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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

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Articles 15 Documents

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Search results for , issue "Vol 13, No 3 (2009): September 2009" : 15 Documents clear

PERMASALAHAN PENGEMBANGAN SUKUK KORPORASI DI INDONESIA MENGGUNAKAN METODE ANALYTICAL NETWORK PROCESS (ANP) Endri Endri
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

This paper analyzed the problem of developing corporate sukuk in Indonesia using AnalyticNetwork Process (ANP) methodology, proceeded by literature survey and in-depth interviewwith scholars, practitioners, and regulator of Islamic capital market to fully understand the problemand to develop an appropriate ANP network. The cause of this problem could be grouped into fouraspects, namely 1) market player; 2) product characteristic; 3) regulation; and 4) government. Thisresearch found that the problems of developing corporate sukuk in Indonesia could be summed upinto two main causes from market player and regulation aspects, namely the lack of market playerunderstanding and quality of human resource which involved in Islamic capital market, and alsothe uncertainty of tax regulations. The suggested solution was to increase understanding of marketplayer by promoting Islamic capital market intensively, and then providing quality of human resourceby training and education comprehensively, revising tax regulation to avoid double taxation becomethe next solution. Other suggested solution from government aspect was to give support throughissuance sovereign sukuk. Moreover, the most effective policy strategy to overcome the problems ofIslamic capital market, specially in developing corporate sukuk market was by implementing marketdriven strategy, where policies were intended to make market mechanism running well.

INVESTMENT OPPORTUNITY, INSTITUTIONAL OWNERSHIP, CASH FLOW, COMPANY LIFE CYCLE TERHADAP KEBIJAKAN DIVIDEN DAN RETURN SAHAM Ni Luh Putu Wiagustini
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The objective of this research was to examine and to analyze the infl uences of investmentopportunity, cash fl ow, company institutional ownership, and company life cycle stages to dividendpolicy; and the infl uences of dividend policy to investment opportunity, cash fl ow, institutionalownership, and company life cycle stages to share return. The samples used in this research weremanufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularlywithin the period of 2003 - 2006. Path Analysis was used as technical analysis in this research. Theresearch result indicated that, the investment opportunity negatively infl uenced the dividend policy,while the cash fl ow did not infl uence the dividend policy determination; ownership structure did notinfl uence dividend policy determination; the company life cycle stages infl uenced the dividend policydetermination; dividend policy determination infl uenced company share return; investment opportunitydid not directly infl uence to share return; the cash fl ow negatively infl uenced to share return;company institutional ownership negatively infl uenced the company share return; and company lifecycle stages negatively infl uenced the company share return.

CORPORATE GOVERNANCE DAN KARAKTERISTIK PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN Muhammad Asril Arilaha
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The objective of this study was to give empirical evidence, the infl uence of corporategovernance, profi tability, and fi rm growth to dividend policy. Population of study was fi rms whichwere followed survey by The Indonesian Institute for Corporate Governance (IICG) in 2006-2008. Datawas collected by purposive sampling and multiple regression. The result showed there is no supportsubstitution that fi rm which had bad corporate governance mechanism would give dividend to investors.Firm profi tability and fi rm size gave positive infl uence to dividend policy, but fi rm growth gavenegative infl uence to dividend policy.

KEBERADAAN CORPORATE GOVERNANCE DAN KONDISI FINANCIAL DISTRESSED TERHADAP VOLUNTARY DISCLOSURE Riesanti Edie Wijaya
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

Voluntary disclosure meant giving information to public either about fi nancial or non-fi -nancial regarding the fi rms operations without any legal requirement (Fishman and Hagerty, 1997).Giving information about voluntary disclosure enables all the concerned parties obtaining more relevantinformation about the strategies and critical elements of the fi rms. In this study, we examinedthe impact of corporate governance and fi nancial distress condition on the level of voluntary informationdisclosure. This research used a sample of manufacture fi rms listed in Indonesian stockexchange. Based on data processing using sample above, we found that corporate governance andfi nancial distress could be associated with the voluntary disclosure level.

MEKANISME CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN KUALITAS LABA SEBAGAI VARIABEL INTERVENING Freddy Semuel Kawatu
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The objectives of the study were to investigate the relationship between corporate governanceand earnings quality, earnings quality and value of the fi rm, corporate governance mechanismand value of the fi rm, and whether earnings quality was the intervening variable between corporategovernance and value of the fi rm. By using 74 samples and 197 observations, the result indicatedthat fi rst, corporate governance infl uenced earnings quality. (1)Managerial ownership positively influenced earnings quality, (2) Board of commissioner negatively infl uenced earnings quality, (3) Auditcommittee positively infl uenced earnings quality. Second, earnings quality positively infl uenced valueof fi rm. Third, corporate governance mechanism infl uenced value of the fi rm. Finally, the result indicatedthat earnings quality was not the intervening variable between corporate governance mechanismand value of the fi rm.

CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN Herman Darwis
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The research aimed to provide empirical evidence that corporate governance implementation,managerial ownership, institutional ownership, board of executive, and independent executiveaffected corporate performance. Population of the research was companies listed at IndonesianStock Exchange (ISX) between 2006 2008; sampling method used was purposive sampling as well asmultiple regression analysis. The result showed the implementation of GCG affected corporate performance.This meant that if the listed companies at BEI and have been surveyed by IICG implement agood corporate governance, the performance would increase. The higher corporate governance wasmeasured by corporate governance index perception, the higher corporate obedience and result ina good corporate performance. Institutional ownership affected corporate performance. The greaterinstitutional share ownership, the better corporate performance. The result showed that controlfunction from the ownership did determine improving corporate performance. Managerial ownership,board of commissioner, and commissioner independent did not affect corporate.

EARNINGS MANAGEMENT: DETERMINANT FACTORS AND STOCK PRICE IN DEVELOPING MARKET Zaenal Fanani
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The aim of this study was to prove whether manager coped its earnings for the purpose ofinformative or target opportunistic. Research also investigated whether investment opportunity setinfl uenced the choice of manager to report as opportunistic to hide performance, or to report earningmore informative concerning with debt, political cost, market share, and earning. Sample of thisresearch was chosen by using purposive sampling of 350 manufacturing business listed in the JakartaStock Exchange, started from 1997 up to 2002. Structural Equation Modeling (SEM) by using programof Analysis of Moment Structures (AMOS) was considered as the appropriate statistical technique toexamine pattern relation of formed model. The results showed that earning management conductedby manager in Developing Market such as Indonesia represented informative earning managementwhich meant all investors had more own belief in earning reporting, but this research could notprove that company owning high investment opportunity set tended to conduct informative earningmanagement.

MANAJEMEN LABA DENGAN MOTIVASI PAJAK PADA BADAN USAHA MANUFAKTUR DI INDONESIA Setiadi Alim
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

This research investigated whether accounting earnings of manufacture corporations listedon Indonesia Capital Market were managed decreasing in response to Income Tax Reform Actof 2008. To fi nd income decreasing, earning management evidence would used total accruals Jonesmodifi cation model (Dechow et al., 1995). Total accruals would be classifi ed to discretionary accrualsand non discretionary accruals. Our empirical tests found signifi cantly negative discretionary accrualsin 2008. This result showed that there was income decreasing earning management in fi nancial statement2008 of manufacture corporations listed on Indonesia Capital Market. Our study also found thatthis negative discretionary accruals were negatively associated with levels of debt, but there was norelation with corporates size.

KUALITAS AUDITOR EKSTERN DALAM MEMBATASI KESEMPATAN MANAJEMEN UNTUK MELAKUKAN MANAJEMEN LABA Prihat Assih
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

Earnings management practice related to a variety incentives to maximize fi rms value orto increase manager welfare. Many researchers focused on 3 main incentives for earnings managementpractice, as explained in positive accounting theory, that were incentive to decrease cost ofdebt covenant default, maximize bonus and reduce political cost (Watts Zimmerman, 1986). However,the earnings management would exist if management had incentive and opportunity to do so(Trueman Titman, 1988; Christensen, et al., 1999). The objectives of this research was to investigateexternal auditor quality as factor to constraining earnings management by managers. Analysis wasbased on 111 publicly manufacturing fi rms in Indonesian Stock Exchange period 2005 up to 2008.The result showed that the high level of fi rms debt motivated manager to practice more earningsmanagement. However, the level of earnings management was lower when the quality of auditorexternal work was higher. The results of these research contributed to accounting literature developmentespecially in corporate governance. Qualifi ed auditor, one of monitoring aspects, had functionas good corporate governance mechanism for reducing management practice to manage earningswhich would be costly for fi nancial statement users.

UNDERPRICING PENGARUHNYA TERHADAP IPO AFTERMARKET LIQUIDITY Nilmawati Nilmawati
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The purpose of the research was to analyze and fi nd empirical evidence of underpricing onIPO aftermarket liquidity in the listed companies in Indonesian Stock Exchange. Independent samplet-test and multiple linier regression were used for instrument analysis. Results showed that IPO aftermarketliquidity between fi rm with high underpricing and low underpricing were not different.The results also indicated that initial return was positively related to turnover ratio and negativelyrelated to percentage spread (weak effect) by controlling variables such as: size,volume,and risk inshort time.

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