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All Journal Jurnal Siasat Bisnis Jurnal Manajemen Teknologi Business and Management Review Jurnal Keuangan dan Perbankan Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Jurnal Bisnis dan Manajemen Jurnal Manajemen Indonesia JAF- Journal of Accounting and Finance International Journal of Multidisciplinary: Applied Business and Education Research

Riko Hendrawan

Telkom University

Author-ID : 279435

Religion Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Medicine & Pharmacology Social Sciences

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Analisis Rasio Keuangan dan Free Cash Flow terhadap Investment Opportunity Set (IOS) dengan Pendekatan Siklus Usaha Studi Pada Emiten Sektor Manufaktur Setiawan, Rian; Hendrawan, Riko Hendrawan
Business and Management Review Vol 1, No 1 (2010): Desember
Publisher : Universitas Bakrie

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The objective of this research is to analyse influence of liquidity, profitability, activity, solvency ratios and free cash flow on investment opportunity set (IOS) in the phases of manufacturing firms’s life cycle. Samples of this research are manufacturing firms listed on the Indonesia Stock Exchange which selected using purposive and random sampling. The size of sample consists of 33 manufacturing firms selected by random as a representative selection of a population from firms that listed in Indonesia Stock Exchage during 2004-2008 consecutively and classified according to their life cycle’s phase (initial expansion, final exspansion and mature). The analysis method used is multiple liner regression. This research indicates that profitability and activity ratios have significant influence in the initial expansion phase on IOS. In the final expansions phase, profitability ratio and free cash flow have influence on IOS and in the mature phase, only liquidity ratio has influence on IOS. Other result indicated that IOS alter from postive coefficient to a negative coefficient in mature phase as a warning that firm must innovate in order to survive. Therefore, financial ratios and free cash flow can be used as manufacturing firm’s analysis tools at initial expansion, final expansion and mature phases. Keyword: liquidity, profitability, activity, solvency, free cash flow, investment opportunity set, manufacturing firms

PENGUJIAN MODEL OPSI GARCH UNTUK PENENTUAN HARGA PREMI OPSI SAHAM KETIKA BARRIER DIBERLAKUKAN DI BURSA EFEK INDONESIA Hendrawan, Riko; Haruman, Tendi
Jurnal Manajemen Teknologi Vol 8, No 2 2009
Publisher : SBM ITB

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The purpose of this research is to test the accuracy of GARCH Option Model for pricing stock option contract on Astra International, BCA, Indofood and Telkom when barrier is exist at The Indonesia Stock Exchange. Utilizing intraday stock movement and stock option contract data, simulation is conducted using actual data. To test the accuracy of GARCH Option Model, average percentage mean squared error is used to compare simulated premium with its payoff at its maturity date. The finding from this research are one month option average percentage means suared error of GARCH Option Model is three point fifty one percent, two month option is six point sixty one and three month option is seven point sevently nine percent.Katakunci:Â ARIMA, Derivative, Stock Option Contact, Barrier Option, GARCH Option Model, Indonesia Stock Exchange

MEASURING EFFICIENCY AS INTERMEDIATION APPROACH BETWEEN CONVENTIONAL AND SHARIA BANKS IN INDONESIA Al-Farisi, Ade Salman; Hendrawan, Riko
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

As a financial intermediary, a bank accepted deposits and channels loans. However, the loans disbursed bybank were hard to be liquidated compared to deposits which were easier to be liquidated. If the asset sidefluctuates, customers would take their deposit away and create a bank run. On the other side, Islamic Bankused profit and loss sharing pattern to their loans and deposits. With this pattern, Islamic banks cost offunds was a function of their asset. With this pattern, there are possibilities that Islamic Banks revenuewould fluctuate more compared to conventional banks that were based on interest. The purpose of thisresearch was to compare the efficiency between Islamic banks and conventional banks without trying tolook whether the cause of inefficiency was able to be allocated or technical inefficiency. To measure efficiency,we used De Youngs argument (1997), pooled leased square with intermediation approach andalternative profit efficiency model. The unit analysis in this research were commercial banks with 102conventional banks and 3 Islamic Banks that operated in Indonesia using their quarterly annual reportbetween 2002-2007. The finding from this research showed that 3 Islamic Banks were among the 20% mostefficient bank in Indonesia in doing intermediation function.

KOINTEGRASI BURSA-BURSA SAHAM DI ASIA Riko Hendrawan; Teika Trikartika Gustyana
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

One important indicator of capital market development could be seen from the value of the composite stockprice index. Composite stock price index reflected the performance of all shares registered in particular country.The objective of this research was to know whether there was co integration or long-term equilibriumamong Indonesia, Malaysia, Singapore, Thailand, Philippines, Hongkong, Japan, South Korea and China,either in groups or in pairs using the method of co-integration during January 2000 - January 2010. Theresults of this research using Johansen Co-Integration test indicated that there was long-term equilibriumamong Indonesia, Malaysia, Singapore, Thailand, Philippines, Hongkong, Japan, South Korea and China inthe period of January 2000 - January 2010, in groups and in pairs. The results showed that the South Koreastock market was the most influential to the Indonesian stock markets, and Chinas stock market was the mostdominant stock market among these countries during January 2000 - January 2010.

The differences between family firms and non-family firms: Evidence in Indonesia Farida Titik Kristanti; Riko Hendrawan; Salehudin Eka Saputra Alrasidi
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

A family firm is a firm controlled by members of a family through their ownership in the management. This study aimed to observe the presence of differences in gender diversity, cash holding, and financial performance on Family Firms (FFs) and Non-Family Firms (NFFs). The purposive sampling conducted in this study produced 67 samples of companies listed on the Compass 100 Index. They mostly belong to the FF criteria. They also have gender diversity, non-conservative capital structure, medium-size, and low cash holding. The results of difference tests proved the presence of significant differences between the FFs and the NFFs on the variables of firm size, leverage, and gender diversity. Although ROE did not show significant differences, the FFs had higher ROE than the NFFs. Furthermore, the practical implication of this study is the need to consider the presence of women on the board and their share in the firms’ decision making. JEL Classification: G10, G19, G32DOI: https://doi.org/10.26905/jkdp.v23i2.2687

Forward, Forward Option and No Hedging Which One is the Best for Managing Currency Risk? Riko Hendrawan
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Bank Indonesia Regulation No.18/18/PBI/2016 concerning foreign exchange transactions against rupiah between banks and domestic parties, indicates that the importance of hedging for business actors in Indonesia. Based on the data of the rupiah exchange rate movements against the dollar from January 2006 to December 2016 shows that the fluctuation of the rupiah against the US dollar tends to weaken, although at some point the observation shows the strengthening of the rupiah against the US dollar. The purpose of this research is to assess the impact of forward, Forward Option and No Hedging Strategy for managing currency exposure between IDR to USD. Using data from January 2006–December 2016 taken from the website of Bank Indonesia and Federal Reserve. Total 396 simulations, consists of 132 using Forward simulations, 132 using Forward Option simulations and 132using No Hedging simulations. Findings from this research show that Forward Option was has no positive contribution in managing currency exposure, No Hedging Strategy has 36,36 percent positive contribution and the forward contract has 72,73 percent positive contribution in managing currency exposure. Its means Forward Contract was better than forward Option and No Hedging Strategies in managing currency exposure.DOI: https://doi.org/10.26905/jkdp.v21i3.1428

PERBANDINGAN MODEL OPSI BLACKSCHOLES DAN MODEL OPSI GARCH DI BURSA EFEK INDONESIA Riko Hendrawan
Jurnal Keuangan dan Perbankan Vol 14, No 1 (2010): January 2010
Publisher : University of Merdeka Malang

The purpose of this research was to compare the accuracy of Black-Scholes Opt ionModel and GARCH opt ion models for Stock opt ion ut ilizing data f rom Ast ra, BCA, Indofoodand Telkom at the Indonesian Stock Exchange. The intraday stock return of Astra, BCA, Indofoodand Telkom exhibited an overwhelming presence of volat ilit y cluster, suggesting that GARCHmodel had an ef fect which best corresponded with the actual price. The best model wasconst ructed using ARIMA model and the best lag in GARCH model was ext racted. The findingf rom this research showed that by comparing the average percentage mean squared errors ofthe GARCH Opt ion Model and the Black-Scholes Opt ion Model, the former was found moreaccurate than the lat ter. GARCH Model relat ively improved average percentage mean squarederrors of Black-Scholes Model; one month opt ion showed a twent y eight point ten percentimprovement , two month option showed twenty three point thirt y percent and three monthopt ion showed twent y percent .

EFFICIENCY OF INDONESIAS MUTUAL FUNDS DURING 2007-2011 BY USING DATA ENVELOPMENT ANALYSIS (DEA) Riko Hendrawan; Muhammad Bayu Aji Sumantri
Jurnal Keuangan dan Perbankan Vol 17, No 1 (2013): January 2013
Publisher : University of Merdeka Malang

The purpose of this research was to assess the efficiency of mutual funds in Indonesia during the period 2007to 2011. To measure their efficiencies, the output-input data consisting of a panel of 105 mutual funds thatconsisted of 29 equity mutual funds, 38 balanced mutual funds and 39 fixed mutual funds were empiricallyexamined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis(DEA). The study found that based on the average score in during 2007 2011 performance of equity mutualfund Commonwealth Life Investra Equity had the highest index score, meanwhile Trimegah - trim capital wasthe lowest, performance of balanced mutual fund Reksa Dana CIMB-principal Dollar had the highest indexscore, meanwhile first State Indonesian Multistrategy was the lowest. Performance of equity mutual fund BrentDana Tetap had the highest index score, meanwhile stable debenture fund had the lowest one.

Assessing Shock Volatility using Long Straddle Option Strategy: Evidence at IDX Composite Riko Hendrawan
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This study was to identify the probability of occurrence of shock volatility and was impact on return of an investment. Using IDX Composite data from 1998 to 2016 and long straddle option strategy at IDX composite consisting of two phases: high volatility daily return was 7 years with a total of 3432 observations, using 1716 call option simulation contracts, and 1716 put option simulation contracts and low volatility daily return were 12 years with a total of 5528 observations, using 2908 call option simulation contract and 2908 put option simulation contracts. The result showed that the shocking volatility occurs greater when the volatility below the average year of observation. Shock volatility during the year low volatility of 44.25% and period of year high volatility of 34.49%. But if calculated in total, based on 8960 observation from 1998-2016, where 4480 was call option and 4480 transactions were put transaction there were 1815 incident shock volatility or equal to 40.51. So the potential for profit (call and put option holders) or potential loss (call and put option seller) per day due to the occurrence of shock volatility of 40.51%.JEL Classification: G13, G17DOI: https://doi.org/10.26905/jkdp.v22i1.1707

PENGUJIAN GARCH OPTION MODEL UNTUK BARRIER OPTION DI BURSA EFEK INDONESIA Tendi Haruman; Riko Hendrawan
Jurnal Keuangan dan Perbankan Vol 13, No 2 (2009): May 2009
Publisher : University of Merdeka Malang

The purpose of this research was to test the accuracy of GARCH Option Model forpricing stock option contracted on Astra International, BCA, Indofood and Telkom when barrierexisted at The Indonesia Stock Exchange. Utilizing intraday stock movement and stock optioncontract data, simulation was conducted using actual data. To test the accuracy of GARCH OptionModel, average percentage mean squared error was used to compare simulated premiumwith its payoff at its maturity date. The findings from this research were one month optionaverage percentage mean squared error of GARCH Option Model was three point fifty onepercent (3.51%), two month option was six point sixty one (6.61%) and three month optionwas seven point seventy nine percent (7.79%).

Co-Authors Al-Farisi, Ade Salman Alex Soelistyo Anggadi Sasmito Ariful Ulya Dwipanca Adi Nugraha Enggar Pratiwi Farida Titik Kristanti Gayuh T Permana Gede Teguh Laksana Kristian WA Nugroho Muhammad Bayu Aji Sumantri Muhammad Chalil Gilbran Nurul Rachma Fadhyla Pebri Yanida Rifqi Dzakiri Salehudin Eka Saputra Alrasidi Setiawan, Rian Teika Trikartika Gustyana Tendi Haruman Tendi Haruman Wiwin Aminah

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