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The effect of good corporate governance and foreign ownership as a moderating variables on the board interlocking on financial performance Natalie Winter; Werner Ria Murhadi; Mudji Utami
Journal of Management and Business Vol 20, No 1 (2021): MARCH 2021
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.v20i1.436

Abstract

The aims of this research is to analyze the effect of number of board interlocking, board size, family board participation, board independence, control variable such as firm size, firm age, and leverage, and moderate foreign ownership to number of board interlocking towards financial firm perfomance using ROA and Tobin’s Q as a proxy in non financial sector companies listed in Indonesia Stock Exchange (BEI) in period 2014-2018. This research uses quantitative approach with two least square regression analysis model. The sample used in this research is firms which are listed on the non financial in Indonesia Stock Exchange (IDX) on 2014-2018 period. The number of final samples used in this study were 366 business entities with 1830 observations. The findings result of this research indicate that concurrent commissioner positions have positive and significant effect towards ROA in non financial sector companies BEI on the period 2014-2018, while independent commissioners, family of commissioners, board size, and the interaction of multiple positions of commissioners with foreign ownership have insignificant effect towards ROA in non financial sector companies BEI on the period 2014-2018. Then variables independent commissioners, board size of commissioners, and the interaction of multiple positions of commissioner with foreign ownership have positive and significant effect towards Tobin’s Q in non financial sector companies BEI on the period 2014-2018, while the family of commissioners and concurrent commissioner positions have insignificant effect towards ROA in non financial sector companies BEI on the period 2014-2018.
THE ANALYSIS OF FACTORS WHICH INFLUENCE THE MANAGERIAL AND INSTITUTIONAL OWNERSHIP ON BASIC INDUSTRY AND CHEMICAL SECTORS AT INDONESIA STOCK EXCHANGE 2010 - 2014 Andrena Novita Santoso; Werner R. Murhadi; Endang Ernawati
Journal of Management and Business Vol 14, No 1 (2015): MARCH 2015
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (199.516 KB) | DOI: 10.24123/jmb.v14i1.304

Abstract

The purpose of this study is to determine the effect of the following corporation’s variables: value, size, debt policy, growth, liquidity, dividend policy on managerial and  institutional ownership in the base and chemical industry sector listed on the Indonesia stock exchange during 2010 through 2014. The findings showed that: (i) Corporation’s value and size variables have significant negative effect on managerial ownership; liquidity variable has significant positive effect on managerial ownership. On the other hand, debt policy, growth and dividend policy variables have non-significant negative effect on managerial ownership. (ii) Corporation’s value and size variables have significant positive effect on institutional ownership; debt policy variable has significant negative effect on institutional ownership, while growth, liquidity and dividend policy variables have non-significant positive effect on institutional ownership.
FACTORS AFFECTING UNDERPRICING IN THE COMPANY THAT DOES IPO IN BEI PERIOD 2004-2014 Sidarta Hermin; Werner R. Murhadi
Journal of Management and Business Vol 14, No 2 (2015): SEPTEMBER 2015
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (196.687 KB) | DOI: 10.24123/jmb.v14i2.327

Abstract

This study aimed to analyze the factors that influence underpricing on IPO. Variables used in this research is Underwriter Reputation (RU), Auditor Reputation (RA), Company Age (AGE), firm size (SIZE), Financial Leverage (FL), Return on Equity (ROE) and Total Asset Turnover (TATO) , This study uses a quantitative approach with a model of multiple linear regression analysis. This study used a sample of companies that conduct an Initial Public Offering (IPO) in the period 2004 to 2014 that are listed in the Indonesia Stock Exchange. The number of observations used in this study were 204 observations. The results showed that the companies doing IPOs in the period 2004-2014, the variable underwriter reputation, auditor reputation, and return on equity significantly negative effect on underpricing, while variable firm age, firm size, financial leverage, and total asset turnover negative not significantly to underpricing
The Effect of Good Corporate Governance Towards Idiosyncratic Risk Cintya Yuliana Limantara; Werner R. Murhadi; Liliana Inggrit Wijaya
Journal of Management and Business Vol 19, No 2 (2020): SEPTEMBER 2020
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.v19i2.440

Abstract

This study aims to analyze the effect of good corporate governance towards idiosyncratic risk as a proxy with corporate governance variable as board size, independent director, women, firm size, firm performance, and firm age. The object of this study uses companies listed in the Indonesia Stock Exchange and Philippine Stock Exchange using agency theory. This study uses quantitative approach and multiple linear regression to analyze the data. The target populations of this study are manufacturing companies that listed in Indonesia Stock Exchange and Philippine Stock Exchange in 2014-2018 which are equal to 615 and 200 year observations. The results in Indonesia showed that board size, women, and firm age had negatif effect on idiosyncratic risk. On the other hand, firm size do not show the effect on idiosyncratic risk and firm performance had positive effect on idiosyncratic risk. However, the results in Philippine showed that board size had positive effect on idiosyncratic risk. While, women and firm size do not show the effect on idiosyncratic risk but firm performance and firm age had negatif effect on idiosyncratic risk.
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 | Full PDF (157.637 KB) | 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.
THE FACTORS THAT INFLUENCE THE DIVIDEND POLICY AND ITS IMPACT ON FUTURE EARNINGS GROWTH OF COMPANY IN CONSUMER GOODS INDUSTRY SECTOR LISTED IN BEI DURING 2010-2014 PERIOD Ricky Setiawan; Werner R. Murhadi; Bertha Silvia S.
Journal of Management and Business Vol 14, No 1 (2015): MARCH 2015
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (210.558 KB) | DOI: 10.24123/jmb.v14i1.305

Abstract

This study aimed to analyze the factors that influence the dividend policy and its impact on future earnings growth. Variable used include size, leverage¸ lagged dividend policy, growth, and profitability. This study uses a quantitative approach to the analyze and use two stages least square as a model. This study used a sample of firm in the sector of consumer goods industry that distribute the minimum dividend 2 times on 2010-2014. The results showed that variable size, dividend payment of the previous period, and profitability has a positive and significant impact on dividend policy. While variable growth leverage and significant negative effect on dividend policy. For the second model variables profitability have a significant negative effect on the future earnings growth. While the variable leverage has significant negative effect on the future earnings growth. Other variables such as dividend policy, size, and growth have no significant effect on future earnings growth.
PERSPEKTIF PEMASARAN: STRATEGI GLOBAL ATAU REGIONAL? Werner Ria Murhadi
Journal of Management and Business Vol 2, No 1 (2003): March 2003
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (6711.362 KB) | DOI: 10.24123/jmb.v2i1.58

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Although in both economic literatures and practices the most frequently used catchword is "globalization ", the current company environment in reality is not characterized by such worldwide multilaterally or an increasing degree of homogeneity in customer tastes. Recent research suggests that globalisasi is a myth. Far from taking place in a single global market, most business activities by large firms take place in regional blocks especially in AFT A, NAFTA, and European Union. Nevertheless, some indications point to a transition from regionalization to globalisasi in the long run.
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 | Full PDF (154.073 KB) | DOI: 10.24123/jmb.v16i1.349

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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.
THREE FACTOR MODEL DAN KEPEMILIKAN ASING TERHADAP TINGKAT RETURN Richard Irawan; Werner R. Murhadi
Journal of Management and Business Vol 11, No 2 (2012): SEPTEMBER 2012
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (16242.735 KB) | DOI: 10.24123/jmb.v11i2.217

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Indonesian government issued various regulations and policies of market liberalization and provide the widest opportunities both local and foreign investors to trade. Stock market liberalization should improve market efficiency is similar to the stock markets of developed countries. Intensive research conducted by Fama and French succeeded in explaining the performance of stocks in developed countries with three factors model approach. This study tried to model the stock markets of Indonesia and the added factor of foreign ownership is considered by some to dominate price movements. This study used a sample of 269 firms from 2008 to 2011 period. The study uses panel data regression. The results showed the market factor, size and book-to-market has a positive effect on returns while foreign ownership factors do not affect significantly.
INVESTORS BEHAVIOR IN INDONESIA Stephanus Rivan Limanjaya; Werner R Murhadi; Endang Ernawati
Journal of Management and Business Vol 13, No 2 (2014): SEPTEMBER 2014
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (108.728 KB) | DOI: 10.24123/jmb.v13i2.249

Abstract

This study aims to describe investor behavior in stock, mutual fund, and bank deposit. The psychology elements that are used in this research are mental accounting, representativeness, familiarity, considering the past, overconfidence, data mining, social interaction, fear and greed, status quo, and emotion. This research uses primary data with a help of questionnaire. The total respondent of this research is 110 people. Data collected by spreading questionnaire manually and online with the help of Google doc. The results showed that most of the respondents give positive respond to all of the elements. The element that has the highest mean value is familiarity element. It means that the respondent think that before they invest in something, they need to know first about that investment.
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