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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 2 (2018): April 2018" : 16 Documents clear

The Dynamic Correlation between ASEAN-5 Stock Markets and World Oil Prices Robiyanto Robiyanto
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

Various studies on the relationship between world oil prices and stock markets that have been done previously mostly still done by using a static approach or an approach to test whether there is a short-term or long-term relationship. This research scrutinizes the dynamic relationship between world oil price change with the return of ASEAN’s main stock markets such as Indonesia, Singapore, Malaysia, the Philippines, and Thailand by using Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroscedasticity (DCC-GARCH). The result shows that the correlation between world oil price’s change with the return of ASEAN’s main stock market was not static but change according to the stock market and the commodity market’s condition. During the normal period, DCC-GARCH is in the narrow range and stable, but during the period of stock market and commodity market turbulence, DCC-GARCH could alter extremely from positive to negative in some ASEAN countries. Generally, it is concluded that the use of a static approach was not appropriate especially for rapidly changing in the financial market and commodity market.JEL Classification: G10; G15; Q41DOI: https://doi.org/10.26905/jkdp.v22i2.1688

What's the Best Factor to Determining Firm Value? Neneng Susanti; Nanda Gyska Restiana
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

This study aims to determine the factors that affect the firm value in the LQ-45 Index companies in Indonesia. Independent variables in this study are company size, company age, capital structure, financial performance, and company profit. This research uses purposive sampling method and multiple regression analysis with total sample 108 from 2013-2016. The result of the research shows that company size will negatively affect firm value will have an adverse effect on the company's growth so that investor interest will tend to decrease. Company age influences firm value so that it can increase trust for an investor to invest. Capital structure influences firm value so it can reduce the impact on company expense and the level of debt. The financial performance affects the firm value will have an impact on the increase of investors in the company, corporate profits negatively affect the firm value so it should be able to increase further the company sales in generating profits to be distributed to shareholders.JEL Classification: G32DOI: https://doi.org/10.26905/jkdp.v22i2.1529

Macro and Micro Determinants of Stock Return Companies in LQ-45 Index Rahmat Fajar Basarda; Moeljadi Moeljadi; Nur Khusniyah Indrawati
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

The purpose of this study is to analyze the influence of solvability ratio, market ratio, inflation and interest rate on stock return of company LQ-45 listed in Indonesia Stock Exchange. The population of this study is the companies included in the LQ-45 index in the listing on the Indonesia Stock Exchange during the period 2015-2016 amounted to 90 companies. Data analysis in this research used multiple regression. The results showed that the variable solvabilities proxied with debt to equity ratio have a negative and significant effect on stock returns. The market ratio variable is proxied by price to book value have the positive and significant effect on stock return. The market ratio variable is proxied by price earnings ratio has the positive and significant effect on stock return. This means that any increase in the percentage of market value proxied by price earnings ratio will increase stock return. Inflation variable has a negative and significant effect on stock return. This means any increase in inflation will reduce the stock return, and interest rate variables have a positive and significant effect on stock returns.JEL Classification: D04; E44; G11DOI: https://doi.org/10.26905/jkdp.v22i2.1439

Taxpayer Compliance in SMEs Sector: A Theory of Planned Behavior Made Sudiartana; Ni Putu Yuria Mendra
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

The low level of taxpayer compliance is assessed as one of the causes of not achieving the target of tax revenue in Indonesia. One of the efforts made by the government to optimize tax revenue is by requiring UMKM sector to fulfill the obligation of taxation. Based on the above, the researcher is interested to conduct research on taxpayer compliance of UMKM using the psychological approach that is Theory of Planned Behavior. This theory describes the effect of attitudes on behavior, subjective norms, and perceived behavioral control on taxpayer compliance intent and behavior. This research uses a survey method at formal UMKM in Bali Province. Methods of sampling using proportional random sampling. Data analysis using the Structural Equation Model (SEM). The results showed that attitudes toward behavior, subjective norms, and perceived behavioral control have an effect on one's intentions to comply with tax provisions. Nevertheless, perceived behavioral control variables have no direct effect on individual tax compliance behavior. The test results on the variable intention to comply with tax compliance behavior support Theory of PlannedJEL Classification: H24; H26; M41DOI: https://doi.org/10.26905/jkdp.v22i2.1561

Taxpayer Compliance, Trust, and Power Theresia Woro Damayanti; Samuel Martono
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

Self-assessment system as adopted in Indonesia, focusing on taxpayer awareness. Therefore trust should be the spearhead of tax compliance rather than power. This study aims to examine how trust and power play a role in improving tax compliance by the slippery slope framework. Method of data collection in this research surveys in Central Java. The sampling technique is a multi-stage sampling that combines stratified random sampling and convenience sampling. Data has been collected from October 2015-April 2016, and 242 instruments were collected (86.4 percent response rate). By using multiple regression tests, the results of this study indicate that trust and power both simultaneously and partially affect tax compliance. Based on the coefficient different test, power has a greater impact than trust in creating tax compliance. This means that the compliance created in Indonesia is mandatory compliance that denies from self-assessment system that based on voluntary compliance.JEL Classification: H26; G41DOI: https://doi.org/10.26905/jkdp.v22i2.1580

Family Involvement in Firm’s Management and Productivity: An Empirical Evidence from Indonesia Eko Suyono
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

This study aims to investigate the effect of family ownership on productivity, the difference on the productivity level between family managers and professional managers, and to evaluate whether family firm better to hire professional managers or family managers. Implementing purposive method on 535 companies listed on The Indonesian Stock Exchange in sampling technique, this study ended-up with 144 listed companies as a sample for five years (2011-2015), thus totally there are 720 company year observations. Then, this study uses OLS regression to test the hypotheses. The findings show that family ownership affects negatively on firm productivity which is measured by Standard Cobb-Douglas production function. Moreover, family managers are less productive than professional managers, therefore, this study recommends the family firm hire professional managers in order to improve firm productivity. To the best of my knowledge, it is the first study which relates the family ownership and firm productivity in Indonesia, thus it will be beneficial in knowledge development in this research field.JEL Classification: G32; M41 DOI: https://doi.org/10.26905/jkdp.v22i2.1587

The Intellectual Capital Components on Firm Value: Evidence from LQ-45 Index Companies Eristy Minda Utami
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

The purpose of this research is to analyze the influence of Intellectual Capital components on the firm value. Data used in this research is secondary data with the sampling method is purposive sampling. The population of this study is companies listed in LQ 45 period 2012 - 2015, then selected to be sampled in these study as many as 96 companies are observed. The analytical tool to test of hypothesis is multiple regression analysis. The result of Value Added Capital Employed (VACA) affects the firm value. This means that information about the efficient use of capital employed is captured by the market (investor) so as to affect the firm value, Value Added Human Capital (VAHU) affect the firm value, because the company has the best employees with a ratio perpendicular to the cost incurred by the company, get a lot of value added on them. Structural Capital Value Added (STVA) does not affect the firm value. This shows that the company's operational systems, organizational culture, management philosophy and all forms of intellectual property owned by the company are inefficient and economical in creating added value for the company.JEL Classification: G32; J24; O34DOI: https://doi.org/10.26905/jkdp.v22i2.1648

The Influence of Tax Understanding, Tax Awareness and Tax Amnesty toward Taxpayer Compliance Nurkhin, Ahmad; Novanty, Ine; Muhsin, Muhsin; Sumiadji, Sumiadji
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

Taxpayer compliance is still an interesting topic to study since the government has launched tax amnesty program. This study aims at examining the influence of tax understanding, tax awareness and tax amnesty perceptions toward taxpayersâ€™ compliance in East Semarang Pratama Tax Office, Semarang City, Central Java. The research population is taxpayers that are registered in East Semarang Pratama Tax Office. This study used convenience sampling as a sampling technique. This study used 200 (samples) units. Data collection technique used in this research is questionnaire which is developed from some previous studies. The writer then used descriptive statistical analysis and multiple linear regression analysis as the analysis method. The results of this study showed that the understanding of tax, taxpayer awareness and the perception of tax amnesty proved to have a positive and significant effect on taxpayer compliance. The taxpayer understanding and awareness become variables that have a stronger influence than a variable of tax amnesty perception. The other results indicate that gender can influence taxpayer compliance as well. Female taxpayers are more compliant than male taxpayers. It is then suggested that the tax office always enforce tax education programs to taxpayers regularly and continuously to increase the taxpayersâ€™ understanding and awareness.JEL Classification: H23; H26DOI: https://doi.org/10.26905/jkdp.v22i2.1678

The Impact of Hedging on Firm Value of Public Non-Bank State-Owned Enterprises Henny Galla Pradana; Prima Naomi
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

This research aimed to find the impact of hedging on firm value. This research focused on 14 public non-bank state-owned enterprises listed in Indonesia Stock Exchange. The data used were quarterly data from 2011 to 2015, and panel data analysis. The basic model of research used referred to the research of Júnior Laham (2008) as well as the development of models conducted by Allayanis Weston (2001) to correct endogenous factors. The results showed that only five of the fourteen state-owned corporations that used a hedging instrument. The research findings showed that the firms which did hedging had a higher value than a firm that did not do it. A more detailed investigation found that the adoption of hedging strategies could increase the firm value, and the dislocation of the hedging strategy had a negative effect on the firm value, compared to firms that kept implementing hedging strategy. The magnitude of hedging measured using the Total Notional Value of Derivative to Total Assets (TNVD) also had a positive impact on the firm value. This finding also supported Bank Indonesia Regulation Number 15/8/PBI/2013 which was effective in reducing exchange rate risk for state-owned enterprises which in turn increased the firm value.JEL Classification : G 2 1, G 28 , G3 2, G38DOI: https://doi.org/10.26905/jkdp.v22i2.1967

Does The Crude Palm Oil Market Walk Randomly? Dolly Parlagutan Pulungan; Sugeng Wahyudi; Suharnomo Suharnomo
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

Study about the efficiency of the capital market has been extensively conducted, but it is still lack of research on the efficiency of other financial markets such as commodity markets. This study specifically examines market efficiency in a weak form in a commodity market, especially in the crude palm oil (CPO) market. The purpose of this research is to analyze the weak form efficiency of the CPO market. Data used in this research is monthly CPO closing price data in 2010-2017 from Bursa Malaysia Derivative Exchange (BMD). This data was obtained from the Malaysian Palm Oil Council (MPOC). The analysis tool used is Runs Test, following by Unit Root Test and Correlogram as robustness checking. The result of this study shows that the CPO market is being efficient in a weak form. This shows that CPO price walks randomly so that the technical analysis cannot be applied to predict the CPO price. The result of this study suggests to both of CPO traders, and CPO speculators in their transaction on BMD do not rely on technical analysis.JEL Classifications: G14; Q02DOI: https://doi.org/10.26905/jkdp.v22i2.2023

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