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Studi Likuiditas Pasar Saham Terkait Perubahan Kelompok Harga dan Fraksi Harga Saham di Bursa Efek Indonesia Dahlia Ervina; Rathria Arrina Rachman
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 5 No. 3 (2019): JABM Vol. 5 No. 3, September 2019
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.5.3.520

Abstract

The Indonesia Stock Exchange (IDX) imposed a new policy of tick size and price category changes in 2016. The purpose is to increase liquidity in order to improve the competitiveness of the capital market in Indonesia. This study aims to determine the effectiveness of the IDX's new policy in 2016 by analyzing whether changes follow the new policy applying changes in tick size and price category in the liquidity of the Indonesian stock market. In this study, stock market liquidity was measured by using the bid-ask spread, market-depth, and stock trading volume. This study applied an event study approach by including all shares traded on the Indonesia Stock Exchange (IDX) for the period of 40 days before to 40 days after the week of the new policy enforcement. The research found differences in bid-ask spread, market-depth, and stock trading volume for the period before and after the new policy applied. In conclusion, there were no significant differences in stock market liquidity after the change in policy.Keywords: stock exchange, tick size, price categories, stock liquidity, stock volumeAbstrak: Bursa Efek Indonesia (BEI) memberlakukan kebijakan baru perubahan fraksi harga dan kelompok harga saham pada tahun 2016. Hal ini dilakukan untuk meningkatkan likuiditas yang dapat meningkatkan daya saing pasar modal di Indonesia. Penelitian ini bertujuan untuk mengetahui efektivitas kebijakan baru BEI pada tahun 2016 dengan menganalisis apakah kebijakan baru yang mengubah kelompok harga dan fraksi harga saham tersebut diikuti dengan perubahan likuiditas pasar saham di Indonesia. Dalam penelitian ini, likuiditas pasar saham diukur dengan menggunakan bid-ask spread, market-depth dan volume perdagangan saham. Penelitian ini menggunakan pendekatan event study dengan mengikutsertakan seluruh saham yang diperdagangkan di Bursa Efek Indonesia (BEI) untuk periode 40 hari sebelum hingga 40 hari setelah minggu dimana pemberlakukan kebijakan baru. Temuan penelitian menemukan tidak terdapat perbedaan bid-ask spread, market-depth dan volume perdagangan saham pada periode sebelum dan sesudah perubahan kebijakan, sehingga dapat disimpulkan tidak terdapat perbedaan yang signifikan dalam likuiditas pasar saham setelah perubahan kebijakan.Kata kunci: bursa efek, fraksi harga saham, kelompok harga saham, likuiditas saham, volume saham
DAMPAK PENGUMUMAN PENERBITAN OBLIGASI PERUSAHAAN TERHADAP ABNORMAL RETURN SAHAM DI INDONESIA TAHUN 2014 – 2015 Rathria Arrina Rachman; Dahlia Ervina
MIX: JURNAL ILMIAH MANAJEMEN Vol 7, No 2 (2017): MIX: Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (487.741 KB)

Abstract

Abstract. This study aims at investigating the effect of corporate bonds issuanceannouncement on the stock market in Indonesia over 2014 – 2015. By applying eventstudy and t-test, it is proven that there are significant positive abnormal return one daybefore the announcement date and significant negative abnormal return five days afterthe date. This result shows that public has obtained information from the insider asgood news before the information is widely disseminated; therefore, they react bytransacting in the stock market. Nonetheless, when the offering period ends, marketparticipants react again and there is a market correction five days after theannouncement. This result confirms that there is a signalling effect of corporate bondsissuance on the stock market performance and indicates that stock market in Indonesiais inefficient.
Dampak Pencatatan dan Jatuh Tempo Waran terhadap Harga Saham yang Disertai Waran di Indonesia Stefan Suryawinata; Aldwin Tekadtuera; Dahlia Ervina
Studi Akuntansi dan Keuangan Indonesia Vol 3 No 1 (2020): Studi Akuntansi dan Keuangan Indonesia (SAKI)
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/saki.3.1.74-99

Abstract

Abstract. This research discusses the stock abnormal return effect of warrants to itsunderlying stock on its listing and maturity date. The sample that is being used for this study is thestock price changes of stocks backed with warrant in Indonesian stock market for the year 2008 to2018. Using event study approach to observe stock abnormal return effect on the listing and maturitydate of warrants. The results of this research are that we find a significant negative abnormal returnaround the warrants’ listing date. On the warrants’ expiration date, we find a signifiant negativeeffect before and after maturity date of in the money warrants. However, a different result is obtainedfor the observation of out of the money warrants which does not show any significant abnormal returnon the event window.
DETERMINAN NET INTEREST MARGIN BANK UMUM DI INDONESIA: STUDI SAAT TREN PENURUNAN cindy wanady; caroline wibowo; dahlia ervina
LIAISON JOURNAL OF BEST Vol. 1 No. 02 (2022): LIAISON JOURNAL OF BEST
Publisher : IULI Publisher

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Abstract

Net Interest Margin (NIM) rate of banks in Indonesia relatively higher compared to other countries such as Malaysia, Singapore, Thailand, and Philippines. During 2011-2014, there is a significant decrease in NIM rate of banks. Considering this, researchers compelled to do this research with the aim to see the determinants of NIM rate of commercial banks during that period. Cross-subsidiation hypothesis explain that there is a trade off between decreasing NIM with increasing fee-based income (non interest income). This paper focusing on bank-spesific factor, mainly used revenue diversification as proxy for fee-based income, in relation the effect to NIM. The sample used in this paper are 72 commercial banks over 2011-2014 (the only period the NIM consecutively decreasing). Panel Data Regression is used as the research method and Fixed Effect Model as the estimation model to test 3 independent variables, which are operational efficiency, size, and income diversification. The results show that size and income diversification has negative significant effect on NIM. On the other hand, operational efficiency has positive significant effect on NIM.Keywords: Net Interest Margin, Fee-based income, operational efficiency, company size, incomediversification
Pendampingan Usaha Kecil dan Menengah Mekarsari Dalam Peningkatan Kualitas Usaha Adrian, Adrian; Mahendra, Arista; Pranoto, Claresta; Putri, Farahayu Galuh; Gavrila, Natasha; Nathan, Wilbert; Wijanarko, Winston; Ervina*, Dahlia
Journal Pemberdayaan Masyarakat Indonesia Vol 1 No 1 (2019): Jurnal Pemberdayaan Masyarakat Indonesia (JPMI)
Publisher : Pusat Pengabdian kepada Masyarakat (PPKM) Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (959.111 KB) | DOI: 10.21632/jpmi.1.1.81-95

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The rapid development of Micro, Small and Medium Enterprises in Indonesia is one of the reasons the Community Service (PKM) activities are being held by Prasetiya Mulya University. Aside from being a learning facility for students, this activity also aims to help residents of Cianjur, especially in the village of Cipendawa, to improve the quality and develop their business. In this journal, the programs main focus is to help Mekarsari, a business that sells snacks and snacks since 1996. To improve product quality, efficiency, and productivity, the writing team replaced damaged production equipment, changed the layout of the workstation for packaging and storage, installing stickers on product packaging, consignment at food stalls, and providing debriefing for daily freelancers and bookkeeping. The achievements of this activity are a decrease in the number of defects and increased productivity in the production process, increasing efficiency in the packaging process, adding distribution channels, giving identity to products by giving stickers, and business’ owner being able to take notes of cash flow neatly and systematically.