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All Journal Jurnal Kajian Manajemen Bisnis JAM JAM : Jurnal Aplikasi Manajemen Journal of Indonesian Economy and Business Jurnal Abdimas Mandiri PENG: Jurnal Ekonomi dan Manajemen Jurnal Aplikasi Bisnis
Arni Utamaningsih
Politeknik Negeri Padang
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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 1 
ASYMMETRIC INFORMATION IN THE IPO UNDERWRITING PROCESS ON THE INDONESIA STOCK EXCHANGE: PRICING, INITIAL ALLOCATION, UNDERPRICING, AND PRICE STABILIZATION Utamaningsih, Arni; Tandelilin, Eduardus; Husnan, Suad; Sartono, R. Agus
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (48.182 KB)

Abstract

This study examines the IPO trading based on asymmetric information among heterogeneousinvestors. An underwriter plays an active role in the process of the IPO where underpricing is acentral issue. The underwriter(s) manages the IPO trading by determining the offered pricerange and a discriminatory treatment between institutional and individual investors. Theunderwriter prioritizes institutional investors, especially when they show strong buying interestsat the time of book building. The results prove that underpricing is higher when the IPO pricingis closer to the upper limit of the price range. We find that underpricing is higher when the allocationof shares to institutional investors is larger.Keywords: asymmetric information, underpricing, IPO allocation, IPO pricing, price stabilization,excess return
Pengaruh Aktivitas Pasar dan Reputasi Underwriter terhadap Excess Returns Saham IPO di Bursa Efek Indonesia Utamaningsih, Arni
Jurnal Kajian Manajemen Bisnis Vol 3, No 2 (2014): Jurnal Kajian Manajemen Bisnis
Publisher : Jurusan Manajemen Fakultas Ekonomi Universitas Negeri Padang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (259.51 KB) | DOI: 10.24036/jkmb.473600

Abstract

This study provides comprehensive analysis of an IPO (Initial Public Offering) underwriting process.  It  considers  the  set  of  actions  that  an underwriter  undertakes  as  an  integrated process, explicitly recognizing the interdependencies among pre market, issue-date, and aftermarket underwriter activities. It can be drawn only if these relationships are fully rather than partially considered. This analysis clarifies the relationships between the various underwriter activities and the returns that investors earn during different periods after the offerings. It also shows that an underwriter reputation has implications for both underwriter activities during the underwriting process and investor returns.Underwriter  reputation  is  a  positive  but  weakly  determinant  of  pre  market underwriter  activities,  unrelated  to  aftermarket  price  stabilization  activities,  and unrelated  to  investor  returns.  Pre  market  underwriter  activities  are  a  significant determinant  of  initial  returns  but  unrelated  to  aftermarket  activities  and  short-run returns. Initial returns are significantly related to aftermarket underwriter activities and longer-run returns. The results suggest for a simultaneous consideration of underwriter reputation and market activities, and for which path analysis can be drawn about the IPO as a set of process and investor returns.
Kajian Kenaikan Harga BBM 1 Maret 2005 Terhadap PDB, Inflasi, Tingkat Pengangguran dan Kemiskinan, dan Abnormal Returns di Pasar Saham Indonesia Utamaningsih, Arni
Akuntansi dan Manajemen Vol. 8 No. 1 (2013): Akuntansi dan Manajemen
Publisher : Jurusan Akuntansi Politeknik Negeri Padang

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Abstract

This article describes the effect of fuel price increases on March 1, 2005 to GDP, inflation, unemployment and poverty, and the abnormal returns on the stock market. This study provides evidence that the rise in fuel prices on March 1, 2005 influences to the reduction in the growth of GDP, increasing inflation, increasing unemployment and poverty, as well as provide positive abnormal returns in 30 days of event windows, after the announcement of fuel price increases.
Pemenuhan Permintaan Pasar Regional Melalui Peningkatan Kapasitas dan Kualitas Produksi Koyah dengan Teknologi Rotary Roaster UMK Wijayakusuma Blitar Nilawati; Herijanto, Pudji; Utamaningsih, Arni; Prayitno; Syamsiana, Ika Noer; Maskur
Jurnal Abdimas Mandiri Vol. 8 No. 2
Publisher : UNIVERSITAS INDO GLOBAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36982/jam.v8i2.4372

Abstract

Program Pengabdian Kepada Masyarakat ini bertujuan untuk meningkatkan kapasitas produksi agar dapat memenuhi permintaan pasar, khususnya untuk produk Koyah. Usaha Mikro dan Kecil (UMK) Wijayakusuma memiliki peluang besar untuk mengembangkan usahanya. Namun, saat ini proses produksinya masih dilakukan secara manual, terutama dalam menyangrai adonan Koyah, yang memerlukan waktu yang cukup lama. Sementara itu, pasar penjualan Koyah masih terbuka lebar dan menjanjikan. Oleh karena itu, akan dilakukan pendampingan dalam manajemen produksi dan kualitas. Dampaknya adalah peningkatan keterampilan mitra dalam produksi, peningkatan kualitas produk, dan peningkatan jumlah produksi. Pendampingan dalam manajemen produksi dan kualitas dilakukan untuk meningkatkan keterampilan mitra, kualitas produk, dan jumlah produksi. Solusi yang diterapkan adalah teknologi tepat guna melalui mesin Rotary Roaster. Metode pelaksanaan meliputi pemberian alat, pelatihan penggunaan, dan pendampingan manajemen kualitas. Evaluasi dilakukan melalui kuesioner setelah dua bulan program berjalan. Hasil evaluasi menunjukkan bahwa mitra terbantu dan proses produksi menjadi lebih efisien. Mitra juga mengungkapkan kebutuhan tambahan berupa mesin cetak adonan untuk memenuhi peningkatan permintaan. Program ini berhasil meningkatkan kapasitas produksi dan kualitas produk dengan mesin Rotary Roaster yang mampu menyangrai hingga 10 kg kacang hijau dalam satu jam, serta menjaga manajemen kualitas produk. Dengan demikian, kegiatan pengabdian ini tidak hanya meningkatkan efisiensi produksi tetapi juga memberikan peluang pengembangan usaha yang lebih besar.
Pengaruh Pengalaman Pelanggan dan Potongan Harga Terhadap Minat Beli Ulang Produk Luxcrime di  Toko Kosmetik Panda Lovely Malang Nafisa Irianto, Qinthara; Maskan, Mohammad; Utamaningsih, Arni
PENG: Jurnal Ekonomi dan Manajemen Vol. 2 No. 1b (2025): AGUSTUS 2024 -JANUARI 2025
Publisher : Teewan Journal Solutions

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62710/br0vkq61

Abstract

Customer experience can increase the value of a product and influence the perspective of the company. In addition to customer experience, companies also need to consider promotional strategies, including providing discounts. This research was a quantitative research with variables of customer experience, discount and repurchase interest. The purposive sampling technique was used as a data collection technique through a questionnaire and as many as 100 people as respondents. Based on the research results, it can be concluded that customer experience and discounts are one of the reasons for repurchase interest. A positive and good customer experience will increase repurchase interest, besides the discount will attract customers to make repeat purchases.
VALUATION OF BUMN CONSTRUCTION COMPANY STOCK PRICES AT THE TIME OF A BULLISH AT THE INDONESIAN STOCK EXCHANGE Utamaningsih, Arni
Jurnal Aplikasi Manajemen Vol. 18 No. 3 (2020)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2020.018.03.11

Abstract

This study provides an assessment of the stock prices of BUMN construction companies when the stock market in Indonesia is bullish. This study uses historical data for 2015-2018 to project stock prices in the next five years. The method used is the application of WACC, Cost of Equity, to terminate the value and value of the firm. The results showed that the company has high debt and sales costs, resulting in a decreased capital structure. The decline in capital structure performance affects investor valuations as reflected in the rise in stock prices. We are considering improving the capital structure. Future studies can develop micro aspects of valuing stock prices.
PENGARUH HARGA DAN LOKASI TERHADAP KEPUTUSAN PEMBELIAN PADA MAITREYA KOPI Sulistyono, Nauvaldy Putera; Utamaningsih, Arni
Jurnal Aplikasi Bisnis Vol. 11 No. 1 (2025)
Publisher : Politeknik Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33795/jab.v11i1.6502

Abstract

Maitreya Kopi merupakan kafe di Kota Malang yang bertemakan rumah joglo Yogyakarta, yang berdekatan dengan lingkungan kafe serta universitas. Tujuan dari penelitian ini ialah mengidentifikasi pengaruh harga dan lokasi, terhadap keputusan pembelian di Maitreya Kopi. Penelitian ini termasuk penelitian kuantitatif dengan  metode explanatory research. Variabel bebas dalam penelitian ini adalah Harga (X1) dan Lokasi (X2), dan variabel terikat ialah Keputusan Pembelian (Y). Penelitian ini menggunakan metode simple random sampling yang respondennya sejumlah 70 orang. Analisis data menggunakan metode regresi berganda dan uji hipotesis. Hasil regresi linier berganda menunjukan determinasi sejumlah 0,534 berdasarkan dari persamaan Y = 21,484 + 0,290X1 + 0,502X2. Dari data tersebut menunjukkan bahwa variabel X1 dan X2 mempengaruhi Y sebesar 53,5%. Pada uji parsial t hitung < t tabel yaitu diantaranya harga  (2,102 < 1,99601), Lokasi (3,332 < 1,99601). Pada uji simultan F hitung 40,461 > F tabel 3,13. Dapat disimpulkan bahwa harga, lokasi memberi pengaruh yang signifikan terhadap keputusan pembelian di Materiya Kopi.
Co-Authors Agus Sartono Eduardus Tandelilin Herijanto, Pudji Maskur Mohammad Maskan, Mohammad Nafisa Irianto, Qinthara NILAWATI Prayitno Suad Husnan Sulistyono, Nauvaldy Putera Syamsiana, Ika Noer