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All Journal JURNAL BISNIS STRATEGI Jurnal Studi Manajemen Organisasi Diponegoro Journal of Management JEJAK Jurnal Pasar Modal dan Bisnis
Erman Denny Arfianto
Faculty Of Economic And Business, Diponegoro University,
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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ANALISIS PENGARUH VARIABEL LEADING ECONOMIC INDICATOR (LEI) DAN COINCIDENT ECONOMIC INDICATOR (CEI) TERHADAP RETURN SAHAM JAKARTA ISLAMIC INDEX (JII) (Studi Pada Saham Jakarta Islamic Index (JII) Periode Bulan Januari Tahun 2004 Sampai Bulan Desember Tahu Rahman, Mochamad Husin; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 5, Nomor 1, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The effect of systematic risk that came from macroeconomic variables can not be eliminated in Sharia Capital Market. Therefore, investor must consider the macroeconomic variables to invest in Sharia Capital Market. The purpose of this study is to analyze the effect of Leading Economic Indicator (LEI) and Coincident Economic Indicator (CEI) variables on Jakarta Islamic Index (JII) Stock Return. LEI variables includes Export, Exchange Rate, Consumer Price Index, Industrial Production Index and Arrival Number of Foreign Tourist meanwhile CEI variables includes Retail Sales and Money Supply.            The sample used in this study is a secondary data of Jakarta Islamic Index (JII) Stock closing price, Export, Exchange Rate, Consumer Price Index, Industrial Production Index, Arrival Number of Foreign Tourist, Retail Sales and Money Supply on Januari 2004-Desember 2014 period. This study uses Multiple Linier Regression Analysis as the analysis method.             The result of this study indicate that the Leading Economic Indicator (LEI) and Coincident Economic Indiacator (CEI) variables simultaneously affect the Jakarta Islamic Index Stock Return. Then the partial testing shows the Exchange Rate has a negative and significant effect on Jakarta Islamic Index Stock Return. Meanwhile Arrival Number of Foreign Tourist and Consumer Price Index variables have a positive and significant effect on Jakarta Islamic Index Stock Return.
ANALISIS PENGARUH GOOD CORPORATE GOVERNANCE (GCG), PRINSIP PEMBIAYAAN, DAN TUJUAN PENGGUNAAN PEMBIAYAAN TERHADAP PEMBIAYAAN BERMASALAH PERBANKAN SYARIAH DI INDONESIA Hidayat, Dicky Permana; Arfinto, Erman Denny
Diponegoro Journal of Management Volume 6, Nomor 4, Tahun 2017
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The largest asset in sharia banking is financing, along with the rapid development of sharia banking, management is required to maximize their assets to increase their profits. Therefore, sufficient knowledge and understanding of financing risks in sharia banking must be owned. This study aims to analyze the influence of Good Corporate Governance (GCG), Financing Principles, and Financing Usage on Non Performing Financing (NPF) of Sharia Banking. The sample used in this research is secondary data from non performing financing (NPF), composite value of corporate governance, Financing Principles (assets based financing and debt based financing), and Financing Usage (working capital financing, investment financing, and consumption financing) for the period 2011-2015. This study uses Multiple Linear Regression Method as the method of analysis. The results of this study indicate that GCG, financing Principles, and Financing Usage affected the level of non performing financing on Islamic Banking in Indonesia. Then the partial test shows debt based financing, investment financing, and consumption financing have a significant positive effect on the level of non performing financing on Islamic Banking in Indonesia.
ANALISIS INVESTOR HERDING BEHAVIOR DENGAN MULTINOMIAL LOGIT REGRESSION PADA BEI (Studi Kasus pada Saham LQ-45 Periode 2009-2014) Fityani, Izza; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 4, Nomor 3, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Herding Behavior is the tendency of institutional or individual investors to behave similar.  This behavior is irrational because investors do not depend  their investment decisions on information available but follow the crowd. Distinguishing the causes of herding behavior is crucial for discovering whether herding leads to market inefficiency and financial bubbles. Herding may destabilize stock prices and thus impair the proper functioning of financial market. This study is analyzing the effect of size, trading volume activity, return and volatility to herding behavior in 2009 to 2014 period. Herding behavior will be measured based on the types of investors in Indonesian capital market. Then analysis of the effect of size, trading volume activity, return and volatility to herding behavior will be conducted using multinomial logistic regression method. The result of this study shows that size gives positive effect to all types of investors in herding behavior. TVA gives positif effect on four types of investors while eight other types investors have negatife effects for herding behavior. Return does not give  effect to all types of investors while volatility give positive effect on all types investor except domestic investors institution and  foreign institution investor for herding behavior. Size and volatility have the most impact for investor in herding.
INTERBANK CONTAGIOUS: SISTEMIK MARKET RISK KASUS PADA PERBANKAN INDONESIA 2002-2012 Christiawan, Nicolaus Gerry; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 2, Nomor 2, Tahun 2013
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Every bank has their eternal risk, which is maturity mismatch. Those risk caused bybank’s business core. The maturity mismatch can cause the bank failure and also can trigger the contagion effect. This study focus on interbank contagion effect problem and potential of systemic risk phenomenon in Indonesia’s banking industry in period 2002-2012. In this case in order to understand the contagion effect and systemic risk potential there are a few analysis’ to test the contagion existence, there are tracking on interbank contagion pattern, measuring the impact of interbank contagion effect on banking industry, measuring respond period of interbank contagion effect.Vector Autoregression are the method that selected in this study to analyze the contagion effect on sample that consist of bank that had 8,9 trillion rupiah  minimum total asset in 2011(Indonesian top ten biggest bank on asset). The reason why those ten are being chosen is those ten held 63% of total banking industry asset in Indonesia. In order to describe the interbank contagion effect, financial distress contagion index being used. The index being composed by three variable which are current account in other bank divided by third-party funds ,the difference between fair value of financial asset divided by totalasset, difference between foreign exchange transaction divided by total asset. In this VAR Analysis model there are three methods that had selected which are: Granger causality test, VAR analysis, impulse respond function (IRF).Conclusion form this Interbank Contagion: Systemic Market Risk in Indonesian banking Industry 2002-2012 study, there is systemic risk and also contagion risk in Indonesian Banking Industry. This is showed by the provement of all of the hipothesis in data analysis. From the data analysis result, the pattern of contagion effect, size of contagion impact, and quickness of the responses can be showed. However, the impact of systemic crises that may happen is not significant enough to collapsing the whole Indonesia’s banking industry.
ILLUSION OF CONTROL, BETTER-THEN-AVERAGE, MISCALIBRATION, DESIRABILITY BIAS AND UNREALISTIC OPTIMISM AGAINST OVERCONFIDENCE BEHAVIOR (Case Studies on Semarang Investor in Financial Decision Making) Kusuma, Carissa; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 7, Nomor 4, Tahun 2018
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Overconfidence in investment was a bias that affected investor to be too confident when taking financial decision. Sometimes investors are very confidence getting some information and rejecting other contradictive information that in fact is important to be considered before making any financial decision. Physiologists found that humans had a tendency to rely on to unreasonable believes when making decision. Overconfidence itself affected by cognitive biases such as an illusion of control, better-than-average, miscalibration, desirability bias and unrealistic optimism. This study will take a case study on the investor’s financial decision.           Research population used was investors Semarang. By calculation of sample from Hair et al, this research used 150 investors as respondents. This research used quantitative method by distributing questionnaires. Questionnaire consisted of 30 questions representing the illusion of control, better-than-average, miscalibration, desirability bias and unrealistic optimism as variables in the research.The results shown that illusion of control, better-than-average, miscalibration and desirability bias has a positive and significant effect to the overconfidence related in investor’s financial decisions. Otherwise, unrealistic optimism indicates negative and significant effect on overconfidence behavior.
THE INFULENCE OF CREDIT RATING, ASSET TANGIBILITY, PROFITABILITY, LONG-TERM INVESTMENT, SHORT-TERM INVESTMENT ON CAPITAL STRUCTURE DECISION (Empirical Study on Non-Financial Company that listed on Indonesian Stock Exchange and registered in PEFINDO 2010- Giovanni, Axel; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 4, Nomor 4, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study aimed to examine the effect of credit rating, asset tangibility, profitability, long-term investment, short-term investment on capital structure decision. Sample of this study used non-financial companies that listed on Indonesian Stock Exchange and registered on PEFINDO during 2010-2014. This research was made because there are differences in results between studies with each other.The sampling technique used in this research is purposive sampling method covering 15 companies as samples. The analysis used multiple regression, which is preceeded by a test consisting of the classical assumption test for normality, multicollinearity test, heteroscedasticity test and autocorrelation test. Hypothesis testing is using F test and t test.The result of this research show that credit rating and profitability had significant negative effect on capital structure decision as well as long-term investment variable had significant positive effect on capital structure decision. In addition, the results did not support that asset tangibility and short-term investment had significant effect on capital structure decision. Moreover it found that the value of the adjusted R square is 41.5%. This means that 58.5% is explained by other variables outside the model. 
ANALISIS PENGARUH CORPORATE TAX, LEVERAGE EFFECT, RISKY DEBT, MULTIACTIVITY FIRM DAN DEGREE OF OPERATING LEVERAGE TERHADAP SYSTEMATIC RISK PADA PERUSAHAAN NON-KEUANGAN KOMPAS100 TAHUN 2010-2015 Lumbanradja, Ramos; Arfinto, Erman Denny
Diponegoro Journal of Management Volume 5, Nomor 4, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This Research  aimed  to analyze  the influence  of  Corporate  Tax,  Leverage  Effect,  Risky Debt, Multiactivity  Firm and   Degree Of Operating  Leverage  to Systematic  Risk. Case study on non-financial  company  in  KOMPAS100   during  the  period  2010-  2015.  By  using purposive sampling  method  obtained  a  sample  of  22  companies. Company  data  used  in  this  study  was obtained from the Indonesian Capital Market Directory for 2010-2015 and www.bloomberg.com. The analysis technique used is Ordinary Least Squares Regression (OLS). The results showed only a Corporate Tax which has positive and not significant against Systematic Risk.   Leverage Effect, Risky Debt and Multiactivity Firm which has positive and significant against Systematic Risk, while DOL does not affect the Market Value Added.
THE INFLUENCE OF PROFITABILITY, DEBT TO EQUITY RATIO, FIRM SIZE, INNOVATION, AND TIME DISCOUNTING TO DIVIDEND PAYOUT RATIO (Case Study on Manufacturing Companies Listed on Indonesia Stock Exchange 2012-2017) Rifqi, Ammar; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 7, Nomor 4, Tahun 2018
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This research aims to analyze the influence of Profitability, Debt to Equity Ratio, Firm Size, Innovation, and Time Discounting to Dividend Payout Ratio on the company which sector in manufacturing companies listed in Indonesian Stock Exchange in period 2012-2017.This research used secondary data with population consists of 154 manufacturing companies listed in Indonesia Stock Exchange in the period of 2012-2017. The purposive sampling method used was used in selecting the research sample and 22 manufacturing companies that consistently distributed dividends during the research period. The data used in this research were obtained from the Indonesian Capital Market Directory (ICMD) 2012-2017, Bloomberg, IDX Annual Report, and www.idx.co.id. Analysis technique used Ordinary Least Square Regression (OLS), statistical t-test, f-test, and classic assumption test that includes a test of normality test, multicollinearity test, autucorrelation test, and heteroskedastisitas test.The result of the research are independent variables simultaneously (F test) effect on Dividend Payout Ratio with a significance level of 0.000. While partially (t test) showed that the variable Free Firm Size and Innovation have positive and significant effect on Dividend Payout Ratio. Variable Debt to Equity Ratio and Time Discounting have negative and significant effect on Dividend Payout Ratio. Profitability has positive and not significant effect on Dividend Payout Ratio. Adjusted R2 is 0,294 which means that the ability of the five independent variables can explain Dividend Payout Ratio amounted to 70,6%, while the rest is explained by other factors
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEGAGALAN IPO (APLIKASI SURVIVAL ANALAYSIS) Hartanto, Luthfi; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 3, Nomor 4, Tahun 2014
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

The purpose of this study was examine the effect of the failure of the company’sIPO. Failure IPO seen from the decline in the stock price by 50% over  5 years (60 months). The depedent variabel in this study is the failure of the company’s IPO that was measure by the time between IPO to failure. The independent variabel in this study is the firm age, firm size, initial return, business risk and the percentage of stock offerings.The study uses data from the annual report companies with listing on the Indonesia Stock Exchange in 2006-2009. Total of samples in this study is 59 companies. This study uses survival analysis method and cox regression analysis as the tool of survival analysis.The results of this study showed that firm age affect on IPO failure of a company, althought not significantly. Firm size and initial return affect of IPO failure of a company and significantly. Business risks affect the IPO failure of a company, althought not significantly. Percentage share offer does not affect the failure, althought not significantly.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PROBABILITAS STOCK HIT LIMIT PADA PERUSAHAAN YANG LISTING DI BEI (BURSA EFEK INDONESIA) Azizah Ali, Antin; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 4, Nomor 1, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study examine the factors that affect probability stock hitting the limit. The purpose of this study was to determine how much influence the beta, book to market value, firm size, and trading volume activity against the probability of stock hit limit on company listed on the Indonesia Stock Exchange. The analysis technique used is maximum likelihood, logit regression, and hypothesis testing using nagelkerke R square. The result are (1) beta has negative significant impact to probability stock hit up limit, but it has no significant impact to probability stock hit down limit. (2) book to market value has negative significant impact to probability stock hit up limit, but it has no significant impact to probability stock hit down limit. (3) firm size has negative signifikan impact both on probability stock hit up limit and down limit. (4) trading volume activity has positive significant impact to probability stock hit up limit but it has no significant impact to probability stock hit down limit.
Co-Authors Ade Sumartini Adhitya Dasha Syafrizaliadhi, Adhitya Dasha Aisyah Oktasari Dian Pertiwi, Aisyah Oktasari Alda Aspasia, Donna Bella Antin Azizah Ali, Antin Asih Primayanti, Asih Axel Giovanni Bintang Bramantya, Bintang Dewi, Katri Septiana Diajeng Sarsa Putranto Dini Zahra Afiffah, Dini Zahra Ervina Sutanto, Ervina Hannina Adlina, Hannina Hidayat, Dicky Permana I Made Bayu Dirgantara Ivan Irawan Izza Fityani, Izza Januardi, Nana Varian Jayendati, Rabita Asri Kartiko Aji, Hapsoro Kusuma, Carissa Lumbanradja, Ramos Luthfi Hartanto, Luthfi Maharani, Ema Maretha Eka Fitriana, Maretha Eka Medikatama Hestiyani, Medikatama Mirwan Surya Perdhana Mochamad Husin Rahman, Mochamad Husin Mochamad Yusuf Efendi, Mochamad Yusuf Nicolaus Gerry Christiawan Nicolaus Gerry Christiawan Novan Reza Pahlevi, Novan Nur Syahid, Nur Nurita Kusumastuti, Nurita Rajendra Wishnu Tristantyo, Rajendra Wishnu Rifky Prasetyo, Rifky Rifqi, Ammar Rizal Hari Magnadi Rizqiyana, Amaliya Romo Putra Mada, Romo Putra Sembiring, Vijai Steven Adriel Antonia, Steven Tri Endrawati, Melati Wahyu Ulfah, Firda Huwaida Winda Safitri Pramusinta, Winda Safitri Zulfikar, Reno