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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 Education Management and Social Science International Journal of Business Studies 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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PENGARUH CORPORATE GOVERNANCE TERHADAP TRANSPARANSI PADA PERUSAHAAN NON- KEUANGAN DI BEI PERIODE 2012-2016 Adrian Christianto; 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

This research aim to analyze affect corporate governance which transparency in measured stock return synchronicity.Research finding indicates that board size (komisaris), institutional ownership andleverage give positiveeffect to transparancy and volatility of firm fundamental give negative effect to transparancy . The another variabels like big4 audit, market to book ratio, and firm size give not effect to transparancy.
PENGARUH OWNERSHIP STRUCTURE TERHADAP FIRM FINANCIAL PERFORMANCE PADA PERUSAHAAN SEKTOR NON-KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016 Lewi Odianto Utomo; Werner Ria Murhadi; Endang Ernawati
CALYPTRA Vol. 8 No. 1 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (September)
Publisher : Perpustakaan Universitas Surabaya

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Abstrak – Penelitian ini bertujuan untuk menganalisis pengaruh ownership structure terhadap firm financial performance dengan menggunakan Tobin’s Q sebagai proxy. Variabel yang digunakan adalah government ownership, individual ownership, institutional ownership, firm size dan leverage. Penelitian ini menggunakan pendekatan kuantitatif dengan model analisis linier berganda. Penelitian ini menggunakan sampel berupa badan usaha non keuangan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2012-2016. Jumlah sampel yang digunakan dalam penelitian ini adalah 310 observasi. Kata kunci: ownership structure, firm financial performance, tobin’s Q Abstract - This research aims to analyze the influence of ownership structure on firm financial performance by Tobin’s Q as a proxy. The variables used are government ownership, individual ownership, institutional ownership, firm size and leverage. This research uses quantitative approach with multiple linear analysis model. This study uses a sample of non-financial entities listed on the Indonesia Stock Exchange (BEI) in the period 2012-2016. The number of samples used in this study was 316 observations. Key words: ownership structure, firm financial performance, tobin’s Q
PENGARUH BOARD DIVERSITY PADA DEWAN KOMISARIS TERHADAP FINANCIAL PERFORMANCE PERUSAHAAN YANG TERDAFTAR di BURSA EFEK INDONESIA PERIODE 2015-2019 Deliana Azaria; Werner Ria Murhadi; Bertha Silvia Sutejo
CALYPTRA Vol. 9 No. 2 (2021): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Mei)
Publisher : Perpustakaan Universitas Surabaya

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Abstract

Abstract ‐ This study aims to examine the influential factors on Financial Performance such as the Woman on Board, Board Size,Board Independen,Firm Size, and Leverage in companies listed on the Indonesia Stock Exchange (IDX) for the period 2014‐2018. This study uses a quantitative approach using multiple linear regression methods to analyze data. The sample in this study are all companies listed on the Indonesia Stock Exchange in the period 2015‐2019. The independent variables of this study are Woman on Board, Board Size,Board Independen,Firm Size, and Leverage which are measured using Return On Asset and Tobin’s Q. The result of this research Woman on Board have insignificant to ROA but have negative significant to Tobin’s Q, Board size have insignificant to ROA and Tobin’s Q, Board Independent have insignificant to ROA but have negative significant to Tobin’s Q, Firm size have positive significant to ROA but have negative significant to Tobin’s Q, leverage have negative significant to ROA but have positive significant to Tobin’s Q. Keywords: Woman on Board,Board Size,Board Independen, financial performance Abstrak ‐ penelitian ini bertujuan untuk meneliti faktor‐faktor yang berpengaruh terhadap Financial Performance seperti Wanita di Jajaran Dewan Komisari, Ukuran Dewan Komisaris, Dewan Komisaris Independen, Ukuran Perusahaan dan Laverage pada perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2015‐2019. Penelitian ini menggunakan pendekatan kuantitatif dengan menggunakan metode regresi linear berganda untuk melakukan analisis data. Sampe dalam penelitian ini adalah seluruh perusahaan yang terdaftar di Bursa Efek Indonesia periode 2015‐2019. Hasil dalam penelitian menyatakan bahwa variabel wanita di jajaran komisaris tidak memiliki pengaruh terhadap ROA tetapi memiliki pengaruh negative signifikan terhadap Tobin’s Q, ukuran dewan komisaris tidak memiliki pengaruh terhadap ROA dan Tobin’s Q, Komisaris Independen tidak memiliki pengaruh terhadap ROA tetapi memiliki pengaruh negatif signifikan terhadap Tobin’s Q, Ukuran Perusahaan memiliki pengaruh positif signifikan terhadap ROA tetapi memiliki pengaruh negative signifikan terhadap Tobin’s Q dan variabel leverage memiliki pengaruh negatif signifikan terhadap ROA tetapi memiliki pengaruh positif signifikan terhadap Tobin’s Q. Kata Kunci: Wanita di jajaran dewan komisaris, ukuran dewan komisaris,komisaris independen, dan kinerja keuangan.
Pengaruh Idiosyncratic Risk Dan Likuiditas Saham Terhadap Return Saham Werner R Murhadi
Conference In Business, Accounting, And Management (CBAM) Vol 1, No 4 (2012): Conference In Business, Accounting And Management (Cbam) 2012
Publisher : Conference In Business, Accounting, And Management (CBAM)

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Abstract

Penelitian ini bertujuan untuk menguji pengaruh idiosyncratic risk dan likuiditas saham terhadap return saham. Penelitian mengggunakan data 50 perusahaan yang terdaftar di Bursa Efek Indonesia periode 2009-2011. Variabel independen dalam penelitian ini adalah idiosyncratic risk dan likuiditas saham, serta variable control berupa ukuran perusahaan. Dengan menggunakan panel data dan pooled least square diperoleh hasil: idiosyncratic risk memiliki pengaruh negative signifikan terhadap stock return, likuiditas saham berpengaruh positif signifikan, dan ukuran perusahaan berpengaruh negative signifikan. Hal ini memberikan implikasi bahwa perusahaan dengan idiosyncratic risk yang kecil akan lebih disukai investor yang tidak mampu melakukan diversifikasi, sehingga permintaan dari individual dan insitusi secara bersamaan akan mendorong harga saham dan memberikan return yang lebih tinggi.Kata kunci: idiosyncratic risk, likuiditas saham dan stock return
The effect of demographic factors on behavioral biases Vania Beatrice; Werner R. Murhadi; Arif Herlambang
Jurnal Siasat Bisnis Vol 25, No 1 (2021)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol25.iss1.art2

Abstract

The purpose of this study was to examine the influence of demographic factors such as gender, age, education, occupation, income, and investment experience on investor behavior bias such as overconfidence bias, disposition effects, herding bias, and mental accounting. This type of research was causal research with a quantitative approach, and the analytical method used was the analysis of SEM (structural equation modeling). This research was conducted by distributing questionnaires to investors listed on the Indonesia Stock Exchange with a minimum age of 17 years. The results showed that overconfidence bias was influenced by investment experience while disposition effect was influenced by age, income level, and investment experience. Herding bias was influenced by age and occupation while mental accounting was influenced by income level.
Sustainable and responsible investment in Indonesia and Malaysia: an event study on SRI-KEHATI and FTSE4GBM Indices Klara Petra Theodora Targanski; Werner R. Murhadi
Jurnal Siasat Bisnis Vol 25, No 1 (2021)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol25.iss1.art6

Abstract

The purpose of this research is to examine the effect of SRI index on abnormal return of added to and deleted stocks of two countries, Indonesia (SRI-KEHATI) and Malaysia (FTSE4GBM). The effect was examined using CAAR of the stock around index announcement. This research was conducted using event study methodology. The samples used in this research are all the stocks that were added to and deleted from SRI-KEHATI index on 2009-2018 announcements and FTSE4GBM index on 2014-2018 announcements. The result of hypothesis test shows that SRI index announcement has negative significant effect to the added stocks to SRI-KEHATI’s CAAR before announcement, after announcement and cumulative periods, to added stocks to FTSE4GBM’s before announcement and cumulative periods, and to deleted stocks from FTSE4GBM’s after announcement and cumulative periods. SRI index announcements has positive significant effect to the deleted stocks from SRI-KEHATI’s CAAR before announcement. Information on SRI index announcements has effects to the decisions made by investors. Indonesian investors reacted negatively toward added stocks but not choosing deleted stock either after announcements. Malaysian investors reacted negatively toward both added and deleted stocks, added stocks are perceived better even if positive CAAR are insignificant after announcements.
The determinants of working capital management in Indonesia and the Philippines Cynthia Kartika Tjandra; Werner R. Murhadi; Arif Herlambang
Jurnal Siasat Bisnis VOL 26, NO 1 (2022)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol26.iss1.art8

Abstract

Purpose: This study aims to analyze and identify determinants of working capital of manufacturing firms listed on Indonesia and the Philippines Stock Exchanges. This study focuses on working capital because firms with inadequate working capital may experience operational difficulties and lead to financial distress. Thereby, firms must have adequate working capital.Design/Methodology/Approach: The study employed panel data, with the final sample for Indonesia was 630 years of observation, while for the Philippines, the sample used was 210 years of observation. The sample of the study was manufacturing firms listed on Indonesia and the Philippines Stock Exchanges.Findings: The study results in the Indonesian sample show that profitability and growth opportunities have a significant positive effect on working capital. Asset tangibility, firm age, and leverage have a significant negative effect on working capital. While operating cash flow and firm size have no effect on working capital. In comparison, the results in the Philippines sample show that profitability has a significant positive effect on working capital. Asset tangibility and leverage have a significant negative effect on working capital. While operating cash flow, growth opportunities, age, and firm size have no effect on working capital.Research Limitations: This study has limitations, namely observations done only on manufacturing firms listed on Indonesia and the Philippines Stock Exchanges. Further research can use a sample with broader coverage in the service sector and expand variables that might affect working capital requirements, especially in the Covid-19 pandemic.Practical Implications: For a firm’s decision-makers, this present study can be used as a reference in making decisions related to working capital management. Bad decision-making in determining the amount of working capital may lead to high capital costs and financial distress.Originality/Value: What factors affect the amount of working capital is an attractive topic for many researchers today. Poor working capital management will result in a firm not being able to meet its maturing obligations and may lead to financial distress. The use of samples in developing countries, namely Indonesia and the Philippines, that is relatively similar, making this present study unique. By using samples in developing countries, this study can investigate differences in results between developing countries.
Strategi Aktif (Moving Average) Dan Strategi Pasif (Buy-And-Hold Strategi) Pada Pembentukan Portofolio Periode 2 Januari 2012 – 28 Desember 2012 Loddy Li Putra; Werner R. Murhadi; Putu Anom Mahadwartha
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 6 No. 2 (2013)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (491.379 KB) | DOI: 10.20473/jmtt.v6i2.2667

Abstract

This study aims to test whether active strategies with Moving averages are superior to the passive strategy Buy-and-Hold Strategy in stock portfolios formed based on LQ45 index. Research method used in the research begins with the collection of data which is then processed and analyzed. Subsequently Application ChartNexus used in order to form MA5&MA20 and MA10&30. Lastly the research  compare return from active strategies (moving average) and the passive strategy (buy-and-hold strategy). The results of this study indicate that passive strategy with buy-and-hold strategy is able to outperform the moving average active strategy when the market is bullish.
Financial Distress Prediction Models in Property Sector Companies Listed in Indonesia Stock Exchange Meita Tri Herlina; Werner Ria Murhadi
IPTEK Journal of Proceedings Series No 1 (2020): The 1st International Conference on Business and Engineering Management (IConBEM)
Publisher : Institut Teknologi Sepuluh Nopember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12962/j23546026.y2020i1.8492

Abstract

Along with the unstable national and global economic conditions, investors and consumers defend themselves to invest in the property sector. Companies go public in obtaining capital markets as a means to obtain sources of funds. Investors and creditors will see the financial condition required before the company will increase financial distress (financial distress) or not before investing their capital. Therefore, analysis and prediction of a company's financial problems is very important. This study uses the Financial Distress model by using discriminant analysis. The independent variables used are financial ratios which are divided into 4 categories (1) Liquidity Ratios, (2) Solvency Ratios, (3) Activity Ratios, (4) Profitability Ratios. This research uses quantitative with the Multivariate Discriminant Analysis (MDA) model. The sample data used in this study includes property, real estate, and construction sector companies listed on the Indonesia Stock Exchange in the 2014-2018 period. This study produces a financial distress model Z-score = -3,569 + 6,910DTA -1.107DTE + 7,515ROE + 3,573OPM with a cut-off value of -3,521. When the z-score of the company -3,521, the company is included in the non-financial pressure group.
PENGARUH TAHAPAN DAUR HIDUP PERUSAHAAN, GOOD CORPORATE GOVERNANCE,SET KESEMPATAN INVESTASI' ALIRAN KAS BEBAS DAN STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN: TINJAUAN TEORITIS Werner R. Murhadi
Bina Ekonomi Vol. 12 No. 2 (2008)
Publisher : Center for Economic Studies Universitas Katolik Parahyangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1071.957 KB) | DOI: 10.26593/be.v12i2.697.%p

Abstract

This article aims to study Firm Life cycle, Good corporate Governance, Investment opportunity set, Free Cash Flow and Ownership Structure that can influence value of the firm. The Firm in growth industry tends to increase in value of the firm, vice versa. Literature review exposed that good corporate governance can minimize agency conflict between manager and shareholder, and then it can be positive relationship with value of the firm. The Firms that have many investment opportunities can have positive impact to value of the firm. Free cash flow has both positive and negative relationship to the value of the firm. If Firm uses free cash flow to invest in a good project, value of the firm will be increased. The last, ownership structure based on convergence argument can increase value of the firm. Based on entrenchment argument, ownership structure can make majority shareholder use firm's resource to their importance.
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