Claim Missing Document
Check
Articles

The Role of Growth Opportunity and Internal Factor Toward Capital Structure of Manufacturing Company Member in Jakarta Islamic Index Wafa Anggraeny; Robiyanto Robiyanto
International Journal of Social Science and Business Vol. 4 No. 3 (2020): August
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v4i3.24990

Abstract

The study aimed to analyze the factors that determined the capital structure of the manufacturing companies listed in the Jakarta Islamic Index (JII) from the period of 2015 to 2018. The independent variables in this study were profitability, asset structure, company size, and growth opportunity. The samples were taken by using the purposive sampling method and obtained 10 companies as research samples. Data analysis techniques use a regression analysis of data panel. The results of the regression panel in this study showed that profitability had a significant positive effect on capital structure. The asset structure, firm size and growth opportunity variables do not significantly influence the company's capital structure. This research implies that companies need to pay attention to profitability variable in determining capital structure.
The Effect Investment, Funding, and Dividend Policy Toward the Company Value Alfi Syahri; Robiyanto Robiyanto
International Journal of Social Science and Business Vol. 4 No. 3 (2020): August
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v4i3.24991

Abstract

This study aims to analyze the effect of financial policy consisting of investment policies proxied by Total Asset Growth (TAG) and Market Book to Asset (MBAR), funding policies proxied by Debt to Equity Ratio (DER) and dividend policies proxied by the Dividend Payout Ratio (DPR) on the value of companies proxied by Price to Earning Ratio (PER) and Price to Book Value (PBV). The research method used in this study is panel regression analysis. Furthermore, the data in this study presented as quantitative data. The data is taken from secondary data in the form of panel data listed from 2015 to 2018 research periods. The findings showed that financial policy has a significant impact on firm value.
Performance Evaluation of Exchange Traded Fund in The Indonesia Stock Exchange Adi Cahya Stefanus; Robiyanto Robiyanto
International Journal of Social Science and Business Vol. 4 No. 4 (2020): November
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v4i4.29422

Abstract

This study aims to evaluate the performance of the Exchange Traded Fund (ETF) index in the Indonesia Stock Exchange by using the Treynor Ratio, Sharpe Ratio, Sortino Ratio, Jensen Alpha, Information Ratio, and Omega Ratio. This research uses a quantitative descriptive approach, and the data source to be applied in this research is secondary data, where the data to be used is the ETF listed on the IDX. The data collection technique will be carried out with a documentation study. There are 12 ETFs to be evaluated. The data used in this study are the weekly closing price and risk-free investment that is represented by the BI rate from January 2018 to December 2019. The result of this study shows that there are only two of the Exchange Traded Fund that has better performance than risk-free investment if it is calculated by using the Sharpe Ratio, Sortino Ratio, Information Ratio, and Omega Ratio. In contrast, the Treynor Ratio and Jensen Alpha show negative value or worse than risk-free investment.
Fundamental and Macroeconomic Factors on Manufacturing Companies’ Stock Returns Siska Gita Pratiwi; Robiyanto Robiyanto; Samuel Martono
International Journal of Social Science and Business Vol. 5 No. 1 (2021): February
Publisher : Universitas Pendidikan Ganesha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23887/ijssb.v5i1.29605

Abstract

Investments are made to obtain future benefits. Stocks are one of the most popular investments in the capital market. The advantage that can be obtained from the stock investment is stock returns, where the returns obtained can be positive or negative. This study aims to analyze the influence of fundamental and macroeconomic factors on stock returns of manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2019. This study used secondary data and the sample of this research was 37 manufacturing companies obtained through the purposive sampling method with panel regression as the data analysis. The results showed that the fundamental factors that affect stock returns are Price to Book Value (PBV), while the Debt to Equity Ratio (DER) and Price to Earnings Ratio (PER) do not affect manufacturing stock returns. Some macroeconomic factors such as inflation, the BI Rate, and changes in world oil prices proved to not affect the stock returns of manufacturing companies. This research implies that manufacturing companies need to pay attention to Price to Book Value (PBV) in determining stock returns.
GOLD: HEDGE, SAFE HAVEN OR DIVERSIFIER FOR INDONESIAN CAPITAL MARKET Siti Puryandani; Robiyanto Robiyanto
Fokus Ekonomi : Jurnal Ilmiah Ekonomi Vol 14, No 2: Desember 2019
Publisher : STIE Pelita Nusantara Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34152/fe.14.2.226-239

Abstract

This study scrunitize whether gold can act as hedge, diversifier and safe haven in Indonesian Capital Market. Data employed in this study are monthly Jakarta Composite Index and monthly international gold spot price during January 1999 to September 2013. Using Generalized Autocorrelation Conditional Heteroscedasticity (GARCH), the results show that gold can not act as hedge and diversifier in Indonesian Capital  Market because both instruments have comovement. Furthermore, gold can not act as robust safe haven in Indonesian Capital  Market. These findings suggest that it is better to investors whose already hold Indonesian stocks as their portfolio to exclude gold as their part of portfolio and divert their portfolio to other instrument with risk free characteristic such as Indonesia sovereign debt and Indonesia sovereign Sukuk during financial market crash.     
GOLD: HEDGE, SAFE HAVEN OR DIVERSIFIER FOR INDONESIAN CAPITAL MARKET Siti Puryandani; Robiyanto Robiyanto
Fokus Ekonomi : Jurnal Ilmiah Ekonomi Vol 14, No 2: Desember 2019
Publisher : STIE Pelita Nusantara Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34152/fe.14.2.226-239

Abstract

This study scrunitize whether gold can act as hedge, diversifier and safe haven in Indonesian Capital Market. Data employed in this study are monthly Jakarta Composite Index and monthly international gold spot price during January 1999 to September 2013. Using Generalized Autocorrelation Conditional Heteroscedasticity (GARCH), the results show that gold can not act as hedge and diversifier in Indonesian Capital  Market because both instruments have comovement. Furthermore, gold can not act as robust safe haven in Indonesian Capital  Market. These findings suggest that it is better to investors whose already hold Indonesian stocks as their portfolio to exclude gold as their part of portfolio and divert their portfolio to other instrument with risk free characteristic such as Indonesia sovereign debt and Indonesia sovereign Sukuk during financial market crash.     
APAKAH LOGAM MULIA MERUPAKAN SAFE HAVEN ATAU HEDGE PADA BEBERAPA PASAR MODAL DI DUNIA? Robiyanto Robiyanto; Mikha Mandela Kapahang
Fokus Ekonomi : Jurnal Ilmiah Ekonomi Vol 14, No 2: Desember 2019
Publisher : STIE Pelita Nusantara Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34152/fe.14.2.269-282

Abstract

This study attempts to analyze the ability of precious metals (gold, silver, platinum, and palladium) to act as a safe haven and hedging instruments on some of the capital market in the world. This study uses monthly data from January 2007 to December 2016. Stationarity Test, ARCH Effect Test and GARCH (1,1) Analysis are used to analyse the data. The results of this study indicate that gold is only capable of being a safe haven instruments in the capital markets of Tokyo, as well as gold are not able to be a hedging instrument for all capital markets studied. Silver is only capable of being a safe haven instruments separately Tokyo capital markets, as well as silver are not able to be a hedging instrument for all capital markets studied. Platinum is not capable of being a safe haven instruments for all capital markets studied, but platinum is able to be a hedging instrument for the Korean stock market and Tokyo. Palladium is not capable of being a safe haven instruments for all capital markets studied, but palladium is able to be a hedging instrument separately Australian capital markets, New York, Hong Kong, Korea, and Tokyo.
Announcement of Retraction Eva Nurlita; Robiyanto Robiyanto
Indikator: Jurnal Ilmiah Manajemen dan Bisnis Vol 5, No 3 (2021)
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/indikator.v5i3.2673

Abstract

Retraction to:Article Title:   The Effect of Financial Performance And Company Size On Sharia Stock Listed                In Jakarta Islamic IndexAuthors: Eva Nurlita, Robiyanto Robiyanto This article has been retracted by the publisher based on the following reason This is based on the author's recognition to the editor that the author admits that he forgot to have submitted the same article to another journal.
Revisit the Dynamic Portfolio Formation Between Gold and Stocks in Indonesia in The Period Before and During the COVID-19 Pandemic Ashalia Fitri Yuliana; Robiyanto Robiyanto
Journal of Accounting and Strategic Finance Vol 5 No 1 (2022): JASF (Journal of Accounting and Strategic Finance)
Publisher : UNIVERSITAS PEMBANGUNAN NASIONAL VETERAN JAWA TIMUR

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v5i1.161

Abstract

This research aims to review the formation of the dynamic portfolio of individual stocks and gold using the DCC-GARCH and ADCC-GARCH analysis techniques in the periods before and during the COVID-19 pandemic. This is done so that individual investors and investment managers will be able to apply this method. This research uses data from the period of October 2019 - September 2020 with a research sample of nine stocks that are included in the IDX-30. The results showed that the DCC-GARCH analysis technique before the COVID-19 pandemic and the performance of the dynamic portfolios that were unhedged and hedged had no difference. This is due to the conditions in the period before the COVID-19 pandemic which still tended to be stable, thus, no safe-haven asset is needed. Meanwhile, in the period during the COVID-19 pandemic, using the DCC-GARCH analysis technique, there were differences because conditions have started to fluctuate in uncertainty which resulted in the need for safe-haven assets. On the other hand, using the ADCC-GARCH analysis technique on the periods before and during the COVID-19 pandemic, the performance of the dynamic portfolios that were unhedged and hedged showed a difference. Because the ADCC-GARCH technique is able to see asymmetric volatility for the future, adding gold to a portfolio can reduce risk when there is uncertainty. This research also found that the ADCC-GARCH technique had better performance than the DCC-GARCH technique.
Capital Market Integration In Some Asean Countries Revisited Robiyanto Robiyanto
Jurnal Manajemen Vol. 22 No. 2 (2018): June 2018
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jm.v22i2.359

Abstract

Financial market integration in Southern Asia especially in ASEAN main member countries still attractive to scrunitized. Most of these countries were devastated during severe regional financial crisis in 1997 but global financial crisis in 2008 have different impact toward these countries. The finding shows that comovement were exist among Indonesia, Malaysia, Singapore and Thailand’s capital marketduring January 1997 to December 2013 period. Comovement still exist during post Asian financial Crisis 1997 and post global financial crisis 2008 period. This study conclude also that degree of integration between some ASEAN capital markets have fading out after global financial crisis in 2008. Hence, investor could formulate a portfolio which consist of stocks across ASEAN capital markets.
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