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Journal : Journal of Entrepreneurship

Faktor–faktor yang Mempengaruhi Dividend Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia dan Bursa Malaysia Fellicia Hadi Seputro; Werner Ria Murhadi; Arif Herlambang
Journal of Entrepreneurship and Business Vol. 1 No. 1 (2020): Journal of Entrepreneurship and Business (March)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (904.921 KB) | DOI: 10.24123/jerb.v1i1.2823

Abstract

This study aims to investigate the determinants of firms dividend payout ratio, such as life cycle stage, independent non-executive director, risk, firm size, market-to-book ratio, cash to total asset, and leverage of manufacturing sector companies listed in the Indonesia Stock Exchange and Malaysia Stock Exchange in 2014-2018. This study uses the quantitative approach and multiple linear regression to analyze the data. The object of this research are 295 year observations in Indonesia Stock Exchange and 600 year observations in Malaysia Stock Exchange. The Independent variables used in this study are life cycle stage and independent non-executive directors. While the control variables are risk, firm size, market-to-book ratio, cash to total asset and leverage. The study finds that in manufacturing sector companies listed in the Indonesia Stock Exchange, life cycle stage, independent non-executive director, firm size and market-to-book ratio affect dividend payout ratio positively. On the other hand, leverage affect dividend payout ratio negatively. While risk and cash to total asset has no significant effect on dividend payout ratio. Meanwhile in manufacturing sector companies listed in the Malaysia Stock Exchange, the study finds that life cycle stage, independent non-executive director, firm size, market-to-book ratio and cash to asset affect dividend payout ratio positively. While risk and leverage affect dividend payout ratio negatively. Keywords: dividend policy, life cycle stage, independent non-executive director
Corporate Governance, Transparency and Stock Return Synchronicity Werner Ria Murhadi; Liliana Inggrit Wijaya
Journal of Entrepreneurship and Business Vol. 2 No. 1 (2021): Journal of Entrepreneurship and Business (March)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (257.714 KB) | DOI: 10.24123/jeb.v2i1.3919

Abstract

This study aims to analyze the effect of corporate governance on transparency as measured by stock return synchronicity. The variables used are board size (commissioner), big4 audit, institutional ownership, market to book, the volatility of firm fundamentals, leverage, and firm size. This study uses a quantitative approach with multiple linear analysis models. This study uses a sample of non-financial business entities listed on the Indonesia Stock Exchange (BEI). The number of samples used in this study was 198 observations. The results showed that the variable board size (commissioner), institutional ownership, and leverage had a positive effect on transparency, and the implied volatility of the firm hurt transparency. Other variables such as big4 audit, market to book ratio, and firm size do not affect transparency.
Pengaruh Corporate Social Responsibility terhadap Kinerja Keuangan Perusahaan dan Earning Management sebagai Variabel Moderasi Jessica Ang; Werner Ria Murhadi; Endang Ernawati
Journal of Entrepreneurship and Business Vol. 1 No. 1 (2020): Journal of Entrepreneurship and Business (March)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (687.81 KB) | DOI: 10.24123/jerb.v1i1.2820

Abstract

This study aims to analyze the effect of corporate social responsibility on a company’s financial performance with earning management as a moderating variable. The variables used in this study are corporate social responsibility, firm age, firm size, leverage, and earning management as moderation variables. This research uses a quantitative approach using multiple linear regression analysis. The target population in this study are all non-financial sector companies listed on the Indonesia Stock Exchange (IDX) in 2014-2018, which amounted to 875 observations. The results showed that corporate social responsibility variable has no significant influence on financial performance. The analysis with moderating variables show that earning management can strengthen the relationship between corporate social responsibility and financial performance. Keywords: corporate social responsibility, financial performance, earning management
Pengaruh Corporate Social Responsibility terhadap Kinerja Perusahaan Sektor Pertambangan Terdaftar di Bursa Efek Indonesia&Malaysia 2014-2018 Irbahiya Aqsa Griselda; Werner Ria Murhadi; Mudji Utami
Journal of Entrepreneurship and Business Vol. 1 No. 1 (2020): Journal of Entrepreneurship and Business (March)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (710.219 KB) | DOI: 10.24123/jerb.v1i1.2821

Abstract

The aims of this research is to analyze the effect of corporate social responsibility, leverage, firm size and firm size towards firm performance using return on assets and Tobin’s Q as a proxy in mining sector companies listed in Indonesian Stock Exchange and Malaysia Stock Exchange in the period 2014-2018. This research uses quantitative approach with two least square regression analysis model. This study uses sample of firms which are listed on mining in IDX and MYX on 2014-2018. The findings result of this research CSR have positive and significant effect towards firm performance in mining sector companies BEI on the period 2014-2018, while CSR insignificant effect towards firm performance in mining sector companies BEM on the period 2014-2018. Keywords: corporate social responsibility, financial performance, firm value
Effect of Service Quality and Patient Satisfaction on Behavioral Intention Wayan Karsana; Werner Ria Murhadi
Journal of Entrepreneurship and Business Vol. 2 No. 1 (2021): Journal of Entrepreneurship and Business (March)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (700.596 KB) | DOI: 10.24123/jeb.v2i1.3981

Abstract

Service quality is an essential aspect in realizing patient satisfaction and behavioral intention in the health service industry. The behavioral intention has been identified as an essential construct in measuring organizational success and affects patient visits. This study aims to determine service quality and patient satisfaction on behavioral intention in the Husada Utama Hospital. This study was quantitative causal research to determine the effect of two or more variables. Primary data collected with a questionnaire include the perceived service quality scale, patient satisfaction scale, and behavioral intention scale. This study's sample was 150 respondents; consist of inpatients room for class 1, 2, and 3 that met inclusion criteria. The sampling method for this study was purposive sampling. Data analyzed using SEM AMOS to analyze measurement model, structural model, and hypothesis test. This study found that: service quality has a significant positive effect on patient satisfaction, service quality has a significant positive effect on behavioral intention, and there was no positive effect of patient satisfaction on behavioral intention. Service quality has a positive effect on behavioral intention, so patients' increasing behavioral intention can be done by improving the service quality. Further research needs to be conducted to analyze the effect of service quality on the behavioral intention with patient's satisfaction as a mediator; further research also needs to develop a patient's behavioral intention enhancement program.
Working Capital Management dan Firm Profitability Perusahaan Sektor Manufaktur di Bursa Efek Indonesia dan Bursa Efek Filipina Periode 2014-2018 Ricky Adiyanto; Werner Ria Murhadi; Liliana Inggrit Wijaya
Journal of Entrepreneurship and Business Vol. 1 No. 1 (2020): Journal of Entrepreneurship and Business (March)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (935.201 KB) | DOI: 10.24123/jerb.v1i1.2822

Abstract

This study aims to analyze the effect of working capital management on the profitability of companies in Indonesia and Philippines. This study uses secondary data from companies listed in Indonesia Stock Exchange and Philippines Stock Exchange in the 2014-2018 period. The sample used in this study includes manufacturing sector companies listed in Indonesia Stock Exchange and Philippines Stock Exchange in that period. This research uses multiple linear regression method. Working capital is measured using cash conversion cycle, accounts receivable conversion period, inventories conversion period, and accounts payable deferral period. The results of the Indonesian sample show that the cash conversion cycle and its components, namely the accounts receivable conversion period, the inventories conversion period, and the accounts payable deferral period have a significant positive effect on firm profitability. For the Philippine sample, the result of the study show that the cash conversion cycle and its components does not have a significant effect on firm profitability. Keywords: cash conversion cycle, accounts receivable conversion period, inventories conversion period, accounts payable deferral period
Board Diversity and Financial Performance in Indonesia Werner Ria Murhadi; Deliana Azaria; Bertha Silvia Sutedjo
Journal of Entrepreneurship and Business Vol. 2 No. 2 (2021): Journal of Entrepreneurship and Business (September)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (167.962 KB) | DOI: 10.24123/jeb.v2i2.4537

Abstract

Corporate governance has attracted many researchers to examine the relationship between board characteristics and financial performance. This study aims to determine the effect of board diversity, board size, and board independence on financial performance. This research is panel data with the number of observations reaching 1,355 years of observation. Financial performance is measured using accounting-based and market-based. It was found that the presence of female directors could not provide sound financial performance, even with a woman's prudence attitude would have an impact on decreasing the company's market value. The size of the board of directors does not affect financial performance, and the large size of the board of directors will have an impact on the decline in firm value. Independent directors are also not proven to be able to improve the company's financial performance; even the tendency of companies to carelessly fulfill the provisions of the rules regarding the existence of independent directors will bring a burden to the company so that it has an impact on the decline in company value.
Does Corporate Governance Affect Dividends? Case Study in Indonesia Stock Exchange and Malaysia Stock Exchange Budy Wijaya Hermawan; Werner Ria Murhadi; Endang Ernawati
Journal of Entrepreneurship and Business Vol. 3 No. 1 (2022): Journal of Entrepreneurship and Business (March)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (279.17 KB) | DOI: 10.24123/jeb.v3i1.4702

Abstract

Abstract – This study aims to analyze the effect of good corporate governance such as the number of commissioners, the number of commissioner meetings, the number of female commissioners, the independent commissioners on the dividend payout ratio in manufacturing companies listed on the Indonesia Stock Exchange and the Malaysia Stock Exchange. Malaysia was chosen because has a dividend payout rate close to Indonesia. This research uses a quantitative approach using multiple linear regression methods. The research used objects of 435 observations on the Indonesia Stock Exchange and 530 observations on the Malaysia Stock Exchange. The independent variables used are independent commissioners, board of commissioners meetings, size of commissioners, female commissioners. The results of the study using observations on the Indonesia Stock Exchange found that independent commissioners have a significant positive effect while the rest have an insignificant effect on the dividend payout ratio. Meanwhile, the results of the study using observations on the Bursa Malaysia found that the size of the commissioners and board of commissioners' meetings had a significant negative effect on the dividend payout ratio. Meanwhile, independent commissioners and female commissioners have a significant positive effect on the dividend payout ratio.
The Effect of Corporate Governance toward Dividend Payout Ratio Werner Ria Murhadi; Regina Vanessa Tjipta; Endang Ernawati
Journal of Entrepreneurship and Business Vol. 3 No. 2 (2022): Journal of Entrepreneurship and Business (September)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (244.927 KB) | DOI: 10.24123/jeb.v3i2.4948

Abstract

Pupose: The existence of market uncertainty can increase agency problems that raise doubts about future cash flows, such as dividend payments. This study aims to analyze the effect of corporate governance such as the proportion of female commissioners, the proportion of female independent commissioners, the board size, board independence, board meeting, and audit committee size towards a dividend payout ratio. Method:The sample of this research is manufacturing sector companies listed on the Indonesia Stock Exchange (ISE) and the Thailand Stock Exchange (TSE). The company should have published financial reports that have been audited regularly during the study period, and the company has no negative retained earnings. This study uses a quantitative approach with two least square regression analysis models. Result: The observations on the ISE shows that the proportion of female independent commissioners and audit committee size has a significant positive effect on the dividend payout ratio. This result is because female commissioners can take control of minority shareholders by making larger payments and audit committee members can monitor more effectively and control opportunistic behavior. However, board independence and board meeting significantly adversely affect the dividend payout ratio, this is because more members of board independence and more frequent meetings can use dividends as a substitute role in reducing agency problems so that dividend payment will be below. The observations on the TSE shows that the proportion of female independent commissioners and board meetings significantly positively affects the dividend payout ratio. However, board independence has a significant adverse effect on the dividend payout ratio. This result is because board independence tends to reduce agency costs, so using dividends as a substitute role to reduce dividend payments.
Analysis of Factors Affecting Business Performance: Empirical Study of Hospitals in East Java Afifi, M. Fiyan; Murhadi, Werner Ria
Journal of Entrepreneurship & Business Vol. 4 No. 1 (2023): Journal of Entrepreneurship and Business (February)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (235.856 KB) | DOI: 10.24123/jeb.v4i1.5362

Abstract

Purpose: Hospitalization in Indonesia continued to increase by 5.2% per year in 2018, with the most significant number of hospitals in Indonesia being in the province of East Java. However, Indonesia is the most important contributor to overseas medical visits. Total expenses reach IDR 161 trillion/year (US$ 11.5 billion/year), and 80% of visits are to Malaysia, where every year, million Indonesian citizens (WNI) seek treatment abroad. Of this amount, the total costs incurred reached IDR 97 trillion. This becomes a question, what triggers Indonesian citizens to seek treatment abroad? This study aims to analyze the factors that influence business performance in hospitals in East Java. Methods: This study used a purposive sampling technique with a total sample of 62 respondents. Respondents in this study were hospital leaders in East Java. This study uses a quantitative approach with the analysis in this study using Smart PLS. Result: the results show that environmental uncertainties hurt the business performance of the hospital. This result is due to environmental uncertainties being a broad factor, difficult to predict either individually or collectively. However, environmental uncertainties have a significant positive effect on strategic orientation. Environmental uncertainties have a negative and significant effect on managerial capability. Meanwhile, strategic direction and managerial capability have a positive and significant effect on the business performance of hospitals in East Java.
Co-Authors Adrian Christianto Afifi, M. Fiyan Agnes Lestari Anastasia Handoyo Andajani, Erna Andrena Novita Santoso Ardi Sanjaya Hamdani Ardi Sanjaya Hamdani, Ardi Sanjaya Arif Herlambang Arif Herlambang Arif Herlambang Ayrin Corina Bertha Silvia S. Bertha Silvia S. Bertha Silvia Sutedjo Bertha Silvia Sutejo Budi Sutanto Budi Sutanto Budy Wijaya Hermawan Chandya, Chandya CHRISTHA MEIRIN D.S. Cindy Priscillia Cintya Yuliana Limantara Cleming Tedjokusumo Cynthia Kartika Tjandra Daniel Irvansyah Danny Adisurya Deddi Marciano Deddy Marciano Deliana Azaria Deliana Azaria Desi Teliana Silim Elvarina, Elinda Elvina Yohana Santoso Eman Christianto, Eman Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Endang Ernawati Eva Cahaya Reski Fanny Melyana Fellicia Hadi Seputro Fransisca Soetjiono Fransisca Soetjiono Gideon Subagyo Goenadi, Gracia F. Handajani, Clarissa Dominique Effendi Hariyanto, Ikka Tiaraintan Harroviantin, Francisca Herlambang, Arif Irbahiya Aqsa Griselda Jemmi Halim Liem Jemmi Halim Liem Jenni , Jenni Jenni, Jenni Jeremiah Jovan Piettojo Jessica Ang Jesslyn Fransisca Darmawan Joshua Nathanael Kania Ester Gunawan Klara Petra Theodora Targanski Lewi Odianto Utomo Liliana Inggrit Wijaya Liliana Inggrit Wijaya Liliana Ingrit Wijaya Loddy Li Putra Loddy Li Putra Lukito, Excel Nathaniel Marcella Julia Shira Maria Lavenia Meita Tri Herlina Michael Alfian Camdesus Jondar Michael Mark Tranggono Mudji Utami Mudji Utami Mudji Utami Mudji Utami Mudji Utami Natalie Winter Natica Ardani Nobertus Purnomo Lastu Novina, Emma Octaviano, Fransisco Purnomo, Dominikus Kresna Widya Pusparani, I Gusti Ayu Putri, Made Wulan Ranjani Yunantara Putu Anom Mahadwartha Putu Anom Mahadwartha Putu Anom Mahadwartha Putu Anom Mahadwartha Putu Anom Mahadwartha Ratna Widyanti W Ravito Zakaria Pramudhani Regina Vanessa Tjipta Reski, Eva Cahaya Reynaldi Kalata Hendra Richard Irawan Ricky Adiyanto Ricky Setiawan Ricky Setiawan Ricky Wijaya Siek Ricky Wijaya Siek, Ricky Wijaya Samuel Pramana Dwidjaja Setiadi, Maria B.B. Sheila Citra Wijaya Shirlen Nathania Fuandy Sidarta Hermin Sidarta Hermin Silvia Chandra Putri Stephanie Stephanie Stephanie Stephanie Stephanus Rivan Limanjaya Sugiarto, Shiefanny Delicia Sukianto Abadi Sukianto Abadi Susanto, Giovani Anggasta Synta Sutanto Tjoputri, R. Shinta Amelia Tri Wahyuni tri wahyuni Vania Beatrice Vincent Wati, Annisa Mahdia Wayan Karsana Wirata Wirata Wisyelia Tjiangdiono Wiyono, Imandy Yustine Xuân, Phan Thị Hồng Yohanes Patrik Adventus Banda Zunairoh, Zunairoh