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PENGARUH LIKUIDITAS, LEVERAGE, EFISIENSI OPERASI, DIVIDEND PAYPUT RATIO, PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP RISIKO SISTEMATIS DAN NON-SISTEMATIS (Studi pada Perusahaan Non-Keuangan Indeks LQ45 Periode 2012-2016) Januardi, Nana Varian; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 6, Nomor 3, Tahun 2017
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

             Risk is a very important part in investment decision. Therefore, any factors that explain the risk dynamics need further research. There are 2 types of investment risk, systematic risk and non-systematic risk. Liquidity, leverage, operating efficiency, dividend payout ratio, profitability, and company size are financial variables that expected to be a determinants of systematic and non-systematic risks.             The objective of this research is to understand the relationship between liquidity, leverage, operating efficiency, dividend payout ratio, profitability, and company size with systematic and non-systematic risks in Indonesia capital markets. This research was done by observing non-finance companies indexed in LQ45 2016 between 2012 to 2016 (5 years).             The result shows that liquidity has a  negative and significant effect towards systematic and non-systematic risks. Profitability carries negative and significant effect towards systematic risk, operating efficiency and company size carries negative and significant effect towards non-systematic risk.
PENGARUH PENGGUNAAN APLIKASIPEGADAIAN DIGITAL DAN KUALITAS PELAYANANTERHADAP LOYALITAS PELANGGAN DENGAN KEPUASAN KONSUMEN SEBAGAI VARIABEL INTERVENING (STUDI PADA PT. PEGADAIAN (PERSERO) KANTOR WILAYAH SEMARANG) Muhammad Raihan Ilyas; I Made Bayu Dirgantara; Nana Varian Januardi
Diponegoro Journal of Management Volume 11, Nomor 4, Tahun 2022
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study aims to analyze the effect of the use of digital pawnshop applications and service quality on customer loyalty with consumer satisfaction as an intervening variable (study at PT. Pegadaian (Persero) Semarang Regional Office. The population in this study were all customers of PT. Pegadaian (Persero) Regional Office. Semarang who have downloaded the Digital Pegadaian Application are 282,526 people, while the sample in this study was 125 customers who were selected using the accidental random sampling technique with the Slovin formula.The analysis model used in this study was a multiple linear regression analysis model and the analysis technique used a significance test. partial test (t test) and path analysis test to test the intervening variables with the SPSS 25.00 program. The results of the hypothesis verification and discussion show that the use of digital pawnshop applications and service quality have a positive and significant effect on dap Customer Satisfaction. The use of digital pawnshop applications and service quality, and customer satisfaction have a positive and significant effect on customer loyalty. The role of satisfaction as an intervening variable is relatively weak in contributing to the influence of the use of digital pawnshop applications and service quality on customer loyalty.
THE IMPACT OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) ON RETURN ON ASSETS (ROA) (Cross-Country Evidence of the Energy Sector in 2019-2021) Andika Daffa Elianto; Erman Denny Arfinto; Nana Varian Januardi
Diponegoro Journal of Management Volume 12, Nomor 2, Tahun 2023
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

ABSTRACT The purpose of this study is to examine how Environmental, Social, and Governance Disclosure affects business profitability. Three factors, including the environmental (ENVDiscI), social (SOCDiscI), and corporate governance (GOVDiscI) Disclosures components, are used to assess ESG disclosure. Meanwhile, Return on Assets serves as a proxy for the company's financial performance (ROA). Financial Leverage (FL) and Asset Turnover (AT) are two additional control variables used in this study. A total of 140 companies consists of energy sector enterprises in Indonesia, Germany, Finland, the United States, Brazil, India, and South Africa made up the sample for this study, which employed purposive sampling and secondary data from Bloomberg Database. Multiple linear regression analysis is used in this study’s analysis, and IBM SPSS Statistics 25 is used to handle the data. The results suggest a significant correlation between a company's disclosure practices and its ROA. Specifically, ENVDiscI and SOCDiscI demonstrated a positive and significant impact on ROA, whereas GOVDiscI negatively influenced ROA. These results suggest that prioritizing environmental and social disclosures can potentially enhance a company's Return on Assets, while an excessive emphasis on governance disclosures may be counterproductive. This study's findings underline the crucial role transparency in environmental and social practices can play in driving a company's profitability, emphasizing the need for more comprehensive ESG disclosures in shaping industry best practices.
PENGARUH REKOMENDASI ANALIS, ORDER IMBALANCE, TRADING VOLUME ACTIVITY, DAN MOMENTUM TERHADAP RETURN SAHAM PADA PERUSAHAAN YANG TERDAFTAR DALAM INDEKS LQ45 PERIODE 2020-2021 Sigit Setyo Wicaksono; Erman Denny Arfinto; Nana Varian Januardi
Diponegoro Journal of Management Volume 12, Nomor 3, Tahun 2023
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

ABSTRACT Stocks present a promising investment opportunity, however, they also come with high risks due to their sensitivity to changes. As the number of stock investors in Indonesia increases, more and more securities analysts are providing recommendations on purchasing shares through various media. This research aims to explore the impact of Analyst Recommendations, Order Imbalance, Trading Volume Activity, and Momentum on Stock Returns for companies listed on the LQ45 Index during the period of 2020-2021. To carry out this study, secondary data was obtained from the Bloomberg Terminal and www.idx.co.id. The researchers utilized purposive sampling, which resulted in a sample of 35 companies that remained listed on the LQ45 Index during the period of 2020- 2021, producing a total of 521 data points. The data were analyzed using multiple linear regression and IBM SPSS Statistics 25 software, which passed all classic assumption tests. The findings suggest that Analyst Recommendations, Order Imbalance, and Trading Volume Activity have a significant positive effect on stock returns. On the other hand, Momentum has a significant negative impact on stock returns. These results highlight the importance of considering these factors when making investment decisions, especially for companies listed on the LQ45 Index.
Potensi Pasar Premium Digital Nomad: Studi Empiris Kebutuhan Infrastruktur di Kota Semarang Nana Varian Januardi
Jurnal Ekonomi, Akutansi dan Manajemen Nusantara Vol. 4 No. 2 (2025): Edisi September - Desember 2025
Publisher : Utiliti Project Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55338/jeama.v4i2.468

Abstract

Pekerjaan jarak jauh dan gaya hidup digital nomad berkembang pesat pasca-pandemi, mendorong kota-kota menghadirkan infrastruktur keras dan lunak yang mendukung produktivitas. Studi ini menganalisis faktor-faktor yang menentukan kesediaan membayar (Willingness To Pay/WTP) pekerja jarak jauh di Semarang terhadap layanan produktivitas premium berupa internet berkecepatan tinggi dan ruang kerja ergonomis. Data primer dikumpulkan melalui survei terstruktur terhadap 113 responden, dan beberapa konstruk persepsi (kualitas internet, kualitas ruang kerja, dukungan komunitas) dibangun menggunakan indeks komposit dengan reliabilitas tinggi (Cronbach’s α > 0,80). Analisis dilakukan menggunakan regresi linier OLS dan ordered logit. Hasil menunjukkan bahwa pendapatan merupakan penentu paling kuat yang meningkatkan WTP, sementara persepsi kualitas internet dan ruang kerja yang rendah mendorong WTP lebih tinggi karena adanya kebutuhan untuk menutup kekurangan infrastruktur yang dirasakan. Persepsi keamanan siber berpengaruh positif signifikan, menegaskan pentingnya jaminan koneksi aman bagi profesional digital. Selain itu, dukungan komunitas lokal meningkatkan WTP, sedangkan tingkat kesepian menurunkannya, menegaskan peran komplementer infrastruktur sosial dalam membentuk preferensi pembayaran. Temuan ini menekankan bahwa strategi pengembangan kota ramah pekerja jarak jauh perlu memadukan investasi pada infrastruktur digital dan penguatan ekosistem komunitas.
Does Retail Attention Move Prices or Just Trading? Google Search Evidence from the Indonesia Stock Exchange Nana Varian Januardi
Journal of Creativity Student Vol. 9 No. 3s (2026): Special Edition
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jcs.v9i1.53895

Abstract

We ask whether retail investor attention forecasts stock returns or only trading in an emerging, retail-dominated market. Using weekly Google search volume for 65 heavily-searched IDX80 stocks on the Indonesia Stock Exchange over 2021–2025, we build an abnormal-search measure and estimate predictive panel regressions with firm and week fixed effects and clustered standard errors. Attention is associated with next-week abnormal trading volume: the relation holds across ten specifications, passes a within-week permutation test and a multiple-testing correction, and survives controlling for the contemporaneous price shock, though it shares variance with same-week trading. Attention does not forecast directional returns, and the confidence interval is tight enough to exclude a developed-market-sized price continuation. We find no robust reversal and no concentration in small stocks; if anything it is stronger among large, recognizable names. We also document the keyword-disambiguation problem that non-English tickers create for search-based attention measures.