RESILIENT PROGRESSION - Indonesia Stock Exchange
RESILIENTPROGRESSIONLAPORAN TAHUNAN 2018 ANNUAL REPORT
2PT Sampoerna Agro TbkLaporan Tahunan 2018
PT Sampoerna Agro Tbk2018 Annual Report3
DaftarIsiTableof ContentsPenjelasan TemaCover Story2SanggahanDisclaimer31IKHTISAR KINERJA 20182018 Performance HighlightsIkhtisar Kinerja KeuanganFinancial Highlights8Peristiwa PentingEvent Highlights10Penghargaan & SertifikasiAwards & Certifications132LAPORAN MANAJEMENManagement ReportPortofolio ProdukProduct Portfolio47Wilayah Operasionaldan PengembanganAreas of Operationsand Development48Jejak LangkahMilestones50Struktur OrganisasiOrganization Structure52Struktur GrupGroup Structure53Entitas AnakSubsidiaries54Alamat KantorAddresses of Offices56Informasi Pemegang SahamShareholder Composition57Ikhtisar Kinerja SahamIndustry & Operational Review58Kronologi Pencatatan SahamSharelisting Chronology594ANALISIS DANPEMBAHASANMANAJEMENManagement Discussionand AnalysisTinjauan Ekonomi dan IndustriEconomic and Industry Review92Tinjauan OperasionalOperational Review95Tinjauan Kinerja KeuanganFinancial Review100Laporan Posisi KeuanganKonsolidasianConsolidated Statements ofFinancial Position100Laporan Laba Rugi danPenghasilan KomprehensifLain KonsolidasianConsolidated Statementsof Profit or Loss and OtherComprehensive Income101105Laporan Dewan KomisarisBoard of CommissionersReport18Kebijakan & PembayaranDividenDividend Policy & Payment59Laporan Arus KasKonsolidasianConsolidated Statementsof Cash FlowsLaporan DireksiBoard of Directors Report26Kronologi Pencatatan ObligasiBond Listing Chronology60Rasio Keuangan PentingKey Financial Ratios106Kronologi Pencatatan EfekLainnyaOther Securities ListingChronology60Target vs. Realisasi Tahun2018Targets vs. ActualAchievements in 201810761Proyeksi Tahun 20192019 Projections107Informasi Keuangan PentingLainnyaOther Pertinent FinancialInformation1083PROFIL PERUSAHAANIdentitas PerseroanCorporate Identity38Lembaga & ProfesiPenunjang Pasar ModalCapital Market SupportingProfessionals & InstitutionsSekilas Sampoerna AgroSampoerna Agro at a Glance39Profil Dewan KomisarisCommissioners’ Profile62Visi, Misi dan NilaiVision, Mission and Values42Profil DireksiDirectors’ Profile64Bidang UsahaLines of Business46Sumber Daya ManusiaHuman Resources67Tinjauan Pendukung BisnisOverview on Business Support79Company Profile
5TATA KELOLAPERUSAHAANCorporate GovernancePrinsip Tata KelolaPerusahaan yang BaikGood Corporate GovernancePrinciples114Komitmen & FokusPenerapan Prinsip Tata KelolaPerusahaan yang BaikCommitment to & Focus onImplementing Good CorporateGovernance Principles115Swa-Penilaian KinerjaTata Kelola PerusahaanCorporate GovernancePerformance Self-Assessment116Struktur & MekanismeTata Kelola PerusahaanCorporate GovernanceStructure & Mechanisms117Rapat Umum Pemegang SahamGeneral Meeting ofShareholders119Pemegang Saham Utama &PengendaliPrincipal & ControllingShareholders124Sekretaris PerusahaanCorporate Secretary160Akses dan KeterbukaanInformasiInformation Accessand Disclosure162Hubungan InvestorInvestor Relations162Unit Audit InternalInternal Audit Unit163Sistem Pengendalian InternalInternal Control System167Manajemen RisikoRisk Management168Kode EtikCode of Ethics172Sistem Pelaporan PelanggaranWhistleblowing System174Kebijakan AntikorupsiAnticorruption Policy176Tata Kelola Proses PengadaanBarang dan Jasa yang TerpusatCentralization Processof Goods and ServicesProcurement Governance177Akuntan PublikPublic Accountant178179Dewan KomisarisBoard of Commissioners124Perkara PentingMaterial LitigationsDireksiBoard of Directors132Sanksi AdministratifAdministrative Sanctions176Komite AuditAudit Committee144Tindak Lanjut RekomendasiPenerapan Tata KelolaPerusahaan yang BaikFollow-Up Measures toRecommendationsfor Implementing GCGGuidelines176Komite Nominasi & Remunerasi 149Nomination & RemunerationCommitteeKomite Manajemen RisikoRisk Management Committee153Komite Belanja Modal &InvestasiCapital Expenditure &Investment Committee1576LAPORANKEBERLANJUTANSustainability ReportLandasan KeberlanjutanFoundations of Sustainability186Kebijakan Program danKegiatan CSRCSR Programs &Implementation Policy188Dasar Hukum Kegiatan CSRLegal Basis for CSR Activities188Pembangunan Potensi BangsaMelalui Pemberdayaan SosialCultivating the Nation’sPotentials Through SocialEmpowerment189Pengelolaan Lingkungan untuk 200Masa Depan yangBerkelanjutan EnvironmentalStewardship for a SustainableFuturePenyempurnaan KualitasProdukSepanjang WaktuContinuous Enhancement ofProduct Quality212Berbagi Nilai yang OptimalbagiKemajuan BersamaSharing Optimal Value toEnsure Mutual Progress213SURAT PERNYATAANStatement LetterDireksiBoard of Directors214Dewan KomisarisBoard of Commissioners215
6PT Sampoerna Agro TbkLaporan Tahunan 20181IKHTISARKINERJA 20182018 PERFORMANCE HIGHLIGHTS
PT Sampoerna Agro Tbk2018 Annual Report7
8PT SAMPOERNA AGRO TBKKilas Kinerja 20182018 Flashback PerformanceLaporan Dewan Komisaris dan DireksiBoard of Commissioners and Board of Directors ReportsProfil PerusahaanCompany ProfileIkhtisar Kinerja KeuanganFinancial HighlightsIKHTISAR DATA KEUANGAN PENTINGKEY FINANCIAL HIGHLIGHTS(Rp miliar)Deskripsi(Rp billion)201520172016Disajikankembali /Restated2018DescriptionHASIL-HASIL OPERASIRESULTS FROM OPERATIONS2.9992.9153.6163.207SalesLaba Bruto834641943691Gross ProfitLaba Usaha509447581351Operating ProfitPenjualanLaba Sebelum Beban Bunga, Pajak, danPenyusutan (EBITDA)730726862652Earnings Before Interest, Taxes,Depreciation, and Amortisation (EBITDA)Laba Tahun Berjalan yang DapatDiatribusikan kepada Pemilik Entitas Induk24844223556Profit for the Year Attributable to Ownersof the Parent817158Profit for the Year Attributable to NonControlling InterestsTotal Laba Tahun Berjalan25645925064Total Profit for the YearPenghasilan Komprehensif Tahun Berjalanyang Dapat Diatribusikan kepada PemilikEntitas Induk28043224074Total Comprehensive Income for the YearAttributable to Owners of the ParentPenghasilan Komprehensif TahunBerjalan yang Dapat Diatribusikan kepadaKepentingan Nonpengendali918159Total Comprehensive Income for the YearAttributable to Non-Controlling Interests28944925583Total Comprehensive Income for the YearJumlah Saham Beredar (ribu ding Shares (thousands)Laba per Saham Dasar (angka penuh)13124312931Basic Earnings per Share (full amount)Total Aset Lancar1.6061.8311.5001.592Total Current AssetsAset Tetap dan Tanaman Perkebunan5.0345.3425.9046.577Fixed Assets and Plantation AssetsLaba Tahun Berjalan yang DapatDiatribusikan kepada KepentinganNonpengendaliTotal Penghasilan Komprehensif TahunBerjalanLABA PER SAHAMEARNINGS PER SHARELAPORAN POSISI KEUANGANFINANCIAL POSITIONSTotal Aset7.2958.3288.3649.019Total AssetsTotal Liabilitas Jangka Pendek1.2651.4351.2471.733Total Current LiabilitiesTotal Liabilitas3.8784.5704.2804.990Total LiabilitiesTotal Ekuitas3.4173.7594.0844.029Total EquityRASIO KEUANGAN PENTINGDeskripsiKEY FINANCIAL RATIOS2015201620172018DescriptionImbal Hasil atas Aset (ROA)3,5%7,0%3,0%0,7%Return on Assets (ROA)Imbal Hasil atas Ekuitas (ROE)7,5%15,2%6,1%1,6%Return on Equity (ROE)Liabilitas Berbunga terhadap Total Ekuitas91,1%96,0%84,3%101,7%Debt-to-Equity RatioLiabilitas Berbunga terhadap Aset42,1%43,3%41,2%41,0%Debt to Assets RatioMargin Laba Bruto27,8%22,0%26,1%21,5%Gross MarginMargin Laba Usaha17,0%15,3%16,1%10,9%Operating MarginMargin EBITDA24,3%24,9%23,8%20,3%EBITDA Margin8,3%15,2%6,5%1,7%Net Profit MarginMargin Laba Tahun Berjalan
Analisis dan Pembahasan ManajemenManagement Discussion and AnalysisTata Kelola Perusahaan yang BaikGood Corporate 71.5922018Total LiabilitasTotal otal AsetTotal 189.019Lialibilitas Berbungaterhadap Total EkuitasDebt-to-Equity RatioTotal EkuitasTotal Equity3.8789Laba Sebelum Beban Bunga,Pajak, dan Penyusutan (EBITDA)Earnings Before Interest, Taxes,Depreciation, and Amortisation (EBITDA)Aset Tetap dan Tanaman PerkebunanFixed Assets and Plantation AssetsTotal Aset LancarTotal Current Assets2018LAPORAN TAHUNAN 2018 ANNUAL REPORTLaba BrutoGross ProfitPenjualanSales2017Laporan KeberlanjutanSustainability 0%84,3%101,7%
10PT SAMPOERNA AGRO TBKKilas Kinerja 20182018 Flashback PerformanceLaporan Dewan Komisaris dan DireksiBoard of Commissioners and Board of Directors ReportsProfil PerusahaanCompany ProfilePeristiwa PentingEvent HighlightsFebruari 2018 / February 2018Sampoerna Agro berhasil meraih peringkat ke-2 Indonesia CSR Award dalam kategoriIndustri Pertanian, predikat Platinum, dengan perolehan nilai 97,50 (grade A) dariEconomic Review.Sampoerna Agro was awarded second position in the Indonesia CSR Award, for theFarming Industry category, with Platinum rating and a score of 97.50 (A grade) fromEconomic Review.Maret 2018 / March 2018Sampoerna Agro menginisiasi penyelenggaraan kegiatan apel siaga api terpadu yangdiikuti lebih dari 1.000 peserta bertempat di Kebun Gading Jaya, Desa Kayulabu,Kecamatan Pedamaran Timur, Kabupaten Ogan Komering Ilir (OKI), Sumatera Selatan.Komitmen pencegahan dan penanggulangan kebakaran hutan dan lahan juga digaungkanoleh lini bisnis karet Perseroan di PT Hutan Ketapang Industri (PT HKI) dengan memberikansosialisasi tentang pengendalian kebakaran hutan dan lahan kepada masyarakat sekitardan karyawan yang berada di sekitar wilayah HKI-2.Sampoerna Agro initiated an integrated assembly event to muster fire alertness. Morethan 1,000 people participated in the event held in Gading Jaya Estate, Kayulabu Village,Pedamaran Subdistrict, Ogan Komering Ilir (OKI) Regency, South Sumatera. Similarcommitment to raising fire awareness and its prevention and mitigation, was alsoresonated by the Company’s rubber business line under PT Hutan Ketapang Industri (PTHKI), through dissemination session to the surrounding communities and employees ofHKI-2 Estate.
Analisis dan Pembahasan ManajemenManagement Discussion and AnalysisTata Kelola Perusahaan yang BaikGood Corporate GovernanceLaporan KeberlanjutanSustainability ReportLAPORAN TAHUNAN 2018 ANNUAL REPORTApril 2018 / April 2018Team CSR yang memenangkan Sriwijaya CSR Award 2018.Sampoerna Agro terpilih oleh Gubernur Sumatera Selatansebagai perusahaan dengan pelaksanaan tanggungjawab sosial perusahaan (CSR) terbaik pertama di bidangperkebunan, kehutanan, dan peternakan di SumateraSelatan.The Company’s CSR Team won the Sriwijaya 2018 CSRAward, and regarded by the Governor of South Sumateraas the best company within the agriculture, forestry,and farming industry to carry out its corporate socialresponsibility (CSR) in the province.Mei 2018 / May 2018Sampoerna Agro mengadakan RUPS Tahunan dan membagikandividen untuk tahun buku 2017 sejumlah total Rp127,30 miliar.Total dividen tunai ini sebesar 44,25% dari laba bersih Perseroantahun 2017 sebesar Rp287,66 miliar.Sampoerna Agro performed the Annual GMS and distributeddividends for FY2017 amounting to Rp127.30 billion. Total cashdividends made up 44.25% of the total net income in 2017 thatamounted Rp287.66 billion.Juni 2018 / June 2018PT Usaha Agro Indonesia (UAI) di Kalimantan berhasil memperolehsertifikat RSPO untuk 3 wilayah perkebunannya, yaitu Meranti Agro Estate(MAE), Ulin Agro Estate (UAE) dan Keruing Agro Estate (KAE) serta 1 unitPKS dengan kapasitas olah 45 ton TBS/jam. Ini merupakan sertifikat RSPOperdana setelah proses pengembangan Perseroan di Kalimantan.PT Usaha Agro Indonesia (UAI) in Kalimantan successfully obtained RSPOcertification for three of its estates, namely Meranti Agro Estate (MAE), UlinAgro Estate (UAE) and Keruing Agro Estate (KAE), along with 1 Palm Oil Millwith processing capacity of 45 tons of FFB/hour. This was the first RSPOcertification obtained after the Company expanded its business to Kalimantan.11
12PT SAMPOERNA AGRO TBKKilas Kinerja 20182018 Flashback PerformanceLaporan Dewan Komisaris dan DireksiBoard of Commissioners and Board of Directors ReportsProfil PerusahaanCompany ProfileAgustus 2018 / August 2018Juli 2018July 2018PKS LAB, yang merupakan PKSkedelapan Sampoerna Agro mulaiberoperasisecarakomersial.PKS tersebut memiliki kapasitaspengolahan 30 ton/jam, sehinggakapasitastotalpabrikmilikSampoerna Agro menjadi 515 ton/jam.Sampoerna Agro melakukan Paparan Publik di Bursa Efek Indonesia terkait kinerjaPerseroan sepanjang semester pertama 2018. Sampoerna Agro juga menyatakandukungannya kepada kebijakan B20 Pemerintah yang diberlakukan per 1 September 2018.Sampoerna Agro conducted Public Expose at the Indonesia Stock Exchange to explainthe Company’s performance within the first semester of 2018. Sampoerna Agro alsoresonated its support for the Government’s B20 biodiesel policy that was enactedstarting September 1st 2018.LAB Palm Oil Mill commencedcommercial operations. The eighthpalm oil mill of the Company has aprocessing capacity of 30 tons/hour,thus bringing up the Company’stotal processing capacity to 515tons/hour.Desember 2018 / December 2018 Sampoerna Agro meraih penghargaan Perak pada Indonesia CommunityEngagement Awards (ICEA) 2018 di Jakarta untuk program pemberdayaanekonomi Budidaya Jamur Merang dengan media tumbuh limbah tandan kosongkelapa sawit dan program Literasi Berbasis Bank Sampah. Apresiasi ini diberikankepada perusahaan yang mengelola program CSR dengan model pelibatanmasyarakat sehingga selain mendorong kemandirian juga mampu membinahubungan yang saling memberi nilai manfaat. Surat Keputusan Menteri LHK tentang Hasil Penilaian Kinerja Perusahaan dalamPengelolaan Lingkungan Hidup Periode 2017–2018 diterbitkan. Surat tersebutmenyatakan bahwa 5 PKS Sampoerna Agro di Sumatera mendapatkan peringkatProper Biru. Sampoerna Agro received the Silver award at the Indonesia Community EngagementAwards (ICEA) 2018 in Jakarta, for its economic empowerment programs to cultivatestraw mushroom from empty fruit bunches, and literacy integrated with wastemanagement and saving for the future. This accolade was awarded to companies thatbuild its CSR programs using a model that emphasizes community engagement toboost self-empowerment capable of creating shared value. Decree of the Minister of the Environment on the Result of the Companies’Environmental Management Performance for 2017–2018 was issued. The decreestated that 5 Palm Oil Mills of Sampoerna Agro in Sumatera obtained the ProperBlue rating.
Analisis dan Pembahasan ManajemenManagement Discussion and AnalysisTata Kelola Perusahaan yang BaikGood Corporate GovernanceLaporan KeberlanjutanSustainability ReportLAPORAN TAHUNAN 2018 ANNUAL REPORTPenghargaan & SertifikasiAwards & CertificationsPenghargaan / Award12Jenis PenghargaanKategori PenghargaanInsitusi Pemberi Penghargaan: Indonesian CSR Award Peringkat II – Platinum: CSR Perusahaan Terbuka: Economic ReviewCertification NameRecipientAwarding Institution: Roundtable on Sustainable Palm Oil (RSPO): CSR of Public Companies: Economic ReviewJenis Penghargaan: Sriwijaya CSR Award – Terbaik dalamPenanggulangan KemiskinanKategori Penghargaan: Perkebunan, Kehutanan, Pertanian, danPertambanganInsitusi Pemberi Penghargaan: Gubernur Sumatera SelatanCertification NameRecipientAwarding Institution34: Best in Eradicating Poverty: Plantation, Forestry, Agriculture, and Mining: South Sumatera GovernorJenis Penghargaan:Kategori Penghargaan:Insitusi Pemberi Penghargaan:Corporate Governance Conference and Award–Top 50 Mid CapPerusahaan TerbukaIndonesian Institute for Corporate Directorship (IICD)Certification Name:Recipient:Awarding Institution:Corporate Governance Conference and Award–Top 50 Mid CapPublic CompaniesIndonesian Institute for Corporate Directorship (IICD)Jenis Penghargaan: Indonesian Community Engagement Award 2018–Perak/SilverKategori Penghargaan: Komunitas Masyarakat LokalInsitusi Pemberi Penghargaan : Economic ReviewCertification Name: Indonesian Community Engagement Award 2018–Perak/SilverRecipient: Local CommunitiesAwarding Institution: Dasa Strategic13
14PT SAMPOERNA AGRO TBK12Kilas Kinerja 20182018 Flashback PerformanceLaporan Dewan Komisaris dan DireksiBoard of Commissioners and Board of Directors ReportsJenis Penghargaan:Kategori Penghargaan:Insitusi Pemberi Penghargaan :Indonesia Corporate Secretary & CorporateCommunication Award – GoldPerusahaan TerbukaEconomic ReviewCertification Name:Recipient:Awarding Institution:Indonesia Corporate Secretary & CorporateCommunication Award – GoldPublic CompaniesEconomic ReviewJenis Penghargaan: Best Non-Financial SectorKategori Penghargaan: Perusahaan TerbukaInsitusi Pemberi Penghargaan : Indonesian Institute for Corporate Directorship (IICD)Certification NameRecipientAwarding Institution3Profil PerusahaanCompany Profile: Best Non-Financial Sector: Public Companies: Indonesian Institute for Corporate Directorship (IICD)Jenis Penghargaan: Fastest Growing Companies 2018Kategori Penghargaan: Subsektor PerkebunanInsitusi Pemberi Penghargaan : InfobankCertification NameRecipientAwarding Institution: Fastest Growing Companies 2018: Plantation Subsector: Infobank
Analisis dan Pembahasan ManajemenManagement Discussion and AnalysisTata Kelola Perusahaan yang BaikGood Corporate GovernanceLaporan KeberlanjutanSustainability ReportLAPORAN TAHUNAN 2018 ANNUAL REPORTSertifikasi / CertificationJenis SertifikasiPenerima SertifikasiCertificate1Standard :Indonesian National Interpretation of RSPO Principles & Criteria forthe Production of Sustainable Palm Oil; July 2016 and RSPO SupplyChain Certification Systems: November 2014 Rev. June 2017Certificate Registr.No. :824 502 16038PT TUV Rheinland Indonesia certifies :Certificate Holder :PT Mutiara Bunda Jaya – Permata Bunda MillJl. Basuki Rahmat 788, Palembang 30127,South Sumatera Province, lndonesiaand its company owned estates accordingto the annexRSPO number :Scope :Palm Oil Production and Plantation Management SystemValidasi: Roundtable on Sustainable Palm Oil (RSPO): PT Mutiara Bunda Jaya - KUD Tunas Harapan, KUD Citra SawitMandiri, KUD Mekar Sawit, KUD Surya Adi, KUD Surya Bakti, KUDSinar Jaya, KUD Marga Mulya: 29 Januari 2018 - 27 September 2021An audit was performed, Report No. ASA 12 16038. Proof has been furnishedthat the requirements according to Indonesian National Interpretation of RSPOPrinciples & Criteria for the Production of Sustainable Palm Oil; July 2016 arefulfilled.The due date for all future surveillance audits is 28.07 (dd.mm).Validity:The certificate is valid from 28-09-2016 until 27-09-2021.The certificate shall remain valid in period stipulated above provided that thecertificate holder mentioned here continues to comply with the RSPO P&Crequirements. Status of compliance of the certificate holder shall be based on theannual inspections conducted by PT TUV Rheinland Indonesia.RSPO registeredPT Sampoerna Agroparents company* : (RSPO Member No. : 1-0031-07-000-00)* Name of the RSPO registered member company of which the certificate holder is a subsidiary (if applicable)Certification NameRecipientValidity Period: Roundtable on Sustainable Palm Oil (RSPO): PT Mutiara Bunda Jaya - KUD Tunas Harapan, KUD Citra SawitMandiri, KUD Mekar Sawit, KUD Surya Adi, KUD Surya Bakti, KUDSinar Jaya, KUD Marga Mulya: Januari 29, 2018 - September 27, 2021Jenis SertifikasiPenerima SertifikasiValidasi: Roundtable on Sustainable Palm Oil (RSPO): PT Usaha Agro Indonesia (UAI): 21 Jun 2018 - 20 Juni 2023Certification NameRecipientValidity Period: Roundtable on Sustainable Palm Oil (RSPO): PT Usaha Agro Indonesia (UAI): June 21, 2018 - June 20, 2023Jenis SertifikasiPenerima SertifikasiValidasi: Roundtable on Sustainable Palm Oil (RSPO): PT Sampoerna Agro – KUD Bina Sejahtera: 10 Desember 2018 - 24 Januari 2023Certification NameRecipientValidity Period: Roundtable on Sustainable Palm Oil (RSPO): PT Sampoerna Agro – KUD Bina Sejahtera: December 10, 201
LAPORAN TAHUNAN 2018 ANNUAL REPORT. 2 PT Sampoerna Agro Tbk Laporan Tahnan 2018. PT Sampoerna Agro Tbk 2018 Annal Report 3. Penjelasan Tema Cover Story 2 Sanggahan Disclaimer 3 1 . PT SAMPOERNA AGRO TBK Kilas Kinerja 2018 2018 Flashback Performance Laporan Dewan Komisaris dan Direksi Board of Commissioners and Board of Directors Reports
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Dr. Didik Wahjudi (Indonesia) Dr. Oki Sunardi (Indonesia) Dr. Ishak Ramli (Indonesia) Dr. Moeljono Widjaja (Indonesia) Dr. Iwan Aang Soenandi (Indonesia) Ignasia Yuyun, M.Pd. (Indonesia) Dr. Evans Garey (Indonesia) Yuseva Ariyani Iswandari, M.Pd. (Indonesia) PUBLISHED FIRST TIME BY: UKRIDA PRESS
DKI, Indonesia: Kemenristekdikti. Presiden Republik Indonesia. (17 Januari, 2012). Kerangka Kualifikasi Nasional Indonesia. Peraturan Presiden Republik Indonesia Nomor 8 Tahun 2012. Jakarta, Jakarta, Indonesia: Menteri Hukum dan Hak Asasi Manusia Republik Indonesia. Presiden Republik Indonesia. (10 Agustus, 2012). Pendidikan Tinggi.
We used the data of Colombo Stock Exchange (CSE) for Sri Lankan stock market in this research which is the main stock exchange of Sri Lanka. The market capitalization of CSE is over 20 billion USD. Colombo stock exchange is the first south Asian region stock market and overall 52nd who obtain the membership of World Federation of Exchanges.
Forecasting Stock Price Turning Points in the Tehran Stock Exchange Using Weighted Support Vector Machine. Journal of Entrepreneurship Education, 25(5), 1-12 . 2 1528-2651-25-5-797 Citation Information: Sayrani., M & Sharif, J.S. (2022). Forecasting Stock Price Turning Points in the Tehran Stock Exchange Using Weighted Support Vector Machine. .
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The effect of the stock exchange, Page 1 The effect of the stock exchange on economic growth: a case of the Zimbabwe stock exchange. Jecheche Petros University of Zimbabwe Abstract: This paper provides an empirical analysis of relationship between economic growth and its determinants with special focus on the stock market development in Zimbabwe.
