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PEMBENTUKAN PORTOFOLIO OPTIMAL PADA INDEKS KOMPAS 100 PERIODE 2013-2014 Ardi Sanjaya Hamdani; Werner Ria Murhadi; Bertha Silvia Sutejo
CALYPTRA Vol. 4 No. 2 (2016): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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Abstract

This study aims to establish the optimal portfolio of Kompas 100 index. Optimal portfolio is a portfolio consisting of stocks that can generate the maximum return value to the same risks or generate the same return value with the most minimal risk. This study is a quantitative approach. This study uses the company listed in Indonesia Stock Exchange. Optimal portfolio in this study formed from stocks that are continuously enrolled in the Kompas 100 index in the period August 2009 to July 2014. Optimal portfolio is formed by using a single index model. Then the performance calculation is done using the Sharpe, Treynor, and Jensen ratio. The results of this study showed that from the 100 stocks which include in the Kompas 100 index, only 19 stocks that can form the optimal portfolio. Portfolio return value is 51.10% with the risk portfolio value is 15.47%. Based on the Sharpe ratio, Treynor and Jensen, the optimal portfolio formed by 5.271% value for Sharpe, 3.958% value for Treynor and 1.588% value for Jensen ratio. So, based on that ratio, optimal portfolio has already had a good performance and the stocks included in the portfolio can be said to be eligible to be purchased by investors.
PENGARUH CORPORATE GOVERNANCE TERHADAP STOCK RETURN SYNCHRONI CITY PERUSAHAAN SEBAGAI BENTUK TRANSPARANSI DI MASA YANG AKAN DATANG PADA SEKTOR CONSUMER GOODS DI BURSA EFEK ASEAN PERIODE 2011-2015 CHRISTHA MEIRIN D.S.; Werner Ria Murhadi; Bertha Silvia Sutejo
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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Abstract

The objective of this research is to examine the effect of board size, board independence, audit quality, institutional ownership, market to book ratio, standard deviation of stock return and standar deviation of return on asset as the independent variable to stock return synchroniciry as a measure of corporate transparency as the dependent variable on the consumer goods sector that listed on the ASEAN (Indonesia, Malaysia, Thailand and Singapore) Stock Exchange 2011-2015 period. This research uses quantitative perspective with linier regression and Partial Adjustment Model in a panel data for all of the research’s observation that used in this research. The number of observation in this research are 385 observations, consist of 77 firms (25 firms from Indonesia, 17 firms from Malaysia,21 firms from Thailand, 14 firms from Singapore) that enlisted for 2011-2015 period. The result shows that board size and board independences have negative significant effect to stock return synchronicity. Then, institutional ownership, market to book ratio and standard deviation of stock return have positive significant effect to stock return synchronicity. Meanwhile, audit quality and standard deviation of return on asset have no effect to stock return synchronicity.
PENGARUH BOARD CHARACTERISTIC TERHADAP FIRM PERFORMANCE PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016 Acchedya Anugrahani; Deddy Marciano; Bertha Silvia Sutejo
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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Abstract

This study aims to investigate the determinants of board characteristics such of of dari proportion woman director, education level, average board tenure, director size, independent director, firm age dan firm size of companies’ listed in the Indonesian Stock Exchange using agency theory. This Study uses the quantitative approach and multiple linear reggresion to analyze the data. The target populations of this study are manufacturing companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 535 year observations.
PENGARUH BOARD DIVERSITY PADA DEWAN KOMISARIS TERHADAP FINANCIAL PERFORMANCE PERUSAHAAN YANG TERDAFTAR di BURSA EFEK INDONESIA PERIODE 2015-2019 Deliana Azaria; Werner Ria Murhadi; Bertha Silvia Sutejo
CALYPTRA Vol. 9 No. 2 (2021): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Mei)
Publisher : Perpustakaan Universitas Surabaya

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Abstract

Abstract ‐ This study aims to examine the influential factors on Financial Performance such as the Woman on Board, Board Size,Board Independen,Firm Size, and Leverage in companies listed on the Indonesia Stock Exchange (IDX) for the period 2014‐2018. This study uses a quantitative approach using multiple linear regression methods to analyze data. The sample in this study are all companies listed on the Indonesia Stock Exchange in the period 2015‐2019. The independent variables of this study are Woman on Board, Board Size,Board Independen,Firm Size, and Leverage which are measured using Return On Asset and Tobin’s Q. The result of this research Woman on Board have insignificant to ROA but have negative significant to Tobin’s Q, Board size have insignificant to ROA and Tobin’s Q, Board Independent have insignificant to ROA but have negative significant to Tobin’s Q, Firm size have positive significant to ROA but have negative significant to Tobin’s Q, leverage have negative significant to ROA but have positive significant to Tobin’s Q. Keywords: Woman on Board,Board Size,Board Independen, financial performance Abstrak ‐ penelitian ini bertujuan untuk meneliti faktor‐faktor yang berpengaruh terhadap Financial Performance seperti Wanita di Jajaran Dewan Komisari, Ukuran Dewan Komisaris, Dewan Komisaris Independen, Ukuran Perusahaan dan Laverage pada perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2015‐2019. Penelitian ini menggunakan pendekatan kuantitatif dengan menggunakan metode regresi linear berganda untuk melakukan analisis data. Sampe dalam penelitian ini adalah seluruh perusahaan yang terdaftar di Bursa Efek Indonesia periode 2015‐2019. Hasil dalam penelitian menyatakan bahwa variabel wanita di jajaran komisaris tidak memiliki pengaruh terhadap ROA tetapi memiliki pengaruh negative signifikan terhadap Tobin’s Q, ukuran dewan komisaris tidak memiliki pengaruh terhadap ROA dan Tobin’s Q, Komisaris Independen tidak memiliki pengaruh terhadap ROA tetapi memiliki pengaruh negatif signifikan terhadap Tobin’s Q, Ukuran Perusahaan memiliki pengaruh positif signifikan terhadap ROA tetapi memiliki pengaruh negative signifikan terhadap Tobin’s Q dan variabel leverage memiliki pengaruh negatif signifikan terhadap ROA tetapi memiliki pengaruh positif signifikan terhadap Tobin’s Q. Kata Kunci: Wanita di jajaran dewan komisaris, ukuran dewan komisaris,komisaris independen, dan kinerja keuangan.
GOOD CORPORATE GOVERNANCE LEVERAGE DAN FIRM SIZE TERHADAP FINANCIAL DISTRESS PADA SEKTOR PERDAGANGAN, JASA DAN INVESTASI Jessica Mettana; Putu Anom Mahadwartha‬; Bertha Silvia Sutejo
CALYPTRA Vol. 9 No. 2 (2021): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Mei)
Publisher : Perpustakaan Universitas Surabaya

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Abstract

Abstrak‐ Skripsi ini bertujuan untuk mengetahui pengaruh Good Corporate Governance, Leverage dan Firm Size sebagai variabel independen terhadap Financial Distress sebagai variabel dependen pada sektor Perdagangan, Jasa dan Investasi. Penelitian ini menggunakan pendeketan linier dengan model analisis regresi linear berganda dalam bentuk data panel untuk jumlah observasi sebanyak 100 yang terdiri dari 25 perusahaan selama periode 2016‐ 2019. Hasil penelitian ini menunjukkan bahwa variabel board independence dan blockholder ownership tidak berpengaruh terhadap kemungkinan financial distress, sedangkan variabel leverage dan firm size memiliki berpengaruh terhadap kemungkinan adanya financial distress di dalam perusahaan. Kata kunci: board independence, blockholder ownership, leverage, firm size, financial distress Abstract‐ The focus of this study is aims to determine the effect of Good Corporate Governance, Leverage and Firm Size as an independent variable on Financial Distress as the dependent variable in the Trade, Services and Investment sectors. This study uses linear approach with multiple linear regression analysis models in the form of panel data for the number of observations of 100 consisting of 25 companies during the 2016‐2019 period. The results of this study indicate that the board independence and blockholder ownership variables do not affect the likelihood of financial distress, while the leverage and firm size variables have an influence on the likelihood of financial distress in the company. Keywords: board independence, blockholder ownership, leverage, firm size, financial distress
PENGARUH FAKTOR DISTRESS RISK DALAM MENJELASKAN EFEK ANOMALI MOMENTUM Bertha Silvia Sutejo
KINERJA Vol. 11 No. 1 (2007): Kinerja
Publisher : Faculty of Business and Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v11i1.1380

Abstract

The objective of this research was to study the effect of momentum anomaly and distress risk. This research also examines the different market effects on potential relationship between momentum and distress risk and prepare indirect empirical evidence on EMH in Indonesia. Sample of this research was based on manufacturing companies listed in Jakarta Stock Exchange from July 1992 – June 2003. The statistical method used to test the hypothesis was regression analysis. The study results were as follows: first, the result provides no support for the hypothesis that the distress risk can explain momentum effect in stock return; second, the result also provides no support for the hypothesis that there is no different influence on potential relationship between momentum and distress risk at bullish market or bearish market. This study found that distress risk and momentum make the size and B/M have a positive relationship with stock return on bullish market. But distress risk and momentum make size and B/M have a negative relationship with stock return on bearish market.
Pengaruh Kinerja Keuangan Bank Terhadap Rating Obligasi Bank Di Indonesia Theofilus Steven Susanto; Bertha Silvia Sutejo; Deddy Marciano
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 5 No. 3 (2012): Jurnal Manajemen Teori dan Terapan - Desember 2012
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (387.555 KB) | DOI: 10.20473/jmtt.v5i3.2648

Abstract

This research was conducted to provide empirical evidence about the effect of bank’s financial performance using CAMEL ratios (CAR, NPL, BMPK, BOPO, LDR), and SIZE as control variable toward bank’s bond rating in Indonesia from 2005 to 2009. The source of research data are financial reports obtained from Direktori Perbankan Indonesia and the source of bond rating data are obtained from official website of Pefindo. In data processing, researcher used ordered probit method analyzed using Eviews 4. From the research, it appeared that the capital adequacy and the size have positive effect toward bond rating. Asset quality, earnings, and liquidity have negative effect toward bond rating. There is no significant effect between management quality and bond rating. It can be concluded that the bond rating of banks in Indonesia from 2005 to 2009 influenced by capital adequacy, asset quality, earnings, liquidity, and size.
INTERDEPENDENSI KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL SERTA PENGARUHNYA TERHADAP KINERJA KEUANGAN Fong Ida Melinda; Bertha Silvia Sutejo
Journal of Management and Business Vol 7, No 2 (2008): SEPTEMBER 2008
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (11941.815 KB) | DOI: 10.24123/jmb.v7i2.127

Abstract

This research was explaining the influence of managerial ownership, institutional ownership, and the impact to firm performance. We use three stage least square (3SLS) model to test our hypotheses. Sample of the research is all of manufacture companies which of have managerial ownership and institutional ownership and listed on Indonesian Stock Exchange period 1997 -2006. The result was provided that managerial ownership and firm performance has positive influence but not significant. Other evidence is that institutional ownership has significant positive influence to firm performance. The research was proven that managerial ownership and institutional ownership have negative influence. Condition crisis and after crisis has effect to ownership and firm performance. Firm performance does increase when after crisis period opposite that crisis period.
FINANCIAL PERFORMANCE IMPACTS OF CORPORATE ENTREPRENEURSHIP Bertha Silvia Sutejo
Journal of Management and Business Vol 15, No 1 (2016): MARCH 2016
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (167.942 KB) | DOI: 10.24123/jmb.v15i1.41

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This paper examine about the effect of four sub-dimensions of corporate entrepreneurship (CE) on firms’ financial performance in Indonesia. The four sub-dimensions are innovativeness, risk-taking, pro-activeness, and competitive aggressiveness. This study will use primary data by the way spread some questioner in the company. To test the financial performance effects of CE, the scale for the dimensions of CE and financial performance have been adopted from the existing literature. A series of reliability and validity tests are conducted for the measurement of the scales. Validity and reliability test and multiple regression analysis have been conducted to test the hypotheses. The results of this research will provide guidelines to help investors, managers, and also academicians to comprehend the importance of CE well on the way to create financially successful firm performance and sustain it in markets.
THE EFFECT OF MANAGERIAL OVERCONFIDENCE ON CORPORATE FINANCING DECISION Eujenita Siswoyo; Putu Anom Mahadwartha; Bertha Silvia Sutejo
Journal of Management and Business Vol 14, No 2 (2015): SEPTEMBER 2015
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (188.299 KB) | DOI: 10.24123/jmb.v14i2.324

Abstract

The objective of this research is to examine the effect of managerial overconfidence on corporate financing decision of the miscellaneous industry sector in Indonesian Stock Exchange for the period of 2011-2015. This research uses quantitative perspective with linier regression in a panel data for all of the research’s observation. Fixed effect models (FEM) is employed to examine the effect of managerial overconfidence on corporate financing decision. CEO personal characteristics such as profile photo, education, experience, gender, tenure, and age are used as the proxy of managerial overconfidence. The result of this research indicate that: first, CEO overconfidence has positive significant effect on corporate financing decision; second, CEO profile photo has negative significant effect on leverage; third, CEO education has no significant effect on leverage; fourth, CEO experience has positive significant effect on leverage; fifth, male CEO tend to use more debt than female CEO which means gender has positive significant effect on leverage; sixth, CEO tenure has positive significant effect on leverage; seventh CEO age has negative significant effect on leverage.