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All Journal Jurnal Keuangan dan Perbankan Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business MABIS: Manajemen dan Bisnis Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Jurnal Manajemen Universitas Bung Hatta Journal of Indonesian Economy and Business

Eduardus Tandelilin

Faculty Of Economics & Business, Universitas Gadjah Mada

Author-ID : 400942

Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

Published : 40 Documents Claim Missing Document

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ASYMMETRIC INFORMATION IN THE IPO UNDERWRITING PROCESS ON THE INDONESIA STOCK EXCHANGE: PRICING, INITIAL ALLOCATION, UNDERPRICING, AND PRICE STABILIZATION Arni Utamaningsih; Eduardus Tandelilin; Suad Husnan; R. Agus Sartono
Journal of Indonesian Economy and Business (JIEB) Vol 28, No 3 (2013): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study examines the IPO trading based on asymmetric information among heterogeneous investors. An underwriter plays an active role in the process of the IPO where underpricing is a central issue. The underwriter(s) manages the IPO trading by determining the offered price range and a discriminatory treatment between institutional and individual investors. The underwriter prioritizes institutional investors, especially when they show strong buying interests at the time of book building. The results prove that underpricing is higher when the IPO pricing is closer to the upper limit of the price range. We find that underpricing is higher when the allocation of shares to institutional investors is larger.

BANK RISK AND MARKET DISCIPLINE Taswan Taswan; Eduardus Tandelilin; Suad Husnan; Mamduh M. Hanafi
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 3 (2012): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This paper investigates the issue of bank risk taking. Specifically we investigate two main issues: (1) determinants of bank risk, and (2) market discipline to the banks either in implicit, explicit guarantee systems, and all periods. Using Indonesian data, we find that domestic, foreign, and ownership concentration have positive impact on bank risk. Bank shareholders engage in entrenchment behaviour, rather than convergence behaviour. We further find that charter value and compliance to regulation have negative impact on bank risk. Next, we find that market disciplines the banks. Market disciplines the banks at thesame degree in implicit and explicit deposit guarantee systems. Our findings highlight the importance of paying close attention to banks ownership, charter value, and compliance to regulation. Furthermore, since we find that market disciplines the Banks at the same degree in explicit and implicit guarantee systems, we need to investigate this issue further.This finding highlights research potential in the future: to investigate disciplining behaviour from various types of depositors.Keywords: bank ownership, market discipline, risk, entrenchment, convergence, and deposit insurance

BANKING MARKET DISCIPLINE IN INDONESIA AN EMPIRICAL TEST ON CONVENTIONAL AND ISLAMIC BANK Hasan Hasan; Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 2 (2012): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

A sound banking system is vital in supporting a sound and strong economy. One of the important pillars of a sound banking system is market discipline, which is the reaction ofthe market makers on the risks taken by banks as a form of supervision and discipline. The objectives of this paper are to examine: (i) the existence of market discipline by depositors in the deposit insurance era by the Indonesia Deposit Insurance Corporation (LPS); (ii) the difference in market discipline by depositors before and after the policy of increasing the value of deposit covered; (iii) the difference between market discipline by depositors of Islamic banks with conventional banks. The data used are annually individual bank data from the Indonesian Banking Directory (DPI) in 2005-2009. The dependent variable is the change in deposits, which is used as proxy for market discipline in t period. The independent variables used are CAR, APB, NIM, and LDR as proxy of financial risk/fundamental condition of the bank in t-1 period. The result indicates the existence ofmarket discipline in Indonesia and also shows that market discipline is detected stronger in the period 2005-2007 than the period 2008-2009. This study also indicates that marketdiscipline by depositors of Islamic banks are stronger than those of conventional.Keywords: market discipline, deposit insurance, Islamic and conventional banks.

INSTITUTIONAL OWNERSHIP AND AGENCY CONFLICT CONTROLLING MECHANISM Leo Indra Wardhana; Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 3 (2011): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The research investigates ownership structure in Indonesia in context of agency theory for non-financial firms listed on the Indonesian Stock Exchange for 2000-2007 periods.The uniqueness of characteristic of ownership structure in Indonesia, which is dominated by large institutional shareholders motivated researcher to examine the impact and its relationship to agency conflict and balancing off agency theory in Indonesian companies.In this condition, it is certainly indicating that the existing conflict is not between managers and owners but majority and minority. The study argues that in low level ownership, controlling institutional shareholder expropriates the minority shareholders. However, when the ownerships comes to higher level, the controlling shareholder will make agency conflict lower since monitoring hypothesis becoming relevant in such level. In other words, the study argues that nonlinear relation between agency conflict which is proxied by firm’s performance ratios and controlling institutional ownership exist. Nevertheless, the study argues that debt and dividend policy can also be used to reduce the conflict. Thus, the study also examines the simultaneous relationships among the mechanisms used to reduce agency conflict.The result indicates that when controlling institutional shareholder has significant amount of shares, they will actively monitor the manager to ensure them making value.However, when the ownership is insignificant, controlling shareholder will harm firm value due to expropriation of controlling shareholder. Therefore, nonlinear relationshipexists between controlling institutional shareholder and agency conflict. Second, debt policy and dividend policy can be used to reduce the conflict. The last, it is found thatbalancing off agency theory is not applied among all policies. The only bidirectional relationship is between institutional ownership and debt policy.Keywords: controlling institutional ownership, agency theory, balancing off agency theory, debt policy, dividend policy

INTERNET SEARCH TRAFFIC AND ITS INFLUENCE ON LIQUIDITY AND RETURNS OF INDONESIA STOCKS: AN EMPIRICAL STUDY Berto Usman; Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 3 (2014): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The development of advanced information technology has become a standard in the process of improving corporate value. This is seen through the high level of investors’ awareness of the brand and information that company holds (Da, Engleberg, and Gao, 2011; Bank, Larch, and George, 2011; Joseph, Wintoki, and Zhang, 2011). Among the information providers, internet plays an important role not only in accessing information, but also as a medium that can be applied to publish a wide range of financial reports or news to attract investors. This study aims to examine the effect of investors’ attention towards returns, liquidity and volatility of stock returns. The results indicate that investors’ attention which is represented by Google Insight contributes positively and significantly to the explanation of returns, liquidity, and volatility of stock returns in Indonesian manufacturing firms. Also, the phenomenon of information technology usage can be one of the considerations for investors in order to discover what types of company’s criterion that is appropriate to be included in their investment portfolio.

SPEED OF ADJUSTMENT AND TARGET DIVIDEND PAYOUT RATIO IN INDONESIA Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 1 (2002): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Penelitian ini bertujuan untuk menganalisis kecepatan penyesuaian dan target rasio pembayaran dividen di Indonesia dengan menggunakan model Lintner. Sampel penelitian terdiri dari 975 perusahaan yang terdaftar di Bursa Efek Jakarta (BEJ) yang melakukan pembayaran dividen selama periode 1994 sampai dengan 1999. Penelitian ini menemukan empat hal penting, yaitu: pertama, selama berlangsungnya krisis moneter di Indonesia, jumlah perusahaan yang mengumumkan earning dan membayar dividen mengalami penurunan yang signifikan. Kedua, perusahaan-perusahaan di Indonesia selama periode 1994-1999 cenderung lambat melakukan penyesuaian pembayaran dividen mareka terhadap target dividennya, yaitu sekitar 0,36. Hasil ini menunjukkan kecenderungan yang lebih lambat dibanding hasil penelitian sebelumnya yang dilakukan oleh Sutojo dan Irianto (1990; 1995) selama periode 1986-1993, serta Selvi (1999) selama periode 1991-1996. Ketiga, perusahaan-perusahaan di Indonesia selama periode 1994-1999 membayarkan dividen bagi pemegang sahamnya sebesar 0,53 dari earning yang diperolehnya. Hasil ini lebih rendah dibanding temuan penelitian sebelumnya oleh Sutojo dan Irianto (1990;1995) dan Selvi (1999). Keempat, ada kecenderungan bahwa selama periode 1994-1999 investor di Indonesia lebih berorientasi pada capital gain. Hasil ini konsisten dengan hasil penelitian sebelumnya oleh Sutojo and Irianto (1990, 1995) serta Selvi (1999). Kata Kunci: Kecepatan penyesuaian, Rasio target pembayaran dividen, Model Lintner, Orientasi capital gain.

THE IMPACT OF ASIAN FINANCIAL CRISIS ON STOCKS’ BEHAVIOR: EVIDENCE FROM JAKARTA STOCK EXCHANGE Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Penelitian ini menguji pengaruh krisis keuangan di Asia terhadap prilaku saham di Bursa Efek Jakarta (BEJ). Secara spesifik tujuan penelitian ini adalah, pertama melihat perubahan likuiditas, aktivitas perdagangan, dan volatilitas return saham di BEJ dari periode sebelum krisis keuangan. Kedua, menguji stabilitas variabel-variabel yang menetukan likuiditas saham di BEJ ketika terjadi krisis keuangan.Penelitian ini menggunakan paired t-tests, non-parametric sign tests, dan analisis regresi untuk menguji dampak krisis keuangan. Hasil penelitian menunjukkan bahwa bid-ask spread, depth, aktivitas perdagangan, dan volatilitas meningkat signifikan selama krisis. Hasil keseluruhan menunjukkan bahwa krisis keuangan meningkatkan biaya transaksi investor kecil dan investor yang mengalami panik. Hasil penelitian juga menunjukkan penentu spread dan depth adalah harga, volume, dan volatilitas. Namun variabel penentu ini tidak stabil dari periode sebelum dan selama krisis keuangan, pengecualian untuk harga saham.Keywords: bid-ask spread, depth, trading activity, financial crisis.

EFEKTIVITAS PENERAPAN PRICE LIMIT DI BURSA EFEK JAKARTA Mario Rita; Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 22, No 2 (2007): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Some stock markets have employed price limit to prevent market crash. The question about the effectiveness of price limit has long attracted research interest. Price limit advocates claim that price limits decrease stock return volatility, counter overreaction, and do not interfere with trading activity. Conversely, price limit critics claim that price limits cause higher volatility levels on subsequent days, prevent prices from efficiently reaching their equilibrium level, and interfere with trading due to limitations imposed by price limits. Empirical research does not provide conclusive support for either positions.This study empirically investigates the impact of a wide price limit on volatility, and overreaction, using the data from the Jakarta Stock Exchange, over the years 2000-2005. More specifically this study examines whether daily return volatility for stock-hit price limit are expected to be lower in the post limit hit period than the sample control groups. Beside that, in this study the phenomenon of short-term overreaction are examined.The main difference of this paper with the previous literatures is that this study compares volatility levels before and after price limit implementation on JSX.Firstly, empirical results indicate that volatility after price limit implementation shows highest level than before. Second, the results show that stocks-hit experiences their highest level of volatility on the day when stock-hit reach their limits, and then decreases significantly after the hit. Third, the findings indicate the occurrence of short-term overreaction for the sample of downward stock price movement, but not for the sample of upward stock price movement.

PENGARUH HARI PERDAGANGAN TERHADAP RETURN SAHAM DI BURSA EFEK JAKARTA Eduardus Tandelilin; Algifari Algifari
Journal of Indonesian Economy and Business (JIEB) Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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The objectives of this study are: (1) to test the effect of trading days on stock return,(2) to determine whether there is any differences of daily stock returns, and (3) to testdaily abnormal return of some Indonesians common stocks. The results indicate thatthere is an effect of trading days on stock return. The study also shows that there isthe difference in daily stock returns. Finally, the result of the study indicates thatTuesday and Wednesday have an abnormal return.

GROUP TECHNOLOGY Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 14, No 2 (1999): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (165.411 KB)

Artikel ini ditujukan untuk meninjau kembali status group technology dancellular Manufacturing. Tinjauan ini meliputi pembahasan konsep group technolgy,prinsip-prinsip dasar group techology, pembelian pekerjaan pada set manufaktur,keuntungan dan kerugian group techology, dan cellular manufacturing, dan terakhirkomentar terhadap status group technology (cellular manufacturing). Meskipun gruptechology dan cellular manufacturing memiliki beberapa keunggulan periling,banyak perusahaan terkesari lamban dalam mengadopsi konsep ini, karena beberapahal: (1) berbagai masalah dan biaya yang timbul daiam melakukan identifikasi,klasifikasi, dan kodifikasi part families, (2) biaya yang timbul dalam menyusunkembali sistem produksi ke dalam sel-sel mesin, serta perlawanan dari pekerja danmanajemen terhadap perubahdti.Untuk memahami dampak dari sistem seluler,evaluasi atas sistem kini dan sistem ssluler yang diusulkan harus dilakukan. Selainitu, perbandingan antara variabel operasional dan karakteristik rancangan fisikharus pula dilakukan.

Co-Authors - Algifari Algifari Algifari Arni Utamaningsih Arni Utamaningsih Berto Usman Berto Usman, Berto Budi Asmarawati Dedhy Sulistiawan Eddy Junarsin Edwin Karambe Erni Ekawati Fitri Susilowati Hasan Hasan Hasan, Hasan I Wayan Nuka Lantara Jogiyanto Hartono Johannes Maysan Damanik Leo Indra Wardhana Leo Indra Wardhana Leo Indra Wardhana Lukas Purwoto Lukas Purwoto Mamduh M. Hanafi Mamduh M. Hanafi Mamduh M. Hanafi Maria Rio Rita Muizzuddin Muizzuddin R. Agus Sartono R. Agus Sartono Rachmat Sudarsono Setiyono Setiyono Setiyono Setiyono Setiyono, Bowo Suad Husnan Suad Husnan Supriyadi . Supriyadi Supriyadi Taswan, Taswan

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