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All Journal HASANUDDIN JOURNAL OF BUSINESS STRATEGY
Muhammad Ali
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 Corporate Governance on Financial Performance and Tax Avoidance on LQ45 Companies Rusni Syamsuddin; Muhammad Ali; Muhammad Sobarsyah
Hasanuddin Journal of Business Strategy Vol 2 No 4 (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.v2i4.362

Abstract

Tax avoidance is a strategy applied by taxpayers to undertake legally burden taxes to decrease tax payment. Avoidance techniques by exploiting loopholes in tax laws. The purpose of this study is to examine the effect of corporate governance (institutional ownership, the board size, independent commissioners, audit boards) on tax avoidance (ETR) mediated by financial performance measured by Return on assets (ROA). The samples used were companies listed in the LQ45 index from the period of 2014 to 2018, with a total of 30 companies collected through purposive sampling. The study applied path analysis techniques using IBM SPSS 23 statistical software. These results indicate that corporate governance simultaneously influences financial performance and tax avoidance. Institutional ownership and audit committees have a positive and significant effect on financial performance. Interestingly, the size of the board of commissioners and independent commissioners were found insignificant to financial performance. To tax avoidance, the size of the board of commissioners, independent commissioners, and the audit board has a significant positive effect, but institutional ownership does not have a significant negative effect on tax avoidance, while financial performance negatively correlates to tax avoidance. Financial performance can mediate institutional ownership of tax avoidance. Differently, other independent variables did not show relationships.
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.
The Effect of Firm Growth, Firm Size, and Asset Structure on the Debt Policy Hasirah Hasirah; Muhammad Ali; Andi Aswan
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.v3i2.447

Abstract

This study aims to examine and analyze the effect of company growth, company size, and asset structure on the debt policy of State-Owned Enterprises in Indonesia. Data collection was carried out by using descriptive quantitative methods, using secondary data instruments on the annual financial statements of state-owned companies listed in the Indonesia Stock Exchange for the period of the year 2013-2019. The research sample used the purposive sampling method with certain criteria from 133 companies and resulted in 17 companies with 112 data samples. The data were analyzed using multiple regression analysis with the help of the SPSS AMOS version 2.0 application. The results showed that company growth had a positive and significant effect on debt policy. Furthermore, the results show that company size has a positive and significant effect on debt policy. The analysis also shows that the asset structure indicates a positive and significant relationship to debt policy
Analysis of Investment Risk and Return Muchdi Alwi; Muhammad Ali; Fauzi R Rahim
Hasanuddin Journal of Business Strategy Vol 4 No 1 (2022): Hasanuddin Journal of Business Strategy
Publisher : Magister Management, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hjbs.v4i1.518

Abstract

This study aims to determine the level of risk and return on shares obtained by PT. Jiwasraya during the 2017-2020 period using the CAPM method. The sample used is purposive sampling based on certain criteria, namely the troubled shares owned PT. Jiwasraya for the 2017-2020 period. The results of this study indicate that 2 of the 24 shares were risky (β > 1) like SIMA shares with beta (1,981777) and PCAR with beta (16,323271), which means this stock is an aggressive stock. There are 23 out of 24 stocks that provide a return below the expected return such as the BNBR stock return, namely (0) with an expected return (0,00387) which means that the return obtained by PT. Jiwasraya is not as expected.
Co-Authors Abdul Hamid Habbe Andi Aswan Eka Afnan Troena Fauzi R Rahim Gusti Eka Setiawati Hasirah Hasirah Kasman Damang Muchdi Alwi Muhammad Sobarsyah Rusni Syamsuddin