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All Journal Jurnal Ilmiah Akuntansi dan Bisnis IQTISHODUNA Jurnal Bisnis dan Manajemen Jurnal Administrasi Bisnis Jurnal Mahasiswa Perpajakan JAM : Jurnal Aplikasi Manajemen Wacana, Jurnal Sosial dan Humaniora PROFIT : Jurnal Administrasi Bisnis Transformasi: Jurnal Pengabdian Masyarakat Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal JPBM (Jurnal Pendidikan Bisnis dan Manajemen) UNEJ e-Proceeding Asia-Pacific Management and Business Application Jurnal Ekonomi dan Bisnis SELAPARANG: Jurnal Pengabdian Masyarakat Berkemajuan Bisma: Jurnal Bisnis dan Manajemen JOURNAL OF APPLIED BUSINESS ADMINISTRATION PINISI Discretion Review BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi BISMA (Bisnis dan Manajemen) Journal of Applied Community Engagement (JACE) Asian Journal of Management, Entrepreneurship and Social Science
Nila Firdausi Nuzula
Department Of Business Administration, Universitas Brawijaya, Malang
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THE RELATIONSHIP BETWEEN FOREIGN PORTFOLIO INVESTMENT AND FOREIGN DIRECT INVESTMENT ON ECONOMIC GROWTH (Study at Indonesia Stock Exchange and Bank of Indonesia period 2006-2014) Amanda Ade Winona; . Suhadak; Nila Firdausi Nuzula
Jurnal Administrasi Bisnis Vol 39, No 2 (2016): OKTOBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Liberalisasi finansial yang diimplementasikan Indonesia memicu sumber aliran dana internasional yang tinggi. Pada umumnya, terdapat dua jenis investasi asing yakni investasi portofolio asing (FPI) dan investasi asing langsung (FDI). FPI merupakan investasi pasif dengan volatilitas tinggi yang digunakan investor asing untuk mendiversifikasi risiko. Sedangkan, FDI merupakan investasi lintas batas negara dimana investor yang berkedudukan di satu negara mendirikan operasi bisnis di negara lain dimana investor tersebut memiliki derajat pengaruh yang signifikan terhadap entitas tersebut. Kedua jenis modal asing tersebut mampu menjadi pelumas bagi pertumbuhan ekonomi. Pertumbuhan ekonomi merupakan peningkatan kapasitas produksi di suatu negara. Penelitian ini bertujuan untuk mengetahui pengaruh FPI terhadap pertumbuhan ekonomi, pengaruh FPI terhadap FDI dan pengaruh FDI terhadap pertumbuhan ekonomi di Indonesia. Lokasi penelitian meliputi situs Bursa Efek Indonesia dan Bank Indonesia untuk memperoleh data time series dari variabel FPI, FDI dan pertumbuhan ekonomi periode 2006-2014 secara kuartal. Populasi dan sampel yang digunakan dalam penelitian ini sebanyak 36 unit analisis. Penelitian ini mengaplikasikan analisis jalur sebagai metode penelitian. Hasil dari penelitian yakni FPI memiliki pengaruh signifikan terhadap pertumbuhan ekonomi, FPI memiliki pengaruh signifikan terhadap FDI dan FDI memiliki pengaruh signifikan terhadap pertumbuhan ekonomi. Hasil tersebut mengindikasikan bahwa melalui FDI pengaruh FPI terhadap pertumbuhan ekonomi dapat diperkuat. Kata Kunci: investasi portofolio asing, investasi langsung asing, pertumbuhan ekonomi ABSTRACT The financial liberalization imposed by Indonesia triggers the rapid inflow from international financial resources. There are two major foreign investments namely foreign portfolio investment (FPI) and foreign direct investment (FDI). FPI is a passive investment with a high volatility which is used by foreign investor to diversify risk. Whist, FDI is a category of cross-border investment in which an investor resident in one country establishes a significant degree of influence over an enterprise resident in another country.Both forms of foreign capital can be an engine for the economic growth, in which economic growth is the increase of capacity to produce goods and services in a country. This research objectives are to figure out the effect of foreign portfolio investment (FPI) on economic growth, the effect of FPI on foreign direct investment (FDI) and the effect of FDI on economic growth in Indonesia. Using data from Indonesia Stock Exhange and Bank of Indonesia, this study applies quarterly time series data of FPI, FDI and economic growth period 2006-2014 as much as 36 unit of analysis. Applying path analysis as the research method the results of this research are FPI has a significant effect on economic growth, FPI has a significant effect on FDI and FDI has a significant effect on economic growth. These results also indicates that through FDI the relationship of FPI on economic growth is able to be strengthen. Keywords: foreign portfolio investment, foreign direct investment, economic growth  
PENGGUNAAN FORWARD CONTRACT HEDGING UNTUK MENURUNKAN RISIKO EKSPOSUR TRANSAKSI (Studi Pada Pt. Unilever Indonesia, Tbk) Rully Herlinasari; Raden Rustam Hidayat; Nila Firdausi Nuzula
Jurnal Administrasi Bisnis Vol 59, No 1 (2018): JUNI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Foreign exchange exposure is a risk that will be faced by any company who transact internationally, both import or export. Transaction exposure, part of foreign exchange exposure, arises when the future cash flow of the firm is affected by exchange rate fluctuation. Fluctuation in exchange rate occurs over time, resulting in uncertainty over the amount of future cash flow. This study seeks to know the benefit of forward contract hedging implementation to reduce transaction exposure risk at PT. Unilever Indonesia, Tbk. This research is a descriptive research with case study approach. The required data for this study are the annual report of PT. Unilever Indonesia, Tbk year 2015, PT. Unilever Indonesia’s forward contract year 2016, historical data of exchange rate fluctuation during 2015 and historical data of exchange rate fluctuation from January to March 2016. Those data were obtained from PT. Unilever Indonesia’s official website www.unilever.co.id and Bank of Indonesia’s official website at www.bi.co.id. The result of the study, in this known that forward contract hedging on USD giving 27,37% forward discount on JP Morgan’s USD contract and 30,65% forward discount on The Hongkong and Shanghai Banking Corporation USD contract. JP Morgan Chase’s EUR contract provide 24,88% forward premium. Keywords : Foreign Exchange Exposure, Forward Contract Hedging, Forward Discount ABSTRAK Eksposur valuta asing merupakan risiko yang akan dihadapi oleh setiap perusahaan yang melakukan transaksi internasional, baik impor maupun ekspor. Eksposur transaksi, salah satu bentuk dari eksposur valuta asing, muncul ketika arus kas masa depan perusahaan dipengaruhi oleh fluktuasi nilai tukar. Fluktuasi nilai tukar terjadi sepanjang waktu, sehingga perusahaan mengalami ketidak pastian atas jumlah arus kas masa depannya. Penelitian ini berusaha untuk mengetahui manfaat penerapan forward contract hedging dalam menurunkan risiko eksposur transaksi PT. Unilever Indonesia. Penelitian ini merupakan penelitian deskriptif dengan pendekatan studi kasus. Data yang diperlukan antara lain, laporan tahunan PT. Unilever Indonesia, Tbk tahun 2015, data forward contract perusahaan tahun 2016, data historis kurs trnasaksi Bank Indonesia sepanjang tahun 2015, dan data historis kurs transaksi Bank Indonesia bulan Januari – Maret 2016. Data tersebut diperoleh dari www.unileverindonesia.co.id dan www.bi.go.id. Hasil penelitian menunjukkan diketahui bahwa forward contract hedging pada mata uang USD menghasilkan discount forward, yaitu sebesar 27,37% pada kontrak JP Morgan Chase dan 30,65% pada kontrak Hongkong and Shanghai Banking Corporation, sedangkan forward contract hedging pada mata uang EUR menghasilkan premi forward yaitu sebesar 24,88%. Kata Kunci : Eksposur Valuta Asing, Forward Contract Hedging, Discount Forward
PENGARUH RASIO INFLASI DAN SUKU BUNGA INDONESIA RELATIF TERHADAP AMERIKA SERIKAT PADA NILAI TUKAR RUPIAH (Implementasi Purchasing Power Parity Internasional Fisher Effect) Muhamad Wahyu Firmansyah; Nila Firdausi Nuzula
Jurnal Administrasi Bisnis Vol 47, No 2 (2017): JUNI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The purpose of this study was to examine the influence of the ratio of Indonesia's inflation and interest rates relative to United States on the exchange rate of Rupiah by implementing PPP and IFE. The PPP theory explains change of exchange rate differences related to inflation applicable from one country to another. The IFE theory movement of exchange rate of currency of a country with other countries caused by nominal interest rate differentials that exist in the two countries. The currency used to compare in this research is United States Dollar. The results of this research show that: 1) ratio of Indonesia's inflation relative to United States and Indonesia interest rate ratio relative to the United States Influance simultaneously on the exchange rate of the Rupiah. 2) Indonesia inflation ratio relative to United States significantly influance and have a positive. 3) ratio of Indonesia interest rates relative to United States significantly influance and have a positive. The findings in this study are expected to be able to predict the conditions of economy in IndonesiaKeywords: Exchange Rate, Inflation, Interest rate ABSTRAK Tujuan dari penelitian ini adalah untuk menguji pengaruh rasio inflasi dan suku bunga Indonesia relatif terhadap Amerika Serikat pada nilai tukar Rupiah implementasi Purchasing Power Parity dan Internasional Fisher Effect. Teori Purchasing Power Parity merupakan teori yang menjelaskan bahwa perubahan nilai tukar mata uang berhubungan dengan perbedaan-perbedaan inflasi yang berlaku dari satu negara ke negara lain. Teori Internasional Fisher Effect merupakan teori yang menjelaskan bahwa pergerakan nilai tukar mata uang suatu negara dengan negara lain disebabkan oleh perbedaan suku bunga nominal yang ada di kedua negara tersebut. Mata uang pebanding dalam penelitian ini adalah Dolar Amerika Serikat. Hasil dari penelitian ini menunjukkan bahwa : 1) rasio inflasi Indonesia relatif terhadap Amerika Serikat dan rasio Suku Bunga Indonesia relatif terhadap Amerika Serikat berpengaruh secara simultan pada nilai tukar Rupiah. 2) rasio inflasi Indonesia relatif terhadap Amerika Serikat berpengaruh secara signifikan dan mempunyai hubungan yang positif. 3) Rasio suku bunga Indonesia relatif terhadap Amerika Serikat berpengaruh secara signifikan dan mempunyai hubungan yang positif. Temuan dalam penelitian ini diharapkan dapat meramalkan kondisi perekonomian di Indonesia. Kata Kunci: Nilai Tukar, Inflasi, Suku Bunga.
ANALISIS RISIKO DAN RETURN SAHAM SEBELUM DAN SESUDAH CROSS-LISTING (Studi dilakukan pada perusahaan yang terdaftar di New York Stock Exchange 2011-2017) Stefani Fabiola Christine; Nila Firdausi Nuzula
Jurnal Administrasi Bisnis Vol 60, No 1 (2018): JULI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Companies are always trying to move and grow. In its growth, the company needs substantial funds. The capital market is considered as a source of funding for the company. When the company's financing needs are not met by the domestic capital market, the company chooses to cross-list. Cross-listing is a listing of shares in more than two exchanges other than its domestic stock. This is done to improve liquidity, expand investor base, reduce information asymmetry and international investment barriers and improve company's standards and branding. The company's decision aims to improve the company's stock performance which could affects its stock liquidity. The more liquid a share the more interested investors to invest. This affects the amount of funding obtained by the company. The impact on cross-listing will be measured by the risk and abnormal return earned by the company.This study is meant to find out whether there is difference between risk  and abnormal return before and after cross-listing. This study was conducted on the New York Stock Exchange (NYSE) period 2011-2017. The data analysis done with paired sample t-test. Kеywords: Risk, Abnormal Return, Cross-listing. АBSTRАK Perusahaan selalu berusaha untuk bergerak tumbuh dan maju. Dalam pertumbuhannya, perusahaan membutuhkan dana yang cukup besar. Pasar modal dianggap sebagai sumber pendanaan perusahaan. Ketika kebutuhan pendanaan perusahaan tidak mampu dipenuhi oleh pasar modal dalam negeri maka perusahaan memilih untuk melakukan cross-listing. Cross-listing adalah pencatatan saham di lebih dari dua bursa selain bursa domestiknya. Hal ini dilakukan untuk meningkatkan likuiditas, memperluas basis investor, mengurangi asimetri informasi dan hambatan investasi internasional serta meningkatkan standar dan image perusahaan. Keputusan perusahaan ini bertujuan untuk meningkatkan kinerja saham perusahaan sehingga berpengaruh pada likuiditas sahamnya. Semakin likuid suatu saham maka investor semakin tertarik untuk menanamkan modalnya. Hal ini berpengaruh pada jumlah pendanaan yang diperoleh perusahaan. Dampak cross-listing akan diukur dengan risiko dan abnormal return yang diperoleh perusahaan. Penelitian ini bertujuan untuk mengetahui apakah terdapat perbedaan antara risiko dan abnormal return sebelum dan sesudah cross-listing. Penelitian ini dilakukan pada perusahaan yang terdaftar dan melakukan cross-listing di New York Stock Exchange (NYSE)  antara periode 2011-2017. Analisis data dilakukan dengan analisis uji beda. Kаtа Kunci: Risiko, Abnormal Return, Cross-listing.
ANALISIS TINGKAT KESEHATAN BANK DENGAN MENGGUNAKAN METODE RGEC (RISK PROFILE, GOOD CORPORATE GOVERNANCE, EARNINGS, CAPITAL) (STUDI PADA PT BANK CENTRAL ASIA, TBK. PERIODE 2009-2018) Laras Sati Giri Noerani; Nila Firdausi Nuzula
Jurnal Administrasi Bisnis Vol 79, No 1 (2020): MEI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Bank soundness level analysis is an analysis technique which is employed to determine the financial condition and management of the bank. The purpose of the analysis using the RGEC method is to determine the soundness of a bank, where the health of a bank is a competency carried out by banks to be able to carry out their activities by applicable regulations. This analysis is carried out using ratios by Bank Indonesia Regulation No.13/1/PBI/2011 which in its assessment uses the RGEC (Risk Profile, Good Corporate Governance, Earnings, Capital) approach. The subject of this study was PT Bank Central Asia, Tbk. This study used descriptive approach. The data were obtained from various reports published by PT Bank Central Asia, Tbk. both from the official website of PT Bank Central Asia, Tbk. (www.bca.co.id) and the Indonesia Stock Exchange (www.idx.co.id). The data collection methods would be in the form of studying, classifying and using secondary data related to the object of research. The data analysis technique would be conducted by analyzing the focus of RGEC research and then drawn conclusions from the finished calculations to determine the bank soundness level in accordance with Bank Indonesia Regulations.Keywords: Bank Soundness level, RGEC Method
PEMBENTUKAN PORTOFOLIO.OPTIMAL DENGAN MODEL INDEKS TUNGGAL (Studi Pada Saham Perusahaan yang.Tercatat dalam Indeks IDX30 di Bursa Efek Indonesia & Strait Times Index di Singapore Exchange Tahun 2015-2016) Ika Meriyanti Jabir Putri; Nila Firdausi Nuzula
Jurnal Administrasi Bisnis Vol 61, No 2 (2018): AGUSTUS
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The аims of this study аre to know : (1) the stocks of compаnies conducting in index IDX30 аt Indonesiа Stock Exchаnge & Strаit Times Index on Singаpore Exchаnge 2015-2016 thаt form optimаl portfolio using Single Index Model, (2) fund for eаch of the stocks thаt formаting optimаl portfolio, (3) expected return аnd risks of the optimаl portfolio formed under the Single Index Model. The type of this reseаrch is descriptive by using quаntitаtive аpproаch. Аnаlysis method using Single Index Model. The result of study is there аre 5 stocks аs the optimаl portfolio compilers of 46 compаnies used аs reseаrch sаmples. The stock cаndidаtes included in the optimаl portfolio аre Telekomunikаsi Indonesiа Tbk (TLKM), Аdаro Energy Tbk (АDRO), Unilever Indonesiа Tbk (UNVR), United Trаctors Tbk (UNTR), аnd Аscendаs REIT (А17U). The rаtio of funds of eаch stock in optimаl portfolio formаtion with the Single Index Model is Telkom Indonesiа Tbk (TLKM) of 46.66%, Аdаro Energy Tbk (АDRO) of 19.25%, Unilever Indonesiа Tbk (UNVR) of 14.41% , United Trаctors Tbk (UNTR) of 11.96%, аnd Аscendаs REIT (А17U) of 7.44%. Return of expectаtion to be obtаined by investor from portfolio thаt formed is equаl to 0.0173 or 1.73%. Portfolio risk thаt will be.borne by the investor on the invested is 0.0004208 or 0.0421%. Keywords: International Diversification, Optimal Portfolio, Single Index Model ABSTRАK Tujuаn dаri penelitiаn ini аdаlаh untuk mengetahui : (1) sаhаm-sаhаm perusаhааn yаng tercаtаt dаlаm indeks IDX30 di Bursа Efek Indonesiа & Strаit Times Index di Singаpore Exchаnge tаhun 2015-2016 yаng membentuk portofolio optimаl dengаn menggunаkаn Model Indeks Tunggаl, (2) besаrnyа proporsi dаnа untuk mаsing-mаsing sаhаm perusаhааn yаng membentuk portofolio optimаl, (3) besаrnyа return ekspektаsi dаn risiko dаri portofolio optimаl yаng terbentuk berdаsаrkаn Model Indeks Tunggаl. Jenis penelitiаn ini аdаlаh deskriptif dengаn menggunаkаn pendekаtаn kuаntitаtif. Metode аnаlisis yang dilakukan menggunаkаn Model Indeks Tunggаl. Hаsil penelitiаn yаitu terdаpаt 5 sаhаm kаndidаt sebаgаi penyusun portofolio optimаl dаri 46 sаhаm perusаhааn yаng dijаdikаn sаmpel penelitiаn. Kаndidаt sаhаm yаng termаsuk dаlаm portofolio optimаl аdаlаh sаhаm Telekomunikаsi Indonesiа Tbk (TLKM), Аdаro Energy Tbk (АDRO), Unilever Indonesiа Tbk (UNVR), United Trаctors Tbk (UNTR), dаn Аscendаs REIT (А17U). Besаrnyа proporsi dаnа mаsing-mаsing sаhаm pembentuk portofolio optimаl dengаn Model Indeks Tunggаl аdаlаh Telekomunikаsi Indonesiа Tbk (TLKM) sebesаr 46,66%, Аdаro Energy Tbk (АDRO) sebesаr 19,25%, Unilever Indonesiа Tbk (UNVR) sebesаr 14,41%, United Trаctors Tbk (UNTR) sebesаr 11,96%, dаn Аscendаs REIT (А17U) sebesаr 7,44%. Return ekspektаsi yаng аkаn didаpаtkаn oleh investor dаri portofolio yаng terbentuk аdаlаh sebesаr sebesаr 0,0173 аtаu 1,73%. Risiko portofolio yаng аkаn ditаnggung oleh investor аtаs investаsi yаng dimilikinyа аdаlаh sebesаr 0,0004208 аtаu 0,0421%. Kata kunci : Diversifikasi Internasional, Portofolio Optimal, Model Indeks Tunggаl
PENERAPAN ANALISIS FUNDAMENTAL MENGGUNAKAN DISCOUNTED CASH FLOW DAN PRICE EARNING RATIO UNTUK MENILAI KEWAJARAN HARGA SAHAM (Studi pada Perusahaan Multinasional yang terdaftar di Bursa Efek Indonesia Periode 2011-2016 dan Induk Perusahaannya) Taufik Hidayat; Nila Firdausi Nuzula; Ari Darmawan
Jurnal Administrasi Bisnis Vol 50, No 2 (2017): SEPTEMBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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This study aims to determine the fair value of stock prices by using fundamental analysis with Discounted Cash Flow and Price Earning Ratio method on multinational companies listed on the Indonesia Stock Exchange period 2011-2016 and its parent companies. This research is a descriptive research with quantitative approach. Source of data in this study are in the form of annual financial statements of companies that become the object of research. This research use data analysis technique that is calculation of financial ratios, using DCF and PER. The result of the research using DCF method shows the undervalued shares were Delta Djakarta Tbk, San Miguel Corporation, Multi Bintang Tbk, Heineken Holding N.V., Unilever N.V. And HeidelbergCement AG. The overvalued shares were Unilever Indonesia Tbk, and Indocement Tunggal Prakarsa Tbk. The PER method shows the undervalued shares were Delta Djakarta Tbk, San Miguel Corporation, Heineken Holding N.V.,Unilever Indonesia Tbk, Unilever N.V. And HeidelbergCement AG. The overvalued shares were Multi Bintang Tbk and Indocement Tunggal Prakarsa Tbk. Keywords: Fundamental Analysis, DCF, PER, Multinational Company ABSTRAK Penelitian ini bertujuan untuk mengetahui nilai wajar dari harga saham dengan menggunakan analisis fundamental dengan metode Discounted Cash Flow dan Price Earning Ratio pada perusahaan multinasional yang terdaftar di Bursa Efek Indonesia Periode 2011-2016 dan induk perusahaannya. Penelitian ini merupakan penelitian deskriptif dengan pendekatan kuantitatif. Penelitian ini menggunakan teknik analisis data yaitu perhitungan rasio keuangan, menggunakan rumus DCF dan PER. Hasil  penelitian  menggunakan  metode  DCF menunjukkan  saham  mengalami undervalued yaitu Delta Djakarta Tbk, San Miguel Corporation, Multi Bintang Tbk, Heineken Holding N.V., Unilever N.V. dan HeidelbergCement AG. Saham yang mengalami overvalued yaitu Unilever Indonesia Tbk, dan Indocement Tunggal Prakarsa Tbk. Metode PER menunjukkan saham mengalami undervalued yaitu Perusahaan Delta Djakarta Tbk, San Miguel Corporation, Heineken Holding N.V., Unilever Indonesia Tbk, Unilever N.V. dan HeidelbergCement AG. Saham yang mengalami overvalued yaitu Perusahaan Multi Bintang Tbk dan Indocement Tunggal Prakarsa Tbk. Kata Kunci: Analisis Fundamental , DCF,  PER, Perusahan Multinasional
PENGARUH ENVIRONMENTAL MANAGEMENT TERHADAP PROFITABILITAS (Studi Pada Perusahaan Peralatan Elektronik Dan Kimia First Section Yang Terdaftar Di Japan Exchange Group (Jpx) Periode 2014-2016) Fadilla Eka Ningsih; Nila Firdausi Nuzula
Jurnal Administrasi Bisnis Vol 66, No 1 (2019): JANUARI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The purpose of this study was to examine the effect of environmental management partially and simultaneously towards profitability, using profitability ratios consists of ROA (Return on Assets) and ROE (Return on Equity). Environmental management consists of environmental investment and environmental cost which were independent variables, while ROA and ROE were dependent variables. This study used 42 samples from 16 electronic appliances companies and 26 chemical companies. Data sourced from Sustainability or Environmental or Corporate Social Responsibility Report, and profitability data from Annual Report from 2014-2016. So, total of samples was 126 sample companies. This type of research was explanatory research with a quantitative approach. The results showed that: 1) Environmental investment had no significantly and partially effect on ROA, 2) Environmental costs had no significantly and partially effect on ROA, 3) Environmental investment and environmental costs had no significantly and simultaneously effect on ROA, 4) Environmental investment had significantly and partially effect on the ROE, 5) Environmental costs had no significantly and partially effect on ROE, 6) Environmental investment and environmental costs had significantly and simultaneously effect on ROA. Kеywords: Environmental Management, Environmental Investment, Environmental Costs, Profitability, Return on Assets (ROA), Return on Equity (ROE). АBSTRАK Tujuan dari penelitian ini adalah untuk menguji pengaruh environmental management secara parsial dan simultan terhadap profitabilitas yang diukur dengan rasio profitabilitas yang terdiri dari ROA (Return on Asset) dan ROE (Return on Equity). Environmental management itu sendiri terdiri dari environmental investment dan environmental cost yang merupakan variabel bebas, sedangkan ROA dan ROE adalah variabel terikat. Penelitian ini menggunakan 42 sampel dari perusahaan peralatan elektronik sebanyak 16 sampel dan perusahaan kimia sebanyak 26 sampel. Data yang diambil berasal dari Sustainability atau Environmental atau Corporate Social Responsibility Report dan data profitabilitas dari Annual Report perusahaan periode 2014-2016. Maka, total sampel yang digunakan sebanyak 126 sampel perusahaan. Jenis penelitian ini adalah penelitian eksplanatif dengan pendekatan kuantitatif. Hasil penelitian menunjukkan bahwa: 1) Environmental investment tidak berpengaruh signifikan secara parsial pada ROA, 2) Environmental cost tidak berpengaruh signifikan secara parsial pada ROA, 3) Environmental investment dan environmental cost tidak berpengaruh signifikan secara simultan pada ROA, 4) Environmental investment berpengaruh signifikan secara parsial pada ROE, 5) Environmental cost tidak berpengaruh signifikan secara parsial pada ROE, 6) Environmental investment dan environmental cost berpengaruh signifikan secara simultan pada ROE. Kаtа Kunci: Environmental Management, Environmental Investment, Environmental Cost, Profitabilitas, Return on Asset (ROA), Return on Equity (ROE).
DOES INVESTOR SENTIMENT AFFECT LARGE-CAP AND SMALL-CAP STOCK RETURN? (Study on Companies Listed in Indonesia Stock Market Period 2012-2016) Rosyida Maulina; Nila Firdausi Nuzula
Jurnal Administrasi Bisnis Vol 59, No 1 (2018): JUNI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Abstract

Penelitian ini bertujuan untuk menguji pengaruh sentimen investor terhadap return saham di pasar modal Indonesia. Pengujian dilakukan pada dua kelompok sampel yang dibedakan berdasarkan nilai kapitalisasi pasarnya, yakni kelompok large-cap dan small-cap. Sentimen investor diukur melalui tingkat perputaran saham, dividen premium, price earning ratio dan advance decline ratio. Penelitian ini menggunakan data time series bulanan dari Januari 2012 hingga Desember 2016. Data time series merupakan rata-rata perbulan dari seluruh individual saham pada tiap kelompok. Jumlah seluruh individual saham adalah 91 perusahaan kelompok large-cap dan 95 perusahaan kelompok small-cap. Hasil penelitian menunjukkan tiga temuan utama. Pertama, sentimen investor memiliki pengaruh yang signifikan terhadap return saham di kedua kelompok, namun sentimen investor menunjukkan pengaruh yang lebih kuat terhadap return saham kelompok small-cap. Kedua, secara parsial seluruh variabel sentimen investor memiliki pengaruh signifikan terhadap return saham kelompok small-cap. Akan tetapi, hanya dividen premium dan advance decline ratio yang memiliki pengaruh signifikan terhadap return saham large-cap. Terakhir, hasil penelitian menemukan bahwa dividen premium memiliki pengaruh positif yang signifikan terhadap return saham kelompok large-cap namun memiliki pengaruh negatif yang signifikan terhadap return saham kelompok small-cap. Kata Kunci : Behavioral Finance, Emerging Market, Return Saham, Sentimen Investor. ABSTRACT This research aims to examine the effect of investor sentiment on monthly stock return in Indonesia Stock Market. The analysis was performed on two different group based on stock market capitalization which is large-cap and small-cap group. Each group consisted of 91 large-cap companies and 95 small-cap companies. Implicit proxies were used to measure investor sentiment, namely share turnover, dividend premium, price earning ratio and advance decline ratio. This study used monthly time series data from January 2012 to December 2016. Time series data was calculated from monthly average data of all individual stock on each group. The result shows three main findings. First, although investor sentiment have significant effect on stock return in both groups, investor sentiment exhibits stronger effect on small-cap stock return. Second, all of sentiment proxies denote a significant effect on small-cap stock return whereas only dividend premium and advance decline ratio which indicate significant effect on large-cap stock return. Finally, this study evidences that dividend premium shows positive effect on large-cap stock return while indicating negative effect on small-cap stock return. Keywords: Behavioral Finance, Emerging Market, Investor Sentiment, Stock Return
ANALISIS PENGGUNAAN FORWARD CONTRACT HEDGING UNTUK MENURUNKAN RISIKO EKSPOSUR TRANSAKSI (Studi pada PT. Unilever Indonesia, Tbk dan PT. Multi bintang Indonesia, Tbk Periode 2015 - 2017) Bayu Wichaksono Pangestu; Nila Firdausi Nuzula; Ari Darmawan
Jurnal Administrasi Bisnis Vol 73, No 1 (2019): Agustus
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Abstract

Multinational companies around the world will always be faced with risks due to international transactions in the form of imports and exports. One of the risks that will be faced by multinational companies is the exposure of transactions that arise due to currency fluctuations that can affect the company's cash flows in the futures. The study aims to determine the benefits of forward contract hedging carried out by PT. Unilever Indonesia, Tbk and PT. Multi Bintang Indonesia, Tbk in an effort to reduce the risk of transaction exposure. The main object in this study is the forward contract derivative transaction contained in each of the financial statements of the two companies. Forward contracts are calculated using the Eiteman formula and Madura formula. The results of the calculation will be obtained a premium or discount as well as the amount of payment that will be compared when the initial agreement (forward exchange rate) with at maturity (spot rate). This research is a descriptive study with a qualitative approach. The data source used is secondary data obtained from the annual financial statements of PT. Unilever Indonesia, Tbk in 2015-2017 and PT. Multi Bintang Indonesia, Tbk in 2015-2017. Keywords: Hedging, Forward Contract, Exposurer, Transaction АBSTRАK Perusahaan multinasional di seluruh dunia akan selalu berhadapan dengan risiko akibat transaksi internasional berupa impor maupun ekspor. Salah satu risiko yang akan dihadapi oleh perusahaan multinasional adalah eksposur transaksi yang muncul akibat fluktuasi mata uang yang dapat mempengaruhi arus kas perusahaan di masa depan. Penelitian bertujuan untuk mengetahui manfaat forward contract hedging yang dilakukan oleh PT. Unilever Indonesia, Tbk dan PT. Multi Bintang Indonesia, Tbk dalam upaya untuk menurunkan risiko eksposur transaksi. Objek utama pada penelitian ini adalah transaksi derivatif forward contract yang terdapat pada masing-masing laporan keuangan kedua perusahaan. Forward contract dihitung dengan menggunakan rumus Eiteman dan rumus Madura. Hasil dari perhitungan akan diperoleh premi atau diskonto serta jumlah pembayaran yang akan yang akan dibandingkan pada saat kesepakatan awal (kurs forward) dengan pada saat jatuh tempo (kurs spot) Penelitian ini merupakan penelitian deskriptif dengan pendekatan kualitatif. Sumber data yang digunakan merupakan data sekunder yang diperoleh dari laporan keuangan tahunan PT. Unilever Indonesia, Tbk tahun 2015-2017 dan PT. Multi Bintang Indonesia, Tbk tahun 2015-2017. Kаtа Kunci: Hedging, Forward Contract, Ekspousr Transaksi
Co-Authors . DARMINTO . Suhadak . Topowijono Aan Suryana Achmad Basith Ikhsandinoto Agung Nugroho Luthfi Imam Fahrudi Agung Santoso Putra Ahmad Romadhani Akhyian Hamimah Linggahua Alfiyah Agussalim Almoazer Abdelrahman Amalia Agista Maharani Amanda Ade Winona Amelinda Islamey Andi Wijayanto Andi Wijayanto Ardhito Ario Hutomo Ari Darmawan Arief Indra Wahyu Setyawan Arinda Sasmita Rahma Arja, Rayssa Nathasa Bayu Wichaksono Pangestu Bernadetha Eveline Gabriella Purba Budhy Ayu Nurputri Cacik Rut Damayanti Cacik Rut Damayanti Candra Puspita Ningtyas Damayanti, Cacik Rut Dea Kusuma Riyadi Dewi, Winda Rufiana Didik Hartono Dina Aprilia Utami Dyah Putri Fuji Lestari Dаrwаti Dаrwаti Elsafan Kukuh Aditya Esti Junining Fadilla Eka Ningsih Fadillah Amin Fahrudi, Agung Nugroho Luthfi Imam Ferina Nurlaily Firdani Antika Sari Fitria Intan Ayuningtias Fuaida, Roudhotul Gagas Sеptian Nurfikri Gilang Salman Al Farisi Gilda Maulina Harril Brimantyo Ika Meriyanti Jabir Putri Ika Sisbintari Islami Putri Apriani Isti Purwaningtyas Julian Arsyad Illinova Kevin Adiyasa Pahlevi Kurniawan Winata Laili Fitria Nurfadillah Laras Sati Giri Noerani M. Saifi Mai Sovi Triswidjanti Maulina, Gilda Meutea Saraswati Mifthachul Cholifah Miranti Sedyaningrum Moch. Dzulkirom Mochammad DJUDI MUKZAM, Mochammad DJUDI Mohamad Faathir Al Hakim Muchammad Rizki Agung Putra Muhamad Ibrahim Muhamad Wahyu Firmansyah Muhammad Apri Wirawan Sinaga Muhammad Khalid Mawardi Muhammad Nur Hidayah Muhammad Saifi Muhammad Saifi Muhammad Yusril Mustafa, Muthyah Ainunsary Nada Faradila Naufal Yafi’ Najy Nelly Sulistyani Putri Neng Windy Naedya Cahyanti Ni Wayan Kartika Yowana Nia Mardiana Nia Nugraha Farelio Siregar Nur Imamah Nuraeni Nuraeni, Desika Putri Nuria Setiarini Nurlita Sukma Alfandia Nurul Lianawati N’imatul Lailiyah Oktana Indriyatna Jatnika One Septy Wulandari Onni Meirezaldi Pregnandia Ladina Prima Rahma Sari Prisya Esterlina Qur'anitasari Qur'anitasari Rachma Bhakti Utami Raden Rustam Hidayat RANI RACHMAWATI Reika Happy Sugiastuti Reza Hendrawan rizky Adhitya Rizqi Laila Rohmah Rony Yuda Prasetyo Rosyida Maulina Rulita Indra Puspitasari Rully Herlinasari Samira Hanim Saparila Worokinasih Saputra, Arjun Sarah Torgara Aprillia Manurung Satimah Sarisitamah Dewi Mandiri Satria Lukman Pinarbaga Sekar Arum Kinanti Septa Lukman Andes Shabrina Nur Adliah Sirivanh, Thongvanh Siti Ragil Siti Ragil Handayani Siti Ragil Handayani Sri Mangesti Rahayu Sri Mangesti Rahayu Sri Sulasmiyati Sri Sulasmiyati Stefani Fabiola Christine Suhadak Suhadak Suhadak Suhadak Sulasmiati, Sri Suroto Suroto Syahla Dwinovita Putri Taufik Hidayat Theresia Vania Hamolin Tita Irbah Rofifah Topo Wijono Topowijono Topowijono Tria Syafitri Valeria Pramudita Suwandani Vieni Angelita Buana Wahyu Aprilia Sari Yuliana Prasiska Yuni Anisa Lestari