International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Lack of structural reforms have prevented Pakistan's economy from achieving higher levels of savings and private investment. While the savings ratio declined to 13.1% in FY17 compared to 14.3% in FY16, private investment as a percentage of GDP was below 10%. The government aims to fund PKR 1 trillion projects in 2017-18 through additional borrowing, but the budget does not specify the terms of this borrowing. Pakistan also needs tax reforms like India's GST to simplify compliance and improve competitiveness, but the government has failed to address key issues holding back exports like unreliable regional trade.
External debt and economic growth case of jordan (1990 2011)Alexander Decker
This document summarizes a study examining the relationship between external debt and economic growth in Jordan from 1990-2011. The study finds a positive relationship between external debt and economic growth, indicating that external debt has contributed to Jordan's economic development. However, debt servicing is found to have a negative relationship with economic growth, suggesting it hampers growth. The document provides background on Jordan's economic growth rates and trends in external debt levels over the period studied.
A current account deficit occurs when a country imports more goods, services, and capital than it exports. This makes the country a net debtor to the rest of the world. India has been running a current account deficit for several years due to higher imports than exports. While foreign investment helps fund the deficit, a large and growing deficit could weaken the economy over time by draining reserves and causing currency depreciation if not addressed.
The document is a business proposal from an Indian renewable energy company called Green Power Generation to invest in a biomass power plant project in Sri Lanka.
Some key points:
1) Green Power Generation proposes to invest over $1.5 million to build a biomass power plant in Sri Lanka, which would qualify for tax exemptions and import duty waivers under Sri Lankan investment incentives.
2) Sri Lanka provides an attractive market due to its growing economy, energy needs, and incentives for renewable energy projects including tax holidays over 10 years for large biomass plants.
3) The proposal analyzes Sri Lanka's economic and energy landscape including power needs, incentives for foreign investment, and opportunity for
Public debt is intended to bridge the gap between domestic savings and investment. This paper examines the effect of public debt on economic growth in Bangladesh using autoregressive distributed lag bound testing approach to cointegration. It finds a negative relationship between public debt and economic growth both in the short-run and the long-run. That is, a significant rise in the public debt in Bangladesh appears to be a burden for the economic growth controlling for other determinants of growth. The findings suggest that funds obtained through public debt are not utilized in the productive economic avenues which may improve the growth scenario in Bangladesh. Also, the adverse effect exerted by public debt may further be responsible for a reduction in investment and slower growth of capital stock, which eventually can hamper the labour productivity growth in the country in long run.
This document outlines favorable economic conditions and investment opportunities in Colombia that make it an attractive market for private equity funds. It notes that Colombia has experienced strong GDP growth and declining unemployment in recent years. Private equity in Colombia has seen significant growth, with capital commitments increasing at an annual rate of 71% between 2005-2012. The country has a supportive regulatory environment for private equity funds and large pools of local capital from pension funds that can invest in these funds. A variety of sectors across Colombia's diversified economy represent opportunities for private equity investment and growth.
Lack of structural reforms have prevented Pakistan's economy from achieving higher levels of savings and private investment. While the savings ratio declined to 13.1% in FY17 compared to 14.3% in FY16, private investment as a percentage of GDP was below 10%. The government aims to fund PKR 1 trillion projects in 2017-18 through additional borrowing, but the budget does not specify the terms of this borrowing. Pakistan also needs tax reforms like India's GST to simplify compliance and improve competitiveness, but the government has failed to address key issues holding back exports like unreliable regional trade.
External debt and economic growth case of jordan (1990 2011)Alexander Decker
This document summarizes a study examining the relationship between external debt and economic growth in Jordan from 1990-2011. The study finds a positive relationship between external debt and economic growth, indicating that external debt has contributed to Jordan's economic development. However, debt servicing is found to have a negative relationship with economic growth, suggesting it hampers growth. The document provides background on Jordan's economic growth rates and trends in external debt levels over the period studied.
A current account deficit occurs when a country imports more goods, services, and capital than it exports. This makes the country a net debtor to the rest of the world. India has been running a current account deficit for several years due to higher imports than exports. While foreign investment helps fund the deficit, a large and growing deficit could weaken the economy over time by draining reserves and causing currency depreciation if not addressed.
The document is a business proposal from an Indian renewable energy company called Green Power Generation to invest in a biomass power plant project in Sri Lanka.
Some key points:
1) Green Power Generation proposes to invest over $1.5 million to build a biomass power plant in Sri Lanka, which would qualify for tax exemptions and import duty waivers under Sri Lankan investment incentives.
2) Sri Lanka provides an attractive market due to its growing economy, energy needs, and incentives for renewable energy projects including tax holidays over 10 years for large biomass plants.
3) The proposal analyzes Sri Lanka's economic and energy landscape including power needs, incentives for foreign investment, and opportunity for
Public debt is intended to bridge the gap between domestic savings and investment. This paper examines the effect of public debt on economic growth in Bangladesh using autoregressive distributed lag bound testing approach to cointegration. It finds a negative relationship between public debt and economic growth both in the short-run and the long-run. That is, a significant rise in the public debt in Bangladesh appears to be a burden for the economic growth controlling for other determinants of growth. The findings suggest that funds obtained through public debt are not utilized in the productive economic avenues which may improve the growth scenario in Bangladesh. Also, the adverse effect exerted by public debt may further be responsible for a reduction in investment and slower growth of capital stock, which eventually can hamper the labour productivity growth in the country in long run.
This document outlines favorable economic conditions and investment opportunities in Colombia that make it an attractive market for private equity funds. It notes that Colombia has experienced strong GDP growth and declining unemployment in recent years. Private equity in Colombia has seen significant growth, with capital commitments increasing at an annual rate of 71% between 2005-2012. The country has a supportive regulatory environment for private equity funds and large pools of local capital from pension funds that can invest in these funds. A variety of sectors across Colombia's diversified economy represent opportunities for private equity investment and growth.
This dissertation examines the effects of foreign direct investments (FDI) on home countries, host countries, and investing firms' profitability. Using time series data from multiple countries, the study finds: (1) Cross-border mergers and acquisitions (CB-M&As) have a negative long-term impact on host country GDP per capita, but a positive effect on home country GNI per capita; (2) Greenfield investments positively impact both host and home country welfare in the long-run; (3) CB-M&As positively correlate with multinational corporations' (MNCs) long-term profitability. The results for individual countries show mixed trends but are consistent with overall panel data.
1) Reform under the Aquino administration is happening through risky political steps like prosecuting corrupt politicians, but some media portray the administration as resisting reform.
2) The administration eliminated legislators' discretion over pork barrel funds (PDAF), which were formerly allocated to specific districts and projects. Critics argue pork still exists because legislators can propose projects, but departments now control implementation.
3) Disbursement Acceleration Program (DAP) reallocated savings from reduced corruption to boost growth, contributing to GDP gains. While legal challenges exist, political issues should consider the reform process is complex, not defined by "moral certainties."
The effect of external debt on economic growthSanjida Sarafat
This document provides background information on external debt and its impact on economic growth. It discusses how developing countries often take on external debt to supplement domestic savings and investment. While borrowing can increase output if investments yield returns higher than borrowing costs, high debt levels that countries struggle to service can undermine growth. The document specifically examines Nigeria's large external debt from the 1970s onward, how debt relief initiatives have aimed to address unsustainability, and studies showing links between debt indicators and slowed economic growth. It outlines the objectives, significance and research questions for a study on external debt's effects on Nigeria's economy between 1980-2013.
Joko Widodo was recently elected as the new President of Indonesia. He is considered a reformist who may be able to drive economic reforms and increase GDP growth above current levels of 5-6%. Indonesia has strong growth potential due to its large population and wealth of natural resources, but growth has been held back by poor infrastructure. Infrastructure investment has been limited by issues acquiring land and lack of transparency in project bidding. As a former mayor, Widodo successfully implemented infrastructure projects and reforms, giving hope that as President he can help address Indonesia's infrastructure problems and unlock its economic potential to generate new investment opportunities. However, his ability to enact reforms may be constrained by fiscal limits or political opposition.
This document summarizes a newsletter from the Business Council of Mongolia that covers business and economic news in Mongolia. It discusses several mining projects in Mongolia, including Oyu Tolgoi dispelling myths about the project, Rio Tinto polishing its image, and a power struggle over supplying power to Oyu Tolgoi. It also mentions Voyager Resources planning to resume drilling for copper and Centerra acquiring permits to extract gold from low-grade ore. The newsletter provides various other business and economic updates from Mongolia.
- Special Economic Zones (SEZs) have been operating in Poland since 1995 and have contributed to increased investment, job creation, and higher GDP per capita in regions with SEZs. However, their tax exemptions are set to expire in 2020.
- A survey conducted for this report found that over half of current SEZ investors do not plan new investments if SEZs only operate until 2020, but up to 81% would invest if they operated longer. The limited duration of tax exemptions is the top concern of investors.
- Extending the operation of SEZs would help retain current investors and attract new ones, boosting Poland's competitiveness. It could also encourage the development of industry
This document presents the results of a fiscal projection model analyzing the costs of different scenarios for the accession of six Central and Eastern European countries to the European Economic and Monetary Union (EMU). The model simulates macroeconomic indicators from 2004 to 2012 under two EMU accession dates (2007 vs. 2012) and two GDP growth rates (2% vs. 5% annually). It finds that an earlier accession date incentivizes faster fiscal adjustment and interest rate convergence, reducing public debt and interest payments significantly for most countries by the end of the period compared to a later accession date. Poland and Hungary in particular could save the equivalent of 18-20% of their 2004 GDP under the earlier scenario.
The Infrastructure sector has been the key driver for the Indian economy. The sector is critically important for sustaining the momentum of the economic growth, and the Government has undertaken policy interventions and initiatives to boost the sector.
Foreign Direct Investment (FDI) received in the construction sector (including townships, housing and built-up infrastructure) from April 2000 to March 2017 is estimated at USD 24.3 billion.
CII, over the years, has been working very closely with stakeholders across the infrastructure verticals to stimulate greater private sector investment. This edition of the Policy Watch focuses on the infrastructure sector.
Latest updates in mid-2017, the stakeholders related to the issuance of municipal bonds including the Ministry of Finance, the Financial Services Authority (OJK), the World Bank, and PEFINDO cooperate in advocating the opportunities and risks on the preparation of the Municipal Bonds issuance to the potential local government
Impending Bankruptcy of Governments in IndiaShantanu Basu
The document discusses the state of India's public finances, including rising government debt levels and non-performing assets in public sector banks. Some key points:
- Government revenue deficits have averaged 40% of gross revenues each year from 2007-2015, despite expenditure growing faster than revenues. High inflation eroded the value of revenues.
- Interest payments, personnel costs, and establishment expenses account for 80-85% of government budgets, leaving only 15-20% for development. Rising debt levels could reach unsustainable levels in the next 5-10 years if trends continue.
- Non-performing assets in public sector banks have risen three-fold in recent years, with an estimated Rs. 20 lakh
This document analyzes the efficiency of commercial banks in Tanzania from 2008 to 2011 using data envelopment analysis. It finds that large banks were more efficient than small banks over this period, with technical efficiency ranging from 54-79% for large banks and 65-70% for small banks. Under variable return to scale, large banks had higher pure technical efficiency levels than small banks, though both experienced declining efficiency from 2008 to 2011. The document concludes that inefficient use of resources contributed to the relatively low efficiency of commercial banks in Tanzania and that banks could improve by better utilizing existing resources and reducing operating expenses.
Domestic debt and the growth of nigerian economyAlexander Decker
Domestic debt in Nigeria has risen significantly between 1994 and 2008, averaging 114.98% of bank deposits which exceeds the recommended threshold of 35% and can crowd out private investment. The study found evidence that high levels of domestic debt negatively impact economic growth. The government should reduce the debt-bank deposit ratio to below 35% and increase tax revenue to finance projects in order to promote private sector growth and development.
Is domestic private investment sensitive to macroeconomic indicators? Further...Premier Publishers
This paper examined the sensitivity of domestic private investment to macroeconomic indicators in Nigeria from 1986 to 2015 using domestic private investment as the dependent variable and gross domestic product, money supply, exchange rate, interest rate and inflation rate as independent variables. The Ordinary Least Square technique, ARDL Modeling technique and the Engle Granger causality technique for analysis revealed that domestic private investment is most sensitive to money supply, gross domestic product as a proxy for economic growth and exchange rate in Nigeria while it is less sensitive to inflation and interest rate in the short run. Gross domestic product as a proxy for economic growth and exchange rate affect domestic private investment positively while money supply has a negative effect in the short run. Domestic private investment is most sensitive to money supply and gross domestic product as a proxy for economic growth in the long run and both exert a negative and positive effect on domestic private investment respectively in the long run while inflation and interest rates also exert significant effect on the same. Meanwhile, the causality test revealed that domestic private investment drives money supply in Nigeria. Hence, it is recommended that monetary policies which relate mostly to the control of the cost, supply/availability and direction of money should be reviewed periodically and ensure that such policies are implemented with little or no lag. Furthermore, the devaluation of the exchange rate which will spur private domestic investment should be cautiously implemented.
Indonesian overseas-debt-relationship-for-economic-development-in-sharia-econ...Anno Tsanjay
1) The document analyzes the relationship between foreign debt and economic development in Indonesia from 2010-2019, as well as perspectives on foreign debt from Islamic economics.
2) It finds that foreign debt in Indonesia has a strong correlation with economic growth and development over the period studied.
3) From an Islamic economics perspective, government foreign debt is permissible if the form and mechanisms of cooperation adhere to Sharia principles and are for the benefit of the people.
A causality analysis of financial deepening and performance ofAlexander Decker
This study examines the causal relationship between financial deepening and economic performance in Nigeria from 1990-2013. Secondary data on gross domestic product (GDP), broad money supply (M2), market capitalization (MAC), and credit to the private sector (CPS) was collected from the Central Bank of Nigeria and National Bureau of Statistics. Unit root tests confirmed the variables were integrated of order one, or stationary after first differencing. The study aims to test for a long-run relationship between financial deepening and economic performance in Nigeria and investigate the direction of causality between the variables. The results will help inform government policies around manipulating the money supply and improving access to credit to facilitate economic growth and development.
THE EFFECT OF EXTERNAL DEBT ON ECONOMIC GROWTH OF NIGERIA[1]Chinelo Ezenwa
This document is a title page for a student project on analyzing the effect of external debt on Nigeria's economic growth from 1981 to 2010. It includes the student's name, identification number, department, university, supervisor's name, and date. The project will have 5 chapters: introduction, literature review, research methodology, data presentation and analysis, and conclusion and recommendations. The introduction will provide background on Nigeria's external debt, problem statement, objectives, hypotheses, and significance of the study. The literature review will cover Nigeria's debt history, external debt management, opinions on the topic, debt impact on growth, and limitations of previous studies. The methodology chapter will describe the research approach, models, analytical techniques, and data sources. Sub
Whither “7 Percent Club” of Economies - A Review of FY2012 and Outlook for FY...The Growth Institute
- The document analyzes Bangladesh's GDP growth in FY2012 of 6.3% and provides an outlook for FY2013. It reviews key economic indicators in FY2012 such as inflation, private investment, exports, imports and remittances.
- It then summarizes the key aspects of Bangladesh's budget for FY2013, including planned expenditure, revenue targets, deficit, and borrowing. Growth forecasts of 6.5-6.7% are provided for FY2013 contingent on factors like the EU crisis and remittance growth.
- The document concludes by examining how aspects of the FY2013 budget could impact Bangladesh's capital markets, such as tax changes aimed at boosting market participation and corporate
India's external debt has increased to $485.8 billion as of June 2017. External debt includes commercial borrowings, NRI deposits, and short-term trade credits. The largest components are commercial borrowings at 37.8% and NRI deposits at 24.3%. Debts are denominated in US dollars, Indian rupees, SDRs, Japanese yen, and euros. India has historically relied on loans from the World Bank and IMF to support economic development projects in infrastructure, agriculture, and other sectors.
The document discusses prototyping and provides examples of different types of prototypes including paper prototypes, digital prototypes, storyboards, role plays, and space prototypes. It explains that prototyping is used to make ideas tangible and test reactions from users in order to gain insights. Prototypes should be iterated on and fail early to push ideas further and save time and money. Both low and high fidelity prototypes are mentioned as ways to test ideas at different stages of the design process.
10 Insightful Quotes On Designing A Better Customer ExperienceYuan Wang
In an ever-changing landscape of one digital disruption after another, companies and organisations are looking for new ways to understand their target markets and engage them better. Increasingly they invest in user experience (UX) and customer experience design (CX) capabilities by working with a specialist UX agency or developing their own UX lab. Some UX practitioners are touting leaner and faster ways of developing customer-centric products and services, via methodologies such as guerilla research, rapid prototyping and Agile UX. Others seek innovation and fulfilment by spending more time in research, being more inclusive, and designing for social goods.
Experience is more than just an interface. It is a relationship, as well as a series of touch points between your brand and your customer. Here are our top 10 highlights and takeaways from the recent UX Australia conference to help you transform your customer experience design.
For full article, continue reading at https://yump.com.au/10-ways-supercharge-customer-experience-design/
This dissertation examines the effects of foreign direct investments (FDI) on home countries, host countries, and investing firms' profitability. Using time series data from multiple countries, the study finds: (1) Cross-border mergers and acquisitions (CB-M&As) have a negative long-term impact on host country GDP per capita, but a positive effect on home country GNI per capita; (2) Greenfield investments positively impact both host and home country welfare in the long-run; (3) CB-M&As positively correlate with multinational corporations' (MNCs) long-term profitability. The results for individual countries show mixed trends but are consistent with overall panel data.
1) Reform under the Aquino administration is happening through risky political steps like prosecuting corrupt politicians, but some media portray the administration as resisting reform.
2) The administration eliminated legislators' discretion over pork barrel funds (PDAF), which were formerly allocated to specific districts and projects. Critics argue pork still exists because legislators can propose projects, but departments now control implementation.
3) Disbursement Acceleration Program (DAP) reallocated savings from reduced corruption to boost growth, contributing to GDP gains. While legal challenges exist, political issues should consider the reform process is complex, not defined by "moral certainties."
The effect of external debt on economic growthSanjida Sarafat
This document provides background information on external debt and its impact on economic growth. It discusses how developing countries often take on external debt to supplement domestic savings and investment. While borrowing can increase output if investments yield returns higher than borrowing costs, high debt levels that countries struggle to service can undermine growth. The document specifically examines Nigeria's large external debt from the 1970s onward, how debt relief initiatives have aimed to address unsustainability, and studies showing links between debt indicators and slowed economic growth. It outlines the objectives, significance and research questions for a study on external debt's effects on Nigeria's economy between 1980-2013.
Joko Widodo was recently elected as the new President of Indonesia. He is considered a reformist who may be able to drive economic reforms and increase GDP growth above current levels of 5-6%. Indonesia has strong growth potential due to its large population and wealth of natural resources, but growth has been held back by poor infrastructure. Infrastructure investment has been limited by issues acquiring land and lack of transparency in project bidding. As a former mayor, Widodo successfully implemented infrastructure projects and reforms, giving hope that as President he can help address Indonesia's infrastructure problems and unlock its economic potential to generate new investment opportunities. However, his ability to enact reforms may be constrained by fiscal limits or political opposition.
This document summarizes a newsletter from the Business Council of Mongolia that covers business and economic news in Mongolia. It discusses several mining projects in Mongolia, including Oyu Tolgoi dispelling myths about the project, Rio Tinto polishing its image, and a power struggle over supplying power to Oyu Tolgoi. It also mentions Voyager Resources planning to resume drilling for copper and Centerra acquiring permits to extract gold from low-grade ore. The newsletter provides various other business and economic updates from Mongolia.
- Special Economic Zones (SEZs) have been operating in Poland since 1995 and have contributed to increased investment, job creation, and higher GDP per capita in regions with SEZs. However, their tax exemptions are set to expire in 2020.
- A survey conducted for this report found that over half of current SEZ investors do not plan new investments if SEZs only operate until 2020, but up to 81% would invest if they operated longer. The limited duration of tax exemptions is the top concern of investors.
- Extending the operation of SEZs would help retain current investors and attract new ones, boosting Poland's competitiveness. It could also encourage the development of industry
This document presents the results of a fiscal projection model analyzing the costs of different scenarios for the accession of six Central and Eastern European countries to the European Economic and Monetary Union (EMU). The model simulates macroeconomic indicators from 2004 to 2012 under two EMU accession dates (2007 vs. 2012) and two GDP growth rates (2% vs. 5% annually). It finds that an earlier accession date incentivizes faster fiscal adjustment and interest rate convergence, reducing public debt and interest payments significantly for most countries by the end of the period compared to a later accession date. Poland and Hungary in particular could save the equivalent of 18-20% of their 2004 GDP under the earlier scenario.
The Infrastructure sector has been the key driver for the Indian economy. The sector is critically important for sustaining the momentum of the economic growth, and the Government has undertaken policy interventions and initiatives to boost the sector.
Foreign Direct Investment (FDI) received in the construction sector (including townships, housing and built-up infrastructure) from April 2000 to March 2017 is estimated at USD 24.3 billion.
CII, over the years, has been working very closely with stakeholders across the infrastructure verticals to stimulate greater private sector investment. This edition of the Policy Watch focuses on the infrastructure sector.
Latest updates in mid-2017, the stakeholders related to the issuance of municipal bonds including the Ministry of Finance, the Financial Services Authority (OJK), the World Bank, and PEFINDO cooperate in advocating the opportunities and risks on the preparation of the Municipal Bonds issuance to the potential local government
Impending Bankruptcy of Governments in IndiaShantanu Basu
The document discusses the state of India's public finances, including rising government debt levels and non-performing assets in public sector banks. Some key points:
- Government revenue deficits have averaged 40% of gross revenues each year from 2007-2015, despite expenditure growing faster than revenues. High inflation eroded the value of revenues.
- Interest payments, personnel costs, and establishment expenses account for 80-85% of government budgets, leaving only 15-20% for development. Rising debt levels could reach unsustainable levels in the next 5-10 years if trends continue.
- Non-performing assets in public sector banks have risen three-fold in recent years, with an estimated Rs. 20 lakh
This document analyzes the efficiency of commercial banks in Tanzania from 2008 to 2011 using data envelopment analysis. It finds that large banks were more efficient than small banks over this period, with technical efficiency ranging from 54-79% for large banks and 65-70% for small banks. Under variable return to scale, large banks had higher pure technical efficiency levels than small banks, though both experienced declining efficiency from 2008 to 2011. The document concludes that inefficient use of resources contributed to the relatively low efficiency of commercial banks in Tanzania and that banks could improve by better utilizing existing resources and reducing operating expenses.
Domestic debt and the growth of nigerian economyAlexander Decker
Domestic debt in Nigeria has risen significantly between 1994 and 2008, averaging 114.98% of bank deposits which exceeds the recommended threshold of 35% and can crowd out private investment. The study found evidence that high levels of domestic debt negatively impact economic growth. The government should reduce the debt-bank deposit ratio to below 35% and increase tax revenue to finance projects in order to promote private sector growth and development.
Is domestic private investment sensitive to macroeconomic indicators? Further...Premier Publishers
This paper examined the sensitivity of domestic private investment to macroeconomic indicators in Nigeria from 1986 to 2015 using domestic private investment as the dependent variable and gross domestic product, money supply, exchange rate, interest rate and inflation rate as independent variables. The Ordinary Least Square technique, ARDL Modeling technique and the Engle Granger causality technique for analysis revealed that domestic private investment is most sensitive to money supply, gross domestic product as a proxy for economic growth and exchange rate in Nigeria while it is less sensitive to inflation and interest rate in the short run. Gross domestic product as a proxy for economic growth and exchange rate affect domestic private investment positively while money supply has a negative effect in the short run. Domestic private investment is most sensitive to money supply and gross domestic product as a proxy for economic growth in the long run and both exert a negative and positive effect on domestic private investment respectively in the long run while inflation and interest rates also exert significant effect on the same. Meanwhile, the causality test revealed that domestic private investment drives money supply in Nigeria. Hence, it is recommended that monetary policies which relate mostly to the control of the cost, supply/availability and direction of money should be reviewed periodically and ensure that such policies are implemented with little or no lag. Furthermore, the devaluation of the exchange rate which will spur private domestic investment should be cautiously implemented.
Indonesian overseas-debt-relationship-for-economic-development-in-sharia-econ...Anno Tsanjay
1) The document analyzes the relationship between foreign debt and economic development in Indonesia from 2010-2019, as well as perspectives on foreign debt from Islamic economics.
2) It finds that foreign debt in Indonesia has a strong correlation with economic growth and development over the period studied.
3) From an Islamic economics perspective, government foreign debt is permissible if the form and mechanisms of cooperation adhere to Sharia principles and are for the benefit of the people.
A causality analysis of financial deepening and performance ofAlexander Decker
This study examines the causal relationship between financial deepening and economic performance in Nigeria from 1990-2013. Secondary data on gross domestic product (GDP), broad money supply (M2), market capitalization (MAC), and credit to the private sector (CPS) was collected from the Central Bank of Nigeria and National Bureau of Statistics. Unit root tests confirmed the variables were integrated of order one, or stationary after first differencing. The study aims to test for a long-run relationship between financial deepening and economic performance in Nigeria and investigate the direction of causality between the variables. The results will help inform government policies around manipulating the money supply and improving access to credit to facilitate economic growth and development.
THE EFFECT OF EXTERNAL DEBT ON ECONOMIC GROWTH OF NIGERIA[1]Chinelo Ezenwa
This document is a title page for a student project on analyzing the effect of external debt on Nigeria's economic growth from 1981 to 2010. It includes the student's name, identification number, department, university, supervisor's name, and date. The project will have 5 chapters: introduction, literature review, research methodology, data presentation and analysis, and conclusion and recommendations. The introduction will provide background on Nigeria's external debt, problem statement, objectives, hypotheses, and significance of the study. The literature review will cover Nigeria's debt history, external debt management, opinions on the topic, debt impact on growth, and limitations of previous studies. The methodology chapter will describe the research approach, models, analytical techniques, and data sources. Sub
Whither “7 Percent Club” of Economies - A Review of FY2012 and Outlook for FY...The Growth Institute
- The document analyzes Bangladesh's GDP growth in FY2012 of 6.3% and provides an outlook for FY2013. It reviews key economic indicators in FY2012 such as inflation, private investment, exports, imports and remittances.
- It then summarizes the key aspects of Bangladesh's budget for FY2013, including planned expenditure, revenue targets, deficit, and borrowing. Growth forecasts of 6.5-6.7% are provided for FY2013 contingent on factors like the EU crisis and remittance growth.
- The document concludes by examining how aspects of the FY2013 budget could impact Bangladesh's capital markets, such as tax changes aimed at boosting market participation and corporate
India's external debt has increased to $485.8 billion as of June 2017. External debt includes commercial borrowings, NRI deposits, and short-term trade credits. The largest components are commercial borrowings at 37.8% and NRI deposits at 24.3%. Debts are denominated in US dollars, Indian rupees, SDRs, Japanese yen, and euros. India has historically relied on loans from the World Bank and IMF to support economic development projects in infrastructure, agriculture, and other sectors.
The document discusses prototyping and provides examples of different types of prototypes including paper prototypes, digital prototypes, storyboards, role plays, and space prototypes. It explains that prototyping is used to make ideas tangible and test reactions from users in order to gain insights. Prototypes should be iterated on and fail early to push ideas further and save time and money. Both low and high fidelity prototypes are mentioned as ways to test ideas at different stages of the design process.
10 Insightful Quotes On Designing A Better Customer ExperienceYuan Wang
In an ever-changing landscape of one digital disruption after another, companies and organisations are looking for new ways to understand their target markets and engage them better. Increasingly they invest in user experience (UX) and customer experience design (CX) capabilities by working with a specialist UX agency or developing their own UX lab. Some UX practitioners are touting leaner and faster ways of developing customer-centric products and services, via methodologies such as guerilla research, rapid prototyping and Agile UX. Others seek innovation and fulfilment by spending more time in research, being more inclusive, and designing for social goods.
Experience is more than just an interface. It is a relationship, as well as a series of touch points between your brand and your customer. Here are our top 10 highlights and takeaways from the recent UX Australia conference to help you transform your customer experience design.
For full article, continue reading at https://yump.com.au/10-ways-supercharge-customer-experience-design/
http://inarocket.com
Learn BEM fundamentals as fast as possible. What is BEM (Block, element, modifier), BEM syntax, how it works with a real example, etc.
How to Build a Dynamic Social Media PlanPost Planner
Stop guessing and wasting your time on networks and strategies that don’t work!
Join Rebekah Radice and Katie Lance to learn how to optimize your social networks, the best kept secrets for hot content, top time management tools, and much more!
Watch the replay here: bit.ly/socialmedia-plan
The document discusses how personalization and dynamic content are becoming increasingly important on websites. It notes that 52% of marketers see content personalization as critical and 75% of consumers like it when brands personalize their content. However, personalization can create issues for search engine optimization as dynamic URLs and content are more difficult for search engines to index than static pages. The document provides tips for SEOs to help address these personalization and SEO challenges, such as using static URLs when possible and submitting accurate sitemaps.
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldabaux singapore
How can we take UX and Data Storytelling out of the tech context and use them to change the way government behaves?
Showcasing the truth is the highest goal of data storytelling. Because the design of a chart can affect the interpretation of data in a major way, one must wield visual tools with care and deliberation. Using quantitative facts to evoke an emotional response is best achieved with the combination of UX and data storytelling.
This document summarizes a study of CEO succession events among the largest 100 U.S. corporations between 2005-2015. The study analyzed executives who were passed over for the CEO role ("succession losers") and their subsequent careers. It found that 74% of passed over executives left their companies, with 30% eventually becoming CEOs elsewhere. However, companies led by succession losers saw average stock price declines of 13% over 3 years, compared to gains for companies whose CEO selections remained unchanged. The findings suggest that boards generally identify the most qualified CEO candidates, though differences between internal and external hires complicate comparisons.
This document discusses the investment in power generation by independent power producers (IPPs) in Indonesia and the purchase of electricity by state-owned electricity company PLN from IPPs. It analyzes how PLN's two-stage tariff system benefits IPPs by providing higher rates initially to repay debt, and then lower rates after debt is paid off. This helps attract investment. It also explores opportunities for PLN to optimize income or cost savings from its bargaining position, such as adjusting tariffs after debt repayment or taking over IPPs earlier. The analysis aims to assess the financial impacts on PLN and opportunities to reduce subsidies or strengthen its finances. It uses approaches like time value of money and marginal cost pricing theory to evaluate investments and
This document is CLP Holdings Limited's annual report for 2008. It provides an overview of the company's financial performance, business activities, and outlook. The report discusses the challenges posed by the economic slowdown but notes that CLP was still able to deliver earnings of HK$10.4 billion, close to the previous year's level, thanks to the resilience of its business model. It also explains the company's approach to financial reporting and provides analyses of key aspects of its financial statements such as assets, liabilities, earnings, and cash flows.
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Picking up from the previous budget, Budget 2013/14 will play a big role in laying a firm foundation to usher in the devolved system of government. The environment for budget formulation and prudent financial management at the national and county government level is now set, given the passing of requisite legislation, including the Public Finance Management Act, 2012 and the launch of the second strategy for Public Finance Management Reforms in early 2013. Given this state of play one can interrogate the budget process using the PFM, Act 2012 as a benchmark. The three arms of government managed to submit their expenditure estimates to the National Assembly by 30th April. Equally commendable is the fact that for the very first time, the National Government adopted Programme based budgeting (PBB) to present its expenditure estimates in line with PFM reforms.
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A study on Budget deficit AND Its impact on the economy of BangladeshMd Showeb
Government budget deficit is the difference between government revenues and expenditures. Government has different sources of revenues. Major portion of government revenues comes from direct and indirect taxes. Direct taxes come from income and profits of individuals and institutions and indirect taxes come from import duty, supplementary duty and value added tax. It can be put in different way. Direct taxes are the part of economic revenues and incomes of individuals and institutions and indirect taxes are the part of economic transactions in the form of buy, sale, export and import transactions. If government wants accelerate its revenues to meet the growing public expenditures and to reduce the budget deficit without reducing the expenditures of different influential sectors, much efforts should be made to increase economic revenues and income as well as the economic transactions so that the government revenues can meet the growing demand of the economy with the increase in revenues from income tax, import duty, supplementary duty and value added tax. In this regard the concentration of the report is on the management of deficit budget to minimize bad effects and maximize the utilization of funds. Having budget deficit is not a problem at all. The problems lie with the government inefficiency in the management of budget deficit. The evaluation of different reasons behind deficit budget and the evaluation of different bad effects of deficit budget are two crucial parts of our discussion. The impact of budget deficit on the different sectors of the economy is addressed here with relevant information. It is further concentration point of the report to find ways to improve the management performance of the government to achieve different macroeconomic goals with the help of expansion of economic revenues and transactions. The government revenues increase with the increase in economic revenues and economic transactions. The key point of our discussion is government should not decrease the public expenditures as the population is growing. The expenditures on different public sectors have to be increased as the population is growing. But budget deficit should not grow to meet the expenditures as budget deficit has some associated problems with it. For this reason government has to concentrate on accelerating the revenue collection rapidly with the expansion of economic revenues and economic transactions. For this reason government should try to integrate different policies to achieve key macroeconomic goals.
This document summarizes the annual report of United Bank Limited for the year ending December 31, 2013. Key highlights include:
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- Net interest income declined slightly to Rs. 37.9 billion despite asset growth of 13.4%, as interest rates declined sharply.
- Non-interest income grew to Rs. 18.1 billion, with strong growth in fees, commissions, capital gains and foreign exchange income.
- Loan loss provisions declined significantly to Rs. 1.4 billion, while non-performing loans fell 8%.
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Bangladesh relies heavily on external assistance to finance development projects and address its balance of payments deficits. While its external debt levels have increased over time, most indicators of debt sustainability remain within thresholds. The ratio of external debt to GDP declined after 2002 to 22.3% in 2010/11 due to strong GDP growth. The ratio of external debt service to exports stabilized below 20% after 1998/99. The ratio of debt to exports declined due to export growth and was below 150% since 2004/05. The ratio of debt to revenue fell below 250% after 2007/08, indicating Bangladesh's ability to service its debt with government revenues. However, declining grants and rising debt service payments remain concerns for long-term debt sustainability without
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- Peak electricity demand in Kenya is projected to grow at an 11.3% CAGR to 3,163MW by 2020, while Uganda's is projected to grow 8.75% to 948MW.
- Significant potential exists for power sector companies as infrastructure developments, private sector participation, and a shift to renewable energy are expected to reduce costs and improve reliability of electricity supply.
The presentation summarizes Mongolia's economic outlook and key challenges. Deteriorating global economic conditions have negatively impacted Mongolia's growth and external balances. While GDP is forecast to grow 10% in 2012 and 12% in 2013, the current account deficit has increased significantly, putting pressure on the currency. Fiscal policy has also been procyclical, with spending outpacing revenues and increasing the budget deficit. Off-budget spending by state banks is adding to demand pressures and undermining fiscal rules. Inflation remains high, and further commodity price falls would severely impact the economy. Priority must be given to fiscal restraint and reform to contain deficits and debt in order to stabilize the economy amid global uncertainties.
Relationship between Financial Reporting Reforms and Performance of Selected ...Dr. Amarjeet Singh
Over the past few decades, the world has witnessed
spectacular transformations of public financial management
systems. Kenya transformed its financial reporting system
with a view of enhancing credibility of its financial reports.
The objective of the study was to examine the relationship
between financial reporting reforms and the performance of
selected County Governments in Kenya. The study was guided
by descriptive research design and the target population was
184 treasury staff from Bomet, Kericho, Nakuru and Narok
County Governments. Census sampling technique was
employed in selecting the respondents to the study. Data were
collected using semi-structured, self-administered
questionnaires. Data was analyzed using descriptive and
inferential statistics. The findings revealed that financial
reporting reforms showed statistically significant correlation
(r=0.673) with the performance of selected County
Governments in Kenya. It was recommended that adoption of
IPSAS in financial reporting should be strengthened to ensure
optimal performance of the county governments.
The document discusses interest rates, which are the amount charged by a lender to a borrower for using assets. Interest rates affect businesses and banks. During periods of high interest rates, businesses earn more from investments but are less likely to invest in equipment or improvements. Banks also earn more interest but have less to loan out if businesses are not investing. When interest rates are low, businesses may invest more in capital goods but banks earn less interest. Overall, interest rates impact borrowing costs for businesses and banks' profits from lending.
Financial Health of the Higher Education Sector 2014Tom Davies
This document summarizes the 2014 financial health report of the higher education sector in the UK by Grant Thornton. It finds that while the sector remains in sound financial health, uncertainties from changes in government policies will pose future challenges. Key uncertainties include student recruitment with the lifting of caps, the impact of increased student debt on part-time and graduate programs, and maintaining income from overseas students. Institutions also face rising expenditures and need to maximize other income sources and control costs to ensure future sustainability in a competitive environment with policy changes.
The document discusses reasons to be concerned about prospects for a European bailout in three areas:
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2) A U.S. government audit found the Federal Reserve had secretly loaned over $16 trillion to bail out banks and businesses globally during the financial crisis, indicating more government support was provided than previously known.
3) The OECD said the European bailout funds needed to be increased to at least 1 trillion Euros to restore market confidence and a series of reforms were needed to boost economic growth in Europe.
- Asia accounts for the largest share of global construction spending, contributing 44% in 2013, with infrastructure making up the largest portion. However, growth rates in developing economies are projected to slow relative to developed countries in the short-term due to China's economic challenges.
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This study used error correction model (ECM) to analyse the effect of total external debt (TED) on the Nigerian economy proxied by gross domestic product (GDP) during the period 1980-2015. The data such as TED and GDP were obtained from Central Bank of Nigeria (CBN) statistical bulletin. The result of the finding revealed that total external debt exerts negative and significant influence on GDP. This implies that, as total external debt increases, GDP also decreases and vice versa. Therefore, the researcher recommends that any external loan obtained by the government should be channelled to productive projects that yield high on returns on investment rather than allocating the fund to finance dead-weight debt, hence, engendering sustainable economic growth in the economy.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
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Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
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The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
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Benefits:
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Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
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The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
D037016022
1. International Journal of Business and Management Invention
ISSN (Online): 2319 – 8028, ISSN (Print): 2319 – 801X
www.ijbmi.org Volume 3 Issue 7 ǁ July. 2014 ǁ PP.16-22
www.ijbmi.org 16 | Page
The Financial Management PLN - Today and the Future
Aminullah Assagaf.
(Post Graduate Program University Dr. Soetomo).
ABSTRACT: The purpose of writing this article is to describe the problems of financial management as well
as financial statements since the last few years, showed a spectacular increase subsidies and increase the
amount of debt that exceeds the ability of PLN's internal liquidity. Problems can be overcome if the
management company's conduct break through step based financial management principles. In this study used
several analytical approaches as finance Financial Management: Theory and Practice (Eugene F. Brigham and
Michael C. Ehrhardt, 2001) and economic analysis as Managerial Economic: Analysis and Strategy (Evan J.
Douglas, 1992). require aggressive efforts to realize the adjustment of electricity tariff, starting from PLN ie
internal financial management discretion to present financial statements that is more realistic in a loss position
significantly.
KEYWORDS: financial management, PLN, today, and future
I. BACKGROUND
In the case study PLN means that the greater the subsidy period to come because it is not possible
operational PLN frozen. In order to help ease the burden of the government, then this is where the role of
financial management PLN perform its functions and ensure the application of financial management principles
consistently. Excess demand as a trigger policies to meet the needs of consumers through a program to achieve
the electrification ratio target as Electricity Statistics 2012 through www.esdm.go.id. In comparison of 2008 and
2009, the electrification ratio reached 65.1% and only 65.8%, and since 2010 the ratio increased aggressive
electrification and the end of 2012 has reached 75.8%. PLN faced increased the amount of debt that is
spectacular and difficult liquidity at maturity. The use of foreign debt is also at risk for the PLN in the event of
weakening rupiah in 1997-1998 as an example of PLN's foreign debt increased by about four times as a result of
changes in the exchange rate of U.S. $ Rp 2,500 to Rp 10,000. Examples of other woods, occurred in 2013
foreign exchange losses of Rp 48 billion, according PLN through www.pln.co.id financial statements dated
February 25, 2014. Cash flow is even more alarming because (a) the internal capability of PLN (electricity
sales) is only able to fund its operations approximately 69.4% in 2013 and the rest is still dependent on
electricity subsidies, such subsidies in 2013 to Rp 101.2 billion. (b) debt maturing difficult to meet cash flow
from operations, (c) addition of new loans in large numbers continue to be made to meet the investment needs
achieve electrification ratio target. Based on figures PLN's financial statements in 2013 the amount of debt and
internal cash flow ability of PLN has become increasingly serious. Debt Rp 32.7 billion subsidiary loan, bank
debt and medium-term securities Rp 74.8 billion to Rp 83.8 billion bond debt, and the debt of Rp 26.5 billion.
Total debt is still increasing due to the construction of the installation is still underway, (d) current assets that
are illiquid in 2013 reached Rp 47.1 billion, but the numbers are still relatively small compared uatng short-term
maturities. Current assets in 2013 amounted to Rp 63 billion, consisting of cash and cash equivalents of Rp 25.5
billion to Rp 15.7 billion in trade receivables and bills subsidy of Rp 21.8 billion. This is where the role of
financial management PLN to perform its functions in such a way that companies avoid the risk of financial
crisis. PLN's financial management strategy should be based on a comprehensive wisdom involving internal and
external potential for the company to avoid financial hardship.
II. LITERATURE REVIEW AND RESEARCH HYPOTHESIS
Arthur J. Keown in his book Financial Management (2008, Issue 9, Chapter 1), suggests 10 basic
principles of financial management, namely (1) the balance of risk and return, do not increase the risk of
additional compensation unless there is a return on investment. (2) The time value of money, the money
received today is more valuable than money received in the future. In understanding the fee structure
commonly used in business practices or concepts according to the literature,
the following was stated references through www.tammzt.wordpress.com dated December 15, 2011,
entitled "The concept of the economic and environmental costs," which include (a) the concept of cost, (b) the
cost function based company, (c) a fee based on the period, (d) cost based object tracking costs, (e) costs based
on changes in the volume of activity, (f) based on the cost control manager, (g) the cost based decision making,
2. The Financial Management Pln Today
www.ijbmi.org 17 | Page
(h) based on the cost impact of the decision, (i) the opportunity cost is based on the utilization of basic cost.
price expressed as a cost, and the term cost of goods sold expressed as expense. trough
www.herryakman.blogspot.com/2011/19/konsep-biaya.htm / date 13 September 2011, entitled "Management
Accounting: Concepts Cost". According to Hansen and Mowen (2004:40), the cost is defined as cash or cash
equivalent value sacrificed to obtain goods or services that are expected to benefit now or in the future for the
organization. Meanwhile, according Supriyono (2000:185), the cost is economical sacrifices made to obtain
goods or services. Understanding the cost according Harnanto and Zulkifli (2003:14) is something that connotes
a deduction that must be sacrificed to obtain the ultimate goal is to bring profit. So according to some
understanding of the above, it can be concluded that the cost of a cash or cash equivalent value issued by the
company to acquire goods or services that are expected to provide a benefit that is an increase in earnings in the
future.
III. FEASIBILITY TARIFF STRUCTURE
In finance, electricity tariff structure is not very feasible because it is not able to cover the cost of
providing, operating costs and even variable costs. Realization of the year 2012, as published www.pln.co.id
average tariff of Rp 728 per kWh, while the cost structure indicates (a) the cost of the provision of Rp 1,343 per
kWh, (b) operating costs Rp 1,167 per kWh, (c) variable costs (fuel, lubricating oil, power purchase and lease
engines) average of Rp 842 per kWh or negative contribution margin Rp Rp 114 per kWh, and (d) variable costs
(including the cost of maintenance 50%) an average of USD 892 per kWh or negative contribution margin per
kWh of Rp 164. This is what causes the trade off between service subsidy
service performance
Various parties provide comments related to the performance of services is not as expected PLN
community, including (a) the comments of the chairman of the House Marzuki Alie, through
www.merdeka.com dated October 20, 2012, titled "Performance PLN bad". According to him, the manner PLN
everywhere and blackouts are not clear. The government has given huge subsidies for electricity, but still
outage. (b) Vice Chairman Banggar Olly Dondokambey, www.ollydondokembey.com date through August 17,
2011, entitled "Improved performance PLN awaited", suggests that the improved performance of PLN a waited,
especially after the government's plan to raise electricity rates while lowering the April 2012 budget electricity
subsidy of Rp 20 billion, compared to 2011. Targeted electricity subsidies in 2012, it appeared difficult to
achieve because the electricity subsidy in 2012 reached Rp 103.3 billion higher than in 2011 amounted to Rp
93.1 billion Total electricity subsidies is getting out of control
Various parties have given attention to the amount of electricity subsidies are increasingly out of
control. The cost structure and the tariff structure is quite obvious as financial statement information through
www.pln.co.id PLN, where the financial management should give serious attention and care for the interests of
corporate finance in addition to achieving the electrification ratio. President Susilo Bambang Yudhoyono, the
Coordinating Meeting of Governors of Sumatra in Palembang, July 29, 2013 through www.rinanews.com dated
July 30, 2013, titled "SBY told subsidy increasingly damaging the economy" asks co-efficient movement of fuel
and electricity. He expressed a very heavy burden for the state budget subsidies. Anwar Nasution, as reported by
www.regional.kompas.com dated 16 April 2013, entitled "The economic impact of energy subsidies" suggests
that the greater the portion of the budget for the purposes of energy subsidies, the less funds available for
education and public health.
PLN contribution to the current account deficit
The government's announcement also informed through www.bisnis.liputan.com dated August 29,
2013, titled "4 complete package of government economic policies". Current account deficit occurs because the
flow of money out in the form of foreign exchange is greater than the cash inflows, foreign exchange or demand
higher than the supply of foreign exchange, resulting in foreign exchange rates or rising dollar and the rupiah
weakened. PLN contribution to the current account deficit occurs either through the use of foreign exchange to
the procurement of goods and services from abroad and domestic procurement such as natural gas and other
purchases.
Balance of payments and current account
Here's a related view of the balance of payments, namely through www.id.wikipedia.org / wiki /
Payment Neraca_ 4 September 2013, entitled "Balance of payments", which is an overview that summarizes
transactions between residents of a country with the population of other countries over the period particular (one
year). Balance of payments current account is divided into (which is composed of the trade balance, balance of
services and transfer payments), and the balance sheet and financial capital flows, and financial items.
3. The Financial Management Pln Today
www.ijbmi.org 18 | Page
Government foreign debt
The impact of the use of foreign debt by, www.dettwaningrum.blogspot.com, 8 November 2012,
entitled "Goodness and badness foreign debt", suggests that foreign borrowing would cause problems if the
funds are not invested productively for activities that generate a high rate of return on foreign exchange to cover
interest payments. The world debt crisis that occurred in the decade of the 80s became evident dangers financing
through foreign debt in which many countries were forced to postpone the obligation to pay the debt (Weiss,
1995). The tendency of foreign debt and state governments is increasing, as, www.citizen.forumkeadilan.com,
July 18, 2013, entitled "Here's Ministry / State and Non-State champion finish off the foreign debt", said that in
May 2013, the Ministry of Finance noted that the debt state of RI has reached Rp.2.036 billion.
Indonesia's foreign debt trap
In a broader context, the following was stated by www.sofyandi-simbolong.blogspot view. com, July 7,
2013, titled "Indonesia's foreign debt trap", suggests that the Indonesian government's commitment to achieve
economic independence and reduce reliance on foreign debt began to be questioned and it never seems to
happen.
Funding PLN rely on foreign debt
Number of PLN debt in which there is a large amount of foreign debt associated with foreign exchange
as an explanation PLN audited financial statements through www.pln.co.id. Realization 2012 reached the
amount of PLN Rp 390.1 billion debt consists of non-current debt of Rp 315.5 billion and Rp 74.6 billion
current debt. Total debt is still increasing in the future as the project development and delivery of the installation
of production facilities is still ongoing. Comments related to the foreign debt, through
www.amiesuzako.blogspot.com, January 30, 2012, entitled "Debt RI 2000 -2012", informed that President
Susilo Bambang Yudhoyono reminded the ministers continue to decisively reduce foreign debt. Associated with
debt PLN, through www.tempo.co, dated October 19, 2010, entitled "Shopping PLN rely on foreign debt",
informed that the capital expenditure of PT PLN (Persero) for the next year is projected to reach Rp 60 billion.
Complementing this information, the following directors PLN submitted comments via www.
indonesiafinancetoday.com dated July 26, 2013, entitled: "Reach PLN 200 Million Euro Loan Commitment",
informed that PT PLN (Persero) obtain a loan commitment from the Export Credit Agency (ECA) of Finland for
two power projects, namely power plant Arun, Nanggroe Aceh Darussalam and Bangkanai power plant, Central
Kalimantan with the value of each project approximately 100 million euros.
IV. RESEARCH AND METHODOLOGY
Methods of analysis
In this study used several analytical approaches as finance Financial Management: Theory and Practice
(Eugene F. Brigham and Michael C. Ehrhardt, 2001) and economic analysis as Managerial Economic: Analysis
and Strategy (Evan J. Douglas, 1992), namely: (a) The liquidity analysis, using some relevant indicators such as
curret ratio, cash ratio, acid test ratio and working capital. (b) Analysis of capital structure, using indicators Debt
to Equity ratio, (c) profitability analysis, using indicators of return on investment (ROI) and return on equity
(ROE), (d) analysis of the cost structure in the measurement of cost efficiency, the calculation of cost of goods
supply, and electricity tariff policy, using an approach based on full costing and variable costing, (e) tariffs,
based on cost plus margin approach and the marginal cost pricing, (f) contribuition margin (CM), is used for the
expansion of wisdom, service improvement, and capacity optimization. In the case of CM> 0 then increase the
sales volume will increase profits or reduce losses, and (g) graphical analysis of market equilibrium and
mathematis, Qd = F (Xi), Qs = f (Xi) where Qd: the number of requests, Qs: number offers, and Xi: an
explanatory variable.
V. RESULT AND DISCUSSION
Solutions to problems,
Several alternatives can be considered to overcome the problems of debt and the amount of subsidy,
but should be supported with financial management competencies PLN prepares strategic planning, policy
formulation and computation-oriented careful balance of financial interests and the interests of the service.
Alternatives are considered to have a significant influence on the issue of subsidies and debt settlement, as
described in the PLN framework through a systems approach, namely (a) the management of fuels
independently from upstream to downstream, (b) empowerment subsidiaries, (c) to optimize the potential IPP
gain financial benefit in the form of income or cost saving opportunity, and (d) socialization strategies and
electricity tariff adjustments, as described in point 1 to point 4 below.
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1. Independently Fuel Management from Upstream to Downstream
Fuel costs as a component of operating expenses as PLN largest financial statements in 2012 and 2013
reached Rp 136.5 billion and Rp 147.6 billion, respectively 67.2% and 66.8% of the operating costs. PLN has a
chance of operating cost savings with diversify vertically through the development of the fuel management
independently. Mastery of fuel sources such as coal mines and gas, transport advice and suggestions ownership
other supporting operational PLN managed as a unit or administrative unit. It is intended to ease administrative
processes, decision-making speed, ease of coordination of funding, operational management is more practical
and not constrained procurement process, making it more effective in achieving cost efficiency and reduce the
amount of subsidy. Management through a subsidiary or a partnership with the private sector is less practical
than the PLN operational decision-making, funding difficulties and constrained by PLN Center in the
procurement process. Management of upstream fuel or independently is not new in the business of electricity
power and has been practiced in various countries such as EGAT in Thailand at the same time managing a coal
power plant, EDF / GDF French electricity and gas companies in the holding company, even TNB Malaysia has
a coal mine in Borneo once ownership of the means of transport which are managed independently, and so on.
PLN has taken the management of the fuel business is still relatively small in scale but its effectiveness is not
significant to PLN operating cost structure as set forth in this concept. Independent fuel management with a
business model as a subsidiary (AP) or a partnership with a private company is kurag contains many flaws and
effectively to achieve the target cost of fuel efficiency. Compare if the management of fuel operations conducted
independently of PLN, the shorter administrative and financial transactions only through a memorandum book
between units. Fuel management concept intended impact on (a) the significant operating cost savings, (b) avoid
the risk of price fluctuations, (c) greater supply certainty suit operational requirements generation, and (d) the
business is managed on an economical scale or large-capacity . When the fuel business management in private
and then sell to PLN with a decent return, then it should PLN is superior because (a) able to reduce marketing
margins, (b) eliminating the distribution network gradually, (c) eliminate the margin and private inefficiency
during this is charged to PLN. Vertical diversification strategy independent fuel management will have the
support of government and the House of Representatives by reason of (a) the efficiency of the national
electricity power management, (b) reduce the cost of production, and (c) reducing the amount of subsidy. In this
strategy needs to support funding for cost savings generated very appropriate in terms of financial and
operational PLN. Based on the feasibility, then funding more easily and attract investment from the banking
side. For a smooth and successful investment fund that strategy, it is necessary to support financial management
PLN.
2. Development Subsidiary
Development subsidiary or AP can help reduce production costs and increase liquidity PLN. Business
development investment fund can use AP to potential accounts in the amount of PLN Center trillions of dollars.
In terms of debt repayment Central PLN affect liquidity but the scheme as an alternative for the AP covered the
possibility of obtaining a bank loan or a bond as per the requirements of global bonds issued abroad PLN. AP
receivables potential utilization scheme include (a) the debt through the AP to PLN Center, then be compensated
as a repayment mortgage repayment PLN Center to AP. (b) development by PLN Center installation and
KONDISI
AWAL
Pasar
Ketegalistrikan
(Excess Demand)
Supply :
Kapasitas Terbatas
Tarif Murah : Tarif < Biaya
Pertumbuhan Ekonomi
dan Kesejahteraan
Perkembangan
Teknonologi
Demand :
Meningkat
Jumlah Subsidi
Meningkat
Akumulasi
Utang :
Meningkat
Pinjaman
Luar Negeri
Investasi Baru :
Kit, Trans, Dist, dll
Defisit Cash Flow
Operasi (CFO)
Konsumsi kWh
Meningkat
Pinjaman
Dalam Negeri
Desakan ke PLN : Untuk
Pelayanan Permintaan
PERMASALAHAN
KEUANGAN PLN
Pembelian
Tenaga Listrik
Penyambungan
Baru yg agresif
Kebijaksanaan : Target
Rasio Elektrifikasi
Penyesuaian
Tarif Listrik
Pengelolaan Bahan
Bakar Secara Mandiri
Potensi IPP Financial
Benefit Bagi PLN
Meningkatkan
Pendapatan Penjualan
Tenaga Listrik
Tingkat
Likuiditas :
"L I K U I D "
Mengurangi
Jumlah Subsidi
Menghemat
Biaya Operasi
Menekan Biaya
Pokok ProduksiMengoptimalkan Existensi
Anak Perusahaan
Sewa Mesin
Pembangkit
Pendanaan
Capital Expenditure
5. The Financial Management Pln Today
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handover of assets to debt settlement compensation PLN Head to the AP. In this case is still recorded as assets
in the consolidated financial statements PLN so it does not conflict with the use of the loan which requires fixed
assets in PLN or not delivered to the other party. (c) point b the same premises but the early stages of AP as an
executor or operations and maintenance contractors or OM, the next stage of asset handover to AP as
compensation for debt settlement PLN Head to the AP. (d) Central PLN funding, development practitioners and
OM by the AP, the next stage of asset handover to AP as compensation for debt settlement PLN Head to the AP,
(e) financing of PLN Center, implementing building by the AP and handover of assets as compensation for debt
settlement to PLN Center AP. The above scheme is used for the development of the core business of investment
alternatives AP with an increase in generating capacity, and manage fuel procurement independently from
upstream to downstream. AP development and production cost efficiencies achieved by administering the
allocation of quotas for the maximum production that is economically eligible (ACAP - ACIPP) <AFCAP,
where ACAP: cost per kWh average product AP, ACIPP the average cost of production of IPP, and AFCAP:
average AP fixed cost, with a note that without the allocation of production to remain AFCAP AP then
calculated as operating costs PLN consolidated basis.
3. Income Opportunity Power Purchase
Contract purchase of electricity from independent power producers or purchasing power (IPP) IPP
investors very profitable while PLN lose some income opportunities and cost savings. Tanaga purchases of
electricity by 2012 had reached 50 562 Gwh or 38% of the production PLN to contribute around 25% of total
production as as www.pln.co.id PLN Statistics 2012. Electric power purchase contracts with IPPs should be an
opportunity for financial gain PLN benefits to ease the financial burden of PLN. PLN's financial management
discretion to be otherwise is to help the cash flow situation of the IPP at PLN experiencing financial difficulties.
Power purchase contract is indirectly helping IPPs cash flow to be able to pay the mortgage debt with the bank
using a higher purchase rate at the initial stage until the debt is paid off the bank for 7-8 years. This is
detrimental to PLN for higher rates in the early stages into operating costs and subsidies. PLN supposed to seek
financial gain benefits as income or cost saving opportunity for the cooperation of IPP power purchase due to
(a) the contribution of PLN in pricing policy, (b) the IPP obtain a very decent return, (c) PLN loss and cash flow
difficulties because they have to pay higher rates in the early stages during IPP debt repayments. (d) After the
debt is paid off period to 7-8 IPP investor becomes the owner of 100% of the assets invested only 30% - 35%, so
it is able to obtain equity investment returns and the number increased to about 300% of the initial investment,
(e ) began operational asset to periods of 9 to benefit fully for IPP and (f) IPP is able to expand its existing
capacity at least equal to open opportunities for the ease of obtaining bank loans and investors already have
existing assets as collateral. Financial benefits of the scheme can be either (a) compensation in the form of
ownership or as a shareholder, (b) significant tariff reductions, tariff component A is replaced with a certain
amount of a reasonable margin, (c) imposes a certain amount of debt above which is considered as overpayment
PLN during the debt repayment period IPP, and (d) the IPP assets belong to PLN after a certain period eg 20
years or sodium absorption ratio must wait a period of 25 to 30 years, and others that PLN obtain financial
benefits that can reduce operating costs or subsidy PLN and improve liquidity in the future, while reducing
dependence on foreign debt.
3. Strategies Socialization and Electricity Tariff Adjustment
Need an aggressive effort to realize the adjustment of electricity tariff, starting from PLN internal financial
management discretion to present financial statements that is more realistic in a loss position significantly. The
technique is done with an alternative presentation of (a) through the additional information that describes the
position of profit / loss of PLN without subsidies, and (b) the accounting discretion change recording system for
the assistance of the state budget as additional paid-in capital is not treated as income or subsidy. The magnitude
of the loss was no state budget subsidies should be socialized to convince the society that suffered losses in the
amount of PLN very significant. Simultaneously informed financial difficulty because of PLN into debt in an
amount sufficient material beyond the ability liuiditas or operating cash flow. Funding investments financed
with debt needs to be informed in a transparent manner to indicate that the company needed tariff adjustments
not only cover operating costs but also to pay maturing financial obligations. The information presented so far
has shown the success and profit of PLN successfully obtain new loans from abroad, is only momentary success
of the show, because PLN will have difficulty socializing when a rate increase.
Marginal cost pricing
Rate calculation can be performed with marginal cost pricing approach that resulted in the price level or the rate
at which the optimum conditions of maximum profit or minimum loss.
6. The Financial Management Pln Today
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Rate discrimination
Based on the determination of the average rates corresponding calculation of marginal cost pricing is,
furthermore chosen scenario determination of tariff according to consumer groups based on cross subsidies.
Technically rates with cross subsidy system can be done with a tariff approach to discrimination in accordance
with the level of economic capability of customers and still maintain the average tariff on the optimum
conditions mentioned above.
VI. CONCLUSSION AND LIMITATION OF STUDY
Conclussion
Based on the description above it can be concluded, (a) the amount of debt in 2012 and 2013 PLN
spectacularly increased to Rp 390.1 billion and Rp 462.6 billion. It is very alarming when compared to 2007,
namely short-term liabilities and long-term only reached Rp 116.5 billion. The amount of debt in 2012 and 2013
is included under finance lease debt of Rp 111.3 billion and Rp 134.6 billion, which is sourced from the debt
related to the IPP and CJP ISAK 8 (Note 2), (b) the company did not have the ability to resolve its debt cash
flow future. This would leave the burden of the financial crisis for financial management PLN future, (c) the
amount of the subsidy further burden state finances, in 2012 and 2013 reached Rp 103.3 billion and Rp 101.2
billion, while the profitability performance of PLN same period profit only reached Rp 3.2 billion and Rp 29.6
billion loss. When subsidies are treated as additional capital as at other state governments, the PLN losses in
2012 and 2013 amounted to Rp 100.1 billion and Rp 130.7 billion. Need transparency and dissemination of
information PLN's financial condition in order to obtain a sympathetic and understanding of the community, as
well as formulate a tariff structure based on marginal cost pricing to generate optimum condition. These
conditions will result in maximum profit when the company's earnings performance and position of the
minimum loss when the company suffered a loss position, (d) financial management PLN require long-term
financial planning and consolidated financial road map is able to describe in a comprehensive and applicable
PLN, (e) completion PLN's financial problems can be done if the financial management policies supporting
alternative fuel management independently, enabling the generation subsidiary, utilizing the potential income
opportunity or cost over the contract for the purchase of electricity from IPPs, and socialization strategies and
optimal tariff adjustment, (f) financial management PLN should implement the basic principles of financial
management in order to avoid potential problems further complicate the company's future financial
performance.
Limitation of study
This study uses secondary data and primary data through a variety of sources such as financial reports
and statistics published by www.pln.ci.id PLN, other information obtained through media information and
interviews of the parties involved. This study has limitations in terms of patterns of thinking PLN's financial
management, strategy and wisdom that have an impact on PLN's financial deterioration of the present and the
future. This study has not been able to predict the numbers of PLN's financial future projections, as electricity
will not have a financial road map consolidated, comprehensive and applicable. PLN's financial management
would future generations have a strong competence and is able to generate strategies and policies to address the
financial problems of PLN and alleviate the burden of state budget subsidies.
.
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