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Analisis Pengaruh Variabel Keuangan dan Non Keuangan terhadap Underpricing pada Penawaran Saham Perdana di Bursa Efek Indonesia Periode 2016-2018 Jhoni Gunawan; Tri Gunarsih
Telaah Bisnis Vol 20, No 2 (2019): Desember 2019
Publisher : Sekolah Tinggi Ilmu Manajemen YKPN Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (478.711 KB) | DOI: 10.35917/tb.v20i2.179

Abstract

Initial Public Offering (IPO) merupakan kegiatan penawaran saham perdananya kepada masyarakat luas. Fenomena yang terjadi ketika akan melakukan IPO pada umumnya adalah underpricing. Underpricing adalah kondisi yang menunjukkan bahwa harga saham di pasar primer lebih rendah dibandingkan hari pertama di pasar sekunder. Tujuan dari penelitian ini untuk mengetahui pengaruh antara variabel keuangan dan non keuangan terhadap underpricing saham. Faktor-faktor yang diteliti adalah debt to equity ratio, return on equity, reputasi underwriter, tingkat inflasi dan kurs rupiah. Populasi dalam penelitian ini adalah perusahaan yang melakukan penawaran saham perdana di BEI periode 2016-2018. Sampel yang digunakan sebanyak 99 perusahaan yang didapat melalui metode purposive sampling dan metode analisis yang digunakan adalah analisis regresi linier berganda. Hasil penelitian ini menyatakan bahwa variabel keuangan dan non keuangan secara simultan berpengaruh terhadap underpricing saham. Secara partial hasil penelitian pada variabel keuangan debt to equity ratio dan return on equity tidak berpengaruh secara signifikan terhadap underpricing. Variabel non keuangan reputasi underwriter dan kurs rupiah terbukti secara partial berpengaruh negatif signifikan terhadap underpricing saham dengan tingkat signifikansi 5%. Sedangkan variabel non keuangan inflasi tidak berpengaruh negatif signifikan terhadap underpricing.
The Effect of Capital Structure on Company Value With Corporate Governance As A Moderating Variable Oki Ragil Wardana; Tri Gunarsih
Jurnal Ilmu Manajemen & Ekonomika Vol 14, No 1 (2021): Jurnal Ilmu Manajemen dan Ekonomika, Vol. 14, No.1, December 2021
Publisher : Indonesia Banking School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35384/jime.v14i1.288

Abstract

This study aimed to analyze the effect of capital structure on a company's value as a moderating variable and company size as a control variable. The population in this study was a company going public regis-tered with the perception index (CGPI) during 2010-2019. Hypothesis testing is performed using a multi-ple linear regression model moderated regression analysis (MRA). The independent variable in this study is the capital structure. Other variables in the study were moderation variables and company size as control variables. The capital structure is measured by the debt-equity ratio, which compares the company's debt and equity. This study uses a perception index (CGPI) rating published by The Indonesian Institute for (IICG). The size of the company is measured by the natural logarithm of the total assets. The results showed that the capital structure did not affect the value of the company. In contrast, the company's size has a positive and significant effect on the company's value. At the same time, corporate governance weak-ens the relationship of capital structure to the company's value but positively and significantly affects the company's value.
Analysis of The Effect of Dividend Policies on Corporate Value With Good Corporate Governance (GCG) as Moderating Variables Mirna Indah Nurlita; Tri Gunarsih
Jurnal Internasional Bisnis, Humaniora, Pendidikan dan Ilmu Sosial Vol 3 No 1 (2021): International Journal of Business, Humanities, Education and Social Sciences
Publisher : Universitas Teknologi Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46923/ijbhes.v3i1.100

Abstract

This research examines the moderating effect of Good Corporate Governance (GCG) in the relationship between dividend policy and publicly listed firms' corporate value in the Corporate Governance Perception Index (CGPI) index in 2011-2018. The independent variable is dividend policy, which is proxies using the Dividend Payout Ratio (DPR), Good Corporate Governance as a moderating variable, which is proxies by using the Good Corporate Governance (GCG) score, and company size (SIZE) as the control variable. Company value is determined by the price-book value (PBV). This research uses quantitatively based explanatory research. This study's purpose was to decide how the independent variable affects the dependent variable to determine the moderating variable's effect, whether it will enhance or weaken the independent variable's influence. The population included in this study was all publicly traded companies that participated in the 2011-2018 Corporate Governance Perception Index (CGPI). The sample of this analysis comprised nine firms, so that there were 72 test objects. Data analysis used multiple linear regression and moderated regression analysis (MRA). Based on the study that dividend policy impacts company value, Good Corporate Governance (GCG) cannot moderate the relationship between dividend policy variables on firm value, and firm size is not a control variable in this study.
Analisis Faktor-Faktor yang Mempengaruhi Tax Avoidance Eva Nurul Ramdiani; Tri Gunarsih; Etty Puji Lestari
Owner : Riset dan Jurnal Akuntansi Vol. 7 No. 2 (2023): Research Artikel Volume 7 Issue 2: Periode April 2023
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v7i2.1367

Abstract

Tax avoidance is one of the main issues that need to be followed up more seriously by various parties, especially the government, so it becomes an important issue to be investigated. This study aims to determine the effect of institutional ownership, corporate social responsibility, profitability, and capital intensity on tax avoidance. In addition, this study investigates whether audit quality moderates the effect of institutional ownership on tax avoidance. The tax avoidance variable in this study is proxied by using the Cash Effective Tax Rate (CETR). The population of this study is consumer cyclical companies listed on the Indonesia Stock Exchange in 2018 – 2020, with a total sample of 66 company data that meet the criteria. The data collection method used is the purposive sampling method. The primary analytical tool in this research is panel data regression analysis. The results showed that institutional ownership, profitability, and capital intensity had no significant effect on tax avoidance. In contrast, CSR has a negative and significant effect on tax avoidance. Audit quality does not moderate effect of institutional ownership on tax avoidance. Audit quality which acts as a form of transparent supervision with accurate disclosure is not a tool that can influence tax avoidance actions.
DETERMINAN FLUKTUASI INVESTASI ASING (FOREIGN DIRECT INVESTMENT) DI INDONESIA: ANALISIS MAKROEKONOMI DAN INDEKS SAHAM GLOBAL Tanti Febi Setiawan; Tri Gunarsih
Jurnal Ilmu Manajemen Vol. 11 No. 1 (2023)
Publisher : UNESA In Collaboration With APSMBI (Aliansi Program Studi dan Bisnis Indonesia)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (308.066 KB) | DOI: 10.26740/jim.v11n1.p90-103

Abstract

This research examines the impact of macroeconomic and global equity indices on Indonesian Foreign Direct Investment (FDI) volatility. Macroeconomic variables comprise Indonesia's rate of inflation and trade of balance. The Global Equity Index includes of Hang Seng Index (HSI) and Dow Jones Industrial Average (DJIA). This research uses annual data from 1970 to 2020. The Vector Error Correction Model (VECM) was implemented to test the hypotheses. The results show that the inflation rate did not impact short-term FDI. However, the trade balance, HSI, and DJIA had negative and negligible impacts on FDI in Indonesia. The results also show a positive effect between the inflation rate and the balance of trade on FDI in the long run. However, the HSI hurts FDI in Indonesia, while the DJIA positively affects FDI. The research shows that in the short term or long term, a country needs to consider new terms for investment, especially for foreign countries. In a short time, a country can manage its terms in the balance of trade and feel to observe the fluctuations of HSI and DJIA because these variables negatively impact FDI, which causes a decrease in the balance of trade, and a downward change in HSI and DJIA will increase FDI and vice versa. In the long term, considering managing the duration of inflation and balance of trade, observing DJIA will positively boost FDI fluctuations. Conversely, down changes in HSI will increase the FDI.
The INFLUENCE OF LEADER MEMBER-EXCHANGE ON EMPLOYEE CREATIVITY BY MEDIATION OF CREATIVE PROCESSES ENGAGEMENT IN STAR HOTEL IN CIREBON REGENCY Priyono, Dadang; Gunarsih, Tri; Wening, Nur
Jurnal Ekuisci Vol 1 No 6 (2024): Vol 1 No.6 July 2024
Publisher : Ann Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62885/ekuisci.v1i6.338

Abstract

This research aims to determine the influence of Leader Member Exchange on Employee Creativity through Creative Process Engagement as a mediating variable in Star Hotels in the Cirebon Regency Region. The study was conducted by design. Survey research on 101 employees in Star Hotels in Cirebon Regency using this type of data through primary data with the spread of questionnaires. Variabel yang digunakan yaitu Leader Member Exchange sebagai variabel independen, Creative Process Engagement sebagai variabel mediasi, dan Employee Creativity sebagai variabel dependen. The analysis method used is pls-sem with smartpls 4.0 software tools. The results showed that Leader Member Exchange and Creative Process Engagement can have a positive and significant effect on Employee Creativity in Star Hotels in Cirebon Regency. Kemudian, Leader Member Exchange dapat berpengaruh positif dan signifikan Terhadap Creative Process Engagement di Hotel Berbintang Wilayah Kabupaten Cirebon. This study also found that Leader Member Exchange can have a positive effect on Employee Creativity in Star Hotels in Cirebon Regency through Creative Process Engagement.
Implementation of Risk Management in Asset Management Governance Towards Optimizing Asset Utilization at Public Service Agency State Universities (Case Study of UPN Veteran Yogyakarta) Santosa, Agus; Gunarsih, Tri; Wening, Nur
Maneggio Vol. 1 No. 5 (2024): Maneggio-Oct
Publisher : Pt. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/xc8e9v88

Abstract

This study aims to analyze the application of risk management in asset governance at UPN Veteran Yogyakarta to achieve optimal asset utilization. As a Public Service Agency State University (PTN-BLU), UPN Veteran Yogyakarta faces various challenges in asset management, including budget constraints, lack of consistent monitoring, and the unavailability of formal risk evaluation standards. Qualitative descriptive research methods are used to gain in-depth understanding through interviews with asset managers and field observations. The results show that the implementation of risk management can have a significant impact on the efficiency of budget allocation, which includes more appropriate budget distribution based on priority needs and risks. Risk management also has the potential to extend the useful life of assets, with risk mitigation measures taken on assets that show signs of wear or early damage, thus preventing major repair costs due to serious damage. This research highlights that a technology-based monitoring system is an indispensable aspect to support the effectiveness of risk management in asset management. The implementation of structured risk assessment procedures helps in determining asset maintenance priorities, so that the assets that are most critical to the sustainability of campus operations receive greater attention. With the implementation of this comprehensive risk management, optimization of asset utilization can be achieved, which in turn supports the stability and sustainability of UPN Veteran Yogyakarta's operations as a quality higher education institution.
The Influence Of Budget Participation On Managerial Performance: The Role Of Organizational Commitment And Delegation Of Authority As Intervening Variables Safruddin, Safruddin; Gunarsih, Tri; Awaluddin, Murtiadi
Jurnal Ekonomi Vol. 13 No. 04 (2024): Edition October -December 2024
Publisher : SEAN Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to examine the influence of budget participation on managerial performance, with the roles of organizational commitment and delegation of authority as intervening variables. Three research hypotheses were tested using SEM PLS. The population in this study consists of all officials, including directors, marketing and registration managers, learning and examination service managers, registration, examination & learning coordinators, and administrative staff within the Open University, particularly in regional offices in Indonesia. A sample of 147 was tested. The results support two hypotheses: (i) Budget participation has a significant effect on managerial performance, and (ii) Budget participation significantly affects managerial performance through organizational commitment. However, the hypothesis testing the effect of budget participation on managerial performance through delegation of authority was not supported. This study emphasizes the importance of budget participation and organizational commitment in enhancing managerial performance, as well as providing insights into factors that do not have an impact in this context.
Pengaruh Total Aset, Debt to Equity Ratio, Inflasi, dan Tingkat Pertumbuhan Ekonomi terhadap Return on Asset Perusahaan ASEAN 2013-2023 Tokit Masditok; Tri Gunarsih; Ira Geraldina; Ake Wihadanto
Jurnal Manajemen Vol. 14 No. 2 (2024): Jurnal Manajemen
Publisher : Universitas Serang Raya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30656/xs9sgy64

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Total Aset, Debt to Equity Ratio (DER), Inflasi, dan Pertumbuhan Ekonomi terhadap Return on Assets (ROA) perusahaan ASEAN untuk tahun 2013-2023. Metode: Menggunakan unbalanced panel data dari 99 perusahaan, analisis regresi linier berganda dilakukan untuk menguji hipotesis tentang pengaruh variabel-variabel independen terhadap ROA. Hasil Penelitian: menunjukkan bahwa Total Aset memiliki pengaruh positif signifikan terhadap ROA, menunjukkan bahwa perusahaan dengan aset lebih besar cenderung memiliki kinerja keuangan yang lebih baik. DER menunjukkan pengaruh negatif terhadap ROA, mengindikasikan bahwa peningkatan utang dapat menambah risiko dan mengurangi efisiensi pengembalian aset. Inflasi ditemukan berpengaruh negatif terhadap ROA, yang mencerminkan tantangan yang dihadapi perusahaan dalam mengelola biaya pada situasi tingkat harga yang meningkat. Sementara itu, Pertumbuhan Ekonomi berpengaruh positif terhadap ROA, mencerminkan bahwa lingkungan ekonomi yang berkembang memberikan peluang untuk meningkatkan kinerja perusahaan. Impilkasi: penelitian ini memberikan wawasan bagi peneliti, praktisi dan pembuat kebijakan, tentang faktor-faktor yang mempengaruhi kinerja keuangan perusahaan, serta implikasi strategis dalam pengelolaan aset dan struktur modal di berbagai kondisi ekonomi. Keterbatasan: hasil penelitian tidak dapat digeneralisasi untuk wilayah dan periode berbeda. Perubahan wilayah, periode, metode, kebijakan, dan lain-lain dapat memberikan hasil yang berbeda. Keywords: ROA, Total Aset, DER, Inflasi, Pertumbuhan Ekonomi, ASEAN
Causality analysis in corporate social responsibility and financial performance: Evidence from Indonesia Satria, Bagas Ardhi Yoga; Gunarsih, Tri
Asian Management and Business Review Volume 3 Issue 2, 2023
Publisher : Master of Management, Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/AMBR.vol3.iss2.art4

Abstract

The causality and bi-causality between corporate social responsibility and firm financial success are examined in this study. Companies listed on the Indonesia Stock Exchange for the years 2018 through 2021 make up the study's population. The sampling method utilized is the purposive sampling method, which involves selecting samples based on criteria. 62 companies made up the sample. The Granger’s causality test is the causality test that is employed. The findings revealed that: 1) Corporate social responsibility has a positive impact on financial performance as measured by price to book value and earnings per share. 2) Price to book value and earnings per share, which are financial performance indicators, have a positive impact on corporate social responsibility. 3) There is a correlation between corporate social responsibility and financial performance, as measured by price to book value and earnings per share, which is bi-causal (two-way causality) and positive in direction.