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Emergence Corporate Financial Distressin Emerging Market: Empirical Evidence from Indonesia Stock Exchange(IDX) 2004-2008 Pranowo, Koes; Achsani, Noer Azam; Manurung, Adler H.; Nuryartono, Nunung
Jurnal Manajemen & Agribisnis Vol 8, No 2 (2011): Vol. 8 No. 2 Oktober 2011
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jma.8.2.109-113

Abstract

Financial recovery is the most difficult in financial management. Therefore, this is important to study how a company in financially-distress can survive to rise up to a healthy financial condition (emergence financial distress). The research consists of 200 non financial companies which are listed on Indonesia Stock Exchange (IDX) for the period of 2004-2008. This study focuses on management of working capital. How a company fulfill its current liabilities, and its sources in current assets which shall be cashed at the short term period. By using Multinomial logit, we analyzed the probability a financially-distress company rise up to emergence financial distress or stay of the status of financial distress and what are financial indicators affect to a company in the status of Non Financial Distress tend to Financial Distress. Thus, the important thing is to determine financial ratios which can be an indicator to determine of emergence financial distress. We find a positive relationship between Profit, efficiency and emergence financial distress and a negative relationship between leverage and emergence financial distress.   Keywords: Emergence Financial Distress, Indonesia Stock Exchange (IDX), Multinomial Logit JEL Classification Codes: G 3
DETERMINANT OF MICROCREDIT REPAYMENT Farida, Farida; Siregar, Hermanto; Nuryartono, Nunung; KP, Eka Intan
Buletin Ekonomi Moneter dan Perbankan Vol 19 No 1 (2016): JULY 2016
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/bemp.v19i1.600

Abstract

This paper investigate the determinants of microcredit repayment by employing the logistic regression on micro-business households in Pati, Central Java. The result of this study reveals that loan repayment affected significantly by the business lines, food consumption spending, side job, other loan sources, collateral, and credit constrained. Interestingly, the result concludes that the loan repayment are no longer influenced by moral hazard, since the characteristics such as gender, education level, age, experience do not significantly encourage borrowers to repay. This paper also conform the important role of peer-screening process on hindering the credit default.
The Role of Rural Banks to Increase Performance of Small Industries in West Sumatera Azriani, Zednita; ., Harianto; Nuryartono, Nunung
Forum Pasca Sarjana Vol 31, No 3 (2008): Forum Pascasarjana
Publisher : Forum Pasca Sarjana

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Abstract

Rural banks (BPRs) have some roles to small industries especially in rural area.  The roles of BPRs are very important to develop the small industries because their capitals still limited.  But BPRs have some problems to conduct their roles.  The objectives of this study were (1) to identify small industries that being client of BPRs in West Sumatra and (2) to analyze the impact of credit to the increasing of small industries performance.  Those objectives can be analyzed using descriptive approaches and econometrics in form of small industries model as simultaneous equation.  The result showed that amount of credit that received by small industries was only significant to value small industries but not significant to using labor.  There was no difference between the performance of constructed rural bank’s credit clients and non-constructed rural bank’s credit clients. Key words: credit, rural banks, financial performance, small industries
CREDIT RATIONING OF FARM HOUSEHOLDS AND AGRICULTURAL PRODUCTION: EMPIRICAL EVIDENCE IN THE RURAL AREAS OF CENTRAL SULAWESI, INDONESIA Nuryartono, Nunung
Jurnal Manajemen & Agribisnis Vol 4, No 1 (2007): Vol. 4 No. 1 Maret 2007
Publisher : Graduate Program of Management and Business Bogor Agricultural University

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Abstract

The agricultural sector provides the highest contribution to economic development in the Central Sulawesi Province, Indonesia. On average, the share of agriculture in the Product Domestic Regional Bruto (GRDP) is more than 40% (2003). However, poverty is a widespread problem found in this area, as indicated by almost 46% of the total household are categorized as poor and most of them are farmers. Smallholders and poor farmers may perpetually be trapped in poverty due to lack of finance needed to undertake productive investment. This is indicated by lower rate of advance agricultural technology adoption, which results the productivity of some agricultural products in this area is lower compared to the national average.This paper addresses the question of whether greater access of financial services increase agricultural production. Specific research question addressed are as follow: (1) How many household have access to formal credit markets? (2) How many households are credit constrained? (3) What factors influence that households are credit constrained? (4) How does credit rationing influences agricultural production?As many studies have shown, many rural households lack access to either formal or informal credit institutions. In the rural areas of Central Sulawesi Province, particularly in the vicinity of the Lore Lindu National Park only 21.5% of the household have access to formal credits. The results also show that under certain conditions, only 18.1% of the households are not credit constrained. Most households are credit constrained due to lack collateral and because of the self-selection problem.The econometric analysis consists of two parts. The first part explores the determinants for a household to be credit constrained, focusing on the formal credit market by using Probit model. In the second part of the analysis, we investigate the influence of being credit constrained on the rice production by applying a switching regression model. The results of the probit model show that human capital (i.e. education and age of the head of households) as well as wealth and risk-bearing indicators are significant in determining whether household is credit constrained.
Emergence Corporate Financial Distressin Emerging Market: Empirical Evidence from Indonesia Stock Exchange(IDX) 2004-2008 Pranowo, Koes; Achsani, Noer Azam; Manurung, Adler H.; Nuryartono, Nunung
Jurnal Manajemen & Agribisnis Vol 8, No 2 (2011): Vol. 8 No. 2 Oktober 2011
Publisher : Graduate Program of Management and Business Bogor Agricultural University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Financial recovery is the most difficult in financial management. Therefore, this is important to study how a company in financially-distress can survive to rise up to a healthy financial condition (emergence financial distress). The research consists of 200 non financial companies which are listed on Indonesia Stock Exchange (IDX) for the period of 2004-2008. This study focuses on management of working capital. How a company fulfill its current liabilities, and its sources in current assets which shall be cashed at the short term period. By using Multinomial logit, we analyzed the probability a financially-distress company rise up to emergence financial distress or stay of the status of financial distress and what are financial indicators affect to a company in the status of Non Financial Distress tend to Financial Distress. Thus, the important thing is to determine financial ratios which can be an indicator to determine of emergence financial distress. We find a positive relationship between Profit, efficiency and emergence financial distress and a negative relationship between leverage and emergence financial distress.   Keywords: Emergence Financial Distress, Indonesia Stock Exchange (IDX), Multinomial Logit JEL Classification Codes: G 3
ANALISIS PENGARUH KINERJA KEUANGAN DAN VARIABEL MAKROEKONOMI TERHADAP RETURN SAHAM SUBSEKTOR PERKEBUNAN Mubarok, Faizul; Siregar, Hermanto; Nuryartono, Nunung
Signifikan: Jurnal Ilmu Ekonomi Vol 3, No. 2, Oktober 2014
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sigf.v3i2.2058

Abstract

EVA and MVA are used to indicate the creation of value in an investment. Arbitrage Pricing Theory (APT) explained that macroeconomic variables have a systematic effect on return. The aim of this study is to analyze and to measure the effect of financial performance and macroeconomic variables on the stock return of estate plantation sub-sector at Indonesia Stock Exchange. Data are processed by using panel data, analysis which consist of six companies which are listed on the estate plantation sub-sector and using quarterly data from 2007 to 2013. By using the Pooled Least Square (PLS) the result show that the variables of MVA, oil, inflation, interest rate and crisis have significant effects on the stock return of estate plantation sub-sector while the variables of MVA and the world oil price do not have significant effect on the stock return of estate plantation sub-sector.DOI: 10.15408/sjie.v3i2.2058
IMPLEMENTASI PENYUSUNAN RENCANA KERJA DAN ANGGARAN BELANJA KEMENTERIAN PERTANIAN SEKTOR PERTANIAN TAHUN 2005-2012 Sukmawati, Aprilia; Siregar, Hermanto; Nuryartono, Nunung
Jurnal Manajemen & Agribisnis Vol 10, No 3 (2013): Vol. 10 No. 3, November 2013
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jma.10.3.182-191

Abstract

ABSTRACTThe research objectives were to 1) analyze the implementation suitability of RKA-K/L document preparation which is implemented by Ministry of Agriculture with the concept of unified budget, Performance Base Budgeting (PBB) and Medium Term Expenditure Framework (MTEF) by using gap analysis method and 2) analyze the influence of expenditure in research, development and agriculture extension program; agriculture infrastructure; and increasing of production and agricultural productivity program, as well as agricultural subsidies to Gross Domestic Product (GDP) growth through multiple regression analysis. The methods used were gap analysis and multiple regression analysis. Gap analysis shows that there are still some obstacles in the application of unified budget concept, PBK and KPJM which resulted partial gap with applicable regulations. Multiple regression analysis shows that the Ministry of Agriculture budget expenditure both agriculture research, development and extension programs also agricultural production and productivity program had significant negative effect on the growth of GDP in agriculture sector. Therefore the government needs to pay attention to the government budget allocation which is closely related to the implementation of the existing programs in the Ministry of Agriculture.Keywords: government expenditure, sector of agriculture, ministry of agriculture, gap analysis, multiple regression analysisABSTRAKPenelitian ini bertujuan  1) menganalisis kesesuaian dokumen Rencana Kerja dan Anggaran Kementerian Negara/Lembaga (RKAK/L) yang disusun oleh Kementerian Pertanian dengan konsep penganggaran terpadu, Penganggaran Berbasis Kinerja (PBK) dan Kerangka Pengeluaran Jangka Menengah (KPJM) serta 2) menganalisis pengaruh alokasi anggaran untuk program penelitian dan penyuluhan pertanian; program infrastruktur pertanian; program peningkatan produksi dan produktivitas pertanian; serta subsidi benih dan pupuk terhadap pertumbuhan PDB. Metode analisis yang digunakan adalah analisis gap  dan analisis regresi berganda. Hasil analisis gap menunjukkan bahwa masih ada beberapa kendala dalam penerapan konsep penganggaran terpadu, PBK dan KPJM yang mengakibatkan kesenjangan parsial dengan ketentuan yang berlaku, sedangkan hasil analisis regresi berganda menunjukkan bahwa alokasi anggaran Kementerian Pertanian untuk program penelitian pertanian, pengembangan dan penyuluhan serta program peningkatan produksi dan produktivitas pertanian berpengaruh negatif secara signifikan terhadap pertumbuhan PDB di sektor pertanian. Jadi pemerintah perlu memperhatikan alokasi anggaran pemerintah yang terkait erat dengan pelaksanaan program yang ada di Kementerian Pertanian.Kata kunci: anggaran belanja, sektor pertanian, kementerian pertanian, analisis gap, regresi berganda
Analisis Pengaruh Institusi terhadap Strategi dan Kinerja Badan Usaha Milik Negara (BUMN) Siswaji, Bambang; Nuryartono, Nunung; Arifin, Bustanul; Said Didu, Muhammad
Jurnal Manajemen Teknologi Vol 12, No 3 (2013)
Publisher : SBM ITB

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Abstract

Based on literatures, institutions (rules of the game) influence strategy that leads to performance of enterprise. If the relationships hold for SOE, the improvement of institutional environment will enable the improvement of SOEs performance. The aim of this research is to prove the causal relationship of institution-strategy and strategy-performance in SOE environment, and to extend the relationship to institution-performance of SOE. Likert-scaled data have been collected from experts opinion survey. Structural equation modeling analyses found: 1) institutions significantly influence strategy; 2) strategy does not influence performance significantly; and 3) institutions directly affect performance of SOE. The reserach has been completed with historical institutional analysis to elaborate how institutional factors have emerged and developed. It found a chain of historical events that have become critical junctures and shaped the institutional factors of SOE. The research showed that favorable institutional environment is importance as pre-condition to improve SOEs performance, and it needs time and consistent efforts to develop.Keywords: enterprise performance, historical institutional analysis, institution-based strategy, state-owned enterprise, structural equation modeling
Pengaruh Penerapan Good Corporate Governance terhadap Tingkat Kesehatan dan Daya Saing di Perbankan Indonesia Tobing, Adil; Arkeman, Yandra; Sanim, Bunasor; Nuryartono, Nunung
Jurnal Manajemen Teknologi Vol 12, No 3 (2013)
Publisher : SBM ITB

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Abstract

The research aims to analyse contribution of Good Corporate Governance (GCG) implementation in Indonesia banking industry and its healthiness as well as its competitiveness. The research employs case study approach with the objects of State-owned Banks, which are Bank Mandiri, BRI, and BNI compared to Private Banks, which are BCA and Bukopin. Stepwise regression test are applied to find the correlation between GCG, healthiness, dan competitiveness, while Kruskall Wallis test is used to find whether any significant difference exists between the banks. The result shows that GCG implementation, based on the statistical methods, has significant relationship with the healthiness, which are inherent risk profile and capital adequacy variable, also with the competitiveness, which are productivity, profitability, and market valuation variable.Keywords : Banking Competitiveness, Banking Healthiness, Banking Performance, Good Corporate Governance (GCG), Private Banks, State-owned Banks
Umur dan Kinerja Perusahaan: Studi Empiris Perbankan Syariah di Indonesia Nurwati, Etty; Achsani, Noer Azam; Hafidhuddin, Didin; Nuryartono, Nunung
Jurnal Manajemen Teknologi Vol 13, No 2 (2014)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2014.13.2.4

Abstract

AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh umur perusahaan terhadap kinerja perbankan syariah di Indonesia. Untuk membandingkan antara pengaruh umur terhadap kinerja Bank Umum Syariah (BUS) yang berasal dari Unit Usaha Syariah (UUS) dan BUS hasil konversi, pada penelitian ini dianalisis pengaruh pengalaman BUS sebagai UUS terhadap kinerja BUS. Penelitian ini menggunakan data statistik perbankan syariah di Indonesia, untuk periode 1999-2011, dengan ukuran kinerja BUS berupa rasio keuangan: profitabilitas, likuiditas dan efesiensi. Untuk menganalisis pengaruh umur terhadap kinerja BUS, digunakan model regresi data panel. Hasil penelitian menunjukkan bahwa terdapat pengaruh yang signifikan antara umur perusahaan dan kinerja BUS, namun tidak menunjukan pengaruh signifikan antara pengalaman sebelumnya sebagai UUS terhadap kinerja Bank Umum Syariah (BUS) setelah spin-off.Kata Kunci: Pengalaman, Bank Umum Syariah, Kinerja, ROA, ROEAbstractThe purpose of this study was to analyze the effect of firm age on the performance of Islamic Banks ( BUS ) in Indonesia. To compare the effect of firm age on performance of BUS derived from UUS and BUS resulted from conversion, we analyzed the influence of experience as UUS on BUS performance. This study used statistical data of Islamic banking in Indonesia, for the period 1999-2011, with a performance measure of BUS in the form of financial ratios: profitability, liquidity and effeciency. To analyze the influence of firm age and experience to BUS performance, we use panel data regression model . The results showed that there is a significant relationship between firm age and performance of Islamic Banks, however, it did not show a significant relationship between prior experience as Islamic Business Unit (IBU) on the performance of Islamic Banks (IB ) after spin-off .Key Words: Experience, Islamic Bank, Performance, ROA, ROE