Articles

BANKRUPTCY PREDICTION MODELS AND STOCK PRICES OF THE COAL MINING INDUSTRY IN INDONESIA Syamni, Ghazali; Majid, M. Shabri Abdul; Siregar, Widyanana Verawaty
ETIKONOMI Vol 17, No 1 (2018)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (246.136 KB) | DOI: 10.15408/etk.v17i1.6559

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Various bankruptcy prediction models have been used to measure the movement of stock prices, and thus the firms? performance. This study is aimed at empirically exploring the usefulness of the Olhson, Almant Modification, Grover, Springate, and Zmijewski models for predicting bankruptcy of the 19 coal mining companies. It also attempts to measure the effects of the scores of these bankruptcy prediction models on the stock prices of the coal mining companies in Indonesia.  The technique of analysis that used in this research is panel regression. The results of the study showed that the bankruptcy prediction scores of the Ohlson and Almant Modification were found to be the dominant prediction models that affected the stock prices of the coal companies in Indonesia. This indicates that the bankruptcy prediction model can be used as one of the approaches to measure the movement of stock prices and performance of the coal mining companies in Indonesia.DOI: 10.15408/etk.v17i1.6559
AN EMPIRICAL ANALYSIS OF ECONOMIC EXPOSURE AND ITS DETERMINANTS OF THE MISCELLANEOUS COMPANIES IN INDONESIA Majid, M. Shabri Abd.; Zainul, Zaida Rizqi; Jalil, A. Syakir
Proceedings of AICS - Social Sciences Vol 1 (2013)
Publisher : Proceedings of AICS - Social Sciences

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This research empirically measures the economic exposure of 11 selected miscellaneous companies in Indonesia. It also attempts to empirically explore the influence of firm size (SIZE) export (EXPORT), liquidity (QR), and leverage (LTD) on the economic exposure of those companies. Annual data from 2007 to 2010 which was collected from the www.idx.co.id and www.bi.go.idwere used and analyzed by the multiple linear regression to measure the economic exposure and examine the influences of SIZE, EXPORT, QR, and LTD on the economic exposure. Both partial (t-test) and simultaneous (F-test) hypotheses were constructed and tested at the 5% level of significance. Data was analyzed by the software of SPSS for Windows. The research documented that, with the exception of the QR which has a negative and significant effect partially on the economic exposure, all other variables, i.e., SIZE, EXPORT, and LTD were found to have insignificant effects. Meanwhile, based on the F-test, the research found that the SIZE, EXPORT, QR, and LTD affected simultaneously and significantly the economic exposure of the companies. These findings imply that in order to manage their economic exposure, the companies should control these variables, especially QR.Keywords :Economic Exposure; Firm Size; Export Ratio; Quick Ratio; Long Term Debt to Total Asset Ratio; Miscellaneous Companies; Indonesia.
MENUJU PENDIDIKAN ACEH YANG BERBASIS ENTREPRENEURSHIP Majid, M. Shabri A.
Jurnal Pencerahan Vol 9, No 1 (2015): Maret 2015
Publisher : Majelis Pendidikan Daerah (MPD) Aceh dan Universitas Syiah Kuala

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This article is aimed at discussing descriptively the important role of educational institution in Aceh in producing the entrepreneurial-minded graduates. Limitations of jobs available for graduates of educational institutions, especially in Aceh require educational institutions to be able to produce the graduates who can create employment opportunities, rather than seize the existing jobs offered by the government and private agencies. A formal and an informal entrepreneurship-based education are believed to be able to offer alternative solutions to create job oppotunities, and in turns will solve economic problems of Aceh by boosting economic growth and enhancing welfare of the people of Aceh. In order to create the entrepreneurship education become more effective and be able to produce young entrepreneurs in Aceh, the educational institutions there should reformulate curriculum-based entrepreneurship, enhance the cooperation and partnerships with the private sector, and attract more supports from the government and public sector. The quality, skills, and experiances of the entrepreneurial teachers/tutors must also be countiously improved
AN INDIRECT IMPACT OF THE PRICE TO BOOK VALUE TO THE STOCK RETURNS: AN EMPIRICAL EVIDENCE FROM THE PROPERTY COMPANIES IN INDONESIA Abd. Majid, M. Shabri; ., Benazir
Jurnal Akuntansi dan Keuangan Vol 17, No 2 (2015): NOVEMBER 2015
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (301.67 KB) | DOI: 10.9744/jak.17.2.91-96

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This research empirically examines the influence of Dividend Payout Ratio (DPR), Return on Equity (ROE), Growth, and Degree of Financial Leverage (DFL) on the Price to Book Value (PBV) of the property companies in Indonesia. It also attempts to explore the indirect effects of the DPR, ROE, Growth, and DFL on the stock returns via the PBV. 36 property firms, which are listed in the Indonesian Stock Exchange from 2007 to 2013, were selected to be analyzed using the Path Analysis. The result of this research indicates that the variable of growth is found to have a significant impact on PBV. Meanwhile, the DPR, ROE, and DFL were found to be insignificant. The DPR, ROE, Growth, and DFL were found to affect PBV simultaneously. This study also proved that the PBV has a significant effect on the stock returns, while the DPR and DFL were not. The study also found that the DPR, PBV, and DFL have simultaneously affected stock returns of the property companies in Indonesia. The finding of this study implied that to predict the stock returns of the property companies, the investors and companies should take into account the changes in the growth and PBV.
Time-Varying Integration Among Asean-5 Economies H. Kassim, Salina; Shabri Abd. Majid, M.
Aceh International Journal of Social Science Volume 1 Number 1, June 2012
Publisher : Aceh International Journal of Social Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (25.566 KB) | DOI: 10.12345/aijss.1.1.1522

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Abstract - This study explores the economic integration among the ASEAN-5 economies over two sample periods; the pre-crisis period (1990 to 1996) and post-crisis period (2000 to 2006). Using the output-price approach, it attempts to determine if the nature of integration among these economies has changed due to the Asian financial crisis in 1997. In methodology, the study adopts the Autoregressive Distributed Lag (ARDL) approach and Vector Error Correction Model (VECM). The results show that the crisis has a deep imprint on the degree of economic integration among these countries. The results provide important inputs for macroeconomic policy formulation at the regional level.
A Comparative Analysis of the Productivity of Islamic and Conventional Mutual Funds in Indonesia: Data Envelopment Analysis (DEA) and General Least Square (GLS) Approaches Abd. Majid, M. Shabri; Maulana, Hartomi
Gadjah Mada International Journal of Business Vol 14, No 2 (2012): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (296.335 KB) | DOI: 10.22146/gamaijb.5439

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This paper is an extended version of our earlier study (Abd. Majid and Maulana 2010) to further re-examine the relative efficiencies of selected Islamic and conventional mutual funds companies in Indonesia during the period 2004 to 2007 and their determinants. To measure their efficiencies, the output-input data consisting of a panel of conventional and Islamic mutual funds companies are empirically examined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis (DEA). It also attempts to investigate the influence of the mutual funds companies’ characteristicson efficiency measures using the Generalized Least Square (GLS) estimation. The study finds that, on average, the Indonesian mutual funds companies experienced a decrease in Total Factor Productivity (TFP) growth. It is mainly caused by a decline in both efficiency and technical efficiencies, where the efficiency change is largely contributed by the changes in pure efficiency rather than scale efficiency. Additionally, the study also documents that the funds size negatively affects efficiency. This indicates that due to its diseconomies of scale, a larger mutual funds company is less efficient than a smaller funds company. Finally, in comparing the efficiency of the mutual funds companies, the study finds that, on average, the Islamic unit trust companies perform more poorly than their conventionalcounterparts.
OPTIMALISASI KONTRIBUSI PERGURUAN TINGGI DALAM MEMBERANTAS KORUPSI DI ACEH Majid, M. Shabri Abd.
Jurnal Pencerahan Vol 7, No 1 (2013): Maret 2013
Publisher : Majelis Pendidikan Daerah (MPD) Aceh dan Universitas Syiah Kuala

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Aceh is known as the most religious province in Indonesia, which has been granted by the central government, Jakarta to implement Islamic law in regulating the state affairs. Ironically, the province has been ranked as the third corrupted province in Indonesia. This study analyse descriptively the role of the higher education institutions in combating the corruption in Aceh. The efforts to empower the universities in combating the corruption were proposed in the study. The universities are supposed not only to transfer knowledge but it also to transfer the values. The universities should educate student to become a good citizen, intellectually and spiritually. The values, norms, and Islamic ethics should be inculcated into the students during the studying and learning process at the universities. The content of the curricula needs to be developed, inculcating these Islamic values, i.e., amanah (trustworthy), honesty, responsibility, ikhlas (sincerity), ihsan (benevolent), ‘adil (just), and teaching for the sake of Allah. It is strongly believed that by inculcating Islamic principles and values into the students’ mind, the university graduates will be able to free themselves from any corrupted activities and even they emerge as the heroes who readily stand in forefront to combatcorruption in Aceh.
ANALISIS TINGKAT PENDIDIKAN DAN KEMISKINAN DI ACEH Majid, M Shabri Abd
Jurnal Pencerahan Vol 8, No 1 (2014): Maret 2014
Publisher : Majelis Pendidikan Daerah (MPD) Aceh dan Universitas Syiah Kuala

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Abstract

Penelitian ini bertujuan untuk menganalisis tingkat pendidikan di Aceh dan kaitannya dengan tingkat kemiskinan dengan menggunakan pendekatan deskriptif dan kuantitatif sederhana. Hasil penelitian menunjukkan bahwa dibandingkan dengan tingkat pendidikan penduduk di 34 Provinsi lainnya di Indonesia, indikator tingkat pendidikan penduduk Aceh seperti APK, AMH, ARLS, dan APM sudah jauh lebih baik dan bahkan berada di atas level nasional. Indikator tingkat pendidikan mayoritas kabupaten/kota di Aceh sudah cukup baik, namun mutunya masih sangat memprihatinkan. Mutu pendidikan Aceh berada di atas rangking 25 dari 34 Provinsi di Indonesia, padahal dana yang dialokasikan untuk sektor ini menempati rangking ketiga terbesar di Indonesia. Pembangunan sektor pendidikan belum merata antar kabupaten/kota di Aceh. Rendahnya tingkat pendidikan di sebagian kabupaten/kota di Aceh, khususnya di kabupaten yang baru dimekarkan telah menyebabkan tingkat kemiskinan masyarakat di kawasan tersebut sangat tinggi, yaitu melebihi 20 persen (melebihi tingkat kemiskinan nasional, 14,44persen). Oleh karena itu, upaya untuk meningkatkan tingkat dan mutu pendidikan di Aceh harus dilakukan: (1) Pemerintah harus mengadakan program-program peningkatan kualifikasi dan mutu tenaga pendidik dan pendistribusian guru berkualitas antar kabupaten/kota yang lebih merata; (2) Pemerintah harus mengalokasikan dana pembangunan Aceh untuk sektor pendidikan secara berkeadilan antarkota/kabupaten di Aceh; dan (3) Pemerintah Aceh, khususnya Dinas Pendidikan harus meningkatkan efisiensi, profesionalisme dan transparansi pengelolaan dana pendidikan
A Comparative Analysis of the Productivity of Islamic and Conventional Mutual Funds in Indonesia: Data Envelopment Analysis (DEA) and General Least Square (GLS) Approaches Abd. Majid, M. Shabri; Maulana, Hartomi
Gadjah Mada International Journal of Business Vol 14, No 2 (2012): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (296.335 KB)

Abstract

This paper is an extended version of our earlier study (Abd. Majid and Maulana 2010) to further re-examine the relative efficiencies of selected Islamic and conventional mutual funds companies in Indonesia during the period 2004 to 2007 and their determinants. To measure their efficiencies, the output-input data consisting of a panel of conventional and Islamic mutual funds companies are empirically examined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis (DEA). It also attempts to investigate the influence of the mutual funds companies’ characteristicson efficiency measures using the Generalized Least Square (GLS) estimation. The study finds that, on average, the Indonesian mutual funds companies experienced a decrease in Total Factor Productivity (TFP) growth. It is mainly caused by a decline in both efficiency and technical efficiencies, where the efficiency change is largely contributed by the changes in pure efficiency rather than scale efficiency. Additionally, the study also documents that the funds size negatively affects efficiency. This indicates that due to its diseconomies of scale, a larger mutual funds company is less efficient than a smaller funds company. Finally, in comparing the efficiency of the mutual funds companies, the study finds that, on average, the Islamic unit trust companies perform more poorly than their conventionalcounterparts.
OUTPUT-PRICE DYNAMICS IN THE ASEAN-5 COUNTRIES: Evidence from The Pre- and Post-1997 Financial Turmoil Hj. Kassim, Salina; Abd. Majid, M. Shabri
Gadjah Mada International Journal of Business Vol 10, No 2 (2008): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

We analyze the cyclical behavior between outputs and prices in major ASEAN economies, namely Malaysia, Indonesia, Thailand, Singapore and the Philippines over two sample periods: the pre-crisis period (1990 to 1996) and the post-crisis period (2000 to 2006). Specifically, the study aims to shed the light on two issues: (i) the possibility that there is a change in the patterns of the correlations between real activities and prices in a particular country in the pre-crisis period compared to the post-crisis period; and (ii) the synchronization of real activity and price relationships or the business cycles across the major ASEAN countries. In order to analyze the output-price relationship across the countries and time periods, we adopt several tests including the Pearson correlation analysis, Auto-Regressive Distributed Lag (ARDL) model and Vector Error-Correction Model (VECM). The study documents that the output-price relationship has changed in several countries following the crisis in 1997/1998. While there is a clear business cycles synchronization between the ASEAN-5 countries in the short-run, results have been mixed in the long run. Results of this study contribute towards further enriching the policy recommendations to help ensuring the viability and effectiveness of the economic cooperation between the ASEAN nations.