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Journal : Management Analysis Journal

FAKTOR-FAKTOR PENENTU PROFITABILITAS BANK SYARIAH DI INDONESIA Muliawati, Sri; Khoiruddin, Moh.
Management Analysis Journal Vol 4 No 1 (2015): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v4i1.7211

Abstract

This research aimed to determine the influence of third party funds (DPK), Non Performing Financing (NPF), Financing to Deposit Ratio (FDR), Operating Expenses to Operating Income (BOPO), SWBI (Indonesian Wadiah Certificates Bank ) toward Return on Assets (ROA ) on Syariah Banks in Indonesia. The population in this study were all registered Syariah banking at Bank Indonesia, those are 11 Syariah Banks (BUS). The sampling technique used was purposive sampling criteria, which result were 4 Syariah banks. This study was using multiple linear regression analysis. Data used in this research were obtained from Bank Indonesia during the period of 2011 to 2013. Data analysis methods used in the study were multiple linear regression analysis, the classical assumption test, and test hypotheses. The result of the research show that the DPK, NPF, FDR, ROA and SWBI simultaneously affect the ROA. Data analysis methods used in the study were multiple linear regression analysis, the classical assumption test, and test hypotheses. The result of the research show that the DPK, NPF, FDR, ROA and SWBI simultaneously affect the ROA
PENGARUH PENGUMUMAN PERINGKAT SUKUK TERHADAP REAKSI PASAR Srianingsih, Srianingsih; Khoiruddin, Moh.
Management Analysis Journal Vol 4 No 2 (2015): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v4i2.7797

Abstract

The purpose of this research is to explain the effect of sukuk rating announcement to market reaction. The population in this study is all of sukuk rating announcement of the companies that launch sukuk and stock during the year 2010-2014. The sample selected based on purposive sampling is 55 announcements. This study is an event study research using market adjusted model with 21 days of windows period (t-10 to t+10). The data used in this research is daily closing price that is collected by the documentation method. Analysis methods used in this research are normality test, one-sample t-test, and paired t-test. The results of this study find that there are significant sukuk rating announcement to the market reaction during 2 days that are on  t+2 the significant is 5% and on t+3 the significant is 10%. The market reaction does not indicate significance difference between the return before and after the announcement. Market Efficiency happened is a semi-strong form because the investors are still enjoying the abnormal return for 2 days
ANALISIS PENGARUH PENGUMUMAN DIVIDEN TUNAI TERHADAP ABNORMAL RETURN DAN VARIABILITAS TINGKAT KEUNTUNGAN SAHAM Tastaftian, Muftiai; Khoiruddin, Moh.
Management Analysis Journal Vol 4 No 4 (2015): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v4i4.8886

Abstract

The purpose of this research is to explain the reaction of markets to the dividend cash announcement on all companies share listed on the Sharia Effect List. The other goal is to explain the difference of abnormal return and security return variability (SRV) on the period before, during and after period ex-dividend date in 2014. This research used the event study, which was conducted observation of abnormal return and security return variability during the event period, i.e. before 10 days up to 10 days after the dividend cash announcement. The population in this research are all companies share listed on the Sharia Effect List (DES) in 2014. The sampling technique was conducted with a purposive sampling method and obtained a sample of 135. Based on the result of differential tests analysis showed that there are difference abnormal return on the period before-at the moment, after-at the moment and before-after and security return variability variable on the period before-after the dividend cash announcement. However, the security return variability (SRV) on the period before-after announcement showed that there are no difference.
REAKSI PASAR TERHADAP PENGUMUMAN PENERBITAN SUKUK MUDHARABAH DAN OBLIGASI KONVENSIONAL Purwaningsih, Purwaningsih; Khoiruddin, Moh.
Management Analysis Journal Vol 5 No 4 (2016): Managemant Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v5i4.10915

Abstract

This research aims to analyse market reaction toward sukuk mudharabah and conventional bonds issue announcement that indicated with abnormal return and trading volume activity. Population in this research is all of sukuk mudharabah and conventional bonds issue announcement registered in IDX period 2012-2015. This research used event study with 21 days of windows period (t-10 to t+10). Samples of this research consist of 5 sukuk mudharabah issue announcements and 65 conventional bonds issue announcements based on purposive sampling method. Analysis methods used in this research are t-test and Paired Samples T-Test. The results of this research show that there are significant abnormal return around the date of sukuk mudharabah issue announcement on t-10, t-8, t-6, and wheres significant abnormal return around the date of conventional bonds issue announcement on t-7, t-3, t-1, t-3, t-4, t-7. In addition, there is no significant difference between trading volume activity before and after to sukuk mudharabah and conventional bonds issue announcement. The market react slow and prolonged so there is not happened  market efficiency semi-strong form in information and decision.  
Konsistensi Pengukuran Value at Risk pada Saham Syariah dengan Metode Historis Ridha, Muhamad Naufal Nur; Khoiruddin, Moh.
Management Analysis Journal Vol 7 No 1 (2018): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i1.13759

Abstract

Tujuan dari penelitian ini adalah untuk mengetahui konsistensi pengukuran risiko menggunakan value at risk dengan menggunakan metode historis pada saham syariah meliputi periode jangka pendek, jangka menengah dan jangka panjang. Jenis penelitian yang digunakan dalam peletian ini adalah penelitian kuantitatif. Objek penelitian ini adalah return saham-saham syariah yang masuk ke dalam Jakarta Islamic Index selama periode 2011-2015. Sampel pada penelitian ini diambil dengan menggunakan metode purposive sampling. Metode pengumpulan data dalam penelitian ini menggunakan metode dokumentasi, sedangkan metode analisis yang digunakan dalam penelitian ini adalah uji  Kendall’s W.  Hasil penelitian ini menjelaskan bahwa perhitungan value at risk saham syariah selama periode jangka pendek, jangka menengah dan jangka panjang hampir seluruhnya tidak konsisten. Hanya ada satu perhitungan yang menyatakan perhitungan value at risk konsisten, yaitu perhitungan antara periode 1 tahun dengan periode 3 tahun. Dapat disimpulkan bahwa nilai value at risk tidak hanya dipengaruhi oleh periode waktu dan tingkat kepercayaan, namun ada faktor lain yang mempengaruhi seperti risiko pasar karena dalam metode historis mencakup nilai-nilai return pada saat kondisi pasar yang sedang mengalami gangguan atau tidak normal.
Does Sharia Banking Performance Have Varietion between the Region? Mugiarti, Rini Listia; Khoiruddin, Moh.
Management Analysis Journal Vol 7 No 2 (2018): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i2.23843

Abstract

The purpose of this research is to know the geographical influence on the performance of Islamic banking which are in different regions. The population in this research is the whole Islamic banking that operations in four regions (Asia, America, Europe, and Africa). Sample based on purposive sampling method there are 16 Islamic banking which comprises 13 banks came from the Asian continent, 1 bank of Americas, 1 banks from continental Europe, and 1 bank comes from the African continent. Methods of analysis used in this study are the analysis of multiple linear regression analysis tools with Eviews 9. The results of the research show that the geographical location of positive and significant effect on the performance of Sharia banking. Variable non-performing financing (NPF) a negative and significant effect on the performance of Sharia banking. Financing to Deposit Ratio (FDR) positive significant effect on the performance of Islamic banking while the Debt to Equity Ratio (DER) does not affect the performance of Islamic banking.
The Impact of Female Diectors on Dividend Policy Maftucho, Wiwit Nur; Khoiruddin, Moh.
Management Analysis Journal Vol 7 No 3 (2018): Management Analysis Journal
Publisher : Management Analysis Journal

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i3.23857

Abstract

The purpose of this study is to explain whether there is any effect of female directors towards dividend policy in developing countries, and whether state ownership moderates the effect of female directors towards dividend policy in developing countries. The population in this study is a non-financial company listed on the Indonesia Stock Exchange and Malaysia stock exchange on the period 2011-2015. The number of samples is 145 data for companies in Indonesia Stock Exchange and 1145 data for companies in Malaysia stock exchange by using purposive sampling method. The dividend payment variables are proxied by the Dividend Payout Ratio (DPR) and Dividend Yield (YIELD), female directors is proxied by the percentage of female directors, the state ownership is proxied by the percentage of share ownership by the government. Censored regression analysis using Eviews9 is used for data analysis. Based on the regression model used, it is found that there is effect of female directors on dividend policy in Indonesia, whereas there is no effect of female directors on dividend policy in Malaysia. However, positive state ownership moderates the effect female directors towards dividend policyt at companies in Malaysia.
Dividend Policy and Economic Variable to Stock Price Volatility: Comparison of Indonesia and Malaysia Harlina, Vega Rut; Khoiruddin, Moh.
Management Analysis Journal Vol 7 No 4 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v7i4.26867

Abstract

This research aims to examine the effect of dividend policy, micro variables, and macroeconomic on stock price volatility. The population in this research are companies in the financial sector listed at Indonesia Stock Exchange and Malaysia Stock Exchange in 2016-2017. A number of samples that used is 58 companies for Indonesia and 28 companies for Malaysia with purposive sampling method. Dividend policy is proxied by EPS, the micro variable is proxied by GA and EV, and the macro variable is proxied by exchange rates and interest rates. The analytical method used is CEM and REM with programs Eviews 9. This research concludes that in Indonesia EPS, exchange rates and interest rates have an effect on SPV. While in Malaysia, only EPS and exchange rates have an effect on SPV.
THE EFFECT OF BUSINESS RISK AND FIRM SIZE ON FIRM VALUE WITH DEBT POLICY AS INTERVENING VARIABLE Bandanuji, Akhmad; Khoiruddin, Moh.
Management Analysis Journal Vol 9 No 2 (2020): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v9i2.37812

Abstract

This study aims to determine the effect of business risk and firm size on firm value with debt policy as intervening variable. The population used in this study are property and real estate companies listed on Indonesia Stock Exchange (BEI) during 2014-2018. Sample determination was done by purposive sampling method. Methods of data analysis using multiple linear regression analysis and path analysis. The results showed that business risk negatively affect the debt policy, while firm size has a positive effect on debt policy. Business risk negatively affects firm values while firm size and debt policy have a positive effect on firm value. Debt policy is only able to mediate the impact of business risk on corporate value
The Determinants Of Firm Performance Of Indonesian Listed Companies Kaylsi, Helmi Khairunnisa Putri; Khoiruddin, Moh.
Management Analysis Journal Vol 10 No 3 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v10i3.45684

Abstract

One of the important aspects in the company is company performance. In company performance, there are aspects of financial performance that are important to measure in order to get a picture of the company’s financial condition. This study aims to examine the effect of firm size, growth opportunity, and asset structure on financial performance with capital structure as an intervening variable. This research is a quantitative research. The samples of this study are property and real estate companies listed on the IDX for the 2015-2019 period. The data collection method uses the documentation method from secondary data in the form of an annual report that has been published on the IDX. The data analysis method used is multiple regression method and single test. Firm size, growth opportunity, asset structure and capital structure have a 74. 51% influence on the performance of property and real estate companies. This study shows that firm size, asset structure and capital structure have a negative effect on firm performance, while growth opportunity has no effect on financial performance. The capital structure has not been able to mediate the effect of independent variables on financial performance.