• Master of Business Administration, with cum laude. Institut Teknologi Bandung (ITB – Indonesia), 2008
  • Bachelor of Business in Finance (Sarjana Ekonomi) – Gadjah Mada University, 2003
Anggoro Budi Nugroho, MBA

Email: anggoro@sbm-itb.ac.id

Anggoro is a full-time lecture in Bandung Institute of Technology (ITB) School of Business and Management. He finished his bachelor study in Finance, with final project of state-owned enterprise corporate restructring impact to financial performance in PT. Telekomunikasi, Tbk. In 2003, he received International Course on Economics & Business Management from University of Applied Sciences Schmalkalden, Thuringen, Germany.

His master thesis was covering risk management in financial industry. His career stretched from junior economist in Penelitian dan Pengembangen Ekonomi (PPE) Gadjah Mada University, Procurement Analyst in a global oil company, expert staff of Indonesia President Unit for Development Monitoring and Oversight (UKP4) and lecturer. Today he is part of the Department of Finance in the faculty

Academic Teaching in Undergraduate Program

  • MB4056 Bank and Other Financial Institutions (Undergraduate Business)
  • MB4053 Capital Market (Undergraduate Business)
  • MB4002 Economics (Undergraduate Business)
  • MB4001 Corporate Finance (Undergraduate Business)

Academic Teaching in MBA Program

  • MM5007 Finance (MBA Programme)
  • MM5006 Business Economics (Executive MBA Programme)
  • MM6023 Capital Market Analysis (Executive MBA Programme)
  • MM5006 Business Economics (MBA In-House Programme, PT. Kaltim Prima Coal coal-mining company, Sangatta, East Kalimantan)

Academic Teaching in MSM/DSM Program

  • MM1002 Fundamentals of Finance (Master of Science)
  • MM1001 Corporate Finance Theory (Master of Science)
  • Alifani, G.A and Nugroho, A.B. 2013. “Modigliani-Miller Revisited: Capital Structure Impact on Indonesia?s Cigarette Companies Value”. International Journal of Economic Sciences (IJoES) Vo. II No. 3/2013
  • Nugroho, Anggoro B., and Septiany, A. A. 2012. Abnormal Returns and Stock Efficiency Testing in Comparative Southeast Asian Equity Markets: Before and After European Crisis 2007 – 2011. World Business Research Conference to be held in Bangkok, Thailand 4-6 October, 2012
  • ‘The UKP4 Case: Breakthrough Behind Indonesian Government’ (a Business Case), presented at Kellogg Innovation Network (KIN) 30 May – 1 June 2012, Kellogg Business School Northwestern University, James L. Allen Center, Evanston, Illinois, US
  • Nugroho, A. B. 2012. Cointegration Analysis of Indonesian Money Market Term Structure: Testing for Expectation Hypothesis.
  • A Study on The Government of Indonesia’s Domestic and Foreign Debt and Optimal Borrowing Assessment. 2004. PPE FE UGM and Indonesia Ministry of Finance
  • Study on Regional Investment Opportunity. 2004. PPE FE UGM and Bank Mandiri
  • The Cost of Doing Business. 2005. PPE FE UGM and LPEM FEUI University of Indonesia
  • The Need and Availabilility of Microfinance Services: Bringing Good Practices Into Local Context. 2005. Indonesia?s Ministry of Small and Medium Enterprises and Asia Pacific Economic Cooperation (APEC)
  • Identification of Factors Causing Gross Domestic Regional Product (GDRP) Growth and Inflation in Gorontalo and North Sulawesi. 2005. PPE FE UGM with Bank Indonesia

Book

  • Alvin and Nugroho, A. B. 2014. ” Financial Intermediation by Banking Sector: a Study of Indonesia’s Banks. Analysis of Determinants, Comparison, and Development”. LAP Lambert Publishing, Saarbrucken, Germany. ISBN-10 3-659-59729-9

National Journals

  • Nugroho, A. B. 2008. Regional Capital Market and Economic Integration: A Study on German, French and Japanese Stock Exchange Indices, Journal of Technological Management, Bandung Institute of Technology (ITB) Vol. 7 No. 2, 2008
  • Nugroho, A. B. 2011. Macroeconomic Stress-Test And Sensitivity Analysis of Financial Industry Credit Risk: An Example From The US Market, Journal of Technological Management, Bandung Institute of Technology (ITB) Vol. 10 No. 1/2011
  • Nugroho, A. B., 2011, Term Structure Examination of Indonesian Money Market: Some Efficiency Issues. Asian Journal of Technology Management, Vol. 4 No. 2, December 2011
  • Rajesta, D. and Anggoro B. Nugroho. 2013. Market Reaction to BP Migas Dismissal Announcement: Testing Latest Indonesian Market Efficiency. Indonesian Journal of Business and Management (IJBM). Bandung Institute of Technology
  • Averroes, M. I. and Anggoro Budi Nugroho. 2013. Portfolio Optimization Technique of Indonesian LQ-45 Blue Chip Equity Period 2008-2013. Journal of Business and Management. ITB School of Business and Management
  • Karim, Hilmi. F. and Nugroho, A. B. 2014. “The Effect of Corporate Social Responsibility to Corporate Profitability (ROA) and Stock Return”. Journal of Business and Management, ITB.
  • Rubiyoso, D. S. 2014. Currency Returns and Investment Portfolio Impact in Optimizing Assets Risk. Journal of Business and Management, ITB
  • Simanjuntak, R. and Nugroho, A. B. 2014. Lot Size Reduction Policy and Its Impact to Sectoral Abnormal Return in Indonesian Equity Market: Using Sectoral Index. Jurnal Development of Research Management (DeReMa) Vol. 9 No. 2, September 2014. Pelita Harapan Business School ISSN: 19070853
  • Pasaribu, B. M and Nugroho, A. B. 2014. Hard Currency Prices and Industrial Equity Market Indices: Impact Study in Indonesia Stock Exchange. Journal of Business and Management, ITB
  • Farrosi, F.A. and Nugroho, A. B. 2014. Tobin’s Q and Market Bubble Phenomenon in Indonesia Property Sector 2011-2013. Journal of Business and Management, ITB Print ISSN: 2252-3898; Online ISSN: 2252-3308

International Journals

  • Alifani, G. A. and Nugroho, Anggoro B. 2013. Proving Modigliani and Miller Theories of Capital Structure: The Research on Indonesia’s Cigarette Companies. International Journal of Economic Science (IJoES) 2013 Vol. 2 (No.3), ISSN 1804-9796
  • Irfan and Nugroho, A. B. 2014. Market Discipline: Empirical Survey on Indonesia Government-Owned Domestic Bank. World Journal of Social Sciences (WJSS) – ISSN: 1838-3785 (Print) and ISSN: 1839-1184 (Online)
  • Alvin and Nugroho, A. B. 2014. Financial Intermediation: A Study of Banking Sector in IndonesiaWorld Review of Business Research ISSN: 1838-3955 (Print) and ISSN: 1839-1176 (Online)
  • Ikram, Faizil and Nugroho, A. B. 2014. Cumulative Average Abnormal Return And Semistrong Form Efficiency Testing In Indonesian Equity Market Over Restructuring Issue. Journal of Management and Sustainability, Vo. 3 No. 9. Online ISSN: 2306-0662; Print ISSN : 2306-9856
  • Pratama, Aditya and Nugroho, A. B. 2014. Economic Loss of Audited Financial Report Publication Delay and Its Real Option Impact in Technical Inspection and Certification Services Business. Accounting Research Journal, ARJ-09-2014-0077. Emerald Publishing ISSN: 1030-9616; Online from: 2005

International Conference Papers

  • Alvin and Nugroho, A. B. 2014. Financial Intermediation: A Study of Banking Sector in Indonesia. APBR International Conference, Singapore
  • Purnama, M.G.C. and Anggoro Budi Nugroho, 2013. Determination of Feasibility and Value of Synergy in Indosiar-SCTV Post Merger and Acquisition. International Conference on Management and Business Science AICMBS
  • Julianto, L. and Anggoro Budi Nugroho. 2013. Comparative Study between Capital Asset Pricing Model and Arbitrage Pricing Theory in Indonesian Capital Market During 2008-2012. International Conference on Management and Business Science AICMBS
  • Febrianov, Dhika and Nugroho, A. B. 2014. The Impact of Profitability Ratios, Market Ratios and Leverage Ratio Toward Stock Return of LQ45 During 2004-2013. APBR International Conference, Singapore
  • Alifani, G.A and Nugroho, A.B. 2013. “Modigliani-Miller Revisited: Capital Structure Impact on Indonesia’s Cigarette Companies Value”. International Institute forSocial and Economic Sciences (IISES), 7th International Academic Conference, Prague, Czech Republic, 3 September 2013 (Best Paper Award)
  • Nugroho, Anggoro B., and Septiany, A. A. 2012. Abnormal Returns and Stock Efficiency Testing in Comparative Southeast Asian Equity Markets: Before and After European Crisis 2007 – 2011. World Business Research Conference to be held in Bangkok, Thailand 4-6 October, 2012
  • Andriano, A. D. and Nugroho, A. B. 2014. Pecking Order Theory of Non-Financial Firms in Indonesia Included at LQ-45 Index. 7th Asia-Pacific Business Conference, Singapore
  • ‘The UKP4 Case: Breakthrough Behind Indonesian Government’ (a Business Case), presented at Kellogg Innovation Network (KIN) 30 May – 1 June 2012, Kellogg Business School Northwestern University, James L. Allen Center, Evanston, Illinois, US
  • Nugroho, A. B. 2011. Law and the Economy: Empirical Evidence on the Implication of Legal Framework in Capital Regulation and New Business Enterprises Establishment in Indonesia, presented in 3rd Indonesia International Conference on Innovation, Entrepreneurship and Small Business (IICIES), July 2011
  • Nugroho, A.B., dan Yogasvari, D.W. 2012. ‘Effect of Macroeconomic Variables on Stock Performance: Evidence From Indonesian LQ-45, Basic and Manufacturing Sector‘, ICBER International Conference, September, 2012, Pnom Penh, Cambodia.
  • Nugroho, A. B. 2013. “Cointegration Analysis of Indonesian Money Market Term Structure: Testing for Expectation Hypothesis“. Proceeding, SIBR 2013 International Conference. 15-16 February, Kuala Lumpur, Malaysia (Best Paper Award)
  • Ikram, Faizil and Nugroho, A. B. 2014. Mergers and Acquisition: Testing the Semistrong Form of Efficiency in Indonesian Equity Market. International Conference on Business Strategy and Social Sciences (ICBSSS). Kuala Lumpur, Malaysia
  • Ramadhan, M. R. and Nugroho, A. B. 2014. Advantages of Investing on Sharia Financial Instruments Using Modern Portfolio Theory Approach. 7th Asia Pacific Business Research (APBR) Conference. World Business Institute (WBI) Australia. Singapore (Best Paper Award)
  • Reynaldi, H. and Nugroho, A. B. 2014. Optimal Dividend Policy Analysis in a Large-Scale Listed Indonesian Company: PT. Astra International, Tbk. 7th Asia Pacific Business Research (APBR) Conference. World Business Institute. Singapore
  • Azhalia, Zahra and Nugroho, A. B. 2014. Investigating Relationship Between Google Trend Data with Equity Return and Volume of Five Commercial Banks in Indonesia: a Study of Behavioral Finance. 7th Asia Pacific Business Research (APBR) Conference. World Business Institute. Singapore
  • Dewi, Y. N. F. and Nugroho, A. B. 2013. IPO and Underpricing in Indonesian Equity Market: 2007-2012. AICMBS International Conference. Asia Pacific Management and Business Application (APMBA)
  • Intania, Rifa and Nugroho, A. B. 2014. Correlation Between Bankruptcy Score and Market Performance Using Altman Z-Score Model in Indonesian Telecommunication Industry. 7th Asia Pacific Business Research (APBR) Conference. World Business Institute. Singapore
  • Wirawan, F. and Nugroho, A. B. 2015. Indonesia Gasoline Subsidy Cut, Road Availability and Their Impact on Micro and Small Industry Productivity: A Panel Data Observation of 2010-2013. 7th Indonesia International Conference on Innovation, Entrepreneurship and Small Business (IICIES)

Magazine Media

  • Nugroho, A. B. 2011. “Business in Political Economy: The Rise and Fall of Capitalism in Indonesia and Its Impact on 1998 Economic Crisis“. MBA ITB Business Review, Vol. 6 No. 1/2011.

Articles in Newspapers

  • Nugroho, A. B. March 15, 2017. “Challenges in The Sharing Economy”. KOMPAS
  • Nugroho, A. B. April 6, 2017. “Utilitarianism”. KOMPAS
  • Nugroho, A. B. March 9, 2017. “Attracting Saudi’s Investment”. Pikiran Rakyat
  • Nugroho, A. B. September 12, 2017. “The Bandung Development Anomaly”. Pikiran Rakyat
  • Nugroho, A. B. 2015. “Becoming Like Greece“. KOMPAS daily newspaper economic analysis. July 11, 2015 edition
  • Nugroho, A. B. 2015 in Macroeconomy section: “Opportunity is Grabbed by The Middle-Class” in KOMPAS daily newspaper July, 16, 2015 page 17 (Interview)

Professional Experience

  • Junior Economist, GadjahMada University School of Business and Economics, Research and Development Department (PPE), 2004 – 2006
  • Procurement Analyst, ConocoPhillips Indonesia, Inc. Ltd., Jakarta 2009-2010
  • Lecturer, Atma Jaya University Faculty of Economics, Yogyakarta 2010
  • Lecturer, School of Business and Management (SBM), Bandung Institute of Technology (ITB), Indonesia 2011-current
  • Expert Staff (TenagaTerampil), Indonesia President Office for Development Acceleration and Oversight (UKP4), Jakarta

Seminars

  • Speaker. The People’s Economy and Today’s Implementation”, Indonesia Democratic Party of Struggle (PDI Perjuangan) Provincial Seminar, Hotel Horison, Bandung. February 2017
  • Speaker. Business Education and Its Challenges in Indonesia”. Universitas Negeri Malang Faculty of Business and Economics, Malang, East Java. November 2016
  • Speaker. Indonesian Economic Outlook. Indonesian Economy in Prospective Issues After AEC, American Institute for Chemical Engineers (AIChe) Grand Seminar, 2015
  • Speaker. “Democratization and Its Impact on People’s Total Welfare”, National Commission for General Election (Commissao Nacional de Eleicoes, CNE) Republic of Timor Leste, Dili, 2015
  • Speaker. ASEAN Economic Community and Labor Implication on Local Engineers, School of Environmental Engineering, ITB. 2014
  • Speaker. “Defense Economics and Its Best Practices Today”, Ministry of Defense (Ministerio da Defesa), Republic of Timor Leste, Dili, 2014.
  • Speaker. Academic Consultation Hearing on ‘Currency Redenomination’ with Legislative Assembly Republic of Indonesia (DPR), 2013

Trainer

  • CFA Preparation Level I, PT. Telekomunikasi Indonesia, Tbk., 2013
  • CFA Preparation Level I, PT. Kereta Api Indonesia, 2012
  • Cash Management, EMGI Consulting – PT. Bank Jabar Banten (BJB) Bandung, 2014
  • Mini MBA Finance for Property Industry, PT. Bank Tabungan Negara (BTN) Headquarter, Jakarta, 2016
  • Finance Management for Middle Managers, PT. ISS Indonesia, Jakarta, 2016
  • Equity Valuation, Merger and Acquisition, PT. Sidola Tech, Bandung, 2014
  • Financial Report Analysis, Global Strategic Consulting (GSC), Yogyakarta, 2011
  • Defense Economics, Ministry of Defense Republic of Timor Leste, Dili, 2015

Journal Reviewer

  • Asian Journal of Technological Management (AJTM), Institut Teknologi Bandung, Print ISSN: 1978-6956 Online ISSN: 2089-791X
  • Jurnal Manajemen Teknologi (Journal of Technology Management), Institut Teknologi Bandung, Print ISSN: 2252-3898 Online ISSN: 2252-3308
  • Journal of Business and Management, Institut Teknologi Bandung, Print ISSN: 1412-1700 Online ISSN: 2089-7928. Accredited by DGHE

Awards

  • JAMSOSTEK Best MBA, PT. JAMSOSTEK, 2009
  • Best MBA Graduate, ITB, 2009

Association

  • Indonesian Economist Association (Ikatan Sarjana Ekonomi Indonesia/ISEI)