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Jurnal Keuangan dan Perbankan

jkdp
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Published by Universitas Merdeka Malang

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Core Subject : Economy,

Economics, Econometrics & Finance

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Articles 15 Documents

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Search results for , issue "Vol 21, No 4 (2017): October 2017" : 15 Documents clear

The Impact of Adoption of XBRL on Information Risk in Representative Countries of Scandinavian Region Valentina Tohang; Michellen Lan
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

This study aimed to examine the impact of the adoption of eXtensible Business Reporting Language (XBRL) in reduced the information risk of financial reporting disclosures. Information transparency, information asymmetry, the efficiency of the information and also the quality of the information disclosures will impact upon information risk. An increased of information risk and information asymmetry will reduce transparency and efficiency of the financial disclosures due to the unqualified financial and non-financial information provided by the companies (Kim, Kim, No, 2011). Event return volatility (ERV) used to represent the occurrence of information risk. Used a sample of listed companies in the Scandinavian region of the European Union (EU), we found that XBRL adoption had lowered the occurrence of information risk. This finding supported by prior studies which stated, that a decrease in the degree of ERV, as a proxy of lower information risk, may directly impact the information quality, information efficiency, and information transparency. By detected the existence of information risk, stakeholders can more aware of the necessity to ensured the quality of the reporting information disclosure. This paper also highlighted the benefits of adopting XBRL as a reporting standard to improved the company’s reporting disclosure.DOI: https://doi.org/10.26905/jkdp.v21i4.1525

The Determinants Stock Price Crash Risk of the Manufacturing Firms in Indonesia Fidya Gumilang Arianwuri; Sutrisno T.; Yeney Widya Prihatiningtias
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

This study aimed to examine the effect of the business strategy of prospector and defender companies on stock price crash risk, test the influenced of equity market competition on stock price crash risk, and test the effect of prospector strategy on stock price crash risk through overvalued equities. The population of this study was manufacturing firms listed on the Indonesia Stock Exchange for seven years of observation. The data analysis used in this research was Path Analysis by using Multiple Linear Regression. The results of this study that the business strategy prospector positively affects the stock price crash risk, while the defender strategy did not affect the stock price crash risk. Companies that implemented business prospector strategies will be faced with higher uncertainty than defender business strategies. In addition, prospector's business strategy can affect the stock price crash risk through overvalued equities. Companies that implemented business prospector strategies will tend to overvalued equities, which can lead to future stock price crashes. One way reduced to the stock price crash risk is in the presence of equity market competition. The equity market competition had a negative effect on the stock price crash risk so that a high equity market competition can reduced information asymmetry and minimize the stock price crash risk.DOI: https://doi.org/10.26905/jkdp.v21i4.1353

The Differences Cost of Equity Capital between Before and After Adoption of IFRS Sanjaya, I Putu Sugiartha; Br. Barus, May Hosiani
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : UNIVERSITY OF MERDEKA MALANG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i4.1479

The objective of this study was to analyze and compare between the cost of equity capital between before and after the adoption of IFRS on Statement of Financial Accounting Standard Financial Instrument (PSAK) for banking companies listed in Indonesian Stock Exchange. The period on this study was 2008-2009 for before adoption and 2013-2014 for after adoption. Data on this study was secondary data such as annual financial reporting and share price. Cost of equity capital was measured using the Ohlson Model. The sample in this study was banking companies listed in Indonesian Stock Exchange in 2008, 2009, 2013, and 2014. Selecting a sample was by purposive sampling with specific criteria. Results of this study proved that the cost of equity capital was lower for after adoption of IFRS on Statement of Financial Accounting Standard Financial Instrument for banking companies listed in Indonesian Stock Exchange than before adoption. It meant that adoption IFRS could reduce the cost of equity capital. This result had an impact on reducing the non-performing loan, increasing the loan to deposit ratio, and increasing net interest margin.DOI: https://doi.org/10.26905/jkdp.v21i4.1479

Performance Evaluation of Equity Mutual Funds in Indonesia Irene Rini Demi Pangestuti; Sugeng Wahyudi; Robiyanto Robiyanto
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

Mutual funds considered an investment alternative for investors. One type of mutual fund that attracts many investors was the equity mutual funds. Equity mutual fund a type of mutual funds that most part of the investment consists of stocks in the capital market so the risk rate was higher than the other types of mutual funds. For its different characteristic, the measurement for equity funds performance did not be same with other types of mutual funds. As a stock portfolio, equity mutual funds can measure with portfolio measurement methods such as Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index, Adjusted Jensen Index, and Sortino Ratio. This study was conducted by using all of those performance measurements as most research in Indonesia was conducted by using limited performance measurements (focusing on Sharpe Index, Treynor Ratio, and Jensen Index). This study aims to evaluate the performance of 42 equity mutual funds available in Indonesia by employing Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index (ASI), Adjusted Jensen Index (AJI), and Sortino Ratio because most previous researches in Indonesian setting disregards ASI and AJI. In general, it was concluded that the SAM Indonesian Equity was the best-performing equity fund during the study period. It was further found that most equity mutual fund studied have been well diversified.DOI: https://doi.org/10.26905/jkdp.v21i4.1503

Shift in the Funding Theory Paradigm: From Newtonian-Positivistic to Critical-Phenomenology Maria Rio Rita; Sony Heru Priyanto
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

Theories about funding have developed rapidly, it was starting from the traditional-rational theory to the behavior-based funding theory, which response to the gap between reality and financial theories. The theoretical developments can depict the real condition of financial management involving funding decisions, investment decisions, and dividend policies in an enterprise. These developments and evolution enable financial managers and also entrepreneurs to realistically apply them in their business activities. This research used a meta-synthesis analysis technique to integrate results from a number of different but inter-related qualitative studies. There has already been a shift in the funding theory paradigm from a Newtonian paradigm which emphasizes positivistic epistemology leading to a Critical paradigm, which places more emphasis on a phenomenological approach to see the reality. This shift has resulted in many changes related to the financial essence, research related to financing, as well as the advantages of the funding or financing theory in a company. A new essence about funding has surfaced, where funding and its benefits can solve company funding problems. DOI: https://doi.org/10.26905/jkdp.v21i4.1510

The Determinants of Dividend Policy: A Study of Financial Industry in Indonesia Gusni Gusni
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

Dividend policy is still a controversial issue and often debated in the literature of corporate finance. Previous literature has examined that companies pay a dividend is to attract investors to buy their companies shares. The question, what are the determinants of the company’s dividend policy? The purpose of this study is to find out the determinants of dividend policy in the financial industry listed in Indonesia Stock Exchange. This study uses a panel data analysis method to investigate the determinants of dividend policy (corporate governance mechanism, profitability, systematic risk, firm size, and leverage) in Indonesia Stock Exchange which sample was taken from 17 companies by using purposive sampling technique from the period of 2009-2015. The empirical result shows that profitability, leverage, and institutional ownership have a negative impact on the firm’s dividend policy. This study revealed that systematic risk, firm size, and board of directors have no impact on the firm’s dividend policy.DOI: https://doi.org/10.26905/jkdp.v21i4.1521

Ownership Structure and Publicness of Firms: A Literature Review Untoro, Wisnu
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

There has been an extensive body of literature studying the link between ownership structure and firm performance. Some of them focus on the performance difference across ownership types (i.e. state vs foreign vs private domestic). On the other hand, some studies stress ownership structure on the fraction of ownership based on agency theory (i.e. majority versus minority) and its derivatives (e.g. ultimate ownership, cross-listing). However, an important element has not been explored while discussing the ownership structure of firms which is the concept of the publicness of firms. Publicness is important to explain to which extent an organization is related to governmental institutions. In fact, there are many engagements of firms with governmental bodies (e.g. deposit and lending from and to the public organization). In this present paper, I provide a comprehensive literature review on the intersection between the publicness level of firms and ownership structure. Going deeper, I also provide a literature review on the measurement of publicness and postulate a model to link between these two and firm performance as a venue for future studies.DOI: https://doi.org/10.26905/jkdp.v21i4.1560

Reaction of Indonesian Capital Market Investors to the Implementation of Tax Amnesty Wibowo, Agung; Darmanto, Susetyo
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : UNIVERSITY OF MERDEKA MALANG

This study was an event study that aimed to find empirical evidence of the reaction of Indonesian capital market investors towards the implementation of tax amnesty. The population of this study was consisting of sectoral indexes listed on the Indonesia Stock Exchange during the study period. The data used were secondary data in the form of a daily sectoral index five days before and five days after the event. The statistical test used to test the hypotheses was paired sample t-test. The result showed that there was no significant positive abnormal return in the period around the event date, as well as the period between the pre-event and event date of the tax amnesty implementation. The result also proved that there was no significant difference between the average trading volume activity in the period between pre-event and event date, event date and post event, and pre-event and post event of the tax amnesty implementation. In general, it can be concluded that investors did not respond to the events of the tax amnesty implementation as good news.DOI: https://doi.org/10.26905/jkdp.v21i4.1607

Is Investment Policy Value-Enhancing through CSR Disclosure? Jaja Suteja; Annisa Nur Mayasari
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

This study aims to analyze the effect of funding policy, dividend, and investment on firm value and the influence of corporate social responsibility (CSR) disclosure as moderating variable in the relationship between investment policy and firm value. By using purposive sampling methods, the selected sample of this research is 6 property, real estate and construction companies listed on IDX within the period of 2012-2016. Data analysis using the moderated regression analysis. From this study, it has been found that funding policy has no significant effect on firm value, dividend policy has a significant effect on firm value, and investment policy has a significant effect on firm value. The result also significantly showed CSR disclosure proved to be a moderating variable of the relationship between investment policy to firm value. Disclosure of CSR should be considered as a result of the implementation of the decision. The property, real estate, and construction companies should be more aware of the importance of implementing corporate social responsibility to increase corporate value. Disclosure of CSR should be considered as a result of the implementation of the decision.DOI: https://doi.org/10.26905/jkdp.v21i4.1724

The Role of Corporate Governance and Risk Management on Banking Financial Performance in Indonesia Mohamad Bastomi; Ubud Salim; Siti Aisjah
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i4.1285

This research aimed to examine the effect of corporate governance on financial performance on bank listed on the Indonesia Stock Exchange (IDX) period 2011-2015, either directly or indirectly through credit risk and operational risk. This research used a quantitative approach and the saturated sample method. There were 27 banks that categorized as a sample. Furthermore, Partial Least Square (PLS) used for hypotheses and analysis test and free statistic calculation for Sobel Test version 4 for testing credit risk variables and operational risk as mediation. The results of this research showed that improving the implementation of corporate governance can reduced credit risk and operational risk and increased financial performance, whereas, low credit risk and operational risk can increased financial performance. The results of mediation testing showed that credit risk and operational risk positively mediated the effect of corporate governance on financial performance. This explained that the implementation of good corporate governance can minimize the conflicts of interest and asymmetry information that leads to the cost of non-performing loans and additional capital costs that increased the company profitability.DOI: https://doi.org/10.26905/jkdp.v21i4.1285

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