Peranan Human Excellence Sebagai Faktor Kunci Penciptaan Nilai Badan Usaha

Survey tentang kualitas sumberdaya manusia ditinjau dari tingkat pendidikan dan produktivitas kerja oleh UNDP menunjukkan bahwa ukuran Human Development index indonesia sebelum krisis baru mencapai angka HDI 0,586 dengan kata lain menduduki peringkat 105 di dunia, sementara untuk negara-negara Asean lainnya kecuali Philipina, HDI-nya antara 0,778-0,838 atau berada pada kisaran peringkat 43-54. Hal ini memberikan gambaran profil tenaga kerja yang masih rendah kualitasnya terutama untuk bersaing dalam era global Lebih lanjut hasil survey yang dilakukan oleh SWA memberikan gambaran yang konsisten yaitu l0 Excellence company yang diperingkat berdasarkan parameter 7 rasio keuangan utama, rata-rata memiliki tingkat kapitalisasi pasar tertinggi di BEJ tiga terbaiknya adalah PT TELKOM, HM SAMPOERNA dan INDOSAT Jika dikaji lebih dalam ditemukan suatu fenomena bahwa kualitas sumberdaya manusia sangat menentukan keunggulan badan usaha, karena telah terjadi pergeseran dari resource base menjadi knwoledge base sehingga human capital investment dan Human Capital Investment dan technology intensive menjadi semakin kuat. Setelah dilakukan survey untuk untuk mengetahui hubungan antara human excellence dengan kinerja organisasi ternyata 5 CEO terbaik yang dinilai dengan l0 karakter ideal dari konsep James M, Kouzes dan Barry Z. Posner pada 1997, menunjukkan tiga dari lima CEO terbaik termasuk dalam peringkat l0 badan usaha dengan kapitalisasi pasar terbesar. Kajian ini menampilkan peranan human excellence terhadap pencapaian tujuan akhir badan usaha yang diukur melalui maksimisasi nilai badan usaha Perspektif pembahasan berfokus pada human excellence, dimana manusia menjadi penentu utama dalam memberikan kontribusi penting bagi kemajuan organisasi yang secara fundamental tidak dapat digantikan secara keseluruhan oleh faktor-faktor produksi lainnya baik mesin ataupun kemajuan teknologi apapun yang bcrbentuk fisik

Residual Value Analysis Post-Privatization Of Jakarta Stock Exchange From August 1992 Until July 1995)

The more-and-more efficient market shows the lessening difference between actual return and expected return on stocks being traded. In other words, the residual values are growing smaller. Such market brings in signals that the prices of stocks reflect all the necessary information suitable for the concept of the market efficiency itself. By making most use of all information available either in the form of regularly published reports or in any other relevant information on the movement of the capital market from year to year historically, it is highly expected that the efficiency be reached where the price has significance upon true fundamental values. The competition includes market participants as well as the competition in numbers and security. The steadily increasing informational efficiency results positively in the development of the upcoming market, namely bringing great credit to contribute to public interest. Naturally, the consequence is that there is more and more people involved in the market participating actively and thus each transaction is getting more competitive. In the end, illegal practices can be minimized and the market mechanism can roll forward propelled by the natural power of demand and supply for stocks expected having a prospect as provided by the available information

Perilaku Investor Saham Dan Obligasi Pada Bursa Efek Jakarta Periode November 2002-Maret 2003

In globalization dimention where the society have been more educated, so financial investment growing faster both kind of instrument or market participant. For long-term investment there is available two kinds of interesting alternative such as Bond and Stock. This study purpose specifically to differential investor behavior who choosing stock or bond as their financial investment in Jakarta Stock Exchange between November 2002 until March 2003. This topic very interested because the unique characteristic between stock as a equity contrast bond as a debt. The ultimate content of this research to describe the application of psychology to financial behavior from investor toward their behavioral finance in the investment activity. This concept including individual investment activity which observable or overt and covert or hidden. The individual characteristic and their link with the environment measured by 5W 1H: What They Buy, Who is The Investor, Who is The Influencer, Why They Buy, When They Buy, Where They Buy and How Often They Use. Through this research expected to be able to explore the meaning of investor behavior in their action to invest on stock or bond based on the believing may be the investor rasionally or the opposite

Simulasi Penilaian Options Dengan Menggunakan Black-Scholes Model Terhadap Saham-Saham Indeks LQ 45 Periode Februari-Juli 2002

Options banyak diperdagangkan di berbagai bursa di berbagai negara (Ahn et all, 1999, Summa, 2002a). Investor berminat melakukan perdagangan options karena sifat options yang dapat digunakan sebagai alat lindung nilai (hedging). Namun di Indonesia, khususnya di Bursa Efek Jakarta (BEJ) belum memperdagangkan options. Penelitian ini mengungkapkan karakteristik options sebagai instrumen derivatif yang dapat digunakan sebagai alat lindung nilai investasi pada saham yaitu saham yang termasuk dalam ILQ 45 di BEJ dengan menggunakan Black-Scholes Model dalam bentuk simulasi. Permasalahan yang diajukan adalah tentang karakteristik options sebagai alat lindung nilai. Selanjutnya, penelitian ini bertujuan untuk mendapatkan bukti empiris bahwa options dapat digunakan sebagai alat lindung nilai atas saham, khususnya saham Indeks LQ 45. Black-Scholes Model dapat diintepretasikan sebagai satu unit options bernilai sama dengan portfolio yang terdiri dari N(d1) unit aset dasar dan N(d2)unit pinjaman sebesar nilai tunai dari harga patokan untuk mengetahui harga pasar options dengan Black-Scholes Model. Call options dapat digunakan apabila harga pasar saham saat jatuh tempo diatas strike price. Sebaliknya jika harga pasar saham saat jatuh tempo dibawah strike price, maka call options tidak dieksekusi. Sedangkan put options akan menyebabkan kerugian sebesar premi put options pada saat harga jatuh tempo sama atau lebih besar dari harga pasar saham. Dengan demikian, saat harga pasar saham lebih besar dari harga jatuh tempo, maka call options dapat dieksekusi, sedangkan call options dibiarkan kadaluarsa. Namun, jika harga saham lebih kecil dari harga jatuh tempo, maka put options dapat dieksekusi, sedangkan call options dibiarkan kadaluarsa. Penelitian ini berhasil mengungkapkan bahwa options mampu mencegah kerugian investasi terhadap saham, khususnya dalam penelitian ini adalah saham-saham yang tergabung dalam Indeks LQ 45 periode Februari - Juli 2002. Maka, dengan menyertakan options dalam perdagangan saham akan mampu melindungi (hedge) investor dari kerugian yang besar

STRATEGI MERGER PADA ERA KRISIS: ASPEK SINERGI JEJARING BISNIS

Globalization is a great challenging for the countries that still hard effort against economic crises. Requirement to be professional for facing competition is an absolute factor, but in the other hand they didn't find the solution way to be surviving out from the crises. In the middle of 1997, it was the beginning Indonesian crises and also the impact of the crises is still continuing until now. Gross Domestic Income in the 1998 slightly goes down 59% if comparing with the beginning of 1997, similarly for the inflation rate and Rp/US$ exchange rate slight}/goes up to 76% and 255%, whereas the condition didn't yet recovery until 2002. Economic crises affects directly the corporate performance, as written in Bisnis Indonesia (1998): economic crises is driven by monetary crises in the middle of previous year (1997) had been cutting performance of both private and public corporate with very dramatically.With the condition like that, very difficult for company to survive even still little number can, but by the fact looked that many company have been collapsed or delisted. Therefore, they must be done immediately to become efficient by consolidation through merger as a strategic step to maintenance their firm value. The target of merger is obtaining the synergy in term of the competitive advantage and strengthening to survive. From 1997 to 2002 was listed 38 public firms which had acted merger activities included horizontal (same business line), vertical (supplier and customer), congeneric (different business line but m the same industry) and conglomerate diversification (unrelated business). These merger are spread in the many kinds of sectors and the most are in the consumer goods sector as 9 companies, and the least is in the Agriculture sector, only one.The result of this research proved that the strategic ways of merger have significant positive relationship toward firm value, in the other words the financial performance after merger is greater than before. If the financed of these merger by equity (79.5%), the effect is greater than financed by debt instrument (61.6%)

Praktik Manajemen Strategis Pada Masa Pandemi Covid-19: Studi Kasus Pt X Pelaksana Konstruksi Swasta

Throughout the year of 2020 and 2021, the country of Indonesia is faced with the economic crisis situation caused by the COVID-19 pandemic. The Indonesian goverment has conducted various new up-to-date regulations throughout time accordingly to the latest conditions of the public health in order to prevent the further spread of COVID-19 pandemic, while trying to keep the national economy balanced. X company is one of private costruction builder sector in Indonesia that is impacted by the COVID-19 pandemic. This research is aimed to explore how the COVID-19 pandemic impacts the private construction builder company on the focal of the crisis nowadays, and how the strategic management and crisis management responds in reality from a private construction builder to face the pandemic crisis. The data on this exploratory qualitative research is obtained through direct interviews in X company head office in Surabaya. Four informants are chosen based on the authorization of the management, also from human resource, planning and estimation, health and safety departments. Analysing this qualitative research is done through open coding, axial coding, and selective coding processes. This research found that private construction builder sector is affected negatively in terms of financial, operational, and employee aspects caused by the COVID-19 pandemic, and the dynamic changes of government regulations. The X company management decided to implement various short term strategies consists of retrenchment, persevering, and innovating methods in order to survive during the pandemic crisis. Keywords: COVID-19, crisis impacts, crisis management, exploratory qualitative, private constructio

PINJAMAN KORPORASI: BANK KOMERSIAL DAN BANK INVESTASI

The increasing of fund had followed the investment bank growth between 1990-1997. Different type of institution also has different loan pricing between commercial bank and investment bank. Basically their differences depend on several factors like these: sources of fund, government rules, borrower’s relationship, market share, and accounting principles. The aims of this research purpose are testing the differences loan pricing between commercial bank and investment bank before crises period. Variables use in this research is types of bank institution, loan duration, loan amount, collateral, and listing Borrowers Company. Controlling variables are industry and term of loan contract. The testing is also for the level of asymmetry information by listed and non-listed borrowers, versus foreign and domestic lenders. For statistic inferential test is using by Ordinary Least Squares regression with white correction heteroscedasticity. Data collection comes from Dealscan database support by LPC (Loan Pricing Corporation). Meanwhile, the data sampling are before crises start from 1990 until 1997. Finally this research result has proven there are any differences between commercial bank and investment bank borrowing. Therefore, commercial bank more focus on lender come from and investment bank more serious attention to borrower’s types. The commercial bank get better than investment bank, even both of them still only look at the general factors, for instance; maturity, collateral, and borrowing types

Sustainable Business Innovation to Win the Competition :A Case Study of Innovation by Wayan in Bullfrog Farming in Bali

Innovation  is  the  essence  of  business  survival.  Without innovation,  there  is  no  business  that  can  survive  to compete for the future. Innovation is not only for the large  business or in  the hightech sectors, but also for the small  business such as bullfrog farming in agribusiness sector.   Mr. Wayan as a frog farmer is a good example of a very  tough and perseverance frog farmer who always take the  obstacle  as  a  challenge  to  make  better  innovation.  This what made his different than the others farmer. As the  result, Mr Wayan now has exist as frog farmer for more  than a half of his age and become  the biggest frog farmer  in  Bali  Indonesia.  Many  innovations  have  been  done,  including  batteray pond, frog food, how to handle  frog  disseseas, methods of  making frog grow optimally, until  build network to sell the frog. All of his  innovation idea  came from  love and patience in the frog business. He give  many ideas for developing good bullfrog farm

Strategi Merger Dalam Mempertahankan Nilai Badan Usaha Pada Era Krisis Di Bursa Efek Jakarta

Globalization is a great challenging for the countries that still hard effort against economic crises. Requirement to be professional for facing competition is an absolute factor, but in the other hand they didn't find the solution way to be surviving out from the crises. In the middle of 1997, it was the beginning Indonesian crises and also the impact of the crises is still continuing until now. Gross Domestic Income in the 1998 slightly goes down 59% if comparing with the beginning of 1997, similarly for the inflation rate and Rp/US$ exchange rate slighty goes up to 76% and 255%. whereas the condition didn't yet recovery until 2002. Economic crises affects directly the corporate performance, as written in Bisnis Indonesia (1998): economic Crises is driven by monetary crises in the middle of previous year (1997) had been cutting performance of both private and public corporate with very dramatically. With the condition like that, very difficult for company to survive even still little number can, but by the fact looked that many company have been collapsed or delisted. Therefore, they must be done immediately to become efficient by consolidation through merger as a strategic step to maintenance their firm value. The target of merger is obtaining the synergy in term of the competitive advantage and strengthening to survive. From 1997 to 2002 was listed 38 public firms which had acted merger activities included horizontal (same business line), vertical (supplier and customer). congeneric (different business line but in the same industry) and conglomerate diversification (unrelated business). These merger are spread in the many kinds of sectors and the most are in the consumer goods sector as9 companies, and the least is in the Agriculture sector, only one. The result of this research proved that the strategic ways of merger have significant positive relationship toward value of the firm, in the other words public company financial performance after merger is greater than before. If the financed of these merger by equity (79.5%), the effect is greater than financed by debt instrument (61.6%)

Social response approach dalam penilaian financial business performance: perspektif shareholder wealth maximization model vs corporate wealth maximization model.

First step in effective management is to determine the goals and objectives that have to achieve. Through achievement the goals, we can measure the corporate and the manager performance as performance target. The ability to explaining achievement goals depending on business performance measurement with the purpose of economic performance that containing financial aspect in monetary squad to showing value from business activities. This concept called shareholder wealth maximization model (SWM) perspective. Its contrast is corporate wealth maximization model (CWM) perspective. The different is in principal goal that should be to maximize corporate wealth. CWM perspective is broader than SWM perspective because in CWM perspective, corporate wealth measured by financial and non-economic performance. The symmetry between financial business performance and non-economic performance become sustainability chain to long term survival. The implementation of non-economic performance in CWM is explained by involvement of exertion to shape business ethic and social responsibility programs. The social responsibility programs are social obligation, social reaction and social response. Corporate may achieve the highest degree of social responsibility by social response approach when it look at social responsibility as part of achievement of business goals to create economic valu