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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 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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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.
PENGARUH GOOD CORPORATE GOVERNANCE DAN KARAKTERISTIK PERUSAHAAN TERHADAP KINERJA PERUSAHAAN DAN IMPLIKASINYA TERHADAP NILAI PERUSAHAAN Nency I, Yashinta; Muharam, Harjum
Diponegoro Journal of Management Volume 6, Nomor 3, Tahun 2017
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Maximizing   firm   value   are   influenced   by   several  factors,   including   firm performance and corporate characteristics. This study examines the effect of good corporate governance, growth, leverage, and firm size on firm value by using firm performance as intervening variable.Firm performance is measured by using Return on Assets (ROA) and firm value is measured by using Tobins'Q. The population of this research is registered companies in CGPI ranking by IICG in 2009-2015. Sampling was conducted using purposive sampling and  there  are  31  companies  that  qualified  as  a  sample.  This  research  used  linear regression by using Ordinary Least Square method to know the influence of independent variable consist of CGPI, growth, leverage, and firm size to firm value by using firm performance as intervening variable.The result of the research shows that CGPI variable has a significant positive effect on company performance, firm growth variable has positive effect not significant to firm performance, leverage variable has negative significant effect, and firm size variable has negative and insignificant effect, and firm performance is only able to mediate the relationship between CGPI and leverage to firm value. Thus, only CGPI and leverage have an indirect effect on firm value of CGPI rating companies listed on the BEI in 2009-2015.
ANALISIS PENGARUH KINERJA ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG) TERHADAP ABNORMAL RETURN (Studi pada Perusahaan Indonesia dan Malaysia yang mengungkapkan ESG score dan terdaftar pada Bursa Efek Indonesia dan Bursa Malaysia Tahun 2010-2015) Syafrullah, Saddek; Muharam, Harjum
Diponegoro Journal of Management Volume 6, Nomor 2, Tahun 2017
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The purpose of this study is to analyze the influence of environmental performance, social performance, and corporate governance to abnormal return as measured by environmental, social, and governance (ESG) disclosure score.The populations of this study are companies in Indonesia and Malaysia listed on the Indonesia Stock Exchange and Kuala Lumpur Stock Exchange (KLSE) that revealed the Environmental, social, and governance (ESG) disclosure score in the year 2010-2015. This study used secondary data with total sampel is 192 data as determined by purposive sampling method. Test analysis using data panel eviews with fixed effect model that has been tested by Chow test (F test) and Hausman test.The result of this study show that environmental performance did not has significant but positive influence to the abnormal return. Social performance and corporate governance have significantly and positively influence to the abnormal return. These results correspond with the legitimacy and stakeholders theory.
ANALISIS FAKTOR–FAKTOR YANG MEMPENGARUHI ABNORMAL RETURN SAHAM PADA KINERJA JANGKA PANJANG PENAWARAN UMUM PERDANA (IPO) (Studi Kasus pada Perusahaan Non Finansial yang Go Public di Bursa Efek Indonesia Tahun 2006-2009) Abid, Muhammad Talkhisul; 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

The average stocks return of the initial public offering (IPO) in the U.S. stockmarket was -29.13% at the end of the third year after the IPO (Ritter, 1991). Theconclusion is that the Underperformed phenomenon is influenced by the volume of tradeand only occurs in the non-financial sector (Ritter, 1991). Underperformed is a stockreturn of initial public offerings that have lower performance compared to the marketreturn. Bessler and Thies (2007) stated that the year of going public is the time period ofthe initial public offering (IPO). There is a time variation in the pattern of benefits, itraises a question of whether companies can maximize the value and amount of fundsacquired. In investing, investors consider the return and risk, the expected results of theinvestment will be realized after a certain period of time and during this period there is arisk of the investments made. The aim of this study is to analyze the factors that affectAbnormal Return on long-term stock performance after 36 months of the IPO. Theindependent variables in this study consist of Benchmark, Money Raised, Market Value,and Magnitude of Underpricing. The dependent variable is the abnormal return on longtermstock performance after 36 months of the IPO.The samples used in this study were the nonfinancial companies on 2006-2009period as many as 54 non-financial companies using purposive sampling method. Theanalysis technique used was multiple linear regression analysis and performed classicalassumption test which include normality test, multicollinearity test, autocorrelation test,and heteroskesdasticity test.The results showed that partially the Benchmark affect significantly and negativelytoward Abnormal Return; Money Raised and Market Value does not affect significantlyand positively towards Abnormal Return; Magnitude of Underpricing affect significantlyand positively towards Abnormal Return. The ability of the four independent variables toexplain the variation on the dependent variables amounted to 45.8%, while the rest equalto 54.2% explained by other factors that are not described in the model.
PENGARUH KINERJA LINGKUNGAN TERHADAP KINERJA KEUANGAN: STUDI PADA PERUSAHAAN YANG TERDAFTAR DI KEMENTERIAN LINGKUNGAN HIDUP DAN LISTING DI BEI (PERIODE 2008-2014) Akhsan, Abdul Aziz Nurul; Muharam, Harjum
Diponegoro Journal of Management Volume 5, Nomor 3, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The aim of this study is to examine the impact of corporate environmental performance toward corporate financial performance. Corporate environmental performance is measured by the score of PROPER published by the Ministry of Environment of the Republic of Indonesia, and corporate financial performance is measured using ROA and Tobin’s q. The population in this study is all go public companies listed on Indonesia Stock Exchange (BEI) and listed on PROPER appraisal in 2008 – 2014. The sampling method used in this study is purposive sampling. By doing sampling and processing data, the final amounts of the sample are 18 firms. This study uses multivariate regression analysis technique to examine the hypotheses. The result shows that improving corporate Environmental Performance significantly influence corporate Financial Performance.
SIMULTANEOUS RELATIONSHIP BETWEEN LEVERAGE POLICY AND DIVIDEND POLICY Purnamasari, Nadya; Muharam, Harjum
Diponegoro Journal of Management Volume 5, Nomor 3, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study aims to analyze the simultaneous relationship between dividend policy and leverage policy along the factors influence them. Dividend policy is measured by dividend payout ratio, while leverage policy is measured by debt ratio. The factors influencing these two policies are profitability, size, asset structure, and growth. This study uses secondary data from Indonesia Stock Exchange (IDX), within companies that always listed on LQ45 Index during 2009 – 2014 are used as sample. Two stage least square (2SLS) is used as regression method. The result shows that both of two policies have simultaneous relation and give positive effect. Profitability gives positive effect, while size gives insignificant effect to dividend policy. Profitability and growth give negative effect, while asset structure gives insignificant effect to leverage policy.
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 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