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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 14, No 3 (2010): September 2010" : 15 Documents clear

MEKANISME BONDING DAN NILAI PERUSAHAAN M. Budi Widiyo Iryanto; Sugeng Wahyudi
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

This study aimed to analyze the role of agency costs mediating the relationship between the mechanism ofbonding and the company values, and analyze the role of the corporate environment moderating therelationship between the mechanism of bonding and the value of the company. Industrial sector nonfinancialcompanies listed on the Indonesia Stock Exchange as an object of research for the period 2006-2008. Based on purposive sampling method, it obtained samples of 46 companies or 138 units of analysis.Completion estimated path model approach Partial Least Square (PLS) through Smart PLS software version2.0 M3. The findings of this study are the remuneration as a bonding mechanism had a significant positiveeffect on firm value. Equity agency costs mediated the influence of bonding mechanisms of corporate value,while the agency costs of debt did not mediate the effect of bonding mechanism to value the company. Itmoderated the relationship between corporate environmental and bonding mechanism to value the company.Finally, the study found evidence of practices of public companies control agency problem in Indonesiasupported the integration of contingency theory and agency theory.

MEKANISME GCG DAN PENGUNGKAPAN TANGGUNG JAWAB SOSIAL TERHADAP KOEFISIEN RESPON LABA Nurika Restuningdiah
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

The purpose of this research was to examine the impact of good corporate governance mechanism tocorporate social responsibility (CSR) disclosure and the impact of CSR disclosure to earning responsecoefficient. The proxy of good corporate governance mechanism were institutional ownership, managerialownership, independency of board commisioner and the size of board commisioner. Regression analysis of35 public companies listed in Indonesia Stock Exchange in year 2009 through a random sampling techniqueindicated that only the size of commisioner board had a positive effect CSR disclosure. This study alsoshowed that there was no significant impact of CSR disclosure to ERC. The implication of this study wasrelevant for the decision maker of public companies to consider the size of board commisioner to supportthe good corporate governance mechanism.

FAKTOR PENENTU DIVIDEN DAN BIAYA KEAGENAN SERTA PENGARUHNYA PADA NILAI PERUSAHAAN Isti Fadah
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

The goals of the research were to know about ownership structure, cash dividend policy and agency cost, toknow the effect of ownership structure, risk and free cash flow to cash dividend and agency cost and to knowthe effect of cash dividend and agency cost to corporate value in Indonesian Stock Exchange. To find thebest measurement of latent variable used was confirmatory analysis. To test causality relationship, it usedstructural equation model. The result of confirmatory analysis showed that the best measurement of cashdividend policy variable was dividend payout ratio while for agency cost was selling and general administrativeratio. Before millennium era, risk had a significant effect to cash dividend. Risk had a significanteffect to agency cost and a significant effect to firm value. In Millennium era, risk had a significant effectto cash dividend. Risk had a significant effect to agency cost and cash dividend had a significant effect tofirm value. The test result on two different time horizons had a consistency result. It could be seen on test ofgoodness of fit and path analysis gave a consistent result.

PENDEKATAN ERROR CORRECTION MODEL SEBAGAI PENENTU HARGA SAHAM Kaluge, David
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

This research was to find the effect of profitability, rate of interest, GDP, and foreign exchange rate on stockprices. Approach used was error correction model. Profitability was indicated by variables EPS, and ROIwhile the SBI (1 month) was used for representing interest rate. This research found that all variablessimultaneously affected the stock prices significantly. Partially, EPS, PER, and Foreign Exchange rate significantlyaffected the prices both in short run and long run. Interestingly that SBI and GDP did not affect theprices at all. The variable of ROI had only long run impact on the prices.

PEMBENTUKAN PORTOFOLIO OPTIMAL SAHAM – SAHAM PERBANKAN DENGAN MENGGUNAKAN MODEL INDEKS TUNGGAL Sari Yuniarti
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

When Investor making an investment, they willing to get an optimal return, but on the reality, investor faced by uncertainty called risk. By making diversification, investor can be done by forming combination of portfolio to reduce the rate of risk and optimizes the rate of expected return. This research aimed atanalyzing the form of optimal portfolio at the stocks of banking by using Single Index Model based onportfolio chosen theory which was increased first time by Markowitz (1952). Data used was secondary data consisting the data of banking stocks price which was in LQ-45 during 2009. By using single index model where the combination of optimal portfolio was consisted of return and risk level of banking stock individually, composition of each candidate forming optimal portfolio was stock of BRI Bank, BCA, and BNI.

EFEKTIFITAS IMPLEMENTASI MODEL QUANTUM LEAP DALAM MENINGKATKAN PANGSA PASAR Suroyya Favourita
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

The aim of this research was to find out the difference of fund and credit market share before quantum leapmodel implementation and one year after implementation. This research had been done at the Bank X(Persero) Tbk. in region 06 Surabaya. It consists of 29 branches as population and respondents. It used thetool of t-test and ANOVA to compare fund and credit market share before and after implementation. Theresult of this research showed that fund declines after implementation. This condition was strengthened byhypothesis test result. So, it was shown that there was no significance differences between before and afterimplementation. Company ability in credit contribution improved, the change was regarded as significantbetween before and after implementation. Based on market share data result, it could be concluded that thecompany ability in getting fund decline in average, so quantum leap model was not effectively improvesfund market share. In contrary, quantum leap model effectively improves credit market share.

DETERMINASI PENYALURAN KREDIT BANK UMUM DI INDONESIA PERIODE 2006-2009 Dias Satria; Rangga Bagus Subegti
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

Banking sector plays a significant role in promoting a sustainable economic development. Its role wasimportant in ensuring the banking intermediary function to distribute money flow from deficit unit tosurplus unit. The analysis of the banking intermediary function was important to ensure the effectiveness ofthe monetary policy instrument, such as: SBI. The model of panel regression would be developed in thispaper to analysis some factors affecting bank loans in Indonesia. The objective was to understand thebehavior of bank loans in Indonesia

BANKS CLAIMS ON PRIVATE SECTOR AND MONETARY POLICY CHANNEL Suhartono Suhartono; Abdul Mongid; FX Soegeng Notodihardjo
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

Banking industry is the main channel of monetary policy. As emphasized by the information-theoreticapproach, a central function of banks was to screen and monitor borrowers, thereby overcoming informationand incentive problems. By developing expertise in gathering relevant information, as well as by maintainingongoing relationships with customers, banks could control their business. Since 2000, Bank Indonesiastarted to implement a new framework of monetary policy and was initially applied in July 2005. Theimpact of new monetary policy framework was investigated within the banking capital adequacy regulationand economics framework. We found that stock exchange index (IHSG) was positive and significant at1%. Other variables such as FINSHARE, GM2, NPL, CAR, BIRATE were negative and significant. In general,we concluded that banking sector claims on the private sector was one of important monetary policychannels.

PROBLEM AND PERSPECTIVE OF ISLAMIC MONETARY POLICY IN INDONESIA Marsuki Marsuki
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

This article would try to explicate several theoretical and practical concepts on the problems and prospectsof Islamic monetary policy in Indonesia using a critical analysis approach, in accordance with standardscientific references, and would be complemented with descriptions and examples of practice. From theseillustrations and analyses, it appeared that on one hand, Islamic monetary policy would find many difficultiesif implemented fully, considering that there were several fundamental obstacles that would have to besurmounted by such an implementation, primarily the fact that Indonesian Constitution (UUD 1945) was notbased on Islamic law or syariah. On the other hand, despite problems and challenges, the existing conditionwas still open for the possibility for partial implementation of Islamic monetary policy. It was because therewere several conditions which were amenable for an implementation, for instance the facts that majority ofIndonesian population was Muslim, the increasing acceptance of the public for the advantages of Islamicmonetary and financial system, and increasing support by stakeholders of the banking system, especiallythe Indonesian central bank (BI). Moreover, there were facts about financial institutions and existingsyariah banking institutions.

KEBIJAKAN MONETER, SEKTOR PERBANKAN, DAN PERAN BADAN SUPERVISI Ahmad Erani Yustika; Eka Heni Sulistiani
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

Besides fiscal policy, monetary policy was the main instrument in designing economic policy. of course, therole of central bank, in this case Bank Indonesia, was so vital in formulating monetary policy. Since someyears ago, Bank Indonesia had decided that the target of monetary policy was only to keep inflation, knowninflation targeting. This policy had a strong point because BI could focus in keeping economic stability.However, the weakness of this policy was its tendency not to be adaptive with national economic situation,such as poverty and unemployment problems. Anyway, BI independence also gave a good benefit because BIcould formulate a policy as needed without any intervention from other interest, like politic. However, in theimplementation, the independence should not come into management, including monetary policy management.This was the important thing in giving a chance for BSBI (Supervision Board of Bank Indonesia) towatch BI, including monetary policy, without disturbing BI independence in formulating a policy. Thus, thepurpose of independence still became a domain owned by BI, but the implementation of the policy could bethe object of watching.

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