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All Journal Jurnal Ekonomi : Journal of Economic Media Riset Bisnis & Manajemen
Setiawan, Abdurrahman
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Economics, Econometrics & Finance

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DAMPAK CORPORATE GOVERNANCE TERHADAP COST OF CAPITAL DI INDUSTRI MANUFAKTUR DI INDONESIA Setiawan, Abdurrahman
Jurnal Ekonomi : Journal of Economic Vol 11, No 2 (2020): Jurnal Ekonomi : Journal of Economic
Publisher : Lembaga Penerbitan Unversitas Esa Unggul

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47007/jeko.v11i2.3291

Abstract

This research was conducted to examine the effect of corporate governance index, block ownership and director ownership of the company. The sample used in this study was manufacturing companies listed on the Indonesia Stock Exchange for the period 2014 - 2018. Sampling was carried out by purposive sampling to obtain 26 manufacturing companies to be examined. The dependent variable is cost of capital while the corporate governance index, block ownership and director ownership are independent variables. Sales growth, firm size, leverage, corruption index, inflation and gross domestic product as control variables. The results of this study indicate that firm size and inflation have a positive and significant influence on the cost of capital. Whereas corporate governance index, block ownership, director ownership, sales growth, leverage, corruption index and gross domestic product have no significant effect on the cost of capital. Implications for financial managers pay attention to factors that can affect the cost of capital in manufacturing companies and for investors choosing investments that can increase profits and prosperity in the future. Suggestions for further research are expected to add to the financial statement period and to add independent variables, namely earnings management and information asymmetry. In the novelty of this study, the research analysis method only until the t test (Individual) didn’t use robustness check as previous studies because this study didn’t have outlier data.
PENGUJIAN HIPOTESIS PASAR EFISIEN BENTUK LEMAH DAN PERAMALAN INDEKS HARGA SAHAM GABUNGAN MENGGUNAKAN BOX JENKINS MODEL Setiawan, Abdurrahman; Mahadewi, Lufina
Media Riset Bisnis & Manajemen Vol. 23 No. 1 (2023): April
Publisher : Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/v23i1.18649

Abstract

Penelitian ini bertujuan untuk menguji hipotesis pasar efisien bentuk lemah pada indeks harga saham gabungan periode September 2019 sampai Mei 2023 dan meramalkan indeks harga saham gabungan untuk 15 hari kedepan dengan model yang terbaik. Variabel dalam penelitian menggunakan Indeks Harga Saham Gabungan periode September 2019 sampai Mei 2023.  Metode pengujian  yang digunakan ada dua, yang pertama metode peramalan menggunakan box jenkins model. Proses peramalan dimulai dari identifikasi model (tingkat stasioneritas data, menentukan nilai AR dan MA), estimasi parameter dari model yang terpilih, diagnostic checking, lalu forecasting menggunakan model yang terbaik. Untuk menguji hipotesis pasar efisien menggunakan uji autokorelasi atau durbin watson test.  Terkait pengujian hipotesis pasar efisien bentuk lemah terbukti ada di indeks harga saham gabungan dan metode peramalan yang cocok adalah ARIMA (3,1,15) dengan tingkat akurasi 95.23% serta hasil peramalan tidak jauh berbeda dengan data aktual 15 hari kedepan.  Implikasi manajerial dari penelitian ini adalah harus berhati-hati dalam proses pengambilan keputusan investasi dan pendanaan di pasar efisien bentuk lemah, karena informasi publik sudah tercermin dalam harga saham. Selain itu, perlu menerapkan strategi manajemen risiko untuk melindungi nilai dari fluktuasi pasar.  
Co-Authors Mahadewi, Lufina