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THE ISLAMIC BANKING AND THE ECONOMIC INTEGRATION IN ASEAN Solihin Solihin; Noer Azam Achsani; Imam T Saptono
Buletin Ekonomi Moneter dan Perbankan Vol 19 No 1 (2016)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (264.345 KB) | DOI: 10.21098/bemp.v19i1.601

Abstract

The efficiency level of the banking industry is the most important indicator to identify the soundness of banking system. This paper use non parametric frontier approach, DEA, to analyze the Islamic bank efficiency in ASEAN. We use price of deposit from customers, deposits and placements of banks, labor, and others operational expenditures as control variabel, and using financing, deposits and placements on other insitution, securities, others investment as output variabel. We found that the mix bank is the most efficient group within the observation period. Furthermore, the average Islamic banking efficiency in Indonesia, on intermediation approach, is lower than the average of ASEAN, unless they can reduce the cost of labor and other operational expenses. This paper also examines the determinant of efficiency of the Islamic Banking in ASEAN. Internal factors are Total Aset, ROA, BOPO, and ETA, and external faktor are Market Power and Inflation. Using Tobit regression, the result shows the factors that most influence to the Islamic banking efficiency in Indoneisa is the total size of the bank or its assets, OPEX/OR, and Market Power.
Dampak Perubahan Kurs (Pass-Through Effect) terhadap Tujuh Kelompok Indeks Harga Konsumen di Indonesia Achsani, Noer Azam; Nababan, Herry Frenky
Jurnal Ekonomi dan Pembangunan Indonesia Vol 9, No 1 (2008): Juli
Publisher : Department of Economics-FEUI

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Abstract

The impacts of exchange rate to an economy both domestically and internationally are an interesting discussion. One of the examples for discussion is exchange rate pass-through (ERPT). ERPT is defined as the rate of change of prices (domestic, imported or exported) as a result of change in exchange rate. Consumer price index (CPI) is one of the most frequent indicators used for measuring domestic price. This paper analyzes the impacts of exchange rate change (ERPT) to seven group of CPI in Indonesia. The Cholesky Decomposition is employed to identify structural shock of Structural Vector Autoregression (SVAR) which then combined with Vector Error Correction Model (VECM) for 48 time series units. The result shows that for the entire period there is an incomplete pass-through for the seven group of CPI. The largest effect occurs in the transportation and communication sector and food and beverages sector in which 35 percent of their changes in CPI are affected by change in exchange rate.
Pengujian Pecking Order Pada Perusahaan Perkebunan Di Indonesia Munawar, Aang; Sanim, Bunasor; Manurung, Adler Hayman; Achsani, Noer Azam
Jurnal Ilmiah Ranggagading (JIR) Vol 11, No 2 (2011): Jurnal Ilmiah Ranggagading
Publisher : Sekolah Tinggi Ilmu Ekonomi Kesatuan

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Abstract

This research examines capital structures or financial policy in Indonesia plantation firms with pecking order theory. Plantation firm was classified on status (listed and unlisted) and product (palm oil and non palm oil). Panel data methodology is used to test the empirical hypotheses over a sample of 22 Indonesia plantation firms during seven years period 2002 – 2008. The result of this research shows there is a significant cash deficit and product variables positively influence to increase long term debt. This evidence shows that pecking order theory used on financial policy and palm oil firms have cash deficit and long term debt more than non palm oil firms. In accordance to T test, there is a significant difference cash deficit and long term debt on firm status but long term debt only a significant difference on product firm.
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.
IMPACT OF BIODIESEL AGROINDUSTRY ON THE ACHIEVEMENT OF NATIONAL ENERGY SECURITY Firdaus, Alfa; Machfud, Machfud; Suryani, Ani; Achsani, Noer Azam
SINERGI Vol 24, No 2 (2020)
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22441/sinergi.2020.2.009

Abstract

The National Energy General Plan (RUEN) has set 11.6 million kiloliters of biodiesel production target in 2025. The determination of biodiesel production targets in RUEN is part of the objectives mandated in the National Energy Policy (KEN), which is to achieve energy security and independence. Therefore, this study aims to analyze the impact of biodiesel agroindustry on the achievement of national energy security in 2025. The simulation conducted in this study uses Long-range Energy Alternatives Planning (LEAP) software, which based on the accounting model. The model has run on Business as Usual (BAU) scenario, using four dimensions and 12 indicators of energy security in the context of biodiesel agroindustry. Model simulation results show a decreasing energy security trend in the period of 2022-2025, while the biodiesel production target, which was set at RUEN, cannot be achieved in 2025. This is mainly related to availability and affordability, which experienced a decline in the period. Further research needs to be done on the strategy of developing biodiesel agroindustry by considering scenarios of increasing production capacity and productivity as well as its impact on national energy security.
Equity Market Timing and Capital Structure: Evidence from Indonesia Stock Exchange Dhita, Sasha; Achsani, Noer Azam; Sembel, Roy; Purwanto, Sugeng
Jurnal Manajemen Teknologi Vol 17, No 1 (2018)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/jmt.2018.17.1.1

Abstract

Abstract. It is commonly known that companies issue equity when the market values are high and repurchase when the market values are low. Using the yearly financial statements from 2001 until 2015, with the exclusion of 2008, for 136 non-financial companies listed on the Indonesia Stock Exchange (IDX), this study analyzed the existence of equity market timing with the consideration of equity and debt market variables using an econometric approach of panel data regression. This study adopted net equity issues as dependent variable. For the independent variables, this study adopted variables that reflect equity market condition: price-to-book value, market, profitability, and debt market variable that is interest rate. This study found that the variable affecting the net equity issues is profitability, while price-to-book value, market, and interest are not found to have a significant relationship with net equity issues. This shall imply that the companies issue external equity when the companies' profitability is good regardless of the valuation, and high interest rate. The findings of this study supported the existence of equity market timing shown by the significant relationship between variable profitability and net equity issues. Keywords: Capital structure, equity market timing, Indonesia, net equity issues, non-financial companies.Abstrak. Perusahaan menerbitkan ekuitas ketika nilai pasar tinggi dan dibeli kembali ketika nilai pasar rendah. Dengan menggunakan data laporan keuangan tahunan perusahaan dari tahun 2001 sampai dengan 2015, dengan pengecualian tahun 2008, untuk 136 perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI), penelitian ini menganalisis adanya equity market timing dengan mempertimbangkan variabel pasar ekuitas dan hutang dengan menggunakan model ekonometrik, yakni regresi data panel. Untuk peubah respon (dependent variable), penelitian ini menggunakan net equity issues, sedangkan untuk peubah penjelas (independent variables), penelitian ini menggunakan variabel yang mencerminkan kondisi pasar ekuitas: price-to-book value, market, profitability, dan variabel pasar utang yaitu interest. Hasil penelitian menunjukkan bahwa variabel yang mempengaruhi net equity issues adalah profitability, sedangkan price-to-book value, market dan interest tidak memiliki hubungan yang signifikan dengan net equity issues. Hal ini menunjukkan bahwa perusahaan menerbitkan ekuitas eksternal pada saat kondisi profitabilitas perusahaan dalam keadaan baik, terlepas dari nilai valuasi, dan tingkat bunga yang tinggi. Hasil penelitian ini mendukung adanya equity market timing yang dibuktikan oleh hubungan signifikan antara variabel profitability terhadap net equity issues.Kata kunci: Equity market timing, Indonesia, Net equity issues, Perusahaan non-keuangan, Struktur modal.
Umur dan Kinerja Perusahaan: Studi Empiris Perbankan Syariah di Indonesia Nurwati, Etty; Achsani, Noer Azam; Hafidhuddin, Didin; Nuryartono, Nunung
Jurnal Manajemen Teknologi Vol 13, No 2 (2014)
Publisher : SBM ITB

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (9340.852 KB) | DOI: 10.12695/jmt.2014.13.2.4

Abstract

AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh umur perusahaan terhadap kinerja perbankan syariah di Indonesia. Untuk membandingkan antara pengaruh umur terhadap kinerja Bank Umum Syariah (BUS) yang berasal dari Unit Usaha Syariah (UUS) dan BUS hasil konversi, pada penelitian ini dianalisis pengaruh pengalaman BUS sebagai UUS terhadap kinerja BUS. Penelitian ini menggunakan data statistik perbankan syariah di Indonesia, untuk periode 1999-2011, dengan ukuran kinerja BUS berupa rasio keuangan: profitabilitas, likuiditas dan efesiensi. Untuk menganalisis pengaruh umur terhadap kinerja BUS, digunakan model regresi data panel. Hasil penelitian menunjukkan bahwa terdapat pengaruh yang signifikan antara umur perusahaan dan kinerja BUS, namun tidak menunjukan pengaruh signifikan antara pengalaman sebelumnya sebagai UUS terhadap kinerja Bank Umum Syariah (BUS) setelah spin-off.Kata Kunci: Pengalaman, Bank Umum Syariah, Kinerja, ROA, ROEAbstractThe purpose of this study was to analyze the effect of firm age on the performance of Islamic Banks ( BUS ) in Indonesia. To compare the effect of firm age on performance of BUS derived from UUS and BUS resulted from conversion, we analyzed the influence of experience as UUS on BUS performance. This study used statistical data of Islamic banking in Indonesia, for the period 1999-2011, with a performance measure of BUS in the form of financial ratios: profitability, liquidity and effeciency. To analyze the influence of firm age and experience to BUS performance, we use panel data regression model . The results showed that there is a significant relationship between firm age and performance of Islamic Banks, however, it did not show a significant relationship between prior experience as Islamic Business Unit (IBU) on the performance of Islamic Banks (IB ) after spin-off .Key Words: Experience, Islamic Bank, Performance, ROA, ROE
The Demographic and Behavior Determinant of Credit Card Default in Indonesia Wahid Achsan; Noer Azam Achsani; Bayu Bandono
Signifikan: Jurnal Ilmu Ekonomi Vol 11, No 1 (2022)
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.v11i1.20215

Abstract

The purpose of this paper is to analyze the demographic and behavioral factors that significantly affect the credit card Non-Performing Loan (NPL). This study is carried out to provide managerial recommendations for controlling credit card NPL. This study uses secondary data from Indonesia’s most significant private bank with 100,000 samples of cardholder data. Demographic factors and cardholder behavior that significantly influence credit card NPL can be used to improve the credit scoring system for new cardholders and as indicators for a behavior scoring system for existing cardholders. This research uses a probability stratified random sampling technique. Logistic regression uses demographic factors and cardholder behavior significantly affected credit card NPL. According to the logistic regression model, cardholder behavior was more likely to NPL than demographic characteristics. The number of credit cards showed the highest credit card NPL probability.How to Cite:Achsan, Wahid, Achsani, N. A, & Bandono, Bayu. (2022). The Demographic and Behavior Determinant of Credit Card Default in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 11(1), 43-56. https://doi.org/10.15408/sjie.v11i1.20215.
PERILAKU AGREGAT MONETER DALAM SISTEM KEUANGAN/PERBANKAN GANDA DI INDONESIA Achsani, Noer Azam
Journal of Indonesian Economy and Business Vol 23, No 2 (2008): April
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (21.87 KB)

Abstract

The main difference between contemporary Islamic monetary system and conventional monetary system is the replacement of interest system with profitand-loss sharing (PLS) system, which both have different behavior in influencing monetary stability. This study aims to analyze demand for money, conventionally and Islamically, in Indonesia and to determine the relationship between money supply in the two system and price level as the goal of monetary policy. Methods used are Vector Auto Regression (VAR) and Vector Error Correction Model (VECM). The results show that PLS return negatively correlated with Islamic demand for money. In Islamic demand for money, the value of correction error is significant, so that there is an adjustment towards its long-term equilibrium. The Islamic demand for money stabilizes quicker to response the shock from other variables compare to that of conventional demand for money. Moreover, there is no cointegration between money supply, conventionally and Islamically, with price level, so that inflation targeting framework of monetary policy implemented by Bank Indonesia need to be reviewed.Kata Kunci : permintaan uang konvensional, permintaan uang Islam, sistem keuangan/perbankan ganda, VAR/VECM
PENGGUNAAN ARBITRAGE PRICING THEORY DALAM MENGUKUR RETURN KELOMPOK SAHAM SEKTORAL I Gede Widya Anantayoga; Noer Azam Achsani; Tubagus Nur Ahmad Maulana
Widyariset Vol 17, No 1 (2014): Widyariset
Publisher : Pusbindiklat - LIPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (409.903 KB) | DOI: 10.14203/widyariset.17.1.2014.115-124

Abstract

There are some approaches that can be done to quantify the risk for investors in order to produce maximum yields and one of the models used is the Arbitrage Pricing Theory (APT). APT is considered more flexible than the Capital Asset Pricing Model (CAPM) because the model can use a variety of various macroeconomic factors in calculating the risk premium of an asset or to establish a model of asset valuation. Macroeconomic factors of an established model can change over time so does the risk premium contained. The purpose of this study is to do analysis using APT whether macroeconomic variables (oil prices, the exchange rate of IDR against the USD, and the rate of inflation) are factors that affected stock returns in sectoral index in Indonesia. This study uses the time span from January 2007 to December 2012 with the object of study is 9 different sectors in sectoral stocks indice, whereas the method used is multiple linear regression. This study concludes that among the three macroeconomic factor that are used as research material (crude oil prices, the exchange rate of the rupiah against the U.S. dollar, and inflation), the dollar exchange rate is the most significant factors in measuring the sensitivity of return of sectoral stocks indice.
Co-Authors . Gunawan ., Harianto A, Akhmad Aang Munawar Abd. Rasyid Syamsuri Abdullah, Feriansyah Achmad Fadillah Aditya Galih Prihartono Adler H. Manurung Adler H. Manurung Adler Hayman Manurung Adler Haymans Manurung Adytia Pradnya Murti Ahmad Heri Firdaus Aida Vityala Hubeis Ake Wihadanto Ake Wihadanto Akhmad Fauzi Alfa Firdaus Alfa Firdaus Ali Akil Parlindungan Siregar Amadeus Sanda Layuk Amrieh Samad Soemargo Amzul Rifin Andi Buchari Andra Devi Benazir Ani Suryani Ani Suryani Arief Daryanto Arief Sabdo Yuwono Arif Imam Suroso Arif Kurniadi Arif Kurniadi Arman Arman Armansyah Halomoan Tambunan Aruddy Aruddy Arya Hadi Dharmawan Asaduddin Abdullah Ascarya Ascarya Asep Taryana Asysyifa Vivekananda Aty Herawati Aulia Yulianti Wulandari Baba Barus Bagus Sartono Bambang Juanda Baransano, Michael Albert Bayu Bandono Bayu Bandono Bayu Bandono Bayu Widokartiko Beny Mulyana Sukandar Bonar M. Sinaga Bratakusumah, Deddy S. Bunasor Sanim Bustanul Arifin Bustanul Arifin Cory Trisilawaty Danika Reka Artha Danika Reka Artha Danti Astrini DB Hakim, DB Hakim Deddy S. Bratakusumah Deddy S. Bratakusumah Dede Iskandar Dedi Budiman Hakim Dedi Budiman Hakim Desak Putu Ristami Paramita Dhany Surya Ratana Dhita, Sasha Didin Hafidhuddin Dominicus Savio Priyarsono Drajat Martianto Dwi Andhayani Eka Intan Kumala Putri Eka Khaerandy Oktafianto Eka Sudarmaji Elly Zunara Ernawati Alena Erwin Riyanto Ferry Syarifuddin Fitri Kinasih Husnul Khotimah Fitria Yuliani Frances Roi Seston Tampubolon Ganistie Furry Qisthina Hanum Amalia Budhi Pratiwi Hardiyanto, Arief Tri Hari Wijayanto Hari Wijayanto Harianto Harianto Harianto MS Helen Wiryani Hendina Pratiwi Hendramiko Hendri Setiadi Hendro Sasongko Hendro Sasongko Hendro Sasongko Hendro Sasongko Hendro Sasongko Heni Hasanah Heni Hasanah Henny Saraswati Hermanto Siregar Herry Frenky Nababan Hizir Sofyan I Gede Widya Anantayoga Idqan Fahmi Idrus, Yudi Avalon Imam T Saptono Irfan Syauqi Beik Irfany, Mohammad Iqbal Kirbrandoko Kirbrandoko Kirbrandoko Kirbrandoko Koes Pranowo Koes Pranowo Kolopaking, Lala La Ode Abdul Rahman Lala Kolopaking Linda Karlina Sari Linda Karlina Sari Linda Karlina Sari Lukman M. Baga Lukytawati Anggaraeni Lukytawati Anggraeni M Firdaus, M Firdaus Machfud Machfud Machfud Machfud Mangara Tambunan Mangara Tambunan Marimin . Marimin Marimin Maulida Aulia Rezki Meiharriko Mela Yunita Michael Albert Baransano Miranti Miranti Moch Hadi Santoso Moch. Hadi Santoso Moch. Hadi Santoso Mohamad Syamsul Ma’arif Mokhammad Fadhil Adnanhasan Muhammad Afif Murtadho Muhammad Findi Alexandi Nani Yuheti Yuniatin Novian Zen Nunung Nuryartono Nurwati, Etty Pebrika Yudha Putri Purwanto, Sugeng Raden Dikky Indrawan Rahmat Budiman Rahmat Mulyana Rahmi Jamza Ramadhoni Tiar Saputra Resky Rumbiak Rico Rizal Budidarmo Rifki Ismal Rina Oktaviani Risya Maulida Septiana Rita Nurmalina Rizal Ahmad Fauzi Roy Sembel Roy Sembel Roy Sembel Roy Sembel Rudjito Rudjito Salsa Dilla Santosa Santosa Sapto Jumono Saraswati, Henny Sari, Linda Karlina Sembel, Roy Setia Hadi Setiadi Djohar Setyo Wibowo Simon Pekey Sjafri Mangkuprawira Sofina Mujadiddah Solihin Solihin Sri Hartoyo Sri Murtiyanti Suarsih, Siti Suhendi Sumedi Andoyo Mulyo Syamsul Hidayat Pasaribu Tanti Novianti Tanti Novianti TATI NURHAYATI Tb Nur Ahmad Maulana Tia Rahmina Toni Bakhtiar Toni Irawan Tony Irawan Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Tribella Kembaren Tridoyo Kusumastanto Trisilawaty, Cory Tubagus N.A. Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Ujang Sumarwan Viga Fakoano Wahid Achsan Widhianthini . Wihadanto, Ake Yandra Arkeman Yandra Arkeman Zainal Zawir Simon Zelin Nurfadia Sidik