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MENINGKATKAN DAYA SAING KOPERASI UNTUK MENINGKATKAN KONDISI KETAHANAN NASIONAL BIDANG EKONOMI Arief, Usman
NUANSA: Jurnal Penelitian Ilmu Sosial dan Keagamaan Islam Vol 9, No 2 (2012)
Publisher : STAIN PAMEKASAN

Koperasi adalah lembaga bisnis yang berwatak sosial. Sebagai institusi bisnis, koperasi mau tak mau menghadapi kompetisi bisnis yang kian ketat. Apapun jenisnya, koperasi terus menghadapi persaingan usaha baik terhadap koperasi sejenis (produksi dan pemasaran), persaingan dengan lembaga pembiayaan non bank/perbankan bagi KSP, koperasi kredit atau koperasi yang memiliki unit simpan pinjam (USP), dan persaingan dengan ritel modern bagi Koperasi Serba Usaha (KSU), koperasi wanita, koperasi fungsional, dan koperasi masyarakat. Namun yang paling merasakan sengitnya persaingan usaha adalah koperasi yang tumbuh di masyarakat seperti KSP, kopdit, kopwan, KSU, dll. Penelitian yang telah dilakukan di Pondok Pesantren di kawasan kabupaten Blitar. Tentang Usahausaha mengembangkan koperasi selaras dengan zaman, agar semakin kompetitif. Model penelitian secara deskriptif kualitatif menjadi desain untuk melihat dari dekat tentang kebijakan dan usaha yang dilakukan oleh koperasi Hasil penelitian yang diperoleh menunjukkan yaitu; (1). Penggunaan IT untuk meningkatkan pelayanan kepada anggota koperasi. (2). Melaksanakan manajemen yang memiliki transparansi dan akuntabilitas untuk meningkatkan kepercayaan anggota kepada pengelola koperasi. (3). Menyelenggarakan pendidikan dan pelatihan (diklat) secara berkelanjutan. (4). Mengikutsertakan pengurus dan pengelola koperasi pada acara temu ilmiah yang relevan, dan belajar mandiri untuk meningkatkan kompetensi mereka dalam mengelola koperasi yang semakin modern.

Study on the Wandering Weekday Effect in the Indonesian Capital Market Based on Trend Moderation Effect Arief, Usman
Riset Akuntansi dan Keuangan Indonesia Vol 5, No 1 (2020): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v5i1.10424

This study investigates a wandering weekday effect, an assumption anomaly from fixed weekday effect to changes over time, under the moderation effect of market trend. We employ daily price data from the Jakarta Stock Exchange (JKSE) from 2000 to 2019. This study reveals that the fixed weekday effect has diminished when we introduced a market trend. Using robustness of distribution error, our further studies find that there is a negative wandering Monday effect when the market is falling. The findings provide a crucial contribution to market efficiency and help to reconcile mixed findings in previous studies

Systematic Risk In Emerging Markets : A High-Frequency Approach Arief, Usman
JDM (Jurnal Dinamika Manajemen) Vol 12, No 1 (2021): March 2021 (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.v12i1.26891

The study investigates how systematic, continuous, and discrete (jump) risk can explain the equity returns in Southeast Asia markets. Using the latest econometric techniques and a high-frequency dataset, I construct two high-frequency betas associated with intraday continuous and discontinuous risk premia. To improve our consistency, I employ several statistical robustness levels and multiple frequencies. The findings show that both continuous and discontinuous risk premia are significant and positive in Indonesia, and these results are consistent for lower frequency data samples. Furthermore, the study reveals that diffusive and jump risk premia have different impacts in other countries, but the results are not consistent for lower frequency samples.

Systematic Risk in Emerging Markets: a High-Frequency Approach Arief, Usman
JDM (Jurnal Dinamika Manajemen) Vol 12, No 1 (2021): March 2021
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v12i1.26891

The study investigates how systematic, continuous, and discrete (jump) risk can explain the equity returns in Southeast Asia markets. Using the latest econometric techniques and a high-frequency dataset, I construct two high-frequency betas associated with intraday continuous and discontinuous risk premia. To improve consistency, I employ several statistical robustness levels and multiple frequencies (one minutes, five minutes, ten minutes, and thirty minutes). The findings show that both continuous and discontinuous risk premia are significant and positive in Indonesia, and these results are consistent for lower frequency data samples. Furthermore, the study reveals that diffusive and jump risk premia have different impacts in other countries, but the results are not consistent for lower frequency samples.

Study on the Wandering Weekday Effect in the Indonesian Capital Market Based on Trend Moderation Effect Usman Arief
Riset Akuntansi dan Keuangan Indonesia Vol 5, No 1 (2020): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v5i1.10424

This study investigates a wandering weekday effect, an assumption anomaly from fixed weekday effect to changes over time, under the moderation effect of market trend. We employ daily price data from the Jakarta Stock Exchange (JKSE) from 2000 to 2019. This study reveals that the fixed weekday effect has diminished when we introduced a market trend. Using robustness of distribution error, our further studies find that there is a negative wandering Monday effect when the market is falling. The findings provide a crucial contribution to market efficiency and help to reconcile mixed findings in previous studies

Day-of-the-Week Effect and Investors’ Psychological Mood Testing in a Highly Mispriced Capital Market Rizky Luxianto; Usman Arief; Muhammad Budi Prasetyo
Journal of Indonesian Economy and Business (JIEB) Vol 35, No 3 (2020): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.54377

Research Aims: This research examines investors’ psychological moods which cause day-of-the-week anomalies in highly mispriced stock markets. Design/methodology/approach: We use a sample from the Indonesian capital market as, in the Asian region, this country is considered to have a highly mispriced capital market. We decompose the stock price index in Indonesia into speculative, less speculative, and non-speculative indexes. We employ the mean and variance regressions to control the heteroscedasticity and serial correlation. Novelties: Our novelties are two fold. We postulate a method to decompose stock price indexes in Indonesia (the JKSE, LQ 45, and Kompas 100) into speculative, less speculative, and non-speculative indexes. Secondly, we estimate the mean and variance levels simultaneously to get a robust estimation result of the anomaly. Research Findings: We empirically find that the behavior mood hypothesis is supported only during normal periods, when investors tend to be irrational and use their good mood to trade on speculative stocks on a Wednesday and sell them on Monday. In other periods, rationality and psychological effects play a role with Indonesian investors, when their mood is good they are more active in trading less speculative stocks, to avoid higher risks and earn higher returns from those less speculative and non-speculative stocks.

High-Frequency Trading Activities and Brokerage Firms Effect : Empirical Evidence From the Indonesia Stock Exchange Barsiano, Redik; Hanafi, Mamduh Mahmadah; Arief, Usman
The Indonesian Capital Market Review Vol. 11, No. 1
Publisher : UI Scholars Hub

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

This research studies the trading activity of type of traders through their brokers. Order imbalance is believed to be a better proxy for explaining trading activity. This paper presents some empirical test that on brokerage level analysis exhibit information paradigm in Indonesia which market makers and specialist are not available. We divide imbalances into groups of samples (all stocks and most liquid stocks), trader type (foreign or domestic) and size of brokerage firm (small to big). Our results show that order imbalances generally have a positive serial correlation for all the traders and brokers analyzed. However, we find that the determinant of order imbalances is a particular phenomenon at the brokerage level, whose results differ from our market-wide analysis. We do not find that previous order imbalances can predict market returns across trader type and brokerage class. In contrast, for the inventory paradigm, the evidence from the brokerage level analysis indicates that information dissemination is induced order imbalance by brokerage house.

Systemically Important Banks in Indonesia: Findings From Multivariate GARCH Conditional Value at Risk Arief, Usman; Husodo, Zäafri Ananto
The Indonesian Capital Market Review Vol. 11, No. 2
Publisher : UI Scholars Hub

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

We investigate the systemically important banks in the Indonesian financial system usingMultivariate GARCH Conditional Value at Risk (CoVaR). The systemic risk measurement, ΔCoVaR,defined as the change from CoVaR in its benchmark state as a one-standard-deviation event to itsCoVaR under financial distress. We estimate the systemic risk contribution using 21 commercialbanks from January 2007 to December 2018. Our study reveals that the top five ranking systemicbanks are dominated by state-owned banks, and its ranking is consistently the same in the periodbefore, during, and after the global financial crisis. Finally, we empirically find that systemic riskin Indonesia is strongly affected by external factors rather than bank characteristics. Based on this finding, we suggest that the government should maintain the regulation of external effect rather than the domestic effect.

Study on The Wandering Weekday Effect In The Indonesian Capital Market Based On Trend Moderation Effect Arief, Usman
Riset Akuntansi dan Keuangan Indonesia Vol 5, No 1 (2020) Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v5i1.10424

This study investigates a wandering weekday effect, an assumption anomaly from fixed weekday effect to changes over time, under the moderation effect of market trend. We employ daily price data from the Jakarta Stock Exchange (JKSE) from 2000 to 2019. This study reveals that the fixed weekday effect has diminished when we introduced a market trend. Using robustness of distribution error, our further studies find that there is a negative wandering Monday effect when the market is falling. The findings provide a crucial contribution to market efficiency and help to reconcile mixed findings in previous studies.

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