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All Journal Jurnal Siasat Bisnis Jurnal Manajemen Terapan dan Keuangan Jurnal Manajemen dan Bisnis Jurnal Ilmiah Ekonomi dan Bisnis Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Journal of Economic, Bussines and Accounting (COSTING) Jurnal Organisasi Dan Manajemen JTAM (Jurnal Teori dan Aplikasi Matematika) Owner : Riset dan Jurnal Akuntansi JURNAL NUSANTARA APLIKASI MANAJEMEN BISNIS EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Quantitative Economics and Management Studies JURNAL KOMUNIKASI DAN BISNIS Jurnal Manajemen Transekonomika : Akuntansi, Bisnis dan Keuangan Indonesian Journal of Business Analytics (IJBA) Jurnal Ekonomi Perusahaan Journal of Management and Administration Provision Jurnal Manajemen, Akuntansi, Ekonomi Jurnal Ilmiah Manajemen Ekonomi Dan Akuntansi (JIMEA) Adpebi International Journal of Multidisciplinary Sciences INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen
Said Kelana Asnawi
Institut Bisnis Dan Informatika Kwik Kian Gie
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Automotive Engineering Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media Library & Information Science Mathematics Social Sciences Other

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Is weekend effects a myth? Maria Marcellinda Stevie; Said Kelana Asnawi
Jurnal Ekonomi Perusahaan Vol. 28 No. 2 (2021): September 2021
Publisher : Business and Entrepreneurship Department, Kwik Kian Gie School of Business and Information Technology, Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (816.478 KB) | DOI: 10.46806/jep.v28i2.831

Abstract

In the widely recognized phenomenon of the weekend effect, it is commonly believed that Monday's stock prices are lower than Friday's. The authors believe that stock movements are unique in each country and sector. Does this phenomenon also occur sectorally in Indonesia? This study intends to answer this question. Therefore, the authors study the differences in stocks on Friday and Monday in the consumer, and property, agriculture sectors on the Indonesian Stock Exchange (IDX). The research problem is there a difference in stock prices and returns on Friday and Monday? To answer this question, the authors chose the sample purposively. The data are the open-close and trading volume of the three selected sectors on the IDX in the period January 2018 to September 2020. Using the independent sample t-test as an analytical tool, the study shows no difference between return and trading volume on Friday and Monday. Thus, the agriculture, consumer, and property sectors in Indonesia, experience no market anomaly called the weekend effect. Original Article | Turnitin
Effect of Financial Literacy, Financial Management Application, and Savings Behavior on Retirement Readiness Moderated by Financial Knowledge and Financial Attitude (Study on Female Civil Servant in Waropen Regency) Renta Uli Nababan; Said Kelana Asnawi; Agus Susanto
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 5, No 3 (2022): Budapest International Research and Critics Institute August
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i3.6098

Abstract

Female civil servants tend to have lower levels of retirement readiness than men. This study examines the factors influencing retirement readiness: financial literacy, financial management application, and saving behavior. Moreover, this study also examines financial knowledge and attitudes as moderating variables. The research design uses quantitative research with a causal approach. The sample of this study was 286 female civil servants in the Waropen Regency. Data analysis uses the SEM-PLS method with the help of SmartPLS3 software. The analysis results show that financial literacy, financial management application, and saving behavior positively and significantly affect retirement readiness. Financial knowledge can moderate the financial management application to retirement readiness, but financial attitudes cannot moderate saving behavior towards retirement readiness. The study results provide significant implications for the government and management of the public sector, especially in Waropen Regency, to improve the retirement readiness of female civil servants.
Impact of Net Foreign, Return, Rupiah Exchange Rate on Capital Market Liquidity in Indonesia Evi Aisah Tresnaningsih; Etty Puji Lestari; Said Kelana Asnawi
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 4 No 1 (2022): August 2022
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v4i1.1573

Abstract

Trading volume (liquidity) is one of the important indicator for investors to monitor the movement of stock prices on the Indonesian stock exchange (IDX). Investors are attracted to stocks that provide high returns, have a tendency to rise in price, and have high liquidity. One of the factors that affect liquidity is investment in foreign stocks, where foreign investors are still the catalyst for stock movements in the Indonesian Capital Market. This study uses time-series data obtained from all listed stocks as a component of the calculation of the Composite Stock Price Index (IHSG) based on the average daily trading transaction value during the 2017-2019 period. This study consists of four variables where one dependent variable is liquidity with value proxy and three independent variables which are net foreign, return, and the exchange rate of the rupiah against the US dollar. These variables were then analyzed qualitatively in the form of descriptive statistics and multiple linear regression analysis. The result of the research shows that net foreign exchange increases trading volume. Based on the results of the descriptive analysis for the period 2017-2019, foreign investors still dominate the stock market in Indonesia. The dominance of foreign stocks can be interpreted as high investor confidence in the ability of the Indonesian government and the positive perception of foreign investors in the Indonesian capital market which is still very profitable for their investment. The opposite result is in the variable return where liquidity increases in a bearish market. In contrast, the depreciation of the rupiah against the dollar increased trading volume, although not significantly.
The Importance of Dividends to Millennial Investors in Indonesian Capital Markets Said Kelana Asnawi; Dergibson Siagian; Salam Fadilah Alzah; Indra Halim
Jurnal Organisasi dan Manajemen Vol. 18 No. 2 (2022)
Publisher : LPPM Universitas Terbuka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33830/jom.v18i2.2917.2022

Abstract

Purpose – This investigation focuses on investors’ interest in cash dividends. In investing selections, dividends are often disregarded, but research on this subject tends to focus on the fundamental variables. Methodology – A questionnaire was submitted to investors on the IDX in October 2021, and 248 data were obtained. The impact of various investor characters, social media and ownership of rumor stocks on the cash dividend were also proposed using logistic regression and multinomial logistic regression. Findings – Except for Genes, none of the other characters indicates an association with/not considering dividends. Only social media variables significantly affect the chances of investors considering dividends. Furthermore, investor experience, risk character and rumor-share ownership variables provide an opportunity to consider dividends below 50%. The results showed that (a) investors who do not follow social media would use cash to buy dividend shares instead of cash withdrawn; (b) Millennials buy other stocks instead of dividend-share; (c) Investors who own rumor stocks will withdraw and purchase others instead of dividend-share. This is because dividends are not considered as an investment strategy. Originality – This study gives (a) a risk-based explanation for investor decisions; (b) behavioral finance research on dividend investing.
The Effect Of Company Strategies On The Value Of Manufacturing Companies Listed On The Indonesia Stock Exchange In 2018 – 2021 Soni Angga; Said Kelana Asnawi; Hendrian Hendrian
Quantitative Economics and Management Studies Vol. 4 No. 4 (2023)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.qems1782

Abstract

The problem faced by companies is the use of debt that has been planned not according to plan, in fact many companies actually use debt excessively. The purpose of this research is to find out whether debt policy affects company value. This research was conducted at manufacturing sector companies listed on the Indonesia Stock Exchange in 2018–2021 with a population of 195 companies, the sample used was 75 companies for four years. Thus, the number of samples used in this study was 300. The variable firm value is proxied by (PBV) while the independent variables in this study are debt policy which is proxied (DER and DER2), investment decisions (KI), profitability (ROE), institutional ownership (INST) and economic conditions (KE). The data analysis method used multiple linear regression with SPSS version 26 software. The results showed that the debt policy variable (DER) had a positive and not significant effect on firm value (PBV), and the non-linear effect of debt policy (DER2) had a positive and not significant effect to firm value (PBV). The investment decision variable (IC) has a positive and significant effect on firm value (PBV). The profitability variable (ROE) has a positive and significant effect on firm value (PBV). The institutional ownership variable (INST) has a positive and insignificant effect on firm value (PBV), and the economic condition variable (KE) has a non positive and insignificant effect on firm value (PBV).
Pengaruh transaksi pihak berelasi, pertumbuhan penjualan, profitabilitas, ukuran perusahaan dan leverage terhadap penghindaran pajak Rohima Rohima; Said Kelana Asnawi; Ake Wihadanto
Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Vol 19, No 3 (2023): Agustus
Publisher : Faculty of Economics and Business, Universitas Mulawarman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30872/jinv.v19i3.13590

Abstract

Hingga saat ini penghindaran pajak masih menjadi salah satu cara yang dipilih oleh perusahaan untuk meningkatkan laba. Hal ini terbukti adanya kasus dugaan penghindaran pajak pada tahun 2020 yang dilakukan oleh beberapa perusahaan terbuka di Indonesia. Modus penghindaran pajak yang dilakukan melalui transaksi dengan pihak berelasi sehingga laba perusahaan menjadi lebih rendah dari yang seharusnya. Penelitian ini bertujuan menguji faktor-faktor yang diduga memengaruhi penghindaran pajak yang terdiri dari transaksi pihak berelasi, pertumbuhan penjualan, ukuran perusahaan dan leverage. Sampel penelitian adalah 11 perusahaan manufaktur yang terpilih melalui tahapan purposive sampling dengan rentang waktu penelitian tahun 2016-2020. Hasil analisis regresi berganda menunjukkan transaksi pihak berelasi, pertumbuhan penjualan berpengaruh negatif terhadap penghindaran pajak, sedangkan ukuran perusahaan dan leverage tidak berpengaruh signifikan terhadap penghindaran pajak. Namun penelitian ini berhasil membuktikan bahwa transaksi pihak berelasi berupa pinjaman meningkatkan efisiensi perusahaan, perusahaan besar lebih agresif melakukan penghindaran pajak dan leverage merupakan salah satu cara untuk melakukan penghematan pajak. Hasil penelitian ini diharapkan menambah wawasan investor, sebagai pertimbangan dalam mengambil keputusan investasi, sebagai pertimbangan perusahaan dalam merumuskan kebijakan perpajakannya dan sebagai pertimbangan pemerintah dalam menyusun regulasi anti penghindaran pajak.
VALUASI: NILAI SEBENARNYA VS NILAI TAK SEBENARNYA Dr. Said kelana
Jurnal Manajemen Vol 1 No 1 (2011)
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat Institut Bisnis dan Informatika Kwik Kian Gie

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

Abstract

The purpose of valuation is to find the intrinsic value of assets. It is performed by estimating the future value. There are a number of assumption required and methods applied for valuation. Consecuently, there are a wide range of value resulted by some valuation. That is difficult to find the true value of valuation.   Keywords: valuation, intrinsic value, discount model, relative model.
FAKTOR EKONOMI YANG MEMENGARUHI INDEKS HARGA SAHAM DI BURSA EFEK INDONESIA (BEI) PERIODE 2010-2014 Dr. Said kelana
Jurnal Manajemen Vol 5 No 2 (2016): Mei
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat Institut Bisnis dan Informatika Kwik Kian Gie

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Abstract

Macroeconomic factors can affect stock price indexes, both Sectoral Index and Composite Index. These factors include exchange rate of Rp / US $, T-bill rate, and inflation. These factors affect the performance of company (issuer) in the real market, and further on the performance of the stock market. This study uses data from 2010-2014. Regression result shows T-bill rate variable has negative effect to share price index. Key Words: Common Factors, Composite Index, Exchange Rate, T Bill Rate; Inflation 
Evaluation Towards Government Assignment to State Owned Enterprise (SOE) on Sumatera Toll Road Operation for 2014-2019 Period Priambodo, M Fakhry; Asnawi, Said Kelana; Muktiyanto, Ali
Jurnal Manajemen, Akuntansi, Ekonomi Vol. 3 No. 2 (2024): Jurnal Manajemen, Akuntansi, Ekonomi
Publisher : CV. Era Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59066/jmae.v3i2.872

Abstract

Evaluation Towards Government Assignment to State Owned Enterprise (SOE) on Sumatera Toll Road Operation for 2014-2019 Period seeks to examine the impact of the government’s assignment to company’s financial performance during concession period. The object of research are Bakauheni-Terbanggi Besar section, Terbanggi Besar-Pematang Panggang-Kayu Agung section, Palembang-Indralaya section, Pekanbaru-Dumai section, and Medan-Binjai section.This study employs a quantitative research methodology with a case study approach, in which relevant literature is examined and the necessary secondary data is gathered. In order to ascertain if five toll road sections were feasible, analysis was done on previously gathered data using the following criteria: Net Present Value, Adjusted Present Value, Cost and Benefit Analysis, and Economic Benefit Analysis. The effects of the project on business performance and the viability of implementing a toll road project were then determined by balancing the results.From 5 sections, it was concluded that the Bakauheni-Terbanggi Besar, the Palembang-Indralaya and Medan-Binjai section provide additional value to the company's performance during concession period. These five sections offer substantial benefits that should be implemented based on the total economic benefits calculation. Long-term income uncertainty, financial restraints, high interest rates, inappropriate traffic volumes, operational costs that exceed planning, and low willingness to pay are all influencing factors.
Strategic Taxpayer Compliance During the Covid-19 Pandemic: A Study at the Medan Two Intermediate Tax Service Offices Najamuddin, Najamuddin; Muktiyanto, Ali; Asnawi, Said Kelana
Journal of Management and Administration Provision Vol. 4 No. 1 (2024): Journal of Management and Administration Provision
Publisher : Pusat Studi Pembangunan dan Pemberdayaan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55885/jmap.v4i1.345

Abstract

This study aims to analyze strategic taxpayer compliance during the Covid-19 pandemic at the Medan Madya Dua Tax Office using quantitative methods. The research population is 1,966 taxpayers, consisting of 1,800 corporate taxpayers and 166 individual taxpayers. Independent variables include tax incentives, tax counseling, tax sanctions, supervision by Account Representative (AR), and tax audits, while the dependent variable is taxpayer compliance. Data were measured using dummy variables and nominal scales, and analyzed by multinomial logistic regression. The results showed that tax sanctions with a fine category of more than 2,000,000 tended to make taxpayers report tax returns on time with a probability of 59.63% higher than those on time. AR supervision with the SP2DK issuance category also increases the probability of late SPT reporting by 59.23%. The study shows that the variables of incentives, counseling, sanctions, AR supervision, and tax audits significantly affect taxpayer compliance in reporting annual tax returns. It is recommended that further research be carried out at the Primary and post-pandemic Tax Service Offices.
Co-Authors Agus Susanto Ake Wihadanto Almino Situmorang Caroline Samsuki Chandra Wijaya Dergibson Siagian Etty Puji Lestari Evi Aisah Tresnaningsih Faisal, Rahmad Faizul Mubarok Ginta Ginting, Ginta Hendrian Hendrian , Hendrian Hendrian Hendrian Hendrian Hendrian Hendrian Hendrian Indra Halim Irwan Darmawan Jatnika, Sandy Nata Kurniawan, Hans Christian Liem, Theodorus Majiah, Valdi Sayoga Malik, Wahid Abdul Maria Marcellinda Stevie Muktiyanto, Ali Najamuddin Najamuddin, Najamuddin Pangestu, Windy Pratama, Samuel Priambodo, M Fakhry Purnama, Egis Tubagus Purnama, Egis Tubagus Purnomo, Kelik Heri Renta Uli Nababan Rodjana, Samuel Yosua Rohima Rohima Rohima Rohima Salam Fadillah Alzah Salim, Giovanni Sandro Torang Hamonangan Sirait Sintia Julanda Soni Angga Subhiningsih, Retno Ambarwati Sufyati HS Syane - Timothy Wiranata Tuti Fitriani Widjaja, Caroline Zasa Pinkan Kinanti Zilwan, M.