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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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Journal : Jurnal Siasat Bisnis

 1 
Substitution Relationship Between The Agency Problem Control Mechanisms in Malaysia: Simultaneous Equation Analysis D. Agus Harjito
Jurnal Siasat Bisnis Vol. 11 No. 2 (2006)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

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Abstract

This study investigates the substitution relationship (substitutability) between debt policy, insider ownership, and dividend policy as the agency problem control mechanism in Malaysia. If the substitution relationship exists between the agency control mechanisms, the agency problem can be reduced through this relationship. Reducing the agency problem as a result can increase the firm value proxied by Tobin’s Q. This study employs 396 firms sample listed on Malaysian Bourse from 2001 to 2004. To achieves the objectives, this study uses two-stage least square method. The results of this study indicate that the substitutability between debt policy, insider ownership, and dividend policy as agency problem control mechanism does not fully exist in Malaysia. Apparently the substitutability only exists for debt policy and dividend. There is no substitution between debt policy and insider ownership as well as between dividend policy and insider ownership. Key words: debt policy, insider ownership, dividend policy, agency problem, firm value
The Interaction Effects of Top Management Team Attributes and Environment on Organizational Growth D. Agus Harjito; Zunaidah Sulong
Jurnal Siasat Bisnis Vol. 1 No. 10 (2005)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

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This paper attempts to explore how TMT (Top Management Team) attributes interact with environment dimensions to influence organizational growth. Specifically, this study will examine environmental dimensions as a potentially important moderator of the association between TMT attributes and organizational growth. However, the overall findings provide mixed results for the hypotheses tested. The results of direct effect show that: (1) organizational growth exhibits a significant positive relationship with TMT tenure; (2) TMT functional heterogeneity is insignificant with no change in the variance of organizational growth; and (3) positive but insignificant relationship between industrial heterogeneity and organizational growth. Furthermore, the interaction effect results indicate that: (1) as munificence increases, the relationship between TMT tenure and organizational growth shows increasingly positive; (2) concentration, dynamism and munificence moderate the relationship between TMT functional heterogeneity and organizational growth; (3) finally, the interaction effect also provide mixed results, such: as environment concentration increases, the relationship between TMT industrial heterogeneity and organizational growth increases positively; by contrast, as environment dynamism increases, the relationship between TMT industrial heterogeneity and organizational growth increases negatively; while the interaction between TMT industrial heterogeneity and environment munificence is not significant to explain the organizational growth.Key words: Organization growth, environment, management team.
Market Reaction to International Investment Announcements of Malaysian Firms: Illusion or Reality Bany Ariffin; D. Agus Harjito
Jurnal Siasat Bisnis Vol. 1 No. 9 (2004)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

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This research substantiates evidence on the efficiency of one of the fastest developing and largest emerging securities market (Kuala Lumpur Stock Exchange) in the Asia Pacific rim with respect to foreign investment announcements. Specifically, in this study we are interested in finding out whether or not: (1) foreign investment announcement is relevant information and market reacts toward it and (2) what forms of market reaction does this information produce. Our study focuses on international investment announcements made in 1990 through 2000 for firms listed on the main board of the Kuala Lumpur Stock Exchange (KLSE) of Malaysia. The result shows that the announcements of foreign investment produce a significant positive daily abnormal return surrounding the event period. This implies that foreign investment announcements do contain new relevant information and thus move the market. In addition, investors also generally react favorably to the international investment efforts of Malaysia firms listed at KLSE. This is evidenced by the significant positive reaction of the market to announcement of investments in foreign countries. The t-statistic for the fourteen days, prior and fourteen days after the announcement indicate non-significance abnormal returns. Since none of the abnormal return is statically significant for each one of the fourteen days before and after the event period, it seems that the market reflects this new information (foreign investment announcements) rather efficiently.Keywords: market reaction, international investment announcement, relevant information.
Pengujian Efisiensi Pasar Bentuk Lemah di Bursa Saham Kuala Lumpur D. Agus Harjito
Jurnal Siasat Bisnis Vol. 1 No. 8 (2003)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

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The purpose of this study is to examine the weak-form of the efficient market hypothesis on the Kuala Lumpur Stock Exchange (KLSE). The weak form of the efficient market hypothesis asserts that the short-run future price movements of stock issue are approximately random in character: that is, there are independent of the past history of price movements. A market is efficient in the weak form sense if stock prices fully reflect the information implied by all past price movements. This study employ weekly closing prices of the 40 stocks selected from companies continuously listed on the second board of KLSE from the period July 1997 through December 2002. This period was separated into two sub-periods. The first sub-period is from July 1977 to December 1998 as the economic crisis period, and the second sub-period is from January 1999 to December 2002 as the post-crisis economic period. To examine the weak form efficient market hypothesis three models, i.e, serial correlations test, run test, and unit root test were used. The results showed that the weak form efficient market hypothesis is exhibited in the second board of Kuala Lumpur Stock Exchange during and after the economic crisis period as well.
Perubahan Musiman (Seasonality) Pasar Modal dan Efek Kontagion di Negara-negara ASEAN Dwipraptono Agus Harjito
Jurnal Siasat Bisnis Vol. 14 No. 1 (2010)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

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This study was to investigate the contagion effect of seasonality in stock markets in the ASEAN region. The study employed the month-end closing prices of each country’s based stock market indexes over the period of January 1990 to December 2007. Using Granger causality test, the study found evidence of causal linkages in the markets with Singapore as the leader in majority of the cases. The study also investigated for causal linkages due specifically to seasonality effect. The results deviated from those of the general market performance with respect to the leader-follower linkages but its lended strong support to the view that seasonality effect in some stock markets are contagious. Keywords: seasonality effect; contagion effect; ASEAN countries
Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Corporate Governance sebagai Variabel Moderasi Katiya Nahda; D Agus Harjito
Jurnal Siasat Bisnis Vol. 15 No. 1 (2011)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

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AbstractThe purpose of this study is to investigate the influence of Corporate Social Responsibility (CSR) to the value of the firm. Second, find out if Corporate Governance moderates the relation¬ship between Corporate Social Responsibility with the firm value. The sample is selected by purposive sampling method, ie sampling technique using a certain considerations that are relevant to the selected sample research purposes. The number of samples obtained are 22 companies listed on the Indonesia Stock Exchange. Data analysis was performed by descriptive analysis and multiple regression analysis. The results show that the Corporate Social Responsibility is significantly positive effect on firm value. This means the better the implementation of CSR by companies the firm's value will increase. Second, good corporate governance as a moderating variable can significantly affect the relationship between CSR and firm value.Keywords: corporate social responsibility, firm value, good corporat governanceAbstrakTujuan penelitian ini adalah untuk mengetahui bagaimana pengaruh Corporate Social Responsibility terhadap nilai perusahaan. Kedua, mengetahui apakah Corporate Governance memoderasi hubungan antara Corporate Social Responsibility dengan nilai perusahaan. Penentuan sampel dilakukan dengan menggunakan metode purposive sampling, yaitu teknik sampling dengan menggunakan pertimbangan dan batasan tertentu sehingga sampel yang dipilih relevan dengan tujuan penelitian. Jumlah sampel yang diperoleh sebanyak 22 perusahaan yang terdaftar di Bursa Efek Indonesia. Data dianalisis dengan analisis deskriptif dan analisis regresi berganda. Hasil analisis menunjukkan bahwa Corporate Social Responsibility secara signifikan berpengaruh positif terhadap nilai perusahaan. Hal ini berarti semakin baik penerapan CSR oleh perusahaan maka nilai perusahaan akan semakin meningkat. Kedua, Good Coporate Governence sebagai variabel moderating secara siginifikan berpengaruh terhadap hubungan antara CSR dan nilai perusahaan.Kata Kunci: corporate social responsibility, nilai perusahaan, good corporate governance
Teori Pecking Order dan Trade-Off dalam Analisis Struktur Modal di Bursa Efek Indonesia D Agus Harjito
Jurnal Siasat Bisnis Vol. 15 No. 2 (2011)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

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AbstractThis study aims to test the pecking order theory and trade-off theory of capital structure in the analysis of the Indonesia Stock Exchange. Pecking order theory is represented by the variable profitability and growth, while the variables volatility of earnings, tangibility of assets and the size represents a trade-off theory. The company's goal is prosperity of shareholder value. To achieve these objectives the company needs funds from internal sources and external sources. Internal sources in the form of retained earnings, while the external sources of debt and shareholders' approval in the pecking order theory. This study uses the data of financial ratios of the firms during the period 2000-2010. To analyze the data, this study uses a multiple regression with the dependent variable is the debt ratio, while profitability, growth, volatility of earnings, tangibility of assets and size as independent variables. The results show that asset structure and company size has a positive and significant impact on capital structure, while profitability has a negative effect on debt ratios. But company's growth rate has not relationship with the debt ratio or capital structure. Simultaneously, the all independent variables affect capital structure significantly.Keywords: pecking order, trade-off, capital structure, debt rasioAbstrakPenelitian ini bertujuan untuk menguji teori pecking order dan teori trade-off dalam analisis struktur modal di Bursa Efek Indonesia. Teori pecking order diwakili oleh variabel profitability dan growth, sementara variabel-variabel volatility of earnings, tangibility of assets dan size mewakili teori trade-off. Tujuan perusahaan adalah memakmurkan nilai pemegang saham. Untuk mencapai tujuan tersebut perusahaan membutuhkan dana yang diperoleh dari sumber internal dan sumber eksternal. Sumber internal berupa laba ditahan, sedangkan sumber eksternal berupa hutang dan saham sebagaimana dijelaskan dalam teori pecking order. Data yang digunakan dalam penelitian ini berupa rasio-rasio keuangan dari perusahaan sampel selama periode tahun 2000-2010. Metode analisis yang digunakan adalah regresi berganda dengan variabel terikat adalah debt ratio; sedangkan profitability, growth, volatility of earnings, tangibility of assets dan size bertindak sebagai variabel bebas. Hasil analisis menunjukkan bahwa struktur asset dan ukuran perusahaan memiliki pengaruh positif dan signifikan terhadap rasio hutang perusahaan. Sementara variabel proftabilitas memiliki efek negatif terhadap rasio hutang. Sedangkan tingkat pertumbuhan perusahaan tidak ditemukan memiliki hubungan yang signifikan dengan rasio hutang. Secara simultan, variabel-variabel bebas dapat mempengaruhi rasio hutang secara signifikan.Kata Kunci: pecking order, trade-off, struktur modal, rasio keuangan
HUBUNGAN AGENSI DAN KINERJA PADA PERUSAHAAN KELUARGA DI INDONESIA D. Agus Harjito
Jurnal Siasat Bisnis Vol. 17 No. 2 (2013)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol17.iss2.art4

Abstract

AbstractThe objective of this study is to investigate the simultaneous relationship between managerial ownership, institutional ownership, debt policy and dividend policy in reducing agency problem mechanism in the Family Business in Indonesia. If there is a negative relationship between the mechanisms of reducing agency problems means there is an interchangeable (substitution) relationship between the mechanisms of reducing the agency problems that agency costs can be reduced. However, if there is a positive relationship means that the increasing use of one of the mechanisms reducing agency problems will increase the use of other mechanism reducing agency problems. The populations of this study are all companies listed on the Indonesia Stock Exchange from 2001 to 2011 except for companies from the financial sector, banking, and the dominant firm is owned by the government. The sample in this study are 46 companies that obtained by the method of purposive sampling. To analyze the relationship between variables simultaneously, this study uses two-stage least squares (2SLS). The result shows that there is significant relationship exists between debt policy and dividend policy. But, there is no significant relationship between insider ownership and debt policy, and between insider ownership and dividend policy in reducing agency problems in the Family Business in Indonesia although the firm performances proxied by Tobin’s Q are increase.Keywords: agency problems, firm performance and family business.AbstrakPenelitian ini bertujuan untuk mengkaji hubungan agensi yang ditunjukkan oleh variabel-variabel pengawasan masalah agesi dengan kinerja pada perusahaan keluarga di Indonesia. Variabel-variabel pengawasan masalah agensi yang digunakan sebagai variabel dependen dan sekaligus juga sebagai variabel independen meliputi kebijakan hutang, kepemilikan insider dan kebijakan dividen, sedangkan kinerja perusahaan keluarga diproksi dengan nilai Tobin’s Q yaitu nilai yang diperoleh dari hasil bagi antara nilai buku total hutang ditambah nilai pasar ekuitas dibagi dengan nilai buku total aset. Adapun variabel independen lainnya yang digunakan meliputi kepemilikan institusi, risiko bisnis, ukuran perusahaan, tingkat profitabilitas, dan tingkat pertumbuhan. Jumlah populasinya sebanyak 59 perusahaan keluarga, sedangkan jumlah sampel penelitian sebanyak 46 perusahaan keluarga yang sudah go public atau terdaftar di Bursa Efek Indonesia mulai tahun 2001 sampai 2011. Data dianalisis dengan metode Two-Stage Least Square (2SLS). Hasil penelitian menunjukkan bahwa terdapat hubungan substitusi yang signifikan antara kebijakan hutang dan kebijakan dividen dalam peranan mekanisme pengawasan masalah agensi pada perusahaan keluarga di Indonesia. Sementara itu, tidak ada hubungan substitusi antara kebijakan hutang dan kepemilikan insider, dan tidak ada hubungan substitusi antara kepemilikan insider dan kebijakan dividen dalam peranan mekanisme pengawasan masalah agensi. Terakhir, disimpulkan bahwa kebijakan hutang memiliki hubungan yang positif dan signifikan dengan kinerja perusahaan, sedangkan kepemilikan insider dan kebijakan dividen tidak memiliki hubungan yang signifikan dengan kinerja perusahaan keluarga di Indonesia.Kata Kunci: hubungan agensi, kinerja perusahaan, perusahaan keluarga.
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