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INDONESIA
JURNAL BISNIS STRATEGI
Published by Universitas Diponegoro
ISSN : 14101246     EISSN : 25801171     DOI : -
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Jurnal Bisnis Strategi ( P-ISSN : 1410-1246, E-ISSN : 2580-1171 ) is an open access and peer-reviewed published by Department of Magister Management, Faculty of Economics and Business, Universitas Diponegoro, Indonesia. This journal published twice a year (juli and desember). The scope of journal is Business Strategy, Strategic Management, Financial Management, Organization, Human Resource Management, Organizational Behavior, Marketing, Marketing Strategy.
Arjuna Subject : -
Articles 7 Documents
 1 
Search results for , issue "Vol 21, No 1 (2012): Juli" : 7 Documents clear
ANALISIS PERSAMAAN SIMULTAN INSIDER OWNERSHIP, KEBIJAKAN HUTANG DAN DIVIDEN DALAM PERILAKU OPORTUNISTIK MANAGERIAL (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2009-2011) Supriyatin, Dwi
JURNAL BISNIS STRATEGI Vol 21, No 1 (2012): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (161.815 KB) | DOI: 10.14710/jbs.21.1.62-71

Abstract

The research analizing the relationship between insider ownership, debt policy and dividend policy in managerial opportunistic  behaviour. This research is based on the previous research by Jensen (1992). Fixed asset, Risk, Size, Growth, and Profit is used as determined variables (exogenous variables).This research focused on manufacturing companies listed in Indonesia Stock Exchange for periode 2009-2011. The method of data collecting is pooling method and result 7 firm observation.  The statistical method used by this research is two stage least square regression.The result of this research shows that the proposition that financial decision and level of insider ownership are interdependent.  Specifically, the level of insider ownership has a negative influence on a firm’s debt and dividen levels.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL (Studi Perbandingan Pada Manufacture Multinational Company dan Manufacture Domestic Corporation di Bursa Efek Indonesia) Soukotta, Agnes; Chabachib, M.
JURNAL BISNIS STRATEGI Vol 21, No 1 (2012): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (225.086 KB) | DOI: 10.14710/jbs.21.1.1-17

Abstract

Penelitian ini bertujuan menganalisis  apakah terdapat pengaruh dari firm size (SIZE), Sales Growth  (GROWTH), Return  on Asset  (ROA), Likuidity (LIQ), Asset  Structure  (AS) terhadap  struktur modal (DER). Teknik sampling yang digunakan adalah proposive sampling dengan jumlah sampel sebanyak 14 dari 43 untuk perusahaan MNC dan 44 dari 101 untuk perusahaan DC. Teknik analisis yang digunakan adalah analisis regresi berganda dan uji hipotesis menggunakan  t-statistik untuk menguji koefisien regresi parsial dan F-statistik untuk menguji pengaruh secara bersama-sama atau keseluruhan dari koefisien regresi dengan level of significance 5% serta chow-test untuk menguji perbedaan pengaruh dari koefisien regresi antara perusahaan multinasional dan perusahaan domestik. Dari hasil analisis menunjukkan bahwa data Size berpengaruh negatif signifikan, Sales Growth berpengaruh positif dan tidak signifikan, ROA, LIQ dan AS berpengaruh negatif dan signifikan terhadap DER pada perusahaan MNC. Sedangkan untuk perusahaan DC Size dan Sales Growth berpengaruh positf dan signifikan, ROA, LIQ dan AS berpengaruh negatif dan signifikan terhadap DER. Hasil pengujian menghasilkan nilai chow test F sebesar 17,016. Nilai F-tabel diperoleh sebesar 2,267. Dengan demikian diperoleh nilai chow test (17,016)>(2,267). Hal ini berarti terdapat perbedaan pengaruh yang signifikan dari pengaruh 5 variabel bebas tersebut terhadap DER pada perusahaan MNC dan DC.
LEAD-LAG DAN VOLATILITY SPILL OVER ALIRAN INVESTASI ASING PADA PERDAGANGAN SAHAM DI BURSA EFEK INDONESIA TAHUN 2009 – 2012 Prasetyo, Dwi Hari
JURNAL BISNIS STRATEGI Vol 21, No 1 (2012): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (182.155 KB) | DOI: 10.14710/jbs.21.1.46-61

Abstract

Along with the growing of economic development in Indonesia, IDX became one of promising capital market and hence, increase foreign investment  inflow. As larger amount of foreign capital involved in stock market, it might cause the market become more vulnerable to shock. Potential damage may come from short run foreign investment, which is very responsive to any changes in market sentiments. This research conducted by using IDX daily market and foreign transaction data over the periode January 2009-December 2012 and employing Granger Causality test, Vector Autoregression, Impulse Response and Variance Decomposition.   The result shows that there is bidirectional relationship between foreign investment and market  return in IDX. Moreover, by employing EGARCH this research shows the existence of volatility spillover between foreign investment and market return. From the findings, it can be summarized that as foreign investment  flowing in, it will increases the price of equity. However, foreign investment rushing out in large amount  will give bad impact to the market return and make it worse by increasing market volatility.
PENGARUH PROFITABILITY, ASSET TANGIBILITY, DAN INSTITUTIONAL OWNERSHIP TERHADAP STRUKTUR MODAL DAN DAMPAKNYA PADA KEBIJAKAN DIVIDEN (Studi pada Industri Manufaktur di Bursa Efek Indonesia Periode Tahun 2009-2011) Wardhana, Guruh Hanityo
JURNAL BISNIS STRATEGI Vol 21, No 1 (2012): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (154.755 KB) | DOI: 10.14710/jbs.21.1.95-111

Abstract

This research was performed to investigate the influence of profitability, asset tangibility and institutional ownership on capital structure and dividend policy at manufacturing company published financial report during period 2009 - 2011.The sample of this research was selected based on purposive sampling with the following criteria: (1) manufacturing company published financial report during period2009 - 2011; and (2) manufacturing company given dividend during period 2009 -2011. The Data was based on publicity Indonesian Capital Market Directory (ICMD) from2009 to 2011. Sample was acquired 31 of 159 company. Data was analyzed with multi linier regression of ordinary least square and hypotheses was tested using t-statistic and f-statistic at level of significance 5%.Empirical evidence showed that profitability and asset tangibility had significant influence on capital structure of manufacturing company listed in IDX over period 2009-2011 at level of significance less than 5%, and capital structure,  profitability and asset tangibility had significant influence on dividend policy of manufacturing company listed in IDX over period 2009-2011 at level of significance less than 5%.
ANALISIS PENGARUH HARGA MINYAK DAN HARGA EMAS TERHADAP HUBUNGAN TIMBAL-BALIK KURS DAN INDEKS HARGA SAHAM GABUNGAN (IHSG) DI BURSA EFEK INDONESIA (BEI) 2000 -2013 Faraga, Filus; Chabachib, M.; Muharam, Harjum
JURNAL BISNIS STRATEGI Vol 21, No 1 (2012): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (384.135 KB) | DOI: 10.14710/jbs.21.1.72-94

Abstract

Pasar modal merupakan salah satu subsektor yang memainkan peran yang sangat penting dalam menggerakan roda perekonomian suatu negara. Sehingga pasar modal menjadi salah satu indikator perekonomian suatu negara. Salah satu ukuran kinerja dari pasar modal adalah indeks harga saham. Ada banyak faktor yang dapat mempengaruhi indeks harga saham di pasar modal, antara lain keadaan ekonomi global, tingkat harga energi dunia, kestabilan politik suatu negara (Blanchard, 2006); kurs valuta asing, kondisi perekonomian internasional, dan siklus ekonomi suatu negara (Samsul,2008). Selama periode amatan tahun 2000-2013 terjadi fenomena dimana hubungan antar variabel makro ekonomi dengan pergerakan indeks harga saham gabungan (IHSG) tidak sesuai dengan teori. Hal ini didukung dengan kesenjangan dari beberapa hasil penelitian terdahulu. Tujuan dari penelitian ini adalah menganalisis  pengaruh Harga Minyak Dunia dan Harga Emas Dunia terhadap hubungan timbal-balik Kurs (nilai tukar rupiah terhadap dolar AS) dan indeks harga saham gabungan (IHSG).Penelitian ini menggunakan  data bulanan Januari 2000 sampai Januari 2013. Tujuan penelitian akan dijawab dengan menggunakan  uji kointegrasi untuk melihat hubungan jangka panjang antar variabel dan model VAR/VECM untuk mengetahui apakah pergerakan harga minyak dunia, harga emas dunia, kurs mempengaruhi IHSG dan IHSG mempengaruhi kurs. Selanjutnya, alat analisis Impulse Response digunakan untuk mengetahui respon IHSG dan kurs jika terjadi guncangan harga minyak dunia dan harga emas dunia, serta menggunakan alat analisis Variance Decomposition untuk mengetahui peran variabel harga minyak dunia dan harga emas dunia dalam menjelaskan pergerakan IHSG dan kurs.Hasil analisis kointegrasi menunjukkan bahwa semua variabel, yakni harga minyak dunia, harga emas dunia, kurs dan IHSG dalam jangka panjang ada kointegrasi. Hasil analisis menunjukkan bahwa harga minyak dunia berpengaruh signifikan terhadap kurs; harga emas dunia tidak berpengaruh signifikan terhadap IHSG; harga emas dunia tidak berpengaruh signifikan terhadap kurs; kurs berpengaruh signifikan terhadap IHSG; IHSG berpengaruh signifikan terhadap kurs. Hasil analisis kausalitas menunjukkan bahwa kurs dan IHSG ada hubungan kausalitas. Hasil analisis Impulse Response menunjukkan bahwa guncangan harga minyak dunia direspon negatif oleh kurs; guncangan harga emas dunia direspon negatif oleh IHSG dan kurs; perubahan nilai kurs direspon positif oleh IHSG; dan perubahan IHSG direspon positif oleh kurs.
ANALISIS KOINTEGRASI PASAR MODAL IN- DONESIA DENGAN PASAR MODAL AMERIKA SERIKAT DAN PASAR MODAL EROPA MENGGUNAKAN PENDEKATAN JOHANSEN COINTEGRATION TEST (Studi Kasus pada saat terjadi Krisis Ekonomi di Amerika Serikat dan Eropa tahun 2008 - 2012) Wibowo, Hardianto
JURNAL BISNIS STRATEGI Vol 21, No 1 (2012): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (482.831 KB) | DOI: 10.14710/jbs.21.1.112-141

Abstract

By understanding the cointegration between one capital market with other capital markets,  it can assist investors in determining which of the capital  market  will be used to form the International diversification in order to provide a potential advantage.  In research on the cointegration of capital markets has been done by Fratzscher (2002), Murtini and Ekawati (2003), Karim, Kassim, dan Arip (2010), Srikanth and Aparna (2012), by taking a few sample of some of the capital market in the world revealeddifferent results, instead of giving rise to a research gap. Therefore, it is necessary to do a deeper study because a different result occured after the economic crisis of United States and Europe in 2008. Research problem to be studied is to analyze the cointegration between the Indonesian capital market with the U.S. capital markets (DJIA) and the European capital markets (FTSE 100, IBEX 35 and ATHEX).This reseach method uses quantitative research. The sample of research is the data from IHSG, DJIA index, FTSE 100 index,  IBEX 35 index, and ATHEX index that limited in weekend closing data during the observation period between 2008-2012. Data analysis techniques using Johansen Cointegration Test, Augmented Dickey-Fuller (ADF) Test and Granger Causality Test within 5% significance.The results of this study would be indicate that the Indonesian capital market has been cointegrated  with U.S. stock market (DJIA), UK stock market  (FTSE 100), Spain stock market (IBEX 35) and Greek capital market (ATHEX). Indeed, the Indonesian Capital Market connected to U.S. and Europe Capital Markets have a causal relationship. 
ANALISIS PENGARUH STRUKTUR MODAL, KEPEMILIKAN SAHAM MANAJEMEN, PROFITABILITAS, UKURAN PERUSAHAAN, DAN LIKUIDITAS, TERHADAP KEBIJAKAN DIVIDEN DALAM MENINGKATKAN NILAI PERUSAHAAN Irmawati, Dessy
JURNAL BISNIS STRATEGI Vol 21, No 1 (2012): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (333.618 KB) | DOI: 10.14710/jbs.21.1.18-45

Abstract

The purpose of this study is analyzing the impact of the variable Debt to Equity Ratio (DER), Insider Ownership (IO), Return On Asset (ROA),  Firm Size (SIZE), Current Ratio (CR), on variable Deviden Payout Ratio (DPR) and corporate value on manufacturing companies  listed in Indonesia Stock Exchange 2008 – 2011 period. Research using purposive sampling method for taking samples with the following criteria: (1) manufacturing company published financial report during period 2008 -2011; and (2) manufacturing company which always pays deviden within period of research (2008-2011). The Data was based on publicity Indonesian Capital Market Directory (ICMD) from 2008 to 2011. Sample was acquired 134 observed. Data was analyzed with multi linier regression of ordinary least square and hypotheses was tested using t-statistic and f-statistic at level of significance 1%, 5%, 10%. Analysis result shows that insider ownership, ROA is partially affecting DPR have a significance value less than 5%, while firm size, liquidity and current ratio are not significant impact on DPR. ROA, DPR and firm size able to affect company value have a significance value less than 5%, while DER,insider ownership,  liquidity and current ratio are not significant impact on company value. The implication is that the company should prioritize ROA since ROA is a variable which dominantly affecting DPR and company value. The meaning of strategy which is done through investment strategy that is based on ROA has positif relationship upon deviden policy which means if the company has high profitability will give increase of deviden policy actually increase company value.

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