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ANALISIS PENGARUH TINGKAT INFLASI, NILAI KURS DOLLAR (USD/IDR), INDEKS NIKKEI 225, DAN INDEKS HANG SENG TERHADAP INDEKS HARGA SAHAM GABUNGAN PERIODE 2009-2014 Argamaya, Argamaya; Sam, Nurdiah Amalia
Media Riset Akuntansi Vol 6, No 1 (2016): Februari
Publisher : Universitas Bakrie

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Penelitian ini bertujuan untuk menganalisis adakah pengaruh tingkat inflasi, nilai kurs dollar (USD/IDR), Indeks Nikkei 225, dan Indeks Hang Seng terhadap Indeks Harga Saham pada tahun 2009-2014. Variabel yang digunakan dalam penelitian ini adalah Tingkat Inflasi, Nilai Kurs Dollar (USD/IDR), Indeks Nikkei 225, Indeks Hang Seng dan Indeks Harga Saham Gabungan.Populasi yang digunakan dalam penelitian ini adalah data Indeks Harga Saham Gabungan, Tingkat Inflasi, Nilai Kurs Dollar (IDR/IDR), Indeks Nikkei 225, dan Indeks Hang Seng dari tahun 2009 sampai 2014 secara berturut-turut. Pemilihan sampel menggunakan metode purposive sampling. Terdapat 72 sampel yang memenuhi kriteria sebagai sampel penelitian. Metode penelitian yang digunakan adalah metode analisis GARCH-M. Data yang digunakan pada penelitian ini adalah data sekunder yang berasal dari situs resmi www.bi.go.id untuk data Tingkat Inflasi, dan Nilai Tukar (Kurs) dan finance.yahoo.com untuk Indeks Harga Saham Gabungan, Indeks Nikkei 225 dan Indeks Hang Seng.Berdasarkan penelitian yang telah dilakukan, dapat disimpulkan bahwa nilai Kurs Dollar (USD/IDR) dan Indeks Hang Seng mempunyai pengaruh positif dan signifikan terhadap Indeks Harga Saham Gabungan. Sedangkan untuk Indeks Nikkei 225 dan Tingkat Inflasi mempunyai pengaruh positif dan tidak signifikan terhadap Indeks Harga Saham Gabungan.Kata Kunci: Indeks Harga Saham Gabungan, Inflasi, Kurs Dollar (USD/IDR), Indeks Nikkei 225, Indeks Hang Seng This study aimed to analyze there any effect of inflation, the value of the dollar exchange rate (USD / IDR), Nikkei 225 index and the Hang Seng Index on Composite Stock Price Index in 2009-2014. Variables used in this research is Inflation, Exchange Dollar Value (USD / IDR), Nikkei 225 index, Hang Seng Index and the Composite Stock Price Index.23The population used in this research is data Composite Stock Price Index, Inflation, Exchange Dollar Exchange Rate (S / S), Nikkei 225 and the Hang Seng Index from 2009 to 2014 respectively. The sample selection using purposive sampling method. Tredapat 72 samples that represent a sample. The method used is the analysis method GARCH-M. The data used in this research is secondary data derived from the official site www.bi.go.id for data Inflation, and Exchange (Exchange) and finance.yahoo.com to Composite Stock Price Index, Nikkei 225 and the Hang Seng IndexBased on the research that has been done, it can be concluded that the value of the dollar exchange rate (USD / IDR) and the Hang Seng Index had a positive and significant impact on the Composite Stock Price Index. As for the Nikkei 225 index and the inflation rate has a positive effect and are not significant to the Composite Stock Price Index.Keywords: Composite Stock Price Index, Inflation, Exchange Dollar (USD / IDR), Nikkei 225 index, Hang Seng Index
ANALISIS KINERJA KEUANGAN BERDASARKAN RASIO LIKUIDITAS, RASIO AKTIVITAS, RASIO SOLVABILITAS, DAN RASIO PROFITABILITAS PADA PERUSAHAAN PUBLIK DI INDONESIA SEBELUM DAN SESUDAH MERGER DAN AKUISISI Argamaya, Argamaya; Arifianto, Ginanjar
Media Riset Akuntansi Vol 6, No 2 (2016): Agustus
Publisher : Universitas Bakrie

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Penelitian ini bertujuan untuk menganalisis apakah terdapat perbedaan kinerja keuangan perusahaan publik di Indonesia sebelum dan sesudah merger dan akuisisi. Kinerja keuangan ini diukur berdasarkan rasio-rasio keuangan yaitu: current ratio, inventory turnover ratio, total asset turnover ratio, debt ratio, debt to equity ratio, return on asset, return on equity, net profit margin, dan operating profit margin. Sampel yang digunakan dalam penelitian ini adalah perusahaan publik yang terdaftar di Bursa Efek Indonesia yang pernah melakukan aktivitas merger dan akuisisi pada periode 2004-2009. Teknik pengambilan sampel yang digunakan dalam penelitian ini adalah purposive sampling , sehingga terdapat 30 perusahaan yang masuk dalam kriteria penelitian ini. Metode analisis data yang digunakan untuk menjawab hipotesis 1 sampai 9 diuji dengan metode uji beda paired sample T-test. Hasil penelitian menunjukkan tidak terdapat perbedaan yang signifikan pada rasio keuangan sebelum dan sesudah merger dan akuisisi. Hal ini diduga karena aktivitas merger dan akuisisi yang dilakukan perusahaan tidak menimbulkan sinergi bagi perusahaan yang bisa disebabkan oleh lemahnya strategi yang dilaksanakan, kurangnya pengalaman perusahaan dalam aktivitas merger dan akuisisi, kurang tepatnya pemilihan perusahaan target, dan faktor non ekonomis lainnya. Kata kunci: merger dan akuisisi, rasio-rasio keuangan, paired sample T-test This research aims to analyze whether there are differences in the financial performance of public enterprises in Indonesia before and after mergers and acquisitions. Financial performance is measured based on financial ratios, namely: current ratio, inventory turnover ratio, total asset turnover ratio, debt ratio, debt to equity ratio, return on assets, return on equity, net profit margin, and operating profit margin. The sample used in this research is a public enterprises listed on the Indonesia Stock Exchange ever merger and acquisition activity in the period 2004-2009. The sampling technique used in this research was purposive sampling, so there are 30 companies included in the research criteria. The method of data analysis used to answer the hypotheses 1 to 9 were tested with different test methods paired samples T-test. The results showed no significant difference in the financial ratios before and after mergers and acquisitions. This is presumably due to the activity of mergers and acquisitions made by the company does not give rise to synergies for the company that could be caused by weak strategies implemented, the lack of experience in mergers and acquisitions, less precise selection of target companies, and other non-economic factors. Key Words: merger and acquisition, financial ratios, paired sample T-test
PENGARUH INDEKS HARGA SAHAM REGIONAL ASIA DAN NILAI TUKAR MATA UANG TERHADAP INDEKS HARGA SAHAM GABUNGAN (IHSG) DI BURSA EFEK INDONESIA (PERIODE 2009 – 2013) Argamaya, Argamaya; Habsari, Ayu
Media Riset Akuntansi Vol 5, No 1 (2015): Februari
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Penelitian ini bertujuan untuk menganalisis pengaruh regional Asia indeks saham dan nilai tukar pada Indeks harga Saham Gabungan (IHSG). Sampel yang digunakan dalam penelitian ini adalah indeks harga saham Nikkei, SSE, KOSPI, dan STI bersama dengan nilai tukar mata uang Rupiah Indonesia untuk Dolar Amerika. Teknik pengambilan sampel dilakukan dengan teknik purposive sampling dengan mengambil data setiap akhir bulan pada periode 2009 -2013 dan menggunakan data sekunder. hipotesis diuji dengan menggunakan metode kuadrat terkecil biasa (OLS). Hasil analisis menunjukkan bahwa indeks Nikkei, KOSPI, dan STI memiliki efek positif dan signifikan terhadap IHSG. SSE Indeks dan nilai tukar Rupiah terhadap Dolar memiliki efek negatif yang signifikan pada IHSG. Kemampuan indeks Nikkei, SSE, KOSPI, IMS, dan nilai tukar Rupiah terhadap Dolar di IHSG menjelaskan 94,42% sedangkan sisanya 5,58% dijelaskan oleh variabel lain yang tidak diteliti.Kata Kunci: Nikkei, SSE, KOSPI, STI, nilai tukar mata uang, dan IHSG This research aims to analyze the influence of Asian regional stock indexes and exchange rate on Indeks Harga Saham Gabungan (IHSG). The sample used in this research is the stock price index of Nikkei, SSE, KOSPI, and STI along with currency exchange rate of Indonesian Rupiah to American Dollars. The sampling technique was conducted by a purposive sampling techniques by retrieve data every the end of month in the period 2009 -582013 and using secondary data. The hypothesis was tested by using the ordinary leastsquares method (OLS). The results of analysis showed that the indexes of Nikkei, KOSPI,and STI has a positive and significant effect on IHSG. The SSE Index and the exchangerate of Rupiah to Dollars has a significant negative effect on IHSG. The ability of indexesof Nikkei, SSE, KOSPI, STI, and the exchange rate of Rupiah to Dollars in IHSG explains94.42% while the remaining 5.58% is explained by other variables not examined.Key Word: Nikkei, SSE, KOSPI, STI, Currency exchange rate, and IHSG
PENGARUH PROFITABILITAS, LEVERAGE, COLLATERALIZABLE ASSETS, DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN Argamaya, Argamaya; Putri, Alifa Agustiana
Media Riset Akuntansi Vol 4, No 2 (2014): Agustus
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Penelitian ini bertujuan untuk menganalisis dan memberi bukti empiris mengenai pengaruh profitabilitas, leverage, collateralizable assets dan investment opportunity set (IOS) terhadap kebijakan dividen perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2010-2013. Penelitian ini merupakan studi empiris dengan menggunakan teknik purposive sampling dalam pengumpulan data. Penelitian ini menggunakan pendekatan metode regresi common effect model dengan metode analisis ordinary least square. Setelah melalui purposive sampling, terpilih 32 perusahaan manufaktur yang menjadi sampel penelitian. Hasil uji hipotesis menemukan bahwa profitabilitas dan IOS berpengaruh positif terhadap kebijakan dividen, sedangkan collateralizable assets berpengaruh negatif terhadap kebijakan dividen. Sementara itu, leverage tidak berpengaruh terhadap kebijakan dividen.KataKunci : Kebijakan dividen, profitabilitas, leverage, collateralizable assets, investment opportunity set This research aims to analyze and give empirical results about the influence of profitability, leverage, collateralizable assets and investment opportunity set (IOS) to dividend policy of manufacturing companies listed in Indonesia Stock Exchange in the year 2010-2013. This research is an empirical study with purposive sampling techniques in data collection. This research uses common effect model regression method approach with ordinary least square analysis method. After going through purposive sampling, 32 manufacturing companies are selected as samples. Hypothesis testing results found that both of profitability and IOS had positive effect to dividend policy, whereas collateralizable assets had negative effect to dividend policy. Meanwhile, leverage didn’t have any effect to dividend policy.Keywords : Dividend policy, profitability, leverage, collateralizable assets, investment opportunity set
Economic Trends and Macroeconomic Management In Indonesia: 1960s-1980s Argamaya, Argamaya
Business and Management Review Vol 3, No 1 (2012): Desember
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Tulisan ini membahas mengenai mekanisme penggerak ekonomi makro di Indonesia selama dua periode yakni periode 1960-1965 yang merupakan tahun-tahun yang berbahaya bagi Indonesia dan periode 1966-1989 yang merupakan tahun-tahun keberuntungan bagi perekonomian Indonesia. Indikator utama ekonomi makro menunjukkan kinerja yang mengesankan selama tahun-tahunter sebut. Penyesuaian dalam ekonomi makro memainkan peranan penting dalam menangani situasi yang kacau yang terjadi pada awal periode 1966-1989 serta goncangan baik internal maupun eksternal. Sistem dan pengawasan keuangan yang buruk serta masalah informasi asimetris, seperti kebijakan industri yang bias, kapitalisme, dan memuncaknya pinjaman cepat yang beresiko. Masalah pasar keuangan dan respon yang kurang tanggap membuat Indonesia rentan terhadap goncangan yang akan berdampak negatif pada sentimen pasar terhadap Negara. Kata Kunci: manajemen makroekonomi, pendapatan nasional, inflasi, money supply, kebijakan fiscal, kebijakan moneter, nilai tukar mata uang. This paper discusses the mechanisms of macro-economic drivers in Indonesia during the two periods; the period 1960-1965 which is a dangerous years for Indonesia and the period 1966-1989 which isa miracle years for the Indonesian economy. The main macroeconomic indicators showed an impressive performance over the years. Adjustments in macroeconomic plays an important role in dealing with the chaotic situation that occurred at the beginning of the period 1966-1989 as well as both internal and external shocks. Poor financial system and poor supervision and asymmetric information problems, such as industrial policy bias, capitalism, and rising up risky loans. Financial market issues and less-responsive responses madeIndonesia vulnerable to shocks that would bring a negative impact on market sentiment against the State. 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ANALISIS PENGARUH PERPUTARAN MODAL KERJA TERHADAP PROFITABILITAS PADA PT MANDOM INDONESIA, TBK PERIODE 2010-2014 Argamaya, Argamaya; Zwageri, Adivia
Media Riset Akuntansi Vol 5, No 2 (2015): Agustus
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Semakin banyak perusahaan yang menyadari pentingnya hubungan antara pengelolaan modal kerja terhadap perputaran modal kerja itu sendiri dalam perusahaan sebagai keunggulan kompetitif dalam upaya peningkatan profit. Pengelolaan modal kerja sangat kuat kaitannya dengan kebijakan untuk menentukan berapa jumlah aktiva lancar (current assets) yang dibutuhkan dan bagaimana cara pendanaannya. Adapula elemen-elemen yang membentuk modal kerja antara lain adalah kas, piutang, dan persediaan. Kas mempunyai tingkat likuiditas paling tinggi dalam modal kerja dimana semakin tinggi kas perusahaan, maka semakin tinggi pula tingkat likuiditasnya dan berkurangnya risiko, begitu pula sebaliknya. Kas mempunyai peran dalam menunjang operasi perusahaan untuk mencapai target yang direncakan, karena kas digunakan untuk membiayai pengeluaran operasi yang dilakukan perusahaan. Elemen lain yang berpengaruh terhadap profitabilitas perusahaan adalah persediaan yang selalu berputar serta piutang yang merupakan bentuk investasi besar bagi perusahaan.Kata kunci: perputaran kas, perputaran piutang, perputaran persediaan, return on assets. More companies nowadays are realizing the importance of management working capital to the working capital turnover within the company itself as a competitive advantage in an effort to increase profits. Working capital management is strongly related to policies determine how much the amount of current assets are needed and how to fund it. Some elements that forming the working capital are cash, account receivables, and inventories. Cash has the highest level of liquidity of working capital where higher the level of cash ,the higher level of liquidity and lessen the risk. Cash has supporting role in the company’s operations to achieve the planned targets, since cash is used to fund the operating expenses of the company. Other elements that affect the profitability is turnover of inventory and receivables as other form of major investment of the company.Keywords: cash turnover, receivables turnover, inventories turnover, return on assets.
ANALISIS FAKTOR - FAKTOR YANG MEMENGARUHI NILAI CURRENT RATIO PADA PT TIGA PILAR SEJAHTERA FOOD, TBK PERIODE 2010-2015 Argamaya, Argamaya; Yunita, Regina
Media Riset Akuntansi Vol 7, No 1 (2017): Februari
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Abstract

Tingkat likuiditas perusahaan menunjukkan kinerja perusahaan yang kurang baik karena perusahaan mengoptimalisasi saldo utang dan ekuitas perusahaan dalam rangka mempertahankan perkembangan bisnis di masa depan sehingga nilai current ratio cenderung di bawah rata-rata rasio likuiditas yang ideal yaitu 200%. Penelitian ini bertujuan untuk menganalisis pengaruh perputaran modal kerja, perputaran kas, dan perputaran persediaan terhadap nilai current ratio pada PT Tiga Pilar Sejahtera Food, Tbk periode 2010 - 2015. Sampel yang digunakan dalam penelitian ini yaitu laporan keuangan perusahaan selama 6 tahun (12 semester) terhitung dari tahun 2010 sampai dengan tahun 2015, maka total observasi dalam penelitian ini yaitu 48 observasi dengan mengolah data menggunakan program Eviews 6. Kelemahan penelitian ini hanya menggunakan satu laporan keuangan perusahaan sehingga jumlah observasi penelitian ini relatif sedikit. Berdasarkan pengujian hipotesis, perputaran modal kerja dan perputaran perputaran persediaan berpengaruh terhadap nilai current ratio. Sedangkan perputaran kas tidak berpengaruh terhadap nilai current ratio. Kata kunci: perputaran modal kerja, perputaran kas, perputaran persediaan, nilai current ratio. The liquidity of the company shows the company’s performance is not good since the company optimize the balance of debt and equity in order to maintain the company’s sustainable in the future so that the current ratio value is about below of 200% is ideal. This research aimed to analyze the impact on working capital turnover, cash turnover, and inventories turnover impact on current ratio at PT Tiga Pilar Sejahtera Food, Tbk at 2010 - 2015. Using financial report of the company during 6 years (12 semesters) commencing from the year 2010 until 2015 included in this research with total 48 observations processed with Eviews 6 program. The weakness of this study is only using one financial report so that the number of observations is relatively small. Based on hypothesis testing, working capital turnover and inventory turnover has significant impact on current ratio. Meanwhile, cash turnover has no significant impact on the current ratio value instead. Keywords: working capital turnover, cash turnover, inventories turnover, current ratio value.
PENGARUH UKURAN PERUSAHAAN, LEVERAGE, PROFITABILITAS DAN KEPEMILIKAN MANAJERIAL TERHADAP MANAJEMEN LABA (Survei Pada Perusahaan Manufaktur Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2013-2016) Pusparini, Anggi Aprila; Argamaya, Argamaya
Journal of Entrepreneurship, Management and Industry (JEMI) Vol 1, No 2 (2018): Agustus 2018
Publisher : Program Studi Manajemen

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (267.473 KB) | DOI: 10.36782/jemi.v1i2.1803

Abstract

The study aims to analyze how much the company size, leverage, probability, and managerial ownership can effect earning management. This research is used mining manufacture company that has been listed in the Indonesia Stock Exchange during 2013-2016 period of time as reasearch object. Variables used in this reasearch include company size, leverage, probability, and managerial ownership. The population used in this study is mining companies listed in Indonesia Stock Exchange since the year 2013 to 2016 respectively. The sample selection using purposive sampling method, with the acquisition of 36 samples in accordance with the criteria. Methods of data analysis used in this research is quantitative approach using multiple linear regression using Eviews 10 application. Secondary data was obtained from annual financial report of the mining company in the Indonesia Stock Exchange. Based on the reasearch result of mining company being observed sample, it comes to the conclusion that there is no effect of company size, probability, and managerial ownership percentage to the earning management. This result predicted that company size percentage, probability percentage, and managerial ownership can not affect earning management. As for leverage can eefect earning management. This result peredicted tha the presence of high leverage may cause a earning management act.