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ANALISIS PENGARUH VARIABEL MAKRO EKONOMI GLOBAL DAN MAKRO EKONOMI DOMESTIK TERHADAP INDEKS HARGA SAHAM SEKTOR PROPERTI DAN REAL ESTATE DENGAN METODE GARCH (PERIODE JANUARI 2004-DESEMBER 2014) Sofyani, Nurin Widyastuti; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 5, Nomor 1, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Investment in the capital market especially stocks required an analysis in order to achieve the goal of getting the maximum return with a certain risk level. Analysis at the global or domestic macroeconomic level is one of an analysis step that needed to be done. In the previous studies, there are research gaps related to the relationship of global macroeconomic variables or domestic with the movement of the stock price index property. This study aimed to analyze the factors that affect the property stock price index.            The method?s steps in this research are descriptive analysis; stationarity test; Generalized AutoRegressive Conditional Heteroscedasticity model analysis (GARCH); best model selection test (Akaike information Criterion (AIC) test, Schwarz Criterion test (SC) and significance test); classical assumption test (normality test, heteroskedasticity test, multicolinearity test and autocorrelation test); also hypothesis testing (R2 test, F test, z test) using Eviews 8 program. This study has 108 samples using monthly data from 2006-2014 for each variables.            The output of this research indicate that the GARCH (1,1) is the best model that can explain the influence of global macroeconomic variables and also domestic macroeconomic against the property stock price index. Based on the hypothesis testing results, it shows that the BI rate has a negative and significant impact on the property stock price index. Exchange rates, DJIA index, NIKKEI 225 index and world gold prices has a positive and significant impact on the property stock price index. Meanwhile, inflation, the Fed rate and world oil prices have no significant effect on the property stock price index.
ANALISIS PENGARUH CORPORATE GOVERNANCE DAN LEVERAGE TERHADAP KINERJA KEUANGAN PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL KONTROL (STUDI KASUS PADA PERUSAHAAN WHOLESALE DAN RETAIL TRADE YANG TERDAFTAR DI BEI TAHUN 2010-2014) Kirana, Maria Nindya; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 5, Nomor 4, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The purpose of this study is to analyze the influence between Corporate Governance and Firm Financial Performance. Corporate Governance in this study is represented by Board of Commissioner, Proportion of Independent Commissioner, Audit Committee and Leverage. Firm?s Financial Performance is measured by using ROA. This study also uses firm size as a controlling variable. The sample used in this study is wholesale and retail trade firms listed in Indonesian Capital Market in 2010-2014. The sample were obtained by using the purposive sampling method and resulted 40 sample firms. The data used in this study collected from Indonesian Capital Market Directory and IDX. This research uses multiple regression analysis to analyze the data.The result revealed that the independent variables and control variable simultaneously affecting ROA. Board of Commissioner and Audit Committee are significantly impact ROA in positive way. While Proportion of Independent Commissioner and Leverage are significantly impact ROA in negative way.
ANALISIS PENGARUH VARIABEL MAKRO EKONOMI, DENGAN DEMOGRAFI DAN EFEK KRISIS KEUANGAN GLOBAL SEBAGAI VARIABEL KONTROL TERHADAP PEMBIAYAAN BANK SYARIAH DI INDONESIA (STUDI PADA BANK SYARIAH DEVISA DI INDONESIA PERIODE 2007-2016) Dwijaya, Putra Agung; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 7, Nomor 4, Tahun 2018
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

           This research was conducted to examine the influence of macroeconomic factors, as measured by inflation, interest rate, REER exchange rate and GDP growth to financing Islamic bank in Indonesia. This study also used control variables of demography (number of Muslim population in Indonesia) and the global financial crises effect in 2008.             Data used this study was obtained from the Financial Report of Bank Indonesia publications, and bank report through the website. The sampling technique used was purposive sampling. The sample in this study 6 Sharia foreign exchange banks. Data analysis techniques used in this study is multiple regression on panel data, where there are 6 Sharia foreign exchange banks and 40 periods (quarterly data 2007 ? 2016). There are two research models, in the model I the regression of macroeconomic variables to Islamic bank financing. Whereas in the model II the regression of macroeconomic variables to Islamic bank financing, demography and the global financial crises effect as a control variable.              The result of this research is, in the regression model I variable inflation have positive and significant effect to Islamic bank financing, while the variable interest rate, REER exchange rate, and GDP growth have a negative and significant effect to Islamic bank financing. Whereas in regression model II, inflation have a positive and significant effect on Islamic bank financing, the REER exchange rate have a negative and significant effect on Islamic bank financing. There are differences where the variable interest rate and GDP growth have insignificant effect to Islamic bank financing. Control variables demography have a significant effect while the global financial crises effect have insignificant effect to Islamic bank financing.
ANALYSIS OF EFFECT OF FIRM SIZE, INSTITUTIONAL OWNERSHIP, PROFITABILITY, AND LEVERAGE ON FIRM VALUE WITH CORPORATE SOCIAL RESPONSIBILITY (CSR) DISCLOSURE AS INTERVENING VARIABLES (STUDY ON BANKING COMPANIES LISTED ON BEI PERIOD 2012-2016) Astuti, Fitria Yuni; Wahyudi, Sugeng; Mawardi, Wisnu
JURNAL BISNIS STRATEGI Vol 27, No 2 (2018): Desember
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (990.819 KB) | DOI: 10.14710/jbs.27.2.95-109

Abstract

The main objective of the company survives in the stringent competitive by maximizing the value of the company to shareholder wealth. Firm value is experiencing a downward trend is a problem that must be resolved. The banking company also undertakes a social responsibility that is perceived to have a positive impact on the company's image. This study aimed to analyze the effect of the firm size, institutional ownership, profitability, and leverage with corporate social responsibility (CSR) disclosure as a variable intervening.Populations are banking companies listed on the Indonesia Stock Exchange Period 2012-2016. Sampling technique used is purposive sampling with 29 companies selected according to predetermined criteria. This research is done by using multiple linear regression analysis methods and path analysis also Sobel test to examine the effect of intervening. Test results with CSRD as the dependent variable indicate that institutional ownership and Leverage have no effect on CSRD While firm size and profitability (ROA) have a positive significant effect on CSRD. The result of testing with Firm Value (Tobins'Q) as the dependent variable indicates that Firm Size, Institutional Ownership, and Profitability (ROA) have no effect on Firm Value (Tobins'Q). Leverage (DAR) has a negative and significant influence on Firm  Value (Tobins'Q) while CSRD has a significant positive effect on Firm Value (Tobins'Q). CSRD does not mediate the effect of Institutional Ownership, Profitability (ROA) and Leverage (DAR) on Firm Value (Tobins'Q). CSRD mediates the effect of Firm Size on Firm Value (Tobins'Q).
PENGARUH FIRM SIZE, LEVERAGE, FREE CASH FLOW, UKURAN PENAWARAN RELATIF, DAN RATING TERHADAP REAKSI PASAR PADA PENGUMUMAN PENERBITAN SUKUK DAN OBLIGASI KONVENSIONAL PERIODE 2013-2016 Wulandari, Eva; Wahyudi, Sugeng
JURNAL STUDI MANAJEMEN ORGANISASI Vol 15, No 2 (2018)
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (349.978 KB) | DOI: 10.14710/jsmo.v15i2.21308

Abstract

This study aims to investigate factors that influance market reaction on announcement of sukuk and conventional bonds issuance over the period of 2013-2016. Independent variabels that used are firm size, leverage, free cash flow, relative bond size offering, and bond rating. Market reaction is calculated by cumulative abnormal return. This study uses all the announcement of sukuk and conventional bonds issuance during the period 2013-2016 as the population. The final sample are 13 announcements of sukuk issuance and 87 announcements of conventional bonds issuance obtained by purposive method. Cross sectional is used as the type of data in this study. The data of announcements event was obtained through Bloomberg, financial statements from official website of Indonesia Stock Exchange (IDX) and daily stock price from yahoofinance.com then analyzed using t-test, regression and chow test. The analytical tool that used in this study is E-views.        The result of this study are leverage, relative bond size offering, and rating significantly have a positive effect to cumulative abnormal return while variabels of firm size and free cash flow have no significant effect to cumulative abnormal return on announcement of sukuk issuance. Then, on the announcement of conventional bonds issuance shows that there are no variables that have a significant effect on CAR. There was an information leak in the announcement of conventional bond issuance marked by a significant market reaction on the day before conventional bonds issuance is announced.
ANALISIS PENGARUH KINERJA KEUANGAN DAN GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL MEDIATING (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE 2010-2014) S Depari, Frans Elkana; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 5, Nomor 3, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study aimed to examine the effect of the financial performance and corporate governance on corporate value with the disclosure of corporate social responsibility as a mediating variable. The dependent variable in this study is the value of a company that is proxied by Price Book Value, the independent variable is corporate governance and financial performance, as well as mediation variable is the social responsibility disclosure perususahaan.This study uses secondary data derived from the financial statements of companies listed on the Indonesia Stock Exchange 2010-2014. Total observation amounted to 121 companies. This study using purposive sampling method and to test hypotheses using multiple regression analysis and Sobel test with SPSS 21. Prior to the multiple regression analysis, first tested using classic assumption test.The results showed significant negative effect of managerial ownership to social responsibility, ROA is not insignificant to social responsibility, social responsibility is not significant to the ROA. Managerial ownership, ROA, social responsibility significant positive effect on firm value. In addition, social responsibility is not able to mediate the relationship between managerial ownership and corporate value and social responsibility are also unable to mediate the relationship between ROA and the value of the company.
PENGARUH TRADING VOLUME ACTIVITY, CASH FLOW OPERATION, RETURN ON ASSETS, CURRENT RATIO DAN DEBT TO EQUITY RATIO TERHADAP RETURN SAHAM PADA PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE DI BEI PERIODE 2010–2014 Winari, Ashi Aretha; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 5, Nomor 4, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Stock returns is one motivator in a process of investment, then the measurement of stock returns is a way that is often used by investors to compare different investment alternatives, thus allowing investors to determine its success in making an investment. This study was conducted to determine the extent of Trading Volume Activity (TVA), Cash Flow Operation (CFO), Return on Assets (ROA), the Current Ratio (CR) and Debt to Equity Ratio (DER) affect stock returns in property and real estate sectors.The method used is descriptive and verification methods, to address issues regarding all the variables independently sampling method using purposive sampling method. Of the forty-five companies, only thirty-nine companies included in the study sample.Activity (TVA), Cash Flow Operation (CFO), does not significantly influence stock return. But Return on Assets (ROA), the Current Ratio (CR) significantly affect stock returns in which the value is more than 0.05.
ANALISIS ANGGARAN PARSITIPATIF DAN PENGARUHNYA TERHADAP KINERJA Wahyudi, Sugeng
JURNAL BISNIS STRATEGI Vol 2, No 1 (1998): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (471.681 KB) | DOI: 10.14710/jbs.2.1.31-39

Abstract

Partisipasi  dalam proses penyusunan  anggaran sebagai  variabel perilaku  secara   parsial  terbukti mempunyai hubungan yang signifikan terhadap Kinerja manajer.   Namun demikian  secara parsial variabel ini ternyata hanya mempunyai kemampuan menje­laskan  rendah  terhadap kinerja manajer.Pengembangan alternatif dengan cara memasukkan  variabel perilaku yang lain  yaitu pendidikan ternyata memberikan gambaran yang lebih baik pada model  dalam  arti kemampuan menjelaskan  2  variabel ini lebih meningkat,  sehingga dapat  dinyatakan "Partisipasi yang disertai  dengan ilmu akan  menjadi lebih bermakna". Pengembangan  alternatif lain  dengan cara  membagi  sampel   menjadi   2 kelompok yaitu cabang  kelas  I dan cabang kelas  II  memberikan  makna tambahan pada  model.  Hasilnya bahwa partisipasi lebih bermakna pada cabang kelas I, yang relatif kondisi keuangannya lebih baik dari  cabang kelas II.Pengembangan alternatif dengan membagi Kinerja  manajer menjadi 3 kelompok manajer sesuai bidangnya  ternyata  tidak menjadikan model  ini  lebih  baik.  Hal  ini dapat dinyatakan bahwa  partisipasi mempunyai dampak Synergi  terhadap Kinerja manajer secara  utuh.Pengembangan  alternatif dengan memasukkan  variabel pengalaman mendampingi variabel partisipasi dan pendidikan ternyata variabel pengalaman tidak  signifikan  terhadap Kinerja manajer Pengembangan  alternatif Par­tisipasi  diperinci menurut unsur­-unsur partisipasi secara  parsial ternyata memberikan gambaran yang tidak lebih baik pada  model.Unsur­-unsur partisipasi yang diklasifikasikan  menjadi   6  unsur merupakan unsur­-unsur yang terintegrasi.  Penggabungan 6  unsur tersebutmenciptakan synergi sehingga analisis  integratif dari 6 unsur tersebut memberikan gambaran yang lebih  baik dibanding dengan  analisis parsial masing­masing unsur  tersebut.
TRANSFER INFORMASI HARGA SAHAM-SAHAM YANG LISTING DI JAKARTA STOCK EXCHANGE DAN NEW YORK STOCK EXCHANG Wardani, Heni Setia; Wahyudi, Sugeng; Waridin, Waridin
JURNAL BISNIS STRATEGI Vol 6, No 4 (2001): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (799.17 KB) | DOI: 10.14710/jbs.6.4.35-46

Abstract

The stock price's information transfer between the stock exchanges which trading in dual listing stock will present information for the investor to evaluated the issuers prospect, because the information is a signal for the investor to make decision. When there is no obstacles against the information ditribution, the stock price's information transfer will work appropriately so that the information dissemination runs quickly. The distribution information here means thatb every investor receives the same information set. In fact, however, there were investor receiving information other than the others, so that thwe asymmetrical information generated., it was only some investors obtaining the suitable information. consequently the investor receiving this information could enjoy the ubnormal returns The rsearch utilized the listing stocks et the emerging and developed stock exchanges, because at present the investor tended to move their invesment strategy through the under-depeloved countries. in this research, the emerging stock exchange was jakarta stock exchange while the developed stock exchange was  new york stock exchange.This research intended to understand the movement direction of the stock price's information transfer and to detect the movement response of the stock price's information transfer from New York Stock Exchange to Jakarta Stock Exchange and/or on the contrary from Jakarta Stock Exchange to New York Stock Exchange.In reach of this study census was applied as the reserach method because all population members became the research  objects. The relevant population  comprised all issuers performing the listing at  New York Stock Exchange and Jakarta Stock Exchange. The secondary data involving daily data of the stock price, exchanges rates, Jakarta Composite Index , and Dow Jones Industrial index stemmed From Bisnis Indonesia Daily News during 1999 was used within this research.  The analysis tool used in this was ordinary linear regression to know the movement direction and response of stock price's information transfers.Based on this research it was found that the stock price's information transfer running to two directions, from New York Stock Exchange to Jakarta Stock Exchange even so from Jakarta Stock Exchange to New York Stock Exchange and the stronger impact moved from Jakarta Stock Exchange to New York Stock Exchange.
NALISIS PENGARUH CURRENT RATIO, FIRM SIZE, DAN ASSETS TANGIBILITY TERHADAP RETURN ON ASSET DENGAN DEBT TO TOTAL ASSET SEBAGAI VARIABEL INTERVENING (STUDI PADA PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BEI TAHUN 2008-2011) NURSATYANI, ANISA; WAHYUDI, SUGENG; SYAICHU, MUHAMAD
JURNAL BISNIS STRATEGI Vol 23, No 2 (2014): Desember
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (232.765 KB) | DOI: 10.14710/jbs.23.2.97-127

Abstract

AbstractThis study to examine the effect  of Current Ratio (CR), firm size, and assets tangibility  to Return on Assets  (ROA) with Debt to Total Assets  (DTA) as an intervening  variable. Object studies at mining companies listed on Indonesia Stock Exchange during 2008-2011. Sampling technique using purposive sampling method based on particular criteria which was appropriate with research purposes.  This study use 15 mining companies. Methods of data analysis using  multiple  linear regression  analysis, path analysis, and Sobel test.The results show  Debt to Total Asset (DTA), Current Ratio (CR), and assets  tangibility  have negative effect on Return on Assets  (ROA), but firm size has not effect on Return on Assets  (ROA). Current Ratio (CR) has negative effect  on Debt to Total Assets  (DTA), but firm size and asset tangibility  have not effect on Debt to Total Assets  (DTA). Debt to Total Assets  (DTA) is able to mediate  relationship  between  Current Ratio (CR) to Return on Assets  (ROA), but is not able to mediate relationship  between firm size and assets tangibility to Return on Asset (ROA).