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All Journal Economic Journal of Emerging Markets MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN JURNAL BISNIS STRATEGI 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 Among Makarti Proceeding SENDI_U International Research Journal of Business Studies (E-Journal) Jurnal Ekonomi dan Bisnis Jurnal Dinamika Ekonomi dan Bisnis Jurnal Riset Akuntansi dan Keuangan Indikator: Jurnal Ilmiah Manajemen & Bisnis 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 Indonesian Journal of Sustainability Accounting and Management

Robiyanto

Universitas Kristen Satya Wacana

Author-ID : 551823

Religion Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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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

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

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

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

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

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

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

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.

The Influence of Exchange Rate, World Oil Price, and BI Rate on Airline Companie’s Return in Indonesian Stock Market Yonatan Alvin Stefan; Robiyanto Robiyanto
International Journal of Social Science and Business Vol. 3 No. 3 (2019): August
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v3i3.21059

In an effort to support the economic growth of Indonesia, an infrastructure development is carried out to achieve the national development. It brings positive influences on transportation companies in Indonesia. Many companies list their shares to Indonesia Stock Exchange, including PT. Garuda Indonesia (Persero) Tbk (IDX code: GIAA) and PT. AirAsia Indonesia Tbk (IDX code: CMPP), aiming to have additional capital sources. The two companies can be such a reference for investors to make investments, but they still need to consider the macro factors attached. This study examines the influende of exchange rate, world oil price, and Bank Indonesia (BI) rates on the GIAA and CMPP stock returns. The analysis technique used was Generalize Autoregressive Conditional Heteroscedasticity (GARCH) and daily data starting from their IPO to February 28th, 2019. The results showed that the exchange rate negatively affected the GIAA and CMPP stock returns, while the world oil prices only negatively affected the CMPP stock return, and the BI rates only negatively affected the GIAA stock return. In general, the investors are suggested not to buy the GIAA and CMPP shares when the IDR exchange rate weakens against the US dollar exchange rate.

Pengaruh Tingkat Inflasi, Tingkat Suku Bunga BI, dan Nilai Tukar Usd-Idr terhadap Perubahan Harga Saham Sektor Perusahaan Manufaktur di Indonesia Adi Cahya Stefanus; Robiyanto Robiyanto
International Journal of Social Science and Business Vol. 4 No. 2 (2020): May
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v4i2.22484

The objective of this study is to find out how macroeconomic factors such as exchange rate, BI rate and inflation rate can affect the manufacturing sector stock price index in IDX from 2011 until 2018. Generalized Autoregressive Conditional Heteroscedasticity (GARCH) is used as the analysis method in this research to find the fittest model. The result, only exchange rate that no significant effect to manufacturing sector stock, price index, Inflation and BI rate have significant effect to manufacturing sector stock price index.

Dampak Faktor Internal dan Eksternal terhadap Harga Saham Sektor Infrastruktur Bonita Restu Dwijayati; Robiyanto Robiyanto
International Journal of Social Science and Business Vol. 4 No. 1 (2020): February
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v4i1.23657

This research aims to test the impact of internal and external factors both simultaneously and partially against the stock price of infrastructure sectors. Research using quantitative methods. The population in this study is the entire infrastructure, utilities and transportation company listed on the Indonesia Stock Exchange in the period 2014-2018. The sample selection technique is using the purposive sampling method. Based on predefined criteria, acquired 30 companies are being sampled. Data analysis techniques use a regression analysis of data panels. The results showed that the simultaneous variables of the DPR, NPM, CCC and interest rates had significant effect on the stock price of infrastructure sectors. As for the partial, the variables of the DPR and NPM positively influence insignificant against the stock price. On the other hand the CCC variables have significant negative effect on the stock price and the interest rate is significantly positive against the stock price.

Co-Authors A. Harijono Adi Cahya Stefanus Adi Rahadi Putra Adiputri, Bio Labora Afi Virna Noviani Akhmadi Akhmadi Alfi Syahri Alfi Syahri Andrian Dolfriandra Huruta Anggraeny, Wafa Anggreini Pamilangan Anisha Cahyaningrum Apriani Dorkas Rambu Atahau Ardilla Putri Naina Sari Ashalia Fitri Yuliana Ashalia Fitri Yuliana Ashalia Fitri Yuliana Bagas Ari Nugroho Bonita Restu Dwijayati Budi Frensidy Budi Frensidy, Budi Cahyono, Aji Wikan Christina, Olivia Christopher Anthony Surya Dharma Dea Prastica Alsyahrin Dilla Andharini Dismas Oktavianto Djie Liveren Adjie Tehananda Eka Handriani Enrico Pranata Adiwidjojo Essy Indah Pangesti Etheldreda Gladys Salvatori Eva Nurlita Eva Nurlita Fahmi Ihwanul Arifin Fahmi Ihwanul Arifin Farrel Tegar Giovanni Fatikasari, Imania Gabriela Elvina Dwiastuti Siahaan Hadi, Natanael Kristolife Ardana Handayani, Heny Handriani, Eka Hans Hananto Andreas Happy Catherine Harijono Harijono Harjum Muharam Hartanto, Aldhi Fajar Heny Handayani Hizkisevia Ayu Cahyapuspita Irene Rini Demi Pangestuti Isna Anggita Jenifer Christiani Bowa Kezia Maylani Azalia Kezia Viona Sugiyanto Kristiana Oktavia Kristiana Oktavia Kumar, Joseph John Allwyn Lakaba, Angriana 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 Petrus Wijayanto Prayogo Prayogo Rihfenti Ernayani Ryan Bagas Wikantyoso Samuel Martono Silvia Putri Faridayanti Sintikhe Mega Treisya Siska Gita Pratiwi Siska Gita Pratiwi Siti Puryandani Stefan, Yonatan Alvin Stefanus Chandra Wibowo Stefanus, Adi Cahya Stefany Cindy Sugiyanto Sudjinan Sudjinan Sugeng Wahyudi, Sugeng Suryani, Cyndi Susanto, Auberta Danice Triyanto Triyanto Triyanto Ullanchiang Meillenia Tumbal Venina Cindy Kusumawati Vicho Dwindra Arisandhi Wafa Anggraeny Wisnu Mawardi Yahya Rechtiawan Djari Yefta Andi Kus Noegroho Yehezkiel Chris Setiawan Yonatan Alvin Stefan Yonatan Alvin Stefan Yosua Arif Susanto Yunita Yunita Yunita Yunita Yunita Yunita Yuvica Lara Rovantiane Yuvica Lara Rovantiane Adicondro Zuwan Nisfu Nahar

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