Harjum Muharam
Faculty of Economic and Bussiness Faculty Diponegoro University

Published : 70 Documents
Articles

KOMPENSASI CHIEF EXECUTIVE OFFICER (CEO) DAN KINERJA PERUSAHAAN Muharam, Harjum
STUDI MANAJEMEN DAN ORGANISASI Vol 1, No 2 (2004)
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

ABSTRACTThere are two main topics when we took about Chief Executive Officer compensation, the first one is relationship between CEO compensation and shareholder interest that was knew as agency problem. The second one is about amount and mix of CEO compensation and it impact on corporate performance. Entry benefits and exit benefits are the one-off pecuniary that gift to CEO once during his/him duties. Ongoing benefits consist of fixed payment and at risk payment—short-tem incentives (STIs) and long-term incentives (LTIs).  Every kind of that compensation has special impact on CEO behaviour that shareholder want. Beside that compensations there is non-financial pecuniary that also has the same impact. Many persons argue that COEs are overpaid and that their compensation amounts are excessive and inequitable. The reason for this is because CEO has more complexity and responsibility job than the others in the company and has bigger contribution for company performance. Depend on latest research, there is positive and significantly relationship between CEO compensation and company performance.Keywords : Compensation; CEO (Chief Executive Officer); Corporate Performance
ANALISIS REAKSI PASAR MODAL TERHADAP PENGUMUMAN INVESTASI TEKNOLOGI INFORMASI: STUDI KASUS PADA PERUSAHAAN YANG LISTING DI BEJ PERIODE 2002-2005 Muharam, Harjum; Widati, Riris Retno
STUDI MANAJEMEN DAN ORGANISASI Vol 3, No 2 (2006)
Publisher : Faculty of Economics and Business Diponegoro University

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ABSTRAK Dengan menggunakan metodelogi event study, penelitian ini menganalisis dampak pengumuman investasi teknologi informasi terhadap reaksi pasar modal yang ditunjukkan oleh abnormal return saham, pada 52 perusahaan di bidang komunikasi, manufaktur dan keuangan yang melakukan publikasi pengumuman investasi teknologi informasi selama periode 2002-2005. Pengujian secara simultan dilakukan untuk mengetahui ada tidaknya perbedaan rata-rata abnormal return terhadap kelompok industri yang berbeda dan klasifikasi jenis investasi yang ditanamkan, apakah ivestasi TI tersebut inovatif, non inovatif atau unclassified. Kesimpulan yang didapat, bahwa pengumuman investasi TI untuk keseluruan sampel maupun tiap-tiap ketegori yang diuji, tidak terdapat perbedaan rata-rata abnormal return disekitar hari pengumuman. Hal ini disebabkan pengumuman investasi TI tersebut tidak mempunyai kandungan informasi, sehingga investor menganggap informasi tersebut sebagai bad news dan merupakan suatu sinyal yang tidak menguntungkan untuk mengambil keputusan investasi. Hal ini mengindikasikan bahwa pelaku pasar modal memiliki perilaku yang sama dalam menyikapi adanya pengumuman investasi TI yang dipublikasikan oleh perusahaan. Bagaimanpun, reaksi pasar terhadap pengumuman investasi TI tergantung pada sejumlah faktor, karakteristik industri, jenis investasi, waktu investasi, sumber daya organisasi dan strategi perusahaan merupakan sebagian faktor yang dipertimbangkan dalam menilai investasi TI. Akan tetapi terdapat banyak return yang sifatnya intangible benefit yang diperoleh perusahaan dengan penggunaan teknologi informasi, seperti sistem informasi bagi manajemen secara tepat waktu, meningkatkan kualitas produk, meningkatkan pelayanan pelanggan, meningkatkan komunikasi dalam organisasi, memperoleh keunggulan kompetitif, dan perbaikan kerja bagi karyawan. Karena pada saat implementasi dan orang bisnis mulai memahami, maka semakin banyak peminat dari bisnis untuk mengembangkan TI.   Kata Kunci : pengumuman investasi teknologi informasi; reaksi pasar modal; abnormal return saham
ANALISIS FAKTOR–FAKTOR YANG MEMPENGARUHI ABNORMAL RETURN SAHAM PADA KINERJA JANGKA PANJANG PENAWARAN UMUM PERDANA (IPO) (Studi Kasus pada Perusahaan Non Finansial yang Go Public di Bursa Efek Indonesia Tahun 2006-2009) Abid, Muhammad Talkhisul; Muharam, Harjum
STUDI MANAJEMEN DAN ORGANISASI Vol 10, No 2 (2013)
Publisher : Faculty of Economics and Business Diponegoro University

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The average stocks return of the initial public offering (IPO) in the U.S. stock market was -29.13% at the end of the third year after the IPO (Ritter, 1991). The conclusion is that the Underperformed phenomenon is influenced by the volume of trade and only occurs in the non-financial sector (Ritter, 1991). Underperformed is a stock return of initial public offerings that have lower performance compared to the market return. Bessler and Thies (2007) stated that the year of going public is the time period of the initial public offering (IPO). There is a time variation in the pattern of benefits, it raises a question of whether companies can maximize the value and amount of funds acquired. In investing, investors consider the return and risk, the expected results of the investment will be realized after a certain period of time and during this period there is a risk of the investments made. The aim of this study is to analyze the factors that affect Abnormal Return on long-term stock performance after 36 months of the IPO. The independent variables in this study consist of Benchmark, Money Raised, Market Value, and Magnitude of Underpricing. The dependent variable is the abnormal return on long-term stock performance after 36 months of the IPO. The samples used in this study were the nonfinancial companies on 2006-2009 period as many as 54 non-financial companies using purposive sampling method. The analysis technique used was multiple linear regression analysis and performed classical assumption test which include normality test, multicollinearity test, autocorrelation test, and heteroskesdasticity test. The results showed that partially the Benchmark affect significantly and negatively toward Abnormal Return; Money Raised and Market Value does not affect significantly and positively towards Abnormal Return; Magnitude of Underpricing affect significantly and positively towards Abnormal Return. The ability of the four independent variables to explain the variation on the dependent variables amounted to 45.8%, while the rest equal to 54.2% explained by other factors that are not described in the model. Keywords: Benchmark, Money Raised, Market Value, Magnitude of Underpricing and Abnormal Return
ANALISIS PENGARUH FAKTOR INTERNAL DAN EKSTERNAL TERHADAP PROFITABILITAS PERBANKAN (Studi pada Bank Umum di Indonesia Periode Januari 2003 - Februari 2012) Hendrayanti, Silvia; Muharam, Harjum
Diponegoro Journal of Management Volume 2, Nomor 3, Tahun 2013
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Bank is one of the financial institution which have activities to raise funds from the public inthe form of savings and channel them to the public in form of credit or other forms in order toimprove the living standard of the people. The purpose of the banking business to make a profitability.The bank profitability is one of the most important indicator in determining the success of a bank andcan be used as basis for policy and strategy of the banking system in the period to come. The mainpurpose of this research is to examine the influence of Equity to Total Assets Ratio (EAR), OperatingExpenses to Operating Income (ROA), Loan to Assets Ratio (LAR), Firm size, economic growth,inflation and the volatility of ROA on Return On Assets (ROA).The population of this research are commercial banks in Indonesia. The priority selection ofthe sample is by using purposive sampling method with the overall criteria of the monthly financialreports of the most commercial bankings in Indonesia during the observation period January 2003-February 2012 has been published by Bank Indonesia. Totality of the sample which has been used inthis study was 110 samples. In this study, the research method is by using descriptive analysis,stationarity test, classical assumption test (test for normality and autocorrelation test), analyticalmodels of the Generalized Autoregressive Conditional Heteroscedasticity in Mean (GARCH-M),hypothesis test (z-statistic test, F-statistics test, and coefficient of determination test (R2)).The results of this research found that Equity to Total Assets Ratio (EAR) have a positive andsignificant effect on Return on Assets (ROA), Operating Expenses to Operating Income (ROA) andLoan to Assets Ratio (LAR) have a negative and significant effect on Return On assets (ROA), Firmsize have a positive and significant effect on Return on Assets (ROA), economic growth and inflationhave regression coefficients were positive but insignificant ROA and volatility of ROA have anegative and significant effect on Return On asset (ROA).
ANALISIS FAKTOR–FAKTOR YANG MEMPENGARUHI ABNORMAL RETURN SAHAM PADA KINERJA JANGKA PANJANG PENAWARAN UMUM PERDANA (IPO) (Studi Kasus pada Perusahaan Non Finansial yang Go Public di Bursa Efek Indonesia Tahun 2006-2009) Abid, Muhammad Talkhisul; Muharam, Harjum
Diponegoro Journal of Management Volume 2, Nomor 3, Tahun 2013
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The average stocks return of the initial public offering (IPO) in the U.S. stockmarket was -29.13% at the end of the third year after the IPO (Ritter, 1991). Theconclusion is that the Underperformed phenomenon is influenced by the volume of tradeand only occurs in the non-financial sector (Ritter, 1991). Underperformed is a stockreturn of initial public offerings that have lower performance compared to the marketreturn. Bessler and Thies (2007) stated that the year of going public is the time period ofthe initial public offering (IPO). There is a time variation in the pattern of benefits, itraises a question of whether companies can maximize the value and amount of fundsacquired. In investing, investors consider the return and risk, the expected results of theinvestment will be realized after a certain period of time and during this period there is arisk of the investments made. The aim of this study is to analyze the factors that affectAbnormal Return on long-term stock performance after 36 months of the IPO. Theindependent variables in this study consist of Benchmark, Money Raised, Market Value,and Magnitude of Underpricing. The dependent variable is the abnormal return on longtermstock performance after 36 months of the IPO.The samples used in this study were the nonfinancial companies on 2006-2009period as many as 54 non-financial companies using purposive sampling method. Theanalysis technique used was multiple linear regression analysis and performed classicalassumption test which include normality test, multicollinearity test, autocorrelation test,and heteroskesdasticity test.The results showed that partially the Benchmark affect significantly and negativelytoward Abnormal Return; Money Raised and Market Value does not affect significantlyand positively towards Abnormal Return; Magnitude of Underpricing affect significantlyand positively towards Abnormal Return. The ability of the four independent variables toexplain the variation on the dependent variables amounted to 45.8%, while the rest equalto 54.2% explained by other factors that are not described in the model.
THE INFLUENCE OF FUNDAMENTAL FACTORS TO LIQUIDITY RISK ON BANKING INDUSTRY: COMPARATIVE STUDY BETWEEN ISLAMIC BANK AND CONVENTIONAL BANK IN INDONESIA Muharam, Harjum; Kurnia, Hasna Penta
Conference In Business, Accounting, And Management (CBAM) Vol 1, No 2 (2012): Conference In Business, Accounting And Management (Cbam) 2012
Publisher : Conference In Business, Accounting, And Management (CBAM)

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Abstract

Bank and risk are two things that cannot be separated from each other. Both conventional and Islamic banks are more or less similar in risk summary. One of the critical risk is liquidity risk that caused by bank disabilities on meeting their maturity dates of depositors. Therefore it needs further observations to control their liquidity risk. This study investigates the influence of CAR, profitability ratios, NIM, liquidity gaps, and RLA belongs to liquidity risk on banking industry. The population of this study consists of conventional and Islamic banks. The selection of samples uses purposive sampling method. The samples are divided into 3 conventional banks and 3 Islamic banks. The study is based on secondary data in a period of five years, i.e. 2007-2011. The statistical analysis of secondary data has been divided into three, which are descriptive, regressionand hypothesis testing. The study finds negative and significant influence of CAR and ROE to liquidity risk on conventional banks, while ROA and RLA have positive and insignificant effect. In Islamic banks, the research finds positive and significant impact of NIM and ROE to dependent variable, whereas liquidity gaps and RLA have insignificant affect. Liquidity gaps have positive and significant effect to liquidity risk in conventional banks, while ROA has positive direction in Islamic banks. In addition, NIM in first model and CAR in second model is found to be negative and insignificant at 5% significance level.Keywords: conventional banks, Islamic banks, liquidity risk, fundamental factors
MEASURING SYSTEMIC RISK OF BANKING IN INDONESIA: CONDITIONAL VALUE AT RISK MODEL APPLICATION Muharam, Harjum; Erwin, Erwin
Signifikan: Jurnal Ilmu Ekonomi Vol 6, No 2 (2017)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v6i2.5296

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Systemic risk is a risk of collapse of the financial system that would cause the financial system is not functioning properly. Measurement of systemic risk in the financial institutions, especially banks are crucial, because banks are highly vulnerable to financial crisis. In this study, to estimate the conditional value-at-risk (CoVaR) used quantile regression. Samples in this study of 9 banks have total assets of the largest in Indonesia. Testing the correlation between VaR and ?CoVaR in this study using Spearman correlation and Kendall's Tau. There are five banks that have a significant correlation between VaR and ?CoVaR, meanwhile four others banks in the sample did not have a significant correlation. However, the correlation coefficient is below 0.50, which indicates that there is a weak correlation between VaR and CoVaR.DOI: 10.15408/sjie.v6i2.5296
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL (STUDI KASUS PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2008-2011) Niztiar, Gata; Muharam, Harjum
Diponegoro Journal of Management Volume 2, Nomor 2, Tahun 2013
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Capital structure is an equalization beetwen the use of debt and the use of own capital, it means how much  own capital and how much debt that will be used can produce an optimal capital structure.This  research  aims  to  analyze  factors  which  influence  capital  structure  of  miningcompanies that listed in the Indonesia Stock Exchange. The variables studied include profitability, asset structure, sales growth, liquidity, operating leverage and difference years.Sampling method used in this research is purposive sampling. It is the sampling method based on certain criteria. The number of samples used in this research are 16 mining companies that based on the criteria. The research was conducted in the period 2008-2011. So the observationdata obtained at 64 observation data, but in normality test 13 data must be ommited, so only 51 data used as observation data. The analysis used multiple regression, which is preceded by a testconsisting of the classical assumption test for normality, heteroscedasticity test, test of multicollinearity and autocorrelation test. Hypothesis testing is using F test and t test.The results of data analysis or regression indicate that profitability, asset structure, salesgrowth, liquidity, operating leverage and difference years together influence the companys capital structure. While partially showed only profitability and liquidity significant effect on capital structure
CO-INTEGRATION DAN CONTAGION EFFECT ANTARA PASAR SAHAM SYARIAH DI INDONESIA, MALAYSIA, EROPA, DAN AMERIKA SAAT TERJADINYA KRISIS YUNANI Ikrima, Tara Ninta; Muharam, Harjum
Jurnal Dinamika Manajemen Vol 5, No 2 (2014): September 2014 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Semarang State University, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v5i2.3656

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Penelitian ini bertujuan untuk menganalisis dampak krisis di Yunani terhadap pergerakan harga saham syariah di Indonesia, Malaysia, Amerika Serikat, dan Eropa. Selain itu, penelitian ini juga menganalisis co-integrasi dan efek penularan (contagion effect) yang terjadi selama periode ini. Penelitian ini dilakukan karena ada perbedaan antara hasil penelitian tentang US Subprime Mortgage periode krisis tentang dampak pasar saham syariah. Penelitian ini menggunakan VAR (Vector Auto Regressive) dan VECM (Vector Error Correction Model) untuk menguji hipotesis dengan EViews 6 digunakan sebagai alat analisis statistik. Data yang digunakan dalam penelitian ini adalah indeks harga saham penutupan mingguan yang diambil dari perwakilan pasar saham syariah masing-masing negara, JII untuk Indonesia, DJIMY untuk Malaysia, DJIM US, dan MSCI untuk Eropa. Hasilnya menunjukkan bahwa Krisis Yunani tidak memiliki pengaruh terhadap pergerakan harga saham Islam di AS, Malaysia, Indonesia, dan Eropa. Namun ada co-integrasi dan penularan berpengaruh terhadap harga saham Islam di empat wilayah saat krisis Yunani itu terjadi. The objective of the study was to analyze the Greece’s crisis impacts toward the movement of Islamic stock prices in Indonesia, Malaysia, USA, and Europe. Moreover, this study also analyzed co-integration and contagion effect which occurred during the period. VAR (Vector Auto Regressive) and VECM (Vector Error Correction Model) with eviews 6 were used to test the hypothesis as the statistical analysis tools. The data of this study were the weekly closing stock price indices taken from the representatives of Islamic stock markets of each country; JII in Indonesia, DJIMY in Malaysia, DJIM in USA, and MSCI in Europe. The result showed that the Greece’s crisis did not give any influence toward the movement of Islamic stock prices in USA, Malaysia, Indonesia, and Europe. However; there were co-integration and contagion effect which influenced on Islamic stock prices in those four regions at Greece’s crisis time.
Analisis Perbedaan Liquiditas Saham, Kinerja Keuangan, dan Return Saham di Sekitar Pengumuman Stock Split Muharam, Harjum; Sakti, Hanung
The Winners Vol 9, No 1 (2008): The Winners Vol. 9 No. 1 2008
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/tw.v9i1.727

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Using 13 samples from listed companies in Jakarta Stock Exchange within 2003-2005, this article analyze the difference of stock liquidity, financial performance, and stock return in the period of stock split announcement. Multivariate Analysis of Variance (MANOVA) shows that there is no difference in Trading Volume Activity (TVA) of stock and financial performance before, within, and after stock split announcement, but this study finds that the difference in stock return exist in the period of stock split announcement.