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Sri Sulasmiyati
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PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS, DAN SOLVABLITAS TERHADAP AUDIT DELAY (Studi Pada Perusahaan LQ 45 Sub-Sektor Bank serta Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2011 – 2015) Isna Firliana; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 46, No 1 (2017): MEI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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This research at LQ 45 sectors bank and manufacture listed in Indonesia Stock Exchange period 2011-2015. Independent variables in this study are Ln (total aktiva) for firm Size, ROA for profitability and DAR for solvability. With multiple linier regression analysis, quantitative approach and by purposive sampling technique. Research purposes to explain influence of firm size, profitability and solvablity to audit delay. Results showing simultaneously the independent variable influential significantly to an audit a delay. In partial profitability no significant effect on audit delay while size and solvability significant to audit delay R2 is 0.510 which means the independent variables affect 51% to dependent variable.. These results are due to the statistical test that mixes between the company and sub-sector bank and manufacturing that is different from other types of companies as well as financial statements. Keywords: Audit Delay, Firm Size, Profitability and Solvability ABSTRAK Penelitian pada perusahaan LQ 45 sektor bank dan manufaktur yang terdaftar di BEI periode 20011-2015. Menggunakan indikator ln (total aktiva) untuk ukuran perusahaan, ROA untuk profitabilitas dan DAR untuk solvabilitas. Menggunakan analisis regresi linier berganda dengan jenis penelitian kuantitatif dan teknik purposive sampling dengan tujuan untuk menjelaskan pengaruh ukuran perusahaan, profitabilitas dan solvabilitas terhadap audit delay. Hasil menunjukkan variabel independent secara simultan berpengaruh signifikan terhadap audit delay. Secara parsial profitabilitas tidak memiliki pengaruh signifikan terhadap audit delay sedangkan ukuran perusahaan dan solvabilitas berpengaruh signifikan terhadap audit delay. Nilai R2 0.510 artinya variabel bebas berpengaruh 51% terhadap variabel terikat. Hasil tersebut dikarenakan uji statistik yang mencampur antara perusahaan sub-sektor bank dan manufaktur yang merupakan berbeda jenis perusahaan maupun laporan keuangannya. Kata Kunci: Audit Delay, Ukuran Perusahaan, Profitabilitas dan Solvabilitas
ANALISIS ABNORMAL RETURN SAHAM WINNER DAN SAHAM LOSER UNTUK MENGIDENTIFIKASI PRICE REVERSAL (Studi pada Perusahaan yang Terdaftar dalam Indeks LQ 45 di BEI Periode 2014-2015) Nadhira Nur Aulia; . Topowijono; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 33, No 2 (2016): APRIL
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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This study aims to find difference between cumulative average abnormal return of winner stock and loser stock in formation period with cumulative average abnormal return of winner stock and loser stock in examination period to identify the occurrence of price reversal. Price reversal is changes of stock price to the opposite direction. Abnormal return analysis is used for measuring market reactions that occur in the capital market. Price reversal occurs when there is market overreaction in the stock market. This research is a descriptive study using quantitative methods. The population in this study are companies that listed in LQ 45 Index Indonesia Stock Exchange for period 2014-2015. Sample selection technique is purposive sampling method. Based on the criteria that have been determined, there are 22 samples. Data analysis techniques in this study is using paired sample t-test. The results of this study showed that there has been price reversal that can be seen from the results of cumulative average abnormal return of winner stock in the formation period that became loser stock in the examination period and the results of the cumulative average abnormal return of loser stock in the formation period that became winner stock in the examination period. Keywords: price reversal , market overreaction, winner loser anomaly, abnormal return ABSTRAK Penelitian ini bertujuan mengetahui perbedaan antara cumulative average abnormal return saham winner dan saham loser pada periode formasi dengan cumulative average abnormal return saham winner dan saham loser pada periode pengujian guna mengidentifikasi terjadinya price reversal. Price reversal merupakan kejadian pembalikan arah harga saham. Analisis abnormal return digunakan untuk untuk mengukur reaksi pasar yang terjadi di pasar modal. Price reversal terjadi apabila adanya market overreaction di pasar modal. Penelitian ini merupakan penelitian deskriptif dengan menggunakan metode kuantitatif. Populasi dalam penelitian ini adalah perusahaan yang terdaftar dalam indeks LQ 45 di Bursa Efek Indonesia periode 2014-2015. Teknik pemilihan sampel yaitu dengan metode purposive sampling. Berdasarkan kriteria-kriteria yang telah ditentukan, diperoleh 22 perusahaan yang dijadikan sampel penelitian. Teknik Analisis yang digunakan pada penelitian ini menggunakan uji beda paired sample t-test. Hasil penelitian ini menunjukkan telah terjadi price reversal yang dapat dilihat dari hasil cumulative average abnormal return saham-saham winner pada periode formasi yang berubah menjadi saham-saham loser pada periode pengujian dan hasil cumulative average abnormal return saham-saham loser pada periode formasi yang berubah menjadi saham-saham winner pada periode pengujian. Kata kunci: price reversal , reaksi pasar berlebihan, anomali winner-loser, abnormal return
THE INFLUENCE OF RESIDUAL INCOME AND FINANCIAL PERFORMANCE ON.FIRM.VALUE (Empirical Study On Mining Sector Companies Listed In Indonesian Stock Exchange For 2012-2016) Zhara Marchelina Laurentia; Siti Ragil Handayani; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 62, No 2 (2018): SEPTEMBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Penelitian dilakukan untuk menguji pengaruh residual income dan kinerja keuangan terhadap nilai perusahaan. Jenis yang digunakan dalam penelitian ini adalah explanatory research menggunakan pendekatan kuantitatif, dengan menggunakan metode purposive sampling sebagai pemilihan sampel. Residual income diukur dengan Net Operating Profit After Tax (NOPAT) dan Biaya Modal. Indikator yang digunakan untuk mengukur kinerja keuangan adalah Return on Assets dan Return on Equity, sedangkan nilai perusahaan diukur oleh Closing Price dan Tobin’s Q. Penelitian ini menggunakan populasi perusahaan sektor tambang yang terdaftar di Bursa Efek Indonesia tahun 2012-2016 dan didapatkan 13 sampel perusahaan selama 5 tahun. Hasil pengujian model menunjukkan bahwa NOPAT dan biaya modal adalah indikator yang valid untuk mengukur residual income. Indikator ROA dan ROE juga valid untuk mengukur kinerja keuangan, dan hanya indikator closing price yang dapat digunakan untuk mengukur nilai perusahaan. Hasil dari pengujian Partial Least Square menunjukkan residual income berpengaruh signifikan terhadap nilai perusahaan dilihat dari nilai Inner Loading 0.633 dengan t-statistic 10.487 dan p-value 0.000. Kinerja keuangan juga berpengaruh signifikan terhadap nilai perusahaan dilihat dari nilai Inner Loading 0.294 dengan t-statistic 3.563 dan p-value 0.000. Kata Kunci : Residual Income, Kinerja Keuangan, Nilai Perusahaan ABSTRACT This research was conducted to examine the influence of residual income and financial performance on firm value. Type of research used by explanative research with quantitative approach and sample selection is done using purposive sampling method. Residual income can be measured by Net Operating Profit After Tax and Capital Costs. The indicators used to measure financial performance are Return on Assets and Return on Equity, while company value can be measured by Closing Price and Tobin's Q. The population of this research' used mining sector companies listed on the Indonesia' Stock Exchange for 2012-2016 with 13 company samples for 5 years'. Model test results show that NOPAT and capital cost are valid indicators for measuring residual income. The ROA and ROE valid for measuring financial performance, yet the firm value can be measure with closing price. The results of the Partial Least Square showed that residual income have a significant influence on firm value obtained Inner Loading value of 0.633 with t-statistic value of 10.487 and p-value of 0.000. Moreover, Financial performance also has a significant influence on firm value with Inner Loading value of 0.294 with t-statistic value of 3.563 and p-value of 0.000. Keyword : Residual Income, Financial Performance, Firm Value, Partial Least Square
ANALISIS KINERJA INVESTASI SAHAM DENGAN METODE SHARPE MODEL DI BEBERAPA BURSA EFEK ASEAN (Studi Pasar Modal Pada Filipina, Indonesia, Malaysia, Singapura, Dan Thailand Tahun 2012 – 2015) Alif Richky Akbar; Raden Rustam Hidayat; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 50, No 6 (2017): SEPTEMBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The performance of the stock exchanges can be measured by using various methods, one of which uses Sharpe model with returns and Risks from the Philippines, Indonesia, Malaysia, Singapore and Thailand stock exchanges. The type of research used is descriptive with quantitative approach. The research used is calculate return and stock exchange risk. While when the next analysis is to calculate the performance of the stock exchange. This study uses secondary data types with polling data. Polling data is a combination of time series data and cross section data for the period of 2012 - 2015. Based on the calculation of return, Indonesia is positioned to 3 with the highest return in ASEAN. While Based on Risk calculation, Indonesia is positioned 4th with the lowest risk in ASEAN. The performance calculation results show that Indonesia is in the 2nd position with the best performance in ASEAN. Keywords: Value of ASEAN Stock Exchange, ASEAN Stock Exchange Risk, ASEAN Stock Exchange Performance, ASEAN, Indonesia, Malaysia, Singapore, Philippines, Thailand. ABSTRAK Kinerja bursa efek bisa diukur dengan menggukan berbagai cara, salah satunya menggunakan Sharpe model dengan berdasar return dan Risiko dari Indeks gabungan bursa efek negara Filipina, Indonesia, Malaysia, Singapura, dan Thailand. Jenis penelitian yang digunakan yaitu deskriptif dengan pendekatan kuantitatif. penelitian yang digunakan yaitu menghitung return dan risiko bursa efek. Sedangkan analisis selanjutnya adalah menghitung kinerja dari bursa efek. Penelitian ini menggunakan sekunder dengan jenis data Polling data. Polling data merupakan kombinasi data time series dan data cross section periode tahun 2012 – 2015. Berdasarkan perhitungan return, Indonesia berada diposisi ke 3 dengan return tertinggi di ASEAN. Sedangkan Berdasarkan perhitungan Risiko, Indonesia berada diposisi ke 4 dengan risiko terendah di ASEAN. Hasil perhitungan kinerja menunjukkan bahwa Indonesia berada di posisi ke 2 dengan kinerja terbaik di ASEAN. Kata Kunci : Nilai Return bursa efek ASEAN, Nilai Risiko bursa efek ASEAN, Kinerja bursa efek ASEAN, ASEAN, Indonesia, Malaysia, Singapura, Filipina, Thailand
ANALISIS PERBEDAAN HARGA KARET ALAM DUNIA DAN EKSPOR KARET ALAM INDONESIA SEBELUM DAN SESUDAH KEBIJAKAN AGREED EXPORT TONNAGE SCHEME (AETS) (Studi pada Negara Amerika Serikat, Jepang, dan China periode Mei 2015 - Desember 2016) Mohammad Yusuf Ramadhan; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 78, No 1 (2020): JANUARI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Indonesia is one of the largest natural rubber producers in the world. The fluctuating development of the world's natural rubber industry is indicated by the unstable world price of natural rubber, which has an impact on the total value of Indonesia's natural rubber exports to trading partner countries. This study aims to determine the differences between world natural rubber prices and the total value of Indonesia's natural rubber exports to the United States, Japan, and China before and after the adoption of the Agreed Export Tonnage Scheme policy for the period of May 2015 - December 2016. Data used in this study is a time series, monthly data from the period May 2015-December 2016 obtained from Worldbank and Trademap. This type of research used in this research is quantitative research with a comparative method. Analysis of the data used in this study uses descriptive statistical analysis and normality test, while for hypothesis testing using the Paired Sample t-test. The results showed no significant difference between the world price of natural rubber, TSR, RSS, and the total value of Indonesia's natural rubber exports to the United States, Japan, and China before and after the adoption of the Agreed Export Tonnage Scheme policy. Keyword : Policy, Export, Natural Rubber, Prices АBSTRАK Indonеsiа mеrupаkаn sаlаh sаtu produsеn kаrеt аlаm tеrbеsаr di duniа. Pеrkеmbаngаn Industri kаrеt аlаm duniа yаng bеrfluktuаsi diindikаsikаn olеh hаrgа kаrеt аlаm duniа yаng bеlum stаbil, hаl tеrsеbut bеrimbаs pаdа totаl nilаi еkspor kаrеt аlаm Indonеsiа kе nеgаrа mitrа dаgаng. Pеnеlitiаn ini bеrtujuаn untuk mеngеtаhui аdаnyа pеrbеdааn аntаrа hаrgа kаrеt аlаm duniа dаn totаl nilаi еkspor kаrеt аlаm Indonеsiа kе Аmеrikа Sеrikаt, Jеpаng, dаn Chinа sеbеlum dаn sеsudаh pеnеrаpаn kеbijаkаn Аgrееd Еxport Tonnаgе Schеmе pеriodе bulаn Mеi 2015 – Dеsеmbеr 2016. Dаtа yаng digunаkаn dаlаm pеnеlitiаn ini аdаlаh timе sеriеs, dаtа bulаnаn dаri pеriodе bulаn Mеi 2015-Dеsеmbеr 2016 yаng dipеrolеh dаri Worldbаnk dаn Trаdеmаp. Jеnis pеnеlitiаn yаng digunаkаn dаlаm pеnеlitiаn ini аdаlаh jеnis pеnеlitiаn kuаntitаtif dеngаn mеtodе kompаrаtif. Аnаlisis dаtа yаng digunаkаn dаlаm pеnеlitiаn ini mеnggunаkаn аnаlisis stаtistik dеskriptif dаn uji normаlitаs, sеdаngkаn untuk uji hipotеsis mеnggunаkаn Pаirеd Sаmplе t tеst. Hаsil pеnеlitiаn mеnujukkаn tidаk tеrdаpаt pеrbеdааn yаng signifikаn аntаrа hаrgа kаrеt аlаm duniа jеnis TSR, RSS, dаn totаl nilаi еkspor kаrеt аlаm Indonеsiа kе Аmеrikа Sеrikаt, Jеpаng, dаn Chinа sеbеlum dаn sеsudаh pеnеrаpаn kеbijаkаn Аgrееd Еxport Tonnаgе Schеmе. Kаtа kunci : Kеbijаkаn, Еkspor, Kаrеt Аlаm, Hаrgа
ANALISIS KOMPARASI KINERJA PERBANKAN TERBESAR DI INDONESIA DAN MALAYSIA (Studi pada Bank Umum di Indonesia dan Malaysia Tahun 2011 – 2015) Ayukha Asna Levia; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 51, No 2 (2017): OKTOBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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This study aims to examine the differences in financial ratios of the largest financial indicators of banks in State of Indonesia and Malaysia. Indicators - the indicators studied there are three (3), including liquidity indicators, profitability indicators and indicators of solvency. The type of research used in this study is comparative research by using a quantitative approach. Samples were taken by three (3) largest banks from Indonesia and three (3) largest banks from Malaysia during 2011 to 2015. Samples were taken using saturated sampling method. The data used are secondary data with data type of polling or data polling (combination of time series and cross sectional data). The data analysis technique been used is based on the data distribution tested with Kolmogorov-Smirnov Test. Independent T test (Independent Sample T Test) is performed when the data is normally distributed and Mann Whitney test is performed when the data is not normally distributed. All distributed ratios are normal, therefore all ratios use Independent Sample T Test. The results show that there are significant differences in the ratio of LDR, ROA, ROE, NIM, and DR of the largest banks in Indonesia and Malaysia. Keywords: Financial Performance, Liquidity, Profitability, Solvency, Independent Sample T Test ABSTRAK Penelitian ini bertujuan untuk menguji perbedaan rasio – rasio keuangan dari indikator – indikator keuangan perbankan terbesar di Negara Indonesia dan Negara Malaysia. Indikator – indikator yang diteliti ada tiga (3), diantaranya adalah indikator likuiditas, indikator profitabilitas dan indikator solvabilitas. Jenis penelitian yang digunakan pada penelitian ini adalah studi peristiwa (event study) dengan menggunakan pendekatan kuantitatif. Sampel diambil sebanyak tiga (3) bank terbesar dari Indonesia dan tiga (3) bank terbesar dari Malaysia selama tahun 2011 hingga 2015. Sampel diambil dengan menggunakan metode sampel jenuh. Data yang digunakan adalah data sekunder dengan jenis data poling / polling data (gabungan dari data time series dan cross sectional). Teknik analisis data yang digunakan berdasarkan pada distribusi data yang diuji dengan Kolmogorov-Smirnov Test. Uji T independen (Independent Sample T Test) dilakukan apabila data berdistribusi normal dan uji Mann Whitney dilakukan apabila data tidak berdistribusi normal. Seluruh rasio berdistribusi normal, oleh karena itu seluruh rasio menggunakan Independent Sample T Test. Hasil penelitian menunjukkan bahwa terdapat perbedaan signifikan pada rasio LDR, ROA, ROE, NIM, dan DR perbankan terbesar di Indonesia dan Malaysia. Hasil penelitian ini juga menunjukkan bahwa tidak terdapat perbedaan signifikan pada rasio LOA perbankan terbesar di Indonesia dan Malaysia. Kata kunci : Kinerja Keuangan, Likuiditas, Profitabilitas, Solvabilitas, Independent Sample T Test  
PЕNGАRUH KEPEMILIKAN MANAJERIAL, DEBT TO EQUITY RATIO DAN ASSETS GROWTH TERHADAP DIVIDEN PAYOUT RATIO (Studi pada Perusahaan LQ - 45 yang terdaftar di Bursa Efek Indonesia Periode 2012-2015) Gandhi Azmi Pambayun; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 51, No 2 (2017): OKTOBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The main objective of an investor in investing a capital that as usually the form of cash into a company is to get the expected income, dividend yield, then return and income from the dispute between the selling price of shares toward the purchase price of shares. This experimentation is aimed to determine the influence of independent variables consist of insider ownership (X1), debt to equity ratio (X2) and assets growth (X3) partially and concurrently to dependent variable dividend payout ratio (Y). This variety of experimentation is supplementary experimentation. The populations are taken from LQ-45 index company which is catalogued in Indonesia Stock Exchange 2012-2015 period and obtained 14 companies for sample selected based on certain criteria and adjusted for the purpose of research. The method used in this research is multiple linear regression model. The results of this experimentation prove that: the Dividend Payout Ratio: 1) Insider Ownership, Debt to Equity Ratio and Assets Growth concurrently have momentous influence towards Dividend Payout Ratio; 2) Insider Ownership partially  has no momentous influence towards Dividend Payout Ratio; 3) Debt to Equity Ratio and Assets Growth partially have momentous influence towards Dividend Payout Ratio. Keywords: Insider Ownership, Debt to Equity Ratio, Assets Growth, Dividend Payout Ratio, Dividend Yield. АBSTRАK Tujuаn utаmа sеоrаng іnvеstоr dаlаm mеnаnаmkаn suаtu mоdаl yаng bіаsаnyа bеrbеntuk dаnа cаsh kе dаlаm suаtu pеrusаhааn аdаlаh untuk mеndаpаtkаn pеnghаsіlаn yаng dііngіnkаn, pеnghаsіlаn dаrі sеlіsіh аntаrа hаrgа juаl sаhаm tеrhаdаp hаrgа bеlі sаhаm (cаpіtаl gаіn) kеmudіаn rеturn dаn іngіn mеndаpаtkаn pеmbаgіаn dіvіdеn (dіvіdеn yіеld). Pеnеlіtіаn іnі bеrtujuаn untuk mеngеtаhuі pеngаruh dаrі vаrіаbеl іndеpеndеn yаng tеrdіrі dаrі kеpеmіlіkаn mаnаjеrіаl (X1), dеbt tо еquіty rаtіо (X2) dаn аssеts grоwth (X3) sеcаrа sіmultаn mаupun pаrsіаl tеrhаdаp vаrіаbеl tеrіkаt yаіtu dіvіdеn pаyоut rаtіо (Y). Jеnіs pеnеlіtіаn іnі аdаlаh pеnеlіtіаn pеnjеlаsаn dаn dеskrіptіf. Pоpulаsі pеrusаhааn yаng dіаmbіl dаrі pеnеlіtіаn іnі аdаlаh pеrusаhааn іndеks LQ-45 yаng tеrdаftаr dі Bursа Еfеk Іndоnеsіа Pеrіоdе 2012-2015 dаn dіdаpаtkаn sеbаnyаk 14 pеrusаhааn sаmpеl yаng tеrpіlіh bеrdаsаrkаn krіtеrіа yаng dіаmbіl dаn dіsеsuаіkаn dеngаn tujuаn pеnеlіtіаn. Mеtоdе yаng dіgunаkаn dаlаm pеnеlіtіаn іnі аdаlаh mоdеl rеgrеsі lіnеаr bеrgаndа. Hаsіl pеnеlіtіаn іnі mеmbuktіkаn bаhwа pаdа Dіvіdеn Pаyоut Rаtіо : 1) Kеpеmіlіkаn Mаnаjеrіаl, Dеbt tо Еquіty Rаtіо dаn Аssеts Grоwth sеcаrа sіmultаn bеrpеngаruh sіgnіfіkаn tеrhаdаp Dіvіdеn Pаyоut Rаtіо; 2) Kеpеmіlіkаn Mаnаjеrіаl sеcаrа pаrsіаl tіdаk bеrpеngаruh sіgnіfіkаn tеrhаdаp Dіvіdеn Pаyоut Rаtіо; 3) Dеbt tо Еquіty Rаtіо dаn Аssеts Grоwth sеcаrа pаrsіаl bеrpеngаruh sіgnіfіkаn tеrhаdаp Dіvіdеn Pаyоut Rаtіо. Kаtа Kuncі : Kеpеmіlіkаn Mаnаjеr, Dеbt tо Еquіty Rаtіо, Аssеts Grоwth, Dіvіdеn Pаyоut Rаtіо, DіvіdеnYіеld.
THE INFLUENCE OF MACROECONOMIC FACTORS ON STOCK MARKET INDEX (Study on LQ45 Index for August 2011–July 2016) Magda Saracindy Firdiana; Raden Rustam Hidayat; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 46, No 1 (2017): MEI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Abstract

Penelitian ini bertujuan untuk mengamati pengaruh simultan dan parsial factor ekonomi makro yang diantaranya adalah harga minyak dunia, nilai tukar, tingkat inflasi dan tingkat suku bunga terhadap indeks LQ45. Penelitiаn ini menggunаkаn explаnаtory reseаrch dengаn pendekаtаn kuаntitаtif, dengаn 60 jumlаh sаmpel selаmа 10 periode indeks LQ45 pаdа Аgustus 2011 – Juli 2016. Dаtа yаng digunаkаn аdаlаh dаtа sekunder dengаn tipe dаtа time series. Аnаlisа yаng digunаkаn dаlаm penelitiаn ini аdаlаh аnаlisis deskriptif, inferensiаl stаtistik dаn regresi lineаr bergаndа. Hаsil penelitiаn menunjukkаn bаhwа 1) Vаriаbel ekonomi mаkro hаrgа minyаk duniа, nilаi tukаr, tingkаt inflаsi dаn tingkаt suku bungа memiliki pengаruh signifikаn secаrа simultаn terhаdаp indeks hаrgа sаhаm, indeks LQ45; 2) Vаriаbel hаrgа minyаk duniа tidаk memiliki pengаruh secаrа pаrsiаl terhаdаp indeks LQ45; 3) Vаriаbel nilаi tukаr memiliki pengаruh positif dаn signifikаn secаrа pаrsiаl terhаdаp indeks LQ45; 4) Vаriаbel tingkаt inflаsi tidаk memiliki pengаruh secаrа pаrsiаl terhаdаp indeks LQ45; 5) Vаriаbel tingkаt suku bungа memiliki pengаruh negаtive dаn signifikаn secаrа pаrsiаl terhаdаp indeks LQ45. Kata Kunci: Indeks LQ45, Harga Minyak Dunia, Nilai Tukar, Tingkat Inflasi, Tingkat Suku Bunga ABSTRАCT This research aims to observe the simultaneous and partial effect of macroeconomic factors which are world oil price, exchange rate, inflation rate and interest rate on LQ45 index. This reseаrch uses explаnаtory reseаrch аnd quantitative approach with the totаl of 60 samples for 10 periods of LQ45 index from Аugust 2011-July 2016. The dаtа collection method is using documentаtion with secondary time series dаtа. The аnаlysis method for this reseаrch is using descriptive аnаlysis, inferentiаl stаtistics аnd multiple lineаr regression. The results show thаt 1) The world oil price, exchаnge rаte, inflаtion rаte аnd interest rаte vаriаbles hаve а significаnt effect on LQ45 index simultаneously; 2) The vаriаble world oil price hаs no significаnt effect on LQ45 index pаrtiаlly; 3) The vаriаble exchаnge rаte hаs а positive аnd significаnt effect on LQ45 index pаrtiаlly; 4) The vаriаble level of inflаtion rаte hаs no significаnt effect on LQ45 index pаrtiаlly; 5) The vаriаble interest rаte hаs а negаtive аnd significаnt effect on LQ45 index pаrtiаlly. Keyword: LQ45 Index, World Oil Price, Exchange Rate, Inflation Rate, Interest Rаte
PENGARUH KURS RUPIAH, BI RATE, NET FOREIGN FUND DAN INDEKS DOW JONES TERHADAP INDEKS HARGA SAHAM GABUNGAN (Studi Pada Periode Pemberlakuan Quantitative Easing Federal Reserve) Muhamad Brian Mayzan; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 56, No 1 (2018): MARET
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Abstract

This type of research is a research eksplanatif by quantitative approach. This study uses monthly time series data from the Quatitative Easing period from November 2008 to October 2014 with total sample as many as 72. This research analyses using SPSS program 23. Data analysis techniques used in this research is using multiple linear regression analysis. Simultaneous result in this research indicate that there is significant influene between the dependent variable Rupiah Exchange Rate, BI Rate, Net Foreign Fund, and Dow Jones Index against the independent variables namely Indeks Harga Saham Gabungan. Thr result of this research show that Rupiah Exchange Rate, BI Rate, Net Foreign Fund and Dow Jones Index account for 79.3% against the composite stock price index value. While the rest is influenced by other factors not discussed from this research. Partial test results show thath Rupiah Exchange Rate has a significant negative influence on IHSG and Dow Jones have positively influence significantly to IHSG, while BI Rate and Net Foreign Fund have negatively influence insignificant against IHSG. Kеywords: Rupiah Exchange Rate, BI Rate, Net Foreign Fund, Dow Jones Index, Indeks Harga Saham Gabungan. АBSTRАK Jenis penelitian ini merupakan penelitian eksplanatif dengan pendekatan kuantitatif. Penelitian ini menggunakan data time series bulanan pada periode terjadinya Quantitative Easing dari November 2008 hingga Oktober 2014 dengan jumlah sampel sebanyak 72. Analisis penelitian ini menggunakan program SPSS 23.  Teknik analisis data yang digunakan dalam penelitian ini adalah menggunakan analisis regresi linier berganda. Hasil uji simultan pada penelitian ini menunjukkan bahwa terjadi pengaruh yang signifikan antara variabel dependen yaitu Kurs Rupiah, Bi Rate, Net Foreign Fund dan Indeks Dow Jones terhadap variabel independen yaitu Indeks Harga Saham Gabungan. Hasil dari penelitian ini menunjukkan bahwa variable Kurs Rupiah, BI Rate, Net Foreign Fund, Indeks Dow Jones berkontribusi sebesar 79,3% terhadap nilai Indeks Harga Saham Gabungan. Sementara sisanya dipengaruhi oleh faktor-faktor lain yang tidak dibahas dari penelitian ini. Hasil uji parsial menunjukkan bahwa Kurs Rupiah memiliki pengaruh negatif signifikan dan Indeks Dow Jones memiliki pengaruh secara positif signifikan terhadap Indeks Harga Saham Gabungan sedangkan BI Rate dan Net Foreign Fund memiliki pengaruh secara negatif tidak signifikan terhadap Indeks Harga Saham Gabungan. Kаtа Kunci: Kurs Rupiah, BI Rate, Net Foreign Fund, Indeks Dow Jones, Indeks Harga Saham Gabungan  
PENGARUH DOWNSIDE BETA, UPSIDE BETA, DAN BETA TERHADAP EXPECTED RETURN (Studi pada Saham yang Termasuk Dalam 50 Leading Market Capitalization di Bursa Efek Indonesia Periode 2012-2015) Maria Goretty Sinaga; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 47, No 1 (2017): JUNI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Abstract

Return or return on an investment is required by the investor. Most investors currently prefer shares in emerging markets. Return in the emerging market is not always symmetrical, it shows return in the emerging market is not normally distributed. The purposive of this research want to learn, compare, and explain about some model of stock risk. On this research downside risk expressed with beta downside. The models used in this research among others, dowside beta, upside beta, and beta. The kind of research is explanatory research with quantitative approach and using multiple linear regression analysis method. This research uses secondary data types taken from 50 Leading Market Capitalization in Indonesia Stock Exchange 2012-2015, with using purposive sampling technique there are 25 company samples. The outcome of this research explain partially that beta has a significant effect on expected return. Beta models can deliver lowest risk and high returns, so this model is appropriate for investors to use. Keywords: downside risk, investment risk, portfolio. ABSTRAK Return atau imbal hasil dari suatu investasi merupakan hal yang disyaratkan oleh investor. Sebagian besar investor saat ini lebih memilih saham pada negara-negara berkembang (emerging market). Distribusi return pada emerging market tidak simetris, hal ini menunjukkan bahwa return pada emerging market tidak terdistribusi normal. Kelemahan utama deviasi standar bahwa return saham selalu memiliki distribusi normal, namun pada kenyataannya tidak selalu berdistribusi normal. Pada penelitian ini downside risk dinyatakan dengan downside beta. Tujuan daripada penelitian ini yakni untuk mengetahui, membandingkan, serta menjelaskan beberapa model risiko saham. Model yang dipakai dalam penelitian ini antara lain, downside beta, upside beta, dan beta. Jenis penelitian ini adalah penelitian explanatory dengan pendekatan kuantitatif serta menggunakan metode analisis regresi linear berganda. Penelitian ini menggunakan jenis data sekunder yang diambil dari 50 Leading Market Capitalization pada Bursa Efek Indonesia periode 2012-2015, dengan menggunakan teknik purposive sampling terdapat 25 sampel perusahaan. Hasil penelitian ini menjelaskan secara parsial bahwa model beta berpengaruh signifikan terhadap expected return. Model beta dapat memberikan risiko kecil dan return yang tinggi, sehingga model ini tepat untuk digunakan oleh investor. Kata Kunci: risiko downside, risiko investasi, portofolio.
Co-Authors . Dwiatmanto . M.G. Wi Endang NP . Qur’anitasari . Suhadak . Topowijono Achamd Rizky Na’im Purnama Adi Noor Subiantoro Afinsza Wahyu Bramantya Ahmad Fariz Kazhimy Ahmad Romadhani Alif Richky Akbar Alvis Yudawanto Andhini Paramita Julianti Annisha Rahma Anggraeni Arfidan Sabiq Musyaffa’ Aya Shopia Ayukha Asna Levia Azisha Dwita Ariani Bagus Aditya Rahman Bhirawa Anoraga Purbantoro Cacik Rut Damayanti Cecilia Hanna Revita Chikita Puspa Nirmala Chisa Sagina Christian Richard Devi Putri Hartianah Devi Yeniasari Dewi Istiqomah Aminin Dhaniswara Danusatrio Dian Dwi Parama Asthri Dicky Andreano Dwi Afif Septiawan Dyah Retno Wulan Egananda Septian Nugraha Elina Amelia Anggraini Elizabeth Gilang Septiana Situmeang Elliv Hidayatul Lailiyah Erick Satryo Wibowo Erika Safira Erry Ramadhan Trimurti Evangelia Simanjuntak Fandi Wijaya Febrian Andre Ferina Nurlaily Fransiska Aprilia Lestari Gandhi Azmi Pambayun Habib Muhammad Husnul Hani Majdina Adha Hara Agum Gumelar Parhusip Haris Ahmad Hasan Irene Sarah Larasati Irza Izmi Sabina Isna Firliana Kartika Dwi Dian Wijayanti Lailatul Ayu Kusumawati Levi Gocklas C.S Lutfi Hidayatul Azizah Magda Saracindy Firdiana Maria Goretty Sinaga Maria Ratna Marisa Ginting Master Prayogi Angga Leoresta MG Wi Endang NP Michael Agyarana Barus Mila Mega Dewi Mirry Yuniyanti Pasaribu Mochammad Al Musadieq Mohammad Yusuf Ramadhan Muhamad Brian Mayzan Muhammad Dandy Kartarineka Putra Muhammad Luqman Zakariya Mujahidah Azzahroh Mutmainah Mutmainah Nadhira Nur Aulia Natasya Halida Dwinitasari Nengah Sudjana Neola Delphinea Nikita Vireyto Nila Firdausi Nuzula Nindi Shinta Wati Noel Pardede Nurbayitillah Khatami Nurul Septiana Raden Rustam Hidayat RAy Fani Arning Putri Rendi Ari Setyono Resi Yanuesti Violita Riezkyandha Hutama Putra Rizka Hayyu Oktaviani Rizqi Arfian Dewantoro Rеyna Syalsabеlla Harahap Sari Ariyanti Shelvia Shelvia Shierly Kusuma Junaidi Siti Ragil Handayani Syaukani Ichsan Tantri Widya Sari Topowijono Topowijono Tri Ratna Adiningrum Winda Aisyatur Rodiyah Yudha Baskara Zazid Bustomi Zendra Tri Aristama Zhara Marchelina Laurentia