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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.
A Clustering Method Approach for Portfolio Optimization Fadilah, Iwan; Witiastuti, Rini Setyo
Management Analysis Journal Vol 7 No 4 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i4.23378

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This study aims to test the formation of the optimum portfolio using the cluster method. The data used are of financial statements and stock prices of the companies listed on the LQ-45. index The results of this research show that the cluster method can be used to form the optimal portfolio. This is because using the cluster method; the research samples were divided into three clusters that are united to the same characteristics of each company. Further research can be added the research indicators and research sample used in order that the results obtained are more varied.
Underpricing, Institutional Ownership and Liquidity Stock of IPO Companies in Indonesia Achmad, Immam Nur; Witiastuti, Rini Setyo
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.v7i3.23672

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The aim of this study is to explain and describe influence of underpricing and institutional ownership on the liquidity. Sample of this study is 86 companies which conduct IPO in period 2012-2016. Analitycal technique used is multiple linear analysis. The data used in the form of trading data for 20 days then taken on average and comes form the company’a financial statements obtained from the Indonesia Stock Exchange. The results showed that Underpricing has a significant positive effect on liquidity. Institutional ownership is negatively insignificant to liquidity.
Pull Factor and Push Factor Influences on the Volatility of Foreign Investment Flows in Indonesian Capital Market Chakimatuzzahroh, Chakimatuzzahroh; Witiastuti, Rini Setyo
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.v7i2.23854

Abstract

The purpose of this study is to determine the factors that affect the flow of foreign investment into the Indonesian Stock Market that includes the factors of return, risk, and inflation derived from foreign markets/ global (push factor) and from the domestic market (pull factor). Testing is done by using analysis model Autoregressive Conditional Heteroscedasticity (ARCH) and Generalized Autoregressive Conditional Heteroscedasticity (GARCH). Testing is done with six estimation models among them ARCH, GARCH, ARCH-M (2,1), ARCH-M (2,2), Treshold Autoregressive Conditional Heteroscedasticity (TARCH), dan Exponential Generalized Autoregressive Conditional Heteroscedasticity (EGARCH). Using the significance of estimation parameters, goodness of fit model, Akaike’s Information Criterion test, Schwarz Information test, and ARCH effect test, found the best model is ARCH-M (2,1) estimation model. The results of testing with ARCH-M (2,1) model showed that the return and domestic risk (pull factor) significantly have a relation with the flow of foreign investment in Indonesia Stock Exchange, while return , risk, global inflation (push factor), and domestic inflation have no significant effect.
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

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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.
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

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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.
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.