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Mas'ud Machfoedz
Universitas Gadjah Mada
Economics, Econometrics & Finance

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EFISIENSI PASAR MODAL : PERBANDINGAN PADA DUA PERIODE YANG BERBEDA DALAM PASAR MODAL INDONESIA Herman Legowo; Mas'ud Machfoedz
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

There are three grades in efficient capital market. They are: (1) weak form, (2) semi strong form, and (3) strong form. Weak form efficiency, the market is efficient in the weak sense if share prices fully reflect the information implied by all prior price movements.The purpose of this research is to know whether the stock price instataneously and fully reflect relevant historical information (weak form efficient capital market hypotesis). This means if someone trades stocks by using historical information, it will not earn abnormal return. In addition, this research is tests the assumption that capital market efficiency in the bullish condition is different from capital marketefficiency in the normal condition. The research is necessary for the reason that if slock price does not instantaneously and fully reflect relevant available informations, it will be able to mislead economic decisions.The focus of this research is on the monthly stock price (the share price at the end of the month) to 23 companies which went publicc before Januari 1989. The year of 1989 was capital market period in the bullish condition, while 1992 year period is capital market period in the normal condition.The hypothesis of this research is : (I) Jakarta Stock Exchange (JSX) is efficient, and (2) stock market (JSX) efficiency is the different after stock market condition to reach normal condition. The first hypothesis is to reach normal condition. The first hypothesis is to reach normal condition. The first hypothesis is tested by using probvalue which are base on randomnes test and serial correlation test. Randomnes test is used because one of the characteristics of the efficient market is that prices change randomly, while the serial corelation test is interrelated with the other characteristic of the efficient capital market, that the change of security prices has no corelation to each other. The statistical test, i.e. Wilcoxon 's signed rank test.From the statistical analysis of the data we find that hypothesis of this research, while serial corelation test failed to reject the second hypothesis. This research hypothesis that stock market efficiency in the bullish condition is different fromn stock market efficiency in the normal condition was fail to rejected. In other words, if the sample was representative of population, this reserch implicity stated that weak form capital market efficienyfor the year of1989 and 1992 are valid in Indonesia.The result of this research is in effect for 1989 and 1992 with monthly secondary-data get from the share price at the end of the month.
SURVEY MINAT MAHASISWA UNTUK MENGIKUTI UJIAN SERTIFIKASI AKUNTAN PUBLIK (USAP) Mas'ud Machfoedz
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 4 (1998): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The government of Indonesia through Minister of Finance Decree No 43/KMK. 017/ 1997 slated that all accountants whose intend to run accountant public offices should take Certified Public Accountant Exam (USAP). The exam will be conducted and operated by special committee that will be appointed by Indonesian Institute of Accountants (1AI). This exam may be taken by anyone holding SI degree in accounting (equivalent undergraduate degree). Accounting graduate holding degrees may choose to take this exam when he/she want to open a public accounting office in the future. The 'animo' and motivation of accountant candidates are still questionable whether they are interested to take or not to take this exam after they will hold degree in accounting.This study intents to answer the question: what are the factors that influence the intention of accounting degree candidates to take USAP. The respondents are thefinal semester students of accounting department economic faculties and collegesaround Yogyakarta. 440 students participated in this survey covering seven universities and colleges. The results indicate that the factor of quality is the mostimportant factor in taking the USAP, followed by career and economic factors. Theother results show that genders, income, and family factors do not influence theintention to take the exam. Intuitively, it can be concluded that those students beingstudied fee! that the improving quality by taking USAP is important to improve professionalism facing the keener competition in 21" century.
PROFIL KINERJA FINANSIAL PERUSAHAAN-PERUSAHAAN YANG GO-PUBLIC DI PASAR MODAL ASEAN Mas'ud Machfoedz
Journal of Indonesian Economy and Business (JIEB) Vol 14, No 3 (1999): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Almost all companies listed in ASEAN country capital markets have droppedtheir financial performance since the accounting year of 1997. In Indonesia, morethan sixty per cent of companies listed in Jakarta Stock Exchange did not or did notdare to publish their mandatory annual financial statements to avoid publishing theirpoor performance. The similar situation has also been felt by other ASEAN countrycapital markets. The question that was relevant to be raised: are the poor financialperformance of companies listed in the ASEAN country capital markets caused by thesudden crisis or by long experience of poor financial performance?This study intents to answer the above question, whether the crisis or longtimeof poor financial performance caused the company financial problems. Samples weretaken from companies listed in four major capital market of ASEAN, namely:Thailand, Singapore, Malaysia, and Indonesia. Pooled time series data consist of 132data included in the sample for three year periods of 1993, 1994, and 1995 for 44companies. The parametric and non-parametric statistic methods q/"t-tests, WilcoxonRanks Sign Test, MANOVA, and Friedman K-Samples were used to test thehypothesis.The results indicate that Thailand has the weakest financial performance,followed by Indonesia, Singapore, and then Malaysia, when they are compared to theempirical standards of financial performance. This study used The standards offinancial performance that were introduced by Beaver (1966 and 1968), Altman(1968), and Zmejewski (1984). Intuitively, this study concluded that the poorfinancial performances have already long been suffered by companies listed inASEAN country capital markets before the monetary crisis. The crisis has just openedthe hidden problems.
PENGARUH KRISIS MONETER PADA EFISIENSI PERUSAHAAN PUBLIK DIBURSA EFEK JAKARTA Mas'ud Machfoedz
Journal of Indonesian Economy and Business (JIEB) Vol 14, No 1 (1999): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The monetery crisis has attacted Indonesia since the mid of 1997. Sharp increase ofUS dollar exchange rate and the due of international loan hurted Indonesianeconomy and business painfully. It is very rational that this national probleminfluence the performance of companies listed in Jakarta Stock Exchange (JSX).Increasing the price, in rupiah, of imported material and other goods and servicesfrom other countries that based on dollar value destortedthe ability of companies tomaintain their financial performance.This study intent to identify and analyze the impact of monetary crisis to theperformance of companies listed in JSX. 129 manufacturing companies selected assample to answer the question whether the monetary crisis has already attacted theperformance of companies listed in JSX. The sample, then, sub-grouped to the foursub-sample based on sector of businesses to explain which of the sector hurting most.By using t-test and spearman rank correlation all the hypothesis are tested. Sixfinancial ratios used to represent the company performance. Those ratios are consistof three ratio categories: profitability, liquidity and operation, and leverage.The results of the study shown that companies listed in JSX are impacted by monetarycrisis. All means of financial ratios after crisis used in this study are worse than thosein the year before crisis. T-test results show that all indicators of ratios significantlydifferent except Current Ratio and Debt to Equity Ratio. The explanation that can beprovided from these findings is that the impact of crisis to those two ratios cannot beshown in the very short time (only six months), because the liquidity, debt, and equityof the sample are still not significantly changing from the first semester of the year of1997. The explanation of those finding also supported by analysis of sectors ofindustry. Four sectors, taken from JSX directory, shown consistently with totalsample except sector of heavy investment as: building construction, real estate, and other heavy investment industries. The explanation of this exception is that thosecompanies in sector 4 have not yet been impacted by the crisis.
Co-Authors Herman Legowo