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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
 1   2 
Search results for , issue "Vol 21, No 3 (2017): July 2017" : 15 Documents clear
GCG Role and Audit Quality in Reducing Earnings Management Action in Indonesian Manufacturing Firms Sigit Handoyo; Windri Bulan Agustianingrum
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i3.673

Abstract

All elements in the financial statements were the responsibility of the management, however, investors more pay attention to profit information so that this will trigger the management to do earnings management. This study was intended to analyze the effect of managerial ownership, institutional ownership, independent board, audit committee, and the quality of audit toward earnings management. This study is using data 35 manufacturing companies listed on Indonesia Stock Exchange 2013-2015, determination of samples in this study using a purposive sampling method. The data of the managerial ownership, institutional ownership, independent board, audit committee and quality of audit were gathered from the company’s annual report. Hypothesis testing using multiple regression analysis. The outcome of the hypothesis testing shows that the managerial ownership, institutional ownership, audit committee and quality of audit will give a significant negative effect on earnings management while the independent board has no influence on earnings management.DOI: https://doi.org/10.26905/jkdp.v21i3.673
The Role of Corporate Governance as a Leverage Moderating and Free Cash Flow on Earnings Management Reni Yendrawati; Erin Febriana Asy’ari
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i3.704

Abstract

According to agency theory, there was a separation of function between principal and agent. This separation created different interest between principal and agent. This condition occurs because of the asymmetric information that the agent more knew company information than the principal. Therefore, it was interesting to study the actions of management. This research aimed to analyze the influence of leverage and free cash flow to earnings management and the ability to analyze the influence corporate governance consisting of managerial ownership, institutional ownership, independent commissioner, and audit committee in influencing earnings management on the listed manufacturing companies in Indonesia Stock Exchange during years 2010-2014. The results showed that leverage significantly influences to earnings management and free cash flow significantly influence to earnings management moderating variables that influence the relationship of leverage to earnings management is managerial ownership, independent commissioner, audit committee, and moderating variables that influence the relationship of free cash flow to earning management was managerial ownership and institutional ownership.DOI: https://doi.org/10.26905/jkdp.v21i3.704
Strategi Bisnis dalam Praktik Manajemen Laba pada Perusahaan Manufaktur di Indonesia Widyasari, Permata Ayu; Harindahyani, Senny; Rudiawarni, Felizia Arni
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (270.654 KB) | DOI: 10.26905/jkdp.v21i3.1179

Abstract

This study investigated whether a firm’s business strategy is associated with real and accrual earnings management. It applied by Miles Snow (1978) business strategy typology and classified business strategy into two dominant and contrast strategy, prospector and defender. Business strategy is how the company make the decision to compete with its competitors and to sell its products. Compare with prospectors, Defenders have the motivation to engage in earnings management with the purpose of maintaining its reputation as a stable company and fulfill the investor’s expectation. Furthermore, this study also examined whether audit quality can decrease real and accrual earnings management. The sample was used in this study are manufacturing firms that are listed in the Indonesia Stock Exchange in period 2011–2014. Hypotheses were tested using multiple linear regressions. Our findings show that the defender has higher absolute real earnings management compare to the prospector, especially for-profit firms. However, absolute real earnings management can be decreased along with the increase in audit quality. Such findings could be a consideration for the investors. On the other hand, the business strategy does not associate with accrual earnings management.DOI: https://doi.org/10.26905/jkdp.v21i3.1179
Dividend Policy and Corporate Value (A Meta-Analysis) Tifani Titah Dwi Tyastari; Rosidi Rosidi; Erwin Saraswati
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i3.1218

Abstract

This study aimed to understand the effect of dividend policy on corporate value, as well as to examine and analyze the variation of result study on the corporate value in Indonesia. Dividend Signaling Model was the grand theory used to explain the effect of dividend policy on corporate value. This study used a meta-analysis approach with the sample were 70 researchers in Indonesia, both the published and unpublished in 2007-2015. The result of this study, meta-analysis strengthens the findings of the previous study which stated that the dividend policy could increase the corporate value. The differences of the previous studies were due to the presence of moderation effect from the measurement model of corporate value and dividend corporate.DOI: https://doi.org/10.26905/jkdp.v21i3.1218 
The Role of Employee Stock Option Plan to Reduce Earnings Management Actions Namla Elfa syariati; Bambang Subroto; Wuryan Andayani
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (199.865 KB) | DOI: 10.26905/jkdp.v21i3.1281

Abstract

This research aimed to investigate the influence of earnings management to the compensation of the Employee Stock Option Plan (ESOP). Taking agency theory to explain theconflict between managers and shareholders. It was expected that ESOP would increasethe managerial responsibility to companies, but the managers have abused it to gainmore benefits for themselves. This research used simple linear regression and multiplelinear regression analysis with a sample of 120 publicly traded companies listed on theStock Exchange during 2011-2014. This study had one independent variable (ESOP) and controls four variables (managerial ownership, institutional ownership, the board of directors and audit committees). The result of this study was that earnings management had a positive impact on improving employee compensation due to the ESOP program. The existenceof managerial ownership and commissioners could reduce earnings managementactions in the implementation of the ESOP.DOI: https://doi.org/10.26905/jkdp.v21i3.1281
Asset Structure Impact on Capital Structure of Capital Market-Listed Firms in Indonesia and Malaysia Zainal Abidin Sahabuddin
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i3.1312

Abstract

The debt was able to be used by the firm as a source of funds for investment-related activities, especially when the amount of retained earnings was not sufficient to cover the amount of investment needed. Naturally, the use of debt definitely caused the agency conflict between firm shareholders and debt holders. To reduce this conflict, the existence of fixed assets as collateral was needed when the firm decided to borrow money from debt holders. The purpose of this study was to prove the agency theory perspective by testing an impact of asset structure on the capital structure of firms. The population of this study was the firms listed on the Indonesia Stock Exchange and Malaysian Stock Exchange. The firms as a sample were taken from the population by conducting a stratified random sampling method. The pooled data regression model was used as the data analysis method. This result of this study showed that asset structure had a positive impact on the capital structure. It meant the causal relationship between asset structure and capital structure happened and was supported by the agency theory perspective.DOI: https://doi.org/10.26905/jkdp.v21i3.1312
TVA, Abnormal Return, and Investor Perception on Changing of Tick Size 2 May 2016 Tri Gunarsih; Astri Wening Perwitasari
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (277.075 KB) | DOI: 10.26905/jkdp.v21i3.1316

Abstract

The objective of this study was to analyze the market reaction to the changing of the capital market's tick size regulation on May 2, 2016. The main goal of the regulation was to increase the capital market liquidity, then it’s important to test whether there was a difference in market liquidity before and after the regulation released. The method of this study was studying with Trading Volume Activity (TVA) and abnormal return based on secondary data and also investor perception based on primary data. The secondary data consist of 65 samples of listed companies in Indonesia Stock Exchange. The primary data consist of 67 investors in Yogyakarta that were selected using a purposive sampling method. The result of this study was a mix, there was no difference before and after the release of regulation in TVA, but there was a difference in abnormal return. The result of investor perception shows that there was a positive response to the changing of tick size regulation.
Do Financial Constraints Moderate the Impact of Financing Decisions From Internal-financing Sources on Investment? Andewi Rokhmawati
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (348.248 KB) | DOI: 10.26905/jkdp.v21i3.1357

Abstract

To prevent investment growth from 2013 to 2015 from decreasing, the Industrial Ministry provided fiscal incentives to stimulate investment-growth. Nevertheless, the investment growth of manufacturing firms still declined. This condition indicated that fiscal stimulus might be ineffective to prevent investment-growth from declining. The decline of investment might be influenced by the increase of firm financial constraints to access a source of long term debts. This study aimed to examine the influence of financial constraints in moderating the effect of financing decisions from internal financing sources on investment. The population of the study was all listed-manufacturing firms in Indonesia from 2013 to 2015. Samples were chosen based on the availability of firms’ financial report covering the period of the study. The study concluded that financial constraints significantly weaken the effect of internal funding decision on investment. Unconstrained firms had a higher beta than constrained firms. Although unconstrained firms had an opportunity to choose their source of funding, they preferred to finance their investment from cash flows because the cost of debts might be much higher than the cost of equity. Hence, to help firms to finance their feasible investment opportunity, the government should not only provide tax incentives but also provide a low-interest loan.DOI: https://doi.org/10.26905/jkdp.v21i3.1357
Forward, Forward Option and No Hedging Which One is the Best for Managing Currency Risk? Riko Hendrawan
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (323.474 KB) | DOI: 10.26905/jkdp.v21i3.1428

Abstract

Bank Indonesia Regulation No.18/18/PBI/2016 concerning foreign exchange transactions against rupiah between banks and domestic parties, indicates that the importance of hedging for business actors in Indonesia. Based on the data of the rupiah exchange rate movements against the dollar from January 2006 to December 2016 shows that the fluctuation of the rupiah against the US dollar tends to weaken, although at some point the observation shows the strengthening of the rupiah against the US dollar. The purpose of this research is to assess the impact of forward, Forward Option and No Hedging Strategy for managing currency exposure between IDR to USD. Using data from January 2006–December 2016 taken from the website of Bank Indonesia and Federal Reserve. Total 396 simulations, consists of 132 using Forward simulations, 132 using Forward Option simulations and 132using No Hedging simulations. Findings from this research show that Forward Option was has no positive contribution in managing currency exposure, No Hedging Strategy has 36,36 percent positive contribution and the forward contract has 72,73 percent positive contribution in managing currency exposure. Its means Forward Contract was better than forward Option and No Hedging Strategies in managing currency exposure.DOI: https://doi.org/10.26905/jkdp.v21i3.1428
Kinerja Keuangan dan Ukuran Perusahaan terhadap Harga Saham dengan Kebijakan Dividen sebagai Variabel Intervening Rico Wijaya
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (250.313 KB) | DOI: 10.26905/jkdp.v21i3.1432

Abstract

This was research conducted to examine the effect of the leverage ratio, activity ratio, and size firm on stock price with dividend policy as a mediating variable the companies listed in Indonesia Stock Exchange 2012-2014. This research has a total number of samples 141 samples and using purposive sampling with criteria declare a dividend payout for 3 consecutive years, and the debt to equity ratio, total asset turnover, which is positive. The first result is total asset turnover, Ln_totalasset have a positive effect on dividend payout ratio, and debt to equity don’t have a positive effect on the dividend payout ratio. The second result is total asset turnover, Ln_total assets, and dividend payout ratio have a positive effect on Ln_stock prices and debt to equity don’t have a positive effect on Ln_stock prices. Test results mediating dividend payout ratio is not proven mediates the relationship debt to equity, total asset turn over, and Ln_total  asset on Ln_stock prices. The result of this research proves that there is no influence of dividend policy in the relation of financial performance to stock price.DOI: https://doi.org/10.26905/jkdp.v21i3.1432

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