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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Ilmu Sosial dan Humaniora Jurnal Keuangan dan Perbankan Jurnal JSIKA Jurnal Farmasi Klinik Indonesia IMAGE Proceeding SENDI_U Edukasi: Jurnal Pendidikan Jurnal Pendidikan Informatika dan Sains Farmasains : Jurnal Ilmiah Ilmu Kefarmasian Jurnal Organisasi Dan Manajemen JTAM (Jurnal Teori dan Aplikasi Matematika) JSFK (Jurnal Sains Farmasi & Klinis) JSiI (Jurnal Sistem Informasi) International Journal of Social Science and Business Seminar Nasional Lahan Suboptimal GERVASI: Jurnal Pengabdian kepada Masyarakat Atma Jaya Accounting Reseach (AJAR) Jurnal Ekonomi Dan Bisnis SOCIAL CLINICAL PHARMACY INDONESIA JOURNAL Jurnal Sistem Informasi Universitas Dinamika Pharmaceutical Sciences and Research (PSR) Indonesian Capital Market Review Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Nanggroe: Journal Of Scholarly Service Nanggroe: Journal of Scholarly Service Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) International Research Journal of Business Studies Indonesian Journal of Jamu
Robiyanto Robiyanto, Robiyanto
Jurusan Teknik Sipil Fakultas Teknik Universitas Lampung.
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Simulation-Based Pricing and Settlement Price Distributions of Indonesian Structured Warrants Sasongko, Leopoldus Ricky; Mahatma, Tundjung; Robiyanto, Robiyanto
JTAM (Jurnal Teori dan Aplikasi Matematika) Vol 9, No 2 (2025): April
Publisher : Universitas Muhammadiyah Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31764/jtam.v9i2.29282

Abstract

The Indonesian capital market has experienced significant growth, marked by the introduction of Structured Warrants (SWs) as innovative financial instruments. This study aims to develop a robust simulation-based pricing model for Indonesian Call SWs utilizing the Geometric Brownian Motion (GBM) framework and to determine their settlement price distributions. Monte Carlo simulations were employed to accurately capture the specific characteristics of Indonesian Call SWs, notably their average-price settlement mechanism and conversion rates. The results indicate that the settlement prices conform to a lognormal distribution, validating the GBM assumption and aligning with key trading metrics such as implied volatility, which is widely utilized in the Indonesian SW market. Additionally, the Symmetrical Auto Rejection rule, which imposes realistic constraints on underlying asset price movements, significantly enhances model realism and better reflects actual market conditions. The findings reveal that simulated Indonesian Call SW prices are slightly lower compared to values derived from the Black-Scholes model adjusted for conversion rates, highlighting opportunities for further refinement of pricing methodologies. Investors can leverage these insights to better assess risks and returns by anticipating volatility and price trends, with paying close attention to conversion rates and settlement mechanisms. Issuers may benefit from improved pricing accuracy, thus minimizing mispricing risks, while regulators can utilize this research to assess current market rules and design policies aimed at increasing market efficiency and transparency. 
Corporate Finance and Firm Value in The Indonesian Manufacturing Companies Handriani, Eka; Robiyanto, Robiyanto
International Research Journal of Business Studies Vol. 11 No. 2 (2018): August-November 2018
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.11.2.113-127

Abstract

This study examines the impact of dividend policy, investment decision, and funding policy on firm value in the Indonesian manufacturing companies. This study was conducted by using 178 manufacturing companies listed in the Indonesia Stock Exchange (IDX) during the period 2009 - 2016. Samples were taken by using a purposive sampling method. This study aims to examine the firm value’s main determinants of the manufacturing companies in Indonesia based on basic theory of capital structure through building theoretical model. Partial Least Square through path analysis was used to analyze the data. The findings shows that dividend policy, investment decision, and funding policy have a positive impact on the Indonesian manufacturing companies’ firm value. This study supports the theory of pecking order and agency theory.
Determinants of the Stock Price Volatility In the Indonesian Manufacturing Sector Handayani, Heny; Muharam, Harjum; Mawardi, Wisnu; Robiyanto, Robiyanto
International Research Journal of Business Studies Vol. 11 No. 3 (2018): December 2018 - March 2019
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.11.3.179-193

Abstract

This study aimed to analyze the influence of return on equity, debt to equity ratio, sales growth, firm size, cash ratio, and dividend payout ratio to stock price volatility companies listed on the Indonesia Stock Exchange in the period 2011-2015. The populations of this study are all manufacturing companies listed in Indonesia Stock Exchange (IDX) in the period 2011 to 2015. It obtained eight companies samples with technique purposive sampling method. The data analysis technique used is the regression model panel then be adjusted again by using GARCH (Generalized Autoregressive Conditional Heteroscedasticity). The results showed that the volatility of the stock price only affect without any effect ARCH-GARCH therein. Determining the best models of each prediction is based on estimated volatility GARCH (p, q). The determination of whether there is influence of the factors believed to be the determinants of stock price volatility was done by using panel data regression analysis. The results of panel data regression analysis showed that the company’s stock price volatility in the research samples can be explained by 4.84% by ROE, CR, DER, DPR, company size and sales growth while the remaining 95.16% explained by other variables outside the research. Only sales growth has significant positive effect on stock price volatility.
Exchange Rate and Gold Price’s Effect on Jakarta Composite Index during Ukraine-Russian War Gunadi, Patrisinus Ceasar; Robiyanto, Robiyanto
AJAR Vol. 7 No. 01 (2024): Atma Jaya Accounting Research (AJAR)
Publisher : Magister Akuntansi - Universitas Atma Jaya Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35129/ajar.v7i01.483

Abstract

This research aims to examine how exchange rates and gold prices influence the Indonesia Composite Index during the Ukrainian and Russian wars. The research object used in this research is the USD/IDR exchange rate, gold prices and Jakarta Composite Index (JCI) from February 24, 2022 to October 25, 2023. The data analysis technique uses Generalized Autoregressive Conditional Heteroscedasticity (GARCH). The results of this research indicate that the research model follows GARCH patterns. Furthermore, Rupiah exchange rate against the Dollar does not significantly influence the Indonesia Composite Index. Meanwhile, the price of gold influences significantly and has a positive influence on the Indonesia Composite Index. In conclusion, investors can pay attention to the price of gold because the price of gold has a significant influence in a positive direction on the Indonesia Composite Index.
Uji Fisikokimia dan Uji Iritasi Sabun Antiseptik Kulit Daun Aloe vera (L.) Burm. f Untari, Eka Kartika; Robiyanto, Robiyanto
Jurnal Jamu Indonesia Vol. 3 No. 2 (2018): Jurnal Jamu Indonesia
Publisher : Tropical Biopharmaca Research Center, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jji.v3i2.54

Abstract

Tanaman lidah buaya merupakan tanaman khas Kalimantan Barat yang memiliki sifat antibakteri, sehingga pada penelitian ini menjadi bahan baku utama pada sediaan sabun cair. Pada penelitian sebelumnya sediaan sabun cair antiseptik lidah buaya ini berpotensi sebagai antiseptik pada penderita ulkus diabetik, oleh karena itu diperlukan uji iritasi sebelum diberikan kepada penderita. Tujuan penelitian adalah untuk menguji sifat fisikokimia dan menentukan ada atau tidaknya efek iritasi akibat pemberian sabun cair lidah buaya pada partisipan sehat. Desain penelitian untuk uji iritasi adalah penelitian eksperimental one group pre-test and post test design yang melibatkan 12 orang partisipan. Formulasi sabun cair terdiri dari infus kulit daun lidah buaya, minyak jarak, KOH, HPMC, asam stearat, gliserin, BHT, dan akuades. Sabun cair diujikan sifat fisikokimia sebelum dilakukan uji iritasi. Uji iritasi menggunakan metode open patch test dengan mengoleskan satu kali sehari sebanyak 2 mL sabun cair ke daerah tengkuk selama 3 hari berturut-turut. Pengamatan efek iritasi pada 30 menit, 1 hari dan 3 hari setelah pengolesan. Hasil uji iritasi yang diperoleh bahwa tidak terdapat gejala iritasi berupa rasa gatal, kemerahan, kulit bengkak, dan rasa perih pada semua partisipan. Berdasarkan hasil uji tersebut dapat disimpulkan bahwa sabun cair lidah buaya tidak memiliki efek iritasi pada kulit partisipan sehat.
PENGARUH STRUKTUR MODAL DAN STRUKTUR KEPEMILIKAN TERHADAP KINERJA PERUSAHAAN DENGAN CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI Anggreni, Maretha Kris Dwi; Robiyanto, Robiyanto
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol. 10 No. 2 (2021): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Tanjungpura

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (405.692 KB) | DOI: 10.26418/jebik.v10i2.45162

Abstract

ABSTRACT This study aims to examine the effect of capital structure and ownership on company performance with moderation of corporate governance in trade, service and investment sector companies in 2016- 2019. The research data was obtained from the Indonesian Capital Market Directory (ICMD) and the annual financial reports listed on the Indonesia Stock Exchange. The total sample obtained based on the purposive sampling method was 76 samples and tested using the Eviews 9 analysis tool. The analysis technique used panel data regression analysis and Moderated Regression Analysis (MRA). Capital structure and corporate governance as proxied by the role of independent commissioners are proven to improve company performance. The implication of this research is to provide empirical evidence regarding the role of corporate governance in moderating capital structure and ownership structure on company performance. The use of debt in the capital structure can have a positive influence on the company's performance. So the applied implication for the company is that it can increase debt in its capital structure by taking into account the optimal point. In addition, companies can optimize the role of independent commissioners as corporate governance to improve supervision within the company so as to improve company performance. ABSTRAKPenelitian ini bertujuan menguji pengaruh struktur modal dan kepemilikan terhadap kinerja perusahaan dengan moderasi corporate governance pada perusahaan sektor perdagangan, jasa dan investasi tahun 2016-2019. Data penelitian ini diperoleh dari Indonesian Capital Market Directory (ICMD) dan laporan keuangan tahunan yang tercatat pada Bursa Efek Indonesia. Total sampel diperoleh berdasarkan metode pengumpulan data purposive sampling adalah sebanyak 76 sampel dan diuji menggunakan alat analisis Eviews 9. Teknik analisis pada penelitian ini menggunakan analisis regresi data panel dan Moderated Regression Analysis (MRA). Variabel struktur modal serta variabel moderasi corporate governance yang diproksikan dengan peran komisaris independen terbukti dapat meningkatkan kinerja perusahaan. Implikasi dari penelitian ini adalah memberikan bukti secara empiris terkait peran corporate governance dalam memoderasi struktur modal dan struktur kepemilikan terhadap kinerja perusahaan. Penggunaan utang pada struktur modal mampu memberikan pengaruh positif terhadap kinerja perusahaan. Maka implikasi terapan bagi perusahaan yaitu dapat meningkatkan utang pada struktur modalnya dengan memperhatikan titik optimal. Selain itu, perusahaan dapat mengoptimalkan peran komisaris independen sebagai corporate governance untuk meningkatkan pengawasan dalam perusahaan sehingga meningkatkan kinerja perusahaan.JEL : G30, G32, G34
Korelasi Dinamis Antara Pergerakan Harga Minyak Dunia dan Indeks Harga Saham Sektoral di Bursa Efek Indonesia Safitri, Yunita Dewi; Robiyanto, Robiyanto
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol. 9 No. 3 (2020): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Tanjungpura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v9i3.42949

Abstract

Changes in the situation that move very quickly on the commodity market have an impact on financial markets, one of which is the stock market in Indonesia. Therefore this study aims to examine the dynamic correlation between the movement of world oil prices and the Sectoral Stock Price Index listed on the Indonesia Stock Exchange (IDX). The data used is obtained from secondary data in the form of daily closing price data for world oil prices and Sectoral Stock Price Index from January 2017 to June 2020. The analysis technique used is Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroscedasticity (DCC-GARCH), due to previous studies mostly using a static approach. The results of this study show that the DCC-GARCH value between world oil prices (Brent and WTI) and Sectoral Stock Price Index tends to be very weak. A negative dynamic correlation was also found in the Consumer Goods Sector. This research can be a reference for investors who want to invest stocks in Indonesia by looking at the correlation between world oil prices and the Sectoral Stock Price Index.
Pengaruh Perubahan Harga Emas, Harga Minyak Dunia, Tingkat Suku Bunga BI, dan Nilai Tukar Terhadap Return Saham Pada Indeks Harga Saham Gabungan (IHSG) dan Jakarta Islamic Index (JII) Sari, Ardilla Putri Naina; Robiyanto, Robiyanto; Frensidy, Budi
Jurnal Ekonomi dan Bisnis Vol. 27 No. 1 (2024): JURNAL EKONOMI DAN BISNIS MARET 2024
Publisher : Fakultas Ekonomi dan Bisnis Universitas Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31941/jebi.v27i1.2146

Abstract

This study examines the effect of the USD/IDR exchange rate, BI rate, gold price, and oil price on the return of the Jakarta Composite Index (JCI) and Jakarta Islamic Index (JII) from 2015-2021. The data used in this study is secondary data, data obtained from the monthly closing price of each variable sourced from the IDX website, yahoo finance, the official website of the Indonesian Central Bank, www.lbma.org.uk, www.eia.gov. Sampling was carried out using purposive sampling technique with the number of samples obtained was the closing price of 84 months. The analytical technique used in this study is multiple regression analysis with the Ordinary Least Square (OLS) method. The results obtained in this study indicate that BI rate and the USD/IDR exchange rate have a negative effect on the return of the JCI and JII. Gold prices have a negative effect on the JCI, while the JII has a positive effect. And the oil price variable shows a positive effect on JCI, and negative on JII.
Performance Evaluation of Stock Price Indexes in the Indonesia Stock Exchange Robiyanto, Robiyanto
International Research Journal of Business Studies Vol. 10 No. 3 (2017): December 2017 - March 2018
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.10.3.173-182

Abstract

This study evaluates the performance of stock price indexes in the Indonesia Stock Exchange by using Sharpe Index, Treynor Ratio,Jensen Alpha, Adjusted Sharpe Index, Adjusted Jensen Index and Sortino Ratio. The stock price indexes evaluated are the Jakarta Composite Index (JCI), Sectoral Index consisting of 10 sectoral stock price indexes, LQ45 Index, Jakarta Islamic Index (JII), Kompas100Index, BISNIS-27 Index, PEFINDO25 Index, SRI-KEHATI Index, Main Board Index (MBX), Developed Board Index (DBX). Data used in thisresearch is daily closing data of stock price indexes studied and riskfree interest rate represented by BI rate during period January 3, 2011, until July 17, 2017. Data were obtained from Bloomberg. The results of this study indicate that only three stock price indexes perform better than risk-free and stock-market instruments when calculated by using Sharpe Index, Treynor Ratio, Jensen Alpha, Adjusted Sharpe Index, and Adjusted Jensen Alpha Index. Meanwhile, when calculated by using the Sortino Ratio, the stock price index of miscellaneous industry sector has the best performance.
Co-Authors A. Harijono A.A. Ketut Agung Cahyawan W Adiwidjojo, Enrico Pranata Agus Dwi Churniawan, Agus Dwi Akhmadi Akhmadi Amalia, Yessi Angelina, Ria Anggreni, Maretha Kris Dwi Budi Frensidy, Budi Butarbutar, Ruth Haryati Catherine, Happy Churniawan, Agus Dwi Dwijayati, Bonita Restu Eka Handriani Eka Kartika Untari Fitri, Alya Syafika Gunadi, Patrisinus Ceasar Hadisa, Nurul Harjum Muharam Hartanto, Aldhi Fajar Harwi Kusnadi Heny Handayani Hermiana, Aida Islamy, Muhamad Rido Isnindar Isnindar Jeni, Frima Jusak Jusak Jusak, Jusak Komala Inggarwati, Komala Kusuma, Ria Lakaba, Angriana Leopoldus Ricky Sasongko Lestari, Urai Indah Rachmawati Liana, Jesica Luliana, Sri Marsela, Marsiana Melcin, Sella Angelina Mikasari, Wilda Nafiah, Ilma Nera Umilia Purwanti, Nera Umilia Nugroho, Ainine Devara Nurlita, Eva Nurmainah Nurmainah Nurohman, Nurohman Potto, Otniel Syebastian Agusto Pratiwi Apridamayanti, Pratiwi Pratiwi, Nabilla Putri Pratiwi, Siska Gita Priyanto, Aldi Rahmadani, Ardha Laila Reni Haerani Rosmimi, Monika Rufi'i Safitri, Yunita Dewi Salvatori, Etheldreda Gladys Samuel Martono Sanera, Ferlino Saputra, Ilham Saputri, Aisyah Sari, Ardilla Putri Naina Stefan, Yonatan Alvin Supentri Suraya, Dini Susanti, Ressi Tamara, Sephia Lisa Tundjung Mahatma Wisnu Mawardi Yesmawati, Yesmawati Yuliana, Ashalia Fitri Yunita Yunita