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All Journal Jurnal Keuangan dan Perbankan Kinerja CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya Jurnal Widya Manajemen & Akuntansi Journal of Indonesian Economy and Business Jurnal Manajemen Atma Jaya Jurnal Al-Qardh MABIS: Manajemen dan Bisnis International Journal of Business Economics (IJBE) Jurnal Akuntansi dan Keuangan Indonesia Eduvest - Journal of Universal Studies
Putu Anom Mahadwartha
Universitas Surabaya
Religion Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Neuroscience Social Sciences

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PERBEDAAN ABNORMAL RETURN PADA SEKTOR KEUANGAN SEBELUM DAN SESUDAH PERISTIWA PILKADA GUBERNUR DKI JAKARTA 20 SEPTEMBER 2012 Permana, Henry Tirta; Mahadwartha, Putu Anom; Sutejo, Bertha Silvia
CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya Vol 2, No 1 (2013): CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya
Publisher : University of Surabaya

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Abstract

Penelitian ini bertujuan untuk  menguji kandungan informasi peristiwa politik pilkada Gubernur DKI Jakarta pada 20 September 2012. Adanya kandungan informasi ini diteliti dengan mengetahui perbedaan abnormal return yang terjadi antara sebelum dan sesudah peristiwa pilkada.   Penelitian ini menggunakan pendekatan kuantitatif dengan menggunakan metode pengujian Uji Wilcoxon signed-rank. Penelitian ini menggunakan indeks sektor keuangan. Pengamatan dilakukan dengan menggunakan 100 hari periode estimasi dan 21 hari periode jendela. Jenis data yang dipakai adalah closing price harian dari indeks sektor keuangan.Hasil penelitian ini menunjukkan terdapat perbedaan abnormal return positif yang signifikan pada hari ke 5. Hal ini menunjukkan bahwa pasar bereaksi terhadap peristiwa pilkada Gubernur DKI Jakarta.
CONFLICT OF INTEREST ON OWNERSHIP VERSUS FREE CASH FLOW: DIVIDEND POLICY EFFECTIVENESS Mahadwartha, Putu Anom
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Indonesia mempunyai masalah keagenan yang unik. Konflik antara prinsipal denganprinsipal lebih mempengaruhi nilai perusahaan dibandingkan konflik antara prinsipaldengan manajer (agen). Kebijakan dividen memegang peranan penting dalam mengatasimasalah keagenan. Dividen dapat menjadi mekanisme pengikat (bonding) untuk mengikatkepentingan manajemen dengan kepentingan pemegang saham. Selain itu aliran kasbebas, dan aset sebagai kolateral (collateral assets) juga memegang peranan pentinguntuk mengurangi masalah keagenan antara pemegang saham dengan pemegang utang(debtholders). Aset kolateral merupakan mekanisme covenant utang untuk mengurangikonflik antara pemegang saham dengan pemegang utang (debtholders).Penelitian ini menguji hipotesis substitusi dalam teori keagenan antara dividen danstruktur kepemilikan (manajerial dan outsiders). Penelitian ini berargumen walaupunkebijakan dividen, dan struktur kepemilikan (manajerial dan outsiders) merupakanmekanisme untuk mengurangi konflik keagenan namun semua mekanisme yang ada selalusaling meniadakan, karena manajemen sangat memperhatikan biaya keagenan dariadanya pengendalian konflik keagenan. Sedangkan kaitan antara struktur kepemilikan,aliran kas bebas, dan aset kolateral juga mempunyai efek yang berbeda terhadap dividen.Penelitian ini menguji lima hipotesis yaitu hipotesis mengenai efek substitusi, asetkolateral, dan hipotesis pengaruh aliran kas bebas dalam menpengaruhi dividendibandingkan dengan struktur kepemilikan. Sampel adalah perusahaan non-keuanganyang terdaftar di Bursa Efek Jakarta (sekarang Bursa Efek Indonesia) selama perioda1995 sampai dengan 2004. Penelitian ini menggunakan model Logit dengan Andrew danHosmer-Lemeshow Goodness-of-Fit Tests, dan Wald test untuk menguji hipotesis. Hasilpenelitian mendukung hipotesis substitusi, dan aset kolateral sebagai debt covenant.Hipotesis mengenai aliran kas bebas tidak terdukung. Hal ini mengindikasikan bahwamanajer tidak bersedia mengorbankan aliran kas bebas untuk pemegang saham, sehinggakebijakan dividen dalam mengendalikan konflik keagenan kurang efektif di Indonesia.Masalah keagenan melalui ekspropriasi aliran kas bebas oleh manajer tidak berdampakbesar pada nilai perusahaan dibandingkan dengan ekspropriasi aliran kas bebas olehpemegang saham mayoritas.Keywords: Ownership Structures, Free Cash Flow, Dividend Policy, Agency Theory
PREDICTABILITY POWER OF DIVIDEND POLICY AND LEVERAGE POLICY TO MANAGERIAL OWNERSHIP: AN AGENCY THEORY PERSPECTIVE Mahadwartha, Putu Anom
Journal of Indonesian Economy and Business Vol 18, No 3 (2003): July
Publisher : Journal of Indonesian Economy and Business

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Abstract

Penelitian ini merupakan pengembangan dari Mahadwartha (2002b) yang mengguna-kan Logit model untuk mengetahui kemampuan prediksi kebijakan leverage dan dividen terhadap kepemilikan manajerial. Variabel leverage dan dividen sudah memisahkan antara kepentingan manajemen dan inside shareholders dengan outside shareholders. Penelitian ini juga menggunakan logit model, dengan modifikasi utama yaitu variabel kepemilikan manajerial menggunakan lead satu tahun kedepan (t+1), penambahan variabel kontrol aktiva lancar untuk meningkatkan kemampuan prediksi model dan periode sampel dari tahun 1993 sampai dengan 2001.Penelitian-penelitian sebelumnya hanya menggunakan variabel kepemilikan manajerial tanpa lead satu tahun kedepan (t+1). Penelitian ini berargumentasi bahwa kebijakan utang dan dividen mempunyai dampak yang lebih besar pada kepemilikan manajerial satu tahun kedepan (t+1) dibandingkan tahun yang berjalan (t0).Hasil penelitian menunjukkan konsistensi kemampuan prediksi kebijakan leverage serta dividen terhadap kepemilikan manajerial, dan kemampuan prediksi leverage dan dividen semakin meningkat dibandingkan penelitian Mahadwartha (2002b) yang hanya mengguna-kan kepemilikan manajerial tanpa lead (t0). Hubungan variabel leverage dan dividen dengan kepemilikan manajerial adalah negatif dengan besaran yang semakin meningkat. Hal ini sesuai dengan prediksi oleh teori keagenan bahwa terdapat efek substitusi antara kepemilikan manajerial dengan kebijakan utang dan dividen dalam mekanisme pengawasan (monitoring) dan pengikatan (bonding). Hasil ini juga menunjukkan bahwa kebijakan utang dan dividen lebih baik dalam menjelaskan program kepemilikan manajerial satu tahun kedepan.Kata Kunci: agency theory; lead; managerial ownership; leverage; dividend.
PENGARUH PROFITABILITY, ASSET TANGIBILITY, SIZE, GROWTH TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2013 Yenny, .; Mahadwartha, Putu Anom; Sutejo, Bertha Silvia
CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya Vol 4, No 1 (2015): CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya
Publisher : University of Surabaya

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh variabel-variabel : Profitability, Asset Tangibility, Size, dan Growth terhadap Struktur Modal. Penelitian menggunakan pendekatan kuantitatif dengan metode regresi linear berganda dan data panel. Penelitian ini menggunakan sampel berupa perusahaan di sektor manufaktur yang terdaftar di Bursa Efek Indonesia untuk periode 2011-2013. Jumlah sampel yang digunakan adalah 75 perusahaan. Hasil penelitiannya menunjukkan bahwa pada sektor manufaktur, variabel Asset Tangibility, Size, Growth tidak berpengaruh signifikan terhadap struktur modal (debt). Sedangkan variabel profitability berpengaruh signifikan terhadap struktur modal (debt).
PENGUJIAN DEBT FINANCED DIVIDEND PADA PENGARUH KEBIJAKAN UTANG TERHADAP KEBIJAKAN DIVIDEN DAN KEPUTUSAN INVESTASI Kurnia, Stevani Putri; Mahadwartha, Putu Anom; Utami, Mudji
Jurnal Manajemen Vol 12, No 2 (2015): Jurnal Manajemen
Publisher : Jurnal Manajemen

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Abstract

This study analyzes the effect of debt policy on dividend policy and investment decision on corporate manufacturing industry sector in IDX the period of 2009-2013. This study uses a quantitative approach to multiple linear regression analysis model. This study uses a sample of firms / companies who are in the manufacturing industry sectors in IDX period of 2009-2013. This study finds that debt policy doesn’t have significant effect on dividend policy, while control variable, MBVE has negative significant effect on dividend policy. Debt policy has positive significant effect on investment decision while MBVE doesn’t have significant effect on investment decision on manufacturing industry sector in IDX the period of 2009-2013.Keywords: Kebijakan Utang, Dividen, Investasi, Teori Keagenan
Uji Empiris Nisbah Keuangan Leverage, Indebtedness dan Produktivitas sebagai Pembeda Pertumbuhan Earning di Masa Krisis Mahadwartha, Putu Anom
Jurnal Widya Manajemen & Akuntansi Vol 2, No 2 (2002)
Publisher : Fakutas Ekonomi Unika Widya Mandala Surabaya

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Abstract

The research focused on the investigation of two variables: interest rate cost and sales, one of them is able to differentiate positive and negative earnings among firms. Sales level proxies by productivity ratio and interest rate cost proxies by leverage and indebtedness ratio. Discriminant analysis was used and the result supported the null hypothesis that indebtedness ratio (proxy for interest rate cost) dominantly differentiates firm with positive earnings from firms with negative earnings in the period of crisis.
The Analysis of Portfolio Risk Management using VAR Approach Based on Investor Risk Preference Suwarno, Agus; Mahadwartha, Putu Anom
KINERJA Vol 21, No 2 (2017): KINERJA
Publisher : Faculty of Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v21i2.1274

Abstract

Ackert and Deaves (2010) said that most people have tendency to being risk averse, but with appropriate amount of compensation, people may take more risk. Understanding those circumstances, this research trying to figure risk involved in a Mean-Variance Model. This model has taken consideration about investor risk preference in composed VAR model. VAR define as a measure of the risk of investments, which in this research focuses on risk preferences. This research also conducts comparison between optimum portfolio model known as Single Index Model and Mean-Variance Mode. Robustness test taken too analyze the outcomes from different data input. Research showed that risk preference has an impact on generating portfolio based on Mean-Variance Mode (MVM). Meanwhile, Single Index Model (SIM) found to given a similar result as MVM in high risk preference. This has shown that SIM may not adequate for those who have low risk preference. Research also show that risk taker investor get more gain and endure more risk than risk averse investor. But, based on robustness test, we found that the lowest risk an investor bear is on the highest risk preference. Thus, we make a conclusion that variance is not the only factor that might cause VaR increased, data dispersion has became more major factor.Keywords: Value at risk, Single Index Model, Optimum Portfolio.
PENGUJIAN DEBT FINANCED DIVIDEND PADA PENGARUH KEBIJAKAN UTANG TERHADAP KEBIJAKAN DIVIDEN DAN KEPUTUSAN INVESTASI Kurnia, Stevani Putri; Mahadwartha, Putu Anom; Utami, Mudji
Jurnal Manajemen Vol 12 No 2 (2015): Jurnal Manajemen
Publisher : Fakultas Ekonomi dan Bisnis Universitas Katolik Indonesia Atma Jaya

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Abstract

This study analyzes the effect of debt policy on dividend policy and investment decision on corporate manufacturing industry sector in IDX the period of 2009-2013. This study uses a quantitative approach to multiple linear regression analysis model. This study uses a sample of firms / companies who are in the manufacturing industry sectors in IDX period of 2009-2013. This study finds that debt policy doesn’t have significant effect on dividend policy, while control variable, MBVE has negative significant effect on dividend policy. Debt policy has positive significant effect on investment decision while MBVE doesn’t have significant effect on investment decision on manufacturing industry sector in IDX the period of 2009-2013.
PENGUJIAN BIAS PERILAKU: GAMBLER’S FALLACY, HALO EFFECT, DAN FAMILIARITY EFFECT DI PASAR MODAL INDONESIA Djojopranoto, Riana Rahmawati; Mahadwartha, Putu Anom
Jurnal Akuntansi dan Keuangan Indonesia Vol. 13, No. 2
Publisher : UI Scholars Hub

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Abstract

This study aims to examine the biased behavior of investor in uptrend and/or downtrend market in Indonesian stock exchange. Behavioral bias is indicated by three variables: gambler’s fallacy, halo effect, and familiarity effect. Data were collected using questionnaire and distributed to 384 respondents. First, questionnaires were analyzed using frequency distribution. Second, questionnaires were assessed using Likert scale and analyzed using one sample t-test and paired t-test to answer the hypothesis and research questions. The result shows that gambler’s fallacy exists in investors when they trade in uptrend stock market, but does not exist in downtrend stock market. Halo effect does not exist when they trade in uptrend and downtrend stock market. Meanwhile, familiarity effect exists when they trade in uptrend and downtrend stock market. In uptrend stock market, familiarity effect was greater than that of the downtrend stock market. Based on the result, this research concluded that in general, investors in Indonesian stock market are irrational in decision making process. In the uptrend market, behavioral bias is potentially greater than that in the downtrend market as indicated by the occurrence of gambler’s fallacy and familiarity effect. Meanwhile, in the downtrend market, the behavioral bias is indicated by familiarity effect.
Regional Development Bank Competition: Evidence from Indonesia Zunairoh, Zunairoh; Wijaya, Liliana Inggrit; Mahadwartha, Putu Anom; Murhadi, Werner Ria
Jurnal Keuangan dan Perbankan Vol 27, No 1 (2023): January 2023
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v27i1.9414

Abstract

Regional development banks are intermediary institutions that can develop the national economy and drive regional development through local government management. This study aims to analyze the effect of competition in regional development banks on efficiency with risk as a moderating variable. This study uses the regression panel data estimation technique based on data from regional development banks in Indonesia for the period 2016- 2020, a total of 130 observations. The novelty of this study is that it is still rare to examine using a sample of regional development banks using the Leaner Index model to analyze bank competition. This study finds that competition negatively and significantly affects efficiency at regional development banks in Indonesia. Risk strengthens the impact of competition on efficiency. The unstoppable competition requires banks to make several efficiencies both from the micro and macro sides to survive. Regional development banks are very close to local governments, so they should be able to optimize investments in technology-based products and services and improve credit quality.JEL: G2, G21, G28
Co-Authors . Yenny, . Adi Sarosa, Rinaldo Agus Suwarno, Agus Bertha Silvia Sutejo Budiman, Alvin Endang Ernawati Henry Tirta Permana Kuswarianto, Ivan Laksmana, Vincentius Christian Liliana Inggrit Wijaya Mudji Utami Riana Rahmawati Djojopranoto Stevani Putri Kurnia, Stevani Putri Werner R Murhadi Zunairoh, Zunairoh