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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 15, No 3 (2011): September 2011" : 15 Documents clear

DISPOSITION EFFECT TERHADAP HUBUNGAN ANTARA NILAI FUNDAMENTAL DAN HARGA SAHAM PADA PERIODE KRISIS FINANSIAL Yohanes Indrayono
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

Stock price was positively affected by a change of company fundamental value which included profitability,growth, and dividend factors. Excess volatility hypothesis, on the other hand, indicated that stock price wastoo volatile correlated to its fundamental value. This study empirically investigated the moderating impact ofdisposition effect - the tendency to sell stocks that had appreciated in price (winners) too soon and to hold stocksthat trade price below the purchase price (losers) too long - on the relationship between fundamental values andstock prices. Fifty-three stocks of Indonesian Stock Exchange were chosen as the research sample based onsampling criteria for the periods before, during, and after the 2008 financial crisis. By using multiple regressionsanalyses, this study revealed that during these periods, disposition effect weakened the positive relationshipbetween earning per share and stock prices as well as between book value per share and stock prices. Thehigher the proportion of disposition investors, the less sensitive the stock price to the changes in fundamentalvariables. Unlike previous studies that investigated the direct impact of disposition effects on stock prices, thisstudy investigated the indirect impact of disposition effect on stock prices. Thus, this study contributed to theexisting behavioral finance literature by providing some useful insights into understanding why stock priceswere less sensitive to the changes in fundamental variables in the presence of disposition effect.

THE LIQUIDITY AND INFORMATIONAL EFFICIENCY IN STOCK AND BOND MARKET Dewi Tamara
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

This paper was taking a first step toward an integrated approach to stock and bond liquidity and informationalefficiency. We drew from the literature to develop comprehensive understanding about liquidity and informationevent in stock and bonds market. We used variables from Chordia, et al. (2005), to explore cross-marketliquidity dynamics by estimating a vector regressive model for liquidity such as bid-ask spread and depth,returns, volatility, and order flow in the stock and Treasury bond markets. We analyzed the work fromHotchkiss, et al. (2002) to find the informational efficiency of corporate bond prices. It was similar to that of theunderlying stocks. The central contribution of this paper was to reveal the possibility in applying this kind ofresearch in Indonesian market.

KINERJA FINANSIAL DAN OPERASIONAL BADAN USAHA MILIK NEGARA YANG GO PUBLIC Tona Aurora Lubis
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

The main purpose of this study was to find out the effects of public ownership as the result of privatization byinitial public offering (IPO) on financial and operational performance in private state owned enterprises(SOE). Target populations of this research were 9 private SOEs. The analysis of the study used partial leastsquare (PLS). The finding of this study showed that public ownership, as the result of privatization, mightimprove financial and operational performance only at leverage decrease and profitability increase.

KOMISARIS INDEPENDEN, KOMITE AUDIT, INTERNAL AUDIT DAN RISK MANAGEMENT COMMITTEE TERHADAP MANAJEMEN LABA Nurika Restuningdiah
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

The purpose of this research was to examine the impact of independency of board commisioner, audit committee,internal audit and risk management comittee to earning management. Regression Analysis of 35 publiccompanies listing in Indonesia Stock Exchange on year 2009 through a random sampling technique indicatedthat there was no significant impact of independency of board commisioner, audit committee, internal auditand risk management comittee to earning management. The implication of this study was relevant to thedecision maker of public companies to consider the skill and expertise of board commisioner, audit committe,internal audit and risk management comittee to support the internal corporate governance mechanism.

MICRO FINANCING SCHEME BASED ON OPTIMIZATION OF NETWORK (MFS-ON): APROPOSED IMPROVEMENT ON CURRENT PRACTICES Soenartomo Soepomo; Moch. Doddy Ariefianto
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

One important method in reducing poverty was through finance.The poor were lack of qualification andcapacity to borrow from formal financial sector. Therefore they should resort their financing needs to informalsources albeit very high cost implication.This dependency in turn would disrupt their productive capacitysincethe interest was very high. We focus on special segment of theproductive poor. We reviewed various financingscheme that widely practiced both domestically and globally. We perceived that existing schemes were inadequatefrom several perspectives: (1) partial nature, (2) substandard business practices, (3) lack of cooperationand (4) limited coverage. We proposed an alternative financing scheme.The spirit of the approach emphasizedthe critical role of self-sufficiency of Microfinance Institution (MFI). Through self sufficiency, MFI coulddevelop a healthy business with reasonable rate of return. In addition to self sufficiency, first, the proposal alsoincluded financing from private sector through mobilization of Corporate Social Responsibility (CSR) funds.The funding sources became broad and economics scale could be achieved. Second, the proposal improved risksharing mechanism by introducing the regional government banks as well as insurers. Third, the proposalmade the distribution channel optimum by involvement of society elements

RETURN SAHAM, INFLASI, DAN STRUKTUR KEPEMILIKAN TERHADAP RISIKO INVESTASI Siti Komariah; Julenah Julenah; M. Chudori
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

The economic crisis in Indonesia had an impact on the declining performance of the companys fundamentalson the stock market. This degradation was caused by a failure in risk management, especially the unsystematicrisk. Many companies could not manage their debt policy, investment decision, earnings management,liquidity, and ownership structure that had implications for the risk. The objective of this research was toinvestigate the effect of stock return, inflation and ownersip stucture to investment risk of manufacturerindustries in 2003-2009. Population of this research was manufacturing companies listed in BEI. The samplingmethod used in this research was purposive sampling and the results were 126 companies based on thecriteria of the sample. Polling data method and judgment sampling were used to collect the data and two stageleast squares (2 SLS) were as the analysis method. Based on the hypothesis test, it could be summarized that allpredictors had a significant effect simultaneously. Result of the 1st model showed that only investment andprofitability effect to stock return partially ; 2nd model, SBI, KURS, and M2 had an effect to the inflationpartially; 3rd model was only dividend payout ratio and debt to equity ratio effected to ownership structurepartially ; 4th model showed that only return variable significantly influenced to investment risk partially

MODEL PENCIPTAAN NILAI TAMBAH EKONOMIS DAN NILAI PERUSAHAAN Suripto Suripto
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

This research test and macroeconomic analyze influence to the firms characteristic, capital structure, valuebasedmanagement and corporate value. This research conducted at the firms of SWA 100 value creatorsamong year 2002 - 2006 in Stock Exchange Indonesia (BEI). This research use analysis of Structural EquationModeling (SEM). Result of analysis use modeling equation structural (SEM) of indicating that there is influenceof macroeconomic significant to characteristic of the firms, macroeconomic have effect significant to valuebasedmanagement and macro economics have effect significant to corporate value. Characteristic of the firmshave effect significant to value based management and characteristic of the firms have effect significant tocorporate value. Capital structure have effect significant to value based management, capital structure haveeffect significant to value of the firms and Value-based Management have effect to corporate value. Whilemacro economics do not significant to macro economics, characteristic of the firms do not significant to capitalstructure, so also value-based management do not significant to corporate value.

VARIABEL INTERNAL DAN EKSTERNAL TERHADAP KINERJA KEUANGAN DAN NILAI PERUSAHAAN SEKTOR PERBANKAN Harry Patuan Panjaitan
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

This research aimed at analyzing and testing the effect of the internal variable and external variable tofinancial performance and corporate value. This study used quantitative and qualitative methods. The resultsof this study were as follows: (1) market concentration, interest rate, and banking penetration variable whichpotentially created high financial performance; exchange rate having a high power to push financial performance.(2) Capital, liquidity and composition of low interest fund having high power to improve financialperformance; asset productivity and total asset that did not have an impact to financial performance; employeeproductivity and efficiency that had an impact to financial performance. (3) Financial performance that hadnot been capable to improve corporate value. (4) concentration variable which had not been capable of improvingcorporate value; exchange rate, interest rate, and banking penetration which had an impact to corporatevalue. (5) capital, liquidity, productivity of asset, total asset, efficiency and quality of credit variable whichwere potentially to improve corporate value; composition of low interest fund having a high power to pushcorporate value; productivity of employee having a great power to improve corporate value.

PERSEPSI TERHADAP DUKUNGAN ORGANISASI DAN PENYELIA, KEPUASAN, NILAI, DAN KOMITMEN PADA INDUSTRI PERBANKAN INDONESIA D. Wahyu Ariani
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

Perceived support and values similarity had an effect on organizational behavior outputs such as organizationalcommitment and job satisfaction. Perceived support comprised perceived organizational support andperceived supervisor support. Perceived supervisor support influenced perceived organizational support.This study examined the relationship between perceived organizational supports (POS), perceived supervisorsupport (PSS), values similarities, job satisfaction, and affective organizational commitment. This study usedsocial exchange theory, psychological contract theory, organizational support theory, social identity theory,and norm of reciprocity to develop the model. We used Structural Equation Modeling (SEM) sample consistingof 392 individuals from banking industry. Consistent with prior literature, our hypothesized modelconfirmed that values similarity was a predictor of PSS and POS, and PSS was a predictor of POS. Thefindings indicated that as employees perception of organizational support increase, their affective organizationalcommitment and job satisfaction significantly increase.

DIVERSIFIKASI KREDIT TERHADAP PROFITABILITAS DAN PROBABILITAS KEGAGALAN BANK Ari Christianti
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

Loan diversification in the banking industry was an interesting topic to be studied. Unlike previous research,this study not only examined the effect of loan diversification on profitability but also on the probability ofdefault. Using panel data from banks listed on Indonesia Stock Exchange in 2004-2008 with FEM (fixed effectmodel) approach and weighting: cross section weight procedures, the results supported previous research thata high risk decreased the relationship between the diversification of loan and the profitability. However, therelationship between the diversification of loan and a probability of default decreased even when a high risk.The arguments for explaining this finding was that the probability of default was not an absolute measurementthat described an actual probability of default. In addition, this invention in banking practices related with thewrite-off action that could minimize the credit risk (NPL) so that the probability of default decreased especiallyfor private banks.

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