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Does ownership moderate the effects of size on pension funds’ efficiency and investment performance? Lintang Putri; Imanuel Madea Sakti; Apriani Dorkas Rambu Atahau
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4108

This study aims to explore the effect of specific characteristics of pension funds: size, efficiency, and ownership on pension fund performance. Specifically, it aims to obtain empirical evidence of whether pension fund ownership moderates the effect of size and efficiency on pension fund performance. We use annual financial statements obtained from the Indonesian Pension Fund Association (ADPI) for the period 2013-2017. The sampling technique generates the final sample of 167 pension funds and number of observations 835 firm-year. Using panel regression, we find that pension fund size has no significant positive effect on pension funds efficiency and investment performance. In addition, ownership does not moderate the effect of pension fund size on the efficiency and investment performance of pension funds. We suggest that large pension funds do not necessarily generate revenues higher than investment costs. Hence, our results inform the Financial Service Authority (FSA) to encourage pension funds to utilize their large size to generate higher revenues and exhibit more positive performance. JEL Classification: G22, G32DOI: https://doi.org/10.26905/jkdp.v24i3.4108

Does ownership moderate the effects of size on pension funds’ efficiency and investment performance? Lintang Putri; Imanuel Madea Sakti; Apriani Dorkas Rambu Atahau
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4108

This study aims to explore the effect of specific characteristics of pension funds: size, efficiency, and ownership on pension fund performance. Specifically, it aims to obtain empirical evidence of whether pension fund ownership moderates the effect of size and efficiency on pension fund performance. We use annual financial statements obtained from the Indonesian Pension Fund Association (ADPI) for the period 2013-2017. The sampling technique generates the final sample of 167 pension funds and number of observations 835 firm-year. Using panel regression, we find that pension fund size has no significant positive effect on pension funds efficiency and investment performance. In addition, ownership does not moderate the effect of pension fund size on the efficiency and investment performance of pension funds. We suggest that large pension funds do not necessarily generate revenues higher than investment costs. Hence, our results inform the Financial Service Authority (FSA) to encourage pension funds to utilize their large size to generate higher revenues and exhibit more positive performance. JEL Classification: G22, G32DOI: https://doi.org/10.26905/jkdp.v24i3.4108

PENGGUNAAN PARTIAL DURATION DALAM IMUNISASI PORTOFOLIO OBLIGASI KORPORASI Ali Wardhana; Apriani Dorkas Rambu Atahau
Jurnal Keuangan dan Perbankan Vol 13, No 1 (2009): January 2009
Publisher : University of Merdeka Malang

Bond investment had been popular recently in Indonesian capital market by theissuance of government retail bond known as Obligasi Ritel Indonesia(ORI). The emergence ofORI in Indonesian bond market had brought into account the need to disseminate many aspectsof bond trading included duration concept that was central in the discussion of bond investment.Previous research done by Widayanti (2007) towards corporate bond traded in Surabaya StockExchange could not immunize the bond portfolio because of the unparallel movement ofinterest rate during the research period. This research aimed at continuing the previous researchby applying different tools of analysis, known as partial duration which was suitable forunparallel movement of interest rate. The result obtained indicated that partial durationcould not be used for the immunization both single and portfolio of bonds. However, it wasfound that by using partial duration to immunize single and portfolio of bonds, the deviationbetween expected and obtained result was somewhat lower compared to Modified duration.

PENGGUNAAN PARTIAL DURATION DALAM IMUNISASI PORTOFOLIO OBLIGASI KORPORASI Ali Wardhana; Apriani Dorkas Rambu Atahau
Jurnal Keuangan dan Perbankan Vol 13, No 1 (2009): January 2009
Publisher : University of Merdeka Malang

Bond investment had been popular recently in Indonesian capital market by theissuance of government retail bond known as Obligasi Ritel Indonesia(ORI). The emergence ofORI in Indonesian bond market had brought into account the need to disseminate many aspectsof bond trading included duration concept that was central in the discussion of bond investment.Previous research done by Widayanti (2007) towards corporate bond traded in Surabaya StockExchange could not immunize the bond portfolio because of the unparallel movement ofinterest rate during the research period. This research aimed at continuing the previous researchby applying different tools of analysis, known as partial duration which was suitable forunparallel movement of interest rate. The result obtained indicated that partial durationcould not be used for the immunization both single and portfolio of bonds. However, it wasfound that by using partial duration to immunize single and portfolio of bonds, the deviationbetween expected and obtained result was somewhat lower compared to Modified duration.

COST OF CAPITAL PADA BANK SYARIAH MANDIRI PERIODE 2004-2008 Indra Setyawan; Apriani Dorkas Rambu Atahau
Jurnal Keuangan dan Perbankan Vol 14, No 1 (2010): January 2010
Publisher : University of Merdeka Malang

The growth of Islamic or Syariah banking had been remarkable. It was not onlyoccuring in count ries where the Moslems were majorit y but also in count ries where Moslemswere minority. Syariah banking itself had a specif ic characterist ic known as prof it -and-losssharing system. This prof it-and-loss sharing system was dif ferent f rom interest -based systemused by convent ional banks. Prof it-and-loss sharing system implementat ion had a significant impact on the cost of capital calculat ion in Islamic banks. This research described thecalculat ion of capital cost in Bank Syariah Mandiri as one of Islamic (syariah) banks. The aimof the study was to give view about the capital cost of Mandiri syariah bank in Indonesia. Thedata were taken f rom Mandiri Syariah banks f inancial report during f ive consecut ive years.The data were analyzed by using t rend analysis. Based on t rend analysis in every componentof cost of capital, it was concluded that the cost of capital of Bank Syariah Mandiri syariahbank tended to decrease due to the decreasing t rend of its cost of debt .

LOAN PORTFOLIO COMPOSITION AND PERFORMANCE OF INDONESIAN BANKS: DOES OWNERSHIP MATTER? Apriani Dorkas Rambu Atahau
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

As a country which is hard-hit by the crisis, Indonesian banking industry underwents banking reform with changes in its bank ownership structures. The changes may have impacted the loan portfolio compositions of banks. However, there is no study that has empirically tested the impact of the ownership structures on loan portfolio composition and performance in Indonesia, although the facts that credit risk is a major bank risk. The objective of this research is to examine the loan portfolio composition of Indonesian banks in the post crisis period and to determine whether bank ownership plays a role in the composition and performance of the portfolios. This study used secondary data from the Indonesian Banking Directory of the Indonesian Central Bank and all commercial bank annual reports provided by Infobank magazine. The research sample consists of 109 commercial banks in the year 2011. The data is analysed by using multiple regression methods. It is envisaged that the research will give a broad insight on how different bank ownership types select their loan portfolio strategies when composing their loan portfolios.

Cross–asset class portfolio between gold and stocks in Indonesia Mesakh Prihanto Surya Putra; Apriani Dorkas Rambu Atahau; Robiyanto Robiyanto
Economic Journal of Emerging Markets Volume 10 Issue 1, 2018
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol10.iss1.art8

This study observes the effectiveness of hedging by using the gold commodity futures instrument as a hedge asset towards Indonesian stock which is represented by sectoral indices and Composite Stock Price Index (CSPI). By using DCC-GARCH which can dynamically accommodate the correlation between gold and the stock, this study found gold could become a safe haven asset towards stock in Indonesia. In addition, this study found that gold can effectively become a hedge asset for the stocks in Indonesia and the hedged portfolio resulted in a higher risk-adjusted performance of the portfolio of investment.

BETA DAN IMPLIKASINYA TERHADAP HASIL DIVERSIFIKASI SAHAM DI BURSA EFEK JAKARTA Novalina Taliawo; Dorkas Rambu Atahau
Jurnal Bisnis dan Ekonomi Vol 14 No 2: Vol. 14 No. 2 September 2007
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Stikubank

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (102.142 KB)

According to portfolio theory, diversification is a way to reduce unsystematic- risk. The more assets we put in our portfolio, the less unsystematic risk we have. By doing this the only risk left in the portfolio that should be considered by investors is the systematic risk which is measured by beta. The objective of this research is to obtain an empirical evidence on the speed of reduction in portfolio’s beta by comparing portfolio that consists of high- beta assets and low- beta assets. The result shows that portfolio consists of low beta assets have a higher speed in reducing the systematic risk compare to portfolio consist of high beta assets. It implies the needs to consider the magnitude of an asset beta in constructing a portfolio to reduce portfolio systematic risk. Keywords : Portfolio, beta, systematic risk, unsystematic risk

The Effect of Liquidity Risk, Financing Risk, and Operational Risk toward Indonesian Sharia Bank’s Financing with Bank Size as a Moderating Variable Dea Prastica Alsyahrin; Apriani Dorkas Rambu Atahau; Robiyanto Robiyanto
Journal of Economics, Business, & Accountancy Ventura Vol 21, No 2 (2018): August - November 2018
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v21i2.1181

Islamic banking is growing rapidly in Indonesia, so it needs to be done a lot of studies on sharia banking especially about the influence of risks to sharia financing. The purpose of this study is to analyze of the influence of liquidity risk, financing risk, and operational risk with bank size as moderating variable. This research uses financial statement of Sharia Commercial Bank for 2012-2016 period. By using purposive sampling method, 12 Sharia Commercial Bank were chosen as samples in this study. The data use in this study is panel data. Those data was collected from Sharia Commercial Bank’s website. Data analyzed by using moderated regression analysis. The result shows that liquidity risk, financing risk, and operational risk significantly influenced the financing of Indonesian sharia banking with bank size as it’s moderating variable.

THE INFLUENCE OF IMPLEMENTING CORPORATE GOVERNANCE PRINCIPLES TOWARDS CORPORATE FINANCIAL PERFORMANCE IN BANKING SECTOR Karina Krissanti; Apriani Dorkas Rambu Atahau
Journal of Economics, Business, & Accountancy Ventura Vol 13, No 2 (2010): August 2010
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v13i2.414

History has recorded that banking scandals have never ceased to happen. It implies that the urgency for banking sector to manage banks prudently by implementing good governance practice. The good government practice is designed to improve bank performance, protect stakeholder interest, and increase adherence to prescribed regulations, legislations and also generally accepted ethical values. The implementation of good corporate governance in long period of time has an impact on bank performance because good corporate governance principles are the foundation of banking organizing process. This research aims to test the impact of corporate governance principle implementation on financial performance of banking sector. The secondary data were obtained from Indonesian Capital Market Directory (ICMD) and Annual Report from the Faculty Data Centre. The result shows that the implementation of corporate governance has positive impact on financial performance of banking sector as measured by Return on Equity (ROE). This suggests that in the future, the banking sector should proceed to implement corporate governance principle especially on disclosing some aspects such as environment, quality, and standardization.

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