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1	Accounting and Corporate Governance	ABS-40
Fostering Sustainability Reporting to Encourage Profitability in Indonesian Building Construction Industry Astrie Krisnawati, Rahma Dwi Aniza Faculty of Economics and Business, Telkom University Jalan Telekomunikasi No. 1 Terusan Buahbatu, Bandung 40257, Indonesia Abstract Every business has the main objective to generate maximum profits. However, businesses have responsibilities to contribute to society and environment. Sustainability reporting is a way for businesses to show their social and environmental concerns. Sustainability reporting is one of the assessment indicators considered by investors when making investment decisions. This study aims to obtain empirical evidence regarding the effect of sustainability reporting on company^s profitability. The objects of this study are five companies in the Indonesian building construction sector as the result of purposive sampling technique. The data collection is carried out using content analysis method to investigate the disclosure in their sustainability reports. The analysis is conducted through panel data regression. The finding of this research shows that sustainability reporting significantly affects profitability which is proxied by Return on Equity (ROE). Due to some limitations, this research gives implications for further research to use other proxies for the dependent variable, such as Earning per Share or Net Profit Margin. Keywords: Sustainability Reporting- Profitability- Return on Equity Share Link | Plain Format | Corresponding Author (Astrie Krisnawati)

2	Accounting and Corporate Governance	ABS-44
THE EFFECT OF QUALITY AUDITOR, CORPORATE GOVERNANCE, LEVERAGE AND PROFITABILITY ON EARNING MANAGEMENT (STUDY ON BANKING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE 2016-2020) Anathasia Faculty of Economics and Business Magister Management Universitas Indonesia Jl. Salemba Raya No.4, RW.5, Kenari, Kec. Senen, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10430 Abstract This study aimed at examining the impact of quality auditor, corporate governance, leverage and Profitability on earning management was extracted from the audited financial reports of the selected firms. The research method used is explanatory which is designed to analyse earnings management practice for 5 years. The populations in this study are conventional banks listed in IDX. The technique of determining the sample in this study is purposive sampling. The data source used in this study is the annual financial statements published during the year 2016 to 2020. The data analysis tool uses eviews, to test the hypothesis in this study using panel data regression analysis. The results of this study indicate that the quality auditor has effect on earnings management and good corporate governance variables consisting of independent commissioners and managerial ownership has effect on earnings management. The leverage and Profitability variable has no effect on earnings management. The benefit of these findings cross over all stakeholders in the company to create healthy financial institutions and a better economy. Keywords: Earning Management, Quality Auditor, corporate governance, leverage, profitability, Conventional Banks. Share Link | Plain Format | Corresponding Author (Anathasia -)

3	Corporate Finance	ABS-9
ASSET SECURITIZATION AS A LONG-TERM FUNDING AND FEE BASED INCOME ALTERNATIVES: CASE STUDY OF BTN CHANTIKA DHIAH PRAMESWARI (a), ROFIKOH ROKHIM (b) a & b : Department of Management, Faculty of Economics and Business, Universitas Indonesia, Jakarta, Indonesia Abstract BTN is the first Indonesian national bank to conduct asset securitization transactions in 2009 and continues to do this nowadays. Asset securitization is an innovative strategy for obtaining long-term sources of funds for the Bank. In addition, Bank will be able to overcome liquidity risk and maturity mismatch problems. Bank will earn income as a servicer which can be used as an alternative fee-based income. We analyze the implementation of asset securitization and its impact for BTN. We conducted interviews with the unit that carries out asset securitization at BTN and conducted data processing to see how servicing fee affect fee-based income and profitability for BTN. The result shows that asset securitization has positive impacts for BTN such as improving the maturity profile to overcome maturity mismatches, increasing CAR, and obtaining servicing fees. Meanwhile, the negative impact for BTN is the reduction number of assets in the balance sheet, which can temporary increase NPL ratio until the realization of new loans with good payment quality. Keywords: Asset Securitization, Asset-Backed Securities, Securities Issuance Share Link | Plain Format | Corresponding Author (Chantika Dhiah Prameswari)

4	Corporate Finance	ABS-26
ANALYSIS OF DIFFERENCES IN FINANCIAL LITERATURE AND INVESTMENT DECISIONS BETWEEN STUDENTS IN BANDUNG CITY AND CIREBON CITY Aldilla Iradianty and Ajeng Amelia Sudarno Telkom University Abstract Financial literacy is a series of processes to be able to increase the knowledge, skills and confidence of the community so that they can manage their personal finances better and make investments so that the money they manage can provide benefits after a certain period of time. Investment itself is done by saving capital in a place or platform whose capital can be in the form of money or goods. Currently, students in the city of Bandung and the city of Cirebon are trusted by their parents in managing their own expenses both for investment and for investment, with the many conveniences of investment instruments at this time, students can easily invest in the money they manage, although many previous studies have discussed the level of investment. financial literacy and investment decisions, but no one has examined the differences in big cities and small cities in West Java, therefore this study will find out whether there are differences in financial literacy and investment decisions between students in Bandung and Cirebon, by spreading questionnaires and analyzed using the Wilcoxon signed ranks test, so that the results show that there is no difference in financial literacy between Bandung and Cirebon students, and there are differences in investment decisions between Bandung and Cirebon students. The results of this study will be very useful for the financial sector, especially in marketing its investment products. Keywords: Financial Literacy- Investments- Student- Bandung- Cirebon Share Link | Plain Format | Corresponding Author (Aldilla Iradianty)

5	Corporate Finance	ABS-38
Analysis of Accuracy Fama-French Five-Factor and Momentum Model on stocks in the Indonesia Stock Exchange Dedi Effendi and Rahmat Aryo Baskoro Master of Management, Faculty of Economics and Business, University of Indonesia Abstract The development of the capital market in Indonesia experiences rapid growth every year. In 2017-2020 there was increase in the number of stock investors 39.5% every year. In 2017 there were 628 thousand investors, this amount increased significantly in 2020 to 1.69 million single investor identification (SID). Along with the increase in the number of investors, the total trading value of stock also increased. In 2020 the total stock trading value was reached Rp. 2.229 trillion or an increase of 58.5% from 2015. These improvements demonstrated Indonesian investors^ strong interest in stock instruments. On the other hand, with high interest in stock market investing, investors have the challenge of increasing returns while minimizing risk. Investors extensive knowledge is critical in choosing the most appropriate asset pricing when making investment decision. We investigated the accuracy of Fama-French Factor and Momentum Model compared with Fama-French Five Factor Model and Capital Asset Pricing Model. The research examined 272 company stock samples in Indonesian Stock Exchange for 2016-2021 period. The accuracy of the models were tested using data in sample and out sample. The hypothesis was tested using regression analysis, mean absolute deviation, mean squared error, and the t-test. We conducted regression analysis with data in-sample (July 2016-June 2020) and forecasting analysis with data out-sample (June 2020-July 2021). According to our findings, the Five Factors Fama-French and Momentum model explained the variability of stock returns on the Indonesia Stock Exchange better than the other two models in examining the in-sample data. Meanwhile, for the three models evaluated, forecasting tests using Mean Absolute Deviation (MAD) and Mean Squared Error (MSE) provide values that are not too dissimilar and close to zero. Through t-test, the same result revealed that there was no significant difference between the actual and expected returns from the three models. Keywords: Fama-French five factor and momentum model- Fama-French five factor model- Capital asset pricing model- Momentum factor- Asset pricing Share Link | Plain Format | Corresponding Author (Dedi Effendi)

6	Corporate Finance	ABS-43
The Analysis of Performance and Determinant Factors of Exchange-Traded Fund in Indonesia Exchange Romi Septa Muharram- Imo Gandakusuma Universitas Indonesia Abstract The research used risk-adjusted measurement to analyse the performance of 42 Exchange-traded funds (ETF) in Indonesia within a five years period from 2016 until 2020 using Sharpe ratio as the proxy. The study also explores the influences of the stock selection ability and market timing ability on ETFs performances using data panel regression analysis. The results show that 21,43% of the ETF outperformed the market return on average, where the passive ETF had better performances than the active ETF. The regression analysis shows that only market timing ability had a positive and significant influence on ETFs performance. The market timing ability was superior in the ETF with thematic index underlying and factor index underlying. Keywords: ETF, sharpe ratio, stock selection ability, market timing ability, investment manager Share Link | Plain Format | Corresponding Author (Romi Septa Muharram Romi Septa Muharram)

7	Corporate Finance	ABS-46
Stock Portfolio Management In The Old Age Security Fund (JHT) At The Social Security Agency For Employment (BPJS Ketenagakerjaan) Adrian, Dr. Buddi Wibowo Universitas Indonesia Abstract Stocks are one of the investment instruments used by the Social Security Agency For Employment (BPJS) to develop Old Age Security (JHT) funds. Stocks are a risky asset, so it is important for the management of these funds to pay attention to risks and returns that are balanced and appropriate for JHT fund liabilities. This paper focuses on an in-depth analysis of stock portfolio management, particularly on the asset allocation, security selection, market timing and portfolio evaluation methods that have been carried out by BPJS Ketenagakerjaan for the 2017-2018 period. The research method used is a mixed method consisting of: Case studies to obtain the required qualitative data. Then the qualitative data is processed into quantitative data and then analyzed using 3 prescriptive models, namely Equal-Weighted Portfolio, Mean-Variance Portfolio and Risk Parity Portfolio. The results of this study indicate that the BPJS For Employment stock portfolio for the 2017-2018 period has portfolio risk and portfolio returns that are not optimized, with the risk represented by the standard deviation value of 17.81% while the expected annualized return is 6.7%. Judging from the efficient frontier graph analyzed, with that level of risk, the expected return should be around 26%. In addition, the result of optimizing the best portfolio for use in JHT funds is the Mean-Variance Portfolio, considering the long-term liabilities of JHT funds, this optimization provides low risk exposure and adequate returns. So that this paper can be useful for BPJS For Employment in terms of stock portfolio management, so that it can provide optimal benefits for BPJS For Employment participants. Keywords: Portfolio Management, Portfolio Optimization, Equal-Weighted Portfolio, Mean-Variance Portfolio, Risk Parity Share Link | Plain Format | Corresponding Author (Adrian .)

8	Corporate Finance	ABS-48
Portfolio Optimization of Sharia-Based Assets: Indonesian Old Age Security Fund Miftah Ilmi, Rahmatina Awaliah Kasri Faculty of Economic and Business, Universitas Indonesia Jl. Prof. Dr. Sumitro Djojohadikusumo UI Depok 16424, Indonesia Abstract Indonesia as the country with the highest Muslim population in the world through its BPJS Ketenagakerjaan will launch its sharia program with the Old Age Security Fund as known as Jaminan Hari Tua (JHT). Thus, there are no regulations or research discussing specifically each assets allocation in JHT funds so it is feared that it will have an impact on its performance. This research aims to find optimal allocations in each asset class in JHT sharia portfolio by using methods that follow contemporary regulatory standards and professional best practices that evolved from investment theory. This study will also compare its performance whether the portfolio is globally or domestically allocated while respecting sharia. The results showed that performance in portfolios considering global assets had a 7% higher accumulated yield with a 7% lower risk characteristic (standard deviation) compared to that only considered domestic assets. This study is providing insight for regulators and professionals in applying sharia in portfolio optimization. Keywords: Social Security- Islamic Assets Allocation- Portfolio Optimization, Sharia-compliant Portfolio Share Link | Plain Format | Corresponding Author (Miftah Ilmi)

9	Corporate Finance	ABS-60
The Effect of Inflation, US Treasury Yield and the Credit Default Swap of Government of Indonesia on USD Denominated Indonesian Government Bond Yield Satryo Aji Wibowo, Ririen Setiati Riyanti Department of Management, Faculty of Economics and Business, Universitas Indonesia Abstract Indonesian government relies heavily on bond to finance its budget deficit and hence its position as a financing instrument has become increasingly important. While USD denominated Indonesian government bond only represents circa 14% of government bond issuance, its position in the whole government financing scheme is still important. It is therefore useful for the Indonesian government and investors to understand the factors affecting the yield of these bonds. This study focuses to examine whether inflation, US Treasury yield and Credit Default Swap (CDS) spread have significant effects on USD denominated Indonesian government bond yield. The study uses data obtained from Bloomberg, Ministry of Finance, and Bank Indonesia from January 2010 to December 2020. The dependent variable used in this study is the 10-year USD Indonesian government bond yield while the independent variables consist of 10-year US treasury yield, 10-year Government of Indonesia CDS level and Indonesia headline inflation level which measures the change in Consumer Price Index every month on year-on-year basis. The study will use Ordinary Least Square (OLS) method to determine the influence of these independent variables on the 10-year USD denominated Indonesian government bond yield. Further regression methods such as Autoregressive Conditional Heteroscedasticity (ARCH) and Generalized Autoregressive Conditional Heteroscedasticity (GARCH) will be employed to deal with autocorrelation issues. The results of the study finds that inflation, US Treasury yield and Government of Indonesia CDS level all have significant effect on USD denominated Indonesian government bond yield. In general, the results from the regression model are in-line with the hypothesis and theoretical framework. The model generated from this study can provide a guidance to both investors and the government on the optimal level of USD denominated Indonesian government bond yield. Keywords: Bond yield, CDS, government bond, inflation, US Treasury Share Link | Plain Format | Corresponding Author (Satryo Aji Wibowo)

10	Corporate Finance	ABS-61
Business Coaching: How to Fix and Deliver Accountable Financial Statement and Arrange Sales Budgeting at MSMEs of Berqa Project Titis Prastowo (a*), Lily Sudhartio (b) a) & b) Faculty of Economics and Business, University Indonesia, Jakarta, Indonesia Gedung Prof Wahjudi Prakarsa, Kampus Sumitro Djojohadikusumo UI Salemba, Jalan Salemba Raya No 4, Jakarta 10430, Indonesia *Corresponding Author^s Email: titis.prastowo[at]ui.ac.id Abstract Micro, Small and Medium Enterprises (MSMEs) is one of the sectors that make a very large contribution to Indonesia^s Gross Domestic Product (GDP) and absorbs much labour from the entire workforce. Nonetheless, lot of MSMEs facing problem in their business operation. MSMEs need insights, support, strategy and solutions from the experts on how to fix or solve their problems. Current business coaching was conducted in Berqa Project, a micro business located in Pondok Aren, South Tangerang, Banten and is engaged in self-manufactured ready to wear garment industry with the scope of expertise in friendly maternity wear. Business coaching used a qualitative approach that topography the real conditions and problems of MSMEs, then propose solutions, and implement them for MSMEs improvement. While propose that solutions, we found that the MSMEs had several problems after conducting external and internal data analysis, such as Business Model Canvas (BMC), Politic Economic Social Technology Environment Legal (PESTEL), Porter^s Five Forces, Segmenting Targeting Positioning (STP), Marketing Mix 4P (Product Price Place and Promotion), VRIO (Valuable, Rareness, costly to Imitate, exploited by Organization) analysis, interviews, and observations. In the end, GAP analysis and Pareto analysis emphasize two major problems. First, it showed us that Berqa Project yet have simple standard (recording) financial statement (according to PSAK^s rules), due to the owner^s lack of knowledge and the absence of resources (staff) that could do it. Second, there were budgeting system yet, especially arranged sales budgeting. They could have an impact on MSMEs owners who do not know the current performance and financial position of their business. Business coaching, through coach, suggesting owner to improve, make a simple standard financial record and arrange sales budgeting to their business to be more effective, efficient plus could set and review next year^s sale. Keywords: Business Coaching- MSMEs- Friendly Maternity Wear- Manufacturing Share Link | Plain Format | Corresponding Author (Titis Prastowo)

11	Corporate Finance	ABS-65
Capital Budgeting Analysis and Risk Management of New Bali International Airport Development Project Public Private Partnership PT Angkasa Pura I and PT Pembangunan Perumahan (Persero) Rahma Pratiwi Waworuntu, Ruslan Prijadi Department of Management, Faculty of Economics and Business, Universitas Indonesia Abstract This study aims to provide an overview of Public Private Partnership (PPP), analysis of financial feasibility, and risking financially affecting the construction of the New Bali International Airport. This study used descriptive qualitative method. This study uses Capital Budgeting as a tool for financial feasibility and ISO 31000 for analyzing risk. Sources of data used in the primary form through interviews with several position holders within PT Angkasa Pura I (Persero) and secondary through historical company data. The results of this research from New Bali International Airport show decent results on the feasibility indicators and there are 17 risks that affect financially and are categorized as high risk and very high risk, thus these are needed special attention from the company. Keywords: Public Private Partnership, Airport, Capital Budgeting, Risk Management, ISO 31000 Share Link | Plain Format | Corresponding Author (Rahma Pratiwi Waworuntu)

12	Corporate Finance	ABS-66
The Effect of Cash Holding to Firm^s Performance During Covid-19 Pandemic Aries Wicaksono Anthony (a*)- Dwi Nastiti Danarsari (b) a) Faculty of Economics and Business, Universitas Indonesia *aries.wicaksono02[at]ui.ac.id b) Faculty of Economics and Business, Universitas Indonesia Abstract This study looks at how cash holding affects firm performance in the aftermath of the COVID-19 crisis. Using a differences-in-differences (DiD) approach, this study compares firms^ performance before and after the COVID-19 pandemic as a function of their cash holdings one year prior to the crisis. As a result of the pandemic, firms face a significant negative shock. While firms with a large cash reserve will perform better in terms of investment and financing during a pandemic, firms with more cash will reduce their dividend payment ratio more than firms with less cash. This study also discovered that firms with more cash have higher profitability but lower asset growth than firms with less cash. This paper focuses on the risk management function of corporate cash holdings, which is critical in mitigating market volatility. This is the first study to look at how cash holdings affected a broader range of corporate performance indicators during Indonesia^s COVID-19 crisis. Keywords: Covid-19, cash holding, firm^s performance, financing constraints Share Link | Plain Format | Corresponding Author (Aries Wicaksono Anthony)

13	Corporate Finance	ABS-68
Bitcoin Mimicking Portfolio Steven Sentosa*, Zaafri Ananto Husodo Faculty of Economics and Business, Universitas Indonesia * steven.sentosa[at]ui.ac.id Abstract Bitcoin fluctuates based on sentiment and speculation. It price has dropped 50% since its highest point in April to its lowest point in July 2021, reaching a new high on November 2021 and depreciated again by more than 50% in January 2022. The high fluctuation is one of the main reason that institutional investor participation in this asset is fairly low. This study analyze stock allocation in portfolio that mimics Bitcoin to provide investors especially institutional investors another option in investing with the same yield as Bitcoin and lower risk. Previous studies successfully created a mimicking portfolio for bonds, REIT, foreign asset but there hasn^t been one to study cryptocurrency mimicking portfolio especially Bitcoin. Portfolios created in this study consists of 19 selected US stocks with the most correlation to Bitcoin and 45 stocks from Indonesia LQ45. Weight optimation is achieved with Markowitz Theory. We find mixed result in portfolio return, and lower standard deviation compared to Bitcoin during the observation period. Keywords: Bitcoin- portfolio- Markowitz Share Link | Plain Format | Corresponding Author (Steven Sentosa)

14	Corporate Finance	ABS-69
Cash Reserve, CEO Health Risk, The Price Reaction Due to COVID-19 First Announcement on Leisure Industry Muhammad Afif arsyad- Cynthia Afriani Utama University of Indonesia Abstract This study investigates stock market reaction on leisure industries to first announcement of COVID-19 case which affected Indonesia on 2nd March 2020. The research method used is an event study and supported by multiple linear regression to analyze the relationship between market reaction and independent variables. This paper uses Fama French three factor models to estimate expected return on firms due to COVID-19 announcement. Based on a calculation of Cumulative abnormal returns, the stock of tourism industries has a more negative reaction towards a confirmed first case of COVID-19 compared to other industries. We also find that Indonesian firms with greater cash reserves and higher market-to-book ratios experienced less negative returns. Additionally, we don^t find that firms with CEOs who were exposed to significant health risks from COVID-19 experienced worse stock market performances. Keywords: COVID-19, Cash Reserve, CEO Health Risk, Event Study, Fama-French Three-Factor Model, Finance Share Link | Plain Format | Corresponding Author (Muhammad Afif Arsyad)

15	Corporate Finance	ABS-71
Market Reaction to Corporate Action on the Indonesia Stock Exchange before and during the Covid-19 Pandemic M. Alief R. Romadhoni Department of Management, Faculty of Economics and Business, University of Indonesia m.alief01[at]ui.ac.id Abstract The Covid-19 Pandemic, which began in 2020, had a substantial influence on the global economy, particularly in Indonesia^s capital market, which plunged by 38.24% from January to March 2020. On the one hand, the number of new investors on the Indonesia Stock Exchange increased by 56.21 percent in 2020 and 92.99 percent in 2021, notwithstanding the current crisis. The reaction of the general market to an announcement will undoubtedly be influenced by crisis conditions and the arrival of a large number of new investors. The aim of this research is to look at how the Indonesia Stock Exchange responded to corporate activity before and during the COVID-19 outbreak. This study used the event study approach with a 31-day event window (-15, 0, +15), which was applied to 1081 corporate action, including dividend, rights issues, and stock splits. Market reactions to dividend and rights issues announcements varied significantly, according to the author. During the pandemic, significant CAAR movements happened before the official announcement of corporate action, demonstrating the power of insiders who leaked information to a specific set of investors. Significant market reaction to the rights issue announcement occurred up to 9 days after the announcement of the corporate action, as opposed to the customary period of only one day. Stock splits, unlike other corporate moves, follow a very consistent pattern before and after the Covid-19 pandemic. Individual investors should consider this research when making investment decisions in the event of a corporate action during a crisis. Keywords: Abnormal Return, Corporate Action, Covid-19, Event Study Share Link | Plain Format | Corresponding Author (Muhammad Alief Rizal Romadhoni)

16	Corporate Finance	ABS-91
Bankruptcy Prediction Model for Public Companies in Indonesia Stock Exchange Mochamad Nabil Faindra Putra Faculty of Economics, Universitas Indonesia Jalan Salemba Raya No. 4, Jakarta Pusat 10430, Indonesia mochamad.nabil[at]ui.ac.id Abstract This study aims to create a new predictive model for bankruptcy in responses to public companies^ financial distress due to COVID-19 pandemic. The research method used is logistic regression to examine the relationship between bankruptcy and independent variables such as financial ratio and stock market ratio. The result shows that leverage, solvability, and profitability ratio affect more significant than others ratio. Since financial distress are not occurred suddenly, this study divides its model into 2, 1 year before distress (M1) and 2 years before distress (M2). The results show that M1 has better result, with classification accuracy in 93,5% (on default cut off point = 0,5). We also re-estimate others accounting-based model and compare our model into it. We found that our model performs better at holdout samples than others (+2,21% difference), but performs slightly behind the re-estimated Ohlson models at simulation samples (-0,61% difference) Keywords: Bankruptcies, logistic regression, financial distress, public companies Share Link | Plain Format | Corresponding Author (Mochamad Nabil Faindra Putra)

17	Corporate Finance	ABS-92
Restructuring and Strategic Initiatives related to Unlocking Value of ex-Indonesia Bank Restructuring Agency (IBRA)^s asset: Case study in PT Tuban Petrochemical Industries and its subsidiaries (2002 - 2019) Hilman Prakosa Universitas Indonesia Abstract This study aims to investigate how the restructuring process was applied to one of the assets of the ex-National Bank Restructuring Agency (^IBRA^), namely PT Tuban Petrochemical Industries (^Tuban Petro^) and its subsidiaries. The next objective in this research is to investigate what and how strategic initiatives are implemented to increase the value of Tuban Petro. The value will be calculated using the market multiples approach. To be able to achieve the research objectives, qualitative research is used using an explanatory case study approach and triangulation will be applied in collecting data, including unstructured interviews, structured interviews and archival studies. Tuban Petro restructuring has resolved post-crisis debt problems and established control over its source of payments in the form of share ownership and Multi Years Bond (^MYB^) instruments, as well as established strategic initiatives, perform management changes and create well support from stakeholders (shareholders, suppliers, distributors, creditors) to recover its value. The significance of this research is to understand how the phenomenon of restructuring in extreme distress condition due to the impact of the monetary crisis could recover value and settle its obligations. This research also contributes as a case study for an alternative to solve extreme distress conditions in the future. Not much research has been done on ex-IBRA assets restructuring due to limited access of comprehensive information. In addition, there are not many case studies on a long restructuring process with a period of more than 15 years. Keywords: Corporate Restructuring, Debt Restructuring, Financial Distress, Strategic Management, Valuation Share Link | Plain Format | Corresponding Author (Hilman Prakosa)

18	Corporate Finance	ABS-97
Analysis of Capital Budgeting and Risk Management for Superblock Projects with Transit Oriented Development Concept PT. XYZ Rahadian Arief Ramadhana (a*), Ruslan Prijadi (a) a) Magister of Management, Faculty of Economic and Business, Universitas Indonesia Jl. Salemba Raya No.4, RW.5, Kenari, Kec. Senen, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10430 rahadian.arief[at]ui.ac.id Abstract Car Oriented Development is a development concept that was applied to Indonesia before, the pattern of Transit Oriented Development is one of the solutions chosen by the government to solve the problem, so the concept of Transit Oriented Development is something new in Indonesia. this research was to determine the implementation of Transit Oriented Development in Tokyo and to compare implementation of the Super Block with Transit Oriented Development Concept Project of PT. XYZ, feasibility of the investment, and the risks that occur for Super Block with Transit Oriented Development Concept Project of PT. XYZ. Literature study is used to determine the implementation of Transit Oriented Development in Tokyo. Capital budgeting analysis for calculating Payback Period, Net Present Value, Internal Rate Return. risk analysis using the Risk Register which refers to the Risk Management Process IS0 31000:2018. results of this research, it was obtained how the implementation of Transit Oriented Development in Tokyo, an analysis of the feasibility of investments this investment was feasible to run, and the risks that occurred in this project. This paper can be a reference for company decision makers who will invest in Transit Oriented Development concept projects, especially in Indonesia. Keywords: Transit Oriented Development, Capital Budgeting, Risk Analysis. Share Link | Plain Format | Corresponding Author (Rahadian Arief Ramadhana)

19	Corporate Finance	ABS-103
Analyzing LQ 45 Index using Principal Component Analysis Brady Rikumahu Telkom University Abstract This paper presents an approach of dimension reduction to the LQ 45 index of the Indonesia Stock Exchange. Specifically, this paper has several objectives. First, this paper aims to reduce the complexity of the data into a small number of principal components which forms the linear combinations of prices that minimizes information loss and can explain as much as possible the variation in price data. Second, this paper aims to find the relative importance of the variables in the component. Third, this paper also aims to find whether certain stocks groups with others and whether there are some common attributes between certain stocks for us to further study so as to get more insights. This paper used 44 of 45 stocks included in the LQ 45 index. The firs findings is that there are 7 principal components formed out of the 45 stocks. For the first Principal Component, the five largest factor loadings are PTPP, BRPT, WSKT, PGAS, and BBCA, respectively. For the second Principal Component, the five largest factor loadings are EMTK, ANTM, TBIG, HRUM, and TINS, respectively. Third, the results shows that some stocks tend to clusters with others. Some stocks in the Principal Component 1 has negative values which shows that they affect Principal Component 1 in a negative way, while others have positive value. Moreover, for the Principle Component 2, there are stocks that has negative value, which shows that those stocks are defensive stocks, and some have positive value which shows that they are cyclical stocks Keywords: CyclicalStocks, , Defensive stocks, Factor loadings, LQ45 inex, Principal Component Analysis Share Link | Plain Format | Corresponding Author (Brady Rikumahu)

20	Digital Business Strategy	ABS-4
Co-Creation Virtual Account with Government in West Java Regional Bank Margo Gunatama (a), Ir. Dodie Tricahyono, M.M., Ph.D. (a) a) School of Economy and Business, Telkom University, Telekomunikasi St. No. 1 Bandung, Indonesia Abstract The use of virtual accounts (virtual accounts) is increasing. At this time, companies are starting to innovate in corporate strategy. Digitally changing companies must be prepared to respond to unexpected and widespread digitalisation. Companies must combine the duality of exploitation and exploration and blend business and technology within the company. Bank bjb has a very large loyal customer base, namely State Civil Apparatus (ASN), retirees and local communities, especially in West Java and Banten. This phenomenon will continue to grow rapidly along with the rapid pace of digital payment transactions that will facilitate the payment transaction process, one of which is through a Virtual Account (VA). According to (Harjo, 2021), with the limitations of the collection object, it is very difficult for regional financial managers to carry out their tax functions optimally. On the one hand, during the current pandemic, the West Java Provincial Government is in dire need of funds to overcome it, on the other hand, the results of local revenue collection have decreased compared to revenues in previous years. The dominating bank bjb customers include ASN, BUMN/BUMD employees, employees of state institutions or non-civil servant government agencies, members of the TNI/POLRI, private employees or foundations, regional heads and deputy heads, council members, village officials and others. Keywords: Virtual Account- Co-Creation- Digital Transformation Share Link | Plain Format | Corresponding Author (Margo Gunatama)

21	Digital Business Strategy	ABS-7
the role of inovativeness as a mediator between digital competence and academic performance, and between digital literacy and academic performance. Hindraswari Enggar Dwipeni, Siska Noviaristanti Telkom University Abstract The Fourth Industrial Revolution has created opportunities in social and business contexts while demanding new personal competencies. This demand has motivated the growth of an education program focused on digital competence and digital literacy, which is named Education 4.0. The proliferation of digital technology has also influenced the way students do the process of learning, doing assignments, and nurturing creativities. People believe that digital literacy and digital competence would improve the way students learn, gain knowledge and skill, and hence improving their academic performance. This research aims to explore the influences of digital competence and digital literacy on academic performance. The research is conducted in secondary-level education in Jakarta, Indonesia. This research also investigate the role of inovativeness as a mediator between digital competence and academic performance, and between digital literacy and academic performance. Previous researches have found a link between digital competence and academic performance in general, as well as between digital literacy and student learning outcomes. However, not many researches have investigated the mediating role of innovativeness or innovation capabilities. Digital competence, digital literacy, and innovativeness are measured through indicators derived from the definitive characteristics of the three variables. Measurements were carried out quantitatively through questionnaires to high school students in Jakarta, Indonesia. The results showed some relationships among the explored variables. Digital competence shows a positive and significant effect on academic performance. Meanwhile, digital literacy does not directly affect academic performance, unless when mediated by the innovativeness. These results are expected to provide an insight to support strategic decisions in planning and implementing digital technology in secondary-level education to improve academic performance. Keywords: digital competence, digital literacy, innovativeness, academic performance, digital transformation Share Link | Plain Format | Corresponding Author (Hindraswari Enggar Dwipeni)

22	Digital Business Strategy	ABS-15
Overview of Scenario Thinking on PT Len Telekomunikasi Indonesia^s Long-Term Business Strategy Ilham Nugraha, Dodie Tricahyono Magister Management, Telkom University, Indonesia Abstract Dynamics in the business world including the telecommunications industry today and, in the future, will be higher where the problems that arise are volatility, uncertainty, complexity, ambiguity, often called VUCA. To manage or reduce the impact of uncertainty and other VUCA factors in the future happened, scenarios analysis is required. This research aims to identify baseline and alternatives future resulting from the scenarios analysis process linked to the long-term business strategy in generating future competitive advantage with case studies at PT Len Telekomunikasi Indonesia. The aspects studied are aspects of the external environment including politics, economic, sociocultural, technology, ecology, legal in the present, and the power of change in the future. The method used in this study is qualitative. Data collection techniques are in-depth interviews and secondary data collection. The sources involved are internal parties of the company that includes directors and structural officials, external parties in the telecommunication industry, and external parties in the non-telecommunication industrial. The results of data retrieval will then be analyzed through framework foresight, PESTEL analysis, and system thinking approaches. This study finds the fundamental forces of change in the long-term business of PT Len Telekomunikasi Indonesia consist of the government policy on public-private partnership, the suitability of the defense industry holding direction, and digital business growth. Four scenarios are generated based on scenarios analysis consisting of one baseline future and three alternative futures. The resulting baseline future scenario is the Palapa Ring business, while the alternative futures consist of the era of defense telecommunications, digital archipelago, and PPP failure scenarios. For the scenario developed, a set of strategies are proposed to make the company have generated future competitive advantage. Keywords: Scenario Analysis, Baseline Future, Alternative Futures, Forces of Change Share Link | Plain Format | Corresponding Author (Ilham Nugraha)

23	Digital Business Strategy	ABS-19
TELKOMATERIAL BUSINESS STRATEGY FORMULATION DESIGN Chandra Juniando Limbong (a*), Dodie Tricahyono (b) Magister Management, Telkom University Jl. Telekomunikasi Terusan Buah Batu Indonesia 40257, Bandung , Indonesia. Abstract As a telecommunications and information technology construction company, PT. Sarana Prima Solusi Indonesia (PT. SPSI) is mostly engaged in working on telecommunication infrastructure projects at PT. Telkom and its group. In carrying out various projects that he got, PT. SPSI always requires materials in project work such as fiber optic cables, pole accessories, telephone poles, etc. Companies also need tools used in every project work such as Splicer, Optical Time Domain Reflectometer (OTDR), Optical Power Meter (OPM), Optical Light Source (OLS), Visual Fault Locator (VFL), etc. Where the material and equipment needs are mandatory to be provided by the company in fiber optic project work. Using a SWOT analysis, it can be seen the suitability of the assessment between what are the company^s strengths and weaknesses with the existing environmental conditions, as well as the opportunities and threats from outside that can arise at any time. A SWOT analysis done properly can reveal competitive advantages that can be utilized in making a company^s business strategy. According to Ferrel & Hartline (2014) a SWOT analysis must cover the overall environmental aspects, both inside and outside the company. From the internal side, the SWOT analysis discusses the company^s strengths and weaknesses on the main dimensions such as resources, facilities and production capacity, market share, customer perception, product quality, product availability, and organizational communication. While the assessment for the environment outside the company includes the market (customers and competition), economic conditions, social, technology, and government regulations. SWOT analysis is a framework that can provide direction in developing a viable marketing plan. Strategy formulation for the Telkomaterials business at PT. Sarana Prima Solusi Indonesia begins by analyzing the company^s internal and external conditions so that later the strategy obtained is in accordance with how the company^s Keywords: Digital Business Strategy, Formulation, Strategy Design, SWOT Share Link | Plain Format | Corresponding Author (Chandra Juniando Limbong)

24	Digital Business Strategy	ABS-21
Analyze start-up IT company PT Ferbe Berkat Technology Anggita Restu Oscarika Febriasi,S.kom , Siska Noviaristanti, S.Si, M.T, Ph.D Telkom University Abstract Digital start-up companies are growing rapidly, the competition between digital start-up companies is also very competitive. Digital start-up companies must have the right strategy to survive and compete, so that digital start-up companies can continue to grow, and contribute greatly to the people of Indonesia. PT Ferbe Berkat Teknologi (Ferbetech) is a digital start-up company engaged in IT (Information Technology) goods and services, especially in the field of IT Security Consultants. PT Ferbetech was established in 2019 and is domiciled in West Jakarta, with 10 employees. In it^s journey, PT Ferbetech has experienced several challenges in developing its business, such as currently PT Ferbetech is experiencing several obstacles, including related to a decline in sales in 2021 when compared to sales in 2020, which resulted in financial statements in 2021 which experienced a decline or even minus. The purpose of this research is to analyze what problems exist at PT Ferbe Berkat Teknologi related to the company^s internal and external conditions and to develop several alternative formulations for internal and external challenges so that PT Ferbetech can grow rapidly in 2030. Several research methods are used in the research. this is a qualitative (case study) with a SWOT method approach, analitic internal and external, development of strategic alternatives, and strategy selection. The sources of this research are PT Ferbe Berkat Teknologi^s internal team, distributor (PTI) and Zkteco^s principle representatives. From this research, it is expected to provide several alternative choices of the most appropriate strategy to be applied at PT Ferbetech by considering the current internal and external conditions, and PT Ferbetech can growth rapidly. Keywords: SWOT, Strategy start-up company, Strategy , Analysis, Business, Process. Share Link | Plain Format | Corresponding Author (Anggita Restu Oscarika Febriasi)

25	Digital Business Strategy	ABS-24
Scenario Planning Approach For Future Electricity Businesses To Support The Energy Transition In Indonesia Case Study PT PLN (Persero): A Research Framework Abdurrahman Alghani (1), Siska Noviaristanti, S.Si., M.T., Ph.D (2) Faculty of Economics and Business, Telkom University Abstract The worldwide sector is looking for solutions to stay afloat in the face of huge technical advancements. The electricity industry is in the same boat. Consumer needs must be met, technical advancements must be kept up with, and business models must be developed to adapt to changing conditions. To overcome future uncertainties in electricity demand, rapid deregulation of the electricity sector, and the transition of energy to renewable energy, it is necessary to plan a scenario, which will be elaborated on in this study to provide a comprehensive scenario planning to help PLN adapt and develop in the future with uncertainties that may arise. The goal of this study is to give a broad picture of the future state of the power industry in Indonesia, as well as all factors that may influence changes in the sector, such as driving forces, major uncertainties, probable scenarios, and solutions for each scenario. The driving forces that will affect the power business, particularly at PLN, will be determined using a qualitative research methodology that uses primary and secondary data. This study can also switch from one circumstance to another with a better outcome. So that it can develop a strong strategy for dealing with the future and the options that will arise for each scenario that will be implemented. This study will identify potential future possibilities and help prepare for them. Keywords: Scenario Planning- Utility company- Energy Transition- Analysis- Business Strategy Share Link | Plain Format | Corresponding Author (Abdurrahman Alghani)

26	Digital Business Strategy	ABS-25
READINESS FOR IMPLEMENTATION OF CIPARAY VILLAGE TRADITIONAL MARKET IMPLEMENTATION Kapita Putri Hutami (a*), Rina Djunita Pasaribu (b), Mohammad Riza Sutjipto (b) (a) Telkom University, Jl. Picung No.48, Sukarasa, Kec. Sukasari, Bandung, West Java 40152 (b) Faculty of Economics and Business Abstract Traditional markets are a business ecosystem as well as a center for community economic activities that support the lives of the wider community. The Covid-19 pandemic has had a negative impact on various sectors, especially the economy. According to annual statistical data from market managers, it was found that there was a decrease in user fees and market revenues due to the implementation of Large-Scale Social Restrictions (PSBB). All actors in the economic sector including traditional markets are forced to make changes. Hundreds of traditional market traders in Ciparay Village have felt the bad impact of the PSBB in the midst of the COVID-19 pandemic. The adoption of technology in traditional markets is said to be one of the solutions launched by the central government in the midst of a pandemic. In this study the author will examine the factors that affect the readiness of the traditional market ecosystem for technology adoption with a case study of the Ciparay Village traditional market with the Technological Readiness Index (TRI) and Technology Acceptance Model (TAM) approach after being proven by previous research that these two models can accurately explain the readiness for technology adoption clearly. The method used by the author in this study is a mixed method explanatory sequential which explains the relationship between the variables X and Y. The research was conducted by means of a census of all market traders totaling 345 respondents. The results showed that the relationship between variables X, Y and Z in this study showed significant results with the results of the validity test for all variables X was 0.9, variable Y was 1.0 and variable Z was 1.0 and the results of hypothesis testing were positive, so it can be concluded that there is an influence which is significant between the dependent variable (X) and independent (Y and Z). Keywords: Keywords: Traditional Market, Village Market, Technology Readiness Index (TRI), Technology Acceptance Model (TAM), Mixed Method, Explanatory Sequential Method. Share Link | Plain Format | Corresponding Author (Kapita Putri Hutami)

27	Digital Business Strategy	ABS-27
ANALYSIS OF FACTORS THAT CHALLENGE DIGITAL TRANSFORMATION AT TELKOMSEL COMPANY 1. Fredy Siswanto 2. Siska Noviaristanti 3. Gadang Rumantoko Telkom University (Tel-U) Abstract The digital transformation carried out by Telkomsel also experienced various challenges along the way. As a market leader in the telco industry in Indonesia with a large number of employees, customers and assets spread across various islands in Indonesia, this can be a barrier in the process of digital transformation that is running in Telkomsel. The purpose of this study is to analyze the factors that become challenges and analyze the most dominant challenging factors in the transformation process in Telkomsel in the Network Services Management Group. By knowing the dominant digital transformation challenges that arise, it is hoped that the NSM Group unit can prepare the right strategy to help accelerate and optimize the transformation process that is currently underway. In this study, the population used is all Telkomsel employees for the Network Service Management Group unit with a total of 987 employees. Based on the calculation results, the number of samples used is 284.64 rounded up to 285 respondents. The research method used is research with a mixed method approach, both qualitative and quantitative. This study uses an exploratory factor analysis method to explore all the factors that become challenges of digital transformation in general and specify them in the Network Services Management Group unit. Keywords: Digital Transformation Challenges and Factor Analysis Share Link | Plain Format | Corresponding Author (Fredy Siswanto)

28	Digital Business Strategy	ABS-28
ANALYSIS OF FACTORS AFFECTING THE ADOPTION OF E-MARKETPLACE ETAPASBAR ON SMEs IN BANDUNG Yuvie Miftah Huda, Siska Noviaristanti Telkom University Abstract The COVID-19 pandemic has had a negative impact on various sectors, especially SMEs. SMEs account for more than 50% of the total Gross Domestic Product (GDP) in Indonesia every year. Several financial organizations predict a decline GDP in Indonesia due to the implementation of Large-Scale Social Restrictions. COVID-19 also increases e-commerce implication both for sellers and buyers. Pasar Baru Bandung is the largest market in Southeast Asia is known as the best shopping destination for both domestic and foreign tourists. Thousands of SME players in Pasar Baru Bandung want to continue their existence through the digital market to rise from the COVID-19 pandemic, they build an e-marketplace named Etalase Pasar Baru or called Etapasbar. Expansion into the digital market is not easy, it is proven that only a small number of SME players in Pasar Baru Bandung have adopted this e-marketplace. The purpose of this study is to know what factors could influence the SME players in Pasar Baru Bandung to adopt Etapasbar as their e-marketplace with the Technology-Organization-Environment (TOE) model approach and refined with the Diffusion of Innovation (DOI) model which has been proven by previous research that these two models can clearly explain the acceptance model of technology adoption. Technology Context will be IT Infrastructure, Organization Context will be CEO^s Innovativeness, and Environmental Context will be Government Support and Environmental Uncertainty. DOI model consists of Relative Advantage, Compatibility, Complexity, Trialability, and Observability. The method used by the author in this study is an observational cross-sectional quantitative approach. Self-completion survey in the form of a questionnaire and the results will be assisted by LISREL using Structural Equation Modelling (SEM) as the author^s technique. Keywords: E-marketplace, SME players, DOI-TOE Model, SEM, LISREL. Share Link | Plain Format | Corresponding Author (Yuvie Miftah Huda)

29	Digital Business Strategy	ABS-29
The Effect of Collaboration Factors on Telkom University Student Satisfaction with Teamwork Satisfaction as Mediator Tassa Putri Avero (a), Dodie Tricahyono (b) Faculty of Economics and Business, Telkom University, Bandung, Indonesia Abstract The education industry in Indonesia is currently one of the concentrations of the government. A study pressing that in the 21st-century, collaboration has become an essential part of the learning process and work. At present, learning activities can possibly be carried out collaboratively, as one of the efforts made by providing spaces that are widely for the potential of students to be developed according to their era needs with the program (MBKM). Age changes have demanded the activity and creativity of the students, but the learning methods applied in universities are often the traditional way. To improve, learning actively needs to be done- one form of application of this learning model is the Collaborative Learning method. The existence of programs from MBKM is also carried out to encourage students^ involvement in collaborative experiences, and to respond to the challenges of a changing era, the Government continues to strive to ensure the sustainability of the MBKM program. The research method used the quantitative research design, using a questionnaire. The population in this study were MBKM program students using the sampling technique used purposive sampling with Stratified Random sampling. Data analysis techniques use Structural Equation Modeling (SEM) PLS. To create student satisfaction, active learning is one of those involved and collaborative learning is included in the category of active learning. Collaborative learning which is categorized as active learning in general will affect student satisfaction in both individual and group activities. To achieve student satisfaction, the components of teamwork satisfaction need to be considered. By examining the relationship of collaboration factors to student satisfaction with teamwork satisfaction as a mediator, it is hoped that the results of the research can be a reference for developing student collaborative skills in the learning process. Keywords: Collaboration learning, Collaboration Factors, Student Satisfaction, Teamwork Satisfaction. Share Link | Plain Format | Corresponding Author (Tassa Putri Avero)

30	Digital Business Strategy	ABS-30
Factor Analysis of Rumah Belajars Learning Technology Acceptance by State Civil Apparatus at Human Resources Development Agency (BPSDM) Ministry of Law and Human Rights Hasya Azqia Hanifan (a), Siska Noviaristanti (b) Faculty of Economics and Business, Telkom University, Bandung, Indonesia Abstract The industrial revolution 4.0 encourages all sectors to carry out digital transformation. The government sector is no exception. Human Resources Development Agency (BPSDM) Ministry of Law and Human Rights facilitates a learning technology called Rumah Belajar to meet the mapping and competency development needs of State Civil Apparatus (ASN) within The Ministry of Law and Human Rights Republic of Indonesia. This is in line with the Smart ASN program promoted by the government as a strategy to improve the quality of human resources, which is included in the governments priority in the Making Indonesia 4.0 roadmap. BPSDM as one of the first echelon units under Ministry of Law and Human Rights is known to be the pioneer of Rumah Belajar and has the highest percentage of users reaching 85%. Therefore, this study will analyze what is the dominant factors influence the acceptance of Rumah Belajar by ASN at BPSDM Ministry of Law and Human Rights. This research is carried out by factor analysis based on the variables in the Extended Theory of Acceptance and Use of Technology (UTAUT2) and Task-Technology Fit (TTF) models which have been proven by previous research that these two models can explain better the acceptance of technology than if only one of them was used separately. This study will use the variable Learning Value as a substitute for Price Value in UTAUT2. The method used in this research is quantitative with a questionnaire survey. The population is all users of Rumah Belajar at BPSDM totaling 350 people. While the number of samples was determined based on the Slovin formula, which was 187 people. Sampling was done by using probability sampling technique, namely simple random sampling. The results will be analyzed using Confirmatory Factor Analysis (CFA), with SPSS version 25 as a tool. This research are expected to add insight and become a reference for the development of learning technology and can be a reference for future research. Keywords: Digital Transformation, Learning Technology, Confirmatory Factor Analysis Share Link | Plain Format | Corresponding Author (Hasya Azqia Hanifan)

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