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All Journal Jurnal Ekonomi Jurnal Manajemen Teknologi Jurnal Ilmiah Ranggagading (JIR) JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Jurnal Manajemen
Roy Sembel
BINUS BUSINESS SCHOOL, BINUS UNIVERSITY, JWC Campus, Jl. Hang Lekir I No. 6, Kebayoran Baru, South Jakarta 12120
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Analisis Pengaruh Aliran Kas Bebas Positif Dan Negatif, Dividen Dan Leverage Terhadap Nilai Pemegang Saham Studi Kasus: Perusahaan Non Keuangan Yang Terdaftar di Bursa Efek Indonesia Periode 2003 – 2010 Sasongko, Hendro; Achsani, Noer Azam; Sembel, Roy; Kusumastanto, Tridoyo
Jurnal Ilmiah Ranggagading (JIR) Vol 12, No 1 (2012): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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Abstract

Free cash flow is viewed as performance parameter that’s more promising because it’s more transparent in presenting operational activity, investment, and company’s funding. Besides those advantages, there are two questions: (1) is the free cash flow able to become determinant against stockholders’ value and (2) are there other factors which affect it? This study took sample from 184 non-finance companies registered at Indonesia Stock Exchange period 2003 – 2010, using double regression analysis method. The result of this study shows that negative free cash flow, dividend, and leverage has significant influence against stockholders’ value.
KOMPETISI DAN STABILITAS PERBANKAN DI INDONESIA Suatu Pendekatan Analisis Panel Vector Autoregression Apriadi, Intan; Sembel, Roy; Santosa, Perdana Wahyu; Firdaus, Muhammad
Jurnal Manajemen Vol 21, No 1 (2017): February 2017
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (417.964 KB) | DOI: 10.24912/jm.v21i1.146

Abstract

Banking fragility phenomenon  in the world as well as in Indonesia whip out some interesting issues to be investigated. The objective of this study is to investigate the dynamic causality relationship between competitionand stability of bank in Indonesia. The relationship between competition and stability of bank has long been a controversy before some crises takes place in the world either in theoretical or in empirical sphere. The crucial question  such as will competition  increase stability of banking industry  or the other way around will competition create instability in banking system in Indonesiaare going to be investigated in this study. Stability will be analyzed by z-score, and competition will be measured by HHI. Testing the relationship between competition and stability will be conducted by Panel Vector Autoregression, a relatively new approach in econometrics. Empirical result indicates that competition  decreasedstability of banking industry,whereas stability has aninsignificant effect to competition.
PENGARUH KUALITAS MANAJER PAJAK TERHADAP PENGHINDARAN PAJAK DENGAN ETIKA MACHIAVELLIAN SEBAGAI PEMEDIASI Trisnawati, Estralita; Sembel, Roy; Gunawan, Juniati; Waluyo, Waluyo
Jurnal Ekonomi Vol 22, No 3 (2017): November 2017
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v22i3.280

Abstract

This study aims to examine the effect of tax managers' quality on tax avoidanceof manufacturing industry firms listed on the Indonesia Stock Exchange withmachiavellian ethics as intervening. Using path analysis model with WarpPLS 5.0. This study examined the primary data for tax manager qualities and machiavellian ethics obtained from 103 tax managers working in manufacturing industry firms at IDX and secondary data from financial statements for tax avoidance. There are 10 tax avoidance indicators used as a proxy. This study gives results that the quality of tax managers have a significant positive effect on Machiavellian ethics. However, machiavellian ethics can not mediate the influence of tax manager quality on tax avoidance.
Tata Kelola, Konsentrasi Saham dan Kinerja Perusahaan Agroindustri Indonesia Hastori, .; Siregar, Hermanto; Sembel, Roy; Maulana, Tb. N Ahmad
Jurnal Manajemen Teknologi Vol 14, No 2 (2015)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (9872.96 KB) | DOI: 10.12695/jmt.2015.14.2.6

Abstract

Abstrak. Penelitian ini dilakukan untuk mengidentifikasi faktor-faktor yang mempengaruhi kinerja perusahaan agroindustri yang terdaftar pada Bursa Efek Jakarta (BEI). Pemilihan sampel terhadap perusahaan agroindustri karena peranan sektor ini terhadap sumbangan Produk Domestik Bruto pada tahun 2012 cukup tinggi, yaitu 15 persen. Agroindustri juga memiliki keunggulan-keunggulan seperti berbasis sumber daya alam yang bisa diperbaharui, relatif padat karya, dan paling tahan selama krisis moneter tahun 1998. Model yang digunakan dalam analisa adalah regresi data panel. Penelitian ini menggunakan data sekunder dengan 54 perusahaan selama kurun waktu 4 tahun yaitu tahun 2010 sampai dengan 2013. Hasil penelitian menunjukkan bahwa kinerja perusahaan dipengaruhi secara signifikan oleh konsentrasi kepemilikan saham, peran dewan direksi dalam menjalankan tugas dan fungsi, tingkat utang dan ukuran perusahaan. Pengaruh masing-masing  variabel tersebut positif dalam meningkatkan kinerja, kecuali ukuran perusahaan yang berpengaruh negatif. Hal ini sesuai dengan hipotesa penelitian Sementara itu dari fakta penelitian mengungkapkan bahwa  fungsi dewan komisari, komisaris independen, komite audit, dan kebijakan tingkat dividen, tidak terbukti meningkatkan kinerja perusahaan.Hasil penelitian ini menunjukkan bahwa ada indikasi bahwa tata kelola perusahaan sudah mulai ada pengaruhnya terhadap peningkatan kinerja perusahaan. Hasil penelitian ini dapat dijadikan pencerahan bagi manajemen, investor maupun pengambil keputusan lain untuk dapat lebih serius menerapkan praktek-praktek tata kelola  pada perusahaan agroindustri di Indonesia. Kata Kunci: Kinerja, konsentrasi kepemilikan, tata kelola, tingkat dividen, tingkat utang.Abstract. This study aims to investigate determinants of firm performance on agro-industrial firms that are listed in the Indonesian Stock Exchange (IDX). Agro-industry sector has contributed 15 percent of Product Domestic Bruto in 2012. Agro-industrial firms has also comparative and competitive advantages compare to other industries.  Characteristics of this sectors are renewable resources, labor intensive, and the most resistant in economic crisis in Indonesia in 1998. Modeling of performance is analyzed by performing regression analysis of panel data.  This study employs secondary data of 54 companies from year 2010 to 2013. The results show that performance is affected by ownership concentration, the effectiveness of good governance mechanism, especially the function of board of directors (BOD) in conducting their duties, leverage and size of a firm.  Except for size variable, all other determinants affects positively on performance, in line with reseach hipothesis. However, board of commissioners, independent commissioners, auditors committee, and dividend payout are not significant factors in enhancing performance.  The results can shade some highlights to management, investors and other decision makers to implement better governance practices in agro-industrial firms in Indonesia.Keywords: Performance, ownership concentration, good governance, dividend payout, leverage.
PENGARUH ECONOMIC VALUE ADDED, MARKET VALUE ADDED DAN FINANCIAL DISTRESS TERHADAP VOLATILITAS STOCK RETURN DENGAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL MODERATING Jaunanda, Meiliana; Sembel, Roy; Hulu, Edison; Ugut, Gracia Shinta S.
JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). Vol 8, No 3 (2021): JMBI UNSRAT Volume 8 Nomor 3
Publisher : FEB Universitas Sam Ratulangi Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35794/jmbi.v8i3.36737

Abstract

Abstract. This study was conducted to effect of economic value added, market value added, altman zscore, and corporate social responsibility on volatility Stock Return. Samples were taken from companies that conducted an Initial Public Offering on the Indonesia Stock Exchange from 2018 to 2020 using a purposive sampling method, thus obtaining sample data of 71 companies. Data will be tested using data panel eviews10 program. The results of this study indicate that (1) Economic Value Added have negative effect and no significant effect on Stock Return , (2) Market Value Added have negative effect and no significant effect on Stock Return, (3) Altman Zscore have negative  effect and significant effect on Stock Return, (4) Corporate Social Resposibility have negative  effect and significant effect on Stock Return, (5) Corporate Social Resposibility have memoderate economic value added on Stock Return , (6) Corporate Social Resposibility have memoderate market value added on Stock ReturnAbstrak. Penelitian ini menguji pengaruh economic value added, market value added, altman zscore, dan corporate social responsibility terhadap volatilitas likuiditas saham. Sampel diambil dari perusahaan yang melakukan Initial Public Offering di Bursa Efek Indonesia dari tahun 2018 sampai dengan tahun 2020 dengan menggunakan metode purposive sampling, sehingga diperoleh data sampel sebanyak 71 perusahaan. Data akan diuji menggunakan program data panel eviews10. Hasil penelitian ini menunjukkan bahwa (1)Economic Value Added berpengaruh negatif dan tidak signifikan terhadap likuiditas saham, (2)Market Value Added berpengaruh negatif dan tidak signifikan terhadap likuiditas saham, (3)Altman Zscore berpengaruh negatif dan berpengaruh signifikan terhadap likuiditas saham, (4)Corporate Social Resposibility berpengaruh negatif dan signifikan terhadap likuiditas saham, (5)Corporate Social Resposibility dapat memoderasi economic value added terhadap likuiditas saham, (6) Corporate Social Resposibility dapat memoderasi market value added terhadap likuiditas saham
Co-Authors Apriadi, Intan DWI SURYANTO Ervina Mela Dewi, Yandra Arkeman, Erliza Noor, Noer Azam Achsani Estralita Trisnawati Gracia S Ugut Hastori, . Hendro Sasongko Hermanto Siregar Hulu, Edison Jaunanda, Meiliana Juniati Gunawan, Juniati Perdana Wahyu Santosa Tb. N Ahmad Maulana, Tb. N Ahmad Tridoyo Kusumastanto Yoga Yuniadi