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All Journal JDM (Jurnal Dinamika Manajemen) MUQTASID Management Analysis Journal Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi Sunan Kalijaga: International Journal of Islamic Civilization Influence: International Journal of Science Review Management Analysis Journal Journal of Law and Legal Reform
Moh Khoiruddin
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Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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Pengaruh Analisis Kebangkrutan Model Altman Terhadap Harga Saham Perusahaan Manufaktur Adrian, Andromeda; Khoiruddin, Moh
Management Analysis Journal Vol 3 No 1 (2014): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v3i1.3354

Abstract

Abstract This study aims to help investors determine the health of companies listed in DES during 2008-2013 period by using the first model of Altman Z – Score, Z = 1.2 X1 + 1.4 X2 + 3.3 X3 + 0.6 X4 +0.999 X5, and analyze Z - Score influence on stock prices. The stock price was taken on 28th day after the company published financial statements. 36 manufacturing companies were sampled by purposive sampling. Z - Score calculation results showed that there were 2 potentially bankrupt companies, 9 companies in grey category, and 25 other companies are healthy. Simple regression analysis results showed that the value of the Z - Score does not affect the stock price. However, the result of the simultaneous multiple regression analysis on financial ratios of the Z - Score affects the  stock prices, partially showed the ratio of WC/TA and S/TA negatively affect the stock price; ratio EBIT/TA have a positive effect on stock prices; ratio of RE/TA and MVE/BVD has no effect on stock prices. Keywords: Altman Z - Score, Financial Ratios of Z - Score, Share Price. Abstrak Penelitian ini bertujuan untuk membantu investor mengetahui tingkat kesehatan perusahaan manufaktur yang terdaftar dalam DES periode 2008-2013 dengan menggunakan model Altman Z-Score pertama yaitu Z = 1,2X1 + 1,4X2 + 3,3X3 + 0,6X4 +0,999X5 dan menganalisis pengaruh Z-Score terhadap harga saham. Harga saham diambil hari ke-28 setelah laporan keuangan perusahaan dipublikasikan. 36 perusahaan manufaktur diambil sebagai sampel berdasarkan purposive sampling. Hasil penghitungan Z-Score menunjukkan terdapat 2 perusahaan berpotensi bangkrut, 9 perusahaan masuk kategori grey/ rawan, dan 25 perusahaan lainnya sehat. Hasil analisis regresi sederhana menunjukkan nilai Z-Score tidak berpengaruh terhadap harga saham. Namun, hasil analisis regresi berganda secara simultan rasio keuangan pembentuk Z-Score berpengaruh terhadap harga saham, secara parsial menunjukkan rasio WC/TA dan S/TA berpengaruh negatif terhadap harga saham; rasio EBIT/TA berpengaruh positif terhadap harga saham; rasio RE/TA dan MVE/BVD tidak berpengaruh terhadap harga saham. Keywords: Altman Z-Score, Rasio Keuangan Pembentuk Z-Score, Harga Saham
Pengaruh Rasio Keuangan Early Warning System terhadap Tingkat Solvabilitas Perusahaan Asuransi Jiwa Syariah Periode 2010-2013 Utami, Ely Pramuji; Khoiruddin, Moh
Management Analysis Journal Vol 5 No 1 (2016): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i1.8133

Abstract

The purpose of this research is to investigate the influence of liquidity ratio, retention, expense ratio, and the size of the company to the company’s solvability rate that proxied by the ratio of risk-based capital (RBC). Samples of thr research was sharia life insurance companies that publish financial statements in 2010-2013. There were 40 samples in this research by using purposive sampling method. This research is a quantitative research. This research uses multiple linear regression. The results of this research shows that the expense ratio give significant affect to solvability rate of sharia life insurance company with a significance value of less than 0.05. While the liquidity ratio, the ratio of own retention and company size does not affect the companys solvability rate. The Advice given to investors who would buy insurance products do not need to pay attention to the liquidity ratio, and the size of the companys own retention in assessing the solvability rate of sharia life insurance companys as the third ratio did not affect the solvability rate. The Suggestions for the company is to maximize premiums in order to cover expenses due to the company expense ratio affect the solvency rate.
Pengaruh Corporate Governance dan Kinerja Keuangan dalam Memprediksi Kondisi Financial Distress Rahmawati, Diah; Khoiruddin, Moh
Management Analysis Journal Vol 6 No 1 (2017): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i1.8184

Abstract

Financial distress memilki hubungan yang kuat dengan kebangkrutan suatu perusahaan. Penelitan ini bertujuan untuk mendiskripsikan dan menganalisis pengaruh kepemilikan institusional, kepemilikan manajerial, ukuran dewan direksi ukuran dewan komisaris, rasio likuiditas, financial leverage, profitabilitas, dan ukuran perusahaan terhadap kondisi financial distress perusahaan yang masuk Daftar Efek Syariah pada periode 2007-2010. Populasi dalam penelitian ini adalah seluruh perusahaan yang masuk Daftar Efek Syariah selama periode 2011-2013. Sedangkan sampel penelitian ini ditentukan dengan metode purposive sampling sehingga diperoleh 61 perusahaan sampel. Jenis data yang digunakan adalah data sekunder yang diperoleh dari www.idx.co.id. Metode analisis yang digunakan adalah analisis regresi logistik. Hasil penelitian menunjukkan variabel kepemilikan institusional, ukuran dewan direksi, financial leverage, dan profitabilitas berpengaruh negatif signifikan terhadap financial distress. Ukuran perusahaan berpengaruh positif signifikan terhadap financial distress. Sementara kepemilikan manajerial, ukuran dewan komisaris, dan likuiditas tidak signifikan memprediksi kondisi financial distress.
Pengaruh Good Corporate Governance terhadap Manajemen Laba pada Perusahaan yang Masuk dalam JII (Jakarta Islamic Index) Tahun 2012-2013 Sutino, Eva Rosa Dewi; Khoiruddin, Moh
Management Analysis Journal Vol 5 No 3 (2016): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i3.8274

Abstract

Penelitian ini bertujuan untuk menguji pengaruh good corporate governance terhadap manajemen laba. Good corporate governance diukur dengan indikator kepemilikan institusional, kepemilikan manajerial, ukuran dewan komisaris, proporsi dewan komisaris independen, ukuran komite audit dan manajemen laba dihitung dengan discretionary accruals. Corporate governance merupakan konsep yang didasarkan pada teori keagenan yang diharapkan dapat menurunkan biaya keagenan dan meminimalisir manajemen laba. Penelitian ini merupakan penelitian kuantitatif dan menggunakan data sekunder yang diambil dengan teknik dokumentasi. Populasi dalam penelitian ini adalah perusahaan yang masuk dalam JII selama 2012-2013. Sampel yang diambil melalui teknik purposive sampling berjumlah 38 data. Metode analisis dalam penelitian ini menggunakan analisis regresi berganda dengan bantuan program SPSS 20. Hasil penelitian ini menunjukkan bahwa kepemilikan institusional, kepemilikan manajerial, ukuran dewan komisaris dan ukuran komite audit tidak berpengaruh terhadap manajemen laba karena memiliki nilai signifikansi lebih dari 0,05. Sedangkan proporsi dewan komisaris independen memiliki pengaruh positif dan signifikan terhadap manajemen laba karena memiliki nilai signifikansi kurang dari 0,05. Saran yang berkaitan dengan hasil penelitian ini adalah dapat menambahkan periode penelitian lebih panjang untuk mengetahui konsistensi efek good corporate governance terhadap manajemen laba, membentuk dewan komisaris independen yang dapat menjalankan tanggung jawab dengan baik dan lebih teliti dalam membaca informasi keuangan sehingga dapat mengambil keputusan yang tepat untuk berinvestasi.
Pengaruh Struktur Kepemilikan, Struktur Pendapatan, Struktur Deposito terhadap Insolvency Risk Bank Syariah Prasetyowati, Fitriana Dwi; Khoiruddin, Moh
Management Analysis Journal Vol 6 No 2 (2017): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i2.16064

Abstract

Tujuan dari penelitian ini adalah untuk menjelaskan pengaruh struktur kepemilikan yaitu proksi highest dan block, struktur pendapatan yaitu proksi profit loss sharing income (pls) dan  non-profit loss sharing income (non-pls), struktur deposito yaitu profit sharing investment account (psia) dan non-profit loss sharing investment account (non-psia) terhadap insolvency risk. Populasi dalam penelitian ini adalah Bank Syariah di Bursa Efek Indonesia pada tahun 2011-2015. Jumlah sampel penelitian ini adalah 11 bank syariah dengan metode purposive sampling. Metode analisis menggunakan regresi linear berganda dengan program Eviews 8. Hasil penelitian ini adalah highest berpengaruh positif signifikan terhadap insolvency risk, sedangkan block, pls income, non-pls income, psia dan non-psia bepengaruh negatif signifikan terhadap insolvency risk pada bank syariah di Indonesia.
Peran Financial Distress Memediasi Kepemilikan Institusional, Kepemilikan Manajerial terhadap Return Saham Jannah, Indah Roikhatul; Khoiruddin, Moh
Management Analysis Journal Vol 6 No 3 (2017): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i3.18876

Abstract

Penelitian ini bertujuan untuk mendiskripsikan dan menganalisis pengaruh kepemilikan institusional, kepemilikan manajerial terhadap return saham melalui financial distress. Sampel penelitian sebanyak 282 observasi yang terdiri dari 84 perusahaan yang terdaftar di Bursa Efek Indonesia periode 2012-2015 dan pengamatan melalui metode purposive sampling. Teknik analisa yang digunakan yaitu analisis linier berganda dan analisis jalur (path analysis). Hasil penelitian menunjukkan bahwa kepemilikan institusional berpengaruh terhadap financial distress. Kepemilikan manajerial tidak berpengaruh terhadap financial distress. Kepemilikan institusional tidak berpengaruh terhadap return saham. Kepemilikan manajerial berpengaruh terhadap return saham. Financial distress tidak berpengaruh terhadap return saham. Financial distress memediasi pengaruh kepemilikan institusional terhadap return saham. Financial distress tidak memediasi pengaruh kepemilikan manajerial terhadap return saham.
The Effect Intellectual Capital on Sharia Companies Financial Performance in Two Countries in 2012-2016 Dewi, Karina Chandra; Khoiruddin, Moh
Management Analysis Journal Vol 8 No 2 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i2.30062

Abstract

Abstract The purpose of this study is to determine whether there is influence or not intellectual capital on the financial performance of sharia companies JII Indonesia and BMHSI Malaysia. The research samples is 28 JII companies and 6 BMHSI companies in 2012-2016. The data analysis method used in this study is multiple regression analysis. The results showed that the VACA variable regression coefficient was 12,232 with a sig value of 0,000 on JII and 2,112 with a sig value of 0,045 on BMHSI; VAHU variable regression coefficient of 2.841 with a sig value of 0.005 on JII and 5.591 with a sig value of 0.000 on BMHSI; and STVA variable regression coefficient of 1.874 with a sig value of 0.063 on JII and -0.505 with a sig value of 0.618 on BMHSI. The conclusion of this study is that VACA and VAHU have a positive and significant effect on the financial performance of sharia JII companies as well as BMHSI and STVA which have a negative and not significant effect on the financial performance of sharia companies JII and BMHSI.  
Determinants of Funding Decision: Empirical Evidence from Companies Listed in Indonesia Stock Exchange Risnaeni, Eva Yuni; Khoiruddin, Moh
Management Analysis Journal Vol 10 No 2 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i2.45521

Abstract

The funding decision is an important decision for the company because this is the main decision in financial management that will directly influence the company’s financial position. The phenomenon from 2014-2018 describes that companies listed on the Indonesia Stock Exchange have increased levels of debt and debt to equity ratio so the proportion of debt still dominates in the company’s capital structure. This study intends to test empirically the impact of the investment opportunity set (IOS), managerial ownership, institutional ownership, and profitability on corporate funding decisions. The population of this research is all companies listed on the Indonesia Stock Exchange for the period 2014-2018. Samples that match the criteria based on the purposive sampling technique are 83 companies with a period of 5 years in order to obtain a result of 415 units of observations. Data were collected using the documentation method/secondary data. Data were analyzed using the panel data regression method and processed using Eviews version 9 software. The results of the research evidence that the investment opportunity set (IOS) has a significant positive effect on funding decisions, while institutional ownership and profitability have a significant negative effect on funding decisions. However, managerial ownership has no significant effect on funding decisions. For further researchers, it is suggested to develop a similar theme by adding variables that influence funding decisions, changing managerial ownership proxies, and adding IOS proxies to get better research results.
Pengaruh Rasio Keuangan Early Warning System terhadap Tingkat Solvabilitas Perusahaan Asuransi Jiwa Syariah Periode 2010-2013 Utami, Ely Pramuji; Khoiruddin, Moh
Management Analysis Journal Vol 5 No 1 (2016): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i1.8133

Abstract

The purpose of this research is to investigate the influence of liquidity ratio, retention, expense ratio, and the size of the company to the company’s solvability rate that proxied by the ratio of risk-based capital (RBC). Samples of thr research was sharia life insurance companies that publish financial statements in 2010-2013. There were 40 samples in this research by using purposive sampling method. This research is a quantitative research. This research uses multiple linear regression. The results of this research shows that the expense ratio give significant affect to solvability rate of sharia life insurance company with a significance value of less than 0.05. While the liquidity ratio, the ratio of own retention and company size does not affect the company's solvability rate. The Advice given to investors who would buy insurance products do not need to pay attention to the liquidity ratio, and the size of the company's own retention in assessing the solvability rate of sharia life insurance company's as the third ratio did not affect the solvability rate. The Suggestions for the company is to maximize premiums in order to cover expenses due to the company expense ratio affect the solvency rate.
Pengaruh Corporate Governance dan Kinerja Keuangan dalam Memprediksi Kondisi Financial Distress Rahmawati, Diah; Khoiruddin, Moh
Management Analysis Journal Vol 6 No 1 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i1.8184

Abstract

Financial distress memilki hubungan yang kuat dengan kebangkrutan suatu perusahaan. Penelitan ini bertujuan untuk mendiskripsikan dan menganalisis pengaruh kepemilikan institusional, kepemilikan manajerial, ukuran dewan direksi ukuran dewan komisaris, rasio likuiditas, financial leverage, profitabilitas, dan ukuran perusahaan terhadap kondisi financial distress perusahaan yang masuk Daftar Efek Syariah pada periode 2007-2010. Populasi dalam penelitian ini adalah seluruh perusahaan yang masuk Daftar Efek Syariah selama periode 2011-2013. Sedangkan sampel penelitian ini ditentukan dengan metode purposive sampling sehingga diperoleh 61 perusahaan sampel. Jenis data yang digunakan adalah data sekunder yang diperoleh dari www.idx.co.id. Metode analisis yang digunakan adalah analisis regresi logistik. Hasil penelitian menunjukkan variabel kepemilikan institusional, ukuran dewan direksi, financial leverage, dan profitabilitas berpengaruh negatif signifikan terhadap financial distress. Ukuran perusahaan berpengaruh positif signifikan terhadap financial distress. Sementara kepemilikan manajerial, ukuran dewan komisaris, dan likuiditas tidak signifikan memprediksi kondisi financial distress.
Co-Authors Alkhomah, Al Andromeda Adrian, Andromeda Barokah, Fitria Nur Basuki, Novianto Cahya Wulandari Dewi, Karina Chandra Diah Rahmawati Ely Pramuji Utami, Ely Pramuji Eva Rosa Dewi Sutino, Eva Rosa Dewi Fauzi, Ricky Dermawan Hamansyur, Fadyana Aida Hassan, Muhammad Sayuti Jannah, Indah Roikhatul Jannah, Indah Roikhatul Mahani Alfianti Sudarsono, Mahani Alfianti Mursidah, Siti Nababan, Evelin Bertua Nugraha, Mahardika Dandy Prasetyowati, Fitriana Dwi Prasetyowati, Fitriana Dwi Putra, M Rinaldy Putri, Afifa Azka Risnaeni, Eva Yuni Septantri, Lidiadni Yuni Setiowati