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The Influence of Information Framing towards Investors Reaction in Bullish and Bearish Market Condition: an Experiment Rahayu, Caecilia Wahyu Estining
JDM (Jurnal Dinamika Manajemen) Vol 8, No 2 (2017): September 2017 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v8i2.12760

Abstract

This research aims to test the reaction of the investors when the investors receive a dividend information presented with positive or negative frames at the same market conditions, either bullish or bearish market conditions. In addition, it also test the reactions of investors when they are in the bullish or bearish market conditions, the investors receive a dividend information with the same frame, both positive and negative frames. The investors reaction is indicated by the magnitude of the stock price prediction on the next day with absolute value. Experimental method is used to test the hypotheses in this research by using independent sample t-test. The results showed that there is an information framing effect to the investors when receiving the information with a positive frame in the bullish market conditions and gain domain effects occur to the investors in the bullish market conditions when the investors receive the information with a positive frame. These results are expected to provide a new insight on the different reactions of investors when receiving the same information.
Hospitality And Tourism Industry Performance in Indonesia Based on Benjamin Graham’s Perspective Yulita, Ima Kristina; Rahayu, Caecilia Wahyu Estining
JURNAL ILMU MANAJEMEN DAN BISNIS Vol 10, No 1 (2019): Jurnal Ilmu Manajemen dan Bisnis. Maret 2019
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jimb.v10i1.14485

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Abstract. This research aims at determining the performance of hospitality and tourism industry in Indonesia based on the analysis of financial ratios using the Benjamin Graham’s perspective. The total number of samples is 9 companies listed in Indonesia Stock Exchange in 2012-2016. The analysis of financial ratios includes Earning Per-Share (EPS), Price to Earnings Ratio (PER), Price to Book Value (PBV), Return on Equity (ROE), Current Ratio (CR) and Debt to Equity Ratio (DER). First, this research examined the effects of those six financial ratios on stock prices either partially or simultaneously. Afterwards, only financial ratios that had a significant effect on stock prices are analyzed using Benjamin Graham. Hypothesis testing was conducted using Multiple Linear Regression analysis. The results point out that: (1) EPS, PER, PBV, ROE, CR and DER simultaneously affect the stock prices; (2) EPS, PER, PBV and DER partially affect the stock prices; (3) Seven companies that meet 2 of 4 determined criteria are ARTA, BAYU, JIHD, JSPT, KPIG, PDES and SHID. The results of this research are expected to provide recommendations for investors in selecting companies’ shares with good performance based on 4 financial ratios.Keywords. Hospitality and tourism industry, financial ratio, financial performance, stock prices, Benjamin Graham. Abstrak. Penelitian ini bertujuan untuk mengetahui kinerja industri hotel dan pariwisata di Indonesia berdasarkan analisis rasio keuangan menggunakan perspektif Benjamin Graham. Jumlah sampel adalah 9 perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 2012-2016. Analisis rasio keuangan termasuk Earning Per-Share (EPS), Price to Earnings Ratio (PER), Price to Book Value (PBV), Return on Equity (ROE), Current Ratio (CR) dan Debt to Equity Ratio (DER) . Pertama, penelitian ini menguji pengaruh dari enam rasio keuangan terhadap harga saham baik secara parsial maupun secara simultan. Setelah itu, hanya rasio keuangan yang memiliki pengaruh signifikan terhadap harga saham yang dianalisis menggunakan Benjamin Graham. Pengujian hipotesis dilakukan menggunakan analisis Regresi Linier Berganda. Hasil menunjukkan bahwa: (1) EPS, PER, PBV, ROE, CR dan DER secara simultan mempengaruhi harga saham; (2) EPS, PER, PBV dan DER secara parsial mempengaruhi harga saham; (3) Tujuh perusahaan yang memenuhi 2 dari 4 kriteria yang ditentukan adalah ARTA, BAYU, JIHD, JSPT, KPIG, PDES dan SHID. Hasil penelitian ini diharapkan dapat memberikan rekomendasi bagi investor dalam memilih saham perusahaan dengan kinerja yang baik berdasarkan 4 rasio keuangan.Kata kunci : industri hotel dan pariwisata, rasio keuangan, kinerja keuangan, harga saham, Benjamin Graham 
The influence of financial literacy on the personal financial management of government employees Rahayu, Caecilia Wahyu Estining; Rahmawati, Christina Heti Tri
INOVASI Vol 15, No 2 (2019)
Publisher : Faculty of Economics and Business Mulawarman University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (213.475 KB) | DOI: 10.29264/jinv.v15i2.5421

Abstract

Financial literacy is a combination of financial knowledge, financial attitude and financial behavior that every individual needs in order to avoid financial issues. By performing personal financial management appropriately, a person can improve the quality of his life. This research aims at examining the effects of financial knowledge, financial attitude and financial behavior on the personal financial management of government employees in Kalibawang Community Health Center. The population of this research is every active government employee in Kalibawang Community Health Center and the sample is 50 of them. This research uses a questionnaire and sampling method by means of a saturated sampling technique and applies Multiple Linear Regression analysis. In the results of this research, it is found that the financial attitude and financial behavior had a positive and significant effect on the personal financial management of government employees in Kalibawang Community Health Center. Otherwise, financial knowledge has a negative and insignificant effect on personal financial management. These results are expected to provide insight on the government employees in Kalibawang Community Health Center that better financial attitude and financial behavior of the government employees do influence to better their personal financial management.
PENGARUH HARGA DAN KUALITAS PRODUK TERHADAP MINAT BELI ULANG KONSUMEN DENGAN KEPUASAN KONSUMEN SEBAGAI VARIABEL MEDIASI Studi pada Mahasiswa Pengguna Smartphone Xiaomi di Universitas Sanata Dharma Yogyakarta Caecilia Wahyu Estining Rahayu, Umbu Saga Ana Kaka Mahemba,
Prosiding Seminar Nasional Multidisiplin Ilmu Vol 1, No 2 (2019): Prosiding Seminar Nasional : Pemanfaatan Literasi Digital Dalam Publikasi Ilmiah
Publisher : Universitas Respati Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Penelitian ini bertujuan untuk mengetahui: 1) harga berpengaruh terhadap kepuasan konsumen, 2) kualitas produk berpengaruh terhadap kepuasan konsumen, 3) harga berpengaruh terhadap minat beli ulang konsumen, 4) kualitas produk berpengaruh terhadap minat beli ulang konsumen, 5) kepuasan konsumen berpengaruh terhadap minat beli ulang konsumen, 6) kepuasan konsumen memediasi pengaruh harga terhadap minat beli ulang konsumen, dan 7) kepuasan konsumen memediasi pengaruh kualitas produk terhadap minat beli ulang konsumen pada produk smartphone Xiaomi. Teknik pengambilan sampel menggunakan purposive sampling. Data diperoleh dengan membagikan kuesioner kepada 134 responden. Teknik analsis data dalam penelitian ini adalah Partial Least Square menggunakan aplikasi Warp PLS 6.0. Hasil penelitian ini menunjukkan bahwa: 1) harga berpengaruh positif terhadap kepuasan konsumen, 2) kualitas produk berpengaruh positif terhadap kepuasan konsumen, 3) harga tidak berpengaruh positif terhadap minat beli ulang konsumen, 4) kualitas produk berpengaruh positif terhadap minat beli ulang konsumen, 5) kepuasan konsumen berpengaruh positif terhadap minat beli ulang konsumen, 6) kepuasan konsumen memediasi pengaruh harga terhadap minat beli ulang konsumen, dan 7) kepuasan konsumen memediasi pengaruh kualitas produk terhadap minat beli ulang konsumen
ANALISIS VALUASI SAHAM MENGGUNAKAN DIVIDEND DISCOUNT MODEL, PRICE EARNING RATIO DAN PRICE TO BOOK VALUE UNTUK KEPUTUSAN INVESTASI Dea Natalia; Caecilia Wahyu Estining Rahayu; Ima Kristina Yulita
Procuratio : Jurnal Ilmiah Manajemen Vol 7 No 3 (2019): Procuratio : Jurnal Ilmiah Manajemen
Publisher : Institut Bisnis dan Teknologi Pelita Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (287.996 KB)

Abstract

his study aims to (1) determine the intrinsic value of shares of consumer goods sector companies listed on the Indonesia Stock Exchange in 2013-2017 using the Dividend Discount Model, Price Earning Ratio, and Price to Book Value approach; (2) know the condition of shares of consumer goods sector companies in the form of undervalued, overvalued or correct value; (3) make appropriate investment decisions based on the intrinsic value that has been calculated; and (4) know which approach to valuing stock prices is more accurate. The sample of this study was seven companies which distributed dividends consistently during the study period. Data collection techniques in this study used purposive sampling technique. The data used was secondary data. The conclusion of this study was (1) the average of the seven company shared in 2013-2017 were in undervalued conditions; (2) the most accurate stock price valuation was the Price Earning Ratio approach which had the smallest Root Mean Square Error (RMSE) value; and (3) the most appropriate investment decision making was buying shares from consumer goods sector because it was considered undervalued or cheap. Penelitian ini bertujuan untuk (1) mengetahui nilai intrinsik saham perusahaan sektor barang konsumsi yang listed di BEI pada tahun 2013-2017 dengan menggunakan pendekatan Dividend Discount Model, Price Earning Ratio, dan Price to Book Value, (2) mengetahui saham perusahaan sektor barang konsumsi dalam kondisi undervalued, overvalued atau correct value, (3) mengambil keputusan investasi yang tepat berdasarkan nilai intrinsik yang sudah dihitung, dan (4) mengetahui pendekatan penilaian harga saham mana yang lebih akurat. Sampel penelitian ini sebanyak tujuh perusahaan yang membagikan dividen secara konsisten selama kurun waktu penelitian. Teknik pengumpulan data dalam penelitian ini menggunakan teknik purposive sampling. Data yang digunakan adalah data sekunder. Kesimpulan penelitian ini adalah (1) rata-rata ketujuh saham perusahaan pada tahun 2013-2017 berada dalam kondisi undervalued, (2) penilaian harga saham yang paling akurat adalah pendekatan Price Earning Ratio yang memiliki nilai Root Mean Square Error terkecil, dan (3) pengambilan keputusan investasi yang paling tepat adalah membeli saham perusahaan sektor barang konsumsi karena dinilai undervalued (murah).
The Effect of Financial Literacy Level and Demographic Factors on Investment Decision Deavicris Ari Senda; Caecilia Wahyu Estining Rahayu; Christina Heti Tri Rahmawati
Media Ekonomi dan Manajemen Vol 35, No 1 (2020): Competitive Challenges Facing Indonesia in the Global Economy
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (377.918 KB) | DOI: 10.24856/mem.v35i1.1246

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The aim of this research is to find out the effect of financial literacy level and demographic factors on investment decision on government employees in Kalibawang Community Health Center, Kulon Progo, Yogyakarta. The population of this research is the government employees in Kalibawang Community Health Center, 29 of them are treated as the sample of this research. The sampling technique used in this research is purposive sampling. The respondents are those who  have  been  doing  investment. The data used in this research are collected with questionnaires. The data analysis technique used in this research is the Chi Square test. The result shows that financial literacy does not affect investment decision. However, out of the demographic factors, only age, income and investment experience affect  investment decision. Meanwhile, the others demograpic factors such as gender and education do not affect investment decision.
Factors Affecting Student’s Financial Literacy (A Study on the Students of the Faculty of Economics and the Faculty of Science and Technology of Sanata Dharma University Yogyakarta) Erren Egesta; Caecilia Wahyu Estining Rahayu; Christina Heti Tri Rahmawati
Media Ekonomi dan Manajemen Vol 36, No 1 (2021): January 2021
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (434.225 KB) | DOI: 10.24856/mem.v36i1.1577

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This study aims to determine 1) the factors that affect students' financial literacy. The factors include gender, Grade Point Average (GPA) and allowance; 2) the differences in financial literacy between students of the Faculty of Economics and students of the Faculty of Science and Technology. The population in this study were active students from batch 2014-2017 of the Faculty of Economics and the Faculty of Science and Technology, Sanata Dharma University. The sampling technique employed was purposive sampling. The data analysis methods were the Chi-Square test and the Two Independent Sample Test with Mann Whitney Test. The test results show that 1) GPA factor significantly influences students' financial literacy,2) gender and allowance do not affect students' financial literacy,3) there are differences in financial literacy between students of the Faculty of Economics and the Faculty of Science and Technology, in which students of the Faculty of Economics have higher financial literacy level.
COMPETENCY AND VALUES OF LOCAL WISDOM OF HIGH SCHOOL PRINCIPALS Yohanes Harsoyo; Catharina Wigati Retno Astuti; Caecilia Wahyu Estining Rahayu
Jurnal Cakrawala Pendidikan CAKRAWALA PENDIDIKAN, VOL. 38, NO. 3, OCTOBER 2019
Publisher : LPMPP Universitas Negeri Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/cp.v38i3.20593

Abstract

The competency of secondary school principals needs to be developed. The development of school principals' competencies needs to pay attention to cultural aspects that develop in the surrounding community. This research was aimed to describe the school principal’s competencies according to National Education Ministry Regulation No. 13 (2007) about School Principal’s standard competencies and their competencies development based on the values of local wisdom. This piece of research was conducted quantitatively and qualitatively. The research samples were 30 school principals whom their schools were located in the regional of Mataraman cultures. Data was gathered by collecting questionnaires (open and closed questions) and also interviews. The data was analyzed quantitatively and qualitatively. The results of this study are as follows: first, the school principals have been good at social and personality competences, yet the managerial, entrepreneurial, and supervision competences were still in adequate level; second, school principals already comprehended the values of Sistem Among and some of them had been implemented them. However, they had not been comprehend the leadership values based on Asta Brata and Sastra Gending; third, most of leadership values were based on Asta Brata, Sistem Among, and Sastra Gending that were compatible to the school principals and used for developing their leadership.
Consumer Satisfaction as a Mediation on Repurchasing Interest on Price, Promotion, and Quality of Service Aldo Suwarno; Caecilia Wahyu Estining Rahayu; Januari Ayu Fridayani
KINERJA Vol. 26 No. 1 (2022): KINERJA
Publisher : Faculty of Business and Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v26i1.5244

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The purpose of this research is to determine the following: (1) the effect of price on repurchase interest as mediated by consumer satisfaction, (2) the effect of promotion on repurchase interest as mediated by consumer satisfaction, and (3) the effect of service quality on repurchase interest as mediated by consumer satisfaction. Purposive sampling was employed as a sample strategy. Data was collected by sending out online surveys to 100 people. Partial Least Squares and WarpPLS 6.0 are used in the data analysis technique. According to the findings of this study, (1) consumer satisfaction moderates the effect of price on consumer repurchase interest, (2) consumer satisfaction has little effect on consumer repurchase intention when it comes to promotions, (3) consumer satisfaction does not affect repurchase intention when it comes to service quality.
THE DETERMINANT FACTORS OF PERSONAL FINANCIAL MANAGEMENT OF INDONESIAN MIGRANT WORKERS IN HONGKONG Caecilia Wahyu Estining Rahayu; Christina Heti Tri Rahmawati
MIX: JURNAL ILMIAH MANAJEMEN Vol 11, No 1 (2021): MIX : Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/mix.2021.v11i1.004

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This study aims to examine determinants factors of personal financial management of Indonesian migrant workers in Hongkong. The determinant factors are 1) demographic aspects include age, academic background, number of dependents, and 2) financial literacy. The sample used in this study was several Indonesian migrant workers who are still actively working in Hongkong, especially as household assistants. This study used questionnaire method to obtain the primary data from migrant workers. The sampling technique was non-random sampling which was accidental sampling technique. The data analysis used was Chi-Square analysis. The result shows that: 1) partially, there is relationship between ages and personal financial management; 2) there is a relationship between financial literacy and personal financial management; 3) partially, there is no relationship between academic background and number of dependents with personal financial management. The implication of this study is that by having good knowledge and understanding about finances, Indonesian migrant workers in Hongkong are expected to manage good and wise personal finances, so that they can improve their prosperity.