Article Per Year (5 Year)
p-Index From 2020 - 2025
1.203
P-Index
This Author published in this journals
All Journal JURNAL BISNIS STRATEGI Jurnal Studi Manajemen Organisasi Diponegoro Journal of Management JEJAK DIJB (Diponegoro International Journal of Business) Jurnal Pasar Modal dan Bisnis
Erman Denny Arfianto
Faculty Of Economic And Business, Diponegoro University,
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

Published : 49 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 49 Documents
Search

 1   2   3   4   5 
ANALISIS PENGARUH FIRM SIZE, GROWTH OPPORTUNITY, FIRM AGE, LEVERAGE, DAN NON-CASH NET WORKING CAPITAL TERHADAP CASH HOLDING (Studi pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2019) Alda Aspasia, Donna Bella; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 10, Nomor 1, Tahun 2021
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Every company has their respective preferences in determining the amount of cash to be held in a period of time. Previous studies have discussed the factors that determine cash holdings. However, there are still inconsistencies in the research results so that further research is needed to examine the factors that affect the company's cash holdings. Thus, the aims of this study were to determine the factors that influence cash holdings. The sample used in this study is a manufacturing company listed on the IDX (Indonesia Stock Exchange) during the 2016-2019. The samples observed was 112 companies with a total of 444 observations which taken by purposive sampling method. The method of analysis of this study uses linear regression which has previously passed the classical assumption test.The results of this study indicated that Growth Opportunity had a positive and significant effect on Cash Holdings. Firm Size, Leverage, and Non-cash Net Working Capital had negative and significant effect on Cash Holdings. Meanwhile, Firm Age had a negative-but-insignificant effect on Cash Holdings.
PENGARUH PRAKTIK TATA KELOLA PERUSAHAAN TERHADAP KEPUTUSAN STRUKTUR MODAL DENGAN VARIABEL MODERASI KERAGAMAN GENDER (Studi Empiris pada Perusahaan Non Keuangan yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2019) Tri Endrawati, Melati Wahyu; Arfinto, Erman Denny
Diponegoro Journal of Management Volume 10, Nomor 3, Tahun 2021
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

ABSTRACT This study examines the effect board of directors size, board of commissioners size, independent commissioner, and audit committee as a proxy for corporate governance on leverage as a proxy for capital structure decisions. Gender diversity is added to moderate the relationship between corporate governance and capital structure. The purpose of this study is to find empirical evidence about (a) the effect the size of the board of directors on the level of leverage, (b) the effect the size of the board of commissioners on the level of leverage, (c) the effect of independent commissioners on the level of leverage, (d) the effect of the audit committee on the level of leverage, and (e) the influence of the moderating role of gender diversity in the relationship between corporate governance and capital structure. The sample in this study were non-financial companies listed on the Indonesia Stock Exchange in 2017-2019. Sampling using purposive sampling method. The sample of this research is 59 companies with 174 observations. Data analysis used multiple linear regression analysis for hypotheses 1-4 and Moderated Regression Analysis (MRA) for hypotheses 5-8. The results of the study using multiple linear regression analysis show that the size of the board of directors has a negative and significant effect on the level of leverage, but the size of the board of commissioners and independent commissioners has a positive and significant effect on the level of leverage. Meanwhile, the audit committee has no significant effect on the level of leverage. The results of the moderating variable study with MRA show that the interaction between the size of the board of directors and gender diversity on the level of leverage has a negative and significant effect. Meanwhile, the interaction between the size of the board of commissioners, independent commissioners and audit committee with gender diversity on the level of leverage does not have a significant effect.
Short Horizon Return Predictability di Pasar Modal Indonesia Erman Denny Arfianto; Ivan Irawan
Jurnal Pasar Modal dan Bisnis Vol 1 No 1 (2019)
Publisher : The Indonesia Capital Market Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (397.675 KB) | DOI: 10.37194/jpmb.v1i1.7

Abstract

Purpose- This study aims to examine the effect of effective spread, price impact, trading volume, stock prices, and volatility of returns on the predictability of short-term returns (short horizon return predictability). Methods- This research offers a new approach perspective which is a market microstructure with intraday data to measure short horizon return predictability as an efficient market inversion. The sample in this study was 64 non-financial companies listed on the KOMPAS100 Index during October 2017-March 2018. Intraday data used using the 5-minute frequency obtained from Bloomberg. This study uses multiple linear regression analysis. Finding- This study found that price impact, trading volume, stock prices, and volatility have a positive impact on the predictability of long-term returns. This study also found that effective spread does not have a significant impact on the predictability of short-term returns.
INTERBANK CONTAGIOUS: SISTEMIK MARKET RISK KASUS PADA PERBANKAN INDONESIA 2002-2012 Nicolaus Gerry Christiawan; Erman Denny Arfianto
JURNAL STUDI MANAJEMEN ORGANISASI Vol 10, No 1 (2013)
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (398.057 KB) | DOI: 10.14710/jsmo.v10i1.5575

Abstract

Every bank has their eternal risk, which is maturity mismatch. Those risk caused by bank’s business core. The maturity mismatch can cause the bank failure and also can trigger the contagion effect. This study focus on interbank contagion effect problem and potential of systemic risk phenomenon in Indonesia’s banking industry in period 2002-2012. In this case in order to understand the contagion effect and systemic risk potential there are a few analysis’ to test the contagion existence, there are tracking on interbank contagion pattern, measuring the impact of interbank contagion effect on banking industry, measuring respond period of interbank contagion effect. Vector Autoregression are the method that selected in this study to analyze the contagion effect on sample that consist of bank that had 8,9 trillion rupiah minimum total asset in 2011(Indonesian top ten biggest bank on asset). The reason why those ten are being chosen is those ten held 63% of total banking industry asset in Indonesia. In order to describe the interbank contagion effect, financial distress contagion index being used. The index being composed by three variable which are current account in other bank divided by third-party funds ,the difference between fair value of financial asset divided by total asset, difference between foreign exchange transaction divided by total asset. In this VAR Analysis model there are three methods that had selected which are: Granger causality test, VAR analysis, impulse respond function (IRF). Conclusion form this Interbank Contagion: Systemic Market Risk in Indonesian banking Industry 2002-2012 study, there is systemic risk and also contagion risk in Indonesian Banking Industry. This is showed by the provement of all of the hipothesis in data analysis. From the data analysis result, the pattern of contagion effect, size of contagion impact, and quickness of the responses can be showed. However, the impact of systemic crises that may happen is not significant enough to collapsing the whole Indonesia’s banking industry.Keyword: contagion effect, systemic risk, Vector Autoregression (VAR), financial distress contagion
ANALISIS CONJOINT FAKTOR-FAKTOR YANG MEMPENGARUHI PERILAKU BANK PERKREDITAN RAKYAT (BPR) DI KOTA SEMARANG DALAM PENILAIAN KREDIT MODAL KERJA Diajeng Sarsa Putranto; Erman Denny Arfinto
JURNAL STUDI MANAJEMEN ORGANISASI Vol 11, No 2 (2014)
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (102.626 KB) | DOI: 10.14710/jsmo.v11i2.13167

Abstract

Banking industry has the biggest influence in the economy of a country, that is acceptingfunds from the community in the form of savings and channeling back to the community inthe form of credit. According to Bank Indonesia, Rural Bank industry shows qualitygrowth of lending working capital. Along with the growth in working capital loans madeby Rural Banks, will most likely be followed by an increase in bad loans. The purpose ofthis research is to analyze how to reduce the risk of bad loans, then to know the factorsthat influence the behavior of Semarang Rural Bank in assessment of working capitalloan which were reviewed based on variable profit (net profit margin), leverage, networking capital, the value of the collateral, omzet as a proxy of firm size, and salesgrowth.Object of this study is Account Officer of Rural Banks in Semarang as much as 60Account Officers are taken from 15 Rural Banks. The type of data collected is primarydata and secondary data. The analytical method used was conjoint analysis to determinevalue preferences of each Account Officer Rural Bank in Semarang.Based on the research results for conjoint analysis shows that profit (net profit margin),net working capital, the value of the collateral, omzet as a proxy of firm size, and salesgrowth has positive effect on the behavior of Rural Bank in Semarang in the assessmentof working capital loans, while leverage has negative influential. The rank of preferencevalue according to all respondents are collateral is in first place with importance valuesof 40.883%, sales growth are second at 15.985%, net working capital was third at14.263%, payable on the fourth of 12.584%, profit in fifth at 9.266%, and the last isomzet that is equal to 7.020%.Keywords: Assessment of Working Capital Loan, Rural Bank, Account Officer, ConjointAnalysis
PERBANDINGAN INSTRUMEN KUANTITATIF UNTUK MENGUKUR KUALITAS LAYANAN Mirwan Surya Perdhana; Rizal Hari Magnadi; I Made Bayu Dirgantara; Erman Denny Arfinto
JURNAL STUDI MANAJEMEN ORGANISASI Vol 14, No 1 (2017)
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (131.277 KB) | DOI: 10.14710/jsmo.v14i1.15669

Abstract

Tujuan dari penelitian ini adalah untuk meninjau kembali instrumen-instrumen kuantitatif yang dapat digunakan peneliti untuk mengukur kualitas layanan. Pencarian literatur dilakukan dengan menggunakan layanan penyedia database akademik terkait instrumen pengukuran kualitas layanan yang tersedia bagi berbagai sektor. Pencarian literatur berfokus terhadap instrumen yang dapat dilakukan untuk mengkuantifikasi instrumen yang memiliki rekam jejak penggunaan di organisasi. Untuk setiap instrumen, penelitian ini melakukan perbandingan kritis terhadap dimensi kualitas layanan, skala pengukuran yang digunakan, contoh penerapan, serta keunggulan dan kekurangannya. Terdapat beberapa alternatif instrumen untuk mengukur kualitas layanan yang dapat dipakai oleh peneliti, dengan atau tanpa melakukan modifikasi terhadap butir-butir pertanyaan dalam kuesioner. Pemilihan kuesioner mana yang akan digunakan dapat diputuskan oleh peneliti/tim peneliti atau berdasarkan dari tujuan penelitian.
Relationship of companies’ characteristics to foreign ownership: Studies on emerging market stock exchange in seven countries from ASEAN and Middle East Arsya, Riz Zaidan Febriano; Arfinto, Erman Denny
Diponegoro International Journal of Business Vol 7, No 1 (2024)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/dijb.7.1.2024.58-69

Abstract

This study explores the relationship between company’s characteristics and foreign ownership within the emerging market stock exchanges from 7 countries in the ASEAN and Middle East. The objective is to provide an understanding of determinants that influence foreign investors to invest in companies in emerging markets. This study uses panel data of publicly traded companies from Philippines, Thailand, Indonesia, Vietnam, UAE, Saudi Arabia, and Qatar within Q3 2020 – Q4 2022 period with the econometric robust regression model approach. Employing a quantitative research approach, this study utilizes a robust regression analysis. Various company characteristics, such as size, profitability, liquidity, leverage, dividend yield, and book-to-market value, are examined as potential determinants of foreign ownership. Results show that size has strong significant positive relationship to foreign ownership, profitability has positive not significant relationship to foreign ownership, liquidity has positive not significant to foreign ownership, leverage has negative weak significant to foreign ownership, dividend yield has positive significant to foreign ownership, and book-to-market has positive moderate significant to foreign ownership. The findings contribute to a deeper understanding of foreign ownership dynamics within the emerging market stock exchanges in the ASEAN region and Middle East, providing a solid foundation for informed decision-making and strategic planning.
PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN PERUSAHAAN (Studi pada Perusahaan yang Terdaftar di NIKKEI 225 dan Jakarta Composite Index Tahun 2018-2021) Diani, Amadea Arum; Arfinto, Erman Denny; Octavio, Danes Quirira
Diponegoro Journal of Management Volume 13, Nomor 1, Tahun 2024
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

ABSTRACT This research aims to examine the influence of the intellectual capital component on the company’s financial performance of companies listed on NIKKEI 225 and the Jakarta Composite Index for 2018-2021. The intellectual capital components that are tested include human capital (HCE), structural capital (SCE), relational capital (RCE), innovation capital (RDE), dan capital employed (CEE). This research also looks at the differences in the influence of intellectual capital on companies in Japan and Indonesia. The data used in this research is secondary data originating from the financial reports of companies listed on NIKKEI 225 and Jakarta Composite Index (JCI) during the 2018-2021 period. The required data was obtained from Bloomberg. This research uses multiple regression analysis in the SPSS program. The research results show that HCE and RCE have a significant negative influence on the company’s financial performance, while SCE, RDE, and CEE have a significant positive influence on the company’s financial performance. Apart from that, the difference in the influence of intellectual capital concludes that Japan will have worse ROA performance than Indonesia.
Assessing Investment Feasibility in Tegal City: A Strategic Perspective on Infectious Waste Handling Arfinto, Erman Denny; Yektiningsih, Novie; Damayanti, Nadia
JEJAK: Jurnal Ekonomi dan Kebijakan Vol 16, No 2 (2023): September 2023
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jejak.v16i2.49102

Abstract

Based on simulation data from recapitulation of Health Facilities waste or medical B3 waste in Tegal City in 2022, it was recorded as 454 kg of medical B3 waste per day. Recap of data for Health Facilities in areas around Tegal City (Slawi, Brebes, Pekalongan, Pemalang and Batang) recorded 3,336 kg of B3 medical waste per day. This condition has the potential to cause environmental problems if not addressed. This research aims to provide an analysis of the feasibility of investment for handling medical waste. The study used secondary data sourced from the Tegal District Government Health Service and primary data collected through field observations. The research results show that the condition is suitable to continue. Investment funds required are IDR. 28 billion more. The financial feasibility results show an Internal Rate of Return (IRR) using a discount rate of 7.042%. Net Present Value (NPV), for considering the time value of money of 7.042% produces a positive value. The Investment Payback Period does not exceed the loan term. The feasibility results from economic and social environmental aspects also show that this waste management investment can be recommended for regional government implementation.
Co-Authors Ade Sumartini Adhitya Dasha Syafrizaliadhi, Adhitya Dasha Aisyah Oktasari Dian Pertiwi, Aisyah Oktasari Alda Aspasia, Donna Bella Antin Azizah Ali, Antin Arsya, Riz Zaidan Febriano Asih Primayanti, Asih Axel Giovanni Bintang Bramantya, Bintang Danes Quirira Octavio Dewi, Katri Septiana Diajeng Sarsa Putranto Diani, Amadea Arum Dini Zahra Afiffah, Dini Zahra Ervina Sutanto, Ervina Hannina Adlina, Hannina Hidayat, Dicky Permana I Made Bayu Dirgantara Ivan Irawan Izza Fityani, Izza Januardi, Nana Varian Jayendati, Rabita Asri Kartiko Aji, Hapsoro Kusuma, Carissa Lumbanradja, Ramos Luthfi Hartanto, Luthfi Maharani, Ema Maretha Eka Fitriana, Maretha Eka Medikatama Hestiyani, Medikatama Mirwan Surya Perdhana Mochamad Husin Rahman, Mochamad Husin Mochamad Yusuf Efendi, Mochamad Yusuf Nadia Damayanti Nicolaus Gerry Christiawan Nicolaus Gerry Christiawan Novan Reza Pahlevi, Novan Nur Syahid, Nur Nurita Kusumastuti, Nurita Rajendra Wishnu Tristantyo, Rajendra Wishnu Rifky Prasetyo, Rifky Rifqi, Ammar Rizal Hari Magnadi Rizqiyana, Amaliya Romo Putra Mada, Romo Putra Sembiring, Vijai Steven Adriel Antonia, Steven Tri Endrawati, Melati Wahyu Ulfah, Firda Huwaida Winda Safitri Pramusinta, Winda Safitri Yektiningsih, Novie Zulfikar, Reno