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All Journal Jurnal Manajemen dan Agribisnis ESENSI: JURNAL BISNIS DAN MANAJEMEN Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI Economic Journal of Emerging Markets Jurnal Siasat Bisnis Jurnal Ilmiah Akuntansi dan Bisnis Jurnal Ekonomi Kuantitatif Terapan Matrik: Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan MIMBAR (Jurnal Sosial dan Pembangunan) Jurnal Manajemen Teknologi Jurnal Keuangan dan Perbankan Jurnal Ekonomi dan Pembangunan Indonesia JDM (Jurnal Dinamika Manajemen) Trikonomika: Jurnal Ekonomi Journal of Economics, Business, & Accountancy Ventura IQTISHADIA JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan MIX : Jurnal Ilmiah Manajemen Asia-Pacific Management and Business Application IJHCM (International Journal of Human Capital Management) Jurnal Bisnis dan Manajemen Economica: Jurnal Ekonomi Islam Jurnal Ekonomi dan Bisnis Syntax Literate : Jurnal Ilmiah Indonesia Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Jurnal ASET (Akuntansi Riset) Jurnal Riset Akuntansi dan Keuangan JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Quantitative Economics and Management Studies Jurnal Manajemen dan Usahawan Indonesia BISMA (Bisnis dan Manajemen) Proceeding of the International Conference on Family Business and Entrepreneurship (ICFBF) Indonesian Capital Market Review JEPI
Buddi Wibowo
(Scopus ID:57188964252:h-Index 1) Universitas Indonesia
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Hedging Ratio Measurement Methods and Hedging Effectiveness in Jakarta Futures Exchanges Wibowo, Buddi
Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Vol 18, No 1 (2017): JEP 2017
Publisher : Universitas Muhammdaiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jep.v18i1.3473

Abstract

Estimation method of  hedge ratio is a crucial step in hedging strategies in the commodity futures market. This study examines the effectiveness of hedging strategy against cash position in Indonesia’s cocoa beans and Robusta coffee spot market using three hedge ratio estimation methods: OLS, Vector Error Correction Model, and Threshold-ARCH. The results show the hedging effectiveness in the Jakarta Futures Exchange is considerably highly effective to reduce the impact of fluctuations of spot price. The effectiveness of hedging strategy using  OLS as the  simplest method is close to VECM method and TARCH. Implementation OLS hedge ratio resulted  the highest hedging  effectiveness and give a strong support for market players in executing a hedging strategy in Jakarta Futures Exchange due to OLS  simplicity in estimation procedure
Comovement Indeks Pasar Saham Syariah dan Variabel Makro Ekonomi: Pendekatan Regime-Switching Regression Wibowo, Buddi
IQTISHADIA Vol 10, No 2 (2017): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v10i2.2237

Abstract

Hubungan imbal hasil indeks syariah dengan variabel makroekonomi merupakan topik riset yang cukup banyak menarik perhatian para peneliti. Comovement antara indeks syariah dengan indeks pasar saham konvensional mengindikasikan adanya hubungan kointegrasi antara kedua pasar tersebut. Comovement antara indeks syariah dan indeks pasar konvensional jauh lebih kuat pada saat volatilitas  rendah dibandingkan pada regime volatilitas yang tinggi. Signifikannya hubungan antara imbal hasil indeks syariah di Bursa Efek Indonesia dengan perubahan suku bunga memunculkan pertanyaan apakah saham-saham perusahaan yang termasuk di dalam Jakarta Islamic Index telah disaring secara ketat sehingga komponen biaya bunga sudah minimal atau karena mikro struktur pasar saham Indonesia yang didominasi investor asing.          Model regresi Markov regime-Switching mengungkapkan adanya perbedaan signfikan pengaruh perubahan nilai tukar terhadap imbal hasil indeks syariah  antara regime volatilitas yang tinggi dengan regime volatilitas yang rendah. Pengaruh nilai tukar hanya signifikan pada saat regime volatilitas yang rendah. Hal ini tidak dapat diungkap jika kita hanya menggunakan model regresi linier OLS biasa.
Market Power, Types of Ownership and Bank Income Diversification: Cases of Asian Countries Robertho, Valentino; Wibowo, Buddi
JDM (Jurnal Dinamika Manajemen) Vol 9, No 1 (2018): March 2018 (DOAJ Indexed)
Publisher : Department of Management, Faculty of Economics, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v9i1.14648

Abstract

This study aims to analyze the effects of market power and type of ownership on bank’s income diversification in Indonesia, Malaysia, the Philippines, Thailand, and China. Banks diversifies their source of income to stabilize profitability level. Bank’s market power is a critical factor which affect its income diversification efforts. This study uses Lerner Index as a proxy for banks’ market power. By using a sample of 80 banks in five countries from 2012 to 2016 and operating Fixed Effect Model and Generalized Least Square, the result shows that banks with greater market power earn more non-interest income, except in the Philippines. Also, government ownership is proven to heighten the relation between market power and income diversification, with consistent results shown in each subsamples. Foreign ownership also heighten the relation between market power and income diversification, except in Thailand.
Uji empirik strategi struktur modal pecking order pada perusahaan-perusahaan non keuangan lq45 bursa efek indonesia Adrianto, Adrianto; Wibowo, Buddi
INOVASI Vol 15, No 1 (2019)
Publisher : Faculty of Economics and Business Mulawarman University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (428.031 KB) | DOI: 10.29264/jinv.v15i1.4448

Abstract

This paper tests the pecking order hypothesis whether it confirms the empirical result on LQ45 firmswhich in some senses are having relatively smaller assymmetric information problem than other go public firms in Indonesia. The result shows that financing deficit, profitability, and lagged leverage can significantly determine current shock of long-term debt. R value changed significantly after the former variable added in to the model, indicating that it is the biggestbut not a singlefactor determining net debt issuance. Yet, this variabel has a magnitude of about 0.60, indicating that it doesnt respond one-on-one with debt. Thus, it appears that the theory has less power in explaning LQ45 firms capital decisions
The Analysis of Company Decisions in Choosing Sukuk and Bonds Using Logit Model Pribadi, Sukma Kukuh; Wibowo, Buddi
Economica: Jurnal Ekonomi Islam Vol 10, No 1 (2019)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2019.10.1.3211

Abstract

Sukuk has become one of alternative financing for corporate. The development of Sukuk provides the flexibility choices of company?s funding decisions that required their needs and capabilities. Sukuk market in Indonesia is the second largest in emerging East Asia in terms of size but the number of issued Sukuk lower than a conventional bond. This study aims to obtain empirical evidence that the characteristics of the company influence the decision of the company in issuing Sukuk and bonds using the logit model. The results of this study conclude: (1) leverage has a negative influence and significant (2) size of the firm has a positive influence and significant (3) fixed assets has a positive influence and significant to the decision of the company in issuing Sukuk.
Stabilitas Bank, Tingkat Persaingan Antar Bank dan Diversifikasi Sumber Pendapatan: Analisis Per Kelompok Bank di Indonesia Wibowo, Buddi
Jurnal Manajemen Teknologi Vol 15, No 2 (2016)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2016.15.2.5

Abstract

Abstrak. Paradigma “competition-fragility” dan “competition-stability” memiliki alur logika yang bertentangan atas hubungan antara kompetisi antar dan stabilitas bank. Menurut Berger et al (2009), kedua pandangan tersebut berbeda pada aspek yang berkaitan dengan risiko kredit (loan risk), namun pada risiko yang dihadapi bank secara keseluruhan, kedua pandangan tersebut memiliki prediksi yang sama. Pada pasar kredit yang didominasi oleh bank dengan market power yang besar, risiko portfolio kredit bank memang akan naik seperti yang diprediksi oleh pandangan “competition-fragility”, namun risiko bank secara keseluruhan tidak selalu ikut naik bersamaan dengan naiknya risiko portfolio kredit. Uji empirik pada perbankan Indonesia mendukung hipotesis tersebut, kecuali pada kelompok bank asing yang memiliki model bisnis tersendiri. Hubungan kompetisi dan risiko kredit bank di Indonesia juga terbukti memiliki pola U -shape yaitu kompetisi yang meningkat pada tahap awal dapat menekan risiko kredit, salah satunya melalui peningkatan diversifikasi pendapatan dan jenis kredit bank, namun pada titik tertentu meningkatnya kompetisi justru memperburuk kualitas portfolio kredit perbankan.Kata Kunci: Kompetisi Perbankan,Risiko, Stabilitas, DiversifikasiAbstract. The"Competition-fragility" view and The "Competition-stability" view has a contrary logical flow in predicting the relationship between bank stability and competition among banks. According to Berger et al (2009), these two views differ on credit risk aspect of loan portfolio, but on the risks faced by the bank as a whole, these two views have the same prediction. In the credit market which is dominated by few banks with substantial market power, the risk of bank credit portfolio increases as predicted by the view "competition-fragility", but the bank's overall risk does not always go up with the jump in credit portfolio risk. The paper shows that empirical test of the Indonesian banking system support this hypothesis, except in foreign bank group that has its own business model. The relationship of competition and the credit risk of banks in Indonesia also have a U -shape pattern that increasing competition in the early stages can reduce credit risk, which is due to increasing income diversification and diversification of bank credit type, but at a certain point the increasing competition has worsened the quality of bank credit portfolio.Key word: Banking Competition, Risk, Stability, Diversification
Tingkat Persaingan Bank dan Risiko Sistemik Perbankan: Kasus Indonesia Wibowo, Buddi; Siantoro, Andree Prasetyo
Jurnal Manajemen Teknologi Vol 17, No 3 (2018)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2018.17.3.1

Abstract

Abstrak. Penelitian ini bertujuan untuk menguji pengaruh tingkat persaingan bank terhadap risiko sistemik perbankan di Indonesia untuk periode 2010-2014. Dengan menggunakan metode Lerner Index sebagai pengukuran tingkat persaingan bank dan metode Merton's distance-to-default sebagai basis pengukuran risiko sistemik, hasil riset menunjukan tingkat persaingan individual bank secara signifikan berpengaruh negatif terhadap risiko sistemik perbankan Indonesia. Semakin rendah tingkat konsentrasi pasar perbankan akan menurunkan tingkat risiko sistemik. Tingginya tingkat persaingan bank mendorong bank-bank untuk mendiversifikasikan risiko-risikonya sehingga menyebabkan sistem perbankan semakin kokoh.Kata kunci: Risiko sistemik, persaingan bank, distance-to-default, lerner index, profitabilitasAbstract. The objective of this research is to measure the effect of individual bank competitiveness on bank systemic risk in Indonesia during 2010-2014. Using Lerner Index to measure bank degree of competitiveness and Merton's distance-to-default to measure systemic risk, result a significant negative relationship between bank degree of competitiveness and systemic risk. The less concentrated of banking market cause systemic risk reduction. The greater bank degree of competitiveness encourages banks to take more diversified risks, causes a fragile banking system.Keywords: Systemic risk, bank competition, distance-to-default, lerner index, profitability
Mood Investor, Cuaca, dan Pergerakan Return Pasar Saham Wibowo, Buddi
Jurnal Riset Akuntansi dan Keuangan Vol 7, No 3 (2019): Jurnal Riset Akuntansi dan Keuangan. Desember 2019 [DOAJ & SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v7i3.17813

Abstract

 Abstract. The empirical aspect of fully rational assumption in stock trading in the stock exchange is a living debate. The findings of the study that link investors' moods with the movement of stock market returns are one of the criticism of research behavioral finance towards the assumption of full rational behavior. This study aims to examine empirically the influence of weather factors on investor mood reflected in stock market returns on the Jakarta stock exchange. To test the effect of weather, this study measures extreme weather conditions both low and high state. The findings show that the temperature factor is the most significant weather factor affecting the mood of investors and driving stock returns in the Jakarta stock exchanges. Keywords. : Behavioural Finance; Mood; Stock Market Return; Weather. Abstrak. Aspek empirik dari asumsi rasionalitas penuh dalam perdagangan di bursa saham banyak digugat. Temuan penelitian yang mengkaitkan mood investor dengan pergerakan return pasar saham menjadi salah satu gugatan alur riset behavioral finance terhadap asumsi perilaku rasional penuh.  Penelitian ini bertujuan menguji secara empirik pengaruh faktor-faktor cuaca terhadap mood investor yang tercermin pada return pasar saham di bursa saham Jakarta. Untuk menguji pengaruh cuaca, penelitian ini mengukur kondisi cuaca ekstrim baik yang rendah maupun yang tinggi. Temuan menunjukkan faktor suhu merupakan faktor cuaca yang paling signifikan mempengaruhi mood investor dan menggerakkan return saham di bursa saham Jakarta.
Uji Empiris Mekanisme Transmisi Kebijakan Moneter: Interest Rate Pass-through Sektor Perbankan Indonesia Wibowo, Buddi; Lazuardi, Eduardo
Jurnal Ekonomi dan Pembangunan Indonesia Vol 16 No 2 (2016): Januari 2016
Publisher : Department of Economics-FEB UI

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (324.747 KB) | DOI: 10.21002/jepi.v16i2.629

Abstract

Empirical Evidence of Monetary Policy Transmission Mechanism: Indonesia Banking Sector Interest Rate Pass-throughRobust measurement of interest rates speed of adjustment to monetary policy changes is very important to obtain acomprehensive understanding on the monetary transmission process and the eectiveness of monetary policy. The speed of adjustment are determined by number of frictions that interfere with the transmission of monetary policy.We measure Indonesia interest rate pass-through which have distinct characteristics in terms of banking competition, segmented banking market and concentrated structure. Interest rate pass-through is measured by using Vector Error Correction Model (VECM) and Mean Adjusted Lags (MAL). This paper shows the interest rate adjustment did take a relatively long time.Keywords: Interest Rate Pass-through; Bank; Monetary; VECM; MALAbstrakPengukuran kecepatan penyesuaian suku bunga perbankan terhadap perubahan kebijakan moneter sangat penting sehingga diperoleh pemahaman komprehensif atas proses transmisi moneter dan efektivitas kebijakan. Kecepatan perubahan suku bunga deposito dan kredit perbankan ditentukan oleh adanya friksi-friksi transmisi kebijakan moneter ke sektor perbankan dan sektor riil. Penelitian ini mengukur interest rate pass-through perbankan Indonesia yang memiliki karakteristik khas dalam hal tingkat kompetisi perbankan, segmentasi pasar, dan struktur industri perbankan yang tinggi. Interest rate pass-through diukur dengan menggunakan Vector Error Correction Model (VECM) dan Mean Adjusted Lags (MAL). Hasil uji menunjukkan penyesuaian suku bunga membutuhkan waktu yang lama.
Comovement Indeks Pasar Saham Syariah dan Variabel Makro Ekonomi: Pendekatan Regime-Switching Regression Wibowo, Buddi
IQTISHADIA Vol 10, No 2 (2017): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v10i2.2237

Abstract

Hubungan imbal hasil indeks syariah dengan variabel makroekonomi merupakan topik riset yang cukup banyak menarik perhatian para peneliti. Comovement antara indeks syariah dengan indeks pasar saham konvensional mengindikasikan adanya hubungan kointegrasi antara kedua pasar tersebut. Comovement antara indeks syariah dan indeks pasar konvensional jauh lebih kuat pada saat volatilitas  rendah dibandingkan pada regime volatilitas yang tinggi. Signifikannya hubungan antara imbal hasil indeks syariah di Bursa Efek Indonesia dengan perubahan suku bunga memunculkan pertanyaan apakah saham-saham perusahaan yang termasuk di dalam Jakarta Islamic Index telah disaring secara ketat sehingga komponen biaya bunga sudah minimal atau karena mikro struktur pasar saham Indonesia yang didominasi investor asing.          Model regresi Markov regime-Switching mengungkapkan adanya perbedaan signfikan pengaruh perubahan nilai tukar terhadap imbal hasil indeks syariah  antara regime volatilitas yang tinggi dengan regime volatilitas yang rendah. Pengaruh nilai tukar hanya signifikan pada saat regime volatilitas yang rendah. Hal ini tidak dapat diungkap jika kita hanya menggunakan model regresi linier OLS biasa.
Co-Authors Adrianto Adrianto Adrianto, Adrianto Anas Lutfi Bagus Adhi Luthfi Farah Permanasari Firly Armanda Girindra Chandra Alam Hasna Fadhila Hendrikus Passagi I Gde Reza Rizky Margana I. G. B. Erri Wibowo Ida Bagus Teguh Cipta Maya Negara Lazuardi, Eduardo Martono Tampubolon Muhammad Budi Prasetyo Muhammad Iqbal Muhammad Pudjianto Mutiara Hikmah Nur Astiwi, Putri Pittauli Lidia Simanjuntak Pribadi, Sukma Kukuh Robertho, Valentino Rudi Asrudin Shidiq, Imaduddin Siantoro, Andree Prasetyo Sukma Kukuh Pribadi Teuku Sadri Ramadhan Titis Fatarina Mahfirah Wibowo, I. G. B. Erri Wilbert Ham