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ANALISIS PENGARUH KEPEMILIKAN INSTITUSIONAL, PROFITABILITAS DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING SERTA PENGARUH PAJAK TERHADAP KEBIJAKAN DIVIDEN Taufan, Frendy Akhmad; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 2, Nomor 2, Tahun 2013
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The  purpose of this research  was to examine direct  and indirect  effect of  InstitutionalOwnerships,  Profitability  and  Liquidity  on  Dividend  Policy  with  Capital  Structure  as  an Intervening Variable and the effect of Tax on Dividend Policy. This research was taken as there are differences in the results of previous researches between researches with each other and there is a difference between the empirical data with existing theories.Sampling technique used is purposive sampling. From four hundred and twenty-eight companies according ICMD which were taken twelve non financial companies. Because, it has thecomplete financial statements from the year 2008 up to 2010. The method of analysis used aremultiple regression and path analysis.Using multivariate regression analysis, it is known that Institutional Ownerships and Profitability have negative significant effect on the Dividend Policy. Capital Structure has positive significant effect on Dividend Policy. Profitability has positive significant impact on Capital Structure. Liquidity has negative significant impact on Capital Structure. According Path Analysis, Capital Structure isn’t the Intervening Variable
ANALYSIS OF EFFECT OF FIRM SIZE, INSTITUTIONAL OWNERSHIP, PROFITABILITY, AND LEVERAGE ON FIRM VALUE WITH CORPORATE SOCIAL RESPONSIBILITY (CSR) DISCLOSURE AS INTERVENING VARIABLES (Study on Banking Companies Listed on BEI Period 2012-2016) Astuti, Fitria Yuni; Wahyudi, Sugeng; Mawardi, Wisnu
JURNAL BISNIS STRATEGI Vol 27, No 2 (2018): Desember
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (990.819 KB) | DOI: 10.14710/jbs.27.2.95-109

Abstract

The main objective of the company survives in the stringent competitive by maximizing the value of the company to shareholder wealth. Firm value is experiencing a downward trend is a problem that must be resolved. The banking company also undertakes a social responsibility that is perceived to have a positive impact on the company's image. This study aimed to analyze the effect of the firm size, institutional ownership, profitability, and leverage with corporate social responsibility (CSR) disclosure as a variable intervening.Populations are banking companies listed on the Indonesia Stock Exchange Period 2012-2016. Sampling technique used is purposive sampling with 29 companies selected according to predetermined criteria. This research is done by using multiple linear regression analysis methods and path analysis also Sobel test to examine the effect of intervening. Test results with CSRD as the dependent variable indicate that institutional ownership and Leverage have no effect on CSRD While firm size and profitability (ROA) have a positive significant effect on CSRD. The result of testing with Firm Value (Tobins'Q) as the dependent variable indicates that Firm Size, Institutional Ownership, and Profitability (ROA) have no effect on Firm Value (Tobins'Q). Leverage (DAR) has a negative and significant influence on Firm  Value (Tobins'Q) while CSRD has a significant positive effect on Firm Value (Tobins'Q). CSRD does not mediate the effect of Institutional Ownership, Profitability (ROA) and Leverage (DAR) on Firm Value (Tobins'Q). CSRD mediates the effect of Firm Size on Firm Value (Tobins'Q).
Perkembangan dan Prospek Pasar Modal di Indonesia Tahun 2005 (Event Study: Pendekatan Managemen Strategik) Wahyudi, Sugeng
JURNAL BISNIS STRATEGI Vol 13, No 1 (2004): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1113.806 KB) | DOI: 10.14710/jbs.13.1.97-107

Abstract

Penelitian tentang event study telah banyak dilakukan, namun demikian pendekatannya umumnya dilakukan secara parsial. Pada penelitian ini dilakukan  pendekatan secara komprehensif dengan menggunakan po/a manajemen strategik. Pendekatan secara komprehensif mempertimbangkan berbagai variabel baik yang terukur seperti aspek fundamental internal perusahaan maupun aspek eksternal. Kajian pada aspek ekstemal pada ruang lingkup aspek sosial politik, ekonomi,ekologi pada tingkat global maupun pada level  nasional.Penelitian ini dilakukan pada bursa efek Jakarta dalam kurun waktu 17 Agustus 2003 sampai dengan 17 Agustus 2004. Data dipero/eh dari Bursa Efek Jakarta maupun dari pengamatan pengembangan bursa melalui perusahaan sekuritas. Pene/itian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi kinerja bursa dan prospeknya di BEJ .Pendekatan strategik digunakan mengingat bahwa secara menye/uruh faktor-faktor tersebut bersifat terukur dan tidak terukur yang meliputi aspek sosial politik, ekonomi, ekologi dan fundamental internal perusahaan. Analisis regresi digunakan sebagai penguat pengaruh variabel terukur terhadap kinerja bursa.Variabel ekonomi kurs rupiah terhadap dolar AS dan tingkat suku bunga dan tingkat inflasi merupakan faktor yang mempengaruhi perkembangan bursa dan prospek bursa di tahun 2003. Target APBN tahun 2005 kurs rupiah RpB. 600, - dan suku bunga SB/ 6, 5 % serta inflasi 5, 5 % merupakansignal positip terhadap pengembangan bursa tahun 2005. Faktor politik berupa pengembangan metode pemilihan kepemimpinan nasional masih berperan sebagai stimulus positip terhadap pengembangan bursa. Pengaruh bursa global terutama bursa Nikei Jepang akan mewarnai perkembangan bursa efek Jakarta. Sedangkan faktor lingkungan berupa ekologi wabah penyakit seperti flu burung nampaknya masih sebagai faktor yang membatasi investasi dan pengembangan bursa.Faktor fundamental internal berupa aksi korporasi stock split atau pemecahan saham dan penawaran umum perdana saham baru juga merupakan faktor pendorong terhadap pengembangan bursa. Secara umum dapat dirumuskan prospek pasar modal di Indonesia tahun 2005 cukup cerah meskipun tidak secerah tahun 2004 yang telah menciptakan return pasar sebesar 45,5%.
Analisis Anggaran Parsitipatif dan Pengaruhnya Terhadap Kinerja Wahyudi, Sugeng
JURNAL BISNIS STRATEGI Vol 2, No 1 (1998): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (471.681 KB) | DOI: 10.14710/jbs.2.1.31-39

Abstract

Partisipasi  dalam proses penyusunan  anggaran sebagai  variabel perilaku  secara   parsial  terbukti mempunyai hubungan yang signifikan terhadap Kinerja manajer.   Namun demikian  secara parsial variabel ini ternyata hanya mempunyai kemampuan menje­laskan  rendah  terhadap kinerja manajer.Pengembangan alternatif dengan cara memasukkan  variabel perilaku yang lain  yaitu pendidikan ternyata memberikan gambaran yang lebih baik pada model  dalam  arti kemampuan menjelaskan  2  variabel ini lebih meningkat,  sehingga dapat  dinyatakan "Partisipasi yang disertai  dengan ilmu akan  menjadi lebih bermakna". Pengembangan  alternatif lain  dengan cara  membagi  sampel   menjadi   2 kelompok yaitu cabang  kelas  I dan cabang kelas  II  memberikan  makna tambahan pada  model.  Hasilnya bahwa partisipasi lebih bermakna pada cabang kelas I, yang relatif kondisi keuangannya lebih baik dari  cabang kelas II.Pengembangan alternatif dengan membagi Kinerja  manajer menjadi 3 kelompok manajer sesuai bidangnya  ternyata  tidak menjadikan model  ini  lebih  baik.  Hal  ini dapat dinyatakan bahwa  partisipasi mempunyai dampak Synergi  terhadap Kinerja manajer secara  utuh.Pengembangan  alternatif dengan memasukkan  variabel pengalaman mendampingi variabel partisipasi dan pendidikan ternyata variabel pengalaman tidak  signifikan  terhadap Kinerja manajer Pengembangan  alternatif Par­tisipasi  diperinci menurut unsur­-unsur partisipasi secara  parsial ternyata memberikan gambaran yang tidak lebih baik pada  model.Unsur­-unsur partisipasi yang diklasifikasikan  menjadi   6  unsur merupakan unsur­-unsur yang terintegrasi.  Penggabungan 6  unsur tersebutmenciptakan synergi sehingga analisis  integratif dari 6 unsur tersebut memberikan gambaran yang lebih  baik dibanding dengan  analisis parsial masing­masing unsur  tersebut.
TRANSFER INFORMASI HARGA SAHAM-SAHAM YANG LISTING DI JAKARTA STOCK EXCHANGE DAN NEW YORK STOCK EXCHANG Wardani, Heni Setia; Wahyudi, Sugeng; Waridin, Waridin
JURNAL BISNIS STRATEGI Vol 6, No 4 (2001): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (799.17 KB) | DOI: 10.14710/jbs.6.4.35-46

Abstract

The stock price's information transfer between the stock exchanges which trading in dual listing stock will present information for the investor to evaluated the issuers prospect, because the information is a signal for the investor to make decision. When there is no obstacles against the information ditribution, the stock price's information transfer will work appropriately so that the information dissemination runs quickly. The distribution information here means thatb every investor receives the same information set. In fact, however, there were investor receiving information other than the others, so that thwe asymmetrical information generated., it was only some investors obtaining the suitable information. consequently the investor receiving this information could enjoy the ubnormal returns The rsearch utilized the listing stocks et the emerging and developed stock exchanges, because at present the investor tended to move their invesment strategy through the under-depeloved countries. in this research, the emerging stock exchange was jakarta stock exchange while the developed stock exchange was  new york stock exchange.This research intended to understand the movement direction of the stock price's information transfer and to detect the movement response of the stock price's information transfer from New York Stock Exchange to Jakarta Stock Exchange and/or on the contrary from Jakarta Stock Exchange to New York Stock Exchange.In reach of this study census was applied as the reserach method because all population members became the research  objects. The relevant population  comprised all issuers performing the listing at  New York Stock Exchange and Jakarta Stock Exchange. The secondary data involving daily data of the stock price, exchanges rates, Jakarta Composite Index , and Dow Jones Industrial index stemmed From Bisnis Indonesia Daily News during 1999 was used within this research.  The analysis tool used in this was ordinary linear regression to know the movement direction and response of stock price's information transfers.Based on this research it was found that the stock price's information transfer running to two directions, from New York Stock Exchange to Jakarta Stock Exchange even so from Jakarta Stock Exchange to New York Stock Exchange and the stronger impact moved from Jakarta Stock Exchange to New York Stock Exchange.
ANALISIS PENGARUH GWM, EQUITY RATIO, EARNING VOLATILITY, CREDIT RISK, DAN SIZE TERHADAP LIQUIDITY CREATION PADA BANK UMUM DI INDONESIA DENGAN SIZE SEBAGAI VARIABEL KONTROL (Studi Kasus Pada Bank Umum di Indonesia Periode 2010-2014) Pratama, Raditya Utari Putra; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 5, Nomor 1, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The purpose of this study was to analyze the influence of Reserve Requirement Ratio (RRR), Bank Capital Ratio (EQRAT), Earning Volatility (EARNVOL), Credit Risk, and Size toward Liquidity Creation ten largest Conventional Banks in Indonesia. The sampling technique used in this study is purposive sampling technique with the criteria of ten largest conventional Banks who publish annual financial reports periodically during 2010-2014. The data used in this study was obtained from annual financial reports on the website of conventional Banks with a sample of ten largest conventional Banks in Indonesia. Methods of data analysis in this study with Multiple Regression Analysis, which previously performed classical assumption test. Hypothesis testing using F-statistic test, t-statistical test and the determination of coefficients Adjusted  with a significance level of 5%. The results of the study are the independent variables simultaneously (F test) effect on Liquidity Creation with a significance level of 0.000. While partially (t test) showed that the variable RRR, EARNVOL, and Size has no significant effect on Liquidity Creation. Variable EQRAT has significant negative effect on Liquidity Creation. Variable Credit Risk has significant positive effect on Liquidity Creation. Adjusted  is 0.477 which means that the ability of the four independent variables and one control variable can explain Liquidity Creation amounted to 47.7%, while the rest is explained by other factors.
PENGARUH CORPORATE SOCIAL RESPONSIBILITY DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN KEPEMILIKAN MANAJERIAL SEBAGAI VARIABEL PEMODERASI Primady, Ganang Radityo; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 4, Nomor 3, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

In a country, the company has a function as one of the economic movement. While companies in other parties also have an impact on their business activities. Social care is seen to be concequences for companies on the surrounding environment in order to have a positive value in the eyes of the public. Meanwhile, the value of a company for those who want to invest, in terms of profitability alone. The purpose of this study was to examine the influence of Corporate Social Responsibility and Profitability toward the firm value with managerial ownership as moderating variables. This study was taken because there are differences in the results of previous research between the research with other research which caused unconsistency.This study uses secondary data. As for the sampling technique used purposive sampling technique taken from ICMD and the annual report of the Indonesia Stock Exchange including 32 companies that met the study criteria during the period 2011- 2013. The analysis method used by multiple regression model and regression moderation.By using multiple regression analysis, it can be seen that corporate social responsibility has no influence on corporate value, profitability is proxied by the ROA has a significant positive effect while the ROE does not affect the Firm Value. R-square value of 15.2%. Having given the moderating variables were analyzed with regression analysis resulted in corporate social responsibility moderation still does not have an influence on the Firm Value, ROA still have a significant positive effect on the Firm Value just a significance level fell by 0.2%, ROE has no effect, as the managerial ownership moderating variables were able to reduce the influence of ROA. Adjusted R-square value increased to 15.3% after a given moderating variables. The Firm Value is proxied by Price Book Value.
ANALISIS PENGARUH VARIABEL MAKRO EKONOMI GLOBAL DAN MAKRO EKONOMI DOMESTIK TERHADAP INDEKS HARGA SAHAM SEKTOR PROPERTI DAN REAL ESTATE DENGAN METODE GARCH (Periode Januari 2004-Desember 2014) Sofyani, Nurin Widyastuti; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 5, Nomor 1, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Investment in the capital market especially stocks required an analysis in order to achieve the goal of getting the maximum return with a certain risk level. Analysis at the global or domestic macroeconomic level is one of an analysis step that needed to be done. In the previous studies, there are research gaps related to the relationship of global macroeconomic variables or domestic with the movement of the stock price index property. This study aimed to analyze the factors that affect the property stock price index.            The method’s steps in this research are descriptive analysis; stationarity test; Generalized AutoRegressive Conditional Heteroscedasticity model analysis (GARCH); best model selection test (Akaike information Criterion (AIC) test, Schwarz Criterion test (SC) and significance test); classical assumption test (normality test, heteroskedasticity test, multicolinearity test and autocorrelation test); also hypothesis testing (R2 test, F test, z test) using Eviews 8 program. This study has 108 samples using monthly data from 2006-2014 for each variables.            The output of this research indicate that the GARCH (1,1) is the best model that can explain the influence of global macroeconomic variables and also domestic macroeconomic against the property stock price index. Based on the hypothesis testing results, it shows that the BI rate has a negative and significant impact on the property stock price index. Exchange rates, DJIA index, NIKKEI 225 index and world gold prices has a positive and significant impact on the property stock price index. Meanwhile, inflation, the Fed rate and world oil prices have no significant effect on the property stock price index.
Analisis Pengaruh Kinerja Keuangan dan Good Corporate Governance Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Mediating (Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2010-2014) S Depari, Frans Elkana; Wahyudi, Sugeng
Diponegoro Journal of Management Volume 5, Nomor 3, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study aimed to examine the effect of the financial performance and corporate governance on corporate value with the disclosure of corporate social responsibility as a mediating variable. The dependent variable in this study is the value of a company that is proxied by Price Book Value, the independent variable is corporate governance and financial performance, as well as mediation variable is the social responsibility disclosure perususahaan.This study uses secondary data derived from the financial statements of companies listed on the Indonesia Stock Exchange 2010-2014. Total observation amounted to 121 companies. This study using purposive sampling method and to test hypotheses using multiple regression analysis and Sobel test with SPSS 21. Prior to the multiple regression analysis, first tested using classic assumption test.The results showed significant negative effect of managerial ownership to social responsibility, ROA is not insignificant to social responsibility, social responsibility is not significant to the ROA. Managerial ownership, ROA, social responsibility significant positive effect on firm value. In addition, social responsibility is not able to mediate the relationship between managerial ownership and corporate value and social responsibility are also unable to mediate the relationship between ROA and the value of the company.
The Volatility–Variability Hypotheses Testing and Hedging Effectiveness of Precious Metals for the Indonesian and Malaysian Capital Markets Robiyanto, Robiyanto; Wahyudi, Sugeng; Pangestuti, Irene Rini Demi
Gadjah Mada International Journal of Business Vol 19, No 2 (2017): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (882.816 KB) | DOI: 10.22146/gamaijb.26260

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This study evaluates the use of futures contracts for precious metals to hedge against stock market risks and their hedging effectiveness on the Indonesian Stock Exchange (IDX) and the Kuala Lumpur Stock Exchange (KLSE). This study found that gold was the most effective hedging instrument, since it produced the highest hedging effectiveness both on the IDX and the KLSE among the other precious metals. None of the hedged portfolios had a higher Sharpe’s ratio than the unhedged one on the IDX; however, all the hedged portfolios on the KLSE had a higher Sharpe’s ratio than the unhedged ones. Almost all the hedged portfolios could produce a higher Treynor’s ratio than the unhedged portfolios, both on the IDX and the KLSE. In general, this study concluded that studying some precious metals could reduce the investment risk, which was shown through the variance produced by the smaller portfolios, while gold can improve the risk-adjusted performance.