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

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Bowman’s Paradox: Prospect-Theory-Based Risk-Return Relationship (Some Recent Evidence in Indonesia) Nuir, Rikko Sajjad; Asri, Marwan
Indonesian Capital Market Review Vol. 11, No. 1
Publisher : UI Scholars Hub

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Abstract

There is extensive evidence indicating a negative risk–return relation when a firm’s performance is measured based on accounting measures, such as its Return on Assets (ROA) and Return on Equity (ROE). Previous studies show that the risk-return paradox can be explained by the prospect theory, which predicts that managers’ risk attitudes are different for firms with differing performance. This study will test whether there is a risk-return paradox in the context of Indonesian companies. This study uses ROA and its standard deviation to define return and risk. Industry level and market level median ROA are used as reference points. Three control variables (firm size, leverage as a proxy of firm risk, and company age) are included in the model to increase the robustness of this research. A new sample of nine industries (about 488 firms) over a 10-year period (2008-2017) provides strong evidence that the risk-return paradox exists in Indonesia. In particular, firms which are below their target level are found to be risk takers (Hl) while organizations above their target level are risk averse (H2); moreover, the below-target slope was generally steeper than the above-target slope (H3). These results support the basic propositions of the prospect theory.
The Relationship between Asia Pacific Markets during the Financial Crisis: VAR-Granger Causality Analysis Hayun Kusumah; Marwan Asri; Kusdhianto Setiawan; Bowo Setiyono
Journal of Indonesian Economy and Business Vol 37 No 2 (2022): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1873.476 KB) | DOI: 10.22146/jieb.v37i2.1474

Abstract

Introduction/Main Objectives: This study investigates the relationships between equity markets during the Asian financial crisis and the subprime mortgage crisis in Asia-Pacific. Background Problems: The advantages of market integration are under scrutiny in the midst of global financial crises, which have many implications for international asset pricing and regulators to develop strategies to protect economies. During the crises, the equity markets responded with different patterns, and it is important to understand in more detail the market relations during each crisis, especially for the less and more integrated markets. Novelty: We provide in-depth analysis to compare the market relationships during two extremely different financial crises originating from less integrated markets (i.e., emerging ones) and more integrated markets (i.e., developed ones), based on the prices which give a direct measurement and clear interpretation. This research provides a significant contribution by showing new findings in the form of a comparison of market relations during two extremely different crises in the Asia-Pacific region. Research Methods: This study employs time-series data from economic territories based on the Morgan Stanley Capital International (MSCI) Asia-Pacific classification and the United States. We conducted analysis using the vector autoregressive, Granger causality test, and impulse response, to point out the market relationships during the crises or turmoil periods. Finding/Results: The results show that the Asian financial crisis affected the emerging markets more and this indicates the unidirectional causality relationships among them. Meanwhile, the subprime mortgage crisis affected all the markets, but more indicated the bidirectional relationships, especially the developed markets. Conclusion: Although these two financial crises were global in nature, the effects on the region were different. The origin of the shock and the level of market integration affected the market relationships differently during the crises.
The Effect of Working Capital Management on Company Profitability (Case Study on Food and Beverage Companies Listed in Indonesia Stock Exchange) Eva Yuniarti Utami; Marwan Asri
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v8i8.13340

Abstract

This research examines the effect of working capital management on profitability level of food and beverage companies in Indonesia. Working capital management consists of accounts receivable period, inventory period and accounts payable period. Samples were taken by purposive sampling with certain criteria which are: the companies must have been listed on BEI in research period, as well as must have published their financial statements during year 2014-2018. The method used in this research is multiple linear regression analysis. The result of multiple linear regression test explains that working capital management variables have effect on probability of the company. This shows that the company that is accelerating the period of collection customer debt as well as delaying payment due to suppliers do necessarily get bigger profit. But accelerating the inventory conversion period does not have a significant effect on company profits.
Capital Aset Pricing Model (CAPM) Revisited: The Context of Sharia-based Stocks with the Barakah Risk Premium Variable Mahastanti, Linda Ariany; Asri, Marwan; Purwanto, Bernadus M.; Junarsin, Eddy
Jurnal Keuangan dan Perbankan Vol 25, No 2 (2021): April 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i2.5572

Abstract

The purpose of this study is to answer the question about the inconsistency of research results in the field of Islamic stock investment. This study uses literature for digging the uniqueness of Sharia stock investments which cannot be explained completely with a quantitative approach. In the last part of this research, we adjust the Capital Asset Pricing Model (CAPM) in the Sharia capital market based on a literature study. The classical finance theories such as CAPM need to adjust by incorporating the unique characteristics of faith-based investment products. The main difference between faith-based and conventional investment products lies in the presence of religious teachings that underlie the formation of these products. Consequently, investors employ not only the objective risk-and-return analysis to select investment choices, but also the subjective risk-and-return analysis based on Islamic teachings. Subjective gains (nonmonetary) are reflected by the barakah risk premium on which investors initially base their investment selection decisions between sharia-based and conventional stock investment. This research found a new variable called Barakah risk premium and Barakah return. This type of risk and return are very specific which is only found in sharia stock investments DOI : https://doi.org/10.26905/jkdp.v25i2.5572
The Influence of Liquidity Toward Capital Structure Astriyani Sandya Paramita; Yohanes Suhardjo; Marwan Asri
E-Jurnal Akuntansi Vol 31 No 11 (2021)
Publisher : Accounting Department, Economic and Business Faculty of Universitas Udayana in collaboration with the Association of Accounting Department of Indonesia, Bali Region

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2021.v31.i11.p10

Abstract

Globalization and technological developments in the business world, both in the industry are growing rapidly. Most of the manufacturing companies use the debt as their capital structure which can be seen from the fluctuation of debt to equity (DER) ratio in 2014-2017. This research aims to examine the influence of liquidity toward capital structure in manufacturing companies listed on the Indonesia Stock Exchange for the 2014-2018 period, which are grouped by the company size. The multiple linear regression analysis is used to test the hypothesis. The results of this research indicate that liquidity has a negative influence toward leverage, reflects that the higher the liquidity of a company, the lower the level of leverage and vice versa. There is a consistency between large and small companies regarding the effect of liquidity on leverage. Capital structure for large and small companies still choose internal funds as the first choice. Keywords : Capital Structure; Liquidity; Large Companies; Small Companies.
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