Available online at www.sciencedirect.

com

ScienceDirect
Procedia - Social and Behavioral Sciences 219 (2016) 367 – 373

UG*OREDO&RQIHUHQFHRQ%XVLQHVVDQG6RFLDO6FLHQFH*&%66'HFHPEHU
.XDOD/XPSXU0DOD\VLD

$GGLQJ9DOXHWR3ULPH&RPPRGLWLHVRI$JUR,QGXVWU\LQ1RUWK
$FHK5HJHQF\,QGRQHVLD
,VPD\DQLD 
a
Syiah Kuala University, Darussalam, Banda Aceh 23111, Indonesia

$EVWUDFW

,QFUHDVLQJWKHYDOXHRIDJURLQGXVWULHVRI$FHKXVLQJWKHLQSXWRXWSXWPRGHOVZLOOSURGXFHVRPHREMHFWLYHIXQFWLRQDQGYDULDEOH
FRQVWUDLQWV7KHLQGHSHQGHQWYDULDEOHLVWKHDFWXDOSURGXFWLRQDQGSRWHQWLDOSURGXFWLRQRIDJULFXOWXUDOFRPPRGLW\DQGRYHUDOO\LHOG
RI DJURLQGXVWULDO SURGXFWV DQG UDZ PDWHULDOV 7KH VWHDG\ VWDWH PRGHOV DQG VLPXODWLRQ PRGHOV VXSSRUW RI DJURH[SRUW WKURXJK
.UXHQJ *HXNXK 7KH DQDO\VLV VKRZHG WKDW VHYHUDO FHQWHUV RI SURGXFWLRQ RI UDZ PDWHULDOV DUH YHU\ VHQVLWLYH WR D GHFUHDVH LQ
SURGXFWLYLW\RIFRPPRGLW\DUHDV$FFRUGLQJWRWKHRXWSXWFRHIILFLHQWVIRUHDFKFRPPRGLW\WKHELJJHVWDUHDQLPDOIHHGLQGXVWULDO
FRFRDDQGVSLFHV:KLOHLQGXVWULHVVXFKDVFRFRDFRIIHHFRFRQXWSHSSHUWXUPHULFDQGFORYHVDUHUHODWLYHO\VPDOOEXWVWLOOODUJHU
WKDQRQH7KHUHIRUHWKHUHQHHGVWREHDGGLWLRQDOVWXG\DVZKLFKDJURLQGXVWULDOV\VWHPVDUHFDSDEOHRISURYLGLQJDGGHGYDOXHWR
WKHWUDGHV\VWHPRI$FHK

© 2016 Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
‹7KH$XWKRUV3XEOLVKHGE\(OVHYLHU/WG
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKH2UJDQL]LQJ&RPPLWWHHRIWKHUG*&%66
Peer-review under responsibility of the Organizing Committee of the 3rd GCBSS-2015

Keywords:$JURLQGXVWU\,QGH[RI7HFKQRORJ\0DLQ&RPPRGLWLHV

3UHIDFH

$FHK/RJLVWLF3HUIRUPDQFH,QGH[LVRQHPHDVXUHRIHFRQRPLFSURJUHVVLQIRXUDUHDVWKHHDVWFRDVWWKHZHVWFRDVW
RIVRXWKHUQFHQWUDO$FHKDQG5HJLRQDOEXIIHUIUHHSRUWRI6DEDQJLQ$FHK%HVDU6WXGLHVRQ3URVSHFWV&RPPRGLWLHV
,Q5HODWLRQ:LWK$JURLQGXVWU\'HYHORSPHQWZLOOHQKDQFHSHUIRUPDQFHRIWUDGHDQGHFRQRPLFGHYHORSPHQWRIWKLV


&RUUHVSRQGLQJDXWKRU7HO
E-mail address:LVPD\DQL#\DKRRFRP

1877-0428 © 2016 Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of the Organizing Committee of the 3rd GCBSS-2015
doi:10.1016/j.sbspro.2016.05.057
368 Ismayani / Procedia - Social and Behavioral Sciences 219 (2016) 367 – 373

UHJLRQ,WLVXQGHUVWRRGDFFRUGLQJWRWKHUHYLHZRIWKHORJLVWLFV\VWHPWKDWZLOOOHDGWRORFDODJURLQGXVWU\JURZWK
UHOLHVRQJURZWKFHQWHUVVXFKDVWKHFLW\RI/KRNVHXPDZH%DQGD$FHK/DQJVDDQG0HXODERK
$JURLQGXVWULDOGHYHORSPHQWVKRXOGSURPRWHWKHSRWHQWLDORIWKHUHJLRQDQGWKHDELOLW\RILWVSHRSOH&RPSDUDWLYH
DGYDQWDJHVLQWKHIRUPRIQDWXUDOUHVRXUFHVQHHGWREHDFFRPSDQLHGE\LQFUHDVHGFRPSHWLWLYHDGYDQWDJHVZKLFKDUH
UHDOL]HGWKURXJKWKHFUHDWLRQRIKXPDQUHVRXUFHVDQGDJURLQGXVWULDOVRFLHWLHVWKDWDUHLQFUHDVLQJO\SURIHVVLRQDO)RU
1RUWK$FHK5HJHQF\VRFLHW\HVSHFLDOO\SHRSOHOLYLQJLQDQGDURXQGWKHSRUWRI.UXHQJ*HXNXKHPSRZHUPHQWVKRXOG
WDUJHWDJURLQGXVWULHV$JURLQGXVWULDOVRFLHWLHVDURXQGWKHUHJLRQQHHGWRFRQWLQXHWREHIRVWHUHGDQGDFFRPSDQLHGE\
KXPDQ UHVRXUFH FDSDFLW\ ZKLFK LV PRUH DGYDQFHG LQGHSHQGHQW SURVSHURXV DQG HTXLWDEOH 1DWXUDO DQG KXPDQ
UHVRXUFHVDURXQGWKH1RUWK$FHKGLVWULFWVKRXOGEHFRPHWKHEDVLVIRUWKHIXWXUHGHYHORSPHQWRIDJURLQGXVWULHV7KXV
WKHQHHGWRIRUPXODWHDQDJURLQGXVWU\GHYHORSPHQWSROLF\OHDGLQJWRLQFUHDVHGDGGHGYDOXHRIDJULFXOWXUDOSURGXFWV
DVZHOODVWKHDELOLW\RISHRSOHWREHDEOHWRXVHQDWXUDOUHVRXUFHVLQDQRSWLPDODQGVXVWDLQDEOHZD\,QDGGLWLRQWRWKH
GHYHORSPHQW RI DJURLQGXVWULHV WKH UHJLRQDO QRW DJULFXOWXUDO FHQWHUV FDQ EH XWLOL]HG IRU HQJLQHHULQJ DSSURSULDWH
WHFKQRORJ\WRLPSURYHEXVLQHVVSURGXFWLYLW\IDUPHUV
LQFRPHDQGWKHZHOIDUHRIUXUDOFRPPXQLWLHVDVZHOODVWKH
UHPRYHRIEDFNZDUGQHVV
2SSRUWXQLWLHV WR GHYHORS DJURLQGXVWULHV LQ UXUDO DUHDV DPRQJ RWKHUV LQFOXGH YDULRXV DVSHFWV VXFK DV
HQYLURQPHQWDO VWUDWHJ\ GHPDQG UHVRXUFHV DQG WHFKQRORJ\ %XLOGHUV DJURLQGXVWU\ VKRXOG EH DSSOLHG WRZDUG WKH
GHYHORSPHQWRIVXVWDLQDEOHDJURLQGXVWULHV$JURLQGXVWULHVQHHGWREHEXLOWDQGGHYHORSHGZKLFKZLOOEHQRWLFHGDV
DQDVSHFWVRIWKHPDQDJHPHQWDQGFRQVHUYDWLRQRIQDWXUDOUHVRXUFHV
$JURLQGXVWU\VWHPVIURPWKHLQSXWVHWRIWHFKQRORJLHVZKLFKDUHH[SHFWHGWRSURYLGHDGGHGYDOXHWRWKHSURGXFWV
RIDJULFXOWXUDOPDLQVWD\VRI$FHK7KHDJURLQGXVWU\ZLOODOVRFKDQJHWKHQDWXUHE\ZKLFKUDZDJULFXOWXUDOSURGXFWV
DUHWXUQHGLQWRSURGXFWVWKDWKDYHPRUHYDOXHDQGKDYHDZLGHUPDUNHW7KHGHYHORSPHQWRIWKHSRUWRI.UXHQJ*HXNXK
ZRXOGEHRQHVROXWLRQLQWKHUHSDLURIVXSSO\QHWZRUNVIRUH[SRUWVRIDJULFXOWXUHSURGXFWVIURPWKLVUHJLRQ7KHUH
VKRXOGEHLQGXVWU\IRUWKHJXDUDQWHHRIWKHVXSSO\RIJRRGVDQGWRFRQWUROWKHDPRXQWRIH[SRUWJRRGVWKDWUHODWHWR
WKHGHOLYHU\FDSDFLW\RIWKHSRUW.UXHQJ*HXNXK$JULFXOWXUDOSURGXFWVWKDWDUHVHDVRQDODQGSHULVKDEOHFDQEHLQIORZV
DQGRXWIORZVFRQWULEXWLQJWRWKHV\VWHP
VDJURLQGXVWU\

/LWHUDWXUH5HYLHZ

)RUWKHFRUHHFRQRPLHVWKHWHFKQRORJ\LQGH[LVDVLPSOHDYHUDJHRIDQLQQRYDWLRQVXELQGH[DQGDQLQIRUPDWLRQ
DQGFRPPXQLFDWLRQWHFKQRORJ\,&7VXELQGH[ERWKRIZKLFKDUHFRPSULVHGRIKDUGDQGVRIWGDWD$VLQQRYDWLRQ
VXELQGH[SUHVHQWHGKHUHLVGLIIHUHQWIURPWKH³LQQRYDWLYHFDSDFLW\LQGH[´FRQVWUXFWHGE\0LFKDHO(3RUWHUDQG6FRWW
6WHUQLQ7KDWPHDVXUHVHHNVWRH[SODLQWKHXQGHUO\LQJIDFWRUVWKDWFRQWULEXWHWRLQQRYDWLRQDVPHDVXUHGE\SDWHQWV
7KHLQQRYDWLRQVXELQGH[KHUHVHHNVWRH[SODLQWKHHOHPHQWVRILQQRYDWLRQVXFKDVSDWHQWVWKDWDUHOLQNHGPHDVXUDEO\
WRJURZWK-HIIUH\'6DFKV
7KHVSHFLILFUHVXOWVRIWKHQRQOLQHDUOHDVWVTXDUHVUHJUHVVLRQZHUHDVIROORZVZLWKWKHDYHUDJHDQQXDOSHUFHQWDJH
FKDQJHLQ*'3*$3UHODWLYHWRWKH8QLWHG6WDWHVVWLOODVWKHGHSHQGHQWYDULDEOHLQWKHIROORZLQJHTXDWLRQ5REHUW-
%DUUR¶V
*URZWK &RQVWDQW%[VQRQFRUH[^1^[,&7VXELQGH[>±1LQQRYDWLRQVXELQGH[1
[WHFKQRORJ\WUDQVIHUVXELQGH[@`±1PDFURHFRQRPLFLQGH[LQVWLWXWLRQDOLQGH[`%[VFRUH[^&
^ [ ,&7 VXELQGH[   >& [ LQQRYDWLRQ VXELQGH[    ± & WHFKQRORJ\ WUDQVIHU LQGH[@`   ± &
PDFURHFRQRPLFLQGH[LQVWLWXWLRQDOLQGH[`
7HFKQRORJLFDOFRUHHFRQRPLHV
&RUHWHFKQRORJ\LQGH[ LQQRYDWLRQVXELQGH[,&7VXELQGH[
7HFKQRORJLFDOQRQFRUHHFRQRPLHV
1RQFRUHWHFKQRORJ\LQGH[ LQQRYDWLRQVXELQGH[WHFKQRORJ\WUDQVIHUVXELQGH[,&7VXELQGH[
7RFRQVWUXFWWKHWHFKQRORJ\LQWUDGHYDULDEOHZHILUVWFDOFXODWHGWKHDYHUDJHYDOXHRIQRQSULPDU\SURGXFWH[SRUWV
DVDSURSRUWLRQRI*'3WKURXJKRXWWKHV7RHQVXUHWKHEURDGHVWSRVVLEOHUHIHUHQFHEDVHZHFDOFXODWHGWKLVQRW
MXVW IRU WKH *&5 VDPSOH EXW DOVR IRU WKH PRUH WKDQ  FRXQWULHV IRU ZKLFK GHWDLOHG LQWHUQDWLRQDO WUDGH GDWD DUH
DYDLODEOH 1RQSULPDU\ H[SRUWV ZHUH GHILQHG WR LQFOXGH PRVW SURFHVVHG WH[WLOHV DQG PDQXIDFWXUHG JRRGV EXW QRW
PLQLQJSURGXFWVRUSURFHVVHGUDZPDWHULDOV[L:RUOG%DQN
$GGHGYDOXHRIDJULFXOWXUHSURGXFWLQGXVWU\DUH.QRWKH*HODO
 Ismayani / Procedia - Social and Behavioral Sciences 219 (2016) 367 – 373 369

• 5HSUHVHQWVDUHQWDOFKDUJHIRUWKHXVHRIWKHRSHUDWLQJFDSLWDO
• 0LQLPXPUDWHRIUHWXUQWKHRSHUDWLQJFDSLWDOVKRXOGHDUQ
• &DOFXODWHGDVWKHILUP¶VZHLJKWHGDYHUDJHFRVWRIFDSLWDO[LQYHVWHGFDSLWDO
$GGHGYDOXHRIDJURLQGXVWU\LVWKHUHZDUGIURPLQYHVWLQJLQSURMHFWVWKDWUHWXUQDERYHWKHFRVWRIFDSLWDO:RUOG
%DQN
)RUYHQWXUHFDSLWDOILUPVWKLVWUHQGVSHOOVLQWHQVLILHGFRPSHWLWLRQLQPDUNHWVDOUHDG\DWRUSDVWVDWXUDWLRQ$WLVVXH
IRUERWKHQWUHSUHQHXUVDQGYHQWXUHFDSLWDOILUPVLVKRZDQGZKHQYHQWXUHFDSLWDOLVWV9&VFDQSURYLGHPHDQLQJIXO
RYHUVLJKWDQGDGGYDOXHWRWKHLUSRUWIROLRFRPSDQLHVEH\RQGWKHSURYLVLRQRIFDSLWDO$QLPSRUWDQWZD\9&VDGGYDOXH
EH\RQGWKHPRQH\WKH\SURYLGHLVWKURXJKWKHLUFORVHUHODWLRQVKLSVZLWKWKHPDQDJHUVRIWKHLUSRUWIROLRFRPSDQLHV
+DUU\HWDOO
$JURLQGXVWU\LVDQDFWLYLW\WKDWSD\VLPSRUWDQWUROHLQJHQHUDWLQJDGGHGYDOXH7KHRSWLPDORIDGGHGYDOXHFRXOG
EHDFKLHYHGWKURXJKVSHFLILFLQGXVWULDOSDWWHUQZLWKGLUHFWO\LQWHJUDWHGZLWKIDPLO\IDUPLQJDQGDJULFXWXUDOHQWHUSULVHV
7DULJDQ +  7KH UROH RI VXSSO\ FKDLQ LQ SULQFLSOH LV DGG YDOXH WR WKH SURGXFW E\ ZD\ RI UDZ PDWHULDO
SURFXUHPHQWHIILFLHQF\+LGD\DW6DQG<DQL02QHRIWKHZD\VWRLQFUHDVHWKHIDUPHU¶VDFFHVVWRJHWIRRG
ZLWKLQFRPHLQFUHDVHPHQWZLWKGLYHUVLILFDWLRQ

5HVHDUFK0HWKRG

7KHPHWKRGXVHGLVDFDVHVWXG\QDPHO\FRQGXFWLQGHSWKVWXG\RQWKHWRSLFRIWKHGHYHORSPHQWRIDJURLQGXVWU\
FRPPRGLW\ LQ $FHK LQ FRQQHFWLRQ ZLWK *HXNXK .UXHQJ SRUW GHYHORSPHQW DV D SRUW RI H[SRUW 'HHSHQLQJ RI WKH
FRPPRGLW\LQGXVWU\LQ$FHKPDLQO\LQDQGWKURXJKWKHHDVWFRDVWDQGWKHUHJLRQRI&HQWUDO$FHKSURGXFWLRQFHQWHUV
DQGWKHSRVVLELOLW\RIGHYHORSPHQWRILQGXVWU\FDSDFLW\
7KH,QVWUXPHQWVWXG\SUHSDUHGLVDFKHFNOLVWDQGJXLGHGHSWKLQWHUYLHZVZLWKNH\LQIRUPDQWVWKDWFRQWDLQV
,GHQWLILFDWLRQRIWKHGHYHORSPHQWRI$JURLQGXVWU\LQ1RUWK$FHK&DSDFLW\RIDFWXDODJURLQGXVWU\DQG7KH
PHFKDQLVP RI SUHGLFWLRQ RI GHYHORSPHQW DQG IHDVLELOLW\ RI WKH ORFDWLRQ RI DJURLQGXVWU\ DQG  $GGHG YDOXH RI
SURGXFWLQGXVWU\7RFRPSOHPHQWWKHLQGHSWKLQWHUYLHZVVHFRQGDU\GDWDLVFROOHFWHGIURPUHSRUWVDQG6WDWLVWLF2IILFH
RI$FHK'HYHORSPHQW3ODQQLQJ2IILFHRI$FHKFRQFHUQLQJWKHPDLQOHDGLQJFRPPRGLW\H[SRUWVPDLQO\VXSSRUWLQJ
$FHK7KHDQDO\VLVPRGHOLVWKHLQSXWPRGHZLWKRXWSXWYDULDEOHFDSDFLW\RIDJURLQGXVWU\JRDOVIRUWKHVXSSRUWRIWKH
GHYHORSPHQWRIWKH3RUWRI.UXHQJ*HXNXKDVDQH[SRUWSRUW7KHLQGHSHQGHQWYDULDEOHLVDFWXDOSURGXFWLRQDQG
SRWHQWLDOSURGXFWLRQRIDJULFXOWXUDO\LHOGPDLQVWD\FRPPRGLWLHVDJURLQGXVWULDOSURGXFWVDQGUDZPDWHULDOV:LWKWKH
VWHDG\VWDWHPRGHOVDQGVLPXODWLRQPRGHOVVXSSRUWLQJFRQWLQXLQJVXSSRUWRIDJURH[SRUWLQ.UXHQJ*HXNXKSRUW
7KHSURSRVHGIRUPXODLVDVIROORZV
;;;Q”,&
;;;Q”,&
:KHUH
;3URGXFWLRQPDLQVWD\$JULFXOWXUDO&RPPRGLWLHVDFWXDO
;WKHPDLQVWD\RI$JULFXOWXUDO&RPPRGLWLHV3URGXFWLRQDFWXDO
;3RWHQWLDO3URGXFWPDLQVWD\RI$JULFXOWXUDO&RPPRGLWLHV
;3RWHQWLDO3URGXFWPDLQVWD\RI$JULFXOWXUDO&RPPRGLWLHV
,DFWXDODJURWHFKQRORJ\LQGH[
,SRWHQWLDODJURWHFKQRORJ\LQGH[
&&DSDFLW\DFWXDO3RUWV
&&DSDFLW\SRWHQWLDO3RUWV
)XUWKHULQFOXGHGLVWKHSURSRVHPRGHONQRZQDVLQSXWRXWSXW,2OLQHDUPRGHORI/HRQWLHI,2PRGHOVDUHRIWHQ
XVHGLQLQGXVWULDOV\VWHPVDQDO\VLVRUDQHFRQRPLFPDFURV\VWHPWRH[DPLQHWKHVWUXFWXUHRIOLQNDJHVEHWZHHQVHFWRUV
0LOOHUDQG%ODLU7KURXJKWKHLQSXWRXWSXWPRGHOVWKHIORZRIOLQNDJHVEHWZHHQVHFWRUVLQDQHFRQRP\FDQ
EHVKRZQ7KHUHODWLRQVKLSDUUDQJHPHQWEHWZHHQLQSXWDQGRXWSXWGLVWULEXWLRQLVWKHEDVLFWKHRU\XQGHUO\LQJWKH,2
PRGHOV6LPSO\SXW,2PRGHOVSURYLGHLQIRUPDWLRQRQWUDQVDFWLRQVRIJRRGVDQGVHUYLFHVDVZHOODVLQWHUFRQQHFWLRQV
EHWZHHQXQLWVRIHFRQRPLFDFWLYLW\IRUDFHUWDLQWLPHZKLFKLVSUHVHQWHGLQWDEXODUIRUP9ROXPHGDWDRQWKHOLQHV
370 Ismayani / Procedia - Social and Behavioral Sciences 219 (2016) 367 – 373

VKRZV WKH RXWSXW DOORFDWLRQ DQG YROXPH GDWD DFFRUGLQJ LQ WKH FROXPQ VKRZV WKH XVH RI LQSXWV LQ WKH SURGXFWLRQ
LQGXVWU\SURFHVVLQ$FHK

5HVXOWDQG'LVFXVVLRQ

Actual Superior Commodities of Aceh

$FHKDJULFXOWXUDOFRPPRGLW\FRQVLVWVRIFRPPRGLWLHVDQGIRUHVWU\DJULFXOWXUDODQGKRUWLFXOWXUDOFURSVILVKHULHV
DQG OLYHVWRFN 0RVW RI WKH SURGXFWLRQ RI D FRPPRGLW\ LV WKH SURGXFW RI VPDOOKROGHU SODQWDWLRQV $FHK SODQWDWLRQ
FRPPRGLW\SURGXFWLRQLQDPRXQWHGWRWRQQHVFRQVLVWLQJRIILYHQDWLRQDOFRPPRGLWLHVDQGWHQSULPH
FRPPRGLWLHV  0RVW RI WKHVH IDUP SURGXFWV  SHUFHQW DUH SURFHVVHG LQ WKH ORFDWLRQ RI WKH HDVW FRDVW RI DJUR
LQGXVWU\ WKH DJURLQGXVWULDO SRWHQWLDO DV UDZ PDWHULDOV LQ 1RUWK $FHK UHJHQF\ ,W LV DSSDUHQW WKDW WKH JURZWK DQG
GHYHORSPHQWWUHQGRIIDUPSURGXFWLRQZDVLQWKHSUHYLRXVSHULRG0DLQVWD\SODQWDWLRQSURGXFWLRQFHQWHUVZKLFKKDYH
WKHEHVWDFFHVVWRWKHSRUWRI.UXHQJ*HXNXKDPRQJRWKHUVDUH3LGLHUHJHQF\3LGLH-D\D%LUHXHQ&HQWUDO$FHK
1RUWK$FHKDQG(DVW$FHK6L[RIWKHVHUHJHQF\DUHWKHFHQWHUVIRUSODQWDWLRQVLQ$FHKSURYLQFH
7KH YLHZV RI NH\ LQIRUPDQWV VXSSRUWHG DJURLQGXVWU\ GHYHORSPHQW SRWHQWLDO RI WKH SRUW RI .UXHQJ *HXNXK
$JURLQGXVWULHVWKDWKDYHGHYHORSHGLQ1RUWK$FHKUHJHQF\DUHODUJHO\DSURGXFWRISODQWDWLRQDQGIRUHVWU\7RWDOUDZ
PDWHULDOVIURPSODQWDWLRQVXEVHFWRUDUHDSSUR[LPDWHO\WRQVDPRQJRWKHUVDSDOPRLOSURGXFWV 
WRQVE WRQVRIUXEEHUFFRFRQXW WRQVGFRIIHH WRQVDQGHFRFRDEHDQ 
WRQV3DOPSURGXFWVWKDWDUHSURGXFHGFRQVLVWRISDOPRLOSDOPNHUQHODQGVKHOOWKUHHW\SHVRISURGXFWVWKDWKDYH
GRPLQDWHGE\SDOPRLODJURLQGXVWULDOSURGXFWVRI$FHK&RFRQXWSURGXFWVFRQVLVWRIFRSUDFRLUDQGFRFRQXWVKHOO
FKDUFRDO5XEEHUSURGXFWVZKLFKDUHH[SRUWHGFRQVLVWRIODWH[OXPSDQGFUXPUXEEHU7KHUHVXOWLQJFRIIHHSURGXFW
LVLQWKHIRUPRIFRIIHHEHDQFRQVLVWLQJRISULPHTXDOLW\DUDELFDFRIIHHDQGUREXVWDFRIIHH$JULFXOWXUDOSURGXFWVDQG
KRUWLFXOWXUDOFURSVFRQVLVWRIULFHFRUQVR\EHDQFKLOOLHVDQGWRPDWRHV7RPDWRHVDUHSURGXFHGLQWKHFHQWUDOUHJLRQ
RI$FHKZLWKJRRGDFFHVVWRWKH1RUWK$FHK*UDLQSURGXFWLRQLQWKHFRDVWDODUHDVRI$FHKWLPXULVODUJHO\H[SRUWHG
IURP$FHKYLD0HGDQ6XUSOXVJUDLQDWKDUYHVWIRU$FHKLVHVWLPDWHGEHWZHHQWRSHUFHQW$FHK$JULFXOWXUH
2IILFH7KXVWKHVXSSO\RIJUDLQH[SRUWHGIURP$FHKLVDSSUR[LPDWHO\WRQVSHU\HDUWKURXJKJUDLQ
WUDGHUVLQHDFKSURGXFWLRQFHQWHUIURP$FHK%HVDUWR(DVW$FHKUHJHQF\/LNHZLVHVR\EHDQVSURGXFHGLQWKLVUHJLRQ
DSSUR[LPDWHO\WRQQHVVKLSSHGRXWRI$FHKHYHU\\HDU+RUWLFXOWXUDOSURGXFWVDUHPRVWO\PDUNHWHGRXWVLGHRI
$FHK+RUWLFXOWXUDOFRPPRGLW\LVVKLSSHGWKURXJKWKHHDVWFRDVWRI$FHKDPRXQWLQJWRQHDUO\WRQQHVSHU
\HDU +RUWLFXOWXUDO SURGXFWV H[SRUWHG IURP $FHK DUH FKLOOLHV EDQDQDV SRWDWRHV DQG VRPH YHJHWDEOHV $FHK
$JULFXOWXUH2IILFH7KHVHSURGXFWVDUHVHQWRXWVLGHRI$FHKLQIUHVKIRUPDQGYHU\SUREDEO\FRXOGEHGHYHORSHG
DV DQ DJURLQGXVWU\ LQ WKH VWUDWHJLF SRVLWLRQ $JURLQGXVWU\ IRRG FURSV WKDW KDYH EHHQ JURZQ RQ WKH HDVW FRDVW LV
SURFHVVLQJRIULFHEXWWKHWHFKQRORJ\RSHUDWLRQLQGH[LVVWLOOYHU\VPDOO7KLVPHDQVWKDWWKHUHDUHVWLOOPDQ\
RWKHUDJURLQGXVWULHVWKDWFDQEHGHYHORSHGWRJHQHUDWHJUHDWHUDGGHGYDOXH2EWDLQHG)*'UHVXOWVLQGLFDWHWKDWWKHUH
DUHVRPHFRQVWUDLQWVRQWKHGHYHORSPHQWRIDJURLQGXVWU\DQGKRUWLFXOWXUHFURSVRYHUWKH\HDUVDPRQJRWKHUVDUHD
VHDVRQDOSURGXFWVDQGPDQDJHPHQWRISURGXFWLRQEWKHORZTXDOLW\RIKXPDQUHVRXUFHVFXQSUHGLFWDEOHVHFXULW\
FRQGLWLRQVLQ$FHKWKDWGRQRWVXSSRUWDJURLQGXVWULHVGHYHORSPHQWSURJUDP
,QJHQHUDOWKHSRWHQWLDORIDJURLQGXVWULHVZRXOGEHLQWKHSURFHVVLQJRIULFHIORXUDQLPDOIHHGDQGDVDXFHIDFWRU\
LQ1RUWK$FHKUHJHQF\7KHLQWHQVLW\RIWKHVXSSO\RIUDZPDWHULDOVIRUDJURLQGXVWU\LVTXLWHKLJK7KHUDZPDWHULDO
RIWKHFRPPRGLW\SRWHQWLDORIWKHILVKHULHVVXEVHFWRUDUHQDPHO\IUHVKILVKSURGXFWVIURPPDULQHFDWFKHVFRQVLVWLQJ
RIWRQJNROWXQDJURXSHUDQGVKULPS$OORIWKHVHFDQEHGHYHORSHGLQWRDILVKSURFHVVLQJLQGXVWU\7KHUDZPDWHULDOV
IRUWKHLQGXVWU\E\SURGXFWRIOLYHVWRFNLVDOVRTXLWHJRRGOLNHDQLPDOVNLQWDQQLQJERQHPHDODQGVRIRUWK$FHKQHVH
VRFLHW\JHQHUDOO\DQGLQSDUWLFXODUWKHHDVWFRDVWFRPPXQLW\KDVDORWRIPHDWJRDWVDQGFRZV7KXVE\SURGXFWVVXFK
DVVNLQDQGERQHFDQEHGHYHORSHGLQWKLVOLYHVWRFNEDVHGDJURLQGXVWULDOV\VWHP

Potential Products

3RWHQWLDOSURGXFWLVFDOFXODWHGEDVHGRQWKHDYHUDJHSURGXFWLYLW\DQGSRWHQWLDOODQGGHYHORSPHQW7KHEDVLVRIWKH
DYHUDJHSURGXFWLYLW\LVWKHFDOFXODWLRQRISRWHQWLDOSURGXFWPXOWLSOLHGE\WKHDUHDRISODQWFXOWLYDWLRQDVVXPLQJWKH
XVHRIJRRGWHFKQRORJ\2LOSDOPSODQWDWLRQVLQ$FHKVWLOOKDVDQDYHUDJHSURGXFWLYLW\RIWRQQHVSHUKHFWDUH
 Ismayani / Procedia - Social and Behavioral Sciences 219 (2016) 367 – 373 371

EXWLGHDOO\ZLWKPDFKLQHU\DQGEHWWHUFXOWLYDWLRQLWFDQUHDFKWRQQHVSHUKHFWDUHSHU\HDU7KLVPHDQVWKDWSURGXFWV
FDQSRWHQWLDOO\UHDFKSHUFHQWRIDFWXDOFRQGLWLRQV/LNHZLVHWKHDFWXDOFDFDRVWLOOKDYHDQDYHUDJHSURGXFWLYLW\
OHYHORIWRQQHVSHUKHFWDUHSHU\HDU:KLOH,GHDOO\ZLWKEHWWHUFXOWLYDWLRQWHFKQLTXHVLWFDQUHDFKWKUHHWLPHV
WKH DFWXDO SURGXFWLYLW\:LWK WKH FDOFXODWLRQ RI WKH LQFUHDVH LQ FURS DUHD DQG FURS PDQDJHPHQW UHVXOWLQJ LQ WKH
LQWHQVLILFDWLRQRISURGXFWLRQSRWHQWLDODVUDZPDWHULDOIRUDJURLQGXVWULDOSODQWDWLRQVFDQSRVVLEO\LQFUHDVHEHWZHHQ
WR7KLVLQFUHDVHLVWRRRSWLPLVWLFEXWDFFRUGLQJWRWKHVHVWDNHKROGHUVFDQEHDFKLHYHGLIDOOVWDNHKROGHUV
FDQSOD\DUROH:KHQWKHIDUPSURGXFWVFDQSRWHQWLDOO\UHDFKWRQVSHU\HDUWKHDJURLQGXVWULDOFDSDFLW\
ZLOOLQFUHDVHIURP& & EHFRPHV,QJHQHUDORSHUDWLQJFRQGLWLRQVDJURLQGXVWULDODERYHLVYHU\
IHDVLEOHWREHGHYHORSHG6RPHFRPPRGLWLHVZKLFKDUHQRWIHDVLEOHDUHSHSSHUWREDFFRDQGFORYHV7KUHHRIWKHVH
FRPPRGLWLHVH[SHULHQFLQJKXJHIOXFWXDWLRQVFDXVHGE\VHYHUDOIDFWRUVDPRQJRWKHUVD&OLPDWHFKDQJHDIIHFWVWKH
SURGXFWLRQ E ,QWHUHVW LQ IDUPHULQJ EHJDQ WR GHFOLQH GXH WR VXEVWLWXWLRQ E\ RWKHU FRPPRGLWLHV F 1RUPDOO\
JRYHUQPHQWVGRQRWSULRULWL]HWKHWKUHHFRPPRGLWLHV

The possibility of Development and Determination of Capacity

%DVHGRQWKHWUHQGRIWKHODVWILYH\HDUVDQGWKHSUHGLFWLRQRISRWHQWLDOSURGXFWVWKHFRHIILFLHQWRIGHYHORSPHQWRI
DJURWHQFRPPRGLWLHVDUHVKRZQLQ7DEOH
7DEOH&DSDFLW\$JURLQGXVWU\%DVHG5DZ0DWHULDOV5DZ0DWHULDO$FWXDODQG3RWHQWLDOLQ1RUWK$FHK5HJHQF\

C$JURLQGXVWU\ & $FWXDO3URGXFWLRQWRQ & 3RWHQWLDO3URGXFWLRQWRQ

3DOP2LO    

&RIIHH    
5XEEHU    
&RFRD    
1XW    
&RFRQXW    
5LFH    
&KLOOL    
7RPDWRHV    
)HHG    
,QGHNV$,    
6RXUFH&DOFXODWLRQUHVXOWV

7KHFDOFXODWLRQVVKRZWKDWWKHGHYHORSPHQWRIDJURLQGXVWU\DJULFXOWXUDOFRPPRGLW\LQ1RUWK$FHKUHJHQF\LVYHU\
IHDVLEOHWREHGHYHORSHGZLWKDQLQVWDOOHGFDSDFLW\RIEHWZHHQWRRIDYDLODELOLW\RIUDZPDWHULDOV7KHODUJHU
WKHLQGH[WKHVPDOOHUWKHDPRXQWRISURGXFWLRQLQWKHLQGXVWU\:KHQWKHDJURLQGXVWU\LQGH[LVOHVVWKDQLWPHDQV
WKDWWKHUDZPDWHULDOVDYDLODEOHDPRXQWVWRDVPXFKDVSHUFHQWRILQVWDOOHGLQGXVWULDOFDSDFLW\6RPHFRPPRGLWLHV
ZKLFKDUHVRPHZKDWVHQVLWLYHWRFKDQJHVLQSURGXFWLRQDUHFRIIHHDQGFRFRD7KH&RIIHHPLOOWKDWKDVEHHQLQVWDOOHG
LQ &HQWUDO $FHK 'LVWULFW DQG KLJKODQGV KDV EHHQ YHU\ VHQVLWLYH WR WKH GHFOLQH LQ FRIIHH SURGXFWLRQ LQ WKLV DUHD
/LNHZLVHFRFRDEHJDQWREHGHYHORSHGLQ3LGLHDQG3LGLH-D\D%DVHGRQWKHRXWSXWFRHIILFLHQWVIRUHDFKFRPPRGLW\
WKHELJJHVWDUHDQLPDOIHHGULFHLQGXVWU\DQGLQGXVWU\VDXFHFKLOOLDQGWRPDWRHV:KLOHWKHRLOSDOPLQGXVWU\FRFRD
FRIIHH FRFRQXW UXEEHU EHWHO QXW WXUPHULF DQG JLQJHU DUH UHODWLYHO\ VPDOO EXW VWLOO ODUJHU WKDQ RQH 'HWDLOHG
FRHIILFLHQWUHVXOWVVKRZQLQ7DEOH
7KHWDEOHDERYHVKRZVWKDWWKHFDSDFLW\RIDJURLQGXVWU\LQWKHHDVWHUQFRDVWFDQUHDFKWRWRQQHV
SHU\HDUWKHODUJHVWLQGXVWULDOFDSDFLW\WKDWLVUHTXLUHGLVWKHDQLPDOIHHGLQGXVWU\,QGXVWU\TXDOLW\ULFHLVDOVRKLJK
SRWHQWLDOZLWKDFDSDFLW\RIWRQQHVSHU\HDURIILYHXQLWVDQGVDXFHLQGXVWU\ZLWKDFDSDFLW\RIWRQQHVSHU
\HDU&32LQGXVWU\SURGXFWVRLOFKDUFRDOFRPSRVWDUHDOVRYHU\VXSSRUWLYHRIWKH.UXHQJ*HXNXKKDUERXUDQG
372 Ismayani / Procedia - Social and Behavioral Sciences 219 (2016) 367 – 373

VHYHUDORWKHUORFDWLRQVRQWKHHDVWHUQFRDVWRI$FHK

7DEOH,QGH[RI,QGXVWULDO&DSDFLW\(DFK$JURLQGXVWU\In East Coast of Aceh

$JURLQGXVWU\ & ,  & , 

3DOP2LO    

&RIIHD    
5XEEHU    
&RFRD    
1XW    
&RFRQXW    
5LFH    
&KLOOLH    
7RPDWRHV    
)HHG    
6RXUFH&DOFXODWLRQUHVXOWV

Prospects Added Value in the Development of Agro-Industry

3URVSHFWVIRUGHYHORSPHQWRIDJURLQGXVWULHVLQHDVWHUQFRDVWDODUHDVRI$FHKZHUHH[DPLQHGIURPYDULRXVDQJOHV
QDPHO\DSURVSHFWVIRUUDZPDWHULDOVEDFFHVVWRFHQWHUVRIGHYHORSPHQWFWKHIHDVLELOLW\RIWKHLQYHVWPHQW
7KUHHRIWKHVHDVSHFWVFDQEHDQVZHUHGDERXWWKHSURVSHFWRIDJURLQGXVWU\OHDGLQJFRPPRGLW\LQWKHUHJLRQ)URP
WKHSRLQWRIDYDLODELOLW\RIUDZPDWHULDOVWKHSURVSHFWVIRUDJURLQGXVWU\DUHLQGLFDWHGE\WKHLQGH[RIWHFKQRORJ\DQG
UDZPDWHULDOV)URPWKHDERYHWKHLQGH[RIWKHJUHDWHVWSURVSHFWVDUHDQLPDOIHHGLQGXVWU\ZLWKWKHDSSHDOE\WLPHV
RI DYDLODELOLW\ RI UDZ PDWHULDOV FRUQ VR\EHDQ FRFRQXW FDNH DQG ZDVWH RLO 6LPLODUO\ FKLOOL DQG WRPDWR VDXFH
LQGXVWU\ZLWKLQGH[ZKLFKPHDQVWKDWWKHDYDLODELOLW\RIUDZPDWHULDOVLVVHYHQWLPHVWKHFDSDFLW\RIDJURLQGXVWU\
DWRYHUWRQVSHU\HDU&KLOOLDQGWRPDWRUDZPDWHULDOFDQEHREWDLQHGIURPDWOHDVWWHQSURGXFWLRQFHQWHUVVXFK
DV*D\R/XHV&HQWUDO$FHKKLJKODQGV3LGLH3LGLH-D\D%LUHXHQ1RUWK$FHKDQG(DVW$FHK/LNHZLVHDFFHVVWR
UDZ PDWHULDOV VSUHDGV IURP WKH SDOP ))% LQ %LUHXHQ GLVWULFW 1RUWK $FHK (DVW $FHK DQG $FHK 7DPLDQJ
$JURLQGXVWULDOORFDWLRQVDOVRQHHGWREHSODFHGZLWKFRQVLGHUDWLRQRIWUDYHOWLPHDQGURDGFRQGLWLRQVLQWRGHYHORSPHQW
FHQWHUV
%DVHGRQWKHIHDVLELOLW\RILQYHVWPHQWLQ$JURLQGXVWU\DVZHOODVVRPHFULWHULDWKDWFDQEHDQDO\]HGE\1HW3UHVHQW
9DOXH1391HW%HQHILW&RVW5DWLR1HW%&,QWHUQDO5DWHRI5HWXUQ,55DQG3D\EDFN3HULRG3%3WKHQVHYHQ
FRPPRGLWLHVLVYHU\IHDVLEOHDVVKRZQLQ7DEOH

7DEOH,QYHVWPHQW&ULWHULD(OLJLELOLW\$JURLQGXVWU\LQWKH(DVWHUQ&RQIHUHQFH$FHK$JURLQGXVWU\,QYHVWPHQW
,QYHVWPHQW&ULWHULD
$JURLQGXVWU\ 3%3
139 1HW%& ,55
7DKXQ
3DOP2LO    
6DXFHV,QGXVWU\    
5LFH,QGXVWU\    
&RFRQXW    
)RRGHU,QGXVWU\    
6RXUFH$]KDU0XVOLPHWDO-RVKXD$%HWDO5DKPDGV\DKHWDO

)URPWKHSRLQWRILQYHVWPHQWIHDVLELOLW\RIWKHLQGXVWU\
VPRVWUHDVRQEOHLVWKHULFHLQGXVWU\DQLPDOIHHGLQGXVWU\
LQGXVWU\DQGRWKHUVDXFHV

Major Problems and Solutions Agro-industrial Development

 Ismayani / Procedia - Social and Behavioral Sciences 219 (2016) 367 – 373 373

)*' ZLWK VWDNHKROGHUV LQ 1RUWK $FHK IDFHV D IHZ REVWDFOHV LQ DJURLQGXVWU\ GHYHORSPHQW LQ $FHK DPRQJ
RWKHUVDSULPDU\UDZPDWHULDOKDQGOLQJLQGXVWU\LVVWLOOQRWVXIILFLHQW3DOP5XEEHUDQG&RFRDE7KHPDUNHW
GHPDQGIRUUDZPDWHULDOVFRIIHHDQGFRFRDLVYHU\KLJKF7KHPDUNHWIRUIXUWKHUSURFHVVHGSURGXFWVKDVQRWEHHQ
LGHQWLILHGUHFRUGHGSURSHUO\G&RVWRISURGXFWLRQRIDGYDQFHGSURFHVVHGSURGXFWVLVUHODWLYHO\PRUHH[SHQVLYH
ODERUWUDQVSRUWDWLRQUDZPDWHULDOV7KHSULPDU\LQGXVWU\LQWKLVDUHDLVVWLOOVPDOOHVSHFLDOO\IRUVRPHRIWKHUDZ
PDWHULDOVVRSURVSHFWVIRUJURZLQJWKHGRZQVWUHDPLQGXVWU\DUHVWLOOYHU\VPDOO7KHUHIRUHWRIRVWHUDJURLQGXVWULHV
WKHUHVWLOOQHHGVWRVXIILFLHQWSULPDU\LQGXVWU\7KHQH[WREVWDFOHWKDWPRVWFRXQWULHVVWLOOGHPDQGUHTXLUHVLPSRUWHUV
RIDJULFXOWXUDOSURGXFWVLQWKHIRUPRIUDZPDWHULDOVVXFKDVFRFRDEHDQVULFHFRIIHHODWH[IRUUXEEHUSURGXFWV7KXV
WKHDGGHGYDOXHRISURFHVVHGSURGXFWVDUHLQREWDLQLQJDFRXQWU\RIH[SRUW%HVLGHVWKHFRVWRIWUDQVSRUWDWLRQIURP
WKHSURGXFWLRQFHQWHULVVWLOOH[SHQVLYHEHFDXVHRIWKHQDWXUHRIEXON\DJULFXOWXUDOSURGXFWV5HILQHGDJURLQGXVWU\
PDUNHWSURGXFWVUHILQHGKDYHPRVWO\QRWEHHQLGHQWLILHGVRLWLVGLIILFXOWWRHVWLPDWHWKHFDSDFLW\RIUHILQHGSURGXFWV
SURGXFHG &RFRD SRZGHU SURGXFWV FDFDR EXWWHU DQG FRFRD EXWWHU LV VWLOO OLPLWHG WR WKH GRPHVWLF GHPDQG
1HYHUWKHOHVVWKHDPRXQWKDVQRWEHHQZHOOLGHQWLILHG,QYHVWRUVVXSHULRUSURGXFWIRUUHILQHGSURGXFWVDUHVWLOOQRWDEOH
WRHVWLPDWHWKHFDSDFLW\RIWKHSURGXFWWKHSULFHRIJRRGVDQGJXDUDQWHHUHWXUQRQLQYHVWPHQW
2IWKHFRQVWUDLQWVDERYHVHYHUDOVWUDWHJLFVWHSVPXVWEHWDNHQZKLFKLQFOXGHD&RQGXFWDVWXG\RQWKHDYDLODELOLW\
RIUDZPDWHULDOVDJURLQGXVWULDOFRPSUHKHQVLYHQHVVDQGPDSSURGXFWLRQFHQWHUVE3URPRWLRQRIDJURLQGXVWU\DQG
OHDGLQJFRPPRGLW\$FHKWRLQYHVWRUVERWKQDWLRQDODQGIRUHLJQLQYHVWRUVF/RRNLQJIRUDSDUWQHUZKRFDQZRUNLQ
V\QHUJ\ZLWKWKHDJURLQGXVWU\SURJUDPLQ$FHKG,GHQWLI\PDUNHWRIDJURSURFHVVHGSURGXFWVLQ$FHKDQGLQIRUP
LQYHVWRUVH&RPSOHWLQJWKHLQIUDVWUXFWXUHWRVXSSRUWDJURLQGXVWULHVLQYHVWPHQWFOLPDWHLQWKLVDUHD

&RQFOXVLRQV

5HVXOWV RI WKHVWXG\ FRQFOXGHG WKDW WKHGHYHORSPHQW RI DJURLQGXVWU\ LQ WKHQRUWKHDVWFRDVWRI$FHKKDVJRRG
SURVSHFWV ERWK LQ WHUPV RI DYDLODELOLW\ RI UDZ PDWHULDOV DFFHVV WR WKH VLWH RI GHYHORSPHQW FHQWHUV VXSSRUWLQJ
LQIUDVWUXFWXUHDQGLQYHVWPHQWIHDVLELOLW\3ULRULW\GHYHORSPHQWSURVSHFWVRIWKHODUJHVWDJUREDVHGLQGXVWU\LVULFH
IRGGHUVDXFHFRFRQXWSDOPDQGWHQPDLQFRPPRGLWLHVIRUWKH86
7RGHYHORSWKHSRWHQWLDORIDJURLQGXVWU\OHDGLQJFRPPRGLW\LQWKHQRUWKHDVWFRDVWRI$FHKWKHJRYHUQPHQWVKRXOG
XQGHUWDNHVWUDWHJLFVWHSV&RQGXFWDFRPSUHKHQVLYHDJURLQGXVWULDOVWXG\RQWKHDYDLODELOLW\RIUDZPDWHULDOVDQG
PDSSURGXFWLRQFHQWHUV3URPRWLQJDJURLQGXVWU\OHDGLQJFRPPRGLW\LQ$FHKWRLQYHVWRUVERWKQDWLRQDODQGIRUHLJQ
LQYHVWRUV/RRNLQJIRUDSDUWQHUZKRFDQZRUNLQV\QHUJ\ZLWKWKHSURJUDPVRIDJURLQGXVWU\LQ$FHK,GHQWLI\
SURFHVVHG DJURSURGXFWV PDUNHW LQ $FHK DQG LQIRUP LQYHVWRUV  &RPSOHWLQJ WKH LQIUDVWUXFWXUH WR VXSSRUW DJUR
LQGXVWULHVLQYHVWPHQWFOLPDWHLQWKLVDUHD

5HIHUHQFHV

$]KDU0XVOLP5RPDQRDQG$JXVWLDU7KH)HDVLELOLW\6WXG\RI3DOP2LO3URFHVVLQJ)DFWRU\LQ1RUWK$FHKGLVWULFW

'HSDUWPHQWRI$JULFXOWXUH$FHK3URVSHFWVIRU)RRG3ODQW%DVHG,QGXVWULDO*URZWKLQ$FHK%DQGD$FHK
+LGD\DW6GDQ<DQL00RGHO,GHQWLILFDWLRQRIULVNDQGVWUDWHJ\RIDGGLQJYDOXHWRWKH3DOP2LO6XSSO\&KDLQ-XUQDOLQGXVWULSHWUDDFLG
+DUU\-6DSLHQ]D6RSKLH0DQLJDUW:LP9HUPHLU9HQWXUD&DSLWDOLVWJRYHUQDQFHDQG9DOXH$GGHGLQ)RXU&RXQWULHV-RXUQDORI%XVLQHVV
9HQWXULQJ9RO
-RVKXD$EXEDNDU5RPDQR$VKDEXO$QKDUDQG0XMLEXUDKPDG7KH)HDVLELOLW\6WXG\&RFRD3URFHVVLQJ,QGXVWU\LQ3LGLHGLVWULFW0')
$$$.HXPDQJ%DQGD$FHK
-HIIUH\'6DFKV³7HQ7UHQGVLQ*OREDO&RPSHWLWLYHQHVVLQ´*OREDO&RPSHWLWLYHQHVV5HSRUW*HQHYD:RUOG(FRQRPLF)RUXP
S
.QRWKH*HODO%LRGLHVHO7KH8VHRI9HJHWDEOH2LOVDQG7KHLU'HULYDWLYHVDV$OWHUQDWLYH'LHVHO)XHOV2LO&KHPLFDO5HVHDUFK1DWLRQDO
&HQWHUIRU$JULFXOWXUDO8WLOL]DWLRQ5HVHDUFKUHVHDUFK$JULFXOWXUH6HUYLFH86'HSDUWPHQWRI$JULFXOWXUH3HRULD,OOLQRLV86$
0RQGDO30%DVXDQG1%DODVXEUDPDQLDQ'LUHFW8VHRI9HJHWDEOH2LODQG$QLPDO)DWDV$OWHUQDWLYH)XHOLQ,QWHUQDO&RPEXWLRQ
(QJLQH%LRISU9RO$SULO0DUFK3S,
5REHUW-%DUUR¶V6HPLQDUZRUN³(FRQRPLF*URZWKLQD&URVV6HFWLRQRI&RXQWULHV´4XDUWHUO\-RXUQDORI(FRQRPLFV&9,±
5DKPDGV\DK5RPDQRDQG7HXNX0DNPXU7KH)HDVLELOLW\6WXG\,QWHJUDWHG&RFRQXW3URFHVVLQJ,QGXVWU\LQ%LUHXHQ'LVWULFW'HSDUWPHQW
RI$JULEXVLQHVV)DFXOW\RI$JULFXOWXUH8QV\LDK%DQGD$FHK
7DULJDQ+,QUHDVLQJYDOXHDGGHGWKURXJKDJURLQGXVWU\RIEDQDQDGHYHORSPHQWLQ/XPDMDQJGLVWULFW-RXUQDO3XVDW6WXGL(NRQRPL/LWEDQJ
3HUWDQLDQ-DNDUWDSVHOLWEDQJSHUWDQLDQJRLG
:RUOG%DQN0DQXIDFWXULQJYDOXHDGGHG,QGLFDWRU0HWDGDWD:RUOG%DQN6HULHV