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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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The Good Corporate Governance: Case Study in Indonesia and Philippines Werner R. Murhadi; Anastasia Handoyo; Endang Ernawati
JBTI : Jurnal Bisnis : Teori dan Implementasi Vol 15, No 1 (2024): April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jbti.v15i1.19871

Abstract

Good corporate governance is critical in reducing conflict between agencies in the workplace. Corporate governance is crucial in developing nations with lax law enforcement. The impact of governance on corporate performance is investigated in this article. This study uses quantitative data from manufacturing companies registered on the Indonesian and Philippine stock exchanges. This study relied on 655 observations from Indonesia and 220 from the Philippines. Corporate governance is measured using independent commissioners, the number of board members, shareholder ownership, and the use of Big Four auditors. This study discovered that independent commissioners, the board size, and block-holders ownership significantly affected the return on assets. Tobin's Q analysis revealed that only Board Size had a significant effect. Unlike Indonesia, the results of this study in the Philippines showed that independent commissioners and block holder ownership significantly impacted the return on assets. On the other hand, this study using Tobin’s Q showed that all independent variables, such as independent commissioners, the board size, block-holders ownership, and big four accounting firms, had a significant effect. The practical implication of the study's findings is that management monitoring by independent commissioners and all commissioners is beneficial in avoiding managers' acts that harm the organization. On the one hand, the number of commissioners sends an excellent signal to the market. Block holder ownership and the usage of big four accounting firms can also strengthen monitoring, improving corporate performance. Companies should have a high proportion of independent commissioners, a modest board size, and use big four accounting firms. Companies can increase their performance and investor trust by applying the above governance components.
GOOD CORPORATE GOVERNANCE IN NON-FINANCIAL SECTOR COMPANIES ON THE INDONESIAN STOCK EXCHANGE Lukito, Excel Nathaniel; Murhadi, Werner R; Wijaya, Liliana Inggrit
JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Vol 10, No 1 (2024): Vol 10, No. 1 (2024)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34204/jiafe.v10i1.9007

Abstract

ABSTRACTThe purpose of this study is to look at how good corporate governance affects the financial performance of all companies in the non-financial sector that are listed on the Indonesia Stock Exchange. This study employs a sample of non-financial companies listed on the Indonesia Stock Exchange and the ordinary least squares approach with panel data. The study's findings show that the board of commissioners' independence variable has a positive impact on ROA and TOBIN's Q; board size has a negative impact on ROA and a positive impact on TOBIN'S Q; the audit committee has a negative impact on ROA and TOBIN'S Q; institutional ownership has a positive impact on ROA and Tobin's Q; organizational size has a positive impact on ROA and a negative impact on TOBIN'S Q; and leverage has a negative impact on both ROA and TOBIN'S Q. According to this research, businesspeople should be aware that there are independent commissioners who can send out encouraging signals to potential investors. However, the audit committee has not been successful in sending investors a negative message.ABSTRAKTujuan dari penelitian ini adalah untuk melihat bagaimana pengaruh tata kelola perusahaan yang baik terhadap kinerja keuangan pada seluruh perusahaan di sektor non-keuangan yang terdaftar di Bursa Efek Indonesia. Penelitian ini menggunakan metode ordinary least square dengan data panel dan menggunakan sampel perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia. Hasil penelitian ini menunjukkan bahwa variabel independensi dewan komisaris memiliki pengaruh positif terhadap ROA dan terhadap TOBIN'S Q, ukuran dewan memiliki pengaruh negatif terhadap ROA dan positif terhadap TOBIN'S Q, komite audit memiliki pengaruh negatif terhadap ROA dan TOBIN'S Q, kepemilikan institusional berpengaruh positif terhadap ROA dan Tobin's Q, ukuran perusahaan berpengaruh positif terhadap ROA dan berpengaruh negatif terhadap TOBIN'S Q dan leverage berpengaruh negatif terhadap ROA dan TOBIN'S Q. Implikasi dari penelitian ini adalah pelaku bisnis diharapkan memperhatikan keberadaan komisaris independen yang mampu memberikan sinyal positif bagi investor. Sebaliknya, komite audit belum efektif memberikan sinyal negatif bagi investor.
Formulasi Strategi OCBC dalam Menghadapi Daya Saing Perbankan Jenni, Jenni; Murhadi, Werner R.
Jurnal Samudra Ekonomi dan Bisnis Vol 15 No 2 (2024): JSEB
Publisher : Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jseb.v15i2.9777

Abstract

The aim of this research is to analyze what strategic options a company can make so that it can survive in future situations. The key concept in this research is strategy formulation, where the quantitative method used includes industrial management steps implemented by OCBC in facing banking business competition. The results of research on the internal and external environment reveal OCBC's strengths, weaknesses, opportunities and challenges (SWOT). The SWOT analysis is then entered into several matrices, including EFE and IFE, CPM, TOWS, SPACE, BCG, IE, GSM, and QSPM. The final recommendation obtained is that OCBC's strategy choice is market penetration considering that the market share in Indonesia is still quite large.
Pengaruh Rasio Keuangan dan Corporate Governance terhadap Kinerja Perbankan di Indonesia Periode 2020-2023 Jenni , Jenni; Murhadi, Werner R.
Jurnal Samudra Ekonomi dan Bisnis Vol 15 No 3 (2024): JSEB
Publisher : Fakultas Ekonomi dan Bisnis Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jseb.v15i3.10472

Abstract

This research aims to prove the influence of financial ratios and corporate governance on banking performance in Indonesia for the 2020-2023 period. The research was conducted using secondary data in the form of bank financial reports listed on the Indonesia Stock Exchange (BEI) for the 2020-2023 period. The multiple linear regression method was used to analyze the data. The independent variables analyzed are non-performing loans (NPL), loan to deposit ratio (LDR), return on assets (ROA), net interest margin (NIM), capital adequacy ratio (CAR), independent commissioner, and ownership concentration. The dependent variable is Tobin's Q with firm size as a control variable. The research results show that LDR and ROA have a significant positive effect on Tobin's Q, while NIM has a significant negative effect on Tobin's Q. The results also state that NPL, CAR, independent commissioners, ownership concentration and firm size have no effect on Tobin's Q.
The effect of financial literacy on financial inclusion, social capital, and cognition on beginner and experienced investor Setiadi, Maria B.B.; Murhadi, Werner R.; Marciano, Deddy
Journal of Business & Banking Vol 13 No 2 (2023): November 2023 - April 2024
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jbb.v13i2.4431

Abstract

This study examines how financial literacy affects financial inclusion, social capital, and cognition in stock investors. Prospective investors or investors can manage per-sonal finances in the future. This research involves many samples with cross-sectional data. This research consists of the independent variables, financial literacy, and the dependent variables consist of financial inclusion, social capital, and cognition. The dependent variable of financial inclusion consists of access, quality, usage, and welfare; social capital consists of the dimensions of collective action, bonding, bridging and trust, and cognition. The independent variable of financial literacy consists of the dimensions of skill, behavior, knowledge, and attitude. The collected respondents were taken from 165 respondents, and they were analyzed using the structural equation modeling. After processing the data, it shows that the effect of financial literacy and cognition on financial inclusion is supported, and financial literacy on social capital cognition is supported. Meanwhile, social capital towards inclusion literacy needs to be supported. Based on the results, stock investors must be more careful in choosing investment products/institutions to avoid fraud.
Regional Development Bank Competition: Evidence from Indonesia Zunairoh, Zunairoh; Wijaya, Liliana Inggrit; Mahadwartha, Putu Anom; Murhadi, Werner Ria
Jurnal Keuangan dan Perbankan Vol 27, No 1 (2023): January 2023
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v27i1.9414

Abstract

Regional development banks are intermediary institutions that can develop the national economy and drive regional development through local government management. This study aims to analyze the effect of competition in regional development banks on efficiency with risk as a moderating variable. This study uses the regression panel data estimation technique based on data from regional development banks in Indonesia for the period 2016- 2020, a total of 130 observations. The novelty of this study is that it is still rare to examine using a sample of regional development banks using the Leaner Index model to analyze bank competition. This study finds that competition negatively and significantly affects efficiency at regional development banks in Indonesia. Risk strengthens the impact of competition on efficiency. The unstoppable competition requires banks to make several efficiencies both from the micro and macro sides to survive. Regional development banks are very close to local governments, so they should be able to optimize investments in technology-based products and services and improve credit quality.JEL: G2, G21, G28
Corporate Governance Mechanism and Capital Structure Decision: Evidence from Indonesia Lestari, Agnes; Murhadi, Werner R.; Ernawati, Endang
Journal of Entrepreneurship and Business Vol. 5 No. 1 (2024): Journal of Entrepreneurship and Business (February)
Publisher : Program MM Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/jeb.v5i1.6152

Abstract

Purpose: Decisions related to the capital structure are crucial for companies because the proportion of funding from debt and equity determines the company's value and is directly related to shareholders' welfare. This study aims to examine how corporate governance affects the capital structure. Method: Board size, board independence, ownership concentration, audit reputation, management ownership, and institutional ownership are the independent variables considered in this study. In contrast, control variables were defined as firm size, liquidity, profitability, and growth. In order to determine how corporate governance affects capital structure in a sample of 395 non-financial companies listed on the Indonesia Stock Exchange, this study employs multiple linear regression analysis. Result: The capital structure is significantly impacted negatively by board size, ownership concentration, firm size, profitability, and growth while positively impacted by independent commissioners, auditor reputation, managerial ownership, and institutional ownership. Liquidity has no impact on the capital structure.
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.
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