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Bank Efficiency Analysis and Stock Return in Indonesia Stock Exchange (IDX) Sumantyo, Riwi; Tresna, Wayan Nur Aziz Tanca
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 18, No 2 (2017): JEP 2017
Publisher : Universitas Muhammdaiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v18i2.3960

This study aimed to analyze the efficiency of the banks which are listed in Indonesia Stock Exchange (IDX) and empirically tests the bank effects on the stock returns of each bank. The sample of this study is all banks which are listed in the IDX during the period of 2009 to 2016. Data Envelopment Analysis (DEA) used to measure the bank efficiency in each Decision making units (DMUs), which are obtained as the maximum ratio to know the efficiency level of stock performance by using DEA methods. From the total of 25 banks analyzed, acquired six banks which were always efficient in the period of 2009 to 2016. Moreover, to know the relation between the bank efficiency and the stock return, the regression testing is done by using fixed effect models. The result shows that the bank efficiency of Indonesian banks does not affect their stock return.

The Effect of BI Rateâs Decrease Toward The Market Reaction in Indonesia Stock Exchange (IDX) Sumantyo, Riwi; Anggraeni, Devi
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 17, No 2 (2016): JEP December 2016
Publisher : Universitas Muhammdaiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v17i2.2747

This research aims to analyze the market reactionÂ that can be seen from the abnormal return and trading volume of activity against BI rateâs decrease announcement which is the lowest point in 2011.Â Research methods using paired samples t-test. Data used in this research include the date of announcement of the BI rate which is used as the event date (t0), daily closing share price of companies in a period of observation, LQ-45 index daily, the number of shares traded or daily volume, and the number of shares in circulation or listed share. This research uses 39 companiesÂ listedÂ in the LQ 45 Index listed in BEI as samples. Result of this research is the absence of differences of Abnormal Return and Trading Volume of Activity before and after the announcement. The possibility of this situation was caused by the negative sentiment arising due to the debt crisis in Europe that there is never a solution so it affects the psychology of investors un decision-making.

PENGARUH SUBSIDI BBM TERHADAP IMPOR MINYAK BUMI PERIODE 1980 â€“ 2013 Sumantyo, Riwi; Lestari, Puji
Jurnal Manajemen Dayasaing Vol 18, No 1 (2016): Jurnal Manajemen Daya Saing
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/dayasaing.v18i1.3816

The study on the effect of fuel subsidies toward oil import is a controversial topicdiscussions. This study will explore the effect of fuel subsidies on oil import by addingseveral independent variables, consist of; the number of vehichles, the exchange rateand inflation. Data use time series data from 1980-2013. The tool of analyze is OrdinaryLeast Squares Method (OLS).Based on the results show that the simultaneous testexplains that the fuel subsidies, the number of vehichles, the exchange rate, and inflationhave a significant effect on oil import. However partially, the variables of fuel subsidies,the number of vehichles, and the exchange rate have a positive and significant effecton oil import. Inflation does not affect on oil import. The coefficient of determinationuses Adjusted R-square test is about 98%. The implication of this study is governmentscan increase oil production Indonesia. The government should facilitate the licensing ofinvestment and rejuvenate the old oil wells. It aims to reduce Indonesia dependence onoil import so that it can save foreign exchange reserves.

Analysis of Indonesia Business Cycle through Composite Leading Indicator Data Processing for Banking Industry Riwi Sumantyo; Annisa Wahyuningsih
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

This study aimed to analyze the business cycle of Indonesia through data processing CLI (Composite Leading Indicator) and to obtain an investment leading indicator which a composite of several indicators. This study used the OECD method and used time series data, i.e. quarterly data from 2001-2013. The result of the analysis of this study was the formed CLI was well functioned (significant), although the correlation coefficient both not overlapped (low). Because the IDX Composite movement was more volatile than GDP movement. However, the formed CLI was capable in following the cyclical movement of the reference series (significant). The result of hypotheses in this study was assumed that there were some variables that met the category as a leading indicator in GDP reference series that were: CPI, exchange rate, property credit, and housing loan. While the variables in the reference series IDX composite namely: import capital, Pi_paper, export manufacture, export agriculture, housing loan, and property credit. In this study, especially for the government and central bank (Bank of Indonesia), they should be able to work together in making policies that pay attention to the economic variables classified in leading indicators. DOI: https://doi.org/10.26905/jkdp.v21i4.1553

Macroeconomic variables towards net asset value of sharia mutual funds in Indonesia and Malaysia Riwi Sumantyo; Dessy Anis Savitri
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Sharia mutual fund as one of the investment instruments in sharia capital market shows significant development. There are various factors that may influence, among these factors are macroeconomic variables. This research aims to analyze the effect of macroeconomic factors on the development of sharia capital market industry. Macroeconomic variables that are used is the money supply (M1), Gross Domestic Product (GDP), and inflation. The data used in this research is a quarterly money supply data, GDP, and inflation from January 2012 to December 2016. The methods used to analyze regression data is the data panel. The results of the analysis showed that all of the independent variable used in this study i.e. the money supply (M1), GDP, and inflation has a positive influence and significance to the Net Asset Value (NAV) mutual funds sharia in Indonesia and Malaysia. These results can provide a sound contribution for further research, government, management of the company, and investors regarding the Net Assets Value mutual funds sharia in Indonesia and Malaysia.JEL Classification: D51, E43, F41, G15DOI: https://doi.org/10.26905/jkdp.v23i2.2195

Performance Analysis of Indonesia’s Mining Sector Price Index Hastra Reza Satyatama; riwi sumantyo
Signifikan: Jurnal Ilmu Ekonomi Vol 6, No 2 (2017)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Subprime mortage’s crisis in United States 2008 giving effect to the global capital markets especially the stock price index of the mining sector Indonesia. This research analyzes the effect of BI Rate, exchange rate, world gold price, crude oil price, and Dow Jones Industrial Average on the stock price index of the mining sector. This research employs time series monthly data of 2009-2016 with Error Correction Model-Engle Granger (ECM-EG) as the method. The analysis showed that the BI rate, exchange rate and world gold price, has a negative and significant effect. World oil prices affect positively but not significant meanwhile the Dow Jones Industrial Average has a positive and significant impact on the stock price index of the mining sector. For investors in the mining sector, should pay attention to the exchange rate of the rupiah and Dow Jones Index significantly in the mining sector of the stock price index.DOI: 10.15408/sjie.v6i2.5395

STUDI KEBERHASILAN INVESTOR DALAM BERINVESTASI SAHAM DI BURSA EFEK INDONESIA Riwi Sumantyo; Arry Budi Saputro
Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan Volume 13 Nomor 1 Tahun 2019
Publisher : Universitas Udayana

Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi keberhasilan investor dalam berinvestasi saham di kota Surakarta, Jawa Tengah. Variabel yang diteliti adalah pengalaman investor, lama penjualan saham, tingkat pendidikan dan jumlah modal. Pengumpulan data dilakukan dengan wawancara dan kuesioner serta observasi langsung, dengan sampel sebanyak 90 investor dengan teknik proportional random sampling. Alat analisis yang digunakan dalam penelitian ini adalah regresi linier. Hasil penelitian menunjukkan secara individual keempat variabel pengalaman investor, lama penjualan saham, tingkat pendidikan, dan jumlah modal berpengaruh positif terhadap keberhasilan investor dalam berinvestasi saham di Indonesia Bursa Efek, kecuali tingkat pendidikan. Variabel yang memiliki pengaruh paling besar terhadap keberhasilan investor dalam berinvestasi saham di Bursa Efek Indonesia adalah modal. Saran yang diajukan investor harus mengikuti pelatihan dalam menganalisis saham baik fundamental maupun teknis untuk mengurangi risiko, tidak menempatkan 100% investasi mereka dalam portofolio saham yangsama. Penelitian lebih lanjut dapat mencakup variabel baru yang selanjutnya mempengaruhi keberhasilan investor dalam berinvestasi saham. Perusahaan efek dan otoritas diharapkan memberikan kenyamanan dalam pertimbangan risiko dan manfaat, serta keamanan dana investor.Kata kunci: keberhasilan investor, pengalaman investor, lamanya penjualan saham, tingkat pendidikan dan jumlah modal, klasifikasi proporsional random sampling

PENGARUH SUBSIDI BBM TERHADAP IMPOR MINYAK BUMI PERIODE 1980 – 2013 Riwi Sumantyo; Puji Lestari
Jurnal Manajemen Dayasaing Vol 18, No 1 (2016): Jurnal Manajemen Daya Saing
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/dayasaing.v18i1.3816

The study on the effect of fuel subsidies toward oil import is a controversial topicdiscussions. This study will explore the effect of fuel subsidies on oil import by addingseveral independent variables, consist of; the number of vehichles, the exchange rateand inflation. Data use time series data from 1980-2013. The tool of analyze is OrdinaryLeast Squares Method (OLS).Based on the results show that the simultaneous testexplains that the fuel subsidies, the number of vehichles, the exchange rate, and inflationhave a significant effect on oil import. However partially, the variables of fuel subsidies,the number of vehichles, and the exchange rate have a positive and significant effecton oil import. Inflation does not affect on oil import. The coefficient of determinationuses Adjusted R-square test is about 98%. The implication of this study is governmentscan increase oil production Indonesia. The government should facilitate the licensing ofinvestment and rejuvenate the old oil wells. It aims to reduce Indonesia dependence onoil import so that it can save foreign exchange reserves.

The Effect of BI Rate’s Decrease Toward The Market Reaction in Indonesia Stock Exchange (IDX) Riwi Sumantyo; Devi Anggraeni
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 17, No 2 (2016): JEP December 2016
Publisher : Muhammadiyah University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v17i2.2747

This research aims to analyze the market reaction that can be seen from the abnormal return and trading volume of activity against BI rate’s decrease announcement which is the lowest point in 2011. Research methods using paired samples t-test. Data used in this research include the date of announcement of the BI rate which is used as the event date (t0), daily closing share price of companies in a period of observation, LQ-45 index daily, the number of shares traded or daily volume, and the number of shares in circulation or listed share. This research uses 39 companies listed in the LQ 45 Index listed in BEI as samples. Result of this research is the absence of differences of Abnormal Return and Trading Volume of Activity before and after the announcement. The possibility of this situation was caused by the negative sentiment arising due to the debt crisis in Europe that there is never a solution so it affects the psychology of investors un decision-making.

Bank Efficiency Analysis and Stock Return in Indonesia Stock Exchange (IDX) Riwi Sumantyo; Wayan Nur Aziz Tanca Tresna
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 18, No 2 (2017): JEP 2017
Publisher : Muhammadiyah University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v18i2.3960

This study aimed to analyze the efficiency of the banks which are listed in Indonesia Stock Exchange (IDX) and empirically tests the bank effects on the stock returns of each bank. The sample of this study is all banks which are listed in the IDX during the period of 2009 to 2016. Data Envelopment Analysis (DEA) used to measure the bank efficiency in each Decision making units (DMUs), which are obtained as the maximum ratio to know the efficiency level of stock performance by using DEA methods. From the total of 25 banks analyzed, acquired six banks which were always efficient in the period of 2009 to 2016. Moreover, to know the relation between the bank efficiency and the stock return, the regression testing is done by using fixed effect models. The result shows that the bank efficiency of Indonesian banks does not affect their stock return.

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