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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) Jurnal Ilmiah Manajemen Kesatuan Indicators : Journal of Economic and Business Devotion: Journal of Research and Community Service JURNAL ILMIAH GLOBAL EDUCATION 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 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 Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Social Sciences Transportation Other

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THE EFFECT OF BOARD OF DIRECTOR, AUDIT COMMITTEE, INSTITUTIONAL OWNERSHIP TO FIRM VALUE, WITH FIRM SIZE, FINANCIAL LEVERAGE, AND INDUSTRIAL SECTOR AS CONTROL VARIABLES (STUDY ON LISTED COMPANIES IN INDONESIAN STOCK EXCHANGE PERIOD 2011-2015) Samasta, Almira Santi; Muharam, Harjum; Haryanto, Antonius Mulyo
JURNAL BISNIS STRATEGI Vol 27, No 1 (2018): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (910.164 KB) | DOI: 10.14710/jbs.27.1.53-62

Abstract

This study aims to examine the effect of corporate governance’s mechanism to firm value which is proxied by Tobin’s Q. This mechanism is divided into two, internal mechanism which is proxied by board of director and audit committee and external mechanism which is  proxied by institutional ownership. This study is using control variables such as firm size, financial leverage and industrial sector.Sample used in this study are 40 companies which incorporated in several industrial sector in Indonesia which are listed in Indonesia Stock Exchange during 2011-2015. Hypothesis testing in this study is using multiple regression analysis.The result of this study shows that board of director has positive but insignificant effect to firm value in Indonesia, audit committee has positive and significant effect to firm value in Indonesia and institutional ownership has negative but insignificant effect to firm value in Indonesia. The control variables used in this study provide mixed results, where firm size has negative and insignificant effect to firm value, financial leverage has positive and significant effect to firm value and the whole industrial sector in Indonesia has no effect to firm value. From simultaneous test, this study shows that simultaneously independent variables significantly affect to firm value.
ANALISIS PENGARUH HARGA MINYAK DAN HARGA EMAS TERHADAP HUBUNGAN TIMBAL-BALIK KURS DAN INDEKS HARGA SAHAM GABUNGAN (IHSG) DI BURSA EFEK INDONESIA (BEI) 2000 -2013 Faraga, Filus; Chabachib, M.; Muharam, Harjum
JURNAL BISNIS STRATEGI Vol 21, No 1 (2012): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (384.135 KB) | DOI: 10.14710/jbs.21.1.72-94

Abstract

Pasar modal merupakan salah satu subsektor yang memainkan peran yang sangat penting dalam menggerakan roda perekonomian suatu negara. Sehingga pasar modal menjadi salah satu indikator perekonomian suatu negara. Salah satu ukuran kinerja dari pasar modal adalah indeks harga saham. Ada banyak faktor yang dapat mempengaruhi indeks harga saham di pasar modal, antara lain keadaan ekonomi global, tingkat harga energi dunia, kestabilan politik suatu negara (Blanchard, 2006); kurs valuta asing, kondisi perekonomian internasional, dan siklus ekonomi suatu negara (Samsul,2008). Selama periode amatan tahun 2000-2013 terjadi fenomena dimana hubungan antar variabel makro ekonomi dengan pergerakan indeks harga saham gabungan (IHSG) tidak sesuai dengan teori. Hal ini didukung dengan kesenjangan dari beberapa hasil penelitian terdahulu. Tujuan dari penelitian ini adalah menganalisis  pengaruh Harga Minyak Dunia dan Harga Emas Dunia terhadap hubungan timbal-balik Kurs (nilai tukar rupiah terhadap dolar AS) dan indeks harga saham gabungan (IHSG).Penelitian ini menggunakan  data bulanan Januari 2000 sampai Januari 2013. Tujuan penelitian akan dijawab dengan menggunakan  uji kointegrasi untuk melihat hubungan jangka panjang antar variabel dan model VAR/VECM untuk mengetahui apakah pergerakan harga minyak dunia, harga emas dunia, kurs mempengaruhi IHSG dan IHSG mempengaruhi kurs. Selanjutnya, alat analisis Impulse Response digunakan untuk mengetahui respon IHSG dan kurs jika terjadi guncangan harga minyak dunia dan harga emas dunia, serta menggunakan alat analisis Variance Decomposition untuk mengetahui peran variabel harga minyak dunia dan harga emas dunia dalam menjelaskan pergerakan IHSG dan kurs.Hasil analisis kointegrasi menunjukkan bahwa semua variabel, yakni harga minyak dunia, harga emas dunia, kurs dan IHSG dalam jangka panjang ada kointegrasi. Hasil analisis menunjukkan bahwa harga minyak dunia berpengaruh signifikan terhadap kurs; harga emas dunia tidak berpengaruh signifikan terhadap IHSG; harga emas dunia tidak berpengaruh signifikan terhadap kurs; kurs berpengaruh signifikan terhadap IHSG; IHSG berpengaruh signifikan terhadap kurs. Hasil analisis kausalitas menunjukkan bahwa kurs dan IHSG ada hubungan kausalitas. Hasil analisis Impulse Response menunjukkan bahwa guncangan harga minyak dunia direspon negatif oleh kurs; guncangan harga emas dunia direspon negatif oleh IHSG dan kurs; perubahan nilai kurs direspon positif oleh IHSG; dan perubahan IHSG direspon positif oleh kurs.
THE EFFECT OF INFLATION, USD AND YUAN EXCHANGE RATE, CRUDE OIL WTI AND ICP TO INDICES SECTORAL RETURNS IN INDONESIAN STOCK EXCHANGE Yudianto, Iwan; Muharam, Harjum; Sugiono, Sugiono
JURNAL BISNIS STRATEGI Vol 27, No 1 (2018): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (353.683 KB) | DOI: 10.14710/jbs.27.1.63-78

Abstract

This study aimed to see whether there is an influence between macro-economic variables include changes of USD / IDR exchange rate, change of CNY / IDR exchange rate, inflation change, change of WTI crude oil and change of ICP crude oil to return of sectoral indices, represented by return of consumption index stock, return of financial index stock, return of infrastructure index stock and return of trade and service index stock. In addition, this study also tested whether there is a causal relationship of one or two directions of endogenous variables. Period in this study began from July 2009 - December 2017 (102 months). The Hypothesis testing of this study use Vector Autoregressive (VAR) method with Eviews 9 software.The result of the research concludes that the change of USD / IDR exchange rate have a significant negative effect on return of consumption index stock, return of financial index stock, return of infrastructure index stock and return of trade and services index stock. Changes of the CNY / IDR exchange rate have a significant negative effect on return of consumption index stock and return of financial index stock. Inflationary change have a significant negative effect on return of financial index stock and return of trade & service index stock. The change of crude oil WTI and ICP crude oil have no significant effect on all sectors. In the Granger causality test, it is found that the return of trade and services index stock has one way causality relationship to the return of infrastructure index stock.
ANALISIS INTEGRASI BURSA EFEK JAKARTA DENGAN PASAR MODAL DUNIA : Menggunakan Uji Akar-akar Unit Muharam, Harjum
JURNAL BISNIS STRATEGI Vol 7, No 5 (2001): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (730.686 KB) | DOI: 10.14710/jbs.7.5.1-11

Abstract

Increasing of Capital Market in Indonesia Become interesting topic to be analysed. Capital market integration is one part of the topic that challenges to be researched. Economic crisis in Indonesia gives big impact on Indonesian Capital Market. In order to anticipate more impact of the crisis, in September 1997 Indonesian Government Liberated foreign ownership limit for stock at Jakarta Stock Exchange. Theoresically this liberated make JSX integrated to World Capital Market and the movement of HISG has positive correlation with international indexes. To know the real condition is the reason why this JSX and World Capital Market. Bivariate cointegration test between HISG and each indexes results ADF observed valu bigger than ADF table value for all cases at alfa 5% and 10%. This result has means that HISG has cointegreted with the the indexes and proofs the hypothesis of integration between JSX and World Capital Market is true.
PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA KEUANGAN agasa, Qaharuna; Muharam, Harjum
JURNAL BISNIS STRATEGI Vol 25, No 1 (2016): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (764.263 KB) | DOI: 10.14710/jbs.25.1.49-64

Abstract

This study has the main purpose to test the effect of the components of intellectual capital (VAICTM), namely CEE (Capital Employed Efficiency) HCE (Human Capital Efficiency), SCE (Structural Capital efficieny) on financial performance projected by ROA (Return on Assets), ROE (Return on Equity), ATO (Assets Turnover), and GR (Growth Rate) in non-financial companies listed on the Indonesian Stock Exchange (BEI) in the period 2012-2014.This research was conducted by using Partial Least Square (PLS) for data analysing. The research sample are 82 non-financial companies listed in the Indonesia Stock Exchange in 2012-2014. The requirements are companies with stable profit in 3 years, have enough component for calculating Value Added (VA), and have IDR (Rupiah) as the currency for financial report.The findings of this study is to indicate that there is a positive effect of intellectual capital components (VAICTM) on the financial performance of the company. Components of IC (VAICTM) also affect future financial performance. Overall, the empirical findings of this study stated that CEE (Capital Employed Efficiency) and SCE (Structural Capital efficieny) is a significant indicator for VAICTM on financial performance in the same year, CEE is a significant indicator of financial performance in the future. Limitations of this study is the use of all non-financial companies which qualify the needs assessment value added (value added) for 3 consecutive years - participated.
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

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (129.443 KB)

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

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (170.626 KB)

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

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (169.496 KB)

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

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (137.526 KB)

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

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (212.274 KB)

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.
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 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 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 Tarigan, Edi Suranta 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