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Pengujian Teori Trade-Of Dan Pecking Order Dengan Satu Model Dinamis Pada Perusahaan Publik Di Indonesia Adler Haymans Manurung, Darminto.,
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 1, No 1 (2008): May 2008
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (802.715 KB)

Abstract

This article explores determinant of capital structure in Indonesia.Empirical study using Regression in model is done by includingvariable suggested by Trade of Theory, Pecking Order Theory, andcombination of those theories. The result shows that determinantfactors in the Trade of Theory have more ability to explain the capitalstructure than deficit cash flow factor in pecking order theory. Othervariables that are also significant are firm size and collateral capacity.Its is possible that rejection of Pecking Order Theory is due to markettiming argument in long term financing.Keywords: leverage, pecking order theory, trade-off theory, capital structure, size and tangible fxed asset.
Determinan Intensitas Transaksi Afiliasi pada Perusahaan-perusahaan dalam Grup Bisnis di Bursa Efek Indonesia Tambunan, Martua Eliakim; Siregar, Hermanto; Manurung, Adler Haymans; Priyarsono, Dominicus Savio
Jurnal Manajemen Teknologi Vol 15, No 2 (2016)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2016.15.2.2

Abstract

Abstrak. Transaksi afiliasi merupakan aksi korporasi penting dengan tingkat kejadian tertinggi dari seluruh aksi korporasi emiten yang terdaftar di Bursa Efek Indonesia. Intensitas transaksi afiliasi memungkinkan ekspropriasi hak pemegang saham minoritas serta berpengaruh terhadap nilai perusahaan. Penelitian ini bertujuan menganalisis determinan-determinan yang mempengaruhi intensitas transaksi afiliasi pada perusahaan dalam grup bisnis di Bursa Efek Indonesia. Determinan tersebut adalah kepemilikan saham ultimat, tata kelola perusahaan yang baik (dengan komisaris independen dan kantor akuntan publik Big Four sebagai proxy), rasio utang terhadap modal serta periode krisis. Penelitian ini menggunakan data panel dengan periode waktu kuartalan dari 2006 sampai 2013. Sampel ditentukan dengan cara purposive sampling yang berfokus kepada tipologi perusahaan yaitu perusahaan yang tergabung dalam tiga grup bisnis mewakili tiga lapisan kapitalisasi pasar. Hasil menunjukkan bahwa kepemilikan saham ultimat secara tidak signifikan berpengaruh positif terhadap intensitas transaksi afiliasi. Komisaris independen dan rasio utang terhadap modal secara signifikan berpengaruh positif terhadap intensitas transaksi afiliasi. Kantor akuntan publik Big Four secara signifikan berpengaruh negatif terhadap intensitas transaksi afiliasi. Periode krisis secara tidak signifikan berpengaruh negatif terhadap intensitas transaksi afiliasi. Determinan-determinan tersebut secara keseluruhan berpengaruh terhadap intensitas transaksi afiliasi.Keywords: transaksi afiliasi, grup bisnis, pemegang saham ultimat, tata kelola perusahaan yang baik, rasio utang terhadap modal. Abstract. Related party transactions are important corporate actions with the highest incidence rate of all issuers’ corporate actions listed in the Indonesia Stock Exchange. Related party transactions' intensity allows minority  holders' expropriation right and affects company's value. This study aimed to analyze the determinants affecting related party transactions’ intensity in companies in the business groups in the Indonesia Stock Exchange. The determinants were ultimate shareholders, good corporate governance (with independent commissioner and the Big Four public accounting firms as proxies), debt to equity ratio, and period of crisis. This study used panel data with quarterly time period from 2006 to 2013. Samples were determined by purposive sampling focusing on companies’ typology, namely companies in the three business groups representing the market capitalization’s three layers.  The results showed that ultimate shareholders insignificantly had positive effect on related party transactions’ intensity. Independent commisioners and debt to equity ratio significantly had positive effect on related party transactions’ intensity. The Big Four public accounting firms significantly had negative effect on related party transactions’ intensity. Period of crisis insignificantly had negative effect on related party transactions’ intensity. The determinants as a whole have an effect on the intensity of related party transactions.Keywords: related party transaction, business group, ultimate shareholder, good corporate governance, debt to equity ratio.
The Effect of Crude Oil Price Shocks on Indonesia Stock Market Performance Darmawan, Indra; Siregar, Hermanto; Hakim, Dedi Budiman; Manurung, Adler Haymans
Jurnal Organisasi dan Manajemen Vol. 16 No. 1 (2020)
Publisher : LPPM Universitas Terbuka

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (502.301 KB) | DOI: 10.33830/jom.v16i1.785.2020

Abstract

The primary purpose of this study is to investigate the effects of crude oil price shocks on Indonesia stock market performance, represented by the composite index (IHSG). We used a vector error correction model (VECM) approach to observe the relationship between Brent crude oil price (BPO) and the seven stock market indices, including IHSG, and the relationship between IHSG and the six global stock market indices. Findings. The results show that the Brent crude oil prices cointegrated to the seven stock market indices, including IHSG, and IHSG cointegrated to the six global stock market indices. This finding proves that crude oil price shocks affect the Indonesia stock market performance directly through the co-integration mechanism between the crude oil price and IHSG and indirectly transmitted through the co-integration mechanism between IHSG and the global stock market indices.
INVESTING AND PROTECTION OF INVESTOR IN STOCK MARKET Manurung, Adler Haymans
Indonesian Journal of International Law
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (176.316 KB)

Abstract

This paper discusses three areas, namely investment, investors’ characteristics, and a place of investment, which is stock market. In investing in stock market, investors need to utilize funds which are not currently used so they would not worry about the decrease value that may occur in a short term. Investors need to understand the risks which can be tolerated to invest. On the other hand, investors must be protected to prevent inappropriate transactions. Regulators must endorse rules regularly revised to suit the existing condition that can satisfy many parties.
STUDI KOMPARATIF FAKTOR KESUKSESAN DALAM MERANCANG ARSITEKTUR BANGUNAN UNTUK MENINGKATKAN KEBERHASILAN IMPLEMENTASI TEKNOLOGI INFORMASI Kosasih, Wibowo; Budiastuti, Dyah; Abbas, Bahtiar Saleh; Manurung, Adler Haymans
Jurnal Muara Sains, Teknologi, Kedokteran dan Ilmu Kesehatan Vol 3, No 2 (2019): Jurnal Muara Sains, Teknologi, Kedokteran dan Ilmu Kesehatan
Publisher : Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmstkik.v3i2.5918

Abstract

Industry 4.0 Era leads Information Technology to become a Strategic asset for companies to develop innovative and dynamic business models. Until recently the success rate of IT implementation is still relatively low. This research is a comparative study by comparing best practices and success factors in building construction industry with IT implementation. The construction industry was chosen as a comparison because this industry has a high level of reliability and successful implementation. The research method was conducted using the Comparative Research approach, through literature studies, depth interviews with subject matter expert. Then a Comparability Analysis is performed by comparing the best practices between construction operations and IT implementation. The information obtained is processed qualitatively to produce recommendations and design guidelines in designing IT solutions to improve success rate of IT implementation. The results of comparative analysis identify 7 factors that cause a good success rate in the construction industry. It also identified 5 challenges and 4 obstacles facing the IT industry, which hampered the success rate of implementation. This study compares the Architect-Contractor work patterns in the construction industry and Analyst-Developers in the IT industry. It further discusses the synergy and the relationship between AMO (Architecture Management Office) and PMO (Project Management Office) in the construction industry and IT industry. In conclusion, this study identified three characteristics of design guidelines for designing IT solutions, which is: Governance, Operation, and Growth. This explorative research can be continued by developing empiric research to develop design guidelines for designing IT solutions that uniqe in related industries. AbstrakEra Industri 4.0 membawa Teknologi Informasi menjadi aset strategis bagi perusahaan dalam mengembangkan model bisnis inovatif dan dinamis. Namun sampai saat ini tingkat keberhasilan implementasi TI masih relatif rendah. Penelitian ini melakukan studi komparatif dengan membandingkan best practice dan faktor kesuksesan  industri konstruksi dalam pembangunan gedung dengan implementasi TI. Dipilihnya industri arsitektur dan konstruksi bangunan sebagai pembanding, karena industri ini memiliki tingkat kemapanan dan tingkat keberhasilan implementasi yang cukup tinggi. Metode penelitian dilakukan dengan pendekatan Comparative Research, melalui studi literatur, wawancara (depth interview) dengan pelaku bisnis. Kemudian dilakukan Comparability Analysis dengan membandingkan best practice antara kegiatan operasional konstruksi dan implementasi TI. Informasi yang diperoleh diolah secara kualitatif untuk menghasilkan rekomendasi dan design guideline dalam mendesain solusi TI, agar tingkat keberhasilan implementasi TI lebih baik. Hasil analisa komparatif mengidentifikasikan 7 faktor penyebab tingkat keberhasilan yang baik pada industri konstruksi.  Selain itu juga diidentifikasi 5 tantangan dan 4 kendala yang dihadapi industri TI, yang menghambat tingkat keberhasilan implementasi. Penelitian ini membandingkan pola kerja Arsitek-Kontraktor di industri konstruksi dengan Analyst-Developer pada industri TI. Lebih lanjut membahas sinerji dan hubungan antara AMO (Architecture Management Office) dan PMO (Project Management Office) dalam industri konstruksi dan industri TI. Sebagai kesimpulan penelitian, diidentifikasi tiga karakteristik design guideline untuk mendesain solusi TI, yaitu: Governance, Operation dan Growth. Penelitian eksploratif ini dapat dilanjutkan lebih dalam secara empirik untuk pengembangan design guideline perancangan solusi TI dengan industri terkait.
Pengujian Teori Trade-Of Dan Pecking Order Dengan Satu Model Dinamis Pada Perusahaan Publik Di Indonesia Darminto, Darminto; Haymans Manurung, Adler
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 1, No 1 (2008): May 2008
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.1.1.24

Abstract

This article explores determinant of capital structure in Indonesia.Empirical study using Regression in model is done by includingvariable suggested by Trade of Theory, Pecking Order Theory, andcombination of those theories. The result shows that determinantfactors in the Trade of Theory have more ability to explain the capitalstructure than deficit cash flow factor in pecking order theory. Othervariables that are also significant are firm size and collateral capacity.Its is possible that rejection of Pecking Order Theory is due to markettiming argument in long term financing.Keywords: leverage, pecking order theory, trade-off theory, capital structure, size and tangible fxed asset.
STRUKTUR MODAL DAN KEPUTUSAN INVESTASI PADA PERUSAHAAN TELEKOMUNIKASI INDONESIA Palti Marulitua Sitorus; D.S. Priyarsono D.S. Priyarsono; Adler Haymans Manurung; Tubagus Ahmad Maulana
Jurnal Keuangan dan Perbankan Vol 18, No 2 (2014): May 2014
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (228.918 KB) | DOI: 10.26905/jkdp.v18i2.797

Abstract

This study aimed to explore the interconnection of capital structure and investment decisions based on therelationship between corporate leverage and investment options. The samples used were telecommunicationcompanies in Indonesia which had already become public companies from 2006 to 2013. The data was processedby using multiple regression technique and t test and F test to see the difference of investment source.This study revealed that an increase in the firm value as a result of an increase in the debts of the company andits increase was different between the companies that the investment came from foreign investment and localinvestment. Investment selection by using the debt was considered to be the correct choice made by management.The value of the company was obtained better by companies that used local investment. Telecommunicationbusiness was still considered by investors to be the prospective industries.
World Oil Price Changes and Inflation in Indonesia: A Nonparametric Regression Approach Indra Darmawan; Hermanto Siregar; Dedi Budiman Hakim; Adler Haymans Manurung
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.19010

Abstract

This study aims to investigate the effect of world oil price changes on inflation in Indonesia. We used a nonparametric regression approach that never been employed in previous studies, both domestically and internationally. This study shows that the second-order Epanechnikov kernel function is statistically significant in explaining the effect of world oil price changes on Indonesia's inflation. We found that the world oil price changes had a lower effect on Indonesia's inflation when its price below USD 100 per barrel, and its effect became higher when its price above USD 100 per barrel. These results have important implications for Bank Indonesia and Indonesia's government in response to the world oil price changes. The policies that aimed at reducing the effect of world oil price changes on inflation in Indonesia should consider the world oil price level.JEL Classification: A12, B26, C14, E31, F29, F62How to Cite:Darmawan, I., Siregar, H., Hakim, D.B., & Manurung, A.H.. (2021). World Oil Price Changes and Inflation in Indonesia: A Nonparametric Regression Approach. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 161-176. https://doi.org/10.15408/sjie.v10i1.19010.
Analysis of Indonesia Bond’s Duration: Corporate Versus Government Bond Rezki Adhitia; Adler Haymans Manurung
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.129

Abstract

The duration of a bond is a measure of its interest rate risk. The objective of this research is to test whether corporate bond duration is higher compare to government bonds. The higher duration mean that bond’s price is more affected to the change in its yield. Effective Duration and Modified Duration Approaches are used to calculate the duration. The sample used is bonds that traded in Indonesia Stock Exchange. The result shows that there is no enough evidence that Indonesia corporate bonds duration is higher compare to government bonds. The implication for this is that there is no difference in interest rate risk between corporate bonds and government bonds.
Corporate Social Responsibility(CSR) Evaluation & Effectiveness of Disclosure and its Impact on Financial Performance: A Case of Indonesian Corporations by Longitudinal Evidence Muhammad Asif Khan; Adler Haymans Manurung
Studi Ilmu Manajemen dan Organisasi Vol. 3 No. 1 (2022): April
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/simo.v3i1.709

Abstract

Purpose: To see if corporate social responsibility (CSR) is linked to financial performance in Indonesian enterprises. Despite the fact that CSR was first revealed in Indonesia. Method:This study, which is based on a longitudinal information study, consists of the two hundred most famous organizations, which were chosen from 672 recorded corporations that lead Bursa Indonesia between 2010 and 2020 by content Analysis. Secondary data analysis of recorded market data from Indonesia was used in this study. The necessary information was retrieved and recorded so that it could be analyzed subsequently. Additionally, SPSS was used to analyze the filtered data from which a generalized linear regression model was adopted. Result: The linearity test reveals a linear link between Corporate Social Responsibility and Firm Performance. Leverage, income per share, firm size, resource turnover, and corporate social responsibility have all been identified as critical indicators of an organization's financial performance in past studies. The present results corroborate this. Limitation: Expanding the specimen estimate, possibly to different agencies not fundamentally recorded; probably to 250 best organizations in Indonesia may consider a preferred measure of the impact that CSR has on the financial performance of Indonesian agencies. Contributions: Through its observations and discussions, this research contributes to theoretical and methodological advancements in the field of business. The report reinforces and advises businesses on the importance of corporate responsibility in their quest to increase financial performance, particularly in Indonesia. If enterprises follow the study's recommendations, they can achieve unprecedented levels of financial enactment.
Co-Authors Abdinagoro, Sri Bramantoro Ade Onny Siagian Adyatma Prio Anggoro Agung Dharmawan Buchdadi AGUNG GALIH SATWIKO Ahmad Faqih Syukri Alfian Amran Ali Imron Ambarwati, Eliza Dyah Amran Manurung Amran Manurung, Amran Annisa Lestari Arif Imam Suroso Asih, Kiki Nindya AWN Fikri Aziz, Lukmanul Hakim Azizah Suci Pratiwi Bahtiar Saleh Abbas Budi Paryanti, Atik Carlos, Gerry Juan D.S. Priyarsono D.S. Priyarsono Damayanti, Endah Suci Darmawan, Indra Darminto . Dedi Budiman Hakim Desi, Dona Elvia Djuni Thamrin DODY KURNIAWAN Dominicus Savio Priyarsono Dwi Winarno, Dwi Dwitanto, Ardo Ryan Dyah Budiastuti Edward Efendi Edward Efendi Silalahi Elia Rossa Endah Suci Damayanti Erliza Noor Farah Margaretha Fauziah, Dinda Fikri , Adi Wibowo Noor Fikri, AWN Firdaus, Fairuz Zayyan Gatot Nazir Ahmad Gerry Juan Carlos Gerson Hadita Simamora Hakim , Dedi Budiman Hakim Sangapan, Lukman Hapzi Hapzi Ali Hardiyanti, Siti Epa Hariandja, Nancy Megawati Hasanuddin Hasanuddin Hendri Setiadi Hendriarto, Prasetyono Hermanto Siregar Hibatullah, Fadh Fauzi I Gusti Ketut Agung Ulupui Idel Eprianto Idris Gautama So, Idris Gautama Imelda Sari Indra Darmawan Ivan Jan Jaya Silaen Jhonni Sinaga John E.H.J. Foeh John Sihar Manurung - Josua Panatap Soehaditama Jumawan Khan, Muhammad Asif Kosasih, Wibowo Kurniana Lukman Hakim Sangapan M. Jhonni Sinaga M.Rizal Mangalindung, Giovani Huiser Manurung, Catarina Manurung, Gerson Margie, Lyandra Aisyah Marinda Machdar, Nera Martua Eliakim Tambunan Maula, Dela Azkiatul Monika Sari Siagian, Friska Muhamad Ramdan, Muhamad Muhammad Asif Khan Muhammad Yusuf Munir, Ningky Sasanti NACHROWI D. NACHROWI Narpati, Bintang Nathania yunus, Angeline Nera Marinda Machdar Nimmi Zulbainarni Noer A. Achsani, Noer A. Nopriadi Saputra Novita Sari Nur Khosim Nurcahyaningsih, Astrika Erlin Oktariswan, Dony Oktaviana, Sonya Palti Marulitua Sitorus Pamuji Gesang Raharjo Pamuji Gesang Raharjo Panji Patra Anggaredho, Panji Patra Panubut Simorangkir Paryanti, Atik Budi Pasaribu, Rasnius Prameswari, Syanindita Princes, Elfindah Puspitasari, Veny Anindya Putra, Christophorus Indra Wahyu Rahmadani, Peni Ratnawaty Marginingsih Retno Yuliati Rewang Budi Prasetyo Rezki Adhitia Rianto, Muhammad Richo Robertus Suraji Rony, Zahara Tussoleha Rosalinda Manullang, Mitha Debora Rosma Titis Hapsari Roy Sembel Salsabila Hasani Sangapan, Lukman Sangapan, Lukman Hakim Sangapan, Lukman Hakim Sangapan Satriadi, Dharma Satrio Waliyudin Azhar Sholeh, M Asrorun Niam Silalahi, Edward Efendi Silvana Syah Simatupang, Apriani Sinaga, Jhonni Suci Damayanti, Endah Sudaryono Sugeng Suroso SUGENG SUROSO, SUGENG Sundari Oktaviana Susy Muchtar Sutawidjaya, Ahmad Hidayat Tanti Novianti Tarigan, Paul Augustin Taufik Raharjo, Taufik Tegar Maulana Hidayat Tony Irawan Tri Widyastuti Triskamto, Triskamto Tubagus Ahmad Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Viranti Margaretta Wahyu Hidayat, Wastam Wastam Wahyu Hidayat Widjanarko, Wirawan Willy Cahya Sundara Wirawan Widjanarko Wirawan Widjanarko Wiyandari, Esti Yayan Hendayana Yuliansyah, M. Roby Yulyanah, Yulyanah Zahara Tussoleha Rony Zenal Asikin