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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

Author-ID : 323552

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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Entrepreneurial Finance Perspective: Highlighting from the Supply Side Maria Rio Rita; Harjum Muharam
Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : University of Merdeka Malang

The emergence of the entrepreneurial finance theory in developing the financial theory was still relatively new. Up until the early 1990s, the topic of entrepreneurial finance was still rarely discussed, although actually many aspects could be explored more in-depth by academicians. There was no consensus about the definition of entrepreneurial finance. It can be mapped out that past literature studies or previous research just looked at entrepreneurial finance from the financing provider side (supply side). A supply-side test examined the fund provider (financier) perspective as a test center like formal and informal equity (venture, capitalists, angel investors, corporate venturing, crowdfunding), as well as formal and informal debt like bank debt, loans from friends and family members, and the release of other money (mezzanine) to develop start-up companies or micro, small, and medium enterprises. A synthetic meta-analysis in this research integrated and synthesized several qualitative research findings through better descriptions and facilitates the reconceptualization from a study. Based on this study, we found that actually there was still a lot of room from the topic of entrepreneurial finance to become future research, such as from the entrepreneur’s side (demand side) related with financial management or small enterprise development. JEL Classification: B10, B26, B30DOI: https://doi.org/10.26905/jkdp.v22i3.2096

The Influence Of Fundamental Factors To Liquidity Risk On Banking Industry: Comparative Study between Islamic Bank and Conventional Bank In Indonesia Harjum Muharam; Hasna Penta Kurnia
Conference In Business, Accounting, And Management (CBAM) Vol 1, No 2 (2012): Conference In Business, Accounting And Management (Cbam) 2012
Publisher : Conference In Business, Accounting, And Management (CBAM)

Show Abstract | Download Original | Original Source | Check in Google Scholar

Bank and risk are two things that cannot be separated from each other. Both conventionalÂ and Islamic banks are more or less similar in risk summary. One of the critical riskÂ is liquidity risk that caused by bank disabilities on meeting their maturity dates ofÂ depositors. Therefore it needs further observations to control their liquidity risk. ThisÂ study investigates the influence of CAR, profitability ratios, NIM, liquidity gaps, andÂ RLA belongs to liquidity risk on banking industry. The population of this study consistsÂ of conventional and Islamic banks. The selection of samples uses purposive samplingÂ method. The samples are divided into 3 conventional banks and 3 Islamic banks. TheÂ study is based on secondary data in a period of five years, i.e. 2007-2011. The statisticalÂ analysis of secondary data has been divided into three, which are descriptive, regressionand hypothesis testing. The study finds negative and significant influence of CAR andÂ ROE to liquidity risk on conventional banks, while ROA and RLA have positive andÂ insignificant effect. In Islamic banks, the research finds positive and significant impact ofÂ NIM and ROE to dependent variable, whereas liquidity gaps and RLA have insignificantÂ affect. Liquidity gaps have positive and significant effect to liquidity risk in conventionalÂ banks, while ROA has positive direction in Islamic banks. In addition, NIM in first modelÂ and CAR in second model is found to be negative and insignificant at 5% significanceÂ level.Keywords: conventional banks, Islamic banks, liquidity risk, fundamental factors

Measuring Systemic Risk of Banking in Indonesia: Conditional Value at Risk Model Application Harjum Muharam; Erwin Erwin
Signifikan: Jurnal Ilmu Ekonomi Vol 6, No 2 (2017)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Systemic risk is a risk of collapse of the financial system that would cause the financial system is not functioning properly. Measurement of systemic risk in the financial institutions, especially banks are crucial, because banks are highly vulnerable to financial crisis. In this study, to estimate the conditional value-at-risk (CoVaR) used quantile regression. Samples in this study of 9 banks have total assets of the largest in Indonesia. Testing the correlation between VaR and ΔCoVaR in this study using Spearman correlation and Kendall's Tau. There are five banks that have a significant correlation between VaR and ΔCoVaR, meanwhile four others banks in the sample did not have a significant correlation. However, the correlation coefficient is below 0.50, which indicates that there is a weak correlation between VaR and CoVaR.DOI: 10.15408/sjie.v6i2.5296

Multifraktalitas dan Studi Komparatif Prediksi Indeks dengan Metode Arima dan Artificial Neural Network (ANN) Harjum Muharam; Muhammad Panji
The Winners Vol. 9 No. 2 (2008): The Winners Vol. 9 No. 2 2008
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/tw.v9i2.720

This paper discusses technical analysis widely used by investors. There are many methods that exist and used by investor to predict the future value of a stock. In this paper we start from finding the value of Hurst (H) exponent of LQ 45 Index to know the form of the Index. From H value, we could determinate that the time series data is purely random, or ergodic and ant persistent, or persistent to a certain trend. Two prediction tools were chosen, ARIMA (Auto Regressive Integrated Moving Average) which is the de facto standard for univariate prediction model in econometrics and Artificial Neural Network (ANN) Back Propagation. Data left from ARIMA is used as an input for both methods. We compared prediction error from each method to determine which method is better. The result shows that LQ45 Index is persistent to a certain trend therefore predictable and for outputted sample data ARIMA outperforms ANN.

Analisis Perbedaan Liquiditas Saham, Kinerja Keuangan, dan Return Saham di Sekitar Pengumuman Stock Split Harjum Muharam; Hanung Sakti
The Winners Vol. 9 No. 1 (2008): The Winners Vol. 9 No. 1 2008
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/tw.v9i1.727

Using 13 samples from listed companies in Jakarta Stock Exchange within 2003-2005, this article analyze the difference of stock liquidity, financial performance, and stock return in the period of stock split announcement. Multivariate Analysis of Variance (MANOVA) shows that there is no difference in Trading Volume Activity (TVA) of stock and financial performance before, within, and after stock split announcement, but this study finds that the difference in stock return exist in the period of stock split announcement.

Liquidity Risk on Banking Industry: Comparative Study Between Islamic Bank and Conventional Bank in Indonesia Harjum Muharam; Hasna Penta Kurnia
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 5, No 2: July 2013
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Bank konvensional dan syariah kurang lebih memiliki risiko sama. Oleh karena itu perlu pengamatan lebih lanjut untuk mengendalikan risiko likuiditas mereka. Studi ini mengkajipengaruh CAR, rasio profitabilitas, NIM, kesenjangan likuiditas, dan RLA milik risiko likuiditas di industri perbankan. Analisis statistik menyimpulkan bahwa terdapat pengaruh negatif dan signifikan dari CAR dan ROE terhadap risiko likuiditas pada bank konvensional, sementara ROA dan RLA berpengaruh positif dan signifikan. Dalam bank syariah, dampak positif dan signifikan dari NIM dan ROE terhadap variabel dependen, sedangkan kesenjangan likuiditas dan RLA memiliki pengaruh signifikan.DOI: 10.15408/aiq.v5i2.2565

ANALISIS PENGARUH RETURN ON EQUITY, FIRM SIZE, CURRENT RATIO DAN INSTITUTIONAL OWNERSHIP TERHADAP DIVIDEND PAYOUT RATIO DENGAN DEBT TO EQUITY RATIO SEBAGAI VARIABEL INTERVENING Ika Rosyada Fitriati; Mohammad Chabachib; Harjum Muharam
Jurnal Riset Ekonomi dan Bisnis Vol 11, No 3 (2018): Desember 2018
Publisher : Universitas Semarang

Penelitian ini bertujuan untuk mengujipengaruh variabel return on equity, firm size, current ratio dan institutional ownership terhadap dividend payout ratio dengan debt to equity ratio sebagai variabel intervening. Pengambilan sampel menggunakan purposive sampling. Data diambil dari Indonesian Capital Market Directory (ICMD). Uji kelayakan model menggunakan uji multikolinieritas, uji koefisien determinasi dan uji signifikansi. Teknk analisis menggunakan analisis jalur dan sobel test. Hasil penelitian ini menunjukkan bahwa current ratio dan institutional ownership berpengaruh negatif signifikan terhadap debt to equity ratio, firm size dan current ratio berpengaruh positif signifikan terhadap dividend payout ratio, debt to equity ratio berpengaruh negatif signifikan terhadap dividend payout ratio serta debto equity ratio mampu memediasi pengaruh current ratio terhadap dividend payout ratio dan pengaruh institutional ownership terhadap dividend payout ratio.The aimed of this study is examine the effect of variable return on equity, firm size, current ratio and institutional ownership toward dividend payout ratio with debt to equity ratio as an intervening variable. Sampling using purposive sampling. Data taken from Indonesian Capital Market Directory (ICMD). The test of feasibility models using multicoliniarity test, coefficient determination test and test of significance. The analysis technique using path analysis and sobel test. The result of this study indicate that the current ratio and institutional ownership have significant negative effect on debt to equity ratio, firm size and current ratio have significant positive effect on dividend payout ratio, debt to equity ratio has significant negative effect on dividend payout ratio and the debt to equity ratio capable of mediating influence current ratio toward dividend payout ratio and the effect of institutional ownership toward dividend payout ratio.

The Effect of Corporate Governance on Firm Performance Harjum Muharam; Nirmala Luthfiya Atyanta
Journal of Economics and Business Vol 3, No 2 (2021): November
Publisher : Ikatan Sarjana Ekonomi Indonesia Cabang Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47729/indicators.v3i2.93

This study aims to analyze the effect of corporate governance mechanisms on firm performance. The sample used in this study were companies listed on the Indonesia Stock Exchange (IDX) during the period of 2016 to 2019. The number of samples used in this study was 100 samples. The sampling technique used is purposive sampling method. The research data was obtained from the company’s annual report. This study uses multiple regression analysis method which operated through data processing program IBM SPSS Statistics 25. The results of this study showed that the proportion of independent commissioner, audit committee, and institutional ownership had a positive and significant effect on Adjusted Tobin’s Q. Meanwhile, size of board of directors and managerial ownership found to had no effect on Adjusted Tobin’s Q. Firm size and firm age as control variables found to had a positive effect on Adjusted Tobin’s Q, while leverage found to had no effect on Adjusted Tobin’s Q.

Islamic Stock Markets Integration and Contagion Effect of China’s Economic Slowdown Harjum Muharam; M. Andika Jawara Pratama
Journal of Economics and Business Vol 2, No 2 (2020): November
Publisher : Ikatan Sarjana Ekonomi Indonesia Cabang Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47729/indicators.v2i2.71

This study investigated the existence of the Islamic stock markets integration among Asian countries and the contagion effect caused by the economics slowdown in China. The data of this study are the daily closing price of islamic stock index in Indonesia (MIID), Malaysia (MIMY), and China (MICN). The period of analysis is divided into tranquil period (August 30, 2007 - June 11, 2015) and turmoil period (June 12, 2015 - September 1, 2016). Meanwhile, there are 2351 observational datas used in this study. The Johansen Cointegration test, Vector Error Correction Model (VECM), and Granger Causality test are used as the research methods.The results showed that in both periods,the islamic stock market of three countries are integrated with each other. However, there is no evidence of contagion effect during the economics slowdown in China. In addition, there is a bidirectional causality relationship between the Malaysia and China Islamic stock markets.

Value stock and growth stock on Indonesia stock exchange after global crisis Muhammad Fadhil Rabbani; Harjum Muharam
Diponegoro International Journal of Business Vol 1, No 1 (2018)
Publisher : Department of Management | Faculty of Economics and Business | Universitas Diponegoro

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.

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

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