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Jurnal Keuangan dan Perbankan

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Published by Universitas Merdeka Malang

ISSN : - EISSN : - DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

Arjuna Subject : -

Articles 15 Documents

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Search results for , issue "Vol 12, No 1 (2008): January 2008" : 15 Documents clear

PENGUJIAN PECKING ORDER HYPOTHESIS MELALUI KETERKAITAN DIVIDEND PAYOUT RATIO, FINANCIAL LEVERAGE DAN INVESTMENT OPPORTUNITY Yuharningsih Yuharningsih
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

This study is aimed to examine the prediction of Pecking Order hypothesis inIndonesia by relationship between dividend payout ratio, financial leverage and investmentopportunity. The Pecking Order hypothesis indicates there is negative relationship betweendividend payout ratio and investment opportunity. The dividend payout ratio determinantsare financial leverage, investment opportunity, cashflow, earnings and growth of sale. Thefinancial leverage determinants are dividend payout ratio, investment opportunity, earnings,size and growth of sale. The investment opportunity determinants are dividend payout ratio,financialo leverage, earnings, assets structure and Q ratio. The data is collected from 28manufacturing is listed in Jakarta Stock Exchange for the period 2000 2004. Analize of Thesimultaneous equation model is used computer statistic program; Generall Method of Moment(GMM) technics. These result imply that the have relationship simultans of dividend payoutratio, financial leverage and investment opportunity but no significant evidence thatmanufacturing companies in Indonesia tend to follow the Pecking Order hypothesis. In additionthat dividend payout ratio and investment opportunity gives positif and significant influence,financial leverage and investment opportunity gives negative and significant influence, financialleverage gives positif and significant influence on dividend payout ratio but divedend payoutratio no significant influence on financial leverage.

BENARKAH PASAR MODAL KITA EFISIEN? BUKTI DARI JAKARTA STOCK EXCHANGE Dwiarso Utomo; Fuad Fuad
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

This study tested efficiency of market hypothesis to stock prices in Indonesia byusing two unit root tests. First, we implemented a test that could account for two structuralbreaks because of financial crisis in the underlying series. Second, we employed variance ratiotest to test the null hypothesis of random walk after adjusting for heterocedasticity. The resultsindicated that there were breaks, particularly in the intercept of the trend function. We alsofound that our heterocedastic-consistent variance ratio test documents rejected random walkhypothesis. The results somehow revealed the ambiguous results which were perhaps due toheterocedasticity in the data.

PENGUJIAN EFISIENSI PASAR BENTUK SETENGAH KUAT TERHADAP PERISTIWA PENGUMUMAN DIVIDEN TUNAI MENURUN DI BEJ N. Agus Sunarjanto; L. Adisastra
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

The Objective of this study was to examine the market efficiency of Jakarta StockExchange (JSX). Analyses of stock price and IHSG were gathered from 14 companies listed atJSX period 20042005 which shared lower dividend. Market model with t- test was used totest the hypothesis. The result of this study revealed that there was a significant abnormalreturn in t +1. It meant that lower cash dividend had information content which was shownby the quick responds of market, so the Jakarta Stock Exchange categorized it as half strengthmarket

FAKTOR-FAKTOR YANG MEMPENGARUHI AUDIT DELAY PADA PERUSAHAAN-PERUSAHAAN GO PUBLIC DI BEJ Reni Yendrawati; Fandli Rokhman
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

Timeliness represented a very important matter in determining financial statementvalue. This research was purposed to investigate the influence of audit delay factors, namelycompany size, company that announced loss, level of company profitability, auditors opinionand industrial sector. Audit delay could affect the timeliness of accounting information releases,and it would be known that timeliness was associated with the market reaction to theinformation released. Sampels were selected by method of purposive sampling. Regressionanalysis was used to investigate audit delay factors. The results could be interpreted thataudit delays tended to be longer for the company that announced loss in non-manufacturessampel, auditors opinion in overall sampel and auditors opinion in non-manufactures sampel.

OWNERSHIP STRUCTURE AND THE CORPORATE GOVERNANCE ROLE OF DIVIDENDS Lukas Setia Atmaja
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

This paper reviewed the theoretical and empirical literature on the relationshipbetween ownership structure and dividends. Agency theory suggested that dividend was servedto reduce agency problems between owners (or large controlling shareholders) and managers(or minority shareholders) by reducing the amount of free cash flow and increasing monitoringby external parties. It also proposed that ownership concentration and composition mightmitigate or exacerbate agency problems. We might expect substitutability or complementaryrelationship existed between dividend and ownership concentration/composition. Empiricalevidence showed that the relationship between dividend and managerial or large shareholdingscould be negative (i.e., consistent with substitute argument), positive (i.e., consistent withcomplementary argument) or non-linear (i.e., consistent with entrenchment hypothesis). Inaddition, the literature suggested that family controlled firms might expropriate minorityshareholders by paying lower dividends or mitigate moral hazard conflicts by distributingmore cash. Empirical research on this issue, however, provided mixed findings.

KAJIAN KESIAPAN PEMENUHAN API PADA BUSN YANG BERKANTOR PUSAT DI SURABAYA Setiawan, Djoko Budi; Haryati, Sri
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

The purpose of the research was to provide empirical evidence on the variablesthat affected Tier 1 capital. The variables used to assess financial performance were financialratios: profitability, assets quality, solvability and growth. While the visualization of the positionof bank financial performance was analyzed by Radar Method. The result of the research wassupposed to take decisions in implementing the Indonesian Banking Architecture. The researchpopulation was Indonesian Commercial Banks whose headquarter was in Surabaya, and thesecondary data were the publication of bank financial statements of thirteen time perceptionswhich were in period June 2000 June 2006. Binary Logistic Regression with stepwise methodand Radar Method was used for instrument analysis. The result of the research showed thatfrom eighteen variables which were analyzed, there were only five variables representing thesignificant determination of Tier 1 capital. Referring to the four analyzed financial ratios,these five variables refered to profitability (two variables), asset quality (two variables), andgrowth (one variable). These significant variables and Radar analysis were used by the banksthat had not fulfill Tier 1 capital yet to make a decision on whether they realized their actionplan or implement consolidation program.

STRUKTUR KEPEMILIKAN, PROFITABILITAS, PERTUMBUHAN AKTIVA DAN UKURAN PERUSAHAAN TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR Kartini Kartini; Tulus Arianto
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

This research aimed to test influence of the Ownership Structure, Profitability, Assetgrowth, and Size measure of firm to Capital Structure. This Research was limited onlymanufacturing company which had gone public in Jakarta Stock Exchange. This research wasconducted by taking secondary data. Population in this research was manufacturing companyobtained from share which was listed and go public in Jakarta Stock Exchange period 2002-2005. The intake technique was random sampling, and the obtained data was 38 companies.Result of analysis or T test in this research indicated that the ownership structure, asset growth,and size of company were significant or accepted. Only unprovable profitability was refused.While result F test showed that independent variable had an effect on the significance toCapital Structure of company in significance level 5%, and variable of size of company insignificance level 10%.

PENGUJIAN PECKING ORDER THEORY PADA EMITEN SYARIAH DI BURSA EFEK JAKARTA Sutapa Sutapa; Hendri Setyawan; Heri Laksito
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

The objective of this study was to test empirically whether capital structure decisionof Indonesian firms followed a hierarchy of sources of finance called Pecking Order. Samplesin this study were 29 firms listed in Jakarta Islamic Index (JII) from 2001 to 2004. Variabelsused as proxy of Pecking Order Theory (POT) were profitability, investment opportunity andfirm size. The results of this study were as follows: a). simultaneously, all proxies for POT couldexplain capital structure at Indonesian Capital Market, b). more profitable firms were lesslevered, c). bigger firms were more levered, d). result for investment opportunity did notsupport hypothesis. Firms listed at JII tended to follow POT in their financing decision. Part ofresults of this study was consistent with study of Wiwattanakantang (1999), Fama and French(2002), Benito (2003) and Mutamimah (2003).

KEMAMPUAN DAN PEMANFAATAN KREDIT OLEH IRT DALAM UPAYA PENGEMBANGAN USAHA: PADA PENGUSAHA KRIPIK TEMPE Haryanto, Sugeng
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

This research explained the ability and the credit use in home made business namelytempe crispy chips. The sample of this research was home made business in Tugu sub district,Trenggalek regency that made tempe crispy chips. Credit for business was a factor which hada very important role in supporting the increase of a business. Credit giving was an injectionhoped to create capital for people economy activity and to increase production. This researchintended to 1) know the ability of home made industry in taking credit from micro financeunit, and 2) know the credit used by home made industry in increasing the business. Homemade industry had an ability to take credit from a bank. They all had accepted credit fromlocal government distributed through BPR (people Credit Bank) namely credit program. Credituse was not only used for increasing business but also for fulfilling other household needs.

THE IMPACT OF MONETARY POLICY ON BANK CREDIT DURING ECONOMIC CRISIS: INDONESIAS EXPERIENCE Abdul Mongid
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

The monetary policy mechanism by which monetary policy was transmitted to thereal economy had emerged as the pivotal discussion topic recently. This paper tried to discussthe impact of Bank Indonesias monetary policy on loan bank. By using simple loan bankframework we concluded that monetary policies were able to influence loan bank. Themonetary variables such as discount rate policy, base money and exchange rate policy werevery important in determining the banking credit. As the credit was very important to influencesthe economic activitiy, the result provided evidence that monetary policy was important as atool to control economic activity via credit channel. The validity of this study challenged thehypotheses that monetary policy was death. However, monetary policy maker should carefullyconsider the soundness of the banking industry because it was a strategic partner for monetaryauthority to control the economic activities.

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