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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 15, No 2 (2011): May 2011" : 15 Documents clear

KOINTEGRASI BURSA-BURSA SAHAM DI ASIA Riko Hendrawan; Teika Trikartika Gustyana
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

One important indicator of capital market development could be seen from the value of the composite stockprice index. Composite stock price index reflected the performance of all shares registered in particular country.The objective of this research was to know whether there was co integration or long-term equilibriumamong Indonesia, Malaysia, Singapore, Thailand, Philippines, Hongkong, Japan, South Korea and China,either in groups or in pairs using the method of co-integration during January 2000 - January 2010. Theresults of this research using Johansen Co-Integration test indicated that there was long-term equilibriumamong Indonesia, Malaysia, Singapore, Thailand, Philippines, Hongkong, Japan, South Korea and China inthe period of January 2000 - January 2010, in groups and in pairs. The results showed that the South Koreastock market was the most influential to the Indonesian stock markets, and Chinas stock market was the mostdominant stock market among these countries during January 2000 - January 2010.

GOOD CORPORATE GOVERNANCE TERHADAP PENGUNGKAPAN SOSIAL DAN KINERJA OPERASI PERUSAHAAN DALAM SRI-KEHATI INDEX Sri Pujiningsih; Helianti Utami
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

There were many controversion arguments about the implementation of corporate social responsibility (CSR)in the company rule no 40, 2007. Moreover, in June 8, 2009, BEI and KEHATI Foundation published Indexof SRI-KEHATI. It consisted 25 of the best shares companies that had applied CSR. It was one of implementationsof GCG. Based on those reasons, there were three aims of this research. First, this research tested thesignificant influence of GCG to the level of CSR disclosure. Second, this paper examined the significant effectof GCG to the operational performance (ROA). The last aim was that the significant impact of GCG to theoperational performance (ROA) by CSR. In this research,the proxy of GCG was the independent board ofdirectors and institutional ownership. Respondents participating in this research were companies in Index ofSRI-KEHATI. This research used purposive sampling method with 16 samples. Analysis used path analysisto examine three hypotheses. There were three result of this research. First, GCG did not have significantinfluence to the level of CSR disclosure. Second, GCG did not have significant influence to the operationalperformance (ROA). Third, GCG had significant influence to the ROA by CSR.

CORPORATE GOVERNANCE TERHADAP PERINGKAT SUKUK KORPORASI DI INDONESIA Endri Endri
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

This study aims to estimate the influence of corporate governance mechanisms that are implemented throughinstitutional ownership, independent commissioners, audit committees, managerial ownership, blockholderand the number of ratings of corporate sukuk in Indonesia during the 2007-2009 periods. This study usesmultinomial logistic regression models because there are three categories of sukuk ratings, namely: AA, A, andBBB for 33 sample firms that issued sukuk in the Indonesia. The results of empirical studies have found that theaudit committee and the number of blockholder as an indicator of corporate governance mechanisms affect theranking of corporate sukuk significantly. To be able to increase the ranking of the sukuk is the study recommendsthat the existence of audit committees and the blockholder must be a serious concern for companies thatissue a sukuk in improving the ranking of the sukuk issuance

CORPORATE SUSTAINABILITY REPORT SEBAGAI INDIKATOR PENGAMBILAN KEPUTUSAN INVESTASI Satia Nur Maharani
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

One indicator of investment decisions is corporate sustainability report. Sustainability is about long-termvalue creation not only for company but also for employees, customers, the industry sector, investors and thecommunities where the company does business. The ability of company to create long-term value is based on itsunderstanding and response to demands of society and on recognizing that environmental, social, economicaland ethical factors affect the business strategy. This article identifies drives for organization to adopt corporatesocial responsibility and produce corporate sustainability report.

STRUKTUR KEPEMILIKAN, PROFITABILITAS, DAN RISIKO PERUSAHAAN TERHADAP STRUKTUR MODAL DAN NILAI PERUSAHAAN Kellen, Pius Bumi
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

This study aimed to examine and analyze the effect of ownership structure, corporate growth, corporateprofitability and risk of capital structure as well as the influence of four determinants and capital structure onfirm value. Originality of this study was the addition of risk variables with indicator accounting firm beta. Thestudy used panel data namely merging cross-section (36 companies) and time series data (5 years) sourcedfrom secondary data analysis with 180 units. Analysis of data used a model of Partial Least Square (PLS). Thestudy found that ownership structure did not have significant negative effect on capital structure and significantimpact on corporate value. The company growth did not have significant negative effect on capitalstructure and corporate value. Profitability did not have significant positive effect on capital structure and ithad significant impact on corporate value. Corporate risk had a positive effect, no significant effect on capitalstructure and corporate value, capital structure and it had a significant negative effect on firm value.

REAKSI INVESTOR TERHADAP PENGUMUMAN DIVIDEN DI BURSA EFEK INDONESIA Sugeng Haryanto
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

This study analyzed the investor reaction to dividend announcements. The sampling technique used waspurposive sampling with the criteria that these companies entered LQ45 2007-2009 and distributed cashdividends continuously. The purpose of this study was to investigate investor reaction to announcements ofcash dividends at Indonesia Stock Exchange. This research was an event study, the research analyzed themarket reaction to an event. This study aimed to test whether the information dividend announcement wasimportant information for investors and it affected investor reaction. Statistical analysis techniques were usedin different test against the Average Abnormal Return (AAR) before and after the dividend announcement. Theresults showed that investors did not react to that information. This was indicated by the absence of differencesin AAR before and after the dividend announcement.

STRATEGI AKTIF PASIF DALAM OPTIMALISASI PORTOFOLIO SAHAM INDEKS LQ-45 Ibnu Khajar
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

The objective of investors to invest their money in the stock exchange was to maximize return although theywere subject to constraints, primarily risk. Return was the motivating force in the investment process. It was thereward for undertaking the investment. To overcome and lesson the risk, an investor needed to make diversificationthrough the formation of portfolio. The aim of this research was to know the return and risk from theactive and passive strategy in the stocks of LQ45, for 6 months periods, August 2009 until January 2010. Theactive strategy used the single index model and passive used the LQ45 share itself. The results of this researchindicated that active strategy (single index model): return portfolio was 5.43% and risk was 4.03%. Passivestrategy (following the index): return portfolio was 2% and risk was 3.5% and there was a linear relationshipbetween an assets risk and its required rate of return, the bigger the amount of return, the bigger the risk takenby investors or the reverse. The finding showed that between the two strategies, the return and risk of activestrategy as a whole was bigger than that of the passive strategy.

PERBANDINGAN IMPLEMENTASI ISO DAN PELUNCURAN ENTERPRISE RESOURCES PLANNING TERHADAP INDEKS KINERJA KEUANGAN Sautma Ronni Basana
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

Recently, companies implemented projects which applied on companies overall system. These recent bestpractices of pursuing companies effectiveness and efficiency would be implementation of ISO 9000 and ERP.Previous research showed that these two projects could bring benefits for these companies which implementedit. However, it had not been compared which project would bring more benefits to these companies. Thisresearch observed 35 companies which consisted of 15 companies in food and beverages industry, 9 companiesin pharmaceutical industry, 4 companies in cigarettes industry, 4 companies in cosmetics industry, and 3companies in household appliances industry. The data were taken by observing and recording the valueswhich related to COGS (cost of goods sold), total inventory, net income, gross income, operating income, pretaxincome, cash flow operation, total liabilities, and total asset after ISO and ERP implementation. The resultsshowed that there was no significant difference of the ISO and ERP implementation on the factors of inventoryturnover, and weeks of supply. While the other factors showed significant differences between the implementationof ERP and ISO. Net profit margin, gross profit margin, and operating profit margin showed better resulton ERP launching. On the other hand, pretax margin showed better than ISO 9000 implementation. Overall,ERP implementation showed better results compared with ISO 9000.

PENGEMBANGAN DAYA SAING UMKM DI MALAYSIA DAN SINGAPURA: SEBUAH KOMPARASI Abdul Mongid; FX Soegeng Notodihardjo
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

Small and medium enterprises (SMEs) play a vital role in the Singapore and Malaysian economy and areconsidered to be the backbone of industrial development in the countries. This paper tries to investigate howgovernment play role in development of SMEs and in what kind of support. The key messages from this paperare SMEs in both countries were facing some similar problems especially from foreign competitors and accessto business opportunities but both had a different approach. In Malaysia, it is very clear that SMEs developmentis a part of efforts to restructure economic activities among ethnics groups. National Strategy for SMEdevelopment is also put in place. There is a synergic effort among government bodies to develop SMEs. BankNegara Malaysia plays an active role in supporting and financing. In Singapore, SMEs development programsare aimed as a conscious effort to foster local private enterprise. The strategy is applied to support theestablishment, development and then internationalization. Internationalization is stressed as Singapore openseconomy where free trade and globalization are as the soul. In the effort, no protection is given but support.Government strategy is to improve Money, Managerial, Market and Know-how it does. To increase access toglobal market, government assists SMEs in term of competency, connection and capital. Government requiresthe MNCs to serve both as mentors and as market outlets for their products. The target is to achieve theinternational competitiveness of SMEs through technology and international marketing requisites such asglobal standard and quality on the hope, SMEs will become a valuable partner in the future economic developmentof Singapore.

LIABILITAS, KAPITALISASI, DAN PROFITABILITAS TERHADAP PROBABILITAS KEBANGKRUTAN BANK Utomo, St. Dwiarso; Setiawanta, Yulita
Jurnal Keuangan dan Perbankan Vol 15, No 2 (2011): May 2011
Publisher : University of Merdeka Malang

The condition of Indonesian banking was going to collapse because of financial crisis. The impact of monetarycrisis automatically hit the banking sector. One effect of the monetary crisis in Indonesia about the end of the20th century was the collapse of a number of banks, because the banks were considered no longer feasible tocontinue the business. This research was conducted to examine the influence of NIITA, NIATTA, TETA,CDTD against bank insolvency probability. This study used a sample period of 2007 and 2008 at nationalbanking company listed at Indonesian Stock Exchange. The sampling technique in this study used purposivesampling technique, and obtained 50 companies. Regression model and overall model fit used in this studyhad the right model (at the level of significant 100%) to estimate the function of dummy variable (the probabilityof bank insolvency.) Or in other words the independent variable (NIITA, NIATTA, TETA, CDTD) jointlyhad a significant effect on the dependent variable (dummy variable bankrupt or not bankrupt although theresults showed that partially all independent variables had no significant influence.

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