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PERBEDAAN ABNORMAL RETURN PADA SEKTOR KEUANGAN SEBELUM DAN SESUDAH PERISTIWA PILKADA GUBERNUR DKI JAKARTA 20 SEPTEMBER 2012 Henry Tirta Permana; Putu Anom Mahadwartha; Bertha Silvia Sutejo
CALYPTRA Vol. 2 No. 1 (2013): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (September)
Publisher : Perpustakaan Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (117.924 KB)

Penelitian ini bertujuan untuk menguji kandungan informasi peristiwa politik pilkada Gubernur DKI Jakarta pada 20 September 2012. Adanya kandungan informasi ini diteliti dengan mengetahui perbedaan abnormal return yang terjadi antara sebelum dan sesudah peristiwa pilkada. Penelitian ini menggunakan pendekatan kuantitatif dengan menggunakan metode pengujian Uji Wilcoxon signed-rank. Penelitian ini menggunakan indeks sektor keuangan. Pengamatan dilakukan dengan menggunakan 100 hari periode estimasi dan 21 hari periode jendela. Jenis data yang dipakai adalah closing price harian dari indeks sektor keuangan.Hasil penelitian ini menunjukkan terdapat perbedaan abnormal return positif yang signifikan pada hari ke 5. Hal ini menunjukkan bahwa pasar bereaksi terhadap peristiwa pilkada Gubernur DKI Jakarta.

PENGUJIAN DEBT FINANCED DIVIDEND PADA PENGARUH KEBIJAKAN UTANG TERHADAP KEBIJAKAN DIVIDEN DAN KEPUTUSAN INVESTASI Stevani Putri Kurnia; Putu Anom Mahadwartha; Mudji Utami
Jurnal Manajemen Vol 12 No 2 (2015): Jurnal Manajemen
Publisher : Fakultas Ekonomi dan Bisnis Universitas Katolik Indonesia Atma Jaya

This study analyzes the effect of debt policy on dividend policy and investment decision on corporate manufacturing industry sector in IDX the period of 2009-2013. This study uses a quantitative approach to multiple linear regression analysis model. This study uses a sample of firms / companies who are in the manufacturing industry sectors in IDX period of 2009-2013. This study finds that debt policy doesn’t have significant effect on dividend policy, while control variable, MBVE has negative significant effect on dividend policy. Debt policy has positive significant effect on investment decision while MBVE doesn’t have significant effect on investment decision on manufacturing industry sector in IDX the period of 2009-2013.

Strategi Aktif (Moving Average) Dan Strategi Pasif (Buy-And-Hold Strategi) Pada Pembentukan Portofolio Periode 2 Januari 2012 – 28 Desember 2012 Loddy Li Putra; Werner R. Murhadi; Putu Anom Mahadwartha
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 6 No. 2 (2013)
Publisher : Universitas Airlangga

This study aims to test whether active strategies with Moving averages are superior to the passive strategy Buy-and-Hold Strategy in stock portfolios formed based on LQ45 index. Research method used in the research begins with the collection of data which is then processed and analyzed. Subsequently Application ChartNexus used in order to form MA5&MA20 and MA10&30. Lastly the research compare return from active strategies (moving average) and the passive strategy (buy-and-hold strategy). The results of this study indicate that passive strategy with buy-and-hold strategy is able to outperform the moving average active strategy when the market is bullish.

CONFLICT OF INTEREST ON OWNERSHIP VERSUS FREE CASH FLOW: DIVIDEND POLICY EFFECTIVENESS Putu Anom Mahadwartha
Journal of Indonesian Economy and Business (JIEB) Vol 22, No 4 (2007): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Indonesia mempunyai masalah keagenan yang unik. Konflik antara prinsipal denganprinsipal lebih mempengaruhi nilai perusahaan dibandingkan konflik antara prinsipaldengan manajer (agen). Kebijakan dividen memegang peranan penting dalam mengatasimasalah keagenan. Dividen dapat menjadi mekanisme pengikat (bonding) untuk mengikatkepentingan manajemen dengan kepentingan pemegang saham. Selain itu aliran kasbebas, dan aset sebagai kolateral (collateral assets) juga memegang peranan pentinguntuk mengurangi masalah keagenan antara pemegang saham dengan pemegang utang(debtholders). Aset kolateral merupakan mekanisme covenant utang untuk mengurangikonflik antara pemegang saham dengan pemegang utang (debtholders).Penelitian ini menguji hipotesis substitusi dalam teori keagenan antara dividen danstruktur kepemilikan (manajerial dan outsiders). Penelitian ini berargumen walaupunkebijakan dividen, dan struktur kepemilikan (manajerial dan outsiders) merupakanmekanisme untuk mengurangi konflik keagenan namun semua mekanisme yang ada selalusaling meniadakan, karena manajemen sangat memperhatikan biaya keagenan dariadanya pengendalian konflik keagenan. Sedangkan kaitan antara struktur kepemilikan,aliran kas bebas, dan aset kolateral juga mempunyai efek yang berbeda terhadap dividen.Penelitian ini menguji lima hipotesis yaitu hipotesis mengenai efek substitusi, asetkolateral, dan hipotesis pengaruh aliran kas bebas dalam menpengaruhi dividendibandingkan dengan struktur kepemilikan. Sampel adalah perusahaan non-keuanganyang terdaftar di Bursa Efek Jakarta (sekarang Bursa Efek Indonesia) selama perioda1995 sampai dengan 2004. Penelitian ini menggunakan model Logit dengan Andrew danHosmer-Lemeshow Goodness-of-Fit Tests, dan Wald test untuk menguji hipotesis. Hasilpenelitian mendukung hipotesis substitusi, dan aset kolateral sebagai debt covenant.Hipotesis mengenai aliran kas bebas tidak terdukung. Hal ini mengindikasikan bahwamanajer tidak bersedia mengorbankan aliran kas bebas untuk pemegang saham, sehinggakebijakan dividen dalam mengendalikan konflik keagenan kurang efektif di Indonesia.Masalah keagenan melalui ekspropriasi aliran kas bebas oleh manajer tidak berdampakbesar pada nilai perusahaan dibandingkan dengan ekspropriasi aliran kas bebas olehpemegang saham mayoritas.Keywords: Ownership Structures, Free Cash Flow, Dividend Policy, Agency Theory

PENGUJIAN DEBT FINANCED DIVIDEND PADA PENGARUH KEBIJAKAN UTANG TERHADAP KEBIJAKAN DIVIDEN DAN KEPUTUSAN INVESTASI Stevani Putri Kurnia; Putu Anom Mahadwartha; Mudji Utami
Jurnal Manajemen Vol 12 No 2 (2015): Jurnal Manajemen
Publisher : Fakultas Ekonomi dan Bisnis Universitas Katolik Indonesia Atma Jaya

This study analyzes the effect of debt policy on dividend policy and investment decision on corporate manufacturing industry sector in IDX the period of 2009-2013. This study uses a quantitative approach to multiple linear regression analysis model. This study uses a sample of firms / companies who are in the manufacturing industry sectors in IDX period of 2009-2013. This study finds that debt policy doesn’t have significant effect on dividend policy, while control variable, MBVE has negative significant effect on dividend policy. Debt policy has positive significant effect on investment decision while MBVE doesn’t have significant effect on investment decision on manufacturing industry sector in IDX the period of 2009-2013.

Analisis Intraday Saham Winner dan Loser di Bursa Efek Indonesia Julian Ferry Hermanto; Putu Anom Mahadwartha
Keluwih: Jurnal Sosial dan Humaniora Vol. 1 No. 1 (2020): Keluwih: Jurnal Sosial dan Humaniora (April)
Publisher : Direktorat Penerbitan dan Publikasi Ilmiah, Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/soshum.v1i1.2704

Penelitian ini menginvestigasi anomaly intraday effect di saham winner dan loser yang terdaftar dalam Bursa Efek Indonesia. Menggunakan frekuensi transaksi harian dan cumulative actual return untuk memilih saham dalam kategori winner dan loser, penelitian ini menemukan bahwa saham yang merupakan saham winner di masa lalu cenderung menjadi saham loser di masa kini. Sebaliknya, saham yang merupakan saham loser di masa lalu cenderung menjadi saham winner di masa kini. Penelitian ini juga menemukan bahwa saham dalam kelompok winner dan loser cenderung menghasilkan abnormal return tertinggi pada 15 menit sebelum penutupan sesi pertama perdagangan sampai penutupan perdagangan sesi pertama dan saham dalam kelompok winner dan loser cenderung menghasilkan abnormal return terendah pada saat 15 menit sebelum penutupan perdagangan sampai penutupan perdagangan.

Testing of Performance: International Versus Domestic Portfolio Christine Adi Njotosutikto; Putu Anom Mahadwartha
Journal of Entrepreneurship and Business Vol. 1 No. 2 (2020): Journal of Entrepreneurship and Business (September)
Publisher : Program MM Universitas Surabaya

This research investigates performance of portfolio with international portfolio and domestic portfolio. Buttler (2012) and Solnik (1974) explained that diversification of international portfolio will reduce risk of portfolio better than domestic portfolio. To measure performance of portfolio this research uses Treynor, Sharpe and Jensen Alpha. This research uses single index model to formed optimal international and domestic portfolio. Test showed that international portfolio have a better performance than domestic portfolio based on Treynor and Sharpe measurement. However, domestic portfolio have a better performance than international portfolio in higher return (Jensen measurement) and high risk.

The Effect of Technology Acceptance Model and Internet Usage Factory to Financial Literacy of Active User of Financial Technology Application Among Millennial Generation : English Livia Marsha Sarengat; Putu Anom Mahadwartha
Jurnal Bisnis dan Keuangan Vol 6 No 2 (2021): Business and Finance Journal
Publisher : UNUSA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v6i2.2164

This experiment examined the effect of Technology Acceptance Model which generated as perceived usefulness and perceived ease of use, and internet usage factor to financial literacy of active user of financial technology application among milenial generation. This experiment is basic research with using quantitative analysis, data of this experiment from results of respondent’s answer in questionnaire and processed with SEM-PLS technique analysis. The result of this experiment will be used for next curriculum development in the future in connected field.

UJI FAKTOR-FAKTOR PEMBEDA KEBIJAKAN DIVIDEN: ANALISIS DISKRIMINAN Fitri Ismiyanti; Putu Anom Mahadwartha
Journal of Management and Business Vol 4, No 1 (2005): MARCH 2005
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

This research tested variables (firm specific and beta) that affected dividend policy in Indonesian firms. Samples are listed firm in Jakarta Stock Exchange (JSX) especially manufacture industry. This research uses discriminant analysis with several tests for data and results to maintain the robustness of the analysis. The results indicate that debt, investment opportunity sets and return on assets are significant in affecting dividend policy. Meanwhile beta fails to discriminate between firms that pay dividend and not pay dividend. The firm specific variables could discriminate between firms that pay dividend and not pay dividend. The results also show that management is more concerned about firm specific variables in dividend policy and less concerned, about systematic risk (beta).

Does Debt Affect Firm Financial Performance? The Role of Debt on Corporate Governance in Indonesia Fitri Ismiyanti; Putu Anom Mahadwartha
The Indonesian Journal of Accounting Research Vol 11, No 1 (2008): JRAI January 2008
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.182

This research addresses main question of the conditions of debt-constraint expropriation and debt-facilitate expropriation, and the difference between those conditions on type of group ownership (group or no group-affiliate). Agency theory predicts that debt is bonding and monitoring mechanism for managers' perquisites action. Expropriation of minority shareholders by majority shareholders hurts good corporate governance practices. The expropriation also hurts debtholders value. The research argues that the use of debt will minimize the expropriation level and maintain certain control to managers and majority shareholders, on behalf of minority shareholders and debtholders. The problem of majority versus minority and debtholders spreads widely in Indonesia. This research conducts analytical and statistical methods to examine the roles of debt policy as mechanism of good corporate governance practices in Indonesia. This research argues that debt has difference effect on financial performance based on certain debt characteristic. Two characteristics of debt are debt-constraint expropriation (DCE) and debt-facilitate expropriation (DFE). Different types of ownership, which are group and no group-affiliate, are also examined to support the main issues of DCE and DFE. The result will be useful for economic policy makers; firms level policy makers, investors, academician, and researchers in the area of finance, social science, and humanities. The research tests the main question with four hypotheses using ordinary least squares (OLS) regression and Wald test for coefficient test. The result shows support for differences in effect on debt to performance for DCE (positive effect) and DFE (negative effect). On DCE, no group-affiliate firms have higher positive effect of debt on performance than group-affiliate firms do. However, on DFE due to risk reduction mechanism, group-affiliate firms have less negative effect of debt on performance than no group-affiliate firms do.

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