Browsing by Author "Susanti, Neneng"

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    ACTIVE VERSUS PASSIVE STRATEGY IN FORMING OPTIMAL PORTFOLIO IN INDONESIA STOCK EXCHANGE
    (The 8th Internatioanl Conference on Business and Management Research, Sungkyunkwan University and Indonesia University, 2013-11-07) Utami, Eristy Minda; Susanti, Neneng
    The objective of this research is to compare portfolio performance that is formed by active portfolio strategy and passive portfolio strategy. This research was conducted on 31 shares of companies incorporated in the LQ 45 index in Indonesia Stock Exchange in the period 2009-2010. The research method used in this research is descriptive and verification method. Method is used in the active portfolio formation is security selection method with Single Index Model, while index fund is used to form passive portfolio. Based on research conducted on the four methods, (Sharpe, Treynor, Jensen’s Alpha) using the t test of the one part with a 5% significance level, obtained t-statistic (7,197, 6,939, 9,110) is greater than ttable + (1,717) and Coefficient of Variation method (-3,071) is smaller than -t-tabel ( + 1,717). Then lead to the conclusion that the performance of stock portfolios based on an active strategy is better than a passive strategy in LQ 45 at Indonesia Stock Exchange 2009- 2010 period.
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    ANALISIS KEBANGKRUTAN PT. BANK CENTRA ASIA (PERSERO) DAN PT. BANK NEGARA INDONESIA (PERSERO) TBK PERIODE 2011 - 2013
    (Jurnal Akuntansi, Bisnis, Ekonomi Volume 1, Nomor 2, Universitas Widyatama, 2015-09) Utami, Eristy Minda; Susanti, Neneng
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    ANALISIS PERBEDAAN PERSEPSI ANTARA PEMILIHAN PRIORITAS INDIKATOR BALANCED SCORECARD KONTRAK MANAJEMEN DENGAN METODE AHP DI KANDATEL BANDUNG
    (STAR (Study and Accounting Research), Jurnal Akuntansi dan Bisnis,Vol. XI, No.3 , LPPM STIE STEMBI - Bandung Business School, 2014-11) Susanti, Neneng
    Kinerja penlsahaan yang baik merupakan tujuan dari setiap organisasi apapun, termasuk di dalamnya organisasi bisnis (perusahaan). Penilaian kinerja yang hanya berdasarkan pada faktor financial akan menjadi penilaian yang tidak lengkap dan memiliki kekurangan. Untuk melengkapinya maka diciptakan suatu metode pendekatan yang mengukur kinerja perusahaan dengan mempertimbangkan 4 aspck yaitu aspek keuangan, pelanggan, proses bisnis internal, serta proses pembelajaran dan pertumbuhan. Penelitian ini dilakukan untuk mengetahui bagaimana identifikasi indikator-indikator dan penetapan bobot untuk setiap indikator kinerja sesuai dengan Balanced Scorecard, sehingga dapat dijadikan masukan prioritas perbaikan yang tepat untuk pengambilan keputusan dalam meningkatkan kinerja sesuai dengan BaIancedScorecard di KANDATEL Bandung. Metodologi penelitian yang digunakan dalam penelitian ini adalah metode deskriptif yang dilakukan terhadap 8 orang top management di KANDATEL Bandung. Sedangkan uctuk analisis data digunakan metode AHP (Analytical Hierarchy Process), perhitungan ini digunakan untuk menentukan fohs perbaikan kinerja sesuai Balanced Scorecard. Data yang diolah berdasarkan kuesioner yang disebarkan kepada 8 orang top management dengan rincian 1 orang General Manager (GM) dan 7 orang manajer unit Dari hasil penelitian didapat bahwa kriteria-kriteria yang digunakan sebagai fokus perbaikan kinerja di KANDATEL Bandung telah sesuai dengan konsep Balanced Scorecard, yaitu perspektif Financial, perspektif Customer, perspektif Internal Business Process, dan perspektif Learning and Growth. Berdasarkan perhitungan dengan metode AHP terdapat hasil penentuan bobot dan prioritas yang berbeda antara KM (Kontrak Manajemen) dengan hasil jawaban kuesioner responden yang dapat disimpulkan pula bahwa manajemen pada tingkatan DIVRE lebih mengutamakan/memprioritaskan perbaikan kinerja pada perspektif Financial, sedangkan manajemen di KANDATEL lebih memprioritaskan perbaikan kinerja pada perspektif Customer.
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    CORPORATE GOVERNANCE IN POST-GLOBAL FINANCIAL CRISIS: Case Study of Indonesia State-Owned Bank
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Sumantri, Muhammad Bayu Aji; Susanti, Neneng; Widajatun, Vincentia Wahju
    The objective to be achieved in this study is to determine the extent of the influence of corporate governance on banking performance in the aftermath of the global financial crisis in 2008. The secondary data type is in the form of corporate financial statements. In measuring company performance, researchers used Return of Equity data that started from 2010 to 2019. Then, in measuring corporate governance, we focused on three aspects in the structure Board of Directors, structure of Board of Commissioner and the structure of company ownership. The first aspect consists of the Size of Board of Directors. The second aspect consists of the Size of Board of Commissioner and Board Independence. The third is Ownership by Institutions (Institutional Ownerships) and Large Ownership (Large Shareholders). The results showed that of the three aspects of corporate governance, the only variable that has a significant impact toward Return on Equity is Large Shareholders.
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    THE EFFECT OF INVESTMENT DECISIONS, FUNDING DECISIONS, AND DIVIDEND POLICIES ON COMPANY’S VALUE OF THE MANUFACTURING COMPANIES REGISTERED IN THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2014-2018
    (Walailak Journal of Science Technology, 2020) Susanti, Neneng; Wulannisa, Nabila; Fatimah, Neng Sarah; Wintiasari, Indah; Mutmainah, Dinda Muti Maulin
    This study, which was conducted at manufacturing companies listed on the Indonesia Stock Exchange for 2014-2018, aimed to determine the effect of investment decisions, funding decisions, and dividend policies on firm value. The population consists of 40 manufacturing companies listed on the Indonesia Stock Exchange (BEI). The method used in this research is purposive sampling. The results showed that 16 companies met the criteria and were taken as samples. The data analysis method used in this study is a panel data regression model. The data is processed using EViews. Based on the results of the research, it shows that investment decisions (X1), dividend policy (X3), have a significant positive effect on the value of companies listed on the Indonesia Stock Exchange (BEI) for the 2014-2018 period. In comparison, the funding decision (X2) does not significantly affect the value of companies listed on the Indonesia Stock Exchange for the 2014-2018 period. Other results also show that overall (investment decisions, funding decisions and dividend policies) significantly affect the value of companies listed on the Indonesia Stock Exchange for the 2014-2018 period.
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    THE EFFECT OF LIQUIDITY, LEVERAGE, AND PROFITABILITY ON FIRM VALUE (Case Study in the Automotive Subsector Companies Listed on the Indonesia Stock Exchange for the 2013-2018 Period)
    (Solid State Technology Volume: 63 Issue: 3, 2020) Susanti, Neneng; Setiawan, Tia Andriyani
    This study aims to determine the effect of liquidity, leverage, and profitability on the firm value of automotive subsector in the 2013-2018 period. The population of this study consists of 12 automotive companies that listed on the Indonesian Stock Exchange (IDX). Whereas purposive sampling method is the sample selection method which is used in this study. Thus, the result shows that there are 5 companies that fit the criteria of the sample. The data analysis method which is used in this study is the panel data. The hypothesis testing results of this study indicate that liquidity and leverage have no negative effect on firm value, whereas profitability has a positive and significant effect on firm value of the companies of the automotive subsector in the 2013-2018 period. Simultaneously liquidity, leverage, and profitability have a significant effect on the firm value of the companies of the automotive subsector in the 2013-2018 period.
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    EFFECT OF PROFITABILITY ON FIRM VALUES WITH MANAGERIAL OWNERSHIP AS A VARIABLE CONTROL (Construction and Building Sub Sector Listed in the Indonesia Stock Exchange For The 2014-2018 Period)
    (International Journal of Psychosocial Rehabilitation, Vol. 24, Issue 2, 2020) Widajatun, Vincentia Wahju; Rahmadzikrishafira, Tsaninisa Fatimah; Nugraha, Nugi Mohammad; Susanti, Neneng
    Corporate perception of the value of the company. Firm value can be measured by the state of the company's stock price in the market. Reflections on evaluations by the public on the performance of companies in real terms create the creation of company stock prices in the market. Measurement of firm value can be done with several calculations, one of which is the Tobin's Q ratio. In the past 5 years the value of the Construction and Building sub-sector companies has continued to decline. This study aims to analyze the effect of profitability on firm value by the presence of managerial ownership control variables in the construction and building sub-sector companies in the 2014-2018 period. ROE has a significant effect on Firm value.With the Managerial Ownership control variable there is an increase in the coefficient of determination.
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    THE EFFECT OF RETURN ON ASSET (ROA), RETURN ON EQUITY (ROE), AND NET PROFIT MARGIN (NPM) ON STOCK PRICE ON FOOD AND BEVERAGES COMPANIES LISTED IN INDONESIA STOCK EXCHANGE (IDX)
    (The Third International Conference on Entrepreneurship and Business Management, Universitas Tarumanagara, Universiti Sains Malaysia, 2014-11-06) Samoedra, Artarina D.A; Susanti, Neneng
    The stock price is the price formed from the interaction of buyers and sellers of shares that motivated by corporate profits expectations. In capital market activity, the stock price is a very important factor and must be considered by investors in implementing the investment, because the stock price indicates the company value. Shares in the stock price are determined by market forces, which mean the stock price is determined by forces of demand and supply. Since the global crisis that occurred in mid-2008, only the food and beverage industry can survive, demand in this sector remains high. Food and beverage companies have the largest contribution to the Stock Exchange by 43% compared with others. The purpose of this research is to analyze the effect of Return on Assets (ROA), Return on Equity (ROE) and Net Profit Margin (NPM) of the stock price and also to determine which among these variables— ROA, ROE, and NPM—has the strongest effect on stock price on food and beverages companies listed in Indonesia Stock Exchange (IDX). The methods used in this research are descriptive and verificative. The data is analyzed with multiple linear regressions on 9 companies, which are all the Food and Beverage companies listed in Indonesia Stock Exchange from 2008 to 2013. The research shows that there is a significant effect on food and beverages companies listed in Indonesia Stock Exchange (IDX) and the most dominant variable that effect is Net Profit Margin (NPM).
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    THE EFFECTS OF ENTREPRENEURSHIP EDUCATION AND FAMILY ENVIRONMENT ON ENTREPRENEURIAL ATTITUDES WITH MOTIVATION AS INTERVENING VARIABLES TO MANAGEMENT FIELD AT UNIVERSITY X
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Sujai, R. Achmad Drajat Aji; Susanti, Neneng; Rahmayanti, Rima
    This study aims to analyze the effect of entrepreneurship education and family environment on entrepreneurship through motivation. The type of research method used is an explanatory survey. The population in the study was 711, using a simple random sampling technique obtained as many as 260 samples. Analysis of statistical data used was the test of validity, reliability, classical assumption test, and path analysis. Based on the results of data processing, entrepreneurship education (X1) and family environment (X2) have a joint effect on entrepreneurial attitudes (Y). Furthermore, entrepreneurship education (X1), family environment (X2), and motivation (Z) together influence the attitude of entrepreneurship (Y) so that the model used in this study is fit or feasible. Entrepreneurship education and family environment have a positive and significant effect on the motivation of FEB University X Management study students partially. Likewise, entrepreneurship education, family environment, and motivation have a positive and significant effect on the attitude of entrepreneurship students of the FEB University X Management study program partially. The results of path analysis show that entrepreneurship education has a direct influence on the attitude of entrepreneurship, and indirectly also has an influence on motivation as an intervening variable. This means that motivation mediates entrepreneurship education. Then the family environment has a direct and indirect influence on entrepreneurial attitude with motivation as an intervening variable.
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    THE EFFECTS OF USING USTADZ CELEBRITY ON INFLUENCING CONSUMER INTENTION TO ENGAGE WITH UMRAH TRAVEL IN BANDUNG, INDONESIA
    (Journal of Advanced Research in Dynamical & Control Systems, Vol. 11, 03-Special Issue, 2019) Rahmayanti, Rima; Susanti, Neneng; Padmakusumah, Rizal Ramdan; Oktari, Sari Dewi
    The increasing number of Umrah pilgrims from year to year does not corner people's buying interest in worshiping the temple amid the many cases of Umrah travel fraud in recent years, where some Umrah travel agents are not trustworthy in managing their companies so that the material and non-material losses of prospective pilgrims. The purpose of this study is to find out how much the influence of Ustadz as an endorser in influencing people’s interest in Umrah pilgrims of choosing a travel agent. The research method used quantitative descriptive, with SEM PLS analysis tools. The population number is not known, the determination of the number of samples is by the theory of Malhotra, which is five times the number of indicators. The results of this study is a significant influence from religious teachers as an endorser of buying interest of Umrah pilgrims in choosing travel by 92,21%.
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    IMPLICATIONS OF INTELLECTUAL CAPITAL FINANCIAL PERFORMANCE AND CORPORATE VALUES (Studies on Goods and Consumption Sector 2013-2017 period)
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Susanti, Neneng; Widajatun, Vincentia Wahju; Sumantri, Muhammad Bayu Aji; Nugraha, Nugi Mohammad
    This research is conducted considering that intellectual capital is an important resource that is used to create added value for companies in the era of knowledge-based business. This research was conducted in the goods and consumption sector in the period 2013-2017 Because The goods and consumption sector companies had the highest investment rates Compared to other industrial sectors. The purpose of this study was to Determine the effect of intellectual capital on firm value, to Determine the effect of intellectual capital on financial performance, and to Determine the effect of financial performance on firm value. This type of research is an explanatory study with a quantitative approach, using the Partial Least Square (PLS) method with a Smart PLS 3.0 application. The results of this study indicate that there is no significant positive effect between intellectual capital on firm value. In addition, this study shows that intellectual capital has a significant effect on financial performance and financial performance has an effect on firm value. This study shows that the value of companies in the goods and consumption sector is influenced by intellectual capital.
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    THE IMPORTANCE OF MULTICULTURAL EDUCATION AT AN EARLY AGE IN INDONESIA
    (International Journal of Psychosocial Rehabilitation, Vol. 24, Issue 1, 2020) Susanto, Erwin; Saylendra, Nadya Putri; Susanti, Neneng
    This article is made to identify the importance of multicultural education in early childhood in Indonesia. Multicultural education can be regarded as human beings who wanted education to accept and understand that the difference is the gift of God Almighty. Indonesia has a very high level of diversity, such as the diversity of race, religion, culture and customs. Based on literature reviewed, this article gives the results of how the importance of implementing multicultural education based on early childhood in Indonesia. For the long-term impact, it is very useful for the development of Indonesian human characters who love peace and mutual tolerance for differences.
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    INDUSTRI KREATIF MEMERLUKAN BANYAK PROMOSI
    (Seminar Nasional Kewirausahaan dan Inovasi Bisnis II, Universitas Tarumanagara, 2012-09-18) Susanti, Neneng; Ichsani, Sakina
    Perkembangan industri kreatif yang semakin berkembang luas ternyata mendukung perkembangan ekonomi Negara Indonesia. Hal ini terbukti dengan temuan departemen Perdagangan yang menunjukkan bahwa adanya kontribusi industry kreatif sebesar 6.3% terhadap GDP nasional (Departemen Perdagangan RI: 2006). Kontribusi sebesar ini ternyata belum didukung dengan kemampuan melakukan promosi, padahal jika promosi lebih ditingkatkan lagi, maka diharapkan akan memberikan kontribusi peningkatkan pendapatan pelaku usaha. Peningkatan pendapatan pelaku usaha ini yang tentu akan mempengaruhi pendapatan daerahnya. Media yang dapat digunakan sebagai sarana promosi selain majalah dan media cetak lainnya, antara lain adalah menggunakan media promosi online seperti facebook, twitter, website, maupun youtube. Media tersebut dapat diakses seluruh lapisan masyarakat yang dapat mengunakan internet dan lebih bersifat atraktif dan menarik dengan foto, suara, maupun video. Tujuan dari penelitian ini adalah untuk mengamati dan mengetahui tentang industri kreatif yang ada serta metode promosi yang dilakukan oleh para pelaku usaha industri kreatif tersebut. Kesimpulan yang dapat diambil dari penelitian ini adalah media promosi sangat penting dalam mengembangkan industri kreatif. Media promosi yang digunakan dapat berupa media promosi online maupun media promosi konvensional. Pada akhirnya meningkatnya kesejahteraan pelaku usah kreatif akan meningkatkan pendapatan daerah dan negara.
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    INFLUENCE INVESTMENT OPPORTUNITY SET, LEVERAGE AND MARKET RISK OF DIVIDEND PAYOUT RATIO
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Susanti, Neneng; Rahmayanti, Rima; Padmakusumah, Rizal Ramdan; Sujai, R. Achmad Drajat Aji
    This study aims to Determine Whether there is a significant effect of the Investment Opportunity Set, Leverage and Market Risk on Dividend Payout Ratio partially and together. This study uses descriptive and verivative methods, Populations taken from Manufacturing Companies listed on the Stock Exchange for the period 2012-2017. By using purposive sampling in sampling. Data used secondary sources of data items, namely the financial statements of 15 Manufacturing Companies listed on the Stock Exchange for the period 2012-2017. The data analysis used in this study is multiple linear analysis with a significance level of 5%. The program used in analyzing the data uses E-Views 9. The results of the study indicate that the partially Investment Opportunity Set partially Affects the Dividend Payout Ratio. and leverage has an influence partially on dividend payout ratio While Market Risk does not partially Affect the Dividend Payout Ratio. And together it shows that the Investment Opportunity Set, Leverage and Market Risk have a significant effect on Dividend Payout Ratio.
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    THE INFLUENCE OF FIRM SIZE, LEVERAGE, AND LIQUIDITY ON COMPANY PERFORMANCE THROUGH DIVIDEND POLICY IN MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE 2015 -2019 PERIOD
    (WIBEST-II, 2021) Susanti, Neneng; Nugraha, Muhamad Andhika Dwi; Yaasmiin, Najlaa Nadhiyaa; Maghfiroh, Naila; Ramadanti, Devita Zantika; Nasution, Yudhi Pratama
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    INTELLECTUAL CAPITAL THROUGH CORPORATE VALUES WITH PROFITABILITY AS MEDIATION VARIABLE
    (Solid State Technology Volume: 63 Issue: 3, 2020) Utami, Eristy Minda; Susanti, Neneng
    The purpose of this study is to analyze the influence of Intellectual Capital on company value with profitability as a mediating variable. The data used in this study is secondary data with a sampling method that is purposive sampling method. The populations in this study were companies that were registered in LQ 45 for the period of 2012-2016, which were than selected as 19 samples in this study. The analysis tool for testing hypotheses is path analysis. The results of this study are the effect of intellectual capital on company value on LQ 45 Index companies listed on the Indonesia Stock Exchange (IDX) in the period 2011-2016 through profitability as a mediating variable of 16,9%.
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    INTERNET BASED INTERACTIVE MARKETING PRACTICES IN PRIVATE UNIVERSITIES (Case Study at the Best Private Universities in the Bandung City Area)
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Padmakusumah, Rizal Ramdan; Susanti, Neneng; Rahmayanti, Rima; Oktari, Sari Dewi
    There are 117 private universities in Bandung City, Indonesia. The competition between private universities in the Bandung City is certainly very tight and who is most capable of persuading and influencing consumers (prospective students) so he will win the competition and certainly get a large number of new students. One marketing activity that has a broad and fast impact to influence and or persuade consumers to buy is interactive marketing. Interactive marketing is, of course, a mandatory activity for every business organization, including private universities especially internet-based marketing. This research aims to identify and analyze internet-based interactive marketing activities of the best private Universities in Bandung City and its surroundings, which are located directly (Kabupaten Bandung, Kabupaten Bandung Barat, and Kota Cimahi). Private universities that are directly adjacent to the Bandung City are also analyzed because they are direct competitors from private universities in Bandung City. This research is a descriptive exploratory study or a type of qualitative research with the research method used is descriptive statistics. The unit analysis of this study is private universities located in the city of Bandung and around. The observation unit are various internet-based interactive marketing activities from these private universities. Using purposive judgment sampling with the criteria of the best private universities, the sample of this study is 6 private universities. Primary data and secondary data are both used in this study and the data is obtained by direct observation through internet browsing related to the object of research. The results of the study show that internet-based interactive marketing is quite intensively carried out by private universities in Bandung City and around. The website, search ads, display ads, e-mail, and social media have been implemented quite thoroughly and intensively by them. Interactive internet-based marketing seems to play a role in their webometricsranking and promotion activities.
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    THE MAINTAINING OF TRUST OF ONLINE BUSINESS TRADING FROM ISLAMIC PERSPECTIVE
    (International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02, 2020) Rahmayanti, Rima; Padmakusumah, Rizal Ramdan; Susanti, Neneng; Susanto, R.
    Based on country general managerin 2018 reveals that customer satisfaction online shopping decreased until 86% because the items that the buyer received were not the same as what on display or the items that they buy are unexpectations, as well as the Digital Trust Index survey explains the rampant digital fraud that has reduced consumer confidence in shopping online. The purpose of this study is to find out about the Islamic perspective of the importance of maintaining trust in trading online which is based on Islamic Shari'a. The research method used is descriptive qualitative. The results of this study are that online businesses must be trustworthy in maintaining consumer trust by holding the principle of Islamic Shari'a, including: not reducing the weight of the scale, explaining the specifications of the products sold, not over-editing images that do not match the original form.
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    PENGUJIAN FAMA FRENCH THREE FACTOR MODEL PADA PERUSAHAAN DI INDONESIA YANG SAHAMNYA TERDAPAT DI LQ 45 TAHUN 2005 – 2009
    (Seminar Nasional, Fakultas Pendidikan Ekonomi dan Bisnis Universitas Pendidikan Indonesia, 2013-11-14) Susanti, Neneng
    This study empirically examined the Fama-French three factor model of stock returns for Indonesia over the period 2005-2009. We found evidence for pervasive market, size, and book-tomarket factors in Indonesia stock returns. We found that cross-sectional mean returns were explained by exposures to these three factors, and not by the market factor alone. The empirical result were reasonably consistent with Fama-French three factor model.
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    RELATIONSHIP MARKETING AS A KEY SUCCESS FACTOR OF CO-OPERATIVE ENTERPRISE BUSINESS PERFORMANCE (An Emphirical Testing on the Best Co-operative Consumer in West Java Province of Indonesia)
    (Journal of Advanced Research in Dynamical & Control Systems, Vol. 11, 03-Special Issue, 2019) Padmakusumah, Rizal Ramdan; Rahmayanti, Rima; Susanti, Neneng; Sujai, R. Achmad Drajat Aji Sujai
    This paper aims to empirically test the concept of relational marketing in co-operative enterprise. Testing was carried out on the best co-operatives consumer in the West Java Province of Indonesia, amounting to 37 co-operatives (370 respondents). The consumer co-operative is chosen because that it is one of the most numerous types of co-operatives in Indonesia and West Java Province. Also, it is chosen because that it is one of the provinces in Indonesia with the highest number of consumer co-operatives. Various statistical analyze and tests in this research were carried out using Structural Equation Modeling-Partial Least Square method (SEM-PLS) assisted by SMART-PLS 3.2.7 statistical software. Testing the effects of mediating variables in this research using “The Steps” approach [1][2]. The results of this research are that relationship marketing directly affects the co-operative business performance (path coefficient = 0.155 and P Value = 0.059, at 5% significance level) and also member loyalty (path coefficiet = 0.684 and P Value = 0,000, at 5% significance level).Member loyalty directly affects co-operative business performance (path coefficient = 0.441 and P Value = 0,000, at 5% significance level). Relationship marketing has an indirect effect through member loyalty on co-operative business performance (path coefficient = 0.301 and P Value = 0,000, at 5% significance level). The implication of this research is to undrstand that by focusing on improving the quality of relationship marketing programs or activities, the management of co-operatives consumer in the West Java Province of Indonesia will significantly increase the loyalty or member participation and also the co-operative business performance. Subsequent research can be carried out on a unit analysis in another country or in the different types of co-operatives such as service co-operative, production co-operative and saving and loan co-operative.