Tatang Ary Gumanti
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Central bank announcements on interest rate changes and stock prices of Indonesian banking industry
Investment Management and Financial Innovations Volume 12, 2015 Issue #3 (cont.) pp. 200-205
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The mediating role of emotional intelligence in the employees performance
Arief Tukiman Hendrawijaya , Tatang Ary Gumanti , Sasongko , Zarah Puspitaningtyas doi: http://dx.doi.org/10.21511/ppm.16(1).2018.14Problems and Perspectives in Management Volume 16, 2018 Issue #1 pp. 145-154
Views: 2018 Downloads: 749 TO CITE АНОТАЦІЯThis study investigates the mediating effect of emotional intelligence on the relationship between motivation, compensation, satisfaction, work climate and employees’ performance. The sample consists of 96 field officials who were the government employees specializing in coping with the eradication of Dengue Hemorrhagic Fever (DHF) in the district of Jember, Indonesia. Results using path analysis reveal that all examined variables positively and significantly affect employees’ performance. The study finds that emotional intelligence mediates the relationship of work motivation, compensation, work satisfaction, and work climate with employees’ performance.
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Analysis of cash dividend policy in Indonesia stock exchange
Investment Management and Financial Innovations Volume 16, 2019 Issue #3 pp. 97-105
Views: 1084 Downloads: 232 TO CITE АНОТАЦІЯDividend policy has been puzzling for researchers for decades. The level of dividend varies not only across industries, but also across countries. This research analyzes the dividend policy of Indonesian public companies, in particular it examines the partial effect of cash ratio, debt ratio, company size, profitability, and asset growth on cash dividend policy in Indonesia Stock Exchange from 2008 to 2015. A total of 102 companies was used as a sample. The samples are divided into four groups: (1) a group of companies paying changeable dividends (Change group), (2) a group of companies paying continuous dividends, but then stop paying dividend (Omission group), (3) a group of companies that initially do not pay the dividends, but then continuously paying dividend (Initiation group); and (4) a group of companies paying constant dividends (Constant group). Results of hypotheses testing using multiple regression analysis show that profitability and asset growth affect dividend policy in all company groups. Company size affects dividend policy in the Change, Initiation, and Constant groups. Debt ratio influences dividend policy only in the Change group.
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The market value of equity of manufacturing companies during the COVID-19 pandemic
Enni Savitri , Tatang Ary Gumanti , Almasdi Syahza , Nik Herda Nik Abdullah doi: http://dx.doi.org/10.21511/imfi.18(4).2021.01Investment Management and Financial Innovations Volume 18, 2021 Issue #4 pp. 1-11
Views: 1041 Downloads: 393 TO CITE АНОТАЦІЯThe market value of a public company reflects the expectations of investors. It is influenced by many factors, both internal and external to the company. This study aims to analyze whether intellectual capital moderates the effect of the debt-to-equity ratio and earnings per share on the market value of equity. A set of historical data was collected and analyzed based on a sample of 114 manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2019. This study uses moderated regression analysis to test proposed hypotheses and a robustness test to examine the sensitivity and consistency of the study results. The findings show that the debt to equity ratio affects the market value of equity, whilst earnings per share does not affect the market value of equity. The analysis also shows that intellectual capital could strengthen the effect of the debt to equity ratio on the market value of equity. In contrast, intellectual capital could not strengthen the effect of earnings per share on the market value of equity.
Acknowledgments
The study was conducted with the support of the Universitas Riau, Indonesia. -
Earnings management and initial public offerings among Indonesian manufacturing companies
Andreas Andreas , Enni Savitri , Tatang Ary Gumanti , Nurhayati doi: http://dx.doi.org/10.21511/imfi.18(3).2021.03Investment Management and Financial Innovations Volume 18, 2021 Issue #3 pp. 27-39
Views: 859 Downloads: 283 TO CITE АНОТАЦІЯEarnings management (EM) refers to the common use of accounting techniques in various economic settings, such as Initial Public Offerings (IPOs), to produce financial statements. This study, therefore, analyzes the effect of firm size, operating cash flow, the used IPO proceeds, earnings changes, and leverage on EM of manufacturing companies on the Indonesia Stock Exchange from 1989 to 2013. This sector comprises the essential chemical industry, miscellaneous organizations, and consumer goods, with 63 firms being used to meet the selection criteria. The regression analysis showed that the intended use of funds and leverage had a negative and significant impact on EM. Furthermore, the process is measured using Friedlan’s (1994) Discretionary Current Accruals model with similar results found in each industry group and their insignificant differences used to regulate the level of discretionary accruals between the three sectors. This study implies that the EM level is qualitatively similar among IPO companies in the three sub-sectors examined.
Acknowledgments
The authors are grateful to the audience for their comments during the 11th Environmental and Sustainability Management Accounting Network-Asia Pacific (EMAN-AP) Conference held at the Danang University of Economics, Danang, Vietnam, 12-13 August 2019. The early draft was titled “Earnings Management and Initial Public Offerings on Manufacturing Sectors Companies”. -
The effect of announcement as the host of XVIII Asian Games on the Indonesian stock market
Andreas Andreas , Tatang Ary Gumanti , Uliya Nurjannah , Intan Nurul Awwaliyah doi: http://dx.doi.org/10.21511/imfi.17(1).2020.10Investment Management and Financial Innovations Volume 17, 2020 Issue #1 pp. 109-118
Views: 795 Downloads: 156 TO CITE АНОТАЦІЯIn 2014, Indonesia was announced to be the host the 2018 XVIII Asian Games, the biggest sports event in Asia. This announcement is expected to positively impact the country’s economy and investors as there would be thousands of spectators from both the country and overseas. A direct impact of the event is that Indonesia would prepare the entire venue. This study examines whether the capital market participants react to the announcement. For this purpose it tests a total of 25 companies in the infrastructure, utility, and transportation sectors listed on the Indonesia Stock Exchange. A standard event study methodology is employed to examine the existence of abnormal returns around the event. The results show the abnormal returns on two days before and two days after the announcement. However, overall, there are no significant abnormal returns before and after the announcement. The study does not find a significant difference of abnormal returns before and after the announcement. Besides, there was no difference in trading volume activity before and after the announcement as the host of the XVIII Asian Games. In summary, the capital market participants do not consider the event to be a significant issue that determines their investment decision in the capital market.
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Enterprise risk-based management disclosures and firm value of Indonesian finance companies
Problems and Perspectives in Management Volume 18, 2020 Issue #4 pp. 414-422
Views: 957 Downloads: 302 TO CITE АНОТАЦІЯRapid changes in business transactions and technology development have made risk-based management a significant issue for business entities. The ability in managing risk would lead to a better firm value. This study investigates the effect of enterprise risk-based management disclosures (ERMD) and intellectual capital (IC) on firm value. It also tests the moderating effect of profitability on the relationship ERMD and IC with firm value. It examines the annual reports of 49 finance firms listed on the Indonesia Stock Exchange (IDX). The data cover three years, from 2016 to 2018. It employs panel data regression to test the hypotheses. The results show that the effect of ERMD and IC on firm value is partially and positively moderated by profitability. The findings show that the application of ERDM and IC can increase firm value. The originality of this study is that profitability can moderate the effect of ERMD and IC on firm value. The increase of ERMD and IC management within the company must be balanced with profitability to raise capital from outside the company to increase firm value.
Acknowledgment
The Research was conducted with the support of the Universitas Riau, Indonesia.
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