Articles
<![CDATA[Aplikasi Single Index Model dalam Pembentukan Portofolio Optimal Saham LQ45 dan Jakarta Islamic Index ]]>
<![CDATA[Oktaviani, Berlian Nanda]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 5 No 3 (2016): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v5i3.10651
<![CDATA[The aim of this study is to constructing optimal portfolio from LQ45 stocks and Jakarta Islamic Index stock in 2013-2015 as well as calculating the portfolio’s return, risk and it’s performance. Sample of this study are 29 listed companies from LQ45 and 19 listed companies from JII selected by purposive sampling method. This study applying Sharpe’s single index model to constructing an optimal portfolio and Jensen’s Index to measure the portfolio performance. The result of calculations using Sharpe’s single index model that includes the LQ45 optimal portfolio with the proportion of funds that of UNVR as 52.15%, AKRA as 28.77% and ICBP as 19.06%. The LQ45 portfolio has return as 1.77% along with risk as 2.73% with performance as 0.0147709. The portfolio formed from JII along with the proportion of funds is UNVR as 50.80%, AKRA as 27.63%, ICBP as 18.31%, WIKA as 3.97%. The JII portfolio has return as 1.77%, risk as 2.93% with performance 0.0150893. The conclusions of this study is to diversify with a single index model proved to be more favorable and unfavorable views of portfofolio performance compared to the performance of IHSG. Suggestion related to this study is conventional investor may pick LQ45 portfolio and Islamic investor may select JII portfolio as their investment policy.]]>
<![CDATA[Pengaruh Kualitas Kehidupan Kerja terhadap Kinerja Karyawan dengan Kepuasan Kerja sebagai Variabel Intervening ]]>
<![CDATA[Setiyadi, Yusuf Wildan]]>;
<![CDATA[Wartini, Sri]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 5 No 4 (2016): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v5i4.12306
<![CDATA[Decreased levels of employee performance of sales in the last year, among 1.1 % on a special performance and employee absenteeism rate target of 1% is not achievable indicate satisfaction and quality of life of employees can affect employee performance. The problem in this research is there any influence of the quality of work life , job satisfaction on employee performance. The population in this study were all employees of Honda Semarang Center Setiabudi 521 people with a sample of 84 people using the formula Slovin. Methods of data collection using questionnaires, methods of analysis, test instrument (validity and reliability test), descriptive analysis of the percentage, the classic assumption test, multiple regression analysis and path analysis. The results showed that the variable quality of worklife positive effect on job satisfaction; the variable quality of working life has positive influence on employee performance; variable job satisfaction has positive influence on employee performance; and the variable quality of working life through the indirect effect of job satisfaction on employee performance. Suggestions for the company in improving the performance of employees in order to pay attention to aspects of quality of work life and job satisfaction of employees proved influential on employee performance.]]>
<![CDATA[Pertumbuhan dan Ukuran Perusahaan pada Stock Split ]]>
<![CDATA[Novitasari, Anggi]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 7 No 1 (2018): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v7i1.17895
<![CDATA[Penelitian ini bertujuan untuk menganalisis pengaruh pemecahan saham (stock split) terhadap abnormal return dan trading volume activity saham dengan memperhatikan pertumbuhan dan ukuran perusahaan. Jumlah sampel yang digunakan adalah 44 perusahaan yang listing di BEI pada periode 2010 – 2016. Selanjutnya sampel di kelompokkan berdasarkan pertumbuhan dan ukuran perusahaan. 34 perusahaan merupakan perusahaan bertumbuh dan 10 perusahaan tidak bertumbuh serta 22 perusahaan besar dan 22 perusahaan kecil. Sampel yang digunakan dalam penelitian ini dipilih menggunakan metode purposive sampling. Data yang digunakan dalam penelitian ini merupakan data sekunder dengan metode dokumentasi. Teknik analisis data menggunakan program SPSS21 dan Eviews8, dengan alat uji Paired Sample T-test dan Wilcoxon Signed Rank Test. Periode pengamatan selama 10 hari yaitu 5 hari sebelum dan 5 hari sesudah pengumuman pemecahan saham. Hasil penelitian menunjukkan bahwa terdapat perbedaan yang signifikan abnormal return sebelum dan sesudah pemecahan saham pada perusahaan tidak bertumbuh. Selanjutnya, hasil penelitian menunjukkan bahwa terdapat perbedaan yang signifikan trading volume activity sebelum dan sesudah pemecahan saham pada perusahaan bertumbuh dan besar.]]>
<![CDATA[Estimasi Volatilitas Saham dengan Metode Momentum (The Methods of Moments) dan Estimasi Kemungkinan Maksimum (Maximum Likelihood Estimation) ]]>
<![CDATA[Setiawan, Ari Pamungkas]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 6 No 2 (2017): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v6i2.18666
<![CDATA[Penelitian ini bertujuan untuk mengetahui adanya perbedaan hasil penghitungan model estimasi metode momentum dan metode kemungkinan maksimum dalam meramalkan volatilitas harga saham. Populasi penelitian ini adalah index harga saham yang terdapat di Bursa Efek Indonesia yang berjumlah 15 index. Teknik pengambilan sampel menggunakan judgment sampling dengan menggunakan Jakarta Islamic Index dengan sampel data yang ditentukan secara kumulatif diperoleh 125 pengamatan harian pada periode juni 2016 – november 2016. Metode penelitian dengan melakukan uji beda Wilcoxon Signed Rank Test dan dengan membandingkan selisih hasil perhitungan dua model dengan volatilitas historis. Hasil dari penelitian ini terdapat perbedaan yang signifikan antara model estimasi metode momentum dan metode kemungkinan maksimum dalam meramalkan volatilitas harga saham. Simpulan dari penelitian ini adalah model estimasi metode momentum dapat memberikan estimasi yang lebih baik dibandingkan dengan model estimasi kemungkinan maksimum dalam meramalkan volatilitas harga saham di Jakarta Islamic Index pada periode juni 2016 – november 2016.]]>
<![CDATA[Winner Loser Anomaly in Indonesia ]]>
<![CDATA[Amelia, Rizki]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 7 No 2 (2018): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v7i2.22988
<![CDATA[This research examines the market overreaction on the mining companies listed in Indonesia Stock Exchange from 2013 to 2017. The population in this research are all of the mining companies that list in the Indonesia Stock Exchange. The sample are selected according to the criteria of purposive sampling method. Market overreaction are measured by the abnormal return and indicated with ACAR loser portfolio outperformed of ACAR winner portfolio. The result shows that the ACAR loser portfolio doesn’t outperform of ACAR winner portfolio. The significance value of one sample t-test more than 0,05. This research conclude that the overreaction phenomenon on the mining companies in Indonesia Stock Exchange was not found.]]>
<![CDATA[The Influence of Family Controlled, Family Leadership and Profitability to Dividend Policy ]]>
<![CDATA[Rochana, Anis]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 7 No 3 (2018): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v7i3.23958
<![CDATA[The aim of this study was to examine the effect of family controlled, family leadership and profitability towards dividend policy (study on familyfirmlisted on Indonesia Stock Exchange period 2012-2016). The population in this study was family company listed on Indonesia Stock Exchange period 2012-2016. The number of samples obtained based on purposive sampling technique as many as 20 companies. The Result of hypothesis test showed that family ownership had negative effect on dividend policy. Family member had negative effect on dividend policy. Family leadership had positive effect on dividend policy. Profitability had negative effect on dividend policy. So, it can be concluded that firms which were led by CEOs who came from family member often tend to distribute dividends.]]>
<![CDATA[Effect of Foreign Investment Flow, World Capital Market, Foreign Exchange and Country Risk to the Capital Market Return in Indonesia ]]>
<![CDATA[Setiaji, Fajar]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 8 No 1 (2019): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v8i1.24137
<![CDATA[This study aims to determine the effect of foreign investment flow, World capital market (MSCI-World Index), rupiah exchange rate against US dollar and country risk (EMBI +) on Indonesia capital market return. The test is done by using multiple linear regression models. The test also uses stationery test data using Augmented Dicky Fuller Test (ADF) method. Then the Classic Assumption Test (Normality Test, Multicollinearity Test, Heteroscedasticity Test, and Autocorrelation Test), Hypothesis Testing includes Partial Test (t-test statistic), Goodness of Fit Test, and simulation test (statistic F test). The test result of this research by using multiple linear regression shows that the variable of foreign investment flows have a positive and significant effect on the return of Indonesian capital market, the variable risk country has no significant negative effect on the return of Indonesian capital market, while the world capital market variable and the rupiah exchange rate against US dollar significantly influence the return of Indonesia capital market.]]>
<![CDATA[The Determinants of Capital Structure and Firm Performance ]]>
<![CDATA[Fudianti, Sely]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 8 No 2 (2019): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v8i2.30232
<![CDATA[This study aims to examine the influence of financial and nonfinancial factors affecting the firm performance with capital structure as intervening in manufaturing companies that are listed on the Stock Exchange in 2013-2017. The sample used in this study is manufacturing companies that consist in Indonesian Stock Exchange through 2013-2017.. The method of data collection uses the documentation method from secondary data in the form of annual reports that have been published on the IDX. The data analysis method used is using multiple regression method and sobel test. Financial and non financial factors like sales growth, firm size, board gender diversity, and capital structure influencing firm performance are 92%. This research found that sales growth gives positif effect on firm performance. While, firm size and board of gender diversity have negative effect on firm performance.]]>
<![CDATA[Capital Market Reaction of Trade Wars (Event Study on the South Korean and Indonesia Stock Exchanges) ]]>
<![CDATA[Satryo, Andre Ageng]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 8 No 3 (2019): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v9i3.33476
<![CDATA[The purpose of this research is to find out whether there are differences in average abnormal returns, average trading volume activity and average security return variability between before and after the Chinese trade war events by the United States in Indonesia and South Korea. The purposive sampling method was used to determine the sample size of 2 countries, namely Indonesia and South Korea. The study period was limited to t-7 before the event and t + 7 after the event. Data analysis method used to answer hypotheses used data normality and Wilcoxon Sign Rank Test difference test. The results showed that all research variables were not normally distributed. Therefore, hypothesis testing is performed using the Wilcoxon Sign Test. The results obtained from the Wilcoxon Sign Test are that there is no significant difference in average abnormal return and average security return varibality both before and after the Chinese Trade War Event by the United States in Indonesia. While there are significant differences in average trading volume activity before and after the Tiongkok-United States Trade War events in Indonesia and South Korea. The conclusion from the research shows that H1 and H3 are rejected, which means there is no difference in average abnormal return and average security return varibality before and after trade war events. H2 was accepted which showed that there were differences in average trading volume activity before and after the Chinese trade war by the United States. For further research, it is expected to be able to add literature and references by taking into account the limitations in this study and using other event studies to become research material.]]>
<![CDATA[Investment Training Moderates the Effect of Financial Literacy, Return and Risk on Investment Interest in Capital Markets ]]>
<![CDATA[Fadli, Anhar]]>;
<![CDATA[Wijayanto, Andhi]]>
<![CDATA[ Management Analysis Journal Vol 9 No 1 (2020): Management Analysis Journal ]]>
Publisher : <![CDATA[Universitas Negeri Semarang ]]>
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DOI: 10.15294/maj.v9i1.36879
<![CDATA[This study aims to analyze the effect of financial literacy, return and risk on investment interests in the capital market members of Forum KSPM Kota Semarang with investment research as a moderating variable. This research uses structural equation model analysis with WarpPLS 6.0 to evaluate the relationship between variables and the effect of moderation on investor investment training with financial literacy, return, risk, and investment interest by conducting a survey of 113 respondents who were successfully collected. The results of this study confirm previous findings that financial literacy has a positive effect on investment interest, returns have a positive effect on investment interest, and risk has a positive effect on investment interest. Researchers also found that investment training could not moderate the effect of financial literacy on investment interest, but investment training could moderate the effect of return and risk on investment training.]]>
