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All Journal Binus Business Review Journal of Islamic Monetary Economics and Finance Jurnal Pengabdian Masyarakat Bangsa
Bayu Adi Nugroho, Bayu Adi
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Can Managers Use Accruals Quality for Creating Investment Opportunity Set and Increasing Firm Value? Nugroho, Bayu Adi; Jasman, Jasman
Binus Business Review Vol 9, No 3 (2018): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v9i3.4891

Abstract

There were two main objectives of this research. Firstly, the researchers analyzed the impact of accruals quality and debt on firm value. Secondly, the researchers studied whether managers of a highly leveraged firm could use discretionary accruals for Investment Opportunity Set (IOS). The sample consisted of Indonesian manufacturing firms listed from 2013 to 2016. The researchers utilized Generalized Method of Moments (GMM) method and purposive sampling. The researchers find that accruals quality positively affects firm value. The results also suggestthat there are differences in accruals quality between highly leveraged and unleveraged firms. Furthermore, the results indicate that the more intensive the exploitation of accruals quality is, the greater the positive impact of such activity on firm value will be. Additionally, high-accrual leveraged firms borrow more debt than low-accrual unleveraged firms. Then, unleveraged firms have better accruals quality and cash flow, and highly leveraged firms have more significant accounts receivable and slightly better value of IOS. The findings suggest that managers of highly leveraged firms can use discretionary accruals to increase the value of IOS.
Does Sharia-Obedient Status Cause Firms to Be Less Involved in Accrual-Based Earnings Management? Nugroho, Bayu Adi; Annissa, Rizki; Juwono, Edhi; Wijayanti, Inung
Binus Business Review Vol 10, No 1 (2019): Binus Business Review (In Press)
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v10i1.5237

Abstract

The main objective of the research was to investigate the accrual quality of Sharia-obedient firms listed in Indonesia Stock Exchange (IDX). Specifically, this research attempted to study whether Sharia was an effective monitoring mechanism in reducing opportunistic managerial behavior through accrual quality and increasing the accuracy of the accounting report. The accrual quality or accrual truthfulness was measured using two widely-used proxies of accrual-based earnings management. The researchers utilized fixed-effect panel data of 84 manufacturing firms in 2013-2017 or 420 observations for the accrual quality computation and cross-section for the regression models (84 observations). This research also employed Two-Stage Least Squares (2SLS) regression method and Ordinary Least Squares method as the comparison. The researchers find robust results after mitigating heteroscedasticity and endogeneity issues. It shows that Sharia-obedient firms have a significantly higher quality of earnings. It also reveals that the close examination by regulators can improve accounting quality and attract new investors in Islamic market. Hence, the findings of this research may give insights to rule-maker and another accountingrelated department to improve the quality of Islamic or Sharia accounting practices in Indonesia. 
OPTIMAL HEDGE RATIO OF SUKUK AND ISLAMIC EQUITY: A NOVEL APPROACH Nugroho, Bayu Adi; Kusumawardhani, Dewi Fiscalina
Journal of Islamic Monetary Economics and Finance Vol 9 No 4 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i4.1909

Abstract

This research applies a novel model to compute a hedge ratio. Specifically, the model modifies volatility forecasts of an exponentially weighted moving average method to account for the fat-tailed distribution of returns. This simpler model aims to overcome the widely-known drawback of the complex GARCH models that a long daily return period is required to ensure the model’s convergence. The data are Islamic exchange-traded funds: SP Funds Dow Jones Global Sukuk ETF, Wahed FTSE USA Shariah ETF, and iShares MSCI EM Islamic UCITS ETF. Sukuk act as a diversifier over the turmoil period since they are positively correlated with Islamic equity and their volatility is less than that of Islamic equity. This work also implements widely-used methods such as Dynamic Equicorrelation-GARCH, GO-GARCH, asymmetric DCC-GARCH, naïve approach, and linear regression. Two forms of data splitting and a rolling-window analysis are carried out to reduce data mining bias. All models generate one-step ahead forecasts of hedge ratios. Applying wavelet-transformed returns and utility analysis incorporating third and fourth moments, the proposed models produce better performance than the competing models. The results remain the same irrespective of different hedging instruments (precious metals) and asset classes.
Meningkatkan Peran Masyarakat dalam Upaya Penataan Kawasan Waduk Cengklik Nugroho, Bayu Adi; Wicaksono, Guruh Risang Aryo; Tjahjanto, Azhar Dimas; Muflih, Ahadin Banu; Arditama, Arda; Pamungkas, Tri Okto; Zaidan, Ahmad Rizky; Nugroho, Agung
Jurnal Pengabdian Masyarakat Bangsa Vol. 2 No. 1 (2024): Maret
Publisher : Amirul Bangun Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59837/jpmba.v2i1.778

Abstract

Pengabdian ini bertujuan untuk mengeksplorasi peran masyarakat dalam upaya penataan Kawasan Waduk Cengklik. Dengan memanfaatkan kerangka kerja yang terstruktur, berbagai program telah dirancang dan diimplementasikan, yang melibatkan berbagai aspek kehidupan seperti pendidikan, ekonomi, kesehatan, lingkungan, dan pariwisata. Melalui kerjasama antara masyarakat, pemerintah, dan stakeholder setempat, respons positif yang kuat telah diperoleh, menunjukkan keberhasilan pelaksanaan program-program ini dalam meningkatkan kesadaran dan keterlibatan masyarakat dalam pembangunan lokal. Dengan demikian, pengabdian  ini memberikan kontribusi penting bagi pembangunan berkelanjutan Kawasan Waduk Cengklik dan memberikan contoh yang berharga bagi upaya penataan kawasan lain yang melibatkan partisipasi masyarakat.
Co-Authors Annissa, Rizki Arditama, Arda Inung Wijayanti Jasman Jasman Juwono, Edhi Kusumawardhani, Dewi Fiscalina Muflih, Ahadin Banu Pamungkas, Tri Okto Tjahjanto, Azhar Dimas Wicaksono, Guruh Risang Aryo Zaidan, Ahmad Rizky