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All Journal Jurnal Manajemen Teknologi Jurnal Ekonomi : Journal of Economic Jurnal Manajemen Teori dan Terapan BAKI (Berkala Akuntansi dan Keuangan Indonesia) MIX : Jurnal Ilmiah Manajemen Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT Syntax Literate: Jurnal Ilmiah Indonesia JURNAL MANAJEMEN INDUSTRI DAN LOGISTIK Owner : Riset dan Jurnal Akuntansi Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan JURNAL PENDIDIKAN TAMBUSAI Journal of Multidisciplinary Academic Jurnal Ilmiah Ekonomi Global Masa Kini JURNAL LENTERA BISNIS Dinasti International Journal of Management Science JMB : Jurnal Manajemen dan Bisnis Accounting Profession Journal (APAJI) Enrichment : Journal of Management Literatus Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Jurnal Ekonomi dan Manajemen Jurnal Cafetaria Jurnal Cahaya Mandalika ETNIK : Jurnal Ekonomi dan Teknik Journal of Economic, Business and Engineering (JEBE) Sinomika Journal: Publikasi Ilmiah Bidang Ekonomi dan Akuntansi Jurnal Manajemen dan Kewirausahaan Economic Reviews Journal Formosa Journal of Sustainable Research (FJSR) MES Management Journal Journal of Accounting and Finance Management (JAFM) Jurnal Magister Akuntansi Trisakti Jurnal Pepadu Jurnal Pengabdian Kepada Masyarakat Ekonomi, Pendidikan, dan Sosial Humaniora Research Horizon Records Management System Journal Social Science Academic IIJSE Jurnal Penelitian Pendidikan Indonesia Asian Journal of Management, Entrepreneurship and Social Science Sasambo: Jurnal Abdimas (Journal of Community Service) JCRIM (Journal of Current Research In Multidisciplinary)
Eka Bertuah
Universitas Esa Unggul
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THE FINANCIAL PERFORMANCE AND MACROECONOMIC FACTORS IN FORMING STOCK RETURN Bertuah, Eka; Sakti, Indra
Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT Vol 4 No S1 (2019): Special Issue Tantangan Bisnis di Era Digital
Publisher : Economic Faculty, Attahiriyah Islamic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (342.451 KB)

Abstract

This research focuses on fundamental and macroeconomic conditions in the formation of stock returns as an empirical test on signaling theory, capital structure theory, and prospect theory. The research sample is companies listed on the BEI property sector with a total of 17 companies that meet the criteria of purposive sampling. The analysis technique uses panel data regression with random effects. The results showed simultaneously that financial performance and macroeconomic factors affect stock returns. The partial test shows that profitability and capital structure do not affect stock returns, while PBV and macroeconomic factors have a positive effect on stock returns. In addition, GDP is the dominant factor affecting stock returns. The implications of this study refer to investors in determining investment strategies, for management in managing companies and for regulators in making economic policy decisions. Keywords: Stock Return, Financial Performance, Macroeconomic, Property Sector
MENDETEKSI FAKTOR PENENTU STRUKTUR MODAL PADA SUB SEKTOR PERDAGANGAN BESAR (WHOLESALER) DAN RETAILER DI INDONESIA YANG GO PUBLIK Suharna, Jaka; Bertuah, Eka
Jurnal Ekonomi : Journal of Economic Vol 11, No 2 (2020): Jurnal Ekonomi : Journal of Economic
Publisher : Lembaga Penerbitan Unversitas Esa Unggul

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47007/jeko.v11i2.3611

Abstract

This research aims to detect the determining factor of capital structure in Wholesaler and Retailer subsector in Indonesia. There are 44 companies used as the research sample; they are the wholesaler and retailer companies as listed in BEI (Indonesia Stock Exchange) during 2013-2017. The data analysis used logistic regression and ANOVA test. The result shows that the sales growth and profitability could be the determining factor in company capital structure. The sales growth has negative effect toward the capital structure. This implies that the higher sales growth, the lesser the debt usage. Besides, profitability has negative effect toward the capital structure. This indicates that the companies with profitability increased would reduce the debt usage as the profit would be used as funding to keep the innovation going in the company. The research result also shows that there are no differences in firm’s values between the high-debt-funding companies and the low-debt-funding companies. This supports the Modigliani-Miller theory which stated that the capital structure doesn’t affect the firm’s values.  Keywords: capital structure, sales growth, profitability
Pendeteksian Market Information yang Mempengaruhi Kerja Bursa Efek Indonesia Bertuah, Eka
Jurnal Ekonomi : Journal of Economic Vol 5, No 2 (2014): Jurnal Ekonomi
Publisher : Lembaga Penerbitan Unversitas Esa Unggul

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47007/jeko.v5i2.1137

Abstract

Tujuan yang ingin dicapai dari penelitian ini adalah melakukan kajian empiris Efficient Market Hipotesis (EMH) dan melihat apakah terjadi anomali pasar berdasarkan return yang diperoleh dari pembentukan portfolio winner dan loser.Objek penelitian yang dipilih adalah saham LQ 45 yang terdaftar di BEI pada Tahun 2009 sampai dengan 2013. Metode analisis data yang digunakan adalah clustered analysis yang digunakan untuk membentuk kelompok-kelompok portfolio winner dan losser yang mempunyai konsekuensi terhadap Efficient Market Hipotesis (EMH). Selanjutnya akan disusun suatu strategi dalam perspektif manajemen agar investor melakukan investasi dengan lebih cerdas (sophisticated) dalam jangka panjang.Kata kunci: anomali pasar, portfolio winner, portfolio loser
IMPLIKASI STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN MELALUI KEPUTUSAN KEUANGAN Bertuah, Eka
Jurnal Ekonomi : Journal of Economic Vol 6, No 02 (2015): Jurnal Ekonomi
Publisher : Lembaga Penerbitan Unversitas Esa Unggul

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47007/jeko.v6i02.1524

Abstract

Abstrak Tujuan yang ingin dicapai dalam penelitian ini adalah menguji faktor-faktor yang mempengaruhi nilai perusahaan dalam hal ini struktur kepemilikan dan keputusan keuangan. Nilai perusahaan diukur dengan rasio Harga terhadap Nilai Buku sebagai cerminan nilai pasar atas manajemen dan organisasi sebagai perusahaan yang bertumbuh. Populasi penelitian adalah perusahaan manufaktur yang listing di Bursa Efek Indonesia (BEI). Teknik pengambilan sampel menggunakan metode purposive sampling, dengan kriteria perusahaan manufaktur yang memberikan dividen tunai. Periode penelitian selama dua tahun, yaitu 2012-2013 dengan menggunakan data laporan keuangan. Hasil penelitian menunjukkan bahwa (1) Struktur kepemilikan manajerial berpengaruh terhdap keputusan investasi dan keputusan pendanaan, tetapi tidak berpengaruh terhadap kebijakan dividen; (2) Struktur kepemilikan institusional tidak berpengaruh terhadap keputusan pendanaan dan nilai perusahaan; (3) Keputusan pendanaan berpengaruh terhadap nilai perusahaan; (4) Struktur kepemilikan manajerial berpengaruh terhadap nilai perusahaan baik secara langsung maupun secara tidak langsung melalui keputusan pendanaan. Kata kunci: Struktur kepemilikan, keputusan investasi, keputusan pendanaan, kebijakan dividen, nilai perusahaan.
PROFITABILITY AS THE MAIN DETERMINING FACTOR OF THE FIRM VALUE Derudebu Talunohi; Eka Bertuah
Berkala Akuntansi dan Keuangan Indonesia Vol. 7 No. 1 (2022): Berkala Akuntansi dan Keuangan Indonesia
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/baki.v7i1.29961

Abstract

This research finds out how profitability plays to the firm value, both as a factor that directly affects and also as a factor that can mediate the structure of capital, the growth of the company and the size of the company to the value of the company. The research population is a food and beverage sub-sector company registered in the IDX Period 2015-2019. Using the purposive sampling method, the research sample used 12 companies and there were 60 observed data. This study used regression analysis of panel 2 SLS data. Results show GLS (Generalized Least Square) with Random Effect Model as the best estimates model. Results showed that profitability affects the value of the company while the capital structure, company’s growth and size have no effect on the firm value. Profitability can mediate the influence of capital structure and size on the firm value, but profitability does not mediate the influence of a company's growth on the firm value.
Optimalization Stock Portfolio Based on Single Index Model over Bullish and Bearish Market: Case Study on LQ45 Manufacturing Company Yandi Ikadarma; Eka Bertuah
Journal of Multidisciplinary Academic Vol 3, No 1 (2019): Science, Engineering and Social Science Series
Publisher : Penerbit Kemala Indonesia

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Abstract

This study aimed to determine the optimalization stock portfolio as a basis of investment inside company stocks in LQ45 on Indonesia Stock Exchange. In this research, we use data observation from January 2013 to December 2017 with quantitative method to obtain population over 11 manufacturing companies based single index model. The results showed 5 stocks became to portfolio candidates from the 11 candidate stocks studied which is 5 optimal portfolio shares had a return of 0.019 or equal 1.98% per month. Here, the 5 optimal portfolio have a risk and must be faced by investors shares around 0.007 or equal to 0.07%. The 5 optimal portfolio namely UNVR, ICBP, GGRM, KLBF, and INDF to share over investors. The fund proportion can be invested by 5 shares such as UNVR, ICBP, GGRM, KLBF, and INDF are equal 56.06%, 16.14%, 7.86%, 16.42% and 3.52%, respectively. The Return on bullish conditions shows that the portfolio returns is calculated from selected five stocks to obtain optimal portfolio formation reached 0.021. Furthermore, the return on bearish conditions have risk value more than 0.008. Thus, the optimal portfolio in bullish conditions can reduced investment risk more than 0.011 poins. Thus, the optimal portfolio can be reduced risk value over low level in bearish conditions in LQ45 manufacturing company in near future
PENGARUH FAKTOR PENENTU STRUKTUR MODAL YANG BERDAMPAK PADA NILAI PERUSAHAAN DENGAN EFFECTIVE TAX RATE SEBAGAI VARIABEL KONTROL Denissa Natalia; Eka Bertuah
Jurnal Magister Akuntansi Trisakti Vol. 9 No. 2 (2022): September
Publisher : LEMBAGA PENERBIT FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS TRISAKTI

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (425.126 KB) | DOI: 10.25105/jmat.v9i2.12498

Abstract

Penelitian ini bertujuan untuk menguji faktor penentu struktur modal yang berdampak pada nilai perusahaan. Populasi yang digunakan dalam penelitian ini adalah perusahaan properti dan perumahaan yang terdaftar di BEI pada tahun 2016-2019. Sampel yang digunakan adalah metode purposive sampling sebanyak 72 perusahaan yang diteliti. Metode analisis menggunakan regresi data panel, dimana berdasarkan uji model yang terpilih yaitu random effect dan melakukan treatmen robust sebagai estimasi terbaik. Hasil penelitian menunjukkan bahwa capital intensity dan profitabilitas berpengaruh terhadap struktur modal, sedangkan risiko bisnis dan managerial ownership tidak berpengaruh terhadap struktur modal. Risiko bisnis dan profitabilitas berpengaruh terhadap nilai perusahaan, sedangkan capital intensity, managerial ownership dan struktur modal tidak berpengaruh terhadap nilai perusahaan. Capital intensity berpengaruh terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening dan adanya effective tax rate sebagai variabel kontrol. Disamping itu risiko bisnis, profitabilitas dan managerial ownership tidak perpengaruh terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening dan effective tax rate sebagai variabel kontrol.
Intellectual Capital Measurement and Company Performance, Any Real Impact? Noel Singgih Haryo Pradono; Eka Bertuah; Sapto Jumono; Agus Munandar
Enrichment : Journal of Management Vol. 12 No. 5 (2022): December: Management Science And Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (470.582 KB) | DOI: 10.35335/enrichment.v12i5.886

Abstract

This study aims to determine the effect of Intellectual Capital measured by VAIC on company performance measured with ROA, ROE and MBV. As many as 19 non-financial companies with 183 observations for the period of 2010-2020 (unbalanced panel) was used for panel data regression model. fixed effect model with robust is the most suitable model for ROA and ROE panel data regression. For MBV random effect model is considered appropriate in this research. According to the results only human capital is the most significant component for ROA and ROE. For MBV, none of the components have significant impact on share performance. Regression result showed that MBV is not suitable to measure company share performance.
Hubungan Makroekonomi dan Psikologi Investor Terhadap Resiko Pengambilan Keputusan Investasi Saham Alfian Yudha Sasongko; Sapto Jumono; Eka Bertuah
JMB : Jurnal Manajemen dan Bisnis Vol 11, No 2 (2022): JMB : Jurnal Manajemen dan Bisnis
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/jmb.v11i2.6995

Abstract

This study aim to determine the relationship between psychological factors (risk perception, herding and overconfidence) and macroeconomic factors (inflation, interest rate and exchange rate) on investment decision making. Population in this study was 150 respondents investor in Jakarta using purposive sampling with criteria investor being at least 17 years old. Distribution of questionnaires to respondent using google from to carry out processing of collecting respondent data with multiple linier regression analysis techniques using SPSS (Statical Package for the Socials Science). The result of this research indicate that psychological factor overconfidence has positive and significant effect on investment decision making, while herding has a positive and insignificant effect on investment decision making. This affect the intention and belief in making investment decisions making based on theory reasoned action
Examining The Effect of Theory of Planned Behavior on Individual Investment Intention in The Indonesia Stock Exchange, Moderated by Herding Behavior and Risk Propensity Eka Bertuah; Hotman Dufeb Halomoan Oppusunggu
MIX: JURNAL ILMIAH MANAJEMEN Vol 12, No 3 (2022): MIX: JURNAL ILMIAH MANAJEMEN
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/jurnal_mix.2022.v12.i3.004

Abstract

There are several products or instruments traded on the Indonesia Stock Exchange, that is Stocks, Bonds, Mutual Funds, Exchange Traded Funds (ETFs), and Derivatives, with stocks being the most popular instrument right now. The benefits of the existence of the capital market for investors are that it provides an opportunity for the public to have a healthy company that has good prospects in the future, and is an alternative investment beside gold and properties that provides potential profits with calculated risks (Kurniawan, 2019).Objectives: This study aims to determine the effect of the construct variable of the Theory of Planned Behavior on Investment Intention, and the role of Investment Intention as a mediating variable that connects these variables after being moderated by Risk Propensity and Herding Behavior on Investment Behavior of individual investors in IndonesiaMethodology: This study uses primary data which data was collected by distributing online questionnaires via google form.  This research was conducted from January to March 2022, from a sample of individual investors from some big islands in Indonesia (Java, North Sumatra, South Sulawesi, Kalimantan). To determine the sample, this study uses the Slovin formula with probability sampling technique - simple random and a total of 525 respondents were collected, but those who met the predetermined sample criteria were 468 respondents. The data analysis that is used is the path analysis Structural Equation Model (SEM).Finding: Herding behavior and Risk Propensity do not strengthen Investment Intention among individual investors towards Investment Behavior and can be a subject for further study.Conclusion: The results of this study is only that Product Involvement of Theory of Planned Behavior variables can positively influence Investment Intention. Furthermore, Investment Intention can mediate this variable on Investment Behavior, although not strengthened by the influence of Risk Propensity and Herding Behavior
Co-Authors Abdurahman Abdurrahman Abdurrahman Abdurrahman Agus Munandar Agustin, Happyta Akshay, F. X. John Alfian Yudha Sasongko Amelia Ibnu Wasiat, Friana Angga Negoro, Dhimas Anhar, Febri Ari Anggarani Winadi Prasetyoning Tyas Ari Anggarani WPT Astuti, Melinda Awin Satrio Wibowo Awliya, Aldy Budianto, Endi Trimawan Denissa Natalia Derudebu Talunohi Desy Prastyani Dwi Yudiono Efriska Simangunsang Elizabeth Hutami Widowati Erni Komalasari Febrianto, Dito Tri Gigieh Giri Putra Prianika Hikmah Ramadhani Hilda Amalia Hotman Dufeb Halomoan Oppusunggu Indra Sakti Jonathan, Ignatius Jong Sandy Jurnal Pepadu Kamila, Nurul Kartika Sitorus Kevin Suparta Kristina Novianti Kurniawan, Surya Dwi Lestari, Putri Indah Dwi Loreno, Cristhian Mira Kartika Dewi Djunaedi Noel Singgih Haryo Pradono Novera Kristiani Nurjihan, Syifa Rahmawati Nurlinda, R.A. Nurlinda, RA Pangaribuan, Meiko Andreas R. A. Nurlinda R.A. Nurlinda RA Nurlinda Raden Ajeng Nurlinda Raden Ayu Nurlinda Rahmatiyani, Rahmatiyani RILLA GANTINO Robi Sunjaya Robin Robin, Robin Rojuaniah Rojuaniah Sapto Jumono Senima, Teklaudi Kurniati Setiyati, Ritta Suharna, Jaka Sunjaya, Robi Surya Dwi Kurniawan Taqiyyah, Nada Ummanah Ummanah, Ummanah Wardana, Dimas Rafli Satia Wini Agustin WPT, Ari Anggarani Yandi Ikadarma