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All Journal Jurnal Manajemen dan Agribisnis ESENSI: JURNAL BISNIS DAN MANAJEMEN Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI Economic Journal of Emerging Markets Jurnal Siasat Bisnis Jurnal Ilmiah Akuntansi dan Bisnis Jurnal Ekonomi Kuantitatif Terapan MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Jurnal Manajemen Teknologi Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) Trikonomika: Jurnal Ekonomi Journal of Economics, Business, & Accountancy Ventura IQTISHADIA JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis MIX : Jurnal Ilmiah Manajemen Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Asia-Pacific Management and Business Application Substansi: Sumber Artikel Akuntansi Auditing dan Keuangan Vokasi IJHCM (International Journal of Human Capital Management) Jurnal Bisnis dan Manajemen Economica: Jurnal Ekonomi Islam Jurnal Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Jurnal ASET (Akuntansi Riset) Jurnal Riset Akuntansi dan Keuangan Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Jesya (Jurnal Ekonomi dan Ekonomi Syariah) JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT Dinasti International Journal of Education Management and Social Science International Journal of Economics Development Research (IJEDR) Quantitative Economics and Management Studies BISMA (Bisnis dan Manajemen) Economic Reviews Journal Proceeding of the International Conference on Family Business and Entrepreneurship (ICFBF) Indonesian Capital Market Review Eduvest - Journal of Universal Studies
Buddi Wibowo
Department Of Management, Economic And Business Faculty, Universitas Indonesia, Jakarta
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Hedging Ratio Measurement Methods and Hedging Effectiveness in Jakarta Futures Exchanges Wibowo, Buddi
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 18, No 1 (2017): JEP 2017
Publisher : Universitas Muhammdaiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v18i1.3473

Abstract

Estimation method of  hedge ratio is a crucial step in hedging strategies in the commodity futures market. This study examines the effectiveness of hedging strategy against cash position in Indonesia’s cocoa beans and Robusta coffee spot market using three hedge ratio estimation methods: OLS, Vector Error Correction Model, and Threshold-ARCH. The results show the hedging effectiveness in the Jakarta Futures Exchange is considerably highly effective to reduce the impact of fluctuations of spot price. The effectiveness of hedging strategy using  OLS as the  simplest method is close to VECM method and TARCH. Implementation OLS hedge ratio resulted  the highest hedging  effectiveness and give a strong support for market players in executing a hedging strategy in Jakarta Futures Exchange due to OLS  simplicity in estimation procedure
Comovement Indeks Pasar Saham Syariah dan Variabel Makro Ekonomi: Pendekatan Regime-Switching Regression Wibowo, Buddi
IQTISHADIA Vol 10, No 2 (2017): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v10i2.2237

Abstract

Hubungan imbal hasil indeks syariah dengan variabel makroekonomi merupakan topik riset yang cukup banyak menarik perhatian para peneliti. Comovement antara indeks syariah dengan indeks pasar saham konvensional mengindikasikan adanya hubungan kointegrasi antara kedua pasar tersebut. Comovement antara indeks syariah dan indeks pasar konvensional jauh lebih kuat pada saat volatilitas  rendah dibandingkan pada regime volatilitas yang tinggi. Signifikannya hubungan antara imbal hasil indeks syariah di Bursa Efek Indonesia dengan perubahan suku bunga memunculkan pertanyaan apakah saham-saham perusahaan yang termasuk di dalam Jakarta Islamic Index telah disaring secara ketat sehingga komponen biaya bunga sudah minimal atau karena mikro struktur pasar saham Indonesia yang didominasi investor asing.          Model regresi Markov regime-Switching mengungkapkan adanya perbedaan signfikan pengaruh perubahan nilai tukar terhadap imbal hasil indeks syariah  antara regime volatilitas yang tinggi dengan regime volatilitas yang rendah. Pengaruh nilai tukar hanya signifikan pada saat regime volatilitas yang rendah. Hal ini tidak dapat diungkap jika kita hanya menggunakan model regresi linier OLS biasa.
Market Power, Types of Ownership and Bank Income Diversification: Cases of Asian Countries Robertho, Valentino; Wibowo, Buddi
JDM (Jurnal Dinamika Manajemen) Vol 9, No 1 (2018): March 2018 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v9i1.14648

Abstract

This study aims to analyze the effects of market power and type of ownership on bank’s income diversification in Indonesia, Malaysia, the Philippines, Thailand, and China. Banks diversifies their source of income to stabilize profitability level. Bank’s market power is a critical factor which affect its income diversification efforts. This study uses Lerner Index as a proxy for banks’ market power. By using a sample of 80 banks in five countries from 2012 to 2016 and operating Fixed Effect Model and Generalized Least Square, the result shows that banks with greater market power earn more non-interest income, except in the Philippines. Also, government ownership is proven to heighten the relation between market power and income diversification, with consistent results shown in each subsamples. Foreign ownership also heighten the relation between market power and income diversification, except in Thailand.
Uji empirik strategi struktur modal pecking order pada perusahaan-perusahaan non keuangan lq45 bursa efek indonesia Adrianto, Adrianto; Wibowo, Buddi
INOVASI Vol 15, No 1 (2019)
Publisher : Faculty of Economics and Business Mulawarman University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (428.031 KB) | DOI: 10.29264/jinv.v15i1.4448

Abstract

This paper tests the pecking order hypothesis whether it confirms the empirical result on LQ45 firmswhich in some senses are having relatively smaller assymmetric information problem than other go public firms in Indonesia. The result shows that financing deficit, profitability, and lagged leverage can significantly determine current shock of long-term debt. R value changed significantly after the former variable added in to the model, indicating that it is the biggestbut not a singlefactor determining net debt issuance. Yet, this variabel has a magnitude of about 0.60, indicating that it doesnt respond one-on-one with debt. Thus, it appears that the theory has less power in explaning LQ45 firms capital decisions
The Analysis of Company Decisions in Choosing Sukuk and Bonds Using Logit Model Pribadi, Sukma Kukuh; Wibowo, Buddi
Economica: Jurnal Ekonomi Islam Vol 10, No 1 (2019)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2019.10.1.3211

Abstract

Sukuk has become one of alternative financing for corporate. The development of Sukuk provides the flexibility choices of company?s funding decisions that required their needs and capabilities. Sukuk market in Indonesia is the second largest in emerging East Asia in terms of size but the number of issued Sukuk lower than a conventional bond. This study aims to obtain empirical evidence that the characteristics of the company influence the decision of the company in issuing Sukuk and bonds using the logit model. The results of this study conclude: (1) leverage has a negative influence and significant (2) size of the firm has a positive influence and significant (3) fixed assets has a positive influence and significant to the decision of the company in issuing Sukuk.
Stabilitas Bank, Tingkat Persaingan Antar Bank dan Diversifikasi Sumber Pendapatan: Analisis Per Kelompok Bank di Indonesia Wibowo, Buddi
Jurnal Manajemen Teknologi Vol 15, No 2 (2016)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2016.15.2.5

Abstract

Abstrak. Paradigma “competition-fragility” dan “competition-stability” memiliki alur logika yang bertentangan atas hubungan antara kompetisi antar dan stabilitas bank. Menurut Berger et al (2009), kedua pandangan tersebut berbeda pada aspek yang berkaitan dengan risiko kredit (loan risk), namun pada risiko yang dihadapi bank secara keseluruhan, kedua pandangan tersebut memiliki prediksi yang sama. Pada pasar kredit yang didominasi oleh bank dengan market power yang besar, risiko portfolio kredit bank memang akan naik seperti yang diprediksi oleh pandangan “competition-fragility”, namun risiko bank secara keseluruhan tidak selalu ikut naik bersamaan dengan naiknya risiko portfolio kredit. Uji empirik pada perbankan Indonesia mendukung hipotesis tersebut, kecuali pada kelompok bank asing yang memiliki model bisnis tersendiri. Hubungan kompetisi dan risiko kredit bank di Indonesia juga terbukti memiliki pola U -shape yaitu kompetisi yang meningkat pada tahap awal dapat menekan risiko kredit, salah satunya melalui peningkatan diversifikasi pendapatan dan jenis kredit bank, namun pada titik tertentu meningkatnya kompetisi justru memperburuk kualitas portfolio kredit perbankan.Kata Kunci: Kompetisi Perbankan,Risiko, Stabilitas, DiversifikasiAbstract. The"Competition-fragility" view and The "Competition-stability" view has a contrary logical flow in predicting the relationship between bank stability and competition among banks. According to Berger et al (2009), these two views differ on credit risk aspect of loan portfolio, but on the risks faced by the bank as a whole, these two views have the same prediction. In the credit market which is dominated by few banks with substantial market power, the risk of bank credit portfolio increases as predicted by the view "competition-fragility", but the bank's overall risk does not always go up with the jump in credit portfolio risk. The paper shows that empirical test of the Indonesian banking system support this hypothesis, except in foreign bank group that has its own business model. The relationship of competition and the credit risk of banks in Indonesia also have a U -shape pattern that increasing competition in the early stages can reduce credit risk, which is due to increasing income diversification and diversification of bank credit type, but at a certain point the increasing competition has worsened the quality of bank credit portfolio.Key word: Banking Competition, Risk, Stability, Diversification
Tingkat Persaingan Bank dan Risiko Sistemik Perbankan: Kasus Indonesia Wibowo, Buddi; Siantoro, Andree Prasetyo
Jurnal Manajemen Teknologi Vol 17, No 3 (2018)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2018.17.3.1

Abstract

Abstrak. Penelitian ini bertujuan untuk menguji pengaruh tingkat persaingan bank terhadap risiko sistemik perbankan di Indonesia untuk periode 2010-2014. Dengan menggunakan metode Lerner Index sebagai pengukuran tingkat persaingan bank dan metode Merton's distance-to-default sebagai basis pengukuran risiko sistemik, hasil riset menunjukan tingkat persaingan individual bank secara signifikan berpengaruh negatif terhadap risiko sistemik perbankan Indonesia. Semakin rendah tingkat konsentrasi pasar perbankan akan menurunkan tingkat risiko sistemik. Tingginya tingkat persaingan bank mendorong bank-bank untuk mendiversifikasikan risiko-risikonya sehingga menyebabkan sistem perbankan semakin kokoh.Kata kunci: Risiko sistemik, persaingan bank, distance-to-default, lerner index, profitabilitasAbstract. The objective of this research is to measure the effect of individual bank competitiveness on bank systemic risk in Indonesia during 2010-2014. Using Lerner Index to measure bank degree of competitiveness and Merton's distance-to-default to measure systemic risk, result a significant negative relationship between bank degree of competitiveness and systemic risk. The less concentrated of banking market cause systemic risk reduction. The greater bank degree of competitiveness encourages banks to take more diversified risks, causes a fragile banking system.Keywords: Systemic risk, bank competition, distance-to-default, lerner index, profitability
Mood Investor, Cuaca, dan Pergerakan Return Pasar Saham Wibowo, Buddi
Jurnal Riset Akuntansi dan Keuangan Vol 7, No 3 (2019): Jurnal Riset Akuntansi dan Keuangan. Desember 2019 [DOAJ & SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v7i3.17813

Abstract

 Abstract. The empirical aspect of fully rational assumption in stock trading in the stock exchange is a living debate. The findings of the study that link investors' moods with the movement of stock market returns are one of the criticism of research behavioral finance towards the assumption of full rational behavior. This study aims to examine empirically the influence of weather factors on investor mood reflected in stock market returns on the Jakarta stock exchange. To test the effect of weather, this study measures extreme weather conditions both low and high state. The findings show that the temperature factor is the most significant weather factor affecting the mood of investors and driving stock returns in the Jakarta stock exchanges. Keywords. : Behavioural Finance; Mood; Stock Market Return; Weather. Abstrak. Aspek empirik dari asumsi rasionalitas penuh dalam perdagangan di bursa saham banyak digugat. Temuan penelitian yang mengkaitkan mood investor dengan pergerakan return pasar saham menjadi salah satu gugatan alur riset behavioral finance terhadap asumsi perilaku rasional penuh.  Penelitian ini bertujuan menguji secara empirik pengaruh faktor-faktor cuaca terhadap mood investor yang tercermin pada return pasar saham di bursa saham Jakarta. Untuk menguji pengaruh cuaca, penelitian ini mengukur kondisi cuaca ekstrim baik yang rendah maupun yang tinggi. Temuan menunjukkan faktor suhu merupakan faktor cuaca yang paling signifikan mempengaruhi mood investor dan menggerakkan return saham di bursa saham Jakarta.
Prediksi Financial Distress Bank Umum di Indonesia: Analisis Diskriminan dan Regresi Logistik Shidiq, Imaduddin; Wibowo, Buddi
Esensi: Jurnal Bisnis dan Manajemen Vol 7, No 1 (2017)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/ess.v7i1.4686

Abstract

Financial Distress Prediction in The Indonesian Banks: Discriminant Analysis and Logistic RegressionThis research aims to create early warning models for predicting financial distress on Indonesian commercial banks. Early warning models is made by estimating bank indicators that led bank run into financial problems which to be shut down by the government. Estimation use two methods, discriminant analysis, logistic regression. The data used to create models is bank's financial ratios in 1994-1997 gathered from Direktori Perbankan Indonesia (DPI). Out of the sample test use the data in 1998. All model were used to predict the bank's financial distress after 2000. This study found some characteristics of distressed banks that will be in the state of failure in two or three years. Finally, this research found that early warning system models is able to predict the probability of financial distress on commercial banks.DOI:  10.15408/ess.v7i1.4686 
IPO Underpiricing, Accounting Conservatism, and Herd Behavior Wibowo, Buddi
Jurnal ASET (Akuntansi Riset) Vol 13, No 1 (2021): JURNAL ASET (AKUNTANSI RISET) JANUARI - JULI 2021 [DOAJ & SINTA INDEXED]
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jaset.v13i1.32464

Abstract

IPO underpricing is an example of anomalous behavior in capital market. Stock price in primary market tends to very low and then increases signifinactly in adjacent secondary market.  If we believe that stock issuer would not leave the money on the table, so this anomaly must come from investors’ irrational behavior or lack of information in secondary market. Accounting conservatism plays an important role in reporting a fair financial condition which is basic information for investor to set fair stock price. Accounting conservatism gives a strong signal to market participant that the company always exposes real dan honest its financial performance so gives no room for speculation of its stock price in the market. However, mispricing in secondary market is not only affected by speculative behavior but also herding behavior where retail uninformed investors tend to follow market leader and create a speculative stock price wave. This study show that accounting conservatism and herding behavior are crucial factor in understanding contradicting behavior in primary and secondary market in Indonesia Stock Exchanges
Co-Authors Adrianto, Adrianto Akbar, Lolita Akbar, Moh Abrori Alfadjri, Muhammad Rummy Anas Lutfi Asrudin, Rudi Bagus Adhi Luthfi Budhi Santoso, Pungkas Farah Permanasari Firly Armanda Girindra Chandra Alam Hasna Fadhila Hendrikus Passagi I Gde Reza Rizky Margana I. G. B. Erri Wibowo Ida Bagus Teguh Cipta Maya Negara Jemitra, Jemitra Kurniawan, Adithya Kusmini, Tuti Lazuardi, Eduardo Martono Tampubolon Mochamad Yusuf Alsagaff Muhammad Budi Prasetyo Muhammad Iqbal Muhammad Iqbal Muhammad Pudjianto Murdani, Ahmad Dwi Mutiara Hikmah Nur Astiwi, Putri Pittauli Lidia Simanjuntak Pribadi, Sukma Kukuh Putri Nur Astiwi Rasyadan, Resa Robertho, Valentino Robertho, Valentino Shasazuhni, Mohamad Shidiq, Imaduddin Siantoro, Andree Prasetyo Stefano, David Subhiksa, Siwa Kantha Teuku Sadri Ramadhan Titis Fatarina Mahfirah Wibowo, I. G. B. Erri Wilbert Ham