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Market Reaction to the Adoption of International Financial Reporting Standard in Indonesia Yen Sun; Evi Steelyana; Yoyo Cahyadi
Binus Business Review Vol. 5 No. 2 (2014): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v5i2.1005

The aim of the study is to analyze the market’s reaction on the adoption of International Financial Reporting Standard (IFRS) in Indonesia. Investor reaction will be perceived by the existence of abnormal return as well as the difference of trading volume. The analysis tool used is One-sample test to assess the existence of abnormal return and Paired Sample T-test to observe the difference trading volume 3 days before and after the announcement of financial report. The sample was constituted by 31 Indonesian companies randomly selected listed on LQ45 and have been impacted by the adoption of IFRS since 2011. The result shows that there is no abnormal return 3 days before and after the announcement of financial report. However, there is abnormal return on the day of announcement. Trading volume shows there is no market reaction to the IFRS adoption 3 days before and after the announcement.

Optimization Stock Portfolio With Mean-Variance and Linear Programming: Case In Indonesia Stock Market Yen Sun
Binus Business Review Vol. 1 No. 1 (2010): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v1i1.1018

It is observed that the number of Indonesia’s domestic investor who involved in the stock exchange is very less compare to its total number of population (only about 0.1%). As a result, Indonesia Stock Exchange (IDX) is highly affected by foreign investor that can threat the economy. Domestic investor tends to invest in risk-free asset such as deposit in the bank since they are not familiar yet with the stock market and anxious about the risk (risk-averse type of investor). Therefore, it is important to educate domestic investor to involve in the stock exchange. Investing in portfolio of stock is one of the best choices for risk-averse investor (such as Indonesia domestic investor) since it offers lower risk for a given level of return. This paper studies the optimization of Indonesian stock portfolio. The data is the historical return of 10 stocks of LQ 45 for 5 time series (January 2004 – December 2008). It will be focus on selecting stocks into a portfolio, setting 10 of stock portfolios using mean variance method combining with the linear programming (solver). Furthermore, based on Efficient Frontier concept and Sharpe measurement, there will be one stock portfolio picked as an optimum Portfolio (Namely Portfolio G). Then, Performance of portfolio G will be evaluated by using Sharpe, Treynor and Jensen Measurement to show whether the return of Portfolio G exceeds the market return. This paper also illustrates how the stock composition of the Optimum Portfolio (G) succeeds to predict the portfolio return in the future (5th January – 3rd April 2009). The result of the study observed that optimization portfolio using Mean-Variance (consistent with Markowitz theory) combine with linear programming can be applied into Indonesia stock’s portfolio. All the measurements (Sharpe, Jensen, and Treynor) show that the portfolio G is a superior portfolio. It is also been found that the composition (weights) stocks of optimum portfolio (G) can be used to predict the forward return (5th January – 3rd April 2009). It is shown that the stock portfolio return of 5th January – 3rd April 2009) has exceeded the market return for the same period of time based on Sharpe and Treynor measurement.

Penilaian Bisnis dan Estimasi Nilai Intrinsik PT. Garuda Indonesia (Persero), Tbk saat Ipo Februari 2011 Theresia Lesmana; Yen Sun
Binus Business Review Vol. 4 No. 1 (2013): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v4i1.1049

Business valuation is an activity to estimate the value of company. The writers chose PT. Garuda Indonesia (Persero), Tbk. as the research object because PT. Garuda Indonesia (Persero), Tbk. just did an IPO on February 11, 2011. Based on IPO result, it is known the shares of PT. Garuda Indonesia (Persero), Tbk is overvalued to the intrinsic value. Therefore, the writers are interested in writing the thesis with title “BusinessValuation and Estimated Intrinsic Value of PT. Garuda Indonesia (Persero), Tbk when IPO on February 2011”. Business valuation used SWOT analysis and Porter analysis to know the non-financial performance. While from financial terms used Free Operating Cash Flow to the Firm (FCFF) to estimate the intrinsic value. Based on the analysis, it is obtained intrinsic value of share than compared with IPO price. The analysis used data from company website which was secondary data so that all necessary data in the research is available and could be accessed by everyone. The research approach used qualitative approach, by not using the hypothesis, and the result of reseacrh is descriptive data in the form of a narrative essay. Based on SWOT and Porter analysis, the company has good non-financial performance and is worth for investment options. Based on FCFF analysis, value of PT. Garuda Indonesia (Persero), Tbk. shares is overvalued. The writers advised stakeholders to not only see from overalued of shares but also see the non-financial performance.

Analisis Kinerja 14 Reksa Dana Saham Terbaik Periode 2010 Yen sun
Binus Business Review Vol. 2 No. 1 (2011): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v2i1.1129

Capital Market is a significant indicator of an economy for a country. However, in Indonesia many people are not familiar yet with the investment activity in capital market. The writer is then interested to study the performance of the best (15) mutual fund (shares) 2010 version of Investor Magazine for the next period investment decision in 2011. The research will be focused on several stages. First, it will compute the return for 14 mutual funds, market return and risk-free rate for one year period. Then, the performance will be evaluated using Sharpe, Treynor to find which mutual fund outperform the market. Also, each method will result rank of the best mutual fund. Furthermore, there is one more method will be used in performance evaluation, Jensen. The result of this study is there are two mutual funds that can be recommended for investment in 2011, they are Panin Dana Maksima and Panin Dana Prima. They are recommended because the two mutual funds showed the best performance for those three methods of evaluation and they can maintain their performance for more than one period.

Analisis Kinerja Keuangan Bank Sebelum Dan Sesudah Diakuisisi Oleh Investor Asing: Studi Empiris Pada Bank Central Asia Dan Bank Niaga Yen Sun; Laurentia Dermawan
Binus Business Review Vol. 2 No. 2 (2011): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v2i1.1176

Banking industry is one of the most influence factors in the economy growth of one country. However, during 1997-1998 Indonesia banking industry went through hard times because of economic crisis. After that years, many banks were liquidated and restructured. The interesting part is through the restructuring process, several bank acquired by foreign investor and became the foreign-domestic bank. In 2010, some of those banks were in the 10 biggest banks in Indonesia based on asset. Hence, the writer interesting to compare the bank’s financial performance before and after being acquired using two banks as samples of empirical study. Data is based on financial statements published by the companies and Central Bank of Indonesia in 1995-1996, and 2003-2004. Two sample of banks have been selected based on several criteria, they are BCA and Bank Niaga. To analyse their financial performance, several analysis tools will be using, specifically CAMELS (CAR, NPL, NIM, BOPO, LDR minus mangement and sensitivity). The result of the study observed that after being acquired, financial performance of BCA and Niaga Bank is getting better in CAR, NIM, BOPO, but NPL and LDR is less favorable for BCA and so NPL is less favorable for Niaga Bank. Moreover, in terms of profitability analysis, both banks shows better performance. While, the result of credit analysis indicates that the credit risk for both banks is in the stable range at CCC.

Analisis Pengaruh Likuiditas, Solvabilitas, dan Profitabilitas terhadap Market Value Added (MVA) Marsya Aisyana; Yen Sun
Binus Business Review Vol. 3 No. 1 (2012): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v3i1.1294

This study aims for analyzing the influence of liquidity, solvability and profitability to market value added. There are 22 companies of LQ 45 used as samples during the period of 2007-2009. Sampling technique used in this study is purposive sampling. Furthermore, the statistical test used in the data analysis and hypothesis testing is multiple linear regressions. The independent variable consists of 6 variables; acid-test ratio, debt ratio, debt to equity ratio, times interest earned (TIE), return on asset (ROA) dan return on equity (ROE). While the dependent variable used is market value added (MVA). The result shows that only return on asset (ROA) has a significant and positive impact to market value added (MVA). Whereas, the acid-test ratio and debt ratio has a positive and insignificant effect, the debt to equity ratio, times interest earned (TIE), and return on equity (ROE) has a negative and insignificant effect to market value added (MVA).

Evaluasi Good Corporate Governance atas Kebutuhan Donatur pada Penerapan Crowdfunding di Indonesia: Studi Kuantitatif dan Kualitatif pada Efekrumahkaca.Net, Patungan.Net, dan Wujudkan.Com Nia Utami Tirdanatan; Vina Georgiana; Yen Sun
ComTech: Computer, Mathematics and Engineering Applications Vol. 5 No. 1 (2014): ComTech
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/comtech.v5i1.2598

This research aims to evaluate the implementation of Good Corporate Governance (GCG) in ensuring the good management of crowdfunding entities in Indonesia. Research methodology is using both quantitative and qualitative approaches. Quantitative approach was conducted by analyzing the factors of the driving forces for donors in financially participating in crowdfunding initiatives. Conceptual framework is developed and a study was conducted to 96 donors from three Indonesian crowdfunding portals. The findings of quantitative study show that the main factor that drive the donors to participate is motivation to accomplish, social merit factors and good trust to the project creator. Based on that results, qualitative study was conducted to evaluate the implementation of Good Corporate Governance (GCG) principles in those three Indonesian crowdfunding portals. The evaluation explains that GCG principles has been well implemented by those administrators of crowdfunding portals. Nevertheless, serious concern should be taken in the area of accountability and financial reporting. The research provides insights for crowdfunding practitioners to be succesfully raise funding and for crowdfunding platforms to be sustainable in this business by implementing good corporate governance. This research takes a further step in explaining crowdfunding phenomenon in Indonesia.

DID GOLD, BITCOIN AND FOREX AS SAFE HAVEN ASSET FOR SOUTH EAST ASIA INDEX DURING COVID 19 Yen Sun; Vania Natasha; Edward Akil Tenggono
Journal of Applied Finance & Accounting Vol. 9 No. 2 (2022): Publish on December 2022
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v9i2.9095

The COVID-19 pandemic and the bearish market have led investors to find a safe-haven asset during this financial turbulence. Gold, US Dollar, and Bitcoin traditionally could be safe-haven assets in previous financial crises. However, safe-haven assets are mainly different during each market crash. Therefore, this paper aims to examine gold, US dollars, and Bitcoin as safe-haven assets during the COVID-19 market turmoil in several South East Asian countries such as Indonesia, Malaysia, Singapore, and the Philippines. All variables use daily data time series from January 2020 - September 2020. This study will conduct an empirical analysis using Generalized Autoregressive Conditional Heteroscedasticity (GARCH). Our result shows that during the COVID-19 pandemic, US Dollar could act as a safe-haven asset in Indonesia, Malaysia, and the Philippines. It implies that when the condition is uncertain during a pandemic, many investors switch their investments to US dollars in those three countries. On the other hand, gold and bitcoin are not safe-haven assets, but they could only act as hedging for several countries in South-East Asia.

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