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All Journal ETIKONOMI Gadjah Mada International Journal of Business JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) IKRA-ITH ABDIMAS Jurnal Manajemen JRAP (Jurnal Riset Akuntansi dan Perpajakan)
Roy Sembel
IPMI International Business School
Computer Science & IT Economics, Econometrics & Finance

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The Value at Risk of Selling Option on Crude Oil West Texas Intermediate Abitur Asianto; Hermanto Siregar; Roy Sembel; Tubagus Nur Ahmad Maulana
ETIKONOMI Vol 18, No 1 (2019)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (423.147 KB) | DOI: 10.15408/etk.v18i1.7319

Abstract

The Value at Risk (VaR) of selling the option on crude oil WTI has not widely known, whereas this trade is the most significant transactions in the world. This study aimed to analyze the Value at Risk (VaR) of the far out of the money (FOTM) and the in the money (ITM) strike position of selling option on crude oil WTI investment. The monthly option premium return data ranging from April 1984 to May 2017 was analyzed by the ARCH-GARCH and VaR method to get the risk of FOTM and ITM strike position. Empirical results indicate that the risk of the FOTM strike was much lower than the ITM strike positions. It meant that selecting the FOTM strike position of the selling option on crude oil WTI investment could be considered by stakeholders because its risk was much lower than the ITM strike position.JEL Classification: C32, G19, G32
Kompetisi Dan Stabilitasperbankan Di Indonesia Suatu Pendekatan Analisis Panel Vector Autoregression Intan Apriadi; Roy Sembel; Perdana Wahyu Santosa; Muhammad Firdaus
Jurnal Manajemen Vol. 21 No. 1 (2017): February 2017
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jm.v21i1.146

Abstract

Bankingfragilityphenomenon in the world as well as in Indonesia whip outsome interesting issues to be investigated. The objective of this study is to investigate thedynamic causality relationship between competitionandstabilityof bankin Indonesia.The relationship between competition and stability of bank has long been a controversybefore some crises takes place in the world either in theoretical or in empirical sphere.The crucial questionsuch aswill competitionincrease stability of banking industry orthe other way around will competition create instability in banking system inIndonesiaaregoing tobe investigated in this study.Stability will be analyzed by z-score,and competition will be measuredby HHI. Testing the relationship between competitionand stability will be conducted by Panel Vector Autoregression, a relatively newapproach in econometrics.Empiricalresult indicates thatcompetitiondecreasedstabilityof banking industry,whereas stability has aninsignificant effect to competition.
The Roles of Organizational Politics and Procedural Fairness in the Relationship between Performance Evaluation Systems and Budget Gaming Behavior SeTin SeTin; Roy Sembel; Yvonne Augustine Sudibyo; Ari Purwanti
Gadjah Mada International Journal of Business Vol 24, No 3 (2022): September-December 2022
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.46605

Abstract

This study investigates the relationship between performance evaluation systems and budget gaming behavior. Specifically, it examines the mediating role of organizational politics and procedural fairness. Data collection was conducted by a questionnaire survey of managers of go-public manufacturing companies in Indonesia. Based on a sample of 128 responses, the partial least squares results indicate that general political behavior, the politics of pay and promotion policies, and procedural fairness significantly mediate the non-financial measures and budget gaming relationship. In contrast, the results indicate that the mediating effects of organizational politics and procedural fairness on the relationship between relative performance measures and budget gaming behavior are generally insignificant. This study supports the goal setting theory and the organizational justice theory, and contributes to the management control system literature by recognizing the importance of performance evaluation systems, the importance of understanding political behavior and the perception of fairness to overcome budget gaming behavior. This study provides assurance that organizations can reduce budget gaming behavior through using non-financial measures or incentives.
Bagaimana Mengelola Keuangan dan Investasi di Situasi yang Tidak Pasti Pada Masa Pandemi COVID-19? Roy Sembel; Melinda Malau; Yosya Sri Rotua Hutahaean; Rut Monica Desrianty
IKRA-ITH ABDIMAS Vol 5 No 3 (2022): IKRAITH-ABDIMAS Vol 5 No 3 November 2022
Publisher : Universitas Persada Indonesia YAI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37817/ikra-ithabdimas.v5i3.2253

Abstract

Penyelenggaraan Pengabdian pada Masyarakat (PpM) ini memiliki tujuan yaitu untuk memberikan pedoman, sebagai bahan referensi, membuka pemikiran, dan pemahaman pengelolaan keuangan serta investasi di situasi yang tidak pasti dalam masa pandemi COVID-19 serta menjadikan pembelajaran di masa atau kondisi pandemi saat ini. Penyebaran COVID-19 telah mengakibatkan terjadinya perlambatan perekonomian.Keadaan ini menyadarkan kita bahwa sangat penting untuk mempunyai dana darurat. Oleh karena itu, tetaplah berinvestasi. Kita harus bisa membedakan mana yang menjadi keinginan dan kebutuhan, setelah itu pastikan untuk memprioritaskan yang menjadi kebutuhan bukan keinginan. Kecerdasan finansial sangat penting untuk dimiliki setiap orang, agar mampu dalam memberdayakan uang dan menempatkan uang secara tepat.
IDENTIFICATION OF MARKET VOLATILITY WITH SOLID VAR AUTOREGRESSION VALIDITY IN INDONESIA CRYPTOCURRENCIES OR GOLD Vera Mita Nia; Ossi Ferli; Irvan Novikri; Roy Sembel; Adler Haymans Manurung
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 9, No 1 (2023): Vol 9, No. 1 (2023)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34203/jimfe.v9i1.6146

Abstract

ABSTRACTIncreasing market capitalization is characterized by high volatility but doesn’t have the ability and potential for monetary function, Crypto world eventually shifted into the most attractive investment in the digital economy. Numerous published studies have required some improvement in the consistent relationship between commodities and financial assets and the authors proposed an alternative assessment with demonstrating the relationship between the trading volume activity of the most traded cryptocurrency in Indonesia (i.e., Ethereum) and other investment assets in Indonesia such as market indexes, rupiah exchange rate against the dollar, and gold, and related to cryptocurrencies in Indonesia which observed in over the last three years. A Var model as a quantitative and statistical approach introduced and tested the stationary data with significancy value to identify the level of acceptance model. Consistency results from previous studies where Ethereum has the largest average return but higher risk and Gold as safer investment, ultimately diversification of the investment portfolio is suggested considering the degree of risk aversion.ABSTRAKKapitalisasi pasar yang meningkat ditandai dengan volatilitas yang tinggi namun tidak memiliki kemampuan dan potensi fungsi moneter, dunia Crypto akhirnya bergeser menjadi investasi paling menarik di ekonomi digital. Sejumlah penelitian yang diterbitkan memerlukan beberapa perbaikan dalam hubungan yang konsisten antara komoditas dan aset keuangan dan penulis mengusulkan penilaian alternatif dengan menunjukkan hubungan antara aktivitas volume perdagangan mata uang kripto yang paling banyak diperdagangkan di Indonesia (yaitu, Ethereum) dan aset investasi lainnya di Indonesia seperti indeks pasar, nilai tukar rupiah terhadap dolar, dan emas, serta terkait cryptocurrency di Indonesia yang diamati selama tiga tahun terakhir. Model Var sebagai pendekatan kuantitatif dan statistik memperkenalkan dan menguji data stasioner dengan nilai signifikansi untuk mengidentifikasi tingkat penerimaan model. Hasil konsistensi dari studi sebelumnya di mana Ethereum memiliki pengembalian rata-rata terbesar tetapi risiko lebih tinggi dan Emas sebagai investasi yang lebih aman, pada akhirnya diversifikasi portofolio investasi disarankan dengan mempertimbangkan tingkat penghindaran risiko.
Meningkatkan Financial Management Behavior dan Investment Decision Making melalui Financial Knowledge, Attitude, dan Emotional Intelligence dengan Risk Perception Dharma Satriadi; Adler Haymans Manurung; Roy Sembel; Ahmad Hidayat Sutawidjaya
Jurnal Riset Akuntansi & Perpajakan (JRAP) Vol 10 No 2: Juli - Desember (2023)
Publisher : Magister Akuntansi Universitas Pancasila

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35838/jrap.2023.010.02.14

Abstract

The objective of this study is to analyze the determinants of financial management behavior, specifically financial knowledge, financial attitude, and emotional intelligence on investment decision making with Risk Perception as a moderator. Using the Structural Equation Modeling – Partial Least Square analysis method, this study was conducted on a sample of 105 managers from Karawang International Industrial City. Financial Knowledge does not support Financial Management Behavior, Financial Attitude has a positive effect on Financial Management Behavior, Emotional Intelligence has a positive effect on Financial Management Behavior, Financial Knowledge does not support Investment Decision Making, Financial Attitude does not support Investment Decision Making, Emotional Intelligence has a positive effect on Investment Decision Making, Financial Management Behavior does not support Investment Decision Making, and Financial Attitude does not support Investment Decision Making. This research indicates the need to develop a financial education program that focuses on increasing financial knowledge and attitudes for managers, as well as paying attention to the development of emotional intelligence in order to improve the quality of their investment decision making.
Co-Authors Abitur Asianto Adler Haymans Manurung Adler Haymans Manurung Ahmad Hidayat Sutawidjaya Ari Purwanti Dharma Satriadi Ferli, Ossi Hermanto Siregar Intan Apriadi Irvan Novikri Melinda Malau Muhammad Firdaus Perdana Wahyu Santosa Rut Monica Desrianty Se Tin Tubagus Nur Ahmad Maulana Vera Mita Nia Yosya Sri Rotua Hutahaean Yvonne Augustine Sudibyo