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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 21, No 2 (2017): April 2017" : 15 Documents clear

DETERMINAN INTERNAL DIVIDEND PAYOUT RATIO PERUSAHAAN FARMASI TERDAFTAR DI BURSA EFEK INDONESIA Zulkifli Zulkifli; Endri Endri; Augustina Kurniasih
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

This study aimed to examine and analyze the effect of the internal determinant of dividend payout ratio pharmaceutical company, annual data observation period 2008 until 2014. The type of this study was quantitative research. The population of the research was the entire pharmaceutical company consisting of 10 companies. The sampled criteria were pharmaceutical companies that consistently paid cash dividends. There were 6 companies listed in Indonesia Stock Exchange with non-probability sampling technique namely purposive sampling. Data analysis using panel data regression fixed effect which had larger R square value. The results showed that current ratio, return on assets, debt to equity ratio, earnings growth, return on equity, earnings per share and market to book value simultaneously were having significant influence to the dividend payout ratio. Partially return on assets and market to book value had a positive significant effect on the dividend payout ratio, while current ratio, debt to equity ratio and return on equity had a significant negative effect. Earnings growth and earnings per share did not have a significant influence on the dividend payout ratio. It was suggested to add external variables factors using more samples of companies.

APAKAH DIVERSITAS GENDER MEMENGARUHI STRUKTUR MODAL? BUKTI EMPIRIS DI INDONESIA Suherman Suherman
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

The purpose of this study is to know the influence of gender diversity that proxied by the existance and proportion of female directors in a firm on capital structure that proxied by debt to asset ratio (DAR) and debt to equity ratio (DER). Sample of this study consists of 78 firms (384 observations) listed on Kompas100 Index between 2011 and 2015. Controlling for firm size, profitability (ROA) and asset growth, the results show that 1)the existance of female on board of directors has positive and significant effect on DAR 2)female proportion on board of directors has no significant effect on DAR 3) the existance of female on board of directors has no significant effect on DER 4)female proportion on board of directors has no significant effect on DER

MEDIATION OF CSR AND PROFITABILITY ON THE INFLUENCES OF GCG MECHANISMS TO THE FIRM VALUE Muhamad Umar Mai
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

The purpose of this research was to determine the causal relationship among GCG mechanism, financial performance, CSR and firm’s value. The model of the research was constructed by using financial performance and CSR as intervening variables on the effect ofGCG mechanism to firm’s value. This research was accomplished on companies listed in Jakarta Islamic Index (JII) in Indonesia Stock Exchange for the period of 2007-2013. The result showed that GCG mechanism tended to reject every CSR financing. CSR was positively affected by Return on Investment (ROI). GCG mechanism represented by institutional ownership (INWN) had a positive effect on ROI. ROI had a positive effect to return on equity (ROE), and ROE had a positive effect on the firm’s value. This study proved that ROI was mediating significantly the effect of INWN to CSR, and ROE was mediating significantly the effect of ROI to firm’s value.

GOOD CORPORATE GOVERNANCE DAN PENGARUHNYA TERHADAP NILAI PERUSAHAAN MELALUI CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE I Gusti Ayu Purnamawati; Gede Adi Yuniarta; Putu Ria Astria
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

This research explained the relationship between Good Corporate Governance mechanism to company’s value, and the extent disclosure of Corporate Social Responsibility as moderation variable. Hierarchical regression analysis was used to examine modernization impact in the relationship between dependent and independent variable. Sample gathering was undertaken from 2012 to 2014. Tobin’s Q was used to assess the company’s value. Whereas Good Corporate Governance mechanism that was proxy by the number of managerial ownership and institutional ownership quantity was taken from ownership scale existed in company financial report. Extent measurement of Corporate Social Responsibility expressing was carried out by calculating each company’s CSR Index. This research used 44 samples of manufacturing companies meeting the criteria of purposive sampling. The testing of moderation effect and the main effect in the research was done using hierarchical regression analysis. The result showed that there was a positive and significant relationship between GCG mechanism and company value, whereas between CSR extent disclosure and company value there was an insignificant result. For examining the moderation impacts, CSR extent disclosure succeeded to moderate the relationship between managerial ownership and company value, but the extent of CSR expression did not succeed in moderating the relationship between institutional ownership and company value.

MANAJEMEN LABA: BAGAIMANA DAMPAKNYA TERHADAP IPO UNDERPRICING? Andre Yulius Sahat Nauli Sitompul; Unggul Purwohedi; Ari Warokka
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

The purpose of this research was to investigate the effect of accrual and real earning management on IPO underpricing which was measured by initial return, on the first day of trading in Indonesia Stock Exchange, of Indonesian manufacturing companies during 2010-2014. This research was conducted using a purposive sampling technique from 20 analyzed manufacturing companies. Earnings management variable was measured using discretionary accruals, abnormal cash flow, abnormal production cost, and abnormal discretionary expenses while IPO underpricing was calculated using the initial return on the first day of stock trading in the stock exchange. This research used ordinary least squares technique (OLS) multiple linear regression analysis. The result of this study revealed that the real earning management practice through abnormal cash flow had a positive effect on IPO underpricing while the other earnings management proxy had a negative significant effect on underpricing. This finding indicated that every earnings management practice could give an effect in a different direction on IPO underpricing phenomenon, as a response of investors on the published company’s performance. Hence, this study’s finding provided a significant empirical contribution to the signaling theory, in particular for the issue of IPO underpricing in Indonesian Capital Market practices.

CORPORATE GOVERNANCE DISCLOSURE IN THE EXISTENCE OF OWNERSHIP STRUCTURE AND GROWTH OPPORTUNITIES Melinda Lydia Nelwan
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

This study examines whether ownership structure which was divided into blockholderownership, managerial ownership, and public ownership had influence on corporategovernance disclosure, and whether growth opportunities moderate that influence. Studiesin this area mostly examined the role of ownership structure on corporate financialdisclosure or public announcements conducted in the context of different countries andin more regulated industries in Indonesia. The scope of this study was manufacturingcompanies listed on the Indonesian Stock Exchange for the period of 2013. The resultsshowed that between the ownership structures only blockholder ownership had a negativeand significant influence on the corporate governance disclosure. Being the largestshareholders, blockholders might have better access on the inside information whichmade them better informed relative to other shareholders, thus arguably might desire lessdisclosure. The results also showed that the interaction variable between managerialownership and growth opportunities was negative and significant. This indicates that ina growing company where the managerial ownership increases, the management wouldtend to reduce the corporate governance information they provided to the stakeholders.

QUALITY OF FINANCIAL CONGLOMERATESâ€™ PERFORMANCE IN EMERGING ECONOMY: THE INDUSTRIAL ORGANIZATION THEORY PERSPECTIVE Adawiyah, Wiwiek Rabiatul; Pramuka, Bambang Agus
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i2.649

Financial conglomerates are financial institutions that provide all forms of financial services on the top of ordinary banking service. The quality of financial conglomeratesâ€™ performance depends on a number of factors namely ownership structure, internal capital market, and resources sharing. Research on the performance of financial conglomerates is still lacking in Indonesia.Â This study, therefore, is among the first attempt to assess the influence of ownership structure, internal capital market and resources sharing on the performance financial conglomerate firms in Indonesia, from the industrial-organizational theory perspectives. The methodology employed is the ex-post facto research design, using secondary data. The population of the study is all the conglomerate's firms listed on the Indonesian Stock Exchange between 2010 until 2015 persistently. The study used regression as a tool of analysis. Findings supported three out of the five hypotheses proposed.Â Efficient subsidy and managerial ownership had no significant influence on firmsâ€™ performance. Efficient transfer segment had a positive influence on firmsâ€™ performance.Â Similarly, the result supported the proposition that intangible and tangible resources had a positive effect on firmsâ€™ performance.DOI: https://doi.org/10.26905/jkdp.v21i2.649

MEMPREDIKSI FINANCIAL DISTRESS DENGAN BINARY LOGIT REGRESSION PERUSAHAAN TELEKOMUNIKASI Tiara Widya Antikasari; Djuminah Djuminah
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i2.654

In this globalization era, sub-sector telecommunication industry has rapid development as time goes by with the number of customers’ growth. However, its growth is not balanced with operational revenue development. Therefore, it is important to analyze the financial distress in telecommunication companies in order to avoid bankruptcy. This research aimed to investigate the effect of financial ratios to predict the probability of financial distress. Financial ratios indicator used profitability ratio, liquidity ratio, activity ratio, and leverage ratio. The population in this research was telecommunication companies listed in the Indonesia Stock Exchange periods 2009-2016. Based on purposive sampling method, the criteria of financial distress in this study was measured by using net operation negative two years, while statistic analysis used was logistic regression with a significance level of 10%. The result was that liquidity ratio (current ratio) and activity ratio (total asset turnover ratio) had a negative significant value, and profitability ratio(return on asset) and a leverage ratio (debt to total asset) had positive significant value to predict financial distress.

DEBT AND AGENCY CONFLICT IN INDONESIAN MANUFACTURING FIRMS Hendra Wijaya; Rr. Puruwita Wardani
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Companies in Indonesia have shareholders who are not dispersed or in other words theownership is only held by one majority shareholder. This study examined the effects ofinvestment decision on the firm value and the debt moderation on the effects of investmentdecisions on firm value. Debt moderation was used to test the agency conflict of debtuse on investment decision. The company samples in this research were 90 companies.This research was conducted by using panel data regression with moderation. This studyfound that investment decision had a positive effect on firm value and the use of higherdebt could lower the positive effect of investment decision on firm value.

KUALITAS LABA DAN PENGUNGKAPAN SUKARELA DAMPAKNYA TERHADAP BIAYA MODAL EKUITAS MELALUI ASIMETRI INFORMASI Ibnu Abni Lahaya
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

This study aimed to examine the effect of earning quality and voluntary disclosure on cost ofequity capital with information asymmetry as an intervening variable. The study was conductedby analyzing 118 manufacturing companies listed in Indonesia Stock Exchange during the years2013 to 2015 by using path analysis. The results of this study indicate that information asymmetrymediating the relationship of earnings quality and voluntary disclosure on cost of equitycapital. These findings indicate that the company may affect the cost of equity capital by minimizethe degree of information asymmetry with improving earning quality and expanding voluntarydisclosure.The reduced cost of equity capital caused by low rate of return required by investorsbecause the information presented to minimize the level of information asymmetry. This studyindicates that information has an important role to lowering information asymmetry and cost ofequity capital, as indicated by the response of investors and other market participants to theinformation disclosed by company.

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