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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 16 Documents

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Search results for , issue "Vol 22, No 1 (2018): January 2018" : 16 Documents clear

Financial Performance in Manufacturing Company with Multiple Linier Regression and MARS Moch Bisyri Effendi
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v22i1.1609

The purpose of this research is to analyze the influence of environmental disclosure and environmental performance on economic performance with firm size as a control variable. The environmental disclosure was measured by GRI index, environmental performance measured by PROPER index, firm size measured by ln total assets and economic performance measured by economic performance index. The sample of this study consists of 32 companies listed on the IDX 2013-2016. The criteria of the research sample are manufacturing companies that follow PROPER index, issuing financial statements with rupiah currency, publish a complete annual report. The results of this study inform that the performance of Multivariate Adaptive Regression Spline (MARS) is better than multiple linear regression. The result of multiple linear regression informs that not all classical assumption requirements are fulfilled. This results in a non-significant regression model, small R-square, and many predictor variables have no effect on response variables. MARS is one of the alternative methods to overcome the lack of multiple linear regression methods. MARS is not a requirement with classical assumptions because it includes one of the non-parametric regressions. MARS results informed that the MARS model is significant, R-square is large and the variables that affecting the economic performance are environmental disclosure and environmental performance while the most influential is the environmental performance.JEL Classification: F64; G30DOI: https://doi.org/10.26905/jkdp.v22i1.1609

The Effect of Capital Working Management on the Profitability Slamet Mulyono; Djumahir Djumahir; Kusuma Ratnawati
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v22i1.1332

Companies must maintain the sustainability business. In order to keep their existence and competitiveness, companies must increase profitability in every year. It also applies to state fertilizer companies. However, 10 years of history (2005-2014), the state fertilizer company have been facing difficulties in maintaining business sustainability. Profitability fluctuates and tends to decrease every year. One of the causes is inefficient working capital management. The objective of this study is to determine the relationship between working capital management and corporate profitability. To ensure the absence of the influence of unexamined factors, this study uses control variables of firm size, financial leverage, and gross domestic product. This research uses a positivist paradigm with a quantitative approach and multiple regression analysis. The results of this study indicate that state fertilizer companies will be able to increase ROA by accelerating Days of Sales in Inventory and Days of Payables. Higher assets, reduce profitability, and increasing debt withdrawal, which further declines profitability. State fertilizer companies should accelerate inventory turnover and obligation payments to suppliers to minimize the risk of foreign exchange loss, considering that 80% of raw materials are still imported. In addition, state fertilizer should maintain asset quality and minimize debt withdrawal to increase profitability.JEL Classification: G02; G31DOI: https://doi.org/10.26905/jkdp.v22i1.1332

Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia Aldea Mita Cheryta; Moeljadi Moeljadi; Nur Khusniyah Indrawati
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This research aimed to analyze the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. A sample of this research was a saturated sample and census, consisted of 56 firms related to the population criteria. This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had a negative effect on the cash holdings, asymmetry information had a negative effect on the firm value through cash holding, and cash holding had a negative effect on the firm value. With leverage and effect on cash, holding cannot affect the firm value, due to investor risk-averse, investor risk seeker, and neutral investor has their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company's performance, so that indirectly, with the existence of asymmetry information had an effect on the declining the firm value.JEL Classifications: G32, G35DOI: https://doi.org/10.26905/jkdp.v22i1.1334

Survival Analysis of Industrial Sectors in Indonesia Companies Farida Titik Kristanti; Deannes Isnuwardhana
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

The objective of this study is to discover evidence whether the variables selected as predictors affect the probability of companies experiencing financial distress. Through a purposive sampling technique, 336 companies listed on the Indonesia Stock Exchange were chosen and then grouped into three sectoral groups of companies. One of evidence resulted from survival analysis using the Cox hazard model showed that if the control of corruption increases then the probability of companies undergoing financial distress will decrease. During the research, the evidence was consistent across the three sectoral groups of Infrastructure, Mining, Property (IMP); Basic industry and chemical, Consumer goods industry, Miscellaneous (BCM); and Agriculture, Trade, and Investment (AT). Results of the study also showed that the companies, on the average, had implemented good corporate governance. It could be seen from the percentage of the independent commissioner involvement, which exceeded the minimum requirement of 30 percent as stated in its regulation. Among the groups, IMP had the highest average of leverage, operational risk, and size, but contrastively it had the lowest average of profitability. The results of this study can be used by the government to further improve the control of corruption in order to prevent companies from experiencing financial distress. Meanwhile, companies should not also do something encouraging bureaucrats to corrupt.JEL Classification: G33, G34DOI: https://doi.org/10.26905/jkdp.v22i1.1601

Islamic Financial Literacy and Personal Financial Planning: A Socio-Demographic Study Arum Setyowati; Harmadi Harmadi; Sunarjanto Sunarjanto
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This study aims to measure the level of Islamic Financial Literacy (IFL) in Solo society and to test the effect of IFL on personal financial planning. The socio-demographic variables such as age, gender, marital status, education level, and income are being used as the control variable. 313 respondents are involved in this research directly through survey method and Ordinary Least Square (OLS) is used to analyze the obtained research data. The study uses purposive sampling method and limiting the education level and income of research respondents. Study questionnaire consists of 20 multiple choice questions to measure respondent IFL and 13 questions to measure respondent personal financial planning. The results showed that: (1) the level of IFL in Solo reach 64.66 percent; (2) people with a good level of IFL tends to have better management in their personal finances; and (3) people with a good level of IFL tends to prefer investing on Islamic asset. Last, this paper will contribute to the scientific development of behavioral finance and financial inclusion which had been highly discussed in the financial literature. This study also became an early research in examining the influence of IFL on personal financial planning.JEL Classification: G2, G4, J1DOI: https://doi.org/10.26905/jkdp.v22i1.1625

Assessing Shock Volatility using Long Straddle Option Strategy: Evidence at IDX Composite Riko Hendrawan
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This study was to identify the probability of occurrence of shock volatility and was impact on return of an investment. Using IDX Composite data from 1998 to 2016 and long straddle option strategy at IDX composite consisting of two phases: high volatility daily return was 7 years with a total of 3432 observations, using 1716 call option simulation contracts, and 1716 put option simulation contracts and low volatility daily return were 12 years with a total of 5528 observations, using 2908 call option simulation contract and 2908 put option simulation contracts. The result showed that the shocking volatility occurs greater when the volatility below the average year of observation. Shock volatility during the year low volatility of 44.25% and period of year high volatility of 34.49%. But if calculated in total, based on 8960 observation from 1998-2016, where 4480 was call option and 4480 transactions were put transaction there were 1815 incident shock volatility or equal to 40.51. So the potential for profit (call and put option holders) or potential loss (call and put option seller) per day due to the occurrence of shock volatility of 40.51%.JEL Classification: G13, G17DOI: https://doi.org/10.26905/jkdp.v22i1.1707

Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia Mia Oktavina; Sahala Manalu; Sari Yuniarti
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v22i1.1793

The purpose of this study has analyzed the determinants of policy decisions of the capital structure of family firms listed on the Indonesia Stock Exchange (IDX) in 2012-2016. The company's capital structure was measured by using debt to equity ratio (DER). Determinants of capital structure used include profitability (ROA), asset structure, growth (growth), firm size (size) and business risk (risk). This research was a quantitative research with a kind of causal research. Using a sample of 38 family companies in Indonesia listed on the Indonesia Stock Exchange (IDX). Hypotheses testing method of multiple linear regression. The result showed that ROA had a negative effect not significant to DER. The asset structure had a significant positive effect on DER, growth had no significant negative effect on DER, size had no significant positive effect on DER, and risk had a significant negative effect on DER. The findings research that the average family firm in Indonesia still uses the Pecking Order Theory in the application of capital structure.JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v22i1.1793

Recent Developments in Dividend Policy: Evidence from Indonesia Aning Fitriana; Aqlima Cendera Dewi; Doddy Setiawan
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This study aims to describe the development of dividend policy research in Indonesia. This study analyzes 7 accreditation journals in Indonesia from 2002 – 2017 periods, there are 35 articles discussing dividend policy. We have classified this article based on topics, research methods, models used, and descriptions of research results in Indonesia. The result obtained is mostly published in Jurnal Keuangan dan Perbankan (JKP) 11 articles out of 35 articles. The most of the studied antecedent topics are financial ratios, ownership structures, and capital structures while for the most consequences topic is firm value. Overall, this research uses an analytical method and the measurement of dividend policy most use dividend payout ratio. This research period in the articles ranged from an average of 5,5 years. This research aimed to give perspective about researches that have been done in Indonesia about dividend policy and the research result can be used as a reference for next research or others such as investor and practitioners.JEL Classification: G30, G35DOI: https://doi.org/10.26905/jkdp.v22i1.1799

Weak Form Efficiency of the Insurance Industry: Empirical Evidence from Nigeria Emenike Kalu Onwukwe; Peter Ifeanyichukwu Ali
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This paper evaluates the insurance sector of the Nigeria Stock Exchange (NSE) for evidence weak-form efficiency using daily returns from January 2009 to February 2016. The study employs descriptive analysis, non-parametric runs test and autocorrelation function as well as Ljung-Box Q statistics in conducting the evaluation. Descriptive statistics of the insurance sector return series show negative skewness and leptokurtic distribution. Estimates from the Jarque-Bera normality test show that the insurance sector returns do not follow a normal distribution. Results of the runs test reject a null hypothesis of randomness in the return series of the insurance sector in the period studied. Furthermore, the autocorrelation functions and the Ljung-Box Q tests provide evidence of serial correlation in the stock returns of the insurance sector. Overall results from the study suggest that the insurance sector of NSE is not weak-form efficient. Consequently, technical analysis on the insurance sector of the NSE may not be fruitless. JEL Classification: G14, G22DOI: https://doi.org/10.26905/jkdp.v22i1.1800

Financial Technologies: A Note on Mobile Payment Song Yee Leng; Ameen Talib; Ardi Gunardi
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

The financial market is currently disrupted by the rise of new technologies "FinTech” a short form for financial technology, which profoundly reshapes the financial intermediary structure and makes financial services more efficient. Mobile technology with Internet-enabled devices is the next logical phase of the World Wide Web campaign such as mobile phone taking over the mass market and will fundamentally change the way products are bought and sold as well as financial services especially the mobile payment system. This research examines changes payment method in financial services, particularly those involving mobile payments that can create new channels for consumers to purchase goods and services using a mobile phone. Mobile payment application is ready to replace traditional cash, checks, credit and debit card throughout the country. In this stage of development, the current situation of mobile payment market, review the previous literature on mobile payment services, analysis use of mobile payment worldwide and various initiatives use mobile phones to offer financial services for those ‘unbanked’.JEL Classification: G20, O14DOI: https://doi.org/10.26905/jkdp.v22i1.1993

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