Articles

RESPON RETURN PASAR MODAL INDONESIA TERHADAP KEBIJAKAN MONETER DOMESTIK DAN ASING Wulandari, Aulia Yulianti; Achsani, Noer Azam; Anggraeni, Lukytawati
JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Vol. 7 No. 1 (2018): Jurnal Ekonomi dan Kebijakan Pembangunan
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1090.146 KB) | DOI: 10.29244/jekp.7.1.1-20

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Understanding the impact of external shocks on the stock market return and volatility is crucial for market participants as volatility is synonymous with risk. This paper provides comprehensive evidence on the spillover effects of the change of monetary policies from inside country and foreign origins on Indonesia stock market in the period of the time from November 2, 2012 to May 15, 2017. Used symmetric (IGARCH) and asymmetric (EGARCH and APARCH) GARCH model analysis to evaluate the impact of surprise and anticipated changes of monetary policies from inside country and foreign policies (from another ASEAN countries and leading economies, in this paper are United States, Europe, and United Kingdom). Surprise change of monetary policy is proxied by one day change in 3 months interbank offered rate, while anticipated change of monetary policy is proxied by one day change in target interest rate or policy rate. The result shows that information of the monetary policy news and Indonesia stock return is asymmetric. Indonesia stock market is only affected by foreign monetary policies. Keywords: ASEAN stock market, GARCH, Monetary policy JEL classification: C01, C50, E50
THE ISLAMIC BANKING AND THE ECONOMIC INTEGRATION IN ASEAN Solihin, Solihin; Achsani, Noer Azam; Saptono, Imam T
Buletin Ekonomi Moneter dan Perbankan Vol 19 No 1 (2016): JULY 2016
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/bemp.v19i1.601

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The efficiency level of the banking industry is the most important indicator to identify the soundness of banking system. This paper use non parametric frontier approach, DEA, to analyze the Islamic bank efficiency in ASEAN. We use price of deposit from customers, deposits and placements of banks, labor, and others operational expenditures as control variabel, and using financing, deposits and placements on other insitution, securities, others investment as output variabel. We found that the mix bank is the most efficient group within the observation period. Furthermore, the average Islamic banking efficiency in Indonesia, on intermediation approach, is lower than the average of ASEAN, unless they can reduce the cost of labor and other operational expenses. This paper also examines the determinant of efficiency of the Islamic Banking in ASEAN. Internal factors are Total Aset, ROA, BOPO, and ETA, and external faktor are Market Power and Inflation. Using Tobit regression, the result shows the factors that most influence to the Islamic banking efficiency in Indoneisa is the total size of the bank or its assets, OPEX/OR, and Market Power.
Faktor-Faktor yang Mempengaruhi Fleksibilitas Keuangan (Studi Kasus yada Perusahaan yang Terdaftar pada Bursa Efek Indonesia (Periode 2008-2012)) Murti, Adytia Pradnya; Achsani, Noer Azam; Andati, Trias
Jurnal Aplikasi Manajemen Vol 14, No 3 (2016)
Publisher : Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1130.919 KB) | DOI: 10.18202/jam23026332.14.3.11

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This study aimed to determine the capital position and company’s performance in Indonesia during the 2008-2012 period and to determine the factors that affected the company’s financial flexibility in Indonesian firms. The samples of this study were 45 largest capitalized company listed on the Jakarta Stock Exchange.This study used synthetic rating and the debt service coverage ratio to determine the company’s capital position and performance, and used panel data to determine the factors that affected financial flexibility. The results showed that existence a decrease in the default rate, in 2008 the average default rate was 6.12%, in 2009 decreased to 3.99%, in 2010 down to 2.91%, and then in 2011 and 2012 slightly increased to 3.17% and 3.30 %. Based on the results of panel data the factors that affected the financial flexibility is Leverage Ratio, Free Cash Flow, and crisis.
MM*INDO : INTERACTIVE STATISTICS LEARNING IN INDONESIAN LANGUAGE Sofyan, Hizir; Achsani, Noer Azam
STATISTIKA: Forum Teori dan Aplikasi Statistika Vol 4, No 2 (2004)
Publisher : Program Studi Statistika Unisba

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Abstract

Abstract — In line with the development of computer and information technology, interactive learning become analternative choice to the conventional one. MM*Indo is an interactive introductory to the world of statistics usingIndonesian Language. This software would help the student to understand the statistic lectures, especially in theelementary phase, through it’s dynamic explanation and many practical exercises. The software is supported by the XploRestatistical programming language and written in HTML and Javascript, so that it can be executed via World Wide Web andalso CD-ROM. It consists of 12 chapter covering all introductory themas of statistics, from the descriptive statistics,introduction to the probability, hypothesis testing until linear regression.
KINERJA KEUANGAN BERBASIS PENCIPTAAN NILAI, FAKTOR MAKROEKONOMI, DAN RETURN SAHAM SEKTOR PERTANIAN Kurniadi, Arif; Achsani, Noer Azam; Sasongko, Hendro
Jurnal Manajemen dan Kewirausahaan Vol 16, No 2 (2014): SEPTEMBER 2014
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jmk.16.2.141-152

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Tujuan dari penelitian ini adalah: (1) menganalisis kinerja keuangan menggunakan EVA, MVA, Q-Tobin, (2) menganalisis pengaruh EVA, MVA, Q-Tobin dan faktor makroekonomi terhadap return saham, (3) mengembangkan implikasi manajerial. Data dikumpulkan dari 8 perusahaan sektor pertanian yang ter-daftar di BEI sebelum tahun 2005. Hasil menunjukkan sebagian besar perusahaan memperoleh EVA negatif, MVA positif, dan nilai q < 1. Variabel MVARET dan Q-TobinRET berpengaruh signifikan terhadap return saham
Dampak Perubahan Kurs (Pass-Through Effect) terhadap Tujuh Kelompok Indeks Harga Konsumen di Indonesia Achsani, Noer Azam; Nababan, Herry Frenky
Jurnal Ekonomi dan Pembangunan Indonesia Vol 9, No 1 (2008): Juli
Publisher : Department of Economics-FEUI

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The impacts of exchange rate to an economy both domestically and internationally are an interesting discussion. One of the examples for discussion is exchange rate pass-through (ERPT). ERPT is defined as the rate of change of prices (domestic, imported or exported) as a result of change in exchange rate. Consumer price index (CPI) is one of the most frequent indicators used for measuring domestic price. This paper analyzes the impacts of exchange rate change (ERPT) to seven group of CPI in Indonesia. The Cholesky Decomposition is employed to identify structural shock of Structural Vector Autoregression (SVAR) which then combined with Vector Error Correction Model (VECM) for 48 time series units. The result shows that for the entire period there is an incomplete pass-through for the seven group of CPI. The largest effect occurs in the transportation and communication sector and food and beverages sector in which 35 percent of their changes in CPI are affected by change in exchange rate.
Pengujian Pecking Order Pada Perusahaan Perkebunan Di Indonesia Munawar, Aang; Sanim, Bunasor; Manurung, Adler Hayman; Achsani, Noer Azam
Jurnal Ilmiah Ranggagading (JIR) Vol 11, No 2 (2011): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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This research examines capital structures or financial policy in Indonesia plantation firms with pecking order theory. Plantation firm was classified on status (listed and unlisted) and product (palm oil and non palm oil). Panel data methodology is used to test the empirical hypotheses over a sample of 22 Indonesia plantation firms during seven years period 2002 – 2008. The result of this research shows there is a significant cash deficit and product variables positively influence to increase long term debt. This evidence shows that pecking order theory used on financial policy and palm oil firms have cash deficit and long term debt more than non palm oil firms. In accordance to T test, there is a significant difference cash deficit and long term debt on firm status but long term debt only a significant difference on product firm.
Analisis Pengaruh Aliran Kas Bebas Positif Dan Negatif, Dividen Dan Leverage Terhadap Nilai Pemegang Saham Studi Kasus: Perusahaan Non Keuangan Yang Terdaftar di Bursa Efek Indonesia Periode 2003 – 2010 Sasongko, Hendro; Achsani, Noer Azam; Sembel, Roy; Kusumastanto, Tridoyo
Jurnal Ilmiah Ranggagading (JIR) Vol 12, No 1 (2012): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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Abstract

Free cash flow is viewed as performance parameter that’s more promising because it’s more transparent in presenting operational activity, investment, and company’s funding. Besides those advantages, there are two questions: (1) is the free cash flow able to become determinant against stockholders’ value and (2) are there other factors which affect it? This study took sample from 184 non-finance companies registered at Indonesia Stock Exchange period 2003 – 2010, using double regression analysis method. The result of this study shows that negative free cash flow, dividend, and leverage has significant influence against stockholders’ value.
ANALISIS REGRESI LOGISTIK MULTINOMIAL UNTUK MEMODELKAN PENURUNAN POSISI KEUANGAN PERUSAHAAN PUBLIK DI BEI Kurniawati, Yenni; Wijayanto, Hari; Achsani, Noer Azam
EKSAKTA Vol 2 (2012)
Publisher : FMIPA UNP

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Abstract

Financial Statements issued by the company is one source of information about the companys financial position, performance and changes in financial position, which is very useful to support decision-making. In addition, external influences can also affect decline the companys financial position, such as the increase in fuel prices. This study explores the multinomial logistic regression analysis to model the decline financial position. The statistic method which is used to test on the research hypothesis is multinomial logistic reg ression. Decline in the companys financial condition is a dependent variable, and inde pendent variables used are the financial ratios of the companys financial statements. The financial ratios is profitability (NP/TA), eficiency (EBITDA/TA), likuidity (CR), leverage (DER), and solvability (RE and EQ). The result show that efficiency (EBITDA/TA),likuidity (CR), and Leverage (DER) is a significant variable to determine of down financial firms. Decline a companys financial condition models  is good based on goodness of fit tests with the pearson methods and deviance methods. Keywords: Multinomial logistic regression, financial ratio, decline a companys financial condition models.
Umur dan Kinerja Perusahaan: Studi Empiris Perbankan Syariah di Indonesia Nurwati, Etty; Achsani, Noer Azam; Hafidhuddin, Didin; Nuryartono, Nunung
Jurnal Manajemen Teknologi Vol 13, No 2 (2014)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2014.13.2.4

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AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh umur perusahaan terhadap kinerja perbankan syariah di Indonesia. Untuk membandingkan antara pengaruh umur terhadap kinerja Bank Umum Syariah (BUS) yang berasal dari Unit Usaha Syariah (UUS) dan BUS hasil konversi, pada penelitian ini dianalisis pengaruh pengalaman BUS sebagai UUS terhadap kinerja BUS. Penelitian ini menggunakan data statistik perbankan syariah di Indonesia, untuk periode 1999-2011, dengan ukuran kinerja BUS berupa rasio keuangan: profitabilitas, likuiditas dan efesiensi. Untuk menganalisis pengaruh umur terhadap kinerja BUS, digunakan model regresi data panel. Hasil penelitian menunjukkan bahwa terdapat pengaruh yang signifikan antara umur perusahaan dan kinerja BUS, namun tidak menunjukan pengaruh signifikan antara pengalaman sebelumnya sebagai UUS terhadap kinerja Bank Umum Syariah (BUS) setelah spin-off.Kata Kunci: Pengalaman, Bank Umum Syariah, Kinerja, ROA, ROEAbstractThe purpose of this study was to analyze the effect of firm age on the performance of Islamic Banks ( BUS ) in Indonesia. To compare the effect of firm age on performance of BUS derived from UUS and BUS resulted from conversion, we analyzed the influence of experience as UUS on BUS performance. This study used statistical data of Islamic banking in Indonesia, for the period 1999-2011, with a performance measure of BUS in the form of financial ratios: profitability, liquidity and effeciency. To analyze the influence of firm age and experience to BUS performance, we use panel data regression model . The results showed that there is a significant relationship between firm age and performance of Islamic Banks, however, it did not show a significant relationship between prior experience as Islamic Business Unit (IBU) on the performance of Islamic Banks (IB ) after spin-off .Key Words: Experience, Islamic Bank, Performance, ROA, ROE
Co-Authors . Gunawan Aang Munawar Abdullah, Feriansyah Achmad Fadillah Adler H. Manurung Adler Hayman Manurung Adytia Pradnya Murti Aida Vityala Hubeis, Aida Vityala Akhmad Fauzi Akhmad, A, Amrieh Samad Soemargo, Amrieh Samad Andra Devi Benazir Arief Daryanto Arif Kurniadi Arman Arman Aruddy, Aruddy Ascarya Ascarya Astrini, Danti Baba Barus Bagus Sartono Bambang Juanda Bunasor Sanim Danika Reka Artha Deddy S. Bratakusumah Dedi Budiman Hakim Dhany Surya Ratana Didin Hafidhuddin Etty Nurwati Hardiyanto, Arief Tri Hari Wijayanto Helen Wiryani Hendro Sasongko Heni Hasanah Herawati, Aty Herry Frenky Nababan Hizir Sofyan I Gede Widya Anantayoga, I Gede Widya Idrus, Yudi Avalon Indrawan, Dikky Irfan Syauqi Beik Kembaren, Tribella Koes Pranowo La Ode Abdul Rahman Lukman M. Baga Lukytawati Anggraeni MANGARA TAMBUNAN Marimin Marimin Mela Yunita Muhamad Firdaus Mulyo, Sumedi Andoyo Nunung Nuryartono Oktafianto, Eka Khaerandy Paramita, Desak Putu Ristami Putri, Pebrika Yudha Rico Rizal Budidarmo Rina Oktaviani Roy Sembel Rudjito Rudjito Sapto Jumono Saptono, Imam T Sari, Linda Karlina Sari, Linda Karlina Setia Hadi Sidik, Zelin Nurfadia Sjafri Mangkuprawira Solihin Solihin Sri Hartoyo Suarsih, Siti Sukandar, Beny Mulyana Syamsul Hidayat Pasaribu Syarifuddin, Ferry TB Nur Ahmad Maulana, TB Nur Ahmad Toni Bakhtiar Tony Irawan Trias Andati Tridoyo Kusumastanto Trisilawaty, Cory Tubagus Nur Ahmad Maulana Widokartiko, Bayu Wihadanto, Ake Wulandari, Aulia Yulianti Yenni Kurniawati Yuniatin, Nani Yuheti Zainal Zawir Simon, Zainal Zawir