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<![CDATA[Pengaruh Asymmetric Information Terhadap Efektifitas Mekanisme Pengurang Masalah Agensi ]]>
<![CDATA[Zaenal Arifin]]>
<![CDATA[ Sinergi: Kajian Bisnis dan Manajemen Vol. 9 No. 2 (2007) ]]>
Publisher : <![CDATA[Universitas Islam Indonesia ]]>
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DOI: 10.20885/js.v9i2.56
<![CDATA[This research investigates the influence of asymmetric information to the effectiveness of agency problem-reduction mechanisms in Indonesian listing companies. Using samples of manufacturing companies in Jakarta Stock Exchange from 2001-2004, this research find out that asymmetric do have influence the effectiveness of dividend mechanism in reducing agency problem. The dividend mechanism effectives in reducing agency problem only if the level of asymmetric information is high. This research also find out that the debt mechanism and the independent board of direction mechanism do not effective in reducing agency problem whether the level of asymmetric information high or low. Keywords: asymmetric information, agency problem, dividend, debt, and independent board of director]]>
<![CDATA[Analisis Kinerja Keuangan dan Penerimaan Pajak Penghasilan Badan Usaha pada Periode Sebelum dan Setelah Reformasi Pajak Tahun 2000 (Studi Kasus pada Badan Usaha di Wilayah Kabupaten Sleman, Kulonprogo dan Gunungkidul) ]]>
<![CDATA[Mariwan Mariwan]]>;
<![CDATA[Zaenal Arifin]]>
<![CDATA[ Sinergi: Kajian Bisnis dan Manajemen 2005: Edisi Khusus (Keuangan) ]]>
Publisher : <![CDATA[Universitas Islam Indonesia ]]>
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DOI: 10.20885/js.v0i0.939
<![CDATA[Tujuan utama dalam penelitian adalah untuk mengetahui kinerja keuangan dan besarnya penerimaan pajak penghasilan dari Badan Usaha di wilayah Kabupaten Sleman, Kulonprogo dan Gunungkidul pada periode sebelum dan setelah reformasi perpajakan tahun 2000. Dari hasil analisis data dan pengujian hipotesis dengan uji t-test diperoleh hasil yang dapat disimpulkan bahwa kinerja keuangan dan penerimaan pajak penghasilan sesudah re¬formasi perpajakan tidak lebih baik dari sebelum reformasi. Kata Kunci: kinerja keuangan, pajak penghasilan, Badan Usaha, Reformasi Perpajakan tahun.]]>
<![CDATA[Pengaruh Corporate Governance terhadap Efektifitas Mekanisme Pengurang Masalah Agensi ]]>
<![CDATA[Zaenal Arifin]]>;
<![CDATA[Nina Rachmawati]]>
<![CDATA[ Jurnal Siasat Bisnis Vol. 11 No. 3 (2006) ]]>
Publisher : <![CDATA[Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia ]]>
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<![CDATA[The main objective of this research is to investigate whether there are a significant influence between corporate governance and effectiveness of agency-problem-reducing mechanism. The corporate governance is concern on all stakeholder interest while the agency variables are concern only on one of the most important stakeholders’ that is the stockholders. In theory, there should be a significant relationship between the corporate governance and the effectiveness of agency-problem-reducing mechanism. Using all manufacturing companies listed in Jakarta Stock Exchange during 2001 - 2004, this research found that corporate governance influence the effectiveness of debt mechanism in reducing agency problem. The other mechanism, dividend and independent board of director, do not effective to reduce agency problem and the corporate governance does not influence the effectiveness of these two mechanisms. Key words: agency problem, corporate governance, dividend, debt, independent Board of director]]>
<![CDATA[Hubungan antara Corporate Governance dan Variabel Pengurang Masalah Agensi ]]>
<![CDATA[Zaenal Arifin]]>
<![CDATA[ Jurnal Siasat Bisnis Vol. 1 No. 10 (2005) ]]>
Publisher : <![CDATA[Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia ]]>
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<![CDATA[The main objective of this research is to investigate whether there are a significant relationship be¬tween corporate governance and agency-problem-reducing variables. The corporate governance is concern on all stakeholders’ interest while the agency variables are concern on one of the most important stakeholders’ that is the stockholders-interest. Theoretically, there should be a significant relationship between the corporate govern¬ance and the agency-problem-reducing variables. Using 52 Indonesian listed companies in 2001 that had been investigated by Indonesian Institute for Corporate Governance (IICG) for the companies’ practice of corporate governance and presented on SWA Magazine, this research found that no relationship between the corporate governance and the agency-problem-reducing variables. There are some possible explanations for this finding. First, reducing agency problems does not perceived (by investor) affecting the companies’ practice of corporate governance. Second, the bonding mechanisms to reduce the free cash flows by increasing the dividend payment or increasing the debt and monitoring by the independent board of directors are not an effective mechanism to re¬duce agency problems. So these mechanisms do not correlate to the companies’ practice of corporate govern¬ance. Third, the score of corporate governance released by IICG are not valid. Further investigations are needed to find the true explanation.Key words: Corporate Governance, Masalah Agensi]]>
<![CDATA[Solusi Masalah Agensi Perusahaan Publik di Indonesia: Pendekatan Game-Modeling dan Pendekatan Positif Empiris ]]>
<![CDATA[Zaenal Arifin]]>
<![CDATA[ Jurnal Siasat Bisnis Vol. 1 No. 9 (2004) ]]>
Publisher : <![CDATA[Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia ]]>
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<![CDATA[Struktur kepemilikan perusahaan publik di Indonesia adalah terkonsentrasi dan pemilik utamanya adalah keluarga. Di sini, masalah agensi yang muncul adalah antara pemilik non-keluarga dengan pemilik keluarga bersama manajemen. Karena pola hubungan keagenan antara keduanya bersifat berulang-berurutan maka strategi yang efektif untuk mengatasi masalah agensinya adalah strategi ‘tit for tat’Strategi ‘tit for tat’ ternyata dominan di Bursa Efek Jakarta pada tahun 1996 maupun pada tahun 2000. Dominasi strategi ini lebih menonjol pada perusahaan yang porsi kepemilikan keluarganya tinggi, namun menjadi tidak dominan ketika kepemilikan keluarga relatif kecil. Hasil uji empiris menunjukkan bahwa strategi ‘tit for tat’ hanya efektif untuk mengurangi masalah agensi ketika berbentuk reward dan tidak efektif ketika berbentuk punishment.Kata Kunci: Strategi ‘tit for tat’, masalah agensi, dominasi kepemilikan keluarga]]>
<![CDATA[Efektifitas Mekanisme Bonding Dividen dan Hutang untuk Mengurangi Masalah Agensi pada Perusahaan di Bursa Efek Jakarta ]]>
<![CDATA[Zaenal Arifin]]>
<![CDATA[ Jurnal Siasat Bisnis Vol. 1 No. 8 (2003) ]]>
Publisher : <![CDATA[Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia ]]>
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<![CDATA[Jensen (1986) said that the agency problem can be minimized by reducing the free cash flows in a company. These free cash flows can be reduced by increasing the debt or by increasing the dividend. This theory was developed in the United State of America in which most of the listed companies have a dispersed ownership structure. It is interesting to evaluate the effectiveness of this bonding mechanism for the listed companies in Jakarta Stock Exchange in which most of them have a concentrated ownership structure. The purpose of this research is to examine the effectiveness of this bonding mechanism.By investigating the same sample of listed companies in Jakarta Stock Exchange in 1996 and in 2000, this research discovers that in 1996, the debt bonding mechanism is not effective to reduce an agency problem but it increases the agency problem instead. In 2000, the debt bonding mechanism is still not effective but it does not increase the agency problem anymore. Meanwhile, the dividend bonding mechanism is effective to reduce the agency problem both in 1996 and in 2000. However, the dividend bonding mechanism is avoided by the companies that have a family ownership that closed to a minimum portion of majority or domination.Kata Kunci: Agency Problem, Bonding, Hutang, Dividen, Kepemilikan Keluarga]]>
<![CDATA[Potret IPO di Bursa Efek Indonesia ]]>
<![CDATA[Zaenal Arifin]]>
<![CDATA[ Jurnal Siasat Bisnis Vol. 14 No. 1 (2010) ]]>
Publisher : <![CDATA[Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia ]]>
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<![CDATA[This study analysed the IPO (Initial Public Offering) of Indonesia Stock Exchange (ISE) during 1990-2008. In line with developed countries, the study found phenomena of under pricing as well as hot and cold IPO. The magnitude of under pricing phenomena was not related to the number of companies which did the IPO. The hot IPO condition emerged after the economic crisis that was in the period of 1999-2002 and in 2006-2007, whereas cold IPO condition took place before the economic crisis that was year of 1990, 1992 and 1994-1996. In the cold period, average value of under pricing was 5.7%, while in the condition of hot IPO, the average value became 44.6%Keywords: IPO, under pricing, hot IPO, cold IPO, Indonesian capital market]]>
<![CDATA[Beberapa aspek tentang black-scholes option pricing model ]]>
<![CDATA[Zaenal Arifin]]>
<![CDATA[ Jurnal Akuntansi dan Auditing Indonesia Vol 2, No 2 (1998) ]]>
Publisher : <![CDATA[Accounting Department, Faculty of Business and Economics, Universitas Islam Indonesia ]]>
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<![CDATA[Nobel Ekonomi 1997 diberikan kepada Myron Scholes dan Robert Merton. Myron Scholes bersama Fisher Black memberi landasan yang sangat penting dalam teori sekuritas derivatif dengan menemukan model penilaian opsi Black-Scholes Option Pricing Model (OPM). Robert Merton menyempurnakan model tersebut dengan melonggarkan beberapa asumsi yang kurang realistis.Menurut Black-Scholes OPM, nilai suatu opsi merupakan fungsi dari harga sekarang dari Underlying assetnya, exercise price, jatuh tempo opsi, tingkat suku bunga bebas risiko, dan varian return Underlying assetnya. Beberapa penulis sudah mengembangkan Black-Scholes OPM ini dan beberapa penulis juga telah menguji apakan model ini memang dapat digunakan untuk menilai opsi dengan akurat. ]]>
<![CDATA[DAYA TARIK PASAR MODAL ISLAMI: STUDI DI BURSA EFEK INDONESIA ]]>
<![CDATA[Zaenal Arifin]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 18, No 2 (2014): May 2014 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
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DOI: 10.26905/jkdp.v18i2.800
<![CDATA[Islamic capital market was a capital market in which the stock issuers business and the trading mechanismwere both Islamic. Islamic corporate issuers were already selected in Islamic stock index while Islamic trademechanism had to meet the requirements to avoid speculation (gharar). Some experts had proposed a model ofan Islamic stock trading such as Metwally (1992) and Chapra (1992). The question was if the islamic modelwas applied, was the stock market still interesting? This study wanted to answer that question. By using asample of companies in Jakarta Islamic Index (JII) from 2007 to 2013 this study showed the following results.Metwally model proved to be very attractive because it generated a return (capital gain) at least equal to realcapital markets and the risk of capital loss was smaller. But investors should be careful because the standarddeviation of return among stock in this stock market model was relatively high. Meanwhile, the Chapra modelgave investors not only a lower risk but also lower returns. The performance of Chapra Islamic capital marketmodel had not been conclusive because when using Sharpe index and Jensen index, the performance indexdecreased but when using the Treynor index, the performance did not decrease.]]>
<![CDATA[PROFIL KEMAMPUAN BERPIKIR REFLEKTIF SISWA MTs NURUL HUDA SUGIO DALAM MENYELESAIKAN SOAL CERITA PADA MATERI POLA BILANGAN DITINJAU DARI LEVEL MOTIVASI BELAJAR ]]>
<![CDATA[Zunia Fidya Astutik]]>;
<![CDATA[Arezqi Tunggal Asmana]]>;
<![CDATA[Zaenal Arifin]]>
<![CDATA[ INSPIRAMATIKA Vol 8 No 2 (2022): Inspiramatika: Jurnal Inovasi Pendidikan dan Pembelajaran Matematika, December 20 ]]>
Publisher : <![CDATA[Program Studi Pendidikan Matematika FKIP Universitas Islam Darul Ulum ]]>
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DOI: 10.52166/inspiramatika.v8i1.3078
<![CDATA[This study aims to determine the relationship between reflective thinking and students' learning motivation in mathematics. This type of research is descriptive research with a qualitative approach, because it produces written data that is more comprehensive. The subjects of this study were 9 students of class VIII MTs Nurul Huda Sugio in the 2021/2022 academic year. The determination of the subject is based on the results of the student learning motivation questionnaire. The instrument given to the research subjects was in the form of a test consisting of 5 story questions, student learning motivation questionnaires and interviews. The data used are test results, questionnaire results and interview recordings. Based on the data analysis that has been done, the results of this study indicate that there are differences in students' reflective thinking abilities at each level of student motivation in learning mathematics. Results Based on the data analysis, it was obtained that: (1) The profile of students' reflective thinking abilities with learning motivation level obtained an average score of 77; (2) Profile of students' reflective thinking abilities with moderate learning motivation obtained an average score of 31.33; (3) The reflective thinking ability profile of students with low learning motivation obtained an average score of 6.67.]]>
