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All Journal ETIKONOMI Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) JEJAK Journal of Economics, Business, & Accountancy Ventura Jurnal Manajemen Teori dan Terapan AFRE Accounting Financial Review Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan NISBAH: JURNAL PERBANKAN SYARIAH Journal of Islamic Monetary Economics and Finance MANAJEMEN DEWANTARA Sebelas Maret Business Review International Journal of Economics, Business and Accounting Research (IJEBAR) The Indonesian Journal of Accounting Research Journal of Management and Entrepreneurship Research Indonesian Capital Market Review Jurnal Manajemen dan Pemasaran Jasa
Irwan Trinugroho, Irwan
Universitas Sebelas Maret
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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REVENUE DIVERSIFICATION, PERFORMANCE, AND BANK RISK: EVIDENCE FROM INDONESIA Hafidiyah, Mutiara Nur; Trinugroho, Irwan
Jurnal Dinamika Manajemen Vol 7, No 2 (2016): September 2016 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Semarang State University, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v7i2.8198

Abstract

This paper examines the effect of revenue diversification on bank performance and bank risk by studying 101 conventional commercial banks in Indonesia over the period of 2010-2014 resulting in 505 observations. By employing panel least square technique, our results show that revenue diversification negatively affects bank performance. Moreover, it is found that diversified banks are riskier than specialized banks. The risk is diminished when state-owned banks diversify their business. Joint venture banks are riskier than other banks when they engage in non-interest income activities.
Revenue Diversification, Performance and Bank Risk: Evidence from Indonesia Hafidiyah, Mutiara Nur; Trinugroho, Irwan
JDM (Jurnal Dinamika Manajemen) Vol 7, No 2 (2016): September 2016 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v7i2.8198

Abstract

This paper examines the effect of revenue diversification on bank performance and bank risk by studying 101 conventional commercial banks in Indonesia over the period of 2010-2014 resulting in 505 observations. By employing panel least square technique, our results show that revenue diversification negatively affects bank performance. Moreover, it is found that diversified banks are riskier than specialized banks. The risk is diminished when state-owned banks diversify their business. Joint venture banks are riskier than other banks when they engage in non-interest income activities.
A Recent Literature Review on Corporate Political Connections Trinugroho, Irwan
JDM (Jurnal Dinamika Manajemen) Vol 8, No 2 (2017): September 2017 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v8i2.12766

Abstract

It has always been an interesting issue deliberating the connectedness between corporation and political power. There have been a substantial number of papers in the academic literature empirically studying what so call “corporate political connections” over the last 17 years. Using 81 papers published in 2010-2017 in finance, economics, accounting, management and other journals, in this present paper, I provide a recent literature review on firm political connections particularly with respect to the empirical studies discussing the impact of being politically connected firms. A number of issues related to the effect of political connections on corporate strategy, behaviors and outcomes have been addressed. Few other papers provide different perspective by looking at the antecedents of corporate political connections and the contingency role of such connections. Little is found on the development of new measures of corporate political connections. Finally, it could be suggested that the interaction between political connections and the technological-based business innovation would be an interesting issue to study.
The role of structural factors in real interest rate behaviour: A cross-country study Ariefianto, Moch. Doddy; Trinugroho, Irwan
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : UNIVERSITY OF MERDEKA MALANG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4777

Abstract

Real Interest Rate (RIR) has a profound impact on the well-functioning of any economy hence a good understanding of its behavior is a key policy element. Using a Keynesian framework, we model and empirically test the relationship of RIR to selected structural variables namely inequality, dependency, financial depth, and institutional set up. We employ a panel dataset comprised of 115 countries with annual frequency from the period 2000 to 2018. Considering the structure of the dataset and possible endogeneity in the model; System GMM is used to estimate regressions parameters. We found that inequality and dependency do not have a significant influence on RIR. Financial development contributes to improving efficiency while institutional set up has a quadratic relationship with RIR. The better institution first increases RIR; after passing a certain cut off; further institution development would improve efficiency. RIR is found to be significantly procyclical. Further elaboration on the model; also revealed two different global RIR regimes with 2008 as threshold. There is also a significant counter cycle impact of financial development: negative interaction effect with the business cycle. JEL Classification: C23, E43, E32, O43 DOI: https://doi.org/10.26905/jkdp.v24i3.4777
Investment Strategy Based on Bias Behavior and Investor Sentiment in Emerging Markets Dian Safitri Pantja Koesoemasari; Tulus Haryono; Irwan Trinugroho; Doddy Setiawan
ETIKONOMI Vol 21, No 1 (2022)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v21i1.22290

Abstract

This research's main objective is to select profitable investment strategies with the presence of sentiment investors in emerging markets, with behavior bias-based portfolio methods. The sample of 114 companies traded daily on IDX was conducted over three years with weekly data. This study uses pairwise comparison and OLS. The research results show that contrarian strategies are more profitable than momentum. Investors benefit when mild conditions are optimistic and more significant when the conditions are pessimistic. This research proves that investor sentiment in the market can distort investor investment decisions, even using the behavior-bias method. Therefore, forming a portfolio will be more appropriate based on biased behavior because it facilitates investment decision-making.How to Cite:Koesoemasari, D.S.P., Haryono, T., Trinugroho, I., Setiawan, D. (2022). Investment Strategy Based on Bias and Investor Sentiment in Ememerging Market. Etikonomi, 21(1), 1-10. https://doi.org/10.15408/etk.v21i1.22290.
Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia Doddy Setiawan; Muhammad Agung Prabowo; Irwan Trinugroho; Bany Ariffin Amin Noordin
ETIKONOMI Vol 20, No 1 (2021)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v20i1.19156

Abstract

This research examines how the board of commissioners' structure and ownership retention affect IPO underpricing in Indonesia. In this study, we have examined the following three aspects: the number of board of commissioners, percentage of independent commissioners, and percentage of female commissioners. In total, 186 Indonesian companies that have conducted IPO from 2001 to 2016 were included in this study. This study uses multiple regressions to test the hypothesis. Our findings show that ownership retention has a negative implication on underpricing. Furthermore, the number of board of commissioners and independent commissioners has also been determined to reduce the level of underpricing. However, female commissioners were found to have no significant effect on IPO underpricing; furthermore, it demonstrated no significant effect in reducing the level of underpricing. These results show that higher ownership retention, a smaller number of board members, and a higher percentage of independent commissioners can reduce IPO underpricing.JEL Classification: G30, G32How to Cite:Setiawan, D., Prabowo, M. A., Trinugroho, I., & Noordin, B. A. A. (2021). Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia. Etikonomi, 20(1), 185 – 200. https://doi.org/10.15408/etk.v20i1.19156.
Foreign Banks’ Presence and Domestic Bank Performance: Evidence from Indonesia Aina Mardiya; Irwan Trinugroho
ETIKONOMI Vol 17, No 2 (2018)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (273.818 KB) | DOI: 10.15408/etk.v17i2.7769

Abstract

We examine the impact of foreign presence on domestic banks’ performance by studying conventional commercial banks in Indonesia. We use monthly financial information of 97 commercial banks from 2003 through 2013 resulting in 8,600 observations. We use a panel data regression (Panel Least Square method) to test our hypotheses. Our results show that overall, foreign presence decreases the performance of domestic banks. Going deeper, we find that foreign presence reduces state-owned banks’ profitability as well as private domestic banks’ profitability. However, there is no significant effect of foreign presence on the performance of regional development banks. Little evidence found on the effect of foreign presence on overhead cost.DOI:10.15408/etk.v17i2.7769
Does Mispricing Affect Investment And Capital Structure Of Indonesian Firms? Risal Rinofah; Irwan Trinugroho
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 4 No. 2 (2011): Jurnal Manajemen Teori dan Terapan - Agustus 2011
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (139.865 KB) | DOI: 10.20473/jmtt.v4i2.2419

Abstract

Stock price movement is not entirely a reflection of its fundamental value because of there are non-fundamental factors such as market sentiment (Keynes, 1936), behavioral biases of investors (Lakonishok et al., 1994), systematic errors when assessing stock (Stein, 1996), asymmetric information (Tobin, 1969) causing the value of stock deviate from its fundamental value (misprice). This condition can affect corporate investment decisions because managers can take advantage of overvalued stock condition as a source of investment funding because the cost of capital becomes cheaper. Conversely, firms avoid selling stocks at undervalued due to high cost of capital. Therefore, the objectives of this research is to examine the effect of mispricing to firms investment behavior and to firms capital structure. We also test the role of the level of financial constraint in the relationship between mispricing and investment.Using panel data regression with data observation for five years, we find that mispricing have positif impact to firms investment level. However, this effect is not diverse whether on a group of firms which have a high level of financial constraint (financially constraint) or those which have a low level of financial constraint (less constraint). Moreover, this research also find that the mispricing can also influence firms in choosing sources of funding which can be seen on their debt to equity ratio (D/E). To check the accuracy of examination, we employ some robustness test and use several control variables. These results are consistent with and can be explained using market timing and catering hypotesis. 
Is the effect of a political event more pronounced for government controlled firms? Irwan Trinugroho; Aurio Fajrin; Sutaryo Sutaryo
Journal of Economics, Business, & Accountancy Ventura Vol 19, No 2 (2016): August - November 2016
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v19i2.629

Abstract

This study investigates market reaction to a political event, which is the presidential election of Republic of Indonesia in 2014 by studying 387 publicly traded firms in the Indonesia Stock Exchange. It employs event study method to measure the information content of this event. By going deeper, this study looked at the effect difference between government controlled firms (partially privatized firms) and private firms. The results show that there was a significant abnormal return around the event date. The negative abnormal return one day before the election date, which was followed by rebounding one day after the event, indicate that investors consider that the election had been done well particularly with respect to the political stability and security. Moreover, this paper reveals that the effect of presidential election is more pronounced for government-controlled firms than private firms. Government controlled firms may be more susceptible to political event.
Human Development, Banking Development and the Quality of Local Government: The Case of Indonesia Dewanti Cahyaningsih; Irwan Trinugroho
Journal of Economics, Business, & Accountancy Ventura Vol 20, No 1 (2017): April - July 2017
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v20i1.843

Abstract

We extend the study of Trinugroho et al. (2015) by focusing on the effect of human development on banking development and the moderating effect of the quality of local government on the link between human development and banking development. We use unique data set by disentangling the type of banks (commercial bank, rural bank, and the total of both) to measure financial development. This research uses panel data at the provincial level for the period of 2010-2014. Generally, it could be concluded that human development has positive effect on banking development. To some extent, the quality of local government is found to strengthen the impact of human development on banking development.  
Co-Authors Agista Putri Prameswari Agung Nur Probohudono Aina Mardiya Aldy Fariz Achsanta Ariefianto, Moch. Doddy Ariefianto, Mochammad Doddy Arifin, Layyin Nafisa Arifin, Taufiq Aurio Fajrin Bambang Sutrisno Bany Ariffin Amin Noordin Chee, Hong Kok Dewanti Cahyaningsih Doddy Setiawan Doddy Setiawan Fahri, Luki Okta Fitri Susilowati Hermawati, Nofa Hong Kok Chee Hunik Sri Runing Sawitri Hunik Sri Runing Sawitri Junivar, Mutiara Syahada Koesoemasari, Dian Safitri Pantja Lian Kee Phua Linggar Ikhsan Nugroho Melisa Arisanty Moch. Doddy Ariefianto Muh Juan Suam Toro Muhammad Agung Prabowo Muhammad Yusuf Indra Purnama Muthmainah Muthmainah Muthmainah Muthmainah Mutiara Nur Hafidiyah, Mutiara Nur Nugroho Saputro Nur Imamah Oviwasat Nawacatur Phua, Lian Kee Prasetyo, Mario Aditya Pratama, Yhoga Heru Purbowo, Gunawan Putra Pamungkas Qushoyyi, Muhammad Ahnaf Ammar Risal Rinofah Risal Rinofah, Risal Sari, Pristin Prima Sevanrhoo Noya Dean Tanardi Soni Prima Nugroho Suryanto - Suryanto Sutaryo Sutaryo Sutaryo Sutaryo Sutaryo Sutaryo Tastaftiyan Risfandy, Tastaftiyan TAUFIK ARIFIN Taufiq Arifin Tulus Haryono Wiradharma, Gunawan Wisnu Untoro wisnu untoro, wisnu