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All Journal HASANUDDIN JOURNAL OF BUSINESS STRATEGY
Kasman Damang
Economics and Business Faculty, Hasanuddin University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Investor Reactions on Emitents Who Published Corporate Sukuk Listed in Indonesia Stock Exchange Kasman Damang; Eka Afnan Troena; Muhammad Ali; Abdul Hamid Habbe
Hasanuddin Journal of Business Strategy Vol 2 No 2 (2020): Hasanuddin Journal of Business Strategy
Publisher : Magister Management, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hjbs.v2i2.337

Abstract

This study applied an event study approach (event study). The event tested the announcement of Sukuk emissions and market reactions as indicated by the existence of a significant Abnormal Return on the date of Sukuk emissions and it changed within the activity of Stock Trader of the Corporation Sukuk Issuer. Observation period between 2009-2018, there was 129 Sukuk emissions in Indonesia Stock Exchange. The number of samples taken was 26 emissions of Sukuk which make emissions from 12 issuers that met the set criteria. Data were analyzed using descriptive statistical analysis, independent t-test, t-paired test, and regression analysis. Furthermore, the data were processed using IBM SPSS for Windows Software. The results showed that there was a difference in Average Abnormal Return (AAR) before and after the announcement of Sukuk emissions. However, the average value of the difference was not statistically significant. There was a positive market reaction on Average Abnormal Return (AAR) before the announcement of Sukuk emissions. There was a positive market reaction on Average Abnormal Return (AAR) after the announcement of Sukuk emissions. There were differences in the Average Trading Volume Activity (ATVA) before and after the announcement of Sukuk emissions. However, the average value of the difference was not statistically significant. There was a significant market reaction on Average Trading Volume Activity (ATVA) before the announcement of Sukuk emissions. There was a significant market reaction of Average Trading Volume Activity (ATVA) after the announcement of Sukuk emissions. Furthermore, this study also found that Sukuk to Equity Ratio (SER) had a positive effect, but not significantly on the level of Return on Assets (ROA), Return on Equity (ROE), and Earning per Share (EPS), but it was not significant. These insignificant effects of SER on the issuer's ROA, ROE and EPS were caused by the relatively small proportion of Sukuk value compared to the value of assets and company equity.
The Effect of Good Corporate Governance on Firm Value with Earnings Quality as A Moderated Variables Gusti Eka Setiawati; Muhammad Ali; Kasman Damang
Hasanuddin Journal of Business Strategy Vol 3 No 1 (2021): Hasanuddin Journal of Business Strategy
Publisher : Magister Management, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hjbs.v3i1.409

Abstract

Corporate governance is a concept to improve management performance by monitoring to ensure management accountability to shareholders. Besides being able to reduce agency conflicts, corporate governance is also capable of creating added value for interested parties (stakeholders) in the form of effective protection, especially for investors in recovering their investment fairly and of high value. The purpose of this study is to analyze the effect of managerial ownership, institutional ownership, and audit committee on firm value, and to analyze whether earnings quality can moderate the influence of managerial ownership, institutional ownership, and audit committee on firm value in banking companies listed on the IDX in 2017 -2019. The research population is banking companies listed on the IDX, with a purposive sampling technique, a total of 9 samples were obtained with the observation period 2017 to 2019. Data collection is through documentation obtained from the official website of the Indonesia Stock Exchange (IDX). Meanwhile, the data analysis technique used classical assumption test, multiple regression analysis, and moderated analysis. The results of the study found that managerial ownership and institutional ownership have a positive and significant effect on firm value. The audit committee has a negative and insignificant effect on firm value. Earnings quality cannot moderate the effect of managerial ownership, institutional ownership, and audit committee on firm value.
Optimization of Employee Performance and Quality Service with Smart Office Implementation Andi Isnaeni Hamzah; Andi Reni; Kasman Damang
Hasanuddin Journal of Business Strategy Vol 3 No 2 (2021): Hasanuddin Journal of Business Strategy
Publisher : Magister Management, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hjbs.v3i2.451

Abstract

This study aims to analyze and the influence of complementary, motivation, and use of information systems in improving performance and optimizing the quality of administrative services at the secretariat office of the government of South Sulawesi province with the application of smart offices. this type of research is quantitative, where this study uses survey methods with path analysis techniques. The data collected from 89 respondents using questionnaires given to 8 bureaus. On the basis of the findings, it indicated that competencies positively and significantly affect employee performance, but showing insignificant results when linking to service quality. Interestingly, information systems and motivation show a positive coefficient, but insignificant scores on employee performance and service quality. When evaluating employee performance as an intervening variable, competencies and information systems did show a significant score in relation to service quality, but it does for motivation.
Co-Authors Abdul Hamid Habbe Andi Isnaeni Hamzah Andi Reni Eka Afnan Troena Gusti Eka Setiawati Muhammad Ali