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ANALISIS FAMA FRENCH FIVE FACTOR MODEL DAN THREE FACTOR MODEL DALAM MENJELASKAN RETURN PORTOFOLIO SAHAM YANG MASUK PADA INDEKS KOMPAS 100 PERIODE 2010-2015 Sheila Citra Wijaya; Werner Ria Murhadi; Mudji Utami
CALYPTRA Vol. 6 No. 1 (2017): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (September)
Publisher : Perpustakaan Universitas Surabaya

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Abstract - This study aims to test the Fama French Five Favtor Model (5FF) and Three Factor Model (3FF) in explaining cross sectional returns on stocks which entered Kompas 100 Index period 2010-2015. Factors in the model are market risk, size, book-to-market equity, profitability, dan investment. This study uses a quantitative approach with multiple linear regression analysis in the form of panel data for overall portfolio and also for each portfolio that has been made. The findings of this study indicate; market risk and profitability significant positive effect on returns. Size and investment has significant negative effect to return.Meanwhile, the B/M factor effect is insignificant to return. This study also find that The 5FF model perform better in explaining cross sectional returns than 3FF model. Keywords: Fama and French Five Factor Model, Fama and French Three Factor Model, Size, Value, Profitability, Investment
STUDI DESKRIPTIF ZONA TOLERANSI OPERATOR SELULER DI SURABAYA Cindy Priscillia; Erna Andajani; Werner Ria Murhadi
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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This study aims to describe the zone of tolerance of the three largest mobile operators Telkomsel, Indosat, and XL in Surabaya. This zone of tolerance is obtained by measuring the gap of customer expectations (desired service and adequate service) on the quality of service provided. The results of this study show that the three mobile operators have been able to meet minimum servicequality that customers want (adequate service) but does not meet the actualservice quality desired by the customers (desired service) Telkomsel has the most excellent service quality between the three providers and then followed by XL and Indosat. The wider zone of tolerance is owned by Indosat, followed by XL and then Telkomsel.
PENGARUH INFORMATION RISK TERHADAP COST OF CAPITALBADAN USAHA NON-KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2014 Shirlen Nathania Fuandy; Werner Ria Murhadi; Liliana Inggrit Wijaya
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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Abstract- The purpose of this research was to know the influence of information risk (accrual quality, beta, leverage, size, growth, ROA, interest coverage, and NIBE) as an independent variable to cost of debt and cost of equity as a dependent variable to company listed in Bursa Efek Indonesia period 2012-2014. There were total 249 observations in this research that consist of 83 companies, which were listed in Bursa Efek Indonesia period 2012-2014. The result of this research showed that accrual quality and leverage had a positive influence towards cost of equity, beta and size were negative towards cost of equity, while growth was not significant towards cost of equity. More results showed that accrual quality and size were positive towards cost of debt, while interest coverage and NIBE were negative; leverage and ROA were not affected by cost of debt of a company.
PENGARUH CORPORATE GOVERNANCE TERHADAP STOCK RETURN SYNCHRONI CITY PERUSAHAAN SEBAGAI BENTUK TRANSPARANSI DI MASA YANG AKAN DATANG PADA SEKTOR CONSUMER GOODS DI BURSA EFEK ASEAN PERIODE 2011-2015 CHRISTHA MEIRIN D.S.; Werner Ria Murhadi; Bertha Silvia Sutejo
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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The objective of this research is to examine the effect of board size, board independence, audit quality, institutional ownership, market to book ratio, standard deviation of stock return and standar deviation of return on asset as the independent variable to stock return synchroniciry as a measure of corporate transparency as the dependent variable on the consumer goods sector that listed on the ASEAN (Indonesia, Malaysia, Thailand and Singapore) Stock Exchange 2011-2015 period. This research uses quantitative perspective with linier regression and Partial Adjustment Model in a panel data for all of the research’s observation that used in this research. The number of observation in this research are 385 observations, consist of 77 firms (25 firms from Indonesia, 17 firms from Malaysia,21 firms from Thailand, 14 firms from Singapore) that enlisted for 2011-2015 period. The result shows that board size and board independences have negative significant effect to stock return synchronicity. Then, institutional ownership, market to book ratio and standard deviation of stock return have positive significant effect to stock return synchronicity. Meanwhile, audit quality and standard deviation of return on asset have no effect to stock return synchronicity.
ANALISIS PENGARUH CORPORATE SOCIAL RESPONSIBILITY, LEVERAGE DAN SIZE TERHADAP FIRM VALUE DAN RETURN ON ASSETS PADA PERUSAHAAN NON KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016 Maria Lavenia; Werner Ria Murhadi; Arif Herlambang
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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This research aims to identify factors that affect the financial performance of a company measured through the approach of market based (firm value) and accounting based (return on assets) such as corporate social responsibility, leverage, and firm size of companies’ listed in the Indonesian Stock Exchange using stakeholders’ theory approaches. This research uses quantitative approach and multiple linear regression method to analyze the data. The target populations of this study are all non-financial companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 885 year observations. The independent variables used in this study are corporate social responsibility, leverage, and firm size. The study result showed that leverage has a positive significant and firm size has a negative significant impact on firm value. On the other hand, corporate social responsibility has no impact on firm value. Meanwhile, corporate social responsibility, firm size and leverage have negative and significant impact on return on assets.
FAKTOR –FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN PADA PERUSAHAAN SEKTOR NON KEUANGAN YANG TERDAFTAR DI BEI PERIODE 2012-2016 Desi Teliana Silim; Werner Ria Murhadi; Endang Ernawati
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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This study aims to investigate the determinants of corporate dividend policy. Variabel used in this research is size, profitability, growth, cash, leverage, systematic risk (β) and investment opportunity. This Study uses the quantitative approach and multiple linear regression. The target populations of this study are all non-financial sector companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 1045 year observations. Subsequently, the robustness test is performed by clustering the target populations by company size, that is large company groups and small company groups. The study finds that size, profitability, cash and investment opportunity affect dividend policy negatively. While growth, leverage and systematic risk (β) affect dividend policy positively.
PENGARUH WORKING CAPITAL TERHADAP FIRM VALUE PADA PERUSAHAAN SEKTOR NON-KEUANGAN YANG TERDAFTAR DALAM BURSA EFEK INDONESIA PERIODE 2012-2016 Silvia Chandra Putri; Werner Ria Murhadi; Mudji Utami
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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The objective of this research is to examine the effect of cash conversion cycle (CCC), accounts receivable conversion period (ACP), inventories conversion period (ICP), and accounts payable deferral period (APP) as independent variable to firm value of non-financial firm (eight sectoral) listed on Indonesia Stock Exchange as dependent variable. The research uses quantitative perspective with linier regression and model in a panel data for all of the research’s observation that used in this research. The number of observation in this research are 945, consists of 189 firms that has been enlisted on Indonesia Stock Exchange for 2012-2016 period. The result shows that cash conversion cycle (CCC), accounts receivable conversion period (ACP), and inventories conversion period (ICP) have negative significant effect onfirm value. Beside accounts payable deferral period (APP)appears to be having no significant effect on firm value.
PENGARUH MANAJEMEN MODAL KERJA TERHADAP PROFITABILITAS PERUSAHAAN NON KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2012-2016 Fanny Melyana; Werner Ria Murhadi; Endang Ernawati
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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This study aims to analyze the effect of working capital management on the profitability of company on the Indonesian Stock Exchange during the period 2012-2016. In order to know the relationship occur among the independent variable (number of days account receivable, number of days inventories, and number of days account payable) on Return of Assets using the multiple linear regression analysis model to analyze the data. The target population of this study are all non-financial companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 1335 observation. The control variables that were used in this study for measurement of working capital management are firm size, growth and financial debt (leverage). The research finds that number of days account receivables, number of days account payable, size, and debt affect profitability negatively. On other hand, growth affect profitability positively.
FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PERUSAHAAN NON-KEUANGAN YANG TERDAFTAR DI BEI PERIODE 2012-2016 Wisyelia Tjiangdiono; Werner Ria Murhadi; Endang Ernawati
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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This research aims to analyze the determinants of capital structure for non-financial companies registered in Indonesia Stock Exchange in 2012-2016. Variables which use are size, tangibility, growth, profitability, andnon-debt tax shield. The related theories being used in this research are pecking order theory,trade off theoryandagency theoryThis research uses the quantitative approach and multiple linear reggresion to analyze the data. The target populations of this study are all non-financial companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 1420 year observations.The research finds that size, tangibilityandprofitabilityaffect capital structure negatively. On the other hand, growthandnon-debt tax shield affect capital structure positively.
PENGARUH GOOD CORPORATE GOVERNANCE(GCG) TERHADAP KEBIJAKAN DIVIDEN PADA SAHAM PERUSAHAAN SEKTOR NON-KEUANGAN YANG TERDAFTAR DI BEI PERIODE 2012-2016 Kania Ester Gunawan; Werner Ria Murhadi; Arif Herlambang
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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This study aims to investigate the determinants of corporate dividend policy such as GCG Index, firm size, profitability, leverage, firm growth and free cash flow of companies’ listed in the Indonesian Stock Exchange. This Study uses the quantitative approach and multiple linear reggresion to analyze the data. The target populations of this study are all non-financial companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 1550 observations. The dependent variable used in this study is corporate dividend policy that measured by using dividend payout ratio. The study finds that firm size, profitability and Leverage affect dividend payout ratio negatively. On the other hand, GCG Index, Firm Growth and Free Cash Flow affect dividend payout ratio positively.
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