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All Journal Jurnal Reviu Akuntansi dan Keuangan MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Jurnal Keuangan dan Perbankan Jurnal Manajemen Teori dan Terapan Jurnal Ekonomi dan Bisnis Islam Riset Akuntansi dan Keuangan Indonesia Ekonomi Bisnis Jurnal Ekonika : Jurnal Ekonomi Universitas Kadiri EKSPANSI Jurnal Manajemen Bisnis
Madyan, Muhammad
Airlangga University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education

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FAMILY CONTROL, INSTITUTIONAL OWNERSHIP, AND DIVIDEND POLICY OF MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE Muhammad Madyan; Harlina Meidiaswati; Nugroho Sasikirono; Muhammad Hadyan Herlambang
Jurnal Reviu Akuntansi dan Keuangan Vol. 9 No. 1: Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1020.564 KB) | DOI: 10.22219/jrak.v9i1.8293

Abstract

This study is conducted to examine the effect of family share ownership on the dividend policy of manufacturing companies in the Indonesia Stock Exchange (IDX). In this study, we also examine the moderating effect of institutional ownership on the relationship between family ownership and dividend policy. The number of observations 137 firm-years, consisting of family companies in the manufacturing sector listed on the IDX in the period 2013-2016. The test results show that family ownership has a positive effect on the dividend payout ratio. Research also shows that institutional ownership weakens the relationship between family ownership and dividend payout ratio.
The Role of Family Involvement in Moderating The Relationship Between Company Characteristics and Dividend Policy in Indonesia Muhammad Madyan; Nugroho Sasikirono; Wida Kusmayana; Harlina Meidiaswati
Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan Volume 15 Nomor 1 Tahun 2021
Publisher : Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (343.961 KB) | DOI: 10.24843/MATRIK:JMBK.2021.v15.i01.p07

Abstract

This study seeks out the relationship between the characteristics of companies and dividend policy, as well as the role of family involvement as a moderator of such relationships. This study utilized a purposive sampling method. We conducted the analysis by multiple linear regression and moderated regression analysis. The number of samples in this study is 192 observations in non-financial companies listed on the LQ45 index. The Result shows that profitability, size, and investment opportunities have a positive effect on dividend payout ratio. Meanwhile, financial leverage has a negative relationship with the dividend payout ratio. Family involvement weakens the positive influence of profitability on dividend policy but strengthens the positive effect of investment opportunities. Family involvement does not moderate the effect of size, and financial leverage on dividend policy.
Myopia in investment: Seasoned manager’s age and long-term investment distortion Muhammad Madyan; Bayu Indra Kurniawan; Novian Abdi Firdausi
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3393

Abstract

Myopia in financial terms is included in the discussion of short-termism in investments. This study analyzes the effect of managerial age on investment policies taken by the top-level management with controlled variables consists of investment opportunity, firm size, profitability, leverage, and firm year effect. This study uses a fixed effect model estimation with data samples containing secondary data from 52 manufacturing firms listed in BEI. Data samples are selected through a purposive sampling method to filter and choose data that fit the study criteria. Study results show that the seasoned manager’s age has a negative and significant effect on long term investment, which implies that the older the seasoned manager’s age could increase the tendency of investment myopia. Controlled variables such as investment opportunity and firm size have a positive effect on long term investment, while the firm-year effect factor of 2013 and 2014 have positive effects but insignificant effect on long term investment.JEL Classification: D29, G32, G39, G41DOI: https://doi.org/10.26905/jkdp.v23i4.3393
Dampak Bank Specific Variables Pada Rasio Non Performing Loan Dalam Sistem Perbankan Indonesia Anita Carolina; Muhammad Madyan
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 8 No. 3 (2015)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (378.182 KB) | DOI: 10.20473/jmtt.v8i3.2732

Abstract

Conventional banks are vulnerable to non-performing loans, because the credit is the main source income of a bank. Credit risk may still occur, even though the bank's management has made efforts based credit rating 5C. The purpose of this study was to determine how much influence the variable CAR, LAR, NIM, and ROE against Non-Performing Loans (NPL) in the banking companies listed on BEI. The sampling technique used is purposive sampling with criteria: (1) a conventional commercial bank listed on the BEI 2009-2013 period, (2) the bank that issued the annual financial statements in a row in the period from 2009 to 2013, and (3) bank which has a data completeness NPL, CAR, LAR, NIM, and ROE in the period 2009-2013. Data obtained from the annual report of each bank in 2009-2013. There are a total sample of 29 banks. The analysis technique used is multiple linear regression and hypothesis testing using t-statistic to test the partial regression coefficient and F-statistic to test the effect simultaneously with a significance level of 0.05. Before being tested by multiple linear regression, first performed classical assumption of normality test data. The results showed that there were no deviations from the classical assumption test. This indicates that the available data is normal or eligible to be used as a multiple linear regression model. From the analysis, CAR and ROE have significant negative effect on the NPL and LAR have not significant negative effect on the NPL, while variable NIM have significant positive effect on the NPL.
Keterkaitan Antar Bursa Efek Dunia (Studi Kasus pada Bursa Efek Negara Maju dan Negara Berkembang) Muhammad Madyan; Haka Adila; Novian Abdi Firdausi
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 12 No. 1 (2019)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v12i1.14115

Abstract

This research analyzes the correlation between stock markets worldwide. Developing countries stock exchanges are represented by China and Indonesia, whereas developed countries stock exchanges are represented by Germany, Japan, Australia, Singapore, and the United States. Using stock’s daily close prices as data, then assessed with Vector Error Correction Model and Granger Causality. Analyzed indexes are Shanghai Stock Exchange Composite (SHCOMP), Indeks Harga Saham Gabungan (IHSG), Dow Jones Industrial Average (DJIA), Nikkei225 (NKY), Deutscher Aktien Index (DAX), All Ordinaries Index (AOI), and Strait Times Index (STI). Stock data grouped into two periods, the first period is the Asian Financial Crisis in 1 January 1998-31 December 2003, while second period is the Subprime Mortgage crisis in 1 January 2008-31 December 2013. Research results show correlations between analyzed stock indexes in both long run and short run relationship in the firstperiod as well asthe second period, however the correlation between Singapore’s and Indonesia’s stock exchange in second period is unproven.
Firm Specific Factors dan Profitabilitas Sub-Sektor Properti di Indonesia Muhammad Madyan; Putri Yanti Lestyarini; Novian Abdi Firdausi
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 12 No. 2 (2019)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v12i2.14764

Abstract

This study analyzes effects of firm specific factors to the profitability of property and real estate sub-sector which listed in BEI in time period of 2010-2015. Firm specific factors are measured with liquidity, financial leverage, firm size, and firm growth as generally used determinants. This reasearch used purposive sampling method at 33 firms which fulfill the research criterions, which are firms listed consistently in BEI’s property and real estate sub-sector, also publishing financial statements routinely during research period. Analysis proceeded by using multiple linear regression with study results show that liquidity and financial leverage have negative effects to profitability, while firm size and firm growth have positive effects to profitability.
Real Estate Credit and Liquidity Risk with Ownership Structure as Moderating Variables in Banking Companies Listed on The Indonesia Stock Exchange Muhammad Madyan; Ilham Ramadhani; Rayindha Galuh Setyowati
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 14 No. 2 (2021)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v14i2.26673

Abstract

The purpose of this study is to investigate the effect of real estate credit on liquidity risk. This study also looked at the role of government ownership and foreign ownership in moderating the effect of real estate credit on bank liquidity risk. There are 43 banking companies listed on the Indonesia Stock Exchange for the 2014-2018 period used as samples. This study used a multiple linear regression model with the Ordinary Least Square (OLS) estimation method and robustness tests using the Maximum Likelihood (MLE) estimation method. The results of this study concluded that real estate credit has a significant positive effect on liquidity risk. Government ownership strengthens the positive effect of real estate credit on liquidity risk, while foreign ownership weakens the positive effect of real estate credit on liquidity risk.
Education Level of The Board of Directors and Financial Performance of Go Public Banks at The Indonesia Stock Exchange Muhammad Madyan; Rayindha Galuh Setyowati; Wulan Rahmadani Setiawan
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 14 No. 3 (2021)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v14i3.31210

Abstract

Having experience, knowledge, and expertise in banking is important for the board of directors to properly manage its activities, which is indicated by their financial performance. This study investigates the effect of the formal education level of the board of directors on financial performance in terms of profitability. The sample used in this study was 31 banking companies, especially conventional commercial banks listed on the Indonesia Stock Exchange in 2009-2018, with 244 observations. This study uses multiple linear regression analysis with the Ordinary Least Square (OLS) approach. In this study, the dependent variables used are Return On Assets (ROA) and Net Interest Margin (NIM). The independent variables used are the level of education of the board of directors divided into Master and Ph.D. This study indicates that the board of directors with the highest educational level of Masters and Ph.D has a significant positive effect on ROA. Meanwhile, the board of directors with the and education level of Masters has a significant negative effect, and the board of directors with the highest education level of Ph.D has a significant positive effect on NIM.
REAKSI PASAR SAHAM YANG TERDAFTAR DALAM JAKARTA ISLAMIC INDEX (JII) TERHADAP PENGUMUMAN PENETAPAN GUBERNUR DKI JAKARTA TAHUN 2017 Puji Sucia Sukmaningrum; Muhammad Madyan; Achsania Hendratmi
Jurnal Ekonomi dan Bisnis Islam | Journal of Islamic Economics and Business Vol. 5 No. 1 (2019): JANUARY-JUNE 2019
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (911.899 KB) | DOI: 10.20473/jebis.v5i1.10087

Abstract

The purpose of this research is to analyze the reaction of investors before and after the announcement of the determination of the Governor of DKI Jakarta in 2017 against abnormal return and trading volume of activity. These studies use quantitative methods of event study. Estimation period is 60 days and research period is 10 days before and 10 days after the announcement. the sample of this research is 30 stocks listed on the Jakarta Islamic Index (JII). The results showed no significant difference against AAR and ATVA before and after the announcement. Investor it is possible already to react before the official announcement of the Election Commission (KPU). Investors could do predictions the election results of the Survey or the quick count.Keywords: Market Reaction, Event Study, Abnormal Return, Trading Volume Activity, Islamic Capital Market.   
Zombie Company and CSR Performance with Corporate Governance and Ownership as Moderator Variables Muhammad Madyan; Nugroho Sasikirono; Putri Maulidya
Riset Akuntansi dan Keuangan Indonesia Vol 5, No 3 (2020): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v5i3.11756

Abstract

This study aims to determine the relationship between zombie companies and the performance of corporate social responsibility, with corporate governance and ownership as moderator variables. A zombie company is a near-insolvent firm due to inefficiency and low profitability but still survive with external support from the government or bank (Kane, 1987). The determination of the sample is done by a purposive sampling method, with OLS and Moderated Regression Analysis methods. The number of research samples is 288 companies with a total of 1865 observations for the period 2010-2017. The analysis shows that CSR performance in zombie companies is lower than that of non-zombies. The moderator variable of corporate governance is proxied by board composition, while ownership is proxied by family ownership and institutional ownership. The board composition and institutional ownership variables do not moderate the negative effects of zombie companies on CSR performance, while the family ownership variable worsens the relationship between zombie companies and CSR performance. The research control variables are financial leverage, a dummy of state-owned enterprise, and firm size. While financial leverage has no effect on the CSR performance, the state-owned enterprise and firm size are positively related to that performance.
Co-Authors Achsania Hendratmi Akbar Nugraha Anita Carolina Astriani Wahyuningati Bayu Arie Fianto Bayu Indra Kurniawan Clarissa Mulialim Deni Kusumawardani Gagas Gayuh Aji, Gagas Gayuh Haka Adila Harlina Meidiaswati Harlina Meidiaswati Hasbi Ash Shidiq Ilham Ramadhani Mochamad Ali Fudin Al Islami Muhammad Hadyan Herlambang Nisful Laila Novian Abdi Firdausi Novian Abdi Firdausi Novian Abdi Firdausi Nur Maulydia Rachman Puji Sucia Sukmaningrum Putri Maulidya Putri Yanti Lestyarini Raditya Sukmana Rayindha Galuh Setyowati Saraswati Kuntum Widuri Sasikirono, Nugroho Wida Kusmayana Wulan Rahmadani Setiawan