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All Journal Jurnal Ekonomi Jurnal Manajemen Teknologi Jurnal Ilmiah Ranggagading (JIR) TEKMAPRO Journal of Industrial Engineering and Management JAM : Jurnal Aplikasi Manajemen Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Fundamental Management Journal Akuisisi : Jurnal Akuntansi EKONOMIS : Journal of Economics and Business JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Jurnal Penelitian Kelapa Sawit Jurnal ULTIMA InfoSys Jurnal Manajemen Management Science Research Journal JRAP (Jurnal Riset Akuntansi dan Perpajakan) Proceeding of International Conference on Entrepreneurship (IConEnt) fundamental management journal International Research Journal of Business Studies
Roy Sembel
BINUS BUSINESS SCHOOL, BINUS UNIVERSITY, JWC Campus, Jl. Hang Lekir I No. 6, Kebayoran Baru, South Jakarta 12120
Agriculture, Biological Sciences & Forestry Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Industrial & Manufacturing Engineering Social Sciences

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Implementation of Beaver Dichotomy to Differentiate Good and Distressed Firms in Indonesia Budhidharma, Valentino; Sembel, Roy; Hulu, Edison; Ugut, Gracia S.
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 3 (2023): Proceedings of the 3rd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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

Abstract

The purpose of this study is to determine factors/variables that can differentiate the characteristics of distressed and good firms and propose a new model to explain financial distress in Indonesia. There have been many theories, variables, and estimation methods used by previous studies about early warning signs of financial distress. Determining factors of good and distressed firms uses Beaver's (1968) methodology. The samples used are most sectors in Indonesia’s Stock Exchange from 2005 to 2020, excluding the financial sector. The characteristic results show that good firms have higher NITA, GPTA, CTA, QATA, CATA, WCTA, CCL, RETA, and EBTCL, while distressed firms are better on CFTS, CFTA, CFNW, CFTD, NITS, NINW, NITD, ROE, CLTA, LTLTA, CLLTLTA, QACL, CR, CTS, ITS, CATS, WCTS, NWTS, and TATS.
Faktor-Faktor Penentu yang Mempengaruhi Tarif Sewa dan Harga Jual Ruang Gedung Perkantoran di Jakarta Simon, Zainal Zawir; Achsani, Noer Azam; Manurung, Adler H.; Sembel, Roy
Jurnal Aplikasi Manajemen Vol. 13 No. 3 (2015)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

This paper empirically examines microeconomic factors that influence rental ratesand selling prices of office space. Quarterly time series data is used for the period of 1996:1to 2012:4. In addition, quantitative methods in the form of vector error correction model(VECM) are also used in this study. The result showed that there is a long term relationshipbetween microeconomic variables with the rental rate and selling price. IRF and FEVDshowed that rental rates and selling prices, in general, responded permanently to the shocksof microeconomic variables. Rental rate is predominantly influenced by rental rate followedby selling price, office space stock, construction cost and vacancy rate. Conversely, sellingprice is predominantly affected by rental rate followed by selling price, office space stock,construction cost and vacancy rate. Investors and developers can use the results of this studyas one of approaches for market analysis, especially office market analysis.
Pengeluaran R&D dan Kinerja PerusahPengeluaran R&D dan Kinerja Perusahaan Perkebunan yang Terdaftar di Bursa Efek Indonesia (BEI), 2019–2023aan Perkebunan yang Terdaftar di Bursa Efek Indonesia (BEI), 2019–2023 Yuliansyah, M. Roby; Sembel, Roy; Haymans Manurung, Adler
Jurnal Penelitian Kelapa Sawit Vol 33 No 2 (2025): Jurnal Penelitian Kelapa Sawit
Publisher : Pusat Penelitian Kelapa Sawit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22302/iopri.jur.jpks.v33i2.323

Abstract

This study investigates the impact of R&D expenditure and firm characteristics on the financial performance of Indonesian plantation companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, using quantile regression analysis. Return on Equity (ROE) serves as the performance metric across the 25th, 50th, and 75th quantiles. The results show that R&D expenditure has a significantly negative effect at the median quantile, while Debt to Equity Ratio (DER) negatively affects ROE at both lower and median quantiles. Capital Intensity and Firm Size do not show significant effects, whereas Firm Age has a slight positive effect in the upper quantile. These findings suggest that while R&D investments may burden short-term profitability, they remain essential for long-term performance if managed strategically. The study highlights the importance of partnerships with credible R&D institutions, technological adoption, and government support to overcome sector-specific limitations. Limitations include the sector-specific focus and lack of qualitative dimensions, indicating the need for broader and mixed-method research in the future. Moreover, given the five-year observation period and limited sample size, the findings should be interpreted cautiously and are not intended to be generalized beyond the observed context.
VALUATION OF STOCK VALUE WITH RELATIVE VALUATION AND ABSOLUTE VALUATION APPROACH IN BANKING SECTOR AT LQ 45 PERIOD 2015-2020 Ferdinand, Ferry Vincenttius; Hulu, Edison; Ugut, Gracia Shinta S.; Sembel, Roy
ULTIMA InfoSys Vol 15 No 1 (2024): Ultima Infosys : Jurnal Ilmu Sistem Informasi
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/si.v15i1.3410

Abstract

Investment in Indonesia during the COVID-19 pandemic increased. One of the significant and good indices in describing the condition of stocks in Indonesia is LQ45. Dlaam LQ45 The largest market capitalists are held by the financial sector Specifically the bank subsector therefore it needs to be further researched regarding these stocks. One of the interesting things is whether these stocks deserve to be considered a good investment instrument. One of the efforts to assess investment instruments is through the valuation stage. The valuation method used there are two, namely relative valuation with price to book value benchmarks and price earnings ratio and absolute valuation with dividend growth model method and some modifications of the model. From the results obtained, the recommendation of the position of the four financial stocks in LQ45 varies depending on the valuation technique used. On this basis, it can be said that it is important to know, know, and ethically the valuation techniques used are appropriate, good, and correct.
Peran Lembaga Penjamin Simpanan dalam Menjaga Stabilitas Sektor Perbankan di Indonesia: Systematic Literature Review Suhardiono, Suhardiono; Sembel, Roy; Suwandi, Suwandi
Ekonomis: Journal of Economics and Business Vol 9, No 1 (2025): Maret
Publisher : Universitas Batanghari Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33087/ekonomis.v9i1.2177

Abstract

This study aims to understand the role of the Deposit Insurance Corporation (LPS) in maintaining the stability of the banking sector in Indonesia through a systematic literature review methodology. This study analyzes 12 articles identified from the Emerald and Elsevier databases using the keywords "deposit insurance" and "Indonesia," selected according to the PRISMA guidelines. The results show that the deposit insurance system in Indonesia, especially after the introduction of the Blanket Guarantee Scheme (BGS) after the 1998 financial crisis, has succeeded in restoring public confidence in banks despite causing moral hazard. The replacement of BGS with Limited Guarantee (LG) in 2005 improved market discipline and reduced the risks taken by banks. This study confirms that LPS is effective in providing guarantees for customer deposits, which increases public confidence and prevents bank runs. However, there are challenges in overcoming moral hazard and ensuring internal control and risk management.
The Effect of Availability Bias and Representativeness Bias on Investment Decisions Among Millennials and Gen Z in Indonesia Kurniana; Haymans Manurung, Adler; Sembel, Roy
Tekmapro Vol. 18 No. 2 (2023): TEKMAPRO
Publisher : Program Studi Teknik Industri Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/tekmapro.v18i2.337

Abstract

The investment represents a more advanced financial activity than solely depositing funds in a bank for safekeeping. The investment is anticipated to mitigate the effect of inflation on the fluctuation of the currency's worth. Millennials and Generation Z are demographic cohorts that significantly affect the capital market; nonetheless, numerous individuals within these generations exhibit imprudent investment behaviour, primarily attributable to biases in their investment decisions. The research aimed to critically examine prior studies employing different methods to further the understanding of availability bias and representativeness bias in Indonesia. The study utilised a quantitative method. The participants of this study consisted of investors from the Gen Z and millennial cohorts in Indonesia. The sample size in this investigation consisted of 120 samples. The sampling technique employed in this study was purposive sampling, namel7 a strategy selecting participants based on predetermined criteria. The study's criteria encompassed individuals classified as investors, falling within the age range of 17 to 35 years, and possessing a minimum of 6 months of expertise in the field of investment. This study's findings indicated that bias availability and bias affected statistically significant and positively affected investment decision-making among millennials and Gen Z individuals in Indonesia. The data revealed that 14.7% of investment decisions are affected by variables related to availability bias and representativeness bias, with the remaining 85.3% being affected by other variables.
Determinants of Credit Growth For MSME Financing in Bank DKI in Jakarta Province Aristo Purboadji; Hakim, Dedi Budiman; Siregar, Hermanto; Sembel, Roy
Jurnal Aplikasi Bisnis dan Manajemen Vol. 8 No. 1 (2022): JABM Vol. 8 No. 1, Januari 2022
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.8.1.46

Abstract

This study aims to analyze the determinants that affect the growth of MSME credit at Bank DKI in DKI Jakarta Province. The independent variables used consist of ROA, NPL, CAR, Spread, Marketing Expense, GDP and Inflation. The data used is quarterly secondary data for the period January 2014 – December 2018. The analysis is carried out as a whole and economic segments (10 sectors) so as to form 11 regressions (sectors) using the EGLS panel model fixed effect model (Cross–Section SUR). The results of this study indicate that Sector 1 (One) is affected by ROA, NPL, and GDP; Sector 2 (Two) is affected by ROA, NPL, CAR, and Inflation; Sector 3 (Three) is affected by NPL, CAR and Inflation; Sector 4 (Four) is affected by NPL, CAR and inflation; Sector 5 (Five) influenced by ROA, NPL, CAR, PEX and GDP; Sector 6 (Six) affected by CAR, PEX, Spread, and GDP; Sector 7 (Seven) affected by ROA, NPL and Spread; Sector 8 (Eight) affected by ROA, NPL, CAR, PEX, Spread, GDP and Inflation; Sector 9 (Nine) affected by ROA; Sector 10 (Ten) affected by ROA, NPL, Spread and GDP; Sector 11 (Eleven) is affected by ROA, NPL, CAR, GDP and Inflation. The results of the study indicate that banks must prioritize certain financial ratios in each MSME sector to grow their credit growth. Keywords: credit growth, MSMEs, macro factors, micro factors, regional development bank
The The Effect of Rational and Irrational Sentiments of Individual and Institutional Investors on Indonesia Stock Market Elly Zunara; Achsani, Noer Azam; Hakim, Dedi Budiman; Sembel, Roy
Jurnal Aplikasi Bisnis dan Manajemen Vol. 8 No. 3 (2022): JABM Vol. 8 No. 3, September 2022
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.8.3.802

Abstract

The study's goal is to explore the relationship between investor sentiment, stock return, and volatility in Indonesian markets, with a focus on the Indonesia Stock Exchange (IDX). This research looked at the Indonesia Stock Exchange's (IDX) monthly statistics on stock trading volume from January 2015 to January 2021 to infer the attitudes of both institutional and retail investors. The analysis also uses a variety of well-known and accepted factors from the literature on asset pricing, such as the Covid-19 index, a reliable indicator of Indonesia's underlying market conditions. Error Correction Model was used to analyze a regression between investor sentiment and fundamentals in the Indonesian stock market in order to determine the impact of macroeconomic and Covid-19 risk variables on sentiment (ECM). Next, it looked at how unexpected shifts in Indonesian investor sentiment affected stock returns and IDX volatility with the help of Impulse response functions (IRFs) derived from a Vector Error Correction Model (VECM) model. Individual and institutional investors' stock market returns and IDX volatility were found to be affected more by rational than by irrational attitudes, according to the empirical findings. Keywords: investor sentiment, IDX, stock returns, volatility, VECM
Meningkatkan Financial Management Behavior dan Investment Decision Making melalui Financial Knowledge, Attitude, dan Emotional Intelligence dengan Risk Perception Satriadi, Dharma; Manurung, Adler Haymans; Sembel, Roy; Sutawidjaya, Ahmad Hidayat
JRAP (Jurnal Riset Akuntansi dan Perpajakan) Vol. 10 No. 2 (2023): Juli - Desember
Publisher : Magister Akuntansi Universitas Pancasila

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35838/jrap.2023.010.02.14

Abstract

The objective of this study is to analyze the determinants of financial management behavior, specifically financial knowledge, financial attitude, and emotional intelligence on investment decision making with Risk Perception as a moderator. Using the Structural Equation Modeling – Partial Least Square analysis method, this study was conducted on a sample of 105 managers from Karawang International Industrial City. Financial Knowledge does not support Financial Management Behavior, Financial Attitude has a positive effect on Financial Management Behavior, Emotional Intelligence has a positive effect on Financial Management Behavior, Financial Knowledge does not support Investment Decision Making, Financial Attitude does not support Investment Decision Making, Emotional Intelligence has a positive effect on Investment Decision Making, Financial Management Behavior does not support Investment Decision Making, and Financial Attitude does not support Investment Decision Making. This research indicates the need to develop a financial education program that focuses on increasing financial knowledge and attitudes for managers, as well as paying attention to the development of emotional intelligence in order to improve the quality of their investment decision making.
The impact of macroeconomic variables and the volatility index (VIX) on the Indonesian Composite Index Winarno, Dwi; Manurung, Adler Haymans; Sembel, Roy; Hardiyanti, Siti Epa
Management Science Research Journal Vol. 2 No. 3 (2023): August 2023
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v2i3.61

Abstract

This study investigates the relationship and influence between variables in the context of the Indonesian Composite Stock Price Index (IHSG). The Vector Error Correction Model (VECM) is estimated using a dataset with a complete sample size of 32 and a final sample size of 27. The results of the study show that the IHSG has a significant influence on its own movement in each period, indicating a self-reinforcing pattern. The VIX index shows a significant negative influence on changes in IHSG in the previous period, indicating the impact of market volatility on the IHSG. On the other hand, variables such as Gross Domestic Product (GDP), Inflation, and Bank Indonesia's Middle Exchange Rate (Middle Rate BI) do not show a significant influence on changes in IHSG in the previous period. Furthermore, the analysis of long-term influence indicates that changes in IHSG in the previous period have a significant negative influence on changes in IHSG in the current period, reflecting a tendency towards long-term equilibrium. The VIX index also shows a significant positive influence on changes in IHSG in the current period, indicating short-term volatility effects. However, GDP, Inflation, and Middle Rate BI do not have a significant influence on changes in IHSG in the current period
Co-Authors Adler H. Manurung Adler Haymans Manurung Ali Imron Aristo Purboadji Aziz, Lukmanul Hakim Budhidharma, Valentino DWI SURYANTO Dwi Winarno, Dwi Elly Zunara Erliza Noor Estralita Trisnawati Ferdinand, Ferry Vincenttius Gracia S Ugut Hakim, Dedi Budiman Hardiyanti, Siti Epa Hardiyanto, Arief Tri Hastori, . Hendro Sasongko Hermanto Siregar Hulu, Edison Intan Apriadi Jaunanda, Meiliana Juniati Gunawan, Juniati Kurniana Maulana, Tb. Nur Ahmad Perdana Wahyu Santosa Retno Yuliati Satriadi, Dharma Sidharta, Juaniva Suhardiono, Suhardiono Sutawidjaya, Ahmad Hidayat Suwandi Suwandi Tarina, Helena Disia Nadia Taufik Raharjo, Taufik Tb. N Ahmad Maulana, Tb. N Ahmad Tridoyo Kusumastanto Yoga Yuniadi Yuliansyah, M. Roby Zainal Zawir Simon