Articles
<![CDATA[The Behavior of Indonesian Stock Market: Structural Breaks and Nonlinearity ]]>
<![CDATA[Setianto, Rahmat Heru]]>;
<![CDATA[Abdul Manap, Turkhan Ali]]>
<![CDATA[ Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December ]]>
Publisher : <![CDATA[Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada ]]>
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<![CDATA[This study empirically examines the behaviour of Indonesian stock market under the efficient market hypothesis framework by emphasizing on the random walk behaviour and nonlinearity over the period of April 1983 - December 2010. In the first step, the standard linear unit root test, namely the augmented Dickey-Fuller (ADF) test, Phillip-Perron (PP) test and Kwiatkowski-Philllips-Schmidt-Shin (KPSS) test identify the random walk behaviour in the indices. In order to take account the possible breaks in the index series Zivot and Adrews (1992) one break and Lumsdaine and Papell (1997) two breaks unit root test are employed to observe whether the presence of breaks in the data series will prevent the stocks from randomly pricing or vice versa. In the third step, we employ Harvey et al. (2008) test to examine the presence of nonlinear behaviour in Indonesian stock indices. The evidence of nonlinear behaviour in the indices, motivate us to use nonlinear unit root test procedure recently developed by Kapetanios et al. (2003) and Kruse (2010). In general, the results from standard linear unit root test, Zivot and Adrews (ZA) test and Lumsdaine and Papell (LP) test provide evidence that Jakarta Composite Index characterized by a unit root. In addition, structural breaks identified by ZA and LP test are corresponded to the events of financial market liberalization and financial crisis. The nonlinear unit root test procedure fail to rejects the null hypothesis of unit root for all indices, suggesting that Jakarta Composite Index characterized by random walk process supporting the theory of efficient market hypothesis.     ]]>
<![CDATA[HARGA PROPERTI RESIDENSIAL DA N KREDIT PERBANKAN DI INDONESIA; ANALISIS AGREGAT DAN DIS-AGREGAT ]]>
<![CDATA[Rahmat Heru Setianto]]>
<![CDATA[ Jurnal Manajemen Indonesia Vol 15 No 1 (2015) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis, Telkom University. ]]>
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DOI: 10.25124/jmi.v15i1.391
<![CDATA[Penelitian ini melihat hubungan janka panjang antara harga properti residensial dengan kredit perbankan di Indonesia. Selain menggunakan harga agregat, penelitian ini juga menganalisis hubungan kredit perbankan dengan setiap tipe properti residensial, yaitu: tipe kecil, sedang, dan besar. Hasil uji kointegrasi menggunakan model autoregressive distributions lag (ARDL) menunjukkan adanya hubungan jangka panjang antara kredit dengan harga properti. Sedangkan berdasarkan koefisien jangka panjang menunjukkan bahwa hanya properti tipe kecil yang sensitif terhadap perubahan harga. Hasil analisis lebih lanjut menggunakan vector error correction model (VECM) dan impulse response function (IRF) juga mengindikasikan hubungan jangka pendek yang dinamis antara harga properti dengan kredit dan variabel ekonomi makro. Hasil penelitian ini memberikan implikasi penting bagi stabilitas ekonomi, kebijakan moneter maupun keputusan investasi.]]>
<![CDATA[The Behavior of Indonesian Stock Market: Structural Breaks and Nonlinearity ]]>
<![CDATA[Rahmat Heru Setianto]]>;
<![CDATA[Turkhan Ali Abdul Manap]]>
<![CDATA[ Gadjah Mada International Journal of Business Vol 13, No 3 (2011): September-December ]]>
Publisher : <![CDATA[Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada ]]>
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DOI: 10.22146/gamaijb.5480
<![CDATA[This study empirically examines the behaviour of Indonesian stock market under the efficient market hypothesis framework by emphasizing on the random walk behaviour and nonlinearity over the period of April 1983 - December 2010. In the first step, the standard linear unit root test, namely the augmented Dickey-Fuller (ADF) test, Phillip-Perron (PP) test and Kwiatkowski-Philllips-Schmidt-Shin (KPSS) test identify the random walk behaviour in the indices. In order to take account the possible breaks in the index series Zivot and Adrews (1992) one break and Lumsdaine and Papell (1997) two breaks unit root test are employed to observe whether the presence of breaks in the data series will prevent the stocks from randomly pricing or vice versa. In the third step, we employ Harvey et al. (2008) test to examine the presence of nonlinear behaviour in Indonesian stock indices. The evidence of nonlinear behaviour in the indices, motivate us to use nonlinear unit root test procedure recently developed by Kapetanios et al. (2003) and Kruse (2010). In general, the results from standard linear unit root test, Zivot and Adrews (ZA) test and Lumsdaine and Papell (LP) test provide evidence that Jakarta Composite Index characterized by a unit root. In addition, structural breaks identified by ZA and LP test are corresponded to the events of financial market liberalization and financial crisis. The nonlinear unit root test procedure fail to rejects the null hypothesis of unit root for all indices, suggesting that Jakarta Composite Index characterized by random walk process supporting the theory of efficient market hypothesis. ]]>
<![CDATA[Working Capital Management in Indonesia: An Analysis on Over-investment and Under-investment Firms ]]>
<![CDATA[Rahmat Heru Setianto]]>;
<![CDATA[Adinda Pratiwi]]>
<![CDATA[ Gadjah Mada International Journal of Business Vol 21, No 1 (2019): January-April ]]>
Publisher : <![CDATA[Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada ]]>
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DOI: 10.22146/gamaijb.28354
<![CDATA[This study aims to examine the existence of excess working capital in Indonesian firms and its effect on the firms’ performance and risk. The sample includes 425 firm-year observations of Indonesian manufacturing firms for the period 2010 – 2014. To account for the potential asymmetric relation between excess Net Working Capital (NWC) and firm performance, an asymmetric regression model is employed, allowing the slope coefficient of the excess NWC to be different for positive and negative excess NWC. The results indicate (i) the existence of an optimal level of working capital, (ii) higher excess working capital leads to lower performance and risk, (iii) additional investment in working capital reduces firms’ performance for those with positive excess working capital. It is also documented that (iv) additional investment in working capital reduces firms’ risk for those that have working capital deficiencies. The findings have important implications for corporate managers in determining the optimal level of working capital.]]>
<![CDATA[Perusahaan Keluarga dan Kebijakan Dividen di Indonesia ]]>
<![CDATA[Rahmat Heru Setianto]]>;
<![CDATA[Putri Kartika Sari]]>
<![CDATA[ Jurnal Siasat Bisnis Vol 21, No 2 (2017) ]]>
Publisher : <![CDATA[Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia ]]>
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DOI: 10.20885/jsb.vol21.iss2.art1
<![CDATA[Penelitian ini bertujuan untuk mengetahui pengaruh karakteristik perusahaan keluarga yaitu family ownership (kepemilikan keluarga), family generation (generasi keluarga), dan family member (jumlah anggota keluarga yang menjabat sebagai direksi dan komisaris) terhadap kebijakan dividen yang diukur dengan dividend payout ratio (DPR) pada perusahaan keluarga dalam industri manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2010-2014.Jumlah pengamatan yang digunakan sebanyak 96 pengamatan dengan menggunakan metode purposive sampling.Hasil regresi berganda menunjukkan bahwa family ownership berpengaruh positif signifikan terhadap DPR.Semakin tinggi family ownership semakin tinggi dividen yang dibagikan oleh perusahaan.Namun, familygeneration tidak memiliki pengaruh yang signifikan terhadap DPR.Sementara itu, family member berpengaruh positif signifikan terhadap DPR.Hal ini menunjukkan bahwa semakin banyak anggota keluarga yang menduduki posisi direksi dan komisaris maka semakin tinggi dividen yang dibagikan oleh perusahaan. Kata kunci: perusahaan keluarga, kebijakan dividen, dan teori keagenan]]>
<![CDATA[APPLICATION OF BLOCKCHAIN BASED WAQF CROWDFUNDING IN FISHERMEN GROUP: CASE STUDY OF NAMBANGAN AND CUMPAT, SURABAYA ]]>
<![CDATA[Raditya Sukmana]]>;
<![CDATA[Rahmat Heru Setianto]]>;
<![CDATA[Gancar Candra Premananto]]>;
<![CDATA[Shochrul Rohmatul Ajija]]>
<![CDATA[ Darmabakti Cendekia: Journal of Community Service and Engagements Vol. 2 No. 1 (2020): JUNE 2020 ]]>
Publisher : <![CDATA[Faculty of Vocational Studies, Universitas Airlangga ]]>
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DOI: 10.20473/dc.V2.I1.2020.26-29
<![CDATA[Background: The image of fishermen so far is a group of people classified as poor. One effort to reduce poverty is to revive the microenterprise economy through cooperatives and utilize waqf funds as an alternative source of financing for microbusinesses. The Mining and Cumpat Fishermen Group of Kenjeran District in Surabaya City has now received capital injections from productive endowments in their cooperatives. However, another problem arises from productive waqf there, the waqf that is collected is not as much as what is needed by the person. Purpose: This service program is expected to produce an outcome that is a blockchain based application that can facilitate endowments and willingness. Thus it is expected to help increase the capital of the Fishermen and Cumpat Fishermen Group, Kenjeran District, Surabaya City. Method: This service program used a participatory method whereby the companion was also involved in the application business process. In addition, the companion also asked for active participation from the mauquf alaih to provide detailed information about his business. Thus, the facilitators could promote to the prospective waqf to channel the endowment funds. Results: This assistance program produced a waqf application with blockchain technology that can be accessed on waqf.network. Conclusion: This program was considered effective in growing trust in the distribution of waqf funds. In addition, maukuf alaih also makes it easier to get investors in developing their businesses.]]>
<![CDATA[Peran Diversifikasi Pendapatan pada Pengaruh Kekuatan Pasar terhadap Stabilitas Bank ]]>
<![CDATA[Ahmad Setiyono]]>;
<![CDATA[Mahadva Meutia Maramis]]>;
<![CDATA[Rahmat Heru Setianto]]>
<![CDATA[ Al Tijarah Vol 5, No 1 (2019): Juni 2019 ]]>
Publisher : <![CDATA[Universitas Darussalam Gontor ]]>
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DOI: 10.21111/tijarah.v5i1.3612
<![CDATA[Penelitian ini bertujuan untuk menguji pengaruh kekuatan pasar terhadap stabilits bank di Indonesia. Penelitian ini juga menguji peran moderasi diversifikasi pendapatan pada pengaruh kekuatan pasar teradap stabilitas bank. Datayang digunakan adalah 38 bank umum antara perode 2008- 2017. Hasil uji regresi menunjukkan bahwa kekuatan pasar akan meningkatkan stabilitas bank. Hasil dari regresi moderasi mengindikasikan bahwa pengaruh kekuatan pasar terhadap stabiltas bank akan semakin uat pada bank dengan diversifikasi pendapatan yang tinggi. Hasil ini akan membawa implikasi bagi para manajer dan pembuat kebijakan dalam mengelola bank.]]>
<![CDATA[Examining the Islamic stock market efficiency: Evidence from nonlinear ESTAR unit root tests ]]>
<![CDATA[Setianto, Rahmat Heru]]>;
<![CDATA[Manap, Turkhan Ali Abdul]]>
<![CDATA[ Indonesian Capital Market Review Vol. 7, No. 1 ]]>
Publisher : <![CDATA[UI Scholars Hub ]]>
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<![CDATA[This paper empirically examines the efficient market hypothesis (EMH) in the Islamic stock market namely Jakarta Islamic Index by emphasizing on the random walk behavior and nonlinearity. In the first step, we employ Brock et al. (1996) test to examine the presence of nonlinear behavior in Jakarta Islamic Index. The evidence of nonlinear behavior in the indices, motivate us to use nonlinear ESTAR unit root test procedure recently developed by Kapetanios et al. (2003) and Kruse (2011). The nonlinear unit root test procedure fail to rejects the null hypothesis of unit root for the indices, suggesting that Jakarta Islamic Index characterized by random walk process supporting the theory of efficient market hypothesis. In addition, Lumsdaine and Papel (LP) test identified significant structural breaks in the index series.]]>
<![CDATA[Corporate Financial Flexibility, Investment Activities, And Cash Holding: Evidence From Indonesia ]]>
<![CDATA[Setianto, Rahmat Heru]]>;
<![CDATA[Kusumaputra, Addenver]]>
<![CDATA[ Indonesian Capital Market Review Vol. 9, No. 2 ]]>
Publisher : <![CDATA[UI Scholars Hub ]]>
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<![CDATA[This paper examines empirically the impact of financial flexibility on investment activities. Furthermore, we also investigate how financial flexibility determines the sensitivity of investment activities to cash flow. Using annual data of Indonesian manufacturing firms spanning five years, our analyses reveal that financial flexibility enhances investment ability and decreases sensitivity of investment activities to cash flow. Further analysis indicates that financially flexible firms in Indonesia tend to hold higher cash as a buffer to achieve financial flexibility. These findings yield important implications to managers and investors as Indonesia’s domestic market is expanding rapidly and large business opportunities are created. This condition provides firms with incentive to grow faster, hence increasing financing needs to finance firms’ expansion.]]>
<![CDATA[Peran Diversifikasi Pendapatan pada Pengaruh Kekuatan Pasar terhadap Stabilitas Bank ]]>
<![CDATA[Ahmad Setiyono]]>;
<![CDATA[Mahadva Meutia Maramis]]>;
<![CDATA[Rahmat Heru Setianto]]>
<![CDATA[ Al Tijarah Vol. 5 No. 1 (2019): Al Tijarah | June ]]>
Publisher : <![CDATA[University of Darussalam Gontor ]]>
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DOI: 10.21111/tijarah.v5i1.3612
<![CDATA[Penelitian ini bertujuan untuk menguji pengaruh kekuatan pasar terhadap stabilits bank di Indonesia. Penelitian ini juga menguji peran moderasi diversifikasi pendapatan pada pengaruh kekuatan pasar teradap stabilitas bank. Datayang digunakan adalah 38 bank umum antara perode 2008- 2017. Hasil uji regresi menunjukkan bahwa kekuatan pasar akan meningkatkan stabilitas bank. Hasil dari regresi moderasi mengindikasikan bahwa pengaruh kekuatan pasar terhadap stabiltas bank akan semakin uat pada bank dengan diversifikasi pendapatan yang tinggi. Hasil ini akan membawa implikasi bagi para manajer dan pembuat kebijakan dalam mengelola bank.]]>
