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INDONESIA
Jurnal Keuangan dan Perbankan
Published by Universitas Merdeka Malang
ISSN : -     EISSN : -     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
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Articles 12 Documents
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Search results for , issue "Vol 23, No 4 (2019): October 2019" : 12 Documents clear
Financial crisis and cointegration of systemic risk in Southeast Asian banking Herman Saheruddin; Wahyoe Soedarmono
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (548.757 KB) | DOI: 10.26905/jkdp.v23i4.3669

Abstract

This paper aims to investigate the banking sector integration through a cointegration analysis of bank systemic risk in ASEAN-5 from 1998 to 2013 by taking financial crises into consideration. Our empirical findings highlight that there is one cointegrating vector in general, suggesting that the ASEAN-5 banking sectors are not completely segmented in terms of systemic risk. A closer investigation, however, reveals that the banking sectors were completely segmented during the 1997/1998 Asian financial crisis (AFC) and partially segmented during the 2008 global financial crisis (GFC). The latter might indicate an improvement in banking sector integration in several countries of ASEAN-5 during the GFC compared to during the AFC. Hence, this paper highlights that the agenda of banking sector integration in ASEAN-5 should consider the influence of financial crises to ensure the effectiveness of cross-border crisis management protocol when the ASEAN-5 banking sector tends to be segmented in times of crisis. In general, portfolio diversification in ASEAN-5 also remains beneficial for global investors in banking.JEL Classification: F36, G21, G28DOI: https://doi.org/10.26905/jkdp.v23i4.3669 
The determinants of cash holdings and characteristics of the industrial business cycle in Indonesia Sari, Linda Purnama; Kurniawati, Sri Lestari; Wulandari, Dewi Ayu
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3326

Abstract

One of the motives of a business doing cash holdings is the precautionary motive. The company tries to accumulate cash as a precautionary measure to cover unanticipated future necessities. We investigate to determine the factors that can affect company cash holdings that are associated with the characteristics of the industrial business cycle in Indonesia. The sample used is companies that meet the criteria (purposive sampling) and are grouped into different industrial characteristics, such as sensitive industry, defensive industry, growth industry, and cyclical industry. This enables to understand the behavior of cash holdings in a different industry. The analysis technique used is the data panel regression analysis. We find that each type of industry has different characteristics in maintaining its cash balance. For defensive industry and growth industry hold more cash than other industry, because they have strong growth opportunities. In addition, we find that inflation, managerial ownership, leverage, dividend policy, investment opportunities, and firm size have an effect on cash holdings while the operating cycle has no effect on cash holdings.JEL Classification: G32, G35, G38DOI: https://doi.org/10.26905/jkdp.v23i4.3326
Market concentration, diversification, and financial distress in the Indonesian banking system Farida Titik Kristanti; Deannes Isynuwardhana; Sri Rahayu
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.2693

Abstract

The economic theory provides conflicting predictions about the relationship between the market structure of the banking industry and financial distress. The view of "concentration-fragility" argues that a banking structure that is more concentrated with a number of large banks is more vulnerable to financial fragility than a banking sector that is less concentrated with many banks. We examine how the concentration market, market share, and diversification affect the bank's financial distress. Using the purposive sampling method and data of listed banks in the 2014-2017 period, the results of statistical tests with logistic regression showed that market concentration has a positive effect on the bank’s financial distress. The more concentrated the market, the greater the probability of the occurrence of financial distress in Indonesian banks. We also prove the validity of the SCP (The Structure-Conduct-Performance) hypothesis and efficiency hypothesis. Therefore, regulations need to be made in order to reduce this highly concentrated market so that the probability of financial distress decreases.JEL Classification: D4, G2DOI: https://doi.org/10.26905/jkdp.v23i4.2693
Investment opportunity set, dividend policy, company’s performance, and firm’s value: Some Indonesian firms evidence Anggi Angga Resti; Budi Purwanto; Wita Juwita Ermawati
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.2753

Abstract

The availability of investment opportunity set at state-owned companies and the dividend policy taken by state-owned company management should be signals in the company's efforts to improve performance.  Therefore, both the Investment Opportunity Set (IOS) and dividend policy can be factors driving corporate performance. Thus, state owned-companies can further enhance firm value. We examined the effect of the IOS and dividend policy on company performance and firm value. The sample used in this study was the state-owned company listed at the Indonesia Stock Exchange and observed for 5 years, from 2013 to 2017. Data were collected using a purposive sampling method. This study had 13 sample companies that were processed using the panel data regression method. We found the first result revealed that dividend policy had a positive effect on company performance, which had a positive effect on firm value. Besides, the IOS was observed to have a positive impact on firm value. The second result showed that the IOS did not affect the company's performance, and dividend policy did not influence the firm's value. Thus, those results proved that the company's performance could provide a signal to the firm's value.JEL Classification: G31, G32DOI: https://doi.org/10.26905/jkdp.v23i4.2753
Examining belief-adjustment model and investors overconfidence on investment decision making Dyah Eras Mita; Luciana Spica Almilia
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3203

Abstract

This research aims to examine whether there is a different judgment between the investor who receives good news followed by bad news and the one who receives bad news followed by good news information order in the step-by-step and the end-of-sequence disclosure pattern by using financial information type and non-financial information type and overconfidence characteristics on investment decision making. This research is included in the experimental design by using a mixed design of between-subjects and within-subject design and classified as experimental research which uses the 2x2x2 method. Participants used in this research are undergraduate business students in STIE Perbanas Surabaya who are studying and/or have completed investment management and/or financial statement analysis courses who will serve as non-professional investors. The results obtained in this research showed that recency effect occurred between the investor who receives good news followed by bad news and the one who receives bad news followed by good news in the step by step disclosure pattern, while there is no order effect occurred when the disclosure pattern used is the end-of-sequence.JEL Classification: G02, G11, G17DOI: https://doi.org/10.26905/jkdp.v23i4.3203
Myopia in investment: Seasoned manager’s age and long-term investment distortion Muhammad Madyan; Bayu Indra Kurniawan; Novian Abdi Firdausi
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3393

Abstract

Myopia in financial terms is included in the discussion of short-termism in investments. This study analyzes the effect of managerial age on investment policies taken by the top-level management with controlled variables consists of investment opportunity, firm size, profitability, leverage, and firm year effect. This study uses a fixed effect model estimation with data samples containing secondary data from 52 manufacturing firms listed in BEI. Data samples are selected through a purposive sampling method to filter and choose data that fit the study criteria. Study results show that the seasoned manager’s age has a negative and significant effect on long term investment, which implies that the older the seasoned manager’s age could increase the tendency of investment myopia. Controlled variables such as investment opportunity and firm size have a positive effect on long term investment, while the firm-year effect factor of 2013 and 2014 have positive effects but insignificant effect on long term investment.JEL Classification: D29, G32, G39, G41DOI: https://doi.org/10.26905/jkdp.v23i4.3393
Capital and lending growth of banking sector in Indonesia: Study on the BUKU category Ahmad Aziz Putra Pratama
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3401

Abstract

Mostly, loans are an essential source of income for banks, and capital is used to absorb shocks during default risk. This study examines the effect of bank capital on lending growth in each Commercial Bank based on Business Activities (BUKU) category listed on the Indonesia Stock Exchange (IDX). This research used the fixed effect model. Data obtained from the company's financial report published in the 2010-2016 period. There is an inconsistency effect of bank capital on lending growth in each category. The results showed that bank capital has a significant positive effect on lending growth at all bank samples, BUKU 1, and BUKU 2. Furthermore, bank capital has a significant negative effect on lending growth at BUKU 3 and BUKU 4. Analysis results showed that behavioral lending differs based on their owned core capital. This study implied that BUKU 1 and BUKU 2 tend to implement aggressive strategies to deal with market competition, while BUKU 3 and BUKU 4 prefer to perform the defensive strategy on lending because they have various sources of income that not only depend on the loan. Finally, these findings are in line with policies that have been made by Financial Services Authority (FSA) regarding the categorization of the bank’s size based on owned core capital.JEL Classification: G20, G21, G40 DOI: https://doi.org/10.26905/jkdp.v23i4.3401 
Women on boards and earnings management: What really matters? Hala, Ganis Sepsika
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : UNIVERSITY OF MERDEKA MALANG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3439

Abstract

The diversity of gender and income conservatism has been intriguing topics over the last decade. The effect of women who are more likely to be financially conservative than men will bring impact on the practices of conservative accounting, particularly when determining revenues for corporate governance. Therefore, we investigate the effects of women leaders in corporate business and their impacts on earnings management. The population of the study includes companies indexed in the Indonesia Stock Exchange, except for banking corporates. By using purposive sampling, 341 companies were selected for observation within six years. Total population sampling is 2046 data (firm-years). Hypothesis testing employed the multiple regression model on panel data with the Ordinary Least Square (OLS) approach. The estimation result of the Jones Model indicates women in top supervisory have no significant effect on earnings management while women in top management have a negative significant effect on earnings management. In addition, the hypothesis testing with the Kothari model demonstrates a negative significant effect of both women in top supervisory and women in top management toward earnings management. Therefore, we justify that women in top supervisory and women in top management bring prominent contributions to corporate business mainly in the financial sector, particularly in the improvement of financial reports by reducing the likelihood of earnings management practices.JEL Classification: D22, J16, G34DOI: https://doi.org/10.26905/jkdp.v23i4.3439
Board of directors and credit risk: An empirical study of Indonesian Islamic banks Peni Nugraheni; Rifqi Muhammad
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3484

Abstract

Credit risk is the primary risk in the banking industry related to its function in distributing credit to customers. Decreasing credit risk is the main duty of the management of banks. We examine the relationship between the Board of Directors (BOD) characteristics and credit risk in the Indonesian Islamic bank. BOD characteristics consist of BOD size, educational qualification, number of meetings, and expertise. The samples in this study are full-fledged Islamic banks in Indonesia that publish annual reports for the year 2013-2017. The data are processed using panel data regression. We indicate that the number of BOD meetings has a negative influence on credit risk, BOD size has a positive influence on credit risk while educational qualification and expertise do not influence credit risk of Islamic banks in Indonesia. Understanding BOD characteristics and credit risk are useful to mitigate the implementation of corporate governance for Islamic banks in the two-tier board system. The findings are expected to have a contribution to strengthening the BOD’s role to encourage the better performance of Islamic banks.JEL Classification: G21, G32DOI: https://doi.org/10.26905/jkdp.v23i4.3484
The accuracy of earnings forecast in IPO prospectuses: Evidence from Indonesia Sendhy Saputra; Inten Meutia; Tertiarto Wahyudi
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3509

Abstract

The financial information that attracts the attention of most investors is the earnings forecast. Because investors are more interested in the company's prospects in the future than historical information. But in reality earnings forecast is less accurate, while the factors that are suspected to influence give inconsistent findings. This study aims to determine the effect of the forecast horizon, underwriter reputation, auditor reputation, company size, company age, leverage ratio, industry type and IPO market on the accuracy of earnings forecast. The population of all companies that IPO in Indonesia Stock Exchange period 2015-2018, were selected using the purposive sampling method, obtained 107 samples. Secondary data were obtained from the company's prospectus and annual report. The analytical method used is multiple regression. The accuracy level of earnings forecasts is measured using forecast error numbers. Mean forecast error 28.86 percent is reported over the entire sample period. Then only underwriter reputation and company size have a significant positive effect on the accuracy of earnings forecasts. And the hot IPO market has a negative effect on the accuracy of earnings forecasts. The implications of research show that underwriter reputation, company size, and IPO market became the important indicators in determining investment strategies in IPO shares.JEL Classification: D82, G14, G17, R53DOI: https://doi.org/10.26905/jkdp.v23i4.3509

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