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All Journal Jurnal Ekonomi Pembangunan Jurnal Reviu Akuntansi dan Keuangan Economic Journal of Emerging Markets JAKPI Jurnal Pariwisata Pesona Jurnal Keuangan dan Perbankan Jurnal Ilmiah Mahasiswa FEB JAM : Jurnal Aplikasi Manajemen Journal of Indonesian Applied Economics Wacana, Jurnal Sosial dan Humaniora Journal of Degraded and Mining Lands Management Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan Dinar: Jurnal Ekonomi dan Keuangan Islam Jurnal Ekonomi dan Studi Pembangunan (Journal of Economics and Development Studies) Jurnal Ilmu Ekonomi dan Pembangunan Jurnal AKSI (Akuntansi dan Sistem Informasi) Bisma: Jurnal Bisnis dan Manajemen Journal of Innovation in Business and Economics JAE (Jurnal Akuntansi dan Ekonomi) Arthavidya Jurnal Ilmiah Ekonomi JAD: Jurnal Riset Akuntansi & Keuangan Dewantara EkBis: Jurnal Ekonomi dan Bisnis Jurnal Akun Nabelo : Jurnal Akuntansi Netral, Akuntabel, Objektif Journal of Management - Small and Medium Enterprises (SME's) Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Journal of International Conference Proceedings Jurnal Ekonomi dan Binsis Contemporary Studies in Economic, Finance and Banking (CSEFB) Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) Jejak: Jurnal Ekonomi dan Kebijakan

David Kaluge

Fakultas Ekonomi Dan Bisnis Universitas Brawijaya

Author-ID : 294956

Religion Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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PENGARUH PENGUMUMAN DIVIDEN TERHADAP ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY PADA PASAR MODAL INDONESIA TAHUN 2020-2021 Pratama, Laode Ivan; David Kaluge
Contemporary Studies in Economic, Finance and Banking Vol. 3 No. 1 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2023.03.1.16

The Covid-19 pandemic has had a broad impact on all sectors in Indonesia. Many investors responded by selling their shares to minimize potential losses that could be caused by continued economic uncertainty. Market conditions that continue to experience significant decline have triggered a crisis in the capital market. In an effort to calm panic in the market, dividend announcements are considered an effective strategy because they have a positive signal that can provide confidence to investors and act as a counterweight to market volatility. Therefore, this research aims to determine the effect of dividend announcements on abnormal returns and trading volume activity in the Indonesian capital market in 2020-2021. This research uses the event study method which studies the capital market's reaction to an event whose information is published as an announcement. The research results show that there is an influence of dividend announcements on abnormal returns in the Indonesian capital market, especially in the energy and consumer cyclicals sectors and there is an influence of dividend announcements on trading volume activity in the Indonesian capital market, especially in the basic materials and technology sectors. "Pengumuman dividen ; Abnormal return ; Trading volume activity ; Covid-19"

ANALISIS KOMPARASI PENGARUH RISIKO SISTEMATIS TERHADAP RETURN SAHAM SEKTORAL DI INDONESIA PADA MASA PERANG RUSIA-UKRAINA DAN KRISIS PROPERTI CHINA Pradani, Amaretta Hanindya; David Kaluge
Contemporary Studies in Economic, Finance and Banking Vol. 3 No. 2 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2023.03.2.07

The study aimed to find out a comparison of the influence of systematic risk on 11 sectoral stock returns in the time of the Russian-Ukrainian war and the Chinese property crisis. This study uses quantitative research methods with linear regression analysis tools using dummy variables. The data used in this study are secondary data in the form of time series with weekly time periods from 2021 to 2023. The study found that systematic risk values during the Russian-Ukrainian war and the Chinese property crisis were lower than in normal times. In wartime systematic risk had a significant impact only on the stock returns of the primary consumer goods sector. Meanwhile, during the Chinese property crisis systematic risk did not have a significant effect on all sectoral stock returns. In addition, in normal times systematic risks do not have a significant effect on the return of shares of the technology sector as well as property and real estate.

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PERTUMBUHAN EKONOMI ASEAN MEMBER COUNTRIES PADA TAHUN 2011-2016 Sari, Agatha Christy Permata; Kaluge, David
Jurnal Ilmiah Bisnis dan Ekonomi Asia Vol 11 No 1 (2017): Jurnal Ilmiah Bisnis Dan Ekonomi Asia
Publisher : LP2M Institut Teknologi dan Bisnis Asia Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32812/jibeka.v11i1.26

Economic Growth becomes the important factor to measure how success economic state. Therefore, many country will always try to increase their economic growth for the priority target that must be reached.this research has purpose to present which factor that can influence economic growth in ASEAN member countreias.t There is 10 countries being the sampe country, which is Indonesia, Thailand, Malaysia, Singapore, Philippines,Brunei Darussalam, Vietnam, Laos, Myanmar,and Cambodia. This research use Panel Data Regression, Generalized Least Square (GLS) method and fixed-effect estimation model by using analytical tools help in processing the data which uses Eviews 9 programm. Data is panel data of all ASEAN member countries in 6 year period (2011-2016). Varible that used are : GDP, Import, Export, Foreign Direct Inverstment, Competitiveness Index, Government Expenditure, and Labor force. The result is each independent variable can explain 99,4126% of dependen variable. Which is, IM (import) variable is the only one variable that has positive significant influence to economic growth. The finding from this research is economic growth phenomenon that occurred in ASEAN is greatly influenced by consumption rather than investment and production. So, almost the entirety of economic growth can be measured by consumption side.

ANALISIS FAKTOR - FAKTOR YANG MEMPENGARUHI KEMISKINAN DI INDONESIA SELAMA LIMA TAHUN TERAKHIR: Studi Kasus Pada 33 Provinsi Zuhdiyaty, Noor; Kaluge, David
Jurnal Ilmiah Bisnis dan Ekonomi Asia Vol 11 No 2 (2017): Jurnal Ilmiah Bisnis Dan Ekonomi Asia
Publisher : LP2M Institut Teknologi dan Bisnis Asia Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32812/jibeka.v11i2.42

Pembangunan suatu negara adalah hal yang paling utama dilakukan untuk mensejahterakan masyarakat. Salah satu hal yang merupakan tolak ukur pembangunan adlah dengan berkurangnya angka dan pengangguran. Tujuan dari penelitian ini adalah untuk mengetahui faktor-faktor yang mempengaruhi kemiskinan di Indonesia selama kurun waktu lima tahunan 2011-2015. Penelitian ini menggunakan pendekatan kuantitatif dengan uji regresi. Penelitian ini dilakukan pada 33 provinsi yang ada di Indonesia. Hasil penelitian menunjukkan bahwa adanya pengaruh antara IPM dengan kemiskinan, sedangkan untuk pertumbuhan ekonomi dan TPT tidak memiliki pengaruh terhadap kemiskinan.

Dapatkah Institutional Ownership, Good Corporate Governance dan Kebijakan Dividen Mereduksi Indikasi Praktik Ekspropriasi? Bukti pada Perusahaan Manufaktur di Indonesia Aviyanti, Richo Diana; Kaluge, David
JAE (JURNAL AKUNTANSI DAN EKONOMI) Vol 4 No 1 (2019): JURNAL AKUNTANSI DAN EKONOMI
Publisher : UNIVERSITAS NUSANTARA PGRI KEDIRI

Penelitian ini bertujuan untuk mengetahui dan menganalisis pengaruh institutional ownership, good corporate governance dan kebijakan dividen dalam mereduksi indikasi ekspropriasi. Teknik analisis data dalam penelitian ini menggunakan regresi liniear berganda. Populasi penelitian adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2017 dan pengambilan sampel menggunakan teknik purposive sampling. Hasil penelitian menunjukkan bahwa institutional ownership, good corporate governance dan kebijakan dividen (DPR) berpengaruh negatif terhadap indikasi praktik ekspropriasi. Hasil tersebut berarti institutional ownership, good corporate governance dan kebijakan dividen (DPR) dapat mereduksi indikasi praktik ekspropriasi yang dijelaskan pada teori keagenan tipe II. Kata Kunci: Ekspropriasi, institutional ownership, good corporate governance, kebijakan dividen dan Dividen Payout Ratio (DPR).

Analisis Pengaruh Struktur Kepemilikan Institusional, Keputusan Pendanaan, Keputusan Investasi Dan Kebijakan Deviden Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur di Bursa Efek Indonesia) Rachmasari, Annisa; Kaluge, David
JAE (JURNAL AKUNTANSI DAN EKONOMI) Vol 4 No 1 (2019): JURNAL AKUNTANSI DAN EKONOMI
Publisher : UNIVERSITAS NUSANTARA PGRI KEDIRI

This study aims to obtain empirical evidence about the structure of institutional ownership of funding decisions, investment decisions, dividend policies that have a positive effect on firm value. Dependent variable Corporate value is calculated using Tobin’s Q, the independent variable uses the institutional ownership structure, DER, investment decision, DPR. Population is a manufacturing company listed on the Indonesia Stock Exchange in 2017. Sampling used a purposive sampling method and obtained as many as 41 companies. This study used Wald's multiple linear regression method and moderate regression analysis. The results of the study indicate that the structure of institutional ownership, funding decisions, investment decisions, and dividend policies have a positive effect on firm value. Keywords: institutional ownership, funding decisions, investment decisions, dividend policy, company value

Efficiency Analysis Of Financing in Achieving Sustainable Development Goals in East Nusa Tenggara Province Sir, Monsar Marito; Kaluge, David; Saputra, Putu Mahardika Adi
Journal of International Conference Proceedings Vol 6, No 3 (2023): 2023 ICPM Penang Proceeding
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v6i3.2431

This study aims to measure the efficiency level of the regency and cities as a decision-making unit with Government Expenditures related to financing the Achievement of Sustainable Development Goals in East Nusa Tenggara Province. This study used the Data Envelopment Analysis method (DEA) with the output-oriented (VRS) using data from 22 regencies/cities. Input variables are health expenditure, education expenditure, housing and public facilities expenditure, economy expenditure, and social protection expenditure. Output variables are SDGs-1,3,4,6,8 and 9 from 2017 until 2021. The results show that from 2017 to 2021 in East Nusa Tenggara Province, Kupang City was efficient in Goals 1, 3, 4, 6, and 9 but not efficient in Goal 8 in 2021, Ngada Regency was efficient in Goals 3 and 4, and East Flores Regency was efficient in Goal 4.

ANALISIS PENGARUH DAMPAK MAKROEKONOMI, KEBIJAKAN PEMERINTAH, DAN KINERJA PERUSAHAAN TERHADAP RETURN SAHAM SEKTOR INFRASTRUKTUR Achmad Usman Maulana; David Kaluge
Contemporary Studies in Economic, Finance and Banking Vol. 3 No. 3 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2024.03.3.17

Infrastructure sector stocks experienced a stable and upward trend, even sharply at the end of quarter 2023. In line with the government budget in infrastructure development that continues to increase, supported by the increase in this sector, one of which will contribute to increasing economic growth in Indonesia, therefore the purpose of this research is to analyze the effect of macroeconomic impacts, government policies, and company performance on infrastructure sector stock returns. Inferential quantitative research with panel data regression analysis techniques is included in this research. With purposive sample method, ten companies were selected, out of 62 companies in the whole population. The type of secondary data is quarterly for the period 2016-2022. The implications of this research as material for investors to invest. Common Effect Model (CEM) is the selected model, the findings prove that partially interest rates, capital expenditures, CR, TATO, ROE, PER, DER, ROA, EPS, NPM, DPR, and DPS have no effect on stock returns. PBV has a significant positive effect on stock returns. Exchange rate, inflation, and DY variables have a significant negative effect on stock returns. Simultaneously, exchange rate, inflation, interest rate, capital expenditure, CR, TATO, ROE, PER, DER, ROA, EPS, PBV, NPM, DPR, DPS, and DY all affect stock returns.

ANALISIS PENGARUH HARGA SAHAM, VOLATILITAS HARGA SAHAM,DAN VOLUME PERDAGANGAN SAHAM TERHADAP BID-ASK SPREAD PERUSAHAAN LQ - 45 (PERIODE 2018 – 2022) Hernanda, Bima; David Kaluge
Contemporary Studies in Economic, Finance and Banking Vol. 3 No. 4 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2024.03.4.20

The researcher aims to identify the impact caused by several factors such as trading volume, stock price volatility, and stock prices on the bid-ask spread in several companies on the LQ-45 index list. A quantitative approach is used as a research method and uses panel data regression analysis. The data used is a time series and cross sectional in the time period 2018 to 2022. Based on the research results, it was found that there was a negative and significant influence between stock prices on the bid-ask spread. Apart from that, it was found that there was a positive and significant influence on the price volatility variable and stock trading volume on the bid-ask spread variable. Overall the bid-ask spread is simultaneously influenced by stock price variables, stock price volatility variables and stock trading volume variables.

An Analysis of the Effects of Russia’s Invasion to Ukraine on February 24, 2022 on Energy Stocks in Indonesia Saputro, Arif; Kaluge, David
Contemporary Studies in Economic, Finance and Banking Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2025.04.1.01

The conflict between Russia and Ukraine has had a significant macroeconomic impact, particularly in several economic sectors, including the energy sector, as one of the countries is a major global energy commodity supplier. This study aims to examine the influence of this conflict on Energy stocks, focusing on Abnormal Returns, Trading Volume Activity, Trading Frequency Activity, Bid-Ask Spread, and Market Capitalization. The research employs an Event Study method with a population of 73 companies and a sample of 5 companies based on specific criteria. The results indicate that Abnormal Returns, Bid-Ask Spread returns, and Market Capitalization returns are not significant before and after the event, whereas Trading Volume Activity and Trading Frequency Activity returns are significant both before and after the event

Co-Authors Achmad Usman Maulana Agnes Quartina Pudjiastuti Agus Suman Alan Smith Purba Aldila, Exi Alfarado, Rafael Amrullah, Muhammad Mukhlis Amrullah, Muhammad Mukhlis Anis Wijayanti Anis Wijayanti Antonius Nugroho Adi Athaya, Mahadiva Frylia Aviyanti, Richo Diana Birgitta Dian Saraswati Candra Fajri Ananda Chalid Husen Dias Satria Divya Ratna Nindita Dwidyah Rini, Ayu Dwiyoso, Hertoto Dyah Putri Sekar Arum Ekaviana, Dessy Ekawati, Marlina Fadilah, Anisa Fajriana, Nadia Fauzan Aryaputra Firnanda Novita R Fithri, Naylal Frederic Winston Nalle Heni Pujiastuti Hernanda, Bima Hertanti Wahyurina Ida Ayu Purba Riani Idah Zuhroh Ivan Purnama Putera Jannah, Yana Raudhatul Jibril, Hadira Thumaninah Juniarti, Titin Kasnaeny Karim, Kasnaeny Khusnul Ashar Kristyanto, Visi Saujaningati Lila Rahajeng Majok, Alith Jacob Marius Robert Seran Markus, Morencia Maureen Inesella LT Muhammad Mahdi Muhammad Mahdi, Muhammad Munawar Ismail Nadia Fajriana Nadia Fajriana Nayaka Artha Wicesa Nindita, Divya Ratna Olivia Louise Eunike Tomasowa, Olivia Louise Eunike Paputungan, Rahmita Dwinesia Parinusa, Sisilia Maria Patricia Juan Aurellia Pradani, Amaretta Hanindya Pratama, Laode Ivan Putu Mahardika Adi Saputra Rachmasari, Annisa Rahajeng, Lila Rahmita Dwinesia Paputungan Ramadhani, Febrina Nur Ramadhany, Diwa Artha Ramadhany Richo Aviyanti Rofik, Mochamad Rudi Firmansah Salsabilla, Andien Febia Santoso, Pramana Ridha Saputro, Arif Sari, Agatha Christy Permata Setyastrini, Ni Luh Putri Silvi Asna Prestianawati Sim, Yulia Melyanda Sir, Monsar Marito Siswahyudianto Situmorang, Trisna Vela Smith, Alan Subhan Purwadinata, Subhan Sudarnice, Sudarnice Susanto, M. Harri Trisna Trisna, Trisna Umiriyana, Umiriyana Uswatun Hasanah, Dinda Wahyudi widowati widowati Winda Sari Yogi Pasca Pratama, Yogi Pasca Yohanes Hadi Soesilo Yon Widiyono Yusi Pramandari Zuhdiyaty, Noor

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