Articles
<![CDATA[Testing of January Effect on the Indonesian Capital Market: Sectoral Analysis of GARCH Models ]]>
<![CDATA[I Gusti Bagus Wiksuana]]>;
<![CDATA[Ni Ketut Purnawati]]>;
<![CDATA[I Made Surya Negara Sudirman.]]>
<![CDATA[ Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan Volume 15 Nomor 2 Tahun 2021 ]]>
Publisher : <![CDATA[Universitas Udayana ]]>
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DOI: 10.24843/MATRIK:JMBK.2021.v15.i02.p12
<![CDATA[January Effect is the stock returns in January are higher than other months. This study uses the Generalized Autoregresive Conditional Heteroscedasticity (GARCH) method to test and analyze the January Effect in the Indonesian capital market from 2000 dd. 2018. The novelty of this study is a research methodology that classifies samples by sector and period on the January Effect test. The results of this study indicate that the January Effect occurs in several sectors and period. The January Effect occurs in the mining sector, consumer goods sector, property sector, and trade sector. Thus, the results of this study confirm the tax loss selling hypothesis and window dressing hypothesis in several sectors and observation periods. This shows that the January Effect is related to the characteristics of the sector and the period of observation.]]>
<![CDATA[PENGUJIAN LEVERAGE EFFECT HYPOTHESIS PADA BERBAGAI TINGKAT INFLASI DI PASAR MODAL INDONESIA ]]>
<![CDATA[I Made Surya Negara Sudirman]]>;
<![CDATA[I Wayan Sudirman]]>
<![CDATA[ Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan Volume 13 Nomor 1 Tahun 2019 ]]>
Publisher : <![CDATA[Universitas Udayana ]]>
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DOI: 10.24843/MATRIK:JMBK.2019.v13.i01.p11
<![CDATA[Penelitian ini bertujuan untuk menguji dan menganalisis Leverage Effect Hypothesis pada berbagai tingkat inflasi di Bursa Efek Indonesia. Black (1976) dalam seminal paper-nya menyatakan Leverage Effect Hypothesis merupakan kondisi saat terjadi penurunan return saham akan diikuti oleh peningkatan volatilitas harga saham. Peningkatan volatilitas harga saham merupakan refleksi terjadinya peningkatan risiko saham tersebut. Risiko merupakan hal utama yang dipertimbangkan oleh investor dalam mengambil keputusan investasi saham selain return saham. Metode yang digunakan untuk menguji dan menganalisis Leverage Effect Hypothesis pada penelitian ini adalah TARCH dan EGARCH. Metode penentuan sampel dalam penelitian ini adalah purposive sampling, dimana periode penelitian dipilih berdasarkan tingkat inflasi. Terdapat tiga periode penelitian yaitu, periode tingkat inflasi rendah (Januari 2016- Agustus 2018), periode tingkat inflasi sedang (Januari 2012- Desember 2015), dan periode tingkat inflasi tinggi (Januari 2005 Desember 2006). Sumber data dalam penelitian ini adalah Bursa Efek Indonesia dan Bank Indonesia. Kebaruan penelitian ini adalah pada pengujian Leverage Effect Hypothesis yang dilakukan pada berbagai periode dengan tingkat inflasi yang berbeda. Perbedaan tingkat inflasi pada masing-masing periode yang memberikan tekanan yang berbeda terhadap risiko dalam investasi saham belum pernah diteliti selama ini. Hasil pengujian dan analisis menunjukkan terdapat Leverage Effect pada setiap periode pengujian. Terdapat kecenderungan semakin tinggi tingkat inflasi, Leverage Effect semakin besar. Hal ini menunjukkan semakin tinggi tingkat inflasi, semakin besar risiko yang dalam investasi saham. Temuan dalam penelitian ini memberikan kontribusi yang signifikan pada perluasan Leverage Effect Hypotesis dalam berbagai tingkat inflasi.Kata Kunci: EGARCH, inflasi, leverage effect, risiko, TARCH]]>
<![CDATA[Pengaruh NPL terhadap ROA dengan Mediasi CAR dan BOPO Pada Perbankan Indonesia ]]>
<![CDATA[Kadek Indah Maheswari]]>;
<![CDATA[I Made Surya Negara Sudirman]]>
<![CDATA[ E-Jurnal Manajemen Vol 3 No 4 (2014) ]]>
Publisher : <![CDATA[Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[To implement the function of intermediation, banks which deal with the source risks from one of the main activities that is banking activity funds in the form of credit. Ho and Sounder (1981) in his seminars paper state that banks always define the higher rate of interest from the funds of rate interest to get a positive spread as a premium on the risk and to get a profit . The purpose of this research was to determine the effect of NPL on ROA , CAR and ROA with the mediation of banks in Indonesia. The sampling method used was purposive sampling which resulted in a total sample of 18 banks. By using path analysis results of the research found that NPL as a proxy of credit risk has negative effect of profitability with ROA is a proxy. NPL also has negative effect of CAR which is a proxy of capital adequacy and BOPO which is a proxy of operational efficiency. CAR and BOPO mediated partially from the influence on ROA. The results of the study supports all of hypothesis in this study .]]>
<![CDATA[Pengaruh Pertumbuhan Penjualan, Ukuran Perusahaan dan Tangibility Assets Terhadap Struktur Modal ]]>
<![CDATA[Ni Putu Devi Andrayani]]>;
<![CDATA[I Made Surya Negara Sudirman]]>
<![CDATA[ E-Jurnal Manajemen Vol 3 No 5 (2014) ]]>
Publisher : <![CDATA[Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[The objective of this research is to find influence signification of sales growth, firm size and tangibility of assets on capital structure in insurance company at BEI. The total of taken sample is 7 insurance companies, by busing purposive sampling method and analysis technique which is used is double linear regression analysis. Based on the analysis result, sales growth has positive influence and significant to capital structure, firm size to capital structure has negative influence and significant, asset tangibility has no effect on thecapital structure.]]>
<![CDATA[PENGARUH LIKUIDITAS DAN AKTIVITAS TERHADAP PROFITABILITAS PADA PT PLN (PERSERO) ]]>
<![CDATA[I Dewa Gd Gina Sanjaya]]>;
<![CDATA[I Md. Surya Negara Sudirman]]>;
<![CDATA[M. Rusmala Dewi]]>
<![CDATA[ E-Jurnal Manajemen Vol 4 No 8 (2015) ]]>
Publisher : <![CDATA[Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[Penelitian ini bertujuan untuk menguji pengaruh likuiditas dan aktivitas terhadap profitabilitas pada PT PLN (Persero). Jumlah sampel adalah sebanyak 32 laporan triwulanan dari tahun 2006 sampai dengan 2013, dengan metode penentuan sampling jenuh. Metode pengumpulan data dalam penelitian ini dilakukan dengan wawancara, dan observasi non partisipasi. Dalam penelitian ini teknik analisis yang digunakan adaalah analisis regresi linier berganda. Berdasarkan hasil analisis ditemukan bahwa likuiditas yang diwakili oleh current ratio memiliki pengaruh yang tidak signifikan terhadap profitabilitas, begitu pula aktivitas yang diwakili oleh total asset turnover ratio dan working capital turnover ratio berpengaruh tidak signifikan terhadap profitabilitas perusahaan.]]>
<![CDATA[PENGARUH PROFITABILITAS, PERTUMBUHAN AKTIVA, STRUKTUR AKTIVA, DAN PAJAK TERHADAP STRUKTUR MODAL ]]>
<![CDATA[Gede Yudi Sudarmika]]>;
<![CDATA[I Made Surya Negara Sudirman]]>
<![CDATA[ E-Jurnal Manajemen Vol 4 No 9 (2015) ]]>
Publisher : <![CDATA[Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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<![CDATA[Tercapainya tujuan perusahaan tidak terlepas dari penentuan struktur modal yang tepat. Tujuan penelitian ini adalah untuk mengetahui pengaruh profitabilitas, pertumbuhan aktiva, struktur aktiva dan pajak terhadap struktur modal. Sampel dalam penelitian ini adalah Perusahaan Property dan Real Estate yang terdaftar di Bursa Efek Indonesia. Alat analisis yang digunakan adalah analisis regresi linear berganda. Berdasarkan pembahasan hasil penelitian menunjukan bahwa profitabilitas tidak berpengaruh signifikan terhadap struktur modal, pertumbuhan aktiva tidak berpengaruh signifikan terhadap struktur modal, struktur aktiva berpengaruh positif atau signifikan terhadap struktur modal, dan pajak berpengaruh positif atau signifikan terhadap struktur modal.]]>
<![CDATA[DETERMINAN NILAI PERUSAHAAN PADA PERUSAHAAN SUB SEKTOR TEKSTIL DAN GARMEN YANG TERDAFTAR DI BURSA EFEK INDONESIA ]]>
<![CDATA[I Kadek Adi Jaya Kusuma]]>;
<![CDATA[I Made Surya Negara Sudirman]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.11.NO.06.TAHUN.2022 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EEB.2022.v11.i06.p11
<![CDATA[Investment is a commitment to place the amount of funds in investment instruments to get unbalanced results in the future. One of the attractive investment instruments is stocks. Firm value is an investor's perception of the company, which is often read by stock prices. The purpose of this study was to determine the effect of profitability, capital structure, and liquidity on firm value in the textile and garment sub-sector listed on the Indonesia Stock Exchange. The population in this study are all textile and garment sub-sector companies listed on the Indonesia Stock Exchange, totaling 21 companies for the 2017-2020 period. The sampling technique used is purposive sampling, so that the final sample obtained is 13 textile and garment sub-sector companies listed on the Indonesia Stock Exchange for the 2017-2020 period. Data collection was carried out using non-participant observation methods. The data analysis technique used is descriptive statistics, multiple linear regression analysis, and classical assumption test. The results showed that profitability and capital structure had a positive and significant effect on firm value in textile and garment sub-sector companies. While liquidity has a negative but not significant effect on firm value in textile and garment sub-sector companies. The implication of this research is that the textile and garment sub-sector companies must maintain the company's current profitability so that investors are not afraid to invest, the company must be more conservative in determining the methods and company policies to maintain company value that can be seen based on the company's capital structure, the company should be able to arrange to be able to immediately meet short-term obligations before these obligations mature.]]>
<![CDATA[PENGARUH PROFITABILITAS, PERMODALAN, RISIKO KREDIT TERHADAP LIKUIDITAS INDUSTRI PERBANKAN DI BURSA EFEK INDONESIA TAHUN 2017-2019 ]]>
<![CDATA[Ni Wayan Uri Rahayu Melastiani]]>;
<![CDATA[I Made Surya Negara Sudirman]]>
<![CDATA[ Buletin Studi Ekonomi VOLUME.27.NO.2.TAHUN.2022 ]]>
Publisher : <![CDATA[Buletin Studi Ekonomi ]]>
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DOI: 10.24843/BSE.2022.v27.i02.p05
<![CDATA[This study aims to obtain empirical evidence regarding the effect of profitability, capital, credit risk on the liquidity of the banking industry on the Indonesia Stock Exchange in 2017-2019. The sampling technique in this study uses purposive sampling with the criteria that commercial banks are listed on the Indonesia Stock Exchange for the 2017-2019 period and have positive profitability during the 2017-2019 period. There are 34 commercial banks that meet the criteria to be used as samples in this study. The analytical technique used in this research is multiple linear regression analysis. The results of the analysis and discussion in this study found that profitability has a significant positive effect on liquidity, capital has a significant positive effect on liquidity, and credit risk has a negative effect on liquidity. Good bank liquidity can increase customer confidence in banking and bank operations is very important for a bank to have liquidity. Bank liquidity must be considered because if there is a liquidity failure in an institution it can cause instability in the banking system and economic disruption and the emergence of liquidity.]]>
<![CDATA[DAMPAK INVASI RUSIA KE UKRAINA TERHADAP ABNORMAL RETURN SAHAM EMITEN MIGAS DI BURSA EFEK INDONESIA TAHUN 2022 ]]>
<![CDATA[Steven Nathaniel Kurniawan]]>;
<![CDATA[I Made Surya Negara Sudirman]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.12.NO.03.TAHUN.2023 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EEB.2023.v12.i03.p04
<![CDATA[This research is a study that aims to examine whether or not there were significant abnormal returns before and after the Russian invasion of Ukraine on 24 February 2022 for oil & gas issuers on the Indonesia Stock Exchange. Determination of the sample using the purposive sampling method and obtained as many as 28 issuers who are considered feasible to be used as a trial sample. This study uses secondary data in the form of daily stock closing prices. The event period selected in this study is 11 trading days consisting of 5 days before (t-5), the day when the event occurs (t=0) and 5 days after (t+5) the event occurs, namely on February 24, 2022. Hypothesis testing using the one sample t-test. The results of the study show that there are significant differences in the days before and after the Russian invasion of Ukraine in 2022. Thus this event is considered to have information content that causes the capital market to react to it as evidenced by abnormal changes in stock prices.]]>
<![CDATA[PENGARUH CAPITAL ADEQUACY RATIO, BIAYA OPERASIONAL PENDAPATAN OPERASIONAL, NON PERFORMING LOAN TERHADAP PROFITABILITAS BANK UMUM ]]>
<![CDATA[I Made Risky Adhi Artha]]>;
<![CDATA[I Made Surya Negara Sudirman]]>
<![CDATA[ E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.12.NO.06.TAHUN.2023 ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EEB.2023.v12.i06.p14
<![CDATA[Banking is a financial institution that has a role in the financial system in Indonesia. The existence of the banking sector has an important role, where in people's lives most of them involve services from the banking sector. The banking sector is currently experiencing a shift in its vital function as an intermediary institution, which should be able to effectively and efficiently allocate its sources of funds to the public. This research was conducted with the aim of knowing the effect of the Capital Adequacy Ratio, Operating Costs on Operating Income, Non-Performing Loans on the Profitability of Commercial Banks listed on the IDX in 2016-2020. The data used in this study is secondary data, namely by looking at the annual financial statements of commercial banks listed on the Indonesia Stock Exchange in 2016-2020 which can be accessed through the website www.idx.co.id. This study uses the method of determining the sample using purposive sampling. The sample used in this study was 145 data on commercial banks listed on the IDX. The analysis technique used is multiple linear regression. The results showed that the Capital Adequacy Ratio (CAR) had a positive effect on profitability in banking sector companies. Operating Expenses Operational Income (BOPO) has a negative effect on profitability in banking sector companies. Non-Performing Loans (NPL) have a negative effect on profitability in banking sector companies.]]>
