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Determinants of the Stock Price Volatility in the Indonesian Manufacturing Sector Handayani, Heny; Muharam, Harjum; Mawardi, Wisnu; Robiyanto, Robiyanto
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 11, No 3 (2018): December 2018 - March 2019
Publisher : Universitas Prasetiya Mulya

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Abstract

ANALYSIS OF EFFECT OF FIRM SIZE, INSTITUTIONAL OWNERSHIP, PROFITABILITY, AND LEVERAGE ON FIRM VALUE WITH CORPORATE SOCIAL RESPONSIBILITY (CSR) DISCLOSURE AS INTERVENING VARIABLES (Study on Banking Companies Listed on BEI Period 2012-2016) Astuti, Fitria Yuni; Wahyudi, Sugeng; Mawardi, Wisnu
JURNAL BISNIS STRATEGI Vol 27, No 2 (2018): Desember
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (990.819 KB) | DOI: 10.14710/jbs.27.2.95-109

Abstract

The main objective of the company survives in the stringent competitive by maximizing the value of the company to shareholder wealth. Firm value is experiencing a downward trend is a problem that must be resolved. The banking company also undertakes a social responsibility that is perceived to have a positive impact on the company's image. This study aimed to analyze the effect of the firm size, institutional ownership, profitability, and leverage with corporate social responsibility (CSR) disclosure as a variable intervening.Populations are banking companies listed on the Indonesia Stock Exchange Period 2012-2016. Sampling technique used is purposive sampling with 29 companies selected according to predetermined criteria. This research is done by using multiple linear regression analysis methods and path analysis also Sobel test to examine the effect of intervening. Test results with CSRD as the dependent variable indicate that institutional ownership and Leverage have no effect on CSRD While firm size and profitability (ROA) have a positive significant effect on CSRD. The result of testing with Firm Value (Tobins'Q) as the dependent variable indicates that Firm Size, Institutional Ownership, and Profitability (ROA) have no effect on Firm Value (Tobins'Q). Leverage (DAR) has a negative and significant influence on Firm  Value (Tobins'Q) while CSRD has a significant positive effect on Firm Value (Tobins'Q). CSRD does not mediate the effect of Institutional Ownership, Profitability (ROA) and Leverage (DAR) on Firm Value (Tobins'Q). CSRD mediates the effect of Firm Size on Firm Value (Tobins'Q).
ANALISIS FAKTOR FAKTOR YANG MEMPENGARUHI KINERJA KEUANGAN BANK UMUM DI INDONESIA (Studi Kasus Pada Bank Umum Dengan Total Assets Kurang Dari 1 Triliun) Mawardi, Wisnu
JURNAL BISNIS STRATEGI Vol 14, No 1 (2005): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1046.614 KB) | DOI: 10.14710/jbs.14.1.83-94

Abstract

Penelitian dari Biro Riset lnfobank menganalisis pengaruh efsisiensi operasi (BOPO), resiko kredit ( NPL), resiko pasar ( NIM), modal ( CAR) terhadap  kinerja keuangan ( ROA), bahwa bank umum dengan total assets kurang dari 1  triliun mempunyai kinerja  keuangan yang lebih baik dibandingkan dengan bank umum dengan total assets 1  triliun atau lebih. Data yang diambil dari Direktorat Perbankan Indonesia dan dari Biro Riset lnfobank Hasil penelitian menunjukkan bahwa ada pengaruh negatif dan signifikan resiko kredit ( NPL) terhadap kinerja keuangan (ROA), pengaruh positif dan signifikan resiko pasar (NIM) terhadap kinerja keuangan (ROA) serta berpengaruh negatif dan signifikan  resiko pasar (NIM) terhadap kinerja keuangan ( ROA), dan Tidak berpengaruh modal ( CAR) terhadap kinerja keuangan ( ROA)
THE INFLUENCE OF DIVIDEND POLICY, DEBT POLICY, INDEPENDENT COMMISSIONER, AND INSTITUTIONAL OWNERSHIP ON THE FIRM VALUE WITH GROWTH OPPORTUNITIES AS MODERATOR VARIABLES (Study on Non-Financial Companies Listed on IDX in the Period of Years of 2012-2015) Setiyawati, Lia; Wahyudi, Sugeng; Mawardi, Wisnu
JURNAL BISNIS STRATEGI Vol 26, No 2 (2017): Desember
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (291.987 KB) | DOI: 10.14710/jbs.26.2.146-162

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Tobin's q is the ratio of market value of equity plus the market value of debt to total assets. This ratio measures the value provided by financial markets for any management and organization as a growing company. Tobin's q also shows how far a company is able to create its value relative to the amount of capital invested. The greater the value of Tobin's q indicates that the company has good growth prospect. This study aimed at examining the influence of Dividend Payout Ratio (DER), Independent Commissioner (KI) and Institutional Ownership (INST) on Tobin's q with Size and Return on Investment (ROI) as control variable and Market to Book Value (MBV) as a moderating variable.The population in this study is all manufacturing companies listed on Indonesia Stock Exchange in the period of 2012-2015. The sampling technique used purposive sampling and obtained 28 companies becoming the research sample. The analysis technique used in this research was multiple regression analysis using SPSS where the data, previously, had been tested using classical assumption tests like normality, multicollinearity, and autocorrelation tests.
PENGARUH FATWA MUI TENTANG BUNGA BANK TERHADAP TINGKAT ABNORMAL RETURN SAHAM BANK UMUM ( Studi Kasus pada saham Bank Umum yang termasuk dalam LQ45 BEJ) Mawardi, Wisnu; Hasan, Fahmi
JURNAL BISNIS STRATEGI Vol 15, No 2 (2006): Desember
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (826.454 KB) | DOI: 10.14710/jbs.15.2.1-10

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Fatwa MUI tentang bunga bank diprediksi oleh banyak kalangan dunia perbankan akan memperkeruh kondisi perbankan nasional yang baru bangkit setelah dihantam krisis ekonomi. Prediksi ini membuat para investor akan berpikir dua kali sebelum melakukan investasi pada saham-saham sektor perbankan. Penelitian ini memberikan gambaran aktual tentang reaksi investor pasar modal terhadap peristiwa munculnya fatwa MUI tentang bunga bank pada tanggal 16 Desember 2003 pada saham - saham sektor perbankan yang terdaftar pada LQ 45 Bursa Efek Jakarta. Pengujian dilakukan terhadap pengaruh  abnormal return saham. Analisis yang dipakai menggunakan event study dengan melihat 100 hari periode estimasi dan 21 hari periode peristiwa yang terdiri 1O hari sebelum munculnya fatwa,  1  hari saat kejadian dan 10 hari sesudah fatwa tersebut dikeluarkan. Dengan menggunakan a/at analisis Uji- t. Sampel yang digunakan  adalah saham perbankan yang termasuk dalam daftar indeks LQ 45 di Bursa Etek Jakarta. Hasil dari penelitian menunjukan bahwa fatwa MUI tentang bunga bank  tidak menimbulkan gejolak berarti bagi perdagangan saham perbankan di pasar modal.
A STUDY ON THE COMPANY VALUE OF PUBLIC BANKS LISTED IN THE INDONESIAN STOCK EXCHANGE BETWEEN 2010 – 2015 Muhajir, Atok; Miyasto, Miyasto; Mawardi, Wisnu
JURNAL BISNIS STRATEGI Vol 26, No 1 (2017): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (115.466 KB) | DOI: 10.14710/jbs.26.1.13-27

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Company value that tends to decline is a problem that must be addressed. This is in line with the theory of company which mentions that the goal of a company is to maximize it value. This study is aimed at analyzing the effects of Loan to Deposit Ratio (LDR), Non-Performing Loan (NPL), Income Diversification and Operational Cost and Return (BOPO) on company value, with Price Book Value (PBV) and Return on Asset (ROA) as intervening variables. The study population consists of companies listed on the Indonesian Stock Exchange between 2010 and 2015. The sampling technique employed was purposive sampling and 26 companies were sampled according to the pre-determined criteria. Analyzes were carried out using the SPSS program, with the data undergoing a statistical testing beforehand. Results from the first regression model show that LDR has positive and significant effect on ROA, BOPO has negative and significant effect on ROA, while NPL and Income Diversification does not have any effect on ROA. On the other hand, results from the second regression model show that LDR has negative and significant effect on PBV; Income Diversification has positive and significant effect on PBV, whereas NPL and BOPO do not have any effect on PBV. Statistically, this study also shows that ROA has a mediating effect on the relationship between Income Diversification and BOPO against PBV.
THE DYNAMIC RELATIONSHIP BETWEEN STOCK PRICES AND EXCHANGE RATES: EVIDENCE FROM INDONESIA (Case Study In Indonesian Stock Exchange from July 2001 - April 2008) Nugroho, Leonardus Jayadi; Mawardi, Wisnu
JURNAL BISNIS STRATEGI Vol 17, No 1 (2008): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (882.005 KB) | DOI: 10.14710/jbs.17.1.17-30

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The aim of this study is to examine the dynamic relationship between stock prices and exchange rates by using high-frequency data of exchange rates and composite index of stock prices (IHSG) of Indonesia for the period July 2001 to April 2008. Applying Johansen's cointegration analysis, the study identifies a long-run relationship between stock price and exchange rate. Furthermore, using Granger Causality Test, this study proceed to test for short-run causal relationships between stock prices and exchanges rates and found one unidirectional relationship from stock prices to exchange rates. Analysis of vector error correction (VEG) model reveals that the Rupiah exchange rate is affected by both the past exchange rate and the stock price (ceteris paribus). On the other hand, the stock price is apparently only affected by its past movement. These results are supported by innovative accounting (impulse response function and variance decomposition). The conclusion can be drawn in this study is the stock price seems to be a leading indicator of the relationship between stock price and exchange rate, which is following the Portfolio Balance Approach. The results have implications for investors, policy makers and researchers.
ANALISIS PENGARUH LOAN LOSS PROVISION, BOARD SIZE, EQUITY TO ASSET RATIO, INDEKS LERNER TERHADAP PRICE/EARNING TO GROWTH RATIO, DENGAN MENGGUNAKAN RETURN ON ASSET SEBAGAI VARIABEL INTERVENING (Studi Kasus pada Bank Umum di Indonesia pada tahun 2010-2015) Prasetyo, Ivan; Mawardi, Wisnu
Diponegoro Journal of Management Volume 7, Nomor 4, Tahun 2018
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Value and growth of a company can be measured by PEG (Price/Earning to Growth Ratio), this ratio compare PER (Price/Earning Ratio) with Annual EPS Growth. Value and growth of banking is very important because banking is the backbone of a country's economy and plays an important role to support economic growth, increase equity through national development, as well as improving the welfare of people in that country. Therefore, this study takes Analysis of Loan Loss Provision, Board Size, Equity to Asset Ratio, Lerner Index to Price / Earning to Growth Ratio, using Return on Asset as Intervening Variable (Case Study at Commercial Bank in Indonesia on year 2010-2015) as the title. The sample of this research is 20 commercial banks spread throughout Indonesia, with 5 years period (2010-2015), therefore obtained 100 data in this research. The data was obtained through the Annual Report of Commercial Banks in that period as well as directly quoting financial data from Bloomberg. Data analysis using Multiple Linear Regression Analysis and previously tested using classical assumption test.The result of this research indicate that LLP have negative significant effect to ROA, Board Size and EAR negative but none significant effect to ROA, while LI has positive significant effect to ROA. While the research on PEG shows that Board Size and EAR have negative, but none significant effect on PEG. LLP shows negative significant effect on PEG. While ROA and LI has positive but none significant effect to PEG. ROA can’t be a intervening variable that represent independent variable in this research to dependent variable
ANALISIS PENGARUH RISIKO KREDIT, INTERMEDIASI PERBANKAN, RISIKO LIKUIDITAS, DAN EFISIENSI MANAJEMEN TERHADAP PROFITABILITAS PERBANKAN INDONESIA (Studi Kasus pada Bank Umum Konvensional yang Terdaftar di Bursa Efek Indonesia Periode 2010-2014) Arindi, Glady Precillia; Mawardi, Wisnu
Diponegoro Journal of Management Volume 5, Nomor 3, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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This study aims to examine the effect of credit risk, banking intermediation, liquidity risk, and management efficiency to banking profitability. The dependent variables in this study are Return On Assets (ROA) and Return On Equity (ROE). Meanwhile, the independent variables in this study are Allowance for Impairment Losses Ratio (CKPN), Loans to Deposits Ratio (LDR), Liquidity Gap, and Operating Expenses to Operating Incomes Ratio (BOPO).  The sampling technique is conducted by purposive sampling method. The number of total samples in this study is 9 conventional commercial banks listed on the Indonesia Stock Exchange (IDX) in 2010-2014. Data processing was performed using multiple linear regression analysis through classic assumption test beforehand. The results using ROA as the dependent variable showed that CKPN and LDR have a positive and significant effect on ROA, BOPO has a negative and significant effect on ROA, and Liquidity Gap has a positive but insignificant effect on ROA. Meanwhile, the results of this research using ROE as dependent variable showed that LDR and BOPO have a negative and significant effect on ROE, CKPN has a positive but insignificant effect on ROE and Liquidity Gap has a negative but insignificant effect on ROE. The results concluded that the profitability of banks can be influenced by CKPN, LDR, and BOPO.
Analisis Pengaruh Total Asset Turnover, Book To Market Ratio, Debt Equity Ratio Terhadap Expected Return Dengan Trading Volume Acitivity Sebagai Variabel Intervening (Studi Pada Perusahaan Perbankan yang Terdaftar pada BEI Periode 2010-2014) Aprisilya, Tiari; Mawardi, Wisnu
Diponegoro Journal of Management Volume 5, Nomor 2, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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The purpose of this study is to investigate: (1) The effect of total asset turnover (TATO), book to market ratio (BMR), and debt equity ratio (DER) to trading volume activity (TVA), (2) The effect of of total asset turnover (TATO), book to market ratio (BMR), debt equity ratio (DER), and trading volume activity (TVA) to the expected return (E(Ri)), (3) The effect of total asset turnover (TATO), book to market ratio (BMR), and debt equity ratio (DER) to the expected return (E(Ri)) through trading volume activity (TVA) as an intervening variable. Population of this research is 45 banking companies listed in Indonesia Stock Exchage. After used purposive sampling technique, then obtained total sample of 16 companies listed in Indonesia Stock Exchage 2011-2014. Path analysis used to be analysis technique using program SPSS 20 for windows to determine the effect of mediation. The result of this study showed that TATO and BMR significantly positive  effect on TVA. DER have positif effect on TVA but not significant. TATO, BMR, and DER have positif effect on E(Ri) but not significant. TVA significantly positive effect on E(Ri). The result of sobel test showed that TVA can used as intervening variable because significantly positive mediate the relation between TATO and BMR toward E(Ri).