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All Journal Jurnal Reviu Akuntansi dan Keuangan Jurnal Siasat Bisnis Jurnal Keuangan dan Perbankan Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business Journal of Accounting and Investment Syntax Literate: Jurnal Ilmiah Indonesia The Indonesian Journal of Accounting Research Indonesian Capital Market Review Journal of Indonesian Economy and Business E-JURNAL AKUNTANSI

Marwan Asri

Department Of Management, Faculty Of Economics And Business, Universitas Gadjah Mada

Author-ID : 235337

Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences Other

Published : 25 Documents Claim Missing Document

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Articles

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Herding Behavior Post Initial Public Offering In Indonesia Stock Exchange Ike Arisanti; Marwan Asri
Journal of Accounting and Investment Vol 19, No 2: July 2018
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

This research was conducted to test whether there is a herding behavior post Initial Public Offering (IPO) in Indonesia Stock Exchange. Domestic transactions on the Indonesia Stock Exchange are rising year by year along with the increased of IPO emissions. The existence of underpricing phenomenon causes a domino effect (herding) that arises on potential investors after the IPO. This study used Cross-Sectional Absolute Deviation (CSAD) method to detect herding behavior. The data used were daily price data of IPO shares from the 1st day until the 30th day after IPO period 2005-2015. Hypothesis testing was done using regression analysis by means of CSAD variable as dependent variable and return market as independent variable. The result of this research indicated that there was a herding behavior post -IPO in Indonesia Stock Exchange period 2005-2015 period. It is shown by the negative and significant value of γ2 (0.013 0.05).

PSYCHOLOGICAL BIASES IN INVESTMENT DECISIONS: AN EXPERIMENTAL STUDY OF MYOPIC BEHAVIOR IN DEVELOPING CAPITAL MARKETS Wendy Wendy; Marwan Asri
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 2 (2012): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper attempts to analyze the psychological biases that affect investors in making risky investment decisions based on the theory of Myopic Loss Aversion (MLA). The datawere obtained from two sources (students and stock investors) which in turn were manipulated by two types of treatment (frequent and infrequent), using a mixed design of betweenwithin subjects with a 2 x 2 factorial. The experimental result showed the consistency of the two groups of participants to the theory of the MLA. Analysis of the gender showed that the boldness levels of the male participants and female participants in the group of investors were the same, while in the student group, gender showed a significant influence. Other findings included a "shock-effect" experienced by the participants during the experiment. Keywords: behavioral finance, myopic loss aversion, frequent-infrequent, gender, and shock-effect

THE IMPACT OF FEMALE DIRECTORS ON FIRM PERFORMANCE: EVIDENCE FROM INDONESIA Triana .; Marwan Asri
Journal of Indonesian Economy and Business (JIEB) Vol 32, No 1 (2017): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This research shows the impact of female directors on firm performance in Indonesia by using as its sample the public companies listed on the Indonesian Stock Exchange (IDX) from 2011 until 2015. There were 347 companies, with 1,735 samples observed. This research uses the multiple regression method. The model is a modified model from 9 recent articles published between 2012 and 2015. The empirical result shows that a female director has a positive significant effect on firm performance. The control variables, consisting of leverage, firm size and firm age have negative significance for firm performance. This research is conducted across 9 sectors of industrial classification, which support the International Finance Corporation (IFC) in increasing the number of female directors in Indonesia. For managers, this research will promote gender development in the boardroom, female executive training programmes as well as female representation on boards of directors. For regulators, this research may provide a contribution to gender representation in board’s policies, rules and regulations. This research can build awareness of women’s contributions to firms and encourage a greater female presence in the boardroom.

PENGARUH STOCK SPLIT TERHADAP LIKUIDITAS SAHAM YANG DIUKUR DENGAN BESARNYA BID-ASK SPREAD DI BURSA EFEK JAKARTA Sri Fatmawati; Marwan Asri
Journal of Indonesian Economy and Business (JIEB) Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (146.338 KB)

It is widely believed that stock splits are purely cosmetic, since thecorporation's cash flows are unaffected, each shareholder retains his proportionateownership and the claims of other classes of security holders are unaltered. Althoughstock splits appear to be purely cosmetic changes, research shows real effectsassociated with them. Despite extensive study, controversies still abound in theliterature about these effects. These controversies include whether stock splits affectshareholder wealth, change a stock risk, improve liquidity, and provide signals to themarket. The objective of this research is to verify empirically that stock splits relatethose real effects especially stock liquidity as measured by bid-ask spread.This research examines thirty companies which did stock splits in JakartaStock Exchange during July 1995 to June 1997. A paired-difference test is used totest some hypothesis about the difference between two population means for stockprince, variance, trading volume, turnover volume, and bid-ask spread variables.Furthermore, the multiple regression analysis is used to examine the relation of stockprice, trading volume, stock volatility to bid-ask spread.Overall, the results of this research indicate that there are significantdifferences among stock price, turnover volume, and bid-ask spread for before andafter the listing date. Besides that, the difference of bid-ask spread is affected bystock price, volatility, and trading volume.

DAPATKAH STRATEGI KONTRARIAN DITERAPKAN DIPASAR MODAL INDONESIA? (Pengujian Anomali Winner-Loser di Bursa Efek Jakarta) Titi Dewi Warninda; Marwan Asri Sw
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (59.614 KB)

The fluctuation of of stock prices, in many occassions, are related to so called market anomalies. One of those anomalies is known as a winnerloser anomaly. A winner-loser anomaly is identified when stocks that initially earned extremely positive abnormal returns (winners) or extremely negative abnormal returns (losers) experience extended reversal, so that losers can outperform winners. The presence of this anomaly creates a contrarian investment strategy: buy loserstocks and sellshort the winner-stocks, in order to earn significant positif abnormal return. De bondt and Thaler (1985) suggested the overreaction hypothesis as an explanation of this anomaly. The hypothesis claims that the market tends to overreact to (especially new and dramatic) information. The market overvalues stock prices as a reaction to good news and undervalues stock prices as a reaction to bad news. This phenomenon is reversed when it is recognized that the market has overreacted to the information. The purpose of this research is to test the existence of winnerloser anomaly in the Jakarta Stock Exchange. Using market adjusted abnormal return, data from December 1990 to June 1997, and overlapping six months formation/test periods, this research does not find any indication of market overreaction. So, it is not suggested that investor can use the contrarian investment strategy. This research also finds that there is no significant difference between average size of winners and losers.

FINANCIAL LIBERALIZATION VS FINANCIAL REPRESSION: A SURVEY ON THEORETICAL LITERATURE AND EMPIRICAL EVIDENCE Marwan Asri Sw
Journal of Indonesian Economy and Business (JIEB) Vol 14, No 3 (1999): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (139.959 KB)

Makalah ini menyajikan analisis mengenai liberalisasi dan represi finansialdengan melakukan tinjauan menyeluruh pada berbagai literatur teoretis dan empirisyang ernah dikembangkan. Sampai dengan tahun 1970, sistem represi finansial telahbanyak diterapkan pada banyak negara berkembang, terutama dalam bentuk ceilingsuku bunga. Namun demikian; kebijakan represi ini telah ditantang oleh kaumliberalis finansial yang dipelopdri oleh McKinnon (1973) dan Shaw (1973), yangberpendapat bahwa suku bunga riil ang tinggi akan meningkatkan tabungan danketersediaan dana yang dapat dipinjamkan. Liberalisasi finansial, yang bercirikanpenghilangan campur tangan pemerintah dalam penentuan tingkat suku bungaekuilibrium, merupakan syarat yang diperlukan bagi adanya pembangunan ekonomiyang cepat. Banyak studi yang telah dilakukan untuk menguji hipotesis liberalisasifinansial ini, baik yang hanya meliputi satu negara maupun banyak negara. Namundemikian, hasil yang diperoleh tidak selalu berhasil mendukung hipotesis yangdiajukan

TANGGUNG JAWAB SOSIAL: Suatu Tantangan Bagi Manajemen Marwan Asri
Journal of Indonesian Economy and Business (JIEB) Vol 5, No 2 (1990): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (58.264 KB)

Dunia bisnis menghadapi dua kutub yang kadang-kadang bertentangan satusama lain. Disatu fihak, bisnis sangat mendambakan efisiensi yang antara lain harusdisertai upaya penekanan biaya. Setiap rupiah yang dibayarkan harus dianggapsebagai input yang hams dapat dipertanggungjawabkan dan tampak jelaspengaruhnya pada output. Pengeluaran-pengeluaran yang tidak memenuhi kriteria ituadalah pemborosan yang haras ditekan kalau tidak bisa ditiadakan. Di lain sisi bisnismempunyai tanggung jawab terhadap lingkungan di mana ia beroperasi. Lingkunganmenuntut berbagai hal yang kadang-kadang justru menghambat perusahaan untukbekerja efisien (menurut ukuran di atas). Bila tuntutan ini dijawab, akan dikeluarkanberbagai biaya yang mungkin cukup besar dan signifikan untuk menjadi faktorpemberat sehingga kenaikan keuntungan tertahan.

DOES HEURISTIC BEHAVIOR LEAVE ANOMALIES IN THE CAPITAL MARKET? Shafiera Lazuarni; Prof. Marwan Asri, M.B.A., Ph.D.
Journal of Indonesian Economy and Business (JIEB) Vol 34, No 3 (2019): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.45652

Introduction/Main Objectives: This study aims to examine the role of heuristic behavior toward the formation of fundamental and technical anomalies in the capital market. This study also aims to examine the role of fundamental and technical anomalies on investment performance. Background Problems: Efficient Market Hypothesis (EMH) is not always able to explain all of the events or phenomena so that it still raises questions and produces research results that do not meet expectations, so in the end these phenomena are categorized as market anomalies. This study investigates whether heuristics have an effect on fundamental and technical anomalies and whether the anomalies have an effect on investment performance. Novelty: There is no research that uses hindsight variables incorporated into heuristics; therefore, this study confirms that the indicators used for hindsight measurements are appropriate for measuring what will be measured. Previous research did not involve hindsight in the heuristic category. Research Methods: Data management are done by using Structural Equation Modelling (SEM) with the help of the WarpPLS analysis tool. Mediation exploration testing was accomplished with variance accounted for (VAF). Findings/Results: The results of the study show that heuristics (availability, representativeness, and hindsight) are proven to be one of the factors that cause fundamental and technical anomalies in the capital market, except for availability heuristics. Conclusion: A large number of anomalies in the capital market do not stop investors from continuing to invest, so that at a certain level, investors are satisfied with their investments’ performance because they use heuristics in an efficient way.

Banking Acquisition : Acquirer's Aggressiveness and Stock Returns (A Case Study in the American Banking System) Marwan Asri Suryawijaya
The Indonesian Journal of Accounting Research Vol 1, No 2 (1998): JRAI May 1998
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.13

Akuisisi adalah salah satu strategi yang banyak diterapkan dalam upaya melakukan ekspansi. Perilaku ini secara teoritis memberikan suatu tanda (signal) kepada para pemegang saham. Sampai saat ini kesimpulan yang didapat tentang postif-negatif nya signal tersebut masih mendua. Akuisisi dapat memberikan signal yang positif, sehingga mendapatkan reaksi yang positif pula dari para pemegang saham, karena memberikan kesan bahwa perusahaan yang mengakuisisi berada dalam posisi yang sangat kuat. Sebaliknya, ia dapat pula memberikan signal yang negatif karena mendatangkan kekhawatiran akan beban baru perusahaan.Penelitian ini, dengan mengambil kasus di sektor perbankan di Amerika Serikat, bertujuan untuk mengetahui reaksi para pemegang saham terhadap agresivitas perusahaan (bank) dalam melakukan akuisisi. Dengan menggunakan prosedur event study, ditemukan bahwa segera setelah event (yakni pengumuman akuisisi), timbul abnormal return yang signifikan. Kemudian, dengan menggunakan analisis regresi berganda ditemukan bahwa tingkat agresivitas berhubungan positif (dan signifikan) dengan besarnya abnormal return.

The Formation of Rational and Irrational Behaviors in Risky Investment Decision Making: Laboratory Experiment of Coping Theory Implication in Investors’ Adaptation Model Wendy, Wendy; Asri, Marwan; Hartono, Jogiyanto
Indonesian Capital Market Review Vol. 4, No. 2
Publisher : UI Scholars Hub

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

This study analyzes the stock investor's rational and irrational behavior formation through Investor's Adaptation model. Hypotheses testings were conducted by manipulating four market conditions using between-subject experimental design. The results supported the hypotheses proposed in this study. When given treatment one (opportunity-high control), investors tended to adapt the proﬁt maximizing strategy (rational). Meanwhile, when given treatment two (opportunity-low control), three (threat-high control) and four (threat-low control), they tended to adapt the proﬁt satisfying strategy (rational-emotional), bad news handling strategy (emotional-rational), and self-preserving strategy (irrational) respectively. The application of rational strategies are intended to obtain personal beneﬁts and proﬁt, while adapting irrational strategy is intended to recover emotional stability and reduce some other tensions. Another ﬁnding showed that for the investors, the relatively irrational decision formation was "harder" than that of rational.

Co-Authors Antonius N. Heveadi Astriyani Sandya Paramita Atika Nisrina Dewi Dewi, Atika Nisrina Eddy Junarsin Eva Yuniarti Utami Hayun Kusumah Hayun Kusumah Ike Arisanti Jogiyanto Hartono Katiya Nahda Kusdhianto Setiawan Linda Ariany Mahastanti Nuir, Rikko Sajjad Purwanto, Bernadus M. Rikko Sajjad Nuir Setiyono, Bowo Shafiera Lazuarni Sri Fatmawati Tegar Satya Putra Titi Dewi Warninda Triana . Wendy Yohanes Suhardjo

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