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Sugeng Haryanto
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INDONESIA
AFRE Accounting Financial Review
Published by Universitas Merdeka Malang
ISSN : 25987763     EISSN : 25987771     DOI : https://doi.org/10.26905/afr
Core Subject : Economy,
Economics, Econometrics & Finance
Accounting and Financial Review (AFRe), is a publication of Graduate School Program, University of Merdeka Malang. The journal is an article published continuously which is intended not only as a place to share ideas, study, and analysis but also as an information channel to improve and develop accounting and finance science. This publication consists of scientific writings in the form of research finding, analysis, and application theory, conceptual idea, new book review, bibliography, practical writing from experts, academics, and practitioners. The published writings have been in the process of editing needed by the publisher without changing the substance as the original script. The writing in each publication is the personal responsibility of the author and it does not reflect the publisher’s idea.
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Articles 138 Documents
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Cognitive Dissonance Bias, Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham Yehezkiel Chris Setiawan; Apriani Dorkas Rambu Atahau; Robiyanto Robiyanto
AFRE (Accounting and Financial Review) Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (487.666 KB) | DOI: 10.26905/afr.v1i1.1745

Abstract

In practice, there are some aspects which contribute to the decision making process. One of those aspects is the psychological aspect which cannot be separated from human being. The psychological aspect of the study of finance is called the study of behavioural finance (cognitive bias, emotional bias, and social bias) could lead to investor’s irrationality in decision making. This study aimed to analyze the influence of dissonance bias, overconfidence bias, and herding bias on investment decision in Investor Club of Satya Wacana Christian University (SWCU). This study utilizes the purposive sampling method. The sample in this study covers the whole investor in Investor Club of SWCU. The results of this study indicate that: (i) Cognitive dissonance bias has an insignificant influence to investment decision ; (ii) Overconfidence bias has a positive and significant influence to investment decision; (iii) Herding bias has an insignificant influence to the investment decision. This means that investors tend to use the emotional aspect rather than on the cognitive and social aspects of investment decision making. As a result, investors are overconfident of their ability and the outcome of investment decisions is not maximal and can cause losses. DOI: https://doi.org/10.26905/afr.v1i1.1745
Determinan Efisiensi Bank: Analisis Bank Di Indonesia Sugeng Haryanto
AFRE (Accounting and Financial Review) Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (432.732 KB) | DOI: 10.26905/afr.v1i1.2230

Abstract

This research analyzes the factors influencing bank efficiency. Bank efficiency is measured by BOPO. Predictable variable use risk, which is proxied with non-performance loan (NPL), bank size, and CAR. Population in research is in the national banking industry which goes public in BEI, research period 2009-2016. Sampling technique used purposive sampling, with the criterion of the bank has gone public before the year 2008 and the bank publishes financial report year 2009-2016. The sample of research is 23 banks. The purpose of this study was to analyze the effect of bank risk, bank size and CAR to efficiency either simultaneously or partially. The analytical technique used multiple linear regression. The results showed simultaneously bank risk, bank size and CAR effect on efficiency. Risks, bank size and CAR affect the efficiency in a negative direction. The scale of economics does not apply in the industry of national banks. Increasing the CAR as a countercyclical capital buffer (CCB) to control the occurrence of systematic risk can reduce credit growth, can impact the decrease in bank income. DOI: https://doi.org/10.26905/afr.v1i1.2230
Identifikasi Struktur Modal Melalui Profitabilitas, Pertumbuhan Penjualan dan Ukuran Perusahaan Chandrarin, Grahita; Cahyaningsih, Diyah Sukanti
AFRE (Accounting and Financial Review) Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (576.857 KB) | DOI: 10.26905/afr.v1i1.2246

Abstract

This study aims to analyze the effect of profitability, sales growth and firm size on capital structure. The population of this research is basic industrial and chemical company which go public in Bursa Efek Indonesia. The observations are conducted in 2013-2016. The data source is taken from Indonesian Capital Directory Market (ICMD). Sampling technique used with purposive sampling. The sample size is 19 companies with 4 years observation period, so there are 76 observation data. Management in determining the source of financing will consider the cost or risk with a refund. In theory, pecking order management will expose the source of internal funding, external in the form of debt, then the issuance of shares. Profitability of the company during the year 2013-2016 shows positive. Sales increase except in 2015, where sales growth is negative. Company assets show an increase every year. Data analysis techniques use multiple linear regression. The results show that profitability and sales growth affect the capital structure. The size of the firm has no effect on the capital structure. The results support the pecking order theory. DOI:  https://doi.org/10.26905/afr.v1i1.2246
Indonesia Most Trusted Company dan Nilai Perusahaan Yusuf Kurniawan
AFRE (Accounting and Financial Review) Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (425.319 KB) | DOI: 10.26905/afr.v1i1.2267

Abstract

This study analyzes the value of firms in Indonesia as the Most Trusted Company. Independent variables include Good Corporate Governance (GCG), capital structure, dividend policy and profitability. While the dependent variable is the value of the company. Company value is proxied by Price Book Value (PBV). The purpose of this study was to analyze the effect of capital structure, dividend policy, profitability and GCG on corporate value, either simultaneously or partially. This research was conducted at public go public company in Indonesia which entered into Indonesia Most Trusted Companies in 2015. The research population is a company that goes public in Bursa Efek Indonesia. The sampling technique uses purposive sampling. The sample of a research company that entered IndonesiaMost Trusted Company in 2015. Indonesia Most Trusted Company is a company that applies GCG and published by SWA Magazine. The sample size is 25 companies. The analysis technique used multiple regression. The results showed that simultaneously GCG, capital structure, dividend policy and profitability affect the value of the company. Partially, capital structure and profitability have an effect on company value, while dividend policy and CG do not influence to company value. DOI: https://doi.org/10.26905/afr.v1i1.2267
Stuktur Modal, Kinerja Perusahaan, dan Altman Z-Score Pengaruhnya Terhadap Ekspektasi Investor Anton Ferry Ananda
AFRE (Accounting and Financial Review) Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (436.147 KB) | DOI: 10.26905/afr.v1i1.2285

Abstract

This study analyzes the influence of capital structure policy, Z Score company's performance against investor expectations. The study was conducted on the banking industry that went public on the IDX, the 2013-2014 research period. The sampling technique uses purposive sampling. The sample of research is 27 banks. The purpose of this research is to analyze the influence of capital structure policy, firm performance and Z Score proxy with Working Capital to Total Assets ratio, Retained Earnings Ratio to Total Assets, Ratio Earning Before Interest and Tax to Total Assets, Market Value of Equity to Book Value of Ratio Total Liability, the ratio of Sales to Total Assets to investor expectations in national banking. Analysis techniques used multiple linear regression. The research results show the policy of capital structure, company performance, Working Capital to Total Assets ratio, Retained Earnings Ratio to Total Assets, Market Value of Equity to Book Value of Total Liability ratio to investor's expectation. As for Z-score for Ratio Earning Before Interest and Tax to Total Assets and Sales to Total Assets ratio does not affect investors' expectations on national banking. DOI: https://doi.org/10.26905/afr.v1i1.2285
Mampukah Good Corporate Governance dan Risiko Kredit Sebagai Prediktor Financial Distress? Elysa Listiana Putri; Sugeng Haryanto; Riril Mardiana Firdaus
AFRE (Accounting and Financial Review) Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (467.399 KB) | DOI: 10.26905/afr.v1i1.2291

Abstract

This study aims to predict financial distress at Bank foreign exchange (BUSN) by using GCG analysis, credit risk, profitability, capital adequacy ratio and bank size. GCG, credit risk, and profitability. The population in this research is 35 BUSN of foreign exchange registered in Bank Indonesia. Sampling technique used purposive sampling. The sample size is 17 banks. Data analysis technique using linear regression. This research performs 4 regression test that is in BUSN of foreign exchange for all condition, financial distress condition, grey area condition, and condition of non-financial distress. The results of this study indicate that GCG and credit risk have no effect on financial pressure for all conditions, financial distress condition, grey area condition, and non-financial distress condition. Profitability affects financial difficulties for all conditions, grey area conditions and non-financial distress conditions. CAR affects financial difficulties for all conditions, grey area conditions and non-financial pressure conditions. Profitability and CAR have no effect on financial difficulties for grey area conditions. The size of the bank affects financial difficulties in all conditions and greys, whereas in the financial distress position the size of the bank does not affect financial distress. DOI:  https://doi.org/10.26905/afr.v1i1.2291
Kebijakan Hutang, Ukuran Perusahaan dan Kinerja Keuangan Terhadap Nilai Perusahaan: Industri Perbankan di Indonesia Sugeng Haryanto; Nabila Rahadian; Maria Fatima Ima Mbapa; Eka Nesty Rahayu; Khoiriyah Vivi Febriyanti
AFRE (Accounting and Financial Review) Vol 1, No 2 (2018): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v1i2.2279

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh kebijakan hutang, ukuran perusahaan dan kinerja keuangan terhadap nilai perusahaan. Kebijakan hutang diukur dengan rasio hutang terhadap modal (DER). Kinerja keuangan diproksi dengan profitabilitas perusahaan, yaitu return on  asset (ROA) dan nilai perusahaan diproksi dengan Price earning ratio (PER). Populasi dalam penelitian ini adalah perusahaan perbankan yang go public di Bursa Efek Indonesia. Teknik pengambilan sampel digunakan dengan purposive sampling. Periode pengamatan dilakukan pada 2013-2016, dengan total sampel 27 bank. Jumlah data observasi adalah 108 pasang data. Teknik analisis data menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa kebijakan struktur modal berpengaruh terhadap nilai perusahaan dengan arah negatif. Ukuran perusahaan tidak berpengaruh terhadap nilai perusahaan. Kinerja perusahaan ber-pengaruh nilai perusahaan dengan arah positif DOI: https://doi.org/10.26905/afr.v1i2.2279
The Effect of Tax Fairness on Tax Compliance with Trust as an Intervening Variable Muslichah, Muslichah; Graha, Vina Satya
AFRE (Accounting and Financial Review) Vol 1, No 2 (2018): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (514.431 KB) | DOI: 10.26905/afr.v1i2.2372

Abstract

The purpose of this study is to provide empirical evidence about the effect of tax fairness on tax compliance with trust to tax authority as an intervening variable.300 questionnaires were distributed, 195 were returned for a response rate of 65 percent. The Partial Least Squares (PLS) approach is used to test the hypotheses developed in this study. SmartPLS software is used for this study.This study reveals four important findings: (1) tax fairness has a significant positive effect on tax compliance, (2) tax fairness  has a significant positive effect on trust, (3) trust has a significant positive effect on tax compliance, (4) trust mediates the relationship between tax fairness and tax compliance.This research not only has implications on practice but also to the literature concerning the effect of tax fairness and truston tax compliance. It is also expected that this research provides valuable information for the government to create a fair tax system. DOI: https://doi.org/10.26905/afr.v1i2.2372
Efisiensi Bank dalam Kelompok BUKU 4 di Indonesia: Pendekatan Data Envelopment Analysis Nurshadrina Kartika Sari; Nanda Widaninggar
AFRE (Accounting and Financial Review) Vol 1, No 2 (2018): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v1i2.2409

Abstract

Penelitian ini bertujuan untuk memberikan bukti empiris tentang tingkat efisiensi bank di Indonesia menggunakan Data Envelopment Analysis (DEA). Teknik analisis yang digunakan analisis non-parametrik dengan DEA. Penelitian ini dilakukan dengan menggunakan semua populasi bank Indonesia di BUKU kategori 4 periode 2012 hingga 2017. Analisis data dilakukan untuk empat perbankan dalam kategori BUKU 4 yang memiliki modal inti lebih dari 30 triliun Rupiah, dengan menggunakan metode sensus. Hasilnya memberikan bukti empiris bahwa perbankan Indonesia memiliki 100%. Penelitian ini menunjukkan bahwa tingkat efisiensi mampu mendorong hasil bisnis yang tinggi dan meningkatkan daya saing bagi bank dalam kategori BUKU 4 DOI: https://doi.org/10.26905/afr.v1i2.2409
Determinants of Individual Investor Behaviour in Stock Investment Decisions Pahlevi, Reza Widhar; Oktaviani, Indri Irma
AFRE (Accounting and Financial Review) Vol 1, No 2 (2018): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v1i2.2427

Abstract

The quality of individual investor behavior in making stock investment decisions is very important to be understood as a reference of the movement of the capital market. This research using descriptive analysis technique, and inferential analysis, using Structural Equation Model (SEM), using the help of software PLS (Partial Least Square). The population used in this study are individual investors (student in Yogyakarta area) who actively transact on the Indonesia Stock Exchange. The sample used in this research is the investor who is still a member of the Capital Market Study Group (KSPM) at several universities in Yogyakarta. Based on the result of the research, It can be concluded that the attitude, subjective norm, perception of behavior control, subjective norm, overconfidence, excessive optimism, herd behavior have positive effect on investors' intention in investing, and there is no influence between psychology of risk to investor attitude in investing.The quality of individual investor behavior in making stock investment decisions is very important to be understood as a reference of the movement of the capital market. This research using descriptive analysis technique, and inferential analysis, using Structural Equation Model (SEM), using the help of software PLS (Partial Least Square). The population used in this study are individual investors (student in Yogyakarta area) who actively transact on the Indonesia Stock Exchange. The sample used in this research is the investor who is still a member of the Capital Market Study Group (KSPM) at several universities in Yogyakarta. Based on the result of the research, It can be concluded that the attitude, subjective norm, perception of behavior control, subjective norm, overconfidence, excessive optimism, herd behavior have positive effect on investors' intention in investing, and there is no influence between the psychology of risk to investor attitude in investing.  DOI: https://doi.org/10.26905/afr.v1i2.2427

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