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Does The Efficient Market Theory In The Weak Form Exist? Evidence From Indonesia Bram Hadianto; Hendrik Hendrik; Trishya Yuwana
Jurnal Manajemen Indonesia Vol 21 No 2 (2021): Jurnal Manajemen Indonesia
Publisher : Fakultas Ekonomi dan Bisnis, Telkom University.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25124/jmi.v21i2.2703

Abstract

In the weak-form market efficiency theory, investors cannot predict the movement of all prices because of randomness. This circumstance happens because of a quick market reaction to new information. Conversely, suppose the market is not efficient in this shape; in that case, the investors can obtain an abnormal return. One of the reasons is the thin market, where many inactive stocks to be traded are available. Based on these issues, this research intends to examine this theory by employing runs testing on the daily returns of the Indonesia Composite Index (ICI) between January 2014 and December 2018 for each year and a whole. Once performing this test, this research demonstrates that the daily returns of the ICI are random for both situations. By denoting these facts, this research concludes that the capital market in Indonesia is efficient in a weak form and experiences a decrease in the thin level, reflected by the escalation in trading frequency, volume, and value, as well as the number of dynamic shares transacted. This research suggests that investors without sufficient information should utilize the service of the securities analysts to select the stocks they buy and sell to get the capital gain. Keywords – an efficient market in the weak form; market index return; runs test; thin market
Market Reaction Around Ex-Dividend Date Bram Hadianto; Herlina Herlina; Rosemarie Sutjiati Njotoprajitno; Niken Angginia Nastiti Suwarno
Jurnal Ilmiah Universitas Batanghari Jambi Vol 22, No 1 (2022): Februari
Publisher : Universitas Batanghari Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33087/jiubj.v22i1.1597

Abstract

Dividen merupakan bagian dari tingkat pengembalian bagi investor selain selisih positif harga saham sehingga pembayarannya menarik bagi investor untuk mempunyai saham. Menurut teori kandungan informasi dividen, pasar bereaksi positif di sekitar tanggal ex-dividend ketika perusahaan menaikan jumlah dividen yang dibayarkan. Dengan dimotivasi oleh hasil yang tidak seragam, penelitian ini hendak membuktikan teori ini dengan mengklasifikasikan perusahaan menjadi dua kelompok. Kelompok pertama terdiri dari perusahaan yang menaikan dividen. Kelompk kedua terdiri dari perusahaan yang menurunkan dividen. Populasi penelitian ini yaitu perusahaan yang secara konsisten yang menjadi anggota indeks LQ45 dari 1 Februari 2015 sampai 31 Januari 2019, dimana jumlahnya yaitu 21 perusahaan. Untuk menghitung jumlah sampel, kami memakai rumus Slovin dan nemperoleh 17 perusahaan. Selanjutnya, perusahaan tersebut diambil oleh metode acak sederhana. Setelah itu, kami mendapatkan 49 dan 29 tanggal ex-dividend untuk perusahaan yang menaikan dividen dan menurunkannya. Untuk menguji hipotesis yang diajukan, kami menggunakan uji t-statistik satu sampel. Secara keseluruhan, penelitian ini tidak menolak teori kandungan informasi dari dividen Sebagai gantinya, penelitian ini mendukung teori pasar tidak efisien dalam bentuk setengah kuat secara informasi dengan mengungkapkan terjadinya reaksi pasar yang berkepanjangan. Untuk perusahaan yang menaikkan dividen, pasar masih bereaksi secara negatif pada hari keempat setelah tanggal ex-dividend. Untuk perusahaan yang menurunkan dividen, pasar masih bereaksi positif pada hari ketiga setelah tanggal ini.
Engagement, motivation, and working performance Bram Hadianto; Sabrina Wissen; Renate Severita Hapsariny; Shafira Putri Kurniawan; Yosephine Carolina
Integrated Journal of Business and Economics (IJBE) Vol 5, No 3 (2021): Integrated Journal of Business and Economics
Publisher : Fakultas Ekonomi, Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (198.694 KB) | DOI: 10.33019/ijbe.v5i3.364

Abstract

This study aims to examine and analyze the effect of employee engagement and motivation on working performance. This population is 618 employees working at one of the textile companies in Bandung, distributed into seven divisions. The number of samples of 247, furthermore, is counted by the Isaac and Michael formula. Because of the divisions, the pieces are taken by a stratified random sampling technique. Ominously, not all of them are responsive. Hence, this research can get a 54.66% participating level on the online survey or successfully collect 135 responses. Besides, this study utilizes the confirmatory factor analysis and the composite reliability coefficient analysis to test data quality. After that, the structural equation model based on variance is used. After examining the proposed hypothesis and discussing the related facts, this study deduces that a positive effect of employee engagement and motivation on working performance exists.
SERVICE QUALITY, BRAND TRUST, AND BRAND LOYALTY Ana Mariana; Bram Hadianto; Catherine Suyanto
Jurnal Manajemen Terapan dan Keuangan Vol. 10 No. 02 (2021): Jurnal Manajemen Terapan dan Keuangan
Publisher : Program Studi Manajemen Pemerintahan dan Keuangan Daerah Fakultas Ekonomi dan Bisnis Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/jmk.v10i02.13027

Abstract

This study plans to investigate and analyze the influence of service quality on brand trust and brand trust on brand loyalty by utilizing the Precious One users as the object and population. Based on this goal, this study is designed quantitatively; thus, we grab the samples by simple random sampling. According to the Isaac and Michael formula, the total pieces should be 344. However, 251 users respond to filling the questionnaire; hence, the participating rate is 75.45%. Moreover, we use confirmatory factor analysis to validate the responses, the Cronbach Alpha analysis to test response reliability, and the structural equation model based on covariance to examine the related hypotheses. Overall, we find that service quality positively affects brand trust. Also, this positive sign is available in the causal relationship between brand trust and brand loyalty. Hence, the service quality is vital for Precious One to commit to building brand trust, creating brand loyalty.
Prediksi Kebijakan Utang, Profitabilitas, Likuiditas, Ukuran, Dan Status Perusahaan Terhadap Kemungkinann Penentuan Peringkat Obligasi: Studi Empirik Pada Perusahaan Yang Menerbitkan Obligasi Di Bursa Efek Indonesia Bram Hadianto; M. Sienly Veronica Wijaya
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 3 No. 3 (2010): Jurnal Manajemen Teori dan Terapan - Desember 2010
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (366.271 KB) | DOI: 10.20473/jmtt.v3i3.2403

Abstract

The aim of this research is to know the prediction of debt policy, profitability, liquidity, size, and firm’s status on bond rating, and to find the accuracy rate for classifying companies that have investment grade of bond rating and non investment grade of bond rating based on these given factors. We employ logistic regression model as data analysis method. Our sample is taken fromIndonesian Bonds Market Directory (IBMD) in the year of 2008 which collected by purposive sampling method. There are 105 listed bond’s issuers until 2008. In our observation, there are 3 issuers that have no bond rating so that we use only 102 issuers as the sample. The results show that profitability is the only explanatory variable which has significant impact on bond rating with positive sign and the accuracy rate of debt policy, profitability, liquidity, size, and firm’s status to classify bond issuer category are as high as 85.3%.
Prediksi Arus Kas Bebas, Kebijakan Utang, Dan Profitabilitas Terhadap Kemungkinan Dibayarkannya Dividen Studi Empirik Pada Emiten Pembentuk Indeks Kompas 100 Di Bursa Efek Indonesia Bram Hadianto, Herlina
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 3, No 1 (2010): April-July 2010
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.3.1.46

Abstract

The aim of this research is to know the prediction of some explanatory factors that impact on probability of public company to divide earnings to investor and fnd the accuracy rate to classify public company become two group based on some explanatory factor. First group is dividend payers company, and second group is non-dividend payers company. Some explanatory factors that we used are free cash fow, debt policy, and proftability. We employ logistic regression model as data analysis method. Our sample is taken from the Kompas 100 Index constituent public company in 2007. The results point out both debt policy and proftability are positively relationship with dividend policy and free cash fow has no signifcant relationship with dividend policy. In addition, the accuracy of all factors that used to classify both dividend payers company group and dividend non-payers company group are 69%. 
FAKTOR PENENTU BIAYA KEAGENAN: STUDI EMPIRIK PADA EMITEN PEMBENTUK INDEKS LQ45 Bram Hadianto; Herlina .
Journal of Management and Business Vol 10, No 1 (2011): MARCH 2011
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (117.468 KB) | DOI: 10.24123/jmb.v10i1.171

Abstract

The purpose of this research is to know the impact of debt policy, dividend policy, board commissioner size, and institutional ownership on agency cost. Following Ang et al. (2000), asset utilization ratio (AUR) and operating expense ratio (OER) used as measurement of the agency cost. LQ45 index constituent firms are used as the sample which determined by the purposive sampling technique. The regression model with polled data conducted as data analysis method. The results show that institutional ownership is the only factor that has impact on agency cost measured by asset utilization ratio with positive sign.
Financial Knowledge, Internal Control Locus, and Personal Money-Related Behavior: A Survey on Undergraduate Accounting Students Sinta Setiana; Bram Hadianto
Integrated Journal of Business and Economics (IJBE) Vol 6, No 2 (2022): Integrated Journal of Business and Economics
Publisher : Fakultas Ekonomi, Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (294.612 KB) | DOI: 10.33019/ijbe.v6i2.360

Abstract

This research intends to examine the impact of financial knowledge and internal control locus on student behavior to manage money and the effect of internal control locus on this knowledge. The students becoming the population are from the active undergraduate accounting department in Maranatha Christian University, distributed into six batches: 2015 to 2020; the number is 413. Considering this feature, we use the stratified random sampling method, setting the batches as the strata. After surveying the 200 students as the samples, the number of responded students is 193; hence, the participation level is 96.50%. Based on this situation, we use the structural equation model based on covariance after the validity and reliability tests are met. To sum up, this research unveils that money-related understanding does not affect student behavior. On the other hand, the internal control locus positively affects personal money-related behavior and financial knowledge.
Debt Policy, Reputable External Auditor, Company Size, And Profit Quality Barnabas Tridig S.; Bram Hadianto; Indra Purnama Setiawan
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 4 No 1 (2022): August 2022
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v4i1.1864

Abstract

The financial report describes company performance before the users: public investors and creditors. Moreover, this report must deliver superior profits to display the beneficial information. For this reason, this study attempts to know its determinants by utilizing causing factors, like debt policy and reputable external auditors as the primary variable and company size as the control. Besides, this study sets the companies in the retail trade industry in the Indonesian capital market from 2013 until 2018 as the population, where a simple random sampling technique is utilized to grab the samples. After that, this study employs the regression model and related statistical features to check the intended hypotheses. After examining them statistically, this study reveals that debt policy and the company size affect profit quality positively. However, reputable external auditors do not influence this quality.
Institutional Proprietorship, Audit Committee Size, and the Reputable Auditor Selection: Evidence from Indonesia Indriana Damaianti; Bram Hadianto
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 4 No 2 (2022): November 2022
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v4i2.2408

Abstract

This study is presented to investigate the effect of institutional proprietorship and audit committee size on the propensity of the companies to select outside auditors affiliated with the big four and know the accuracy of prediction based on these determinants. Following several previous scholars, this study uses the company size as the control variable. Furthermore, the logistic regression model and matrix classification are employed to answer the research intention by employing the Indonesian non-financial companies in the LQ45 index from 2014 to 2018 as the population. Moreover, to search for the total samples of 21 and take them from the populace, this study uses the Slovin formula with an inaccuracy border of 10% and a simple random sampling technique. Once examining the data, this study finds that institutional proprietorship and audit committee number positively affect the corporate propensity to choose the auditor affiliated with the big four. Similarly, this tendency happens in the firm size as the control variable. Additionally, the accuracy of grouping prediction of the firms using reputable and non-reputable auditors based on these determinants is 90.50%, 95.2%, 90.5%, 85.7%, and 85.7% for 2014, 2015, 2016, 2017, and 2018.