Articles
<![CDATA[PENGARUH UMUR PERUSAHAAN DAN UKURAN PERUSAHAN SEBAGAI ASSURANCE TERHADAP RETURN AWAL SAHAM ]]>
<![CDATA[SUGENG WAHYUDI]]>
<![CDATA[ Jurnal Bisnis dan Akuntansi Vol 6 No 2 (2004): Jurnal Bisnis dan Akuntansi ]]>
Publisher : <![CDATA[Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (1841.813 KB)
|
DOI: 10.34208/jba.v6i2.574
<![CDATA[Assurance mempunyai arti yang sangat penting ketika pada hubungan antara emiten, penjamin emisi dan investor terjadi asimetri informasi. Pengembangan model pada penelitian menempatkan variabel prakualifikasi penjamin emisi sebagai veriabel intervening dalam kaitan hubungan antara emiten dengan investor pada peristiwa penawaran umum perdana. Hubungan antara emiten dengan penjamin emisi dalam proses penawaran umum perdana dapat menciptakan asimetri informasi. Adanya asimetri informasi lebih lanjut akan merugikan para investor. Para investor memerlukan adanya assurance bahwa harga saham di pasar sekunder sesudah listing, tidak jatuh lebih rendah dari harga belinya di pasar perdana. Studi ini dilakukan di Bursa Efek Jakarta (BEJ) pada 108 perusahaan yang telah menyelengggarakan proses Penawaran umum Perdana dalam kurun waktu 1997-2002. Untuk analisis digunakan motode Stuctural Equation Modelling (SEM) untuk klepentingan menganalisis hubungan variabel secara langsung dan tidak langsung. Penelitian ini mencoba mengungkapkan pengaruh dari variabel assurance berupa umur perusahaan dan ukuran perusahaan tehadap prakualifikasi penjamin emisi dan return awal saham paska penawaran umum perdana. Variabel ukuran perusahaan melalui prakualifikasi penjamin emisi berpengaruh secara signifikan terhadap tingkat kembalian awal saham paska penawaran umum perdana. Semakin besar perusahaan berarti ketidakpastiannya semakin rendah dan returnnya juga semakin relatif rendah dan demikian sebaliknya. Variabel umur perusahaan melalui prakualifikasi penjamin emisi berpengaruh secara signifikan terhadap tingkat kembalian awal saham paska penawaran umum perdana. Semakin panjang umur perusahaan berarti semakin berpengalaman mengantisipasi kemungkinan yang terjadi. Implikasinya bagi perusahaan yang belum berumur perlu bersinergi dengan perusahaan yang sudah berumur tatkala akan bermaksud menyelenggarakan IPO. Hasil penelitian ini dapat merumuskan dan membuktikan bahwa variabel umur perusahan dan ukuran perusahaan merupakan variabel signaling kategori tidak langsung. Variabel tersebut baru merupakan signal yang nyata pengaruhnya ketika melalui prakualifikasi penjamin emisi sebagai variabel intervening atau baru menjadi signifikan sewaktu dikaitkan pengaruhnya terhadap prakualifikasi penjamin emisi dan tingkat kembalain awal saham paska penawarn umum perdana. Berdasarkan hasil uji analisis faktor, maka variabel umur perusahaan dan variabel umur perusahaan dan variabel ukuran perusahaan dinyatakan memenuhi syarat sebagai indikator dari variabel assurance. Upaya assurance yang dilakukan oleh emiten melalui prakualifikasi penjamin emisi berpengaruh signifikan terhadap return awal paska penawaran umum perdana. Dengan demikian penelitian ini dapat merumuskan dan membuktikan bahwa sebagai intervening variabel, prakualifikasi penjamin emisi terbukti berperan positip mengurangi tejadinya asimetri informasi dengan cara menjembatani dan memperkuat assurance perusahaan pada pasar. Pada paska penawaran umum perdana return awal saham yang tercipta dalam jangka pendek terbukti lebih besar dari return jangka panjang (satu tahun) sesudah penawaran umum perdana. Dengan demikian hasil peneliatan ini memperkuat pernyataan bahwa konsep return pada penawaran umum perdana lebih merupakan fenomena jangka pendek. Implikasinya diperlukan peningkatan good governance pada pengembangan bursa efek untuk menuju pasar modal yang efisien.]]>
<![CDATA[Does The Crude Palm Oil Market Walk Randomly? ]]>
<![CDATA[Dolly Parlagutan Pulungan]]>;
<![CDATA[Sugeng Wahyudi]]>;
<![CDATA[Suharnomo Suharnomo]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (287.168 KB)
|
DOI: 10.26905/jkdp.v22i2.2023
<![CDATA[Study about the efficiency of the capital market has been extensively conducted, but it is still lack of research on the efficiency of other financial markets such as commodity markets. This study specifically examines market efficiency in a weak form in a commodity market, especially in the crude palm oil (CPO) market. The purpose of this research is to analyze the weak form efficiency of the CPO market. Data used in this research is monthly CPO closing price data in 2010-2017 from Bursa Malaysia Derivative Exchange (BMD). This data was obtained from the Malaysian Palm Oil Council (MPOC). The analysis tool used is Runs Test, following by Unit Root Test and Correlogram as robustness checking. The result of this study shows that the CPO market is being efficient in a weak form. This shows that CPO price walks randomly so that the technical analysis cannot be applied to predict the CPO price. The result of this study suggests to both of CPO traders, and CPO speculators in their transaction on BMD do not rely on technical analysis.JEL Classifications: G14; Q02DOI: https://doi.org/10.26905/jkdp.v22i2.2023]]>
<![CDATA[Performance Evaluation of Equity Mutual Funds in Indonesia ]]>
<![CDATA[Irene Rini Demi Pangestuti]]>;
<![CDATA[Sugeng Wahyudi]]>;
<![CDATA[Robiyanto Robiyanto]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (252.64 KB)
|
DOI: 10.26905/jkdp.v21i4.1503
<![CDATA[Mutual funds considered an investment alternative for investors. One type of mutual fund that attracts many investors was the equity mutual funds. Equity mutual fund a type of mutual funds that most part of the investment consists of stocks in the capital market so the risk rate was higher than the other types of mutual funds. For its different characteristic, the measurement for equity funds performance did not be same with other types of mutual funds. As a stock portfolio, equity mutual funds can measure with portfolio measurement methods such as Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index, Adjusted Jensen Index, and Sortino Ratio. This study was conducted by using all of those performance measurements as most research in Indonesia was conducted by using limited performance measurements (focusing on Sharpe Index, Treynor Ratio, and Jensen Index). This study aims to evaluate the performance of 42 equity mutual funds available in Indonesia by employing Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index (ASI), Adjusted Jensen Index (AJI), and Sortino Ratio because most previous researches in Indonesian setting disregards ASI and AJI. In general, it was concluded that the SAM Indonesian Equity was the best-performing equity fund during the study period. It was further found that most equity mutual fund studied have been well diversified.DOI: https://doi.org/10.26905/jkdp.v21i4.1503]]>
<![CDATA[MEKANISME BONDING DAN NILAI PERUSAHAAN ]]>
<![CDATA[M. Budi Widiyo Iryanto]]>;
<![CDATA[Sugeng Wahyudi]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (252.135 KB)
|
DOI: 10.26905/jkdp.v14i3.979
<![CDATA[This study aimed to analyze the role of agency costs mediating the relationship between the mechanism ofbonding and the company values, and analyze the role of the corporate environment moderating therelationship between the mechanism of bonding and the value of the company. Industrial sector nonfinancialcompanies listed on the Indonesia Stock Exchange as an object of research for the period 2006-2008. Based on purposive sampling method, it obtained samples of 46 companies or 138 units of analysis.Completion estimated path model approach Partial Least Square (PLS) through Smart PLS software version2.0 M3. The findings of this study are the remuneration as a bonding mechanism had a significant positiveeffect on firm value. Equity agency costs mediated the influence of bonding mechanisms of corporate value,while the agency costs of debt did not mediate the effect of bonding mechanism to value the company. Itmoderated the relationship between corporate environmental and bonding mechanism to value the company.Finally, the study found evidence of practices of public companies control agency problem in Indonesiasupported the integration of contingency theory and agency theory.]]>
<![CDATA[The Volatility–Variability Hypotheses Testing and Hedging Effectiveness of Precious Metals for the Indonesian and Malaysian Capital Markets ]]>
<![CDATA[Robiyanto Robiyanto]]>;
<![CDATA[Sugeng Wahyudi]]>;
<![CDATA[Irene Rini Demi Pangestuti]]>
<![CDATA[ Gadjah Mada International Journal of Business Vol 19, No 2 (2017): May-August ]]>
Publisher : <![CDATA[Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (882.816 KB)
|
DOI: 10.22146/gamaijb.26260
<![CDATA[This study evaluates the use of futures contracts for precious metals to hedge against stock market risks and their hedging effectiveness on the Indonesian Stock Exchange (IDX) and the Kuala Lumpur Stock Exchange (KLSE). This study found that gold was the most effective hedging instrument, since it produced the highest hedging effectiveness both on the IDX and the KLSE among the other precious metals. None of the hedged portfolios had a higher Sharpe’s ratio than the unhedged one on the IDX; however, all the hedged portfolios on the KLSE had a higher Sharpe’s ratio than the unhedged ones. Almost all the hedged portfolios could produce a higher Treynor’s ratio than the unhedged portfolios, both on the IDX and the KLSE. In general, this study concluded that studying some precious metals could reduce the investment risk, which was shown through the variance produced by the smaller portfolios, while gold can improve the risk-adjusted performance.]]>
<![CDATA[Entrepreneurial finance: financing antecedents and SMEs performance ]]>
<![CDATA[Maria Rio Rita]]>;
<![CDATA[Sugeng Wahyudi]]>
<![CDATA[ Journal of Economics, Business, & Accountancy Ventura Vol 21, No 3 (2018): December 2018 - March 2019 ]]>
Publisher : <![CDATA[STIE Perbanas Surabaya ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.14414/jebav.v21i3.1497
<![CDATA[Various previous research has been conducted on the relationship between a cognitive bias and financing decisions by entrepreneurs. Besides that, it still needs to be examined whether a cognitive bias is related with SMEs performance through company finances. The purpose of this research is to test financing antecedents and SMEs performance. One kind of a creative industry, batik SMEs that are located in Pekalongan, Central Java, Indonesia, are the object of this research. There were 190 respondents chosen from batik entrepreneurs. The holistic testing of this empirical model used structural equation modelling (SEM) with an AMOS program. The research results found that an entrepreneur’s cognitive bias has a significant positive bias towards financing. Meanwhile, entrepreneurial orientation and financing also are proven to have a significant positive influence towards SMEs performance. No entrepreneurial orientation influence was discovered towards SMEs performance. Furthermore, the output analysis revealed there is an indication of a strong relationship between a cognitive bias and entrepreneurial orientation. Therefore, this model can be revised, developed, and retested by considering the agenda of this research to enrich insights in the entrepreneurial finance sphere.]]>
<![CDATA[The effect of financial performance, IOS, and firm size on cash holdings: the role of dividend policy as moderating variable ]]>
<![CDATA[Woen Cliff Wibowo]]>;
<![CDATA[Sugeng Wahyudi]]>
<![CDATA[ Diponegoro International Journal of Business Vol 2, No 2 (2019) ]]>
Publisher : <![CDATA[Department of Management | Faculty of Economics and Business | Universitas Diponegoro ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
Full PDF (709.289 KB)
|
DOI: 10.14710/dijb.2.2.2019.96-106
<![CDATA[This study aims to determine and analyze the effect of financial performance (profitability, leverage, capital expenditure, liquid asset substitute), IOS, and company size on cash holding by using dividend policy as a moderating variable. The number of samples of this study was 108 observations of non-financial companies in the LQ 45 Index for the period of 2011-2016. The results of moderated regression analysis (MRA) shows that profitability has a positive effect on cash holding, while leverage, liquid asset substitute, IOS, and firm size have negative effect on cash holdings. The results of this study also show that dividend policy can be a moderating variable which weakens the positive effect of profitability on cash holding and strengthens the negative effect of capital expenditure, but the dividend policy is not able to moderate the influence of leverage on cash holding. As a result, the companies were able to make large dividend payouts to reduce the excessive amount of cash holding that managers often abused for their own benefits and increasingly prospering investors with a given dividend.]]>
<![CDATA[Analysis of factors affecting profitability of sharia commercial banks: evidence from Indonesia ]]>
<![CDATA[Adhi Widyakto]]>;
<![CDATA[Sugeng Wahyudi]]>
<![CDATA[ Diponegoro International Journal of Business Vol 4, No 2 (2021) ]]>
Publisher : <![CDATA[Department of Management | Faculty of Economics and Business | Universitas Diponegoro ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.14710/dijb.4.2.2021.95-104
<![CDATA[The purpose of this research is to find out the consequences of CAR, LDR, NIM, and FDR on the Profitability of Islamic Commercial Banks in Indonesia in the 2015 - 2019 period. Profitability is proxied by ROA as a measure of the amount of profit generated. The sample used in this study is Islamic commercial bank in Indonesia, which has quarterly reports in the 2015 - 2016 period. The number of samples used is 18 banks which are taken by purposive sampling method. The analytical method of this study uses multiple linear regression with the SPSS 25 program which previously had passed the classical assumption test. The results of this research show that CAR has a good and significant impact on ROA. LDR has a bad and significant impact on ROA. NIM has a good and significant impact on ROA. FDR has a good and significant impact on ROA.]]>
<![CDATA[Hak Paten Merek Sebagai Perlindungan Hukum dan Keberlanjutan Bisnis UMKM Kopi Lelet Cangkir dalam Bersaing ]]>
<![CDATA[Hersugondo Hersugondo]]>;
<![CDATA[Sugeng Wahyudi]]>;
<![CDATA[Ahyar Yuniawan]]>;
<![CDATA[Idris Idris]]>
<![CDATA[ Jurnal Surya Masyarakat Vol 4, No 2 (2022): Mei 2022 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Semarang ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.26714/jsm.4.2.2022.257-263
<![CDATA[Coffee is a popular Indonesian farmer's plant, coffee products have become a drink that is much favored by all levels of society and has even become a source of foreign exchange earnings from coffee exports. The demand for good coffee for local consumption and even imports continues to increase, the proliferation of shops that provide coffee drinks is increasingly driving the increase in demand for coffee products so that it is necessary to continue to be encouraged by MSMEs that are able to provide coffee products to meet the increasing demand. People's habits and hobbies of consuming coffee encourage a lot of coffee processing businesses to appear. One of the interesting things in Rembang Regency is the habit of consuming slow coffee. Lelet Coffee. et cup Rembang Regency is one of the coffee business actors that has good business development potential. The results of the survey and observations were continued by providing managerial and entrepreneurship training as well as assistance and various facilitation. The PKM team sees that the large business value in Kopi Lelet Cangkir needs to be protected with legal protection, especially brand rights. By having a patent for the Kopi Lelet cup brand, you will be more confident in your business competition so that you will be able to have a competitive advantage and long-term business sustainability.]]>
<![CDATA[Hak Paten Merek Sebagai Perlindungan Hukum dan Keberlanjutan Bisnis UMKM Kopi Lelet Cangkir dalam Bersaing ]]>
<![CDATA[Hersugondo Hersugondo]]>;
<![CDATA[Sugeng Wahyudi]]>;
<![CDATA[Ahyar Yuniawan]]>;
<![CDATA[Idris Idris]]>
<![CDATA[ Jurnal Surya Masyarakat Vol 4, No 2 (2022): Mei 2022 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Semarang ]]>
Show Abstract
|
Download Original
|
Original Source
|
Check in Google Scholar
|
DOI: 10.26714/jsm.4.2.2022.257-263
<![CDATA[Coffee is a popular Indonesian farmer's plant, coffee products have become a drink that is much favored by all levels of society and has even become a source of foreign exchange earnings from coffee exports. The demand for good coffee for local consumption and even imports continues to increase, the proliferation of shops that provide coffee drinks is increasingly driving the increase in demand for coffee products so that it is necessary to continue to be encouraged by MSMEs that are able to provide coffee products to meet the increasing demand. People's habits and hobbies of consuming coffee encourage a lot of coffee processing businesses to appear. One of the interesting things in Rembang Regency is the habit of consuming slow coffee. Lelet Coffee. et cup Rembang Regency is one of the coffee business actors that has good business development potential. The results of the survey and observations were continued by providing managerial and entrepreneurship training as well as assistance and various facilitation. The PKM team sees that the large business value in Kopi Lelet Cangkir needs to be protected with legal protection, especially brand rights. By having a patent for the Kopi Lelet cup brand, you will be more confident in your business competition so that you will be able to have a competitive advantage and long-term business sustainability.]]>
