Volume 5, Nomor 2, Agustus 2008












Analisis Kinerja Keuangan PT. Aneka Tambang Tbk (ANTM)


Perdana Wahyu Santosa                  93 – 105


This article tries to analyze the financial performance of PT. Aneka Tambang Tbk between 2002–2007 period, use sales and profit, asset and equity, cost of capital, ROIC, economic value added (EVA) and market value added (MVA) approachments. According from the data, income and profitability of corporate were increasing consistently until the end of 2007, along with the leaping of nickel and prime metal price in the world which have been mainstay commodity of ANTM. The aspect of growth of corporate asset and equity along 2002–2007 also increased, where asset in 2002 that were only around Rp. 2.487.110 millions increased to Rp 12.037.917 millions in the end of 2007. Meanwhile, from other performance indicator cost of capital of ANTM seemed stable around 20–25 % along 2002 – 2007 period. In 2006 – 2007 seemed that ROIC rised significantly come closely to 50 %, caused high EVA for ANTM shareholders. The increasing of ROIC and EVA along 2006–2007 were fairly proportional, because the offset by the stability of corporate cost of capital, so they didn’t load the value addition. The last, the positive value of MVA/BV indicated that ANTM had given the value addition to the equity`s book value. The higher MVA value, the higher ANTM share because its capability to give a high value addition to shareholders.


Pengaruh Karekteristik Nasabah Moderat terhadap Preferensi Produk Simpanan

Bank Syariah Studi Kasus Bank Muamalat Indonesia Kantor Kas Yarsi


Nurul Huda
Zulihar                                                  106 – 126


This research aims to see the effect of moderate customer’s characteristic toward the syariah banking deposit product preference, the case study at Yarsi cash office of Bank Muamalat Indonesia, by using the log distribution (logit) method. The research result showed that the biggest opportunity customer more like BMI`s deposit product than the conventional bank`s deposit product, owned by high educated customer, middle income, have an account in BMI less than a year, the monthly average transaction more than three times are 99%. Tthe biggest opportunity customer choose BMI`s service for daily transaction more than the conventional, owned by customers who have an account in the conventional bank, middle income, have an account in BMI more than two years, and also the monthly average  transaction  more than three times are 93%.


Pengaruh Budaya terhadap Perubahan Organisasi

yang Menuju Keunggulan Khas


Anita Maharani
Muchlis Ahmady
Bayu Bandono              127 – 137


The escalating of competition in global economics made company or organization have to survive from the competitors. So, organization needs to make the transformation in order to anticipating the competition, because the success organization depends on the organization that can be self transformated to face the competition. The organization culture hold the important role of the organizational transformation, the culture makess comparative advantage of the organizational characteristics. This study aims to show how to build the excellent culture of the organization in order to anticipating the organizational transformation.


Keseimbangan Perilaku Mengkonsumsi Mahasiswa

Minat Studi Ekonomi Islam


Ranti Wiliasih               138 – 154


This research is aimed to investigate the consumption behavior of the post graduate students in Islamic economics in one of the famous universities in Jakarta. The graphical analysis and the cross tabulation, combined with the survey analysis, are used as the main part of research method. The result shows that the object students have better behavior in according to the sharia rule considering their decision to consume goods and services. Based on the cross tabulation method, the relationship between the expenditure of income and the philanthropy expenses such as shodaqoh is positive, showing that the bigger income they spend, the higher proportion of shodaqoh they give to the needs. On the other side of the relation between the income expenditure and the fast food consumption habit is negative.


Analisis Perataan Laba (Income Smoothing) dan Faktor-Faktor yang Mempengaruhinya

(Studi pada Sektor Manufaktur di Bursa Efek Indonesia)


Deni Linda Wijayanti
Sovi Ismawati Rahayu              155 – 169


The objective of research to analysis any factors which its influence to income smoothing. The population of this study was public manufacturing companies listed at Indonesis Stock Exchange in 2003-2006 period. There were 54 manufacturing companies meet the criteria was chosen as sample. The independent variables i.e. the company scale, the profitability, the financial leverage, and the stock predicted to influence income smoothing. The result of this research shows that the company scale, the profitability, the financial leverage, and the stock price were not significantly influencing the income smoothing.