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All Journal JDM (Jurnal Dinamika Manajemen) INFERENSI Management Analysis Journal Sabangka Abdimas Jurnal Pengabdian Masyarakat Sabangka Southeast Asian Business Review
Andhi Wijayanto
Fakultas Ekonomi, Universitas Negeri Semarang, Semarang
Humanities Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Understanding Defensive Stocks with Company Fundamentals and Dividend Policy Variables as Moderation Mahfudz, Ali; Wijayanto, Andhi
Management Analysis Journal Vol 9 No 3 (2020): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v9i3.37833

Abstract

The purpose of this study was to determine the effect of Return on Equity, Firm Size, Debt Equity Ratio and Price Earning Ratio on return defensive stocks with Dividend Policy as Variable Moderation in Manufacturing Companies. The study population was manufacturing sector companies listed on the Indonesia Stock Exchange from 2015 to 2018. There were 61 companies sampled using purposive sampling techniques. The analytical method uses multiple linear analysis and moderated Regression analysis. The results showed the Firm Size variable had a significant positive effect and the DER variable had no significant positive effect while the ROE and PER variables had no significant negative effect on return defensive stocks. The MRA test states that the Dividend Payout Ratio variable strengthens the effect of Firm Size on return defensive stocks while the ROE, DER and PER variables are weakened by the effect on return defensive stocks by dividend policy. Future studies are expected to use other variables that might increase or decrease stock returns.
The Influence of Macroeconomic Variables on The Indonesian Sharia Stock Index (ISSI) for The 2013-2019 Period Nawindra, Indah; Wijayanto, Andhi
Management Analysis Journal Vol 9 No 4 (2020): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v9i4.41875

Abstract

Investors believe that economic factors have a major impact on developments in the Islamic capital market. This study aims to describe and analyze macroeconomics of the Indonesian Sharia Stock Index (ISSI). The sample of this study consisted of 84 data consisting of all population data, namely all data on closing prices at the end of each month from exchange rates, BI Rate, inflation, world oil prices, world gold prices, and the Indonesian Sharia Stock Index (ISSI) for the period January 2013 - December. 2019. The analysis technique used is the Error Correction Model (ECM). The results showed that in the short term the exchange rate variable had a significant effect on the ISSI, while the BI Rate, inflation, world oil prices and world gold prices had no effect on the ISSI. In the long run, the variable exchange rate, BI Rate, inflation and world gold prices have a significant effect on the ISSI, while the world oil price variable has no effect on the ISSI
The Influence of Fundamental Factors on Stock Returns with Exchange Rate as Moderation Variable Anggraini, Reny Dwi; Wijayanto, Andhi
Management Analysis Journal Vol 10 No 3 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i3.49448

Abstract

Return are one of the motivators to invest in financial asset in the capital market. Investors used fundamental factor as a signal to gain maksimal return. The aims of the study are to determine the effect of fundamental factor on stock return with exchange rate as a moderating variable. Fundamental factor is measured by the ratio of Return on Assets, Debt to Equity Ratio, and Current Ratio. The sample of this study of 20 companies listed on LQ45 index in Indonesian Stock Exchange (IDX) selected using the purposive sampling method, with 120 observations during the 2015-2020 period. Methode of data analysis using multiple linier regression analysis and moderated regression analysis (MRA) with the application of Eviews 9. The results show that Return on Assets have a significant positive effect on the stock returns, while the Debt to Equity Ratio and Current Ratio has no significant effect. MRA results indicate that exchange rate can streng the influence of Return on Assets and Debt to Equity Ratio, and weaken Current Ratio on the stock returns.
Do Fundamental and Behavioral Factors Affect Insurance Company’s Stock Returns? Rachman, Ari Nur; Wijayanto, Andhi
Management Analysis Journal Vol 10 No 3 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i3.49814

Abstract

This study aims to determine the effect of fundamental factors and behavioral finance on stock returns. The company's financial performance variables use Return on equity (ROE) and Earnings per Share (EPS) as proxies. The macroeconomic condition variable uses the exchange rate and the BI rate as a proxy. Investor sentiment variable uses Trading Volume Activity (TVA) and Consumer Confidence Index (CCI) as proxies. The object of this research is the insurance sub-sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The research sample was selected using purposive sampling method so that 12 companies were selected as samples. The data analysis method used was multiple regression using the Eviews 9 tool. The results showed that the company's financial performance variables and macroeconomic conditions had no effect on stock returns. Investor sentiment with TVA proxy has a significant positive effect on company returns, while CCI has no effect on company returns.
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 : Universitas Negeri Semarang

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

Abstract

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 : Universitas Negeri Semarang

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

Abstract

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.
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): Management Analysis Journal
Publisher : Universitas Negeri Semarang

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

Abstract

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): Management Analysis Journal
Publisher : Universitas Negeri Semarang

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

Abstract

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.
Pertumbuhan dan Ukuran Perusahaan pada Stock Split Novitasari, Anggi; Wijayanto, Andhi
Management Analysis Journal Vol 7 No 1 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang

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

Abstract

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.
Estimasi Volatilitas Saham dengan Metode Momentum (The Methods of Moments) dan Estimasi Kemungkinan Maksimum (Maximum Likelihood Estimation) Setiawan, Ari Pamungkas; Wijayanto, Andhi
Management Analysis Journal Vol 6 No 2 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i2.18666

Abstract

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.
Co-Authors ahmad taslim, ahmad Anggraini, Reny Dwi Berlian Nanda Oktaviani, Berlian Nanda Bernanto Pardosi, Bernanto Euis Soliha Evrila Lupita Sari, Evrila Lupita Fadli, Anhar Fudianti, Sely Khoidah, Indah Khoidah, Indah Mahfudz, Ali Miladdyan Airyq, Irnin Moh Khoiruddin Nawindra, Indah Novitasari, Anggi Novitasari, Anggi Pangastiti, Nuuferulla Kurniantyas Prihandono, Dorojatun Rachman, Ari Nur Rizki Amelia Rochana, Anis Rochana, Anis S Martono Satryo, Andre Ageng Setiaji, Fajar Setiawan, Ari Pamungkas Sri Wartini Sri Wartini Tri Hermawan, Tri Wahyono Wahyono Wicaksari, Erisa Aprilia Widia, Syam Yusuf Wildan Setiyadi, Yusuf Wildan