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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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Winner Loser Anomaly in Indonesia Amelia, Rizki; Wijayanto, Andhi
Management Analysis Journal Vol 7 No 2 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i2.22988

Abstract

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.
The Influence of Family Controlled, Family Leadership and Profitability to Dividend Policy Rochana, Anis; Wijayanto, Andhi
Management Analysis Journal Vol 7 No 3 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i3.23958

Abstract

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.
Effect of Foreign Investment Flow, World Capital Market, Foreign Exchange and Country Risk to the Capital Market Return in Indonesia Setiaji, Fajar; Wijayanto, Andhi
Management Analysis Journal Vol 8 No 1 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i1.24137

Abstract

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.
The Determinants of Capital Structure and Firm Performance Fudianti, Sely; Wijayanto, Andhi
Management Analysis Journal Vol 8 No 2 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i2.30232

Abstract

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.
Capital Market Reaction of Trade Wars (Event Study on the South Korean and Indonesia Stock Exchanges) Satryo, Andre Ageng; Wijayanto, Andhi
Management Analysis Journal Vol 8 No 3 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v9i3.33476

Abstract

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.
Investment Training Moderates the Effect of Financial Literacy, Return and Risk on Investment Interest in Capital Markets Fadli, Anhar; Wijayanto, Andhi
Management Analysis Journal Vol 9 No 1 (2020): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v9i1.36879

Abstract

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.
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.
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