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All Journal MIX : Jurnal Ilmiah Manajemen Fundamental Management Journal JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan International Journal of Business Studies International Journal of Social Science fundamental management journal
Roy Sembel
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Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Languange, Linguistic, Communication & Media Medicine & Pharmacology Public Health Social Sciences Other

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PERFORMANCE EVALUATION AND FORMATION OF OPTIMAL PORTOFOLIO USING CAPM METHOD AND SINGLE INDEX MODEL IN PROPERTY AND REAL ESTATE SUB-SECTOR COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE 2015-2019 Buluama, Andreas; Roy Sembel; Sidharta , Juaniva
Fundamental Management Journal Vol. 6 No. 1p (2021): ISSN: 2540-9816 (print) Volume:6 No.1 April 2021
Publisher : Universitas Kristen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33541/fjm.v6i1p.2829

Abstract

The purpose of this study is to determine the rate of return, risk of shares in the property sector, and the proportion of funds from the optimal portfolio formed. This study uses the Capital Asset Pricing Model and the Single Index Model. The sample used is 38 stocks of property and real estate companies listed on the Indonesia Stock Exchange. The results showed that there are 9 stocks that are included in the optimal portfolio based on the CAPM model with the proportion of BAPA funds 5.32%, DUTI 3.46%, EMDE 22.18%, FMII 6.01%, GMTD 38.37%, OMRE 10, 67%, PLIN 5.66%, RBMS 3.47% and RDTX 4.85%. The portfolio return is 2.19% per month and 26.34% per year with a risk of 5.44% or 18.84% per year. For the portfolio of the Single Index Model, there are 8 companies that enter the optimal portfolio with the proportion of DILD funds 6.60%, DUTI 7.05%, PUDP 2.51%, RODA 3.97%, OMRE 43.32%, FMII 5.86% , MTLA 22.61% and BKSL 8.08%. Portfolio return of 2.48% per month and 29.85% per year with a risk of 40.24% per year. Portfolios formed based on the CAPM method and the Single Index Model have a historical performance Sharpe ratio greater than the JCI. The CAPM portfolio is 0.326874 per month and 1.132326 per year, the single index model portfolio is 0.178304 per month and 0.6176624 per year, while the JCI is -0.107174 per month and -0.059494 per year. Keyword : CAPM, MVEP, Model Indeks Tunggal, Expected Return, Deviasi Standar.
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.
The Effect of Company’s Fundamental, Market Return and Macroeconomic to Stock Return: A Case Study of Consumer Goods Companies Listed in BEI Period 2009-2018 Juliana Thamrin; Roy Sembel
International Journal of Business Studies Vol 4 No 3 (2020): International Journal of Business Studies (IJBS)
Publisher : Sekolah Tinggi Manajemen IPMI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32924/ijbs.v4i3.115

Abstract

The aim of this study was to understand whether the company’s fundamental factors through liquidity ratio, asset management ratio, profitability ratio, debt management ratio and market value ratio, specifically represented by current ratio, Total Assets Turnover (TATO), Return on Assets (ROA), Debt to Equity ratio (DER) and Earnings per Share (EPS) yield; market return and macroeconomic factors (Gross Domestic Product, interest rate, exchange rate) affect the stock return of Consumer Goods companies’ listed in BEI period 2009-2018. There were various former studies did to correlate stock return with financial ratios or macroeconomic partially. This study was done to understand the effect of the stock return with both company’s factors and macroeconomic factors, partially and simultaneously. This study used quantitative approach, in the area of Consumer Goods companies listed in BEI during period of the research, covering 23 companies that represented 84% of Consumer Goods market capitalization. The methodology being used was data panel regression using Common Effect Model, through 886 observations. The results were (1) partially, TATO, EPS yield, market return and exchange rate affected the stock return (2) simultaneously company’s fundamental, market return and macroeconomic affected the stock return. This means in consumer sector, investors put attention on asset management, earnings yield, market condition and macroeconomic. Therefore, the author recommended that many extended researches can be done on the financial ratios, market return and macroeconomic, using different variable, especially due to TATO affect the stock return while conversely ROA and DER were not.
EFISIENSI PERUSAHAAN KONSTRUKSI DI INDONESIA Beny Mulyana Sukandar; Noer Azam Achsani; Roy Sembel; Bagus Sartono
MIX: JURNAL ILMIAH MANAJEMEN Vol 8, No 3 (2018): MIX: Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (572.793 KB) | DOI: 10.22441/mix.2018.v8i3.011

Abstract

Along with the increase in government programs to accelerate infrastructure development, the construction industry in Indonesia has faced intense competition which has forced construction companies in Indonesia to be efficient in order to remain profitable.  This study is aimed to measure the efficiency of construction companies in Indonesia.  Data Envelopment Analysis (DEA)is used for the research method and data is obtained from the companies’ yearly report in the period 2010-2016 listed in the Indonesia Stock Exchange.  The results of the study show that state-owned enterprises (BUMN) are more efficient than private companies. This is due to the large number and value of the project from the government in the field of infrastructure.  The study has important implications for the the government to warn state owned companies to stay efficient yet profitable when facing foreign competitions.  Since the study showed that companies with large revenue (sales) and low cost are efficient.  The private companies ought to seek bigger sales from government projects
MODEL PENETAPAN HARGA IPO BERDASARKAN VALUATION Aty Herawati; Noer Azam Achsani; Sri Hartoyo; Roy Sembel
MIX: JURNAL ILMIAH MANAJEMEN Vol 6, No 3 (2016): MIX: Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (466.255 KB)

Abstract

Abstract : The process of initial public offering of a company to the investors calledIPO (Initial Public Offering). .At time the company do an IPO, the shares price at IPOwas an agreement between the company and its underwriter. The phenomenon thatoccurs is the shares price at IPO lower than the intrinsic shares price based onvaluation, after the shares has been traded on the stock exchange, the phenomenon thatoccurs is IPO share price lower than the closing price on the first day. The purpose ofthis research is to create a model of how to set the share price at the time the companywill conduct IPO based on intrinsic share price valuation results. The valuation methodused is the Price to Earning Ratio. Research carried out on companies that did an IPOin 2000 - 2014 with a purposive sampling of 240 companies. The results showed therewas a difference between intrinsic shares prices based on the valuation and the sharesprice that set at the time of IPO. After the shares listed in the secondary market, therewas a difference between IPO share price and the closing price on the first day.Meanwhile, there is no difference between the intrinsic shares price and the closingprice on the first day, so in order to avoid underpricing, the IPO price can be predictedbased on intrinsic shares price valuation.
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.
PERFORMANCE EVALUATION AND FORMATION OF OPTIMAL PORTOFOLIO USING CAPM METHOD AND SINGLE INDEX MODEL IN PROPERTY AND REAL ESTATE SUB-SECTOR COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE 2015-2019 Buluama, Andreas; Roy Sembel; Sidharta , Juaniva
Fundamental Management Journal Vol. 6 No. 1p (2021): ISSN: 2540-9816 (print) Volume:6 No.1 April 2021
Publisher : Universitas Kristen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33541/fjm.v6i1p.2829

Abstract

The purpose of this study is to determine the rate of return, risk of shares in the property sector, and the proportion of funds from the optimal portfolio formed. This study uses the Capital Asset Pricing Model and the Single Index Model. The sample used is 38 stocks of property and real estate companies listed on the Indonesia Stock Exchange. The results showed that there are 9 stocks that are included in the optimal portfolio based on the CAPM model with the proportion of BAPA funds 5.32%, DUTI 3.46%, EMDE 22.18%, FMII 6.01%, GMTD 38.37%, OMRE 10, 67%, PLIN 5.66%, RBMS 3.47% and RDTX 4.85%. The portfolio return is 2.19% per month and 26.34% per year with a risk of 5.44% or 18.84% per year. For the portfolio of the Single Index Model, there are 8 companies that enter the optimal portfolio with the proportion of DILD funds 6.60%, DUTI 7.05%, PUDP 2.51%, RODA 3.97%, OMRE 43.32%, FMII 5.86% , MTLA 22.61% and BKSL 8.08%. Portfolio return of 2.48% per month and 29.85% per year with a risk of 40.24% per year. Portfolios formed based on the CAPM method and the Single Index Model have a historical performance Sharpe ratio greater than the JCI. The CAPM portfolio is 0.326874 per month and 1.132326 per year, the single index model portfolio is 0.178304 per month and 0.6176624 per year, while the JCI is -0.107174 per month and -0.059494 per year. Keyword : CAPM, MVEP, Model Indeks Tunggal, Expected Return, Deviasi Standar.
EXPLORING THE RELATIONSHIP BETWEEN ORGANIZATIONAL CULTURE, HUMAN RESOURCE PRACTICES, AND BUSINESS PERFORMANCE: THE MEDIATING ROLE OF EMPLOYEE ENGAGEMENT IN THE CONSTRUCTION INDUSTRY Tommy Yudistira; Roy Sembel; Melinda Malau
International Journal of Social Science Vol. 5 No. 3 (2025): October 2025
Publisher : Bajang Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53625/ijss.v5i3.11478

Abstract

Selama dua dekade terakhir, industri konstruksi Indonesia telah berkembang pesat berkat investasi infrastruktur, urbanisasi, dan pertumbuhan ekonomi. Studi ini mengkaji pengaruh budaya organisasi dan praktik Manajemen Sumber Daya Manusia (SDM) terhadap keterlibatan karyawan dan kinerja bisnis, serta peran mediasi keterlibatan karyawan. Dengan menggunakan pendekatan kuantitatif, data dikumpulkan dari 249 responden dari 710 karyawan di divisi perkantoran dan proyek, yang dipilih dengan metode sampling Krejcie dan Morgan. Pemodelan Persamaan Struktural dengan Kuadrat Terkecil Parsial (SEM-PLS) menggunakan SMART-PLS digunakan untuk analisis. Hasil penelitian menunjukkan bahwa budaya organisasi dan praktik SDM secara signifikan memengaruhi keterlibatan karyawan dan kinerja bisnis. Lebih lanjut, keterlibatan karyawan memediasi hubungan ini, yang memperkuat dampaknya terhadap hasil bisnis. Kebaruan studi ini terletak pada integrasi Pandangan Berbasis Sumber Daya (RBV) dan model tuntutan pekerjaan-sumber daya, yang memberikan bukti empiris bahwa sumber daya tak berwujud dapat diubah menjadi keunggulan kompetitif berkelanjutan melalui keterlibatan karyawan.
Co-Authors Aty Herawati Bagus Sartono Beny Mulyana Sukandar Buluama, Andreas Erliza Noor Gracia S Ugut Gracia Shinta S. Ugut Harry Santoso Hulu, Edison Juliana Thamrin Melinda Malau Sidharta , Juaniva Sri Hartoyo Tommy Yudistira Valentino Budhidharma