Volume 3, Nomor 3, Desember 2009











Profitabilitas, Struktur Modal dan Persepsi Pasar

PT. Ciputra Development, Tbk: Asset Loaded Manager


Perdana Wahyu Santosa                  57– 170


This study used financial ratio and trend analysis about long-term performance of PT Ciputra Development, Tbk (CTRA) as one of leading real estate and property companes at Indonesia Stock Exchange (IDX). The main financial data sources for this study are the audited annual reports of CTRA. The analysis focused on 2002-2008 period and interested in return volatility, compound annual growth rate (CAGR), sales and net income, profitability, economic value added, capital structure and degree of combined leverage, total assets turnover, market value added and market risk. This research also use growth value matrix to analysis the market perception of CTRA in 2008 that combined current performance with future growth opportunity. The findings of the study informed us that CAGR of CTRA for Sales (19.52%), Operating Profit (37.59%), Net income (-20.71%), Total Equity (95.28%) and Total Assets (11.33%). During 2002-2007, profitability CTRA is very weak and volatile also from negataive teritory to 1128.55%. Debt to Assets ratio of CTRA fluctuated around 44.79-104.52%. This DAR ratio indicated that CTRA was not financially healthy especially from 2002 to 2006. Market value added CTRA fluctuated significantly from -752.17 to 1125.46% for period 2004-2005. The results of market perception analysis faund that CTRA has underperformance both of current performance index and the future growth opportunity index is just belowt the average level.


Pengaruh Kualitas Pelayanan dan Kerelasian Nasabah terhadap

Citra PT. Bank Negara Indonesia


Nandan Limakrisna
Surachman Surjaatmadja                171 – 182


Emulation between Bank progressively tighten, where more and more Bank in concerned in accomplishment of requirement and desire of client, causing every Bank have to place orientation at satisfaction of client as especial target. That way faced by PT. BNI 46 Town of Bandung. Downhill of saving product market compartment of PT.BNI 46 town of Bandung tend to represent an indication that image of PT. BNI 46 relative still not yet goodness. And so do image of BNI 46 which still unfavourable relative anticipated because of quality of given service is PT. BNI 46 tending to not yet goodness, so that society of Bandung which have become saving client of PT. BNI 46 less is giving recommendation at friend or their family to become saving client of PT. BNI 46. Image of PT. BNI 46 which relative not yet is not bad because of lack of BNI 46 doing relationship with client. Finding of this research are the quality of client relationship and service have an effect on by together to Bank image of BNI Town of Bandung, but if seen by parsial, in the reality dominant Relationship client influence Bank image of BNI, while quality of service do not influence Bank image of BNI.


Perdagangan Bilateral Indonesia-China Periode 2000-2009


Nurul Huda
Zulihar                 183 – 198


ASEAN-China free Trade Agreement has already begun on January 1, 2010, the impact of the agreement was beginning to look at the state of Indonesia which is marked with a circulation of more and more China products with prices relatively low. This article tries to do an analysis of Indonesia’s trade balance with China during the period 2000-2009 as well as analyzing what kind of strategies that can be related to government trade relations with China. The results of the analysis, during the period 2000-2007 the trade balance between Indonesia and China experienced surplus, and in the year 2008-2009 Indonesia experienced deficit trade balance. Export commodities of Indonesia to China are rubber commodities, coal, crude palm oil, chemicals and paper products. Main commodities while imports from China Indonesia covering consumer goods, clothing materials and capital goods. The steps that can be undertaken by government regarding trade between Indonesia-China trade namely infrastructure development, facilitates licensing, capital, control of China’s products and love the movement of domestic products.


Citra Perusahaan, Fasilitas dan Pelayanan Terkait Tingkat Kepuasan Nasabah

di Perbankan Syariah (Studi Empiris pada Bank Syariah Mandiri)


Siti Aisyah
M. Nadratuzzaman Hosen                199 – 210


The objective of the study was to analyze factors affecting the satisfactions of Bank Syariah Mandiri customers. The study was conducted at 3 branches of BSM, i.e. Bogor, Tangerang, and Bekasi on March, 2009. Survey method was used to collect data with interviewing 90 customers and used three factors (image, facilites, and service) to measure their satisfaction. Data was analyzed using Rank Spearman Correlation. The results showed that the correlation between satisfaction and image, facilities, and service was significant with the correlation value of 0.54, 0.51, and 0.56, respectively. This means that the satisfactions of BSM customers are moderate.


Kasus Perubahan dalam Perusahaan Keluarga: PT. Solo Jaya


Anita Maharani                 211 – 220


Change is the only thing that is constant in the world of business. Business needs to adapt to new technologies and challenges from competitors. Business continuity can not always be preserved because it is not the business of virtue on understanding and adapt, while, adaptation is a fundamental thing that must be done by a business before changing. This article aims to raise a case of changes in a family-owned businesses. Family owned business, can also be defined as a family business in every effort that the majority ownership or control a business located within a family, and where there are two or more family members directly involved. This article methods is a qualitative case study. A case study allows researchers to understand complex issues, mining, or add depth to the experience of what is already known from previous studies. General picture object of this paper is PT. Solo Jaya, the company was originally named CV. Solo Jaya, was founded in 1975 by Tukirji and Siti Sumarni. Located oin Central Market of Rice, at Cipinang, East Jakarta. At that time, commodity offered by CV. Solo Jaya is the sole distributor of rice production in Solo, Central Java. Triggers of change in the PT. Solo Jaya is because of the new forms of management. Change strategy is to slowly introduce to what is relevant today (regarding technological developments and challenges from competitors that is using a systems of cartel)


Strategi Bauran Pemasaran Perusahaan Bordir serta Pengaruhnya

terhadap Penjualan di Tasikmalaya, Jawa Barat


Nanan Supriatna                    221 – 232


This paper try to analysis marketing mix strategy of small medium enterprise and home industry bordir business in Tasikmalaya, West java. The variables of research are product, price, promotion and distribution. Reasearh methodology use two stage cluster random sampling with 629 sample at fisrt stage and 87 samples at second stage. This research found some important link between long-term profitability and capabilities of SME to understand what their customer needs and try to give more value to them. Another findings are marketing mix strategy: product, price, distribution and promotion affects sales significantly. To increase sales, SME border in Tasikmalaya should create some promotion intensively next because promotion was most important variable. Media of promotion like advertising, public relation, trade fair, exhibition etc is suggested for them.