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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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The Fair Price of Company Shares with Dividend Discount Model Method Erren Bustami Kleriawan; Ilman Mufid Dwiyono
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5960

Abstract

This study aims to analyze the fair price of company shares in the LQ45 index with the dividend discount model (DDM) method during the 2014-2018 period. The analysis methodology using is a descriptive qualitative with data obtained from the Indonesia Stock Exchange with a case study approach, namely the 2014-2018 LQ45 Stock Price through LQ45 Stock Price Assessment analysis with the using Dividend Discounted Model (DDM) Method. The results of this study indicate that the fundamental analysis using the Dividend Discount Model (DDM) can be done after the intrinsic value of the stock is known then compared to its fair price so that it can be determined whether the stock is undervalued, fairvalued or overvalued.Penelitian ini bertujuan menganalisa harga wajar saham perusahaan yang berada pada indeks LQ45 dengan metode dividend discount model (DDM) selama periode 2014-2018.Metodologi penelitian yang digunakan adalah metode deskriptif kualitatif dengan data series dan cross section dengan pendekatan studi kasus (case study) yakni pada Harga Saham LQ45 Tahun 2014-2018 melalui analisis Penilaian Harga Saham LQ45 dengan Dividend Discounted Model (DDM). Hasil dari penelitian ini menunjukkan bahwa secara analisis fundamental dengan menggunakan metode Dividend Discount Model (DDM) dengan metode Constant Growth Model dapat dilakukan setelah nilai intrinsik saham sudah diketahui kemudian dibandingkan dengan harga wajarnya sehingga dapat ditentukan apakah saham berada dalam kondisi undervalued, fairvalued atau overvaluedDOI: https://doi.org/10.26905/afr.v4i1.5960
Loan to Deposit Ratio, Risiko Kredit, Net Interest Margin dan Profitabilitas Bank Sugeng Haryanto; Eko Aristanto; Prihat Assih; Zainal Aripin; Yanuar Bachtiar
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.6154

Abstract

This study aims to analyze the effect of loan to deposit ratio, credit risk on profitability and net interest margin as moderating variables. The research was conducted on the national banking industry. The research population is the banking industry that goes public on the Indonesia Stock Exchange. The sampling technique used was purposive sampling. The research period is 2017-2019 with a sample of 37 banks. The number of pairs of data analyzed was 111 data. The data analysis technique used moderated regression analysis (MRA), with Net Interest Margin as the moderating variable. The results showed that the Loan to deposit ratio had an effect on profitability in a positive direction. Credit risk has a negative effect on bank profitability. Net interest margin is able to strengthen the relationship between loan to deposit ratio and credit risk with profitability. Penelitian ini bertujuan untuk menganalisis pengaruh Loan to deposit ratio, risiko kredit terhadap profitabilitas dan net interest margin sebagai variable moderasi. Penelitian dilakukan pada industry perbankan nasional. Populasi penelitian adalah industri perbankan yang go public di Bursa Efek Indonesia. Teknik sampling digunakana purposive sampling. Periode penelitian tahun 2017-2019 dengan jumlah samel 37 bank. Jumlah pasang data yang dianalisis sebanyak 111 data. Teknik analisis data menggunakan moderated regression analysis (MRA), dengan Net Interest Margin sebagai variable moderating. Hasil penelitian menunjukkan Loan to deposit ratio berpengaruh terhadap profitabilitas dengan arah positif. Risiko kredit berpengaruh negative terhadap profitabilitas bank. Net interest margin mampu memperkuat hubungan antara Loan to deposit ratio dan risiko kredit dengan profitabilitasDOI: https://doi.org/10.26905/afr.v4i1.6154
Anti Fraud dan Whistleblowing Intention: Peran Intensitas Moral dan Pengambilan Keputusan Etis Reny Lia Riantika
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5957

Abstract

The purpose of this study was to determine the role of moral intensity and ethical decision making in influencing fraud and whistleblowing. Reluctance to report known violations can be overcome through the implementation of an effective, transparent and responsible whistleblowing system. With this system, it is hoped that it will increase the level of employee participation in reporting violations. This study uses a purposive sampling method with the considerations that the samples taken are employees of private higher education educators in Yogyakarta who have permanent status and have work experience of more than 5 years. The data analysis technique uses Path Analysis. Based on the results of the analysis, it shows that there is an effect of Moral Intensity on Whistleblowing Intention. Ethical decision making has an effect on Whistleblowing Intention. Moral Intensity has an effect on Fraud; and ethical decision making has an effect on Fraud and there is an effect of Whistleblowing Intention on Fraud.Tujuan penelitian ini adalah untuk mengetahui peran intensitas moral dan pengambilan keputusan etis dalam mempengaruhi fraud dan whistleblowing. Keengganan untuk melaporkan pelanggaran yang diketahui dapat diatasi melalui penerapan whistleblowing system yang efektif, transparan dan bertanggungjawab. Dengan adanya sistem ini di-harapkan dapat meningkatkan tingkat partisipasi karyawan dalam melaporkan pelanggaran. Penelitian ini menggunakan metode purposive sampling dengan pertimbangan-pertimbangan bahwa sampel yang diambil adalah karyawan tenaga pendidik Perguruan Tinggi Swasta di Yogyakarta yang berstatus tetap dan memiliki pengalaman kerja diatas 5 tahun. Teknik analisis data menggunakan Analisis Jalur (Path Analysis). Berdasarkan hasil analisis menunjukkan terdapat pengaruh Intensitas Moral terhadap Whistleblowing Intention. Pengambilan keputusan etis berpenagruh terhadap Whistleblowing Intention. Intensitas Moral berpengaruh terhadap Fraud; dan  pengambilan keputusan etis berpengaruh terhadap Fraud serta terdapat pengaruh Whistleblowing Intention terhadap FraudDOI: https://doi.org/10.26905/afr.v4i1.5957
Risk Tolerance and Investor Decision Behavior in MSMEs Nuria Istiqomah; Astrie Krisnawati
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5979

Abstract

This research aimed to determine the effect of neutral information, accounting information, and risk tolerance on individual investors’decision making behavior at productive age in Bandung to invest in Micro, Small, Medium Enterprises (MSMEs) sectors. The phenomenon in this research were explored using quantitative methods. Researchers distributed questionnaires to people of productive age in Bandung city with a total of 400 respondents. The results showed that partially Neutral Information, Accounting Information, and Risk Tolerance variables had a significant effect on the investment decision making of individual investors at productive age in Bandung. The three variables Neutral Information, Accounting Information, and Risk Tolerance also simultaneously have a significant effect on investment decision making of individual investors at productive age in Bandung.Penelitian ini bertujuan untuk mengetahui pengaruh neutral information, accounting information, dan risk tolerance terhadap pengambilan keputusan investasi investor individu pada usia produktif di Kota Bandung untuk berinvestasi pada Sektor Usaha Mikro, Kecil, Menengah (UMKM). Fenomena dalam penelitian ini dieksplorasi dengan menggunakan metode kuantitatif. Peneliti menyebarkan kuesioner kepada masyarakat usia produktif di Kota Bandung dengan jumlah 400 responden. Hasil penelitian menunjukkan bahwa secara parsial variabel neutral information, accounting information, dan risk tolerance berpengaruh signifikan terhadap pengambilan keputusan investasi investor individu pada usia produktif di Kota Bandung. Ketiga variabel neutral information, accounting information, dan risk tolerance juga berpengaruh signifikan secara simultan terhadap pengambilan keputusan investasi investor individu pada usia produktif di Kota Bandung.DOI: https://doi.org/10.26905/afr.v4i2.5979
Koneksi Politik, Corporate Governance, dan Biaya Audit di Indonesia Flafiana Sarihartati Agun; Grahita Chandrarin; Parawiyati Parawiyati
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.6034

Abstract

The phenomenon of many entrepreneurs in politics and the involvements of politicians in business of politicians during the Jokowi administration became an interesting discussion to explore research on political connections in Indonesia. The study aims to empirically the effect of political connections on audit fees and whether Corporate Governance as proxied by the Independent Board of Commissioners can moderate the relationship between political connections and audit fees. This study used a sample of companies other than the financial sector listed on the Indonesia Stock Exchange in 2017-2019 and totaling 324 company-years. The data analysis technique used is Moderated Analysis Regression (MRA). The results reveal that companies that have political connections had a possitive and significant effect on audit fees. The results also reveal that the Independent Board of Commissioners has not effect on audit fees and does not moderate the influence of political connections on audit fees.Fenomena mengenai banyaknya pengusaha yang masuk dalam dunia politik dan keterlibatan politisi dalam bisnis pada era Jokowi menjadi pembahasan yang menarik untuk mengeksploarasi penelitian tentang koneksi politik di Indonesia. Tujuan penelitian ini adalah untuk menganalisis pengaruh koneksi politik terhadap biaya audit dan apakah Corporate Governance yang diproksikan dengan Dewan Komisaris Independen dapat memoderasi hubungan antara koneksi politik dan biaya audit. Penelitian ini menggunakan sampel perusahaan selain sektor keuangan yang terdaftar di Bursa Efek Indonesia tahun 2017-2019 dan berjumlah 324 tahun-perusahaan. Teknik analisis data yang digunakan adalah Moderated Analysis Regretion (MRA). Hasil penelitian mengungkapkan bahwa perusahaan yang memiliki koneksi politik berpengaruh positif terhadap biaya audit. Hasil juga mengungkapakan bahwa Dewan Komisaris Independen tidak berpengaruh terhadap biaya audit dan tidak memoderasi pengaruh koneksi poltik terhadap biaya audit. DOI: https://doi.org/10.26905/afr.v4i1.6034
Blockholders Ownership dan Transaksi Pihak Berelasi pada Industri Manufaktur Supatmi Supatmi; Ericha Widawati
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5941

Abstract

This study aims to find empirical evidences about the effect of blockholders ownership on related party transactions in manufacturing companies. This study used 140 samples of manufacturing companies listed on the Indonesia Stock Exchange during 2017-2019. Tunneling related party transactions are measured based on the number of related party transactions of trade receivables or assets other than trade receivables reported in the financial statements divided by the company's total assets, while propping related party transactions are measured based on the number of related party transactions accounts payable or liabilities other than trade payables divided with the company's total liabilities. This hypothesis was tested using panel data regression. The results shows that blockholders ownership has a positive effect on propping related party transactions, namely trade payables and other than trade payables, but has a negative effect on related party transactions other than accounts receivable. The effect of blockholders ownership on related party transactions is propping greater than tunneling. This finding is in line with agency theory that blockholders ownership encourages related party transactions by companiesPenelitian ini bertujuan untuk mendapatkan bukti empiris dampak blockholders ownership terhadap transaksi pihak berelasi pada perusahaan manufaktur. Penelitian ini menggunakan sampel 140 perusahaan manufaktur yang terdaftar di BEI tahun 2017-2019. Transaksi pihak berelasi yang bersifat tunneling diukur berdasarkan jumlah transaksi pihak berelasi piutang usaha atau aset selain piutang usaha yang dilaporkan dalam laporan keuangan dibagi dengan total asset perusahaan, sedangkan transaksi pihak berelasi bersifat propping diukur berdasarkan jumlah transaksi pihak berelasi utang usaha atau liabilitas selain utang usaha dibagi dengan total liabilitas perusahaan. Hipotesis ini diuji dengan menggunakan regresi data panel. Hasil penelitian ini menunjukkan bahwa blockholders ownership memiliki pengaruh positif terhadap transaksi pihak berelasi bersifat propping, yaitu utang usaha dan selain utang usaha namun berpengaruh negatif terhadap transaksi pihak berelasi selain piutang usaha. Pengaruh blockholders ownership terhadap transaksi pihak berelasi berisfat propping lebih besar dari tunneling. Temuan ini sejalan dengan teori agensi bahwa blokholders ownership mendorong adanya transaksi pihak berelasi yang dilakukan perusahaan.
Rasio Keuangan dan Arus Kas sebagai Prediktor Pembagian Dividen di Indonesia Henny Setyo Lestari; Wahyuni Rusliyana Sari; Hartini Hartini; Adinda Putri Ramdhani
AFRE (Accounting and Financial Review) Vol 4, No 2 (2021): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i2.6123

Abstract

The purpose of this study is to determine the factors that influence the distribution of dividends in Indonesia. The objects of this research are 51 manufacturing companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The method used is balanced panel data with random effects model. The results of this study are return on equity, cash flow, growth, and market to book value have a significant effect on the dividend payout ratio. While the variables of tax, current ratio, and institutional holding have no effect on the dividend payout ratio. The combination of financial ratios, cash flow, taxes, and institutional holding gives a new combination to this research. The contribution of this research is showed the fact that cash flow has a bigger role than profitability, while the sales will increase growth and stock prices will also increase thereby increasing dividend payments.DOI: https://doi.org/10.26905/afr.v4i2.6123
Mampukah Privatisasi Meningkatkan Efisiensi Perusahaan? Kajian Empiris pada BUMN Sektor Konstruksi Mahruddin Harahap; Amzul Rifin; Bunasor Sanim
AFRE (Accounting and Financial Review) Vol 4, No 2 (2021): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i2.6234

Abstract

Privatization is one of the Government's efforts to obtain additional capital with one of the goals for the efficiency of BUMN. The efficiency of BUMN due to privatization needs to be studied through data processed using a statistical approach. Based on the results of the study, it can be seen that BUMN is relatively more efficient before privatization compared to after privatization, then it is found that from the tested variables, there are 3 factors that affect the efficiency of construction BUMN, namely total assets, economic growth and interest rate. Privatization has no effect on the efficiency of Construction SOEs. This shows that the privatization carried out has no effect on the company's performance. This can happen because the shares sold to the public are relatively small. The government is still dominant as a shareholder, so management control from the government is still dominant.DOI: https://doi.org/10.26905/afr.v4i2.6234
Design of Web-Based Futsal Field Rental Accounting Information System in Village-Owned Enterprises Hery Dwi Yulianto; Lilis Puspitawati; Raiswati Untsa Mega
AFRE (Accounting and Financial Review) Vol 4, No 2 (2021): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i2.5995

Abstract

The purpose of this research is to facilitate village-owned enterprises in developing newly initiated businesses, one of which is the rental of a futsal field. From the business process built, members, plan to accelerate the system by utilizing information system technology and comply with financial accounting standards for micro, small, and medium enterprises. To support the manufacture of this system, the method used is the prototype method with the stages of communication, planning, modelling, development, and deployment. Based on the research results by futsal field operators, the level of accounting knowledge is still low, especially accounting knowledge for micro, small and medium entities. To assist and facilitate operators in making financial reports according to standards, the development of a web-based futsal field rental application helps accelerate the business processes of Village-Owned Enterprises, digitally documenting processes, and making financial reports according to financial accounting standards for micro, small and medium enterprises.DOI: https://doi.org/10.26905/afr.v4i2.5995
Liquidity, Profitability and Asset Growth towards the Dividend Payout Ratio Heliani Heliani; Fitri Mareta; Eneng Rina; Mia Safitri Rahayu; Muhammad Rizky Ramdaniansyah
AFRE (Accounting and Financial Review) Vol 4, No 2 (2021): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i2.6324

Abstract

The purpose of this study is to determine the factors that influence the distribution of dividends in Indonesia. The objects of this research are 51 manufacturing companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The method used is balanced panel data with random effects model. The results of this study are return on equity, cash flow, growth, and market to book value have a significant effect on the dividend payout ratio. While the variables of tax, current ratio, and institutional holding have no effect on the dividend payout ratio. The combination of financial ratios, cash flow, taxes, and institutional holding gives a new combination to this research. The contribution of this research is showed the fact that cash flow has a bigger role than profitability, while the sales will increase growth and stock prices will also increase thereby increasing dividend payments.

Page 7 of 14 | Total Record : 138

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