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Management Analysis Journal
Published by Universitas Negeri Semarang
ISSN : 22526552     EISSN : 25021451     DOI : 10.15294/maj
Core Subject : Science,
Decision Sciences, Operations Research & Management
Management Analysis Journal (MAJ) is an open-access electronic journal focusing on scientific work on the field of business. This journal applies the theory developed from business research and connects it to actual business situations. The articles within this journal are published quarterly (March, June, September, and December). This journal is maintained and issued by Departement of Management, Faculty of Economics, Universitas Negeri Semarang. MAJ has been accredited by National Journal Accreditation (ARJUNA) Managed by Ministry of Research, Technology, and Higher Education, Republic Indonesia with Third Grade according to the decree No. 23/E/KPT/2019.
Arjuna Subject : -
Articles 905 Documents
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Pengujian Pecking Order Theory di Indonesia Febriana, Devita; Yulianto, Arief
Management Analysis Journal Vol 6 No 2 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i2.16700

Abstract

Pecking Order Theory berdasarkan asumsi asimetris informasi, perusahaan akan menggunakan pendanaaan eksternal berupa utang yang memiliki risiko rendah dibandingkan dengan penerbitan sekuritas saham. Beberapa penelitian sebelumnya tentang pengujian pecking order theory telah banyak dilakukan, namun hasil penelitian tersebut menunjukkan hasil yang tidak konsisten antara satu penelitan dengan penelitian yang lain. Tujuan penelitian ini adalah untuk menguji penerapan pecking order pada perusahaan Manufaktur di Bursa Efek Indonesia Periode 2011-2015.  Penelitian ini menggunakan data panel. Populasi dalam penelitian ini adalah perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia periode 2011-2015. Sampel digunakan sebanyak 35 perusahaan. Metode analisis data yang digunakan dalam penelitian ini adalah pemilihan estimasi model data panel, analisis regresi dengan pendekatan Fixed Effect Model dan pengujian hipotesis. Hasil regresi menunjukkan defisit pendanaan berpengaruh positif dan sifnifikan terhadap penerbitan utang. Namun, Perusahaan hanya mengambil keputusan pendanaan melalui utang sebesar 45.5%. Simpulan dari penelitian ini adalah perusahaan Manufaktur menerapkan pecking order theory dalam kebijakan struktur modal mereka. Saran yang berkaitan dengan hasil penelitian ini adalah: Bagi Investor penelitian ini bermanfaat sebagai bahan pertimbangan dalam menentukan pengambilan keputusan investasi yang tepat. Bagi kreditor dapat menganilisis kemampuan membayar perusahaan atas utang yang diajukan kepada kreditor. Bagi perusahaan Manufaktur perlu mempertimbangkan risiko yang terjadi karena adanya penambahan utang dalam struktur modal mereka.
Estimasi Volatilitas Saham dengan Metode Momentum (The Methods of Moments) dan Estimasi Kemungkinan Maksimum (Maximum Likelihood Estimation) Setiawan, Ari Pamungkas; Wijayanto, Andhi
Management Analysis Journal Vol 6 No 2 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i2.18666

Abstract

Penelitian ini bertujuan untuk mengetahui adanya perbedaan hasil penghitungan model estimasi metode momentum dan metode kemungkinan maksimum dalam meramalkan volatilitas harga saham. Populasi penelitian ini adalah  index harga saham yang terdapat di Bursa Efek Indonesia yang berjumlah 15 index. Teknik pengambilan sampel menggunakan judgment sampling dengan menggunakan Jakarta Islamic Index dengan sampel data yang ditentukan secara kumulatif diperoleh 125 pengamatan harian pada periode juni 2016 ? november 2016. Metode penelitian dengan melakukan uji beda Wilcoxon Signed Rank Test dan dengan membandingkan selisih hasil perhitungan dua model dengan volatilitas historis. Hasil dari penelitian ini terdapat perbedaan yang signifikan antara model estimasi metode momentum dan metode kemungkinan maksimum dalam meramalkan volatilitas harga saham. Simpulan dari penelitian ini adalah model estimasi metode momentum dapat memberikan estimasi yang lebih baik dibandingkan dengan model estimasi kemungkinan maksimum dalam meramalkan volatilitas harga saham di Jakarta Islamic Index pada periode juni 2016 ? november 2016.
Pengaruh Orientasi Pasar dan Orientasi Kewirausahaan terhadap Kinerja Pemasaran melalui Keunggulan Bersaing Musrifah, Musrifah; Murwatiningsih, Murwatiningsih
Management Analysis Journal Vol 6 No 4 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i4.19211

Abstract

Tujuan dari penelitian ini adalah untuk mengetahui dan menganalisis pengaruh positif dan signifikan dari variabel orientasi pasar, orientasi kewirausahaan, dan keunggulan bersaing pada  kinerja pemasaran, serta keunggulan bersaing sebagai variabel intervening pada home industry emping melinjo di Kecamatan Ambal Kabupaten Kebumen. Populasi dalam penelitian ini adalah semua home industry emping melinjo di Kecamatan Ambal Kabupaten Kebumen sebanyak 2.522 unit usaha. Jumlah sampel yang diambil sebanyak 100 responden dengan rumus Slovin, error ditetapkan 9,8%. Teknik pengambilan sampel menggunakan incidental sampling. Metode pengumpulan data melalui kuesioner. Analisis data berupa  deskriptif persentase dan path analysis menggunakan program IBM Statistics SPSS 21. Hasil penelitian menunjukkan bahwa orientasi pasar berpengaruh positif tetapi tidak signifikan pada kinerja pemasaran. Orientasi kewirausahaan dan keunggulan bersaing berpengaruh positif dan signifikan pada kinerja pemasaran. Orientasi pasar dan orientasi kewirausahaan berpengaruh positif dan signifikan pada kinerja pemasaran melalui keunggulan bersaing. Simpulannya adalah kenaikan dari orientasi pasar belum tentu  meningkatkan kinerja pemasaran home industry emping melinjo di Kecamatan Ambal Kabupaten Kebumen.
Pengaruh Orientasi Pasar dan Kewirausahaan terhadap Kinerja Pemasaran melalui Kapabilitas Pemasaran pada UMKM Lanting di Kecamatan Kuwarasan Kabupaten Kebumen Hidayat, Sarif; Murwatiningsih, Murwatiningsih
Management Analysis Journal Vol 7 No 1 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i1.19857

Abstract

Kinerja pemasaran merupakan bagian yang penting dari Usaha Mikro dan Kecil, dengan kinerja pemasaran yang optimal maka perusahaan akan mampu bertahan dalam persaingan. Tujuan penelitian ini adalah untuk mengetahui pengaruh orientasi pasar dan orientasi kewirausahaan terhadap kinerja pemasaran melalui kapabilitas pemasaran pada UMKM Lanting di Kecamatan Kuwarasan Kabupaten Kebumen. Populasi pada penelitian ini adalah pelaku UMKM Lanting di Kecamatan Kuwarasan Kabupaten Kebumen. Jumlah responden sebanyak 115 orang. Analisis data menggunakan Path Analysis dengan program SPSS Versi-21. Hasil penelitian ini menunjukan bahwa kapabilitas pemasaran mampu memediasi hubungan antara orientasi pasar dan orientasi kewirausahaan terhadap kinerja pemasaran. Saran untuk UMKM Lanting di Kecamatan Kuwarasan Kabupaten Kebumen agar meningkatkan orientasi kewirausahaan terutama pada inovasi baik inovasi produk maupun promosi dan meningkatkan kapabilitas pemasaran yang dimiliki untuk meningkatkan kinerja pemasaran salah satunya dengan mengikuti pelatihan yang diadakan oleh Dinas UMKM.
Front Matter 6.1
Management Analysis Journal Vol 6 No 1 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i1.20853

Abstract

Front Matter 6.3
Management Analysis Journal Vol 6 No 3 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v6i3.20862

Abstract

Millenial Generations’ Awareness of Halal Supply Chain and Related Food Product in Malaysia OSMAN, LOKHMAN HAKIM; bt Aziz, Riadhus Solehah
Management Analysis Journal Vol 8 No 2 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i2.23333

Abstract

Muslim consumers especially in this millennial generation must ensure that the all supply chains food product they consume must meet halal requirements under Islamic law. Now days millennial generation more aware and concern about the integrity of halal status and also always curious about the processes and activities involved along the supply chain whether the products that they purchased were very truly Halal until end of consumption. This study seeks and examines questionnaire data from which 14 ? 35 years old of millennial generations with convenience sampling where 150 consumers of halal food products with the aims to determine the extent which millennial generations? are aware of halal principles.  In addition to that, this research will also seek to determine the determinant that may affects their behavior and conducts towards halal supply chain.  A survey was conducted towards halal supply chain in Malaysia. The results of this study suggested that millennial generations are increasingly aware of the halal supply chains and the advantage of halal supply chains. This study has provided exposure new insights for business owners/consumers or practitioners and policy makers whose decisions might give impact not only in halal supply chains industry but also to economic advantages.
The Effect of Board of Commissioners and Independent Commissioners on Agency Cost through Capital Structure Wahidah, Siti Asroliatun; Ardiansari, Anindya
Management Analysis Journal Vol 8 No 1 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i1.23384

Abstract

Different interests between managers and shareholders can emerge agency conflicts resulting agency costs. The aim of this study is to determine the effect of board of commissioners and independent commissioners to agency cost through capital structure. This study was conducted on companies incorporated in the LQ45 Index listed on the BEI 2012-2016. The number of samples based on purposive sampling method is 24 companies or 120 analysis units. Multiple regression analysis and path analysis using Eviews 9 were used for methods of data analysis. The results showed that board of commissioners have positive and insignificant effect on capital structure, while independent commissioners have positive and significant effect on capital structure. The capital structure has a negative and significant effect on the agency cost proxied by asset utilization ratio, board of commissioners has a negative and insignificant effect on the agency cost proxied by asset utilization ratio, whereas the independent commissioner has a positive and significant effect on the agency cost proxied by asset utilization ratio. By using path analysis, capital structure is unable to mediate the effect of board of commissioners and independent commissioners against agency cost.
The Effect Of Good Corporate Governance Towards Company Financial Performance Agustina, Dwi; Ardiansari, Anindya
Management Analysis Journal Vol 8 No 2 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i2.24129

Abstract

The aims of this study were to describe and analyze the effect of good corporate governance on company financial performance. The population in this study was companies listed as participant of corporate governance perception index during the period 2010-2016. The sample in this research was 105 observations which consisted of 15 companies and observation through purposive sampling method which was based on certain criteria. Analysis technique which was used in this research was simple linear regression analysis with eviews 9 program. The results of this research indicated that good corporate governance had insignificant positive effect on company financial performance. The adjusted R Square value was 0.252689 showed the ability of good corporate governance variable to explain company financial performance that was 25.27% while the rest was 74.73% could be explained by other variables. 74.73% (100% -25.27%). The conclusion of this research is GCG variable has no significant effect on company financial performance. Suggestion for company management should maintain its rate on CGPI. For the investors before investing, investors should choose companies that have good CGPI ratings. For the next researcher should replace or add other research variables, such as capital structure and financial statements quality.
Effect of Foreign Investment Flow, World Capital Market, Foreign Exchange and Country Risk to the Capital Market Return in Indonesia Setiaji, Fajar; Wijayanto, Andhi
Management Analysis Journal Vol 8 No 1 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v8i1.24137

Abstract

This study aims to determine the effect of foreign investment flow, World capital market (MSCI-World Index), rupiah exchange rate against US dollar and country risk (EMBI +) on Indonesia capital market return. The test is done by using multiple linear regression models. The test also uses stationery test data using Augmented Dicky Fuller Test (ADF) method. Then the Classic Assumption Test (Normality Test, Multicollinearity Test, Heteroscedasticity Test, and Autocorrelation Test), Hypothesis Testing includes Partial Test (t-test statistic), Goodness of Fit Test, and simulation test (statistic F test). The test result of this research by using multiple linear regression shows that the variable of foreign investment flows have a positive and significant effect on the return of Indonesian capital market, the variable risk country has no significant negative effect on the return of Indonesian capital market, while the world capital market variable and the rupiah exchange rate against US dollar significantly influence the return of Indonesia capital market.

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