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All Journal Cakrawala Pendidikan Jurnal Manajemen Terapan dan Keuangan JURNAL EMBA : JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI Jurnal Bisnis dan Manajemen Kinerja Syntax Literate: Jurnal Ilmiah Indonesia JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) J-MAS (Jurnal Manajemen dan Sains) Jurnal ULTIMA InfoSys Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan NUSANTARA : Jurnal Ilmu Pengetahuan Sosial Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship Journal of Education, Humaniora and Social Sciences (JEHSS) Sukma: Jurnal Pendidikan Jurnal Sistem Informasi, Manajemen, dan Akuntansi (SIMAK) Perspektif Komunikasi; Jurnal Ilmu Komunikasi dan Komunikasi Bisnis Jurnal Muara Ilmu Ekonomi dan Bisnis International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Ekonomi Manajemen Sistem Informasi Progress: Jurnal Pendidikan, Akuntansi dan Keuangan Enrichment : Journal of Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Kontigensi: Jurnal Ilmiah Manajemen Indonesian Capital Market Review Proceeding National Conference Business, Management, and Accounting (NCBMA) IIJSE Proceeding of International Conference on Entrepreneurship (IConEnt) Sukma: Jurnal Pendidikan
Gracia S Ugut
Pelita Harapan University, Indonesia
Religion Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Public Health Social Sciences Other

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STOCK REACTIONS AND ABNORMAL STOCK RETURNS IN THE PROPERTY SECTOR LISTED ON THE INDONESIA STOCK EXCHANGE DUE TO THE COVID-19 PANDEMIC Aloysius Van Rhein Tambunan; Gracia S. Ugut
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 6, No 2 (2022): IJEBAR, VOL. 06 ISSUE 02, JUNE 2022
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v6i2.5715

Abstract

The COVID-19 outbreak has severely affected equity markets and most stock index around the world. Indonesia is no exception, the social restriction policy (PSBB) imposed by the government caused the IHSG to be corrected negatively. One of the sectors that was severely affected at the beginning of the pandemic was the property sector. This study aims to see the reaction of property sector stocks due to the Covid-19 incident and abnormal returns that occurred during the early days of the Covid-19 pandemic. The research sample is 51 property sector companies listed on the IDX. By using multivariate regression, it was found that the announcement of the first time an Indonesian citizen had contracted Covid-19 was still responded positively by stock returns in the property sector. Meanwhile, the announcement of the restriction policy (PSBB) for the first time in Jakarta encountered a negative response by stock returns in the property sector. The abnormal return model shows that company size, cash/TA, leverage, BVPS, and market to book value altogether significantly affect the cumulative abnormal return of property sector stocks, with a contribution of 18.07%. While partially only the size of the company that significantly affects the cumulative abnormal return of the property sector. Therefore, the larger the size of the company, the greater the abnormal return. Keywords: Covid-19 Stock Reaction, Abnormal Returns, Multivariate Regression
Factors Affecting Dividend Payout Ratio in LQ-45 (Non-Banking) Companies Listed in Indonesia Stock Exchange, 2011-2019 Cindy Claudia Pandoyo; Gracia Shinta Setyadi Ugut
Enrichment : Journal of Management Vol. 11 No. 2 (2021): May: Management Science
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (834.302 KB) | DOI: 10.35335/enrichment.v11i2.73

Abstract

Dividend policy determines the placement of profits, among others, to be paid to shareholders and reinvested by the company. The purpose of this study was conducted to assess the factors that affect the Dividend Payout Ratio (DPR) in non-banking companies listed on the LQ-45 Index by using the variables which are age of company, tangible assets, leverage, firm size, profitability, and dividend of previous period. This research is a quantitative study using secondary data taken from audited company financial reports and included in the LQ-45 index on the Indonesia Stock Exchange (BEI) 2011-2019 with the criteria of companies that are consistent in paying dividends and published audited financial reports for the years 2011-2019. The research sample used purposive sampling method with data analysis method in the form of panel data regression analysis, then the best model was tested and the classical assumption test. The results of the study indicate that age of company has a significant positive effect on the dividend payout ratio (DPR). Meanwhile, firm size, profitability and dividend of previous period have a significant negative effect on dividend payout ratio (DPR), and tangible assets and leverage have no effect on dividend payout ratio.
Ten-Year after the Asian Financial Crisis: Understanding Spread Determinants on New Emerging Market Bonds Ugut, Gracia S.
Indonesian Capital Market Review Vol. 1, No. 2
Publisher : UI Scholars Hub

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Abstract

The spread determinants of emerging market bonds have shown some similarity with the non-investment grade bonds. In the study, the author found that there are significant numbers of quantitiable factors to explain the variance in the risk premium. The factors were classified into company speciic variables and macroeconomic variables, such as rating, term, and secondary market spread, interest rate change and rising price of commodities. For the unexplained variance in risk premiums, the study suggested some explanation on the underwriter's effectiveness in presenting the issuer to the investors and correlation of the emerging-market debt to the other asset classes.
Pengaruh Tata Kelola Perusahaan terhadap Kinerja Keuangan pada Badan Usaha Milik Negara yang Terdaftar di Bursa Efek Indonesia Periode 2015-2021 Nur Tri Atmaji; Gracia Shinta Setyadi Ugut
J-MAS (Jurnal Manajemen dan Sains) Vol 8, No 1 (2023): April
Publisher : Universitas Batanghari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33087/jmas.v8i1.1023

Abstract

The performance of a company is very dependent on good or bad corporate governance. Good corporate governance will be able to influence the company's financial performance, especially in state-owned enterprises (BUMN). This study examines the effect of institutional ownership, board of directors, independent commissioners and audit committees on the financial performance of state-owned companies listed on the Indonesia Stock Exchange (IDX) in the 2015-2021 period. This study used a total of 20 companies as research samples with multiple linear regression analysis using SPSS. The results of the study show that institutional ownership, board of directors, independent commissioners and audit committees partially have an influence on Tobins-Q.
Strategi Menghadapi Badai Krisis Industri Semen di Indonesia Studi Kasus: SMGR dan INTP Irwan Suarly; John Tampil Purba; Rudy Pramono; Gracia S. Ugut
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (268.389 KB) | DOI: 10.36418/syntax-literate.v7i3.6618

Abstract

Semen industri di Indonesia sedang sakit. Kapasitas terpasang mencapai dua kali lipat melebihi kebutuhan pasar domestik. Disisi lain, pemain asing masih melanjutkan penyelesaian pembangunan kiln mereka. Aksi mereka telah memprovokasi pemain lokal untuk ikut menambah kapasitas demi menjaga kantong kantong pasar setempat dari serbuan pemain asing ini. Dua pemain utama di pasar semen Indonesia, PT. Semen Indonesia Tbk. (SMGR) dengan 55% pangsa pasar dan PT. Indocement Tunggal Perkasa Tbk. (INTP) dengan 25% pangsa pasar sangat terpengaruh oleh badai krisis saat ini. Berbagai upaya dan langkah strategis telah dijalankan akan tetapi hasil nya masih jauh di bawah harapan. Tulisan ini bertujuan melakukan eksplorasi Remix Strategy sebagai alternatif strategi bagi SMGR dan INTP. Remixing (yaitu, melakukan perubahan atau inovasi sebagai bahan sumber atau inspirasi) adalah bentuk kolaborasi pengetahuan yang menarik karena sederhana dan praktis. Pendekatan Remix yang dilakukan atas strategi korporasi SMGR dan INTP dalam menghadapi krisis diyakini dapat menjadi pencerahan baru bagi pemangku kepentingan dalam mengambil langkah perbaikan kedepan.
LQ45 Stock Index Abnormal Return Reaction to the Covid-19 Pandemic: the Even Study Methodology Ikin Solihin; Sugiarto Sugiarto; Gracia Shinta S. Ugut; Edison Hulu
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 5 No 1 (2022): Sharia Economic: January, 2022
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v5i1.2051

Abstract

LQ45 Index stocks are liquid stocks with high market capitalization, have a high trading frequency, growth prospects, and fairly good financial conditions, are not volatile and have been objectively selected by the IDX. This research aims to determine the abnormal return of LQ45 Stock Index to the covid-19 pandemic. This research uses even study method with population consisted entirely of daily data from the ten most populous cities in the United States. The result of this study shows that there are significant differences in abnormal returns before and after the announcement of the Covid-19 pandemic by WHO. The announcement of this pandemic is responded to as a negative signal by investors so that information regarding the announcement of the Covid-19 pandemic by the WHO is responded to early and at the time of launching the information no longer had any effect because the prices had moved towards equilibrium. The future research that extend the research time period and include other external factors such as lockdown policies or inflation is needed as the limitation in this research.
VALUATION OF STOCK VALUE WITH RELATIVE VALUATION AND ABSOLUTE VALUATION APPROACH IN BANKING SECTOR AT LQ 45 PERIOD 2015-2020 Ferdinand, Ferry Vincenttius; Hulu, Edison; Ugut, Gracia Shinta S.; Sembel, Roy
ULTIMA InfoSys Vol 15 No 1 (2024): Ultima Infosys : Jurnal Ilmu Sistem Informasi
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/si.v15i1.3410

Abstract

Investment in Indonesia during the COVID-19 pandemic increased. One of the significant and good indices in describing the condition of stocks in Indonesia is LQ45. Dlaam LQ45 The largest market capitalists are held by the financial sector Specifically the bank subsector therefore it needs to be further researched regarding these stocks. One of the interesting things is whether these stocks deserve to be considered a good investment instrument. One of the efforts to assess investment instruments is through the valuation stage. The valuation method used there are two, namely relative valuation with price to book value benchmarks and price earnings ratio and absolute valuation with dividend growth model method and some modifications of the model. From the results obtained, the recommendation of the position of the four financial stocks in LQ45 varies depending on the valuation technique used. On this basis, it can be said that it is important to know, know, and ethically the valuation techniques used are appropriate, good, and correct.
Implementation of Beaver Dichotomy to Differentiate Good and Distressed Firms in Indonesia Budhidharma, Valentino; Sembel, Roy; Hulu, Edison; Ugut, Gracia S.
Proceeding of International Conference on Entrepreneurship (IConEnt) Vol 3 (2023): Proceeding of 3rd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

The purpose of this study is to determine factors/variables that can differentiate the characteristics of distressed and good firms and propose a new model to explain financial distress in Indonesia. There have been many theories, variables, and estimation methods used by previous studies about early warning signs of financial distress. Determining factors of good and distressed firms uses Beaver's (1968) methodology. The samples used are most sectors in Indonesia’s Stock Exchange from 2005 to 2020, excluding the financial sector. The characteristic results show that good firms have higher NITA, GPTA, CTA, QATA, CATA, WCTA, CCL, RETA, and EBTCL, while distressed firms are better on CFTS, CFTA, CFNW, CFTD, NITS, NINW, NITD, ROE, CLTA, LTLTA, CLLTLTA, QACL, CR, CTS, ITS, CATS, WCTS, NWTS, and TATS.
MENINGKATKAN KINERJA UKM MELALUI MANAJEMEN MODAL KERJA DI KOTA BITUNG Handoko, Liza; Kim, Sung Suk; Ugut, Gracia; Lusmeida, Herlina
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

Usaha Kecil dan Menengah (UKM) memiliki peran penting dalam perekonomian Indonesia dan mendapat perhatian khusus dari pemerintah. Untuk bertahan dan berkembang, setiap UKM harus mengembangkan keunggulan kompetitifnya, yang memerlukan modal kerja yang baik untuk mendukung kegiatan operasional sehari-hari dan investasi jangka panjang. Pelatihan ini bertujuan membuka wawasan para pengusaha UKM mengenai pengelolaan modal kerja. Diharapkan pelatihan ini membantu pengusaha UKM di Dinas Koperasi dan UKM Kota Bitung menjadi lebih handal dalam mengelola modal kerja, sehingga penggunaannya lebih efektif dan memastikan keberlangsungan usaha mereka.
Analysis of the Commercial Bank Performance in Indonesia and China Meng, Wang Jin; Ugut, Gracia S
KINERJA Vol. 26 No. 1 (2022): KINERJA
Publisher : Faculty of Business and Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v26i1.4983

Abstract

The purpose of this study is to compare the impact of capital structure on commercial banks' performance in Indonesia and China. The study chose 13 commercial banks from Indonesia and 12 banks from China for the period of 5 years, from 2015 to 2019. The study deployed a data panel regression analysis to analyze the secondary data that was obtained from the financial statements of these commercial banks. In this study, ROA and ROE are the measures used for Bank Performance. Four dependent variables: loan to deposit ratio, debt to asset ratio, capital adequacy and asset size are the independent variables. The results showed that LTD, AS and DTA have positive significant influences on ROA, while DTA and CAR have positive significant relationship on ROE in the study of Indonesian banks. Only AS have negative significant impact on both ROA and ROE, DTA and CAR have positive significant impact on ROA, while LTD has significant relationship on ROE in the study of commercial banks in China.
Co-Authors Akuba, Stefy Falentino Alamsyah, Virza Utama Aloysius Van Rhein Tambunan Arianto, Radityo Fajar Budhidharma, Valentino Budiono, Sidik Carissa Faustina Cindy Claudia Pandoyo Ferdinand, Ferry Vincenttius Giavinny Giavinny Gilbert Sterling Octavius Harry Santoso Hendra Achmadi, Hendra Hendrawan Supratikno Herlina Lusmeida Hermansjah, Reynaldi Herry Santoso Hulu, Edison Ikin Solihin Ikin Solihin Irwan Suarly Jaunanda, Meiliana Khoiruddin Bashori Lestari Ayu Angraini Linda Megawaty Liza Handoko, Liza Megawaty, Linda Meng, Wang Jin Moerdijat, Lestari Muhammad Hadyan Rusin Nicolas Williem Novita Sari Hutasoit nugroho, vina christina Nur Tri Atmaji Oscar Jayanagara Poltak Sinaga Poltak Sinaga, Poltak Pramono, Rudy Purba, John Tampil Putra, Rama Permana Riza Primahendra, Riza Roy Sembel Roy Sembel Santoso, Priyono Budi Solihin, Ikin Sugiarto S Sugiarto Sugiarto Sugiarto Sugiarto Sung Suk Kim Sylvia Samuel Wijaya, Suwito William Tjong Wuisan, Dewi Zabrina Raissa