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UNDERPRICING PADA SAAT IPO: PENGUJIAN TEORI ASIMETRI INFORMASI Raharja, Bayu Sindhu
Jurnal Analisis Bisnis Ekonomi Vol 12 No 2 (2014)
Publisher : Universitas Muhammadiyah Magelang

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Abstract

Satu dari sekian banyak fenomena pada saat IPO adalah fenomena underpricing. Beberapa teori dalam ranah keungan telah menjelaskan fenomena tersebut, begitu juga beberapa peneliti telah meneliti dengan menggunakan teori tersebut. Salah satu teori yang jamak digunakan oleh peneliti adalah teori asimetri informasi. Dalam penelitian ini teori asimetri informasi diteliti untuk menjelaskan fenomena underpricing. Asimetri informasi dalam penelitian ini diukur dengan proksi berupa sinyal yang dikeluarkan oleh perusahaan. Dari beberapa sinyal yang digunakan sebagai proksi, hanya proksi fi nancial leverage yang secara konsisten berpengaruh terhadap fenomena underpricing, baik ketika underpricing tersebut terstandarisasi maupun tidak distandarisasi.
CORPORATE SOCIAL RESPONSIBILITY DAN KINERJA PERUSAHAAN TERHADAP RETURN SAHAM YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX Hendriawan, Rudi; Mranani, Muji; Raharja, Bayu Sindhu
Jurnal Analisis Bisnis Ekonomi Vol 14 No 2 (2016)
Publisher : Universitas Muhammadiyah Magelang

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Abstract

Penelitian ini bertujuan untuk menguji pengaruh Corporate Social responsibility dan Kinerja Perusahaan terhadap Return Saham. Variabel yang digunakan dalam penelitian ini adalah Corporate Social responsibility yang diukur dengan menggunakan Corporate Social Responbility Disclosure Index, Kinerja Perusahaan yang diukur dengan menggunakan Return on Equity (ROE) dan Return on Asset (ROA). Penelitian ini menggunakan sampel yang berasal dari perusahaan-perusahaan yang terdaftar di Jakarta Islamic Index (JII) sektor pertambangan, perkebunan, properti dan real estate di Bursa Efek Indonesia. Sampel penelitian ini ditentukan dengan metode purposive sampling. Jenis data yang digunakan adalah data sekunder dan metode analisis yang digunakan adalah regresi linier berganda. Hasil dari penelitian ini menunjukkan bahwa secara simultan Corporate Social responsibility dan Kinerja Perusahaan tidak berpengaruh terhadap Return Saham, sedangkan secara parsial Corporate Social responsibility dan Kinerja Perusahaan tidak berpengaruh terhadap Return Saham.
DETEKSI KRISIS KEUANGAN PERUSAHAAN SEKTOR PERBANKAN DI INDONESIA Dati, Qidida Sela; Mirzayatiq, Kholisa; Fitriana, Citra Agis; Raharja, Bayu Sindhu
Jurnal Analisis Bisnis Ekonomi Vol 16 No 2 (2018)
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31603/bisnisekonomi.v16i2.2602

Abstract

Altman Z-Score is a method of scoring bankruptcy. The bankruptcy prediction method that will be used in this study is the Altman Z-Score method that is in accordance with the financial ratios which also have a cut-off point to determine the value of bankruptcy. This study uses five ratios, that is Capital Adequacy Ratio (CAR) to the Asset Sector (X1), Earnings Balance on Total Assets (X2), EBIT to Total Assets (X3), Market Value of Debt Book Value (X4), and Interest Income on Total Assets (X5). This research is a descriptive study conducted on 32 banks listed on the Indonesia Stock Exchange. Financial reports for 2013-2016 Taken from the official website of the Indonesia Stock Exchange (IDX) and the Indonesian Capital Market Directory (ICMD) then bankruptcy analysis is used the Altman Z-Score modification model. Based on the results of research and discussion that has been carried out, it can be concluded from 2013-2016 that banks in a healthy condition is 22.66%, banking in gray areas or gray is 34.38%, and bankrupt is 42.97 %.
The Debtor’s Behavior in Microfinance Industry: An Exploratory Study of Measurement Scales Susanto, Joko; Raharja, Bayu Sindhu
Jurnal Analisis Bisnis Ekonomi Vol 18 No 2 (2020)
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31603/bisnisekonomi.v18i2.4042

Abstract

This study is an exploratory descriptive research that attempts to explore the measurement indicators of debtors’ behavior in microfinance industry. It employs as much of previous studies showed little attention in the relation of debtor's behaviour and non-performing loans. On the contrary, they spotlight more on the banking-specific information and macroeconomics factors. Therefore, this research tries to discover the debtor's behaviour which is assumed to have an impact on non-performing loans. The behaviours which employed and proposed are impulsiveness, risk-taking behaviour, and trustworthiness. This study aims to inquiry the measurement scales of proposed behaviours as well as test the validity and reliability of those indicators by employing exploratory factor analysis (EFA). The result shows that there are three indicators accepted being a measuring instrument of impulsiveness, two for risk-taking behaviour, and four signs for trustworthiness. It also examines in the descriptive analysis of the debtor's behaviour based on their socio-demographic criteria such as gender, age, marriage status, and wage. The research result would give an insight into both empirical and practical advantage in terms of microfinancing management. Theoretically, this paper serves a valid and reliable of debtors’ behavior measurement scales that would contribute for future research in testing the relation of such behavior variables to non-performing loans.