Hasil Pencarian  ::  Simpan CSV :: Kembali

"ABSTRAKPenelitian mengenai IPO underpricing telah banyak dilakukan oleh peneliti tetapi belum menjadi kesimpulan yang sama mengenai faktor-faktor apa saja yang mempengaruhi terjadinya IPO underpricing. Penelitian ini bertujuan menganalisis underpricing yang diproksikan oleh initial return dan market adjusted abnormal return dan pengaruh variabel firm age, issue size, listed board, lag period, investor sentiment, IPO volume, hot and cold issue period, market volatility, offer risk, offer price, privatization, dan industry effect terhadap underpricing. Sampel penelitian terdiri dari 229 perusahaan yang melakukan penawaran umum perdana di Bursa Efek Indonesia pada periode 2009-2018. Penelitian ini menggunakan metode analisis stepwise multiple regression. Hasil penelitian ini menemukan hubungan yang signifikan antara ukuran penawaran, volume IPO, risiko penawaran, usia perusahaan, jeda waktu, papan pencatatan, volatilitas pasar, dan hot market dengan underpricing. Penelitian ini juga menemukan hubungan yang tidak signifikan antara harga penawaran, sentimen investor, privatisasi, dan jenis industri dengan underpricing. Secara rata-rata IPO di Indonesia mengalami underpriced sebesar 29.83%, underpricing lebih umum terjadi di pasar saham Indonesia. Investor dapat memanfaatkan kondisi ini untuk mendapatkan capital gain dan perusahaan yang berniat go public perlu mengantisipasi terjadinya underpricing.

---

ABSTRACT

Research on IPO underpricing has been done by many researchers but it has not been the same conclusion regarding what factors influence the occurrence of underpricing IPO. This study aims to analyze the underpricing proxied by initial returns and market adjusted abnormal returns and the influence of firm age, issue size, listed boards, lag periods, investor sentiment, IPO volumes, hot and cold issue periods, market volatility, offer risk, offer price, privatization, and industry effect on underpricing. The research sample consisted of 229 companies which made an initial public offering on the Indonesia Stock Exchange in the period 2009-2018. This study uses a stepwise multiple regression analysis method. The results of this study found a significant relationship between issue size, IPO volume, offer risk, firm age, time lag, listed board, market volatility, and hot market with underpricing. This study also found an insignificant relationship between offer price, investor sentiment, privatization, and industry effect with underpricing. On average, IPOs in Indonesia experience an underpriced of 29.83%, underpricing is more common in the Indonesian stock market. Investors can take advantage of this condition to get capital gains and companies that intend to go public need to anticipate underpricing."

"[ABSTRAK

Penelitian ini bertujuan untuk melihat profil risk dan return dari portofolio investasi dan memilih alternatif portofolio investasi yang paling efisien dan optimal berdasarkan rate of return dan expected return dikarenakan masih rendahnya minat investor kepada sukuk khususnya dilihat dari perbedaan risk dan return antara sukuk dan obligasi yang berpotensi mempengaruhi pemilihan investasi surat berharga oleh investor. Penelitian ini menggunakan financial modelling dengan teori risk dan return untuk menghitung kurva efficient portfolio frontier. Hasil penelitian ini menyimpulkan bahwa risk dan return antara obligasi pemerintah dan sukuk negara baik dianalisa secara individual maupun gabungan dua instrumen memperlihatkan bahwa kinerja sukuk negara lebih optimal dibandingkan obligasi pemerintah berdasarkan expected return dan variance dari masing-masing instrumen investasi. Berdasarkan analisa dari efficient portfolio frontier diketahui bahwa portofolio yang paling efisien dan optimal adalah surat berharga syariah negara IFR0001 dan IFR0003 yang memiliki return dan risiko yang lebih tinggi dari obligasi pemerintah FR0027 dan FR0030 sesuai dengan prinsip syariah yaitu Al Ghunmu bi Al Ghumi atau high risk, high return di mana keuntungan yang didapatkan selalui disertai dengan risiko dan dengan tingkat return yang lebih tinggi maka sukuk negara seharusnya dapat menarik minat investor untuk memasuki pasar modal syariah khususnya berinvestasi pada sukuk.

---

ABSTRACT

This research aims to look at the risk and return profile of investment portfolio and choose an alternative investment portfolio that have the most efficient and optimum based on actual rate of return and expected return because the Investors who want to invest in sukuk are lower than government bonds investment especially from the difference of risk and return between government sukuk and government bond that could potentially affect the selection of investment securities by investors. The data in this study is secondary data obtained from the Bloomberg data i.e. 5 series SBSN period 2010-2014. This study uses financial modelling with the theory of risk and return to create the curve of the efficient portfolio frontier. The results of this study concluded that the risk and return between government bonds and government sukuk with individually or combined analyzed show that the performance of the Government sukuk is more optimal than sukuk bonds based on expected return and variance of each instrument investments. Based on an analysis of the efficient portfolio frontier shown that the most efficient and optimal portofolio are Government sukuk IFR0001 and IFR0003 which have a higher return and risk compare to government bonds FR0027 and FR0030, in accordance with Sharia principles ”Al Ghunmu bi Al Ghumi” or high risk, high return where the profit obtained was accompanied by risks and the rate of return that is higher than government sukuk, it should be able to pursue investor to invest in the Islamic capital market particularly investing in sukuk., This research aims to look at the risk and return profile of investment portfolio and choose an alternative investment portfolio that have the most efficient and optimum based on actual rate of return and expected return because the Investors who want to invest in sukuk are lower than government bonds investment especially from the difference of risk and return between government sukuk and government bond that could potentially affect the selection of investment securities by investors. The data in this study is secondary data obtained from the Bloomberg data i.e. 5 series SBSN period 2010-2014. This study uses financial modelling with the theory of risk and return to create the curve of the efficient portfolio frontier. The results of this study concluded that the risk and return between government bonds and government sukuk with individually or combined analyzed show that the performance of the Government sukuk is more optimal than sukuk bonds based on expected return and variance of each instrument investments. Based on an analysis of the efficient portfolio frontier shown that the most efficient and optimal portofolio are Government sukuk IFR0001 and IFR0003 which have a higher return and risk compare to government bonds FR0027 and FR0030, in accordance with Sharia principles ”Al Ghunmu bi Al Ghumi” or high risk, high return where the profit obtained was accompanied by risks and the rate of return that is higher than government sukuk, it should be able to pursue investor to invest in the Islamic capital market particularly investing in sukuk.]"

"Penelitian ini bertujuan untuk menganalisis pengaruh bulan Ramadhan sebagai salah satu momentum keagamaan terhadap risiko, tingkat pengembalian, likuiditas, dan Indeks Harga Saham Gabungan IHSG di Bursa Efek Indonesia periode 2013-2017. Likuiditas dalam penelitian ini diukur dengan menggunakan Roll rsquo;s Measure, risiko dan tingkat pengembalian diukur menggunakan Generalized Autoregressive Conditional Heteroskedasticity GARCH , dan IHSG diukur menggunakan angka indeks sederhana atau simple agregative method berdasarkan perubahan harga setiap harinya. Hasil penelitian ini menunjukkan bahwa Ramadhan tidak memiliki pengaruh signifikan terhadap variabel-variabel penelitian di Bursa Efek Indonesia yang berarti bahwa bulan Ramadhan tidak berpengaruh terhadap pasar saham di Indonesia.

---

This research aims to analyze the influence of Ramadan as one of religious momentum in terms of risk, rate of return, liquidity, and composite stock price index CSPI in Indonesia stock exchange in the period of 2013 2017. The liquidity in this study is measured with Roll rsquo s Measure, while the risk and rate of return are measured using Generalized Autoregressive Conditional Heteroskedasticity GARCH , and the CSPI is measured using simple index number or simple aggregative method based on the daily price change. The result of this research designates that Ramadan does not have any significant influence on the research variables in Indonesia Stock Exchange which indicates that Ramadan does not affect the stock market in Indonesia."

"Penelitian ini bertujuan untuk mengkaji hubungan trade-off antara manajemen laba riil dengan manajemen laba akrual pada perusahaan manufaktur di Indonesia. Penelitian ini menggunakan sampel suspect firms (perusahaan yang diduga melakukan manajemen laba) sebanyak 262 observasi. Dalam penelitian ini, diuji hubungan trade-off dengan menggunakan analisis biaya-biaya terkait dengan aktifitas tersebut, antara lain ketatnya pengawasan auditor, fleksibilitas akuntansi, status market leader, kesehatan keuangan perusahanan, kepemilikan institusional dan kepemilikan keluarga. Selain biaya-biaya tersebut, hubungan trade-off juga dianalisis dengan mempertimbangkan adanya perbedaan waktu pelaksanaan manajemen laba riil dan akrual. Hasil penelitian ini memberikan bukti empiris bahwa di Indonesia, manajemen laba riil dan manajemen laba akrual tidak memiliki hubungan trade-off baik dengan mempertimbangkan biaya-biayanya ataupun perbedaan waktu pelaksanaannya.

---

The main purpose of this research is to analyze whether there is trade-off between accrual-based and real earnings management in manufacturing firms in Indonesia . This research use suspect firms (firms who are suspected to engage in earnings management) as research sample with total observations 262 firm-years. In this research, trade-off between accrual and real earnings management is analyzed by costs related to both activities, which are scrutiny by auditor, flexibility within accounting system, market leader status, financial health, institutional ownership, and family ownership. Besides that, this research also analyzes the trade-off based on time difference when the two methods of earnings management are engaged. The result of this study is there is no trade-off between real earnings management and accrual earnings management in Indonesia, based on related costs and time difference. "

"Penelitian ini bertujuan untuk mengkaji variabel yang mempengaruhi Capital Flight di Indonesia dan mengkaji hubungan kausalitas serta dampak Capital Flight terhadap variabel makroekonomi Indonesia. Hasil analisis Ordinary Least Square (OLS) menunjukkan bahwa variabel Lagged CFRatio, nilai tukar efektif riil, hutang luar negeri pemerintah, tingkat pertumbuhan ekonomi, peringkat kredit (rating) Indonesia dan kondisi ketidakstabilan ekonomi maupun sosial politik, signifikan secara statistik mampu menjelaskan perubahan Capital Flight Indonesia.Analisis VAR/VECM termasuk hasil estimasi IRF menggunakan data perekonomian Indonesia (1996:1 ? 2009:1) menunjukkan bahwa umumnya terdapat hubungan satu arah dari Capital Flight terhadap variabel makroekonomi Indonesia yang diteliti. Hasil penelitian ini didukung pula oleh analisis variance decomposition yang menunjukkan bahwa proporsi terpenting dan terbesar yang mempengaruhi keragaman (variasi) pada variabel Capital Flight adalah shock variabel Capital Flight itu sendiri (berkontribusi sebesar 63,47%-91,3%), diikuti variabel SBI (4,63%-15,9%), REER (2,51%-12,3%) dan Growth (1,13%-8,68%).Hasil ini menunjukkan bahwa fenomena Capital Flight di Indonesia dalam jangka panjang ternyata direspon atau berdampak terhadap perekonomian Indonesia dan variabel non ekonomi seperti rating serta kondisi ketidakstabilan ekonomi dan sosial politik secara empiris terbukti berpengaruh terhadap pelarian modal di Indonesia. Untuk itu, pengendalian aliran modal di Indonesia yang dapat berdampak negatif terhadap perekonomian dalam negeri perlu dilakukan melalui penerapan kebijakan yang efektif dari institusi terkait.

---

This study aims to identify the determinants of Capital Flight in Indonesia and its impact on the economy. Applying Ordinary Least Square (OLS) analysis, Capital Flight in Indonesia is influenced by Lagged CFRatio, real effective exchange rate (REER), foreign debt, economic growth, sovereign rating, and political/economic instability condition.Using a VAR/VECM analysis on quarterly Indonesia economic data during period of 1996.1 ? 2009.1., we find that there is Granger Casuality one-way relationship from Capital Flight to almost all macroeconomic variables used in this study. The result of impulse response function analysis also supports these findings.The result of variance decomposition shows that Capital Flight contributes 63.47%-91.3% on the variable itself and other variable contribute less percentage on Capital Flight fluctuation (SBI 4,63%-15,9%, REER 2,51%-12,31% and Growth 1,13%-8,68%). These findings assert that Capital Flight seems to have more influence on Indonesia economy than the economic fluctuation affecting the flow of capital from Indonesia. Also, non macroeconomic factor such as sovereign rating and instability economic, social and political condition have ability to explain capital flight phenomenon happened in Indonesia. Therefore, controlling the flow of capital in Indonesia, especially capital flow which could adversely affect the economy, must be done through effective implementation of policies from the government."

"Tesis ini membahas pengaruh dari empat indeks saham (variabel bebas), yaitu: DJIA(Amerika), DAX (Jerman), NKY (Jepang) dan FSSTI (Singapore) terhadap JCI (Indonesia) sebagai variabel terikat. DJIA mewakili Indeks saham global sementara DAX, NKY dan FSSTI mewakili indeks saham regional. Hipotesa: Pengaruh ke-4 variabel bebas tersebut terhadap JCI diperkirakan signifikan pada periode krisis subprime mortgage di AS dan krisis surat utang di UE. Analisis ini menggunakan metodologi uji korelasi, uji regresi OLS dan uji kausalitas Granger. Hasil yang diperoleh ternyata dalam kedua periode pengujian, hanya DJIA dan FSSTI yang berpengaruh signifkan terhadap JCI.

---

This thesis analyzes the influence of the four stock indices (independent variables): DJIA (USA), DAX (Germany), NKY (Japan) and FSSTI (Singapore) to JCI (Indonesia) as the dependent variable. The DJIA represents global stock index while DAX, NKY and FSSTI represent regional stock indices. Hypothesis: All of independent variable would influence the independent variables significantly in the period of the sub-prime mortgage crisis in the USA and debt crisis in the EU. This analysis uses correlation test methodology: OLS regression test and Granger causality test. The results show that only DJIA and FSSTI influence JCI significantly on both period tests."

"Dengan menggunakan data longitudinal skala besar, yakni Indonesia Family Life Survey (IFLS) tahun 2007, studi ini ingin melihat apakah urutan kelahiran dan jarak antar kelahiran memiliki pengaruh terhadap performa intelijen saudara tua kandung yang berusia 7-14 tahun di Indonesia. Hasil regresi OLS menyebutkan bahwa urutan kelahiran memiliki hubungan yang berbanding terbalik dengan performa intelektual anak. Namun, efek tersebut akan menghilang dan menjadi tidak signifikan ketika terdapat jarak kelahiran yang lebar antar anak. Selain itu, kedua faktor ―turunan‖ tersebut akan menjadi percuma apabila tidak ada proses perkembangan kognitif di dalam suatu keluarga. Hasil studi ini mendorong adanya himbauan jarak yang cukup lebar antar kehamilan demi kemampuan intelijen anak yang lebih baik.

---

By utilizing the large-scale outgoing longitudinal data, namely Indonesia Family Life Survey (IFLS) year 2007, this study attempts to find whether birth order and birth spacing affects the older sibling?s intelligence outcome aged 7-14 years old. The OLS results suggest that birth order is adversely affect the child?s intellectual performance. However, such effect becomes negligible and insignificant when there is a longer birth gap between children. In addition, those cognitive-endowment-related factors will be gratuitous if there is no cognitive development process at home. From the perspective of family planning program, our findings propose a need for policy design that persuade longer inter-pregnancy gap for the sake of intelligence outcome."

"Coronavirus 2019 (COVID-19) merupakan virus yang pertama kali ditemukan di Wuhan, Cina pada akhir tahun 2019. Sebanyak 65 negara telah terjangkit virus ini salah satunya yaitu Indonesia. Peningkatan jumlah kasus COVID-19 di Indonesia memberikan dampak bagi masyarakat, terutama pada peningkatan kepedulian masyarakat terhadap kebersihan dan kesehatan tubuhnya. Tujuan dari penelitian ini yaitu untuk menganalisa pengaruh pandemi COVID-19 terhadap pola perilaku pembelian masyarakat terhadap produk Over The Counter (OTC) dan ethical serta untuk menganalisa pengaruh pandemi COVID-19 terhadap jenis produk yang terjual di Apotek Safa. Metode yang digunakan pada penelitian ini yaitu berupa literatur dan data hasil penjualan obat-obatan di Apotek Safa pada Bulan Maret dan September 2020. Dari hasil analisa, diperoleh bahwa terdapat penurunan pembelian obat-obatan pada Bulan Maret ke September 2020, dan didapatkan bahwa jenis obat-obatan golongan OTC yang paling banyak dibeli yaitu berupa masker dan Vitamin C. Industri Farmasi merupakan suatu usaha yang memiliki kegiatan berupa produksi obat-obatan. Dalam menghasilkan produk obat yang aman, bermutu serta berkhasiat sehingga risiko-risiko yang mungkin timbul selama proses produksi dapat diminimalkan diperlukan pedoman yang diatur sistem manajemen mutu yaitu berupa prosedur Cara Pembuatan Obat yang Baik (CPOB). Tujuan dari penelitian ini yaitu untuk memahami manajemen risiko mutu sediaan gel X di line produksi PT. Pharos Indonesia dan untuk menganalisa tindakan penanganan risiko mutu produk. Sampel pada penelitian ini diambil dari sediaan gel X dari PT. Pharos Indonesia. Metode yang digunakan pada penelitian ini berupa tinjauan pustaka dan observasi secara langsung di Line Produksi PT. Pharos Indonesia. Dari hasil analisa, diperoleh bahwa parameter proses yang berperan dalam produksi sediaan gel X antara lain kebersihan ruangan; kecepatan pengadukan; waktu pengadukan; suhu mesin; keadaan tube dan lainnya, serta tindakan penanganan risiko mutu produk gel X dilaksanakan berdasarkan derajat risiko tertinggi hingga terendah.

---

Coronavirus 2019 (COVID-19) is a virus that was first discovered in Wuhan, China at the end of 2019. A total of 65 countries have been infected by this virus, one of them is Indonesia. The increasing number of COVID-19 cases in Indonesia gives an impact on the community, especially on increasing public awareness of their hygiene and their health. The purpose of this study is to analyze the influence of the COVID-19 pandemic on the community's purchasing behavior patterns of Over The Counter (OTC) and ethical products and to analyze the effect of the COVID-19 pandemic on the types of sold products at Safa Pharmacy. The method that used in this study was by literature review and data sales of drugs at Safa Pharmacy period March and September 2020. From the study, it was found that there was a decrease in drug purchases from March to September 2020, and it was found that the the most purchased OTC drugs are masks and Vitamin C. The Pharmaceutical Industry is a business that has activities to produce drugs. In producing safe, quality and nutritious medicinal products so that the risks that may arise during the production process can be minimized, guidelines that are regulated by a quality management system are needed, called Good Manufacturing Practices (GMP) procedures. The purpose of this study is to understand the quality risk management of gel X preparation in the production line of PT. Pharos Indonesia and to analyze product quality risk management. The sample in this study is a gel X preparation that was taken from PT. Pharos Indonesia. The method used in this research was by literature review and direct observation in the Production Line of PT. Pharos Indonesia. From the study, it was found that the process parameters that played a role in the production of gel X were room cleanliness; stirring speed; stirring time; engine temperature; condition of tubes, and others, furthermore the handling quality risk of gel X product is carried out based from the highest to the lowest degree of risk."

"Penelitian ini menguji faktor risiko dan return yang mempengaruhi arus modal asing ke pasar Surat Berharga Negara dengan menggunakan data pasar keuangan yang dikategorikan sebagai "push factor" yaitu yield UST Notes tenor 10 tahun dan CBOE Volatility Index (VIX) serta "pull factor" yaitu yield SUN 10 tahun dan Credit Default Swap Indonesia (CDS). Vector Error Correction Model dengan analisis impuls respon dan varian dekomposisi menyelidiki efek dinamis jangka pendek dari shock /pada faktor risiko dan return terhadap aliran dana asing di pasar SBN. Estimasi model dengan data harian untuk periode 2005-2012 mendukung hipotesis bahwa guncangan yang terjadi pada yield obligasi pemerintah dan CDS adalah kekuatan yang paling penting dalam menjelaskan variasi dalam aliran dana asing di paar SBN. Temuan lain yang menarik adalah peran yield UST Notes tenor 10 tahun dan index VIX sangat mempengaruhi perilaku investor asing di pasar SBN. Dari hasil penelitian diharapkan pengambil kebijakan dapat mendesain kebijakan yang dapat menjamin stabilitas dan ketahanan pasar keuangan terhadap gejolak pasar global.

---

This study examines the determinants of capital flows into Indonesia Government Bond Market from the market driven "push-pull" factors approach which reflect the global and country risk and return. An empirically tractable Vector Error Correction Model of the determinants of capital flows is developed, and variance decomposition and impulse response analyses are used to investigate the temporal dynamic effects of shocks to push and pull factors on debt portfolio flows.

Estimation of the model using daily data for the period 2005-2012 provides evidence supporting the hypothesis that shocks to yield government bond that represent domestic expected return and CDS that represent domestic risk are the most important forces explaining the variations in debt portfolio flows to Indonesia. Another interesting finding is the role of risk and return factors from global market as denoted by index VIX and US Treasury Bills in affecting the debt portfolio flows.

These findings highlight the concomitant need for policy makers in Indonesia to design domestic policy in a broad and comprehensive policy mix, consist of more prudence in maintaining macroeconomic stability and robust financial system to absorb both external and internal shocks to real variables of economic activity"

"Penelitian ini memiliki tujuan untuk menguji kemampuan karakteristik perusahaan dalam menjelaskan perbedaaan idiosyncratic risk antar perusahaan. Penelitian ini menggunakan pendekatan Fama Macbeth Cross Sectional Regression dengan menguji karakteristik perusahaan yang populer dan idiosyncratic risk yang diukur dengan pendekatan direct method yang dipopulerkan oleh Ang (2006, 2009). Hasil penelitian menunjukan saham dengan idiosyncratic risk yang tinggi kemungkinan terkait dengan karakteristik book to market yang rendah, ukuran perusahan yang kecil, tingkat leverage yang tinggi, dan tingkat kepemilikan investor institusi yang rendah.

---

This research has purpose to investigate the effect of several firm characteristic to account for idiosyncratic risk in cross sectional analysis. This research using Fama ? Macbeth cross sectional regression approach and measure idiosyncratic risk by following a popular direct decomposition method used by Ang (2006, 2009). The research suggest, in cross sectional analysis stock that have high level of idiosyncratic risk is associated with a low book to market, small company size, high leverage, and low company institutional ownership."