Articles
<![CDATA[Reaksi Pasar Terhadap China's Black Monday di Bursa Efek Indonesia ]]>
<![CDATA[Gde Agung Satria]]>;
<![CDATA[Luh Gede Sri Artini]]>;
<![CDATA[Henny Rahyuda]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.06.NO.07.TAHUN 2017 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EEB.2017.v06.i07.p02
<![CDATA[This study aimed to test market’s reaction of the China's Black Monday (CBM) at the Indonesian Stock Exchange (BEI). This research was conducted on all companies listed on the Stock Exchange which did not conduct corporate action in the event period. All the companies researched are divided into nine sectors and industries are classified according to the classification established by BEI called JASICA (Jakarta Industrial Classification). Event study method used to test the market reaction to the CBM. Based on the research results, there is a significant market reaction on eight sectoral index in the Indonesia Stock Exchange, namely the Agricultural Sector; Miscellaneous Industry; Basic Industry and Chemistry; Consumer Goods industry; Property and Real Estate; Transportation and Infrastructure; Finance; and Trade, Services and Investment while the Mining Sector Index does not react to CBM.]]>
<![CDATA[PENGUJIAN REAKSI PASAR TERHADAP PERISTIWA MERGER DAN AKUISISI DI BURSA EFEK INDONESIA (BEI) ]]>
<![CDATA[Rintohan Malau]]>;
<![CDATA[Luh Putu Wiagustini]]>;
<![CDATA[Luh Gede Sri Artini]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.06.NO.09.TAHUN 2017 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EEB.2017.v06.i09.p06
<![CDATA[This study aimed to see whether there abnormal returns around the period of mergers and acquisitions, using a market model and the expected returns of 100 days, as well as using the event period is seven days before and seven days after the announcement of mergers and acquisitions. The sample was a company for mergers and acquisitions in Indonesia Stock Exchange during the years 2013-2015, sampling in this study did not consider the corporate Action others besides mergers and acquisitions alone, so it acquired 30 companies as the sample material, the analysis tools used in this research is multiple linear regression with Level of Singnificance by 5%. The results showed that there were no abnormal returns around the period of the study, so it can be said that there is no market reaction around the announcement of mergers and acquisitions as evidenced by a greater significance than 0.05%. Most likely this is because there is no leakage of information during the period of the study.]]>
<![CDATA[PERAN KINERJA BANK DALAM PENGARUH MAKRO EKONOMI TERHADAP RETURN SAHAM ]]>
<![CDATA[Putu Yesi Fransiska Dewi]]>;
<![CDATA[I Gusti Bagus Wiksuana]]>;
<![CDATA[luh Gede Sri Artini]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.05.NO.09.TAHUN 2016 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[The banking sector is an attractive sector for investors to receive a return. The ambition of this investigation is to appreciate the character of the bank's performance in theinteraction of macro-economic and stock returns in banking sector BEI. 23 banking companies used to be sample using purposive method with the provisions of banking companies during the 2010-2014 period did not suffer losses. The role of mediation was tested using path analysis and Sobel test This investigation resulted in the depreciation of macroeconomic causes decreased stock return and increase the good performance of banks led to an increase in stock return. Instead bank performance positively and significantly influenced by the macro economy. Sobel test proved that the role of performance of the bank as a partial mediation in the relationship of macroeconomic influence to stock return of the banking sector in the BEI. ]]>
<![CDATA[REAKSI PASAR DI SEKITAR PERISTIWA KENAIKAN HARGA BBM PADA RETURN SAHAM IDX30 DI BURSA EFEK INDONESIA ]]>
<![CDATA[I Ketut Gede Saputra]]>;
<![CDATA[Ida Bagus Anom Purbawangsa]]>;
<![CDATA[Luh Gede Sri Artini]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.06.NO.03.TAHUN 2017 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[The purpose of this study is to determine the significance of average abnormal return around the fuel price increase evens as well as testing the significance of differences in average abnormal return before and after the events of fuel price increase. Secondary data isuused on this study. Determination of the sample is done through by census method. Testing of abnormal return around the fuel price inrease use statistical test by one sample t-test and paired sample t-test to testing the diffrences of abnormal return before and after the event of fuel price increase. The results of this research show that by testing the first hypothesis that no market reaction around fuel price increase shown where there is no significant positive abnormal return. The test on second hypothesis that the announcement of fuel price increases event do not affect investor’s reaction both before and after the announcement shown that no significant positive abnormal return value.]]>
<![CDATA[PENGARUH TINGKAT SUKU BUNGA, RISIKO PASAR, DEBT.TO.EQUITY RATIO DAN PRICE.EARNING RATIO.TERHADAP RETURN.SAHAM PADA PERUSAHAAN PROPERTI AND.REAL ESTATEDI BURSA EFEK INDONESIA ]]>
<![CDATA[Putu Ayu Rusmala Dewi]]>;
<![CDATA[Ida Bagus Panji Sedana]]>;
<![CDATA[Luh Gede Sri Artini]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.05.NO.03.TAHUN 2016 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[Stock return is expected return from an investment that been done by the investor. Without it, investor won’t do any investment. The aim of this research is to recognize the effect of interest rate,market risk, debt to equitypratio and priceparning ratiooto stock return in property and real estate company in Indonesian Stock Exchange. This research conducted on several company that works on Property and Real Estate in Indonesian Stock Exchange within period 2011-2013 with 45 company used as sample. Analysis technique used in this research is multiple linear regression analysis. Result from this research show that Interest Rate SBI have negative effect and no significant to stock return. Market Risk have positive effect and no significant against stock return. Debt topEquity Ratiophave negative effect and no significant to stock return. Price Earning Ratio have positive effect and significant to stock return in property and real estate company in Indonesian Stock Exchange.]]>
<![CDATA[PENGARUH NILAI TUKAR RUPIAH TERHADAP RETURN SAHAM DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING ]]>
<![CDATA[Putu Eka Pujawati]]>;
<![CDATA[I Gusti Bagus Wiksuana]]>;
<![CDATA[Luh Gede Sri Artini]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME 04.NO.04.TAHUN 2015 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[Returns and profitability is the target to be achieved by all companies. Many things affect the return of which is the exchange rate. The research is aiming to determine the effect of the exchange rate on stock returns in the stock exchanges of Indonesia hospitality industry with profitability as an intervening variable The population in this research are all the companies in the hospitality industry are listed in the Indonesia Stock Exchange during the period 2012-2013. The data is analyzed by path analysis (path analysis), supported by SPSS version 17.0 The results of this study shows that: (1) exchange rate negative effect on the profitability of return while positive impact on return. (2) the effect of the exchange rate returns through greater profitability than the direct effect of exchange rate on return. Recommended for future research to increase the variables that affect the return and also expand the sample to the research results could be better.]]>
<![CDATA[Pengaruh Struktur Modal Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Intervening pada Perusahaan Properti dan Real Estate di Bursa Efek Indonesia ]]>
<![CDATA[Rahman Rusdi Hamidy]]>;
<![CDATA[I Gusti Bagus Wiksuana]]>;
<![CDATA[Luh Gede Sri Artini]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME 04.NO.10.TAHUN 2015 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[Pemegang saham mempunyai kepentingan untuk meningkatkan nilai perusahaan demi memaksimalkan kekayaannya, peningkatan nilai perusahaan lebih direpresentasikan oleh harga saham (diproksikan dengan price book value). Penelitian ini bertujuan untuk mengetahui kemampuan profitabilitas (diproksikan dengan return to equity) dalam memediasi pengaruh struktur modal (diproksikan dengan debt to equity ratio). Populasi penelitian adalah perusahaan properti dan real estate di BEI Tahun 2008-2012. Penentuan sampel dengan purposive sampling method. Pengujian hipotesis menggunakan tehnik analisis jalur dengan alat bantu aplikasi SPSS versi 16. Penelitian menunjukkan hasil dimana profitabilitas mampu memediasi pengaruh struktur modal terhadap nilai perusahaan, karena utang akan dapat meningkatkan nilai perusahaan, dan peningkatan nilai perusahaan ini akan lebih besar apabila utang dapat meningkatkan profitabilitas dari perusahaan. Perusahaan yang menjadi sampel penelitian belum mencapai titik optimal pada tingkat utangnya, sehingga penambahan proporsi utang yang dapat meningkatkan profitabilitas dapat digunakan untuk mendapatkan nilai perusahaan yang lebih tinggi. ]]>
<![CDATA[VARIABEL KEUANGAN YANG MEMBEDAKAN TINGKAT LIKUIDITAS BANK UMUM DI BURSA EFEK INDONESIA ]]>
<![CDATA[A.A.AYU DIAH AMBARAWATI]]>;
<![CDATA[I Gusti Bagus Wiksuana]]>;
<![CDATA[Luh Gede Sri Artini]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.06.NO.12.TAHUN 2017 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EEB.2017.v06.i12.p04
<![CDATA[This research developed a research model that aims to explain financial ratio that can differentiate the liquidity level of commercial banks, and identify the financial ratios which among the financial ratios that sever the most dominant to sever the liquidity level of banks listed on the IDX period 2010-2014. The independent variables in the research are bank financial ratios of bank size, NWC, CAR, ROA, ROE and NPL. Dependent variable used in this research is liquidity ratio with Loan to Deposit Ratio (LDR) indicator. The data analysis in this research uses discriminant analysis technique. Based on discriminant test with simultaneous method, the discriminant model of Unstandardized Canonical Discriminant Function (UCDF) can classify two groups of commercial banks based on their discriminant value by exactly 69.2% of the total sample or classification error of 30,8%. The result of research indicate from the six independent variables in this research, only 3 (three) variables have significance value <0,1 so it can sever liquidity level of commercial bank. Variables that can differentiate the liquidity level of the commercial banks are CAR (sig = 0.061), NPL (sig = 0.067) and NWC (sig = 0.074). CAR variable with the lowest significance value shows that the most dominant variable sever the liquidity level of commercial banks listed BEI.]]>
<![CDATA[KINERJA PT BANK PERKREDITAN RAKYAT (BPR) NAGA BERBASIS BALANCED SCORECARD DI GIANYAR ]]>
<![CDATA[Ida Ayu Suryaningrat Intan Sari]]>;
<![CDATA[I Gusti Bagus Wiksuana]]>;
<![CDATA[Luh Gede Sri Artini]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.05.NO.04.TAHUN 2016 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[Balanced Scorecard merupakan sebuah konsep manajemen yang mengukur kinerja perusahaan melalui empat perspektif. Keempat perspektif ini mewakili tiga stakeholder utama dari perusahaan yaitu para pemegang saham, customers dan para karyawan. Penelitian ini merupakan studi kasus untuk mengetahui penilaian kinerja PT BPR NAGA berbasis balanced scorecard dari tahun 2011 sampai tahun 2014. Berdasarkan penelitian yang dilakukan diperoleh hasil pada perspektif keuangan, empat rasio keuangan yang digunakan yaitu NPL, LDR, BOPO dan ROA menunjukkan kondisi yang sehat. Perspektif pelanggan walaupun terjadi penurunan tingkat pertumbuhan nasabah tetapi tingkat kepuasan nasabah berada dalam kondisi puas. Perspektif proses bisnis internal berdasarkan rasio realisasi kredit dan service cycle efficiency (SCE) menunjukkan adanya peningkatan dalam penyaluran kredit ke masyarakat. Perspektif Pembelajaran dan Pertumbuhan baik tingkat employee retention dan tingkat kepuasan karyawan menunjukkan hasil yang puas. Secara keseluruhan penilaian kinerja PT BPR NAGA berbasis balanced scorecard berada dalam kondisi baik dengan nilai indeks komposit yang diperoleh sebesar 3,012.]]>
<![CDATA[PREDIKSI KURS SPOT DAN KURS FORWARD TERHADAP KURS FUTURE SPOT SEBAGAI DASAR PENGAMBILAN KEPUTUSAN HEDGING PADA PT. S. C. ENTERPRISES DI KUTA BADUNG ]]>
<![CDATA[I NENGAH ANDRI SUTAPA]]>;
<![CDATA[LUH GEDE SRI ARTINI]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana Volume.02.No.01.Tahun 2013. ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[Penelitian ini bertujuan membahas bagaimana fluktuasi kurs mata uang asing yang dapat menimbulkan foreign exchange exposure dan berpengaruh terhadap arus kas di masa yang akan datang yang dimikili oleh PT. S. C. Enterprises yang merupakan eksporter pada industri garmen. Permasalahan menitikberatkan pada apakah perusahaan perlu melakukan tindakan hedging berdasarkan prediksi kurs spot dan kurs forward pada bulan Januari, februari, dan Maret tahun 2011 terhadap kurs future spot bulan April, Mei dan Juni tahun 2011. Penelitian ini merupakan jenis penelitian kuantitatif dan analisis dengan menggunakan metode analisis trend kuadrat terkecil (Least square method) karena dianggap memiliki standar deviasi dan tingkat kesalahan prediksi terkecil. Hasil penelitian yang ditemukan dari prediksi yang dilakuan menunjukkan bahwa kurs IDR terhadap USD pada tiga bulan berikutnya diprediksi mengalami fluktuasi yang signifikan sehingga dapat disimpulkan untuk penerimaan pelunasan piutang ekspor ketika kurs IDR terhadap USD melemah tindakan hedging sebaiknya tidak dilakukan, karena jika dibandingkan dengan kurs forward yang ditawarkan oleh pihak bank, future spot diprediksi memiliki nilai yang lebih tinggi sehingga menguntungkan bagi perusahaan. Sementara untuk penerimaan pelunasaan piutang ekspor ketika kurs IDR terhadap USD menguat, perusahaan sebaiknya melakukan tindakan hedging karena jika dibandingkan dengan kurs forward yang ditawarkan, nilai dari future spot lebih kecil sehingga dapat menimbulkan kerugian bagi perusahaan apabila tindakan hedging tidak dilakukan. Kata Kunci : Pengambilan Keputusan Hedging, PT. S. C. Enterprises.]]>
