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All Journal Jurnal Ekonomi Kuantitatif Terapan UG Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Journal of Economic, Bussines and Accounting (COSTING) Jurnal Muara Ilmu Ekonomi dan Bisnis Ilomata International Journal of Tax and Accounting Jurnal Scientia Management and Accounting Expose Ekombis Sains: Jurnal Ekonomi, Keuangan dan Bisnis ASEAN Marketing Journal
Arief Wibisono Lubis
Department Of Management Faculty Of Economies And Business Universitas Indonesia
Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Mathematics Social Sciences

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MARKOV CLUSTERING FOR PORTFOLIO CONSTRUCTION UNDER STOCHASTIC ENVIRONMENT Handika, Tri; Lubis, Arief Wibisono
UG Journal Vol 8, No 1 (2014)
Publisher : Universitas Gunadarma

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Abstract

Until recently there were still many new investors andfinancial consultants whoface dificulties in stocks portfolio construction, both in terms of selection anddeciding how large portion ofeach asset in the portfolio. It takes relatively longertime and hence they constantly strive to achieve faster portfolio constructionbecause timely information can mean the difference between a deal struck ormissed, which translates to substantial profit or loss. This paper aims to analyzethe efficiency ofMarkov clustering processes for portfolio construction in order tospeed up assets selection based on correlation principle. Furthermore, portfoliooptimization for selected assets will be achieved with Markovian modeldriven bya Brownian motion process under stochastic environment. We compare theperformance ofthe constructed portfolio to LQ45, Kompcisioo, and Bisnis2y indicesusing Sharpe Ratio, and the results show that it outperforms these benchmarkindices. Hence, investors might use Markov clustering technique in the stocksselection as an alternative since it is more efficient in terms oftime and in this caseproven to provide better reward to risk taken by the investors.
Between Management and Employees: Which one is More Critical in Building Value and Loyalty? Lubis, Arief Wibisono; Halim, Rizal Edy
ASEAN Marketing Journal Vol. 2, No. 1
Publisher : UI Scholars Hub

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Abstract

We conducted a research concerning the relationship between trust, value, and loyalty based on the model developed by Sirdeshmukh et al. (2002). Confirmatory factor analysis and structural equation modeling were used to test the model. According to the model, the authors made a distinction between trustworthiness and trust dimension in Sales Promotion People (SPP) context and Management Policies and Practices (MPP) context. By collecting primary data from 105 respondents, the result shows that in the MPP context, operational benevolence was proven to demostrate a statistically significant positive effect to trust in MPP. Both the trust in MPP and trust in SPP dimensions have statistically significant positive effect in creating value, Trust in MPP and value dimensions have statistically significant positive effect to loyalty dimension. Moreover, from the result, it can be inferred that the role of MPP, rather than SPP was more critical in building consumers value and loyalty. The authors also found no asymmetric effect in the relationship between trustworthiness and trust dimension.
DETERMINANTS OF CUSTOMERS’ ADAPTATION TO INTERNET BANKING: EVIDENCE FROM GREATER JAKARTA AREA, INDONESIA Nasreen, Jareena; Lubis, Arief Wibisono
ASEAN Marketing Journal Vol. 13, No. 2
Publisher : UI Scholars Hub

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Abstract

Manuscript type: Research Article Research Aims: This paper aims to analyze factors that affect customers’ adaptation to using Internet Banking among banks’ customers in Indonesia. The variables hypothesized to influence adaptation to using Internet Banking are Importance of Internet Banking Needs, Compatibility, Convenience, Communication, and Benefits of Internet Banking. Design/methodology/approach: This study uses Structural Equation Modelling (SEM) on a sample of 215 Internet Banking customers from Greater Jakarta Area, Indonesia. Research Findings: This study found that Benefits of Internet Banking has a significant positive influence on Importance of Internet Banking Needs, which, however, does not influence customer adaptation. Similarly, Compatibility has no influence on customer adaptation. On the other hand, Convenience, and Communication are proven to have significant and positive influences on Customer Adaptation to Internet Banking in Indonesia. Theoretical Contribution/Originality: This research uses the theory of Technology Acceptance Model (TAM) to explain Indonesian customers’ adaptation to Internet Banking by combining the models from Ege Oruç & Tatar (2017) and Jahangir & Parvez (2012).Practitioner/Policy Implication: The results of this study suggest that banks should provide easier, more attractive and secure facilities for users. Banks should invest more in promoting Internet Banking either internally through information by bank officers or spreading media brochures to customers in line at the back. Research limitation/Implications: There are some limitations of this research in terms of the number of respondents, geographical coverage, the model used, questionnaire design and respondent’s perception. Further research might consider to address these issues.
MERGER VALUATION ANALYSIS OF PT. BANK SYARIAH MANDIRI, PT. BNI SYARIAH BANK, PT. BANK BRI SYARIAH TBK., AND PT. BANK TABUNGAN NEGARA TBK. Muhammad Farras Farhan; Arief Wibisono Lubis
Management & Accounting Expose Vol 5, No 2 (2022)
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/mae.v5i2.1106

Abstract

Penelitian ini bertujuan untuk menghitung nilai ekuitas dari PT. Bank Syariah Mandiri (BSM), PT. Bank BNI Syariah (BNIS), PT. Bank BRI Syariah (BRIS), dan PT. Bank Tabungan Negara (BTN), sekaligus menghitung nilai sinergi yang tercipta dari merger keempat bank serta melihat potensi bisnis yang didapatkan dengan adanya merger. Penelitian ini menggunakan metode discounted cash flow (DCF) dengan model free cash flow to equity (FCFE) untuk menghitung estimasi nilai ekuitas masing-masing bank dan menggunakan simulasi Monte Carlo untuk melihat rentang nilai ekuitas dari masing-masing bank. BSM, BNIS, BRIS adalah bank syariah BUMN yang telah melakukan merger pada tahun 2021 dan menjadi Bank Syariah Indonesia yang bertujuan sebagai salah satu penggerak perbankan syariah di Indonesia. BBTN adalah bank BUMN yang memiliki spesialisasi dalam pembiayaan properti dan real estate. Metode DCF memperlihatkan adanya nilai sinergi positif dari merger keempat bank ini.
THE ROLE OF RISK-TAKING AND ESG ON FIRM VALUE: EVIDENCE FROM INDONESIA FOR THE PERIOD OF 2014-2020 Evita Sonny; Arief Wibisono Lubis
Jurnal Scientia Vol. 12 No. 01 (2023): Education, Sosial science and Planning technique
Publisher : Sean Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58471/scientia.v12i01.1134

Abstract

To maximize shareholder wealth, management must strive to increase the firm value. Thus, this study aims to investigate the impact of risk-taking and ESG on firm value. The result of this research will explain whether the firm value as measured by Tobin's Q can be influenced by the level of risk-taking. In addition, this study also explores whether ESG affects firm value, and whether ESG can be used as a moderating variable in risk-taking and firm value relationships. The study period covered 2014 through 2020, and the research sample included 30 companies listed on the Indonesia Stock Exchange (IDX). Banking companies were excluded from the research sample due to differences in business models and levels of regulation. We use a fixed effect model of panel data regression in data processing, equipped with robust standard error. The first finding establishes that excessive risk-taking behavior exists at the managerial level, and it has a significant negative impact on firm value. Then, the second finding results in a significant negative effect of ESG on firm value, explaining ESG as a burdensome commitment to the firm value. Lastly, the final finding demonstrates that ESG does not significantly moderate the relationship between risk-taking and firm value. These findings are justified by the poor quality and insufficient transparency of ESG in Indonesian companies that have failed to limit excessive risk-taking in corporate management.
Dampak Faktor Makroekonomi dan Sentimen Ketakutan Akibat Krisis Terhadap Yield Obligasi Pemerintah Indonesia I Gusti Ngurah Agung Arya Bhakta Narayana; Arief Wibisono Lubis
Jurnal Ekonomi Kuantitatif Terapan 2023: Vol. 16, No. 1, Februari 2023 (pp.1-186)
Publisher : Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/JEKT.2023.v16.i01.p08

Abstract

Great Financial Crisis 2008 and the COVID-19 crisis are two world crises that happened in the last 20 years, yet there’s so little literature that connects the sentiment of fear to the bond market. This study focuses on analyzing the impact of the sentiment of fear caused by the two crises that occurred in Indonesia, namely the Great Financial Crisis in 2008 and the COVID-19 Pandemic, along with macroeconomic factors to 10-year Indonesian government bond yields using VECM methods. The results showed that only the Federal Reserve interest rate has a significant impact on the government bond yield in both crises, while the rest is not significant. This result shows that in both crises, the Indonesian government bond yield was affected by only the Federal Reserve’s reaction to the crises, while not considering how both crises could cause negative sentiment from the investors.
Pengaruh Corporate Governance terhadap Dynamic Capital Structure: Indonesia Real Estate Muhammad Farhan Aziz; Arief Wibisono Lubis
EKONOMI KEUANGAN DAN BISNIS Vol 8, No 1 (2023): Ekombis Sains: Jurnal Ekonomi, Keuangan, dan Bisnis
Publisher : Universitas Sang Bumi Ruwa Jurai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24967/ekombis.v8i1.1987

Abstract

Capital structure merupakan strategi yang dilakukan oleh suatu perusahaan untuk dapat menyusun struktur permodalan dalam melakukan kegiatan usaha. Untuk dapat menciptakan pembiayaan yang optimal, speed of adjustment akan dilihat untuk melihat kondisi dari penyesuaian yang dilakukan oleh perusahaan. Penelitian ini memiliki tujuan untuk melihat pengaruh dari corporate governance yang dimiliki terhadap speed of adjustment (SOA) capital structure. Penelitian ini menggunakan pendekatan kuantitatif dengan penarikan sampel menggunakan purposive sampling dengan objek yang dimiliki yaitu Perusahaan Real Estat dan Properti di Bursa Efek Indonesia Periode 2015 – 2019. Penelitian ini menggunakan aplikasi software Eviews dan Stata untuk melakukan pengolahan data dengan metode regresi data panel. Berdasarkan kriteria dari pemilihan sampel tersebut, diperoleh 29 perusahaan dalam sektor real estat dan properti yang terdaftar di Bursa Efek Indonesia. Hasil dari penelitian ini menunjukkan bahwa perusahaan-perusahaan real estat dan properti di Indonesia memiliki kecepatan penyesuaian struktur modal yang relatif kurang cepat dengan beberapa faktor lainnya yang dapat mempengaruhi. Managerial ownership memiliki hubungan positif dan pengaruh signigfikan terhadap speed of adjustment capital structure. Untuk board size, board independence, dan women proportion tidak memiliki pengaruh yang signifikan terhadap speed of adjustment capital structure. Penelitian ini diharapkan dapat menjadi implikasi untuk pengembangan ilmu pengetahuan khususnya di bidang keuangan dan struktur modal, serta dapat membantu perusahaan dalam membentuk keputusan pembiayaan dan investor dalam melihat prospek ke depan perusahaan secara efektif. 
THE EFFECT OF CREDIT RISK, BANK CAPITAL, INDEPENDENT COMMISSIONER, AND AUDIT COMMITTEE ON BANKING FINANCIAL PERFORMANCE IN INDONESIA FOR THE 2017-2021 PERIOD Shafira Elva Ardelia; Arief Wibisono Lubis
Jurnal Scientia Vol. 12 No. 02 (2023): Education, Sosial science and Planning technique, edition March-May 2023
Publisher : Sean Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58471/scientia.v12i02.1428

Abstract

This study examines the effect of credit risk, bank capital, independent commissioner, and audit committee on bank's financial performance. The object of this study is to conventional commercial banks listed on the Indonesia Stock Exchange (IDX) in the 2017-2021 period. The sampling method used to determine the sample is purposive sampling. Data analysis techniques are performed using panel data regression (fixed effect model). The results show that there is a negative significant effect of credit risk on the financial performance of banks calculated using Return on Asset (ROA), and there is no significant effect of credit risk on banking financial performance calculated using Net Interest Margin (NIM). Then there is a positive significant effect of bank capital and independent commissioners on the financial performance of banks calculated using Return on Asset (ROA) and Net Interest Margin (NIM). In addition, there is a positive significant effect of the audit committee on the financial performance of banks calculated using Return on Asset (ROA), and there is no significant effect of the audit committee on the financial performance of banks calculated using Net Interest Margin (NIM). The results of such research can contribute to theoretical and practical fields (banking and financial statement users, especially investors).
TINGKAT PENDIDIKAN CEO DAN IPO DISCOUNT: BUKTI EMPIRIS DARI INDONESIA Kristian Eka Jaya; Arief Wibisono Lubis
Management & Accounting Expose Vol 6, No 1 (2023)
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/mae.v6i1.1537

Abstract

Penelitian ini bertujuan untuk melihat pengaruh tingkat pendidikan Chief Executive Officer (CEO) terhadap tingkat Initial Public Offering (IPO) discount atau IPO underpricing perusahaan. Menggunakan teori upper echelon dan signaling, penelitian ini memiliki hipotesis bahwa tingkat pendidikan CEO yang lebih tinggi memiliki hubungan dengan tingkat IPO discount yang lebih rendah. Menggunakan dataset yang disusun secara unik dari 252 sampel IPO di Indonesia pada periode 2018-2022, penelitian ini menemukan bahwa perusahaan yang dipimpin oleh CEO dengan tingkat pendidikan yang lebih tinggi menunjukkan tingkat IPO discount yang lebih rendah, kendati hubungannya relatif lemah. Lebih lanjut, hasil penelitian ini menunjukkan bahwa ketika dikontrol dengan variabel lain pada tingkat CEO, perusahaan dan IPO, tingkat pendidikan CEO tidak lagi menjadi variabel yang signifikan dalam memengaruhi IPO discount. Hasil penelitian ini robust setelah diuji terhadap pengukuran alternatif dari IPO discount dan analisa split-sample. 
Reaksi Pasar Saham di Indonesia terhadap Keterbukaan Informasi Terkait Transaksi Afiliasi Olivia Sirait; Arief Wibisono Lubis
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 1 (2023): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i1.6412

Abstract

Affiliated transaction or also known as related party transaction (RPT) refers to a transaction involving two or more parties with a special or related relationship. Due to this relationship, the transactions may not be conducted according to the arm's length principle or cause a potential agency problem. Therefore, information disclosure to the public is necessary to provide a material information regarding affiliated transactions and as a key aspect of adhering to principles of good corporate governance. The aim of this study is to analyze whether there is a significant and positive impact on Indonesian stock market, in response to the RPT Announcements by issuers in Indonesia. Despite the prevalence of affiliated transactions among group companies in Indonesia, there is little research focused on the impact of RPT announcements on stock market reactions in Indonesia. Using event study as the method, in this study assess whether stock prices adjust in a timely manner upon the arrival of new public information. The results indicate that there is a significant and positive average abnormal return on the third trading day before RPT Announcement, and a significant and negative average abnormal return on the fourth trading day after RPT Announcement. Keywords: Stock market reaction, RPT announcement, affiliated transaction, event study
Co-Authors Evita Sonny Faisal Ardhi I Gusti Ngurah Agung Arya Bhakta Narayana Jareena Nasreen Kristian Eka Jaya Muhammad Farhan Aziz Muhammad Farras Farhan Nasreen, Jareena Olivia Sirait Rizal Edy Halim Shafira Elva Ardelia Sherly Sherly Tri Handika, Tri Widyawati Widyawati