PT Jasa Marga Research Articles

Financial risk analysis of Public-Private Partnership (PPP) projects case study on Pandaan - Malang Toll Road

This study aims to analyze the financial risks faced by the Pandaan-Malang Toll Road PPP (Public-Private Partnership) project in Indonesia. Data collection techniques include semi-structured in-depth interviews with parties related to the PPP project, including the Directorate General of Infrastructure Financing, the Tolling Road Management Agency (government), and Business Entities (PT Jasamarga Pandaan Malang). The collected data will be analyzed to determine the financial risk factors faced by PPP projects and the financial controls carried out to overcome financial risks in PPP. The results show that the risk of errors in forecasting in the calculation of demand, cost, and revenue projections is a risk that almost often occurs. The Government emphasizes the importance of optimizing the role of PII (Persero) or Indonesia Infrastructure Guarantee Fund (IIGF) as an Infrastructure Guarantee Business Entity (BUPI) to ensure financial sustainability and minimize the impact of sudden shocks on the State Budget due to the provision of Government Guarantees for cooperation projects. This study provides insights or frameworks that can be applied to similar projects, helping to improve risk assessment and decision-making processes in future infrastructure developments.

Process improvement analysis in toll corridor development with lean six sigma approach: case in PT Jasamarga Related Business

Toll Corridor Development (TCD) is one of the businesses conducted by PT Jasamarga Related Business as a follow-up to the issuance of Peraturan Menteri Pekerjaan Umum dan Perumahan Rakyat (PUPR) No. 28 of 2021. In the development of its first TCD project, Jasamarga Related Business (JMRB) encountered issues that resulted in the delay of the project's completion. The purpose of this research is to analyze and make improvements to the causes of delays in the Taman Mini TCD project. In this research, the lean six sigma approach is used to analyze process improvements that can be carried out so that these problems can be minimized in the further development of TCD. To identify activities that cause delays in the implementation of this project, the critical path method (CPM) was used based on the results of interviews with those directly involved in the development of TCD project. From the activities that cause the delay, a causal analysis is carried out using a fishbone diagram, and then an analysis of possible improvements is carried out using a lean concept approach. Based on the analysis results, three main issues are identified, namely inadequate planning process, ineffective partner or consultant selection process and delays in construction completion. From the cause-and-effect analysis, it can be concluded that potential improvements can be made by implementing the concept of pull planning, improving the business process by reducing waste and enhancing value-added activities, establishing effective stakeholder management, and maximizing the use of technology-based applications to aid project control.

Perlindungan Hukum terhadap Pembeli yang Beritikad Baik Terkait Jual Beli Tanah dan Implikasinya

The issue of buying and selling cannot be separated from everyday community life, and good intentions in buying and selling are crucial factors. This ensures that buyers with good intentions will receive legal protection in accordance with applicable laws and regulations. Good intentions in buying and selling are closely related to land transactions, as land plays a vital role in national development. This raises the question of the position of buyers with good intentions in land transactions carried out by PT Jasa Marga (Persero) and the position of legal entities acquiring land rights. This study uses a normative juridical research method. The position of PT Jasa Marga (Persero) in the purchase of a piece of land under SHM Number 3147 in the name of Dewi Astuti is seen as a buyer with good intentions. Despite the legal defect in the object of the transaction due to the issuance of a certificate based on a fake document, which fails to meet the objective requirements of an agreement, PT Jasa Marga (Persero) is considered a bona fide buyer. Therefore, they should receive legal protection under the prevailing laws. The legal consequences of the ownership of the land acquired by PT Jasa Marga (Persero) through the transfer of rights between Dewi Astuti and PT Jasa Marga (Persero) are invalid. As a legal entity, PT Jasa Marga (Persero) cannot have ownership rights to land in the form of full ownership; a legal entity can only have land rights under certain conditions, such as the Right to Cultivate, Right to Build, and Right to Use as stipulated in Article 30, Article 36, and Article 42 of UUPA Number 5 of 1960.

Analysis of The Effect of Funding Strategy on The Company’s Financial Performance at PT Jasamarga Transjawa Tol


 
 
 This research aims to investigate the implications of funding strategies employed by PT Jasa Marga and its subsidiary PT Jasamarga Transjawa Tol on their financial performance. With the Indonesian government's increased investment in toll road infrastructure, Jasa Marga, a State-Owned Enterprise, has undertaken expansive endeavors, augmenting investments from IDR 24.8 trillion in 2018 to IDR 78.6 trillion by 2022. However, this escalation in investment levels also brings forth heightened liabilities, predominantly stemming from reliance on debt, particularly bank loans, in addition to equity. Such a scenario presents challenges in managing payment obligations and, if not handled adeptly, could imperil Jasa Marga's financial performance. Consequently, strategies aimed at bolstering the company's capital structure are slated for implementation in 2023. This exploration aims to assess how these financial strategies and the debt-equity balance influence company value and financial health, drawing on frameworks like the Pecking Order Theory. It seeks to comprehend the ramifications of internal and external financing on the company's solvency, as measured by ratios such as Debt Equity Ratio (DER), Debt Ratio, and Interest Coverage Ratio (ICR). The literature review delves into various financial strategies such as crowdfunding and Initial Public Offering (IPO), elucidating their motivations and repercussions on companies, with a specific focus on aspects like information asymmetry and changes in post-IPO performance. This research integrates theories, practical strategies, and financial metrics to derive meaningful, data-driven conclusions aimed at optimizing capital structure and enhancing financial stability. It offers valuable insights to stakeholders and facilitates improved financial decision-making processes within the company.
 
 

CHARACTERISTICS OF TRAFFIC ACCIDENTS ON 4/2D ROAD TYPES ON THE SURABAYA - MOJOKERTO TOLL ROAD ( CASE STUDY: WARUGUNG - PENOMPO TOLL ROAD SECTION)

In developing road infrastructure, keeping pace with the transportation sector and the rapidly growing economy is vital. Inadequate road infrastructure conditions will cause problems on the road, namely traffic accidents and congestion, which results in a lack of driver comfort. PT Jasa Marga can undoubtedly find out the leading cause of the accident. This study aimed to determine the characteristics of traffic accidents on the 4/2d road type, precisely on the Surabaya - Mojokerto toll road on the Warugunung - Penompo toll road. The Surabaya–Mojokerto Toll Road or Sumo Toll Road is a 36.27-kilometer-long toll road that connects the City of Surabaya with the City of Mojokerto, East Java Province. This toll road is connected to the Kertosono-Mojokerto Toll Road to the west. The class of vehicles on this toll road, such as trucks and large-laden cars, can also be said to be one of the characteristics of traffic accidents. Location of accident-prone points (BlackSpot) on the Warugunung – Penompo toll road in 2021 on line A, namely at Km 3+000 – 4+000 of the Warugunung – Driyorejo section, because at that location there are road slopes and bends, so many motorists drive at high speed high and have to slow down when there is a descent and many riders do not anticipate it. In 2021, line B, namely at Km 5+000 - 6+000 on the Warugunung - penompo section, is not much different from line A.

AKHLAK CULTURE ORGANIZATION COMMUNICATION TOLL ROAD CONSTRUCTION COMPANY (STUDY AT PT JASA MARGA (PERSERO) TBK)

The cultural transformation of AKHLAK in the organization places a strong emphasis on the role of human capital as cultural actors to enhance competitiveness in the global market and position state-owned enterprises (BUMN) as talent factories. As a state-owned enterprise, PT Jasa Marga (Persero) Tbk must undergo transformation with AKHLAK Culture as outlined in the Circular Letter of the Ministry of State-Owned Enterprises Number: SE-7/MBU/07/2020 on Core Values. This includes the establishment of core values as the identity and adhesive for a work culture that supports sustainable performance improvement. This research aims to understand and explain the process of internalization and implementation of organizational culture values at PT Jasa Marga (Persero) Tbk, both at the central office and branches, encompassing construction services, traffic, and transactions as the company's core business with minimum service standards set by the government as the authority. The study adopts an interpretive paradigm with a qualitative approach and ethnographic methods characterized by extensive fieldwork involving data collection through interviews, observations, symbols, artifacts, and various other data sources. The analysis focuses on the central and branch organizations as customer service functions for toll road users. The findings indicate that the implementation of AKHLAK in various units, including the central office, operational work regions, and subsidiaries, has led to unique innovations and creativity, particularly noticeable in operational areas where there is a lack of specific AKHLAK guidance. However, the concentration of commitment reinforcement is limited to th e leadership level, creating a gap in implementation in the field units, the core business areas, where the services provided do not align with the core meanings and behaviors of the AKHLAK Cultural Values

The Effect Of Motivation And Job Satisfaction On Organizational Citizenship Behavior

This research is aimed to determine the influence of: motivation toward organizational citizenship behavior; job satisfaction toward organizational citizenship behavior, and both at once toward the organizational citizenship behavior of employees of the PT Jasa Marga (Persero) Tbk. Palikanci Cirebon Branch Office. The method used in this research is associative. The technique of collecting data is by field research, litelature study and analysis of data. This study uses primary data by distributing questionnaires to 60 employees on PT Jasa Marga (Persero) Tbk. Palikanci Cirebon Branch Office. In this research, motivation has a significant influence toward organizational citizenship behavior. Job satidfaction motivation has a significant influence toward organizational citizenship behavior. Motivation and job satisfaction have a significant influence toward organizational citizenship behavior at once. While the influence of motivation and job satisfaction toward organizational citizenship behavior is 45.8% and the rest is influenced by other variables that is not studied.

The Influence of Motivation and Work Ability on Employee Performance

This research aims to determine the influence of motivation and work ability on employee performance at PT Jasa Marga Toll Road Operator. The population in this research was 150 employees who worked at PT Jasa Marga Toll Road Operator, while the sample in this research used cluster random sampling. So the units selected as samples were not individuals, but organized groups of individuals, where the samples were all 120 operational employees. The results of multiple linear regression analysis show that motivation and work ability have a positive and significant effect on employee performance. For motivation variable, hoped that there will be an opportunity to provide promotions to employees by simplifying the conditions and stages in the consideration and selection process provided. Meanwhile, for the work ability variable, hoped that the Company can become a forum that facilitates employees to improve their abilities. Apart from that, companies also need to provide opportunities for employees to provide input and responses in resolving the problems and challenges.

The Influence of Motivation and Work Ability on Employee Performance (Study Case at PT. Jasamarga Tollroad Operator)

This research aims to determine the influence of motivation and work ability on employee performance at PT Jasa Marga Toll Road Operator. The population in this research was 150 employees who worked at PT Jasa Marga Toll Road Operator, while the sample in this research used cluster random sampling. So the units selected as samples were not individuals, but organized groups of individuals, where the samples were all 120 operational employees. The results of multiple linear regression analysis show that motivation and work ability have a positive and significant effect on employee performance. For motivation variable, hoped that there will be an opportunity to provide promotions to employees by simplifying the conditions and stages in the consideration and selection process provided. Meanwhile, for the work ability variable, hoped that the Company can become a forum that facilitates employees to improve their abilities. Apart from that, companies also need to provide opportunities for employees to provide input and responses in resolving the problems and challenges.

Identification of crash-prone segment on Cipularang toll road

Traffic safety is an important issue in the field of transportation. Toll roads are one of the infrastructures that are prone to crashes, because on toll roads drivers can drive their vehicles at high speeds so there is a high risk of having an crash, as happens every year on Cipularang Toll Road. This research will determine the crash-prone segments on Cipularang Toll Road section using the network screening method. Crash and traffic data for the last five years (2018-2022) were obtained from PT Jasa Marga Purbaleunyi. Identification of crash-prone segments carried out using ten performance indicators contained in HSM (2010), namely average crash frequency, crash rate, critical rate, Equivalent Property Damage Only average crash frequency, relative severity index, excess predicted average crash frequency using method of moment, Level of Service of Safety, excess predicted average crash frequency using SPF, probability of specific crash type exceeding threshold proportion, and expected average crash frequency with Empirical Bayes adjustment. The analysis results show that the five segments with the highest priority for treatment are KM 91-92, KM 92-93, and KM 86-87 (Jakarta-bound direction), KM 120-121 and KM 101-102 (Bandung-bound direction).

The Impact of The 2020 Health Crisis on Exchange Rates and Stock Prices in Indonesia

The infrastructure sector during the health crisis had an impact by declining by around 12% until the end of 2020. One that can cause a decrease in stock prices is the exchange rate. PT Jasa Marga (Persero) Tbk. is one of the companies that showed active stock price activity during the health crisis period. The data sample of this study is to take daily data from exchange rates and stock prices during 2020 with a sample number of 242. Empirical results show that the correlation coefficient is -0.89, hence the relationship between the exchange rate and stock price is very strong and contradictory. Ha's partial test results were accepted and Ho was rejected, i.e. the exchange rate was partially significant and affected the stock price. The R square results of 79.8 percent that the exchange rate .

"Navigating the Pandemic Landscape: Examining the Impact of 'Akhlak' Corporate Culture on Employee Performance at PT Jasa Marga Belmera"

Company culture refers to the values and norms within an organization that serve as guidelines for employees. State-owned enterprises (BUMN) need to innovate to compete with private companies, including the transformation of human resources. In Indonesia, BUMNs like PT Jasa Marga Belmera adopt the "AKHLAK" culture as the core values of the company. This research evaluates the implementation of the AKHLAK culture in enhancing employee performance during the Covid-19 pandemic. A qualitative research method is employed, involving interviews, observations, and documentation. The research findings indicate that the strategy and implementation of AKHLAK are functioning well, although there is still room for improvement in raising employee awareness of the company's culture. The implementation of AKHLAK has a positive impact on both employee and company performance.

Process Improvement Analysis in Toll Corridor Development With Lean Six Sigma Approach

Toll Corridor Development (TCD) is one of the businesses conducted by PT Jasamarga Related Business as a follow-up to the issuance of Peraturan Menteri Pekerjaan Umum dan Perumahan Rakyat (PUPR) No. 28 of 2021. In the development of its first TCD project, Jasamarga Related Business (JMRB) encountered issues that resulted in the delay of the project's completion. The purpose of this research is to analyze and make improvements to the causes of delays in the Taman Mini Toll Corridor Development (TCD) project. In this research, the lean six sigma approach is used to analyze process improvements that can be carried out so that these problems can be minimized in the further development of TCD. To identify activities that cause delays in the implementation of this project, the Critical Path Method (CPM) concept was used and further analyzed based on the results of interviews with those directly involved in the development of TCD Taman Mini. From the activities that cause the delay, a causal analysis is carried out using a fishbone diagram, and then an analysis of possible improvements is carried out using a lean concept approach. Based on the analysis results, three main issues are identified, namely inadequate planning process, ineffective partner or consultant selection process and delays in construction completion. From the cause-and-effect analysis, it can be concluded that potential improvements can be made by implementing the concept of pull planning, improving the business process by reducing waste and enhancing value-added activities, establishing effective stakeholder management, and maximizing the use of technology-based applications to aid project control.

Ideal Tenant Mix Composition Based on Consumer Preference Weighting Method In Travoy Hub Commercial Area

The success of marketing activities and financial success in a commercial area or shopping center is influenced by several factors, one of which is the tenant mix factor. The process of analyzing the composition of the tenant mix using the consumer preference weighting method can make it easier for developers to know exactly the types of tenants expected and needed by potential consumers. The research object in this study is Travoy Hub, a commercial area that is being developed by PT Jasamarga Related Business. Specifically, there are three main parameters that can describe the tenant mix model effectively, namely the tenant preference category (Preferred Main Tenant Category), the tenant order category (Ranking of Main Tenant Category Preference), and the tenant product purchasing tendency category (Likelihood of Supporting Preferred Tenants). The aim of this research is to explain the logic of the research methodology as well as the preferences of potential consumers regarding tenant plans that will operate in the commercial area in question, using the example of a commercial area in the East Jakarta area.

Stock Price Prediction of PT. Jasa Marga (Persero) Tbk Using Linear Regression Algorithm

The Covid-19 pandemic that has occurred throughout the world has resulted in crises in various sectors, one of which is also affecting the economic sector. This has affected the movement of the index on several stocks listed on the Indonesian Stock Exchange (IDX). During the Covid-19 pandemic, stock price movements were very random with significant increases and decreases. Therefore, it is necessary to predict stock prices that can help investors to see investment prospects in the future. In this study, stock predictions from PT Jasa Marga (Persero) Tbk will be carried out using the Linear Regression algorithm. The linear regression method is usually used to make predictions by measuring the correlation between two or more variables. Historical data on the shares of PT Jasa Marga (Persero) Tbk used in this test were obtained from finance.yahoo.com from 2017-2023. The results of this study indicate that using the linear regression algorithm can predict prices with an RMSE value of 216.379.

The Influence of Talent Management, Knowledge Management, and Job Satisfaction on Employee Performance at PT Jasamarga Pandaan Tol

This research is a quantitative research aimed at determining and demonstrating the influence of Talent Management, Knowledge Management, and Job Satisfaction on Employee Performance in PT Jasamarga Pandaan Tol. This research utilizes the Partial Least Squares (PLS) analysis technique with the assistance of SmartPLS 3.0 software. The analysis includes validity testing, reliability testing, R-square testing, and hypothesis testing. The population and sample used in this research consist of all employees of PT Jasamarga Pandaan Tol, totaling 119 respondents. The sampling technique employed in this research is total sampling, where all members of the population are included as participants. Data collection was conducted through interviews and the distribution of questionnaires via Google Forms. The results of the testing indicate that (1) talent management has a positive and significant partial effect on employee performance, (2) knowledge management has a positive and significant effect on employee performance, and (3) job satisfaction has a positive and significant effect on employee performance. The results of this research have both theoretical and practical implications. The information provided in this research aims to enhance understanding and knowledge in the field of human resource management. It also offers insights for companies as they consider and reflect upon addressing existing issues. The findings serve as valuable input for decision-making and reflection processes. Participation in this research aims to assist the company in addressing specific issues, particularly those related to talent management, knowledge management, and job satisfaction in relation to employee performance.

ANALYSIS OF REPUTATION RISK MANAGEMENT AT PT JASA MARGA (PERSERO) TBK

The company's reputation is an intangible asset that is very valuable for public companies in the midst of capital market developments. Therefore, the implementation of risk management is needed to mitigate the reputational risk that arises. This study aims to provide an overview of the analysis of reputation risk management at PT Jasa Marga (Persero) Tbk. The results of the discussion analysis can be concluded that in the period 2018 to 2020 PT Jasa Marga has experienced reputational risk and has been responsively handled by reputation risk management. The existing problems tend to be related to negative publicity and misunderstandings with the media regarding news of construction services, toll road operations, as well as the extent to which projects operate and services are successfully implemented. Mitigation efforts in risk management as a whole intersect with increasing clarification, updating information, as well as building a communication network with the media, optimizing the role of the media, and building a media partnership network. The outputs of this research are the results of the Reputation Risk Management Analysis at PT Jasa Marga and scientific articles in national journals/seminar proceedings

LINGKUNGAN KERJA DAN PENGARUHNYA TERHADAP KINERJA KARYAWAN PADA PT JASAMARGA RELATED BUSINESS JAKARTA

Increased competition makes companies have to be more prepared and try to excel from other companies. One of the things that makes a company superior is its employees who are competent, responsible, and strive to continuously improve their performance to achieve the vision and mission. One that supports improving employee performance is a safe, comfortable and adequate work environment. The purpose of this study was to determine the effect of the work environment on employee performance at PT Jasamarga Related Business Jakarta. The data collection method used was a questionnaire or questionnaire method with a sample of 65 employees in the operational section, HR department and project department. The data analysis technique used is the correlation coefficient test, determination, and simple regression. The results of correlation calculations show a moderate relationship between the work environment and employee performance. The results of the study also show that there is a significant and positive influence between the work environment and employee performance at PT Jasamarga Related Business Jakarta.

Sistem manajemen keamanan informasi dengan standar ISO/IEC 27001 dan ISO/ICE 27002 pada PT Jasa Marga

This study aims to analyze the security management system with ISO/IEC 27001 and 27002 standards at PT Jasa Marga. This study uses a literature search study method with an ISMS approach. Information security management system (ISMS) means a form of process organization based on a business risk approach for planning (Plan), implementation and operation (Execute), monitoring and inspection (Check), and maintenance and improvement or development (Act) of security gossip, ISO/IEC 27000, 27001 and 27002 companies are accepted and adapted using standards. Based on the results of the study, companies that use the ISO/IEC 27001 standard receive ISMS/SMKI professional benefits from third parties who have assessed the security and available evidence. PT Jasa Marga (Persero) Tbk as the first and largest toll road operator in Indonesia continues to improve services for road users, especially in the field of information and technology that continues to increase and develop. It can be concluded that the information security management system at PT. Jasa Marga has complied with the established standards.

ANALISIS FINANCIAL DISTRESS MENGGUNAKAN MODEL ZMIJEWSKI X-SCORE PADA PERUSAHAAN BUMN YANG TERDAFTAR DI BURSA EFEK INDONESIA

This study aims to find out how financial distress is in state-owned companies listed on the Indonesia Stock Exchange using the Zmijewski X-Score model. The research method used is a descriptive research method with qualitative analysis data processing techniques from financial report data. The results showed that there were three state-owned companies experiencing financial distress, namely PT Waskita Karya (Persero) Tbk. in 2019 and 2020, PT Krakatau Steel (Persero) Tbk. in 2018, 2019 and 2020, as well as PT Jasa Marga (Persero) Tbk. in 2020. While the remaining five state-owned companies do not experience financial distress or are in the healthy category, namely PT Perusahaan Gas Negara (Persero) Tbk., PT Kimia Farma (Persero) Tbk., PT Aneka Tambang (Persero) Tbk., PT Semen Baturaja (Persero) Tbk., and PT Telekomunikasi Indonesia (Persero) Tbk. Keywords : Financial Distress, Zmijewski X-Score Model