Perilaku dinamis perusahaan konstruksi di asia tenggara

Sukandar, Beny Mulyana (2019) Perilaku dinamis perusahaan konstruksi di asia tenggara. Doctoral thesis, Institut Pertanian Bogor.

[img]
Preview
Text
9DM-01-Sukandar-Cover.pdf - Published Version

Download (408kB) | Preview
[img]
Preview
Text
9DM-02-Sukandar-Ringkasan.pdf - Published Version

Download (309kB) | Preview
[img]
Preview
Text
9DM-03-Sukandar-Summary.pdf - Published Version

Download (389kB) | Preview
[img]
Preview
Text
9DM-04-Sukandar-Daftarisi.pdf - Published Version

Download (528kB) | Preview
[img]
Preview
Text
9DM-05-Sukandar-Pendahuluan.pdf - Published Version

Download (644kB) | Preview
[img] Text
Disertasi.pdf
Restricted to Registered users only

Download (4MB)
Official URL: http://lib.sb.ipb.ac.id/

Abstract

Global competition has challenged construction companies in Southeast Asia that forces them to be efficient to stay profitable. The competition should have a considerable effect on the efficiency and performance of contruction companies. This research aims are: 1) to determine efficiency from the persfective of time, country’s border characteristics and regional; 2) to provide bench-mark cost of production and profit structures of construction companies in Southeast Asia region; 3) to compare the construction companies’ performance among the countries; and 4) to determine the factors that affect the construction companies’ performance. The data were obtained from annual report of each companies in Indonesia, Malaysia, Philipines, Thailand and Singapore reported in the Stock Exchanges of each country from year 2010 through 2016. The research methods include Data Envelopment Analysis, descriptive analysis, ANOVA, static and dynamic panel data. The results indicate that i) the efficient companies are dominated by the companies from Indonesia and Thailand (67% of total population). In addition, efficiency changes across time, only 30% remained when time factor is neglegted and also when border factor is neglegted. Efficient companies are only 12% remained when time and border factors are neglegted simultaneously, ii) When analyzing the company financial structure, the bench mark for Mean of EBIT per sales reveals at 15% of total sales while mean of production cost per sales is at 84% level, iii) Further results reveal that the financial performance of construction companies among the countries is indifferent while their market performance differs among the countries. Malaysian construction companies has the highest EPY of 8.420 while construction companies of Indonesia has the lowest EPY of 0.059. The financial performance of construction companies is affected by DER, interest rate and efficiency, while their market performance is influenced by growth of construction cost, interest rate and score of efficiency. Managerial research implication for the government is as the followings: (1a) improving beraucration process, ease of investment, tax insentive, import, and legal processes in the field of construction, (1b) Government needs to encourage big factories to produce cement plant, alumunium plant, steel, glass factories domestically to reduce the cost of materials and import, (1c) Government need to support the finance of construction like what China has done via China Construction Bank Corporation (CBC). This scheme will help construction companies getting finance and debt with low cost, (1d) Govenrment need to prioritised local companies and state owned enterprises to get state projects so that the domestic companies will get steady revenue. 2) In the bench mark for EBIT per sales 15% and Production per sales of 84% imply that the govenrment should use that bench mark as a reference for government projects, for planning of country spendings and for reducing under table cost (sunk cost). 3) Govenrment need to encourage for domestic companies to do Merger with foreign companies for ekspansion and branding. 4) Implication in financial performance and market perfomance is that the government needs to: (i) push certification and skill training for construction workers; (ii) provide competitive interest rate; (iii) to provide regulations that ease the process of joint veture, merger between local and foreign companies and encourage pubic private partnership (PPP) for government’ projects so that the difficulties in DER can be solved. Managerial implication for practitioners or companies is as the followings: (1a) to buy main equipment and materials in big volumes (bulk purchase) to reduce cost; 1b) to enhance supply chain management to lower production cost; 1c) To purchase materials for construction with forward contract system, and 1d) to improve human resources quality for construction workers so that repair cost can be minimized. 2) Bench mark of construction production cost implies for practitioners and project managers to use the bench mark as reference in evaluating construction project feasibility. 3) companies to increase their reputation and branding in the market. (4a) since interest rate affect the performance of construction companies, the firms need to do or have bank guarantee, payment bond, fine for lateness in completion, construction all risks, clear and detail construction contract so that debt or receivables can be paid, and 4b) construction firms need to improve quality of works and to do efficiency. Suggestion for further research is as the followings: i) need to extent the research to include China, Jepang dan Korea Selatan to see if big revenues have some impact on the performance and efficientcy. ii) Measurement of efficiency using DEA is also need to include qualitative input and output such as: Human resources quality, project completion time, rating of the firms, and quality of the construction; iii) need to add intangible aspect of the firms such as: reputation of the firms, customer satisfaction, human resources, and iv) Need to use other aspects such as: return on assets (ROA), return on equity (ROE), return on invested capital (ROIC), earnings before interest tax depreciation and amortisation (EBITDA), margin, operating profit less adjusted taxes (NOPLAT) while Performance of arket/equity to use dividend per share (DPS), dividend yield (DY), price to earnings ratio (PE), dan enterprise value.

Item Type: Thesis (Doctoral)
Uncontrolled Keywords: Efisiensi, Kinerja, Data Envelopment Analysis, Statik dan Dinamik Data Panel, Konstruksi, Asia Tenggara, ANOVA, analysis of variance Efficientcy, Performance, Data envelopment analysis, Static and Dynamic Panel, Construction, Southeast Asia.
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 11 Dec 2019 01:32
Last Modified: 11 Dec 2019 01:32
URI: http://repository.sb.ipb.ac.id/id/eprint/3445

Actions (login required)

View Item View Item