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All Journal Signifikan : Jurnal Ilmu Ekonomi Jurnal Manajemen Teknologi Jurnal Keuangan dan Perbankan JOURNAL OF INDONESIAN ISLAM Journal of Applied Finance & Accounting Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal International Research Journal of Business Studies (E-Journal) Jurnal Organisasi Dan Manajemen JURNAL MANAJEMEN INDUSTRI DAN LOGISTIK Buletin Ekonomi Moneter dan Perbankan Jurnal Muara Sains, Teknologi, Kedokteran dan Ilmu Kesehatan Dinasti International Journal of Management Science The Indonesian Journal of Accounting Research Cakrawala Repositori Imwi Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Jurnal Ilmu Manajemen Terapan (JIMT) Studi Ilmu Manajemen dan Organisasi Interdisciplinary Social Studies International Journal of Science and Society (IJSOC) Formosa Journal of Applied Sciences (FJAS)
Adler Haymans Manurung
Universitas Bhayangkara Jakarta Raya, Jakarta
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Astronomy Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Neuroscience Nursing Physics Public Health Social Sciences Transportation Other

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Pengujian Teori Trade-Of Dan Pecking Order Dengan Satu Model Dinamis Pada Perusahaan Publik Di Indonesia Adler Haymans Manurung, Darminto.,
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 1, No 1 (2008): May 2008
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (802.715 KB)

Abstract

This article explores determinant of capital structure in Indonesia.Empirical study using Regression in model is done by includingvariable suggested by Trade of Theory, Pecking Order Theory, andcombination of those theories. The result shows that determinantfactors in the Trade of Theory have more ability to explain the capitalstructure than deficit cash flow factor in pecking order theory. Othervariables that are also significant are firm size and collateral capacity.Its is possible that rejection of Pecking Order Theory is due to markettiming argument in long term financing.Keywords: leverage, pecking order theory, trade-off theory, capital structure, size and tangible fxed asset.
Determinan Intensitas Transaksi Afiliasi pada Perusahaan-perusahaan dalam Grup Bisnis di Bursa Efek Indonesia Tambunan, Martua Eliakim; Siregar, Hermanto; Manurung, Adler Haymans; Priyarsono, Dominicus Savio
Jurnal Manajemen Teknologi Vol 15, No 2 (2016)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2016.15.2.2

Abstract

Abstrak. Transaksi afiliasi merupakan aksi korporasi penting dengan tingkat kejadian tertinggi dari seluruh aksi korporasi emiten yang terdaftar di Bursa Efek Indonesia. Intensitas transaksi afiliasi memungkinkan ekspropriasi hak pemegang saham minoritas serta berpengaruh terhadap nilai perusahaan. Penelitian ini bertujuan menganalisis determinan-determinan yang mempengaruhi intensitas transaksi afiliasi pada perusahaan dalam grup bisnis di Bursa Efek Indonesia. Determinan tersebut adalah kepemilikan saham ultimat, tata kelola perusahaan yang baik (dengan komisaris independen dan kantor akuntan publik Big Four sebagai proxy), rasio utang terhadap modal serta periode krisis. Penelitian ini menggunakan data panel dengan periode waktu kuartalan dari 2006 sampai 2013. Sampel ditentukan dengan cara purposive sampling yang berfokus kepada tipologi perusahaan yaitu perusahaan yang tergabung dalam tiga grup bisnis mewakili tiga lapisan kapitalisasi pasar. Hasil menunjukkan bahwa kepemilikan saham ultimat secara tidak signifikan berpengaruh positif terhadap intensitas transaksi afiliasi. Komisaris independen dan rasio utang terhadap modal secara signifikan berpengaruh positif terhadap intensitas transaksi afiliasi. Kantor akuntan publik Big Four secara signifikan berpengaruh negatif terhadap intensitas transaksi afiliasi. Periode krisis secara tidak signifikan berpengaruh negatif terhadap intensitas transaksi afiliasi. Determinan-determinan tersebut secara keseluruhan berpengaruh terhadap intensitas transaksi afiliasi.Keywords: transaksi afiliasi, grup bisnis, pemegang saham ultimat, tata kelola perusahaan yang baik, rasio utang terhadap modal. Abstract. Related party transactions are important corporate actions with the highest incidence rate of all issuers’ corporate actions listed in the Indonesia Stock Exchange. Related party transactions' intensity allows minority  holders' expropriation right and affects company's value. This study aimed to analyze the determinants affecting related party transactions’ intensity in companies in the business groups in the Indonesia Stock Exchange. The determinants were ultimate shareholders, good corporate governance (with independent commissioner and the Big Four public accounting firms as proxies), debt to equity ratio, and period of crisis. This study used panel data with quarterly time period from 2006 to 2013. Samples were determined by purposive sampling focusing on companies’ typology, namely companies in the three business groups representing the market capitalization’s three layers.  The results showed that ultimate shareholders insignificantly had positive effect on related party transactions’ intensity. Independent commisioners and debt to equity ratio significantly had positive effect on related party transactions’ intensity. The Big Four public accounting firms significantly had negative effect on related party transactions’ intensity. Period of crisis insignificantly had negative effect on related party transactions’ intensity. The determinants as a whole have an effect on the intensity of related party transactions.Keywords: related party transaction, business group, ultimate shareholder, good corporate governance, debt to equity ratio.
The Effect of Crude Oil Price Shocks on Indonesia Stock Market Performance Darmawan, Indra; Siregar, Hermanto; Hakim, Dedi Budiman; Manurung, Adler Haymans
Jurnal Organisasi dan Manajemen Vol. 16 No. 1 (2020)
Publisher : LPPM Universitas Terbuka

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (502.301 KB) | DOI: 10.33830/jom.v16i1.785.2020

Abstract

The primary purpose of this study is to investigate the effects of crude oil price shocks on Indonesia stock market performance, represented by the composite index (IHSG). We used a vector error correction model (VECM) approach to observe the relationship between Brent crude oil price (BPO) and the seven stock market indices, including IHSG, and the relationship between IHSG and the six global stock market indices. Findings. The results show that the Brent crude oil prices cointegrated to the seven stock market indices, including IHSG, and IHSG cointegrated to the six global stock market indices. This finding proves that crude oil price shocks affect the Indonesia stock market performance directly through the co-integration mechanism between the crude oil price and IHSG and indirectly transmitted through the co-integration mechanism between IHSG and the global stock market indices.
STUDI KOMPARATIF FAKTOR KESUKSESAN DALAM MERANCANG ARSITEKTUR BANGUNAN UNTUK MENINGKATKAN KEBERHASILAN IMPLEMENTASI TEKNOLOGI INFORMASI Kosasih, Wibowo; Budiastuti, Dyah; Abbas, Bahtiar Saleh; Manurung, Adler Haymans
Jurnal Muara Sains, Teknologi, Kedokteran dan Ilmu Kesehatan Vol 3, No 2 (2019): Jurnal Muara Sains, Teknologi, Kedokteran dan Ilmu Kesehatan
Publisher : Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmstkik.v3i2.5918

Abstract

Industry 4.0 Era leads Information Technology to become a Strategic asset for companies to develop innovative and dynamic business models. Until recently the success rate of IT implementation is still relatively low. This research is a comparative study by comparing best practices and success factors in building construction industry with IT implementation. The construction industry was chosen as a comparison because this industry has a high level of reliability and successful implementation. The research method was conducted using the Comparative Research approach, through literature studies, depth interviews with subject matter expert. Then a Comparability Analysis is performed by comparing the best practices between construction operations and IT implementation. The information obtained is processed qualitatively to produce recommendations and design guidelines in designing IT solutions to improve success rate of IT implementation. The results of comparative analysis identify 7 factors that cause a good success rate in the construction industry. It also identified 5 challenges and 4 obstacles facing the IT industry, which hampered the success rate of implementation. This study compares the Architect-Contractor work patterns in the construction industry and Analyst-Developers in the IT industry. It further discusses the synergy and the relationship between AMO (Architecture Management Office) and PMO (Project Management Office) in the construction industry and IT industry. In conclusion, this study identified three characteristics of design guidelines for designing IT solutions, which is: Governance, Operation, and Growth. This explorative research can be continued by developing empiric research to develop design guidelines for designing IT solutions that uniqe in related industries. AbstrakEra Industri 4.0 membawa Teknologi Informasi menjadi aset strategis bagi perusahaan dalam mengembangkan model bisnis inovatif dan dinamis. Namun sampai saat ini tingkat keberhasilan implementasi TI masih relatif rendah. Penelitian ini melakukan studi komparatif dengan membandingkan best practice dan faktor kesuksesan  industri konstruksi dalam pembangunan gedung dengan implementasi TI. Dipilihnya industri arsitektur dan konstruksi bangunan sebagai pembanding, karena industri ini memiliki tingkat kemapanan dan tingkat keberhasilan implementasi yang cukup tinggi. Metode penelitian dilakukan dengan pendekatan Comparative Research, melalui studi literatur, wawancara (depth interview) dengan pelaku bisnis. Kemudian dilakukan Comparability Analysis dengan membandingkan best practice antara kegiatan operasional konstruksi dan implementasi TI. Informasi yang diperoleh diolah secara kualitatif untuk menghasilkan rekomendasi dan design guideline dalam mendesain solusi TI, agar tingkat keberhasilan implementasi TI lebih baik. Hasil analisa komparatif mengidentifikasikan 7 faktor penyebab tingkat keberhasilan yang baik pada industri konstruksi.  Selain itu juga diidentifikasi 5 tantangan dan 4 kendala yang dihadapi industri TI, yang menghambat tingkat keberhasilan implementasi. Penelitian ini membandingkan pola kerja Arsitek-Kontraktor di industri konstruksi dengan Analyst-Developer pada industri TI. Lebih lanjut membahas sinerji dan hubungan antara AMO (Architecture Management Office) dan PMO (Project Management Office) dalam industri konstruksi dan industri TI. Sebagai kesimpulan penelitian, diidentifikasi tiga karakteristik design guideline untuk mendesain solusi TI, yaitu: Governance, Operation dan Growth. Penelitian eksploratif ini dapat dilanjutkan lebih dalam secara empirik untuk pengembangan design guideline perancangan solusi TI dengan industri terkait.
Pengujian Teori Trade-Of Dan Pecking Order Dengan Satu Model Dinamis Pada Perusahaan Publik Di Indonesia Darminto, Darminto; Haymans Manurung, Adler
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 1, No 1 (2008): May 2008
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.1.1.24

Abstract

This article explores determinant of capital structure in Indonesia.Empirical study using Regression in model is done by includingvariable suggested by Trade of Theory, Pecking Order Theory, andcombination of those theories. The result shows that determinantfactors in the Trade of Theory have more ability to explain the capitalstructure than deficit cash flow factor in pecking order theory. Othervariables that are also significant are firm size and collateral capacity.Its is possible that rejection of Pecking Order Theory is due to markettiming argument in long term financing.Keywords: leverage, pecking order theory, trade-off theory, capital structure, size and tangible fxed asset.
STRUKTUR MODAL DAN KEPUTUSAN INVESTASI PADA PERUSAHAAN TELEKOMUNIKASI INDONESIA Palti Marulitua Sitorus; D.S. Priyarsono D.S. Priyarsono; Adler Haymans Manurung; Tubagus Ahmad Maulana
Jurnal Keuangan dan Perbankan Vol 18, No 2 (2014): May 2014
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (228.918 KB) | DOI: 10.26905/jkdp.v18i2.797

Abstract

This study aimed to explore the interconnection of capital structure and investment decisions based on therelationship between corporate leverage and investment options. The samples used were telecommunicationcompanies in Indonesia which had already become public companies from 2006 to 2013. The data was processedby using multiple regression technique and t test and F test to see the difference of investment source.This study revealed that an increase in the firm value as a result of an increase in the debts of the company andits increase was different between the companies that the investment came from foreign investment and localinvestment. Investment selection by using the debt was considered to be the correct choice made by management.The value of the company was obtained better by companies that used local investment. Telecommunicationbusiness was still considered by investors to be the prospective industries.
World Oil Price Changes and Inflation in Indonesia: A Nonparametric Regression Approach Indra Darmawan; Hermanto Siregar; Dedi Budiman Hakim; Adler Haymans Manurung
Signifikan: Jurnal Ilmu Ekonomi Vol 10, No 1 (2021)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v10i1.19010

Abstract

This study aims to investigate the effect of world oil price changes on inflation in Indonesia. We used a nonparametric regression approach that never been employed in previous studies, both domestically and internationally. This study shows that the second-order Epanechnikov kernel function is statistically significant in explaining the effect of world oil price changes on Indonesia's inflation. We found that the world oil price changes had a lower effect on Indonesia's inflation when its price below USD 100 per barrel, and its effect became higher when its price above USD 100 per barrel. These results have important implications for Bank Indonesia and Indonesia's government in response to the world oil price changes. The policies that aimed at reducing the effect of world oil price changes on inflation in Indonesia should consider the world oil price level.JEL Classification: A12, B26, C14, E31, F29, F62How to Cite:Darmawan, I., Siregar, H., Hakim, D.B., & Manurung, A.H.. (2021). World Oil Price Changes and Inflation in Indonesia: A Nonparametric Regression Approach. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 161-176. https://doi.org/10.15408/sjie.v10i1.19010.
Analysis of Indonesia Bond’s Duration: Corporate Versus Government Bond Rezki Adhitia; Adler Haymans Manurung
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.129

Abstract

The duration of a bond is a measure of its interest rate risk. The objective of this research is to test whether corporate bond duration is higher compare to government bonds. The higher duration mean that bond’s price is more affected to the change in its yield. Effective Duration and Modified Duration Approaches are used to calculate the duration. The sample used is bonds that traded in Indonesia Stock Exchange. The result shows that there is no enough evidence that Indonesia corporate bonds duration is higher compare to government bonds. The implication for this is that there is no difference in interest rate risk between corporate bonds and government bonds.
Concept Model Research of Financial Psychology to SME Business Sustainability Dony Oktariswan; Adler Haymans Manurung; I Gusti Ketut Agung Ulupui; Agung Dharmawan Buchdadi
Interdisciplinary Social Studies Vol. 1 No. 8 (2022): Interdisciplinary Social Studies
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/iss.v1i8.191

Abstract

The study of Financial Psychology to SME Business Sustainability is one of the most efficient methods to improve Financial Psychology in doing business. The purpose of this study is to review and analyze the development of article publications with the evolution of research on Financial Psychology to SME Business Sustainability published from 2019-2021. Article analysis and search involves only themes with titles, abstracts, and keywords related to Financial Psychology and SME Business Sustainability from 2019-2021. Searches through the Scpous database are performed using TITLEABS-KEY. Article selection is adjusted by eliminating duplicates in the list of article type documents sourced from journals taken from the database using Harzing's Publish or Perish (PoP) and VOSviewer software. Based on the results of the analysis obtained research concept models in Financial Psychology formed from Financial Planning (Social factors and Economic factors), Behavior Finance (Psychological & Emotional and Factors Situational stimuli), Financial Literacy (Financial Knowledge and Household finance), Financial Inclusion (Government policy & regulation and Bank Stability). While Implementation Accounting from application, and SME Business Sustainability formed from SME Sustainability Performance. The subject area on the concept of the model was obtained from the disciplines of Economic, Econometrics and finance as many as 34 (42.5%) and Business, Management & Accounting amounted to 33 (41.25%).
DETERMINANT OF CAPITAL RATIO: A PANEL DATA ANALYSIS ON STATE-OWNED BANKS IN INDONESIA Pamuji Gesang Raharjo; Dedi Budiman Hakim; Adler Haymans Manurung; Tubagus Nur Ahmad Maulana
Buletin Ekonomi Moneter dan Perbankan Vol 16 No 4 (2014)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (212.9 KB) | DOI: 10.21098/bemp.v16i4.19

Abstract

Capital has an important role in maintaining safety of banks and in order to create a sound banking system. Banks are required to have a sufficient amount of capital, both to support its business expansion as well as a buffer to prevent any unexpected loss that banks might face and absorb losses arising from a variety of risks. Eventhough consists of four banks, State owned banks in Indonesia are catalystor for the banking industry in Indonesia. The failure of state-owned banks can affect the stability of Indonesian banking system. This study aims to study and analyze determinants of capital ratio of state-owned banks. Several variables have been used in previous studies to be used a proxy. The study applied panel data regression model. The capital ratio of state-owned banks is affected by asset growth (LNSIZE), equity to total liabilities ratio (EQTL), non performing loan (NPL), interest rate risk (IRR), and operational cost to operational revenue ratio (BOPO) on a different level of significance.  Keywords: Capital structure, state-owned commercial banks, panel data JEL Classification: C23; G21; G32
Co-Authors Agung Dharmawan Buchdadi AGUNG GALIH SATWIKO Arif Imam Suroso Bahtiar Saleh Abbas D.S. Priyarsono D.S. Priyarsono Darmawan, Indra Darminto . Dedi Budiman Hakim Dominicus Savio Priyarsono Dony Oktariswan Dyah Budiastuti Endah Suci Damayanti Ervina Mela Dewi, Yandra Arkeman, Erliza Noor, Noer Azam Achsani Farah Margaretha Gatot Nazir Ahmad Gatot Nazir Ahmad Hadita Simamora Hendri Setiadi Hermanto Siregar Hermanto Siregar I Gusti Ketut Agung Ulupui I Gusti Ketut Agung Ulupui Indra Darmawan Jhonni Sinaga John EHJ FoEh Kosasih, Wibowo Lukman Hakim Sangapan Muhammad Asif Khan NACHROWI D. NACHROWI Nancy Megawati Hariandja Nera Marinda Machdar Nopriadi Saputra Palti Marulitua Sitorus Pamuji Gesang Raharjo Pamuji Gesang Raharjo Rasnius Pasaribu Rezki Adhitia Sholeh, M Asrorun Niam Silvana Syah Susy Muchtar Tambunan, Martua Eliakim Tony Irawan Tubagus Ahmad Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Viranti Margaretta Wirawan Widjanarko Zahara Tussoleha Rony