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All Journal Jurnal Siasat Bisnis CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya Journal of Business & Banking Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal Manajemen Teori dan Terapan Journal of Management and Business Review Perspektif : Jurnal Ekonomi dan Manajemen Universitas Bina Sarana Informatika Jurnal Manajemen STIE Muhammadiyah Palopo EKUITAS (Jurnal Ekonomi dan Keuangan) MABIS: Manajemen dan Bisnis Relevance: Journal of Management and Business

Deddy Marciano

Department Of Management, Faculty Of Business And Economics, University Of Surabaya

Author-ID : 314939

Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Social Sciences

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PENGARUH GENDER DIVERSITY DAN GOOD CORPORATE GOVERNANCE TERHADAP UNDERPRICING PADA PERUSAHAAN NON – KEUANGAN YANG MELAKUKAN IPO PERIODE 2006-2016 Kevin Kurniawan; Deddy Marciano; Arif Herlambang
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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This study aimed to analyse factors affecting underpricing for non-finance companies that indicated their first public offering during 2006-2016. Independent variables used are percentage of woman director, underwriter prestige, percentage outside director, ownership concentration, institutional ownership, and profitability. This study uses a quantitative approach with multiple linear regression as analysis model. This study uses a sample of non-finance firms that initiated their first public offering on 2006-2016. Number of observations used in this study is 78 observations. The results showed the percentage of female directors, prestige underwriters, percentage of outside directors, ownership concentration, and significant profitability against underpricing on the first day (1st day of return and abnormal return day 1) on stock prices in the secondary market. Then this research also shows the rebustness check result of underpricing on the seventh day (7th return and 7th abnormal return day) and thirty (30th return day and 30th abnormal return).

PENGARUH TATA KELOLA PERUSAHAAN TERHADAP STRUKTUR MODAL PADA BADAN USAHA SEKTOR AGRIKULTUR YANG TERDAFTAR DALAM BURSAEFEKDI ASEAN PERIODE 2012-2016 Jonathan Susanto; Deddy Marciano; Arif Herlambang
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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The main objective of the firm is to maximize the shareholders’ wealth, though in order to achieve that, the directors sometimes misuse his authority to fulfill his own desires and neglecting shareholders’ interest. Good corporate governance needed to minimalize the conflict of interest in the firm. The corporate governance can determine firm’s capital structure especially when it comes to leverage. Leverage can be used as bonding mechanism to control directors, so the directors can act corresponding to the firm’s objective.This research wants to analyze the influence of corporate governance (audit committee size, board size, CEO tenure, director independence, profitability, size, growth) to capital structure (leverage). This research uses quantitative perspective in a panel data. The number of observation in this research are 305 observations, consist of 61 firms (14 firms from Indonesia, 6 firms form Thailand, 6 firms from Singapore, 35 firms from Malaysia) that enlisted for 2012-2016 period.

PENGARUH CORPORATE GOVERNANCE TERHADAP KINERJA DAN KEBIJAKAN DIVIDEN PADA PERUSAHAAN SEKTOR MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016 Nyolan Lestari; Deddy Marciano; Arif Herlambang
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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This study aims to analyze the effect of good corporate governance (GCG) towards firm performance using tobin’s q ratio (TOBIN_Q) and dividend policy using dividend payout ratio (DPR) as a proxy in manufature sector companies listed in Indonesia Stock Exchange (BEI) in the period 2012-2016.This research uses quantitative approach with multiple linear regression analysis model. This study uses sample of firms which are listed on manufature sector in IDX on 2012 – 2016. The number of final samples used in this study were 112 business entities with 560 observations.

PENGARUH KONSENTRASI KEPEMILIKAN DAN KARAKTERISTIK DEWAN TERHADAP KINERJA PERUSAHAAN SEKTOR MANUFAKTUR DI BEI PERIODE 2012-2016 Aprilia Pratiwi; Deddy Marciano; Arif Herlambang
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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This research aim to analyze factors which affect firm performance.Variables which use are ownership concentration, board size, board professionals, and board independents. And also, interaction variable which are ownership concentration x board size, ownership concentration x board professionals, andownership concentration x board independents. This research use quantitative approach by using multiple linier regression on 5 model, model 1 is the base line model and model 2-5 are the interaction models.. The sample of this research is the industrial manufacturing company that listed in BEI (Bursa Efek Indonesia) for period of 2012-2016. Final samples which are used in this research are equal to 109 observation.

PENGARUH BOARD STRUCTURE DAN OWNERSHIP STRUCTURE TERHADAP KINERJA PERUSAHAAN SEKTOR NON KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015‐2019 Tri Ana Gita Nursela; Deddy Marciano; Arif Herlambang
CALYPTRA Vol. 9 No. 2 (2021): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Mei)
Publisher : Perpustakaan Universitas Surabaya

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Abstract— This research aim to analyze factor which affect firm performance (ROA, Tobin’s Q, and EVA). Independent Variable such as board size, board independence, institutional ownership, foreign ownership. And also, control variable such as firm size, firm age, and leverage. This research use quantitative approach by using multiple linear regression model. The sample of this research is all non‐financial and banking sector company that listed in IDX for period of 2015‐ 2019. The result of this research is institutional ownership, firm size, firm age have a significant effect for firm performance. On the other hand, board size, board independence, and foreign ownership have an insignificant effect for ROA but have a significant effect for Tobin’s Q and EVA. Meanwhile, leverage have an insignificant effect for EVA but have a significant effect for ROA and Tobin’s Q. Keywords: board size, board indepenedce, institusional ownership, firm performance Abstrak— Penelitian ini bertujuan untuk menganalisis faktor‐faktor yang mempengaruhi kinerja perusahaan (ROA, Tobin’s Q, dan EVA).Variabel independen yang digunakan yaitu ukuran dewan komisaris, komisaris independen, kepemilikan institusional, dan kepemilikan asing. Serta variabel kontrolnya yaitu ukuran perusahaan, umur perusahaan, serta leverage. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi linear berganda. Sampel yang digunakan dalam penelitian ini yaitu semua perusahaan sektor non keuangan dan perbankan yang terdaftar di BEI periode 2015‐2019. Hasil penelitian menyatakan bahwa kepemilikan institusional, ukuran perusahaan, dan umur perusahaan memiliki pengaruh signifikan terhadap kinerja perusahaan. Ukuran dewan komisaris, komisaris independen, dan kepemilikan asing tidak memiliki pengaruh signifikan terhadap ROA namun berpengaruh signifikan terhadap Tobin’s Q. Kata kunci: ukuran dewan komisaris, komisaris independen, kepemilikan institusional, kepemilikan asing, kinerja perusaha an.

Pengaruh Kinerja Keuangan Bank Terhadap Rating Obligasi Bank Di Indonesia Theofilus Steven Susanto; Bertha Silvia Sutejo; Deddy Marciano
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 5 No. 3 (2012): Jurnal Manajemen Teori dan Terapan - Desember 2012
Publisher : Universitas Airlangga

This research was conducted to provide empirical evidence about the effect of bank’s financial performance using CAMEL ratios (CAR, NPL, BMPK, BOPO, LDR), and SIZE as control variable toward bank’s bond rating in Indonesia from 2005 to 2009. The source of research data are financial reports obtained from Direktori Perbankan Indonesia and the source of bond rating data are obtained from official website of Pefindo. In data processing, researcher used ordered probit method analyzed using Eviews 4. From the research, it appeared that the capital adequacy and the size have positive effect toward bond rating. Asset quality, earnings, and liquidity have negative effect toward bond rating. There is no significant effect between management quality and bond rating. It can be concluded that the bond rating of banks in Indonesia from 2005 to 2009 influenced by capital adequacy, asset quality, earnings, liquidity, and size.

THE IMPACT OF INFORMATION ASYMMETRY, MORAL HAZARD AND THE STRUCTURE OF FUNDING ON CORPORATE U.S. DOLLARS LOAN PRICING: THE EMPIRICAL STUDY IN INDONESIA THE PERIOD 1990-1997 Deddy Marciano; Suad Husnan
Journal of Management and Business Review Vol 11, No 1 (2014)
Publisher : Research Center and Case Clearing House PPM School of Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34149/jmbr.v11i1.56

This study aims to answer the question: "What factors that influence the price of corporate loans in Indonesia?" And "Are there some differences in loan pricing between several types of creditors?". Furthermore, this research is to develop and test the loan pricing model that was developed in America and Europe to the context or setting in Asia, especially Indonesia. Different conditions and settings of the financial system between America/Europe and Asia, especially Indonesia, causing the loan pricing model that was developed in America/Europe can not be fully implemented for Indonesia. Key issues in this study consisted of: information asymmetry, moral hazard and funding structure. The first issue, information asymmetry consists of the type of creditors, foreign and domestic ownership, public and non-public ownership. The second issue, moral hazard problem consists of variables governmental and non-government ownership, and the special relationship between creditors and debtors. The last issue, creditors’ structure of funding is proxied by the ratio of CD / ML. In addition, this study also adobt the loan pricing models that are developed in America / Europe as control variables. This study also examines the argument of Strahan (1999) whether the loan fees also reflected the condition of the loan as well as loan spreads. The OLS regression (Ordinary Least Squares) with white correction method (White heteroskedasticity correction) for heteroscedasticity problem is conducted to test the model. Various samples and sub samples are prepared to answer various research questions and hypotheses. Testing between regression coefficients are conducted to examine differences in loan pricing between different types of creditors for each variable in the model. The test results generally show that only two new variables suggested by the study, namely: ownership and structure of funding have a significant contribution to the loan pricing model. For variable type of institution consisting of investment banks and commercial banks indicate that generally there is no difference in loan pricing between the two, only in some models of these variables are not significant with signs consistent.Ownership variable show results consistent with the hypothesis and significant effect on loan prices. While the variable special relationship between creditors and debtors have no effect on loan prices, it is due to inter-group loans made by conglomerates. For the case of capital costs of the creditor shows that the variable has a positive effect on lending rates set by creditors. Testing different regression coefficients lead to the conclusion that domestic creditors succeeded in detecting an increased risk of the debtor before the economic crisis of 1997 compared with foreign creditors.

Changes in investors risk-taking behavior during Indonesian economic recession due to the Covid-19 in 2020 Christian Hendra Setiawan; Deddy Marciano; Cristel Joy G. Cayaban
Manajemen dan Bisnis Vol 21, No 1 (2022): March 2022
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/jmb.v21i1.535

This research discusses the differences in investor risk-taking behavior in Indonesia before and during the economic recession caused by the Covid-19. This pandemic began to infect Indonesia in 2020. Investor risk-taking behavior consists of three criterias, that are return expectation, risk tolerance and risk perception. Factors that can influence investor risk-taking behavior in this study are the economic recession itself and the characteristics of investors. While the characteristics of investors are seen from their status, namely age, gender, work status, marital status, education level, income, net worth and length of investment. In this study, questionnaires were distributed targeting investors in Indonesia. It was found that in fact the Covid-19 pandemic caused changes in investors risk-taking behavior, which included returning expectations and risk tolerance to decrease and risk perception to increase. Characteristics of investors Indonesian in general, it has no effect on investors' risk-taking behavior. Of the ten characteristics of investors, only two correlates with one of the criteria, namely profession and gender. It was found that the characteristics of investors did not have a positive effect because the majority of investors in this study were members of investment, money markets and capital markets communities. They join many of these communities, so that the exchange of information and discussions between one community and another will be affected. Investors’ decision making also based on the results of discussions in the community.

EVALUASI KINERJA REKSADANA SAHAM DI INDONESIA PERIODE APRIL-JULI 1997 Deddy Marciano; Suad Husnan
Journal of Management and Business Vol 1, No 2 (2002): September 2002
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

The prime focus of this paper is evaluation of Indonesian Mutual Funds, which are investing the funds on stock. Mutual fund is a portfolio, which managed by professional fund manager. The professional fund manager who always seek a new information connecting with their portfolio has a better information than individual investor. The mutual fund's portfolio should has higher performance than individual investor’s portfolio as well as the market's portfolio due to asymmetric information: The statistical results use mean difference t-test to support our hypothesis that the mutual fund's portfolio has a better performance than individual investor's portfolio as well as the market's portfolio.

Multinationality, Capital Structure, and Cost of Capital of Non-Financial Firm Listed on Indonesia Stock Exchange Rezza Vitriya; Deddy Marciano
Relevance: Journal of Management and Business Vol. 3 No. 2 (2020)
Publisher : UIN Raden Mas Said Surakarta

Multinational firms are firm that do business internationally, the higher degree of multinationality of a firm, they have more ability to get greater funding because there are more chances to get funding from foreign country. Because of that condition, multinational firms have different cost of capital with domestic firms. The main purpose of this study is to understand the impact of degree of multinationality, capital structure, firm size, profitability and growth opportunity to cost of capital. Panel data is used on this research and multiple linear regression analysis is used as analytical model. The result suggest that Indonesia multinational firms have lower cost of capital, cost of equity, and cost of debt than Indonesia domestic firms. The study found that capital structure is negatively related to cost of capital, this means that Indonesia multinational firm use more debt than Indonesia domestic firms, and so lower the cost of debt after tax and hence the cost of capital.

Co-Authors Acchedya Anugrahani Aprilia Pratiwi Arif Herlambang Arif Herlambang Bertha Silvia Sutejo Christian Hendra Setiawan Christin Ismanto Cristel Joy G. Cayaban Elvinna Salim Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Henri Onesimus Uirianto Ivan Chandra Tanzil Johan Sutanto Jonathan Susanto Kevin Kurniawan Liliana Inggrit Wijaya Liliana Inggrit Wijaya Liliana Inggrit Wijaya Liliana Wijaya Meilyn Liman Pratiknjo Mochammad Fauzi Mudji Utami Nyolan Lestari Oetama, Kumiati Rendy Sentosa Rezza Vitriya Setiadi, Maria B.B. Suad Husnan Suad Husnan Sugianto, Laurenco Lingguardi Theofilus Steven Susanto Tri Ana Gita Nursela Viktor Adrian Vina Veriana Limtiono Vina Veriana Limtiono Werner R Murhadi Yovita Yovita Zunairoh, Zunairoh

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