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All Journal Jurnal Bisnis dan Manajemen Jurnal Keuangan dan Perbankan Jurnal Ilmiah Mahasiswa FEB JAM : Jurnal Aplikasi Manajemen Jurnal Akuntansi Multiparadigma Wacana, Jurnal Sosial dan Humaniora MIX : Jurnal Ilmiah Manajemen Jurnal Manajemen dan Kewirausahaan (JMDK) Asia-Pacific Management and Business Application Jurnal Manajemen Indonesia Management and Economics Journal (MEC-J) JIMEK : Jurnal Ilmiah Mahasiswa Ekonomi JBMR: Journal of Business and Management Review Jurnal Pengabdian kepada Masyarakat Nusantara International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) BISMA (Bisnis dan Manajemen) Jurnal Manajemen Pemasaran dan Perilaku Konsumen Jurnal Management Risiko dan Keuangan West Science Business and Management Jurnal Kewirausahaan dan Inovasi Management Analysis Journal
Siti Aisjah
Fakultas Ekonomi Dan Bisnis Universitas Brawijaya
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Journal : JAM : Jurnal Aplikasi Manajemen

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Strategi Diversifikasi Korporat, Struktur Modal dan Nilai Perusahaan (Studi pada Perusahaan yang Tercatat di Bursa Efek Indonesia) Siti Aisjah
Jurnal Aplikasi Manajemen Vol 8, No 1 (2010)
Publisher : Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1403.741 KB)

Abstract

This research is conducted to evaluate and examine the corporate diversification strategy, capttal structure and company value based on balance approach Trade­Off Theory and Pecking Order Theory. The diversification index (related and unrelated) was determined based on Hierschman­Herfindahl index. The capital structure variable consists of assets utilisation, bankruptcy cost, company s growth and dividend policy. The research also examines company rationalities in doing corporate diversification strategy, capital structure and their influence toward company value. The population of the research consists of the companies registered in Indonesia Stock Exchange. The samples were taken using purpose sampling technique. Based on the determined criteria, 43 sample fulfilling the criteria were obtained with six year observation period (in 2002­2007) and 253 observations. The research findings showed that the related and unrelated diversification strategy influenced the capital structure and company value. The attitude of the companies registered in Indonesia supported the Pecking Order Theory in related diversification and unrelated diversification companies. These are the efforts of companies to prioritize internal fund resources coming from free cash stream in order to reduce business risk. The capital structure policy in effort to increase company value the companies need to consider corporate diversification strategies, both related and unrelated. 
UNDERSTANDING COUNTRY RISK TOWARD FOREIGN DIRECT INVESTMENT MODERATED BY EASE OF DOING BUSINESS RANKING (Study in ASEAN (Indonesia, Malaysia, Thailand, Philippines, and Vietnam)) Pertiwi, Nanda; Ratnawati, Kusuma; Aisjah, Siti
Jurnal Aplikasi Manajemen Vol. 18 No. 2 (2020)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2020.018.02.07

Abstract

This research involves the phenomenon of Foreign Direct Investment. The purpose of this study is to analyze the determinants of country risk on Foreign Direct Investment (FDI), which is moderated by the rating of ease of doing business (EODB). The utilized sampling technique was purposive sampling. The objects of this research are Indonesia, Malaysia, Thailand, the Philippines, and Vietnam. Data analysis in this study utilized the Partial Least Squares (PLS) modeling approach. The results showed that 1) Political risk did not significantly influence FDI for Indonesia, Malaysia, and Vietnam, but did influence for Thailand and the Philippines. 2) Financial risk reflected by macroeconomic conditions significantly influenced Foreign Direct Investment for Indonesia, Malaysia, Thailand, the Philippines, and Vietnam. 3) The EODB rank moderated the influence of political risk on Foreign Direct Investment for Thailand but did not moderate for Indonesia, Malaysia, the Philippines, and Vietnam. 4) The EODB rating did not moderate the effect of financial risk on Foreign Direct Investment for all the studied countries. Finally, 5) the results of ranking the five studied countries based on country risk level from lowest to highest showed that Malaysia was first, followed by Thailand in second place, then the Philippines in third place and Vietnam in fourth, and the last was Indonesia in fifth (last) place. This means that Indonesia has the highest country risk value compared to the other ASEAN countries that became the objects of this research.
Perspektif Kinerja Keuangan Bank Syariah di Indonesia Aisjah, Siti; Kusumawati, Endah
Jurnal Aplikasi Manajemen Vol. 9 No. 4 (2011)
Publisher : Universitas Brawijaya, Indonesia

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Abstract

Purpose - This study examines the implementation of financial performance system sharia bank based on Bank Indonesia regulatory No.9/1/PBI/2007 is CAMELS method. Design methodology/approach - The type of descriptive research and the sampling technique with the purposive sampling. Sharia Banks in Indonesia are a sample of Bank Sharia Mandiri, Bank Sharia Mega Indonesia and Bank Muamalat Indonesia. The data in the form of annual report, the calculation of profit and loss statements of retained earnings, as well as the Capial Adequecy Ratio. Year study period from 2007-2009. Methods of data analysis is the analysis of CAMEL. Findings-The results show that the financial performance of the national private sharia banks are better than the government of sharia banks. From the aspect of capital, management, and earnings, are both considered very good and very healthy otherwise. As for the aspect of asset quality and liquidity, the national private sharia banks tend to perform better than the government's sharia banks. Limitations/implications Limitations of this research method used is the CAMELS without examining the sensitivity factor (S).
TRUST AND PERCEIVED BENEFIT AS ANTECEDENTS OF REUSE INTENTION IN MOBILE PAYMENT SERVICES Narahdita, Ajeng Putri; Aisjah, Siti; Kusniyah, Nur
Jurnal Aplikasi Manajemen Vol. 18 No. 4 (2020)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2020.018.04.07

Abstract

The purpose of this study is to describe and analyze the direct and indirect relations between trust, perceived benefit, perceived risk, and reuse intention. The population of this research is to graduate students who have used Go-pay. Using a purposive sampling method with a nonprobability sampling technique, 177 people were selected as respondents. Research findings show that the trust had an influence directly against the perceived benefit, perceived risk, and reuse intention. Furthermore, the perceived benefit directly influence reuse intention. Besides, this research confirmed that the perceived benefits partially mediate the relationship of trust in the intention of reuse. Nevertheless, the perceived risk does not influence reuse intention.
THE EFFECTS OF FOREIGN DIRECT INVESTMENT AND PROFITABILITY ON THE STOCK RETURNS Metyopandi, Vierkury; Salim, Ubud; Aisjah, Siti
Jurnal Aplikasi Manajemen Vol. 21 No. 2 (2023)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2023.021.02.11

Abstract

This research aimed to identify how to examine and analyze the effects of foreign direct investment and profitability on the stock returns in manufacturing companies registered on IDX during 2016-2018. The total population was 91 companies registered and filtered into 32 registered companies according to the sample criteria and analyzed through Eviews 10 software. The research result referred that the foreign direct investment received by multinational companies could not yet affect stock return directly. Also, foreign direct investment was not able to influence the return on asset (ROA), but it was able to affect the return on equity (ROE). Further, ROA was not able to affect the increase of stock returns, while ROE was able to affect the rise of stock returns. Another research finding showed that ROE was the only one that could be a mediation variable in the relationship between foreign direct investment affecting stock returns. At the same time, ROA could not be a mediation variable. For the next studies, the researchers suggested exploring the other financial performance variables suited to foreign direct investment to affect the stock returns. In practice implication from this research, the investors must see how strong the capital owned by a company that accepts foreign direct investment and the relation, how the capital they receive can improve or maintain the company's financial performance within a certain period of time.
AN EMPIRICAL ANALYSIS OF FACTORS INFLUENCING PERFORMANCE OF SHARIAH MUTUAL FUNDS IN INDONESIA Marsono, A. Dewantoro; Salim, Ubud; Ratnawati, Kusuma; Aisjah, Siti
Jurnal Aplikasi Manajemen Vol. 20 No. 4 (2022)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2022.020.04.11

Abstract

This paper aims to identify the factors that affect the performance of shariah mutual funds. This study uses SEM to test the factors that hypothetically influence mutual fund performance, namely mutual fund manager skills, characteristics, and analyst coverage. This study uses a sample of 45 mutual funds registered with the OJK [financial services authority] for at least three years: equity funds, fixed-income funds, and mixed funds. The results indicate that fund manager skills negatively influence mutual fund performance but not significantly. In addition, the characteristics positively affect the mutual fund performance but are insignificant. Last, analyst coverage is positively influencing the mutual fund performance significantly. The results provide information that would benefit the investors in predicting the performance of shariah mutual funds and the fund managers to improve the performance of their managed funds. Further research will ascertain the inability of market-timing skills and asset allocation strategies to improve mutual fund performance.
EFFECT OF DEBT, FIRM SIZE, AND DIVIDEND POLICY ON FIRM VALUE MEDIATED BY CASH HOLDINGS Putra, Hasannudin Nursalim; Salim, Ubud; Aisjah, Siti
Jurnal Aplikasi Manajemen Vol. 21 No. 4 (2023)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2023.021.04.15

Abstract

The context of this study focuses on the benefits of debt usability, firm size, and dividend policy in increasing the value of cash-mediated companies in LQ45 companies for the period 2017-2020. This study aims to find out and analyze the effect of debt, firm size, and dividend policy on the firm's value, either directly or indirectly, through the mediation of cash holdings. The samples in this study are LQ45-indexed companies from 2017-2020. The samples in this study fall into the purposive sampling category, where respondents are selected based on the criteria specified in this study. The sample numbered 24 companies that can be processed. The analysis method used is descriptive analysis and regression of panel data using the Eviews 10 software application. The results showed that increasing the firm's size will decrease the firm's value while increasing the dividend policy will increase the firm's value. Debt and cash holdings are unable to affect the value of the firm. In addition, only variable debt can negatively affect cash holdings, while the size of the firm and its dividend policy cannot affect cash holdings. This research implies that companies indexed LQ45 need to pay attention to optimal cash holding adequacy because it can be influenced by company debt so that the company can maintain its position in the LQ45 index.
Pengaruh Laba Akuntansi, Nilai Buku Ekuitas, dan Total Arus Kas terhadap Harga Saham (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia) Fitri, Raisa; Aisjah, Siti; Djazuli, Atim
Jurnal Aplikasi Manajemen Vol. 14 No. 1 (2016)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (77.706 KB) | DOI: 10.18202/jam23026332.14.1.18

Abstract

The capital market has been provided with abundant information available to the investor. Information represents a fundamental demand to the investor in the decision making. The published information will convince the investors. In this study, the parameteres used to measure the perfomance of company based on financial statments is earning, book value of equity, and total cash flow. This study aims to examine and analyze the effect of variable Earning, Book Value of Equity and Total Cash Flow on Stock Price, using a quantitative approach with the method of Regression Analysis Regression. The population of this study is manufacturing companies listed in Indonesia Stock Exchange that has a profit during the study period 2006-2012. The number of population are 52 companies that are observed within 7 years, in order to obtain a total of 364 observations. The results shows that the earning variables provide information and useful in the assessment of the securities, the larger an enterprise earning, then there is the trend of the higher stock prices, while the book value equity variable has a negative effect on stock prices. If the book value of equity increases, then the stock price will decrease. Investors do not use the equity book value as information that needs to be considered in decisions to invest when the company's activity gain a profit. Variable total cash flow has a positive effect on stock prices. If the higher total cash flow will increase the stock price, then it means that the total increase in cash flow will be followed by a rise in stock prices.
Analisis Variabel-Variabel yang Mempengaruhi Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia) Deni, Febrianto Frans; Aisjah, Siti; Djazuli, Atim
Jurnal Aplikasi Manajemen Vol. 14 No. 2 (2016)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (160.08 KB) | DOI: 10.18202/jam23026332.14.2.17

Abstract

Abstract: This study aims to find out how Managerial Ownership, Institutional Ownership, Leverage, Company Size, Profitability, and Investment Opportunity influence on Dividend Policy. The population of this study is a manufacturing company that is listed on the Indonesia Stock Exchange Period 2007 to 2011 as many as 203 companies. This study used population criteria methodand obtained saturation samples from 32 companies. The data used are secondary data and methods of analysis is multiple regression analysis. The results showed that Institutional Ownership, Firm Size and Profitability has a positive influence, while Managerial Ownership has a negative but insignificant influence on dividend policy. Leverage has a negative influence while Investments Opportunity has a positive and significan influence on dividend policy. The conclusion of this study is a manufacturing company that has a high leverage will hold most of its earnings to repay debt and or for further fund projects so the company is able to maintain balance its capital structure in order to remain optimal. Manufacturing companies that have high profitability will provide a high dividend payments to give a signal to investors that the company foresees good profitability in the future 
Pengaruh Kinerja Keuangan Perusahaan terhadap Return Saham (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia) Sugiarti, .; Surachman, .; Aisjah, Siti
Jurnal Aplikasi Manajemen Vol. 13 No. 2 (2015)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

This study aims to examine and analyze the effect of variable current ratio, Debt toEquity Ratio, Return on Equity and Earning per Share to the Stock Return, using a quantitativeapproach with the Analysis Regression method. The population of this study is manufacturingcompanies listed in Indonesia Stock Exchange that pay dividend continuously forthe period 2009-2012. The population numbers are 28 companies that are observed withina period of 3 years, in order to obtain a total of 84 observations. The results showed that thevariable current ratio is a significant negative effect on stock returns. While the variableDebt to Equity Ratio is not significant negative effect on stock returns, and variable positiveReturn on Equity no significant effect on stock returns and variables Earning Per Share isnot significant negative effect on stock returns.
Co-Authors . Sugiarti . Surachman ., Jumahir A. Dewantoro Marsono Afifah, Marisa Mursyidhatul Agung Laksana Agustian Eko Hadianto Ahmad, Zainuddin AINUR ROFIQ Almira, Yorina Huwaida Ananda Sabil Hussein Anggraini, Mutia Rizki Ardiansyah Muhammad Arifah, Hilda Astrid Puspaningrum Atim Djazuli Bastomi, Mohamad Bhagas Pratyaksa Mahardhika Budi Handrianto Chintya Dewi Ekacittasari Christin Susilowati Cicik Retno Wati Deni, Febrianto Frans Denny Indra Prastiawan Dessy Handa Sari Devia, Aldeline Nolita Diana Ayu Kartikasari Dunga Dwi Barinta Ekacittasari, Chintya Dewi ENDAH KUSUMAWATI Fadhila, Wildan Genira, Chika Felsia Hilda Arifah Indah Rachma Putri Karismajid Nur Laksana Khair, Muthi Abul Kusniyah, Nur Kusuma Ratnawati Laksana, Agung Lilik Choirotul Mafula Lilis Suindrawati Lubis, Haikal Yasin M. Aan Faizal Mubarak Maesaroh, Eka Siti Mafula, Lilik Choirotul Maulana, Luthfila Akbar Melindhar, Suristika Moeljadi Moeljadi Nanda Karprilano Narahdita, Ajeng Putri Noermijati NUR HASANAH Nur Khasanah Oktavian, Eksa Panji Rizki Maulana Pertiwi, Nanda Putra, Hasannudin Nursalim Putri, Indah Rachma Rahmadhi, Nanda Supraba Raisa Fitri Ramadani Wibowo Ramadhan, Satria Putra Ratih Mardianti Reno Furqon Kusumawardana Ricki Prajamukti Ricky Indra Gunawan Rico Eka Wahyu Hudiwijono Rofiaty, Rofiaty Salsabila, Ellen Elysia Sefel, Raja Abiyyu Septi Wulandari SEPTI WULANDARI Sri Palupi Prabandari Sri Palupi Prabandari Stefan Yudhanto Sugiarti, . Suindrawati, Lilis Sumantri, Dzaki Maulana Sunaryo Sunaryo Surachman Surachman Surachman Surachman, Surachman Suristika Melindhar Susilowati, Christine Ubud Salim Ubud Salim Ubud Salim Ury Tri Rahayu Vierkury Metyopandi Vildayanti, Rina Ayu Wati, Cicik Retno Wildan Fadhila Wirani, Bella Nisa Yana Respati Dewi Yuni Kusuma Arumsari Zainuddin Ahmad Zulianto, Angga