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EKSPEKTASI PASAR ATAS KEBIJAKAN RESUFFLE KABINET KERJA: UJI KEKUATAN (ROBUSTNESS) METODA EVENT STUDY Bayu Sindhu Raharja
Jurnal Bisnis dan Ekonomi Vol 22 No 1 (2015): Vol. 22 No. 1 EDISI MARET 2015
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Stikubank

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (471.857 KB)

Abstract

This research aims to test the market expectation on minister reshuffle announcement in Indonesia and answer the doubt of event study existences. Using 61 days as a windows period and all of construction firms as research sample, it confirm the positive respond of investor on minister reshuffle announcement and no doubt on robustness of event study method. This research also capture the anomaly of market condition, as like the better performance of risk-free rate return than market return. It being sweet counterblow to efficient market hypothesis.Keywords: exchange rate, political, market condision
PENGGUNAAN UTANG PADA SAAT FASE PERTUMBUHAN: “KEPUTUSAN REAKTIF ATAU KEPUTUSAN RASIONAL Bayu Sindhu Raharja; Muji Mranani
Optimum: Jurnal Ekonomi dan Pembangunan Vol 6, No 2 (2016)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (512.83 KB) | DOI: 10.12928/optimum.v6i2.7881

Abstract

The focus of this study is to test the effect of the company’s growth and thecompany’s performance. This research also tests whether the poor long-termperformance of high growth company caused by the manager overreaction behavior in using debt forfi nancing decisions. Debt policy decisions serve as a form of proxy decision-reactive managers in deciding the funding policy. The results of this study stated that the high growth companies have poor performance in the future. However, the poor performance in the future was not caused by reactive decision- making managers in using debt for fi nancing their business. This study shows the opposite, the policy of the use of debt actually positively impact the company’s performance in the future. Thus, the use of debt as a source of funding when the company is in a growth phase rational decisions.
TATA KELOLA PERUSAHAAN (CG) DAN TINGKAT INOVASI PERUSAHAAN Bayu Sindhu Raharja; Nur Laila Yuliani
Derivatif : Jurnal Manajemen Vol 13, No 1 (2019): April
Publisher : Universitas Muhammadiyah Metro Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24127/jm.v13i1.317

Abstract

This study examines the relationship between corporate governance in explaining the level of innovation of the company. The sample in this study uses companies that have a high level of liquidity in stock trading after the authoritarian era of the "New Order". This study uses a regression analysis tool to test the relationship between the two variables. As a result, this study found that corporate governance is an important factor that influences corporate innovation. The measuring instrument used to measure corporate governance in this study is the total number of commissioners in the company. The results of this study state that the total number of commissioners or corporate governance has a positive effect on the level of innovation of the company. This finding is very important for practitioners, especially for company managers who want to develop their company's innovations. While in the theoretical aspects, these findings strengthen the theory relating to corporate governance. Keywords: Keganenan theory, Principal-Agent Theory, Commissioner, Investment
PELATIHAN DAN PENDAMPINGAN BAGI DIGITAL PLATFORM “LUAR KULIAH” UNTUK AKSELERASI PELUNCURAN DI PASAR BISNIS Bayu Sindhu Raharja; Nia Kurniati Bachtiar
SELAPARANG Jurnal Pengabdian Masyarakat Berkemajuan Vol 4, No 2 (2021): April
Publisher : Universitas Muhammadiyah Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (571.113 KB) | DOI: 10.31764/jpmb.v4i2.4051

Abstract

ABSTRAKSaat ini, era disrupsi serta penggunaan internet of things di hampir  ada di seluruh kegiatan masyarakat. Oleh karena itu, hal ini menimbulkan efek perubahan atau shifting besar-besaran dalam setiap industri di dunia. Dilain pihak, perusahaan atau badan usaha yang beroperasi secara tradisional pun mulai ditinggalkan baik oleh pemiliknya maupun oleh konsumen. Pemilik usaha kini sangat menyadari bahwa mereka tidak akan mampu bersaing dengan usaha lain yang berbasis teknologi baik dari segi produksi maupun segi pemasaran. Kegiatan pengabdian ini difokuskan pada sebuah kegiatan pendampingan dan pelatihan kepada mitra. Tujuan utamanya adalah membantu rintisan bisnis untuk bisa merealisasikan peluncuran bisnisnya di pasar. Adapun rincian kegiatan pengabdian ini akan dibagi menjadi 3 (tiga) tahap. Tahap pertama, pra start-up activities, kemudian start-up activities, dan yang terakhir adalah sustainability business activities.  Mitra utama dari kegiatan pengabdian ini adalah merk rintisan usaha berbasis digital platform dengan merk “Luar Kuliah”. Luaran dari kegiatan pengabdian ini adalah terwujudnya merk rintisan usaha “Luar Kuliah” untuk launching di pasar. Kata kunci: start-up; e-commerce; bisnis digital; kewirausahaan; model bisnis ABSTRACTRecently, the disruption era, as well as the use of the internet of things by almost all community activities. Therefore, it affects on the massive changes or shifting in every industry in the world. Conversely, companies or business entities that operate traditionally are starting to be abandoned, both by their owners and by consumers. Today's business owners are well aware that they will not be able to compete with other technology-based businesses both in terms of production and marketing. This service activity is focused on mentoring and training activity for partners. And the main objective of such activity is  helping partner to launch the business in current market. The details of this service activity will be divided into 3 (three) stages. The first stage, pre-start-up activities, then startup activities, and the last one is sustainability business activities. The leading partner of this service activity is a digital platform-based business startup brand with the brand "Luar Kuliah". The output of this service activity is the realization of the startup brand "Luar Kuliah" for launching in the market. Keyword: start-up; e-commerce; digital business; entrepreneurship; business model
Do Individual Factors, Religiosity Factors, and Demographic Factors Predict Intention to Pay Zakat? Frank Aligarh; Arif Nugroho; Bayu Sindhu Raharja; Bima Cinintya Pratama; Arya Wanda Wirayuda
al-Uqud : Journal of Islamic Economics Vol. 5 No. 1 (2021): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (353.053 KB) | DOI: 10.26740/al-uqud.v5n1.p151-165

Abstract

Indonesia has a promising zakat potential; however, the amount of zakat payments is low. The primary objective of this study is to examine what factors influence an individuals intention to pay zakat. This research integrates individual factors, religiosity factors, and demographics factors. About 300 questionnaires were distributed to the respondents in a Muslim-majority area (i.e. Surakarta City), and 223 cases were deemed usable. The data have been analysed using structural equation modelling. This paper finds that attitude, subjective norm, and perceived behaviour control positively affect the intention to pay zakat. Furthermore, religiosity factors and demographic factors also positively affect the intention to pay zakat except for the Islamic education background variable. Theoretically, this study offers a new research model to explain the behaviour of Muzakki in paying zakat. Practically, this study contributes to providing valuable insights for zakat institutions to establish a policy to collect zakat based on individual perspectives.
The debtor-attributes information and the probability of performing loans in the microfinance sector Bayu Sindhu Raharja
Jurnal Manajemen dan Pemasaran Jasa Vol. 14 No. 1 (2021): MARET
Publisher : Lembaga Penerbit Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (233.863 KB) | DOI: 10.25105/jmpj.v14i1.7857

Abstract

Based on the recent evidence of the high rate of non-performing loans in Indonesia’s microfinance sector, there is a need to formulate a mechanism that could control such credit risk. This study attempts to identify the pivotal determinant factorsresponsible for performing loans. In particular, this research proposes demand-side factors, such as debtor-attributes information, as critical for ensuring installment payments. Using unique data from microfinance in Central Java, it employs logistic regression analysis to prove that debtors’ age and type of collateral significantly affect loan performance. This paper further shows that other variables, such as the payment period and the interest rate, also substantially affect credit risk. These findings have empirical and practical significance. For practical purposes, this research develops the new perspective that debtor-specific information, particularly on their behavioral aspects, requires more in-depth review. This insight may be useful for developing new credit-analyzing tools to alleviate severe non-performing loans. Empirically, this research improves the study of antecedent variables that influence performing loans.
Critical Factors Affecting the Participation in COVID-19 Vaccination Program in Residency of Surakarta: The Extended Theory of Planned Behaviour Bayu Sindhu Raharja; Dewi Hambar Sari
Journal of Theoretical and Applied Management (Jurnal Manajemen Teori dan Terapan) Vol. 15 No. 2 (2022)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v15i2.36335

Abstract

Objective: This study evaluates the critical factors affecting COVID-19 vaccine acceptance in Indonesia using a proposed extended theory of planned behaviour (extended-TPB). Design/Methods/Approach: We conducted an online survey (N = 222 respondents) using a valid and reliable questionnaire to evaluate people's intention to take the COVID-19 vaccination. A structural equation modeling was performed to demonstrate the impact of religious acceptance (RA), vaccine safety (SF), trust (TS), perceived behavioural control (PBC), attitude towards vaccination (ATT), and subjective norms (SN), on intention (IN) to accept COVID-19 vaccine. Findings: The results show positive relationships of all hypotheses except the correlation between RA and TS. TS becomes a positive determinant of ATT, SN, PBC, and INT, and TS is influenced by SF but not by RA. TS is the key determinant factor of intention to uptake the COVID-19 vaccine. Originality: This study used a proposed extended TPB by adding trust, religious acceptance, and safety as additional components of TPB to predict the intention to participate in COVID-19 vaccination. This study is essential because the vaccine is believed to be the best strategy to deal with virus-related diseases, such as COVID-19. However, there is a lack of information on the multifactor effects of Indonesian people's acceptance of vaccination, especially among Surakarta residents. Practical/Policy implication: This research can be a recommendation for the Indonesian government to elevate public intention to take the COVID-19 vaccine, especially by implementing policies that accentuate people's trust by confirming and publishing information about the vaccine safety.
SISTEM PENARIKAN JASA LEMBAGA PENYALUR KETENAGAKERJAAN PT. ANUGERAH PERWIRA INDONESIA Fauzi, Hafid Nur; Raharja, Bayu Sindhu
Jurnal Al-Hakim: Jurnal Ilmiah Mahasiswa, Studi Syariah, Hukum dan Filantropi Vol. 3 No. 2 November 2021
Publisher : Fakultas Syariah, Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (883.826 KB) | DOI: 10.22515/alhakim.v3i2.4455

Abstract

Abstract Leases are generally carried out with the use of the benefits of an item. On the other hand, there is also the use of benefits for services. This time the lease for a service was carried out at PT Anugerah Perwira Indonesia Boyolali as a form of Employment Distribution Agency. In this case, the process of paying for services from the prospective worker to the company in the agreement system is not written about the amount of costs that will be incurred by prospective workers or employees who are already working. Instead, the company immediately cut service costs from the salaries of the LPK employees. Therefore, the purpose of this study is to dissect and explore the system for withdrawing LPK services at PT Anugerah Perwira Indonesia for the ijarāh contract. This study uses a field qualitative approach or primary research sources, namely, information related to data or interview results from the company and workforce, as well as secondary data sources that serve as supporting data such as books, scientific works and previous studies related to the above theme. This study uses an inductive analysis method with a specific discussion and then leads to a general theory. The results of this study conclude that PT Anugerah Perwira Indonesia has an element of ambiguity in terms of the pillars and conditions of the ijarah contract. There are things that are not transparent about the service costs incurred by prospective workers to the company. In this case, if one of the pillars and conditions is not fulfilled, the contract will be phased (void). Keywords: Labour; Ijarāh; PT Anugerah Perwira Indonesia.   Abstrak Sewa menyewa umumnya dilakukan dengan penggunaan manfaat atas suatu barang. Pada sisi lain terdapat juga penggunaan manfaat atas jasa. Kali ini sewa-menyewa atas suatu jasa dilakukan pada PT Anugerah Perwira Indonesia Boyolali sebagai bentuk Lembaga Penyalur Ketenagakerjaan. Dalam hal ini proses pembayaran jasa dari pihak calon tenaga kerja kepada perusahaan pada sistem perjanjiannya tidak dituliskan mengenai besaran biaya yang akan dikeluarkan oleh calon tenaga kerja atau karyawan yang sudah bekerja. Melainkan pihak perusahaan langsung memangkas biaya jasa dari gaji karyawan LPK tersebut. Maka dari itu tujuan penelitian ini untuk membedah dan mengupas mengenai sistem penarikan jasa LPK di PT Anugerah Perwira Indonesia terhadap akad ijarāh. Penelitian ini menggunakan pendekatan kualitatif lapangan atau dan sumber penelitian primer yaitu, keterangan terkait data atau hasil rekapan wawancara dari pihak perusahaan dan tenaga kerja, serta sumber data sekunder yang menjadi data pendukung seperti buku, karya ilmiah serta penelitian-penelitian terdahulu terkait tema diatas. Penelitian ini menggunakan metode analisis induktif dengan pembahasan secara khusus kemudian mengarah ke dalam teori yang umum. Hasil penelitian ini memberikan kesimpulan bahwa PT Anugerah Perwira Indonesia terdapat unsur ketidakjelasan dari segi rukun dan syarat akad ijārah. Terdapat hal yang tidak transparan terhadap biaya jasa yang dikeluarkan oleh calon tenaga kerja kepada pihak perusahaan. Pada uraian tersebut apabila tidak terpenuhi salah satu rukun dan syaratnya akan menyebabkan akad tersebut menjadi fasakh (batal). Kata Kunci : Tenaga Kerja; Ijarāh; PT Anugerah Perwira Indonesia
CONTENT QUALITY, RELIGIOUS CONSCIOUSNESS, AND BRAND AWARENESS: THE EMPIRICAL EVIDENCE ON ISLAMIC SHARIA PRODUCT Raharja, Bayu Sindhu
Jurnal Aplikasi Manajemen Vol. 19 No. 3 (2021)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2021.019.03.10

Abstract

Technological development pushes the significant role of content in marketing communication. This research aims to seek the effect of content quality on Islamic sharia products' brand awareness. It is attractive as consumers of Islamic sharia products have more unique characteristics than consumers as usual. For instance, the consumers of Islamic sharia products restrict themselves from consuming a product that is not proper to their religious consciousness. Therefore, this work attempts to introduce the other antecedent variable of spiritual consciousness beyond content quality to reveal how brand awareness appears in Islamic sharia products. So, by employing the covariance-based structural equation model, this study examines the data from 1,429 members of the Islamic community in Indonesia. The result shows that content quality has no significant effect on brand awareness. Instead, the variable of religious consciousness has a positively considerable impact on predicting the level of brand awareness in Islamic sharia product consumption. Indeed, it is decent with the proposed hypothesis of this research. This result shed light on the kind of practice and theoretical implications, such as the empirical test of reconceptualization of the S-O-R model in consumer behavior, implementation of marketing strategy, and development marketing theory on Islamic sharia products. It also gives insight into the development of consumer behavior theory. Further research should extend and focus on consumer purchasing decisions.
THE BENEFITS OF ZAKAT IN MITIGATING FINANCIAL DISTRESS: EVIDENCE FROM INDONESIAN SHARIAH BANKS Farida; Raharja, Bayu Sindhu
Filantropi : Jurnal Manajemen Zakat dan Wakaf Vol. 4 No. 2 (2023): Filantropi
Publisher : Program Studi Manajemen Zakat dan Wakaf

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/finalmazawa.v4i2.7218

Abstract

The primary objective of this study is to examine the relationship between zakat and financial distress within the context of Islamic banking. The research methodology employed in this study involves employing linear regression analysis based on data extracted from the annual reports of Islamic banks in Indonesia spanning the years 2015 to 2019. The findings indicate that zakat constitutes a significant variable capable of mitigating the financial distress experienced by Islamic banking institutions in Indonesia. The findings of this study offer valuable practical and empirical insights. On the empirical front, this research provides evidence that supports the reliability and effectiveness of the Springate Model in predicting financial distress. By demonstrating the model's robustness, this study contributes to the empirical literature in the field. On the practical side, the study offers practical considerations and implications for bankers and financial professionals. Specifically, it highlights the significance of monitoring and analyzing key financial ratios as a proactive measure to anticipate and address potential financial threats within their respective firms. These practical insights can inform decision-making processes and help banking professionals take appropriate actions to safeguard their institutions against financial distress.