Claim Missing Document
Check
Articles

Found 2 Documents
Search
Journal : Jurnal Manajemen

KOMPETISI DAN STABILITAS PERBANKAN DI INDONESIA Suatu Pendekatan Analisis Panel Vector Autoregression Apriadi, Intan; Sembel, Roy; Santosa, Perdana Wahyu; Firdaus, Muhammad
Jurnal Manajemen Vol 21, No 1 (2017): February 2017
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (417.964 KB) | DOI: 10.24912/jm.v21i1.146

Abstract

Banking fragility phenomenon  in the world as well as in Indonesia whip out some interesting issues to be investigated. The objective of this study is to investigate the dynamic causality relationship between competitionand stability of bank in Indonesia. The relationship between competition and stability of bank has long been a controversy before some crises takes place in the world either in theoretical or in empirical sphere. The crucial question  such as will competition  increase stability of banking industry  or the other way around will competition create instability in banking system in Indonesiaare going to be investigated in this study. Stability will be analyzed by z-score, and competition will be measured by HHI. Testing the relationship between competition and stability will be conducted by Panel Vector Autoregression, a relatively new approach in econometrics. Empirical result indicates that competition  decreasedstability of banking industry,whereas stability has aninsignificant effect to competition.
Corporate Fundamentals, Bi Rate And Systematic Risk: Evidence From Indonesia Stock Exchange Nita Puspitasari, Perdana Wahyu Santosa,
Jurnal Manajemen Vol 23, No 1 (2019): February 2019
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (420.247 KB) | DOI: 10.24912/jm.v23i1.443

Abstract

The aim of this study is to understand the effect of company's fundamental factors and BI rate on systematic risk (beta) on the Indonesia Stock Exchange (IDX). In portfolio theory, there are two types of risk, namely systematic risk and non-systematic risk. The focus of this study is on systematic risk which was measured through beta (β), where each stock had a different beta. The analyses used independent variables of sales growth (SG), net profit margin (NPM), debt to equity ratio (DER) and BI rate (benchmark interest rate) on stock beta. The data used were quarterly data of issuers listedin the LQ-45 index in the period of 2009-2016 which were analysed using panel data regression method. The conclusion from panel data analysis of LQ-45 index is that SG, NPM and DER contribute a significant impact on systematic risk, but the macroeconomic proxy, namelyBI rate, does not offer significant influence on stock beta (β).Implication: corporate fundamental factors such as sales growth, net profit margin and solvency has effect significantly on beta (β), however BI rate does not.