Novia Annisa Putri, N. K. Pandjaitan, Sadikin Kuswanto
PT X is a major regional pharmaceutical company that develops and markets innovative products in Indonesia and other countries in South-East Asia. The high turnover rate in PT X indicates a further need to be explored about this condition and see if it is affected by employee cohesiveness and job satisfaction. This study uses quantitative approach with questionnaires that distributed to 120 head office employees with convenience sampling method. The result of structural equation modeling analysis shows that the better employee cohesiveness will increase the job satisfaction so that it can decrease the employee's desire to resign from the company. Cohesiveness has a significant positive effect on job satisfaction. In this case cohesiveness plays an important role in improving job satisfaction because having a cohesive group will affect employee satisfaction. Cohesiveness and job satisfaction have a significant negative impact on turnover intention. This suggests that cohesiveness and job satisfaction play an important role in decreasing employee intent turnover, even though the effect of cohesiveness is less than the effect of job satisfaction on turnover intention.
{"title":"Pengaruh Kohesivitas dan Kepuasan Kerja terhadap Turnover Intention Karyawan","authors":"Novia Annisa Putri, N. K. Pandjaitan, Sadikin Kuswanto","doi":"10.29244/jmo.v1i1.25338","DOIUrl":"https://doi.org/10.29244/jmo.v1i1.25338","url":null,"abstract":"PT X is a major regional pharmaceutical company that develops and markets innovative products in Indonesia and other countries in South-East Asia. The high turnover rate in PT X indicates a further need to be explored about this condition and see if it is affected by employee cohesiveness and job satisfaction. This study uses quantitative approach with questionnaires that distributed to 120 head office employees with convenience sampling method. The result of structural equation modeling analysis shows that the better employee cohesiveness will increase the job satisfaction so that it can decrease the employee's desire to resign from the company. Cohesiveness has a significant positive effect on job satisfaction. In this case cohesiveness plays an important role in improving job satisfaction because having a cohesive group will affect employee satisfaction. Cohesiveness and job satisfaction have a significant negative impact on turnover intention. This suggests that cohesiveness and job satisfaction play an important role in decreasing employee intent turnover, even though the effect of cohesiveness is less than the effect of job satisfaction on turnover intention.","PeriodicalId":387244,"journal":{"name":"Jurnal Manajemen dan Organisasi","volume":"198 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122587837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The halal cosmetics industry has a very potential trend both globally and nationally. In Indonesia, the halal cosmetics industry is one of the industries that contribute to the improvement of the Islamic economy. Along with the development of public knowledge about organic products that are environmentally friendly and do not contain animal ingredients, the demand of halal cosmetics products are increase.Unfortunately, the great potential of the halal industry cannot be used properly by local brand. This study aims to analyze some factors that related in halal purchasing decisions. The primary data collection in this study was carried out by purposive sampling method which is women workers. Data processing methods include descriptive analysis and Structural Equation Modeling (SEM) analysis with Partial Least Squares (PLS) approach. The results of SEM analysis shown that the Psychological latent variable has a direct positive effect to Purchasing, with a path coefficient of 0.603. Psychological aspects are a relevant factor in the halal cosmetic purchasing as halal using motifs could be reflect fulfillment an attractive confession as female workers.
{"title":"Faktor - Faktor yang Memengaruhi Perilaku Konsumen Produk Kosmetik Halal di Kota Bogor","authors":"Stevia Septiani, Retno Indraswari","doi":"10.29244/jmo.v1i1.25370","DOIUrl":"https://doi.org/10.29244/jmo.v1i1.25370","url":null,"abstract":"The halal cosmetics industry has a very potential trend both globally and nationally. In Indonesia, the halal cosmetics industry is one of the industries that contribute to the improvement of the Islamic economy. Along with the development of public knowledge about organic products that are environmentally friendly and do not contain animal ingredients, the demand of halal cosmetics products are increase.Unfortunately, the great potential of the halal industry cannot be used properly by local brand. This study aims to analyze some factors that related in halal purchasing decisions. The primary data collection in this study was carried out by purposive sampling method which is women workers. Data processing methods include descriptive analysis and Structural Equation Modeling (SEM) analysis with Partial Least Squares (PLS) approach. The results of SEM analysis shown that the Psychological latent variable has a direct positive effect to Purchasing, with a path coefficient of 0.603. Psychological aspects are a relevant factor in the halal cosmetic purchasing as halal using motifs could be reflect fulfillment an attractive confession as female workers.","PeriodicalId":387244,"journal":{"name":"Jurnal Manajemen dan Organisasi","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114700284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Illegal logging and illegal timber trade have been ones of major causes of deforestation in many countries, including Indonesia. Indonesian Timber Legality Assurance System (Sistem Verifikasi Legalitas Kayu/SVLK) is an instrument to improve governance of timber sector. The system ensures the legality of timber harvested, transported, processed, and marketed by Indonesian forestry enterprises. SVLK is developed through engagement of multi-stakeholder (scholars, business association, relevant ministries, and NGOs). Implementation of SVLK is mandatory. Since implemented, SVLK has increased export of forest products. However, the export is dominated by large scale enterprises. On other hand, many of small and medium scale industries are yet registered. Micro and small scale industries have basic difficulties to meet the applicable standards of SVLK. According to background and issues, the study aims to analyze distribution network, small business profit, cost of SVLK implementation, and the application of svlk feasibility financial simulation on small scale industries furniture. Primary data collection was carried out with purposive sampling method through deep interview and questionnaires. The result showed there were 3 alternative distribution channels of community wood marketing in Yogyakarta. Each distribution channel has different characteristics. Cost percentage of SVLK implementation is 4.00%. The actual challenge is in the equally distributed information and incompatibility between the requirements of SVLK and the life of small scale industries. SVLK requires Rp 7.787.500,- in early periode and Rp 6.230.000,- to be paid every 2 years. The total cost is Rp 32.707.500,- for 10 years. There are only 7% of small scale industries knowing about SVLK. Small scale industries which don’t know clearly is 50 %, while other small scale industries claim to be uninformed. Based on the study, NPV Rp 10.011.212,-, BCR 1,13 dan investment return rate 18%. Feasibility financial simulation showed SVLK implementation is possible, although has little positive sales development. Small scale furniture industries with 144 m3 raw material per year usage have to target 12% sales development in first year. In second year of implementation, small scale furniture industries cashflow has negative point. It caused by surveillance cost. Small scale furniture industries interest to SVLK implementation was in minimum point. Small scale furniture industries interest to SVLK implementation can be increased by certification financing programs and the export market assurance.
{"title":"Kesiapan Industri Rumah Tangga Mebel terhadap Penerapan Sistem Verifikasi Legalitas Kayu di Yogyakarta","authors":"Reza Ahda Sabiila, E. Cahyadi, H. Hardjomidjojo","doi":"10.29244/jmo.v1i1.25369","DOIUrl":"https://doi.org/10.29244/jmo.v1i1.25369","url":null,"abstract":"Illegal logging and illegal timber trade have been ones of major causes of deforestation in many countries, including Indonesia. Indonesian Timber Legality Assurance System (Sistem Verifikasi Legalitas Kayu/SVLK) is an instrument to improve governance of timber sector. The system ensures the legality of timber harvested, transported, processed, and marketed by Indonesian forestry enterprises. SVLK is developed through engagement of multi-stakeholder (scholars, business association, relevant ministries, and NGOs). Implementation of SVLK is mandatory. Since implemented, SVLK has increased export of forest products. However, the export is dominated by large scale enterprises. On other hand, many of small and medium scale industries are yet registered. Micro and small scale industries have basic difficulties to meet the applicable standards of SVLK. According to background and issues, the study aims to analyze distribution network, small business profit, cost of SVLK implementation, and the application of svlk feasibility financial simulation on small scale industries furniture. Primary data collection was carried out with purposive sampling method through deep interview and questionnaires. The result showed there were 3 alternative distribution channels of community wood marketing in Yogyakarta. Each distribution channel has different characteristics. Cost percentage of SVLK implementation is 4.00%. The actual challenge is in the equally distributed information and incompatibility between the requirements of SVLK and the life of small scale industries. SVLK requires Rp 7.787.500,- in early periode and Rp 6.230.000,- to be paid every 2 years. The total cost is Rp 32.707.500,- for 10 years. There are only 7% of small scale industries knowing about SVLK. Small scale industries which don’t know clearly is 50 %, while other small scale industries claim to be uninformed. Based on the study, NPV Rp 10.011.212,-, BCR 1,13 dan investment return rate 18%. Feasibility financial simulation showed SVLK implementation is possible, although has little positive sales development. Small scale furniture industries with 144 m3 raw material per year usage have to target 12% sales development in first year. In second year of implementation, small scale furniture industries cashflow has negative point. It caused by surveillance cost. Small scale furniture industries interest to SVLK implementation was in minimum point. Small scale furniture industries interest to SVLK implementation can be increased by certification financing programs and the export market assurance.","PeriodicalId":387244,"journal":{"name":"Jurnal Manajemen dan Organisasi","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130160876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Micro, small and medium enterprises are able to safe the economy, especially in Indonesia. On the other hand, Indonesia has to face the Asian Economic Community in 2025, that is why micro small and medium enterprises need to understand the factors of business success to compete in to participate in Asian Economic Community. The aims of this research are to know the business characteristics and businessmen characteristics of micro small and medium enterprises fruit and milk processing and to analyze factors affecting business success. Questionnaire surveys have been conducted to 31 respondents for each clusters, milk processing and fruit processing. Data were analyzed by descriptive and multiple linear regression analysis. Multiple linear regression has been conducted in order to examine the relative impact of the identified factors on business success. The factor that affecting business success in fruit and milk processing was entrepreneurial marketing and government policies. The results of this research can be beneficial to relevant agencies.
{"title":"Faktor-Faktor yang Memengaruhi Keberhasilan Usaha UMKM Pengolahan Buah dan Pengolahan Susu","authors":"Bella Nandita, Ma’mun Sarma, M. Najib","doi":"10.29244/JMO.V1I1.25342","DOIUrl":"https://doi.org/10.29244/JMO.V1I1.25342","url":null,"abstract":"Micro, small and medium enterprises are able to safe the economy, especially in Indonesia. On the other hand, Indonesia has to face the Asian Economic Community in 2025, that is why micro small and medium enterprises need to understand the factors of business success to compete in to participate in Asian Economic Community. The aims of this research are to know the business characteristics and businessmen characteristics of micro small and medium enterprises fruit and milk processing and to analyze factors affecting business success. Questionnaire surveys have been conducted to 31 respondents for each clusters, milk processing and fruit processing. Data were analyzed by descriptive and multiple linear regression analysis. Multiple linear regression has been conducted in order to examine the relative impact of the identified factors on business success. The factor that affecting business success in fruit and milk processing was entrepreneurial marketing and government policies. The results of this research can be beneficial to relevant agencies.","PeriodicalId":387244,"journal":{"name":"Jurnal Manajemen dan Organisasi","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131599180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The number of SMEs and amount of processed fish products in the city of Bogor is potential for the development of fish processing SMEs. SMEs need employees who are satisfied with their job and engaged with their work to maximize the development of their potential. The purpose of this study was to analyze the effects of competence and compensation on the job satisfaction and work engagement of employees of fish processing SMEs in Bogor. The sampling method used was a non-probability sampling technique, namely the census technique. The data processing and analysis methods were validity and reliability testing using SPSS, descriptive analysis, and Structural Equation Modeling (SEM) using SmartPLS. The descriptive analysis results showed the perceptions of employees towards competence, compensation, job satisfaction and work engagement.The SEM results show that job satisfaction was affected by competence and compensation. Work engagement was affected by competence and job satisfaction but it was not affected by compensation.
{"title":"Pengaruh Kompetensi terhadap Kepuasan Kerja dan Work Engagement Karyawan UKM Kluster Hasil Pengolahan Perikanan di Bogor","authors":"A. Utami, Anggarini Sukmawati","doi":"10.29244/jmo.v1i1.25336","DOIUrl":"https://doi.org/10.29244/jmo.v1i1.25336","url":null,"abstract":"The number of SMEs and amount of processed fish products in the city of Bogor is potential for the development of fish processing SMEs. SMEs need employees who are satisfied with their job and engaged with their work to maximize the development of their potential. The purpose of this study was to analyze the effects of competence and compensation on the job satisfaction and work engagement of employees of fish processing SMEs in Bogor. The sampling method used was a non-probability sampling technique, namely the census technique. The data processing and analysis methods were validity and reliability testing using SPSS, descriptive analysis, and Structural Equation Modeling (SEM) using SmartPLS. The descriptive analysis results showed the perceptions of employees towards competence, compensation, job satisfaction and work engagement.The SEM results show that job satisfaction was affected by competence and compensation. Work engagement was affected by competence and job satisfaction but it was not affected by compensation.","PeriodicalId":387244,"journal":{"name":"Jurnal Manajemen dan Organisasi","volume":"2013 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114809366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ABSTRACTIndonesia is one of the largest Moslem population countries in the world. It leads to the increasing of halal product demand in Indonesia. The awareness to consume halal product becomes a large market potential for producers to produce their halal products. Nowadays, halal is not only purely about religion matter, but also about business and trade. The objective of this study is to investigate the factors affecting customers on purchasing halal buying interest on processed food. We use a purposive sampling method with 109 respondents who are customers of the supermarkets and minimarkets in Bogor City/District, Indonesia. While data analysis is done by SEM-PLS method, this study uses brand image, perceived quality, perceived value, halal certification, health reason, halal awareness, and halal marketing as the factors which are affecting the halal purchase intention of the customers. The result showed that health reason, halal awareness, and perceived value have a significant and positive direct effect on purchasing intention. Halal marketing also shows a significant and positive effect on purchasing intention. While halal marketing shows a negative and significant effect on purchasing intention. The food safety, halal certification, brand image, and perceived quality show the same effect which has no direct effect on purchasing intention. Furthermore, food safety has an indirect effect on purchasing intention through health reason. Halal certification has an indirect effect on minat beli through brand image variable. Meanwhile, brand image and perceived quality have an indirect effect through perceived value variable on purchasing intention. ABSTRAKIndonesia adalah salah satu negara dengan populasi Muslim terbesar di dunia. Hal ini menyebabkan meningkatnya permintaan produk halal di Indonesia. Kesadaran untuk mengkonsumsi produk halal menjadi potensi pasar yang besar bagi produsen untuk memproduksi produk halal mereka. Saat ini, halal tidak hanya murni soal agama, tapi juga soal bisnis dan perdagangan. Tujuan dari penelitian ini adalah untuk mengetahui faktor-faktor yang mempengaruhi minat pelanggan dalam membeli pada makanan olahan halal. Kami menggunakan metode voluntery sampling dengan 109 responden yang merupakan pelanggan supermarket dan minimarket di Kota/Kabupaten Bogor, Indonesia. Sedangkan analisis data dilakukan dengan metode SEM-PLS. Penelitian ini menggunakan citra merek, persepsi kualitas, persepsi nilai, sertifikasi halal, kesehatan, kesadaran halal, dan Pemasaran halal sebagai faktor yang mempengaruhi niat pembelian halal pelanggan. Hasil penelitian menunjukkan bahwa kesadaran halal, alasan kesehatan, dan persepsi nilai berpengaruh positif dan signifikan terhadap niat beli. Pemasaran halal juga menunjukkan efek positif dan signifikan terhadap niat beli. Sedangkan pemasaran halal menunjukkan efek negatif dan signifikan terhadap niat beli. Keamanan pangan, sertifikasi halal, citra merek, dan kualitas yang dirasakan menunjukka
印度尼西亚是世界上穆斯林人口最多的国家之一。这导致了印尼清真产品需求的增加。消费清真产品的意识成为生产者生产清真产品的巨大市场潜力。如今，清真不仅仅是纯粹的宗教问题，还涉及商业和贸易。本研究的目的是探讨影响消费者购买清真加工食品购买兴趣的因素。我们使用有目的的抽样方法与109名受访者谁是超市和小市场的顾客在茂物市/区，印度尼西亚。本研究采用SEM-PLS方法进行数据分析，将品牌形象、感知质量、感知价值、清真认证、健康原因、清真意识和清真营销作为影响消费者清真购买意愿的因素。结果显示，健康原因、清真意识和感知价值对购买意愿有显著的正向直接影响。清真营销对购买意愿也有显著的正向影响。而清真营销对购买意愿有显著负向影响。食品安全、清真认证、品牌形象和感知质量对购买意愿的影响相同，但对购买意愿没有直接影响。此外，食品安全通过健康原因间接影响购买意愿。清真认证通过品牌形象变量间接影响品牌信誉。同时，品牌形象和感知质量通过感知价值变量对购买意愿产生间接影响。【摘要】印度尼西亚的宗教信仰是穆斯林的宗教信仰。halini menyebabkan meningkatnya permintaan产品清真印度尼西亚。凯萨达兰产清真孟康苏斯产品清真menjadi潜在的pasar阳巴吉产清真孟康苏斯产品清真mereka。清真，清真，清真，清真，清真，清真Tujuan dari penelitian ini adalah untuk mengetahui因子-因子yang mempengaruhi minat pelanggan dalam membeli pada makanan olahan清真。Kami menggunakan方法自愿抽样109个应答者，yang merupakan pelanggan超市dan minimmarket di Kota/Kabupaten茂物。Sedangkan分析数据dilakukan dengan方法SEM-PLS。peneltian ini menggunakan citra merek, persepsi kualitas, persepsi nilai, sertifikasi清真，kesehatan, kesadaran清真，dan Pemasaran清真sebagai factor yang mempengaruhi niat penbelian清真pelanggan。Hasil penelitian menunjukkan bahwa kesadaran halal, alasan kesadaran, dan persepsi nilai berpengaran是一种积极的、有意义的、有意义的信仰。清真juga menunjukkan具有积极和重要的意义。Sedangkan pemasaran清真食品menunjukkan的检测结果为阴性，且具有显著性。Keamanan pangan, sertifikasi halal, citra merek, dan kualitas yang diasakan menunjukkan efek yang sama yang tidak berpengaruh langsung pada niat beli。Selanjutnya, keamanan pangan berpengaruh tidak langsung, terhadap niat beli melalui alasan kesehatan。清真清真甜瓜甜瓜甜瓜甜瓜甜瓜甜瓜甜瓜甜瓜甜瓜甜瓜甜瓜Sedangkan citra merek dan persepsi kualitasmemiliki pengaruh tidak langsung melalui persepsi nilai变量terhadap niata beli。
{"title":"Faktor-Faktor yang Mempengaruhi Minat Beli Produk Makanan Olahan Halal pada Konsumen","authors":"S. Nurhasah, J. M. Munandar, M. Syamsun","doi":"10.29244/JMO.V8I3.22473","DOIUrl":"https://doi.org/10.29244/JMO.V8I3.22473","url":null,"abstract":"ABSTRACTIndonesia is one of the largest Moslem population countries in the world. It leads to the increasing of halal product demand in Indonesia. The awareness to consume halal product becomes a large market potential for producers to produce their halal products. Nowadays, halal is not only purely about religion matter, but also about business and trade. The objective of this study is to investigate the factors affecting customers on purchasing halal buying interest on processed food. We use a purposive sampling method with 109 respondents who are customers of the supermarkets and minimarkets in Bogor City/District, Indonesia. While data analysis is done by SEM-PLS method, this study uses brand image, perceived quality, perceived value, halal certification, health reason, halal awareness, and halal marketing as the factors which are affecting the halal purchase intention of the customers. The result showed that health reason, halal awareness, and perceived value have a significant and positive direct effect on purchasing intention. Halal marketing also shows a significant and positive effect on purchasing intention. While halal marketing shows a negative and significant effect on purchasing intention. The food safety, halal certification, brand image, and perceived quality show the same effect which has no direct effect on purchasing intention. Furthermore, food safety has an indirect effect on purchasing intention through health reason. Halal certification has an indirect effect on minat beli through brand image variable. Meanwhile, brand image and perceived quality have an indirect effect through perceived value variable on purchasing intention. ABSTRAKIndonesia adalah salah satu negara dengan populasi Muslim terbesar di dunia. Hal ini menyebabkan meningkatnya permintaan produk halal di Indonesia. Kesadaran untuk mengkonsumsi produk halal menjadi potensi pasar yang besar bagi produsen untuk memproduksi produk halal mereka. Saat ini, halal tidak hanya murni soal agama, tapi juga soal bisnis dan perdagangan. Tujuan dari penelitian ini adalah untuk mengetahui faktor-faktor yang mempengaruhi minat pelanggan dalam membeli pada makanan olahan halal. Kami menggunakan metode voluntery sampling dengan 109 responden yang merupakan pelanggan supermarket dan minimarket di Kota/Kabupaten Bogor, Indonesia. Sedangkan analisis data dilakukan dengan metode SEM-PLS. Penelitian ini menggunakan citra merek, persepsi kualitas, persepsi nilai, sertifikasi halal, kesehatan, kesadaran halal, dan Pemasaran halal sebagai faktor yang mempengaruhi niat pembelian halal pelanggan. Hasil penelitian menunjukkan bahwa kesadaran halal, alasan kesehatan, dan persepsi nilai berpengaruh positif dan signifikan terhadap niat beli. Pemasaran halal juga menunjukkan efek positif dan signifikan terhadap niat beli. Sedangkan pemasaran halal menunjukkan efek negatif dan signifikan terhadap niat beli. Keamanan pangan, sertifikasi halal, citra merek, dan kualitas yang dirasakan menunjukka","PeriodicalId":387244,"journal":{"name":"Jurnal Manajemen dan Organisasi","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125986261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ABSTRACTThe research objective is to analyze the suitability of the design of the remuneration system in three PTNbh with preparation stages and principles of remuneration and evaluate the system of socialization and information systems used in the application of the remuneration of the three PTNbh. This research was conducted in three PTNbh located in Jakarta (PTNbh X), West Java (PTNbh Y) and East Java (PTNbh Z) using primary data obtained from in-depth interviews and secondary data derived from the literature, previous research, laws and regulations, government regulations and decrees that are relevant to the implementation of the remuneration of PTNbh. This study used a descriptive approach qualitative analysis benchmarking method. In the preparation of the remuneration system, which first assigned PTNbh not follow the stages of preparation with good remuneration, whereas previously PTNbh derived from State BLU more likely to obey the principle and the preparation of their remuneration has been prepared in detail based on the principles of remuneration and government regulations.ABSTRAKPenelitian ini bertujuan untuk menganalisis kesesuaian rancangan sistem remunerasi di tiga PTNbh dengan tahapan dan prinsip penyusunan remunerasi dan mengevaluasi sistem sosialisasi serta sistem informasi yang digunakan dalam penerapan remunerasi pada tiga PTNbh. Penelitian ini dilakukan di tiga PTNbh yang berada di DKI Jakarta (PTNbh X), Jawa Barat (PTNbh Y) dan Jawa Timur (PTNbh Z) dengan menggunakan data primer yang diperoleh dari wawancara mendalam serta data sekunder yang berasal dari studi pustaka, penelitian terdahulu, peraturan pemerintah yang berlaku dan surat keputusan yang relevan dengan penerapan remunerasi pada PTNbh. Penelitian ini menggunakan pendekatan deskriptif kualitatif dengan metode analisis patok duga. Dalam penyusunan sistem remunerasi, PTNbh yang lebih dulu ditetapkan belum mengikuti tahapan penyusunan remunerasi dengan baik, sedangkan PTNbh yang sebelumnya berasal dari PTN BLU cenderung lebih taat azas dan penyusunan remunerasinya sudah disusun dengan detil berdasarkan prinsip-prinsip remunerasi dan peraturan pemerintah.
【摘要】本研究的目的是分析三家民营企业薪酬制度设计的适宜性、薪酬的编制阶段和原则，并对三家民营企业薪酬应用中使用的社会化系统和信息化系统进行评价。本研究在位于雅加达(PTNbh X)、西爪哇(PTNbh Y)和东爪哇(PTNbh Z)的三家PTNbh进行，使用了深度访谈获得的主要数据和从文献、先前研究、法律法规、政府法规和法令中获得的与PTNbh薪酬实施相关的次要数据。本研究采用描述性方法定性分析标杆法。在编制薪酬制度时，其最初指派的ptnh不遵循编制阶段，具有良好的薪酬待遇，而以前由国家BLU派生的ptnh更有可能遵守编制原则，其薪酬待遇的编制也已根据薪酬原则和政府规定进行了详细编制。摘要/ abstract摘要:penelitian ini bertuturan untutuk menganalysis, esesan ranangan system reabilasi di tiga ptnh, dendenan tahapan, prinsip pensusuan reabilasi, danmengevaluation, systemsocial, serseri, systeminformasi yang digunakan dalam pensuveran reabilasi paada tiga ptnh。Penelitian ini dilakukan di tiga PTNbh yang berada di DKI Jakarta (PTNbh X)，爪哇Barat (PTNbh Y)和爪哇Timur (PTNbh Z) dengan menggunakan数据primer yang diperoleh dari wawancara mendalam数据sekunder yang berasal dari studi pustaka, Penelitian terdahulu, peraturan peremintah yang berlaku dan surat keputusan yang relevan penerapan penerapan PTNbh。Penelitian ini menggunakan pendekatan deskript .定性登根方法分析patok duga。Dalam penyusunan sistem remunerasi,杨PTNbh lebih dulu ditetapkan belum mengikuti tahapan penyusunan remunerasi dengan baik,而杨PTNbh sebelumnya berasal达里语PTN BLU cenderung lebih taat阿扎丹penyusunan remunerasinya sudah disusun dengan detil berdasarkan prinsip-prinsip remunerasi丹peraturan pemerintah。
{"title":"Komparasi Sistem Remunerasi Pada Tiga Perguruan Tinggi Negeri Badan Hukum (PTNbh)","authors":"Astridina Astridina, M. S. Maarif, Hari Wijayanto","doi":"10.29244/jmo.v8i3.22448","DOIUrl":"https://doi.org/10.29244/jmo.v8i3.22448","url":null,"abstract":" ABSTRACTThe research objective is to analyze the suitability of the design of the remuneration system in three PTNbh with preparation stages and principles of remuneration and evaluate the system of socialization and information systems used in the application of the remuneration of the three PTNbh. This research was conducted in three PTNbh located in Jakarta (PTNbh X), West Java (PTNbh Y) and East Java (PTNbh Z) using primary data obtained from in-depth interviews and secondary data derived from the literature, previous research, laws and regulations, government regulations and decrees that are relevant to the implementation of the remuneration of PTNbh. This study used a descriptive approach qualitative analysis benchmarking method. In the preparation of the remuneration system, which first assigned PTNbh not follow the stages of preparation with good remuneration, whereas previously PTNbh derived from State BLU more likely to obey the principle and the preparation of their remuneration has been prepared in detail based on the principles of remuneration and government regulations.ABSTRAKPenelitian ini bertujuan untuk menganalisis kesesuaian rancangan sistem remunerasi di tiga PTNbh dengan tahapan dan prinsip penyusunan remunerasi dan mengevaluasi sistem sosialisasi serta sistem informasi yang digunakan dalam penerapan remunerasi pada tiga PTNbh. Penelitian ini dilakukan di tiga PTNbh yang berada di DKI Jakarta (PTNbh X), Jawa Barat (PTNbh Y) dan Jawa Timur (PTNbh Z) dengan menggunakan data primer yang diperoleh dari wawancara mendalam serta data sekunder yang berasal dari studi pustaka, penelitian terdahulu, peraturan pemerintah yang berlaku dan surat keputusan yang relevan dengan penerapan remunerasi pada PTNbh. Penelitian ini menggunakan pendekatan deskriptif kualitatif dengan metode analisis patok duga. Dalam penyusunan sistem remunerasi, PTNbh yang lebih dulu ditetapkan belum mengikuti tahapan penyusunan remunerasi dengan baik, sedangkan PTNbh yang sebelumnya berasal dari PTN BLU cenderung lebih taat azas dan penyusunan remunerasinya sudah disusun dengan detil berdasarkan prinsip-prinsip remunerasi dan peraturan pemerintah.","PeriodicalId":387244,"journal":{"name":"Jurnal Manajemen dan Organisasi","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130760317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ABSTRACTIn carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio. Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.ABSTRAKDalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham. Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan
公司在开展活动时，需要来自内部和外部的资金或资本。内部资金来源来源于所有者的出资，外部资金来源可以通过在资本市场上向社会公开发售股份的方式获得。关于公司现金流量的重要信息对于财务报表的使用者来说是非常有用的，它是评估公司产生现金和现金等价物能力的基础，也是评估公司如何使用现金流量的基础。此外，本研究旨在分析现金流量对盈利能力和股票绩效的影响。使用sm - pls，本研究选取了在Compas 100上市的100家企业中符合标准的51家，如2013年至2016年期间在IDX上市的制造业公司，观察期间从未退市的公司，以印尼盾货币发布财务报表的公司，以及观察期间财务报表数据完整的公司。本研究使用的变量为经营性现金流变动、现金流投资变动、现金流融资变动、资产收益率、净资产收益率、净利润率、股票业绩变动、每股收益、市盈率。进一步，SEM的检验结果发现，现金流量对盈利能力和业绩股具有正显著影响，盈利能力对业绩股具有正显著影响。这些发现暗示投资者在决定投资之前需要考虑企业的现金流量和盈利能力分析，以获得最大的正收益。【摘要】dalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang，是指鼻部和胸骨。Sumber dana internal berassal dari setoran modal pemilik sedangkan Sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepaada masyarakat di pasar modal untuk menjaga arus kas perusahaan。国家信息局(Secara teori informasingting tentenas suatu perusahaan sangat berguna bagi sangat berguna bagi sangat berguna sangat berguna sangat berguna sanga berguna sangan berguna sangan berguna sangan berguna sangan berguna sangan berguna sangan kemuman perusahaan dharam menghasilkan kan dansetara kas)，国家信息局(namun teori ini)提供terbantahkan dansetara kas，国家信息局(namun teori)提供terbantahkan dandansetara kas，国家信息局(namun teori)提供terbantahkan dandansetara kas，国家投资者(untui berinvestasi bursa yang)，国家信息局(berhatikan perolhan laba perusahaan darpa ketersedian kas)。Oleh karenit penelitian ini bertujuan untuk menganalis pengaruh arus是指盈利能力较差的人。Metode yang digunakan paada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sample 51 perusahaan dari 100 perusahaan yang terdatar di Kompas 100 yang telah memenuhi标准seperti perusahaan制造商yang terdatar di Bursa Efek印度尼西亚selama期2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar data selama期pengamatan，在尼泊尔，尼泊尔是一个非常重要的国家。尼泊尔是一个非常重要的国家。尼泊尔是一个非常重要的国家。变量变量yang digunakan dalam penelitian ini adalah变量变量潜在盈利能力指标资产收益率，净资产收益率，净利润率，变量变量潜在盈利能力指标回报收益率，每股收益，市盈率。Hasil uji SEM-PLS menghasilkan bahwa arus kas memiliki pengaruh positive significance kan terhaabilitas dan kinerja saham, dan profitability itas berpengaruh positive significance kan terhadap kinerja saham。Hasil penelitian ini menghasilkan dan merekomendasikan kepada calon investor di bursa saham, bahwa sebelum mengambil keputusan investasiasia sebaiknya perkankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankankaninvestasianpadperusahandi bursa Efek印度尼西亚guna memperoleh pendapatan yang positif dan maksimal。
{"title":"Pengaruh Arus Kas Terhadap Profitabilitas dan Kinerja Saham Emiten Kompas 100 di Bursa Efek Indonesia","authors":"Samsudin Sitepu, B. Purwanto, A. K. Irwanto","doi":"10.29244/JMO.V8I3.22472","DOIUrl":"https://doi.org/10.29244/JMO.V8I3.22472","url":null,"abstract":"ABSTRACTIn carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio. Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.ABSTRAKDalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham. Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan","PeriodicalId":387244,"journal":{"name":"Jurnal Manajemen dan Organisasi","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127054562","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Maria Megumi Larasati, N. K. Pandjaitan, Sadikin Kuswanto
ABSTRACTIt is generally believed that there is a positive relationship among the following three variables, which are cohesiveness, job satisfaction, and job performance. Good job performance of a group of workers needs good coorperation among the group members. Good cooperation can be viewed as the outcome of group cohesiveness. In addition, good job performance needs good job satisfaction. Furthermore, it is also commonly believed that group cohesiveness is positively related with job satisfaction. The objective of this study is to empirically test the phenomenon by conducting a survey on 102 respondents who are administrative staff in Bogor Agricultural University. A quantitative model namely Structural Equation Model (SEM) was utilized. It is concluded that cohesiveness positively effects job satisfaction as well as well as job performance. However, it is found that there is no statistically significant effect of job satisfaction on job performance.ABSTRAKUmumnya dipercayai bahwa ada hubungan positif antara tiga variabel berikut, yakni kohesivitas kelompok, kepuasan kerja, dan kinerja. Kinerja kelompok membutuhkan kerja sama di antara para anggota kelompok. Kerja sama yang baik dapat dipandang sebagai buah dari kohesivitas. Tambahan pula, kinerja yang baik membutuhkan kepuasan kerja yang baik pula. Lebih lanjut, lazimnya dipercayai bahwa kohesivitas berhubungan dengan kepuasan kerja. Studi ini secara empiris menguji fenomena tersebut dengan menggunakan survei terhadap 102 responden yang adalah tenaga kependidikan di Institut Pertanian Bogor. Model kuantitatif menggunakan Structural Equation Model (SEM). Ditunjukkan bahwa kohesivitas berpengaruh positif terhadap kepuasan kerja maupun terhadap kinerja. Namun ditemukan bahwa tidak ada pengaruh yang signifikan dari kepuasan kerja pada kinerja.
摘要一般认为，凝聚力、工作满意度和工作绩效这三个变量之间存在正相关关系。一组工人的良好工作绩效需要团队成员之间的良好合作。良好的合作可以看作是群体凝聚力的结果。此外，良好的工作绩效需要良好的工作满意度。此外，人们还普遍认为，团队凝聚力与工作满意度呈正相关。本研究的目的是通过对茂物农业大学102名行政人员进行调查，对这一现象进行实证检验。采用结构方程模型(SEM)作为定量模型。研究发现，凝聚力对工作满意度和工作绩效均有正向影响。然而，我们发现工作满意度对工作绩效没有显著的影响。【摘要】umumnia dipercayai bahwa ada hubungan positive antara tiga variabel berikut, yakni kohesivitas kelompok, kepuasan kerja, dan kinerja。Kinerja kelompok, kimbutuhkan, kerja sama, di antara, para anggota kelompok。我想说的是，我想说的是，我想说的是，我想说的是。Tambahan pula, kinerja yang baik membutuhkan kepuasan kerja yang baik pula。Lebih lanjut, lazimnya dipercayai bahwa kohesivitas berhubungan dengan kepuasan kerja。研究了内蒙古内蒙古自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区自治区。结构方程模型(SEM)。Ditunjukkan bahwa kohesivitas berpengaruh positive terhadap kepuasan kerja maupun terhadap kinerja。Namun ditemukan bahwa tidak ada pengaruh yang signfikan dari kepuasan kerja padkinerja。
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ABSTRACTVarious research including Panggabean (2010) and Usman (2016) show that the long-term trend of Indonesia's capital market is on an uptrend, marked by more bullish periods and longer duration than bearish; and the development determined by rising rates of return rather than interest rates and exchange rates (Defrizal et al, 2015). However, the research has not determined yet whether there are any difference risks in bullish and bearish conditions, especially for systematic or market risk. This study aims to 1) identify the bullish and bearish segmentation period using the Markov Switching Model, and 2) measure systematic risk using the capital assets pricing model (CAPM) with the Sharpe beta indicator. Using the composite stock price index (JCI) and trading data from TICMI (The Indonesia Capital Market Institute) period 2011-2016, consists of 560 issuers, it was found that there were 10 segments that could be identified as 5 bullish periods for 30 weeks , and 5 bearish periods for 8 weeks. Other finding indicates that the probability of switching from bullish to bearish is 3.33% and from bearish to bullish is 12.14%. That means there are positive sentiments that the market tends to be bullish rather than vice versa. The result of beta or systematic risk identification indicates that during bullish and bearish period the market proved to be different risk. Other interesting findings, in both these two different conditions there are negative betas exist that still gives a positive yield. ABSTRAKBerbagai riset termasuk Panggabean (2010) dan Usman (2016) menunjukkan bahwa kecenderungan jangka panjang pasar modal Indonesia berada pada kecenderungan naik (uptrend), ditandai dengan periode bullish lebih banyak, dan durasi lebih panjang, daripada bearish. Perkembangan perkembangan itu dipicu oleh kenaikan tingkat imbalan, alih-alih suku bunga dan nilai tukar (Defrizal et al 2015). Namun riset-riset tersebut tidak mengidentifikasi eksistensi kondisi bullish dan bearish dan berdampak perbedaan risiko, terutama risiko sistematis atau risiko pasar, kecuali mengasumsikan saja keberadaannya. Penelitian ini bertujuan 1) mengidentifikasi segmentasi periode bullish dan bearish dengan menggunakan model perpindahan Markov (Markov Switching), dan mengukur risiko sistematis menggunakan model penilaian modal (capital assets pricing model, CAPM) dengan indikator beta Sharpe. Menggunakan data indeks harga saham gabungan (IHSG) serta data perdagangan bersumber dari TICMI (The Indonesia Capital Market Institute) periode 2011-2016 yang mencakup 560 emiten, diperoleh hasil bahwa dalam periode tersebut terdapat 10 segmen yang dapat diidentifikasi sebagai 5 periode bullish selama 30 pekan, dan 5 periode bearish selama 8 pekan. Temuan lain menunjukkan bahwa peluang perpindahan dari kondisi bullish ke bearish sebesar 3,33% dan dari kondisi bearish ke bullish sebesar 12,14%. Artinya terdapat sentimen positif bahwa pasar cenderung menjadi bullish daripada sebaliknya.
摘要包括Panggabean(2010)和Usman(2016)在内的各种研究表明，印度尼西亚资本市场的长期趋势呈上升趋势，看涨期比看跌期多，持续时间更长;以及由收益率上升而不是利率和汇率上升决定的发展(Defrizal et al, 2015)。然而，研究尚未确定在看涨和看跌条件下是否存在风险差异，特别是系统风险或市场风险。本研究旨在1)使用马尔可夫切换模型确定看涨和看跌分割期，2)使用资本资产定价模型(CAPM)与夏普贝塔指标衡量系统风险。利用综合股价指数(JCI)和由560家发行人组成的TICMI(印度尼西亚资本市场研究所)2011-2016年期间的交易数据，发现有10个细分市场可以确定为5个看涨期，持续30周，5个看跌期，持续8周。其他发现表明，从看涨转为看跌的概率为3.33%，从看跌转为看涨的概率为12.14%。这意味着市场倾向于看涨，而不是相反。贝塔或系统风险识别的结果表明，在牛市和熊市期间，市场被证明是不同的风险。其他有趣的发现是，在这两种不同的情况下，存在负的贝塔，但仍然会产生正的收益。摘要:berbagai riset termasuk Panggabean (2010) dan Usman (2016) menunjukkan bahwa kecenderungan jangka panjang pasar modal Indonesia berada pada kecenderungan naik(上升趋势)，ditandai dengan时期看涨lebih banyak, dan durasi lebih panjang, daripada看跌。Perkembangan Perkembangan itu dipicu oleh kenaikan tingkat imbalan, alih-alih suku bunga dan nilai tukar (Defrizal等2015)。Namun - visit - visit - visit - visit - visit - visit - visit - visit - visit - visit -看多，看空，看空，看空，看空，看空，看空，看空，看空，看空Penelitian ini bertujuan 1) mengidentifikasi segmentasi周期看涨但看跌的邓安menggunakan模型perpindahan Markov(马尔可夫切换)，邓安模型Penelitian模态(资本资产定价模型，CAPM)邓安指标贝塔夏普。印度尼西亚资本市场研究所(indonesian Capital Market Institute) 2011-2016年期间的数据指数为560个百分点，印度尼西亚资本市场研究所的数据指数为10个百分点，印度尼西亚资本市场研究所的数据指数为10个百分点，印度尼西亚资本市场研究所的数据指数为10个百分点，印度尼西亚资本市场研究所的数据指数为8个百分点。Temuan lain menunjukkan bahwa peluang perpindahan dari kondisi看涨，看跌sebesar 3,33%但dari kondisi看跌，看涨sebesar 12,14%。阿提亚人的情绪是积极的。Hasil确定了kasi risiko sistematis menunjukkan, berbeda dengan konsep dasar CAPM，以及贝塔帕达时期的看涨和看跌。中国大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆大陆。
{"title":"Estimasi Bullish dan Bearish dengan Model Perpindahan Markov dan Risiko Sistematis (beta) dengan Model Penilaian Modal Sharpe dalam Investasi Saham di Bursa Efek Indonesia, Tahun 2011 - 2016","authors":"Prima Respati, B. Purwanto, A. K. Irwanto","doi":"10.29244/jmo.v8i3.22471","DOIUrl":"https://doi.org/10.29244/jmo.v8i3.22471","url":null,"abstract":"ABSTRACTVarious research including Panggabean (2010) and Usman (2016) show that the long-term trend of Indonesia's capital market is on an uptrend, marked by more bullish periods and longer duration than bearish; and the development determined by rising rates of return rather than interest rates and exchange rates (Defrizal et al, 2015). However, the research has not determined yet whether there are any difference risks in bullish and bearish conditions, especially for systematic or market risk. This study aims to 1) identify the bullish and bearish segmentation period using the Markov Switching Model, and 2) measure systematic risk using the capital assets pricing model (CAPM) with the Sharpe beta indicator. Using the composite stock price index (JCI) and trading data from TICMI (The Indonesia Capital Market Institute) period 2011-2016, consists of 560 issuers, it was found that there were 10 segments that could be identified as 5 bullish periods for 30 weeks , and 5 bearish periods for 8 weeks. Other finding indicates that the probability of switching from bullish to bearish is 3.33% and from bearish to bullish is 12.14%. That means there are positive sentiments that the market tends to be bullish rather than vice versa. The result of beta or systematic risk identification indicates that during bullish and bearish period the market proved to be different risk. Other interesting findings, in both these two different conditions there are negative betas exist that still gives a positive yield. ABSTRAKBerbagai riset termasuk Panggabean (2010) dan Usman (2016) menunjukkan bahwa kecenderungan jangka panjang pasar modal Indonesia berada pada kecenderungan naik (uptrend), ditandai dengan periode bullish lebih banyak, dan durasi lebih panjang, daripada bearish. Perkembangan perkembangan itu dipicu oleh kenaikan tingkat imbalan, alih-alih suku bunga dan nilai tukar (Defrizal et al 2015). Namun riset-riset tersebut tidak mengidentifikasi eksistensi kondisi bullish dan bearish dan berdampak perbedaan risiko, terutama risiko sistematis atau risiko pasar, kecuali mengasumsikan saja keberadaannya. Penelitian ini bertujuan 1) mengidentifikasi segmentasi periode bullish dan bearish dengan menggunakan model perpindahan Markov (Markov Switching), dan mengukur risiko sistematis menggunakan model penilaian modal (capital assets pricing model, CAPM) dengan indikator beta Sharpe. Menggunakan data indeks harga saham gabungan (IHSG) serta data perdagangan bersumber dari TICMI (The Indonesia Capital Market Institute) periode 2011-2016 yang mencakup 560 emiten, diperoleh hasil bahwa dalam periode tersebut terdapat 10 segmen yang dapat diidentifikasi sebagai 5 periode bullish selama 30 pekan, dan 5 periode bearish selama 8 pekan. Temuan lain menunjukkan bahwa peluang perpindahan dari kondisi bullish ke bearish sebesar 3,33% dan dari kondisi bearish ke bullish sebesar 12,14%. Artinya terdapat sentimen positif bahwa pasar cenderung menjadi bullish daripada sebaliknya. ","PeriodicalId":387244,"journal":{"name":"Jurnal Manajemen dan Organisasi","volume":"159 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122435174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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