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All Journal Jurnal Manajemen Terapan dan Keuangan JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Jurnal ULTIMA InfoSys Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan JIKA: Jurnal Ilmu Keuangan dan Perbankan Economics and Finance in Indonesia Perspektif Komunikasi; Jurnal Ilmu Komunikasi dan Komunikasi Bisnis Jurnal Muara Ilmu Ekonomi dan Bisnis Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences IIJSE Proceeding of International Conference on Entrepreneurship (IConEnt)
Hulu, Edison
Universitas Pelita Harapan
Religion Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media Social Sciences

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PENGARUH ECONOMIC VALUE ADDED, MARKET VALUE ADDED DAN FINANCIAL DISTRESS TERHADAP VOLATILITAS STOCK RETURN DENGAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL MODERATING Jaunanda, Meiliana; Sembel, Roy; Hulu, Edison; Ugut, Gracia Shinta S.
JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). Vol 8, No 3 (2021): JMBI UNSRAT Volume 8 Nomor 3
Publisher : FEB Universitas Sam Ratulangi Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35794/jmbi.v8i3.36737

Abstract

Abstract. This study was conducted to effect of economic value added, market value added, altman zscore, and corporate social responsibility on volatility Stock Return. Samples were taken from companies that conducted an Initial Public Offering on the Indonesia Stock Exchange from 2018 to 2020 using a purposive sampling method, thus obtaining sample data of 71 companies. Data will be tested using data panel eviews10 program. The results of this study indicate that (1) Economic Value Added have negative effect and no significant effect on Stock Return , (2) Market Value Added have negative effect and no significant effect on Stock Return, (3) Altman Zscore have negative  effect and significant effect on Stock Return, (4) Corporate Social Resposibility have negative  effect and significant effect on Stock Return, (5) Corporate Social Resposibility have memoderate economic value added on Stock Return , (6) Corporate Social Resposibility have memoderate market value added on Stock ReturnAbstrak. Penelitian ini menguji pengaruh economic value added, market value added, altman zscore, dan corporate social responsibility terhadap volatilitas likuiditas saham. Sampel diambil dari perusahaan yang melakukan Initial Public Offering di Bursa Efek Indonesia dari tahun 2018 sampai dengan tahun 2020 dengan menggunakan metode purposive sampling, sehingga diperoleh data sampel sebanyak 71 perusahaan. Data akan diuji menggunakan program data panel eviews10. Hasil penelitian ini menunjukkan bahwa (1)Economic Value Added berpengaruh negatif dan tidak signifikan terhadap likuiditas saham, (2)Market Value Added berpengaruh negatif dan tidak signifikan terhadap likuiditas saham, (3)Altman Zscore berpengaruh negatif dan berpengaruh signifikan terhadap likuiditas saham, (4)Corporate Social Resposibility berpengaruh negatif dan signifikan terhadap likuiditas saham, (5)Corporate Social Resposibility dapat memoderasi economic value added terhadap likuiditas saham, (6) Corporate Social Resposibility dapat memoderasi market value added terhadap likuiditas saham
PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP KINERJA FUNDAMENTAL, KINERJA SAHAM DAN NILAI PERUSAHAAN Harry Santoso; Roy Sembel; Gracia Shinta S. Ugut; Edison Hulu
Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Vol. 3 No. 1 (2020): Fair Value : Jurnal Ilmiah Akuntansi dan Keuangan
Publisher : Departement Of Accounting, Indonesian Cooperative Institute, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (375.889 KB) | DOI: 10.32670/fairvalue.v3i1.819

Abstract

This study aims to understand the influence of good corporate governance onfundamental firm performance, stock performance, and firm value of companiesconsistently included in IICD annual report for 5 years in 2014-2018. The goodcorporate governance is proxied by using the score of ASEAN corporategovernance scorecard published in the firm annual report. A total of 11 sampleswere collected using purposive sampling method and analyzed using panel dataregression. The results show that the good corporate governance does not havesignificant influence on the fundamental firm and stock performance. However,it has significant influence on the firm value.
MANAJEMEN PERUBAHAN KOMUNIKASI PARTAI POLITIK NEW WAVE: SEBUAH STUDI ETNOGRAFIS DI PARTAI PSI JAWA BARAT Alamsyah, Virza Utama; Sinaga, Poltak; Ugut, Gracia; Hulu, Edison
Perspektif Komunikasi: Jurnal Ilmu Komunikasi Politik dan Komunikasi Bisnis Vol 5, No 1 (2021): Perspektif Komunikasi
Publisher : Universitas Muhammadiyah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (24.381 KB) | DOI: 10.24853/pk.5.1.227-243

Abstract

Studi ini bertujuan untuk menjawab bagaimana laju Partai Solidaritas Indonesia (PSI) di Jawa Barat dalam menjalankan strategi komunikasi politiknya berbeda dengan PSI  di DKI Jakarta, hal ini menjadi sebuah fenomena menarik karena sejatinya Jawa Barat berbatasan langsung dengan DKI Jakarta. Riset ini menggunakan pendekatan kualitatif  Etnografi untuk menemukan dan menggambarkan dinamika partai guna meningkatkan performa komunikasi politik PSI di Jawa Barat. Berdasarkan hasil penelitian didapati bahwa manajemen komunikasi politik new wave terdapat dalam tubuh PSI Jawa Barat. Pendekatan tiga hal penting yakni kultur-nilai, coaching oleh ketua dan sikap progresif-dinamis anak muda membuat PSI Jawa Barat mendapati posisi politik yang berbeda dalam konstetasi di Jawa barat
Convergence of Three Binomial Models into Black Scholes Model in Establishing Option Prices in Hongkong, India, and Indonesia Ikin Solihin; Sugiarto Sugiarto; Gracia Shinta S. Ugut; Edison Hulu
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 4, No 3 (2021): Budapest International Research and Critics Institute August
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v4i3.2426

Abstract

The establishment of option prices is one of the crucial aspects in derivative trade. Black-Scholes model (BSM) is one of the most popular models of option price establishment. The option exchanges such as CBOE, HKEX, and NSE use this model to determine the price options. Black-Scholes Model is modelled with stock price movement as a stochastic process. Another popular model is binomial model (BSM), originated from stock exchange movement model which divides interval time [0, T] into n equal length step. It holds several models to determine the value of up-move, down-move, and probability. Binomial model is categorised as Cox-Ross-Rubinstein, Jarrow-Rudd, and Leisen-Reimer. There are numerous literatures which discuss the relation between BM and BSM, including the convergence of binomial model and BSM. The former’s model which is often put side-by-side with BSM is Cox-Ross-Rubinstein. Even though this model is quite simple, it requires a lot, even thousands of steps to render Cox-Ross-Rubinstein to converge with BSM. It certainly takes a lot of time to calculate. Therefore, in this study, with limited steps, Jarrow-Rudd and Leisen-Reimer models are compared to BSM with the Cox-Ross-Rubinstein model. It aims to check on which binomial model is more convergent to BSM with limited steps in the same period. The data collected were secondary data from finance.yahoo.com. Judgemental sampling was used for technique sampling and several shares, with large market capitalization in Hongkong, India, and Indonesia are chosen. By calculating the MAFE error value from option price of BSM and BM, it is discovered that Leisen-Reimer with 101 steps is more convergent to BSM. 
MANAJEMEN PERUBAHAN KOMUNIKASI PARTAI POLITIK NEW WAVE: SEBUAH STUDI ETNOGRAFIS DI PARTAI PSI JAWA BARAT Virza Utama Alamsyah; Poltak Sinaga; Gracia Ugut; Edison Hulu
Perspektif Komunikasi: Jurnal Ilmu Komunikasi Politik dan Komunikasi Bisnis Vol 5, No 1 (2021): Perspektif Komunikasi
Publisher : Universitas Muhammadiyah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (874.011 KB) | DOI: 10.24853/pk.5.1.11-27

Abstract

Studi ini bertujuan untuk menjawab bagaimana laju Partai Solidaritas Indonesia (PSI) di Jawa Barat dalam menjalankan strategi komunikasi politiknya berbeda dengan PSI  di DKI Jakarta, hal ini menjadi sebuah fenomena menarik karena sejatinya Jawa Barat berbatasan langsung dengan DKI Jakarta. Riset ini menggunakan pendekatan kualitatif  Etnografi untuk menemukan dan menggambarkan dinamika partai guna meningkatkan performa komunikasi politik PSI di Jawa Barat. Berdasarkan hasil penelitian didapati bahwa manajemen komunikasi politik new wave terdapat dalam tubuh PSI Jawa Barat. Pendekatan tiga hal penting yakni kultur-nilai, coaching oleh ketua dan sikap progresif-dinamis anak muda membuat PSI Jawa Barat mendapati posisi politik yang berbeda dalam konstetasi di Jawa barat
The Effect of Foreign Country Indexes, Macroeconomics, and Commodities on the Indonesian Stock Exchange Valentino Budhidharma; Roy Sembel; Gracia Shinta S. Ugut; Edison Hulu
JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). Vol 9 No 2 (2022): JMBI UNSRAT Volume 9 Nomor 2
Publisher : FEB Universitas Sam Ratulangi Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35794/jmbi.v9i2.42302

Abstract

The purpose of this paper is to study the effect of the foreign country indexes, macroeconomics, and world commodity prices on the Composite Stock Price Index (IHSG) in Indonesia. The foreign indexes are the US Dow Jones (DJI), the Singapore Straits Time Index (STI), the Japanese Nikkei (N225), and the Hong Kong Hang Seng Index (HSI). The macroeconomics factors are the currency exchange rate (USDIDR) and inflation rate (INFLATION). The commodities are crude oil prices (OIL) and world gold prices (GOLD). The estimation model is a multiple linear regression analysis[VB1] . The results show that USDIDR has a significant negative effect, while STI has a significant positive effect.
LQ45 Stock Index Abnormal Return Reaction to the Covid-19 Pandemic: the Even Study Methodology Ikin Solihin; Sugiarto Sugiarto; Gracia Shinta S. Ugut; Edison Hulu
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 5 No 1 (2022): Sharia Economic: January, 2022
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v5i1.2051

Abstract

LQ45 Index stocks are liquid stocks with high market capitalization, have a high trading frequency, growth prospects, and fairly good financial conditions, are not volatile and have been objectively selected by the IDX. This research aims to determine the abnormal return of LQ45 Stock Index to the covid-19 pandemic. This research uses even study method with population consisted entirely of daily data from the ten most populous cities in the United States. The result of this study shows that there are significant differences in abnormal returns before and after the announcement of the Covid-19 pandemic by WHO. The announcement of this pandemic is responded to as a negative signal by investors so that information regarding the announcement of the Covid-19 pandemic by the WHO is responded to early and at the time of launching the information no longer had any effect because the prices had moved towards equilibrium. The future research that extend the research time period and include other external factors such as lockdown policies or inflation is needed as the limitation in this research.
INDIKATOR KOLEKTIBILITAS KREDIT JOINT FINANCING MENGGUNAKAN OLS & LOGIT Silalahi, Derisman; Hulu, Edison
Jurnal Ilmu Keuangan dan Perbankan (JIKA) Vol. 11 No. 1: Desember 2021
Publisher : Program Studi Keuangan & Perbankan, Fakultas Ekonomi dan Bisnis, Universitas Komputer Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34010/jika.v11i1.5918

Abstract

This study aims to determine indicators that have a significant effect on debtor collectability. The number of sample data used is 102 joint financing debtors whose loans were realized in 2019, which consists of two groups of 51 debtors that have current and non-current collectability. The analytical method used is the ordinary least square method and the logit regression method, where the combination of the two analytical methods being used at once was not yet found in previous studies. The analysis result using ordinary least squares shows three (3) significant indicators that affect collectability, namely term of the loan, value of collateral and monthly liabilities, with a significance level of 0.05. Meanwhile, the binary logit analysis results in four (4) significant indicators, namely term of the loan, value of collateral and monthly liabilities with a significance level of 0.05 and level of job risk with a significance level of 0.10. The R-squared value in the ordinary least square is 41%, which means that the ten indicators in this study simultaneously affect the collectability variable, while 59% is influenced by other variables not included in this study. The analysis using the logit regression method shows an R-square value of 39% which can be said that the ten indicators altogether affect debtor collectability by 39%.
VALUATION OF STOCK VALUE WITH RELATIVE VALUATION AND ABSOLUTE VALUATION APPROACH IN BANKING SECTOR AT LQ 45 PERIOD 2015-2020 Ferdinand, Ferry Vincenttius; Hulu, Edison; Ugut, Gracia Shinta S.; Sembel, Roy
ULTIMA InfoSys Vol 15 No 1 (2024): Ultima Infosys : Jurnal Ilmu Sistem Informasi
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/si.v15i1.3410

Abstract

Investment in Indonesia during the COVID-19 pandemic increased. One of the significant and good indices in describing the condition of stocks in Indonesia is LQ45. Dlaam LQ45 The largest market capitalists are held by the financial sector Specifically the bank subsector therefore it needs to be further researched regarding these stocks. One of the interesting things is whether these stocks deserve to be considered a good investment instrument. One of the efforts to assess investment instruments is through the valuation stage. The valuation method used there are two, namely relative valuation with price to book value benchmarks and price earnings ratio and absolute valuation with dividend growth model method and some modifications of the model. From the results obtained, the recommendation of the position of the four financial stocks in LQ45 varies depending on the valuation technique used. On this basis, it can be said that it is important to know, know, and ethically the valuation techniques used are appropriate, good, and correct.
Implementation of Beaver Dichotomy to Differentiate Good and Distressed Firms in Indonesia Budhidharma, Valentino; Sembel, Roy; Hulu, Edison; Ugut, Gracia S.
Proceeding of International Conference on Entrepreneurship (IConEnt) Vol 3 (2023): Proceeding of 3rd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The purpose of this study is to determine factors/variables that can differentiate the characteristics of distressed and good firms and propose a new model to explain financial distress in Indonesia. There have been many theories, variables, and estimation methods used by previous studies about early warning signs of financial distress. Determining factors of good and distressed firms uses Beaver's (1968) methodology. The samples used are most sectors in Indonesia’s Stock Exchange from 2005 to 2020, excluding the financial sector. The characteristic results show that good firms have higher NITA, GPTA, CTA, QATA, CATA, WCTA, CCL, RETA, and EBTCL, while distressed firms are better on CFTS, CFTA, CFNW, CFTD, NITS, NINW, NITD, ROE, CLTA, LTLTA, CLLTLTA, QACL, CR, CTS, ITS, CATS, WCTS, NWTS, and TATS.
Co-Authors Alamsyah, Virza Utama Arianto, Radityo Fajar Budhidharma, Valentino Ferdinand, Ferry Vincenttius Gracia S Ugut Gracia Shinta S. Ugut Harry Santoso Hendrawan Supratikno Hermansjah, Reynaldi Ikin Solihin Ikin Solihin Jaunanda, Meiliana nugroho, vina christina Poltak Sinaga Poltak Sinaga, Poltak Roy Sembel Roy Sembel Silalahi, Derisman Solihin, Ikin Sugiarto S Sugiarto Sugiarto Sugiarto Sugiarto Valentino Budhidharma