Noor Achmad
University of Wahid Hasyim X/22 Menoreh Tengah Street, Sampangan, Semarang (50236), Indonesia

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Analisis Kebjakan Deviden dan Kemampulabaan terhadap Nilai Perusahaan Studi Kasus PT. Tambang Bukit Asam Tbk dan PT. Timah Tbk Achmad, Noor; Joyonegoro, Adi
Jurnal Ilmiah Ranggagading (JIR) Vol 10, No 1 (2010): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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Company’s purpose is to make stockholders be prosperous by creation of stock value. The creation of stocks price can be done by dividend policy and profitability. Dividend policy is finance decision by considering whether dividend payment can improve stockholder’s prosperity and considering profitability as the ability level of the company to make profit. The goal of this research is to find out the correlation of dividend policy to company value, to find out the correlation of profitability to company value, and to find out the correlation of dividend policy and profitability simultaneously to company value. Analysis method and measurement of correlation and influence between variables in this research utilize correlation coefficient, determinant coefficient, and regression coefficient. The result of this research show that (a) dividend policy and proxy dividend per share has significant correlation and influence to company value and proxy stock market value at PT Timah Tbk by significant level 0,0151. But at PT Tambang Bukit Asam Tbk., there is no significant correlation and influence by significance level 0.4448, because of external factor, that is worst economy condition. (b) Profitability and proxy earning per share has significant correlation and influence to company value and proxy stock market value at PT Timah TBC by significance level 0,0158. But there is no significant correlation and influence at PT Tambang Bukit Asam Tbk by significance level 0.4805, because of external factor such as worse economy condition. (c) dividend policy and proxy dividend per share plus profitability and proxy earning per share simultaneously have correlation and influence to company value and proxy stock market value at PT Timah TBC by significance level 0, 0635, but there is no significant correlation and influence at PT Tambang Bukit Asam Tbk by significance level 0, 1341, because of external factor such as worse economy condition. Keyword : dividend policy, profitability and company value
Tanggapan Nasabah atas Produk Perbankan : Studi Kasus di NISP Cabang Bogor Tobung, Maju Lumban; Achmad, Noor
Jurnal Ilmiah Ranggagading (JIR) Vol 8, No 2 (2008): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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The purpose of the research was to understand consumer’s responses to product policy taken by NISP Cabang Bogor in collecting fund from society. Samples were determined purposively which the number was 45 respondents. Data collected comprises 2 aspects, i.e. level of performance and level of importance, from 10 variables namely: (a) security, (b) ATM, (c) interst rate, (d) saving procedures, (e) services, (f) promotion, (g) strategic location, (h) branch offices, (i) accessibility, and (j) location security. The measurements of the data used LikertScale (1-5). The data was analysed using Boston Consulting Group Model which divides responses into 4 quadrants. The result of the research shows that the following variables are NISP’s strength points, namely: (a) security, and (g) strategic location. They need to maintain. Meanwhile, prioritized variables are: (c) to increase interest rate, (b) to increase the umber of ATM, (f) to enhance promotion and (i) to improve transportation access. Keyword: Product policy.
Pengaruh Rating dan Kupon Terhadap Harga Obligasi : Studi Kasus Obligasi Kriterian Investasi Yang Terdaftar Di Bursa Efek Surabaya Tahun 2002-2006 Achmad, Noor; Setiawan, Greace
Jurnal Ilmiah Ranggagading (JIR) Vol 7, No 2 (2007): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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The price of bonds are the most important indicator to determine an investment by a prospective investor, because price is discounted everything related to it’s atributes like rating, coupon maturity, etc. The price of bonds are important matter in the purchase of bonds to examine whether these bonds are priced approprite by to be chosen by investor in investing his fund for long term period. Moreover, the price of the bonds is useful tools to facilitate the asesment of financial conditions the publisher. To measure corelation in analysing rating, coupon and the price of the bonds by using statistical method chi square and the variance to be analysed by using the F-Test. The aim of this research is to measure the influence of rating and coupon against price of the bonds which were listed in the Surabaya Stock Exchange. The analysis carried out to measure the relations between bonds rating and coupon against the price of the bonds either individually or simultaneously. The reseach is done through fifty four (54) investment criteria bonds which are issued by twenty nine (29) companies and listed in the Surabaya Stock Exchange during period 2002-2006. The results of the analysis in this study found out that there are significant corelation between rating of the bonds against the price of the bonds. But coupon of the bonds against the price of the bonds do not have significant relations due to inflation factor was much more significant determinant that discounted the bond’s price. Meanwhile bond’s rating and coupon simultaneously has significant relations the price of the bonds eventhogh in a low level. This finding mean that the bond’s price is not discounted said determinants only but inflation factor as well. Keywords : Rating, coupon, inflation rate, and bond’s price.
Analisis Risiko Persediaan terhadap Kelancaran Produksi Studi Kasus PDAM Tirta Kahuripan Kabupaten Bogor Achmad, Noor; Ningsih, Yuniarthi
Jurnal Ilmiah Ranggagading (JIR) Vol 6, No 2 (2006): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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Inventory signifies much to manufacture company because it functions to relate between sequential operation in producing process of goods and its delivery to consumers, so that the availability of inventory enables production operation can be carried out because time factor among operation is able to be minimized. Basically inventory makes the process of production becomes easier that must be conducted sequentially to produce goods and deliver to consumers. Keywords: Inventory Risk, Production Process
Pengaruh Aktiva dan Kualitas Agen terhadap Kemampulabaan, Pertumbuhan Laba, dan Nilai Perusahaan : Studi Kasus pada ISAT dan GGRM Achmad, Noor
Jurnal Ilmiah Ranggagading (JIR) Vol 6, No 1 (2006): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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Some key issues in business are Total Assets (TA), Quality of Agent (AQ), Profitability (P), and Sustainable Growth (G). Those variables are interrelated to each other in creating the firm’s value. Setting up those variables in such proportional level and keeping them stable to achieve maximum firm’s value is a crucial duty of the Agent. In real world this duty is not so easy, since there are a lot of other variables which coming from internally and the outside of the firm. The fact that it should be such cooperation between them. The outcomes of the study to ISAT and GGRM in the period 1995-2004 are that, in this case, TA and AQ are not always has significant correlation. TA Agent and the Owner in determining certain crucial decisions (for example, dividend policy decision) that strive to keep maintaining the investor’s trust to the company. This way could lead the firm’s stock price to be stable or gradually increase from time to time has no significant influence to P and G. Even TA has insignificant influence to V. Meanwhile AQ has significant influence in creating P. Simultaneously TA and AQ has a high significant correlation and influence in creating P, but not always significant in creating G and V. The case is understandable since G is an impact of dividend policy that stipulated by the owner or shareholders. While V reflecting market appreciation based on many factors, one of those is G. Keywords: Agent Quality, Dividend Policy, Profitability
Analisis Sustainable Growth dalam Rangka Meningkatkan Nilai Perusahaan. Studi Kasus pada PT. HM Sampoerna Tbk., PT. Semen Cibinong Tbk., dan PT. Unilever Indonesia Tbk. Achmad, Noor
Jurnal Ilmiah Ranggagading (JIR) Vol 5, No 2 (2005): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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Sustainable growth rate (SGR) adalah tingkat pertumbuhan laba dengan menggunakan sumber pendanaan internal (internal financing) dan tanpa mengubah kebijakan finansial. Yang dimaksud dengan kebijakan finansial adalah kebijakan utang, kebijakan dividen, kebijakan pajak, dan bahkan kebijakan penjualan. SGR mencerminkan prospek perusahaan, oleh karena itu SGR dapat meningkatkan nilai perusahaan melalui kinerja saham emiten. Sejalan dengan tujuan perusahaan oleh sebagian besar pakar manajemen keuangan adalah maksimalisasi kekayaan pemilik yang tercermin pada nilai kapitalisasi ekuitas perusahaan tersebut, maka SGR menjadi hal yang krusial untuk selalu dicapai. SGR adalah produk faktor-faktor return on sales, assets turnover, devidend payout ratio, debt to equity ratio, deferred tax to equity ratio, dan interest expense to net income ratio. Walapun secara teoritis atau buku teks menyebutkan seperti itu akan tetapi dalam penelitian kasus HM Sampoerna (HMSP), Semen Cibinong (SMCB), dan Unilever Indonesia (UNVR) untuk kurun waktu 1999-2003 ditemukan bahwa SGR sama sekali tidak mempunyai pengaruh nyata terhadap kinerja saham perusahaan. Apresiasi investor terhadap saham perusahaan lrbih didasarkan pada variabel lain diluar SGR.Ditemukan bahwa tidak semua faktor digunakan perusahaan untuk membentuk atau meningkatkan SGR. Juga ditemukan bahwa setiap perusahaan memiliki cara yang berbeda dalam meningkatkan SGR. Keywords: SGR, prospek perusahaan, nilai perusahaan.
Analisis Kecukupan Modal Kerja, Arus Kas Operasi dan Kemampulabaan dengan Menggunakan Tolok Ukur Siklus Operasi: Studi Kasus PT. Kalbe Farma Tbk. Achmad, Noor; Muktiadji, Nusa
Jurnal Ilmiah Ranggagading (JIR) Vol 5, No 2 (2005): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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Siklus operasi atau operating cycle dapat digunakan untuk menentukan besarnya kebutuhan modal kerja perusahaan. Dengan demikian dapat diketahui apakah perusahaan memiliki komponen modal kerja berlebihan atau tidak dikaitkan dengan volume operasinya. Disamping itu dapat pula ditentukan berapa seharusnya arus kas operasi yang bisa diperoleh dalam kegiatannya baik berdasarkan prestasi terbaik maupun rata-rata prestasi yang pernah dicapai dalam kurun waktu tertentu. Arus kas operasi tidak terlepas dari tingkat kemampulabaan yang dapat dicapai perusahaan terkait dengan tingkat efisiensi pengorbanan dalam kegiatan usaha. Dalam analisis dengan menggunakan siklus operasi ini ditemukan bahwa perusahaan memiliki terlalu banyak komponen modal kerja yang sebenarnya tidak likuid. Disatu sisi memang dapat memperbaiki rasio lancar, walaupun dalam kenyataannya perusahaan dapat mengalami ‘dehidrasi’ dalam memenuhi kewajiban keuangan jangka pendek akibat dari tidak likuidnya komponen modal kerja yang ada. Akan tetapi dari sisi efisiensi dan efektivitas penggunaan modal kerja menjadi rendah. Keywords : siklus operasi, kecukupan modal kerja, arus kas operasi, kemampulabaan
Analisis IHSG dan Kurs Rupiah Sebagai Salah Satu Indikator Ekonomi Indonesia Achmad, Noor
Jurnal Ilmiah Ranggagading (JIR) Vol 1, No 2 (2001): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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Economic observer and stock exchange analyst use IHSG and rupiah exchange rate to US dollars as parameter for Indonesia’s economic growth and to measure the cabinet’s purpose IHSG and rupiah exchange rate to US dollars as parameter for Indonesia’s economic growth and to measure the cabinet’s performance’s . In Indonesia’s uncertainty is so high . Whatever the cause has given enough space for the speculators. The speculator’s most fertile field is the stock exchange and the money market (i.e. foreign exchange). They have been able to re-engineer the market, the rupiah’s rate and IHSG to run the way they want it to. Like most Asian speculator’s, they run short term using moment’s created through rumors and issues that perpetuate uncertainties. Speculative late of return whether it in foreign exchange market or the stock exchange is so high the Bank’s of Indonesia effort to maintain the rupiah by the giving the Bank Indonesia’s certificate (SBI)an interest rate o 17,6% was not succeed. Miranda Gultom final also admitted that the Bank of Indonesia certificate was not able to control rupiah and also to press the base money into 110.5 trillion rupiah. The article is a result of an observation to the moment of rupiah rate to US dollars and the HISG started January 1996 up until July 2001. IHSG movement correlates to the rupiah anomalically . The test result show that during the crisis period where uncertainty magnitude was high, both HISG and rupiah rate were reflecting the market that was moved by speculator rather than Indonesia’s economic condition .As long as the uncertainty magnitude is still in the high level, Than the rupiah rate and IHSG cannot be used as parameter for economic measurement.
Pengaruh Suku Bunga Sbi Dan Kurs Dollar Terhadap Harga Saham Di BEI Achmad, Noor; Liana, Liana
Jurnal Ilmiah Ranggagading (JIR) Vol 12, No 2 (2012): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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SBI interest rate is yield of investment in the form of Sertifikat Bank Indonesia (SBI) which is determined by Bank Indonesia. Dollar exchange rate is relative price of Dollar against Rupiah. Certificates of Bank Indonesia as free risk investment instrument and Dollar exchange rate are consideration factors before investing in stock market in the form of shares so that stock prices will be influenced by those two variables. This study used the monthly data of SBI Interest Rates and semimonthly Dollar Exchange Rates and they are officially recorded in Bank Indonesia. The monthly closing price of IHSG was used as stock price data. This study used data of 2006 – 2010 and was processed by utilizing SPSS 17.0. From this study it can be concluded that SBI interest rate has strong correlation, has negative and significant influence, on stock prices. SBI interest rate has weak correlation, has negatif but not significant influence, on Dollar exchange rate. From the study of other factors that affect Dollar exchange rate, it can be found out that Dollar exchange rate is significantly affected by the balance of payments. Dollar exchange rate has moderate correlation, has negativeand significant influence, towards stock prices. SBI interest rate and Dollar exchange rate simultaneously have strong correlation, have negative and significant influence, towards stock prices.
STUDI HUKUM ISLAM PENDEKATAN SOSIOLOGIS Achmad, Noor
IQTISAD Vol 2, No 2 (2014)
Publisher : IQTISAD

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Penelitian bersubjek hukum Islam dengan pendekatan sosiologis mengandalkan beberapa kajian, antara lain tentang : bagaimana hukum Islam dipraktekkan dalam masyarakat; bagaimana faktor-faktor sosial politik mempengaruhi kemandegan, perubahan dan perkembangan hukum Islam, bahkan bagaimana hukum Islam itu menjadi penyebab bagi transformasi sosial radikal dan lain-lain. Kajian-kajian seperti ini tentu berbeda dengan kajian-kajian dengan pendekatan filosofis, pendekatan bahasa, maupun pendekatan normatif.Tulisan ini memang tidak cukup tempat untuk mendisplay semua kajian sosiologis di atas. Karena itu, apa yang penulis lakukan adalah sebatas menunjukkan betapa studi hukum Islam pendekatan sosiologis itu penting dan tetap absah untuk dilakukan secara ilmiah.Hasilnya, tulisan ini menemukan kenyataan bahwa berbagai produk hukum Islam mulai dari Shariah, FIqh, qanun, fatwa, putusan peradilan Islam, hingga adat masyarakat muslim, sesungguhnya sangat kuat corak sosiologisnya dan bahwa produk-produk itu berjalinan berkelindan dengan, atau dipengaruhi oleh, faktor sosial yang mengintarinya. Terakhir tulisan ini juga menunjukkan betapa sangat mungkin melakukan studi hukum Islam dengan perspektif sosiologis.