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All Journal EkoBis ( Ekonomi & Bisnis ) Jurnal Sinergi Economic Journal of Emerging Markets Jurnal Siasat Bisnis Jurnal Akuntansi & Auditing Indonesia PROSIDING AJIE (Asian Journal of Innovation and Entrepreneurship) Prosiding Seminar Nasional Riset Akuntansi dan Keuangan Indonesia Jurnal Manajemen dan Bisnis Indonesia Jurnal Ekonomi dan Bisnis Jurnal Aplikasi Bisnis ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM)
D. Agus Harjito Arif Singapurwoko
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Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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Journal : Jurnal Sinergi

 1 
Analisis Hubungan Simultan Antara Kepemilikan Manajerial, Risiko, Kebijakan Hutang dan Kebijakan Dividen Dalam Masalah Agensi Nurfauziah Nurfauziah; D. Agus Harjito; Atik Ringayati
Sinergi: Kajian Bisnis dan Manajemen Vol. 9 No. 2 (2007)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/js.v9i2.54

Abstract

In a company of go public is often happened the conflict between of stockholder with the manager, where manager act as the function of management and stockholder as function of is ownership. The conflict causes go together the importance difference between manager with the stockholder. Stockholder of course wish the manager work with an eye to maximize the stockholder prosperity. on the contrary, company manager might possibly act do not to maximize the stockholder prosperity but maximizing themselves prosperity. This research test the simultan relation between ownership of manajerial, risk, with the debt and dividen. Sample research as much 69 company, taken with the method of purposive sampling that is only company owning the ownership of incoming manajerial as sampel. To reach the wanted target, this research use the metode two stage least square. Result of research show the existence of consistent relation usher its variable that is negative relation among ownership of manajerial with the risk, debt. Positive relation between ownership of manajerial by dividen, negative relation among risk with the debt and dividen, and also negative relation among dividen with the debt.Keywords: simultant relation, ownership of manajerial, risk, policy of debt and policy of dividend of agency problem
The Effect of Merger and Acquisition Announcements on Stock Price Behaviour and Financial Performance Changes: A Case of Banks in Malaysia D. Agus Harjito; Zunaidah Sulong
Sinergi: Kajian Bisnis dan Manajemen Vol. 8 No. 1 (2006)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/js.v8i1.421

Abstract

This study attempts to examine the effect of mergers and acquisitions completion announcements on the stock price behavior for two anchor banks; Hong Leong Bank Berhad and Arab Malaysian Bank Berhad. The analysis uses the event study technique, the Naïve Model, a model that is based on Market Model with constrained  = 0 and  = 1 to compute the abnormal returns surrounding the mergers and acquisitions completion announcement date; also to evaluate the effect of mergers and acquisitions completion announcement on the banks’ return. This study also analyses the financial performance changes to provide a naïve analytical framework by using financial ratios for these two anchor banks. Overall, the result from event study shows that the mergers and acquisitions completion announcements are more likely to be treated as positive information. However, the results from financial performance measures for all the ratios, that are calculated, indicate that there is no improvement in any of the performance measures after the mergers and acquisitions is completed.Keywords: merger, acquisition, stock prices, financial performance.
The Effect of CEO Duality, Board Composition and Board Size on Organizational Performance of Companies Listed on the Kuala Lumpur Stock Exchange Nordin Muhammad; D. Agus Harjito; Junaina Muhammad
Sinergi: Kajian Bisnis dan Manajemen Vol. 7 No. 2 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/js.v7i2.878

Abstract

This study examined the effect of CEO duality, board composition and board size on organizational performance of Bourse Malaysia or Kuala Lumpur Stock Exchange (KLSE) listed companies. For comparison purpose, this study examined these variables for main board companies as the proxy of large size companies, second board as the proxy for small size companies, and the whole market as proxy for developing country. This study employed 196 companies selected from the main board (96) and the second board (100) of KLSE and applied a simple regression analysis to describe the data of this study and MANOVA analysis model to test the effect of CEO duality, board composition and board size on organizational performance. We run these tests separately for main board, second board companies and the total market.  The results indicated that the effects of multiple relationships between CEO du-ality and the three organizational performance variables (ROA, ROE, PER) before and after controlling by the age and industry are not significant for all three groups of board samples. While, the composition of outside directors was significant affects the firm performance for main board and combine board, but it is not significant for second board. Finally, board size is associated with higher firm performance. This evidence occurs only for main board. In gen-eral, the control variables, age and industry, do not affect significantly the relationships be-tween CEO duality, board composition, and board size and organizational performance.Key words: CEO duality, board composition, board size, firm performance.
Co-Authors Abdul Ghafar Ismail Abdulazeez Adewuyi Abdurraheem Ahmad Yani Hazir Ahmed Razman Abdul Latif Ahmed Razman Abdul Latiff Arif Pratama Marpaung Ariffin, Bany Arya Imamuddin Koeswara Arya Imamuddin Koeswara, Arya Imamuddin Atik Ringayati Aziatul W. Ghazali Bany Ariffin Bany Ariffin Amin Noordin Chye, Koh Hian HENRY FERDYANA Ismadi Ismail Junaina Muhammad Katiya Nahda Koh Hian Chye Latif, Ahmed Razman Abdul Lutfi Aulia Rahman Mohamad Raflis Che Omar Nensi Golda Nordin Muhammad NUKMAN TAUFIK Nurfauziah Nurfauziah Nurul Alfi Syahri Paidi Hidayat Razana Juhaida Johari Rizki Adi Saputra Rizki Adi Saputra, Rizki Adi Rizki Hamdani Rosilawati Amiruddin Ruzita Abd Rahim Solechuddin . Wahyu Ario Pratomo Zunaidah Sulong