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All Journal Conference In Business, Accounting And Management (Cbam) 2012 Signifikan : Jurnal Ilmu Ekonomi JURNAL BISNIS STRATEGI Jurnal Studi Manajemen Organisasi Diponegoro Journal of Economics Diponegoro Journal of Management Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) JEJAK Journal The Winners Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Management Analysis Journal International Research Journal of Business Studies (E-Journal) Jurnal Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia EKONOMIS : Journal of Economics and Business Jurnal Riset Ekonomi dan Bisnis JOURNAL OF APPLIED ACCOUNTING AND TAXATION DIJB (Diponegoro International Journal of Business) International Journal of Supply Chain Management International Journal of Economics, Business and Accounting Research (IJEBAR) Indicators : Journal of Economic and Business Devotion: Journal of Research and Community Service JURNAL ILMIAH GLOBAL EDUCATION Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) Sibatik Journal : Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan Media Pustakawan Indonesian Capital Market Review International Journal of Educational Technology and Artificial Intelligence Journal of Business, Social and Technology e-Jurnal Apresiasi Ekonomi Research Horizon International Research Journal of Business Studies Asian Journal of Management, Entrepreneurship and Social Science Economic and Business Horizon
Harjum Muharam
Department Of Management, Faculty Of Economics And Business, Universitas Diponegoro, Indonesia
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Social Sciences Transportation Other

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ANALISA FAKTOR-FAKTOR YANG MEMPENGARUHI CREDIT SPREADS OBLIGASI DI INDONESIA PERIODE 2008-2011 Andriana, Putri; Muharam, Harjum
Diponegoro Journal of Management Volume 4, Nomor 3, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study aims to analyze the influence of stock market return volatility, GDP, default probability, and liquidity on credit spreads in Indonesia during period quarter I 2008 to quarter IV 2011. Credit spreads is the result of the difference between the yield to maturity on corporate bonds and the yield to maturity on government bonds with the same marurities.This study uses secondary data from Indonesia Stock Exchange, Indonesia Bond Market Directory, and Statistics Indonesia which involves 14 samples of non-finance corporate bonds traded during 2008-2011. This study uses panel regression method with random effect model selected by the result of Chow test and Hausman test.The result of this study showed that stock market return volatility and GDP have negatively effect on credit spreds in Indonesia. At the same time, default probability and liquidiy did not influences on credit spreads in Indonesia. From the results of panel regression showed that stock market return volatility, GDP, default probability, and liquidity can explain credit spreads in Indonesia by  2.5949% and the rest is explained by other variables outside the model.
ANALISIS PENGARUH KEPEMILIKAN PEMERINTAH, KEPEMILIKAN ASING, RISIKO LIKUIDITAS DAN RISIKO KREDIT TERHADAP KINERJA KEUANGAN BANK Sabrina, Farah Nur; Muharam, Harjum
Diponegoro Journal of Management Volume 4, Nomor 1, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study aims to analyze the effect of different types of ownership, liquidity risk and credit risk on bank financial  performance.  State ownership  and foreign ownersip  were used as the ownership indicators. Liquid Asset to Total Asset (LATA), Non Performing Loan (NPL) and Return On Asset (ROA) ratio were used as the proxied of liquidity risk, credit risk and financial performance. The Population that was used in this research consisted of all conventional  commercial  banks which published the financial statements during 2007-2011. After passed the purposive sampling method there were 51 banks obtained as samples. The data analysis technique used is descriptive statistic, panel regression test with common effect model, classical assumption test and hypotheses test. The result  of this  research  showed  that  independent  variable  consisted  of state  ownership,  foreign ownership,  LATA,  NPL  and  control  variable  bank  size  all  have  significant  impact  on  ROA. Research also found that state banks and foreign banks have a better level of profitability  than private domestic banks.
Analisis Faktor- Faktor Yang Mempengaruhi Pengambilan Keputusan Lindung Nilai (Hedging) Menggunakan Instrumen Derivatif (Studi Kasus Pada Perusahaan Manufaktur Dan Perusahaan Energi Dan Sumber Daya Mineral Yang Terdaftar Di Bei Periode 2010-2014) Mediana, Ima; Muharam, Harjum
Diponegoro Journal of Management Volume 5, Nomor 2, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Hedging is an alternative of risk management that aims to protect the assets of company from losses caused by the risk. This study’s purpose is to analyze the influence of leverage, liquidity, growth opportunity, financial distress, cash flow volatility and dummy variable for the different effect of mining companies to manufacturing companies on hedging decision using derivative instruments at  manufacturing and mining companies listed on the Indonesia Stock Exchange in 2010-2014. This study uses secondary data derived from 72 annual financial statements. Sampling using purposive sampling method with the provision of the company that publishes  financial statements. Data analysis using logistic regression test. The results of this study found that liquidity, growth opportunity, financial distress, and cash flow volatility have significant effect on Hedging Decision using derivative instruments, whereas for the other variables did not influence hedging decision using derivative instruments. From the results of logistic regression found that the variable leverage, liquidity, the growth opportunity, financial distress, cash flow volatility and dummy variable for the different effect of mining companies to manufacturing companies can explain Hedging Decision using derivative instruments  by 25,8%, and the rest is explained by other variables outside the model.
ANALISIS FAKTOR-FAKTOR YAN MEMPENGARUHI KINERJA REKSA DANA DI INDONESIA (Studi Empiris Pada Reksa Dana Konvensional di Indonesia Periode 2012-2014) Bitomo, Habib; Muharam, Harjum
Diponegoro Journal of Management Volume 5, Nomor 2, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Mutual funds are one alternative solution profitable investment for the investor. Beneficial because mutual funds managed by the investment manager to manage the fund in accordance with its investment objectives and does not require large capital. Investor needs to choose mutual funds in accordance with their capabilities and investment objectives because it will affect the return earned. This study was conducted to determine the effect of Past Performance, Fund Size, Age Fund, Expense Ratio, and Cash Flow of the Fund Mutual Fund Performance.The data used in this study are SBI, financial reports, prospectuses, and data NAV of 30 conventional mutual funds listed on the Stock Exchange 2012-2014. The sample was divided in accordance with the investment objectives of 10 Equity Funds, 10 Fixed Income Fund, and 10 Money Market Fund. This research using the Multiple Linear Regression.The test results showed that, overall, Past Performance, Fund Age, Expense Ratio, and Cash Flow Fund have a significant effect on the mutual fund performance, while the Fund Size do not affect the Mutual Fund Performance. The test results of the Equity Fund showed that Past Performance and Cash Flow have a significant effect on the Mutual Fund Performance, while the other variable  has no effect on the Mutual Fund Performance. The test results of the Fixed Income Fund showed that Fund Cash Flow have a significant effect on the Mutual Fund performance, while other variables have no effect on the Mutual Fund Performance. The test results of the Money Market Fund  showed that Past Performance have a significant of the Mutual Fund performance, while other variables have no effect on the Mutual Fund Performance.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI RISIKO LIKUIDITAS PADA BANK KONVENSIONAL (Studi pada Bank yang Termasuk Badan Usaha Milik Pemerintah dan Bank Asing di Indonesia dan Malaysia Periode Tahun 2011 sampai dengan 2015) Azhary, Alwan; Muharam, Harjum
Diponegoro Journal of Management Volume 6, Nomor 4, Tahun 2017
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The banking system has an important role to play in the real sector because of its function as an intermediary institution which is a financial institution that connects between parties who have excess funds to parties who are in need of funds through financial services. One of focuses on this research is liquidity risk. The purpose of this study is to analyze the effect of non-performing loans, net working capital, return on assets, capital adequacy ratio and size against liquidity risk in conventional banks in Malaysia and Indonesia in 2011-2015.This research using multiple regression analysis and population in this research are banks that included in local and foreign banks which are sorted by using purposive sampling method. The total research population is 32 banks consisting of 24 samples of conventional banks in Indonesia and 8 samples of conventional banks in Malaysia. The results showed that non performing loans and capital adequacy ratio do not affect liquidity risk in both models. While return on assets has a positive and significant impact on liquidity risk of conventional banks in Indonesia and has no effect on conventional banks in Malaysia. Variable net working capital does not affect liquidity risk in conventional banks in Indonesia while banks in Malaysia have positive and significant effect. And variable size has no effect on liquidity risk in Indonesia and has a significant negative effect on conventional banks in Malaysia.
ANALISIS VALUE STOCK DAN GROWTH STOCK DI BURSA EFEK INDONESIA SETELAH KRISIS GLOBAL 2008 Studi Kasus pada Perusahaan di Bursa Efek Indonesia periode 2002-2015 Rabbani, Muhammad Fadhil; Muharam, Harjum
Diponegoro Journal of Management Volume 6, Nomor 1, Tahun 2017
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study was conducted to determine whether there are differences between the stock return of value stocks and growth stock in Indonesia before and after the world financial crisis that occurred in 2008. To investigate the difference, the stocks formed into a portfolio that is based on the 2002 calculated in 2002 and 2009 when the world financial crisis has ended.            The formation of the portfolio based on stocks that have gone public before 2000 and have the complete data during the study period. For the determination of the categories of stocks used Price-to-Earnings ratio, price-to-book ratio and price-to-cash flow ratio. Shares of stock that has a very high ratio will be eliminate to avoid bias that may occur if the stocks are still included. Similarly, the stocks of which are negative because they do not meet the criteria as a value stock. Then ANOVA test conducted to determine differences in returns and Sharpe ratio on the portfolio which was formed in 2002 and in 2009.            Results from this studies are not found differences in returns and Sharpe ratio on both the portfolio. This indicates that the formation of the portfolio by value stocks and growth stock can not be used as a guide to get a high return.
ANALISIS PENGARUH KOMPETISI, SIZE, CAPITALIZATION DAN LOANS INTENSITY TERHADAP EFISIENSI BANK (Studi Kasus Bank Umum Konvensional di Indonesia Periode tahun 2008-2012) Farida A., Nabila H.N.; Muharam, Harjum
Diponegoro Journal of Management Volume 4, Nomor 3, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Deregulation in banking industry, which is started with API policy and its derivatives in 2004, makes the industry change a lot, whether in its structure or interaction. This will affect banks performance in Indonesia banking industry. One of the most noted indicator is bank efficiency.  This study is analyzing the effect of competition, size, capitalization and loans intensity to conventional bank efficiency in 2008 to 2012 period. Banking efficiency will be measured with stochastic frontier approach (SFA) and banking competition will be measured with Lerner Index. Analysis of the the effect of competition, size, capitalization and loans intensity to conventional bank efficiency will be conducted using ordinary least square (OLS) data panel method.The result of this study shows that competition level that occurred in conventional banks gives negative effect to bank efficiency, while bank size gives positive effect to bank efficiency. Capitalization gives negative effect, but insignificant, while loans intensity, though insignificant,  gives positive effect to the efficiency.
ANALISIS PENGARUH FAKTOR INTERNAL DAN EKSTERNAL TERHADAP PROFITABILITAS PERBANKAN (Studi pada Bank Umum di Indonesia Periode Januari 2003 - Februari 2012) Hendrayanti, Silvia; Muharam, Harjum
Diponegoro Journal of Management Volume 2, Nomor 3, Tahun 2013
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Bank is one of the financial institution which have activities to raise funds from the public inthe form of savings and channel them to the public in form of credit or other forms in order toimprove the living standard of the people. The purpose of the banking business to make a profitability.The bank profitability is one of the most important indicator in determining the success of a bank andcan be used as basis for policy and strategy of the banking system in the period to come. The mainpurpose of this research is to examine the influence of Equity to Total Assets Ratio (EAR), OperatingExpenses to Operating Income (ROA), Loan to Assets Ratio (LAR), Firm size, economic growth,inflation and the volatility of ROA on Return On Assets (ROA).The population of this research are commercial banks in Indonesia. The priority selection ofthe sample is by using purposive sampling method with the overall criteria of the monthly financialreports of the most commercial bankings in Indonesia during the observation period January 2003-February 2012 has been published by Bank Indonesia. Totality of the sample which has been used inthis study was 110 samples. In this study, the research method is by using descriptive analysis,stationarity test, classical assumption test (test for normality and autocorrelation test), analyticalmodels of the Generalized Autoregressive Conditional Heteroscedasticity in Mean (GARCH-M),hypothesis test (z-statistic test, F-statistics test, and coefficient of determination test (R2)).The results of this research found that Equity to Total Assets Ratio (EAR) have a positive andsignificant effect on Return on Assets (ROA), Operating Expenses to Operating Income (ROA) andLoan to Assets Ratio (LAR) have a negative and significant effect on Return On assets (ROA), Firmsize have a positive and significant effect on Return on Assets (ROA), economic growth and inflationhave regression coefficients were positive but insignificant ROA and volatility of ROA have anegative and significant effect on Return On asset (ROA).
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL (STUDI KASUS PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2008-2011) Niztiar, Gata; Muharam, Harjum
Diponegoro Journal of Management Volume 2, Nomor 2, Tahun 2013
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Capital structure is an equalization beetwen the use of debt and the use of own capital, it means how much  own capital and how much debt that will be used can produce an optimal capital structure.This  research  aims  to  analyze  factors  which  influence  capital  structure  of  miningcompanies that listed in the Indonesia Stock Exchange. The variables studied include profitability, asset structure, sales growth, liquidity, operating leverage and difference years.Sampling method used in this research is purposive sampling. It is the sampling method based on certain criteria. The number of samples used in this research are 16 mining companies that based on the criteria. The research was conducted in the period 2008-2011. So the observationdata obtained at 64 observation data, but in normality test 13 data must be ommited, so only 51 data used as observation data. The analysis used multiple regression, which is preceded by a testconsisting of the classical assumption test for normality, heteroscedasticity test, test of multicollinearity and autocorrelation test. Hypothesis testing is using F test and t test.The results of data analysis or regression indicate that profitability, asset structure, salesgrowth, liquidity, operating leverage and difference years together influence the company's capital structure. While partially showed only profitability and liquidity significant effect on capital structure
MANAJEMEN MODAL KERJA DAN PROFITABILITAS PERUSAHAAN PADA SIKLUS BISNIS YANG BERBEDA (Studi kasus perusahaan yang tercatat dalam Bursa Efek Indonesia periode 2007-2010) Dewi, Febrina Eka; Muharam, Harjum
Diponegoro Journal of Management Volume 7, Nomor 2, Tahun 2018
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The recent economic downturn of 2008–2009 has brought renewed focus on working capital policies in Indonesia. The crimping consumer demand in economic downturn rapidly exhausts the working capital of businesses. Economic policy aimed at boosting cash flows of firms, either directly or indirectly, can be of enormous benefit in alleviating pressure on working capital. The purpose of this research is to analyze the relationship between working capital management and profitability in different business cycle. The population of this research is all of the firms listed on Indonesia Stock Exchange in period of 2007-2010. The samples were selected by purposive sampling method and do outlier to remain 39 companies. Method used in this research is Ordinary Least Square (OLS) with SPSS 23.0 as the analysis instrument. The result of this research shows cash conversion cycle and inventory conversion period have a negative and significant effect. But receivable collection period and payable deferral period have insignificant effect on the firm's profitability. During crisis period, only cash conversion cycle indicate a negative and significant relation with firm profitability. During economic boom, receivable collection period has a negative and significant relation to profitability. Inventory conversion period has a positive and significant relation during economic boom.
Co-Authors Abdul Aziz Nurul Akhsan, Abdul Aziz Nurul Abdul Rachim Abror, Ghozi agasa, Qaharuna Andreana Dita Paramitha, Andreana Dita Andriyani, Kanya Azalia Apriyani, Duwi Arief Rachman Hakim Asep Mulyana Axel Giovanni Azhary, Alwan Bellinda, Bianda Brahmanto, Unggul Budi Warsito Dewi, Febrina Eka Dhani Utary Firmanah, Dhani Utary Dheni Saraswati Almara, Dheni Diana Eka Farida, Diana Eka Dinda Ayu Septiana Dwi Gama Primadasa, Dwi Ellanto, Kenny Endang Fatmawati Ersabathari, Ruth Valencia Erwin Erwin Faraga, Filus Farah Nur Sabrina, Farah Nur Farida Indriani Firman Wahyudi, Cahya Fitriati, Ika Rosyada Galuh Kusuma Putri Gata Niztiar, Gata Habib Bitomo, Habib Handayani, Heny Handayani, Suyati Hanung Sakti Hanung Sakti, Hanung Haryanto, Antonius Mulyo Hasna Penta Kurnia Hasna Penta Kurnia Hasna Penta Kurnia Heny Handayani Hepdityo Rizki Adam Damanik, Hepdityo Rizki Heriyanto hirawati, heni Ima Mediana, Ima Indra Eka Putra Indra Salfian Annur Irene Rini Demi Pangestuti Isfenti Sadalia Iwanda, M. Prayoga Johanis Darwin Borolla Jumadil Saputra M. Andika Jawara Pratama M. Chabachib Mahendra Sarwono, Mutiara Dwi Maria Rio Rita Marpaung, Aldio Miftahusni,, Nundy Mohammad Chabachib Muhammad Fadhil Rabbani Muhammad Panji Muhammad Panji, Muhammad Muhammad Talkhisul Abid Muhammad Talkhisul Abid Nabila H.N. Farida A., Nabila H.N. Nadya Purnamasari, Nadya Nency I, Yashinta Nirmala Luthfiya Atyanta Nofriady, Hery Nugrahaeni, Ressita Nugroho, Irawan Cahyo Pangestu, Ardi Permata Putri, Adhyva Wahyuningtyas Pradwipa, Ayodya Prameswari, Balqies Gabriella Pratiwi, Dian Eka Putra, Azka Razaqa Putra, Pramundita Risna Putri Andriana, Putri Rabbani, Muhammad Fadhil Rahayu, Nugroho Tulus Rahman, Aini Ramadhan, Aryasatia Redemtus Heru Tjahjana Rico Nur Ilham Riskin Hidayat Rizki Yogonugroho, Muhammad Robiyanto Robiyanto Robiyanto, Robiyanto Robiyanto, Robiyanto Roy Haris Oktabian Rusdwianto Nugroho, Antonius Safitri, Maria Samasta, Almira Santi Santa Situmeang, Santa Saraswati, Niken Silvia Hendrayanti Siti Nurjanah Soegoto, Azzahra Trimillennia Sugeng Wahyudi, Sugeng Sugiono Sugiono Susanto, Andrianto Sulistiono Syafrullah, Saddek T. Muhd. Redha Vahlevi, T. Muhd. Redha Tania, Jenna Tara Ninta Ikrima Teuku Muhammad Haqiqi, Teuku Muhammad Triarso, Husein Vidianto, Muhammad Afiq Wachidah Fauziyanti Wisnu Mawardi Wulandari, Cahyani Sulistyaning Yacobo P Sijabat Yanuar Yoga Prasetyawan Yasmin, Amanda Ratri Yudianto, Iwan