Indonesia Conference Directory

Corresponding Author
ANISSA HAKIM PURWANTINI

Institutions
a) Department of Accounting, Faculty of Economics and Business, Universitas Muhammadiyah Magelang, Indonesia
*anissa.hakim[at]ummgl.ac.id
b) Department of Accounting, Faculty of Economics and Business, Universitas Muhammadiyah Magelang, Indonesia

Abstract
The development of sharia FinTech in the Non-Bank Financial Industry (IKNB) is growing rapidly. Sharia FinTech businesses need to understand the crucial factors that influence the adoption of the technology to support the success of their business. This study investigates the factors that drive intention of adoption sharia FinTech based on the model that integrated TAM, TPB and prior research. This research framework consists of three dimensions, there are implementation context, technological context, and individual context. The result indicates that interpersonal influence and perceived usefulness have significant effects on sharia FinTech intention. Compatibility has a positive effect on perceived usefulness and perceived ease of use. Furthermore, perceived ease of use positively affects internet self-efficacy but has no effect on attitude and sharia FinTech intention. Meanwhile, the individual context have no direct effect on sharia FinTech intention. Several interesting implications are also discussed. This study contributes to extend the TAM and TPB models in the area of shariah FinTech as a new research platform that needs to be further developed.

Keywords
sharia FinTech; TAM; TPB; interpersonal influence; privacy concern

Topic
Financial Technology

Link: https://ifory.id/abstract/mxweUq8Y2MAV

Corresponding Author
Muhammad Ichsan Hidayat

Institutions
Telkom University

Abstract
Banking is a financial institution that focuses on profit and also social, but on the other side the bank can also collapse and there are indications of bankruptcy. One way to predict is to use one of the models to determine financial distress. Syariah Banks are banks that run business activities based on the principles of Islamic law. Syariah Bank in Indonesia have very significant asset increases since initial operating at 2005. Bank Indonesia recommended a system for a prediction model called Risk Based Bank Rating (RBBR) while IMF recommended a system called Bankometer. The Objective of this research is to analyze The RBBR model and Bankometer model can use to determine financial distress and comparison result between two models. Sample of this research are 11 listed Syariah Bank in Indonesia that announced financial report on website from 2013 to 2017. This research implication is for management of the company, Investor, Customer, Government and all communities in considering to choose Syariah Bank that related to financial distress.

Keywords
Financial Distress, Bankometer, RBBR, Syariah Bank

Topic
Financial Technology

Link: https://ifory.id/abstract/aFnPKWZtGH28

Corresponding Author
LUDOVIKUS NADEAK

Institutions
School of Economics & Bsuiness, Telkom University, Gegerkalong, Bandung, Indonesia

Abstract
The abstract should summarize the contents of the paper and should contain at least 70 and at most 200 words. It should be set in 9-point font size, Non Performing Loan (NPL) of conventional bank in Indonesia occur because customer credit risk assessment carried out by banks is 80% of prospective customers do not have credit history and 20% of the market for very competitive credit and low margin for customers. PT.TS has a target customer Credit Scoring for the beginning of 2018 until the end of 2019 is 90 customers and in 2018, PT.TS has 10 customers. Customers who provide revenue for PT.TS in using Credit Scoring as targeted there are 6 customers, above the target there are 3 customers and below the target there is 1 customer. The stages, perceptions and experience of the customer is a journey from the customer to consider and decide to use or not use Credit Scoring from PT. This study aims to identify the factors that influence the customer journey as experience of PT. Credit Scoring customers. This study aims to identify the factors that influence the customer journey as experience of PT. Credit Scoring customers. Customer Journey Mapping (CJM) is a tool that used to help companies better understand each step taken by customers, think of all stages of customer experience and the number of touchpoints between companies and customers (Hong, 2016). This research is a qualitative exploratory study that aims to understand the phenomenon of what is experienced by objects (Moleong, 2017). The research was conducted by depth interview, observation and documentation study about the object of research. The 3 main processes of the customers decision to use credit scoring are pre purchase, purchase and post purchase. Pre purchase focuses on recognition, consideration and search. Purchase focuses on choices, ordering and payment. Post purchase focuses on consumption, usage, service usage and demand agreements. Resource for depth interviews in this study consisted of 3 institutional or financial institutions, which were the first customers of innovators to use credit scoring PT. 2018, both banks and loan companies.

Keywords
Customer Journey; Customer Journey Mapping; Credit Scoring, Qualitative; Depth Interview.

Topic
Financial Technology

Link: https://ifory.id/abstract/gKYyEjU4CXGL

Corresponding Author
DPPJ UMMagelang

Institutions
Universitas Muhammadiyah Magelang
*dilli[at]ummgl.ac.id

Abstract
The most state revenue is from the tax sector. The government has tried its best to increase revenue from the tax sector from year to year. However, the development of tax variations by the government must not ignore the principle of justice. Likewise in the imposition of e-commerce tax, the government is based on the principle of equity. The imposition of e-commerce tax is regulated in Minister of Finance Regulation Number 210 Year 2018 concerning g Tax Treatment of Trade Transactions Through Electronic Systems. But this regulation was later withdrawn by the Minister of Finance. The reason behind the withdrawal is that the rules are often misinterpreted by the public and business actors because they think the government imposes new taxes on e-commerce players. The government considers that e-commerce tax is important so that there is equality of tax treatment among business people. But on the other hand e-commerce actors want treatment between them and the same online. E-commerce entrepreneurs believe that even though it is not yet regulated in a Ministerial Regulation, e-commerce actors in Indonesia actually pay taxes according to the terms and conditions. The existence of these two different perceptions, the government policy to develop e-commerce tax needs to be reviewed again whether it is necessary to have a special Ministerial Regulation governing e-commerce tax or not. To achieve these objectives this research uses an exploratory approach. With a qualitative explorative method this research produces explorative analytic data. Activities in analyzing this include reducing the data obtained by looking at the concepts and development of the application of the principle of equity in the imposition of e-commerce tax and then presenting data that can provide definitions or explanations about the concepts or patterns studied in the study.

Keywords
principles of equity; taxation; e-commerce

Topic
Financial Technology

Link: https://ifory.id/abstract/HWBPF6zCKQab

Corresponding Author
Muhammad Fuad Qamarul Alam

Institutions
a) Business and Economic Faculty, Telkom University, Banduing, Indonesia
*fuadalam[at]student.telkomuniversity.ac.id
b) Business and Economic Faculty, Telkom University, Banduing, Indonesia

Abstract
The currency exchange rate is one of the macroeconomic components that have a distinctive characteristic of fluctuation and heteroskedasticity pattern. When referring to the historical data from 2008 to 2017, Indonesia rupiah has been depreciated toward US dollar as much as 44,59% were during that time it was consists of high fluctuation periods especially between 2008-2009 and 2014-2016 but also interspersed by a relatively stable period during 2010-2013. Consequently, research to find the forecasting model that can fit with exchange rate distinctive characteristic is critical. This research will focus on the projection performance comparison of ARIMA-GARCH classical time series method and Backpropagation Artificial Neural Network (BP-ANN) method for rupiah to the US dollar exchange rate. From Mean Squared Error (MSE) and accuracy level measurement, BP-ANN shows a better performance compared to ARIMA GARCH, while it also can be concluded if the forecasting performance of both models is decreasing along with the projection time duration.

Keywords
Time series; Forecasting; ARIMA; GARCH; Artificial Neural Network

Topic
Financial Technology

Link: https://ifory.id/abstract/yWm63MwbU78E

Corresponding Author
Rio Adhitya

Institutions
a) Fakultas Hukum, Universitas Sriwijaya
Jl. Srijaya Negara, Bukit Besar, Palembang
*1210adhitya[at]gmail.com
b) Fakultas Hukum, Universitas Muhammadiyah Palembang
Jl. Ahmad Yani, Plaju, Palembang

Abstract
Today, financial technology start up (peer to peer lending) is growing up widespread, but there are plenty of problems in implementing the business so it runs not smoothly. The platform should responsible to the funder peer in order to receive the return of his investment which is very dependent on the good intentions of the borrower while the loan is not binding with any collateral and the loan has a high of interest. This article will discuss the chance of legal breakthrough for the role of the notary in serving banking business activities in this disruptive digital era 4.0.

Keywords
Cyber Notary, Financial Technology, Peer to Peer Lending, Land Titles Registrar, Law Tech

Topic
Financial Technology

Link: https://ifory.id/abstract/kHTDRaJcZx8A

Corresponding Author
Riko Hendrawan

Institutions
Telkom University

Abstract
LQ45 stocks index shows the closing price which tends to increase in the period 2013 to 2018. The data also shows that the lowest point in the LQ45 index is in October 2013 at 701,07. The highest point is at 1105,76 which happened in January 2018. This is an opportunity for investors who want to invest their shares in order to obtain investment profits. However, during that period, the LQ45 Index returns show high fluctuations, this would cause the returns earned to be uncertain. The Purpose oh this research is to assess the portfolio performance using active and passive strategies Through PBV and PER ratio approach.. The portfolio is formed by high , medium and low PBV and PER. 27 of 45 company in LQ 45 were selected and each portfolio consists of up to nine shares. Furthermore, the performance of this portfolio will be tested using the Sharpe, Treynor, and Jensen methods during 2013-2018. The results of this study indicate that the portfolio formed using a high PBV ratio is able to show a return above the IHSG consistently with low risk that obtained. The evaluation using Sharpe, Treynor, and Jensen methods also indicate that high PBV and high PER shows a good performance. Then the comparison between portfolio strategies used in this study based on return and risk showed that the active semester strategy was able to provide the best performance, then followed by an annual active strategy and the last is the passive strategy.

Keywords
Portfolio Performance, PBV, PER, Active and Passive Strategy

Topic
Financial Technology

Link: https://ifory.id/abstract/tp9yRmgTGUHn

Corresponding Author
Thein Oak Kyaw Zaw

Institutions
Multimedia University, Jalan Multimedia 63100 Cyberjaya, Selangor, Malaysia, Faculty of Economics and Business, Telkom University, Bandung 40257, Indonesia

Abstract
Abstract The finance and accounting domain today require institutions of higher learning to produce competent graduates who are familiar with digital soft skills. These include Blockchain, e-audit, Big data, cryptocurrencies, auditing on the cloud, softbot counselling, robotics in business process automation, peer to peer transactions, application of artificial intelligence in treasury related work and crowd funding. The voguishness of technology usage in the digital economy today has become an impelling force to the accounting and finance profession. Some critical views from the job industry suggest that graduates must possess certain FinTech skills to provide expert counsel which they aren-t able to do at the moment. Industry experts argue that the lack of skill set will definitely impact on recruitment and create pressure for reform in institutions of higher learning to prepare students to fill that gap. FinTech enabled platforms result in disruption to the accounting workforce as newer emerging business models and processes are slowly rising across banking, finance, audit and integrated reporting. In this paper we present findings of top ten skills needed in terms of FinTech readiness that should be included in existing curriculums offered at the tertiary level from expert opinion gathered by relevant stakeholders.

Keywords
Digital age, FinTech, Analytics, Pedagogy, Curriculum

Topic
Financial Technology

Link: https://ifory.id/abstract/7awHmAX2E8Ld

Corresponding Author
Ilmi Fitri

Institutions
a) Telkom University
Jl. Telekomunikasi Jl. Terusan Buah Batu No.01, Sukapura, Dayeuhkolot, Kota Bandung, Jawa Barat 40257
*fitriilmi.student.telkomuniversity.ac.id

Abstract
Rate of adoption of mobile banking services does not reach the expected level, especially in developing countries. This study uses the UTAUT2 model and uses price value variables, hedonic motivation, social influence, trust, performance expectancy, effort expectancy, behavioral intention, facilitating conditions and adoption. The purpose of this study is to determine the effect of price value variables, hedonic motivation, social influence, trust, performance expectancy, effort expectancy on behavioral intention, trust and effort expectancy variables on performance expectancy, variable facilitating conditions on adoption, and indirect effects of price value variables, hedonic motivation, social influence, trust, performance expectancy, effort expectancy towards adoption. The research method uses a quantitative approach. Data collection was conducted on Bank Mandiri users of mobile banking services with 241 respondents. This study uses a structural equation model (SEM) and uses an ordinal scale with 34 questions. The results of this study indicate the variable hedonic motivation has a significant influence on behavioral intention. Trust shows a significant influence on performance expectancy. Behavioral intention and facilitating conditions have a significant influence on adoption. Hedonic motivation is the variable that has the most influence on the adoption indirectly on Bank Mandiri mobile banking.

Keywords
Adoption;Customers;Mobile Banking;UTAUT2

Topic
Financial Technology

Link: https://ifory.id/abstract/zVwren6EjbGv

Corresponding Author
Sugiyanto -

Institutions
Master of Management, Institut Manajemen Koperasi Indonesia (Ikopin), Jatinangor 45363 - Indonesia
giyant2000[at]ikopin.ac.id

Abstract
The use of information technology has an impact on the rapid innovation in the field of financial services that has become a trend in Indonesia, and has an impact on changing peoples lifestyles in conducting financial transactions. This condition is in accordance with the demands of a fast-paced community life using information technology. One of the developing financial technology business model is Crowdfunding or peer to peer (P2P) Lending. P2P Lending as a service to help small medium enterprises capital (especially SME-s Start Up) to be able to borrow funds even though they dont have a bank account. However, as a relatively new financial services business, it is certainly not separated from problems, such as legal problems, money lending, data hacking, financial technology business risks such as the risk of default, scam risk, misuse of client data, high interest rates and so on. Financial technology business risk is expected to increase, which is marked by the increasing number of financial technology companies that are closed by the “Otoritas Jasa Keuangan (OJK)” due to various violations. Efforts to reduce these various risks, especially for the P2P Lending model that is held by many individuals, must be managed institutionally, such as limited liability companies or cooperatives. for the second institution there has not been much practice in Indonesia. This study is to study descriptively the phenomenon based on references of technology financial, cooperatives, related regulations and cooperative business practices in the field. So that results can be obtained that there are advantages and at the same time can reduce risk by utilizing cooperatives as executors of the financial services business P2P Lending model. The study shows that, if the P2P Lending model is organized by cooperatives, only changes the conventional financial services business model by using information technology, business entities become formal, service users are members of cooperatives partly as owners that has fund and other members as a user those who need funds (SME-s) thus reducing the risk of default, scam, misuse of client data and interest set cheaper because agreement of members. This study can be concluded that by utilizing cooperative institutions held in accordance with their identity, various problems and risks of financial services business P2P Lending model can be minimized.

Keywords
Financial Technology, P2P Lending, Risk and Cooperative Organization

Topic
Financial Technology

Link: https://ifory.id/abstract/VL8FxCUzYjdR

Corresponding Author
Rochmat Aldy Purnomo

Institutions
Universitas Muhammadiyah Ponorogo
*purnomo[at]umpo.ac.id

Abstract
Muslim communities awareness of the risks and sins against usury is increasing, but the Islamic bank still has the main problem about access to the community is still very low compared to conventional banking. This research aims to find out how the concept of increasing transaction and accessibility of Islamic banking using EDC (Electronic Data Center) machines and personal agents (laku pandai), and the advantages of the accessibility concept of Islamic banking via personal agents. This study uses a qualitative descriptive approach. The results showed that using of EDC machines can significantly increase the accessibility of Islamic banking needed by the community. Using EDC machines is more practical, easy, and can be operated on a mobile basis in the desired area and with personal agents (smart behavior) at a much more affordable cost compared to the opening of offices, branches, subsidiaries and ATM machines. Personal agents can reach regional or community of unbankable person to be able to access banking services through agent neighbors. Security and perceived ease of using EDC machines and personal agents are the main keys in an effort to increase Islamic banking transactions to meet community needs.

Keywords
Islamic banking; EDC machine; Personal agent (Laku Pandai); Accessibility

Topic
Financial Technology

Link: https://ifory.id/abstract/MWhgETaAxLVr

Corresponding Author
Taufan Novembri Sandyopasana

Institutions
Master of Management
Faculty of Economics and Business
Universitas Indonesia

Abstract
This study analyzes the influence of perceived quality of mobile payment application towards customer loyalty. Cognition-affect-behavior model is used in this research where cognition stage includes perceived quality which divided into delivery quality and outcome quality. Customer trust, satisfaction and switching barriers included in affect stage and loyalty treated as a behavioral intention. All data in this research were collected from 342 respondents who is a mobile payment user in Indonesia. Then, a model has been estimated using structural equation modeling (SEM). The results indicate that delivery quality and outcome quality that formed through interaction with a mobile payment service positively affects customer trust and satisfaction, which in turn influence loyalty. However, customer trust does not positively influence to loyalty but has to be mediated by satisfaction. Loyalty itself has a positive effect on trust and negative effect on satisfaction. And lastly, switching barrier has a positive effect on loyalty. This developed model helps to improve the understanding of the creation of loyalty in a mobile payment context.

Keywords
mobile payment; perceived quality; trust; satisfaction; switching barrier; loyalty

Topic
Financial Technology

Link: https://ifory.id/abstract/B6eVJ7DrCmGa

Corresponding Author
Nicky Fahd Sembung

Institutions
Magister Management, School of Economic & Business Telkom University
Jl. Geger Kalong Hilir, Bandung, Jawa Barat - Indonesia

Abstract
Metal and Mineral Mining business in Indonesia is still having a good business projection, it is indicate by the growth of mining company revenue in Indonesia from 2012 to 2017 continue to show growth of improvement. Growth of the revenue is not accompanied by a strong financial ratio growth, indicating that the growth of Net Profit Margin, EBITDA and EBIT from 2012 to 2017 shows negative growth. Based on this phenomenon it is important for metal and mineral mining companies to maintain the efficiency of the company. In this research, 8 metal and mineral mining companies in Indonesia have been measured. The data used are balanced panel data with the period of 2012 until 2017. The mining sector itself is divided into 4 sub-sector, which are coal mining, crude petroleum and natural gas production, metal and mineral mining, and land / stone quarrying. This efficiency research was conducted using Stochastic Frontier Analysis (SFA) method which analyze input and output variables. Stochastic Frontier Analysis is expected to be more adequate than other method, because Stochastic Frontier Analysis does not specifically use one of the company as a benchmark.

Keywords
Efficiency, Metal and Mineral Mining, Stochastic Frontier Analysis (SFA), Parametric, Input, Output

Topic
Financial Technology

Link: https://ifory.id/abstract/AJ97HDE2QUhX

Corresponding Author
Hananto Agung Baskoro

Institutions
Magister Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Indonesia
Jl. Salemba Raya No.4, Jakarta 10430

Abstract
This study aims to identify the factors influencing consumer behavioural of mobile payment features (QR Code payment) intention in Indonesia. We proposed a conceptual framework based on technology acceptance model (TAM) consist of three technology factors (perceived usefulness, perceived ease of use, and trust); one social context factor (social influence); and two individual user characteristics (perceived enjoyment and perceived behavioral control). The proposed research framework was empirically tested by data collected from 195 potential QR Code payment service users, through an online survey. Data were analyzed using structural equation modeling (SEM) technique. The result shows a particularly significant positive impact of QR Code payment on perceived usefulness, social influence, perceived enjoyment, and perceived behavioral control. However, trust and perceived ease of use has an insignificant impact on QR Code payment intention. Findings of the study have important theoretical and practical implications, particularly to understand important user-centric factors affecting QR Code payment consumer intention.

Keywords
Mobile Payment; QR Code Payment; TAM; Customer Acceptance

Topic
Financial Technology

Link: https://ifory.id/abstract/tzAyNGDZh3bc

Corresponding Author
Muhammad Iqbal Miala

Institutions
Magister Management, Telkom University

Abstract
The purpose of this study is to conduct a fair price valuation of shares in pulp and paper sub-sector companies that are already listed on the Indonesia Stock Exchange. Valuation was carried out comprehensively using the DCF Free Cash Flow to Firm (FCFF) approach and the relative valuation method of Price to Earning Ratio (PER) and Price to Book Value (PBV) approaches. Each uses three scenarios; optimistic scenario, moderate scenario and pessimistic scenario. The companys historical data for the 2014-2017 period is used as a basis for projections 2018-2021. The results of this study indicate that the stock market price of January 1, 2018 when compared with the fair value of the stock valuation of the DCF-FCFF scenario is optimistic, INKP and TKIM are undervalued, FASW is overvalued. In moderate scenarios, INKP and TKIM are undervalued, FASW is overvalued. In the INKP, TKIM and FASW pessimistic scenarios, it is overvalued. While for relative valuation approaches PER all scenarios produce INKP, TKIM and FASW are overvalued. Finally for the relative valuation of the PBV approach all scenarios produce overvalued INKP, TKIM and FASW.

Keywords
Free Cash Flow to Firm; Relative Valuation; Pulp and Paper Industry; Fair Value

Topic
Financial Technology

Link: https://ifory.id/abstract/wdqNQxHKbY8L

Corresponding Author
Tendra Kristian

Institutions
Telkom University

Abstract
Finance is highly nonlinear and completely random, a trading strategy is a fixed plan that is designed to achieve a profitable return by going long or short in markets. Stock market prices are highly unpredictable and volatile. This means that there are no consistent patterns in the data to create model stock prices over time near-perfectly. As technical indicators play important roles in building a strategy, we will use technical indicators such as momentum, volume and volatility as a variables input in Artificial Neural Network Backpropagation with Multivariate Regression. The models are evaluated using three statistical performance evaluation measures, Mean Squared Error (MSE), Mean Absolute Error (MAE) and Mean Absolute Percentage Error (MAPE). We choose the daily data on Indonesia Stock Echange (IDX High Divident-20 Stock Index) in 10 years of trading days and try to predict the daily closing price. Experimental results show that Artificial Neural Network Backpropagation with Multivariate Regression using 4 layer, ReLu activation, Adam optimizer L2 Regularization and Dropout can get a promising performance in the closing price prediction on the real data compared with other models.

Keywords
Stock Prediction, Multivariate Regression, Artificial Neural Network Backpropagation

Topic
Financial Technology

Link: https://ifory.id/abstract/jyDKqLFE2Qk3

Corresponding Author
Teti Anggita Safitri

Institutions
Management Department, Economics Social Sciences and Humanities Faculty, Universitas Aisyiyah Yogyakarta
Jalan Ringroad Barat no 63, Mlangi, Gamping, Sleman Yogyakarta

Abstract
This study aims to determine the development of financial technology (Fintech) in Indonesia. The data analysis technique used is a quantitative research method obtained from the Financial Services Authority (OJK) fintech data. The results showed that there was a high development of financial technology in Indonesia for one year (January 2018 - August 2019). The development of fintech in Indonesia shows the progress of financial technology innovation in Indonesia which is very helpful to the community, while the publics interest to use fintech is large given the high number of borrowers over the past year. The community is so familiar with the benefits and use of fintech because the use of fintech is more efficient and effective compared to other financial services so that people are motivated to use fintech.

Keywords
Fintech, Development, Innovation

Topic
Financial Technology

Link: https://ifory.id/abstract/V2Kpe7NALDXv

Corresponding Author
Hapsari Setyowardhani

Institutions
Department Management, Faculty of Economic and Business, University Indonesia
* savirage26[at]gmail.com

Abstract
As an Online Travel Agency, Traveloka provides travel and accommodation-related online reviews to help consumers buying decision. This study exerts Online Social Network (OSN) model from Brown, Boderick, & Lee (20007) to study the role of eWOM on customer review website by investigating the effect on consumers decision making process. Purposive sampling was used for this research with 235 respondents and was analyzed using Structural Equation Modeling approach. Findings of this study reveal that tie strength has a positive impact on attitude towards the website and source credibility, as well as homophily has a positive impact on attitude towards eWOM Information and source credibility. Furthermore, source credibility has an important role in attitude towards eWOM Information and attitude toward the website, and also the attitude toward eWOM Information has a positive impact on attitude toward the website and eWOM effectiveness. Managerial implications and recommendations related to these findings are discussed for further research.

Keywords
Consumer Behavior, Online Social Network, Tie Strength, Homophily, Source Credibility, eWOM Effectiveness, Online Review, Online Travel Agency, Travel

Topic
Financial Technology

Link: https://ifory.id/abstract/cAEBnMh7Kxm6

Corresponding Author
MIRA BUDI OCTAVIANI

Institutions
Master of Management, University of Indonesia

Abstract
Infrastructure is the absolute necessity of a country where the increase in infrastructure is proportional to the increase in GDP of a country. With the limitation of the availability of funds from a country, there is a funding scheme involving private parties, such as Public-Private Partnership. The purpose of this study is to determine the PPP project determinants in performance, especially for the debt providers on PPP financing schemes as reference in the selection of debt providers is involved so that it becomes one of the preventive efforts of PPP project failures . This paper is based on processed data, namely the Project Database of Private Participation in Infrastructure (PPI) World Bank Project Database from 1990 to 2017 that there were 364 projects of 7050 projects which were canceled or distressed from 128 countries. In the process of empirical analysis that uses several independent variables namely GDP growth, total national debt, average growth rate of GDP, government support, tax, inflation rate, multilateral / bilateral support, type of contract, and total asset debt provider. In this study also do estimating the influence of debt providers involved in funding PPP projects which is the most financing structure use debt instead equity. As for data processing, this empirical study uses probit regression on the types of projects that cancelled / distressed. The results show that the type of project influences the failure of the PPP project, that the greenfield type tends to give success to the PPP project. In addition, a significant relationship is also indicated by the independent variable involvement of the debt provider. From the results of this project, the smaller the failure of the project.

Keywords
Public-Private Partnership, distressed, cancelled, World Bank Database, infrastructure, probit regression, debt provider

Topic
Financial Technology

Link: https://ifory.id/abstract/46QtfHhgDFkB

Corresponding Author
Fajar Ramdhani Kurnia

Institutions
a) Master of Management Dept.,Telkom University, Gegerkalong Hilir Street, Bandung, Indonesia
*fajar.ramdhani.kurnia[at]gmail.com

Abstract
This study aims to estimate the fair value of stock prices from technology-based companies listed on NASDAQ, Apple Inc. (AAPL), Alphabet Inc. (GOOG) and Microsoft Corp. (MSFT). This study uses the Discounted Cash Flow (DCF) method with the Free Cash Flow to Firm (FCFF) approach and the Relative Valuation (RV) method with the Price to Book Value (PBV) and Price to Earning Ratio (PER) approaches. Both methods are applied in three scenarios, namely: pessimistic, moderate and optimistic. The results of these two methods are used to provide advice to the relevant parties. Using the DCF - FCFF method, in a pessimistic scenario, investors are advised to sell or not buy all the shares because the stock is all overvalued. In the moderate scenario, investors are advised to sell or not buy MSFT shares because it is overvalued and buy shares of AAPL and GOOG because they are undervalued. In the optimistic scenario, investors are advised to buy the shares of the three companies because all shares are in an undervalued condition. Using the RV - PER approach, in all scenarios, investors are advised to buy AAPL shares. While the RV - PBV approach, specifically in the pessimistic scenario, is recommended to buy MSFT shares and buy GOOG shares in two other scenarios. Future studies are expected to minimize the calculation variables that are subjective in nature and do calculations with other methods to produce more accurate information for investors and companies.

Keywords
Valuation; Discounted Cash Flow; Intrinsic Value; Relative Valuation; Technology-based Company

Topic
Financial Technology

Link: https://ifory.id/abstract/zEnCwTP3M7du

Corresponding Author
Riko Hendrawan

Institutions
Telkom University

Abstract
SRI-KEHATI stock index from the years of 2013-2018 experience a fluctuating phenomenon with an increasing tendency. As well as monthly return that experiencing volatile conditions, with the lowest range of return occurring in April 2015 at -9.931% and the highest return occurring in February 2013 at 8.956%. This shows the relationship between return and risk, where risk is a form of deviation from return. A portfolio is a process of minimizing risk without reducing expected returns. In this study, portfolio formation will be formed based on Tobin-s Q and Price to Book Value ratios which will be grouped into 3 categories, namely low, medium and high during 2013-2018. Formation of portfolios will also be formed based on the annual active strategy, the semester active strategy and the passive strategy. After the portfolio is formed, evaluation of portfolio performance will be conducted using the Sharpe Index, Treynor Index, and Jensen Index. The results showed that portfolios formed by the low Tobin-s Q ratio were consistently able to provide the highest return (above average and market / IHSG) even though also consistently provide the highest risk, on the annual active strategy, the semester active strategy and the passive strategy. This shows the harmony between the results of research with the theory of high-risk high return. Overall, the annual active strategy has the largest accumulated rate of return, followed by the semester active strategy and then the passive strategy. The results of portfolio performance evaluations show that portfolios formed by low Tobin-s Q ratio and high Price to Book Value consistently have the highest value (above the market /IHSG), on the Sharpe Index, Treynor Index, and Jensen Index.

Keywords
Stock Portofolio, Tobin-s Q, Price to Book Value

Topic
Financial Technology

Link: https://ifory.id/abstract/PMEufY4Jh7qg

Corresponding Author
Riko Hendrawan

Institutions
Telkom University

Abstract
This study is aimed to estimate the fair value of textile and garment companies share.. The companies being studied are listed in Indonesia Stock Exchange, using data from 2013 – 2017 as the basis for 2018-2022 projection. The methodology for company valuation was The Dividend Discounted Model and Relative Valuation. Relative Valuation was applied using the combination of Price to Earnings Ratio and Price to Book Value. Using these methods, three scenarios were developed, namely; pessimistic to represent industry average conditions, moderate to represent most likely conditions and lastly, optimistic scenario to represent the conditions above industrial growth. The results showed that using the Dividend Discounted Model method, the fair value of RICY, TRIS, PBRX and SRIL shares in the pessimistic, moderate and optimistic scenario was overvalued. Except RICY, in the optimistic scenario was undervalued. The RV PER-PBV method shows that the value of RICY-TRIS-PBRX-SRIL is still within the IDX market range Q1-2018. The recommendation for investors is to buy shares under undervalued conditions and sell them in overvalued conditions. The result can be further validated by taking examples from different industry sectors.

Keywords
Fair Value, Textile and Garment Companies, Valuation

Topic
Financial Technology

Link: https://ifory.id/abstract/VgmWU6RHYj7Z

Corresponding Author
Riko Hendrawan

Institutions
Telkom University

Abstract
The volatility phenomenon of stock returns shows the return and risk faced by investors in investment activities. One method that can be used by investors to get maximum profit while compressing the risk into the minimum level is by diversifying its investments through portfolios. This study aims to determine the simulation results ofoptimal stock portfolio establishment with active and passive strategy using price to book value and price earning to growth ratio approach and the results of the Sharpe, Treynor, and Jensen performance evaluations on the established portfolio. This research appertains in quantitative research. The object of the research was the IDX30 Index and 17 of 30 companies which consistently classified into the IDX30 Index for the 2013-2018 period were selected as the research sample. The results showed that the High PBV gave the highest level of rate of return with a relatively low rate of risk on the implementation of passive strategy and annual-s active strategy, whereas, in the semester active strategy, Low PEG gave the highest rate of return with the lowest risk. Overall the semesters active strategy has the highest accumulated rate of return with the lowest risk.This result match with the purpose of optimal portfolio establishment. Moreover, the results of the performance evaluation show that in the semesters active strategy, Low PEG gives the best score based on the results of the performance evaluation of Sharpe, Treynor and Jensen index.

Keywords
Optimum Portfolio, PBV, PEG

Topic
Financial Technology

Link: https://ifory.id/abstract/XQ8T4bqHztry