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<![CDATA[IPO Underpiricing, Konservatisme Akuntansi, dan Sentimen Investor ]]>
<![CDATA[Wibowo, Buddi]]>
<![CDATA[ Jurnal Manajemen Teknologi Vol 20, No 2 (2021) ]]>
Publisher : <![CDATA[SBM ITB ]]>
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DOI: 10.12695/jmt.2021.20.2.4
<![CDATA[Abstrak. Kenaikan harga saham yang sangat besar dibandingkan harga IPO nya sulit dijelaskan secara logis. IPO Underpricing mustahil ditetapkan perusahaan emiten secara sukarela, sementara investor yang berani membeli dengan harga yang terlalu tinggi hanya kelompok yang tidak rasional atau kurang informasi. Laporan keuangan yang disusun secara konservatif dan kualitas akrual yang lebih baik membuka peluang bagi semua investor untuk dapat mengestimasi harga wajar saham IPO sehingga disagreement di antara investor tidak terlampau lebar dan fluktuasi harga akibat spekulasi tidak terlampau tinggi di pasar sekunder. Menggunakan data Bursa Saham Indonesia, studi ini menemukan pengaruh konservatisme akuntansi dan kualitas akrual terbukti menguat apabila holding period menjadi 30 hari setelah IPO karena semakin lama periode investasi, ketidakjelasan informasi laporan keuangan menyebabkan peluang melakukan spekulasi semakin lebar. Kenaikan harga saham setelah IPO dipengaruhi juga oleh sentimen investor dan kondisi pasar.Katakunci: IPO, underpricing, konservatisme akuntansi, kualitas akrual, sentiment investor. Abstract. The significant increase of stock price compared to its IPO price is difficult to explain. Companies which issue their stock are impossible to set underpriced IPO voluntarily, while investors who buy an overpriced stock are only they who are not rational or lack of information. Conservative financial statements and high accrual quality provide an opportunity for all investors to be able to estimate the fair price of IPO shares so that the disagreement among investors is not too wide and price fluctuations due to speculation are not too high in the secondary market. Using Indonesia Stock Exchanges, the results show that influence of accounting conservatism and accrual quality are stronger in the 30 holding period after the IPO because the uncertainty of financial statement information led to wider speculation opportunities in the long period. The rise in stock prices after IPO is also influenced by investor’s sentiment and market conditionsKeywords: IPO, underpricing, accounting conservatism; accrual quality, investor sentiment]]>
<![CDATA[DAMPAK RISIKO DEFAULT BANK TERHADAP RISIKO SISTEMIK PERBANKAN DAN RISIKO SISTEMATIK BURSA SAHAM DI LIMA NEGARA ASEAN ]]>
<![CDATA[Buddi Wibowo]]>;
<![CDATA[Wilbert Ham]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 20, No 1 (2016): January 2016 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
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DOI: 10.26905/jkdp.v20i1.149
<![CDATA[AbstractGlobal financial crisis in 2008 has driven special attention to systemic banking sector risk that cause byindividual bank default. Though, banking crisis significantly affect economic growth and national macroeco-nomic condition. Individual bank default non only affect banking industry but also has serious injured theeconomy. Bank default risk not only affect systemic risk but also systematic risk.ASEAN financial integrationplan raise a need to understand characteristics of ASEAN banking industry. Close relationship and intercon-nection between ASEAN economies will make individual bank default a serious issue that its effect will spreadto all ASEAN economy. This research aimed to investigate the effect of bank default risk on systemic andsystematic risk in 5 ASEAN countries. We find that bank default risk significantlyraised systemic risk, esspeciallyin country with high concentration in its banking industry structure. Big banks tend to more serious effect onsystemic risk. Systematic risk tend to be affected by macroeconomy condition, rather than default risk ofindividual bank.]]>
<![CDATA[Private information, yield volatility, and interaction between groups of investors: Case of Indonesia government bond market ]]>
<![CDATA[Buddi Wibowo]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
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DOI: 10.26905/jkdp.v23i2.2823
<![CDATA[Relation of private information and yield volatility in the relatively low liquid markets such as the Indonesia government bond market is one of the recent important research topics in finance. Because private information accumulation mastery affects interaction patterns between dealers dan their customers, it is urgent to identify this price mechanism in the government bond market, especially in a low liquid market in which small trading volume may create serious yield volatility. If there is a substantial disagreement on bond fair value because of distinct private information quality between each of those groups of investors' success to accumulate it, bond price will fluctuate wildly. This paper study the dealer and customer order flow interaction to identify which side that have greater impact on yield volatility. The results show that from the two layers of order flow, disagreement between dealers and customers is slightly in a short-term and medium-term bond so their volatility is relatively low. But for a long-term bond, disagreement is substantial and creates high yield volatility. Different trading platforms and strategies between dealers and customers play an important role in creating high yield fluctuations.JEL Classification: G12, G14, G11DOI: https://doi.org/10.26905/jkdp.v23i2.2823]]>
<![CDATA[Relationship between Entrepreneurial Intention Among Undergraduates Student and Entrepreneurship Education: Differences between Gender ]]>
<![CDATA[Buddi Wibowo]]>
<![CDATA[ APMBA (Asia Pacific Management and Business Application) Vol 5, No 1 (2016) ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics and Business, Brawijaya University ]]>
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DOI: 10.21776/ub.apmba.2016.005.01.3
<![CDATA[Entrepreneurial intentions among undergraduates students need more indepth study to reveal entrepreneurial intention formation model, intention determinant variables, and how those variables interact each other in the intention formation process and intention strength level. Personal attitudes and social norms are the most important variable influencing entrepreneurial intentions, besides perceived behavioral control. These three variables are the most important entrepreneurial intentions determinant variable that each are directly influenced by personal beliefs. Prior research show gender gaps in entrepreneurial activity and there is a significant different entrepreneurial intentions formation process between gender. Entrepreneurship educations are aimed to change all personal beliefs to be more positive to entrepreneurial activity so we could find strong entrepreneurial intentions among undergraduate students. Empirical test show that entrepreneurship education significantly influence personal attitude dan perceived behavior control to be more favorable in developing entrepreneurship education. Female students tend to value more on non monetary entrepreneurial benefits than male student. Entrepreneurship education strengthen each gender’ tendency to value more what they initially believe.]]>
<![CDATA[Uji Empirik Metode Pengukuran Hedging Ratio dan Efektivitas Hedging di Bursa Komoditas Berjangka Jakarta ]]>
<![CDATA[Buddi Wibowo]]>
<![CDATA[ Jurnal Manajemen & Agribisnis Vol. 14 No. 3 (2017): JMA Vol. 14 No. 3, November 2017 ]]>
Publisher : <![CDATA[School of Business, Bogor Agricultural University (SB-IPB) ]]>
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DOI: 10.17358/jma.14.3.284
<![CDATA[Hedging strategies in the commodity futures market is strongly influenced by the estimation method of hedge ratio. This study examines the effectiveness of hedging strategy against cash position in Indonesia’s palm oil 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. The effectiveness of hedging strategy using OLS hedge ratio provides an opportunity for market player in implementing hedging strategy in Jakarta Futures Exchange due to its simplicity in estimation procedureKeywords: hedge ratio, hedging effectiveness, OLS, VECM, TARCH]]>
<![CDATA[Banking Competition Measurement and Banking Sector Performance: Analysis of 4 ASEAN Countries ]]>
<![CDATA[Buddi Wibowo]]>
<![CDATA[ Signifikan: Jurnal Ilmu Ekonomi Vol 6, No 1 (2017) ]]>
Publisher : <![CDATA[Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta ]]>
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DOI: 10.15408/sjie.v6i1.4547
<![CDATA[Many believe concentrated banking industry which is dominated by few big banks creates lower competition, high profitability, and low efficiency. The main issue in empirical testing of this hypothesis is how to measure banking competition level. Traditional measures of competition are concentration ratio and Herfindahl-Hirschman Index. This study uses three measures of banking level competition which are widely used in recent financial literature: Boone Indicator, Lerner Index and H-Panzar-Rosse statistics. Lerner Index and H-Panzar-Rosse statistics resulted a similar competition level conclusion, while Boone Indicator produced slightly different output. Industry concentration produced opposing results with those three level of industry competition measurement methods. The results show banking competition tend to be a monopolistic competition in ASEAN countries, especially in Indonesia which banks’ strategy basically were non-pricing strategy. Competition significantly caused lower profitability, while banking efficiency was not significantly affected by level of competition.DOI: 10.15408/sjie.v6i1.4547]]>
<![CDATA[Religiosity and Entrepreneurial Intention ]]>
<![CDATA[Buddi Wibowo]]>
<![CDATA[ ETIKONOMI Vol 16, No 2 (2017) ]]>
Publisher : <![CDATA[Faculty of Economic and Business ]]>
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DOI: 10.15408/etk.v16i2.4963
<![CDATA[Religion and economic activities relationship is an evolving research topic in economics. Secular world-view usually put a side religiosity as just one of non-economic factors. However, religiosity is an important individual characteristic that has significant influence in shaping daily life decisions. Entrepreneurial intentions among undergraduates students need deeper study in order to reveal entrepreneurial intention formation model, intention determinant variables, how those variables interact each other, and how individual religiosity affect intention formation process and intention strength level. Based on Structural Equation Model, personal attitudes and social norms are the most important variables influencing entrepreneurial intentions, besides perceived behavioral control. These three variables are the most important entrepreneurial intentions determinant variable that direcly are influenced by personal beliefs about these factors. Religiosity plays an important role in entrepreneurial intention. Empirical test show that religious student group has stronger personal attitude towards entrepreneurial activity dan perceived behavior control compared to irreligious group.DOI: 10.15408/etk.v16i2.4963]]>
<![CDATA[Systemic risk, bank’s capital buffer, and leverage ]]>
<![CDATA[Buddi Wibowo]]>
<![CDATA[ Economic Journal of Emerging Markets Volume 9 Issue 2, 2017 ]]>
Publisher : <![CDATA[Universitas Islam Indonesia ]]>
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DOI: 10.20885/ejem.vol9.iss2.art4
<![CDATA[This paper measures individual bank’s impact on banking systemic risk and examines the effect of individual bank’s capital buffer and leverage to bank’s systemic risk impact in Indonesia during 2010-2014. Using Merton’s distance-to-default to measure systemic risk, the study shows a significant negative relationship between bank’s capital buffer and systemic risk. High capital buffer tends to lowering bank’s impact on systemic risk. Bank’s leverage level also influences its contribution to systemic risk, even though the impact is much lower compared to that of capital buffer impact.]]>
<![CDATA[Spirituality, Entrepreneurship Education and Entrepreneurial Intention Among Moslem Undergraduate Students: Spiritual Well-Being Scaling Application ]]>
<![CDATA[Buddi Wibowo]]>
<![CDATA[ Indonesian Journal of Business and Entrepreneurship (IJBE) Vol. 5 No. 2 (2019): IJBE, Vol. 5 No. 2, May 2019 ]]>
Publisher : <![CDATA[School of Business, IPB University (SB-IPB) ]]>
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DOI: 10.17358/ijbe.5.2.118
<![CDATA[The objectives of this study were to test the effectiveness of entrepreneurship education among Moslem undergraduate students, determinants of intentions, and the interactions between these variables and spirituality that determine the process. Spirituality influences student’s’ view on economic activity and interaction with their environment. The research subjects were Moslem students at the Faculty of Economics and Business of University of Indonesia that may be classified as a nascent entrepreneur: the group that is considering self-employment as a career choice. The techniques of data collection were interviews and questionnaires. The data were analyzed using a quantitative approach of Mann-Whitney U-test to test the effects of education among the groups of students who have received entrepreneurship education and groups that have not, as a control group. The results showed that (1) there are three factors that can identify entrepreneurial intentions which can be identified in detail with three indicators and (2) the effects of entrepreneurship education in shaping the entrepreneurial intentions which depends on student’s’ spirituality.Keywords: entrepreneurship intention, beliefs, education, spirituality]]>
<![CDATA[Kepemilikan aset spesifik, keunggulan kompetitif, dan struktur modal perusahaan: Studi kasus perusahaan publik di Indonesia ]]>
<![CDATA[Buddi Wibowo]]>
<![CDATA[ Jurnal Siasat Bisnis Vol 20, No 2 (2016) ]]>
Publisher : <![CDATA[Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia ]]>
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DOI: 10.20885/jsb.vol20.iss2.art2
<![CDATA[Sustainable competitive advantage muncul dari kepemilikan asset-asset yang memiliki suatu keunikan sehingga menciptakan distinctive compe tence yang sulit ditiru oleh para pesaing. Keunikan tersebut makin sulit ditiru apabila asset tersebut tidak transparan bagi para pesaing atau, bahkan, bagi perusahaan yang memilikinya sendiri karena proses produksi yang unik atau ambiguitas hubungannya dengan faktor-faktor internal lainnya seperti kultur perusahaan atau kualitas SDM. Namun di sisi lain, kepemilikan asset yang unik ini membawa dampak yang serius bagi perusahaan dari sisi pendanaannya. Bank, misalnya, kesulitan untuk menilai secara akurat asset yang spesifik dan opaque seperti ini sehingga biaya hutang yang dituntut bank menjadi lebih tinggi. Implikasi dari hal itu, struktur modal perusahaan seperti ini akan didominasi oleh ekuitas. Riset ini berupaya menguji hal tersebut dalam konteks perusahaan-perusahaan non keuangan di Indonesia sekaligus uji empirik atas hipotesis resource based strategy yang dikenal dalam literature manajemen strategik dengan riset empirik keuangan yang sejauh ini tidak mempertimbangkan komposisi dan keunikan asset dapat mempengaruhi struktur modal perusahaan. Kami menemukan bukti bahwa perusahaan Indonesia memiliki kondisi yang berbeda dari yang diprediksi oleh resouce based view strategy. Pengeluaran R&D rata-rata perusahaan Indonesia relatif sangat rendah dan tidak berdampak pada struktur modal perusahaan. Selain itu, konservatif nya prinsip akuntansi Indonesia diduga menciptakan bias pengukuran asset spesifik dan asset opacity.]]>
