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INDONESIA
Jurnal Keuangan dan Perbankan
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 19, No 2 (2015): May 2015" : 15 Documents clear
KOMPARASI CAPITAL ASSET PRICING MODEL VERSUS ARBITRAGE PRICING THEORY MODEL ATAS VOLATILITAS RETURN SAHAM Mathius Tandiontong; Rusdin Rusdin
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (234.427 KB) | DOI: 10.26905/jkdp.v19i2.842

Abstract

Investing in the stock market is one option for investors. Investment in ordinary shares was classified as longterminvestments to be able to provide added value and the risk for fixed income. This study focused on thedifference of APTM versus CAPM, and it also focused on the sensitivity of the APTM on the stock returns. Thisstudy was based on the assumption that: there were differences in sectoral stock return volatility, volatility ofmarket risk factors, and macroeconomic risks affecting sectoral differences in the sensitivity of stock returns;there were differences in the results of testing the validity, robustness unconditional CAPM and APTMmultifactorial; and time-varying volatility referring to the phenomena of structural breaks and asymmetriceffect. The method of analysis used nested models with panel data. Data were analyzed by using secondary datafrom 2005-2012. The results of this study concluded that: there was no different sensitivity of stock returnsacross sectors, but there was different insensitivity between systematic risk factors, CAPM and APTM multifactorthat showed the inconsistency of the sectoral shares, but the proven model of unconditional CAPM wasvalid; the difference of factor risk premiums was as a result of the structural break, the financial crisis period of2008 within the period 2005-2012.
CORPORATE GOVERNANCE DAN INTERDEPENDENSI ANTARA LEVERAGE, PROFITABILITAS SERTA KEBIJAKAN DIVIDEN DALAM MENCAPAI NILAI PERUSAHAAN Muhamad Umar Mai
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (489.951 KB) | DOI: 10.26905/jkdp.v19i2.844

Abstract

This research aimed to find out and to analyze the role of corporate governance mechanism in utilizing theinterdependence among funding decisions, financial performance, and dividend policy in an attempt to increasethe value of the company. The study was conducted at the manufacturing companies listed in Indonesia StockExchange, with the observation in the period of 2000-2012. A pooled data with a total of 290 companies wereanalyzed using path analysis. This study proved that the escalation in the value of the company was mainlyinfluenced by the companys ability to increase the profitability and dividend payments. Institutional ownershipand board size as a proxy of corporate governance mechanism played a crucial part to encourage companiesto enhance its return on equity, while the independent board persuaded the companies to amplify itsdividend payments. The Board size showed a strong role in inspiring companies to improve its profitability,and it had a positive effect on firm value.
PUBLIC ATTENTION AND FINANCIAL INFORMATION AS DETERMINANTS OF FIRMS PERFORMANCE IN THE TELECOMMUNICATION SECTOR Ridwan Nurazi; Berto Usman
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (262.791 KB) | DOI: 10.26905/jkdp.v19i2.846

Abstract

The remarkable progress of information technology had driven every firm to publish their financial performance by using internet. This circumstance resulted in the high public attention in order to generate the stock return. In addition, financial information such as financial ratio namely DER, LEV, NPM, ROI, and ROE were supposed to influence the firm’s performance either in positive or negative effects. This study focused on the investigation of public attention (PA) and financial information as determinants of financial performance on four companies in Telecommunication sector, Indonesia Stock Exchange (IDX), within time period from 2007 to 2012. Hereby, we pointed out that public attention and financial information considerably contribute to firm performance, in which the Pooled Least Square (EGLS) with cross section and period weight was employed. The results showed that Public Attention (PA) positively contributed towards stock return. Further, financial ratio such as debt-to-equity ratio (DER) negatively influenced the return. Leverage (LEV), net profit margin (NPM) and return on investment (ROI) positively related to return. However, return on equity (ROE) showed the contrary sign, in which it negatively influenced the return but was statistically insignificant. Then, we reported that the stock price (LNSP) did not significantly contribute towards return (RET).
PERBANDINGAN TINGKAT DAN RUANG LINGKUP PENGUNGKAPAN PELAPORAN KEUANGAN BASIS INTERNET TERHADAP HARGA SAHAM Emrinaldi Nur DP; Enny Susilowati
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (98.841 KB) | DOI: 10.26905/jkdp.v19i2.847

Abstract

Applications of Internet financial reporting (IFR) by companies have reduced the asymmetry of informationand facilitate investor access to corporate information. IFR application is considered a good news that allegedlyable to influence the market by watching the stock price, the value of stocks and abnormal stock returns.The purpose of this study was to observe the practice of IFR influence on stock prices by making comparisonsagainst companies that do not apply to IFR and comparison of the company with defferent degree and scope ofdisclosure. The study was conducted on the companies included in the index compass 100 and tested usingevent study approach and independent sample t-test between two groups of samples. Results of tests performedshowed no difference between the market reaction to the company and which do not apply IFR. There is also adifference in price saha and stock value for the company with the different degree and scope of IFR disclosure,while the abnormal returnnya got no support.
TEST OF SPEED OF ADJUSTMENT TOWARDS THE CAPITAL STRUCTURE IN INDONESIA TELECOMMUNICATION INDUSTRY Riko Hendrawan; Dwipanca Adi Nugraha
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (149.285 KB) | DOI: 10.26905/jkdp.v19i2.848

Abstract

The purpose of this research was to test whether or not the pecking order theory occurred in telecommunication industry in Indonesia and also in its speed of adjustment.  Using the purposive sampling method and taking 7 years period of data collection from 2006 up to 2012, the data were gathered from the companies’ financial statement. The data were analyzed using the random effect model of Hausman test with interest bearing debt as its dependent variable and deficit as its independent variable.  Finding from this research showed that  pecking order theory was not applied in the telecommunication industry in Indonesia and it was quite different from the finding of Huang Ritter (2009) that publicly traded firms in US adjusted to their target leverage at a moderate speed with a period of 3.9 years. It also discovered that the fastest growth of the speed of adjustment was shown by XL Axiata with -493.96% per year, and then Bakrie Telecom with -65.62%. Indosat and Telkom Indonesia showed a different behavior with a slower speed of adjustment Indosat with 13.22%, and Telkom Indonesia with 274.14% slower.
EARLY WARNING SYSTEM DAN PERTUMBUHAN PENDAPATAN KONTRIBUSI PADA PERUSAHAAN ASURANSI JIWA SYARIAH DI INDONESIA Maria Oktaviani
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (118.814 KB) | DOI: 10.26905/jkdp.v19i2.849

Abstract

The background of this study was the lack of awareness Indonesian society toward syariah life insurance and it needed to be investigated whether there was a problem on its financial instruments by using Early Warning System ratio. The purpose of this study was to prove the influence of Early Warning System ratio for contribution revenue growth syariah life insurance companies in Indonesia period 2010-2013. The sampling technique used was purposive sampling. Samples that acquired the criteria were 10 companies. Data were analyzed using multiple linear regression. The ratio of the Early Warning System consisted of 6 solvencies: solvency margin ratio, change in surplus ratio, return on investment ratio, liquidity ratio, agent's balance to surplus ratio and technical ratio. The result of this study was Early Warning System ratio influenced simultaneously on contribution revenue growth ratio and partial contribution of technical ratio influenced positively to contribution revenue growth ratio. So, Early Warning System ratio could be applied in order to increase contribution revenue growth of life insurance syariah units companies.
INVESTIGASI KEWIRAUSAHAAN SEBAGAI VARIABEL MODERASI KEPUTUSAN STRUKTUR MODAL TERHADAP KINERJA KEUANGAN Erna Setijani; Pudjo Sugito; Chodidjah Chodidjah
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (242.67 KB) | DOI: 10.26905/jkdp.v19i2.850

Abstract

This study intends to analyze the role of entrepreneurship as a moderating variable on the effects of capitalstructure decisions on financial performance. Population, all the small and medium industries (SMEs) in thetown of Probolinggo, with a sample set of 100 units of SMEs and data collection using purposive randomsampling technique. Data were analyzed using factor analysis in the SEM is used to confirm the most dominantfactors in a group of variables and regression weight on the SEM used for confirmatory examine howmuch the relationship between variables. Furthermore, SEM modeling needs to step (a) the development of atheoretical model, (b) the development path diagram (c) selecting an input matrix and estimation of covarianceor correlation models, (d) the possibility of the emergence of problem identification, (e) evaluation criteria ofgoodness-of-fit and (f) the interpretation and modification of the model. The results showed, capital structuredecisions have a significant effect on financial performance. Capital structure decisions have a significanteffect on the financial performance through entrepreneurship moderating variable. Entrepreneurship significanteffect on the financial performance.
PERAN KEPEMIMPINAN TRANSFORMASIONAL DAN MOTIVASI TERHADAP KINERJA KARYAWAN DENGAN MODERASI MASA KERJA Noermijati Noermijati
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (99.413 KB) | DOI: 10.26905/jkdp.v19i2.854

Abstract

Leadership had a critical role for banking organization to enhance employee performance. In addition, organizationhad to pay more attention to employee's work motivation and tenure. The research purposes were toanalyze the effect of transformational leadership and work motivation on employee performance, and the roleof tenure to moderate the effect of transformational leadership and work motivation on employee performance.This research involved 100 operational employees as the respondents with simple random sampling technique.By using Moderation regression analysis, it was found that transformational leadership significantlyinfluenced employee performance. However, work motivation did not influence employee performance. Tenuremoderated the role of transformational leadership on employee performance; meanwhile, tenure did not moderatedthe effect of work motivation on employee performance of BRI Bank, Jombang branch.
RISIKO EKSPROPRIASI OLEH PEMILIK PENGENDALI DAN TATA KELOLA PERUSAHAAN TERHADAP TINGKAT PENGGUNAAN UTANG BANK Ratna Wardhani
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (246.355 KB) | DOI: 10.26905/jkdp.v19i2.843

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh dari risiko ekspropriasi oleh pemegang saham pengendali dan tata kelola perusahaan (tata kelola perusahaan) terhadap tingkat penggunaan utang bank yang dimiliki oleh perusahaan.This study aimed to analyze the effect of the expropriation risk by controller shareholders and corporate governance (GCG) to the use level of bank loan owned by the company. Sampel yang digunakan dalam penelitian ini adalah 226 data perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2010-2012. The samples used in this study were the data 226 manufacturing companies listed in Indonesia Stock Exchange in period 2010-2012. Hasil penelitian ini menunjukkan bahwa besarnya risiko ekspropriasi yang dapat dilakukan oleh pemegang saham pengendali berpengaruh secara negatif terhadap tingkat hutang bank. The results showed that the magnitude of expropriation risk that could be done by controlling shareholders adversely affected the level of bank loan. Hal ini menunjukkan dua hal yaitu bahwa bank dalam memberikan hutang kepada perusahaan mempertimbangkan adanya kemungkinan ekspropriasi tersebut dan perusahaan yang memiliki risiko ekspropriasi akan lebih sedikit berhutang ke bank karena perusahaan menghindari adanya pengawasan yang lebih tinggi dari bank. Penelitian ini tidak dapat membuktikan pengaruh tata kelola perusahaan terhadap tingkat utang bank. Sedangkan hasil atas variabel kualitas audit menunjukkan adanya hubungan positif antara ukuran KAP dengan tingkat utang bank. This showed two things: in making loans to the company, banks considered the possibility of the expropriation. The companies that had the expropriation risk would have less loan to the bank because the company avoided scrutiny which was higher than banks. This study could not prove the influence of corporate governance on the level of bank loan. The result on the audit quality variable showed a positive correlation between KAP size and bank loan levels.
DEWAN KOMISARIS DAN INTELLECTUAL CAPITAL DISCLOSURE PADA PERBANKAN DI INDONESIA Lia Uzliawati
Jurnal Keuangan dan Perbankan Vol 19, No 2 (2015): May 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (192.452 KB) | DOI: 10.26905/jkdp.v19i2.845

Abstract

The purpose of this study is to examine the relationship between board of commissioner and intellectual capitaldisclosure in Indonesia Banking Industry.The purpose of this study was to examine the relationship betweenthe board of commissioner and intellectual capital disclosure in Indonesia Banking Industry. The intellectualcapital disclosure measurement in this study used the index developed by Sveiby (1997).The data were collectedfrom 31 banks listed in Indonesia Stock Exchange period 2008-2012. The disclosure of intellectualcapital measurement in this study used the index developed by Sveiby (1997). The Data were collected from 31banks listed in Indonesia Stock Exchange period 2008-2012. This study finds that size, independent commissioner,and meeting frequency have positive relationship with intellectual capital disclosure. This study foundthat the size, independent commissioner, and meeting frequency had a positive relationship with intellectualcapital disclosure. The finding of this research can be as a reference and portrait that board of commissioneralready aware the importance of ICD. The finding of this research could be as a reference and portrait thatboard of commissioner was already aware of the importance of ICD.

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