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Dr Darmawan

State Islamic University Of Sunan Kalijaga Yogyakarta, Islamic Finance Management, Faculty Member

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Dr. Darmawan, dosen pada Fakultas ekonomi dan bisnis UIN Sunan Kalijaga Yogyakarta juga aktif mengajar di Fakultas ekonomi Universitas Terbuka. Mengajar dalam berbagai bidang ilmu manajemen, seperti Pengantar Manajemen, Manajemen Keuangan, Studi Kelayakan Bisnis, Ekonomi Keuangan, Analisa Laporan Keuangan, Manajemen Keuangan Internasional dan Manajemen Lembaga Keuangan. Menulis beberapa buku di antaranya: Manajemen BUM Desa
Address: Jakarta, Indonesia

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Papers by Dr Darmawan

Analisis Perbandingan Kinerja Keuangan Pada Perusahaan Sektor Energi Berdasarkan Rasio Likuiditas, Solvabilitas, Dan Profitabilitas

Akrual, Jan 11, 2023

This research is a type of quantitative research using secondary data obtained from financial sta... more This research is a type of quantitative research using secondary data obtained from financial statements for the 2011-2021 period. Analysis in this research is using a financial ratio of companies consisting of liquidity ratio (current ratio, quick ratio, and cash ratio), solvability ratio (debt to Asset and debt to equity), and profitability ratio (return of assets and return of equity). The results of the analysis based on the liquidity ratio in 2011-2020 show that the company has been able to meet its short-term obligations by using its current assets, but for PT Buana Lintas Lautan and PT Energi Mega Persada in 2021, it experienced a significant decline due to a decrease in current assets and an increase in short-term loans. Then based on the analysis of solvability shows the financing of the company's debts is quite good because the company can close total debts with assets owned. Based on the profitability ratio indicates the use of profits over equity and profits on assets experiencing fluctuations every year, which means the ability of the company in producing net profits from sales, capital, and asset is unstable.

Rasch Analysis On Investment Decision Anomalies in Indonesian Islamic capital market

Review of Islamic Economics and Finance, Dec 20, 2022

Methodology -This Research uses a quantitative approach by applying Rasch analysis to measure fiv... more Methodology -This Research uses a quantitative approach by applying Rasch analysis to measure five types of investment behaviour anomalies. Data was collected using a questionnaire. Findings -The endowment and its items are considered the primary considerations for investors. On the other hand, Anchoring and Adjustment of all the items are not considered the primary consideration. Meanwhile, Conservatism, Optimism and Hindsight spread to both categories of items. The difference in responses by gender was found that only on the item, feeling greater comfort and optimism with their employer's stock, felt that investing there was less risky than investing elsewhere. Meanwhile, the difference in responses based on age was found that the age of thirties most often gave a different response from other respondents, especially in the indications of Endowment and Hindsight. In comparison, the difference in responses at the age of forties occurred in the items indicating optimism. Financial service providers are advised to offer the most suitable financial products based on gender differences. The most important thing is that in their thirties, an age group that tends to maintain their investment for a longer time and that investment decisions and risks in share ownership where they work are responded differently by gender.

Analisis Reaksi Pasar Dan Karakteristik Perusahaan Pada Pengumuman Dividen Di Bursa Efek Indonesia

Role of Profitability, Business Risk, and Intellectual Capital in Increasing Firm Value

Journal of Indonesian Economy and Business

Introduction/Main Objectives: This research illustrates the importance of firm value, both to inv... more Introduction/Main Objectives: This research illustrates the importance of firm value, both to investors and companies. Investors assess that an increase in the value of a company indicates a positive view of the company's performance, which leads to an investment decision. Besides that, an increase in the value of the company can indicate that the company is getting closer to achieving its goal, namely increasing the welfare of its stakeholders. Background Issues: In recent years, there has been a decline in the value of firms in the mining sector due to various factors that have affected it, which has resulted in a decrease in the value of the shares in several of the sub-sectors, especially the coal mining and petroleum sub-sectors. Novelty: This study examines the business risk and intellectual capital that are typical of firms in the mining industry with the generalized moments’ methods. Research Methods: This research is a quantitative study that uses the generalized moment...

Pengaruh Good Corporate Governance (GCG), Asimetri Informasi, Ukuran Perusahaan, Laverage Terhadap Manajemen Laba Pada Perusahaan Manufaktur Yang Terdaftar DI Bursa Efek Indonesia (Periode 2011-2012)

The purpose of this research is to explore the influence of institutional ownership, managerial o... more The purpose of this research is to explore the influence of institutional ownership, managerial ownership, audit committee, audit reputation, information asymetry, firm size, laverage to earning management in manufacturing company. The semple of this researchs is manufacturing company listed onthe Indonesia Stock Exchange period2011-2012. The sampling design of this research is purposive sampling with the final sample 60 companies. The data analysis technique used in this research is classical assumption test (normality, multicollinearity, autocorrelation, and heteroscedasticity) and multiple regression. The results of this research showed that institutional ownership, audit reputation, firm size, and laverage influence toearning management, while managerial ownership, audit committee, and information asymmetry does not influence the earning management. Keywords: Good Corporate Governance (GCG), Information Asymetry, Firm Size, Laverage, Earning Management.

Efek Pengumuman Perubahan Dividen Terhadap Reaksi Pasar DI Bursa Efek Indonesia

Penelitian ini meneliti teori signaling tentang bagaimana pasar/ para investor menanggapi pengumu... more Penelitian ini meneliti teori signaling tentang bagaimana pasar/ para investor menanggapi pengumuman dividen yang dilakukan oleh perusahaan tercatat di Bursa Efek Indonesia pada kurun waktu 2008 – 2012. Secara umum tujuan yang ingin dicapai dalam penelitian ini adalah mengembangkan pendekatan-pendekatan teoritikal baru, sebagai upaya untuk menyelesaikan kontroversi konseptual mengenai dampak kebijakan dividen terhadap nilai perusahaan. Yang secara rinci, tujuan khususnya: Menganalisis dan menguji secara empirik reaksi pasar terhadap pengumuman pengurangan dividen dan kenaikan dividen; serta Menganalisis dan menguji secara empirik Variabel - variabel karakteristik khusus perusahaan yang mempengaruhi reaksi pasar. Sampel adalah seluruh perusahaan yang mengumumkan kebijakan devidennya selama 5 tahun sebebanyak 242 perusahaan dengan 729 peristiwa pengumuman. Hasil penelitian menunjukkan bahwa pada seluruh peristiwa pengumuman dividen ditemukan reaksi yang signifikan dari pasar. Pada pen...

Difference in Funding Decision Based on the Growth Potential of the Company in Indonesia

Journal of Economic Development, Environment and People, 2020

The purpose of the study, The research objective was to To find out the differences in funding de... more The purpose of the study, The research objective was to To find out the differences in funding decisions between companies that have high growth potential and companies that have low growth potential. Research is a quantitative study. Mean difference test is preceded by Common Factor Analysis to analyze which factors in the Investment Opportunity Set can represent the growth ratio of the company so that it can be used to separate companies with high and low growth potential. Furthermore, the analysis is carried out with a regression model to determine the difference in funding decisions on the growth potential of different companies. The results showed that The consumer goods industry and mining sector sectors that have not proven to be significant are the differences in funding decisions between companies that have the potential to grow high and those with low growth potential. In other sectors, it is evident that there are significant differences in funding decisions between compa...

Dividend Omission Announcement Effect to Market Reaction in Indonesia Stock Exchange

IJBE (Integrated Journal of Business and Economics), 2018

This study examined the signalling theory about how the market / investors respond to dividend an... more This study examined the signalling theory about how the market / investors respond to dividend announcements made by companies listed on the Indonesia Stock Exchange during the period 2008-2012. This period was chosen because the economy and economic growth of Indonesia is relatively stable. In general, the objective of this research is to develop new theoretical approaches, in an effort to resolve the conceptual controversies regarding the impact of dividend policy on firm value. That in detail, in particular, objective: To analyze and empirically test the market reaction to the announcement dividend omissions, as well as Analyze and test empirically the firm-specific characteristics variables that affect the market reaction. The samples are all companies that announced dividend policy for 5 years as many as 242 companies with 729 event announcements. The results showed that in events dividend announcement found a significant reaction from the market. At the announcement of dividen...

Rasio Keuangan dan Pengaruhnya Terhadap Harga Saham Syariah dengan Price Earning Ratio Sebagai Variabel Moderasi

Al-Tijary, 2019

The purpose of this research was to examine the effect of EPS and ROE on stock price with PER as ... more The purpose of this research was to examine the effect of EPS and ROE on stock price with PER as a moderating variable. The object examined was the company went public in the Jakarta Islamic Index period January 2010 - May 2018. The research period in this study was 8 years from 2010-2017. The sampling method in this research is purposive sampling to obtain 6 of company in Jakarta Islamic Index. This research used panel data regression and residual data. Based on the results of the analysis it was found that the Earning Per Share (EPS) and Return on Equity (ROE) have a significant effect on stock prices partially and simultaneously. In addition, Price Earning Ratio (PER) was able to moderate the relationship beetwen Earning Per Share (EPS) on stock prices. Finally, Price Earning Ratio (PER) was able to moderate the the relationship between Return on Equity (ROE) and stock prices.

Understanding Muslim’s switching from cash to m-payments: based on push-pull-mooring framework

Journal of Islamic Marketing, 2021

Purpose The purpose of this study is to explore a theoretical model using the push-pull-mooring f... more Purpose The purpose of this study is to explore a theoretical model using the push-pull-mooring framework which adopts both direct and moderating effects, in relation to building antecedents of Muslim switching intention (SI) from using cash to mobile payment (m-payment). Design/methodology/approach The data collected were 317 respondents, then processed using the partial least squares structural equation modeling approach (SEM-PLS). Furthermore, advanced PLS techniques such as PLS predict, blindfolding and importance-performance map analysis are used to verify the statistical analysis of findings. Findings This research underlines the importance of religious commitment factor when talking about Muslims SI to use m-payment. Moreover, the features of m-payment, such as enjoyment, efficiency, security and convenience, have contributed to the driving and attracting factors for Muslim individuals to switch from cash to m-payment. Practical implications Fundamentally it is highly recomme...

Understanding the Corporate Values of Islamic Commercial Banks with the Theory of MM Preposition and David Durand in Capital Structure Theory

Review of Islamic Economics and Finance, 2019

This study aims to understand the value of Islamic public bank companies registered at OJK during... more This study aims to understand the value of Islamic public bank companies registered at OJK during 2013-2017. The used approach is the capital structure theory of MM preposition and David Durand. The used analytical method in this study is panel data regression analysis with the Random Effect Model. The results of the study show that the tax rate, profitability, and cost of capital affect the value of Islamic commercial bank companies simultaneously. Partially, tax rates and profitability affect the value of Islamic commercial bank companies. Cost of capital does not affect the value of Islamic commercial bank companies. This study succeeded in proving that in companies based on institutional ownership, especially Islamic commercial banks, the prevailing MM preposition capital structure theory is MM prepositions without tax. This study also succeeded in proving that the theory of David Durand's capital structure was proven. The cost of capital variables become influential when th...

Fund Age, BI Rate, Exchange Rate, Dan Jakarta Islamic Index Pada Net Asset Value Di Islamic Equity Mutual Fund Indonesia

Jurnal Manajemen, 2019

Net Asset Value (NAV) of islamic equity mutual fund is a benchmark to determine the development o... more Net Asset Value (NAV) of islamic equity mutual fund is a benchmark to determine the development of islamic equity mutual fund. There are many factors that is influence NAV of Islamic equity mutual fund such as macroeconomic factors as well as internal variables of the mutual fund. The purpose of this study are to find out the effect of fund age, BI rate, exchange rate, and Jakarta Islamic Index (JII) on NAV of Islamic equity of mutual fund. The method analysis used Panel Data Regression Analysis. The results showed that simultaneously fund age, BI rate, exchange rate, and JII have a effect to NAV of islamic equity mutual fund. Partially, fund age, BI rate, and JII have positif effect to NAV of islamic equity mutual fund and exchange rate has insignificant statistical effect to NAV of islamic equity mutual fund.

Manajemen BUM Desa

Difference in Funding Decision Based on the Growth Potential of the Company in Indonesia

by Dr Darmawan and MD. E D R I C H MOLLA

Journal of Economic Development, Environment and People, 2020

The purpose of the study, The research objective was to find out the differences in funding decis... more The purpose of the study, The research objective was to find out the differences in funding decisions between companies that have high growth potential and companies that have low growth potential. Research is a quantitative study. The mean difference test is preceded by Common Factor Analysis to analyze which factors in the Investment Opportunity Set can represent the growth ratio of the company so that it can be used to separate companies with high and low growth potential. Furthermore, the analysis is carried out with a regression model to determine the difference in funding decisions on the growth potential of different companies. The results showed that The consumer goods industry and mining sector sectors that have not proven to be significant are the differences in funding decisions between companies that have the potential to grow high and those with low growth potential. In other sectors, it is evident that there are significant differences in funding decisions between companies that have the potential to grow high and those with low growth potential.

format_quoteHigh growth potential companies have a debt-to-equity ratio indicating reliance on external funding, necessary for capitalizing on investment opportunities.format_quote

Accountability and Transparency : Application of Good Educational Governance

International Journal Management Science & Business, 2019

Aims of research is to determine the quality of financial management at the madrasah tsanawiyah i... more Aims of research is to determine the quality of financial management at the madrasah tsanawiyah in the region of the office Ministry of Religious Affairs Bandung district. The issue is how much influence the accountability and transparency to madrasah financial management at public madrasah Tsanawiyah in Bandung district. The method used is survey method explanative with quantitative data analysis, data collection techniques conducted through questionnaires and document review and interviews. The results showed about madrasah financial management in the Ministry of Religious Affairs Office of Bandung district, as follows: 1. the magnitude of the relationship simultaneous between X1 and X2 to Y is high which 0.768. While the contribution together variables X1 and X2 to Y by 59%. The results of descriptive analysis of the variable Y, the most powerful indicator of the organization and coordination of 83.36% while the lowest indicator is 77.99% for controls; 2. The relationship variable X1 on Y is 0.762 while the contribution of variables X1 to Y by 58.1%. The testing of hypothesis saw that significantly affects the accountability to financial management. The results of descriptive analysis of the variables X1, the most powerful indicator is periodic and annual financial statements of 82.31% while the weakest indicator is the quality of the preparation of APBM of 66.85%; 3. The relationship variables X2 to Y is 0.636 while the contribution of variables X2 to Y by 40.4%. The testing of hypothesis saw that significantly influences the transparency to financial management. The results of descriptive analysis on the variables X2, the most powerful indicator is the assurance of integrity by 81% while the weakest indicator is the availability of information to the public at 68.81%; 4. In general it can be concluded that the accountability and transparency of financial management in the Ministry of Religious Affairs Office of Bandung district has been running well but there needs to be increased to achieve the expected results.

Dividend Omission Announcement Effect to Market Reaction in Indonesia Stock Exchange

by Dr Darmawan and Darmawan Uin

IJBE: Integrated Journal of Business and Economics, 2018

This study examined the signalling theory about how the market / investors respond to dividend an... more This study examined the signalling theory about how the market / investors respond to dividend announcements made by companies listed on the Indonesia Stock Exchange during the period 2008-2012. This period was chosen because the economy and economic growth of Indonesia is relatively stable. In general, the objective of this research is to develop new theoretical approaches, in an effort to resolve the conceptual controversies regarding the impact of dividend policy on firm value. That in detail, in particular, objective: To analyze and empirically test the market reaction to the announcement dividend omissions, as well as Analyze and test empirically the firm-specific characteristics variables that affect the market reaction. The samples are all companies that announced dividend policy for 5 years as many as 242 companies with 729 event announcements. The results showed that in events dividend announcement found a significant reaction from the market. At the announcement of dividend omissions, there are 5 significant observations with 2 observations fit in theory. The study also shows none of the significant characteristics of the company is able to explain the market reaction to dividend announcements.

format_quoteThe study posits a positive relationship between dividend omission announcements and market reactions, supporting half-strong market efficiency.format_quote

THE ROLE OF ASSISTANT GENERAL TO SUPPORT AND STRENGTHEN BATTLE OPERATIONS OF INFANTRY BRIGADE UNITS

Jurnal Pertahanan, 2018

This conceptual paper proposes a model theory of applying strategic management to the field of pe... more This conceptual paper proposes a model theory of applying strategic management to the field of personnel resource management. When a country is about to engage in war, one very important thing to understand is the characteristic of the war. In peacetime, the armed forces must prepare for wartime. No two wars are identical, because war is produced by The Paradoxical Trinity. Therefore, the big question is: what is the function and role of Adjutant General corps in this increasingly multidimensional war? The recruitment of adjutant general personnel can no longer rely solely on officers and staff and civil servants on the basis of qualifications as drafted in the Conception of the Adjutant General Transformation in order to support the basic tasks and functions of Army. The Adjutant General corps will also need officers and staff who have experience in the war and staff who have comprehensive analysis skill that includes the three elements of war in The Paradoxical Trinity. This means that Adjutant General should have a specialty in accurately analysing personnel's capabilities. The main advantage of this scheme is allowing higher vigilance to anticipate war. The ability to receive data and then process it will affect the strength of the army as a whole. Upon this conclusion it is recommended to establish a new sub directorate which functions are to collect information on legislation, daily orders; organizing, inspecting, controlling, and mobilizing troops, military punishment, desertions and rotation of troops to then analyse it for the purpose of providing reports and suggestions for personnel/troop deployment, logistics and movements at headquarters and users. The breadth of this function will result in the importance of the improvement of the competence and position of the Directorate of Adjutant General from Brigadier General to Major General.

format_quoteA new sub directorate is proposed to handle data collection and analysis for troop deployment and logistics, enhancing military effectiveness.format_quote

Understanding the Corporate Values of Islamic Commercial Banks with the Theory of MM Preposition and David Durand in Capital Structure Theory

by Dr Darmawan and Difa Tsaniya

Review of Islamic Economics amd Finance , 2019

This study aims to understand the value of Islamic public bank companies registered at OJK during... more This study aims to understand the value of Islamic public bank companies registered at OJK during 2013-2017. The used approach is the capital structure theory of MM preposition and David Durand. The used analytical method in this study is panel data regression analysis with the Random Effect Model. The results of the study show that the tax rate, profitability, and cost of capital affect the value of Islamic commercial bank companies simultaneously. Partially, tax rates and profitability affect the value of Islamic commercial bank companies. Cost of capital does not affect the value of Islamic commercial bank companies. This study succeeded in proving that in companies based on institutional ownership, especially Islamic commercial banks, the prevailing MM preposition capital structure theory is MM prepositions without tax. This study also succeeded in proving that the theory of David Durand's capital structure was proven. The cost of capital variables become influential when the company is divided into two based on institutional ownership.

Difference in dividen policy based on the growth potential of the company

Journal of Economics Library, 2019

Abctract. The purpose of the study, The research objective was to determine the difference in div... more Abctract. The purpose of the study, The research objective was to determine the difference in dividend policy between companies that have high growth potential with companies that have low growth potential. Research is a quantitative study. Mean difference test is preceded by Common Factor Analysis to analyze which factors in the Investment Opportunity Set can represent the growth ratio of the company so that it can be used to separate companies with high and low growth potential. Furthermore, the analysis is carried out with a regression model to determine the difference in dividend policy on the growth potential of different companies. The results showed that dividend policy proved to be significantly different in policy between companies that grew high and low and followed the pecking order theory.

format_quoteCompanies with high growth potential typically have higher debt levels and lower dividend yields compared to low-growth firms.format_quote

THE ROLE OF ASSISTANT GENERAL TO SUPPORT AND STRENGTHEN BATTLE OPERATIONS OF INFANTRY BRIGADE UNITS

Jurnal Pertahanan, 2018

This conceptual paper proposes a model theory of applying strategic management to the field of pe... more This conceptual paper proposes a model theory of applying strategic management to the field of personnel resource management. When a country is about to engage in war, one very important thing to understand is the characteristic of the war. In peacetime, the armed forces must prepare for wartime. No two wars are identical, because war is produced by The Paradoxical Trinity. Therefore, the big question is: what is the function and role of Adjutant General corps in this increasingly multidimensional war? The recruitment of adjutant general personnel can no longer rely solely on officers and staff and civil servants on the basis of qualifications as drafted in the Conception of the Adjutant General Transformation in order to support the basic tasks and functions of Army. The Adjutant General corps will also need officers and staff who have experience in the war and staff who have comprehensive analysis skill that includes the three elements of war in The Paradoxical Trinity. This means that Adjutant General should have a specialty in accurately analysing personnel's capabilities. The main advantage of this scheme is allowing higher vigilance to anticipate war. The ability to receive data and then process it will affect the strength of the army as a whole. Upon this conclusion it is recommended to establish a new sub directorate which functions are to collect information on legislation, daily orders; organizing, inspecting, controlling, and mobilizing troops, military punishment, desertions and rotation of troops to then analyse it for the purpose of providing reports and suggestions for personnel/troop deployment, logistics and movements at headquarters and users. The breadth of this function will result in the importance of the improvement of the competence and position of the Directorate of Adjutant General from Brigadier General to Major General.