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Indonesian Capital Market Reaction to The Increase of Tobacco Product Excise Rate in Indonesia Amalia, Mila; Ardiansari, Anindya
Management Analysis Journal Vol 10 No 3 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i3.49956

Abstract

The purpose of this research is to analyze the reaction of capital market by conducting research about the differences of abnormal returns, trading volume activity and security return variability before and after the increase in the Tobacco Excise rate on January 1, 2020 and February 1, 2021. This research uses an event study approach, the sample used in this research are 4 companies. Sampling was done by purposive sampling method. This study uses secondary data sources with a quantitative approach. The results of this research showed that the capital market reacts to the increase in the Tobacco Excise rate on January 1, 2020 and February 1, 2021. Based on the results of the different tests, the average abnormal return and the average trading volume activity in the period before and after the event shows that there is a significant difference, while for the different test results, the average security return variability shows that there is no significant difference in the seven days before and seven days after the increase in Tobacco Excise on January 1, 2020 and February 1, 2021.
Analisis Faktor-Faktor yang Mempengaruhi Struktur Modal dan Harga Saham pada Perusahaan yang Tergabung dalam LQ 45 Periode Tahun 2011-2013 nisak, ngizzah khalwiyatun; Ardiansari, Anindya
Management Analysis Journal Vol 5 No 2 (2016): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i2.5567

Abstract

ABSTRACT This research was conducted in companies incorporated in the LQ 45. By using purposive sampling method was obtained 33 samples of companies from various sectors except banking sector. The analytical method used is multiple linear analysis using SPSS 19. In this study, there are two dependent variables, namely capital structure and stock price, as well as three independent variables are sales growth, profitability, and the debt ratio. The results showed that the growth in sales and a significant negative effect on capital structure, profitability does not significantly affect the capital structure, debt ratio and significant positive effect on capital structure, sales growth was not significantly affect stock prices, profitability and significant positive effect on prices stock, debt ratio does not significantly affect stock prices, capital structure does not significantly affect the stock price.
The Determinants of Capital Structure on Consumer Goods Company Period 2011-2014 Riyantina, Riyantina; Ardiansari, Anindya
Management Analysis Journal Vol 6 No 1 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i1.10581

Abstract

Struktur modal penting bagi perusahaan karena mempengaruhi nilai perusahaan secara langsung. Perusahaan memiliki struktur modal yang berbeda meskipun dalam industri yang sama. Penelitian ini bertujuan untuk mengetahui pengaruh struktur aktiva, leverage operasi, profitabilitas, ukuran perusahaan, risiko bisnis dan pertumbuhan penjualan terhadap struktur modal perusahaan. Populasi dalam penelitian ini adalah perusahaan consumer goods yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2011-2014. Teknik purposive sampling digunakan untuk menentukan sampel. Hasil uji regresi linier berganda menunjukkan bahwa empat variabel independen yang mempengaruhi struktur modal yaitu struktur aktiva, leverage operasi, profitabilitas dan ukuran perusahaan. Sedangkan risiko bisnis dan pertumbuhan penjualan tidak berpengaruhi terhadap struktur modal. Kesimpulan dari penelitian ini yaitu struktur aktiva, leverage operasi dan ukuran perusahaan berpengaruh positif signifikan terhadap struktur modal. Profitabilitas berpengaruh negatif signifikan terhadap struktur modal. Risiko bisnis dan pertumbuhan penjualan berpengaruh positif tidak signifikan terhadap struktur modal. Saran yang disampaikan yaitu untuk memperhatikan komponen struktur modal, agar struktur modal perusahaan memiliki komposisi yang ideal. Hasil penelitian ini dapat dijadikan sebagai referensi penelitian selanjutnya.
The Effect of Agency Conflict, Dividend Policy and Growth Opportunity as Moderating Variabel on Firm Value erfiana, deka; Ardiansari, Anindya
Management Analysis Journal Vol 5 No 3 (2016): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i3.11531

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This study aims to investigate the effect of agency conflict on dividend policy (Dividend Payout Ratio), dividend policy and growth opportunity on firm value, and analyzing growth opportunity moderate the effect of dividend policy on firm value. The population are 72 manufacturing companies which is listed on Indonesia Stock Exchange (IDX) from 2012 until 2014. The sample are 24 companies using purposive sampling technique. The analysis method in this study is a simple regression analysis and multiple regression analysis and Moderated Regression Analysis (MRA) to examine the effect of moderating variable. Firm value variable is proxied by Price Book Value (PBV), Agency conflict variable is proxied by Total Asset Turnover (TAT), dividend policy variable is proxied by Dividend Payout Ratio (DPR), and growth opportunity is proxied by the precentage of changes in total assets.The result show that agency conflict has positive significant effect on dividend policy, dividend policy has positive significant effect on firm value, growth opportunity has no significant effect on firm value, and growth opportunity as moderating variable can effect the relationship of dividend policy and firm value.
Pemilihan Saham dan Waktu Perdagangan pada Reksadana Syariah Saham di Indonesia Maulana, Fajar; Ardiansari, Anindya
Management Analysis Journal Vol 7 No 1 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i1.17133

Abstract

Tujuan penelitian ini adalah untuk mengetahui kemampuan manajer investasi dalam pemilihan saham dan keputusan waktu pembelian saham pada reksa dana syariah saham di Indonesia periode tahun 2012-2016. Populasi dalam penelitian ini adalah seluruh reksa dana syariah saham yang aktif diperjualbelikan pada periode tahun 2012-2016. Jumlah sampel yang digunakan dalam penelitian ini adalah 29 sampel dengan metode purposive sampling. Teknik analisis data yang digunakan yaitu regresi model Trynor-Mazuy Condition dengan memasukkan variabel makro yaitu nilai tukar dan jumlah uang beredar sebagai variabel prediksi. Hasil penelitian menunjukkan manajer investasi reksa dana syariah saham di indonesia tidak memiliki kemampuan pemilihan saham yang dibuktikan dengan hanya enam dari 29 reksa dana syariah saham yang memiliki α positif, namun dalam kemampuan keputusan waktu pembelian saham menunjukkan terdapat 21 dari 29 reksa dana syariah saham yang memiliki γpositif
Pengaruh Rasio Keuangan, Firm Size dan Market Effect terhadap Tingkat Kebangkrutan Nuranto, Ayang Aulia; Ardiansari, Anindya
Management Analysis Journal Vol 6 No 2 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i2.17378

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh rasio-rasio keuangan Loan to Deposit Ratio (LDR), Non Performing Loan (NPL), Biaya Operasional terhadap Pendapatan Operasional (BOPO), Capital Adequacy Ratio (CAR), Net Interest Margin (NIM) , firm size, dan market effect terhadap tingkat kebangkrutan bank dengan model Grover. Jumlah sampel yang digunakan dalam penelitian ini adalah 25 bank yang terdaftar di Bursa Efek Indonesia periode 2008-2015 dengan metode purposive sampling. Metode analisis data menggunakan analisis statistik deskriptif dan analisis regresi logistik. Hasil penelitian menunjukkan bahwa rasio Loan to Deposit Ratio (LDR), Capital Adequacy Ratio (CAR), dan firm size memiliki hubungan positif dan tidak signifikan terhadap tingkat kebangkrutan bank. Sedangkan rasio Non Performing Loan (NPL), Biaya Operasional terhadap Pendapatan Operasional (BOPO), Net Interest Margin (NIM), dan market effect memiliki hubungan negatif dan tidak signifikan terhadap tingkat kebangkrutan bank.
Peran Kebijakan Hutang Memediasi Business Risk dan Firm Size terhadap Nilai Perusahaan Darmanto, Tio; Ardiansari, Anindya
Management Analysis Journal Vol 6 No 4 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i4.18146

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Penelitian ini bertujuan untuk mengetahui pengaruh business risk dan firm size terhadap nilai perusahaan dengan kebijakan hutang sebagai variabel intervening. Populasi yang digunakan dalam penelitian ini adalah perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia (BEI) selama tahun 2011-2015. Penentuan sampel dilakukan dengan metode purposive sampling. Metode analisis data menggunakan analisis regresi linear berganda dan analisis jalur. Hasil penelitian menunjukkan bahwa business risk berpengaruh negatif terhadap kebijakan hutang, sedangkan firm size berpengaruh positif terhadap kebijakan hutang. Business risk berpengaruh negatif terhadap nilai perusahaan sedangkan firm size dan kebijakan hutang berpengaruh positif terhadap nilai perusahaan. Dengan menggunakan analisis jalur, kebijakan hutang hanya mampu memediasi pengaruh firm size terhadap nilai perusahaan
The Effect of Board of Commissioners and Independent Commissioners on Agency Cost through Capital Structure Wahidah, Siti Asroliatun; Ardiansari, Anindya
Management Analysis Journal Vol 8 No 1 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i1.23384

Abstract

Different interests between managers and shareholders can emerge agency conflicts resulting agency costs. The aim of this study is to determine the effect of board of commissioners and independent commissioners to agency cost through capital structure. This study was conducted on companies incorporated in the LQ45 Index listed on the BEI 2012-2016. The number of samples based on purposive sampling method is 24 companies or 120 analysis units. Multiple regression analysis and path analysis using Eviews 9 were used for methods of data analysis. The results showed that board of commissioners have positive and insignificant effect on capital structure, while independent commissioners have positive and significant effect on capital structure. The capital structure has a negative and significant effect on the agency cost proxied by asset utilization ratio, board of commissioners has a negative and insignificant effect on the agency cost proxied by asset utilization ratio, whereas the independent commissioner has a positive and significant effect on the agency cost proxied by asset utilization ratio. By using path analysis, capital structure is unable to mediate the effect of board of commissioners and independent commissioners against agency cost.
The Effect of Ownership Structure, Profitability, Firm Size and Tangibility on Capital Structure Iswarini, Tika; Ardiansari, Anindya
Management Analysis Journal Vol 7 No 4 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i4.23478

Abstract

The important decision faced by financial management which relates to the continuity of company operations is funding decision which is capital structure. Capital structure achieves optimal value if the composition of debt and capital are able to increase company value. The purpose of this research is to examine the effect of ownership structure, profitability, firm size, and tangibility against capital structure (research on manufacturing companies listed on Indonesia Stock Exchange period 2012-2016). The population in this research were all manufacturing companies listed on the Indonesia Stock Exchange 2012-2016. This research used purposive sampling method with certain criteria to determine the sample. The sample used was 38 companies with the research period 2012-2016 at manufacturing companies listed on the Indonesia Stock Exchange. Multiple regression analysis using Eviews 8 was used to analyze the data. The result of multiple linear regression test showed that there were three independent variables that affect capital structure they were managerial ownership, firm size and tangibility. Whereas institutional ownership and profitability did not affect the capital structure of manufacturing companies in 2012-2016. The conclusion of this research is managerial ownership, firm size and tangibility have positive and significant effect on capital structure, while institutional ownership and profitability have negative and insignificant effect on capital structure.
The Effect Of Good Corporate Governance Towards Company Financial Performance Agustina, Dwi; Ardiansari, Anindya
Management Analysis Journal Vol 8 No 2 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i2.24129

Abstract

The aims of this study were to describe and analyze the effect of good corporate governance on company financial performance. The population in this study was companies listed as participant of corporate governance perception index during the period 2010-2016. The sample in this research was 105 observations which consisted of 15 companies and observation through purposive sampling method which was based on certain criteria. Analysis technique which was used in this research was simple linear regression analysis with eviews 9 program. The results of this research indicated that good corporate governance had insignificant positive effect on company financial performance. The adjusted R Square value was 0.252689 showed the ability of good corporate governance variable to explain company financial performance that was 25.27% while the rest was 74.73% could be explained by other variables. 74.73% (100% -25.27%). The conclusion of this research is GCG variable has no significant effect on company financial performance. Suggestion for company management should maintain its rate on CGPI. For the investors before investing, investors should choose companies that have good CGPI ratings. For the next researcher should replace or add other research variables, such as capital structure and financial statements quality.
Co-Authors Achmadi, Taofan Ali Adellia Eky Aryadi Agung Wiyanto Ahmad Mundzir Ahmad Zaenuri Ahmad, Mirzani Aldias Bahatmaka Alinda Witri Amanda Amal, Daffa Ikhlasul Amalia, Mila Apriyanti, Rita Arif Saputra, Arif Bayu Bagas Hapsoro, Bayu Bagas Bogy Febriatmoko Budi Setiyana Cahyati Agustina, Cahyati Darmanto, Tio Darmanto, Tio deka erfiana, deka Diyono Ikhsan Dwi Agustina Dwi Cahyaningdyah Dwi Endah Pratiwi Dwi Handayani Dwi Handayani Eflita Yohana Erisa Aprilia Wicaksari Fafurida Fafurida Farid Ahmadi Fatah, Rizki Azhari Fidia Fibriana Fikri, Dzakiyya Nabilla Fitri Arum Sari Fredianaika Istanti Ghanis Putra Widhanarto Hendra Dedi Kriswanto, Hendra Dedi Hermawan Dwi Ariyanto Hidayat, Indra Nurul I Nyoman Sujana Ilyas Teguh Pangestu Irawan Prasetyo Irnin Miladdyan Airyq Isnani Isnani Isti Hidayah Iswarini, Tika Iswarini, Tika Khoiron, Ahmad Mustamil Lilo, Angela Nathasia Grace Lintang Nawangsari Lu’lu’atul Maknun Margunani, Margunani Mayangsari , Effelie Dewi Moh. Khoiruddin Mohamad Endy Y Yulianto Murni Murni ngizzah khalwiyatun nisak, ngizzah khalwiyatun Nisaa’ Nuurillah, Nisaa’ Noor Aini Habibah Nuranto, Ayang Aulia Nuranto, Ayang Aulia Nurlaeli Sri Purnomowati Nurul Fibrianti Nury Ariani Wulansari Paramita, Niken Diah Permatahati, Martinda Intan Prapti NSS, Rr Lulus Prasdika, Tegar Oki Prihandono, Dorojatun Rachmadi, Moch Faizal Rina Rachmawati Rini Setyo Witiastuti Risalatin Hijjah, Risalatin Riyantina, Riyantina Riyantina, Riyantina Rizky Wahyu Saputro Sandi Pratama , Fajar Rizqi Sari, Ayuk Nurmalita Sari, Linda Sari, Ririn Amelia Siti Nur Jannah Siti Nur Jannah Siti Ridloah Sukmawardini, Dewi Sukmawardini, Dewi Sunyoto Sunyoto Suprapti Suprapti Suprapti, Duhita Driyah Suryaningrum, Lubuk Novi Susiana Purwantisari TATI NURHAYATI Wahidah, Siti Asroliatun Waluyo, Soleh Adi Widi Widayat Widia, Syam Widyakto, Adhi Windiahsari, Windiahsari Wulandari, Sukma Aulia Y. Ulung Anggraito Yohanes Suhardjo