Hasil Pencarian  ::  Simpan CSV :: Kembali

"Perkembangan industri perdagangan berjangka dewasa ini menunjukkan perkembangan yang cukup pesat dengan bertambahnya perusahaan pialang berjangka yang sudah terdaftar di Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti). Begitu pula dengan masih banyaknya perusahaan calon pialang berjangka yang mengajukan permohonan izin pialang berjangkanya kepada Bappebti. Namun demikian, temyata sampai saat ini pun masih banyak praktik perdagangan berjangka yang dapat merugikan nasabah baik yang dilakukan oleh perusahaan pialang berjangka yang telah mendapat izin dari Bappebti maupun perusahaan pialang berjangka ilegal.Bappebti sebagai Badan Pengawas bertugas melaksanakan pembinaan, pengaturan, dan pengawasan sehari-hari sebagaimana tercatat daiam pasat 4 ayat (1) Undang-undang Nomor 32 tahun 1997 tanggal 5 Desember 1997 tentang Perdagangan Berjangka Komoditi. Undang-undang nomor 32 ini didukung oleh Surat Keputusan Kepala Bappebti nomor 07/Bappebti/Kp/X/1999 tentang Perizinan Pialang Berjangka. Surat Keputusan Kepala Bappebti ini sudah berjalan dalam kurun waktu 5 tahun, dan belum pernah dilakukan evaluasi bagaimana pelaksanaannya di lapangan.Bertitik tolak dari hal-hal tersbut di atas. peneliti mencoba menggali implementasi kebijakan pemerintah tersebut, untuk kemudian dapat diketahui pula bagaimana persepsi masyarakat khususnya pialang berjangka temadap Bappebti, dan bagaimana peran Bappebti sebagai suatu instansi pemerintah dalam industri perdagangan berjangka komoditi.Metode yang digunakan dalam penelitian ini yaitu metode survei dengan populasi terhadap perusahaan pialang berjangka yang telah memiliki izin usaha dari Bappebti. Adapun teknik pengambilan sampel yang digunakan adalah purposive sampling terhadap perusahaan pialang berjangka yang telah mengajukan permohonan izin ke Bappebti muiai periode 2000 sampai dengan 2005. Untuk mengetahui persepsi perusahaan pialang berjangka terhadap implementasi kebEakan ini, dilakukan evaluasl berdasarkan Kriteria implementasi kebiakan berdasarkan teori Wiliam Dunn. Juga evaluasi terhadap prosedur yang telah dirancang, sumber daya manusialpelaksananya, komunikasi perdagangan berjangka, kepatuhan pialang berjangka, dan efektiviias kebijakan berdasarkan teori "4 tepat" Dwidjowijoto.Berdasarkan hasil analisis terhadap kuesioner, hasil wawancara dan telaah dokumen yang dilakukan peneiiti diketahui bahwa pada dasarnya impiementasi kebijakan perizinan pialang berjangka telah dilaksanakan cukup baik, namun belum optimal. Hal tersebut terjadi karena kurangnya sosialisasi terhadap masyarakat, kurangnya kepatuhan pelaku pasar terhadap peraturan yang ditetapkan, serta kurangnya penegakan peraturan perundang-undangan tentang perdagangan berjangka komoditi serta penegakan hukum kepada para pelanggarnya. Prosedur yang dilerapkan dalam proses perizinan pialang berjangka bukan hal yang menentukan berhasil atau tidaknya implemeniasi kebijakan tersebut.Selanjutnya, untuk penyempurnaan implementasi kebijakan di masa yang akan datang, perlu peningkatan pengawasan kepatuhan terhadap peraturan yang berlaku dalam hal perdagangan berjangka komoditi.

---

The development of futures trade industry showed quick progress through the increase in futures trade companies registered in The Supervisory Agency of Commodity Futures Trade (or known as Bappebti). It was also the case for a great number of potential futures trade cooporations that propose futures trade broker licenses to Bappebti_ However, it was found out that there was a great number of practices of both licensed and illegal futures trade brokers that deceived the investors.

Bappebti as the Supervisory Agency that conducts day-to-day supervision, regulating and monitoring as stipulated in article 4 Law Number 32 Year 1997 regarding Comodity Futures Trade. The Law Number 32 is supported by Bappebti Chairman?s Decree Number 07/Bappebti/Kp/XH999 concerning Future Brokers License which had been implemented within five (5) years period, and yet it had never been evaluated as to how it was implemented in reality.

Based on the above mentioned facts, the researcher attempted to explore such government policy implementation, which was then able to find out the society perceptions particularly those of futures trade brokers towards Bappebti and what were the roles of Bappebti as a government institution in the commodity futures trade industry. The method used in this research was survey method with the population of futures trade corporations that possessed licenses from Bappebti. As for the technique of sampling data Collection the researcher used purposive sampling towards the futures trade corporations that possessed licenses from Bappebti from years 2000 until 2005. To find out the corporate perceptions towards the implemention ot the policy, it was necessary to conduct an evaluation based on the policy implementation criteria of William Dunn theory. The evaluation was also conducted towards the designed procedures, human resource performance, futures trade communication, obedient level of futures trade brokers, and policy effectiveness based on the four accurate theory of Dwidjowijoto.

Based on the results of the analysis of the questionnaires, of the interviews and of documents analysis done by the researcher, it showed that generally the policy implementation of futures trade brokers licensing had been done relatively well but not yet done optimumly. This occurred due to the less intensive socialization program to the society, lack of submission of market actors towards stipulated regulations, and lack of upholding the rules of Laws regarding commodity futures trade as well as lack of law enforcement to the violators. Stipulated procedures applied in the process of licensing the futures trade brokers did not guarantee the success or the unsuccess of the implemented policy.

Next, to improve the policy implementation in the future, it was necessary to increase monitoring towards the submission of the prevailing rules of the commodity futures trade."

"Laporan Magang ini membahas mengenai evaluasi prosedur tahap analisis data uji tuntas keuangan yang dilakukan terhadap PT AS. PT AS merupakan perusahaan pembiayaan non-bank di Indonesia yang kegiatan usaha utamanya adalah pembiayaan konsumen. Uji tuntas keuangan terhadap PT AS dilakukan sebagai salah satu tahapan transaksi preakuisisi untuk mengidentifikasi risiko serta melakukan verifikasi aset dan liabilitas perusahaan untuk mendeteksi distorsi akuntansi sebelum memasuki tahap kesepakatan formal. Evaluasi dilakukan dengan cara membandingkan prosedur uji tuntas pada tahap analisis data dengan Strategy and Transactions Advisory EY Indonesia (2020), Morris et al. (2000), dan Palepu et al. (2013). Sehubungan dengan karakteristik PT AS sebagai perusahaan pembiayaan yang harus patuh pada ketentuan dan regulasi industri jasa keuangan, salah satu fokus area uji tuntas adalah kepatuhan perusahaan terhadap regulasi Otoritas Jasa Keuangan. Hasil evaluasi menunjukkan bahwa prosedur uji tuntas keuangan pada tahap analisis data sudah sesuai dengan proses yang dijabarkan oleh Strategy and Transactions Advisory EY Indonesia (2020), Morris et al. (2000), dan Palepu et al. (2013). Selain evaluasi atas prosedur tahap analisis data uji tuntas keuangan, laporan magang ini juga bertujuan untuk mendeskripsikan dan melakukan evaluasi refleksi diri selama menjalani kegiatan magang. Berdasarkan hasil refleksi diri diperoleh kesimpulan atas kemampuan yang masih harus ditingkatkan, yaitu memperluas berbagai wawasan industri, meningkatkan kepercayaan diri, dan meningkatkan kemampuan manajemen waktu. Tindak lanjut yang akan dilakukan antara lain mengikuti pelatihan yang berkaitan dengan perkembangan industri-industri di Indonesia, melatih kemampuan fisik melalui olahraga bela diri dan mengembangkan kemampuan bahasa asing untuk meningkatkan kepercayaan diri, serta menjaga rutinitas yang tepat untuk optimalisasi produktivitas.

---

This Internship Report discusses the evaluation of the financial due diligence procedures in the data analysis phase conducted on PT AS. PT AS is a non-bank financing company in Indonesia whose main business revolves in consumer financing activity. Financial due diligence on PT AS was carried out to identify risks, verify the company's assets and liabilities, as well as to detect accounting distortions before entering the formal agreement stage. The evaluation is carried out by comparing the due diligence procedure in the data analysis stage with Strategy and Transactions Advisory EY Indonesia (2020), Morris et al. (2000), and Palepu et al. (2013). In relation to the characteristics of PT AS as a financing company that must comply with the rules and regulations of the financial services industry, one focus area of this due diligence is the company's compliance with the regulations of the Financial Services Authority. The evaluation results show that the financial due diligence procedure at the data analysis stage is in accordance with the process described by Strategy and Transactions Advisory EY Indonesia (2020), Morris et al. (2000), and Palepu et al. (2013). In addition to evaluating the procedures of the financial due diligence in the data analysis phase, this internship report also aims to describe and evaluate the author's self-reflection during the internship period. Based on the results, there are several abilities that require improvement, namely broadening various industrial insights, improving self-confidence, and improving time management skills. The follow-up action will include attending trainings related to the development of industries in Indonesia, training physical abilities through martial arts and developing foreign language skills to increase self-confidence, as well as maintaining an established routine to optimize productivity."

"Makalah ini bertujuan untuk menyelidiki korelasi antara Twitter dan kinerja pasar saham dengan melihat perspektif tingkat industri untuk perusahaan tertentu yang tergabung dalam IDX30. Indeks saham ini adalah sub-kategori likuiditas dari Headline Index yang terdiri dari perusahaan-perusahaan yang digunakan sebagai referensi untuk menggambarkan situasi pasar saham yang memenuhi kriteria utama memiliki tingkat likuiditas yang tinggi. Untuk mendukung penelitian ini, kami mengumpulkan beberapa pendapat yang diperoleh dari Twitter sebagai sumber data streaming menggunakan pemrograman Python, dan Thomson Reuters untuk mendapatkan informasi harga saham, volume, dan kapitalisasi pasar masing-masing perusahaan. Model penelitian dibangun berdasarkan metode Amihud Illiquidity dan perhitungan volatilitas untuk mengukur korelasi antara analisis sentimen dan kinerja saham. Penelitian ini menunjukkan bahwa analisis sentimen terhadap pernyataan yang diunggah di Twitter memiliki korelasi yang tidak signifikan terhadap likuiditas dan volatilitas saham IDX30 di Indonesia. Namun demikian, penelitian ini belum dapat memisahkan antara tweet yang dihasilkan berdasarkan pendapat pengguna dan tweet yang dibuat berdasarkan permintaan dari pelaku pasar tertentu untuk mempengaruhi nilai saham dengan menyebarkan informasi yang bias untuk memancing reaksi publik.

---

This paper is aimed at investigating the correlation between Twitter and stock market performance by looking at industry-level perspective to specific companies incorporated in the IDX30. This stock index is the sub-category liquidity of the Headline Index which consists of companies that are used as a reference to describe the stock market situation that meet the main criteria of having a high level of liquidity. To support this research, we collected some opinions obtained from Twitter as a source of streaming data using Python programming, and Thomson Reuters to obtain information of stock prices, volumes, and market capitalization of each company. Research models are built based on Amihud Illiquidity method and volatility calculation to measure the correlation between sentiment analysis and stock performance. This research shows that sentiment analysis of statements uploaded on Twitter has insignificant correlation to the liquidity and volatility of IDX30 stock in Indonesia. Nevertheless, this research has not been able to separate between tweets which are generated based on user opinion and tweets which are made based on requests from certain market participants to influence the value of shares by spreading biased information to provoke a public reaction."

"Penelitian ini menganalisis dynamic connectedness antara stablecoin berbasis fiat yang diwakili oleh USD Coin (USDC), Pax Dollar (USDP), Tether USDt (USDT) dan stablecoin berbasis emas yang diwakili oleh Digix Gold Token (DGX) dan Gold Coin (GLC) dengan indeks saham internasional yang diwakili oleh S&P500, STOXX50, Nikkei225, CSI300, dan JKSE dengan menggunakan metode baru yaitu pendekatan keterhubungan dinamis berbasis DCC-GARCH. Dengan adanya spillover volatilitas antara stablecoin dan indeks saham, penelitian ini melanjutkan menggunakan metode t-copula DCC-GARCH untuk melihat strategi investasi dengan menghitung rasio lindung nilai dan bobot portofolio antara kedua jenis aset tersebut. Hasil penelitian menunjukkan bahwa terdapat dynamic connectedness antara stablecoin dengan indeks saham internasional walaupun tidak terlalu kuat dan dalam menyusun strategi investasi bedasarkan rasio lindung nilai, secara keseluruhan penelitian ini menemukan bukti yang menunjukkan bahwa konstruksi portofolio dapat secara signifikan mengurangi risiko investasi di semua aset terhadap Nikkei225 dan JKSE, sedangkan strategi investasi dengan bobot portofolio pada posisi long cocok untuk stablecoin berbasis emas yaitu GLC dan DGX, dimana kedua aset ini dapat menjadi strategi diversifikasi dalam menyusun portofolio pada posisi long dengan semua aset yang digunakan.

---

This research analyzes the dynamic relationship between fiat-based stablecoins represented by USD Coin (USDC), Pax Dollar (USDP), Tether USDt (USDT) and gold-based stablecoins represented by Digix Gold Token (DGX) and Gold Coin (GLC) with indices international stocks represented by S&P500, STOXX50, Nikkei225, CSI300, and JKSE using a new method, the DCC-GARCH based dynamic connected approach. Given the volatility spillover between stablecoins and the stocks indeces, this research continues adopt the DCC-GARCH t-copula method to find investment strategies by calculating the hedging ratio and portfolio weight between the two types of assets. The research results show that there is a dynamic connectedness between stablecoins and international stock indices, although not too strong and in developing investment strategies based on hedging ratios, overall this research finds evidence that shows that portfolio construction can significantly reduce investment risk in all assets used in This research is on two assets Nikkei225 and JKSE, while the investment strategy with portfolio weights in long positions is suitable for gold-based stablecoins GLC and DGX, where these two assets can be a diversification strategy in compiling a portfolio in long positions with all the assets used."

"Pandemi COVID-19 telah memicu berbagai tanggapan dari lingkungan ekonomi dan bisnis. Data pasar mengungkapkan korelasi negatif yang kuat antara pengumuman kasus pertama, pengumuman kasus pertama dan kematian pertama, dan setiap pengumuman kebijakan Pembatasan Sosial Berskala Besar (PSBB). Dalam jangka pendek, penelitian ini akan melihat bagaimana reaksi saham-saham penyusun IHSG terhadap kebijakan pemerintah, laju penyebaran COVID-19, dan laju kenaikan pasar modal dengan melihat signifikansi dari uji-t kumulatif abnormal return seluruh saham penyusun IHSG sebelum dan selama masa pandemi COVID-19. Temuan mengungkapkan bahwa setiap perubahan kebijakan PSBB berdampak pada return saham

---

The COVID-19 pandemic has triggered a range of responses from the economics and business environment. The market data reveals a strong negative correlation between the first case announcement, the first case announcement and the first death, and every announcement of the Large-Scale Social Restrictions policy (PSBB). In the short term, this research will look at how the constituent stocks of the Indonesian Sharia stock index react to government policies, the rate of spread of COVID-19, and the rate of increase in the capital market by looking at the significance of the t-test of the cumulative abnormal return of all Indonesian Sharia stock index constituent stocks before and during the COVID-19 pandemic. The findings reveal that every change in PSBB policy has an impact on stock returns."

"Penelitian ini bertujuan menganalisis dampak dari kebijakan dividen, suku bunga dan volume perdagangan saham terhadap volatilitas harga saham di Jakarta Islamic Index JII dan Indeks Harga Saham Gabungan IHSG. Penelitian ini menggunakan perusahaan terdaftar di Bursa Efek Indonesia tahun 2012 ndash; 2016 sebagai sampel. Hasil penelitian menunjukan bahwa tingkat suku bunga dan volume perdagangan berpengaruh signifikan terhadap volatilitas harga saham baik itu saham yang terdaftar di JII maupun di IHSG. Sedangkan kebijakan dividen berupa dividen yield tidak berpengaruh terhadap volatilitas harga saham baik di JII dan IHSG sedangkan dividen dummy keputusan perusahaan dalam membagikan dividen atau tidak berpengaruh terhadap volatilitas harga saham IHSG.

---

This study aims to analyze the impact of dividend policy, interest rate and stock trading volume on stock price volatility in Jakarta Islamic Index JII and Indeks Harga Saham Gabungan IHSG. This study uses listed companies at Indonesia Stock Exchange 2012 2016 as a sample. The results showed that the interest rate and trading volume have a effect on the stock price volatility either the shares registered at JII or at IHSG. While dividend policy does not affect the stock price volatility in both JII and IHSG but dividen dummy has effect the stock price volatility in IHSG."

"[ABSTRAKbrSkripsi ini membahas hubungan interdependensi antara indeks saham konvensional dan syariah di Indonesia dan Malaysia dengan Indeks negara maju DJIA S P 500 FTSE 100 pada periode krisis dan pasca krisis serta membahas mengenai volatitasnya pada periode krisis Tujuan dari peneltian ini adalah untuk melihat apakah saham syariah tidak terpengaruh pergerakan indeks konvensional negara maju dan untuk melihat apakah indeks saham syariah memiliki volatilitas yang lebih rendah pada periode krisis Kesimpulan dari penelitian ini menemukan bahwa walaupun tidak terdapat kointegrasi antara indeks konvensional dan syariah dengan indeks negara maju hubungan interdependensi tetap terjadi diantara keduanya dan volatilitas indeks saham syariah menunjukkan volatilitas yang lebih kecil Dengan demikian meskipun indeks saham syariah tidak sepenuhnya terpisah dari pergerakan indeks konvensional negara maju indeks saham syariah mampu menjadi alternatif investasi yang memiliki risiko lebih rendah ;ABSTRACTThis research discusses the interdependence between conventional and Islamic stock index in Indonesia and Malaysia with developed country stock index DJIA S P 500 FTSE 100 in the period of crisis and post crisis and to discuss the volatility during the crisis period The purpose of this research is to see whether the movement of Islamic stock index is not affected by conventional developed country stock market movement and to see whether sharia stock index has lower volatility during the period of crisis The conclusion of this study found that although there is no cointegration between conventional and Islamic index in Indonesia and Malaysia with developed country stock index the relationship of interdependence still occurred between both of them and the volatility of sharia stock index is lower than the conventional stock index Thus although the sharia stock index is not completely decoupled from the negara maju conventional index movement sharia stock index can be seen as an alternative investment that has a lower risk ;ABSTRACTThis research discusses the interdependence between conventional and Islamic stock index in Indonesia and Malaysia with developed country stock index DJIA S P 500 FTSE 100 in the period of crisis and post crisis and to discuss the volatility during the crisis period The purpose of this research is to see whether the movement of Islamic stock index is not affected by conventional developed country stock market movement and to see whether sharia stock index has lower volatility during the period of crisis The conclusion of this study found that although there is no cointegration between conventional and Islamic index in Indonesia and Malaysia with developed country stock index the relationship of interdependence still occurred between both of them and the volatility of sharia stock index is lower than the conventional stock index Thus although the sharia stock index is not completely decoupled from the negara maju conventional index movement sharia stock index can be seen as an alternative investment that has a lower risk , ABSTRACTThis research discusses the interdependence between conventional and Islamic stock index in Indonesia and Malaysia with developed country stock index DJIA S P 500 FTSE 100 in the period of crisis and post crisis and to discuss the volatility during the crisis period The purpose of this research is to see whether the movement of Islamic stock index is not affected by conventional developed country stock market movement and to see whether sharia stock index has lower volatility during the period of crisis The conclusion of this study found that although there is no cointegration between conventional and Islamic index in Indonesia and Malaysia with developed country stock index the relationship of interdependence still occurred between both of them and the volatility of sharia stock index is lower than the conventional stock index Thus although the sharia stock index is not completely decoupled from the negara maju conventional index movement sharia stock index can be seen as an alternative investment that has a lower risk ]"