Harlina Meidiaswati - Academia.edu (original) (raw)

Papers by Harlina Meidiaswati

Jurnal ekonomi dan bisnis Airlangga, Nov 30, 2022

Introduction: Investors need to understand the company's financial performance and other factors ... more Introduction: Investors need to understand the company's financial performance and other factors to make the right investment decisions. This study aims to analyze the effect of profitability, liquidity, leverage, and firm size on stock returns. Methods: This research is a quantitative study. A sample of 16 companies was taken purposively from 28 retail companies for the 2016-2020 period. The analytical technique used is multiple linear regression Results: Profitability (return on assets), liquidity (quick ratio), and firm size have no significant effect on stock returns, while leverage (debt to equity ratio) has a significant positive effect on stock returns. Conclusion and suggestion: Further researchers can add other variables that are not included in this research model in order to find out the variables that can affect stock returns.

Riset Akuntansi dan Keuangan Indonesia

This study aims to determine the effect of country governance and the components of country gover... more This study aims to determine the effect of country governance and the components of country governance (voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, law, and control of corruption) on financial leverage, as well as the moderating effect of institutional ownership on the influence of country governance and the components of country governance (voice and accountability, political stability and absence violence, government effectiveness, regulatory quality, law, and control of corruption) on financial leverage. This study uses a sampling method using purposive sampling. The analysis method is multiple linear regression and moderated regression analysis. The number of samples in this study was 1853 observations on manufacturing companies listed on the stock exchanges of Indonesia, Malaysia, Thailand, Singapore, and the Philippines. The results show that country governance, political stability and absence aof violenc...

Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, 2019

Penelitian ini bertujuan untuk mengetahui apakah penerbitan waran pada Penawaran Umum Saham (Init... more Penelitian ini bertujuan untuk mengetahui apakah penerbitan waran pada Penawaran Umum Saham (Initial Public Offerings) di Pasar Modal Indonesia dilakukan sebagai bentuk mekanisme pendanaan bertahap (staged financing) (Schultz, 1993) ataukah merupakan upaya penyampaian sinyal tentang perusahaan (Chemmanur dan Fulghieri, 1997). Penelitian dilakukan pada 96 perusahaan yang melakukan IPO pada periode 2010-2013 di Bursa Efek Indonesia. Hasil penelitian menunjukkan bahwa IPO dengan waran dilakukan oleh perusahaan yang lebih muda, memiliki profitabilitas yang lebih rendah, serta dengan kecenderungan pemilik (owner) mempertahankan proporsi kepemilikan yang lebih rendah pasca IPO. Hasil analisis OLS menunjukkan initial return IPO dengan waran yang lebih tinggi dibanding IPO biasa. Analisis probit menunjukkan bahwa keputusan melakukan IPO dengan waran dipengaruhi oleh umur dan leverage. Hasil penelitian secara umum mendukung teori staged financing.

Jurnal Reviu Akuntansi dan Keuangan, 2019

This study is conducted to examine the effect of family share ownership on the dividend policy of... more This study is conducted to examine the effect of family share ownership on the dividend policy of manufacturing companies in the Indonesia Stock Exchange (IDX). In this study, we also examine the moderating effect of institutional ownership on the relationship between family ownership and dividend policy. The number of observations 137 firm-years, consisting of family companies in the manufacturing sector listed on the IDX in the period 2013-2016. The test results show that family ownership has a positive effect on the dividend payout ratio. Research also shows that institutional ownership weakens the relationship between family ownership and dividend payout ratio.

Jurnal Manajemen dan Kewirausahaan, 2019

Specific information on the IPO prospectus can affect the stock's market performance, both th... more Specific information on the IPO prospectus can affect the stock's market performance, both the initial returns and the long-term performance. The disclosure of the purpose of IPO proceeds to: acquisition, investment, group financing, debt repayment and working capital, as a specific form of information is indicated to affect both initial return and long-term stock returns. We conducted a test of 148 IPOs on the Indonesia Stock Exchange in the period 2006–2013. Data analysis was performed using OLS and probit regression. The test results show that there is a negative relationship between the intention of the acquisition and debt repayment with underpricing. The results also show that IPOs with the purpose of the debt repayment is positively related to the long-term market performance. The age of the company has a negative effect on IPOs with the purpose of acquisition and debt repayment, while the size of the company proxied by total assets is positively related to the intention...

KnE Social Sciences, 2018

This study aims to identify signalling theory and market feedback theory as asymmetric informatio... more This study aims to identify signalling theory and market feedback theory as asymmetric information proxies in Indonesia's capital market to analyse the relationship between IPO and FiSEO using OLS and quantile regressions approach. The authors conducted this study based on the idea that it is more meaningful and relevant to investigate the determinant of the speed of FiSEO at different distribution points rather than covering the overall distribution. OLS and quantile regression analysis was applied to 128 samples of IPO companies in IDX during the period 1990-2013. The results show that signalling theory can explain the speed of conducting FiSEO in the Indonesian Stock Exchange (IDX). Testing with quantile regression explains that underpricing is only able to explain the implementation of FiSEO, which happened not long after the IPO time (that is up to a period of 3.26 years or Q50). Age as a life cycle proxy is also able to explain the speed of implementing FiSEO.

Sinergi: Jurnal Ilmiah Ilmu Manajemen, Mar 2, 2023

The aim of this research is to compare the performance for three years after going public of 27 m... more The aim of this research is to compare the performance for three years after going public of 27 manufacture companies in Indonesia stock market from 1991-1993 with the benchmark. Benchmarks are : 1) return market and 2) return of same size firm. Using Cumulative Average Benchmark Adjusted Return (CAbAR) as a method to compare the long term return, the sample display some evidences of significant underperformance compare to market and to same size firm. This result consistent with other research in many countries such us Jan Bo Jakobsen in Denmark, and Aggarwal in Brazil, Meksiko and Chili. It means that as any investor in any country, investors in Indonesia stock market are over reaction and over optimism to the firm of going public as Loughran and Ritter in Jan Bo Jakobsen indicates. Keywords : long term return, benchmark

Economics and Sustainable Development

ABSTRAK Penelitian ini bertujuan untuk menguji determinan nilai perusahaan terhadap keputusan pen... more ABSTRAK Penelitian ini bertujuan untuk menguji determinan nilai perusahaan terhadap keputusan pendanaan yang diukur dengan debt to equity ratio (DER), keputusan investasi yang diukur dengan price earning ratio (PER) dan profitabilitas yang diukur dengan return on asset (ROA). Sampel sejumlah 14 perusahaan diambil dari industri otomotif di Bursa Efek Indonesia. Pengujian dilakukan dengan analisis regresi liner berganda dengan uji signifikansi parsial dan simultan. Hasil pengujian menunjukkan hanya return on asset (ROA) yang berpengaruh signifikan terhada nilai perusahaan yang diukur dengan price to book value (PBV). ROA konsiten berpengaruh signifikan terhadap nilai perusahaan (Dewanti dkk, 2019; dan Frederica, 2019). Hasil ini mengindiasikan bahwa pada berbagai sektor atau industri profitabilitas masih menjadi pertimbangan investor dalam menilai perusahaan di Bursa Efek Indonesia. Sedangkan debt to equity ratio (DER), dan price earning ratio (PER) tidak berpengaruh signifikan terhad...

Jurnal Abadimas Adi Buana

Sentra Wisata Kuliner (SWK) Deles merupakan salah satu SWK yang merupakan binaan dari Pemerintah ... more Sentra Wisata Kuliner (SWK) Deles merupakan salah satu SWK yang merupakan binaan dari Pemerintah Kota Surabaya. SWK Deles berdiri sejak tahun 2015 dan berlokasi di Jalan Arief Rahman Hakim No.14, Keputih, Sukolilo, Kota Surabaya, Jawa Timur. Fasilitas yang dimiliki oleh SWK Deles terdapat kurang lebih 33 stand kios, toilet umum, mushola, tempat parkir, gazebo dan free wifi. Permasalahan yang terjadi adalah Lokasi dari SWK Deles sebenarnya sangat strategis dimana dekat dengan perkantoran dan tempat kuliah akan tetapi lokasi yang terlalu kedalam dari jalan sehingga para pengunjung akan kesusahan melihat keberadaan SWK Deles ini. Hal tersebut mengakibatkan berkurangnya pendapatan para pedagang di SWK Deles. Selain itu kondisi tersebut diperparah pada Masa Pandemi yang terjadi secara global. Kondisi ini membuat SWK ini terdampak sangat besar dalam sisi penjualan. Penghasilan yang di dapat oleh para pedagang malah semakin menurun. Dalam mengatasi permasalahan yang dihadapi oleh mitra ter...

Ekspektra : Jurnal Bisnis dan Manajemen

The purpose of this study is to analyze the effect of profitability, liquidity, leverage, and fir... more The purpose of this study is to analyze the effect of profitability, liquidity, leverage, and firm size on stock returns of Miscellaneous industrial sectors on the Indonesia Stock Exchange. The sample consist of 17 companies, which are taken by purposive sampling technique. The analysis technique used is multiple linear regression. The results of this study indicate that simultaneously the variables of profitability, liquidity, leverage, and firm size have a significant effect on the stock return. Partially, profitability has a significant positive effect and liquidity has a significant negative effect on stock returns. Meanwhile, leverage and firm size partially have no effect on stock returns. The results showed that stock returns will increase with increasing profitability and low liquidity. Increased profitability of the company will increase profits that can be distributed to shareholders. The company's profitability can increase with low liquidity as long as its current as...

This paper aims to encourage the relationship between competence, professionalism, and the concep... more This paper aims to encourage the relationship between competence, professionalism, and the concept of Islamic work ethics as a proxy. Through a literature review, the results of this study show that in general, the study of competence, professionalism, and the concept of Islamic work ethics can be divided into three major groups, namely conceptual or theoretical studies, empirical studies of the effect of Islamic work ethics on performance, and efforts to increase the role of Islamic work ethics. Based on the selected literature and supported by major references, it can be concluded that there is an agreement between the concept of competence and conventional professionalism with Islamic work ethic. However, this study also does not deny that the implementation of Islamic work ethics still faces several obstacles and needs to continue to find solutions.

This study aims to examine the effect of environmental performance measured by rating of the PROP... more This study aims to examine the effect of environmental performance measured by rating of the PROPER award (the Corporate Performance Rating Assessment Program in Environmental Management of the Ministry of Environment and Forestry of the Republic of Indonesia) and the performance of the implementation of Corporate Social Responsibility (CSR) on the market performance of company in the Indonesia Stock Exchange. Market performance is measured using the Tobin’s Q ratio, and information about CSR performance is obtained from the issuer's Annual Report. CSR disclosure criteria developed by Hackston and Milne (1996) are used as CSR performance assessment criteria. The sample used was 184 companies listed on the Indonesia Stock Exchange (IDX) for the period 2011-2014 and revealed the implementation of CSR in its annual report.. Test results using ordinary least square indicates that the PROPER award which is a measure of environmental performance is related to market performance. Compa...

Studi ini bertujuan untuk mengetahui apakah Teori Signaling atau Teori Market Feedback yang lebih... more Studi ini bertujuan untuk mengetahui apakah Teori Signaling atau Teori Market Feedback yang lebih dapat menjelaskan hubungan Initial Public Offering (IPO) dengan First Seasoned Equity Offering (FiSEO) di Pasar Modal Indonesia. Temuan studi ini diharapkan dapat memberikan referensi bagi investor dan calon investor untuk dapat mempertimbangkan karakteristik saham setelah IPO di Pasar Modal Indonesia. Bagi emiten hasil penelitian ini diharapkan dapat memberikan informasi tentang Pasar Modal Indonesia khususnya terkait kebijakan FiSEO, informasi asimetris dan faktor yang dapat perlu cermati terkait kebijakan FiSEO. Kajian terhadap 128 perusahaan sebagai obyek studi menunjukkan bahwa Teori Sinyal dengan proksi Market Adusted Initial Return (MAIR) dapat menjelaskan kecepatan FiSEO di Pasar Modal Indonesia. Berlakunya Teori Sinyal mengindikasikan di Pasar Modal Indonesia emiten memiliki pemahaman mengenai nilainya meskipun terbatas, dan berusaha menginformasikan nilainya saat melakukan IPO...

Penelitian ini bertujuan untuk mengetahui potensi pengembangan usaha bank pada berbagai wilayah d... more Penelitian ini bertujuan untuk mengetahui potensi pengembangan usaha bank pada berbagai wilayah di Kota Surabaya. Penelitian dilakukan pada tahun 2012 pada seluruh kecamatan di Kota Surabaya, Faktor yang dipertimbangkan meliputi potensi penghimpunan dana, potensi penyaluran kredit, tingkat persaingan, serta potensi ekonomi setiap kecamatan. Teknik analisis menggunakan Analytic Hierarchy Process (AHP) untuk pembobotan kriteria, Metode Penskalaan Terbatas untuk menormalisasi nilai data yang memiliki rentang lebar, serta Metode Bayes untuk menentukan skor setiap kecamatan. Interpretasi lebih mendalam tentang potensi wilayah juga mempertimbangkan penilaian kualitatif terhadap potensi dampak rencana pengembangan Kota Surabaya.Penelitian menghasilkan kesimpulan bahwa terdapat beberapa kecamatan yang berpotensi tinggi untuk dijadikan area pengembangan bisnis perbankan. Pada tiap wilayah Kota Surabaya (Surabaya Utara, Surabaya Selatan, Surabaya Timur, Surabaya Barat, dan Surabaya Pusat) ...

This research aims to determine the relationship between foreign institutional ownership and the ... more This research aims to determine the relationship between foreign institutional ownership and the stock return volatility, as well as the moderating effect of the state-owned enterprises on this relationship. This study uses two proxies of return volatility, namely total and idiosyncratic volatility. The research sample was determined by the purposive sampling method and analysis was conducted by OLS and moderated regression analysis. The number of samples in this study was 181 companies with 342 observations of data for the period 2014-2018. The analysis shows that share ownership by foreign institutional investors has a significant negative effect on the total and idiosyncratic return volatility. Ownership of shares by the government in state-owned enterprises has a moderating effect on such a relationship. The control variables of trading turnover and book-to-market ratio show a significant effect on volatility. Meanwhile, other control variables, which include ownership by domest...

Asia Pacific Management Review, 2020

The aim of this study is to examine the relationship between public ownership (public float), sha... more The aim of this study is to examine the relationship between public ownership (public float), share warrants and the market performance of IPOs on the Indonesia Stock Exchange (IDX). The public ownership is measured as the percentage of shares held by the public after the IPO, share warrants are measured as dummy variables, and market performance is measured by both initial returns and 36 months cumulative abnormal returns. The test is conducted by OLS and Quantile Regression to find out whether the percentage of shares held by the public after the IPOs and warrants offering have relationships with both the initial and the long-term shares market performance. The sample consists of 124 IPOs companies during 2009-2014. OLS shows not only that public float and warrant offerings are related to initial returns, but also warrants mediate the relationships between public float and initial performance. The analysis with quantile regression shows that the positive relationship between public float and short-term market performance occurs in the IPO with middle-level initial returns (i.e. between 40th to 60th quantiles). The effect of warrant offerings on initial returns simply does not appear on the lower quantiles (10th through 30th quantiles). We find no relationships between public float and warrant offerings with the long-term market performance, which gives an indication that warrant offerings in Indonesia are a form of staged financing policy.

International Research Journal of Business Studies, 2019

This study aims to determine the effect of loan-to-value (LTV) policy on bank's property loan ris... more This study aims to determine the effect of loan-to-value (LTV) policy on bank's property loan risk of Indonesia. This study utilizes a purposive sampling method and multiple linear regression analysis techniques. The number of samples in this study is 66 banks with 563 observations data. The results show that bank's property loan risk, which is proxied by the NPL ratio of property loans, is lower in the LTV tightening policy period than the easing period. We utilize some control variables in this study: inflation, gross domestic product growth, property loan growth, and bank size. Inflation, property loan growth, and bank size have a significant positive effect on non-performing loans, while gross domestic product growth has a significant negative effect. Penelitian ini bertujuan untuk mengetahui pengaruh kebijakan loanto-value (LTV) pada risiko pinjaman properti bank. Penelitian ini menggunakan metode purposive sampling dan teknik analisis regresi linier berganda. Jumlah sampel dalam penelitian ini adalah 66 bank dengan 563 data pengamatan. Hasil penelitian menunjukkan bahwa risiko pinjaman properti bank, yang diproksi dengan rasio NPL pinjaman properti, lebih rendah pada periode kebijakan pengetatan LTV daripada periode pelonggaran. Kami menggunakan beberapa variabel kontrol dalam penelitian ini: inflasi, pertumbuhan produk domestik bruto, pertumbuhan kredit properti, dan ukuran bank. Inflasi, pertumbuhan kredit properti, dan ukuran bank memiliki pengaruh positif yang signifikan terhadap kredit bermasalah, sementara pertumbuhan produk domestik bruto memiliki efek negatif yang signifikan.