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All Journal Jurnal Ilmiah Mahasiswa Manajemen Jurnal Akuntansi Kontemporer Media Mahardhika Jurnal Samudra Ekonomi dan Bisnis Jurnal Bisnis dan Akuntansi

Cyrillius Martono

Universitas Katolik Widya Mandala Surabaya

Author-ID : 316662

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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PENGARUH INFORMASI POSITIF DAN NEGATIF PADA KONDISI PASAR BULLISH DAN BEARISH TERHADAP RETURN SAHAM (Studi Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia) Cahyadi, Cahyadi Agung; Martono, Cyrillius; Prabowo, F.X. Agus Joko Waluyo
JURNAL ILMIAH MAHASISWA MANAJEMEN Vol 6, No 2 (2017)
Publisher : Universitas Katolik Widya Mandala Surabaya

The purpose of this research is to test the market reaction shown by the existence of abnormal return to the change of cash dividend distribution in two different condition that is bullish and bearish market condition in period 2014-2016. The sample used in this research is 165 announcement of dividend up and down. The method used in this study is the analysis of event study to analyze the market reaction in the observation period that is 11 days around the date of the announcement of cash dividends. The results of this study indicate that in bullish or bearish condition, the increase and decrease of cash dividend to be distributed has no impact on market reaction. Therefore, this study does not support signaling theory.

ANALISIS PERAN PEMANGKU KEPENTINGAN PADA PENERAPAN TATA KELOLA KORPORAT USAHA MIKRO KECIL DAN MENENGAH KOTA SURABAYA Nugraheni, Bernadetta Diana; Martono, Cyrillius
Jurnal Akuntansi Kontemporer Vol 11, No 1 (2019)
Publisher : Graduate School, Widya Mandala Catholic University Surabaya

In general, the implementation of MSMEs has not implemented good organizational governance, especially in the principles of transparency and accountability. This study aims to examine and analyze the roles and responsibilities of stakeholders, especially the owners and managers of MSMEs in implementing organizational governance, in the city of Surabaya. This research is an exploratory study with survey design. Population and sample of this study took UMKM in the city of Surabaya. The results of this study can be concluded that the principle of transparency as a whole has not been realized properly. On the principle of accountability related to responsibility in compiling reports on organizational activities and the implementation of monitoring and evaluation of the work of employees can be said to be quite good. While the principle of responsibility as a whole is said not to materialize. On the principle of independence, the authority to coordinate daily operational tasks does not materialize. And on the principle of reasonableness indicates that there are still management interventions from the owner / family

Pengaruh Struktur Kepemilikan Saham dan Struktur Dewan Komisaris terhadap Kinerja Perusahaan Martono, Cyrillius; Sina, Siprianus Salvatore
Jurnal Akuntansi Kontemporer Vol 3, No 2 (2011)
Publisher : Graduate School, Widya Mandala Catholic University Surabaya

Shareholding structure and the structure of the board of commissioners that are the focus in this study were (1) the internal ownership structure (insider ownership), which share ownership by managers and commissioners, (2) stock ownership by blockholders, ie individuals and or institutions that own shares company by 5% or more, (3) the proportion of independent commissioners (outside board), and (4) the size of the board of commissioners (board size). In determining the structure of share ownership and the board structure as the application of corporate governance mechanisms, firms are always faced with the question of costs (cost) and benefits (benefits). As a result, the company could substitute the level of use of the mechanism of the shareholding structure and board structure of the board of commissioner such a way to balance the marginal cost and marginal benefit. Hence the hypothesis proposed in this research are: (l) the company doing the substitution between ownership structure and the structure of the board, (2) ownership structure and the board structure significantly influence the performance of the company. Companies that were sampled in this research is a registered company in Indonesia Stock Exchange in 2008. Based on purposive sampling acquired 100 companies are used as a sample. Testing the first hypothesis is done by using two stages least squared while the second hypothesis testing is done using ordinary least squared. The results of testing the first hypothesis suggests that companies in Indonesia has yet to substitute between ownership structure and the structure of the board of commissioners. Except found that internal ownership but also turns positive effect on the proportion of independent commissioners. The second hypothesis as not entirely proven. However, it was found that the presence of blockholders apparently significant effect on company performance. Researchers then expected to find a proxy or a variable and more precise control for the study still found a model that does not fit. Keywords: board size, blockholders, insider ownership, outside shareholders.

ANALISIS PENERAPAN TATA KELOLA KORPORAT PADA INDUSTRI PRODUK TEKSTIL KECIL DAN MENENGAH DI PEKALONGAN Nugraheni, Bernadetta Diana; Martono, Cyrillius
Jurnal Akuntansi Kontemporer Vol 12, No 2 (2020)
Publisher : Graduate School, Widya Mandala Catholic University Surabaya

A good management inside acompany will result a good performance and it is also applicable in small medium enterprise (SME). SME must implement good corporate governance (GCG) principle which are transparency, accountability, responsibility, independency, fairness and equality. The aim of this research is to study and analyze the implementation of the GCG which would be linked to those 5 principles mentioned before. The object of this research is taking sample of SME in textile industries in Pekalongan, Center of Java. With 96 respondents, using Cluster Analysis method and utilizing score table, it can be understood that the implementation of GCG in this industry is far below expectation which is around 50% and 48% who already implement it. The responsibility principle is the most implemented in this industry followed by independency, fairness and equality principle. Whereas transparency and accountability are the worst to be implemented. From the differentiating test it can be conclude that transparency principle is showing the most difference between all the respondents clusters.

SPEED OF ADJUSTMENT PADA STRUKTUR MODAL: ANALISIS BERDASARKAN SIKLUS HIDUP PERUSAHAAN DI INDONESIA CICILIA SUSILAWATI; ROSALINA WIJAYANTI; CYRILLIUS MARTONO
Jurnal Bisnis dan Akuntansi Vol 22 No 1 (2020): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

At each stage of the life cycle, companies use different considerations to determine capital structure decisions. This study analyzes differences in company speed of adjustment towards optimal capital structure, based on the company's life cycle in Indonesia. The sample used 74 manufacturing companies from 2013 to 2017. The result is that the maturity company has a greater speed of adjustment than the introduction stage company. While the speed of adjustment at the growth stage there is no difference with the speed of adjustment at the introduction stage. Other findings in this study, the distance between the optimal capital structure and the realized capital structure reduces the difference in speed of adjustment at the maturity and introduction stages. So the conclusion is the company's life cycle becomes a determinant of capital structure decisions

RELEVANSI NILAI INFORMASI AKUNTANSI (BOOK VALUE DAN EPS) DAN UKURAN PERUSAHAAN BERDASARKAN NILAI KAPITALISASI PASAR: (Studi pada Perusahaan Terdaftar di Bursa Efek Indonesia) Cyrillius Martono; Bernadetta Diana Nugraheni
Media Mahardhika Vol. 21 No. 2 (2023): January 2023
Publisher : STIE Mahardhika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29062/mahardika.v21i2.546

The purpose of this study is to examine the value relevance of accounting information (Book value and Earning Pershare) and firm size. The size of the company in this study is divided into large companies and small companies based on the market capitalization value. This research was conducted using the model portfolio-returns approach and regression approach. To test the value relevance of accounting information will be translated using a regression approach to stock prices, while to measure the value relevance of earnings per share and book value, the adjusted coefficient of determination (adj R2) is used to the company's stock price. Based on the results of this study, it shows that Book value and Earning Pershare have an influence on the company's stock price. Meanwhile, based on the adjusted coefficient of determination (adj R2) of earnings per share and book value, it shows a strong relationship to the company's stock price. The results of other studies based on company size show that book value and earning percentage in large-scale companies have an effect on the company's stock price. Based on the adjusted coefficient of determination (adj R2) value of Earning Pershare and book value, small-scale companies show a weak relationship strength, and large-scale companies show moderate strength of the relationship.

ASEAN GO PUBLIC COMPANIES’ STOCK SPLIT: CUMULATIVE ABNORMAL RETURN AND CUMULATIVE TRADING VOLUME ACTIVITY Caroline Illene Hari Darsono; Cyrillius Martono; Gesti Memarista
Media Mahardhika Vol. 22 No. 1 (2023): September 2023
Publisher : STIE Mahardhika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29062/mahardika.v22i1.633

The current study compares the differences between Cumulative Abnormal Returns (CAR) and Cumulative Trading Volume Activity (CTVA) for publicly traded companies that execute stock splits in the year 2021 on the ASEAN Stock Exchange. According to estimates and timelines, businesses listed on the ASEAN Stock Exchange in 2021 are not permitted to take additional corporate action. There are 47 companies using the sampling exchange in the countries of Indonesia, Malaysia, Philippines, Vietnam, Thailand, and Singapore. The data analysis methodology used by researchers is a different test through the Wilcoxon Rank Test. The first result from this study is that there is a difference in CAR before and after a stock split that is significant. In contrast, for the second result, there is no significant difference in the CTVA for the prior and subsequent stock split. Before the stock split happened, researchers discovered a bigger discrepancy in CAR. This shows that the market responded from time t-31 to time t-1. Due to a number of reasons, including the global influence of dominant data and patterns in investor behavior, there was no discernible difference in the CTVA.

Peran Kebijakan Dividen dalam Tata Kelola Perusahaan yang Dikontrol oleh Keluarga Tania, Ivon Natasia; Roida, Herlina Yoka; Martono, Cyrillius
Jurnal Samudra Ekonomi dan Bisnis Vol 15 No 2 (2024): JSEB
Publisher : Fakultas Ekonomi Universitas Samudra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33059/jseb.v15i2.7276

The research aims to examine how family company governance influences dividend policy in the context of minority shareholder protection in 345 observations of family companies listed on the Indonesia Stock Exchange (BEI) during the 2016-2020 period. The results of this research using panel regression (random effects model) show that family ownership concentration has a non-linear relationship to dividend policy, while the level of family involvement through the board of directors and board of commissioners has a statistically negative effect on dividend policy. However, the existence of independent commissioners and lender supervision do not have a significant effect on dividend policy. Overall, this research supports agency theory that family involvement in the company can give rise to agency conflicts with minority shareholders through dividend distribution.

Co-Authors Bernadetta Diana Nugraheni Bernadetta Diana Nugraheni Cahyadi, Cahyadi Agung Caroline Illene Hari Darsono Gesti Memarista Herlina Yoka Roida Prabowo, F.X. Agus Joko Waluyo ROSALINA WIJAYANTI Sina, Siprianus Salvatore Susilawati Cicilia Laurentia Tania, Ivon Natasia

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