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All Journal Jurnal Reviu Akuntansi dan Keuangan MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Jurnal Ilmu Manajemen (JIM) Jurnal Manajemen Teori dan Terapan Riset Akuntansi dan Keuangan Indonesia International Research Journal of Business Studies (E-Journal) J-MKLI (Jurnal Manajemen dan Kearifan Lokal Indonesia) Journal of Innovation in Business and Economics Jurnal Manajemen dan Kewirausahaan Riset Akuntansi dan Keuangan Indonesia Journal of Community Empowerment International Research Journal of Business Studies
Sasikirono, Nugroho
The Faculty Of Economics And Business Airlangga University Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Languange, Linguistic, Communication & Media Social Sciences Other

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The effect of foreign ownership on stock return volatility, with government ownership as a moderator Nugroho Sasikirono; Mega Rizki Febriana; I made Sudana; Harlina Meidiaswati
Journal of Innovation in Business and Economics Vol. 4 No. 01 (2020): Journal of Innovation in Business and Economics
Publisher : Faculty of Economics and Business, University of Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jibe.v4i01.10177

Abstract

This research aims to determine the relationship between foreign institutional ownership and the stock return volatility, as well as the moderating effect of the state-owned enterprises on this relationship. This study uses two proxies of return volatility, namely total and idiosyncratic volatility. The research sample was determined by the purposive sampling method and analysis was conducted by OLS and moderated regression analysis. The number of samples in this study was 181 companies with 342 observations of data for the period 2014-2018. The analysis shows that share ownership by foreign institutional investors has a significant negative effect on the total and idiosyncratic return volatility. Ownership of shares by the government in state-owned enterprises has a moderating effect on such a relationship. The control variables of trading turnover and book-to-market ratio show a significant effect on volatility. Meanwhile, other control variables, which include ownership by domestic institutional and individual investors and free float ratio, do not show the effect on both total and idiosyncratic volatility. Robustness checks by quantile regression come into the same results. The results indicated the important role of foreign investors in the Indonesian capital market in providing market stability and thus stimulating investment climate.
Financial Literacy, Financial Technology Literacy, and Capital Market Participation Nugroho Sasikirono; Harlina Meidiaswati; Nur Maulydia Rachman; Muhammad Madyan
Journal of Theoretical and Applied Management (Jurnal Manajemen Teori dan Terapan) Vol. 16 No. 3 (2023)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v16i3.49550

Abstract

Objective: This study aims to determine the effect of financial literacy and fintech literacy on capital market participation. It also examines the effects of individual characteristics (i.e., gender, age, student's allowances and income, parent's education, and parent's income) on financial and fintech literacy. Design/Methods/Approach: This study obtained 349 data from email and field surveys using purposive sampling. Data analysis was performed using OLS and path analysis. Findings: Results show that the level of student financial literacy is sufficiently literate, with a moderate level of fintech literacy but low capital market participation. The results also show financial and fintech literacy positively affects capital market participation. Financial literacy also exhibits indirect effects on capital market participation. Analysis of the determinants of literacy shows that gender, age, student allowances, and income have a significant positive effect on financial literacy and fintech literacy. We also find that parental education and income show a negative effect on fintech literacy. Originality/Value: This study is the first to examine the relationship between financial literacy, fintech literacy, and capital market participation in young adults in metropolitan cities in Indonesia. The results are expected to provide insight for the authorities of the monetary system and the capital market to develop strategies for the more intense involvement of young adults in the capital market. Practical/Policy implication: This study highlights the importance of educating students about financial and fintech literacy to increase their participation in the capital market. Decision-makers should focus on providing intense education on portfolio investment, risk and return, and investment instruments. Financial authorities should also collaborate with fintech operators and securities companies to promote capital market products through fintech and educate the public with more comprehensive information.
Efek Kinerja Lingkungan dan Kinerja Sosial Terhadap Kinerja Pasar Perusahaan di Indonesia Meidiaswati, Harlina; Madyan, Muhammad; Sasikirono, Nugroho
Jurnal Manajemen dan Kearifan Lokal Indonesia Vol 7 No 2 (2023)
Publisher : Asosiasi Peneliti Manajemen Adat Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26805/jmkli.v7i2.139

Abstract

This study examines the effect of environmental performance as measured by the PROPER award rating and social performance as measured by the corporate social responsibility (CSRI) disclosure index on the company's market performance as measured by the Tobin's Q ratio. The sample being used is 188 companies listed on the Indonesia Stock Exchange (IDX) for the period 2013-2016. OLS results show that the PROPER award has a positive effect on market performance. Companies that receive prestigious PROPER awards (blue, green or gold) show higher market performance. The test also shows the positive influence of social performance on market performance. Furthermore, social performance fully mediates the effect of environmental performance on market performance. Robustness check using quantile regression shows that social performance fully mediates the effect of environmental performance on firms with small and medium market performance (Q25 and Q50).
Loan-to-Value Policy and Property Loans Risk in Conventional Commercial Banks of Indonesia Sasikirono, Nugroho; Sudana, I Made; Sumanto, Syelma; Meidiaswati, Harlina
International Research Journal of Business Studies Vol. 12 No. 3 (2019): December 2019-March 2020
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.12.3.267-276

Abstract

This study aims to determine the effect of loan-to-value (LTV) policy on bank’s property loan risk of Indonesia. This study utilizes a purposive sampling method and multiple linear regression analysis techniques. The number of samples in this study is 66 banks with 563 observations data. The results show that bank’s property loan risk, which is proxied by the NPL ratio of property loans, is lower in the LTV tightening policy period than the easing period. We utilize some control variables in this study: inflation, gross domestic product growth, property loan growth, and bank size. Inflation, property loan growth, and bank size have a significant positive effect on non-performing loans, while gross domestic product growth has a significant negative effect.
PENGUNGKAPAN PRAKTIK SDM DAN KINERJA PASAR PERUSAHAAN Sasikirono, Nugroho; Kurniawan, Adimas Yahya; Julianti, Praptini; Meidiaswati, Harlina
Jurnal Ilmu Manajemen Vol. 12 No. 4 (2024)
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jim.v12n4.p860-874

Abstract

This study aims to determine the effect of HRM practices on company market performance. HRM practice is proxied by the HRM Practice Disclosure Index (HRMPI). We utilise content analysis techniques to measure HRMPI. Tobin's Q. measures the company's market performance. We utilise purposive sampling, using multiple linear regression as the analysis method. The total sample size is 186 public companies listed on the Indonesia Stock Exchange (IDX) during 2014-2018, with 854 observations. The results show that HRM practice has a positive relationship with the company's market performance. The company's ability to implement HRM Practices has positive implications for the company's human capital. Companies with a higher HRMPI can better create a competitive advantage. This encourages the company's performance to be better and leads to an increase in the market value. Robustness checks using the dimensions of the HRM Practice Index, the alternative performance measures, and the endogeneity test bring consistent results.
Zombie Company and CSR Performance with Corporate Governance and Ownership as Moderator Variables Madyan, Muhammad; Sasikirono, Nugroho; Maulidya, Putri
Riset Akuntansi dan Keuangan Indonesia Vol 5, No 3 (2020) Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v5i3.11756

Abstract

This study aims to determine the relationship between zombie companies and the performance of corporate social responsibility, with corporate governance and ownership as moderator variables. A zombie company is a nearinsolvent firm due to inefficiency and low profitability but still survive with external support from the government or bank (Kane, 1987). The determination of the sample is done by a purposive sampling method, with OLS and Moderated Regression Analysis methods. The number of research samples is 288 companies with a total of 1865 observations for the period 2010-2017. The analysis shows that CSR performance in zombie companies is lower than that of nonzombies. The moderator variable of corporate governance is proxied by board composition, while ownership is proxied by family ownership and institutional ownership. The board composition and institutional ownership variables do not moderate the negative effects of zombie companies on CSR performance, while the family ownership variable worsens the relationship between zombie companies and CSR performance. The research control variables are financial leverage, a dummy of state-owned enterprise, and firm size. While financial leverage has no effect on the CSR performance, the state-owned enterprise and firm size are positively related to that performance.
COUNTRY GOVERNANCE AND FINANCIAL LEVERAGE WITH INSTITUTIONAL OWNERSHIP AS MODERATING VARIABLES Sasikirono, Nugroho
Riset Akuntansi dan Keuangan Indonesia Vol 7, No 2 (2022) Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v7i2.19014

Abstract

This study aims to determine the effect of country governance and the components of country governance (voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, law, and control of corruption) on financial leverage, as well as the moderating effect of institutional ownership on the influence of country governance and the components of country governance (voice and accountability, political stability and absence violence, government effectiveness, regulatory quality, law, and control of corruption) on financial leverage. This study uses a sampling method using purposive sampling. The analysis method is multiple linear regression and moderated regression analysis. The number of samples in this study was 1853 observations on manufacturing companies listed on the stock exchanges of Indonesia, Malaysia, Thailand, Singapore, and the Philippines. The results show that country governance, political stability and absence aof violence, government effectiveness, regulatory quality, law, and control of corruption have a significantly negative effect on financial leverage, while voice and accountability have a significant positive on financial leverage. Institutional ownership weakens the negative influence of country governance, political stability and absence of violence, government effectiveness, regulatory quality, law, and control of corruption on financial leverage, while institutional ownership strengthens the positive effect of voice and accountability on financial leverage. In addition, tangible assets, profitability, interest rates, and GDP growth also affect financial leverage.
PENJUALAN CERDAS MELALUI PENINGKATAN KETERAMPILAN KOMUNIKASI EFEKTIF DI KOMUNITAS ORGANIK BRENJONK, MOJOKERTO Komalasari, Puput Tri; Putri, Elsa Yustika; Hartini, Sri; Wisudanto, Wisudanto; Sasikirono, Nugroho; Fitdiarini, Noorlaily; Qalbi, Zahrin Hazrina
Journal of Community Empowerment Vol 4, No 1 (2025): Juni
Publisher : Universitas Muhammadiyah Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31764/jce.v4i1.32381

Abstract

ABSTRAK                                                                            Komunitas Petani Organik Brenjonk di Desa Penanggungan, Mojokerto, telah mengembangkan empat unit usaha berbasis ekowisata, namun tiga di antaranya—yakni homestay, kuliner sawah, dan wisata edukasi—menghadapi tantangan dalam pelayanan pelanggan dan penjualan. Analisis situasi menunjukkan pola pemasaran yang masih reaktif dan ketiadaan standar komunikasi menyebabkan stagnasi pertumbuhan dan penurunan jumlah pengunjung. Tujuan dari kegiatan pengabdian ini adalah meningkatkan keterampilan komunikasi efektif bagi pelaku usaha lokal sebagai upaya mendukung smart selling dan mempertahankan pelanggan. Kegiatan dilaksanakan melalui tiga tahapan: (1) perencanaan dengan FGD dan analisis SWOT, (2) pelatihan interaktif menggunakan metode simulasi dan role play, dan (3) evaluasi berbasis pre-post test serta diskusi tindak lanjut. Mitra kegiatan adalah Komunitas Petani Organik Brenjonk dengan jumlah peserta sebanyak 32 orang yang berasal dari tiga unit usaha non-pertanian. Hasil evaluasi menunjukkan adanya peningkatan signifikan pada pemahaman peserta terhadap komunikasi efektif dan etika komunikasi, ditunjukkan oleh perbedaan hasil pre-test dan post-test yang signifikan secara statistik. Program ini berhasil memberikan keterampilan praktis kepada peserta dalam berkomunikasi profesional, memahami pelanggan, serta menyampaikan informasi secara jelas. Sebagai langkah keberlanjutan, disarankan penyusunan SOP komunikasi untuk mendukung praktik pelayanan yang konsisten dan berkualitas. Kata kunci: kampung Brenjonk; keterampilan komunikasi;pelatihan frontliner; pemberdayaan masyarakat; SDGs; smart selling ABSTRACTKampung Organik Brenjonk in Penanggungan Village, Mojokerto, has developed four eco-tourism-based business units. However, three of them—namely homestay, rice field culinary, and educational tourism—still face challenges in customer service and sales performance. Situation analysis revealed that reactive marketing approaches and the absence of communication standards have led to stagnant growth and a decline in visitor numbers. This community service program aimed to enhance effective communication skills among local entrepreneurs to support smart selling practices and improve customer retention. The program was implemented in three stages: (1) planning through focus group discussions (FGD) and SWOT analysis, (2) interactive training using simulation and role-playing methods, and (3) evaluation using pre- and post-tests as well as follow-up discussions. The target partner was the Brenjonk Organic Farmer Community with a total of 32 participants from the three non-agricultural business units. Evaluation results indicated a statistically significant improvement in participants’ understanding of effective communication and communication ethics, as shown by higher post-test scores. The program successfully equipped participants with practical skills for professional communication, customer understanding, and clear information delivery. As a sustainability measure, the development of communication standard operating procedures (SOP) is recommended to ensure consistent and high-quality service practices.   Keywords: communication skills; community empowerment; front-liner training; kampung Brenjonk; SDGs; smart selling
Co-Authors Dina Novita Dina Novita, Dina Elsa Yustika Putri Harlina Meidiaswati Harlina Meidiaswati Harlina Meidiaswati Herlambang, Muhammad Hadyan I Made Sudana I Made Sudana Julianti, Praptini Kurniawan, Adimas Yahya Madyan, Muhammad Maulidya, Putri Mega Rizki Febriana Muhammad Hadyan Herlambang Muhammad Madyan, Muhammad Noorlaily Fitdiarini, Noorlaily Nur Maulydia Rachman Puput Tri Komalasari Putri Maulidya Qalbi, Zahrin Hazrina Rosita Dwi Kusuma Sri Hartini Sudana, I Made Sumanto, Syelma Sumanto, Syelma Syelma Sumanto Wida Kusmayana Wisudanto Wisudanto