepreneurship Vol 5 No 2 (2022): IJEBE July - December 2022
Publisher : FEB - Universitas Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23960/ijebe.v5i2.224

Abstract

Business strategy is a variable that affects the use of financial and non-financial performance metrics by firms. Companies use financial and non-financial performance measurements as a source of information to make continuous changes. This constant improvement encourages the development of dynamic capabilities so that the business may compete effectively in an environment of intense competition. A company's business plan serves as a guide for enhancing its fundamental skills. Unique resources in the form of dynamic capabilities represent core competences. Companies have diverse dynamic capabilities. This distinction provides a corporation with a competitive advantage over its rivals. This study aims to identify the published development map and trend of Dynamic Capability from trustworthy sources. More than 873 Scopus-indexed research publications were reviewed. The export data is then processed and analyzed with the R Biblioshiny program to generate the development map for Dynamic Capability. According to the study's findings, the number of publications on the evolution of research's function continues to climb. In addition, the study draws a number of important findings about Dynamic Capability and the direction of future research development.
Portfolio business to self-financing of research institution (Case study: Research Institute for Tea and Cinchona) Srihadiyati Ayu Bestari; M Firdaus; Rohayati Suprihatini; Trias Andati
Jurnal Penelitian Teh dan Kina Vol 19 No 1 (2016)
Publisher : Research Institute for Tea and Cinchona

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22302/pptk.jur.jptk.v19i1.99

Abstract

Case of business portfolio for self financing of  Indonesia Research Institute for Tea and Cinchona is very interesting to study. In general, the research institute of tea in tea producing countries in the world receive finan­cing from the funds cess or levy or Government Budget. In PPTK, is a very rare case because the status of PPTK is a corporate. The unit of research and development as a cost center to produce innovations to increase the compe­titiveness of national commodity tea as well as Cinchona, should be financed from the portfolio business unit. Therefore, portfolio business strategies are needed in order to play optimally the role of  PPTK accordance with its mandate. The method used to determine the position of corporate is SWOT analysis especially  method to the value of  IFE and EFE. Furthermore, to determine the position and strategize potfolio business units use Boston Consulting Group (BCG) matrix. The results showed that the value of its IFE and EFE (-0.14; 0.11) is in quadrant II that  position of stability/ratio­nalization, which led to the Selective Main­tenance Strategy. BCG matrix of the mapping results, the majority of the business portfolio in PPTK be in the Quetion Mark. One business unit shoul be divested is Stevia estate due to its position of the Dog business group. Meanwhile, the business unit of  Cash Cow group are unit of garden and black tea factory and tea experiment garden of Simalungun. In order to better self financing of PPTK, several business units in the group of Question Mark with specific strategies should be push to move into the star groups, namely (1) unit of superior plant material production of tea and cinchona; (2) unit of garden and green tea factory; (3) laboratory services and expertise; and (4) unit of production of white tea and tea packaging.
Co-Authors Adis Imam Munandar Ahmad Cahyo Nugroho Bonar M. Sinaga Desi Maryanti Dhany Surya Ratana Ervina Mela Dewi, Yandra Arkeman, Erliza Noor, Noer Azam Achsani Hermanto Siregar Lukytawati Anggraeni M Firdaus Muhammad Firdaus Rohayati Suprihatini Salman Fajri Siti Jahroh Srihadiyati Ayu Bestari Tony Irawan Yandra Arkeman Yudi Yudistira