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Wacana, Jurnal Sosial dan Humaniora
Published by Universitas Brawijaya
ISSN : 14110199     EISSN : 23381884     DOI : https://doi.org/10.21776/ub.wacana
Core Subject : Economy, Humanities, Social,
Humanities Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences
This journal has a focus on inter and multidisciplinary studies of social sciences and humanities. The scope is the socio-cultural phenomenon, the history, and transformation of society, changes, and stagnation of socio-political institutions, actor orientation, and behavior, the performance of political regimes and socio-economic structures. The scope is not limited by state, nation, temporal duration, certain ideas, and narrow beliefs. This journal is open to various approaches, theories, methodologies, research methods carried out by scientists, academics, researchers and practitioners in the fields and disciplines: economics, social, political science, government studies, international relations, sociology, anthropology, demography, history, religious and cultural studies, philosophy of science, communication science, and development studies.
Arjuna Subject : Ilmu Sosial - Ilmu Sosial (Lain-Lain)
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ANALISIS BEBERAPA FAKTOR YANG MEMPENGARUHI HOLDING PERIOD SAHAM BIASA PADA PERUSAHAAN GO PUBLIC YANG TERCATAT DALAM INDEX LQ45 Vinus - Maulina; Sumiati - -; Iwan - Triyuwono
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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ABSTRACT   There are many factors influencing the decision making of investors in holding their possession on security especially common stock. Monetary crisis condition has proved to be able to influence the investors’ attitude in Jakarta Stock Market in investing their capital especially about the long/short of holding a security. This study is conducted based on the differentiation of conclusion/result of study from previous studies about decision to hold security in the long/short term. The aim of this study is to analyze variables influencing holding period of common stock on public firm listed in LQ 45 Index, that are firms generally have good performance assessed based on both market performance and firm fundamental, then analyzing the dominance influencing variable. This study is conducted in Jakarta Stock Exchange with population of stocks listed in LQ 45 index in period of 2000 – 2001 with the total of 64 firms. The Sample Taking Method is purposive sampling with the criteria that the firms at least listed twice in LQ45 index on the study period. The analysis method used to analyze independent variables: spread, market value, variance return, and dividend pay out ratio and dependent variable: holding period is two stage least squares multiple regression model,  since there is possibility that the correlation of bid-ask spread from the current period and bid-ask spread and holding period from the previous period for every stock take place simultaneously. Results of the study showed that, partially, bid-ask spread variable that constitutes the different value between the highest price provided paid by buyer with the lowest price offered by seller has significance positive correlation on holding period of common stock and there is inverse correlation/significance negative between variance return variable that reflect the risk rate from stock effected by fluctuation of stock price and holding period of common stock. While, simultaneously, there is no significance correlation between dependent variable and independent variable that means bid-ask spread, market value, variance return and dividend pay out ratio can’t describe variation from holding period variable.   Keywords: holding period, common stock.
ANALISIS REAKSI PASAR MODAL TERHADAP PENGUMUMAN RIGHT ISSUE DI BURSA EFEK JAKARTA (BEJ) (PENGAMATAN TERHADAP RETURN, ABNORMAL RETURN, SECURITY RETURN VARIABILITY DAN TRADING VOLUME ACTIVITY) LISTIANA SRI MULATSIH; Ghozali - Maskie; M. Harry - Susanto
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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ABSTRAK   Penelitian ini dilakukan atas dasar pengamatan terhadap kondisi pasar modal Indonesia pada efisiensi bentuk setengah kuat, dimana pasar akan bereaksi terhadap suatu informasi (suatu pengumuman). Jika pengumuman mengandung informasi maka pasar akan bereaksi pada waktu pengumuman diterima pasar. Tujuan penelitian ini adalah untuk mengetahui apakah pasar modal bereaksi terhadap pengumuman right issue, dengan mengamati perilaku return saham, abnormal return, security return variability dan trading volume activity di sekitar tanggal pengumuman (sebelum, saat, sesudah pengumuman). Penelitian ini dilakukan dengan metode event study dengan pendekatan market adjusted model. Sampel penelitian adalah semua perusahaan yang tercatat di Bursa Efek Jakarta, yang mengeluarkan pengumuman right issue saja selama tahun 1999 (24 perusahaan). Uji statistik terhadap return, abonormal return, security return variability dan trading volume activity menggunakan uji t; Paired Two Samples for Mean pada periode sebelum, saat dan sesudah pengumuman right issue. Hasil penelitian untuk return saham menunjukkan perbedaan yang signifikan hanya untuk sebelum dengan saat. Hal ini mengidentifikasikan kemungkinan informasi right issue sudah terserap pada hari-hari sebelum pengumuman dipublikasikan. Abnormal Return dan Security Return Variability tidak menunjukkan perbedaan yang signifikan. Sedangkan Trading Volume Activity menunjukkan perbedaan yang signifikan untuk periode pengamatan sebelum dengan saat dan sesudah dengan sebelum pengumuman. Berdasarkan hasil-hasil peneltiian tersebut dapat disimpulkan bahwa pasar modal tidak bereaksi terhadap pengumuman right issue, sehingga efisiensi pasar modal Indonesia (Bursa Efek Jakarta) belum bisa dikategorikan dalam semi strong form. Kata kunci: pasar modal, right issue, return saham, abnormal return, security return variability, trading volume.     ABSTRACT   The research based on the analysis of the observation to the market condition in Indonesia about semi strong form efficiency in which market will react against an information. If the right issue contains information that the market react at the moment the right issue is published. The aim of the research is to find out whether the stock exchange react to the right issue by observing the return, abnormal return, security return variability and trading volume activity at the time, before, and after of the publication. The method of the research is using event study with market adjusted model approach. The research sampling are the 24 corporate that registered in BEJ in 1999. Statistical test on return, abnormal return, security return variability and trading volume activity use t-test. The result of the research shows the significant difference at the time and before the return is issued because the right issue has been heard before. There is no significant difference found in abnormal return and security return variability. However, the trading volume activity shows the difference for the period of observation before, at the time, and after publication of the right issue. It brings the conclusion that the stock exchange doesn’t react against the publication of the right issue so BEJ has not been categorized yet into the semi strong form..   Keywords: stock market, right issue, stock return, abnormal return, security return variability, trading volume.
ANALISIS RETURN, ABNORMAL RETURN, AKTIVITAS VOLUME PERDAGANGAN DAN BID-ASK SPREAD SAHAM DI SEPUTAR PENGUMUMAN STOCK SPLIT (Studi pada Perusahaan Manufaktur di BEJ) M. TAUFIQ NOOR ROKHMAN; Didied P. - Affandy; S.M. KIPTIYAH - -
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRACT Event study is a study which analyze any market reactions to an event which its information is published as announcement. The stock split can influence the market depend on the existence of the content of the information in the stock split phenomenon or not. If the stock split contains information then the market will react and vice versa. The objective of this research is to find out the difference of return, abnormal return, trade volume activity, and stock’s bid-ask spread before, in the moment, after the stock split announcement. The research sample is done by purposive sampling method, and there are 24 manufacturing companies which announce stock split between 1999-2001. Statistical experiment used is T-test experiment (paired two samples for means). The Observation period which is done in 11 day, consist of 5 day before, 1 day in the moment, and 5 day after the stock split. The result of this research shows that there is a significant difference between return and abnormal return in the period of between at the moment, and after the stock split. The result in the before-after stock split period shows that there is no significant difference. The result in the variable activity of stock’s trade volume shows that there is no signification difference in the before-at the moment and after period, but in the result of before-after period show that there is significant difference there. And the result of bid-ask spread variable shows that there is significant different in the before-at the moment and after period of stock split, but in the before-after period the result shows that there is no significant different there. And the result of bid-ask spread variable shows that there is significant different in the before-at the moment and after period of stock split, but in the before-after period the result shows that there is no significant different there. Cumulatively, this research gives a conclusion that stock split have no information contents so that the market in general give no reaction. But, the stock split it self can influence the level of stock’s liquidity which has possibility to press on the ownership proportion of the old investor. Key Word: Stock split, Return, Abnormal return, TVA and Bid-ask Spread
ANALISIS VARIABEL-VARIABEL FUNDAMENTAL YANG BERPENGARUH TERHADAP PRICE EARNING RATIO SEBAGAI DASAR PENILAIAN SAHAM (Studi Pada Saham-Saham indeks LQ 45 di Bursa Efek Jakarta) Yulianti - -; Atim - Djazuli; S.M. Kiptiyah - -
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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ABSTRACT   The existence of the Indonesian Capital Market is very important for Indonesian economic activity, due to the fact that capital market development is one indicated of the betterment of national economy. In terms of investment, capital market development is determined by the economic fundamentals, public company performance, and investor’s tendency to invest. Stock, being the main investment object, offers several preferences to choose by the investor, one of which is LQ 45 stock indices. The Jakarta Stock Exchange (JSX) focus is put on the trade of LQ 45 stock indices. Therefore, it is necessary to evaluate the LQ 45 stock indices by taking into account the four main variables as suggested by the Gordon model. In line with the above, this study concerns stock evaluation based on the fundamental analysis by the price earning ratio approach. Explanatory variable is dividend payout ratio, return on equity, earning growth and financial leverage, dependent variable is price earning ratio. Purposive random sampling and multiple regression using 16 emittent of LQ 45 stock indices samples were used]. The aims of this research is to know the influence of the fundamental variables on the price earning ratio, and the naturalness of LQ 45 stock indices value. The samples used are the big, established and stable companies included in  calculation of LQ 45 indices, and thus would not apply to non LQ 45 indices at the JSX from 1999 through 2000. The results of the study indicate that (1) out of the four explanatory variables used: dividend payout ratio, return on equity, earning growth and financial leverage whereas simultaneously, all the variables showed significant influence; (2) dividend payout ratio was the most significant explanatory variable influencing the price earning ratio; (3) based on the price earning ratio analysis, no natural value was evidence of LQ 45 stock indices at the JSX.   Keywords: Price Earning Ratio as Bases in Stock Valuation
ANALISIS VARIABEL YANG MEMPENGARUHI EARNINGS PER SHARE PADA INDUSTRI FOOD AND BAVERAGES YANG GO PUBLIC DI BURSA EFEK JAKARTA SUTEJO - -; Ubud - Salim; Bambang - Swasto
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRAK Ide penelitian ini didasarkan pada kenyataan bahwa para investor bersedia melakukan investasi, kalau obyek investasi tersebut mampu menghasilkan keuntungan yang lebih tinggi dari obyek investasi lainya, sehingga perusahaan yang go public harus menarik bagi calon investor. Earnings per share merupakan salah satu indikator utama yang digunakan investor dalam melihat daya tarik suatu saham. Informasi ini akan bermanfaat bagi pengambilan keputusan di bidang keuangan pada industri food and baverages yang menjual sahamnya di Bursa Efek Jakarta. Tujuan penelitian ini adalah untuk mengidentifikasi pengaruh variabel-variabel return on equity (X1), net sales (X2), current ratio (X3), debt to equity (X4), inventory turnover (X5), total assets turnover (X6), dan net profit margin (X7) terhadap earnings per share, baik secara simultan maupun secara partial. Penelitian ini dilakukan dengan mengambil keseluruhan elemen populasi industri food and baverages yang go public di Bursa Efek Jakarta, mulai tahun 1992 sampai dengan tahun 1996 dengan rincian sebagai berikut: tahun 1992 berjumlah 9 perusahaan, tahun 1993 berjumlah 15 perusahaan, tahun 1994 berjumlah 19 perusahaan, tahun 1995 berjumlah 20 perusahaan dan tahun 1996 berjumlah 20 perusahaan. Analisis yang digunakan dalam penelitian ini adalah analisis regresi berganda, dengan hasil sebagai berikut : Pertama, return on equity (X1), net sales (X2), current ratio (X3), debt to equity (X4), inventory turnover (X5), total assets turnover (X6), dan net profit margin (X7) secara simultan berpengaruh dalam menentukan variabilitas earnings per share. Kedua, diantara berbagai variabel bebas tersebut hanya inventory turnover (X5) yang tidak berpengaruh secara signifikan dalam menentukan variabilitas earnings per share, hal ini tentunya tidak terlepas dari kenyataan pada industri food and baverages di Indonesia, dimana untuk menjamin kelancaran dan kualitas bahan baku yang dibeli, perusahaan harus memberikan bantuan teknis maupun modal kerja kepada para supplier lokal, sehingga perusahaan harus menyediakan modal atau kredit lunak dalam rangka kerja sama yang saling menguntungkan. Di sisi lain bahan baku industri food and baverages dalam prakteknya dipengaruhi oleh keberhasilan dan kegagalan panen para supplier, sehingga dari berbagai kendala yang dihadapi industri food and baverages tersebut sebagai akibatnya kadang-kadang bahan baku melimpah dan tidak jarang mengalami kekurangan atau menghadapi kelangkaan. Oleh karena itu tingginya tingkat perputaran persediaan tidak dapat menunjukan efisiensi perusahaan. Diantara variabel bebas yang berpengaruh signifikan tersebut net sales (X2), dan current ratio (X3) mempunyai pengaruh negatif terhadap earnings per share. Berkorelasinya negatif net sales (X2) terhadap earnings per share disebabkan adanya peningkatan biaya operasional dan meningkatnya jumlah lembar saham biasa setiap tahunya, sehingga peningkatan jumlah lembar saham biasa dan peningkatan net sales (X2) yang tidak di ikuti dengan efisiensi biaya operasional akan menurunkan pendapatan per lembar saham biasa. Sedangkan current ratio (X3) berkorelasi negatif terhadap earnings per share yang disebabkan adanya peningkatan jumlah kas, piutang, dan persediaan pada current assets, kondisi ini menunjukan adanya investasi yang berlebihan pada current assets, sehingga menyebabkan perusahaan beroperasi kurang efisien. Implikasi dari temuan ini bahwa manajemen perlu lebih memfokuskan perhatianya pada faktor-faktor yang terbukti mempengaruhi earnings per share dalam rangka meningkatkan kinerja saham perusahaan sebagaimana di indikasikan oleh earnings per share. Kata kunci: Earning per share ABSTRACT This research has as its rationale the fact that investors are willing to invest their money in a particular object of investment (stock) if the latter is able to yield a higher return than provided by other objects of investment. Earnings per share is a main indicator used by investors to examine whether or not a particular stock is profitable. Information resulted from earnings per share is fundamentally useful for the financial decision made by firms whose stock is listed in the stock exchange. This research aimed at identifying both the simultaneous and partial influence of such variables as: return on equity (X1), net sales (X2), current ratio (X3), debt to equity (X4), inventory turnover (X5), total assets turnover (X6), and net profit margin (X7), on earnings per share. To examine such influence, this research investigated the food and beverages industries listed at the Jakarta Stock Exchange. The sample investigated included: 9 firms of 1992, 15 firms of 1993, 19 firms of 1994, 20 firms for 1995 and 20 firms for 1996. The multiple regression model was then estimated based on the data collected from the firms. Results of this research indicate some important findings. First, such variables as: return on equity (X1), net sales (X2), current ratio (X3), debt to equity (X4), inventory turnover (X5), total assets turnover (X6), and net profit margin (X7), simultaneously influence the variability of earnings per share. Second, among these independent variables, it was only X5 which did not significantly influence the variability of earnings per share. This finding is highly related to the fact that the food and beverages industry in Indonesia, to ensure the supply and quality of raw material purchased, the firm must help the local suppliers with technical assistance and working capital. The industry is to prov ide capital or soft loan to maintain sound and beneficial cooperation. On the other hand, raw material for the food and beverages industry, in practice, is influenced by the successful and fail harvest of suppliers. Finally, as a consequence of the constraints faced by food and beverages industry, lack of raw material is evident in a one period and abundance of raw material is evident in another. Accordingly, high inventory turnover did not indicate the firm’s efficiency. Among the significantly influencing independent variables net sales (X2) and current ratio (X3) showed negative influence on earnings per share. Negative correlation was found between net sales (X2) and earnings per share and was due to the increase of operating expenses and the number of outstanding stock each year. The increasing number of outstanding stock and net sales (X2) which was not sustained by the efficiency of operating expenses, will decrease the earnings per share. On the other hand, the negative correlation between the current ratio (X3) and earnings per share was due to the increase of current asset components, namely, cash, account receivables, and inventory. This indicates over investment in current assets, which in turn, deteriorates the operating efficiency of the firms. Based on this research findings the firm management needs to focus more on factors proven to influence the earnings per share in making their strive to improve the corporate performance as indicated by their earnings per share. Keyword: earning per share.
ANALISA DAMPAK PENGUMUMAN DIVIDEN TERHADAP RETURN, VARIABILITAS TINGKAT KEUNTUNGAN DAN AKTIVITAS VOLUME PERDAGANGAN SAHAM Ratnawati - -; Sumiati - -; Iwan - Triyuwono
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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ABSTRACT   Objective of this research is to ascertain whether the dividend announcement has impacts on return, security return variability and stock trading volume activity in the period surrounding the event. This research was conducted by using event study method with market adjusted model approach. The sample was 67 manufacturing companies announcing dividend between 2000-2001 and fulfilling sample criteria. The statistical test used is T-test: Paired Two Samples for Mean on the period before the event, at the moment of the event, and after the event. Statistical periods are applied to the extended periods (10 observation days) and abridged periods (5 observation days). Results indicate that dividend announcement significantly influence return, abnormal return on the period before-after announcement, while the security return variability is significant on the period before-at the moment of announcement and after-at the moment of announcement. The results of the research for the abridged periods indicate that dividend announcement significantly influence stock return on the period before-after announcement, and the security return variability on the period at the moment-after the announcement and before-after the announcement. The variables of cumulative abnormal return (CAR), security return variability (SRV) and trading volume activity (TVA) on the 10 and 5 observation days do not indicate any significant difference. Cumulatively, the research provides a conclusion that there is not sufficient informational content in the dividend announcement. This can be seen from the inconsistent results gained from some variables and which indicating that the form of Indonesian capital market, especially Jakarta Stock Exchange, is not semi strong efficient yet. This is seen from the significant results gained from the tests of some variables. Keywords: Dividend Announcement, Return, Abnormal Return, SRV, TVA
DAMPAK PENGUMUMAN STOCK SPLIT TERHADAP RETURN, VARIABILITAS TINGKAT KEUNTUNGAN DAN AKTIVITAS VOLUME PERDAGANGAN SAHAM (Studi Pada Perusahaan Manufaktur yang terdaftar di BEJ Tahun 1997-1999) TIWI NURJANNATI UTAMI; Ghozali - Maski; H.M. Syafe’i - Idrus
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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ABSTRAK   Penelitian ini dilakukan atas dasar terjadinya gelombang stock split yang melanda BEJ pada periode 1997-1999 menyusul terjadinya krisis moneter, ekonomi dan politik. Stock Split yang dilakukan oleh para emiten tersebut bertujuan untuk menempatkan harga saham pada kisaran yang optimal sehingga dapat meningkatkan likuiditas perdagangan saham. Tujuan penelitian ini adalah untuk mengetahui apakah kebijakan stock split mempunyai dampak terhadap tingkat return saham, variabilitas tingkat keuntungan dan aktivitas perdagangan saham pada periode disekitar peristiwa. Penelitian ini dilakukan dengan metode event study (studi peristiwa) dengan pendekatan single index market models. Sample penelitian adalah perusahaan manufaktur yang melakukan kebijakan stock split antara tahun 1997 – 1999 (41 perusahaan). Uji statistik terhadap return, abnormal return, security return variability dan trading volume activity menggunakan Uji T : Paired Two Samples For Mean pada periode sebelum, saat dan  sesudah peristiwa. Untuk pengujian statistik terhadap cumulative abnormal return menggunakan Uji T : One Sample For Mean. Pengujian statistik dilakukan atas periode yang diperpanjang (21 hari disekitar peristiwa) dan periode yang diperpendek (7 hari disekitar peristiwa). Hasil penelitian untuk periode yang diperpanjang menunjukkan bahwa   stock split berpengaruh signifikan terhadap return saham, abnormal return saham pada periode pengamatan sebelum-saat dan sesudah-saat tetapi tidak signifikan pada periode sebelum-sesudah. Dan tidak berpengaruh secara signifikan terhadap cumulative Average Abnormal Return (CAAR), Security Retuyrn Variability (SRV) dan Trading Volume Activity (TVA). Hasil penelitian untuk periode yang diperpendek menunjukkan bahwa stick split berpengaruh signifikan terhadap return saham, abnormal return saham pada periode pengamatan sebelum-saat dan sesudah-saat tetapi tidak signifikan pada periode sebelum-sesudah. Dan tidak berpengaruh secara signifikan terhadap cumulative Average Abnormal Return (CAAR), Security Retuyrn Variability (SRV) dan Trading Volume Activity (TVA). Hal ini memberikan kesimpulan bahwa tidak cukup adanya kandungan informasi dalam pengumuman stock split, hal ini terlihat dari diperolehnya hasil yang tidak konsisten dari beberapa variabel dan mengindikasikan bahwa  bentuk pasar modal Indonesia khususnya Bursa Efek Jakarta (BEJ) belum efisien dalam bentuk setengah kuat (semi strong efficiency), hal ini terlihat dari diperolehnya hasil yang signifikan dari pengujian terhadap abnormal return. Sehingga menurut penelitian ini gelombang stock split yang melanda BEJ pada periode 1997 – 1999 tidak sesuai secara konsisten dengan tujuan dilakukannya kebijakan stock split yaitu menempatkan harga saham pada kisaran yang optimal (optimal trading range). Kata kunci: stock split, return saham, variabilitas keuntungan, perdagangan saham. ABSTRACT   The study has as its rationale the fact that there were stock split at the JSX during  1997 – 1999. This fact emerged after the monetary, economic and political crisis. Stock split aimed at determining stock price on optimal trading range and to increase stock liquidity. The study aimed at determining if a stock split policy influenced the return, security return variability and trading volume activity before, during or after the stock split anouncement. The study used event study method with market model. The sample were manufacturer companies at the JSX during 1997 – 1999 (41 companies). Statistical test on return, security return variability and trading volume activity used T Test : Paired Two Samples For Mean before, during or after the stock split anouncement. Statistical test on cumulative average abnormal return used T Test : One Sample For Means. Statistical test was measured on longer periods and shorter periods. The study on longer periods result showed that stock split was signify impact to return, abnormal return on before-during period dan after-during period but not signify impact on before-after period. And stock split was not signify impact to cumulative average abnormal return (CAAR), security return variability (SRV) and trading volume activity (TVA). The study on shorter periods result showed that stock split was signify impact to return, abnormal return on before-during period dan after-during period but not signify impact on before-after period. And stock split was not signify impact to cumulative average abnormal return (CAAR), security return variability (SRV) and trading volume activity (TVA).        This was probably due to not enough information content of stock split anouncement, was shown on not consistency on many variabels in result and indicated that the form of Indonesian capital market especially The Jakarta Stock Exchange not yet efficient in semi strong efficientcy, was shown on significant on abnormal return result. So stock split policy at the Jakarta Stock Exchange during 1997 – 1999 not consistent with the purpose to determining the stock price in optimal trading range.   Keywords: stock split,  security return , trading volume. 
FAKTOR-FAKTOR KUALITAS LAYANAN YANG DIPERTIMBANGKAN PELANGGAN (Studi Pada Angkutan Umum Taksi di Malang) Yulivieta - Nurfanti; Armanu - Thoyib; Djumilah - Zain
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRAK Semakin ketatnya persaingan dalam industri taksi mendorong perusahaan harus dapat meningkatkan pelayanannya kepada pelanggan. Perusahaan harus dapat memahami kepuasan pelanggan agar dapat memenuhi customer expectations. Mengukur kepuasan pelanggan sangat bermanfaat bagi perusahaan dalam rangka mengevaluasi posisi perusahaan saat ini dibandingkan dengan pesaing dan pengguna akhir, serta menemukan bagian mana yang butuh peningkatan. Umpan balik dari pelanggan merupakan alat ukur untuk mengukur kepuasan pelanggan. Ada dua tujuan dari penelitian ini yaitu: 1) menguji apakah faktor-faktor kualitas layanan yang terdiri dari bukti langsung, keandalan, daya tanggap, jaminan, dan empati secara bersamaan dipertimbangkan pelanggan untuk memenuhi kepuasannya dalam memilih angkutan umum taksi; 2) menentukan faktor yang dijadikan pertimbangan utama untuk memenuhi kepuasannya didalam memilih angkutan umum taksi. Penelitian dilaksanakan di Kota Malang. Alat analisis yang digunakan adalah confirmatory factor. Hasil penelitian ini menunjukkan bahwa (1) faktor-faktor kualitas layanan yang terdiri dari bukti langsung, keandalan, daya tanggap, jaminan, dan empati secara bersamaan dipertimbangkan pelanggan untuk memenuhi kepuasannya dalam memilih angkutan umum taksi; 2) faktor bukti langsung menjadi pertimbangan utama pelanggan untuk memenuhi kepuasannya. Kata Kunci: Kepuasan konsumen, Kualitas layanan ABSTRACT Having tight competition in taxi industry, a company should be able to increase its services for their customers. For that reason, company has to know about the customers’ satisfaction in order to meet their expectations. Measuring the customer’s satisfaction would be very useful for the company in evaluating the recent company’s position compared with the competitors and to find out which part or division that should be improved. Direct customer feedback is a means to measure the customer’s satisfaction. There are two purposes of this research: 1) whether service quality factors such as tangibles, reliability, responsiveness, assurance and empathy are considered simultaneously by customer to meet their satisfaction in choosing taxi as public transportation; 2) which factors that would become the customer’s main consideration to meet their satisfaction in choosing taxi as public transportation. This research was conducted in Malang. In analyzing the data, this research used Confirmatory Factor Analysis. The results of the research show that: 1) the service quality factors such as tangibles, reliability, responsiveness, assurance and empathy are simultaneously considered by customers to meet their satisfaction in choosing taxi as public transportation; 2) The tangibles factor becomes a main consideration for the customers to meet their satisfaction. Keyword: Customer satisfaction, Service quality
MENDETEKSI EARNINGS MANAGEMENT DAN AKUN-AKUN YANG BERPENGARUH (Studi Pada Perusahaan Yang Melakukan Aktivitas Penawaran Saham Perdana Di Bursa Efek Jakarta) OTTO - BUDIHARDJO; ALI - DJAMHURI; HARRY - SUSANTO
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRACT Earnings Management (EM) is an effort performed by company management as financial report issuer on purpose to influence the readers and stakeholders behavior who rely on financial reports as their primary information source, in accordance with firm managements’ direction.   EM motivations may vary, from remuneration reason, merger and acquisition event, to comply with particular requirement and regulation, to initial public offering (IPO) motivation. This study revealed EM effort in IPO event due to management motivation to demonstrate good performance to public before and during such activity. This study took 50 IPO firms listed at Jakarta Stock Exchange (JSX) within 1998-2002. EM detection adopted Modified Jones Model as a powerful model to detect EM. Test result proved that EM was occurred on JSX IPO firms as stated by positive discretionary accruals (DA).                  Further study tried to reveal accounts used as EM tools. This study utilized linear regression with DA as fixed variable to indicate EM and predicted accounts on financial reports used as way to do EM as explanatory variables. Such explanatory variables are account receivable, account payable, inventory, accrued liability, accumulated depreciation, expenses (selling and general administrative) and other income (expense). Test result showed that only two variables statistically significant to dependent variable, i.e. DA, they were account receivable and account payable. This result supports a study by Marquardt and Wiedman (2002) who found that EM during IPO activity was influenced by account receivable in positive direction. However, this study does not support Wiedyaningdyah (2001) who concluded IPO activity in JSX during 1994-1997 was significantly influenced by liability (leverage). This study recommends investors or any other parties who rely on firm financial report during IPO activity on JSX to behave more conservative on net income as reported by related firms and considers account receivable and account payable as accounts need to be reviewed prior to any economical decision making related to the financial reports. Key words: Earnings Management, Discretionary Accruals, Initial Public Offerings (IPO).
PERILAKU HARGA DAN VOLUME PERDAGANGAN (Studi Peristiwa Dampak Penundaan Pencairan Bantuan IMF pada Saham Dominasi Asing dengan Pendekatan Koreksi Beta) Rini - Mahgianti; Umar - Burhan; Iwan - Triyuwono
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRACT   Theoritically has been stated that any relevant informations can create any market reactions indicated by price behaviour and trading volume. Research aimed  at analysing market reaction through any indicator of  cumulative abnormal return (CAR) and cumulative abnormal trading volume (CATVA) resulted by the delay of IMF grant.  Research was focused on the broad dominance stock and domestic dominance stock as a comparation. Market model approach was used in this analysis and the beta corection model to determine the expected return. Results show that delay of IMF grant contain any negative informations indicated by the significant reduce of CAR and CATVA, before and after annoucement.   Keywords: prive behaviour, CAR, CATVA, trading volume ABSTRAK   Secara teoritis dinyatakan bahwa informasi yang relevan dapat menimbulkan reaksi pasar yang dapat tercermin dari harga dan volume perdagangan. Penelitian ini bertujuan menguji reaksi pasar melalui indikator cumulative abnormal return (CAR) dan cumulative abnormal trading volume (CATVA) akibat pengumuman penundaan pencairan bantuan IMF. Obyek penelitian dilakukan pada saham dominasi asing dan sebagai pembanding dilakukan pula pengujian pada saham dominasi domestik. Pengujian dilakukan dengan pendekatan market model dan menambahkan model koreksi beta untuk penentuan expected return. Hasil penelitian yang diperoleh menunjukkan bahwa pengumuman penundaan bantuan IMF memiliki kandungan informasi negatif yang terlihat dari adanya penurunan CAR dan CATVA yang signifikan sebelum dan setelah pengumuman.   Kata kunci: Perilaku harga, CAR, CATVA, volume perdagangan

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