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Jurnal Keuangan dan Perbankan

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Published by Universitas Merdeka Malang

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Core Subject : Economy,

Economics, Econometrics & Finance

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Articles 17 Documents

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Search results for , issue "Vol 20, No 3 (2016): September 2016" : 17 Documents clear

ANALISIS STOCK SPLIT TERHADAP HARGA SAHAM DAN VOLUME PERDAGANGAN SAHAM INDEK LQ-45 PERIODE 2010 - 2016 ibnu khajar
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

Pemecahan saham bukan masalah yang baru untuk Bursa Efek Indonesia, terbukti sejak periode 2010 hingga saat ini tidak kurang dari 66 emiten telah melakukan pemecahan saham baik stock split (pemecahan saham) ataupun stock reverse (penggabungan saham). Banyak pendapat bahwa stock split hanya kosmetik karena tidak ada perubahan aliran kas yang masuk ke perusahaan serta manfaat dan keunggulan bagi para pemegang saham. Banyak kontroversi hasil penelitian terkait pengaruh aksi korporasi ini terhadap nilai perusahaan dan volume perdagangan saham. Penelitian ini bertujuan menguji pengaruh stock split terhadap harga saham dan volume perdagangan saham. Empat emiten dari perusahaan yang tergabung dalam Index LQ45 Bursa Efek Indonesia dijadikan sampel dan dengan bantuan metode analisis statistic one sample t-tes danp paired Sampel t-test terbukti secara empiris bahwa pasca aksi korporasi pemecahan saham berpengaruh positip terhadap harga saham akan tetapi berpengaruh negatip terhadap volume perdagangan saham. Key Words: stock split, stock reverse, one sample t-tes, paired Sampel t-test

MUNICIPAL BONDS AS THE FINANCING STRATEGY FOR URBAN INFRASTRUCTURE : CASE STUDY OF JAKARTA MRT Eko Nur Surachman; Hadi Setiawan
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

The construction of Jakarta MRT Phase I has been carried out by using funds from foreign debt. Meanwhile, Jakarta MRT Phase II or other local infrastructure projects are still waiting for new funding scheme. One alternative is municipal bonds. This study investigate the possibilities of using municipal bonds to finance urban infrastructure project with the case study of Jakarta MRTPhase I. The analyzed use three perspectives including financial aspect, legal aspect, and Jakarta financial capacity aspect. financial analysis using discounted cash flow (DCF), net present value (NPV) and internal rate of return (IRR).Secondly, study literature is used in the legal analysis by exploring specific regulations regarding the municipal bonds. Finally, the Jakarta Regional Budget and Jakarta Budget Audit Report is examined to get insight and depth information regarding its financial capacity. The result is municipal bonds are feasible as the source of financing Jakarta MRT Project.

STRUKTUR KEPEMILIKAN DAN CHARTER VALUE SEBAGAI PEMODERASI PENGARUH CAPITAL REQUIREMENT PADA PENGAMBILAN RISIKO BANK I Gusti Ayu Nyoman Budiasih
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

Tujuan riset ini adalah memperoleh bukti empiris mengenai pengaruh capital requirement pada pengambilan risiko bank yang dimoderasi oleh struktur kepemilikan dan charter value. Penelitian dilakukan pada bank-bank komersial yang go public periode 2008-2014. Penyeleksian sampel menggunakan metode purposive sampling sehingga didapatkan sampel akhir sejumlah 22 bank. Pengujian hipotesis dilaksanakan dengan regresi linear berganda dan moderated regression analysis (MRA). Temuan penelitian menunjukkan bahwa capital requirement berpengaruh positif pada pengambilan risiko bank. Selain itu, struktur kepemilikan tidak mampu memoderasi pengaruh capital requirement pada pengambilan risiko bank. Hal yang sama juga ditemukan pada pengujian charter value dimana variabel ini tidak mampu memoderasi pengaruh capital requirement pada pengambilan risiko bank.

UJI EMPIRIS MODEL ASSET PRICING LIMA FAKTOR FAMA-FRENCH DI INDONESIA Bambang Sutrisno; Irwan Adi Ekaputra
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

The main purpose of this study is to evaluate and compare the performances of the Fama-French three- (FF3) and five-factor (FF5) models in the Indonesia stock market. This study also examines whether book-to-market factor (HML) is redundant in explaining the portfolio excess returns in Indonesia. This study employs asset pricing factor of the 2 x 3 sorts and excess returns of 25 Size-B/M, 25 Size-OP, dan 25 Size-Inv portfolios as dependent variables. This study employs Ordinary Least Square (OLS) with monthly time-series data from 2000 to 2015. Based on the average adjusted R2 from the two models, FF5 explains portfolio excess return variations better than FF3, although the profitability and investment factors only display weak effect on the excess returns. If we refer to Mertons (1973) zero-intercept criterion, the both models are not valid in Indonesia, because most intercepts are significant in each set of 25 portfolios. We also find that book-to-market factor is redundant in describing the variation of returns in Indonesia. The test of intercept difference between Indonesia and The US indicates that there are differences of abnormal return and market efficiency in both countries.

MANAGERIAL OPTIMISM AND DEBT FINANCING: CASE STUDY ON INDONESIA MANUFACTURING LISTED FIRMS Gesti Memarista
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

Managerials psychology can affect financial decision in the company. This paper analyzes the influence of managerial optimism on the debt financing by using regression analysis. The dependent variable in this paper is debt financing. The independent variable is managerial optimism and the control variable are firm value, firm size, and firm performance that are occurred in the previous period. The sample used in this study is manufacturing companies that listed in Indonesian stock exchange during 2010-2014. The result on this study shows that managerial optimism, firm value, and firm size that are occurred in the previous period have positive significantly impact on debt financing, whereas firm performance in the previous period has negative significantly impact on debt financing.

THE CAPITAL STRUCTURE OF VENTURE CAPITAL FIRMS IN INDONESIA Andi Buchari; Noer Azam Achsani; Mangara Tambunan; Tubagus Nur Ahmad Maulana
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

Venture capital (VC) is an important fund source for small and medium enterprises (SMEs) and start up, particularly to deliver its main product of equity participation. Therefore, capital structure and factors that affect it are very crucial. This study aims to analyze the capital structure of VC firms in Indonesia using econometric model of panel data regression. This study utilizes secondary data of six years period (2009-2014) monthly financial statements of 27 samples out of 58 VC firms to form 1,944 observations. The study reveals that capital structure of VC firms in Indonesia is dominated by debt/loan rather than capital with DER on average is 136.95%. In addition, the research confirms that VC firms capital structure is affected simultaneously by financial aspects which are asset size, profitability, liquidity, asset/investment quality, and earning asset structure. The attentions to financial aspects that affect the VC firms capital structure as well as other initiatives related to capital increases are necessary so that the VC firms could carry out its role effectively.

PERBANDINGAN KINERJA REKSADANA SYARIAH DAN REKSADANA KONVENSIONAL (PADA REKSADANA SAHAM DAN REKSADANA PENDAPATAN TETAP YANG TERDAFTAR DI BEI PERIODE 2010-2014) Nurul Qomariah; Maheni Ika Sari; Dian Asih Budiarti
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

Penelitian ini bertujuan untuk mengetahui perbedaan kinerja reksa dana syariah dengan kinerja reksa dana konvensional melalui return dan resiko pada jenis reksadana saham dan reksadana pendapatan tetap. Populasi penelitian ini adalah semua reksadana konvensional dan reksadana syariah jenis saham dan pendapatan tetap yang aktif pada periode 2010-2014, diketahui populasinya adalah untuk reksadana saham konvensional yaitu sebanyak 42 reksadana dan untuk reksadana pendapatan tetap konvensional yaitu 93 reksadana, selanjutnya reksadana saham syariah sebanyak 22 sedangkan reksadana pendapatan tetap syariah sebanyak 8 reksadana. Metode pengambilan sampel menggunakan metode purposive sampling. Metode analisis yang digunakan yaitu dengan metode uji beda paired sample t-test. Hasil penelitian menunjukkan bahwa terdapat perbedaan yang signifikan antara rata-rata return reksadana saham konvensional dan rata-rata return reksadana saham syariah. Sedangkan untuk reksadanan pendapatan tetap juga terdapat perbedaan yang signifikan melalui risiko reksadana pendapatan tetap konvensional dan reksadana pendapatan tetap syariah.

DETERMINAN RETURN SAHAM SYARIAH DENGAN RISIKO SISTEMATIS SEBAGAI VARIABEL MEDIASI firmansyah, irman
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : UNIVERSITY OF MERDEKA MALANG

Islamic capital market is the investment alternatives in accordance with Islamic law. However, the purpose of investing is to obtain a high return stock. This study aimed to analyze the fundamental factors in predicting stock return of sharia with systematic risk as a mediating variable. Fundamental factors measured by DER, EPS, ROA, PER and NPM and systematic risk measured by beta. Data taken from the Islamic capital market through the Jakarta Islamic Index (JII) in a span of research in 2013 and 2014. The analysis used is multiple regression analysis and Sobel test. The results showed that DER and PER positive effect on sharia stock return, beta negative effect on sharia stock return and EPS, ROA and NPM no effect on sharia stock return. Whereas in mediating variable testing, the beta did not mediate the relationship between DER, EPS, ROA, NPM and PER to sharia stock return.

ANALISIS PENENTUAN MODEL MERGER-AKUISISI YANG SINERGIS DI BURSA EFEK INDONESIA Mai, Muhamad Umar
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

The aim of this study was as follow: a) to examine the differences in financial performance and the value of the firm before and after the merger-acquisition of go public company in Indonesia Stock Exchange for the period of 2000-2012;b) to identify and analyze the critical success factors of mergers-acquisitions; c) designing a model of synergistic merger-acquisition. Wilcoxon signed ranks test results showed that the financial performance and the value of the company for certain years are different, in the sense of increased, significantly. The determinant factors of successfull merger-acquisition of 30 synergistic firms, are: a) current ratio and cash ratio was below the industry average; b) debt to asset ratio and debt to equity ratio is above the industry average; c) return on investment and return on equity also above the industry average. Analysis of the 30 synergisticbidders firm shows that the company has a very adequate corporate governance mechanism, namely: a) more than 50% of its stocks owned by other institutions; b) the shares held by the management is below 5%; c) the membership of the board of commissioners and directors have an independent boards and outside directors of more than 30%; and d) the average number of commissioners as many as six people.

ANALISIS FINANCIAL DISTRESS PADA PERUSAHAAN AGRIBISNIS DI BURSA EFEK INDONESIA Annisa Nurfajrina
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

Agribusiness is one of important sector in Indonesia. Agribusiness has unique characteristics and high complexity which can lead to financial problems. Therefore, its important to analyzed financial distress in agribusiness company to avoid bankruptcy. This research analyzed financial factors that influence financial distress in agribusiness companies listed in Indonesia stock exchange period 2010-2014. Eleven agribusiness companies were selected based on purposive sampling. This study used DSCR (debt service coverage ratio) as a proxy of financial distress. The method of analysis used panel data regression. The results showed that financial ratios are EBITDA to total assets, ROE, and TATO have a significant positive effect to DSCR. However, DAR and working capital to total assets have no significant effect to DSCR

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