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ANALISIS PERBEDAAN ABNORMAL RETURN, TRADING VOLUME ACTIVITY DAN BID ASK SPREAD SEBELUM DAN SESUDAH PENGUMUMAN RIGHT ISSUE (Studi Kasus Perusahaan Indek Saham Syariah Indonesia (ISSI) yang Terdaftar pada BEI Tahun 2011-2013 Hermawan, Tri; Wijayanto, Andhi
Jurnal Dinamika Manajemen (Journal of Management Dynamics) Proceeding Madic 2015
Publisher : Department of Management, Faculty of Economics, Semarang State University, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v0i0.4805

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PENINGKATAN EFEKTIVITAS PROGRAM STUDI DI PERGURUAN TINGGI SWASTA MELALUI KEPEMIMPINAN ADAPTIF INTEGRATIF Martono, S; Wijayanto, Andhi
Jurnal Dinamika Manajemen Vol 5, No 1 (2014): March 2014 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Semarang State University, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v5i1.3655

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Penelitian ini bertujuan untuk mengembangkan dasar teori model konseptual resolusi kepemimpinan dan konflik, mengamati pengaruhnya untuk kepuasan kerja, komitmen dan efektivitas organisasi. Penelitian ini melakukan tes empiris mengenai hubungan antara variabel-variabel, yaitu gaya kepemimpinan adaptif, resolusi konflik, kepuasan kerja, komitmen afektif dan efektivitas organisasi. Penelitian ini mengembangkan model teoritis empiris sebagai dasar untuk menguji dan menganalisis konflik substantif dan gaya kepemimpinan adaptif integratif dan juga implikasinya terhadap otonomi tugas, kerja sama tim, kepuasan kerja, komitmen organisasi dan efektivitas program studi di universitas. Sampel dari penelitian ini adalah program studi utama dan atau departemen dari PTS di Kota Semarang. Path Analysis dengan Structural Equation Model digunakan untuk menganalisa dan menguji hipotesis. Penelitian ini telah mengungkapkan temuan baru, yaitu kemampuan gaya kepemimpinan adaptif integratif menjadi mediasi antara hubungan kepuasan kerja dan efektifitas organisasi.The objective of the research is to develop a conceptual model of the basic theory of resolution leadership and conflict, to observe the influence of job satisfaction, commitment and organizational effectiveness. It is an empirical study to test the relationship of the variables such as adaptive leadership style, conflict resolution, job satisfaction, affective commitment and organizational effectiveness. The study develops an empirical theoretical model as a basis to test and analyze the substantive conflict and integrative adaptive leadership style and also the implications for task autonomy, teamwork, job satisfaction, organizational commitment and study programs effectiveness at the university. The samples of thestudy are the main study programs or departments at private universities in Semarang. The data were analyzed by Path Analysis with Structural Equation Model to analyze and test the hypothesis. The result of the study shows the new finding; it is the ability of integrative adaptive leadership style becomes the mediation between job satisfaction and organizational effectiveness.
ANALISIS PENGARUH ROA, EPS, FINANCIAL LEVERAGE, PROCEED TERHADAP INITIAL RETURN Wijayanto, Andhi
Jurnal Dinamika Manajemen Vol 1, No 1 (2010): March 2010 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Semarang State University, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v1i1.2451

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Riset ini bertujuan untuk mengetahui pengaruh ROA, EPS, Financial Leverage dan Proceed terhadap initial return. Initial return diperoleh dengan mengukur perbedaan harga pada hari pertama perdangangan di pasar sekunder dengan harga saat IPO. Penelitian ini menduga bahwa ROA, EPS, Proceed mempunyai pengaruh negatif dengan initial return, disisi lain, Financial Leverage diduga mempunyai pengaruh yang positif terhadap initial return. Data pada penelitian ini terdapat dalam prospectus perusahaan. Sampel diambil dengan menggunakan metode purposive sampling dengan dua kriteria yaitu terdiri dari perusahaan yang IPO selama periode tahun 2000-2006 dan underpriced. Dengan kriteria tersebut, 67 perusahaan dijadikan sebagai sampel. Metode analisis menggunakan regresi berganda. Hasil penelitian ini adalah Earning Per-Share (EPS), dan Proceed mempunyai pengaruh negatif dan signifikan terhadap initial return, sedangkan Return on Assets Ratio (ROA), dan Financial Leverage tidak berpengaruh signifikan terhadap initial return. This research aimed to examine the influence of ROA, EPS, Financial Leverage, and Proceed on initial return. Initial return was measured by the difference between the firm’s stock price on the first day in the secondary market and it’s IPO. This research expected that return on assets ratio (ROA), earning per-share (EPS), and proceed negatively associated with initial return. On other hand, financial leverage ratio expected to positively associate with initial return. Data in this study were obtained from company prospectus, ICMD. Sample had been taken by using purposive sampling method with two criterions such as conducted IPO during period 2000-2006 and underpriced. With criterions, 67 companies obtains as sample. The analytical methods used multiple regressions, the empirical result of this research indicate that EPS, and proceed significantly associated with initial returns. Whereas ROA, and financial leverage ratio not significantly influence initial return.
APLIKASI SINGLE INDEX MODEL DALAM PEMBENTUKAN PORTOFOLIO OPTIMAL SAHAM LQ45 DAN JAKARTA ISLAMIC INDEX Oktaviani, Berlian Nanda; Wijayanto, Andhi
Management Analysis Journal Vol 5 No 3 (2016): Managemant Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i3.10651

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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.
PENGARUH KUALITAS KEHIDUPAN KERJA TERHADAP KINERJA KARYAWAN DENGAN KEPUASAN KERJA SEBAGAI VARIABEL INTERVENING Setiyadi, Yusuf Wildan; Wartini, Sri; Wijayanto, Andhi
Management Analysis Journal Vol 5 No 4 (2016): Managemant Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i4.12306

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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.
ANALISIS PERBEDAAN RETURN DAN RISIKO SAHAM PORTOFOLIO OPTIMAL DENGAN BUKAN PORTOFOLIO OPTIMAL Pardosi, Bernanto; Wijayanto, Andhi
Management Analysis Journal Vol 4 No 1 (2015): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v4i1.7210

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The aim of this study is to find out if there are any differences of return and risk between optimal portfolio candidate and non-optimal portfolio candidate. This is a quantitative study with purposive sampling technique. Population of this study is all data of IDX 30 index which is 42 whereas the sample is 15. Analysis model that is used in this study is Markowitz method. The results of calculations using the Markowitz methods that includes the optimal portfolio with the proportion of funds that of UNVR stock as 31.19%, BBCA stock as 16.69%, ADRO stock as 14.14%, UNTR stock as 13.43%, PGAS stock as 9.33%, INDF stock as 7.73% and GGRM stock as 7.50%. The conclusion of this study is that there are no significant differences of return and risk on the formation of optimal portfolio. This shows that the preferences of investors do not consider the calculation methods Markowitz and indifference curve in selecting the optimal portfolio. Suggestion related to this study is that investor and investment manager may execute the investment fund to form an optimal portfolio Markowitz method as a benefit from stock diversification
PENGARUH KEPUTUSAN INVESTASI, PENDANAAN, DAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN RISIKO SEBAGAI VARIABEL MEDIASI Sari, Evrila Lupita; Wijayanto, Andhi
Management Analysis Journal Vol 4 No 4 (2015): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v4i4.9268

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The aim of this research is to know the influence of investment desicion, funding and dividend to the firm value with the risk as a mediation variable. Population that is used in this research is a company manufacturing sector which is listed on Indonesia Stock Exchange in the period from 2011 until 2013. Number of sample that used in this research is 60 samples with the method purposive sampling.  Firm value variable is proxied by Price Book Value Ratio (PBR),  Investment decision is  proxied by Price Earning Ratio (PER), financing decision  subtitued by Debt to Equity Ratio (DER), dividend policy is proxied by Dividend Pay Out Ratio (DPR) and business risk subtitued by Degree of Operating Leverage (DOL). Data Analysis using multiple regression analysis and line analysis by using a SPSS 16 program. The research concluded that only the investment decisions and the funding decision which has an effect on the firm value.
Pengaruh Frekuensi Perdagangan Saham, Volume Perdagangan Saham, Kapitalisasi Pasar dan Jumlah Hari Perdagangan terhadap Return Saham (Studi pada Saham Perusahaan Dagang Eceran yang Terdaftar dalam Indeks Saham Syariah Indonesia Sebelum Sampai Sesudah Bul taslim, ahmad; Wijayanto, Andhi
Management Analysis Journal Vol 5 No 1 (2016): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i1.5781

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The purpose of this study is to determine how much effect of trading frequency, trading volume, market capitalization, and the sum of trading days on stock returnsbefore to after ramadhan. This research used secondary data  from Indonesia Stock Exchange. Object study on Retail Trade Company Shares Listed In Indonesia Sharia Stock Index Before to Afterof Ramadan 2012-2014. The technique sampling used purposive sampling, methods of analysis using multiple linear regression analysis. The results of the analysis show: the trading frequency variable significant positive effect on stock returns, trading volume variable, market capitalization and trading day variables significant negative effect on stock returns.
Fenomena Anomali Pasar di Bursa Efek Indonesia dan Bursa Efek Singapura Khoidah, Indah; Wijayanto, Andhi
Management Analysis Journal Vol 6 No 1 (2017): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i1.10373

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Ada tiga macam bentuk teori pasar efisien, salah satunya adalah pasar efisien bentuk lemah dimana investor tidak dapat menggunakan informasi masa lalu untuk memprediksi nilai di masa sekarang. Sementara itu, anomali pasar efisien merupakan hal yang bertentangan dengan teori pasar efisien. Tujuan dari penelitian ini adalah untuk mengetahui apakah terjadi fenomena Monday Effect, Weekend Effect, dan Month of The Year Effect pada Bursa Efek Indonesia dan Bursa Efek Singapura. Populasi penelitian ini merupakan data harga penutupan harian IHSG dan STI periode 12 Februari 2014 – 12 Februari 2016. Teknik sampling yang digunakan adalah sampling jenuh untuk pengujian Monday Effect & Month of The Year Effect sedangkan purposive sampling untuk pengujian Weekend Effect. Metode analisisnya menggunakan model ANOVA dan analisis regresi linear. Hasil dari penelitian ini menunjukkan bahwa pada uji hipotesis pertama dan kedua terjadi kesamaan hasil pengujian, yaitu ditemukan fenomena Monday Effect pada Bursa Efek Indonesia dan Bursa Efek Singapura. Uji hipotesis ketiga dan keempat juga terdapat kesamaan hasil, yaitu tidak ditemukan fenomena Weekend Effect pada kedua bursa. Uji hipotesis kelima dan keenam ditemukan perbedaan hasil pengujian fenomena Month of The Year Effect, dalam hal ini Bursa Efek Indonesia terjadi pada bulan Februari sedangkan di Bursa Efek Singapura pada bulan Januari & Agustus. Berdasarkan hasil penelitian, penulis menyarankan agar peneliti selanjutnya dapat menggunakan teknik analisis yang berbeda dan investor dapat memperhatikan hari maupun bulan perdagangan sebelum mengambil keputusan investasi.
Pertumbuhan dan Ukuran Perusahaan pada Stock Split Novitasari, Anggi; Wijayanto, Andhi
Management Analysis Journal Vol 7 No 1 (2018): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i1.17895

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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.