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All Journal Economic Journal of Emerging Markets Jurnal Ekonomi Kuantitatif Terapan MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN JURNAL BISNIS STRATEGI Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Ilmu Sosial dan Humaniora Jurnal Keuangan dan Perbankan Media Ekonomi dan Manajemen Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Journal of Economics, Business, & Accountancy Ventura Gadjah Mada International Journal of Business Proceeding SENDI_U International Research Journal of Business Studies (E-Journal) Jurnal Ekonomi dan Bisnis Jurnal Dinamika Ekonomi dan Bisnis AFRE Accounting Financial Review Jurnal Organisasi Dan Manajemen Fokus Ekonomi Equilibria Pendidikan : Jurnal Ilmiah Pendidikan Ekonomi International Journal of Social Science and Business Magisma: Jurnal Ilmiah Ekonomi dan Bisnis Atma Jaya Accounting Reseach (AJAR) JIMEK : Jurnal Ilmiah Mahasiswa Ekonomi JASF (Journal of Accounting and Strategic Finance) Jurnal Ekonomi Dan Bisnis Jurnal Manajemen Jurnal Pasar Modal dan Bisnis Inobis: Jurnal Inovasi Bisnis dan Manajemen Indonesia Journal of Management and Entrepreneurship Research Management and Accounting Expose Jurnal Akuntansi Keuangan dan Bisnis Jurnal Manajemen dan Kewirausahaan
Robiyanto
Universitas Kristen Satya Wacana
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AN ANALYSIS OF THE RELATIONSHIP BETWEEN EARNINGS AND CORPORATE TAXES ON DIVIDEND POLICY OF COMPANIES IN SRI-KEHATI INDEX Etheldreda Gladys Salvatori; Robiyanto Robiyanto; Harijono Harijono
Journal of Management and Entrepreneurship Research Vol. 1 No. 1 (2020)
Publisher : Universitas Islam Nahdlatul Ulama Jepara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34001/jmer.2020.6.01.1-1

Abstract

Objective: This study examines the effect of earnings and corporate taxes role on the company's dividend policy in the SRI-KEHATI Index. In this research, dividend policy means dividends paid proportion to shareholders. Earnings are estimated by four financial ratios namely contributed capital ratio, prior year-earnings, sales growth, and return on assets.Research Design & Methods: The sample is taken according to purposive sampling with the criteria of the consistency of the company listed in the SRI-KEHATI Index during 2014-2017 and routinely distributes annual dividends, finally 14 companies are taken from 33 companies. Panel data were examined with the assistance of Eviews 9.0 software. Data collected from the company's financial statements and measured using a formula adopted from earlier research. Findings: Empirical results found that capital ratio, prior year-earnings, sales growth, and corporate taxes did not significantly affect the dividend payout ratio. While return on assets has a positive effect on dividend payout ratio. Companies that grow well will need more funds to cover their financing and try to keep up their income proportion, one way is to pay a constant dividend, lower, or even zero dividends. Limitations & Recommendations: This finding recommends that investors should pay attention to company profitability by measuring return on assets. Future research can use the new stock index’s constituents such as IDX High Dividend 20 and include other factors that indicated to determine dividend policy. Contribution & Value Added: This result contributes to the financial literature, especially related to the dividend policy of public listed companies in Indonesia. Practically, investors can use this result as additional information in investment decisions.
AN ANALYSIS OF THE RELATIONSHIP BETWEEN EARNINGS AND CORPORATE TAXES ON DIVIDEND POLICY OF COMPANIES IN SRI-KEHATI INDEX Etheldreda Gladys Salvatori; Robiyanto Robiyanto; Harijono Harijono
Journal of Management and Entrepreneurship Research Vol. 1 No. 1 (2020)
Publisher : Universitas Islam Nahdlatul Ulama Jepara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34001/jmer.2020.6.01.1-1

Abstract

Objective: This study examines the effect of earnings and corporate taxes role on the company's dividend policy in the SRI-KEHATI Index. In this research, dividend policy means dividends paid proportion to shareholders. Earnings are estimated by four financial ratios namely contributed capital ratio, prior year-earnings, sales growth, and return on assets.Research Design & Methods: The sample is taken according to purposive sampling with the criteria of the consistency of the company listed in the SRI-KEHATI Index during 2014-2017 and routinely distributes annual dividends, finally 14 companies are taken from 33 companies. Panel data were examined with the assistance of Eviews 9.0 software. Data collected from the company's financial statements and measured using a formula adopted from earlier research. Findings: Empirical results found that capital ratio, prior year-earnings, sales growth, and corporate taxes did not significantly affect the dividend payout ratio. While return on assets has a positive effect on dividend payout ratio. Companies that grow well will need more funds to cover their financing and try to keep up their income proportion, one way is to pay a constant dividend, lower, or even zero dividends. Limitations & Recommendations: This finding recommends that investors should pay attention to company profitability by measuring return on assets. Future research can use the new stock index’s constituents such as IDX High Dividend 20 and include other factors that indicated to determine dividend policy. Contribution & Value Added: This result contributes to the financial literature, especially related to the dividend policy of public listed companies in Indonesia. Practically, investors can use this result as additional information in investment decisions.
PERFORMANCE EVALUATION OF LQ45 STOCKS IN THE INDONESIA STOCK EXCHANGE DURING PERIOD OF 2016-2018 Happy Catherine; Robiyanto Robiyanto
Journal of Management and Entrepreneurship Research Vol. 1 No. 1 (2020)
Publisher : Universitas Islam Nahdlatul Ulama Jepara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34001/jmer.2020.6.01.1-4

Abstract

Objective: This study investigates the performance evaluation of each LQ45 stock in the Indonesia Stock Exchange conducted by using the Sharpe Index, Treynor Ratio, Jensen Alpha, Sortino Ratio, and Information Ratio. Stocks evaluated are those that consistently listed in the LQ45 index during 2016-2018. Research Design & Methods: The number of samples used in this study was 32 stocks taken using a purposive sampling technique. The data used in this study are the monthly closing price of stocks, the composite stock price index, and the BI 7-day Repo Rate interest rate data. Findings: The results of this study show that not all stocks included in the LQ45 index have good performances. The results of this study show that BBCA stock is the best stocks based on Sharpe Index and Information Ratio. Based on the Jensen Alpha method and the Sortino Ratio, PTBA stock is the best stocks. As for the Treynor Ratio method, the best stock is INCO. Recommendations: There is a blemish in research for further research that is expanding the scope of research, not only companies included in LQ45. Future studies can analyze portfolios consisting of LQ45 stocks and updating periods because stock performance is cyclical. Contribution & Value Added: This research contributes to the analysis of LQ45 stock performance based on five methods including Sortino and Information Ratio that are rarely used and show differences in the results of the five stock performance indices.
The Influence of the Fundamental Factors on Plantation Companies’ Firm Value on the Indonesia Stock Exchange Siska Gita Pratiwi; Robiyanto Robiyanto; Harijono Harijono
Journal of Management and Entrepreneurship Research Vol. 1 No. 2 (2020)
Publisher : Universitas Islam Nahdlatul Ulama Jepara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34001/jmer.2020.12.01.2-10

Abstract

Objective: Indonesia’s economic growth is mostly supported by the agricultural sector in which the plantation sub-sector has a significant contribution to the primary sector in the sectoral index of Indonesia Stock Exchange (IDX). Plantation companies have a long-term goal of maximizing shareholder prosperity by increasing company values. This study aimed to determine the influence of fundamental factors on company values of plantation companies listed on the IDX during 2015-2019. Research Design & Methods: This study used secondary data involving 8 samples of plantation companies listed on the IDX using a purposive sampling method and panel regression analysis techniques. Research data was taken from the annual reports on the IDX. Findings: The results showed that Managerial Ownership (MO), Debt to Equity Ratio (DER), Earnings per Share (EPS), and Company Age (AGE) have a positive correlation to Firm Value (FV). However, the probability of MO, EPS, AGE is not significant and only DER has a significant effect on FV. Recommendations: There is a blemish in research for further research that is expanding the scope of research, and future studies is suggested to analyze the fundamental influence on FV before and during the Covid-19 period. This cannot be done in this study because the data is still limited. Contribution & Value Added: This result contributes to the financial literature and can be a consideration for investors in investment based on company value.
Month of the Year Effect Pada Beberapa Pasar Modal di Asia Tenggara dan Pasar Komoditas Robiyanto Robiyanto
Jurnal Ekonomi dan Bisnis Vol 18 No 2 (2015)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (154.369 KB) | DOI: 10.24914/jeb.v18i2.260

Abstract

One of prominent phenomenon in capital market is month of the year effect which is the occurence of certain monthly pattern in capital market return during trading years. There were enormous researches, which had been done to explain this phenomenon in capital market but the results always varied. Unfortunately there was a few research to explain this phenomenon in commodities market. Based on these facts, research about this seasonality still need to be done both in capital market and commodities market. Data used in this study were several South East Asia monthly closing stock market indexes and several commodity product monthly closing prices such as gold, silver, platinum, paladium and West Texas Intermediate Crude Oil during January 1999 – March 2014 period. GARCH (1,1) was employed to analyze the data. The finding shows that month of the year effect still exist in capital market in South East Asia and commodity market during research period with various occurences. Each capital market and commodity market behaves variously during trading year. This may lead to an opportunity, which can be grabbed by active market switching strategy for sophisticated investors, and investors who have multiple access to regional capital markets and commodity markets.
Month of the Year Effect pada Pasar Obligasi di Indonesia Robiyanto Robiyanto
Jurnal Ekonomi dan Bisnis Vol 20 No 2 (2017)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (313.398 KB) | DOI: 10.24914/jeb.v20i2.1093

Abstract

This study examines the month-of-the-year effect on the bond returns in Indonesia. I use the monthly closing price index (Indonesia Bond Indexes / INDOBeX) data for the periods of July 2003-July 2017 from Bloomberg. I then run the Generalize Autoregressive Conditional Heteroscedasticity (GARCH) analysis technique to analyze the data because the residuals exhibit a significant pattern of Autoregressive Conditional Heteroscedasticity (ARCH). The results show that only the month of July has a significantly positive effect on the bond returns; indicating that there is the month-of-the-year effect in the Indonesian bond market. Further, these also imply that the Indonesian bond market does not exhibit a random walk pattern and consequently they are inefficient in the weak form.AbstrakPenelitian ini menguji pengaruh bulan-bulan perdagangan (month of the year) terhadap return obligasi di Indonesia. Data yang dipergunakan dalam penelitian ini adalah data indeks harga obligasi (Indonesia Bond Indexes / INDOBeX) penutupan bulanan selama periode Juli 2003 hingga Juli 2017 yang diperoleh dari Bloomberg. Analisis data dilakukan dengan menggunakan teknik analisis Generalize Autoregressive Conditional Heteroscedasticity (GARCH) karena pola residual yang dihasilkan menunjukkan adanya pola Autoregressive Conditional Heteroscedasticity (ARCH) yang signifikan. Hasil penelitian ini menunjukan bahwa bulan Juli memiliki pengaruh positif yang signifikan terhadap return obligasi di Indonesia. Sementara bulan-bulan lainnya tidak memiliki pengaruh terhadap return obligasi di Indonesia. Hasil ini menunjukkan bahwa terjadi month of the year effect di pasar obligasi di Indonesia. Temuan ini memiliki implikasi bahwa pasar obligasi di Indonesia tidak berjalan acak (random walk) sehingga tidak efisien dalam bentuk lemah.
Struktur modal, profitabilitas, dan nilai perusahaan: Efek moderasi Good Corporate Governance Afi Virna Noviani; Apriani Dorkas Rambu Atahau; Robiyanto Robiyanto
Jurnal Ekonomi dan Bisnis Vol 22 No 2 (2019)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (693.547 KB) | DOI: 10.24914/jeb.v22i2.2601

Abstract

Penelitian ini bertujuan menganalisis pengaruh struktur modal dan profitabilitas terhadap nilai perusahaan dengan Good Corporate Governance (GCG) sebagai variabel moderasinya. Penelitian ini menggunakan data laporan keuangan tahunan yang diperoleh dari 27 perusahan yang tercatat dalam Indeks Bisnis 27 periode 2014-2016. Teknik pengumpulan data menggunakan metoda purpose sampling dengan sampel penelitian 23 perusahaan. Analisis dalam penelitian ini menggunakan program STATA 11. Hasil penelitian menunjukkan bahwa struktur modal secara signifikan tidak berpengaruh terhadap nilai perusahaan dengan Good Corporate Governance sebagai variabel moderasi, sedangkan profitabilitas secara signifikan berpengaruh terhadap nilai perusahaan dengan GCG sebagai variabel moderasinya.
Dynamic portfolio formulation using bitcoin and LQ45 stocks Isna Anggita; Robiyanto Robiyanto
Jurnal Ekonomi dan Bisnis Vol 25 No 1 (2022)
Publisher : Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24914/jeb.v25i1.4790

Abstract

Penelitian ini bertujuan untuk menganalisis kinerja portofolio dinamis yang dibentuk antara bitcoin dengan saham LQ45 apakah memiliki kinerja yang lebih baik dibandingkan dengan portofolio yang hanya dibentuk dari saham LQ45 saja. Jenis data yang digunakan dalam penelitian ini yaitu data sekunder berupa time series yang diteliti pada masa pandemi covid-19 mulai 1 Januari 2020 hingga 31 Desember 2020. Data dalam penelitian ini berupa data kuantitatif. Sampel dalam penelitian ini adalah delapan saham. Analisis dalam penelitian ini menggunakan metode yang dapat mendukung korelasi dinamis pada aset dan kelainan dalam distribusi return saham yaitu DCC-GARCH. Hasil penelitian menunjukkan bahwa bitcoin memiliki korelasi negatif dengan saham LQ45 sehingga dapat dijadikan sebagai aset lindung nilai. Pengukuran kinerja portofolio akan diukur berdasarkan Jensen Index, Treynor Index, Sharpe Index, Sortino Ratio dan Omega Ratio. Secara singkat, hasil dari pengukuran kinerja portofolio menyimpulkan bahwa dengan melibatkan bitcoin ke dalam pembentukan portofolio akan menghasilkan kinerja portofolio yang lebih baik.
FUNDING ANALYSIS OF MURABAHAH, MUSYARAKAH, AND MUDHARABAH ON RETURN ON ASSET ON SHARIA BANKS IN INDONESIA Rihfenti Ernayani; Robiyanto Robiyanto
Jurnal Dinamika Ekonomi & Bisnis Vol 16, No 2 (2019)
Publisher : Universitas Islam Nahdlatul Ulama Jepara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (583.854 KB) | DOI: 10.34001/jdeb.v16i2.921

Abstract

The purpose of this study to examine, analyze, and prove the effect of mudharabah financing, musyarakah financing and murabahah financing on return on assets of Sharia Commercial Banks in Indonesia. The sample is taken by purposive sampling; there are eight Sharia Commercial Banks registered at Bank Indonesia which become samples in this study. Regression analysis used to analyze the data. Mudharabah financing and murabahah financing doesn’t affect return on assets significantly, while musyarakah financing has a negative significant effect toward return on assets.
Integrasi Dinamis Pasar Modal Indonesia dengan Pasar Modal International pada Masa Pandemi Covid-19 Stefany Cindy Sugiyanto; Robiyanto Robiyanto
AFRE (Accounting and Financial Review) Vol 3, No 2 (2020): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v3i2.5551

Abstract

The Covid-19 pandemic has an impact on the world economy especially on the stock mar-ket, thus the aim of this study is to determine whether there is dynamic integration be-tween the stock markets in Indonesia with the capital market in Asia and in the world during Covid-19 pandemic. This study uses return data from the closing price of 12 stock indices, namely ASX, DOWJONES, FTSE, HANGSENG, IHSG, KLSE, KOSPI, NIK-KEI, PSEI, SET, STI, and TAIWAN from January to December 2020 that have been ana-lyzed using DCC-GARCH. The results showed that the stock markets of both Indonesia, Asia and the world were dynamically integrated due to the global crisis of the Covid-19 pandemic. The results showed that there was a contagion effect on the stock market that occurred during the period when the Covid-19 pandemic crisis occurred. This research can be a reference for investors who want to invest in stocks in Indonesia during the Covid-19 pandemic. DOI: https://doi.org/10.26905/afr.v3i2.551
Co-Authors A. Harijono Adi Cahya Stefanus Adi Rahadi Putra Adiputri, Bio Labora Afi Virna Noviani Aji Wikan Cahyono Akhmadi Akhmadi Alfi Syahri Alfi Syahri Anggraeny, Wafa Anggreini Pamilangan Anisha Cahyaningrum Apriani Dorkas Rambu Atahau Ardilla Putri Naina Sari Ashalia Fitri Yuliana Ashalia Fitri Yuliana Bonita Restu Dwijayati Budi Frensidy, Budi Christina, Olivia Christopher Anthony Surya Dharma Dea Prastica Alsyahrin Dilla Andharini Eka Handriani Enrico Pranata Adiwidjojo Essy Indah Pangesti Etheldreda Gladys Salvatori Eva Nurlita Fahmi Ihwanul Arifin Farrel Tegar Giovanni Gabriela Elvina Dwiastuti Siahaan Hans Hananto Andreas Happy Catherine Harjum Muharam Hartanto, Aldhi Fajar Heny Handayani Hizkisevia Ayu Cahyapuspita Irene Rini Demi Pangestuti Isna Anggita Jenifer Christiani Bowa Kezia Viona Sugiyanto Kristiana Oktavia Kristiana Oktavia Kumar, Joseph John Allwyn Lakaba, Angriana Maretha Kris Dwi Anggreni Maria Magdalena Marwanti Mesakh Prihanto Surya Putra Mikha Mandela Kapahang Naufal Dwinanda Narra Putra Nensya Yuhanitha Nila Listiana Nurlita, Eva Nurohman Nurohman P Purwanto Pamilangan, Anggreini Patrisinus Ceasar Gunadi Paulus Hartono Prayogo Prayogo Rihfenti Ernayani Samuel Martono Silvia Putri Faridayanti Sintikhe Mega Treisya Siska Gita Pratiwi Siska Gita Pratiwi Siti Puryandani Stefan, Yonatan Alvin Stefanus, Adi Cahya Stefany Cindy Sugiyanto Sudjinan Sudjinan Sugeng Wahyudi, Sugeng Suryani, Cyndi Susanto, Auberta Danice Triyanto Ullanchiang Meillenia Tumbal Venina Cindy Kusumawati Vicho Dwindra Arisandhi Wafa Anggraeny Wisnu Mawardi Yahya Rechtiawan Djari Yehezkiel Chris Setiawan Yonatan Alvin Stefan Yunita Dewi Safitri Yunita Yunita Yunita Yunita Yunita Yunita Yuvica Lara Rovantiane Yuvica Lara Rovantiane Adicondro