Article Per Year (5 Year)
p-Index From 2019 - 2024
0.23
P-Index
This Author published in this journals
All Journal Binus Business Review
Bayu Adi Nugroho
Perbanas Institute
Economics, Econometrics & Finance

Published : 3 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 3 Documents
Search

 1 
Do Leading Macroeconomic Factors Impact on Optimal Portfolio Return in Indonesia? Bayu Adi Nugroho; Edhi Juwono; Inung Wijayanti
Binus Business Review Vol. 9 No. 1 (2018): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v9i1.3960

Abstract

There were two objectives in this research. Those were to construct an optimal portfolio and to analyze the impact of inflation, Bank of Indonesia (BI rate), and Rupiah to US Dollars exchange rate to the optimal portfolio return in Indonesia. The constant correlation portfolio model and ordinary least square regression method were implemented. This research used the stocks from the consistently selected stocks in the Bisnis-27 Index from 2012 to 2016. Microsoft Excel 2010 was used to construct an optimal portfolio. Meanwhile, to compute the regression and statistical analysis, SPSS version 20 was utilized. The obtained results show that only the stocks from PT Telekomunikasi Indonesia, PT Kalbe Farma, PT Charoen Pokphand Indonesia, PT Bank Rakyat Indonesia, PT Bank Central Asia, and PT Bank Negara Indonesia are included in the optimal portfolio. In addition, from the three leading macroeconomic indicators, only exchange rate change (Rupiah to US Dollars rate of change) impacts the return of the constant correlation model portfolio in Bisnis-27 Index significantly and negatively.
Can Managers Use Accruals Quality for Creating Investment Opportunity Set and Increasing Firm Value? Bayu Adi Nugroho; Jasman Jasman
Binus Business Review Vol. 9 No. 3 (2018): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v9i3.4891

Abstract

There were two main objectives of this research. Firstly, the researchers analyzed the impact of accruals quality and debt on firm value. Secondly, the researchers studied whether managers of a highly leveraged firm could use discretionary accruals for Investment Opportunity Set (IOS). The sample consisted of Indonesian manufacturing firms listed from 2013 to 2016. The researchers utilized Generalized Method of Moments (GMM) method and purposive sampling. The researchers find that accruals quality positively affects firm value. The results also suggestthat there are differences in accruals quality between highly leveraged and unleveraged firms. Furthermore, the results indicate that the more intensive the exploitation of accruals quality is, the greater the positive impact of such activity on firm value will be. Additionally, high-accrual leveraged firms borrow more debt than low-accrual unleveraged firms. Then, unleveraged firms have better accruals quality and cash flow, and highly leveraged firms have more significant accounts receivable and slightly better value of IOS. The findings suggest that managers of highly leveraged firms can use discretionary accruals to increase the value of IOS.
Does Sharia-Obedient Status Cause Firms to be Less Involved in Accrual-Based Earnings Management? Bayu Adi Nugroho; Rizki Annissa; Edhi Juwono; Inung Wijayanti
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.v10i1.5237

Abstract

The main objective of the research was to investigate the accrual quality of Sharia-obedient firms listed in Indonesia Stock Exchange (IDX). Specifically, this research attempted to study whether Sharia was an effective monitoring mechanism in reducing opportunistic managerial behavior through accrual quality and increasing the accuracy of the accounting report. The accrual quality or accrual truthfulness was measured using two widely-used proxies of accrual-based earnings management. The researchers utilized fixed-effect panel data of 84 manufacturing firms in 2013-2017 or 420 observations for the accrual quality computation and cross-section for the regression models (84 observations). This research also employed Two-Stage Least Squares (2SLS) regression method and Ordinary Least Squares method as the comparison. The researchers find robust results after mitigating heteroscedasticity and endogeneity issues. It shows that Sharia-obedient firms have a significantly higher quality of earnings. It also reveals that the close examination by regulators can improve accounting quality and attract new investors in Islamic market. Hence, the findings of this research may give insights to rule-maker and another accountingrelated department to improve the quality of Islamic or Sharia accounting practices in Indonesia.
Co-Authors Inung Wijayanti Jasman Juwono, Edhi Rizki Annissa