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All Journal Jurnal Siasat Bisnis MIX : Jurnal Ilmiah Manajemen Binus Business Review E-Dimas: Jurnal Pengabdian kepada Masyarakat Jurnal Abdimas Madani dan Lestari (JAMALI) Community Empowerment Indonesian Capital Market Review
Rafik, Abdur
Department Of Management, Universitas Islam Indonesia
Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Public Health Social Sciences Other

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Stock valuation training for potential millennial investors Rafik, Abdur
Community Empowerment Vol 6 No 6 (2021)
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (605.334 KB) | DOI: 10.31603/ce.4619

Abstract

The debate about whether investment managers have better stock-picking skills than the market has been going on for a long time. Many cross-country studies have shown that professional investment managers cannot produce better portfolio performance than randomly selected investors. This empirical fact is counterproductive considering that investment managers are managers of public funds and indicate that their skills in selecting stocks are questionable. This poor skill can be sourced from their low valuation knowledge and skills so that stock price movements cannot be projected accurately. This training was designed to educate and train the skills of prospective millennial investors in conducting stock valuations. Participants consisted of 22 people who came from millennials, ranging from students to professional workers. The training is conducted online for a full day. Training achievement was evaluated using pre-test and post-test. The evaluation showed that the knowledge and skills of participants in conducting stock valuation increased after attending the training. In order to ensure success and maintain the continuity of the skills that have been acquired, these prospective millennial investors need to be encouraged to be actively involved as professional investors in the capital market.
Financial behaviour and financial wellbeing of MSMEs actors: The role of financial literacy and cognitive factors Abdur Rafik; Aghnia Setyaning Rahayu
Jurnal Siasat Bisnis Vol 24, No 1 (2020)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jsb.vol24.iss1.art6

Abstract

That financial literacy and psychological characteristics are important determinants of financial decisions have long been recognized in the literature. By focusing on Micro Small Medium Enterprises (MSMEs), this study investigates the extent to which financial behaviour and financial well-being consisting of both financial security and financial anxiety can be explained by financial literacy and cognitive factors such as self-control, optimism, and deliberative thinking. Several demographic factors such as gender, age, educational background, and the length of engaging in MSMEs, as well as the characteristics of MSMEs such as industry and monthly sales turnover are functioned as control variables. Data were collected using a questionnaire that was purposively distributed to MSMEs’ actors and analysed using Partial Least Square-Structural Equation Modeling (PLS-SEM). In total, 155 samples were analyzed. The analysis shows that financial behaviour can be explained by deliberative thinking, financial security can be explained by financial literacy and optimism, while financial anxiety can be explained by self-control. Financial behaviour was also found to have a positive direct effect on financial security and financial anxiety. Thus, to improve the financial well-being of MSMEs’ actors, it may be necessary to improve their personal financial management skills that can lead to the positivity of financial behaviour.
THE INTRA-INDUSTRY SPILLOVERS OF INDONESIAN RIGHT OFFERINGS Abdur Rafik; Embun Arafah
MIX: JURNAL ILMIAH MANAJEMEN Vol 9, No 1 (2019): MIX: Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (486.777 KB) | DOI: 10.22441/mix.2019.v9i1.012

Abstract

This study aims to examine the spillover effect of right offerings to the industry on the Indonesian Stock Exchange in the period 2009-2016. This study is designed using event study methodology. In total, there are 96 issuing companies (issuers) and 1205 non-issuing companies (non-issuers) used as the sample which was obtained using a purposive sampling technique. The test for information content on the right issues was conducted using standard t-test on the average cumulative abnormal return of issuers and non-issuers in the period t-10 to t+10 around the issuance. The research found positive abnormal returns for issuers in t0 to t+4 but did not confirm the spillover effect to non-issuers over the observed (window) periods. The average cumulative abnormal returns are randomly distributed during the window period. These results confirm the absence of intraindustry effect of right issues on the non-issuers’ performance
Long-Run Underperformance on Seasoned Equity Offerings: An Evidence from Indonesia Abdur Rafik; Salsabila Annisa Azmi
Binus Business Review Vol. 10 No. 1 (2019): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v10i1.5403

Abstract

The research aimed to analyze the underperformance phenomenon following Seasoned Equity Offering (SEO)in Indonesian context. Samples were all firms listed on the Indonesia Stock Exchange with the right issue in the observed periods, were chosen by purposive sampling with several criteria. In total, there were 109 issuing firms from 2009-2014 that were analyzed using performance benchmarking approaches. The approaches consisted of market-based, size-based, growth-based, and industry-based benchmarks. The market-based was constructed using a market return. Then, the size and the growth benchmarks were constructed on the basis of closest market capitalization and closest price-to-book value respectively. Then, the industry benchmark was based on a closest combined of market capitalization and Price to Book Value (PBV) of matched firms within the first-second digit of Standard Industry Classification (SIC). The test was conducted using standard t and Wilcoxon tests by examining the benchmark-based abnormal returns over various spans ranging from 3 to 36 months following the right offerings. Like several findings in developed countries, the results also confirm the underperformance phenomenon following right offerings in Indonesia. The negative abnormal returns are found for all benchmark performances, but they are only significant for the market benchmark and partially significant for the size and the growth benchmarks. Behavioral explanations need to be modeled to reveal the intuitions behind the results.
Terapi Okupasi pada Orang dengan Skizofrenia (ODS) di Desa Sindumartani Yogyakarta Abdur Rafik; Yosi Febrianti; Novyan Lusiyana
E-Dimas: Jurnal Pengabdian kepada Masyarakat Vol 11, No 3 (2020): E-DIMAS
Publisher : Universitas PGRI Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26877/e-dimas.v11i3.5589

Abstract

Salah satu gejala umum skizofrenia adalah ketidakmampuan Orang dengan Skizofrenia (ODS) untuk bersosialisasi dan berinteraksi dengan lingkungan sekitar secara baik. Ketidakmampuan ini menyebabkan kognisi sosial ODS rendah dan berpotensi meningkatkan kadar kekambuhan pada ODS jika tidak ditangani secara baik. Oleh karena itu, berbagai intervensi sosial yang salah satunya melalui terapi okupasi perlu dilakukan guna membantu ODS menguatkan kognisi sosialnya. Pengabdian masyarakat ini dirancang dalam rangka memberikan terapi okupasi bagi ODS di Desa Sindumartani, Kecamatan Ngemplak, Yogyakarta. Terapi okupasi diberikan dalam bentuk pelatihan kewirausahaan dan pendampingan pembuatan aneka olahan bakso dan gorengan. Pasca pelatihan dan pendampingan, ODS dipilih untuk diberikan bantuan peralatan dan modal kerja untuk dimanfaatkan sebagai modal berusaha. Luaran akhir yang ingin dicapai dari pengabdian ini adalah meningkatnya pengetahuan dan keterampilan ODS dalam mengolah dan memasarkan olahan bakso dan gorengan, yang pada gilirannya diharapkan akan berdampak pada penguatan kognisi sosial mereka. Hasil evaluasi terhadap pelaksanaan kegiatan menunjukkan adanya peningkatan pengetahuan dan keterampilan ODS dalam membuat dan menghasilkan olahan bakso dan gorengan yang layak jual. Terapi okupansi dalam bentuk aktivitas lain perlu diinisiasi agar kognisi sosial ODS bisa ditingkatkan secara berkesinambungan.
Peningkatan Literasi Masyarakat terhadap Orang Dengan Skizofrenia (ODS) di Desa Sindumartani Yogyakarta Abdur Rafik; Yosi Febrianti; Novyan Lusiyana
Jurnal Abdimas Madani dan Lestari (JAMALI) Volume 01, Issue 02, September 2019
Publisher : UII

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jamali.vol1.iss2.art1

Abstract

The Results of Basic Health Research from Ministry of Health of the Republic in Indonesia places Yogyakarta as one of the provinces with the highest prevalence of schizophrenia after Bali, and Sindumartani Village is one of the villages with the highest number of People with Schizophrenia (PWS) in Yogyakarta. The presence of negative stigma from the community and even family members of PWS is one of the crucial obstacles to the PWS healing process. The stigma and low social awareness towards PWS are thought to hamper the process of enriching ODS’ social cognition. Our activities try to provide counseling and education to non-PWS members groups and PWS’ family members so that they can be well literated for schizophrenia with all the characteristics and handling. In addition to the counseling, we educate them by forming a healthy mental alert cadre within the community. In the period after the implementation of the activities, the results showed an increase in communities’ literacy in schizophrenia and a decrease in the prevalence of recurrence in PWS. To improve the sustainability of results, further therapy such as vocational therapy is recommended. Hasil Riset Kesehatan Dasar (RISKESDAS) Kementerian Kesehatan Republik Indonesia menempatkan Yogyakarta sebagai salah satu provinsi dengan prevalensi skizofrenia tertinggi di Indonesia setelah Bali, dan Desa Sindumartani adalah salah satu desa dengan jumlah Orang dengan Skizofrenia (ODS) tertinggi di Yogyakarta. Adanya stigma negatif dari masyarakat dan bahkan anggota keluarga ODS menjadi salah satu penghambat krusial proses penyembuhan ODS. Stigma dan kesadaran sosial yang rendah terhadap ODS disinyalir mmenghambat proses pengembangan kognisi sosial pada ODS. Pengabdian masyarakat ini mencoba melakukan penyuluhan dan edukasi terhadap kelompok masyarakat non-ODS dan anggota keluarga ODS agar mereka dapat terliterasi secara baik akan skizofrenia dengan segala karekteristik dan penanganannya. Selain dengan penyuluhan, edukasi dilakukan dengan membentuk kader siaga sehat jiwa dalam kelompok masyarakat. Dalam kurun waktu setelah pelaksanaan kegiatan, hasil menunjukkan adanya peningkatan literasi masyarakat terhadap skizofrenia dan penurunan prevalensi kekambuhan pada ODS. Untuk meningkatkan kesinambungan hasil, terapi lanjutan dalam bentuk vokasional dianjurkan untuk dilakukan.
Concurrent Momentum and Contrarian Strategies: Evidence from Indonesia Rafik, Abdur; Marizka, Syifa Primaratri
The Indonesian Capital Market Review Vol. 9, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to test the relative performance of contrarian and momentum strategies for the middle-term and long-term horizons in the Indonesian capital market. The test is performed to constituents of Kompas100 Index during 2009-2014. The results reveal that the superior performance of the momentum in the intermediate term is sensitive to the formation horizons. In the long term (after 24 months), however, the contrarian is more profitable than momentum. It is also found that there is no relationship between the generated returns and the value and the size premiums like the findings of many studies regarding the long-run return anomalies in developed countries.
Co-Authors Aghnia Setyaning Rahayu Embun Arafah Marizka, Syifa Primaratri Novyan Lusiyana Salsabila Annisa Azmi Yosi Febrianti, Yosi