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All Journal Jurnal Siasat Bisnis Journal of Business Management Education (JBME) Jurnal EMT KITA MABIS: Manajemen dan Bisnis Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Penelitian Manajemen (JPEMA)
Rachmat Sudarsono
Fakultas Ekonomi Dan Bisnis, Universitas Padjadjaran, Bandung
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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AGENCY COST PADA PERUSAHAAN KELUARGA DAN NON KELUARGA Layyinaturrobaniyah Layyinaturrobaniyah; Rachmat Sudarsono; Desi Fitriyana
Jurnal Siasat Bisnis Vol. 18 No. 2 (2014)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol18.iss2.art3

Abstract

Penelitian ini bertujuan untuk mengetahui seberapa besar pengaruh agency cost terhadap kinerja perusahaan pada perusahaan keluarga dan non keluarga. Agency cost dalam penelitian ini diproksikan dengan expense ratio dan asset utilization ratio, sementara itu kinerja perusahaan diproksikan dengan rasio Tobin’s Q. Sampel dalam penelitian ini sebanyak 32 perusahaan dengan struktur kepemilikan keluarga dan 22 perusahaan dengan struktur kepemilikan non keluarga yang terdaftar di Bursa Efek Indonesia periode tahun 2008-2010. Dengan analisis regresi data panel diperoleh hasil bahwa expense ratio memiliki pengaruh negatif signifikan terhadap kinerja perusahaan. Sementara itu, untuk asset utilization ratio memiliki pengaruh positif terhadap kinerja perusahaan. Lebih lanjut, dengan efek moderasi, kepemilikan keluarga dapat memperlemah pengaruh negatif agency cost yang diproksikan dengan expense ratio dan dapat memperlemah pengaruh positif agency cost yang diproksikan dengan asset utilization ratio terhadap kinerja perusahaan.Kata Kunci: Agency cost, Agency problem, Kepemilikan keluarga, Rasio Tobin’s Q.
TIME VARYING BETA (DUAL BETA): CONDITIONAL MARKET TIMING CAPM Rachmat Sudarsono; Suad Husnan; Eduardus Tandelilin; Erni Ekawati
Journal of Management and Business Vol 11, No 2 (2012): SEPTEMBER 2012
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (28260.567 KB) | DOI: 10.24123/jmb.v11i2.221

Abstract

Dual beta became a debate between researchers in finance especially investment and portfolio. This research test CAPM using dual beta predictions in conditional market timing. The research tested unconditional and conditional Beta, that showed linear and positive affect of return toward risk on single and multiperiods. The beta’s slope skewed but with moderate skewness, and there is no zero beta. However if the investors have les diversified portfolio, its show idiosyncratic risk and systematic risk determine the securities pricing model. Conditional beta test, showed positive slope for SML on bullish market, and negative for bearish market. There is also showed a shock to volatility because of leverage effect and or volatility feedback. The responsiveness of positive shock (bullish market) and negative (bearish market) is positive, however the magnitude of SML slope higher for bearish than bullish market. Dual beta remains consistent in explaining positive effect of risk and return. Dual beta able to reduce the idiosyncratic risk on bearish market rather than on bullish market.
The Effect of Digital Marketing Activities on Purchase Decisions Through Electronic Word of Mouth (e-WOM) on Tiktok Platform Nurazizah, Athifa Rahma; Salya, Aditya; Rafiah, Jurnia Khafidhatur; Sudarsono, Rachmat
Journal of Business Management Education (JBME) Vol 9, No 3 (2024)
Publisher : Business Education Program of Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jbme.v9i3.76707

Abstract

The rapid growth of the internet has revolutionized marketing, making it more efficient through the use of digital technologies. Digital marketing is now believed to influence consumer purchasing behavior at cafes in Bandung. This study aims to examine the impact of digital marketing activities, specifically Marketing Content and Electronic Promotion, on the Purchasing Decisions of cafe customers in Bandung, with a focus on the mediating role of Electronic Word of Mouth (eWOM). Employing a quantitative descriptive approach and an online survey method, this research involved 201 Bandung residents who are active TikTok users and have patronized local cafes. Data was analyzed using PLS-SEM with SmartPLS 3.0. Findings indicate that both Marketing Content and Electronic Promotion have a significant positive influence on eWOM. Furthermore, all three variables (Marketing Content, Electronic Promotion, and eWOM) positively affect Purchasing Decisions; however, only Marketing Content and eWOM exhibit a statistically significant relationship. The study also confirms the mediating role of eWOM in the relationship between Marketing Content, Electronic Promotion, and Purchasing Decisions. For cafe businesses, creating interactive content such as reviews and experiences on TikTok is recommended to enhance visibility. Future research could delve deeper into or narrow down the scope of this study.
DETERMINAN YIELD OBLIGASI (STUDI PADA OBLIGASI PEMERINTAH INDONESIA) Maulidya, Fanny Dwi; Sudarsono, Rachmat; Layyinaturrobaniyah
Jurnal Penelitian Manajemen Vol 2 No 2 (2024): JURNAL PENELITIAN MANAJEMEN
Publisher : Universitas Utpadaka Swastika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70429/jpema.v2i2.125

Abstract

Obligasi pemerintah merupakan aset yang dijamin oleh Undang-Undang yang memberikan pendapatan tetap berupa kupon serta potensi capital gain bagi para pemiliknya. Tingkat pengembalian yang biasa dijadikan tolok ukur dalam memilih obligasi adalah current yield yaitu perbandingan antara kupon dan harga pasar. Penelitian ini dilakukan untuk mengetahui faktor-faktor yang menjadi penentu perubahan yield agar investor berhati-hati dalam memilih obligasi jika ingin mendapatkan keuntungan yang maksimal. Metode yang digunakan dalam penelitian ini adalah regresi data panel. Dalam penelitian ini, terlihat bahwa suku bunga BI, inflasi, kurs rupiah, dan kepemilikan investasi asing menjadi salah satu penyebab perubahan yield.
Agency Cost Terhadap Kebijakan Dividen Perusahaan Manufaktur Mujahidah, Sorayya Qonita; Sudarsono, Rachmat
Jurnal EMT KITA Vol 9 No 2 (2025): APRIL 2025
Publisher : Lembaga Otonom Lembaga Informasi dan Riset Indonesia (KITA INFO dan RISET) - Lembaga KITA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/emt.v9i2.3762

Abstract

This research examines the impact of Agency Cost on dividend policy in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. The study investigates variables such as insider ownership, family ownership, institutional ownership, free cash flow (FCF), collateralizable assets, growth, and control variables (Sales and leverage) on the Dividend Payout Ratio (DPR). The findings reveal that most variables significantly influence DPR, except leverage. The results indicate that ownership structures and financial characteristics play critical roles in shaping dividend policies, reflecting efforts to align managerial and shareholder interests. These findings contribute to a better understanding of agency theory and its implications in the Indonesian manufacturing sector during the dynamic post-pandemic recovery period.
Agency Cost Terhadap Kebijakan Dividen Perusahaan Manufaktur Mujahidah, Sorayya Qonita; Sudarsono, Rachmat
Jurnal EMT KITA Vol 9 No 2 (2025): APRIL 2025
Publisher : Lembaga Otonom Lembaga Informasi dan Riset Indonesia (KITA INFO dan RISET) - Lembaga KITA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/emt.v9i2.3762

Abstract

This research examines the impact of Agency Cost on dividend policy in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. The study investigates variables such as insider ownership, family ownership, institutional ownership, free cash flow (FCF), collateralizable assets, growth, and control variables (Sales and leverage) on the Dividend Payout Ratio (DPR). The findings reveal that most variables significantly influence DPR, except leverage. The results indicate that ownership structures and financial characteristics play critical roles in shaping dividend policies, reflecting efforts to align managerial and shareholder interests. These findings contribute to a better understanding of agency theory and its implications in the Indonesian manufacturing sector during the dynamic post-pandemic recovery period.
Efek Pemoderasi Reputasi Underwriter dalam Hubungan antara IPO Underpricing dan IPO Oversubscription di Bursa Efek Indonesia Syifa, Mutiara; Sudarsono, Rachmat
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 6 No. 6 (2025): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v6i6.9180

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh underpricing terhadap oversubscription IPO di Bursa Efek Indonesia periode 2023–2024, dengan reputasi underwriter sebagai variabel moderasi. Data diperoleh dari laporan IPO perusahaan yang tercatat di BEI dan dianalisis menggunakan regresi moderasi. Hasil penelitian menunjukkan bahwa underpricing berpengaruh positif signifikan terhadap oversubscription. Di samping itu, reputasi underwriter juga memperkuat hubungan tersebut secara positif dan signifikan. Penelitian ini menegaskan pentingnya kredibilitas penjamin emisi dalam menarik minat investor melalui penetapan harga yang tepat.    
The Moderating Effects Of Intellectual Capital On The Relationships Between Income Diversification And Banking Efficiency In Indonesia Azra, Salsa Femilia; Sudarsono, Rachmat
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 1 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v7i1.10079

Abstract

This study examines the impact of income diversification on cost-to-income ratio (CIR) in KBMI 4 banks over the quarterly period 2022–2024, with intellectual capital serving as a moderating variable. Quarterly panel data are analyzed using moderated regression analysis (MRA). The results indicate that income diversification does not have a significant direct effect on banking efficiency. However, intellectual capital significantly strengthens the negative effect of income diversification on CIR. These findings highlight the importance of effective internal resource management in supporting the efficiency of diversification strategies in large-scale banks.
Co-Authors Aditya Salya Azra, Salsa Femilia Desi Fitriyana Eduardus Tandelilin Erni Ekawati Layyinaturrobaniyah Layyinaturrobaniyah Layyinaturrobaniyah Maulidya, Fanny Dwi Mujahidah, Sorayya Qonita Nurazizah, Athifa Rahma Rafiah, Jurnia Khafidhatur Suad Husnan Syifa, Mutiara