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The Sukuk Effect on Stock Return Volatility in Indonesia Legina Legina; Harjum Muharam; Ahmad Maulin Naufa
Perspektif Akuntansi Vol 3 No 2 (2020)
Publisher : Center for Accounting Development and Research (CARD) Program Studi Akuntansi – Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

The purpose of this research is to examine the effect of the announcement of Sukuk issuance to stock return volatility and to examine the phenomenon of time the varying volatility that occurs in the movement of stock returns and volatility. The data used in this research are daily closing price and trading volume incorporate Sukuk issued during the year 2009-2013 in the D-100 D+100 of Observation period. Samples utilized the purposive sampling technique to obtain the Samples of 13 companies. This study uses EGARCH (Exponential Generalized Autoregressive Conditional Heteroscedasticity) method of analysis. The results show that the best model for each sample in the EGARCH model is different. The results show that the phenomenon of time-varying volatility occurred in 13 samples. From 13 samples, event announcement of the Sukuk issuance does not affect the volatility of stocks returns except for Multi Adira Finance company. Furthermore, the trading volume affects the stock returns volatility on 9 companies, hence do not affect the other four companies.

KOMPENSASI CHIEF EXECUTIVE OFFICER (CEO) DAN KINERJA PERUSAHAAN Harjum Muharam
JURNAL STUDI MANAJEMEN ORGANISASI Vol 1, No 2 (2004)
Publisher : Faculty of Economics and Business Diponegoro University

ABSTRACTThere are two main topics when we took about Chief Executive Officer compensation, the first one is relationship between CEO compensation and shareholder interest that was knew as agency problem. The second one is about amount and mix of CEO compensation and it impact on corporate performance. Entry benefits and exit benefits are the one-off pecuniary that gift to CEO once during his/him duties. Ongoing benefits consist of fixed payment and at risk payment—short-tem incentives (STIs) and long-term incentives (LTIs). Every kind of that compensation has special impact on CEO behaviour that shareholder want. Beside that compensations there is non-financial pecuniary that also has the same impact. Many persons argue that COEs are overpaid and that their compensation amounts are excessive and inequitable. The reason for this is because CEO has more complexity and responsibility job than the others in the company and has bigger contribution for company performance. Depend on latest research, there is positive and significantly relationship between CEO compensation and company performance.Keywords : Compensation; CEO (Chief Executive Officer); Corporate Performance

ANALISIS REAKSI PASAR MODAL TERHADAP PENGUMUMAN INVESTASI TEKNOLOGI INFORMASI: STUDI KASUS PADA PERUSAHAAN YANG LISTING DI BEJ PERIODE 2002-2005 Harjum Muharam; Riris Retno Widati
JURNAL STUDI MANAJEMEN ORGANISASI Vol 3, No 2 (2006)
Publisher : Faculty of Economics and Business Diponegoro University

ABSTRAK Dengan menggunakan metodelogi event study, penelitian ini menganalisis dampak pengumuman investasi teknologi informasi terhadap reaksi pasar modal yang ditunjukkan oleh abnormal return saham, pada 52 perusahaan di bidang komunikasi, manufaktur dan keuangan yang melakukan publikasi pengumuman investasi teknologi informasi selama periode 2002-2005. Pengujian secara simultan dilakukan untuk mengetahui ada tidaknya perbedaan rata-rata abnormal return terhadap kelompok industri yang berbeda dan klasifikasi jenis investasi yang ditanamkan, apakah ivestasi TI tersebut inovatif, non inovatif atau unclassified. Kesimpulan yang didapat, bahwa pengumuman investasi TI untuk keseluruan sampel maupun tiap-tiap ketegori yang diuji, tidak terdapat perbedaan rata-rata abnormal return disekitar hari pengumuman. Hal ini disebabkan pengumuman investasi TI tersebut tidak mempunyai kandungan informasi, sehingga investor menganggap informasi tersebut sebagai bad news dan merupakan suatu sinyal yang tidak menguntungkan untuk mengambil keputusan investasi. Hal ini mengindikasikan bahwa pelaku pasar modal memiliki perilaku yang sama dalam menyikapi adanya pengumuman investasi TI yang dipublikasikan oleh perusahaan. Bagaimanpun, reaksi pasar terhadap pengumuman investasi TI tergantung pada sejumlah faktor, karakteristik industri, jenis investasi, waktu investasi, sumber daya organisasi dan strategi perusahaan merupakan sebagian faktor yang dipertimbangkan dalam menilai investasi TI. Akan tetapi terdapat banyak return yang sifatnya intangible benefit yang diperoleh perusahaan dengan penggunaan teknologi informasi, seperti sistem informasi bagi manajemen secara tepat waktu, meningkatkan kualitas produk, meningkatkan pelayanan pelanggan, meningkatkan komunikasi dalam organisasi, memperoleh keunggulan kompetitif, dan perbaikan kerja bagi karyawan. Karena pada saat implementasi dan orang bisnis mulai memahami, maka semakin banyak peminat dari bisnis untuk mengembangkan TI. Kata Kunci : pengumuman investasi teknologi informasi; reaksi pasar modal; abnormal return saham

Integrasi Pasar Saham Indonesia Dengan Pasar Saham di Dunia dan Pasar Komoditas Serta Pengujian Emas Dunia Sebagai Safe Haven Rahmat Budi Santoso; Harjum Muharam
SEIKO : Journal of Management & Business Vol 4, No 1 (2021): January - Juny
Publisher : Program Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/sejaman.v4i1.1136

Abstrak Studi ini meneliti integrasi pasar saham Indonesia dengan pasar saham Singapore, Malaysia, Jepang, China, Amerika Serikat serta minyak dunia dan emas dunia pada periode sebelum dan selama pandemi Covid-19. Studi ini juga meneliti peran emas sebagai safe haven untuk semua pasar saham tersebut dan minyak dunia selama periode pandemi Covid-19. Alat analisis yang digunakan yaitu Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroscedasticity (DCC GARCH). Hasil penelitian menunjukan bahwa pasar saham Indonesia memiliki perbedaan integrasi yang signifikan dengan pasar saham Singapore, Malaysia, China, Amerika Serikat serta dengan minyak dunia dan emas dunia pada periode sebelum dan selama pandemi Covid-19, namun pasar saham Indonesia tidak memiliki perbedaan integrasi dengan pasar saham Jepang pada periode sebelum dan selama pandemi Covid-19. Integrasi pada periode selama pandemi Covid-19 lebih tinggi dibandingkan periode sebelum pandemi Covid-19. Hasil tersebut mengindikasikan bahwa seluruh pasar saham, minyak dunia dan emas dunia dipengaruhi oleh faktor internasional yang sama selama periode pandemi Covid-19. Hasil penelitian lainnya menemukan bahwa emas tidak dapat digunakan sebagai safe haven untuk seluruh pasar saham dan minyak dunia pada seluruh periode selama pandemi Covid-19, namun dapat digunakan sebagai safe haven untuk pasar saham Indonesia, Singapore, Malaysia, Jepang, China dan Amerika Serikat hanya saat terjadi guncangan. Hasil tersebut menunjukan bahwa aset safe haven berumur pendek. Kata Kunci: Integrasi pasar saham, Safe Haven, Diversifikasi, Korelasi Dinamis, DCC GARCH, Pandemi Covid-19.

RELATIONSHIP OF BOARD ATTRIBUTES WITH SUKUK RANKING IN INDONESIA AND COMPANY CHARACTERISTICS AS CONTROL VARIABLES Putri Aryo JFK; Harjum Muharam
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 6, No 3 (2022): IJEBAR
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v6i3.5916

The purpose of this study is to determine the effect of the board's attributes from the corporate governance mechanism on the rating of sukuk in Indonesia. This study was conducted to see whether companies that implement corporate governance correctly get higher ratings than companies with poor implementation of corporate governance. The method used is a quantitative research method with ordinal logistic regression test equipment. The research sample was obtained by using purposive sampling technique. The results showed that CEO tenure, board of commissioners size, firm size, and profitability had a significant positive effect on sukuk ratings. The size of the board of directors and leverage have a significant negative effect on sukuk ratings, while the proportion of independent commissioners has no significant effect on the sukuk rating. This study only covers the issuance of sukuk in Indonesia, and one rating agency. Nothing can compare to the issue of sukuk abroad. Keywords: term of office of CEO, board of directors, board of commissioners, proportion of independent commissioners, sukuk ratings

The Capital Market Response to the Information Content of the Announcement of Indonesia Entering a Recession in 2020 and Free of Recession in 2021 in the Covid-19 Pandemic (Study on Company LQ-45) Titis Siti Hikmawati; Harjum Muharam
Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences Vol 5, No 2 (2022): Budapest International Research and Critics Institute May
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i2.5518

The problem in this study is the existence of an inconsistent phenomenon of movement of the JCI value where at the time of announcement there was a recession that showed a negative economic growth for two consecutive quarters, namely the second quarter of 3.51% and the third quarter was 2.7% at In 2020, but the price of the JCI actually showed an increase, while when it was announced that Indonesia was free from recession, actually there was a decline trend at the JCI price. The purpose of this study was to analyze the differences in abnormal return and trading volume of the LQ-45 company's activity before and after the announcement of Indonesia entered and out of the recession. The population in this study were all financial data of the LQ-45 company in the semester 2 of 2020 and semester 2 of 2021 in the Indonesia Stock Exchange. The sample in this study was a company that was always incorporated in the LQ-45 index during the observation period. Data Collection Method is by document. The Data Analysis Method Used is a Different Different Test. Based on research, there are differences in the company's abnormal return before and after the announcement of Indonesia enters and is free of recession. There is a difference in trading of the company's activity volume before and after the announcement of Indonesia entered the recession. There is no difference in trading of the company's activity volume before and after the announcement of Indonesia is free of recession.

RELATIONSHIP OF BOARD ATTRIBUTES WITH SUKUK RANKING IN INDONESIA AND COMPANY CHARACTERISTICS AS CONTROL VARIABLES Putri Aryo JFK; Harjum Muharam
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 6, No 3 (2022): IJEBAR, Vol. 6 Issue 3, September 2022
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v6i3.5916

The purpose of this study is to determine the effect of the board's attributes from the corporate governance mechanism on the rating of sukuk in Indonesia. This study was conducted to see whether companies that implement corporate governance correctly get higher ratings than companies with poor implementation of corporate governance. The method used is a quantitative research method with ordinal logistic regression test equipment. The research sample was obtained by using purposive sampling technique. The results showed that CEO tenure, board of commissioners size, firm size, and profitability had a significant positive effect on sukuk ratings. The size of the board of directors and leverage have a significant negative effect on sukuk ratings, while the proportion of independent commissioners has no significant effect on the sukuk rating. This study only covers the issuance of sukuk in Indonesia, and one rating agency. Nothing can compare to the issue of sukuk abroad. Keywords: term of office of CEO, board of directors, board of commissioners, proportion of independent commissioners, sukuk ratings

THE INFLUENCE OF DIGITAL TRANSFORMATION ON COMPANY VALUE (CASE STUDY OF DIGITAL BANKS LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2018-2023) Indra Salfian Annur; Harjum Muharam
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 6 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i5.3325

This study aims to analyze the effect of digital transformation on the value of digital bank companies measured using Tobin's Q by considering various financial factors such as profitability level (EPS), liquidity (Current Ratio), leverage (DER), dividend policy (DPR), and company size (total assets) in line with the increase and decrease in financial performance and stock prices of digital banks in Indonesia. The research method uses secondary data obtained from the annual reports of digital banks listed on the Indonesia Stock Exchange during the period 2018 to 2023 and data analysis using multiple linear regression with EViews software. The results of the study show that digital transformation, leverage (DER), company size (Total Assets) have a significant effect on company value, conversely, profitability level (EPS), liquidity (CR) and dividend policy (DPR) do not show a significant effect on company value. This study concludes that digital transformation, leverage, and company size remain determinants in influencing the value of digital bank companies. These findings provide insights for digital banking companies to continue to focus on digital transformation as a primary strategy in increasing competitiveness and company value, as well as providing recommendations for investors to be selective in choosing banks with a healthy capital structure and optimal asset management.

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