Adwin Surja Atmadja
Faculty of Economics, Petra Christian University

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WHAT CAN WE LEARN FROM TRAIT THEORIES AND CHARISMATIC-TRANSFORMATIONAL LEADERSHIP?: A NOTE TO DEVELOP PERSONAL CAREER STRATEGIES Juli, Wan; Atmadja, Adwin Surja
Jurnal Manajemen dan Kewirausahaan Vol 7, No 2 (2005): SEPTEMBER 2005
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (240.829 KB) | DOI: 10.9744/jmk.7.2.pp. 99-112

Abstract

This study examines how personal strategies for career advancement and leadership skills can be developed by drawing a red line from the trait theories of leadership and charismatic-transformational leadership. Shackleton's experience will provide an important example and reinforce those two theories which suggest that no leadership theories can be applied in isolation and that directly or indirectly, those theories will be manifested in a successful leader. Some challenges to the future leadership are examined in order to develop some personal career strategies that may be applicable for future careers. Five strategies (personal vision, personal development, mentoring, team building, and learning and change) of future leadership career are finally suggested. The first two strategies deal with the development of personal leadership started by setting a personal mission which inspires the development of personal leadership qualities. The next two strategies, mentoring and team-building are intended to incorporate the personal leadership into an organisational setting and make the leadership meaningful for other people. Finally, it can be inferred that those four strategies are not sufficient in a turbulent and dynamic environment and thus the last strategy is required to enhance the leaders' ability to stimulate learning and change in the organisation. Abstract in Bahasa Indonesia : Studi ini bertujuan untuk mengetahui secara mendalam tentang bagaimanakah strategi-strategi untuk meningkatkan karir dan kemampuan kepemimpinan seorang individu dapat dibangun dengan berfokus pada teori kepemimpinan trait dan teori kepemimpinan transformasi karismatik. Pengalaman Shackleton akan menjadi contoh yang penting dan menguatkan, bahwa tidak satupun dari kedua teori kepemimpinan tersebut dapat diaplikasikan didalam suatu keadaan yang terisolasi, dan bahwa kedua teori tersebut, baik secara langsung maupun tidak, akan termanifestasikan dalam diri seorang pemimpin yang sukses. Berbagai tantangan terhadap kepemimpinan di masa mendatang juga dibahas dengan tujuan untuk merumuskan beberapa strategi karir perorangan yang mungkin dapat diaplikasikan untuk pencapaian karir seseorang di kemudian hari. Terdapat lima strategi karir yang disarankan yaitu visi pribadi, pengembangan pribadi, mentoring, pembentukan team, dan pembelajaran dan perubahan. Dua strategi pertama berkaitan dengan pembangunan kepemimpinan pribadi yang didahului dengan penetapan misi pribadi yang mengilhami pembentukan kualitas kepemimpinan seseorang. Dua strategi selanjutnya ditujukan untuk mengintegrasikan kepemimpinan pribadi ke dalam sebuah kerangka organisasi dan membuat kepemimpinan tersebut berdampak bagi orang lain. Akan tetapi, keempat strategi tersebut tidak cukup mampu untuk diterapkan dalam suatu situasi yang tidak menentu dan dalam lingkungan yang selalu berubah secara dinamis, sehingga diperlukan strategi kelima untuk meningkatkan kemampuan para pemimpin dalam merangsang atau memotivasi minat belajar dan perubahan dalam organisasi. Kata Kunci: kepemimpinan, teori kepemimpinan trait, kepemimpinan transformasi karismatik.
THE GRANGER CAUSALITY TESTS FOR THE FIVE ASEAN COUNTRIES STOCK MARKETS AND MACROECONOMIC VARIABLES DURING AND POST THE 1997 ASIAN FINANCIAL CRISIS Atmadja, Adwin Surja
Jurnal Manajemen dan Kewirausahaan Vol 7, No 1 (2005): MARCH 2005
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (226.63 KB) | DOI: 10.9744/jmk.7.1.pp. 1-21

Abstract

This study seeks to examine the existence of Granger-causality among stock prices indices and macroeconomic variables in five ASEAN countries, Indonesia; Malaysia; the Philippines; Singapore; and Thailand with particular attention to the 1997 Asian financial crisis and period onwards. Using monthly time series data of the countries, a Granger-causality test based on the vector autoregressive (VAR) analytical framework was employed to empirically reveal the causality among the variables. This research finds that there were few Granger causalities found between the country's wtock price index and macroeconomic variables. This indicates that the linkages between domestic stock price movements and macroeconomic factors were very. Due to that, the ASEAN stock markets were crelatively unable to efficiently capture changes in economic fundamentals during the observation period in most of the countries in accordance to the literature in emerging stock markets, and that the influence of specific macroeconomic factors on the domestic economies differ across countries. This also implies that the stock markets do not seem to have played a significant role in most countries' economies, and macroeconomic variables are unlikely to be appropriate indicators to predict not only the future behaviour of other macroeconomic variables, but also that of the stock market price indices. Abstract in Bahasa Indonesia : Makalah ini mencoba untuk menganalisis keberadaan Granger-causality antara indeks harga saham dan variabel-variabel ekonomi makro di lima negara ASEAN, yaitu Indonesia; Malaysia; Filipina; Singapore; dan Thailand yang berfokus pada periode terjadinya krisis keuangan Asia pada tahun 1997 dan sesudahnya. Dengan mempergunakan data time series bulanan dari setiap negara tersebut, tes Granger-causality yang didasarkan pada kerangka analisa VAR (vector autoregressive) diaplikasikan untuk mengungkap secara empiris hubungan kausal antar variabel. Dari hasil tes diketahui bahwa hanya terdapat sejumlah kecil Granger-causality antara indeks harga saham dan variabel-variabel ekonomi makro. Hal ini mengindikasikan sangat lemahnya kaitan antara pergerakan indeks harga saham di dalam negeri dengan variabel-variabel ekonomi makro dikarenakan bahwa pasar modal di negara-negara ASEAN relatif tidak mampu secara efisien menangkap informasi perubahan besaran-besaran ekonomi makro domestik. Dan, bahwa pengaruh dari variabel-variabel ekonomi makro tertentu dalam perekonomian domestik ternyata berbeda di tiap negara. Hal tersebut mengimplikasikan bahwa bursa saham ASEAN nampaknya tidak berperan penting dalam perekonomian domestik, dan bahwa variabel-variabel ekonomi makro negara-negara tersebut nampaknya tidak dapat dipakai sebagai indikator yang baik untuk memprediksikan bukan saja terhadap perilaku variabel-variabel ekonomi makro lainnya, tetapi juga perilaku indeks harga saham di masa yang akan datang. Kata kunci: Granger-causality, krisis keuangan Asia, bursa saham, variable ekonomi makro, VAR.
ACCOUNTING INNOVATION ANALYSIS FOR THE STOCK PRICES AND MACROECONOMIC FACTORS OF FIVE ASEAN COUNTRIES DURING AND POST THE 1997 ASIAN FINANCIAL CRISIS Atmadja, Adwin Surja
Jurnal Akuntansi dan Keuangan Vol 6, No 1 (2004): MAY 2004
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (81.861 KB) | DOI: 10.9744/jak.6.1.pp. 55-76

Abstract

This paper seeks to examine some of the dynamic interactions of stock prices and macroeconomic factors in five ASEAN countries, Indonesia; Malaysia; the Philippines; Singapore; and Thailand with particular attention to the 1997 Asian financial crisis and period onwards. Using monthly time series data of the countries, accounting innovation analyses based on vector autoregressive (VAR) analytical framework is employed to empirically examine the interaction among the variables. This research reveals that, firstly, a shock to a particular variable in the model results in various contemporaneous reactions by other variables across the countries during the sample period. Secondly, the general forecast error variance decomposition results likely reinforce the outcomes of the general impulse response analyses in most of the countries. Abstract in Bahasa Indonesia : Makalah ini ditujukan untuk mengkaji berbagai interaksi dinamik yang terjadi antara indeks harga saham dan factor-faktor ekonomi makro di kelima negara-negara ASEAN, yaitu Indonesia; Malaysia; Filipina; Singapura; dan Thailand pada saat dan setelah berlangsungnya krisis keuangan Asia tahun 1997. Dengan menggunakan data time series bulanan dari negara-negara tersebut, accounting innovation analysis yang didasarkan atas kerangka analisa vector autoregressive (VAR) diaplikasikan untuk menguji secara empiris interaksi dinamik antara berbagai variabel tersebut. Penelitian ini mengungkapkan bahwa, pertama, suatu goncangan terhadap suatu variabel tertentu di dalam model menghasilkan berbagai reaksi temporer oleh variabel-variabel lainnya di seluruh negara-negara tersebut selama periode penelitian. Kedua, hasil-hasil analisa general forecast error variance decomposition nampaknya cenderung memperkuat hasil-hasil dari analisa general impulse response di sebagian besar negara-negara ASEAN tersebut. Kata kunci: analisa accounting innovation, krisis keuangan Asia, pasar modal, faktor-faktor ekonomi makro, VAR.
ANALISA PERGERAKAN NILAI TUKAR RUPIAH TERHADAP DOLAR AMERIKA SETELAH DITERAPKANNYA KEBIJAKAN SISTEM NILAI TUKAR MENGAMBANG BEBAS DI INDONESIA Atmadja, Adwin Surja
Jurnal Akuntansi dan Keuangan Vol 4, No 1 (2002): MAY 2002
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (38.884 KB) | DOI: 10.9744/jak.4.1.pp. 69-78

Abstract

Since free-floating exchange rate system has been applied in Indonesia on August 1998, the accumulation of depreciation of rupiah against the US dollar has been about 48,7% until December 2001. This condition brings many argumentations about the reasons behind the exchange rate instability faced by Indonesia among many experts whether it is caused by economic factors or by non-economic factors. By recognizing the causes, it will be easier for the experts and government of Indonesia to formulate the solution. This research is intended to analyze the influence of economic variables, i.e. inflation, interest rate, money supply, national income in both Indonesia and The United State of America, as well as the position of the balance of international payment of Indonesia to the exchange rate movement in order to give contributions to solve the problem. Based on the result money supply becomes the only variable which has a significant influence on the exchange rate movement, instead of the other variables. Coefficient of determination of the research model is 32.5%, means that other factors, not accommodated in this research, give 67.5% influence to the exchange rate movement. These other factors can be catagorized as other economic factors or non-economic factors. Finally, it can be concluded that except the variable of money supply, most of the exchange rate movement is influenced by the other factors, which are economic factors or non economic factors. Abstract in Bahasa Indonesia : Sejak diterapkannya sistem nilai tukar mengambang bebas di Indonesia yang dimulai pada bulan Agustus 1998 nilai tukar rupiah terhadap dolar Amerika secara akumulatif telah terdepresiasi sebesar 48,7% sampai dengan Desember 2001. Kenyataan ini telah mengakibatkan perdebatan banyak ahli tentang sumber ketidakstabilan nilai tukar tersebut, apakah disebabkan oleh faktor ekonomi ataukah faktor non ekonomi. Dengan mengetahui sumber penyebabnya, maka akan lebih mudah bagi para ahli dan penyelenggara negara untuk merumuskan solusinya. Penelitian ini bertujuan menganalisis tentang hubungan berbagai variabel ekonomi, yaitu tingkat inflasi; tingkat suku bunga; jumlah uang beredar; pendapatan nasional di Indonesia dan Amerika Serikat, serta posisi neraca pembayaran internasional Indonesia, dalam mempengaruhi pergerakan nilai tukar rupiah terhadap dolar Amerika, dengan tujuan untuk memberikan kontribusi pemikiran terhadap proses pemecahan permasalahan tersebut. Dari analisis data diperoleh hasil bahwa hanya variabel jumlah uang beredar yang memiliki pengaruh yang signifikan terhadap pergerakan nilai tukar rupiah terhadap dolar Amerika, sedangkan variabel - variabel yang lainnya tidak. Dengan koefisien determinasi sebesar 32,5% mengindikasikan, bahwa 67,5% dari variabel terikatnya dipengaruhi oleh faktor-faktor selain faktor ekonomi yang dalam penelitian ini menjadi variabel bebas. Faktor-faktor lain tersebut bisa dikategorikan dalam faktor ekonomi lainnya maupun faktor-faktor non ekonomi. Dengan demikian dari hasil penelitian ini dapat disimpulkan, bahwa, kecuali variabel jumlah uang beredar, sebagian besar pergerakan nilai tukar mata uang rupiah terhadap dolar Amerika Serikat ditentukan oleh faktor-faktor lain, baik faktor ekonomi maupun faktor non ekonomi. Kata kunci: nilai tukar, faktor ekonomi, faktor non ekonomi.
PASAR MODAL REGIONAL DALAM MASA KRISIS FINANSIAL 1997 DAN 2007: KAJIAN TERHADAP INTERDEPENDENSI BURSA EFEK ASIA TENGGARA Atmadja, Adwin Surja
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 14, No 3 (2010)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (0.057 KB) | DOI: 10.24034/j25485024.y2010.v14.i3.381

Abstract

 The devastating effect of the two world finansial crises had widely influenced not only on developed capital markets but also emerging ones, including the ASEAN regional markets. The crises have been commonly believed to have significant impact on the changing behaviour of the regional indices movements. This study investigates how the crises have affected the interrelation of stock indices’ movements amongst the five South East Asian countries. The multivariate time series analysis frameworks applied on series of the two sub-sample periods reveals the existing of a cointegrating relationship among the stock markets during the 1997 finansial crisis, but none of cointegrating vector to be found on the series of the 2007 crisis. The short run dynamic analyses conclude that the short run interrelation among the regional indices seems to be more intense during the 2007 finansial crisis period. For the latest period of crisis, the number of significant causal linkages between two variables on the series was greater than the other period. The analyses also show that the explanatory power of an endogenous variable to another in the system increased during the latest crisis, implying that the contagious effect of the crisis had increased the short run interdependence of the regional stock markets.
PENGARUH PENGUMUMAN DIVIDEN TERHADAP PERUBAHAN HARGA SAHAM SEBELUM DAN SESUDAH EX-DIVIDEND DATE DI BURSA EFEK JAKARTA (BEJ) Siaputra, Lani; Atmadja, Adwin Surja
Jurnal Akuntansi dan Keuangan Vol 8, No 2 (2006): NOVEMBER 2006
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (142.772 KB) | DOI: 10.9744/jak.8.2.pp. 71-77

Abstract

This research is aimed to examine the influence of ex-dividend date on stock price movements in the Jakarta Stock Exchange. A 30-days of observation%2C divided into a 15-days period before and a 15-days period after the ex-dividend date%2C is analized by using an event study method applying the Paired Sample T-test.The result shows that the average price of stocks before the ex-dividend date are significantly different with those after the ex-dividend date. It indicates that there is a significant movement in the stocks’ prices between the both periods of observation due to dividend announcement. Far more than that%2C the research also reveals that the amount of the stocks’ price alteration is statistically the same as the amount of their dividend per share. Abstract in Bahasa Indonesia : Penelitian ini bertujuan untuk menganalisis pengaruh ex-dividen date terhadap perubahan harga saham di Bursa Efek Jakarta. Periode penelitian selama 30 hari%2C yaitu 15 hari sebelum dan 15 hari sesudah ex-dividend date yang dianalisa dengan menggunakan metode event study melalui aplikasi uji beda dua rata-rata berpasangan. Hasil penelitian menunjukkan bahwa nilai rata-rata harga saham sebelum ex-dividend date dan nilai rata-rata harga saham sesudah ex-dividend date secara statistik berbeda signifikan. Hal ini mengindikasikan%2C bahwa terjadi pergerakan harga saham yang signifikan selama antara dua periode observasi tersebut akibat pengumuman pembagian dividen. Lebih lanjut%2C besarnya perubahan harga saham tersebut secara statistik tidak berbeda dengan nilai dividen per lembar saham yang dibagikan. dividend%2C ex-dividend date%2C stock price.
THE GRANGER CAUSALITY TESTS FOR THE FIVE ASEAN COUNTRIES STOCK MARKETS AND MACROECONOMIC VARIABLES DURING AND POST THE 1997 ASIAN FINANCIAL CRISIS Atmadja, Adwin Surja
Jurnal Manajemen dan Kewirausahaan Vol 7, No 1 (2005): MARCH 2005
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (226.63 KB) | DOI: 10.9744/jmk.7.1.pp. 1-21

Abstract

This study seeks to examine the existence of Granger-causality among stock prices indices and macroeconomic variables in five ASEAN countries, Indonesia; Malaysia; the Philippines; Singapore; and Thailand with particular attention to the 1997 Asian financial crisis and period onwards. Using monthly time series data of the countries, a Granger-causality test based on the vector autoregressive (VAR) analytical framework was employed to empirically reveal the causality among the variables. This research finds that there were few Granger causalities found between the country's wtock price index and macroeconomic variables. This indicates that the linkages between domestic stock price movements and macroeconomic factors were very. Due to that, the ASEAN stock markets were crelatively unable to efficiently capture changes in economic fundamentals during the observation period in most of the countries in accordance to the literature in emerging stock markets, and that the influence of specific macroeconomic factors on the domestic economies differ across countries. This also implies that the stock markets do not seem to have played a significant role in most countries' economies, and macroeconomic variables are unlikely to be appropriate indicators to predict not only the future behaviour of other macroeconomic variables, but also that of the stock market price indices. Abstract in Bahasa Indonesia : Makalah ini mencoba untuk menganalisis keberadaan Granger-causality antara indeks harga saham dan variabel-variabel ekonomi makro di lima negara ASEAN, yaitu Indonesia; Malaysia; Filipina; Singapore; dan Thailand yang berfokus pada periode terjadinya krisis keuangan Asia pada tahun 1997 dan sesudahnya. Dengan mempergunakan data time series bulanan dari setiap negara tersebut, tes Granger-causality yang didasarkan pada kerangka analisa VAR (vector autoregressive) diaplikasikan untuk mengungkap secara empiris hubungan kausal antar variabel. Dari hasil tes diketahui bahwa hanya terdapat sejumlah kecil Granger-causality antara indeks harga saham dan variabel-variabel ekonomi makro. Hal ini mengindikasikan sangat lemahnya kaitan antara pergerakan indeks harga saham di dalam negeri dengan variabel-variabel ekonomi makro dikarenakan bahwa pasar modal di negara-negara ASEAN relatif tidak mampu secara efisien menangkap informasi perubahan besaran-besaran ekonomi makro domestik. Dan, bahwa pengaruh dari variabel-variabel ekonomi makro tertentu dalam perekonomian domestik ternyata berbeda di tiap negara. Hal tersebut mengimplikasikan bahwa bursa saham ASEAN nampaknya tidak berperan penting dalam perekonomian domestik, dan bahwa variabel-variabel ekonomi makro negara-negara tersebut nampaknya tidak dapat dipakai sebagai indikator yang baik untuk memprediksikan bukan saja terhadap perilaku variabel-variabel ekonomi makro lainnya, tetapi juga perilaku indeks harga saham di masa yang akan datang. Kata kunci: Granger-causality, krisis keuangan Asia, bursa saham, variable ekonomi makro, VAR.
WHAT CAN WE LEARN FROM TRAIT THEORIES AND CHARISMATIC-TRANSFORMATIONAL LEADERSHIP?: A NOTE TO DEVELOP PERSONAL CAREER STRATEGIES Juli, Wan; Atmadja, Adwin Surja
Jurnal Manajemen dan Kewirausahaan Vol 7, No 2 (2005): SEPTEMBER 2005
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (240.829 KB) | DOI: 10.9744/jmk.7.2.pp. 99-112

Abstract

This study examines how personal strategies for career advancement and leadership skills can be developed by drawing a red line from the trait theories of leadership and charismatic-transformational leadership. Shackleton's experience will provide an important example and reinforce those two theories which suggest that no leadership theories can be applied in isolation and that directly or indirectly, those theories will be manifested in a successful leader. Some challenges to the future leadership are examined in order to develop some personal career strategies that may be applicable for future careers. Five strategies (personal vision, personal development, mentoring, team building, and learning and change) of future leadership career are finally suggested. The first two strategies deal with the development of personal leadership started by setting a personal mission which inspires the development of personal leadership qualities. The next two strategies, mentoring and team-building are intended to incorporate the personal leadership into an organisational setting and make the leadership meaningful for other people. Finally, it can be inferred that those four strategies are not sufficient in a turbulent and dynamic environment and thus the last strategy is required to enhance the leaders' ability to stimulate learning and change in the organisation. Abstract in Bahasa Indonesia : Studi ini bertujuan untuk mengetahui secara mendalam tentang bagaimanakah strategi-strategi untuk meningkatkan karir dan kemampuan kepemimpinan seorang individu dapat dibangun dengan berfokus pada teori kepemimpinan trait dan teori kepemimpinan transformasi karismatik. Pengalaman Shackleton akan menjadi contoh yang penting dan menguatkan, bahwa tidak satupun dari kedua teori kepemimpinan tersebut dapat diaplikasikan didalam suatu keadaan yang terisolasi, dan bahwa kedua teori tersebut, baik secara langsung maupun tidak, akan termanifestasikan dalam diri seorang pemimpin yang sukses. Berbagai tantangan terhadap kepemimpinan di masa mendatang juga dibahas dengan tujuan untuk merumuskan beberapa strategi karir perorangan yang mungkin dapat diaplikasikan untuk pencapaian karir seseorang di kemudian hari. Terdapat lima strategi karir yang disarankan yaitu visi pribadi, pengembangan pribadi, mentoring, pembentukan team, dan pembelajaran dan perubahan. Dua strategi pertama berkaitan dengan pembangunan kepemimpinan pribadi yang didahului dengan penetapan misi pribadi yang mengilhami pembentukan kualitas kepemimpinan seseorang. Dua strategi selanjutnya ditujukan untuk mengintegrasikan kepemimpinan pribadi ke dalam sebuah kerangka organisasi dan membuat kepemimpinan tersebut berdampak bagi orang lain. Akan tetapi, keempat strategi tersebut tidak cukup mampu untuk diterapkan dalam suatu situasi yang tidak menentu dan dalam lingkungan yang selalu berubah secara dinamis, sehingga diperlukan strategi kelima untuk meningkatkan kemampuan para pemimpin dalam merangsang atau memotivasi minat belajar dan perubahan dalam organisasi. Kata Kunci: kepemimpinan, teori kepemimpinan trait, kepemimpinan transformasi karismatik.
THE ASEAN STOCK MARKET INTEGRATION: THE EFFECT OF THE 2007 FINANCIAL CRISIS ON THE ASEAN STOCK INDICES’ MOVEMENTS Atmadja, Adwin Surja
Jurnal Akuntansi dan Keuangan Vol 11, No 1 (2009): MAY 2009
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (185.266 KB) | DOI: 10.9744/jak.11.1.pp. 1-12

Abstract

This study attempts to examine the existence of cointegration relationship and the short run dynamic interaction among the five ASEAN stock market indices in the period of before and during the 2007 financial crisis. The multivariate time series analysis frameworks are employed to the series in both sub-sample periods in order to answer the hypotheses.The study finds two cointegrating vectors in the series before the financial crisis period, however it fails to detect any cointegrating vector in the period of financial crisis. Granger causality tests applied to the series reveal that number of significant causal linkages between two variables increase during the crisis period. Moreover, the accounting innovation analysis shows an increase in the explanatory power of an endogenous variable to another within the system during the crisis period, indicating that the contagious effect of the 2007-US financial crisis has entered into the ASEAN capital market, and significantly influenced the regional indices? movements.
Pengaruh Pengungkapan Good Corporate Governance terhadap Stock Return dengan Kinerja Perusahaan sebagai Variabel Mediasi pada Perusahaan LQ-45 Ningsih, Felisitas Sriayu; Atmadja, Adwin Surja
Business Accounting Review Vol 5, No 2 (2017): Business Accounting Review
Publisher : Business Accounting Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (373.44 KB)

Abstract

This study conducted to examine the influence of Good Corporate Governance Disclosure toward stock return with firm performance as a mediating variable. Good corporate governance measured by using Corporate Governance Disclosure Index (CGDI), stock return measured by using cumulative abnormal return (CAR), and firm performance measured by using return on equity (ROE). It also used debt to equity ratio (DER) and firm size as control variables. The sample used in this study was LQ-45 companies listed in Indonesia Stock Exchange (IDX) which published their annual reports and financial reports consistently during 2010 until 2015. So the final sample in this study was 108 observations selected by using purposive sampling.The data analysis technique was panel data regression by using STATA. The result showed that good corporate governance had a direct significant positive relation toward stock return without mediating by the firm performance. Debt to equity ratio had significant positive affect on firm performance and significant negative affect on stock return. While firm size had a significant negative affect on firm performance and had no significant affect on stock return.