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<![CDATA[ANALISIS MONDAY EFFECT DAN ROGALSKI EFFECT DI BURSA EFEK JAKARTA ]]>
<![CDATA[Cahyaningdyah, Dwi]]>
<![CDATA[ Jurnal Dinamika Manajemen Vol 1, No 2 (2010) ]]>
Publisher : <![CDATA[Jurusan Manajemen, Fakultas Ekonomi, Universitas Negeri Semarang ]]>
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<![CDATA[Penelitian ini bertujuan untuk menguji pengaruh hari perdagangan di Bursa Efek Indonesia dengan menggunakan 70 saham yang aktif di perdagangkan selama periode penelitian 2004-2006. Teknik sampling menggunakan purposive sampling dengan kriteria sampel adalah saham-saham yang aktif diperdagangkan selama periode penelitian. Pengujian hipotesis menggunakan regresi dengan variable dummy. Hasil penelitian mengindikasikan bahwa ada pengaruh hari perdagangan terhadap return saham di Bursa Efek Indonesia. Return tertinggi terjadi pada hari Jumat dan return terendah pada hari Senin. Dengan hasil tersebut, dapat dikatakan penelitian ini berhasil mengidentifikasi adanya Monday effect dan weekend effect. Pengujian Rogalski effect menunjukkan bahwa Rogalski effect terjadi pada bulan April.àThe paper investigates the day of the week effect in Indonesia Stock Exchange by using 70 active stocks during the period of 2004-2006. Sampling technique uses purposive sampling and the criteria of the sample is stocks which are trading actively during the period of study. Regression with dummy variables are use to test the hypothesis. àThe findings indicate that there is a day of the week effect in Indonesia àStock exchange, the highest returns are observed on Friday and the lowest returns are observed on Monday. It can be said that this study can identify Monday effect and weekend effect in Jakarta Stock Exchange. The Investigation about Rogalski effect àin JSX find that Rogalski effect presents in April. àMondayââ¬â¢s return being positive in April and remain negative in the other months, so Monday effect disappeared in April.]]>
<![CDATA[PENGARUH KEBIJAKAN MANAJEMEN KEUANGAN TERHADAP NILAI PERUSAHAAN ]]>
<![CDATA[Cahyaningdyah, Dwi]]>;
<![CDATA[Dian Ressany, Yustieana]]>
<![CDATA[ Jurnal Dinamika Manajemen Vol 3, No 1 (2012): March 2012 (DOAJ Indexed) ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics, Semarang State University, Indonesia ]]>
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DOI: 10.15294/jdm.v3i1.2456
<![CDATA[Tujuan penelitian ini adalah untuk menguji pengaruh kebijakan manajemen keuangan yang terdiri dari kebijakan investasi, kebijakan pendanaan dan kebijakan dividen terhadap nilai perusahaan secara parsial dan simultan. Populasi penelitian adalah perusahaan BUMN yang listing di BEI pada tahun 2008-2010. Pengambilan sampel menggunakan teknik purposive sampling. Variabel kebijakan manajemen keuangan yang terdiri dari kebijakan investasi diproksi oleh Total Aset Growth (TAG) dan Market to Book Assets Ratio (MBAR), kebijakan dividen diwakili oleh Dividend Pay Out Ratio (DPR), dan kebijakan pendanaanÃÂ diproksi oleh Market Debt to Equity Ratio (MDER) sementara nilai perusahaan diproksi dengan Free Cash Flow (FCF). Analisis data dilakukan dengan menggunakan analisis regresi berganda. Hasil penelitian menunjukkan adanya pengaruh yang signifikan antara variabel kebijakan manajemen keuangan terhadap nilai perusahaan.The study aims to examine the effect financial management policy i.e. investment policy, financing policy and dividend policy on value of the firm. The population of this study is the government enterprises listed in Indonesia Stock Exchange (IDX) in the period of 2008 to 2010. Purposive sampling is used as sampling technique. Investment policy is proxied by Total Aset Growth (TAG) dan Market to Book Assets Ratio (MBAR), dividend policy subtitued by Devidend Pay Out Ratio (DPR) and financing policy is proxied by market Debt to Equity Ratio. Meanwhile value of the firm is proxied by Free Cash Flow (FCF). Multiple analysis regression data is used to analyze data. The result shows that financial management variables have significant effect on value of the firm.]]>
<![CDATA[ANALISIS MONDAY EFFECT DAN ROGALSKI EFFECT DI BURSA EFEK JAKARTA ]]>
<![CDATA[Cahyaningdyah, Dwi]]>;
<![CDATA[Witiastuti, Rini Setyo]]>
<![CDATA[ Jurnal Dinamika Manajemen Vol 1, No 2 (2010): September 2010 (DOAJ Indexed) ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics, Semarang State University, Indonesia ]]>
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DOI: 10.15294/jdm.v1i2.2471
<![CDATA[Penelitian ini bertujuan untuk menguji pengaruh hari perdagangan di Bursa Efek Indonesia dengan menggunakan 70 saham yang aktif di perdagangkan selama periode penelitian 2004-2006. Teknik sampling menggunakan purposive sampling dengan kriteria sampel adalah saham-saham yang aktif diperdagangkan selama periode penelitian. Pengujian hipotesis menggunakan regresi dengan variable dummy. Hasil penelitian mengindikasikan bahwa ada pengaruh hari perdagangan terhadap return saham di Bursa Efek Indonesia. Return tertinggi terjadi pada hari Jumat dan return terendah pada hari Senin. Dengan hasil tersebut, dapat dikatakan penelitian ini berhasil mengidentifikasi adanya Monday effect dan weekend effect. Pengujian Rogalski effect menunjukkan bahwa Rogalski effect terjadi pada bulan April.àThe paper investigates the day of the week effect in Indonesia Stock Exchange by using 70 active stocks during the period of 2004-2006. Sampling technique uses purposive sampling and the criteria of the sample is stocks which are trading actively during the period of study. Regression with dummy variables are use to test the hypothesis. àThe findings indicate that there is a day of the week effect in Indonesia àStock exchange, the highest returns are observed on Friday and the lowest returns are observed on Monday. It can be said that this study can identify Monday effect and weekend effect in Jakarta Stock Exchange. The Investigation about Rogalski effect àin JSX find that Rogalski effect presents in April. àMondayââ¬â¢s return being positive in April and remain negative in the other months, so Monday effect disappeared in April.]]>
<![CDATA[Pengaruh Kebijakan Manajemen Keuangan terhadap Nilai Perusahaan ]]>
<![CDATA[Cahyaningdyah, Dwi]]>;
<![CDATA[Dian Ressany, Yustieana]]>
<![CDATA[ JDM (Jurnal Dinamika Manajemen) Vol 3, No 1 (2012): March 2012 (DOAJ Indexed) ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics, Universitas Negeri Semarang ]]>
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DOI: 10.15294/jdm.v3i1.2456
<![CDATA[Tujuan penelitian ini adalah untuk menguji pengaruh kebijakan manajemen keuangan yang terdiri dari kebijakan investasi, kebijakan pendanaan dan kebijakan dividen terhadap nilai perusahaan secara parsial dan simultan. Populasi penelitian adalah perusahaan BUMN yang listing di BEI pada tahun 2008-2010. Pengambilan sampel menggunakan teknik purposive sampling. Variabel kebijakan manajemen keuangan yang terdiri dari kebijakan investasi diproksi oleh Total Aset Growth (TAG) dan Market to Book Assets Ratio (MBAR), kebijakan dividen diwakili oleh Dividend Pay Out Ratio (DPR), dan kebijakan pendanaan diproksi oleh Market Debt to Equity Ratio (MDER) sementara nilai perusahaan diproksi dengan Free Cash Flow (FCF). Analisis data dilakukan dengan menggunakan analisis regresi berganda. Hasil penelitian menunjukkan adanya pengaruh yang signifikan antara variabel kebijakan manajemen keuangan terhadap nilai perusahaan.The study aims to examine the effect financial management policy i.e. investment policy, financing policy and dividend policy on value of the firm. The population of this study is the government enterprises listed in Indonesia Stock Exchange (IDX) in the period of 2008 to 2010. Purposive sampling is used as sampling technique. Investment policy is proxied by Total Aset Growth (TAG) dan Market to Book Assets Ratio (MBAR), dividend policy subtitued by Devidend Pay Out Ratio (DPR) and financing policy is proxied by market Debt to Equity Ratio. Meanwhile value of the firm is proxied by Free Cash Flow (FCF). Multiple analysis regression data is used to analyze data. The result shows that financial management variables have significant effect on value of the firm.]]>
<![CDATA[Analisis Monday Effect dan Rogalski Effect di Bursa Efek Jakarta ]]>
<![CDATA[Cahyaningdyah, Dwi]]>;
<![CDATA[Witiastuti, Rini Setyo]]>
<![CDATA[ JDM (Jurnal Dinamika Manajemen) Vol 1, No 2 (2010): September 2010 (DOAJ Indexed) ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics, Universitas Negeri Semarang ]]>
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DOI: 10.15294/jdm.v1i2.2471
<![CDATA[Penelitian ini bertujuan untuk menguji pengaruh hari perdagangan di Bursa Efek Indonesia dengan menggunakan 70 saham yang aktif di perdagangkan selama periode penelitian 2004-2006. Teknik sampling menggunakan purposive sampling dengan kriteria sampel adalah saham-saham yang aktif diperdagangkan selama periode penelitian. Pengujian hipotesis menggunakan regresi dengan variable dummy. Hasil penelitian mengindikasikan bahwa ada pengaruh hari perdagangan terhadap return saham di Bursa Efek Indonesia. Return tertinggi terjadi pada hari Jumat dan return terendah pada hari Senin. Dengan hasil tersebut, dapat dikatakan penelitian ini berhasil mengidentifikasi adanya Monday effect dan weekend effect. Pengujian Rogalski effect menunjukkan bahwa Rogalski effect terjadi pada bulan April. The paper investigates the day of the week effect in Indonesia Stock Exchange by using 70 active stocks during the period of 2004-2006. Sampling technique uses purposive sampling and the criteria of the sample is stocks which are trading actively during the period of study. Regression with dummy variables are use to test the hypothesis.  The findings indicate that there is a day of the week effect in Indonesia  Stock exchange, the highest returns are observed on Friday and the lowest returns are observed on Monday. It can be said that this study can identify Monday effect and weekend effect in Jakarta Stock Exchange. The Investigation about Rogalski effect  in JSX find that Rogalski effect presents in April.  Monday’s return being positive in April and remain negative in the other months, so Monday effect disappeared in April.]]>
<![CDATA[Targeting Behavior among Indonesian Firms: Two-Step Partial Adjustment Model Analysis ]]>
<![CDATA[Cahyaningdyah, Dwi]]>
<![CDATA[ JDM (Jurnal Dinamika Manajemen) Vol 10, No 1 (2019): March 2019 (DOAJ Indexed) ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics, Universitas Negeri Semarang ]]>
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DOI: 10.15294/jdm.v10i1.18291
<![CDATA[In this research, we tested the heterogeneity of speed of adjustment toward target leverage among industries on the Indonesian stock exchange by using two-step partial adjustment model. The sample collected from 2007-2016 and consisted of firms in eight sectors, i.e. agriculture, mining, basic industries, miscellaneous, consumer goods, property and real estate, infrastructure, utilities and transportation as well as trade, services and investment sectors. Firms in the financial industry are excluded because the capital structure of firms in the financial industry reflects specific regulations and are not independent firms’ policies. The results showed that speed of adjustment ranged from 61% - 45% for book leverage and 67% - 43% for market leverage. This significant speed of adjustment is consistent with trade-off theory, which states that firms have target leverage and when firms are deviated from the target, firms will make financial decisions that will close the gap between previous year’s leverage and the target leverage of current period.]]>
<![CDATA[Leverage Deviation and Speed of Adjustment toward Target Leverage: Evidence from Indonesia Stock Exchange ]]>
<![CDATA[Cahyaningdyah, Dwi]]>
<![CDATA[ JDM (Jurnal Dinamika Manajemen) Vol 12, No 2 (2021): September 2021 ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang ]]>
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DOI: 10.15294/jdm.v12i2.29343
<![CDATA[The study tested the heterogeneity and asymmetry of adjustment speed between groups of analyzes formed based on the interaction between the direction and distance of deviation from target leverage using two-step partial adjustment model. The results show speed adjustment differences among the analysis groups and the asymmetry of the speed of adjustment where the group deviated far above the target has the highest speed of adjustment and the group deviated near below the target of leverage has the lowest adjustment speed. The group of companies deviated far above the target bear the greatest deviation costs while companies in the group diverged near below the target bear the smallest deviation costs. This result is consistent with expectations that companies bearing the highest deviation costs have the greatest pressure to immediately return to the target leverage so that the speed of adjustment will be high, while companies bearing lower deviation costs do not have greater pressure to immediately return to the target leverage so that the speed adjustment towards the target will be lower.]]>
<![CDATA[Targeting Behavior among Indonesian Firms: Two-Step Partial Adjustment Model Analysis ]]>
<![CDATA[Cahyaningdyah, Dwi]]>
<![CDATA[ JDM (Jurnal Dinamika Manajemen) Vol 10, No 1 (2019): March 2019 ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang ]]>
Show Abstract
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Check in Google Scholar
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DOI: 10.15294/jdm.v10i1.18291
<![CDATA[In this research, we tested the heterogeneity of speed of adjustment toward target leverage among industries on the Indonesian stock exchange by using two-step partial adjustment model. The sample collected from 2007-2016 and consisted of firms in eight sectors, i.e. agriculture, mining, basic industries, miscellaneous, consumer goods, property and real estate, infrastructure, utilities and transportation as well as trade, services and investment sectors. Firms in the financial industry are excluded because the capital structure of firms in the financial industry reflects specific regulations and are not independent firms’ policies. The results showed that speed of adjustment ranged from 61% - 45% for book leverage and 67% - 43% for market leverage. This significant speed of adjustment is consistent with trade-off theory, which states that firms have target leverage and when firms are deviated from the target, firms will make financial decisions that will close the gap between previous year’s leverage and the target leverage of current period.]]>
<![CDATA[Analisis Monday Effect dan Rogalski Effect di Bursa Efek Jakarta ]]>
<![CDATA[Cahyaningdyah, Dwi]]>;
<![CDATA[Witiastuti, Rini Setyo]]>
<![CDATA[ JDM (Jurnal Dinamika Manajemen) Vol 1, No 2 (2010): September 2010 ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang ]]>
Show Abstract
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DOI: 10.15294/jdm.v1i2.2471
<![CDATA[Penelitian ini bertujuan untuk menguji pengaruh hari perdagangan di Bursa Efek Indonesia dengan menggunakan 70 saham yang aktif di perdagangkan selama periode penelitian 2004-2006. Teknik sampling menggunakan purposive sampling dengan kriteria sampel adalah saham-saham yang aktif diperdagangkan selama periode penelitian. Pengujian hipotesis menggunakan regresi dengan variable dummy. Hasil penelitian mengindikasikan bahwa ada pengaruh hari perdagangan terhadap return saham di Bursa Efek Indonesia. Return tertinggi terjadi pada hari Jumat dan return terendah pada hari Senin. Dengan hasil tersebut, dapat dikatakan penelitian ini berhasil mengidentifikasi adanya Monday effect dan weekend effect. Pengujian Rogalski effect menunjukkan bahwa Rogalski effect terjadi pada bulan April. The paper investigates the day of the week effect in Indonesia Stock Exchange by using 70 active stocks during the period of 2004-2006. Sampling technique uses purposive sampling and the criteria of the sample is stocks which are trading actively during the period of study. Regression with dummy variables are use to test the hypothesis.  The findings indicate that there is a day of the week effect in Indonesia  Stock exchange, the highest returns are observed on Friday and the lowest returns are observed on Monday. It can be said that this study can identify Monday effect and weekend effect in Jakarta Stock Exchange. The Investigation about Rogalski effect  in JSX find that Rogalski effect presents in April.  Monday’s return being positive in April and remain negative in the other months, so Monday effect disappeared in April.]]>
