Bagus Jati Panuntun - Academia.edu (original) (raw)

Uploads

Papers by Bagus Jati Panuntun

Research paper thumbnail of The Effect of Covid-19 Pandemic on the Performance of Islamic Bank in Indonesia

Jurnal Equity, Dec 6, 2020

The Corona Virus Diseases (Covid-19) pandemic that hit the world resulted in a decline in the per... more The Corona Virus Diseases (Covid-19) pandemic that hit the world resulted in a decline in the performance of most companies, including reducing the performance of the world economy. Banking as a business group was also affected because the decline in company performance had an effect on the decline in banks, including Islamic banks especially the probability effect. This is due to the large number of affected customer companies causing a decrease in financing which in turn reduces profitability. The purpose of this study is to examine the impact of the Covid-19 pandemic on the performance of Islamic banks in Indonesia. The performance of Islamic bank consist of capital adequacy ratio (CAR), non-performing financing (NPF), profitability as measured by return on assets (ROA), return on equity (ROE), and net operating margin (NOM)., operating expenses to operating income ratio (OEIR) and financing to deposit ratio (FDR). The population in this study were 13 Islamic commercial banks operating in Indonesia. From this population 12 banks were taken as samples and one bank was not taken because the data were incomplete. The data is taken quarterly, namely 4 quarters before the pandemic and 3 quarters during the pandemic. To test the hypothesis, the independent sample t-test was used. The results showed that the profitability as measured by ROE and NOM has a significant effect, as well as the financing to deposit ratio is also significantly different. Meanwhile, CAR, NPF, ROA, and OEIR were not affected by the Covid-19 pandemic.

Research paper thumbnail of Pasar Opsi Saham Indonesia: Akankah Kembali Aktif Dan Mendatangkan Keuntungan Bagi Investor?

This study aimed to investigate whether to conduct a transaction of Stock Option Contracts (KOS) ... more This study aimed to investigate whether to conduct a transaction of Stock Option Contracts (KOS) in Indonesia Stock Exchange can still be profitable for investors. In addition, this study also aims to finding the cause that can make the Stock Option Contracts (KOS) instrument become less attractive to investors. To answer these objectives, researchers using the entire transaction data of Stock Option Contracts (KOS) for a period of 2007 & 2008 as the object of research. The study was conducted using secondary data in the archives of Indonesia Stock Exchange, with the underlying assets of PT. Astra International Indonesia, Tbk (ASII), PT. Bank Central Asia Tbk (BBCA), PT. Indofood Sukses Makmur Tbk (INDF) and PT. Telekomunikasi Indonesia, Tbk (TLKM). The sampling technique is using archival data with a purposive sampling method. The results showed that trading Stock Option Contracts (KOS) on the Indonesian Stock Exchange has not been able to bring optimum profit to the investor. With...

Research paper thumbnail of PENGARUH BUDAYA ORGANISASI PADA STRATEGI PERUSAHAAN (Studi pada UKM di Kota Surakarta)

This study is performed to examine the effect of adhocracy culture and hierarchy culture toward i... more This study is performed to examine the effect of adhocracy culture and hierarchy culture toward innovation and imitation strategy with firm size as a moderation variable. The objective of this study is to analyze the effect of adhocracy culture and hierarchy culture toward innovation and imitation strategy with firm size as a moderate variable. The sample of this research is about 30 small and medium furniture enterprise of 50 small and medium furniture enterprise population in Surakarta city. The sampling technique used convenience sampling by supply questioner to responden. Data taken the questioner has been allotted. This study using hierarchical regression analysis. The results of this research is indicate that adhocracy culture were significantly positive effect toward innovation strategy. Hierarchy culture were significantly positive effect toward imitation strategy. Firm size variable does not significantly effect influence organizational culture toward organizational strategy, but firm size variable significantly effect toward organizational strategy. If the small and medium furniture enterprise will became market leader, manager must use innovation strategy with adhocracy culture apply. If small and medium furniture enterprise will market adherent, manager must use imitation strategy with hierarchy culture apply. Penelitian ini dilakukan untuk menguji pengaruh budaya adhocracy dan budaya hirarki pada strategi inovasi dan strategi imitasi dengan ukuran perusahaan (size) sebagai variabel moderasi. Tujuan dari penelitian ini untuk menganalisis pengaruh budaya adhocracy dan budaya hirarki pada strategi inovasi dan strategi imitasi dengan ukuran perusahaan (size) sebagai variabel moderasi. Sampel dalam penelitian ini adalah 30 UKM mebel dari jumlah populasi 50 UKM Mebel di Kota Surakarta. Teknik pengambilan sampel penelitian ini adalah convenience sampling dengan cara pemberian kuisioner kepada responden. Data dalam penelitian ini diambil dari kuisioner yang dibagikan. Penelitian ini menggunakan teknik analisis regresi hirarkikal. Hasil penelitian ini adalah budaya adhocracy berpengaruh positif dan signifikan pada strategi inovasi. Budaya hirarki berpengaruh signifikan positif pada strategi imitasi. Variabel size tidak memoderasi pengaruh budaya organisasi pada strategi perusahaan, namun variabel size berpengaruh signifikan pada strategi perusahaan. Peneliti menyarankan bagi UKM di kota Surakarta jika akan menjadi pemimpin pasar harus selalu melakukan inovasi dengan menerapkan budaya adhocracy. Jika para pemilik UKM ingin menjadi pengikut pasar strategi yang diterapkan adalah strategi imitasi dengan menganut budaya hirarki.

Research paper thumbnail of Capital budgeting: financial appraisal of investment projects

List of figures page xiii List of tables xiv Preface xvii 1 Capital budgeting: an overview Study ... more List of figures page xiii List of tables xiv Preface xvii 1 Capital budgeting: an overview Study objectives Shareholder wealth maximization and net present value Classification of investment projects The capital budgeting process Organization of the book Concluding comments Review questions 2 Project cash flows Study objectives Essentials in cash flow identification Example 2.1 Example 2.2 Asset expansion project cash flows Example 2.3. The Delta Project Asset replacement project cash flows Example 2.4. The Repco Replacement Investment Project Concluding comments Review questions 3 Forecasting cash flows: quantitative techniques and routes Study objectives Quantitative techniques: forecasting with regression analysis; forecasting with time-trend projections; forecasting using smoothing models v vi Contents More complex time series forecasting methods Forecasting routes Concluding comments Review questions 4 Forecasting cash flows: qualitative or judgemental techniques Study objectives Obtaining information from individuals Using groups to make forecasts The Delphi technique applied to appraising forestry projects Example 4.1. Appraising forestry projects involving new species Example 4.2. Collecting data for forestry projects involving new planting systems Scenario projection Example 4.3. Using scenario projection to forecast demand Concluding comments: which technique is best? Review questions 5 Essential formulae in project appraisal Study objectives Symbols used Rate of return Example 5.1 Note on timing and timing symbols Future value of a single sum Example 5.2 Example 5.3 Present value of a single sum Example 5.4 Example 5.5 Future value of a series of cash flows Example 5.6 Present value of a series of cash flows Example 5.7 Example 5.8 Present value when the discount rate varies Example 5.9 Present value of an ordinary annuity Example 5.10 Present value of a deferred annuity Example 5.11 Example 5.12 Contents vii Perpetuity Net present value Example 5.13 Net present value of an infinite chain Internal rate of return Example 5.14 Loan calculations Example 5.15 Loan amortization schedule Concluding comments Review questions 6 Project analysis under certainty Study objectives Certainty Assumption Net present value model The net present value model applied Other project appraisal methods Suitability of different project evaluation techniques Mutual exclusivity and project ranking Asset replacement investment decisions Project retirement Concluding comments Review questions 7 Project analysis under risk Study objectives The concepts of risk and uncertainty Main elements of the RADR and CE techniques The risk-adjusted discount rate method Estimating the RADR Estimating the RADR using the firm's cost of capital Example 7.1. Computation of the WACC for Costor Company Estimating the RADR using the CAPM The certainty equivalent method Example 7.2. Computing NPV using CE: Cecorp The relationship between CE and RADR Example 7.3. Ceradr Company investment project Comparison of RADR and CE Concluding comments Review questions viii Contents Sensitivity and break-even analysis Study objectives Sensitivity analysis Procedures in sensitivity analysis Sensitivity analysis example: Delta Project Developing pessimistic and optimistic forecasts Pessimistic and optimistic forecasts of variable values for the Delta Project example Applying the sensitivity tests Sensitivity test results Break-even analysis Break-even analysis and decision-making Concluding comments Review questions 9 Simulation concepts and methods Study objectives What is simulation? Elements of simulation models for capital budgeting Steps in simulation modelling and experimentation Risk analysis or Monte Carlo simulation Example 9.1. Computer project Design and development of a more complex simulation model Example 9.2. FlyByNight project Deterministic simulation of financial performance Example 9.3. FlyByNight deterministic model Stochastic simulation of financial performance Example 9.4. FlyByNight stochastic simulation Choice of experimental design Advantages and disadvantages of simulation compared with other techniques in capital budgeting Concluding comments Review questions Appendix: Generation of random variates 10 Case study in financial modelling and simulation of a forestry investment Study objectives Key parameters for forestry models Sources of variability in forestry investment performance Methods of allowing for risk in the evaluation of forestry investments Problems faced in developing forestry financial models Developing a financial model: a step-by-step approach Contents ix Example 10.1. Flores Venture Capital Ltd forestry project Comparing forestry projects of different harvest rotations Example 10.2. FVC Ltd: comparison of one-stage and two-stage harvest options Risk analysis or Monte Carlo analysis Example 10.3. Simulation analysis of FVC Ltd forestry project Concluding comments Review questions 11 Resource constraints and linear programming Study objectives LP with two decision variables and three constraints Example 11.1. Roclap: product mix problem Investment opportunities and by-product constraints Example 11.2. Capital rationing problem LP and project choice Example 11.3. Project portfolio selection problem Concluding comments Review questions 12 More advanced linear programming concepts and methods Study objectives Basic LP assumptions and their implications for capital budgeting Expanding the number of projects and constraints Example 12.1. Power generator's decision problem Indivisible investments and integer activity levels Example 12.2. Resort development problem Borrowing and capital transfers Example 12.3. Borrowing and capital transfer problem Contingent or dependent projects Example 12.4. Infrastructure problem Mutually exclusive projects Example 12.5. Sports gear problem Some other LP extensions for capital budgeting Concluding comments Review questions 13 Financial modelling case study in forestry project evaluation Study objectives Forestry evaluation models: uses and user groups Financial models available to evaluate forestry investments The Australian Cabinet Timbers Financial Model (ACTFM) Review of model development and design options x Contents Concluding comments Review questions Property investment analysis Study objectives Income-producing properties Example 14.1. Property cash flows from the industrial property Example 14.2. Equity cash flows before tax from the industrial property Example 14.3. Equity cash flows after tax from the industrial property Corporate real estate Example 14.4. Acquiring the industrial property for operations Example 14.5. Leasing or buying the industrial property for operations Development feasibility Example 14.6. Initial screening of an industrial building project Example 14.7. Project cash flows from a property development Example 14.8. Equity cash flows from the development project Concluding comments Review questions 15 Forecasting and analysing risks in property investments Study objectives Forecasting Example 15.1. Forecasting operating cash flows for the industrial property Example 15.2. Forecasting resale proceeds for the industrial property Example 15.3. Forecasting development cash flows for a residential project Risk analysis Example 15.4. Net present value of the industrial property-sensitivity analysis Example 15.5. Overbuilding for the industrial property-scenario analysis Example 15.6. Development risks-Monte Carlo (risk) simulation Concluding comments Review questions 16 Multinational corporations and international project appraisal Study objectives Definition of selected terms used in the chapter The parent's perspective versus the subsidiary's perspective Example 16.1. Garment project Exchange rate risk Country risk Contents xi A strategy to reduce a project's exchange rate and country risks Other country risk reduction measures Incorporating exchange rate and country risk in project analysis Concluding comments Review questions References Index

Research paper thumbnail of Effect Of Operating Leverage, Growth Asset, And The Size Of The Company To Systematic Risk

This study aims to empirically prove the effect of operating leverage, growth asset, and the size... more This study aims to empirically prove the effect of operating leverage, growth asset, and the size of the company to systematic risk as to the dependent variable. The sample in this study was agricultural sector companies listed on the Indonesia Stock Exchange in 2015-2018 by using a purposive sampling method. The data analysis technique used is multiple linear regression analysis with SPSS 25. The results of this study show that operating leverage and growth asset do not effect on systematic risk, while the size of the company does not effect on systematic risk. The implication of this research is as a basis for consideration for potential investors who will invest in the agricultural sector.

Research paper thumbnail of The Effect of Covid-19 Pandemic on the Performance of Islamic Bank in Indonesia

Jurnal Equity, Dec 6, 2020

The Corona Virus Diseases (Covid-19) pandemic that hit the world resulted in a decline in the per... more The Corona Virus Diseases (Covid-19) pandemic that hit the world resulted in a decline in the performance of most companies, including reducing the performance of the world economy. Banking as a business group was also affected because the decline in company performance had an effect on the decline in banks, including Islamic banks especially the probability effect. This is due to the large number of affected customer companies causing a decrease in financing which in turn reduces profitability. The purpose of this study is to examine the impact of the Covid-19 pandemic on the performance of Islamic banks in Indonesia. The performance of Islamic bank consist of capital adequacy ratio (CAR), non-performing financing (NPF), profitability as measured by return on assets (ROA), return on equity (ROE), and net operating margin (NOM)., operating expenses to operating income ratio (OEIR) and financing to deposit ratio (FDR). The population in this study were 13 Islamic commercial banks operating in Indonesia. From this population 12 banks were taken as samples and one bank was not taken because the data were incomplete. The data is taken quarterly, namely 4 quarters before the pandemic and 3 quarters during the pandemic. To test the hypothesis, the independent sample t-test was used. The results showed that the profitability as measured by ROE and NOM has a significant effect, as well as the financing to deposit ratio is also significantly different. Meanwhile, CAR, NPF, ROA, and OEIR were not affected by the Covid-19 pandemic.

Research paper thumbnail of Pasar Opsi Saham Indonesia: Akankah Kembali Aktif Dan Mendatangkan Keuntungan Bagi Investor?

This study aimed to investigate whether to conduct a transaction of Stock Option Contracts (KOS) ... more This study aimed to investigate whether to conduct a transaction of Stock Option Contracts (KOS) in Indonesia Stock Exchange can still be profitable for investors. In addition, this study also aims to finding the cause that can make the Stock Option Contracts (KOS) instrument become less attractive to investors. To answer these objectives, researchers using the entire transaction data of Stock Option Contracts (KOS) for a period of 2007 & 2008 as the object of research. The study was conducted using secondary data in the archives of Indonesia Stock Exchange, with the underlying assets of PT. Astra International Indonesia, Tbk (ASII), PT. Bank Central Asia Tbk (BBCA), PT. Indofood Sukses Makmur Tbk (INDF) and PT. Telekomunikasi Indonesia, Tbk (TLKM). The sampling technique is using archival data with a purposive sampling method. The results showed that trading Stock Option Contracts (KOS) on the Indonesian Stock Exchange has not been able to bring optimum profit to the investor. With...

Research paper thumbnail of PENGARUH BUDAYA ORGANISASI PADA STRATEGI PERUSAHAAN (Studi pada UKM di Kota Surakarta)

This study is performed to examine the effect of adhocracy culture and hierarchy culture toward i... more This study is performed to examine the effect of adhocracy culture and hierarchy culture toward innovation and imitation strategy with firm size as a moderation variable. The objective of this study is to analyze the effect of adhocracy culture and hierarchy culture toward innovation and imitation strategy with firm size as a moderate variable. The sample of this research is about 30 small and medium furniture enterprise of 50 small and medium furniture enterprise population in Surakarta city. The sampling technique used convenience sampling by supply questioner to responden. Data taken the questioner has been allotted. This study using hierarchical regression analysis. The results of this research is indicate that adhocracy culture were significantly positive effect toward innovation strategy. Hierarchy culture were significantly positive effect toward imitation strategy. Firm size variable does not significantly effect influence organizational culture toward organizational strategy, but firm size variable significantly effect toward organizational strategy. If the small and medium furniture enterprise will became market leader, manager must use innovation strategy with adhocracy culture apply. If small and medium furniture enterprise will market adherent, manager must use imitation strategy with hierarchy culture apply. Penelitian ini dilakukan untuk menguji pengaruh budaya adhocracy dan budaya hirarki pada strategi inovasi dan strategi imitasi dengan ukuran perusahaan (size) sebagai variabel moderasi. Tujuan dari penelitian ini untuk menganalisis pengaruh budaya adhocracy dan budaya hirarki pada strategi inovasi dan strategi imitasi dengan ukuran perusahaan (size) sebagai variabel moderasi. Sampel dalam penelitian ini adalah 30 UKM mebel dari jumlah populasi 50 UKM Mebel di Kota Surakarta. Teknik pengambilan sampel penelitian ini adalah convenience sampling dengan cara pemberian kuisioner kepada responden. Data dalam penelitian ini diambil dari kuisioner yang dibagikan. Penelitian ini menggunakan teknik analisis regresi hirarkikal. Hasil penelitian ini adalah budaya adhocracy berpengaruh positif dan signifikan pada strategi inovasi. Budaya hirarki berpengaruh signifikan positif pada strategi imitasi. Variabel size tidak memoderasi pengaruh budaya organisasi pada strategi perusahaan, namun variabel size berpengaruh signifikan pada strategi perusahaan. Peneliti menyarankan bagi UKM di kota Surakarta jika akan menjadi pemimpin pasar harus selalu melakukan inovasi dengan menerapkan budaya adhocracy. Jika para pemilik UKM ingin menjadi pengikut pasar strategi yang diterapkan adalah strategi imitasi dengan menganut budaya hirarki.

Research paper thumbnail of Capital budgeting: financial appraisal of investment projects

List of figures page xiii List of tables xiv Preface xvii 1 Capital budgeting: an overview Study ... more List of figures page xiii List of tables xiv Preface xvii 1 Capital budgeting: an overview Study objectives Shareholder wealth maximization and net present value Classification of investment projects The capital budgeting process Organization of the book Concluding comments Review questions 2 Project cash flows Study objectives Essentials in cash flow identification Example 2.1 Example 2.2 Asset expansion project cash flows Example 2.3. The Delta Project Asset replacement project cash flows Example 2.4. The Repco Replacement Investment Project Concluding comments Review questions 3 Forecasting cash flows: quantitative techniques and routes Study objectives Quantitative techniques: forecasting with regression analysis; forecasting with time-trend projections; forecasting using smoothing models v vi Contents More complex time series forecasting methods Forecasting routes Concluding comments Review questions 4 Forecasting cash flows: qualitative or judgemental techniques Study objectives Obtaining information from individuals Using groups to make forecasts The Delphi technique applied to appraising forestry projects Example 4.1. Appraising forestry projects involving new species Example 4.2. Collecting data for forestry projects involving new planting systems Scenario projection Example 4.3. Using scenario projection to forecast demand Concluding comments: which technique is best? Review questions 5 Essential formulae in project appraisal Study objectives Symbols used Rate of return Example 5.1 Note on timing and timing symbols Future value of a single sum Example 5.2 Example 5.3 Present value of a single sum Example 5.4 Example 5.5 Future value of a series of cash flows Example 5.6 Present value of a series of cash flows Example 5.7 Example 5.8 Present value when the discount rate varies Example 5.9 Present value of an ordinary annuity Example 5.10 Present value of a deferred annuity Example 5.11 Example 5.12 Contents vii Perpetuity Net present value Example 5.13 Net present value of an infinite chain Internal rate of return Example 5.14 Loan calculations Example 5.15 Loan amortization schedule Concluding comments Review questions 6 Project analysis under certainty Study objectives Certainty Assumption Net present value model The net present value model applied Other project appraisal methods Suitability of different project evaluation techniques Mutual exclusivity and project ranking Asset replacement investment decisions Project retirement Concluding comments Review questions 7 Project analysis under risk Study objectives The concepts of risk and uncertainty Main elements of the RADR and CE techniques The risk-adjusted discount rate method Estimating the RADR Estimating the RADR using the firm's cost of capital Example 7.1. Computation of the WACC for Costor Company Estimating the RADR using the CAPM The certainty equivalent method Example 7.2. Computing NPV using CE: Cecorp The relationship between CE and RADR Example 7.3. Ceradr Company investment project Comparison of RADR and CE Concluding comments Review questions viii Contents Sensitivity and break-even analysis Study objectives Sensitivity analysis Procedures in sensitivity analysis Sensitivity analysis example: Delta Project Developing pessimistic and optimistic forecasts Pessimistic and optimistic forecasts of variable values for the Delta Project example Applying the sensitivity tests Sensitivity test results Break-even analysis Break-even analysis and decision-making Concluding comments Review questions 9 Simulation concepts and methods Study objectives What is simulation? Elements of simulation models for capital budgeting Steps in simulation modelling and experimentation Risk analysis or Monte Carlo simulation Example 9.1. Computer project Design and development of a more complex simulation model Example 9.2. FlyByNight project Deterministic simulation of financial performance Example 9.3. FlyByNight deterministic model Stochastic simulation of financial performance Example 9.4. FlyByNight stochastic simulation Choice of experimental design Advantages and disadvantages of simulation compared with other techniques in capital budgeting Concluding comments Review questions Appendix: Generation of random variates 10 Case study in financial modelling and simulation of a forestry investment Study objectives Key parameters for forestry models Sources of variability in forestry investment performance Methods of allowing for risk in the evaluation of forestry investments Problems faced in developing forestry financial models Developing a financial model: a step-by-step approach Contents ix Example 10.1. Flores Venture Capital Ltd forestry project Comparing forestry projects of different harvest rotations Example 10.2. FVC Ltd: comparison of one-stage and two-stage harvest options Risk analysis or Monte Carlo analysis Example 10.3. Simulation analysis of FVC Ltd forestry project Concluding comments Review questions 11 Resource constraints and linear programming Study objectives LP with two decision variables and three constraints Example 11.1. Roclap: product mix problem Investment opportunities and by-product constraints Example 11.2. Capital rationing problem LP and project choice Example 11.3. Project portfolio selection problem Concluding comments Review questions 12 More advanced linear programming concepts and methods Study objectives Basic LP assumptions and their implications for capital budgeting Expanding the number of projects and constraints Example 12.1. Power generator's decision problem Indivisible investments and integer activity levels Example 12.2. Resort development problem Borrowing and capital transfers Example 12.3. Borrowing and capital transfer problem Contingent or dependent projects Example 12.4. Infrastructure problem Mutually exclusive projects Example 12.5. Sports gear problem Some other LP extensions for capital budgeting Concluding comments Review questions 13 Financial modelling case study in forestry project evaluation Study objectives Forestry evaluation models: uses and user groups Financial models available to evaluate forestry investments The Australian Cabinet Timbers Financial Model (ACTFM) Review of model development and design options x Contents Concluding comments Review questions Property investment analysis Study objectives Income-producing properties Example 14.1. Property cash flows from the industrial property Example 14.2. Equity cash flows before tax from the industrial property Example 14.3. Equity cash flows after tax from the industrial property Corporate real estate Example 14.4. Acquiring the industrial property for operations Example 14.5. Leasing or buying the industrial property for operations Development feasibility Example 14.6. Initial screening of an industrial building project Example 14.7. Project cash flows from a property development Example 14.8. Equity cash flows from the development project Concluding comments Review questions 15 Forecasting and analysing risks in property investments Study objectives Forecasting Example 15.1. Forecasting operating cash flows for the industrial property Example 15.2. Forecasting resale proceeds for the industrial property Example 15.3. Forecasting development cash flows for a residential project Risk analysis Example 15.4. Net present value of the industrial property-sensitivity analysis Example 15.5. Overbuilding for the industrial property-scenario analysis Example 15.6. Development risks-Monte Carlo (risk) simulation Concluding comments Review questions 16 Multinational corporations and international project appraisal Study objectives Definition of selected terms used in the chapter The parent's perspective versus the subsidiary's perspective Example 16.1. Garment project Exchange rate risk Country risk Contents xi A strategy to reduce a project's exchange rate and country risks Other country risk reduction measures Incorporating exchange rate and country risk in project analysis Concluding comments Review questions References Index

Research paper thumbnail of Effect Of Operating Leverage, Growth Asset, And The Size Of The Company To Systematic Risk

This study aims to empirically prove the effect of operating leverage, growth asset, and the size... more This study aims to empirically prove the effect of operating leverage, growth asset, and the size of the company to systematic risk as to the dependent variable. The sample in this study was agricultural sector companies listed on the Indonesia Stock Exchange in 2015-2018 by using a purposive sampling method. The data analysis technique used is multiple linear regression analysis with SPSS 25. The results of this study show that operating leverage and growth asset do not effect on systematic risk, while the size of the company does not effect on systematic risk. The implication of this research is as a basis for consideration for potential investors who will invest in the agricultural sector.