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ANALYSIS OF THE IMPACT OF ELECTION YEAR ON PT PEMERINGKAT EFEK INDONESIA (PEFINDO) PROFITABILITY

Penulis : FANIA ANINDITA RIZKA (NIM : 29115695)
Kontributor / Dosen Pembimbing :
  • Ahmad Danu Prasetyo, ST, MSM, Ph.D.
Jenis Koleksi : Tesis
Penerbit : Administrasi Bisnis
Fakultas : Sekolah Bisnis dan Manajemen
Subjek :
Kata Kunci : PT Pemeringkat Efek Indonesia (PEFINDO) is a credit rating agency in Indonesia that has been operating for 20 years. PEFINDO as one of the instruments engaged in the field of capital market by having the main business process of credit rating is strongly influenced by the condition of the bond market in Indonesia. The bond market in Indonesia has fluctuated over time. Several factors can affect the issuance of bonds one of them macroeconomic factors in a country. In addition to economic factors, other factors such as political and social conditions also affect the bond market performance. Based on the Annual Report of PEFINDO in 2015, it is mentioned that corporate bonds issuance in 2014 has decreased so that it also affects the decrease of PEFINDO revenue. It also mentioned that the decline of corporate bond issuance in 2014 is due to the year of Presidential Election. Therefore, objective of this study is to identify the effect of political year stability on the issuance of corporate bonds in Indonesia, how it affects PEFINDO as a credit rating agency and formulate the best financial strategy for PEFINDO until 2024. Based on the result of this research by using ordinary least square regression (OLS), election year variable significantly influenced corporate bond issuance negatively. As a credit rating industry that has the majority of revenue from corporate bond rating activities, of course it could affect the company revenue. In this study, corporate bond issuance is projected based on regression model previously obtained, then the projection of company revenue and cash flow of the company could be obtained. From the projection result, PEFINDO would have a negative operational cash flow in 2018Q3- 2019Q4. However, in general the operating cash flows of PEFINDO until 2024 produce a positive present value. Therefore, the authors provide some recommendations for the company to cover the negative operational cash flow in 2018Q3-2019Q4 which is reducing the fixed cost to Rp5,706,469,330 in 2018Q3-2019Q4, or make a minimum loan of Rp 3,313,487,931 in 2018Q2.
Sumber :
Staf Input/Edit : Alice Diniarti   Alice Diniarti
File : 1 file
Tanggal Input : 28 Feb 2018

PT Pemeringkat Efek Indonesia (PEFINDO) is a credit rating agency in Indonesia that has been operating for 20 years. PEFINDO as one of the instruments engaged in the field of capital market by having the main business process of credit rating is strongly influenced by the condition of the bond market in Indonesia. The bond market in Indonesia has fluctuated over time. Several factors can affect the issuance of bonds one of them macroeconomic factors in a country. In addition to economic factors, other factors such as political and social conditions also affect the bond market performance. Based on the Annual Report of PEFINDO in 2015, it is mentioned that corporate bonds issuance in 2014 has decreased so that it also affects the decrease of PEFINDO revenue. It also mentioned that the decline of corporate bond issuance in 2014 is due to the year of Presidential Election. Therefore, objective of this study is to identify the effect of political year stability on the issuance of corporate bonds in Indonesia, how it affects PEFINDO as a credit rating agency and formulate the best financial strategy for PEFINDO until 2024. Based on the result of this research by using ordinary least square regression (OLS), election year variable significantly influenced corporate bond issuance negatively. As a credit rating industry that has the majority of revenue from corporate bond rating activities, of course it could affect the company revenue. In this study, corporate bond issuance is projected based on regression model previously obtained, then the projection of company revenue and cash flow of the company could be obtained. From the projection result, PEFINDO would have a negative operational cash flow in 2018Q3- 2019Q4. However, in general the operating cash flows of PEFINDO until 2024 produce a positive present value. Therefore, the authors provide some recommendations for the company to cover the negative operational cash flow in 2018Q3-2019Q4 which is reducing the fixed cost to Rp5,706,469,330 in 2018Q3-2019Q4, or make a minimum loan of Rp 3,313,487,931 in 2018Q2.

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