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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 16, No 3 (2012): September 2012" : 15 Documents clear

THE ACCURACY OF EARNINGS FORECAST AND POST-IPO EARNINGS MANAGEMENT Hutagaol, Yanthi; Warganegara, Dezie L.; Wibisono, Christofer
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Prior studies showed that before IPO, many companies conducted earnings management in order to attract potential investors through impressive earnings figures. This study aimed to investigate the tendency of earningsmanagement practice post - IPO. This practice of earnings management was motivated to preserve managersâ€™reputation in achieving their earnings forecasts. Using a total of 165 IPOs in IDX during year 2000-2010, thisstudy employed descriptive analyses to identify the earnings management differences within the sample. A crosssectionanalysis was conducted to test the difference of earnings management indicator among the forecasters.Then, controlling for audit quality, ownership, firm size, and firm leverage, a regression analysis was performedto test the impact of earnings forecasts accuracy on the earnings management. The result of this research showedthat there was an indication that the forecasters conducted more earnings management than the non-forecasters.The study found that forecast accuracy was significantly related to managersâ€™ behavior to manage post-IPOearnings. Further analysis showed that optimistic forecasters tended to engage more in more earning managementthan conservative forecasters. The cross section analysis confirmed that optimistic earnings forecast strengthenedthe relationship of forecast accuracy and post-IPO earnings management, while high audit quality failed toweaken it.

TESTING OF PECKING ORDER THEORY THROUGH THE RELATIONSHIP: EARNINGS, CAPITAL STRUCTURE, DIVIDEND POLICY, AND FIRMS VALUE Harmono Harmono
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

This study aimed to test the pecking order theory through its correlation among earnings dimension, capitalstructure, dividend policy and firms value perspective. By loading the correlation between dimension one toanother, it indicated that management behavior tended to retained earnings accumulation or to debt collectionin financing the operation of the firm. The pecking order theory were tested when the management behaviortended to retained earnings in accumulating sources of the fund equity rather than borrowing liabilities fromcreditors. Therefore, rationally if the capital structure was optimum, management tended to external financinguntil any trade off between earnings and debt financing. Based on the testing hypothesis, it indicated that therole of capital structure dimension had significance as intervening variable between earnings dimension andfirms value. On the other hand, the dividend policy had no significance to become intervening variable.Empirically, it could be concluded that the management behavior in Indonesia tended to leverage rather thanretained earnings accumulation in supporting the pecking order theory. Furthermore, the variable had the roleto differentiate the characteristic of industries represented by the capital structure dimension, especially, debtto assets and debt to equity ratio.

EFFECTS OF CORPORATE GOVERNANCE VARIABLES ON EARNINGS MANAGEMENT IN INDONESIA Stephanus Remond Waworuntu; Marko Sebira Hermawan; Sheila Nerissa Hokardi
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

To determine the effects of corporate governance on earnings management, this paper analyzed 171 annualreports from issued 2006 to 2009 by 57 non-financial, joint stock companies implementing GCG (GoodCorporate Governance) practices, which were listed on the Indonesia Stock Exchange (IDX). Six corporategovernance variables (board composition, independent commissioners, separate chairman/CEO roles, auditcommittee, managerial share ownership, and audit quality) as well as three control variables (leverage, size,and ROA) were used. The results showed that two corporate governance variables significantly influencedearnings management practices (separate chairman/CEO roles and managerial share ownership); the othervariables had no effect because these companies used GCG practices only to follow regulations rather than tomonitor and control.

FAKTOR PENENTU RETURN SAHAM DENGAN PRICE TO BOOK VALUE SEBAGAI VARIABEL MODERASI DI BURSA EFEK INDONESIA Sri Lestari Kurniawati; Linda Purnama Sari; Nurul Hasanah Uswati Dewi
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

The purpose of this study was to exemine the effect of the companys financial performance variables consistingof earning growth ratio, dividend payout ratio and size, the variable return equity price to book value as amoderating variable. The samples in this study were all companies listed on the Indonesia Stock Exchangefrom 2005 to 2010 by using purposive sampling with criteria that the company had a positive book value ofequity during the study period. The company splitted the cash dividend and the company did not do corporateactions such as stock splits, reverse stock, stock dividend. The data used in this study were all companies listedon the Indonesia Stock Exchange from 2005 to 2010 (except for companies engaged in finance and banking) byusing multiple linear regression to test the interaction or Multiple Regresion Analysis (MRA). The studyfound that the price to book value was not able to significantly moderate the effect of earning growth ratio,dividend payout ratio and size toward the stock return variable for the interaction test results showed thesignificant value was greater than interaction of alpha as 5%.

PENDEKATAN MODEL PENILAIAN DALAM PENGAMBILAN KEPUTUSAN INVESTASI SAHAM DI BURSA EFEK INDONESIA Sri Isworo Ediningsih; Aryono Yacobus
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

A valuation model was a mechanism that converted a set of forecast, a series of company and economic variablesinto a forecast of market value for the companys stock. The purpose of this study was to examine relevance amongdividend yield, retained earnings, book value and total debt on stock price: approximation valuation model in theIndonesia Stock Exchange. Samples in this study were manufacture firms listed on the Indonesia Stock Exchangeperiod 20082011 and divided dividend. The results showed that few of samples were undervalue and the otherswere overvalue. It meant valuation model could be applicated in the Indonesian stock exchange. By using multipleregressions, this study found that: valuation model relevans used in investment decission in manufacturefirms in the Indonesia Stock Exchange could prove simultaneously dividend yield, retained earnings, book valueand total debt had significant effect to stock price and partially dividend yield had no significant effect to stockprice and whereas retained earnings, book value and total debt had significant effect in partial to stock price.

PENERAPAN METODE BOOTSTRAP FINANCING PADA USAHA KECIL DAN MENENGAH DI SURABAYA Tommy C. Efrata; Christian Herdinata
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Application of bootstrap financing methods had been very popular among small-scale entrepreneurs in Indonesia.This was because their access to capital was still very limited. Although bootstrap financing methodswere used by many entrepreneurs, the risk factors, timing, market share, education, age, and gender was not yetknown. This study aimed to determine whether there was an influence of risk, time, market share, education,age, and gender of the application of bootstrap financing methods. The sample in this study was small andmedium entrepreneurs in the city of Surabaya. The sampling method used was stratified random sampling.The analysis technique used was multiple regression. The results of this study showed that the risk factors,time, age, and gender affected significantly to the application of the bootstrap method significant financing,while the market share and education had no significant effect.

DAMPAK INTERAKSI ANTARA KEBIJAKAN UTANG DAN KEBIJAKAN DIVIDEN DALAM MENILAI PERUSAHAAN Meythi Meythi
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

This research aimed to examine and know empirical evidence of the positive effect of debt policy on firms valuewith dividend policy as moderating variable. Samples used in this research were manufacturing companieslisted in Indonesia Stock Exchange in 4 years observation period (2007-2010). Total samples were 13 companies.The data were collected by using purposive sampling method. The result of moderated regression analysis(MRA) showed that debt policy did not effect firms value with dividend policy as moderating variable. Thus,the hypothesis of the research was not empirically supported.

PORTOFOLIO SAHAM OPTIMAL MENGGUNAKAN SINGLE INDEX MODEL PADA SELURUH KANTOR SEKURITAS DI KOTA MALANG Anthony Satyanegara; Tarsisius Renald Suganda
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Investment was the commitment of funds to one or more assets that would be held over some future time period.The goal of doing investment was to get the best return. Investment portfolio was one of the main considerationsto achieve the goal. This study aimed to establish the optimal stock portfolio using stock mutual fund productdata which was obtained from the survey results on securities office in Malang City in 2011 as a researchpopulation. Research method used was Single Index Model and data used were daily stock prices for 47 sharesin 2011. The results of this study indicated that there were twelve stocks in the optimal portfolio, namely:JKON, KAEF, TSPC, BKSL, BFIN, MAPI, KKGI, BHIT, CTRA, GGRM, MYOR. Based on the calculation, theresult was 76.71% for portfolio expected return and 7.23% for portfolio risk in 1 year.

KETERKAITAN INSIDER OWNERSHIP DAN PREDIKSI KINERJA PERBANKAN DI BURSA EFEK INDONESIA Sahala Manalu; Norman Sitinjak
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Insider ownership in banking business had two different roles, namely as both owner and manager of thebusiness at the same time. As managers, they were given the right of bank ownership in the hope of improvingbanking performance. With insider ownership, managers had greater rights to make decisions and also had abroader responsibility for decisions taken as they now shared the business risks. They also had greater controlover the banks where they worked, such that they had access to strengthen their position in their respectivebanks. Explanatory variables used in this study was insider ownership, while the dependent variable consistedof the CAR (Capital Adequacy Ratio), ROA (Return on Asset), BOPO (compared to Operating Income OperatingExpenses), and the ratio NPLgross (Non-Performing Loans gross). Using a statistical method PLS(Partial Least Square), the results showed that insider ownership could predict the performance of banks interms BOPO and NPLgross, but could not predict the CAR and ROA.

Jurusan Manajemen Fakultas Ekonomi Universitas Mataram JL. Majapahit No.62, Mataram, Nusa Tenggara Barat, 83125 Putra, I Nyoman Nugraha Ardana
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : UNIVERSITY OF MERDEKA MALANG

This study aimed to examine and to explain the influence of managerial ownership and credit risks towardagency costs and performance. The study was also intended to enrich the empirical evidence of agency theory infinancial management of the Microfinance Institutions (MFIs), especially managerial ownership of society creditbank (BPR) in West Nusa Tenggara province. Secondary data used was derived from financial statements andprimary data obtained from interviews with the director of bank samples. Partial Least Square technique Programs(PLS) was applied to test the research model in term of variables relationship structure in quantitativemethods The results. The results showed that managerial ownership had a positive influence on credit risks andalso had a positive impact on agency costs. In addition to managerial ownership and agency costs, this researchfound that there was a negative effect of company performance.

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