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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

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

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

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

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.

Hedging market risk using gold: A wavelet quintile correlation approach Sinaga, Melan; Mappadang, Agoestina; Nugroho, Bayu Adi
AKURASI: Jurnal Riset Akuntansi dan Keuangan Vol 6 No 3 (2024)
Publisher : LPMP Imperium

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36407/akurasi.v6i3.1459

This research assesses gold's hedging and haven qualities against stock market fluctuations. This study uses the daily returns of three exchange-traded funds that best reflect the gold market and the stock markets of developed and emerging economies: iShares MSCI World (URTH), SPDR Gold (GLD), and SPDR S&P Emerging Markets (EDIV). The data set spans January 13, 2012, to December 29, 2023. For analytical purposes, this study estimates the dynamic correlation from the DCC-GARCH model and the newly constructed wavelet quantile correlations (WQC). According to WQC, gold has consistently been a short- and long-term haven for emerging markets during the COVID-19 pandemic and the Russia-Ukraine conflict. However, gold only shows the long-term safe-haven status for the developed markets. Further, this study shows that gold and stock correlations, both short- and long-term, do change with time. Lastly, this research suggests trading strategies based on a constant proportion approach. Public interest statements This study is useful for people to understand hedging methods and trading strategies for gold products

DIVERSIFYING ISLAMIC HAVEN ASSETS Nugroho, Bayu Adi
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2327

This study reassesses the safe haven properties of gold and Sukuk using a new framework that incorporates nonstationary volatility and proposes a trading strategy to construct a gold – Sukuk – Islamic equities portfolio that can outperform the hard-to-beat naïve method and the covariance-based approaches. In line with previous studies, it employs data of four exchange-traded funds: Dow Jones Global Sukuk, Wahed FTSE USA Shariah, MSCI Emerging Market Islamic, and SPDR Gold. In the study, an enhanced version of wavelet quintile correlation is proposed to re-evaluate the haven qualities of gold and Sukuk. The results show that gold and Sukuk are safe haven assets. Next, applying a dual momentum strategy, we demonstrate that the risk-adjusted returns of our proposed trading strategy outshine the naïve method and the covariance-based approaches. Our research employs real returns and a rolling window approach to avoid money illusion, overfitting, look-ahead bias, and flawless hindsight. The main results prevail in the robustness tests.

Hedging market risk using gold: A wavelet quintile correlation approach Sinaga, Melan; Mappadang, Agoestina; Nugroho, Bayu Adi
AKURASI: Jurnal Riset Akuntansi dan Keuangan Vol 6 No 3 (2024)
Publisher : LPMP Imperium

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36407/akurasi.v6i3.1459

This research assesses gold's hedging and haven qualities against stock market fluctuations. This study uses the daily returns of three exchange-traded funds that best reflect the gold market and the stock markets of developed and emerging economies: iShares MSCI World (URTH), SPDR Gold (GLD), and SPDR S&P Emerging Markets (EDIV). The data set spans January 13, 2012, to December 29, 2023. For analytical purposes, this study estimates the dynamic correlation from the DCC-GARCH model and the newly constructed wavelet quantile correlations (WQC). According to WQC, gold has consistently been a short- and long-term haven for emerging markets during the COVID-19 pandemic and the Russia-Ukraine conflict. However, gold only shows the long-term safe-haven status for the developed markets. Further, this study shows that gold and stock correlations, both short- and long-term, do change with time. Lastly, this research suggests trading strategies based on a constant proportion approach. Public interest statements This study is useful for people to understand hedging methods and trading strategies for gold products

Analisa Konfigurasi Jaringan FTTH dengan Perangkat OLT Mini untuk Layanan Indihome di PT. Telkom Akses Witel Semarang Muliandhi, Puri; Faradiba, Erlian Husna; Nugroho, Bayu Adi
Elektrika Vol. 12 No. 1 (2020): April 2020
Publisher : Universitas Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26623/elektrika.v12i1.1977

The development of increasingly sophisticated technology follows the needs of the community, one of them in the telecommunications world is FTTH (Fiber to the Home) which is an optical signal delivery format from the center of the provider to the homes of costumers by using optical fiber as a medium of delivery. Delivery by using this FTTH technology can save costs and provide better service to customers. The study was conducted by interview and observation methods with network objects and FTTH components belonging to Telkom Semarang and through the literature method by searching some literature. FTTH configuration starts with the ONT to rosette connected using a patchcord cable then from rosette to OTP using an indoor cable then from OTP to ODP outside the home is connected using a dropcore cable. ODP itself is the result of the distribution of distribution cables/ aerial cables leading to ODC. ODC to STO/FTM/ODF using feeder cable. FTTH network is very effective to use, because it can use triple play services (telephone, internet and IPTV) with just 1ONT/ modem at the customer s side.

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