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All Journal Jurnal Ilmu Pertanian Indonesia JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN Jurnal Manajemen dan Agribisnis Signifikan : Jurnal Ilmu Ekonomi Economic Journal of Emerging Markets Matrik: Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan E-Jurnal Manajemen Universitas Udayana MIMBAR (Jurnal Sosial dan Pembangunan) Jurnal Keuangan dan Perbankan Jurnal Ekonomi dan Pembangunan Indonesia JURNAL MANAJEMEN AGRIBISNIS International Conference on Law, Business and Governance (ICon-LBG) AGRIEKONOMIKA Indonesian Journal of Agricultural Science Jurnal Agro Ekonomi Jurnal Pengkajian dan Pengembangan Teknologi Pertanian Indonesian Journal of Business and Entrepreneurship (IJBE) Forum Agribisnis Habitat AGRICOLA Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal Tataloka MIX : Jurnal Ilmiah Manajemen Jurnal Ekonomi & Kebijakan Publik Jurnal Penelitian Karet Jurnal Ilmu Keluarga dan Konsumen International Research Journal of Business Studies (E-Journal) JEPA (Jurnal Ekonomi Pertanian dan Agribisnis) Jurnal Manajemen Pembangunan Daerah Journal of Regional and Rural Development Planning Al-Muzara'ah Jurnal Organisasi Dan Manajemen Buletin Ilmiah Litbang Perdagangan Journal of Socioeconomics and Development Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Buletin Ekonomi Moneter dan Perbankan EKUITAS (Jurnal Ekonomi dan Keuangan) JURNAL PANGAN International Journal of Agricultural Sciences Jurnal Proaksi Jurnal Agro Ekonomi Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Journal of Food System and Agribusiness (JoFSA) Bina Ekonomi: Majalah Ilmiah Fakultas Ekonomi Universitas Katolik Parahyangan Jurnal Perspektif Pembiayaan dan Pembangunan Daerah JEBI (Jurnal Ekonomi dan Bisnis Islam) MIMBAR : Jurnal Sosial dan Pembangunan Journal of Contemporary Administration and Management (ADMAN) Jurnal Ilmiah ESAI JEPI BINA: JURNAL PEMBANGUNAN DAERAH Dinamika Pertanian
Dedi Budiman Hakim
Departemen Ilmu Ekonomi Fakultas Ekonomi Dan Manajemen Institut Pertanian Bogor
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Journal : Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal

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SIKAP TERHADAP MARKETING MIX DAN PROSES PENGAMBILAN KEPUTUSAN PEMBELIAN KONSUMEN PADA DAEBAK FAN CAFE, DEPOK Winda Rahmalia; Dedi Budiman Hakim; Rico Rizal Budidarmo
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 2 No. 3 (2016): JABM Vol. 2 No. 3, September 2016
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.2.3.230

Abstract

Nowadays, Korean culture is dominating the global lifestyle including that of Indonesia. There are a variety of Korean restaurants, one of which adopts the concept of Korean Fan Café which is used as a gathering forum for the Korean popular culture fans. The aims of this study are to obtain information related to consumer demographics and analyze attitudes toward marketing mix in the consumer decision making in Daebak Fan Café. Thus, descriptive and chi-square analyses were utilized as the methods of data analysis. The results showed that the majority of consumers of Daebak Fan Cafe are women aged 21-30 years, with single status. Most of the consumers are students with pocket money ranging from ≤ Rp 1,000,000 per month and reside in Depok. There are two demographic variables noted in the study i.e. the consumers’ ages and incomes which are related to the marketing mix variables; covering social groups, products, and promotions, while the employment status variable only relates to the promotions.Keywords: demography, fan cafe, decision making, marketing mix, chi-squareABSTRAKAkhir-akhir ini, budaya Korea sangat mendominasi gaya hidup masyarakat dunia, termasuk di Indonesia. Berbagai restoran Korea dibangun, alah satunya dengan konsep Korean Fan Cafe yang merupakan wadah berkumpul para penggemar budaya populer Korea. Tujuan studi ini adalah memperoleh informasi yang berkaitan dengan demografi konsumen, dan menganalisis sikap terhadap marketing mix pada pengambilan keputusan konsumen di Daebak Fan Cafe. Metode analisis data dilakukan menggunakan analisis deskriptif dan analisis chi-square. Hasil penelitian menunjukkan sebagian besar konsumen yang datang ke Daebak Fan Cafe mayoritas adalah wanita dengan usia 21–30 tahun dengan status belum menikah. Mayoritas konsumen adalah pelajar dengan uang saku ≤ Rp1.000.000 per bulan dan berdomisili di Depok. Studi ini mencatat bahwa terdapat dua variabel demografi yaitu usia dan pendapatan yang berhubungan dengan variabel marketing mix yaitu sosial-grup, produk, dan promosi, sedangkan untuk variabel status pekerjaan hanya berhubungan dengan promosi.Kata kunci: demografi, fan cafe, pengambilan keputusan, marketing mix, chi-square
Efisiensi Anggota Bursa Guna Meningkatkan Daya Saing Bisnis Pada Era Masyarakat Ekonomi ASEAN Muhammad Rifqi Syauqi; Dedi Budiman Hakim; Hendro Sasongko
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 4 No. 2 (2018): JABM Vol. 4 No. 2, Mei 2018
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.4.2.191

Abstract

Capital market could provide better financing for companies and offer prospective investment for public. However, capital market has not fully absorbed the potential economics in Indonesia. The efficiency of Securities Company (brokers) in Indonesia should be optimized by the regulator to be able to compete with that from other countries. This paper measured the efficiency level of brokers and their effect on business competitiveness by using the Data Envelopment Analysis (DEA) approach and the regression model. The results found that the efficiency of brokers was relatively low i.e. approximately 0,22. The vast number of brokers with limited capital caused this low efficiency. Brokers with larger-scale companies have a higher efficiency than the smaller ones. The joint venture brokers are relatively efficient, for they usually have large capital. The minimum requirement of Net Adjusted Working Capital (NAWC) is insufficient to strengthen the competitiveness of brokers, and it should be increased from Rp25 billion to Rp100 billion. The increase in this capital is expected to encourage brokers to become more competitive in ASEAN market.Keywords: Competitiveness, Data Envelopment Analysis (DEA), efficiency, Indonesia Stock Exchange (IDX), securities companyAbstrak: Pasar modal belum sepenuhnya optimal memanfaatkan potensi ekonomi Indonesia. Perbankan masih menjadi sumber utama penggerak ekonomi padahal pasar modal menyediakan pilihan yang lebih baik dalam memenuhi kebutuhan pembiayaan perusahaan maupun intsrumen investasi bagi masyarakat. Rendahnya efisiensi Anggota Bursa (AB) dalam menjalankan bisnis transaksi efek perlu diperhatikan regulator agar pasar modal Indonesia mampu bersaing dengan negara lain. Penelitian ini melihat tingkat efisiensi AB dan pengaruhnya terhadap daya saing bisnis transaksi efek melalui Data Envelopment Analysis (DEA) dan model regresi. Berdasarkan hasil analisis diperoleh bahwa efisiensi AB masih rendah sekitar 0,22. Banyaknya AB bermodal terbatas menyebabkan rendahnya efisiensi ini. AB dengan skala perusahaan lebih besar memiliki efisiensi lebih tinggi dibandingkan AB yang skalanya kecil. AB joint venture tentu relatif efisien karena biasanya memiliki modal yang besar. Persyaratan minimum Modal Kerja Bersih Disesuaikan (MKBD) dinilai belum cukup memperkuat daya saing AB dan sebaiknya ditingkatkan dari Rp25 miliar menjadi Rp100 miliar sesuai hasil estimasi dengan model regresi. Kenaikan MKBD ini diharapkan mendorong AB agar lebih kompetitif dan mampu menguasai pasar di kawasan ASEAN.Kata kunci: Bursa Efek Indonesia (BEI), Data Envelopment Analysis (DEA), daya saing, efisiensi, perusahaan sekuritas
Hubungan Nilai Tukar terhadap Kegiatan Ekspor Manufaktur Pertanian Indonesia Firman Fajar; Dedi Budiman Hakim; Dwi Rachmina
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 3 No. 2 (2017): JABM Vol. 3 No. 2, Mei 2017
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.3.2.266

Abstract

The natural resources and advanced technology nowadays have brought the world to international trade in which many countries get involved to another in order to sell or to buy something. International trade has many barriers and one of them is exchange rate. The main purpose of this research is to investigate the impact of exchange rate on the agricultural material manufactured export in Indonesia. In this research, export is influenced by destination of GDP’s country, price ratio, and exchange rate. The researcher used ordinary least square method to scrutinize the impacts of these variables in this research. The research on exports was divided into Indonesia's five largest export destination countries, namely, the People's Republic of China, Japan, India, USA and Singapore. Variable that has a significant effect for export to China is the ratio of the price that has a negative effect for Indonesian exports, and the exchange rates have significantly positive effect on Indonesian exports. Exports to India are influenced significantly by the exchange rate for Indonesia’s export and the ratio of export prices influence negatively to Indonesian exports. Exports to Japan are influenced significantly by the exchange rate positively while the price ratio has significantly negative influence. Variable with significant effect for export to the US is the ratio of the price that has a negative relationship, and variable that has a significant effect for export to Singapore is the ratio of the price that has a negative relationship.Keywords: exchange rate, export, ordinary least square (OLS), manufactur, GDP ABSTRAKSumber daya alam dan teknologi maju saat ini telah membawa dunia ke perdagangan internasional dengan banyak negara terlibat dengan negara lain untuk menjual atau membeli sesuatu. Perdagangan internasional memiliki banyak hambatan dan salah satunya adalah nilai tukar. Tujuan utama dari penelitian ini adalah untuk mengetahui dampak nilai tukar bahan baku ekspor hasil pertanian di Indonesia. Dalam penelitian ini, ekspor dipengaruhi oleh tujuan negara PDB, rasio harga, dan nilai tukar. Peneliti menggunakan metode ordinary least square (OLS) untuk meneliti dampak dari variabel-variabel ini dalam penelitian ini. Penelitian ekspor dibagi ke dalam lima negara tujuan ekspor terbesar di Indonesia, yaitu Republik Rakyat Cina, Jepang, India, Amerika Serikat dan Singapura. Variabel yang memiliki pengaruh signifikan terhadap ekspor ke China adalah rasio harga yang memiliki efek negatif terhadap ekspor Indonesia, dan nilai tukar secara signifikan berpengaruh positif terhadap ekspor Indonesia. Ekspor ke India dipengaruhi secara signifikan oleh nilai tukar untuk ekspor Indonesia dan rasio harga ekspor berpengaruh negatif terhadap ekspor Indonesia. Ekspor ke Jepang dipengaruhi secara signifikan oleh nilai tukar secara positif sementara rasio harga memiliki pengaruh negatif yang signifikan. Variabel yang berpengaruh signifikan terhadap ekspor ke AS adalah rasio harga yang memiliki hubungan negatif, dan variabel yang memiliki pengaruh signifikan terhadap ekspor ke Singapura adalah rasio harga yang memiliki hubungan negatif.Kata kunci: nilai tukar, ekspor, ordinary least square (OLS), manufaktur, PDB
Efisiensi dan Produktivitas Perbankan Sebelum dan Setelah Krisis Keuangan Emil Fatmala; Dedi Budiman Hakim; Lukytawati Anggraeni
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 5 No. 2 (2019): JABM Vol. 5 No. 2, Mei 2019
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.5.2.200

Abstract

Global financial crisis has given negative effects for economic growth especially in banking industry. This research aimed to analyze the efficiency and productivity of banks before and after the financial crisis. To examine the bank efficiency, this research used Data Envelopment Analysis (DEA), and the Malmquist Index was used to determine the bank productivity. This research concluded that Indonesian banking is inefficient in its intermediation function. The results showed that the performance efficiency score before crisis was 0.806, and the after crisis score was 0.812. The banks that were efficient are shown in Bank Mandiri (Persero), Tbk; Bank Rakyat Indonesia (Persero), Tbk; and Bank Central Asia, Tbk which have the highest assets. Banks with high assets have extensive market forces and networks making them more efficient than banks with smaller asset. That indicates a strong impact of the total assets to the bank efficiency level. Citibank NA and Standard Chartered Bank, known as foreign banks, are also efficient. The bank productivities after crisis are increasing. The results showed that Malmquist’s bank productivity was increasing during the research period, and the score was 1.002, indicating that technological change (frontier shift effect) index is the major source of productivity. Technological changes would support banks to be more efficient and productive.Keywords: Banks, data envelopment analysis (DEA), malmquist index, Global financial, financial crisisAbstrak: Krisis keuangan global telah memberikan dampak buruk bagi perkembangan perekonomian dunia khususnya perbankan. Penelitian ini bertujuan untuk mengetahui efisiensi dan produktivitas sebelum dan setelah krisis keuangan serta mengetahui strategi yang dapat diterapkan. Metode analisis yang akan digunakan untuk mengetahui efisiensi bank, yaitu Data Envelopment Analyis (DEA) dan Indeks Malmquist akan digunakan untuk mengetahui produktivitas bank. Kondisi yang efisien ditunjukkan oleh angka satu. Hasil analisis diketahui bahwa fungsi intermediasi perbankan di Indonesia belum efisien. Nilai efisiensi rata-rata sebelum krisis adalah sebesar 0,806 dan mengalami peningkatan pada periode setelah krisis menjadi sebesar 0,812. Bank yang efisien, yaitu Bank Mandiri (Persero), Tbk; Bank Rakyat Indonesia (Persero), Tbk dan Bank Central Asia, Tbk merupakan bank dengan aset terbesar. Bank dengan aset besar memiliki kekuatan pasar dan jaringan yang luas sehingga lebih efisien dibandingkan dengan bank dengan aset yang lebih kecil. Hasil penelitian juga menujukkan bahwa Citibank NA dan Standard Chartered Bank yang termasuk dalam kelompok Kantor Cabang Bank Asing merupakan bank yang efisien. Produktivitas bank pada periode setelah krisis mengalami peningkatan. Hasil penelitian menunjukkan produktivitas malmquist mengalami peningkatan pada periode penelitian dengan nilai rata-rata 1,002. Peningkatan produktivitas didominasi oleh perubahan teknologi (efek frontier shift). Perubahan teknologi akan mendorong perbankan agar lebih efisien dan produktif.Kata kunci: bank, data envelopment analysis (DEA), indeks malmquist, keuangan global, krisis keuangan
STRATEGI MENINGKATKAN QUALITY ASSURANCE PADA SATUAN PENGAWASAN INTERNAL PERUM JASA TIRTA II JATILUHUR: STRATEGY FOR IMPROVING QUALITY ASSURANCE ON THE INTERNAL AUDIT UNIT OF PERUM JASA TIRTA II JATILUHUR Budi Hanta Prawiro; Dedi Budiman Hakim; Agus Maulana
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 6 No. 3 (2020): JABM Vol. 6 No. 3, September 2020
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.6.3.549

Abstract

This study aimed to formulate alternative strategies and determine priority strategies to improve internal audit quality assurance. This was a case study on Jasatirta II Internal Audit by evaluating the level of quality assurance in 2017. The analysis used was SWOT, EI, Fishbone and Analytic Network Process (ANP). The purposive judgment samples included Auditors, Board of Directors and Commissioners, Management, and Academics. The results showed that problems in quality assurance from 6 aspects of the Internal Auditor Capability Model (IA-CM) were: from roles and services aspects: less maximum audit service (53.10%) and other services (60%), from governance structure aspects: inadequate infrastructure (67.70%), from organization’s cultural relationship aspects: work culture fulfillment (51.70%), while aspects of HR management, professional practice, as well as performance management and accountability were still within reasonable limits (above 60%). The SWOT analysis in quadrant I and Matrix I/E in cell IV showed that the position of the organization grows, develops, and strong. Therefore, the fishbone diagram raised 3 alternative strategies to improve IA quality assurance: strengthening the Board of Directors and Commissioners, strengthening infrastructure through IT, and focusing on strengthening independent HR. Determination of the strategy chosen through ANP was the strengthening of support from BOD/BOC (40.98%). Keywords: ANP, fishbone analisys, internal audit, internal/extenal analisys, quality assurance, SWOT Analisys
DETERMINANTS AFFECTING PROFITABILITY AND STOCK RETURNS FOR SMALLER BANKS LISTED ON THE INDONESIA STOCK EXCHANGE Ferry Ardiansyah; Hermanto Siregar; Dedi Budiman Hakim; Mulya Siregar
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 6 No. 3 (2020): JABM Vol. 6 No. 3, September 2020
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.6.3.679

Abstract

In running businesses and their operations, banks are required to earn profits. Profits earned by banks provide an added value for banks, especially for shareholders if the stock price increase. This research was conducted at 18 banks in BUKU II bank categories that already listed on the Indonesia Stock Exchange or Go Public. The purpose of this study was to determine factors influence profitability and stock returns banks in groups of BUKU II Go public. The study was conducted using secondary data from January 2014 to December 2018. In order to analyze the factors that influence firms’ profitability and stock returns, data processed using panel data regression analysis. The results showed that significant factor affects profitability were total assets, non-performing loans (NPL), capital adequacy ratio (CAR), net interest margin (NIM), and the number of employees. Furthermore, a significant factor that affects stock returns is good corporate governance (GCG) and the number of electronic banking variations that are owned. The resulting research has managerial implications for the banks in maintaining several important financial ratios such as CAR, NPL, NIM, and also developing electronic banking and implementing GCG in every business process carried out. Keywords: determinant factors, go public, panel data regression, profitability, stock return
COMPETITIVE STRUCTURE AND TECHNICAL EFFICIENCY OF BANKING INDUSTRY IN INDONESIA Hadi Satria Ganefi; Wita Juwita Ermawati; Dedi Budiman Hakim
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 6 No. 3 (2020): JABM Vol. 6 No. 3, September 2020
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.6.3.643

Abstract

Competition is an important aspect in an industry that may affect business continuity. The practice of a market structure concentrated on five major banks caused differences in efficiency and can ultimately influence competition between banks. This study aims to analyze the structure of competition and the level of technical efficiency in the banking industry during 2014-2018 period. 79banks were grouped into business group according to the core capital and were analyzed based on the groups. This study used non-structural Panzar Rosse method to analyze the competition structure. Afterwards, non parametric DEA (data envelopment analysis) method was used to determine the level of efficiency. The results showed that the banking industry in Indonesia generally operates under monopolistic competition. In addition, based on efficiency performance, bank BUKU 4 has the highest performance. This is because large of banks can produce larger economies of scale. Keywords: market structure, banking, panzar rosse model, efficiency, Data Envelopment Analysis (DEA)
Determinants of Credit Growth For MSME Financing in Bank DKI in Jakarta Province Aristo Purboadji; Dedi Budiman Hakim; Hermanto Siregar; Roy Sembel
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 8 No. 1 (2022): JABM Vol. 8 No. 1, Januari 2022
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.8.1.46

Abstract

This study aims to analyze the determinants that affect the growth of MSME credit at Bank DKI in DKI Jakarta Province. The independent variables used consist of ROA, NPL, CAR, Spread, Marketing Expense, GDP and Inflation. The data used is quarterly secondary data for the period January 2014 – December 2018. The analysis is carried out as a whole and economic segments (10 sectors) so as to form 11 regressions (sectors) using the EGLS panel model fixed effect model (Cross–Section SUR). The results of this study indicate that Sector 1 (One) is affected by ROA, NPL, and GDP; Sector 2 (Two) is affected by ROA, NPL, CAR, and Inflation; Sector 3 (Three) is affected by NPL, CAR and Inflation; Sector 4 (Four) is affected by NPL, CAR and inflation; Sector 5 (Five) influenced by ROA, NPL, CAR, PEX and GDP; Sector 6 (Six) affected by CAR, PEX, Spread, and GDP; Sector 7 (Seven) affected by ROA, NPL and Spread; Sector 8 (Eight) affected by ROA, NPL, CAR, PEX, Spread, GDP and Inflation; Sector 9 (Nine) affected by ROA; Sector 10 (Ten) affected by ROA, NPL, Spread and GDP; Sector 11 (Eleven) is affected by ROA, NPL, CAR, GDP and Inflation. The results of the study indicate that banks must prioritize certain financial ratios in each MSME sector to grow their credit growth. Keywords: credit growth, MSMEs, macro factors, micro factors, regional development bank
The Effect of Systematic and Fundamental Factors on The Valuation of Cement Manufacturers in Indonesia Dewa Nyoman Wiryasantika Wedagama; Dedi Budiman Hakim; Bambang Juanda; Trias Andati
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 8 No. 2 (2022): JABM Vol. 8 No. 2, Mei 2022
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.8.2.337

Abstract

There are two kinds of factors that influenced companies’ valuation: systematic factors and fundamental factors. The relationship between the company valuation of cement companies listed on the Indonesia Stock Exchange (IDX) and several systematic factors and fundamental factors need to be identified to know determinant factors of the valuation. The valuation of each company from 2013 to 2019 was examined to four systematic factors: the excess capacity of each company (idle capacity), market share, government infrastructure spending, and excess supply of cement in the market. As a result of the panel data regression between valuation as the dependent variable and the four systematic factors in this research, the market share has a greater influence on the valuation than the other three factors, the government infrastructure spending, the excess capacity of each company, and the oversupply of cement in the market. Fundamental factors as valuation determinants have been examined and identified, then through relative valuation-multiples, the panel data regression of valuation as the dependent variable and fundamental factors showed companies fundamental factors have a higher influence on the valuation of SMCB, SMGR and INTP, meanwhile, non-fundamental factors have a higher influence on SMCB and SMCB and SMBR valuation. Keywords: valuation, infrastructure budget, oversupply of cement market, company’s excess capacity
The The Effect of Rational and Irrational Sentiments of Individual and Institutional Investors on Indonesia Stock Market Elly Zunara; Noer Azam Achsani; Dedi Budiman Hakim; Roy Sembel
Jurnal Aplikasi Bisnis dan Manajemen (JABM) Vol. 8 No. 3 (2022): JABM Vol. 8 No. 3, September 2022
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.8.3.802

Abstract

The study's goal is to explore the relationship between investor sentiment, stock return, and volatility in Indonesian markets, with a focus on the Indonesia Stock Exchange (IDX). This research looked at the Indonesia Stock Exchange's (IDX) monthly statistics on stock trading volume from January 2015 to January 2021 to infer the attitudes of both institutional and retail investors. The analysis also uses a variety of well-known and accepted factors from the literature on asset pricing, such as the Covid-19 index, a reliable indicator of Indonesia's underlying market conditions. Error Correction Model was used to analyze a regression between investor sentiment and fundamentals in the Indonesian stock market in order to determine the impact of macroeconomic and Covid-19 risk variables on sentiment (ECM). Next, it looked at how unexpected shifts in Indonesian investor sentiment affected stock returns and IDX volatility with the help of Impulse response functions (IRFs) derived from a Vector Error Correction Model (VECM) model. Individual and institutional investors' stock market returns and IDX volatility were found to be affected more by rational than by irrational attitudes, according to the empirical findings. Keywords: investor sentiment, IDX, stock returns, volatility, VECM
Co-Authors -, Komadin -, Koswara ., Harianto A Faroby Falatehan A. Faroby Falatehan Adawiya Taufani Adi Hadianto Adler Haymans Manurung Agus Maulana Ahmad Aris Ahmad Raafi’i Akhmad Fauzi Akhmad Fauzi Alla Asmara Amalia Anis Fahri Anis Fahri Arif Satria Aripradana Aripradana Aris, Ahmad Aristo Purboadji Aulia Keiko Hubbansyah Ayu Renita Sari Bambang Djuanda Bambang Juanda Bonar M. Sinaga Bonar Marulitua Sinaga Budi Hanta Prawiro Budi Mulyanto Bunasor Sanim Bustanul Arifin Citra Vita Yunigtyas Dadang Dadang Sukandar Darmawan, Indra Deby Ananda Difah Dedy Yuliawan Deni Lubis desi aryani Dewa Nyoman Wiryasantika Wedagama Dewi Asrini Fazaria Dian Hafizah, Dian Dian Verawati Panjaitan Dila Vindayani Djoni Hartono Duwi Yunitasari Dwi Ajeng Kartini Apriliyanti Dwi Aprianto Dwi Rachmina Eka Intan K Putri Eka Intan Kumala Putri Elly Zunara Emil Fatmala Endy Jeri Suswono Ering, Sherly Eriyatno . Ervina Mela Dewi, Yandra Arkeman, Erliza Noor, Noer Azam Achsani Faizal Amir Falah, Samsul Falatehan Falatehan Faroby Falatehan Faurani I Santi Singagerda Faurani Santi Ferry Ardiansyah Ferry Syarifuddin Fini Lovita Firman Fajar Fredian Tonny Nasdian Garin Pratiwi Solihati Gustiyan Taufik Mahardika Hadi Satria Ganefi Hardinata Muhammad Hari Wijayanto Harianto Harianto Harianto Harianto Harianto Harianto Harianto Harianto Harianto Harianto Harianto Harianto Hasan, Arif HC Royke Singgih Hendra Gunawan Hendrakusumaatmadja, Sutara Hendro Sasongko Heny K Daryanto Hermanto Siregar Hermanto Siregar Hermanto Siregar Hermanto Siregar Hermanto Siregar Herry Suhardiyanto Hidayanto, Muh. Wawan Himawan Hariyoga Husen Bahasoan I K Marla Lusda Ihdiani Abubakar Indah Nurhidayati Indra Darmawan Irdika Mansur Isep Amas Priatna Jaenal Effendi Jamilah Jamilah Jojo Jojo Kharisma Dwi Widodo Khumaira Khumaira Komalawati Lala Kolopaking Lala M Kolopaking Limetry Liana Lukytawati Anggraeni M. Husein Sawit Mangara Tambunan Manuntun Parulian Hutagaol Maria Maghdalena Diana Widiastuti Mariyah Mariyah Matheus Mika Gideon Rumbiak Mimik Nurjanti Mitha Virnawati Moch. Hadi Santoso Muh. Wawan Hidayanto Muhammad Firdaus Muhammad Iqbal Muhammad Rifqi Syauqi Mulya E. Siregar Mulya Siregar Mumuh Mulyana Muryani Muryani Nengsi Puspita Dewi Nia Daliati Ahjat Nono Sukirno Nugraha, Dwi Tjahya Nur Afni Evalia Pamuji Gesang Raharjo Pamuji Gesang Raharjo Perdana Wahyu Santosa Pusporini, Diah PUTRI, YUNITA HERMAWATI Ratna Winandi Ratna Winandi Asmarantaka Ratna Winandi Asmarantaka Reni Kustiari Reni Kustiari Rico Rizal Budidarmo Rina Oktaviani Rina Oktaviani Rina Oktaviani Rinaldi Syahran Rita Nurmalina Rita Nurmalina Roy Sembel S Syahrial Sahara Sahara Sahara Sahara Sahara Samsul Falah Sapto Jumono Sarjono Sarjono, Sarjono SATRIYAS ILYAS Sri Amanda Fitriani Sri Hartoyo Sri Hartoyo Sri Hartoyo Sri Herliana Sri Mulatsih Sri Mulatsih Sri Murtiyanti Sri Nuryanti Sri Utami Lestari Sulviane, Indah Ayu Syabrina, El Tamalia Nur Fadillah Tanti Novianti Tanti Novianti TATI NURHAYATI Tatu Rizkia Tia Revinadewi Tika Dwi Tama Toni Bakhtiar Tony Irawan Tony Irawan Tresna Ritaningsih Tri Arifin Darsono Trias Andati Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Wawan Hermawan Widada, Rasyid Widyastutik Winda Rahmalia Windi Wijayanti Wiwiek Rindayati Yeti Lis Purnamadewi Yuliandi Yuliandi Yunigtyas, Citra Vita Yuningtyas, Citra Vita YUNITA HERMAWATI PUTRI Yusiana, Ekalia Yusman Syaukat Yusman Syaukat Yutrizal Jacoub Zahara Bastari