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All Journal Conference In Business, Accounting And Management (Cbam) 2012 Signifikan : Jurnal Ilmu Ekonomi JURNAL BISNIS STRATEGI Jurnal Studi Manajemen Organisasi Diponegoro Journal of Economics Diponegoro Journal of Management Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) JEJAK The Winners Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Management Analysis Journal International Research Journal of Business Studies (E-Journal) Jurnal Ekonomi dan Bisnis Syntax Literate : Jurnal Ilmiah Indonesia Jurnal Riset Ekonomi dan Bisnis DIJB (Diponegoro International Journal of Business) International Journal of Supply Chain Management International Journal of Economics, Business and Accounting Research (IJEBAR) Indicators : Journal of Economic and Business Indonesian Capital Market Review
Harjum Muharam
Department Of Management, Faculty Of Economics And Business, Universitas Diponegoro, Indonesia
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Transportation

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ANALISIS PENGARUH VOLATILITAS HARGA, LIKUIDITAS SAHAM, EPS, SIZE FIRM, MOMENTUM OVERNIGHT TERHADAP RETURN SAHAM (Studi kasus perusahaan yang terdaftar dalam Indeks LQ45 Periode 2009-2013) Situmeang, Santa; Muharam, Harjum
Diponegoro Journal of Management Volume 4, Nomor 3, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study aims to examine the influence of price volatility, earning per share, stock liquidity, firm size, and momentum overnight on  stock return. Independent variable used in this study were price volatility,earning per share, stock liquidity, firm size, and momentum overnight, while dependent variable was stock return.Research sample in this study were the company on Indeks LQ 45 and listed on the Indonesia Stock Exchange. Time range used in this research  from  2009 until 2013. Sample were taken by purposive sampling method so that obtained 105 samples. Pooled data analysis with random effect model used as analysis method in this research.Pooled data regression analysis results showed that price volatility, earning per share, and momentum overnight had a positive significant effect on stock return. Whereas stock liquidity and size had insignificant effect on stock return. In this research, variance of stock return had been a explained by variance of independen variables as big as 27% and 73% explained by the other variables outside this research.
ANALISIS PENGARUH NILAI SUKUK, RATING SUKUK, DAN RISIKO SUKUK TERHADAP LAST YIELD SUKUK (Studi Kasus Perusahaan Konvensional non-bank yang Menerbitkan Sukuk di Indonesia Periode tahun 2008-2011) Saraswati Almara, Dheni; Muharam, Harjum
Diponegoro Journal of Management Volume 4, Nomor 2, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This study aims to examine the factors that affect last yield sukuk. This study uses three independent  variables,  namely sukuk value, sukuk rating, and risk of sukuk. with the dependent variable is the last yield of sukuk.The sampling technique used was purposive sampling criteria (1) The Company listed its sukuk on the Indonesia Stock Exchange, (2) the company has sufficient data to do research. The data sample obtained was 19 companies. The analytical method used is a multivariate regression. The assumption of classical test and hypothesis test using t-statistic, testing the coefficient of determination  (R2),  and  the  F-statistic  to  test  the  effect  of  model  variables  together  with  a significance   level   of  5%.  This  study   also  includes   the  classic   assumption   normality   test, autocorrelation test, heteroscedasticity test, and multicollinearity test.Based  on  the  data  normality  test  results,  the  study  shows  that  the  data  are  normally distributed. Based on the test results with the classical assumption of multicollinearity test, autocorrelation  and heteroscedasticity  test did not find any data that deviate from the classical assumption. It shows that the data used in this study are qualified to use a multivariate regression model. From the analysis in this study shows sukuk value has a negative correlation coefficient and no significant effect on last yield sukuk, sukuk rating has a positive correlation coefficient and no significant effect on the last yield sukuk, and risk of sukuk has a negative correlation coefficient and significant effect on the last yield sukuk.
Analisis Pengaruh Ukuran Perusahaan, Konsentrasi Pasar, Cost to Income Ratio, Leverage, dan Diversifikasi terhadap Volatilitas Laba (Studi pada Bank Umum di Indonesia Periode 2009 - 2013) Putra, Indra Eka; Muharam, Harjum
Diponegoro Journal of Management Volume 4, Nomor 4, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Bank and risk couldn’t be separated. Activities of the bank always contain risk for bank. Bank could take a higher risk to reach the bank earning desire. High risk-taking that bank took will impact to high bank earning volatility. Bank earning volatility will cause uncertainty of bank capital.Bank earning volatility in this study measured by standard deviation of ROA bank. This study used Fixed Effect Analysis Regression for panel data. The purpose of this study is to analyze the effect of firm size, market concentration, cost to income ratio, leverage, and divercification to bank earning volatility. The result of this study is firm size has positive effect and significant to bank earning volatility. Market Concentration has negative effect and significant to bank earning volatility. Cost to income has positive effect, but not significant significant to bank earning volatility. Leverage and divercification have negative effect but not significant significant to bank earning volatility.
INTEGRASI PASAR MODAL ASEAN 6 PERIODE TAHUN 2007-2016 Ersabathari, Ruth Valencia; Muharam, Harjum
Diponegoro Journal of Management Volume 6, Nomor 3, Tahun 2017
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Capital market integration has become a central topic in international finance. ASEAN formulated a blueprint for an establishment of ASEAN Economic Community by 2015, and endorsed an Implementation Plan that was specifically written for the goal of capital market integration. This study aims to analyze integration among the ASEAN capital markets. This study investigates the selected six members of ASEAN (Indonesia, Malaysia, Phillipines, Singapore, Thailand and Vietnam) by using weekly data from 2007 to 2016. The study examines the stock market return interdependence. The Dynamic Conditional Correlation Multivariate-GARCH (DCC MGARCH) model is engaged to assess the dynamic structure of capital market co-movements. The results showed that ASEAN 6 capital markets are integrating. The dynamic correlation indicates that there is correlation of stock return between six members of ASEAN. Based on the result of integration, there is still a chance to diversify the portofolio in ASEAN region because Vietnam has a low correlational relationship with other countries.
PENGARUH STRUKTUR CORPORATE GOVERNANCE TERHADAP STRUKTUR MODAL (Studi pada Perusahaan Manufaktur yang Terdaftar di PT. Bursa Efek Indonesia Periode 2014-2016) Saraswati, Niken; Muharam, Harjum
Diponegoro Journal of Management Volume 7, Nomor 4, Tahun 2018
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

        The purpose of this research was to examine the effect of corporate governance structures, represented by the number of commissioners, number of board of directors, institutional ownership, government ownership, and concentration of share ownership on the capital structure of manufacturing companies in Indonesia.        The population in this research are manufacturing companies listed on Indonesia Stock Exchange in 2014-2016 by taking samples based on certain criteria. To test the hypothesis, the research uses multiple regression analysis techniques with a sample of 249 companies.        The results showed that the number of commissioners, the number of directors, and government ownership had no significant effect on the capital structure. Institutional ownership has a positive and significant influence on the capital structure of the capital structure. While the concentration of share ownership has a significant negative effect on the capital structure.
KEPUTUSAN LINDUNG NILAI DAN FAKTOR - FAKTOR YANG MEMPENGARUHI (Studi Empiris Pada Bank Konvensional yang Terdaftar di BEI Periode 2009 - 2013) Adam Damanik, Hepdityo Rizki; Muharam, Harjum
Diponegoro Journal of Management Volume 4, Nomor 2, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Hedging is an alternative of risk management that aims to protect the assets of company from losses caused by the risk. Hedging using derivative instrument are commonly used by company. This study’s purpose is to analyze the influence of independent variables which include Debt to Equity Ratio, Growth Opportunity, Dividend Policy, Size, Liquidity, and Institutional Ownership on Hedging Decision. This study uses secondary data derived from the annual financial statements of 25 banking firms listed on Indonesian Stock Exchange the period 2009 to 2013. Data analysis using logistic regression test, by logistic regression analysis can be seen how the variables affect the probability of the company to hedge using derivative instruments. The results of this study found that Debt to Equity Ratio, Size, and Institutional Ownership have significant effect on Hedging Decision, whereas for the other variables did not influence Hedging Decision.
ANALISIS PERBANDINGAN EFISIENSI BANK UMUM SYARIAH (BUS) DAN UNIT USAHA SYARIAH (UUS) DENGAN METODE STOCHASTIC FRONTIER ANALYSIS (SFA) (Periode 2010-2013) Haqiqi, Teuku Muhammad; Muharam, Harjum
Diponegoro Journal of Management Volume 4, Nomor 4, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Efficiency is one of parameter used for measuring banking performance. The purpose of this research is to analyze the efficiency of Islamic banking in Indonesia, particularly the Sharia Commercial Banks (BUS) and the Sharia Business Unit (UUS). There are 11 Islamic banks used as the sample of this research and divided into two groups of banks respectively 6 BUS and 5 UUS.This research uses Stochastic Frontier Analysis (SFA) methods with production function item as the measurement tools for Islamic banking efficiency level on BUS and UUS in Indonesian. Results of this SFA method appears in numeric score 0-1 form, the closer the result with score 1 the more Islamic banking approaches the perfect efficiency level. Input variables in this research are total deposits of third parties, total other operating expenses, and employee or labor cost. The output variable is total financing as the main product of Islamic banking. Variables were chosen based on intermediation approach. The independent sample t-test is used to find out the difference of efficiency level between each group of bank (BUS and UUS).The results of this research using SFA method shows that Islamic banking’s efficiency is increasing in every period between 2010-2013. The average efficiency on BUS and UUS respectively are 0,90098 and 0,901823. This suggests that UUS in Indonesian better than BUS during 2010-2013. Regarding the result of hypothesis testing panel about the influence of input variables toward BUS and UUS output variable, total deposits of third parties has positive and significant influence to the total financing, total other operating expenses has positive and insignificant influence to the total financing, and the employee or labor cost has negative and insignificant influence toward total financing. Independent sample t-test is used to gain the results of this different test hypothesis testing and it shows no difference in efficiency level between BUS and UUS.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI DIVIDEND PAYOUT RATIO PADA PERUSAHAAN MANUFAKTUR YANG LISTED DI BEI TAHUN 2008 – 2012 Gama Primadasa, Dwi; Muharam, Harjum
Diponegoro Journal of Management Volume 4, Nomor 2, Tahun 2015
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This research aims to determine the impact of Return On Equity, Debt to Equity Ratio, Current Ratio, Firm Size, and Growth on Dividend Payout Ratio on manufacturing companies listed in Indonesia Stock Exchange since period 2008 - 2012. This study used secondary data with entire population of manufacturing companies listed in the Indonesia Stock Exchange (BEI) in 2008 - 2012. The method used to determine the sample using purposive sampling and the data obtained on the basis of publication financial report from www.idx.co.id. The analytical method used is multiple linear regression, regression testing prior to first tested the classical assumptions.Based on the statistical F indicates that the model is fit because has significance value less than 5% of alpha value (α). Meanwhile, based on statistical t test showed that the Return on Equity is positive and significant impact on Dividend Payout Ratio. On the other side, Debt to Equity Ratio, Current Ratio and Firm  Size are positive but has no  significant impact due to over Alpha value.  And the last one, Growth has negative and significant impact on Dividend Payout Ratio.Results of the analysis show that predictive ability to the five independent variables (ROE, DER,  CR,  Firm Size,  Growth)  is  19.9% and  it  shown  by  adjusted  R²  value,  the  rest  80.1% influenced by other variables outside the model.
ANALISIS FAKTOR – FAKTOR YANG MEMPENGARUHI LOAN LOSS PROVISION BANK UMUM KONVENSIONAL DI INDONESIA (Periode 2009 – 2013) Farida, Diana Eka; Muharam, Harjum
Diponegoro Journal of Management Volume 5, Nomor 3, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

Bank has strategic position to support financial system stability in Indonesia. Banking main activity is collecting third party funds and then redistribute in a credit form. Lending activity makes bank faced problems when it’s implementing, one of the problem is non performing loan. To anticipate non performing loan, bank must has reserve, so the problem doesn’t directly impacting the operational activity of bank. Form of required reserve by bank is loan loss provision, so bank has to know what factor affect the amount of loan loss provision. This study analyze the effect of return on assets, loan to deposit ratio, debt to equity ratio, reserve and loan loss provision of conventional bank Indonesia in 2009 until 2013 period. Samples that are used in this study consist of 23 conventional banks in Indonesia. Regression model in this study using least square dummy variable (LSDV) including dummy of period.Result of this study shows that return on assets has negative coefficient and not significant towards loan loss provision. Loan to deposit ratio has positive coefficient but not significant so it does not effect loan loss provision while debt to equity ratio has negative coefficient and not significant to loan loas provision. Reserve has negative effect and significant to loan loss provision but it is inappropriate so the hypothesis is being rejected. Size has positive and significant toward loan loss provisions.
ANALISIS PENGARUH BIAYA OPERASIONAL, RISIKO KREDIT, RISK AVERSION, DAN OPPORTUNITY COST TERHADAP NET INTEREST MARGIN PERBANKAN INDONESIA (Studi Pada Bank BUMN, Bank Pembangunan Daerah, dan Bank Umum Swasta Nasional Devisa Periode 2011-2014) Paramitha, Andreana Dita; Muharam, Harjum
Diponegoro Journal of Management Volume 5, Nomor 2, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

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Abstract

This research aims to analyze the influence of operating cost, credit risk, risk aversion, and opportunity cost to Net Interest Margin (NIM) of banks in Indonesia and to knowing the difference of Net Interest Margin (NIM) in three groups of bank which are state owned banks, regional development banks, and foreign exchange commercial banks. The data used in this research were obtained from the published financial statements during the periods 2011-2014. The sampling technique used was purposive sampling. Sample in this research there were 25 banks, which are 4 state owned banks, 8 regional development banks, and 13 foreign exchange commercial banks. Data is analized using multiple linear regression and linear regression analysis with dummy variables to determine differences Net Interest Margin (NIM) of three groups banks with significance level of 5%. Results of this research show that operating cost and risk aversion have significant positive effect on NIM. Credit risk has significant negative effect on NIM. However opportunity cost has no significant effect on NIM. NIM owned by Foreign Exchange Commercial Banks were 131,6% lower than other groups.
Co-Authors Abdul Aziz Nurul Akhsan, Abdul Aziz Nurul agasa, Qaharuna Andreana Dita Paramitha, Andreana Dita Apriyani, Duwi Asep Mulyana Axel Giovanni Azhary, Alwan Bellinda, Bianda Dewi, Febrina Eka Dhani Utary Firmanah, Dhani Utary Dheni Saraswati Almara, Dheni Diana Eka Farida, Diana Eka Dinda Ayu Septiana, Dinda Ayu Dwi Gama Primadasa, Dwi Ersabathari, Ruth Valencia Erwin Erwin Faraga, Filus Farah Nur Sabrina, Farah Nur Fitriati, Ika Rosyada Galuh Kusuma Putri Gata Niztiar, Gata Habib Bitomo, Habib Handayani, Heny Handayani, Suyati Hanung Sakti Hanung Sakti, Hanung Haryanto, Antonius Mulyo Hasna Penta Kurnia Hasna Penta Kurnia Hasna Penta Kurnia Heni Hirawati Heny Handayani Hepdityo Rizki Adam Damanik, Hepdityo Rizki Ima Mediana, Ima Indra Eka Putra Isfenti Sadalia Jumadil Saputra M. Andika Jawara Pratama M. Chabachib Maria Rio Rita Miftahusni,, Nundy Mohammad Chabachib Muhammad Fadhil Rabbani Muhammad Panji Muhammad Panji, Muhammad Muhammad Talkhisul Abid Muhammad Talkhisul Abid Nabila H.N. Farida A., Nabila H.N. Nadya Purnamasari, Nadya Nency I, Yashinta Nirmala Luthfiya Atyanta Putri Andriana, Putri Rabbani, Muhammad Fadhil Rahayu, Nugroho Tulus Rico Nur Ilham Riskin Hidayat Rizki Yogonugroho, Muhammad Robiyanto Robiyanto, Robiyanto Samasta, Almira Santi Santa Situmeang, Santa Saraswati, Niken Silvia Hendrayanti Sugeng Wahyudi, Sugeng Sugiono Sugiono Syafrullah, Saddek T. Muhd. Redha Vahlevi, T. Muhd. Redha Tara Ninta Ikrima Teuku Muhammad Haqiqi, Teuku Muhammad Wisnu Mawardi Wulandari, Cahyani Sulistyaning Yacobo P Sijabat Yasmin, Amanda Ratri Yudianto, Iwan