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All Journal Jurnal Gizi Economic Journal of Emerging Markets Jurnal Siasat Bisnis Urania Jurnal Ilmiah Daur Bahan Bakar Nuklir Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business Indonesian Journal of Human Nutrition Jurnal Bisnis dan Akuntansi Prosiding Seminar Nasional Unimus Jurnal Svasta Harena Rafflesia
Agus Sartono
Faculty Of Economics & Business, Universitas Gadjah Mada
Humanities Biochemistry, Genetics & Molecular Biology Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Health Professions Immunology & microbiology Materials Science & Nanotechnology Medicine & Pharmacology Nursing Public Health Social Sciences

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AN EMPIRICAL EXAMINATION OF THE DIVIDEND INFORMATION CONTENTS IN THE BALANCE SHEET: A Signaling Approach* Sartono, R. Agus; Sri Asih, Anna Maria
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (42.385 KB)

Abstract

This study examines whether the changes in the financial statements and dividends can together provide a better information transmittal system to deliver missing private information on the firm using Indonesian firms as the sample. In doing so, this study consider three components in evaluating the dividend signaling theory: the expected content favorableness, the sign of dividend change, and the role of dividend signal. Thefinding shows that in Indonesia, the market reactions to the dividend announcements depend on the role of dividend signals, whether it is confirmatory, clarificatory, or unclear. The other finding shows that this market is more concern to the content expected favorableness rather than to the dividend sign.
The Existence of Equilibrium Asset Price Under Diverse Information Sartono, R. Agus
Gadjah Mada International Journal of Business Vol 7, No 3 (2005): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (340.679 KB)

Abstract

We investigate the effects of diverse information on the price of risky assets in rational expectation model. The expected cash flows innovation is considered as private information where informed trader knows it. It is assumed that the high informed trader has smaller variance error regarding the cash flows innovation than the low informed trader and uninformed traders. We found that the cash flow innovation influences the demand of informed trader. The market depth is a linear function of the demand of uninformed trader and weighted average of total variance error of information. Our finding supports previous research done by Spiegel and Subrahmanyam (1992).Our model shows that the more diverse the information, the higher the lambda coefficient which means the market becomes less liquid. The models consistent with Miller (1977) who found that the bigger the gap of private information is, the less liquid the market will be. If both informed traders have the same information they will demand the same amount of risky asset and it turns out to be similar as in the Kyle (1985) model.
TRADING BEHAVIOR AND ASSET PRICING UNDER HETEROGENEOUS EXPECTATIONS Sartono, R. Agus
Gadjah Mada International Journal of Business Vol 7, No 1 (2005): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (557.881 KB)

Abstract

This research models trading behavior and examines the impact of heterogeneous expectations on asset prices. We extend Kyle’s (1985) one-period model to two-period model. The model shows that the informed trader takes into account not only the private information but also the pricing function. The price is an increasing function of the volatility of the asset value and decreasing in the volatility of uninformed traders’ demand. The costly information acquisition has an impact on the optimum demand but it has no direct impact on the price.We find the market depth is a linear function of the volatility of the uninformed traders and a weighted average of the total error variance of information. The depth is also decreasing in the volatility of the cash flow innovations. This argument is in line with the second finding, when the volatility of cash flow innovations increases, the value of risky asset becomes more volatile, and as a result the bigger are the advantages of having private information. Our research raises some questions for further investigation. We indirectly assume that the informed traders make a profit at the expense on the uninformed traders. The question is why the uninformed traders willing to face losses? What happen if there are n informed traders who have diverse information?
ASYMMETRIC INFORMATION IN THE IPO UNDERWRITING PROCESS ON THE INDONESIA STOCK EXCHANGE: PRICING, INITIAL ALLOCATION, UNDERPRICING, AND PRICE STABILIZATION Utamaningsih, Arni; Tandelilin, Eduardus; Husnan, Suad; Sartono, R. Agus
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study examines the IPO trading based on asymmetric information among heterogeneousinvestors. An underwriter plays an active role in the process of the IPO where underpricing is acentral issue. The underwriter(s) manages the IPO trading by determining the offered pricerange and a discriminatory treatment between institutional and individual investors. Theunderwriter prioritizes institutional investors, especially when they show strong buying interestsat the time of book building. The results prove that underpricing is higher when the IPO pricingis closer to the upper limit of the price range. We find that underpricing is higher when the allocationof shares to institutional investors is larger.Keywords: asymmetric information, underpricing, IPO allocation, IPO pricing, price stabilization,excess return
PENGARUH ALIRAN KAS INTERNAL DAN KEPEMILIKAN MANAJER DALAM PERUSAHAAN TERHADAP PEMBELANJAAN MODAL: MANAGERIAL HYPOTHESES ATAU PECKING ORDER HYPOTHESES? 1) Sartono, Agus
Journal of Indonesian Economy and Business Vol 16, No 1 (2001): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper aimed to test the two agency-based arguments that known as the ‘pecking’ order hypotheses and ‘managerial’ hypotheses at the Jakarta Stock Exchange. Pecking order hypotheses says that manager choose the level of capital expenditure that maximizes the wealth of current shareholders, regardless of the managers’ ownership stake in the firm. According to the managerial hypothesis, manager who have small ownerships take in the firm use internal cash flow to under take a level of capital expenditures higher than that which would maximize the wealth of other current shareholders. Testing on 223 firms that chosen based purposive sampling found there is weak association between capital expenditure and internal cash flow, either between capital expenditure and insider ownership. Overall, the results favour the pecking order hypotheses. Keywords: Pecking Order Hypotheses, Managerial Hypotheses, Capital Expenditure, Insider Ownership, Internal Cash flow
Hubungan Tingkat Kecukupan Energi, Protein, Kalsium, dan Fosfor dengan Panjang Tungkai Remaja Fadhilah, Anggitiya Ulfi; Sartono, Agus; Kusuma, Hapsari Sulistya
Indonesian Journal of Human Nutrition Vol 4, No 1 (2017)
Publisher : Jurusan Gizi, Fakultas Kedokteran, Universitas Brawijaya Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (269.09 KB) | DOI: 10.21776/ub.ijhn.2017.004.01.6

Abstract

AbstrakAbstrakTungkai adalah ekstremitas bawah sebagai penopang tubuh bagian atas dan terdiri dari beberapa tulang. Pola konsumsi makanan, terutama sumber energi, protein, kalsium, dan fosfor, pada remaja merupakan faktor yang dapat memengaruhi pertumbuhan tungkai. Studi pendahuluan di SMP Walisongo 1 Semarang menunjukkan 10 dari 18 siswa (usia 14 tahun) memiliki tinggi badan tidak sesuai umurnya. Penelitian ini bertujuan untuk mengetahui hubungan antara tingkat kecukupan energi, protein, kalsium, dan fosfor dengan panjang tungkai remaja di SMP Walisongo 1 Semarang. Rancangan penelitian ini adalah cross sectional. Jumlah sampel sebanyak 38 siswa, yang ditetapkan secara purposive sampling. Data konsumsi diukur dengan metode recall 3 x 24 jam. Panjang tungkai diukur menggunakan pita ukur. Hubungan variabel diuji dengan Kolerasi Pearson dan Regresi Linier Berganda. Hasil penelitian menunjukkan bahwa 63,2% remaja kekurangan energi, 34,2% kekurangan protein, 97,4% kekurangan kalsium, dan 60,6% kekurangan fosfor. Tidak ada hubungan antara tingkat kecukupan energi dengan panjang tungkai (p=0,176), tingkat kecukupan protein dengan panjang tungkai (p=0,150), tingkat kecukupan kalsium dengan panjang tungkai (p=0,840), dan tingkat kecukupan fosfor dengan panjang tungkai (p=0,295). Kesimpulan penelitian ini adalah tingkat kecukupan energi, protein, kalsium, dan fosfor tidak berhubungan dengan panjang tungkai pada remaja SMP Walisongo 1 Semarang.Kata kunci: energi, protein, kalsium, fosfor, panjang tungkai remajaAbstractLimb is the lower extremity as upper body support and consists of several bones. The pattern of food consumption, especially energy, protein, calcium, and phosphorus sources, in adolescents is a factor affecting the limb growth. A preliminary study at Walisongo Junior High School 1 Semarang showed 10 out of 18 students (aged 14 years old) had inappropriate height. This study aims to determine the correlation among adequacy of energy, protein, calcium, and phosphorus with the limb length among adolescents in Walisongo Junior High School 1 Semarang. This study used cross sectional design research. The number of samples was 38 students determined by purposive sampling. The consumption was measured by 3 x 24 hour recall method. Limb length was measured using measuring tape. Variable relationships were tested using Pearson Correlation and Multiple Linear Regression. The results showed that 63.2% of adolescents lack of energy, 34.2% protein deficiency, 97.4% calcium deficiency, and 60.6% phosphorus deficiency. There was no correlation between energy sufficiency level with limb length (p=0.176), protein adequacy level with limb length (p=0.150), calcium adequacy level with limb length (p=0.840), and phosphorus adequacy level with limb length (p=0.295). This research concludes that the sufficiency level of energy, protein, calcium, and phosphorus does not relate to limb length of the adolescent in Walisongo Junior High school 1 Semarang.Keywords: energy, protein, calcium, phosphorus, adolescent’s limb length
DIVIDENS, STOCK REPURCHASES AND VALUE OF THE FIRM R. AGUS SARTONO; TURYASNGURA WILBERFORCE
Jurnal Bisnis dan Akuntansi Vol 1 No 3 (1999): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (908.21 KB) | DOI: 10.34208/jba.v1i3.369

Abstract

Firms that wish to distribute excess cash relative to profitable investmentopportunities, choose between paying large dividends and stock repurchase. The latter can also be debt financed thus increasing the financial leverage of the firm. Both actions have an impact on the stock price, and by implication, on the value of the firm. This paper examines both the dividend option and the repurchase option. Therefore this research also demonstrates that: (a) Under a stable tax regime, investors prefer stock repurchases to large dividends and (b) Under a debt financed stock repurchase, a minimum amount of stock must tee repurchased to avoid a drop in the stock price.
Faktor penentu country risk negara-negara berkembang R Agus Sartono
Economic Journal of Emerging Markets Volume 5, 1995
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v5i1.6628

Abstract

Krisis utang luar negeri yang dihadapi negara-negara sedang berkembang menyita perhatian khusus para ekonom, banker, dan politisi. Banker dari negara-negara donor dipertanyakan kemampuannya dlam menganalisa resiko negara-negara penerima dana.
AN EMPIRICAL EXAMINATION OF THE DIVIDEND INFORMATION CONTENTS IN THE BALANCE SHEET: A Signaling Approach* R. Agus Sartono; Anna Maria Sri Asih
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (42.385 KB) | DOI: 10.22146/gamaijb.5387

Abstract

This study examines whether the changes in the financial statements and dividends can together provide a better information transmittal system to deliver missing private information on the firm using Indonesian firms as the sample. In doing so, this study consider three components in evaluating the dividend signaling theory: the expected content favorableness, the sign of dividend change, and the role of dividend signal. Thefinding shows that in Indonesia, the market reactions to the dividend announcements depend on the role of dividend signals, whether it is confirmatory, clarificatory, or unclear. The other finding shows that this market is more concern to the content expected favorableness rather than to the dividend sign.
TRADING BEHAVIOR AND ASSET PRICING UNDER HETEROGENEOUS EXPECTATIONS R. Agus Sartono
Gadjah Mada International Journal of Business Vol 7, No 1 (2005): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (557.881 KB) | DOI: 10.22146/gamaijb.5567

Abstract

This research models trading behavior and examines the impact of heterogeneous expectations on asset prices. We extend Kyle’s (1985) one-period model to two-period model. The model shows that the informed trader takes into account not only the private information but also the pricing function. The price is an increasing function of the volatility of the asset value and decreasing in the volatility of uninformed traders’ demand. The costly information acquisition has an impact on the optimum demand but it has no direct impact on the price.We find the market depth is a linear function of the volatility of the uninformed traders and a weighted average of the total error variance of information. The depth is also decreasing in the volatility of the cash flow innovations. This argument is in line with the second finding, when the volatility of cash flow innovations increases, the value of risky asset becomes more volatile, and as a result the bigger are the advantages of having private information. Our research raises some questions for further investigation. We indirectly assume that the informed traders make a profit at the expense on the uninformed traders. The question is why the uninformed traders willing to face losses? What happen if there are n informed traders who have diverse information?
Co-Authors Anna Maria Sri Asih Annisa Ayuningtyas, RR Arie Andika Setiawan Arni Utamaningsih Arni Utamaningsih Ayuningtyas, Annisa Ayuningtyas, Rr. Annisa Dede Sutarya, Dede Dwi Handayani, Cindi Eduardus Tandelilin Fadhilah, Anggitiya Ulfi Hapsari Sulistya Kusuma Hapsari, Imelda Mely Hendri Sukma Kusdhianto Setiawan Misbahul Munir Nurhaliza, Shalma Oktaviasih, Astri Ayu Pamungkas, Iqbal R. Purwanti Susantini Putri, Sri Hapsari Suhartono Raudlatussayida, Dany Sri Hapsari Suad Husnan Suad Husnan SUKASMANTO SUKASMANTO Sulistiani 3, Ria Purnawian TURYASNGURA WILBERFORCE