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COMPETITIVE DAN CONTAGION EFFECTS DALAM TRANSFER INFORMASI INTRA INDUSTRI TERHADAP PENGUMUMAN STOCK SPLIT
Shinta Heru Satoto;
Hasa Nurrohim KP
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.883
The purpose of this research was to investigate the intra industry informationtransfers on stock split announcement at manufactured industries. This research would alsoinvestigate the contagion and competitive effect of the announcement and the factors thatinfluenced this effect. Result of this research showed that there was an abnormal return onsplitting and nonsplitting firms, and the competitive effects that influenced this research(industry characteristic, firms specific characteristics, earning correlation and return variance).However, those factors could not explain the information transfers. This reaction did notinfluence the earning changes of nonsplitting firms
AGENCY COST TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR DAN JASA YANG GO PUBLIC DI INDONESIA
Triani Pujiastuti
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.884
This analysis developed to reach empirical evidence of the effect of agency costfactors toward evidence policy. In another hand this analysis wished to prove whether theagency problem able to be decreased through dividend payment mechanism withinmanufactures and services company in BEI, Indonesia, in 2000-2005. Agency cost variable hasbeing represented by Insider Ownership, Shareholder dispersion, Collateral Assets, debt andFree Cash Flow. The model which ran in this analysis was Multiple Linier Regressions. Theresult of analysis showed that agency problem able to be decreased through dividend paymentmechanism, from Insider Ownership which gives negative effect, Shareholders Dispersion whichgives positive effect, and Debt which gives negative effect toward dividend policy, whilecollateral assets and free cash flow not significant affecting to dividend policy within agencyconflict. Agency cost variable significant affected the dividend policy within agency conflictsimultaneously, with the sum of the effect was 18%.
AGENCY COSTS DAN KEBIJAKAN DIVIDEN PADA EMERGING MARKET
Darman Darman
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.885
The purpose of this research was to analyze agency costs and dividend policy onemerging market. The research population was 147 manufacture industry companies listedat the Indonesian Stock Exchange. Sample were retrieved bases on purposive sampling method,there were 25 companies, which were fulfilling the condition needed, starting from 2000until 2005, pooling data with analysis unit n = 6 x 25 = 150. Research used ordinary leastsquare. Research results showed that agency costs did not significantly influence dividendpolicy. Research conclusion was that agency costs were not important factors of dividendpolicy. Next analysis result showed that insider ownership, institutional ownership, dispertionof ownership, and free cash flow did not significantly influence dividen policy. Thecollateralizable asset significantly influenced dividend policy. This finding showed that therewas no agencial conflicts between manager (agent) and stockholders (principals) in emergingmarket (manufacture industry companies listed at the Indonesian Stock Exchange). However,there were agencial conflicts between stockholders and creditor (bondholders).
STRUKTUR CORPORATE GOVERNANCE DAN KETEPATAN WAKTU PENYAMPAIAN LAPORAN KEUANGAN: STUDI PADA PERUSAHAAN JASA DI BEI
Tri Gunarsih;
Bambang Hartadi
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.886
The main objective of this study was to examine the impact of corporate governancestructure and the performance of the firms to timeliness in Indonesian Stock Exchange. Thisstudy combined corporate governance structure and timeliness study. Samples in this studywere service public companies. The research questions were tested by running two logisticsregression models. The dependent variables were dyygre timeliness proxied by dummy variable.It got 1 if companies published financial report before 120 days after December 31st and itgot 0 if the report was published after 120 days after December 31st. Governance structureswere proxied by ownership concentration and number of the Board of Directors and numberof the Board of Commissioners. Ownerships concentration was measured by herfindahl indexdomestic institution (HI_DOM). HI_DOM was the sum of square of ownership proportion bydomestic institution. The result of this study showed that there was a negative relationshipbetween number of the Board of Directors (as one of governance structure proxy) andtimeliness. The other significant variable was ROI as financial performance proxy.
RISIKO, PROFITABILITAS, LEVERAGE OPERASI, DAN UKURAN PERUSAHAAN TERHADAP PERATAAN LABA
Syafriont By
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.887
A recent analysis showed that there was a significant effect among firm size,corporate risk, profitability and operating leverage to corporate income smoothing practices.The objective of this research was to empirically reexamine the factors that affected incomesmoothing practices. There were four factors that were examined, namely firm size, corporaterisk, profitability and operating leverage. The samples used in this study were 89 firms listedat Indonesian Stock Exchange (ISE between 2005 to 2007). The multivariate test, the use oflogistic regression results showed both risk and profitability affected significantly to incomesmoothing practices. While firm size and operating leverage did not affect significantly toincome smoothing practices, the univariate test support the previous test that showed therewas statistically difference in risk as well as profitability between smoother and non-smootherfirms. However, both firm size and operating leverage were not statistically different.
LEVERAGE KEUANGAN TERHADAP ROE PERUSAHAAN TEKSTIL DI INDONESIA
Nadya Tikanitha Syceria Mulia
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.888
The objective of this research was to analyze financial leverage economy conditionand the influence toward Return on Equity (ROE). This research also would like to examinethe difference of ROE from many companies which had lower and higher financial leveragebased on two economic conditions, namely economy in normal condition and in crisis one.The samples were textile companies listed in Indonesia Stock Exchange. Data of this researchwas the financial statement of the firms and Indonesian economic growth conducted from2005 to 2007. The samples were devided into two groups. First group was the companies thatfinancial leverage was lower than the average financial leverage of textile and textile productcompanies, and the other sample was the companies that financial leverage was higher thanaverage financial leverage of textile product companies. Multiple regression analysis wasused to get estimators of parameter. T test and F test were used to examine partially andsimultaneously significance of variables influencing the ROE. T test for two independentsamples was used to examine the significance of the ROE. Research findings showed thatfirst, financial leverage was statistically negative but significance to ROE, but the economicconditon was not statistically significance in influencing ROE. Second, both economic conditionshad positive influence and was not significant to ROE.
MENINGKATKAN NILAI PERUSAHAAN MELALUI INVESTASI TEKNOLOGI INFORMASI
Wahyu Wiyani
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.889
Adopting information technology is a necessary requirement for conducting anybusiness in such globalized competitive era. Using the innovative information technologywill give the chance for a firm to become the winner from the competition cause the firm canwork efficiently and effectively, it can increase performance so that it can boots its firm value.
JURISTIC OBSTACLE IN DECLARING BANKRUPTCY AGAINST INSURANCE COMPANY WHICH FAIL TO SETTLE ITS DEBT LIABILITY
Imron, Ali
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.890
Legal obligation to pay compensation of an insurance company arise immediatelyafter the evenement occurred, if this obligation not being settled right away it can becategorized as fall due debt and claimable, and this can be used as a reason to proposebankruptcy application. The creditors fundamental rights practically impeded by Section 2article (5) of Insolvency Act, which give absolute authority to Minister of Finance in proposingbankruptcy application for insurance company. This authority is attached to the status of Ministerof Finance as the guider and supervisor of insurance institution in Indonesia, but this authorityoften might reduce peoples trust to insurance institution itself if it is not used carefully andwisely. For the sake of law and justice, Minister of Finance should acts proportionally if thebankruptcy application doesnt have enough reason, according to Ministers authority in thecase of bankruptcy application for insurance company against their insured and other creditors.
STUDI ATAS KINERJA BUMN SETELAH PRIVATISASI
Sri Lestari Kurniawati;
Wiwik Lestari
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.891
This paper examined the post-privatization both of financial and market performanceof State-owned company (BUMN). The findings indicated that there was no significant increasein financial performance after privatization. All variables tested were statistically the samebetween before and after privatization. However, market performance showed significantresult in cumulative abnormal in 6th month. It meant that, investing in BUMN could give asignificant return after investing at least six months.
PERILAKU KEPEMIMPINAN BERORIENTASI HUBUNGAN SEBAGAI ANTESEDEN, SELFEFFICACY DAN ORGANIZATIONAL CITIZENSHIP BEHAVIOR
Pieter Sahertian
Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v12i2.892
This study was aimed at analyzing the influence of the worker perception about theleadership behavior which had relationship-oriented from the leader or the supervisor towardsthe work through self-efficacy and organizational citizenship behavior. To gain the objectives,explanatory research was conducted in correlational research. The samples were made of 125respondents from the workers of PT. Bank Central Asia Tbk. District VII Malang who had thepositions from supervisors (SPV) till chief managers (CM) with simple sampling technique. Thedata were taken from questionnaire and interview as the instruments of the research. Then,they were analyzed by using Structural Equation Modelling (SEM) as the statistical techniquewith rate a = 0,05. The results of the research showed: 1) the tendency of the leaders of PT BCATbk. District VII Malang in applying leadership behaviour with relationship-oriented was high,and so were the self-efficacy, and extra-role (OCB) workship (either the employee or theemployer). 2) The influence of leadership behaviour with relationship-oriented towards extrarole (OCB) workship was not significant. The correlations among those variables changed afterthey were interfered by self-efficacy variable as the moderator variable. 3) The result of thisresearch showed that self-efficacy variable mediated the influence of leadership behaviourwith relationship-oriented towards extra-role workship (OCB).