PERILAKU AGREGAT MONETER DALAM SISTEM KEUANGAN/PERBANKAN GANDA DI INDONESIA

The main difference between contemporary Islamic monetary system and conventional monetary system is the replacement of interest system with profitand-loss sharing (PLS) system, which both have different behavior in influencing monetary stability. This study aims to analyze demand for money, conventionally and Islamically, in Indonesia and to determine the relationship between money supply in the two system and price level as the goal of monetary policy. Methods used are Vector Auto Regression (VAR) and Vector Error Correction Model (VECM). The results show that PLS return negatively correlated with Islamic demand for money. In Islamic demand for money, the value of correction error is significant, so that there is an adjustment towards its long-term equilibrium. The Islamic demand for money stabilizes quicker to response the shock from other variables compare to that of conventional demand for money. Moreover, there is no cointegration between money supply, conventionally and Islamically, with price level, so that inflation targeting framework of monetary policy implemented by Bank Indonesia need to be reviewed.Kata Kunci : permintaan uang konvensional, permintaan uang Islam, sistem keuangan/perbankan ganda, VAR/VEC

An Analysis of Energy Intensity in Indonesian Manufacturing

Many countries utilize their resources at optimal capacity in fostering countries’ economic growth without any concern on environmental impact. Even though the importance of environmental issue as one of the important aspects in sustainable development is fully understood, the economic growth still remained as the priority target. In Indonesia, industry is one of the important sectors both in term of its contribution to national output and national energy consumption. Based on Indonesian Statistic Bureau, industry is always at the top list of contributor of national energy consumption since 2000. This paper employs the decomposition analysis to calculate what factors contribute to the change in energy intensity. We also conduct a panel data analysis to investigate the determinants of energy intensity using firm level data. The result suggests that, even though the industrial sector’s energy intensity is higher than national level, it varied across sub sectors within the industry. Meanwhile, the econometric analysis suggests that wage, age, capital intensity and share of capital owned by private sector have positive impact on energy intensity, whereas size of firms, labor productivity and technology intensity has negative impact on energy intensity.energy intensity, industry, firm, decomposition, panel data

Development of Online Store Marketing Strategy for Obsolete Fashion Shukufukuu.Id

Obsolete fashion is a potential market in Indonesia. The increasing trend of public consumption is utilized by Shukufukuu.Id to sell used fashion clothes. However, Shukufukuu.Id's revenue has stagnated. This research is designed to create alternative marketing strategies as a solution to the problem. The method of determining respondents in this study uses non-probability sampling with a convenience sampling technique. Research respondents were taken from potential consumer respondents totaling 33 people and Shukufukuu.Id respondents totaling 30 people. The analytical tool used in this research is the product elements (product), price, promotion, distribution channels (place), personalization, privacy, customer service, community, security, site, and sales promotion (4P+P2C2S3) marketing mix. The data in this study were analyzed using descriptive analysis and importance-performance analysis (IPA). The results showed that there are five variables with high expectations but have not met customer satisfaction, namely the diversity of clothing types, unique clothing models, clothing designs, free shipping promos on first purchases, and promos at the end of the month. Based on IPA calculations and the owner's view of the problems faced and solutions, alternative marketing strategies are designed in the form of increasing the variety of clothes sold, sales promotions that can increase customer satisfaction and brand awareness, and sales promotions that can change consumer behavior. Keywords: marketing mix 4P+P2C2S3, importance performance analysis, obsolete fashion, alternative marketing strategies, fashion tren

BANKRUPTCY ANALYSIS OF NATIONAL AIRLINES COMPANIES IN REGIONAL ASIA AFTER COVID-19 PANDEMIC

The Corona Virus Disease (COVID-19) was declared a worldwide pandemic by the World Health Organization (WHO) on March 11, 2020. The main pandemic countermeasure with physical distancing and limitation to travel heavily damaged the airline industry around the world, which slumps the direct revenue to the company. Hence, the industry should utilize this tight cash flow and the volatility business due to high operating costs and the high cost of labor. This situation could be worsening to the various national carrier in Asia already performs poorly far before COVID-19. Therefore, this research will predict the bankruptcy of four national airline companies in regional Asia using a modified version of Altman Z Score and Zmijewski Model. This research will show the current and future condition of financial performance in each company. Those National Airlines, namely PT Garuda Indonesia Tbk. (IHSG: GIAA), Singapore Airlines Ltd. (SGX: CL6), Thai Airways International (BKK: THAI), and Eva Air (TPE:2618). This study's results indicate financial distress and possibly to be bankrupt for two national airlines company, especially in Garuda Indonesia and Thai Airways, compared to other selected national airlines. Thus, those financial distress companies should carefully allocate remaining assets, liquidate the unproductive entities, and perform a company reconstruction to avoid bankruptcy in the future. Keywords: covid-19, bankruptcy analysis, regional airlines industry, modified altman z-score, financial distres

ONLINE BUSINESS OPERATIONAL STRATEGIES (GLORY ONLINE STORE CASE STUDY)

The rapid development in the fashion industry due to the increasing use of technology shifts conventional methods of selling to online methods. Glory Online Store is one of the online stores that took the opportunity by selling fashion products for women via Instagram. To compete and gain more customers, Glory changed their operation strategy from drop shipper and reseller systems into an independent production. Hence, Glory requires the right operating strategy to maximize its business performance. This study aimed to: (1) identify the business processes on Glory’s Business internal environment, (2) identify the organizational structure on Glory’s Business internal environment, (3) formulate the Glory business operation strategy based on the results of the SWOT analysis evaluation and (4) redesign business processes on Glory’s Business internal environment. The research employed BPMN and SWOT analysis. In-depth interviews were used to collect the data. This study analyzed the operations and seek for improvements to its business processes through BPMN. The mapping of internal and external factors was completed to find the operational strategy. Furthermore, also business processes redesign was performed based on the strategies that have been formulated. Keywords: online, fashion, operational strategy, bpmn, swot &nbsp

KINERJA KEUANGAN PADA HOTEL MILIK XYZ DENGAN PENGGUNAAN OPERATOR HOTEL: FINANCIAL PERFORMANCE IN XYZ HOTELS USING HOTEL OPERATORS

The purpose of this study is to analyze the financial performance of XYZ’s hotels by using hotel operators. XYZ’s hotels for the last nine years have been managed by AHH to increase the productivity of hotel performance. Historical financial performance show that the three XYZ hotels did not achieve the target over the last five years. Meanwhile, until August 2019 XYZ’s hotels showed a decrease in income above 5% and net profit after tax above 40%. To analyze hotel financial performance used financial ratios, company value added (EVA), and dividend payout ratio. Next to analyze the differences in the financial performance of XYZ hotels between before and after managed by hotel operators used the t-independent test method. The results of the analysis of financial performance show that MHH and SPH had good hotel financial performance during the study period, while BIH showed a declined trend in financial performance with negative EVA. The results of the t-independent test research showed that AHH as a hotel operator failed to improve the hotel's financial performance and did not provide added value to the three hotels owned by XYZ. Keywords: financial performance, economic value added, dividend payout ratio, hotel management, hospitality industr

The Demographic and Behavior Determinant of Credit Card Default in Indonesia

The purpose of this paper is to analyze the demographic and behavioral factors that significantly affect the credit card Non-Performing Loan (NPL). This study is carried out to provide managerial recommendations for controlling credit card NPL. This study uses secondary data from Indonesia’s most significant private bank with 100,000 samples of cardholder data. Demographic factors and cardholder behavior that significantly influence credit card NPL can be used to improve the credit scoring system for new cardholders and as indicators for a behavior scoring system for existing cardholders. This research uses a probability stratified random sampling technique. Logistic regression uses demographic factors and cardholder behavior significantly affected credit card NPL. According to the logistic regression model, cardholder behavior was more likely to NPL than demographic characteristics. The number of credit cards showed the highest credit card NPL probability.How to Cite:Achsan, Wahid, Achsani, N. A, & Bandono, Bayu. (2022). The Demographic and Behavior Determinant of Credit Card Default in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 11(1), 43-56. https://doi.org/10.15408/sjie.v11i1.20215

GUARANTEE PRODUCT PORTFOLIO: PERFORMANCE AND OPTIMAL PORTFOLIO ANALYSIS

This study aims to analyze the performance of guarantee products and optimize guarantee portfolio at PT Penjaminan ABC. The method used in forming the optimal guarantee portfolio is the Markowitz method and the single index model. The results of the formation of optimal portfolios based on the Markowitz method show that there are five eligible guarantee products included in the optimal guarantee portfolio, namely construction financing, counter bank, general financing, micro financing, and multi-use financing. While custom bond, surety bonds, and other guarantees are not included in the optimal portfolio. In contrast to the Markowitz method, based on the single index model, all guarantee products are not eligible to be included in the optimal guarantee portfolio. Managerial implications of the optimal guarantee product portfolio is an increase in guarantee returns which will further increase company profits and increase company equity. An increase in company equity will reduce the gearing ratio in order to comply with regulations, because the gearing ratio is calculated by dividing the outstanding guarantee volume by the total equity

Faktor-faktor yang Memengaruhi Deviden Payout di Bursa Efek Indonesia

The Dividend policy is an important information that investors shall know before investing in a stock market. In this study, an analysis of dividend policy is carried out involving the variables lagged dividend, profitability, growth, liquidity, debt, company size, ownership of BUMN and changes in the leadership towards the dividend payout ratio (DPR). The intention of this research are to analyze the variables that affect the DPR in Indonesia Stock Exchange (IDX), in each industrial sector and impact of changes in leadership on the dividend payout ratio within period 2010–2019. The purposive sampling method is applied in data preparation and there are 231 companies paid dividends during the periods. Dynamic panel data regression is practically applied in analysing data to get the conclusion of this research. The results find variables lagged dividend and profitability are significant and positively correlating on the period 2010– 2019. Result in each industrial sector find variable lagged dividend is significant in almost in all industrial sectors. Variable of the lagged dividend is also significant for both periods of the leadership but profitability and growth only significant in the period of 2015 - 2019. Meanwhile, changes in leadership does not has impact towards dividend payout ratio in Indonesia. This research provides additional empirical evidence that explains the dividend policy in Indonesia is following the dividend smoothing theory Keywords: DPR, IDX, industry, lagged dividend, profitabilit

Working Capital Management and Performance of Telecommunication Companies in ASEAN-4: The Role of Financial Development

Purpose: The research is designed to comprehensively analyze the influence of internal factors (working capital) and external (financial development) on the probability of telecommunication companies in ASEAN-4.   Theoretical framework: Managing Working capital is concerns about efficiency and proportion of investment in current assets and short-term financing to see the level of profitability and risk of the company that is a trade-off.   Design/Methodology/Approach: This study uses panel data regression analysis using secondary data from annual financial statements of telecommunications companies in ASEAN-4 from 2012-2021.   Findings:  Net Trade Cycle (NTC) positively affects long-term profitability (Tobin's Q), Average Payable Period to Sales (APPS) and Working Capital Financial Policy (WCFP) affect short-term profitability (ROA) and long-term profitability (Tobin's Q). Financial Development (FD) moderates the relationship of managing working capital (management and policy) to short-term performance (ROA) and long-term performance (Tobin'sQ).   Research, practical & social implications: Management and investors of telecommunication companies in ASEAN-4 need to consider internal factors such as working capital management and external factors such as financial development to improve company performance.   Originality/Value: This study is the first to analyze the influence of Financial Development in managing working capital for telecommunication companies in ASEAN-4