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Analisis Kinerja Reksa Dana Saham dengan Metode Sharpe, Treynor dan Jensen
Anggara, Aldias wahyu;
Yulianto, Arief
Management Analysis Journal Vol 6 No 1 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v6i1.10270
Tujuan dari penelitian ini adalah memberikan informasi kinerja Reksa Dana saham berdasarkan metode Shrape, Treynor dan Jensen. Penelitian ini merupakan penelitian deskriptif dengan menggunakan pendekatan kuantitatif. Populasi penelitian adalah Reksa Dana saham periode 2012-2014. Sampel penelitian sebanyak 58 Reksa Dana saham dengan metode purposive sampling. Alat analisis dalam penelitian ini adalah metode pengukuran kinerja berdasarkan risk adjusted return yang meliputi metode Sharpe, Treynor, dan Jensen dengan aplikasi microsoft excel. Selama periode pengamatan (2012-2014) terdapat Reksa Dana saham yang konsisten berkinerja positif dan outperform. Reksa Dana tersebut adalah RHB OSK Alpha Sector Rotation dan SAM Indonesian Equity Fund, oleh karena itu kedua Reksa Dana tersebut adalah Reksa Dana yang layak dijadikan pilihan berinvestasi.
Pengaruh Struktur Kepemilikan dan Komisaris Independen terhadap Biaya Keagenan Perusahaan yang Masuk dalam Indonesia Most Trusted Companies
Pratiwi, Rafika;
Yulianto, Arief
Management Analysis Journal Vol 5 No 3 (2016): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v5i3.11119
The divergences between shareholder and manager take agency cost. This study aims to investigate the influence of managerial ownership, institutional ownership, and independent commissoner on agency cost. Population of this study is firms that occur to Indonesia Most Trusted Companies Based on Investor 2007-2015, published by SWA business megazine. The number of sample is 106 observation data through purposive sampling method. Based on linier regression model, the result is managerial ownership and institutional ownership have no significant affect on agency cost, whereas independent commissioner has positif and significant affect on agency cost. So, if proportion of independent commissioner increase, agency cost will increase.
Pengujian Pecking Order Theory di Indonesia
Febriana, Devita;
Yulianto, Arief
Management Analysis Journal Vol 6 No 2 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v6i2.16700
Pecking Order Theory berdasarkan asumsi asimetris informasi, perusahaan akan menggunakan pendanaaan eksternal berupa utang yang memiliki risiko rendah dibandingkan dengan penerbitan sekuritas saham. Beberapa penelitian sebelumnya tentang pengujian pecking order theory telah banyak dilakukan, namun hasil penelitian tersebut menunjukkan hasil yang tidak konsisten antara satu penelitan dengan penelitian yang lain. Tujuan penelitian ini adalah untuk menguji penerapan pecking order pada perusahaan Manufaktur di Bursa Efek Indonesia Periode 2011-2015. Penelitian ini menggunakan data panel. Populasi dalam penelitian ini adalah perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia periode 2011-2015. Sampel digunakan sebanyak 35 perusahaan. Metode analisis data yang digunakan dalam penelitian ini adalah pemilihan estimasi model data panel, analisis regresi dengan pendekatan Fixed Effect Model dan pengujian hipotesis. Hasil regresi menunjukkan defisit pendanaan berpengaruh positif dan sifnifikan terhadap penerbitan utang. Namun, Perusahaan hanya mengambil keputusan pendanaan melalui utang sebesar 45.5%. Simpulan dari penelitian ini adalah perusahaan Manufaktur menerapkan pecking order theory dalam kebijakan struktur modal mereka. Saran yang berkaitan dengan hasil penelitian ini adalah: Bagi Investor penelitian ini bermanfaat sebagai bahan pertimbangan dalam menentukan pengambilan keputusan investasi yang tepat. Bagi kreditor dapat menganilisis kemampuan membayar perusahaan atas utang yang diajukan kepada kreditor. Bagi perusahaan Manufaktur perlu mempertimbangkan risiko yang terjadi karena adanya penambahan utang dalam struktur modal mereka.
Pengujian Dividend Life Cycle Theory di Indonesia
Lestari, Tika Ayu;
Yulianto, Arief
Management Analysis Journal Vol 6 No 4 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v6i4.17745
Penelitian ini bertujuan untuk menguji retained earning to total equity (RETE) terhadap kebijakan dividen dalam tahap siklus hidup yang berbeda pada perusahaan manufaktur di Bursa Efek Indonesia periode 2011-2015. Siklus hidup perusahaan terdiri dari empat tahap: Start-up, growth, mature dan decline. Penelitian ini menggunakan analisis regresi respon kualitatif. Populasi dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2011-2015. Teknik purposive sampling digunakan untuk menentukan sampel dalam penelitian ini. Sampel digunakan sebanyak 92 perusahaan. Hasil analisis menunjukkan bahwa terdapat pengaruh positif signifikan retained earning to total equity (RETE) terhadap kebijakan dividen pada tahap mature, sedangkan pada tahap start-up, growth, dan decline, retained earning to total equity (RETE) tidak memiliki pengaruh signifikan terhadap kebijakan dividen. Hasil penelitian menunjukkan bahwa perusahaan manufaktur di Indonesia yang terdaftar di Bursa Efek Indonesia periode 2011-2015 cenderung membayarkan dividen pada tahap mature. Simpulan dari penelitian ini adalah perusahaan manufaktur menerapkan dividend life cycle theory dalam kebijakan dividen mereka.
Analisis Stock Mispricing terhadap Return Reversal Saham pada Bursa Efek Indonesia
lestari, sri;
Yulianto, Arief
Management Analysis Journal Vol 7 No 1 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v7i1.18651
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. Adapun tujuan dari penelitian ini adalah untuk mengetahui kapan mispricing terjadi dan kapan proses mean reverting kembali. Penelitian ini merupakan penelitian kuantitatif dengan menggunakan panel data dari tahun 2013 hingga tahun 2016. Terdapat empat variabel dependen di dalam penelitian ini untuk melihat mean reverting saham, yaitu return minggu pertama, return minggu kedua, return minggu ketiga dan return minggu keempat setelah periode mispricing. variabel mispricing yang merupakan variabel independen diukur melalui proksi volatilitas dari nilai residual. Hasil dari penelitian ini menunjukkan bahwa tingkat mispricing suatu saham berpengaruh positif dan signifikan terhadap return reversal. Berdasarkan analisis t-statistic untuk setiap regresi, maka didapatkan hasil bahwa variabel mispricing paling berpengaruh terhadap return reversal saham terhitung pada minggu keempat setelah periode mispricing. Pada minggu pertama dan kedua setelah periode mispricing, return saham telah mengikuti proses mean reverting, yaitu return berangsur-angsur kembali perlahan kepada return semestinya.
Catering Theory of Dividend in Dividend Policy: Evidence From Indonesia
Riyanti, Dewi;
Yulianto, Arief
Management Analysis Journal Vol 7 No 2 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v7i2.23030
This study aims to examine the possibility of companies in paying dividend if there are investors demands for dividends. Researcher used purposive sampling for determine the sample.Sample are used as many as 527 companies with total are 4375 observations during 2007-2016. The data analysis technique used logistic regression in Eviews 9. The results show that investors demands for dividends (catering incentives) were measured by dividend premiums have a positive and significant correlation to dividend payout decisions. It means that companies have bigger probability for paying dividend if the are investors demands. Probability of companies to pay dividend up 2.19 times for increasing a unit of dividend premium.
An Examining the Firm Life-Cycle Theory of Dividends in Indonesia
Murtiana, Suci;
Yulianto, Arief
Management Analysis Journal Vol 7 No 3 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v7i3.23441
This study aims to examine the company’s propensity of manufacture companies to pay dividend effected by retained earning to total equity (RE/TE) in their life cycle stages by controlling profitability, sales growth and firm size. Furthermore, this study also explains the company’s propensity to pay a dividend before and after the global crisis particularly Subprime Mortgage. The firm ’s life cycle consists of four stages: start-up, growth, mature and decline stage. This research is explanatory research by using regression qualitative response analysis. The purposive sampling used to determine the research sample. Thus 75 manufacture companies which are listed on the Indonesia Stock Exchange (IDX) in 2005 to 2016 have been selected as the research sample. This result shows that the Manufacture companies listed on IDX in 2005 to 2016 tend to pay a dividend on the mature stage before and after Subprime Mortgage. In the mature stage, the manufacture companies have a bigger probability of paying a dividend rather than in start-up, growth and decline stage in 2005 to 2016. The company’s propensity to pay a dividend in the mature stage is bigger than the start-up, growth and decline stage before and after the Subprime Mortgage crisis. The conclusion of this study explains that the manufacture companies employ the life-cycle theory of dividend in their dividend policy.
Speed of Adjustment Capital Structure
Sibuea, Ely Yulianita;
Yulianto, Arief
Management Analysis Journal Vol 7 No 4 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v7i4.23480
The aim of this study is to analyze the effect of company size variables, asset growth, asset structure and business risk against capital structure adjustment speed with dynamic approach. The number of samples in this study was 63 companies by using purposive sampling method. Multiple regression method with fixed effect model was used as data analysis in this study. The results of this study indicate that company size and asset structure have positive significant effect on capital structure adjustment speed, whereas asset growth has significant negativeeffect on capital structure adjustment speed and business risk does not have significanteffect on capital structure adjustment speed.
Determinants of Dividend Payout of Indonesian Companies
Octaviana, Irma;
Yulianto, Arief
Management Analysis Journal Vol 8 No 3 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v9i3.34306
Dividend policy is a decision about how much earning after tax that will paid as dividend rather than being retained for investment in the company. The data from Indonesia Stock Exchange show that there are still many company that do not pay dividends consistently, whereas dividend policy use as a signal given by the company to outsiders for their performance. This study aims to determine the effect of profitability, leverage, and firm size to dividend policy.The type of this research is a quantitative research by using secondary data. The population in this research are the company that listed in Indonesia Stock Exchange period 2005-2017. The samples used are 43 companies with purposive sampling method. The method of data analysis used is multiple linear regression by using fixed effect model (Least Square Dummy Variable). The research results reveals that leverage and firm size affects significantly on the dividend policy, whereas profitability do not affect significantly on the dividend policy.
Agency Theory: Ownership Stucture and Capital Structure as Determinants of Dividend Policy
Anggoro, Haris Dwi;
Yulianto, Arief
Management Analysis Journal Vol 8 No 4 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v9i4.34313
The purpose of this study is to analyze the effect of ownership structure and capital structure in decision-making about dividend policy. Observation units used in this study consisists off all manufacturing companies listed on the Indonesia Stock Exchange which pay dividend during 2008 to 2017. This research uses purposive sampling method. The number of samples in this study was 21 companies consist of 210 data. The research variables consist of Institutional Ownership, Public Ownership and Capital Structure as independent variables and Dividend Policy as the dependent variable. Data analysis method used is descriptive analysis, determinan of panel data estimation model, multiple linear regression with Eviews 9. The result of this study shows that institutional ownership and public ownership has a negative effect and significant to the dividend policy. Capitsal structure has a positive but not significant to the dividen policy.