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Ditemukan 24382 dokumen yang sesuai dengan query
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Samuel Kristanto Utomo
"We extend the persistence and pervasiveness of the presence of value effect to Indonesian stock
returns in the last two decades by utilizing data set that is relatively free of survivor bias and selection
bias. Our finding shows that value portfolios have been able to outperform growth portfolios.
Furthermore, the presence of the effect as an asset pricing factor, along with the size effect, can significantly
explain the returns of the aggregate equity mutual funds in Indonesia and unveil that the
equity mutual fund industry does not provide sufficient risk-adjusted return to cover trading costs and
fund expenses. Our proposition is that the equity mutual fund valuation will be better off to apply simpler
model shown in this paper to capture the value premium as opposed to the general application
of traditional valuation method."
Prasetiya Mulya Business School, 2015
J-Pdf
Artikel Jurnal  Universitas Indonesia Library
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Haris Pratama Loeis
"This study focuses on the behavior of open-ended mutual fund investors when encountered with
multiple information signals of mutual fund?s historical performance. The behavior of investors can
be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe
the presence of ambiguity within investors due to multiple information signals, and their reaction
towards it. We apply a Fama-McBeth Regression technique for equity mutual funds, fixed income
mutual funds, and balanced mutual funds that are effective during the period of February 2010 until
February 2015. Our finding shows that open-ended mutual fund investors do not only have sensitivity
towards past performance information signals, but also have additional sensitivity towards the
ambiguity of multiple information signals. Because of the presence of ambiguity, investors consider
more on negative information signals and the worst information signal in their investment decisions."
Universitas Indonesia, Department of Management, Faculty of Economics and Business, 2015
J-Pdf
Artikel Jurnal  Universitas Indonesia Library
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Ho Viet Tien
"This paper investigated the impact of seasoned equity offerings (SEO) on stock return of listed
companies in Ho Chi Minh City market using the method “event study” which has been basically
formed by Campbell, Lo, and MacKinlay (1997). The sample includes 332 SEOs from 2007 to 2010.
The main findings show evidence that the Ho Chi Minh City market was not efficient in terms of the
semi-strong form because the price has increased significantly on the ex-right date, day 0. In an opposite
way, the market also reacted significantly negatively from T-4 to T-2. There are some significant
impacts of timing on issue methods – equity right issues were in priority for favorable time and issues
as “dividend by stocks” were chosen during unfavorable time."
Ho Chi Minh City, Vietnam. University of Economics., 2013
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Artikel Jurnal  Universitas Indonesia Library
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Fariz Rahmanto
"This article contributes to country specific result on the responses of sector stock indices to crude
oil price changes. Using linear and asymmetric models and by studying the association of crude oil
and stock price, this article aims to explain about the short-term responses of Indonesian sector stock
indices to crude oil price changes. Besides, we also try to figure out whether there are asymmetric
responses within. Our findings suggest that the strength and the sensitivity of this association vary
across sectors, and the effects are positive for all sectors. We also find strong significance of asymmetry
reactions for Agriculture and Consumer Goods sector stock returns due to changes in crude
oil price."
Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2016
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Artikel Jurnal  Universitas Indonesia Library
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Hermiyetti
"The purpose of this research is to examine the influence of good corporate governance mechanism
about earnings management in companies listed in Indonesian Stock Exchange during 2006 to
2010. The independent variables include the size of commissioner board, independent commissioner
board percentage, size of audit committee, and commissioner meeting frequency. The dependent variable
is earnings management which is measured by discretionary revenue model (Stubben, 2010).
Size of company is used as the control variable in this research. The population of this research is
465 samples from companies listed at Indonesian Stock Exchange during 2006 to 2010. The sampling
method used in this research is purposive sampling method. In addition, the data analysis method
used is regression analysis and descriptive statistics. The result of this research indicates that the
mechanism of good corporate governance which is represented by the size of commissioner board,
independent commissioner board percentage, size of audit committee, and commissioner meeting frequency
do not have any significant impact on earnings management. However, the result shows that
company size gave positive influence toward earning management."
Universitas Bakrie, 2013
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Artikel Jurnal  Universitas Indonesia Library
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Titis Fatarina Mahfirah
"Studi pada karakteristik risiko dan return telah mendapat perhatian yang besar. Beberapa studi pada literatur keuangan perusahaan telah menguji apakah risiko default memiliki pengaruh terhadap return saham perusahaan, akan tetapi hasilnya seringkali bervariasi dan menjadi perdebatan. Penelitian terdahulu memperoleh hasil empiris yang bervariasi karena mengacu pada indikator risiko default dan sample dari pasar ekuitas yang berbeda.
Tujuan utama dari penelitian ini adalah untuk mengevaluasi pengaruh risiko default terhadap pengembalian ekuitas menggunakan data yang diambil dari perusahaan-perusahaan non-keuangan pada Indeks Harga Saham Gabungan (IHSG) di Indonesia untuk periode penelitian 2008-2017.
Penelitian ini menggunakan model Merton (1974) seperti yang dilakukan Vassalou & Xing (2004) untuk membangun proxy dari risiko default. Kelebihan dari model ini adalah mempertimbangkan volatilitas pada asset perusahaan dalam mengestimasi risiko default. Dengan metode ini, perusahaan dapat memiliki tingkat ekuitas dan hutang yang serupa, namun bisa saja memiliki probabilitas default yang sangat berbeda. Hasil penelitian menunjukkan bahwa risiko default memiliki pengaruh yang positif dan signifikan pada pengembalian ekuitas.

The study of the characteristics of risk and return has received great attention. Several studies in finance literature have tested whether default risk has an influence on company's stock returns, but the results are often conflicting. Previous research derive varying empirical results because they refer to default risk indicators and samples from different equity markets.
The main objective of this study is to evaluate the effect of default risk on stock return using data taken from non-financial companies on the Indonesia Composite Index (IDX Composite) in Indonesia for the 2008-2017 research period.
This study uses Merton (1974) model as done by Vassalou & Xing (2004) to build a proxy for the risk of default. The advantage of this model that it considers the volatility of company's assets in estimating default risk. Companies can have similar levels of equity and debt, but possibly have very different default probabilities. The results of the study show that default risk has a positive and significant effect on equity returns.
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Depok: Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2019
T54152
UI - Tesis Membership  Universitas Indonesia Library
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Adriana
"ABSTRAK
Ekosistem pantai dengan ketiga tipe sumberdayanya, yaitu laut, tambak dan sawah merupakan bagian yang tidak dapat dipisahkan dari kehidupan ekonomi sebagian besar penduduk Marunda di Pantai Utara Jakarta. Di dalam lingkungan bersangkutan, keseluruhan kegiatan ekonomi yang terdiri dari kegiatan produksi, distribusi dan konsumsi berlangsung atas dasar model pengetahuan kebudayaan yang diwariskan secara turun-temurun.
Keterikatan yang sangat kuat pada bentuk-bentuk mata pencaharian yang sangat tergantung pada kondisi lingkungan alam di sekitarnya, menyebabkan timbulnya berbagai masalah sosial ekonomi dan sosial budaya, ketika lingkungan tersebut diambil--alih dan dirubah oleh kegiatan pembangunan kawasan industri Pusat Perkayuan Marunda (PPM).
Kegiatan pembangunan PPM menyebabkan perubahan bentang alam yang ditandai dengan penyusutan lahan garapan penduduk yang semula tinggal di kawasan industri tersebut. Penyusutan lahan garapan tempat penduduk bersangkutan melakukan kegiatan mata pencaharian menimbulkan dampak terhadap keseluruhan sistem mata pencaharian mereka.
Untuk menyesuaikan diri dengan kondisi perubahan lingkungan dan untuk menghadapi berbagai masalah yang timbul sehubungan dengan perubahan yang terjadi, penduduk dituntut mengembangkan upaya adaptasi, terutama berupa penyesuaian bentuk mata pencaharian dengan keadaan lingkungan yang ada setelah perubahan.
Upaya adaptasi yang sebenarnya relatif dapat dianggap paling tepat dipilih untuk menanggapi perubahan lingkungan sumberdaya ekonomi di lingkungan kawasan industri PPM, adalah dengan melakukan diversifikasi mata pencaharian.
Diversifikasi mata pencaharian pada bentuk-bentuk yang berbeda dengan bentuk-bentuk mata pencaharian semula sebagian besar penduduk Marunda, perlu dilakukan agar penduduk yang lingkungan sumberdaya ekonominya terkena akibat langsung kegiatan pembangunan PPM, dapat tetap memenuhi kebutuhan hidupnya tanpa terlalu tergantung pada lingkungan sumberdaya laut, sawah dan tambak di sekitarnya yang masih akan terus berubah, sejalan dengan kelanjutan proses pembangunan PPM. Akan tetapi, pilihan ini tidak dididukung oleh pengetahuan kebudayaan yang luas.
Tingkat pendidikan sebagian besar penduduk Marunda yang relatif sangat rendah dan pengetahuan kebudayaan yang dimiliki semata-mata hanya berkisar pada lingkungan pantai di sekitarnya, menyebabkan keseluruhan perangkat pengetahuan kebudayaan mereka menjadi sangat terbatas, sehingga tidak mampu menghadapi perubahan orientasi ruang yang telah sangat berbeda kondisinya.
Dari dua bentuk upaya adaptasi yang dikembangkan oleh penduduk setempat, yaitu mempertahankan bentuk mata pencaharian semula dan beralih ke bentuk mata pencaharian baru, tampaknya upaya mempertahan bentuk mata pencaharian sampai saat ini masih menjadi pilihan sebagian besar penduduk.
Pilihan upaya adaptasi sebagian besar penduduk yang masih terikat pada lingkungan sumberdaya semula (laut, sawah dan tambak) akan dapat lebih memperburuk kondisi sosial ekonomi di masa yang akan datang, terutama pada saat proyek PPM mulai beroperasi, jika tidak segera dicari pemecahan dan penanggulangannya secara tepat dan terpadu.
Tipe penelitian ini adalah deskriptif kualitatif yang di dukung oleh data kuantitatif dan dilengkapi oleh studi kasus. Secara keseluruhan, metode yang digunakan adalah metode kualitatif dan kuantitatif. Cara yang digunakan untuk memilih sampel adalah proportional random sampling, dengan jumlah responden sebanyak 120 orang dan jumlah informan kunci sebanyak enam orang di antara keseluruhan penduduk Marunda.
Pengujian hipotesa dilakukan dengan menggunakan uji Chi-square (X2), sedangkan pengujian signifikansi perubahan dilakukan dengan menggunakan tes Mc Nemar. Perhitungan kekuatan hubungan dilakukan dengan menggunakan koefisien asosiasi Cramer (C) untuk variabel-variabel nominal dan dengan perhitungan koefisien korelasi pangkat d sommers (d y/x) untuk variabel-variabel ordinal.
Studi ini dimaksudkan untuk melihat secara utuh kehidupan sosial-budaya dan sosial-ekonomi penduduk Marunda, khususnya aspek kehidupan ekonomi yang diwujudkan dalam sistem mata pencaharian, baik sebelum maupun sesudah adanya proyek pembangunan PPM. Setelah itu akan dilihat pula gambaran dampak yang timbul dari proses pembangunan kawasan industri tersebut (terutama pada tahap konstruksi) terhadap seluruh aspek kehidupan penduduk di. Kelurahan Marunda yang berkenaan dengan sistem mata pencaharian.
Keseluruhan pengetahuan yang diperoleh, diharapkan dapat memberi masukan untuk penyusunan strategi perencanaan pengembangan lingkungan, khususnya pada tingkat lokal bagi pihak PPM dan pemerintah daerah DKI dalam upaya memperbaiki taraf hidup penduduk setempat dan penanggulangan berbagai masalah yang mungkin masih akan timbul. Bagi perencana pembangunan tingkat nasional, terutama yang bertanggungjawab pada proyek pembangunan kawasan industri sejenis, strategi perencanaan dan pengelolaan lingkungan dengan tetap memperhatikan kesejahteraan hidup penduduk di sekitar lokasi proyek juga dapat diterapkan di daerahdaerah lain di Indonesia yang sedang dan akan mengadapi masalah yang serupa dengan apa yang dewasa ini dialami penduduk Marunda.
Hasil-hasil studi menunjukkan bahwa :
1. Perubahan bentuk mata pencaharian sebagai upaya adaptasi yang dilakukan oleh sebagian penduduk relatif kecil (X²=43,02; C=0,36), apabila dibandingkan dengan perubahan lingkungan sumber daya ekonomi yang terjadi.
2. Perubahan lingkungan sumberdaya ekonomi tidak langsung mempengaruhi pilihan bentuk mata pencaharian (X2=0,36; C=0,05).
3. Pilihan bentuk mata pencaharian dipengaruhi oleh kemampuan adaptasi social dalam hubungan yang tergolong cukup kuat (C= 0,48).
4. Pilihan bentuk mata pencaharian juga dipengaruhi oleh pengetahuan kebudayaan dalam hubungan yang kuat (C=0,55). Berarti lebih kuat daripada hubungan antara pilihan bentuk dengan kemampuan adaptasi sosial.
5. Kemampuan adaptasi sosial dipengaruhi oleh perubahan lingkungan sumberdaya ekonomi dalam hubungan yang tergolong sedang dan bersifat negatif (d y/x = - 0,34).
6. Kemampuan adaptasi sosial juga dipengaruhi oleh pengetahuan kebudayaan dalam hubungan yang tergolong kuat dan bersifat positif (d y/x = 0,59). Berarti hubungan yang ada lebih kuat daripada hubungan antara kemampuan adaptasi dengan perubahan lingkungan sumberdaya ekonomi.
7. Diperlukan suatu kebijaksanaan terpadu agar pembangunan PPM yang mempunyai cakupan kepentingan tingkat nasional ini berhasil dilaksanakan tanpa harus mengorbankan kehidupan penduduk Marunda sebagai korban. Hal ini perlu dilakukan karena terdapat kecenderungan bahwa sebagian besar penduduk sulit merencanakan usaha atau bidang pekerjaan secara kongkrit di lingkungan yang masih akan terus berubah, dengan pengetahuan kebudayaan yang terbatas dan kemampuan adaptasi yang rendah.

ABSTRACT
The coastal ecosystem which consists of the three types of natural sources namely the sea, fish farming and rice fields have been forming a most important aspect of living for most Marunda villagers who live in the northern coastal areas of Jakarta. The entire economical process consisting of production, distribution and consumption activities among these villagers have been passed on, through inheritance, from generation to generation.
The exclusive dependability on the traditional ways of earning a living, which entirely relies on the environmental condition, has brought along various socio-economical and socio-cultural problems when this area was reclaimed by the authority and changed through the activities of the new industrial area for "Pusat Perkayuan Marunda" (PPM).
The PPM development activities have changed the spatial range of nature, which is indicated by the shrinkage of cultivated land belonging to the indigenous people who previously lived in this area, before the industrial estate started. The shrinkage of cultivated land, which the indigenous people made a living from before, has caused changes to the entire system of their means of subsistence.
To adjust themselves to the environmental changes and all the various problems these changes have brought along, these villagers will have to develop an adaptive aptitude to the new environment, especially to the new condition.
The adaptive effort, which is considered probably, the most effective, to select for the economical environmental changes in the PPM industrial areas, is through the diversification means of subsistence activities.
The diversification of economical sources which vary from the original ones most of Marunda villagers used to have, should be designed in order that those villagers whose environmental economical sources are directly affected by the PPM activities can live on properly, without having to depend entirely on the sea fishing, rice fields and fish farming in the surrounding areas, which will continue changing in line with the PPM development processes in the future. However; this approach is not necessarily supported by adequate cultural knowledge.
The relatively low level of educational background that most of the Marunda villagers have, including their cultural knowledge, which is restricted to the surrounding coastal areas only, are the source of the incapacity for those villagers to adjust themselves to the entirely new living condition.
Of the two forms of adaptation efforts which the Marunda villagers are making, namely to stick to the traditional means of subsistence and to obtain new living sources, the former seems more preferable.
The preference of most villagers to stick to the traditional sources of living (sea, rice field and fish farms) could worsen the social economical condition in the future, especially when the PPM project begins operation and no accurate integrated solution and prevention steps are taken immediately.
This research is qualitative descriptive by nature and is supported with quantitative data obtained through various study cases. On the whole, the methods used are the qualitative and the quantitative ones. The sampling has been made based on the proportional random system, involving 120 respondents and 6 key sources of information from amongst the entire Marunda villagers.
The hypothetic test is done by use the chi-square (X2) method and the significance test using the McNemar Method. The calculation of relativity strength was done using Cramer's association coefficient (C) for nominal variables and correlative coefficient calculation square d Sommers (d y/x) for ordinal variables.
The purpose of this study is to see and analyze the Marunda villagers' socio cultural and socio economical lives as a whole, in particular the economical aspect behavior, which is reflected in the means of subsistence system.
This research is intended to provide additional information that could be used in setting up the environmental development planning strategies, particularly for the PPM Project Officer and the Jakarta Municipality Office (DKI) in an effort to improve the standard of living of the Marunda villagers and tackle future problems. In addition, this information could also be used by the government authorities, who are dealing with development of similar industrial projects and the environmental planning and development strategies for other areas in Indonesia, which are, or will be facing similar environmental problems which the Marunda villagers are experiencing presently.
The results of this research indicate that:
1. The means of subsistence changes as an adaptation effort is relatively smaller than the economical source environmental changes (X2=43,02; C=0,36).
2. The economical source environmental change does not directly influence the choice of the means of subsistence form (x2=0,36; C=0,05)
3. The means of subsistence form choices are influenced by the social adaptation ability in strong relation (C = 0,48)
4. The means of subsistence form choice is also influenced by the cultural knowledge in strong relation (C = 0,05). Thus, a relation between the choices of form of the means of subsistence as compare to social adaptation ability.
5. The social adaptation ability is influence by the changing of environmental economical source in negative and average relation (d y/x = - 0,34).
6. The social adaptation ability is also influenced by the cultural knowledge in the positive and strong relation (d y/x = 0,59). It means that this relation is stronger than the relation between social adaptation ability and the environmental economical source change.
7. An integrated policy is needed in order that PPM development, which is of a National magnitude level, can be successfully implemented without sacrificing the way of life of Marunda's villagers as victims. This is to be implemented because there is a tendency that some of the villagers are unable to plan as to how to make a living, or choose a field of work in reality, due to the limited cultural knowledge and low level adaptation ability, in an environment which is still constantly changing.
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Jakarta: Program Pascasarjana Universitas Indonesia, 1988
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UI - Tesis Membership  Universitas Indonesia Library
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Sugeng Purwanto
"Ritter and Welch (2002) explain there are two types of IPO firms, namely higher quality firms and lower quality firms. This research propose the third type, namely bad IPO firms which manipulate and force IPO underpricing. Bad IPO firms are subset of lower quality IPO firms that force false signal as higher quality firms. The false signal was hidden by managing post-IPO trading. Trading management are indirectly funded by using balance sheet cash. Hypothesis testing with the empirical model 1 was to confirm the role of CashRatio as the moderating variable that interact DER to affect IPO underpricing which originally was not. The findings support the predictions that interactive variable DER*CashRatio affect IPO underpricing. A managed trading had a non negative profits constraint so that selective post-IPO trading was conducted to cause trading imbalance observable as skewed trading volume (Skewness). Subsequent tests with the empirical model 2 was to confirm the role of Skewness as the moderating variable that interact VolRatio to affect post-IPO stock return (RGM) which originally was not. The findings support the predictions that interactive variable LnVolRatio*Skew affect RGM. Both findings confirm this research predictions on the possibility of manipulated IPO trading in Indonesia IPO 2009-2012."
Jakarta: Paramadina Graduate School of Business, 2014
AJ-Pdf
Artikel Jurnal  Universitas Indonesia Library
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Richard Andre
Depok: Fakultas Ekonomi dan Bisnis Universitas Indonesia, 1986
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UI - Skripsi Membership  Universitas Indonesia Library
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Siti Saadah
"Following the blueprint of the ASEAN integration 2015, the integration of the financial markets
in this region will increase. This study investigates the existence of a volatility spillover from the Singaporean
stock market into Indonesia, including its transmission pattern. Singapore, as an advanced
country in the ASEAN region, has played an important role as the information leader in the market of
this region, so that it is very possible that the shocks in the Singapore?s stock market will be transmitted
to another stock market in this region. Using TGARCH (1,1) model specification regarding the
data of the daily return of the Indonesia market index (IHSG) for the period of January 2008 ? August
2012, it is observed that the shock that took place in the Singapore stock market is immediately transmitted
to the Indonesia stock market with two important asymmetric patterns. The transmission of
the shock from the Singapore stock exchange becomes stronger when this market (1) experiences a
negative return, and (2) is in the bearish phase."
Atmajaya Catholic University, Faculty of Economics., 2013
J-Pdf
Artikel Jurnal  Universitas Indonesia Library
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