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Management Analysis Journal
ISSN : 22526552     EISSN : 25021451     DOI : 10.15294/maj
Core Subject : Science,
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.
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Articles 905 Documents
Front Matter 10.2 Wulansari, Nury Ariani
Management Analysis Journal Vol 10 No 2 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i2.49124

Abstract

The Influence of Fundamental Factors on Stock Returns with Exchange Rate as Moderation Variable Anggraini, Reny Dwi; Wijayanto, Andhi
Management Analysis Journal Vol 10 No 3 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i3.49448

Abstract

Return are one of the motivators to invest in financial asset in the capital market. Investors used fundamental factor as a signal to gain maksimal return. The aims of the study are to determine the effect of fundamental factor on stock return with exchange rate as a moderating variable. Fundamental factor is measured by the ratio of Return on Assets, Debt to Equity Ratio, and Current Ratio. The sample of this study of 20 companies listed on LQ45 index in Indonesian Stock Exchange (IDX) selected using the purposive sampling method, with 120 observations during the 2015-2020 period. Methode of data analysis using multiple linier regression analysis and moderated regression analysis (MRA) with the application of Eviews 9. The results show that Return on Assets have a significant positive effect on the stock returns, while the Debt to Equity Ratio and Current Ratio has no significant effect. MRA results indicate that exchange rate can streng the influence of Return on Assets and Debt to Equity Ratio, and weaken Current Ratio on the stock returns.
Corporate Governance, Enterprise Risk Management, and Company Performance Hidayah, Retnoningrum; Faizah, Siti Nurul; Sukirman, Sukirman; Suryandari, Dhini; Zahid, Anwar
Management Analysis Journal Vol 10 No 3 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i3.49518

Abstract

This research aims to examine the effect of good corporate governance as measured by the board of directors, audit committee, and institutional ownership on company performance with enterprise risk management as an intervening variable. The population is LQ-45 companies listed in the Indonesia Stock Exchange (BEI). The hypothesis testing is using path analysis by IBM SPSS Statistics 21 software. The results shows the board of directors has a negative effect on the company performance. The audit committees and institutional ownership have no effect on the company performance. Enterprise risk management has a positive effect on the company performance. The board of directors, audit committees, and institutional ownership have a positive effect on the enterprise risk management. This research also shows that enterprise risk management able to mediate the effect of the board of directors, and audit committees on the company performance.
Do Fundamental and Behavioral Factors Affect Insurance Company’s Stock Returns? Rachman, Ari Nur; Wijayanto, Andhi
Management Analysis Journal Vol 10 No 3 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i3.49814

Abstract

This study aims to determine the effect of fundamental factors and behavioral finance on stock returns. The company's financial performance variables use Return on equity (ROE) and Earnings per Share (EPS) as proxies. The macroeconomic condition variable uses the exchange rate and the BI rate as a proxy. Investor sentiment variable uses Trading Volume Activity (TVA) and Consumer Confidence Index (CCI) as proxies. The object of this research is the insurance sub-sector companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The research sample was selected using purposive sampling method so that 12 companies were selected as samples. The data analysis method used was multiple regression using the Eviews 9 tool. The results showed that the company's financial performance variables and macroeconomic conditions had no effect on stock returns. Investor sentiment with TVA proxy has a significant positive effect on company returns, while CCI has no effect on company returns.
Employee Loyalty is Reviewed from Emotional Intelligence, Commitment and Self Efficacy (Case Study at Diponegoro National Hospital Semarang) Hidayah, Nining; Suryawardana, Edy; Ariefiantoro, Teguh
Management Analysis Journal Vol 10 No 4 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i4.49893

Abstract

The purpose of conducting this research is to determine the effect of emotional intelligence, commitment and self-efficacy on employee loyalty at the Diponegoro National Hospital, Semarang. This research is a quantitative study 215 respondents. Data collection system using a questionnaire. This research uses the classical assumption test, multiple linear regression analysis, t test, F test, and the coefficient of determination test. The results of the F (simultaneous) test show that employee loyalty is significantly influenced by emotional intelligence, commitment and self-efficacy simultaneously. While the t test (partial) shows that employee loyalty at the Diponegoro National Hospital Semarang is negatively and significantly affected by emotional intelligence while commitment, self-efficacy, and competence have a positive effect on employee loyalty at the Diponegoro National Hospital Semarang individually (partial).
Indonesian Capital Market Reaction to The Increase of Tobacco Product Excise Rate in Indonesia Amalia, Mila; Ardiansari, Anindya
Management Analysis Journal Vol 10 No 3 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i3.49956

Abstract

The purpose of this research is to analyze the reaction of capital market by conducting research about the differences of abnormal returns, trading volume activity and security return variability before and after the increase in the Tobacco Excise rate on January 1, 2020 and February 1, 2021. This research uses an event study approach, the sample used in this research are 4 companies. Sampling was done by purposive sampling method. This study uses secondary data sources with a quantitative approach. The results of this research showed that the capital market reacts to the increase in the Tobacco Excise rate on January 1, 2020 and February 1, 2021. Based on the results of the different tests, the average abnormal return and the average trading volume activity in the period before and after the event shows that there is a significant difference, while for the different test results, the average security return variability shows that there is no significant difference in the seven days before and seven days after the increase in Tobacco Excise on January 1, 2020 and February 1, 2021.
Determinants of Customer Patronage of Fast Food Outlets in Benin City Okolie, Ugo Chucks; Udom, Idongesit David
Management Analysis Journal Vol 10 No 4 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i4.50120

Abstract

This study critically examined the factors influencing customer patronage of fast food outlets in Benin City. Specifically, the independent variables examined include quality of service delivery, brand image and price and how they relate to customer patronage. The study adopted survey research design. The population includes all customers that patronize fast food outlets in Benin City, Edo State. Fifty (50) respondents each were chosen in four fast food outlets namely: Mr. Biggs, Mat Ice, Kada Food and Omega Food to have a sample size of two hundred (200) out of which 188 questionnaires were found useable, amounting to 94%. The data analyses were done using both descriptive and inferential statistics. All analyses were done using Statistical Package for Social Sciences (SPSS 22.0) software. The study revealed that there are positive and significant relationship between the independent variables (service quality and brand image) and customer patronage except price that showed negative and not significant relationship with customer patronage. Based on these findings, the study recommended that fast food operators should continue to maintain high quality service delivery that will enhance the brand image of selected fast food outlets.
The Contribution of Self Efficacy to Entrepreneurial Interest through Motivation As An Intervening Variable Hendrayanti, Silvia; Fauziyanti, Wachidah
Management Analysis Journal Vol 10 No 4 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i4.50316

Abstract

The unemployment rate specifically those who graduated from universities is still increasing and is high. Since university graduates must have adequate abilities and expertise, they should be able to get jobs or to create their jobs. Based on an observation conducted in several universities in Semarang, the percentage of students in universities who are interested in entrepreneurship is quite high. However, several factors hinder their desire to be entrepreneurs. Hence, it requires more in-depth research. This study aims to examine the contribution of self-efficacy towards the students’ entrepreneurship interest through motivation as an intervening variable. The population of this study was the students of the economics faculty of universities in Semarang who had taken entrepreneurship courses while the sample was 97 students. The analysis tool used was Structure Equation Models with Partial Least Square approach. The results showed that Self-efficacy had a positive and significant effect on students’ motivation with a t-value of 28,573>1.96 and motivation also has a positive and insignificant effect on entrepreneurial interest with a t-value of 0.502<1.96. Furthermore, Self-efficacy also has a positive and significant effect on entrepreneurial interest with a t-value of 4.528>1.96 and it strongly affects entrepreneurship interest through Motivation as an Intervening variable.
Effect Work-Life Balance on Organizational Commitment: Is The Role of Organizational Citizenship Behavior? Eriyanti, Hanum Febby; Noekent, Vitradesie
Management Analysis Journal Vol 10 No 4 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i4.50450

Abstract

Balancing work and life stand as an on-going challenge in contemporary times. In organizational context, a high quality of work–life balance is crucial to continue attracting and retaining its employees. The purpose of this study was to determine the relationship between WLB and OCB through OC as a mediation. A survey was conducted using a set of established questionnaires on work–life balance, organizational citizenship behaviour and organizational commitment with employees of State Civil Apparatus who work in the Office of Education, Youth and Sports in Kudus Regency. The sampling technique in this study used a saturated sampling technique with a total of 86 employees. Methods of data analysis using descriptive statistical tests and software SmartPLS 3.0. The results showed that WLB had a positive and significant relationship on OC and OCB. OC is also shown to have a positive and significant relationship with OCB. In addition, OC was shown to be able to mediate the relationship between WLB and OCB. Theoretical suggestions for further research are to develop independent variables other than WLB and OCB and choose respondents from other sectors. The study has suggested implications for researchers and practitioners in the field of human resource management and experts in the area of organizational development.
Unethical Pro-Organizational Behavior: The Role of Moral Courage Sawitri, Hunik Sri Runing; Mayasari, Desy; Ayuninggar, Lintang; Novela Q A, Intan; Harsono, Mugi
Management Analysis Journal Vol 10 No 4 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i4.50759

Abstract

Unethical pro-organizational behavior is defined as conduct that is deemed to contravene ethical standards as defined by widely held values, laws, and social conventions rather than by group or organizational norms. However, the behavior is intended to benefit the organization, members of the organization, or both. Employees who intend to help the organization, its members, or both often engage in unethical pro-organizational behavior. This research aimed to identify, test, and develop a model of the factors that encourage people to engage in unethical pro-organizational behavior. These factors include identification with supervisors (IS), taking responsibility (TR), transformational leadership (TL), identification with the organization (IO), and moral courage (MC). The study employed a survey method, and the main respondents comprised the heads of the study programs at Universitas Sebelas Maret (UNS) Surakarta. The results of the analysis employing the Smart-PLS demonstrated that identification with the organization and taking responsibility had significant effects on unethical pro-organizational behavior, while identification with supervisors did not significantly affect unethical pro-organizational behavior. Moral courage did not moderate (neither strengthen nor weaken) the effects of taking responsibility and identification with supervisor on unethical behavior. Then, transformational leadership had a significant effect on identification with the organization. Finally, identification with the organization mediated the effect of transformational leadership on unethical pro-organizational behavior.

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