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All Journal Conference In Business, Accounting And Management (Cbam) 2012 Jurnal Siasat Bisnis MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN IPTEK Journal of Proceedings Series Jurnal Manajemen Bisnis IQTISHODUNA Jurnal Keuangan dan Perbankan CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya Media Ekonomi dan Manajemen Jurnal Widya Manajemen & Akuntansi Journal of Business & Banking JBTI : Jurnal Bisnis : Teori dan Implementasi Jurnal Manajemen Teori dan Terapan Jurnal Ekonika : Jurnal Ekonomi Universitas Kadiri JURNAL PENDIDIKAN TAMBUSAI JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) EQIEN - JURNAL EKONOMI DAN BISNIS Jurnal Samudra Ekonomi dan Bisnis MABIS: Manajemen dan Bisnis Jurnal Bisnis Terapan JIMEK : Jurnal Ilmiah Mahasiswa Ekonomi Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Journal of Economics and Business UBS Journal of Entrepreneurship & Business Devotion: Journal of Research and Community Service Jurnal Abdimas Bina Bangsa International Journal of Social Service and Research Jurnal Ekonomi Bina Ekonomi: Majalah Ilmiah Fakultas Ekonomi Universitas Katolik Parahyangan Action Research Literate (ARL) BISMA (Bisnis dan Manajemen) Eduvest - Journal of Universal Studies The Manager Reveiew Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) Jurnal Manajemen Maranatha
Werner R Murhadi
Faculty Of Business And Economics, Universitas Surabaya, Indonesia
Aerospace Engineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Neuroscience Social Sciences Other

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THE INFLUENCE OF IDIOSYNCRATIC VOLATILITY, MARKET RISK, AND SIZE ON STOCK RETURN OF A NON-FINANCIAL COMPANY REGISTERED IN INDONESIA STOCK EXCHANGE IN THE PERIOD OF 2012 – 2016 Jesslyn Fransisca Darmawan; Werner Ria Murhadi; Putu Anom Mahadwartha
Manajemen dan Bisnis Vol 16, No 1 (2017): MARCH 2017
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/jmb.v16i1.277

Abstract

The objective of this research is to examine the effect of idiosyncratic volatility, market risk, and size, as the independent variable on stock return on non-financial firm (eight sectoral) listed on Indonesia Stock Exchange. This research uses quantitative perspective with linier regression and model in a panel data for all of the research’s observation used in this research. The number of observation in this research is 1440, consisting of 288 firms that have been enlisted on Indonesia Stock Exchange during 2012-2016 period. The result shows that idiosyncratic volatility has a negative significant effect on stock return. Market risk and size appear to have no significant effect on stock return.
DETERMINANTS OF MUTUAL FUNDS INVESTMENT BEHAVIOR Marcella Julia Shira; Werner Ria Murhadi; Bertha Silvia Sutejo
Manajemen dan Bisnis Vol 16, No 1 (2017): MARCH 2017
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/jmb.v16i1.349

Abstract

The purpose of this study is to examine the effects of demographic and social characteristics, investment criteria, perceptions and investors awareness of investment behavior on mutual funds in Indonesia. Analysis in this research using logistic regression or logit regression. The object of this study is investors and non-investors of mutual funds in Indonesia, as many as 126 people. Data processing uses SPSS PASW software version 18 for the Windows operating system. The results of this study show that demographic and social characteristics, investment criteria, and awareness of investors simultaneously have a significant effect on investment behavior on mutual funds in Indonesia.
FACTOR THAT INFLUENCING CAPITAL EXPENDITURE: PERSPECTIVE PECKING ORDER AND MANAGERIAL HYPOTHESES Synta Sutanto; Werner Ria Murhadi; Mudji Utami
Manajemen dan Bisnis Vol 16, No 2 (2017): SEPTEMBER 2017
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/jmb.v16i2.279

Abstract

The objectives of this study are to observe the impact of internal cash flow, insider ownership, investment opportunity, investment opportunity and firm size on the capital expenditure in two different theories. Those theories are: (1) the pecking order hypotheses and (2) the managerial hypotheses, tested in Indonesian case. On the one hand, the pecking order hypotheses postulates that managers can choose the level of capital expenditure to maximize the wealth of current shareholders without considering insider ownership in the company. On the other hand, according to the managerial hypotheses, managers whose ownership proportions are small tend to use higher level of internal cash flows to finance the capital expenditure than that which would maximize the wealth of current shareholders. The data of this study is collected from 11 manufacture companies as listed in the Indonesian Stock Exchange. The result of this study shows that the internal cash flow, insider ownership, firm size and investment opportunity have positive impact on the capital expenditure. However, the impact of insider ownership and investment opportunity on the capital expenditure are not significant. Eventually, this study is disposed appropriate with the pecking order hypotheses.
PENGARUH E-SERVICE QUALITY, KESADARAN MEREK, KEPERCAYAAN, WORD OF MOUTH, DAN KEPUASAN TERHADAP LOYALITAS PELANGGAN: Studi Pada Pelanggan Tiktok Shop Murhadi, Werner Ria; Reski, Eva Cahaya
Jurnal Ilmiah Bisnis dan Ekonomi Asia Vol 16 No 2 (2022): Jurnal Ilmiah Bisnis dan Ekonomi Asia
Publisher : LP2M Institut Teknologi dan Bisnis Asia Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32815/jibeka.v16i2.471

Abstract

This study aims to analyze e-service quality, brand awareness, trust, word of mouth, and satisfaction with customer loyalty at TikTok shops (study on TikTok shop customers). Data were collected through a survey with 151 respondents. The study used primary data obtained from the distribution of online questionnaires. The respondents are Indonesian people who have made purchases on the TikTok Shop application. Non-probability sampling was used for sampling. This research uses a structural equation modeling approach. In this study, it was found that there is a positive influence between E-service Quality and customer trust. The study also found that E-service Quality had a positive effect on customer satisfaction and a positive effect on Brand Awareness on customer trust. Other findings are that there is a positive influence on Brand Awareness on customer satisfaction, and the results also found a positive influence on customer satisfaction on customer loyalty. Meanwhile, Word of Mouth's effect on customer trust was not found, and there was no significant effect between customer trust and customer loyalty.
None Memimpin Pasar dengan Optimalisasi Distribusi: Formulasi Strategi bagi PT. Avia Avian, Tbk.: None Novina, Emma; Murhadi, Werner R
JIMEK : Jurnal Ilmiah Mahasiswa Ekonomi Vol. 7 No. 02 (2024): JIMEK VOLUME 7 NO 2 2024
Publisher : Fakultas Ekonomi Universitas Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30737/jimek.v7i02.6021

Abstract

The aim of this research was to analyze the strategies that companies can adopt to overcome intense market competition. The study focused on strategy formulation, employing a quantitative method that included strategic management steps applicable to PT. Avia Avian, Tbk. in the paint and coatings industry. The research involved examining the company's internal and external environments to identify the strengths, weaknesses, opportunities, and threats (SWOT) of PT. Avia Avian, Tbk. The results of the SWOT analysis were then incorporated into several matrices, including EFE, IFE, CPM, TOWS, SPACE, BCG, IE, GSM, and QSPM. The strategy recommended for PT. Avia Avian, Tbk. was market penetration, considering the global trend of decreasing consumer standards for paint purchases and shifts in national urbanization patterns that favor the company's position. This strategy enables the company to optimize the distribution of its centers throughout Indonesia.
The Role of ESG (Environmental, Social, Governance) on Dividends and Firm Value: The Moderation Effect of Audit Quality Handajani, Clarissa Dominique Effendi; Murhadi, Werner R.
Media Ekonomi dan Manajemen Vol 40, No 1 (2025): January 2025
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v40i1.5397

Abstract

This research will examine the influence of ESG (Environmental, Social, Governance) and its components on dividends and firm value. Furthermore, the quality and credibility of information in the market will also influence stakeholder assessments. The important role of audit quality in providing assurance on this information is needed. By using multiple linear regression on 252 firm years from companies listed in IDX 2020-2023 that meet the sample criteria, it was found that ESG has not been able to significantly influence dividends and firm value. However, environmental can influence dividends in a positive way, while governance can influence firm value in a negative way. Even though dividends and audit quality can influence firm value in a positive way, audit quality still cannot increase the influence of dividends on firm value. Audit quality also cannot increase the influence of ESG on dividends. In this case, inefficient ESG practices followed by poor audit quality are the main factor of this insignificant influence. It takes time for ESG investments to influence company performance, which has an impact on high dividend payout ratios and firm value.
STRATEGIC MANAGEMENT PT PHAPROS TBK Pusparani, I Gusti Ayu; Murhadi, Werner R.
International Journal of Social Service and Research Vol. 4 No. 11 (2024): International Journal of Social Service and Research
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/ijssr.v4i11.1100

Abstract

The pharmaceutical industry is one of the most competitive industries in the world. This paper aims to discuss the shortcomings, weaknesses, threats, opportunities, and strategies that PT Phapros Tbk can implement to realize the company's vision. This research contributes to the field of strategic management by providing a comprehensive analysis of the pharmaceutical industry's internal and external environment using SWOT analysis. In addition, this paper provides a practical framework for understanding and addressing strategic challenges. The research results show that the pharmaceutical and herbal medicine industries have a strong and recognizable identity in both domestic and international markets. This study could include a focus on sustainable and innovative production techniques for herbal and medical device products.
Strategy Formulation For PT Sido Muncul Tbk in Market Competition Sugiarto, Shiefanny Delicia; Murhadi, Werner R.
Jurnal Ekonomi Vol. 13 No. 03 (2024): Jurnal Ekonomi, Edition July -September 2024
Publisher : SEAN Institute

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

Abstract

This research aims to analyze various strategic options that can be implemented by PT Sido Muncul. PT Sido Muncul is a company that operates in the field of natural health products such as herbal medicine and other herbal supplements. Up till now, various products from the company have spread widely throughout Indonesia constantly and have even entered the global market. The key concept of this research includes strategy formulation for the company and the results will show how the company's internal and external analysis produces strengths, weaknesses, opportunities and challenges (SWOT). This research will also present measurements through various other matrices such as EFE (External Factor Evaluation) and IFE (Internal Factor Evaluation), CPM (Competitive Profile Matrix), TOWS (Threats, Opportunities, Weaknesses, Strengths), SPACE (Strategic Position and Action Evaluation ), BCG (Boston Consulting Group), IE (Internal-External), GSM (General Strategic Matrix) and QSPM (Quantitative Strategic Planning Matrix). Based on the research results using the matrix measurements above, the strategy recommendation obtained for PT Sido Muncul is to carry out a market penetration strategy to reach an even larger market share. Through a market penetration strategy, apart from being able to increase competitiveness in a wider market, the company can also experience significant growth in the future.
Analisis Strategi PT Pakuwon Jati Tbk Putri, Made Wulan Ranjani Yunantara; Murhadi, Werner R.
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 1 (2025): Dinasti International Journal of Economics, Finance & Accounting (March-April 2
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i1.4049

Abstract

This research analyzes the management strategy of PT Pakuwon Jati Tbk, this company is one of the largest property developers in Indonesia. This research evaluates company performance through external analysis which includes PESTEL and Porter's Five Forces and internal analysis which includes value chain and SWOT. This research uses strategic tools in analysis, namely the TOWS Matrix, Space Matrix, IE Matrix, and BCG Matrix as well as the Grand Strategy Matrix to then draw strategic priority decisions using QSPM. The results show that Pakuwon is in a strategic position to capitalize on opportunities in the growing property market with superblock innovation and a focus on sustainability. The recommended strategy is market development to expand the reach of the lower middle segment through cost efficiency and innovative design, as well as product development to increase competitiveness through technology integration. It is hoped that the implementation of this strategy can strengthen Pakuwon's position in the property industry and increase its economic contribution in Indonesia.
The Effect of Overconfidence, Representative, Anchoring, and Availability Biases on Investment Decisions and Market Efficiency Werner Ria Murhadi; Daniel Irvansyah; Putu Anom Mahadwartha
Matrik : Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan Volume 18 Nomor 2 Tahun 2024
Publisher : Faculty of Economics and Business Udayana University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/MATRIK:JMBK.2024.v18.i02.p03

Abstract

This study looks at how behavioral biases affect investment choices and market efficiency. This research was conducted because many millennials invest on a bandwagon without having a good understanding of investment. This kind of study use the structural equation modeling analysis method. The study's findings indicate that the bias variable overconfidence behavior can strongly influence perceived market efficiency. Nevertheless, choices about investments are unaffected by the overconfidence bias, representational bias, anchoring, and availability behavior. The variable investment decision significantly influences perceived market efficiency. Investors with investment experience above five years and a high income can make a difference in investment decisions chosen by investors. This study theme's practical application relates to the findings of overconfidence bias, which has a substantial detrimental impact on investors' perceptions of market efficiency. A high degree of confidence among investors can lead to illogical judgments and disregarding all dangers, resulting in inefficient market circumstances. Keyword: anchoring, financial behavior, investment decision, market efficiency, overconfidence
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 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 Endang Ernawati Eva Cahaya Reski Fanny Melyana Fellicia Hadi Seputro Fransisca Soetjiono Fransisca Soetjiono Gideon Subagyo Gracia F. Goenadi 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 Phan Thị Hồng Xuân 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 Tri Wahyuni tri wahyuni Vania Beatrice Vincent Wati, Annisa Mahdia Wayan Karsana Wirata Wirata Wisyelia Tjiangdiono Yohanes Patrik Adventus Banda Zunairoh, Zunairoh