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All Journal Jurnal Ilmu Sosial dan Humaniora Jurnal Bisnis dan Manajemen Journal of Economics, Business, & Accountancy Ventura Jurnal Ilmiah Mahasiswa FEB JAM : Jurnal Aplikasi Manajemen Wacana, Jurnal Sosial dan Humaniora Ekonomi Bisnis Management and Economics Journal (MEC-J) Jurnal Pengabdian kepada Masyarakat Nusantara Journal of International Conference Proceedings Jurnal Management Risiko dan Keuangan West Science Business and Management Management Analysis Journal Journal Of Applied Multidisciplinary Studies (JAMS)
Atim Djazuli
Jurusan Manajemen Fakultas Ekonomi Dan Bisnis Universitas Brawijaya
Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences

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Journal : Wacana, Jurnal Sosial dan Humaniora

 1 
ANALISIS KOMPONEN REVERSE MEAN PADA HARGA SAHAM MELALUI PERSPEKTIF EKONOMI MAKRO DI BURSA EFEK JAKARTA Aster Indah Widowati; Atim - Djazuli; M. Syafi’ie - Idrus
Wacana Journal of Social and Humanity Studies Vol. 12 No. 3 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRACT Reverse mean reversion and predictability of stock return is probably the most well researched topic in the empirical research of financial economics. Numerous empirical studies have been unable to reject the hypothesis that return unpredictable and that stock price follows a random walk or martingale process. The essence of the mean-reversion hypothesis is that the stocks price contains a temporary component. Thus, the market value of stock deviates from the fundamental value but will revert to its mean. The objective of this study is to test the mean reversion hypothesis in Indonesian capital market, by investigate the size and significance of mean reversion component of stock prices at the Jakarta Stock Exchange, for the period of January 1990 through December 2003, and to investigate the size of the forecast error variance decomposition for real stock prices which is caused by permanent innovation and temporary innovation for a horizon of 2, 3, 4, 6, 12 and 24 months. By placing appropriate structural restrictions on a vector auto-regressive system estimated for the period of January 1990 through December 2003, it was found that the temporary component in the stock prices at the Jakarta Stock Exchange has significant size. From this, it can be inferred that the pattern of share price movements at the Jakarta Stock Exchange has a temporary component which will gradually disperse or undergo reverse mean. This evidence supports the mean reversion hypothesis that stock price are not pure random walks and predictability of stock return and reject the random walk hypothesis.   Keywords: stock price, capital market
ANALISIS REAKSI INVESTOR TERHADAP PENGUMUMAN RIGHT ISSUE DI BURSA EFEK JAKARTA (Suatu Pengamatan pada Return, Abnormal Return, Aktivitas Volume Perdagangan dan Bid-Ask Spread Saham) SRI DEWI YUSUF; ATIM - DJAZULI; H.M. HARRY - SUSANTO
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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ABSTRACT Development of stock market activity, which grows very fast lead to significant changes on the demand of information quality. To make the rational investor decision making, it is needed a relevant information in order to identify any work of the company. Event study is a study which analyze any market reactions toward an event which the information is published as announcement. Right issue announcement can affect market, it is depent on the existence of the content of the information in the right issue announcement above. If the right issue announcement contains some information so the market will react and the market won’t react if no information. The research sample is determined by a purposive sampling method, and there are 17 companies which announce right issue between 2000-2003. Statistical experiment used is T-test experiment (paired two samples for means). The Observation period which is done in 11 day, consist of 5 day before, 1 day in the moment, and 5 day after the announce right issue. Results show that there is a significant difference between return and abnormal return in the period of between at the moment, and after the announce right issue. The result in the before-after announce right issue period shows that there is no significant difference. The result in the variable activity of stock’s trade volume shows that there is signification difference in the before-at the moment and after period, but in the result of before-after period show that there is no significant difference there. And the result of bid-ask spread variable shows that there is no significant different in the before-at the moment and after period of announce right issue, but in the before-after period the result shows that there is no significant different there. And the result of bid-ask spread variable shows that there is no significant different in the before-at the moment and after period of announce right issue, but in the before-after period the result shows that there is significant different there. Cumulatively, this research gives a conclusion that announcement right issue have no information contents positive so that the market in general give no reaction. Keywords: Right Issue announcement, Return, Abnormal Return, TVA, Bid-Ask Spread
ANALISIS KOMPONEN REVERSE MEAN PADA HARGA SAHAM MELALUI PERSPEKTIF EKONOMI MAKRO DI BURSA EFEK JAKARTA Aster Indah Widowati; Atim - Djazuli; M. Syafi’ie - Idrus
Wacana Journal of Social and Humanity Studies Vol. 13 No. 4 (2010)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRACTSReverse mean reversion and predictability of stock return is probably the most well researched topic in the empirical research of financial economics. Numerous empirical studies have been unable to reject the hypothesis that return unpredictable and that stock price follows a random walk or martingale process. The essence of the mean-reversion hypothesis is that the stocks price contains a temporary component. Thus, the market value of stock deviates from the fundamental value but will revert to its mean. The objective of this study is to test the mean reversion hypothesis in Indonesian capital market, by investigate the size and significance of mean reversion component of stock prices at the Jakarta Stock Exchange, for the period of January 1990 through December 2003, and to investigate the size of the forecast error variance decomposition for real stock prices which is caused by permanent innovation and temporary innovation for a horizon of 2, 3, 4, 6, 12 and 24 months. By placing appropriate structural restrictions on a vector auto-regressive system estimated for the period of January 1990 through December 2003, it was found that the temporary component in the stock prices at the Jakarta Stock Exchange has significant size. From this, it can be inferred that the pattern of share price movements at the Jakarta Stock Exchange has a temporary component which will gradually disperse or undergo reverse mean. This evidence supports the mean reversion hypothesis that stock price are not pure random walks and predictability of stock return and reject the random walk hypothesis. Keywords: Reverse mean component, Macroeconomic Perspective
ANALISIS VARIABEL-VARIABEL FUNDAMENTAL YANG BERPENGARUH TERHADAP PRICE EARNING RATIO SEBAGAI DASAR PENILAIAN SAHAM (Studi Pada Saham-Saham indeks LQ 45 di Bursa Efek Jakarta) Yulianti - -; Atim - Djazuli; S.M. Kiptiyah - -
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRACT   The existence of the Indonesian Capital Market is very important for Indonesian economic activity, due to the fact that capital market development is one indicated of the betterment of national economy. In terms of investment, capital market development is determined by the economic fundamentals, public company performance, and investor’s tendency to invest. Stock, being the main investment object, offers several preferences to choose by the investor, one of which is LQ 45 stock indices. The Jakarta Stock Exchange (JSX) focus is put on the trade of LQ 45 stock indices. Therefore, it is necessary to evaluate the LQ 45 stock indices by taking into account the four main variables as suggested by the Gordon model. In line with the above, this study concerns stock evaluation based on the fundamental analysis by the price earning ratio approach. Explanatory variable is dividend payout ratio, return on equity, earning growth and financial leverage, dependent variable is price earning ratio. Purposive random sampling and multiple regression using 16 emittent of LQ 45 stock indices samples were used]. The aims of this research is to know the influence of the fundamental variables on the price earning ratio, and the naturalness of LQ 45 stock indices value. The samples used are the big, established and stable companies included in  calculation of LQ 45 indices, and thus would not apply to non LQ 45 indices at the JSX from 1999 through 2000. The results of the study indicate that (1) out of the four explanatory variables used: dividend payout ratio, return on equity, earning growth and financial leverage whereas simultaneously, all the variables showed significant influence; (2) dividend payout ratio was the most significant explanatory variable influencing the price earning ratio; (3) based on the price earning ratio analysis, no natural value was evidence of LQ 45 stock indices at the JSX.   Keywords: Price Earning Ratio as Bases in Stock Valuation
ANALISIS RETURN, ABNORMAL RETURN, AKTIVITAS VOLUME PERDAGANGAN ATAS PENGUMUMAN MERGER DAN AKUISISI (Studi pada Perusahaan yang Listed di BEJ tahun 2000-2002) SLAMAT HARIJONO ARITONANG; ATIM - DJAZULI; H.M. HARRY - SUSANTO
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRACT   Merger and acquisition events can influence market depend on the existence of the content of informations in the merger and acquisition phenomenon or not. If the merger and acquisition contain informations then market will react and vice versa. Objective of this study is to find out the difference of return, abnormal return, trade volume activity, before, in the moment, after the merger and acquisition announcement. Research sample is determined by the purposive sampling method, and there are 9 companies which announce merger and Acquisition between 2000-2002. Statistical experiment used is T-test experiment (paired two samples for means). The observation was done in 11 day, consist of 5 day before, 1 day in the moment, and 5 day after the merger and acquisition. Results of this research show that there is no significant difference between return in period of the moment, after and before-after merger and acquisition announcement. In the case of abnormal return, there is  no signification difference in the before-at the moment and after period, but before-after periods show the significant difference. The activity of stock’s trade volume suggest no signification difference in the before-at the moment, at the moment - after and before-after periods. Cumulatively, it is concluded that merger and acquisition have no information content,  so that market in general give no reaction, it due to the merger and acquisition announcement can’t give positive signal information   Keywords: Merger , acquisition, return, abnormal return, TVA
The Influence of Situasional Leadership, Organizational Culture and Training on Employee Performance and Work Motivation of Millenial Generation at the Inspection Office of BRI Malang Mohammad Reza; Rofiaty Rofiaty; Atim Djazuli
Wacana Journal of Social and Humanity Studies Vol. 21 No. 2 (2018)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

Generation Millenial or Gen Y is the labor force that will dominate in every company in the next few years in Indonesia, as well as in banking such as Bank Rakyat Indonesia and Inspection Office of BRI Malang in particular. The purpose of this research is to know the influence of situational leadership, organizational culture and training on employee performance and work motivation of millenial auditors at Inspection Office of BRI Malang. This study used a sample of 63 millenial auditors with partial least square method (PLS). The results of this study indicate, situational leadership has significant influence on employee performance and work motivation of millennial auditor at the Inspection Office of BRI Malang. However, organizational culture has insignificant influence on employee performance and work motivation and also has insignificant influence on employee performance through work motivation. Training has insignificant influence on employee performance but has significant influence on work motivation and also on employee performance through work motivation. Work motivation has significant influence on employee performance. The findings in this study indicate that a rigid organizational culture and training that does not improve skills and provide a space of appreciation to the millennial auditor, have insignificant influence on employee performance and work motivation at the Inspection Office of BRI Malang.
Co-Authors . Djumahir . Djumahir Abanan, M. Zuhri Ramadhani Abrian Amir Rahman Abrian, Gusti Awang Aini, Maya Faridhotul AINUR ROFIQ Al Kautsar, Odi Arifin Sabeni Aster Indah Widowati Aster Indah Widowati Atika, Nurul Bambang Subroto Cicik Retno Wati Dedi Suselo Defin Shahrial Putra Deni, Febrianto Frans Dessy Handa Sari Dian Meithasari Djawahir, Helmy Djumahir A Djumahir Djumahir Ericson M Erlin Yulia Rahma Erlin Yulia Rahma Eva Dwi Astutik Eva Dwi Astutik Fabio Putra Wijaya Fadhila, Wildan Fani Wahyu Utomo Feryal Agizha H.M. HARRY - SUSANTO H.M. HARRY - SUSANTO Hanif Rani Iswari Helmy Djawahir Herdina, Ajeng Mira Himmiyatul Amanah Jiwa Juwita Himmiyatul Amanah Jiwa Juwita Ignatia Thomasita Bau Mau Imtiyaz, Muhammad Daffa Kusuma Ratnawati Laili, Choirun Nisful Laksmi Swastika Wardhani Lutfi aji Luthfiyah, Viviani M Taufik Akbar M, Ericson M. Syafi’ie - Idrus M. Syafi’ie - Idrus Made Sudarma Mau, Ignatia Thomasita Bau Mila Diana Sari, Mila Diana Mohammad Reza Muhammad Husnul Hilal Nabella, Efryca Ayu Najubah, Zian Nawianto, Syaifurridzal Nindya Gitaya Nur Khusniyah Indrawati Odi Al Kautsar P., Moeljadi Pratiwi, Risma Pristia Hanum Ramadhani PUJI ASTUTIK Puji Astutik PUTRI, SELLYNDAH PRIMADANI Rabbani, Riza Rahajeng, Riyan Pinasti Rahman, Abrian Amir Raisa Fitri Ramadhani, Pristia Hanum RIKI RIKI, RIKI Risma Pratiwi Risna Wijayanti Riyan Pinasti Rahajeng Rofiaty, Rofiaty Roni, Hamam S.M. Kiptiyah - - Safina Syabani Aisyah SELLYNDAH PRIMADANI PUTRI Shevanda Febrilia Tamara Sihombing, Ruth Vrinida Sitepu, Rafi Ashari Siti Aisjah SLAMAT HARIJONO ARITONANG Sri Dewi Yusuf Sri Palupi Prabandari Sumarsono Sumarsono Surachman Surachman Surachman Surachman Suselo, Dedi Syahnur, Muh. Haerdiansyah Tomas Setya Wahyu Budi Ubud Salim Utomo, Fani Wahyu Venus, Muhammad Vincentius Christianto Wahdiyat Moko Wandari, Rosita Wati, Cicik Retno Wildan Fadhila Yovita Leyla Pradipta Yulianti - - Yunita Castelia Arisadi Yusuf, Dimas Maulana