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Journal : Management Analysis Journal

FINANCIAL AND NON-FINANCIAL INFORMATION INFLUENCING INITIAL RETURN OF IPOS ON THE INDONESIA STOCK EXCHANGE Zuliardi, Kharisma; Witiastuti, Rini Setyo
Management Analysis Journal Vol 9 No 2 (2020): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v9i2.37406

Abstract

This study aims to determine the effect of financial factors (Return on Assets, Current ratio, Debt to Equity Ratio) and non-financial factors (company age and percentage of stock offer) listed in the company?s prospectus against the level of Initial Return of shares. This type of research is quantitative research, the population in this study is a company that experienced a positive initial return on the first day on the secondary market that conducted an Initial Public Offering (IPO) on the Indonesia Stock Exchange in 2013-2018 with a total of 150 issuers, while the sample amounted to 122 issuers using the sampling technique that is purposive sampling method. The analytical method used is multiple linear analysis methods using eviews9. The results of the study indicate that the independent variables namely ROA, CR, DER, AGE, and PPS affect the dependent variable initial return. Only the variable ROA and company age that affects the level of initial stock return. ROA has a significant negative effect on initial return, Company Age has a significant negative effect on initial return. While CR, DER, and Percentage of stock offerings do not affect the stock initial return. For further research, it is better to add other variables, namely market ratios and company size that have not been used in this study.
Co-Integration and Contagion Effect in Republic of Tiongkok and Asean Stock Market during The Economic Slowdown in Republic of Tiongkok Chalimah, Nur; Witiastuti, Rini Setyo
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.v9i3.31333

Abstract

This study aims to find empirical evidence of the relationship of co-integration and contagion effect on the stock market in the People's Republic of Tiongkok and ASEAN during economic slowdown in the People's Republic of Tiongkok in 2015-2017. The samples in this study were the stock market of the People's Republic of Tiongkok, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The data used in the study are secondary data from the Composite Stock Price Index obtained from www.bloomberg.com. The research method used in this study is Vector Autoregression (VAR). The test results show that economic slowdown in the People's Republic of Tiongkok has no effect on the average JCI of the People's Republic of Tiongkok and ASEAN. There is co-integration in the average JCI of the People's Republic of Tiongkok and ASEAN. The average Indonesian JCI is not affected by the JCI average of the People's Republic of Tiongkok and ASEAN. There is contagion effect on the average JCI of the People's Republic of Tiongkok and ASEAN. Based on the results of the study it were concluded that co-integration and contagion effects occurs on the average JCI in the People's Republic of Tiongkok and ASEAN when economic slowdown occurs.
What Determines The Capital Structure of Property, Real Estate and Building Construction Companies? Evidence from Indonesian Listed Companies Fatimah, Sari Fitri; Witiastuti, Rini Setyo
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.v9i4.40634

Abstract

This research is intended to prove the influence of financial flexibility, asset structure, firm size, profitability and business risk on the capital structure. The population on this study are property, real estate and building construction sector that are listed on the Indonesia Stock Exchange in 2009-2018. The number of samples used were 28 companies with a purposive sampling method. The data studied was obtained from the Indonesia Stock Exchange (IDX). Methods of data analysis used in this study is multiple linear regression. The results showed that financial flexibility has not significant negative effect on capital structure. Asset structure and firm size have a significant positive effect on capital structure. The profitability and business risk have a significant negative effect on capital structure. Further research is needed to use another proxies such as ROE for profitability variables or standard deviations from ROE for business risk on capital structure and add another sectors or the number of observation periods.
The Heterogeneity of Speed of Adjustment Capital Structure Across Industrial Sectors Robiatun, Bibit; Witiastuti, Rini Setyo
Management Analysis Journal Vol 10 No 1 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i1.45317

Abstract

This study aims to analyze heterogeneity of speed of adjustment on basic industry, consumer goods, and misceleeneous companies. The population in this study uses basic industry, consumer goods, and miscellenoeus companies listed on the Indonesia Stock Exchange in 2009-2018 period. The method of determining the sample using a pusposive sampling technique based on criteries determined by researchers. We employ two-step partial adjustment model and use measure of book leverage and firm characteristic; profitability, size, tangibility, and growth which has an influence leverage target to estimate speed of adjustment. For three industries, there is evidence of heterogeneity of speef adjustment. The result showed that speed of adjustment 24% of basic industry, 37.1% of consumer goods, and 27.3% of miscellaneous industry.
Effect of Firm Size, Financial Distress and Debt Level on Hedging Decision on Manufacturing Companies Listed on IDX In 2016-2019 Widyarti, Endang Tri; Witiastuti, Rini Setyo; Triyani, Dian
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.v10i3.48244

Abstract

Supporting is an activity that can be taken by the company to play down the trade rate chance confronted. The reason of this inquire about is to decide the impact of firm estimate, monetary trouble and obligation level on supporting choices on fabricating companies recorded on IDX in 2016-2019. The sampling method of this study is purposive sampling and obtained 32 samples that meet the criteria of 105 companies that become observation data. Technical analysis used in this study is the analysis of logistic regression. And the testing getting results Firm Size, Financial Distress, Debt Level has no effect on hedging decisions.
Determinan Beta Saham Perusahaan Real Estate dan Property di Bei Jazuli, A Muhamad; Witiastuti, Rini Setyo
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.v5i1.5779

Abstract

This research aim to determine the effect of debt to equity ratio, current ratio, asset growth and return on equity on beta. Population in this research are all real estate and property companies listed in Indonesian Stock Exchange in 2012-2013 as many as 50 companies. The method used is purposive sampling , with 34 companies are selected with 50 samples on annual report are observed. Analysis technique that used here is multiple regression analysis using IBM SPSS Statistics 21. The result shows that debt to equity ratio has a negative non-significant effect, current ratio and return on equity has a positive significant and asset growth has a negative significant on beta. Suggestion for next research are add another fumdamental factors and add company categories.
Pengujian Abnormal Return Saham Sebelum dan Sesudah Peluncuran Indeks MNC36 (Studi Kasus Perusahaan yang Terdaftar pada Lampiran Surat Pengumuman Indeks MNC36 No.Peng-00529/BEI.PSH/08-2013) Barokah, Siti; Witiastuti, Rini Setyo
Management Analysis Journal Vol 5 No 2 (2016): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i2.8113

Abstract

The purpose of this research is to explain the reaction showed by the difference of abnormal return before and after MNC36 announcement. This study using event study, by observation of the abnormal return during the event period, ie 15 days before to 15 days after the MNC36 announcements. This research used the event study, which was conducted observation of abnormal return during the event period, i.e. before 15 days up to 15 days after the MNC36 announcements. The population in this research are all companies share listed on the MNC36 in 2013. The sampling technique was conducted with a purposive sampling method and obtained a sample of 33. The data analyzes were used One Sample Kolmogorov-Smirnov test for data normality test, and hypothesis testing used One Sample T-test and Paired Samples T-Test for data which are normally distributed. The result of One Sample T-test and Paired Sample T-test showed that there is no abnormal return in the period before and after the launch of the index MNC36. The suggestions for futher researchers can use other variables to describe reactions in the MNC36 announcement such as return and trading volume activity so it can be known the difference for comparative result.
Pengaruh Kepemimpinan Transformasional terhadap Keterikatan Kerja melalui Keadilan Organisasional sebagai Variabel Mediasi Raharjo, Dina Christina; Witiastuti, Rini` Setyo
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.v5i4.11701

Abstract

This study is aimed to know the direct and indirect effect of the transformational leadership, distibutive justice, procedural justice, interactional justice towards nurses’ work engagement which is mediated by distributive justice, procedural justice, and interactional justice. The 117 nurses who worked in the hospitalization section Grade III in RSUD Tugurejo Semarang were the population of the study.The sample of this study was taken by using propotioned random sampling methodology. 91 nurses were taken as the sample of the study. The method of data collection is by questionares which was measured by likert scale. Data analysis using SPSS for Windows version 21. The result of theis study showed transformational leadership have positive effect on distributive justice, procedural justice, and interactional justice. Distributive justice and interactional justice have positive effect on work engagement. Transformational leadership and procedural justice have no effect on work engagement. Distributive justice, procedural justice, and interactional justice was able to mediate the relationship of the transformational leadership towards nurses’ work engagement in hospitalization section Grade III in RSUD Tugurejo Semarang.
Analisis Economic Value Added dan Market Value Added sebagai Alat Pengukur Kinerja Perusahaan serta Pengaruhnya terhadap Harga Saham Andika, Wifaqul Luthfa; Witiastuti, Rini Setyo
Management Analysis Journal Vol 6 No 3 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i3.12326

Abstract

Posisi dan kinerja perusahaan sangat penting artinya bagi perusahaan untuk mengetahui kekuatan dan kelemahan perusahaan. Laporan keuangan perusahaan merupakan salah satu sumber informasi yang penting disamping informasi lain seperti informasi industri, kondisi perekonomian, pangsa pasar perusahaan, kualitas manajemen dan lainnnya. Populasi dalam penelitian ini yaitu seluruh perusahaan makanan dan minuman yang terdaftar di BEI 2012-2015. Sampel pada penelitian ini diambil dengan teknik purposive sampling. Jumlah sampel yang digunakan dalam penelitian ini yaitu sebanyak 13 perusahaan makanan dan minuman. Pengaruh Economic Value Added (EVA) dan Market Value Added (MVA) terhadap harga saham melalui pengujian statistik uji F (ANOVA) menunjukkan bahwa Economic Value Added (EVA) dengan Market Value Added (MVA) secara bersama-sama tidak berpengaruh terhadap harga saham.
Non Interest Income and Indonesian Bank Return Setyaningrum, Devi; Witiastuti, Rini Setyo
Management Analysis Journal Vol 6 No 4 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i4.15426

Abstract

Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh aktivitas off-balance sheet (OBS) yang dicerminkan oleh share of non-interest income (snonin) terhadap profitabilitas Bank Umum yang terdaftar di BEI tahun 2010-2016. Penelitian ini menggunakan loan loss provision (LLP) sebagai variable kontrol. Variable yang digunakan untuk mewakili profitabilitas adalah ROA. Data yang digunakan dalam penelitian ini diperoleh dari laporan tahunan bank yang dipublikasikan oleh Otoritas Jasa Keuangan dengan sampel 30 Bank Umum yang terdaftar di BEI. Penelitian ini menggunakan metode regresi linier berganda pada data panel dengan pendekatan Fixed Effect Model dan Generalized Least Square. Hasil regresi menunjukkan bahwa snonin berpengaruh negatif tidak signifikan terhadap ROA, sedangkan LLP berpengaruh negatif signifikan terhadap ROA.