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All Journal AKUNTABILITAS SEGMEN Jurnal Manajemen dan Bisnis JBMP (Jurnal Bisnis, Manajemen dan Perbankan) The Indonesian Journal of Accounting Research Jurnal Bakti Masyarakat Indonesia Jurnal Riset Akuntansi dan Keuangan Jurnal Riset Manajemen dan Bisnis Widyagama National Conference on Economics and Business (WNCEB)
Umi Murtini
Universitas Kristen Duta Wacana
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Social Sciences Other

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PENGARUH LEVERAGE, DAN LIKUDITAS TERHADAP KEBIJAKAN DIVIDEN DENGAN PROFITABILITAS SEBAGAI VARIABEL KONTROL Umi Murtini; Gerry Rante
Jurnal Riset Manajemen dan Bisnis Vol 10, No 1 (2015): Jurnal Riset Manajemen dan Bisnis
Publisher : Fakultas Bisnis UKDW

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21460/jrmb.2015.101.354

Abstract

ABSTRACT This research aims to examine the effects of leverage and liquidity on dividend policy with profitability as control variable. Independent variables were used leverage and liquidity. Dependent variable was used dividend policy. This research used profitability as control variable.The research population was manufacturing companies that listed in Indonesia Stock Exchange (IDX) in period of 2009-2012. Sample was collected by purposive sampling method. Total of 18 manufacturing companies were taken as sample of research. Analysis method of this research used multiple regression.The result of this research showed that leverage had negative effect on dividend policy. While liquidity didn’t have effect on dividend policy. As control variable, profitability had positive effect on dividend policy. This empirical evidence of research proved that profitability could be added as independent variable. Keywords : Dividend Policy, Leverage, Liquidity and Profitability ABSTRAK Penelitian ini bertujuan untuk memperoleh bukti empiris tentang pengaruh leverage dan likuiditas terhadap kebijakan dividen dengan profitabilitas sebagai variabel kontrol. Variabel independen yang digunakan adalah leverage dan likuditas. Variabel dependen yang digunakan adalah kebijakan dividen.Penelitian ini menggunakan profitabilitas sebagai variabel kontrol.Populasi dalam penelitian adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2009-2012.Sampel yang dikumpulkan menggunakan metode purposive sampling.Total 18 perusahaan ditentukan sebagai sampel.Metode analisis penelitian ini menggunakan regresi linier berganda.Pengumpulan data menggunakan metode purposive sampling terhadap perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2009 sampai 2012.Sebanyak 18 perusahaan manufaktur digunakan sebagai sampel.Metode analisis dari penelitian ini menggunakan regresi berganda.Hasil dari penelitian ini menunjukkan bahwa leverage memiliki pengaruh negatif terhadap kebijakan dividen. Sedangkan likuditas tidak memiliki pengaruh terhadap kebijakan dividen.Sebagai variabel kontrol, profitabilitas berpengaruh positif terhadap kebijakan dividen.Bukti empiris dari penelitian ini membuktikan bahwa profitabilitas dapat ditambahkan sebagai variabel independen. Kata Kunci: Kebijakan Dividen, Leverage, Likuiditas dan Profitabilitas.
Integrasi Bursa Efek Jakarta dengan Bursa Efek di ASEAN (Setelah Penghapusan Batas Pembelian Bagi Investor Asing) Umi Murtini; Erni Ekawati
The Indonesian Journal of Accounting Research Vol 6, No 3 (2003): JRAI September 2003
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.106

Abstract

The purpose of this study is to investigate the integration of BEJ with other ASEAN capital markets (Philippines, Malaysia, Thailand, and Singapore), after the abolishing of government regulation on September 1987 on the maximum limit of stock purchased by foreign investors in BEJ.On the contrary to the results of the previous researches using the data prior 1987, this study, implementing the stock index data from January 1998 to December 2001, shows that BEJ is integrated with other ASEAN capital market.  The use  of Johansen procedure of error correction model  indicates that IHSG, KLSE, PSE, SETI, and SSI are cointegrated and have different magnitude of adjusted EC-term.  This study concludes that  a comovement exists among ASEAN capital markets.
PENGARUH MODAL KERJA TERHADAP PROFITABILITAS PERUSAHAAN FOOD AND BREVERAGE YANG TERDAFTAR DI BURSA EFEK INDONESIA Umi Murtini; Yunike Gloria Arliany
Widyagama National Conference on Economics and Business (WNCEB) Vol 2, No 1: WNCEB 2021
Publisher : Universitas Widyagama Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (225.935 KB) | DOI: 10.31328/wnceb.v2i1.3173

Abstract

Abstrak Penelitian ini bertujuan untuk menguji pengaruh manajemen modal kerja terhadap profitabilitas perusahaan food and beverage yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2014 sampai 2019. Modal kerja diukur menggunakan perputaran kas, perputaran persediaan dan perputaran piutang. Profitabilitas diukur menggunakan Return on Investment (ROI). Pengujian dilakukan dengan regresi data panel. Alat bantu uji digunakan Eviews 9. Hasil penelitian menunjukkan perputaran kas dan piutang tidak berpengaruh terhadap profitabilitas. Perputaran persediaan berpengaruh positif terhadap profitabilitas. Kelemahan penelitian ini masih mengandung penyakit asumsi klasik yaitu error term tidak terdistribusi normal. Disarankan bagi peneliti berikutnya untuk menguji setiap variabel tersebut di atas menjadi data perubahan. Hal ini diperlukan untuk mengatasi error term yang tidak terdistribusi normal juga bagi investor akan lebih bermanfaat untuk menganalisis bila datanya adalah data perubahan.Kata Kunci: Perputaran Kas, Perputaran Persediaan, Perputaran Piutang, ROI AbstractThis research aims to test the effect of working capital management on the profitability of food and beverage companies listed on the Indonesia Stock Exchange (IDX) from 2014 to 2019. Working capital is measured using cash turnover, inventory turnover and receivable turnover. Profitability is measured using Return on Investment (ROI). Testing is done by regression of panel data. Test aids are used Eviews 9. The results showed cash turnover and receivables turnover had no effect on profitability. Inventory turnover has a positive effect on profitability. The weakness of this study still contains the classic assumption disease that the error term is not normally distributed. It is recommended for the next researcher to test each of the above variables into change data. This is necessary to overcome the normal un distributed term errors also for investors it will be more useful to analyze when the data is data changes.Keywords: Cash Turnover, Inventory Turnover, Receivable Turnover, ROI
PIUTANG SEBAGAI MEDIASI DALAM STRUKTUR MODAL MEMPENGARUHI RETURN SAHAM PERUSAHAAN PERBANKAN Umi Murtini
Jurnal Riset Akuntansi dan Keuangan Vol 18, No 2 (2022): Jurnal Riset Akuntansi dan Keuangan
Publisher : Fakultas Bisnis UKDW

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21460/jrak.2022.182.426

Abstract

ABSTRACT This study examines the role of receivables as a intervening variable in the capital structure affecting stock returns. The amount of receivables is measured using the natural logarithm of receivables, the capital structure is measured using the debt equity ratio (DER) and the return on shares is measured using annual stock returns.  The analysis method is used regression with panel data (pooled data). The regression model is used the Common Effect Model. The research sample was used by banking companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2020 period. The results showed that receivables supported as a intervening variable in the capital structure affect stock returns. Keywords: DER, receivables, stock return, moderatingABSTRAKPenelitian ini menguji peran piutang sebagai variabel mediasi dalam struktur modal  mempengaruhi return saham. Besarnya piutang diukur menggunakan logaritma natural piutang, struktur modal diukur menggunakan debt equity ratio (DER) dan return saham diukur menggunakan return saham tahunan.  Metoda analisis digunakan regresi dengan data panel (pooled data). Model regresi digunakan Common Effect Model. Sampel penelitian digunakan perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2016-2020. Hasil penelitian menunjukkan bahwa piutang terdukung sebagai variabel mediasi dalam struktur modal mempengaruhi return saham. Kata Kunci: DER, piutang, return saham, pemoderasi
PIUTANG SEBAGAI MEDIASI DALAM STRUKTUR MODAL MEMPENGARUHI RETURN SAHAM PERUSAHAAN PERBANKAN Umi Murtini
Jurnal Riset Akuntansi dan Keuangan Vol. 18 No. 2 (2022): Jurnal Riset Akuntansi dan Keuangan
Publisher : Fakultas Bisnis Universitas Kristen Duta Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21460/jrak.v18i2.45

Abstract

ABSTRACT This study examines the role of receivables as a intervening variable in the capital structure affecting stock returns. The amount of receivables is measured using the natural logarithm of receivables, the capital structure is measured using the debt equity ratio (DER) and the return on shares is measured using annual stock returns. The analysis method is used regression with panel data (pooled data). The regression model is used the Common Effect Model. The research sample was used by banking companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2020 period. The results showed that receivables supported as a intervening variable in the capital structure affect stock returns. Keywords: DER, receivables, stock return, moderating ABSTRAK Penelitian ini menguji peran piutang sebagai variabel mediasi dalam struktur modal mempengaruhi return saham. Besarnya piutang diukur menggunakan logaritma natural piutang, struktur modal diukur menggunakan debt equity ratio (DER) dan return saham diukur menggunakan return saham tahunan. Metoda analisis digunakan regresi dengan data panel (pooled data). Model regresi digunakan Common Effect Model. Sampel penelitian digunakan perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2016-2020. Hasil penelitian menunjukkan bahwa piutang terdukung sebagai variabel mediasi dalam struktur modal mempengaruhi return saham. Kata Kunci: DER, piutang, return saham, pemoderasi
KOINTEGRASI IHSG, KURS, SUKU BUNGA SBI DAN KREDIT INVESTASI SAAT PANDEMI COVID-19 Umi Murtini; Purnawan Hardiyanto
Jurnal Riset Akuntansi dan Keuangan Vol. 18 No. 1 (2022): Jurnal Riset Akuntansi dan Keuangan
Publisher : Fakultas Bisnis Universitas Kristen Duta Wacana

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

Abstract

ABSTRACT This study aims to test the cointegration of the IHSG, Exchange Rate and SBI Interest Rate. Tests used with unit root test with ADF and Cointegration. The results show that the IHSG, Exchange Rate and Interest Rate have a unit root at level 1. The residual regression equation is normal and has at least 1 cointegration equation. Then it is concluded that the IHSG, Exchange Rate and Interest Rate have cointegration. Positive cointegration shows that when one variable moves, the other variables also move in the same direction. Keywords : IHSG, Exchange Rate, Interest Rate, Cointegration ABSTRAK Penelitian ini bertujuan untuk menguji kointegrasi IHSG, Kurs dan Suku Bunga SBI. Pengujian digunakan dengan uji unit root dengan ADF dan Kointegrasi. Hasil menunjukkan bahwa IHSG, Kurs dan Suku Bunga memiliki unit root pada level 1. Residual persamaan regresinya normal dan memiliki minimal 1 persamaan kointegrasi. Maka disimpulkan bahwa IHSG, Kurs dan Suku Bunga memiliki kointegrasi. Arak kointegrasi positif menunjukkan bahwa bila salah satu variabel bergerak maka variabel lainnya juga bergerak bersama ke arah yang sama. Kata Kunci : IHSG, Kurs, Suku Bunga, Kointegrasi
Pengaruh Enterprise Risk Manajement terhadap Nilai Perusahaan dengan Variabel Kontrol: Ukuran Perusahaan dan DER: Effect of Enterprise Risk Management on Firm Value with Control Variables: Firm Size and DER Murtini, Umi
JBMP (Jurnal Bisnis, Manajemen dan Perbankan) Vol. 4 No. 1 (2018): March
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (545.682 KB) | DOI: 10.21070/jbmp.v4i1.1985

Abstract

This study aimed to examine the effect of Enterprise Risk Management (ERM) to the firm value with control variables comprising firm size and FER. The method used is Weighted Least Square (WLS) with the error term as variable weights. The research sample are manufacturing companies registered in the Indonesia Stock Exchange in the period 2011-2015. The results showed that the ERM effect on the firm value with firm size as control variables.
DETERMINAN CASH HOLDING BANK YANG TERDAFTAR DI BURSA EFEK INDONESIA Umi Murtini; Mathew Julius Ukru
Jurnal Riset Manajemen dan Bisnis Vol. 16 No. 1 (2021): Jurnal Riset Manajemen dan Bisnis
Publisher : Fakultas Bisnis Universitas Kristen Duta Wacana

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

Abstract

ABSTRAK Penelitian ini bertujuan untuk menguji pengaruh arus kas, modal kerja bersih, leverage, dan pembayaran dividen terhadap cash holding pada perusahaan bank yang terdaftar di Bursa Efek Indonesia tahun 2015-2019. Pengambilan sampel dilakukan dengan teknik purposive sampling. Jenis penelitian ini adalah penelitian asosiatif dengan pendekatan kuantitatif, analisis data yang digunakan adalah uji asumsi klasik dan regresi linier berganda. Hasil penelitian ini menunjukkan bahwa Leverage berpengaruh signifikan terhadap cash holding dengan nilai signifikan sebesar 0,0366. Sedangkan variabel arus kas, modal kerja bersih, dan pembayaran dividen tidak berpengaruh signifikan terhadap kepemilikan kas. Kata kunci: cash holding, arus kas, modal kerja bersih, pembayaran dividen ABSTRACT This research aims to examine the effect of cash flow, net working capital, leverage, and dividend payment on cash holding of bank companies listed on the Indonesia Stock Exchange in 2015-2019. Sampling was done using purposive sampling technique. The type of research is associative research with a quantitative approach, the data analysis used is the classical assumption test and multiple linear regression. The results of this study indicate that leverage has a significant effect on Cash Holding with a significant value of 0.0366. Meanwhile, the variables of cash flow, net working capital, and dividend payment have no significant effect on cash holding. Keywords: cash holding, cash flow, net working capital, dividend payment
KESULITAN KEUANGAN PERUSAHAAN KESEHATAN SEBELUM DAN SEMASA COVID­19 Umi Murtini; Normando Membrasar
Jurnal Riset Manajemen dan Bisnis Vol. 19 No. 2 (2024): Jurnal Riset Manajemen dan Bisnis
Publisher : Fakultas Bisnis Universitas Kristen Duta Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21460/jrmb.v19i2.148

Abstract

ABSTRACT Covid-19 suddenly affected Indonesia. Many companies have become damaged and unhealthy because of the Covid-19 outbreak. However, there are also many companies that have benefited from the Covid-19. The profit obtained is because there is a high increase in sales compared to the period before covid. One of the business sectors getting an increase in profits because of Covid-19 is the health sector company. This study examines the differences in financial difficulties faced by health sector companies listed on the Indonesia Stock Exchange. The criteria for financial difficulties used the Altman Z-Score method. The analysis used a paired t-test for the company's financial difficulties before and during Covid-19. The results of the analysis indicate that the financial difficulties of health sector companies before and during Covid-19 are the same or not different. Keywords: Altman Z-Score, Financial Distress, paired sample T test, Covid-19 ABSTRAK Covid-19 tiba-tiba melanda Indonesia. Banyak perusahaan yang menjadi rugi dan tidak sehat karena adanya wabah Covid-19. Akan tetapi banyak pula perusahaan yang mendapatkan keuntungan dengan adanya Covid-19 ini. Keuntungan yang didapatkan karena adanya kenaikan penjualan yang tinggi dibandingkan perioda sebelum covid. Salah satu sektor usaha mendapatkan kenaikan keuntungan karena Covid-19 adalah perusahaan sektor kesehatan. Penelitian ini menguji berbedaan kesulitan keuangan yang dihadapi oleh perusahaan sektor kesehatan yang terdaftar di Bursa Efek Indonesia. Kriteria kesulitan keuangan digunakan metode Altman Z-Score. Atat analisis digunakan uji beda berpasangan untuk kesulitan keuangan perusahaan sebelum dan saat Covid-19. Hasil analisis menunjukkan bahwa kesulitan keuangan perusahaan bidang kesehatan sebelum dan saat Covid-19 sama atau tidak berbeda. Kata Kunci: Altman Z-Score, Kesulitan Keuangan, Uji beda, Covid-19
UNDERPRICING PERUSAHAAN NON KEUANGAN PADA MASA COVID-19: FAKTOR YANG MEMPENGARUHI Umi Murtini; Hizkia Winandra Dwi Kurnia
Jurnal Riset Akuntansi dan Keuangan Vol. 20 No. 2 (2024): Jurnal Riset Akuntansi dan Keuangan
Publisher : Fakultas Bisnis Universitas Kristen Duta Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21460/jrak.v20i2.62

Abstract

ABSTRACT This research aims to examine the influence of capital structure, effective use of assets, reputation of the underwriter, size of the board of directors and number of independent commissioners in non-financial companies conducting an IPO on the Indonesia Stock Exchange during the Covid-19 period on the amount of underpricing. Underpricing is measured using the percentage change in price during the IPO with the closing price of shares on the first day of transactions on the Indonesian Stock Exchange. The sampling method used was purposive sampling and 63 companies were obtained as research samples. Hypothesis testing used weighted least squares (WLS). The research results conclude that capital structure and independent commissioners have no effect on underpricing. The effectiveness of asset use and the underwriter's reputation have a positive effect and the size of the board of commissioners has a negative effect on underpricing. Keywords: underpricing, covid-19, capital structure, board and commissioner size, effective use of assets. ABSTRAK Penelitian ini bertujuan menguji pengaruh struktur modal, efektifitas penggunaan asset, reputasi penjamin emisi, ukuran dewan direksi dan jumlah komisaris independen di perusahaan non keuangan yang melakukan IPO di Bursa Efek Indonesia pada masa covid-19 pada besarnya underpricing. Underpricing diukur menggunakan persentase perubahan harga saat IPO dengan harga penutupan saham di hari pertama ditransaksikan di Bursa Efek Indonesia. Metoda sampling digunakan purposive sampling dan diperoleh 63 perusahaan sebagai sampel penelitian. Uji hipotesis digunakan weigted least square (WLS). Hasil penelitian menyimpulkan bahwa struktur modal dan komisaris independent tidak berpengaruh terhadap underpricing. Efektifitas penggunaan asset dan reputasi penjamin emisi berpengaruh positif dan ukuran komisaris berpengaruh negative terhadap underpricing. Kata Kunci: underpricing, covid-19, struktur modal, ukuran dewan dan komisaris, Efektifitas penggunaan aset
Co-Authors Aditya Denny O.S Afnei Ngan Billy Tumba Agung Isaac Halomoan Antonius Suryadi Bambang Purnomo Hediono Belo, Quiteria Costa Ximenes Bilty Anthoni Parinsi Cynthia Septivanie Dede Irawan Saputra Dwi Setia Anggraeni Erni Ekawati Ester Oktarini Fellinne Pirenne Kusdiono Ferik Wijaya Frista Frista Gerry Rante Gerry Rante Halomoan, Agung Isaac Hendrik Wijaya Hizkia Winandra Dwi Kurnia Insiwijati Prasetyaningsih Kasmawati Erlinda N.G Mulyono Kenny Fernando Mathew Julius Ukru Mathew Julius Ukru Mulyono, Kasmawati Erlinda N.G Nathalia Dewi Nico Yopida Normando Membrasar Oktarini, Ester Prayogo Prayogo Purnawan Hardiyanto Quiteria Costa Ximenes Belo Rizal Mansyur Shinta Mareta Sirilus Kristiyo Amijoyo Togu Parulian Togatorop Wijayanto, Yuanes Yonathan K. Widyatmadja Yuanes Wijayanto Yunike Gloria Arliany Yusefin Pupsa Tirtaningrum Yusefin Puspa Tirtaningrum Yusefin Puspa Tirtaningrum