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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 10 Documents
 1 
Search results for , issue "Vol 24, No 3 (2020): July 2020" : 10 Documents clear
Budget based bonus, budget emphasis, budget gaming, and the impact on budget value Rhaisya Setiawati Rachmat; SeTin SeTin
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4236

Abstract

The issue of budget value has received attention and criticism from many researchers, especially that the budget value is not aligned with the sacrifices made in the budgeting process. The purpose of the study is to examine the effect of budget-based bonus and budget emphasis towards budget gaming and its implications on budget value. A questionnaire survey was used for data collection and was collected by personal and online (via email/link) to managers who have joined the Indonesian Management Association. Non-probability sampling method was used for the sample selection. A total of 286 data were collected and could be analyzed. Data were analyzed using Partial Least Square. The results show that budget emphasis affects budget gaming and also affects budget value. But budget-based bonus has no effect neither towards gaming budget nor budget value. This research enriches the budgeting literature especially for the context in Indonesia and enriches the findings of budget practices in the world. The results contribute to practitioners in making decisions, such as modifying the budget, leaving the budget, or continuing to run the budget. The design of a budget system that has more value-added to the company is an important implication of this research.JEL Classification: M2, M40, M41DOI: https://doi.org/10.26905/jkdp.v24i3.4236
The correlation of gold, exchange rate, and stock market on Covid-19 pandemic period Alfi Syahri; Robiyanto Robiyanto
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4621

Abstract

This study aims to analyze the correlation of gold, exchange rate, and CSPI on COVID-19 pandemic periods by testing the effect of gold exchange prices and exchange rate on CSPI and stock volatility. Also, by considering the dynamic correlation of dynamic correlations between CSPI with gold and CSPI with exchange rates. The data was collected from secondary data in the form of JCI daily data, gold prices, and exchange rate during the COVID-19 pandemic period from January 2020 to June 2020. Further, the data was analyzed by using a GARCH method to examine the effect of changes in gold and USD prices for CSPI and stock volatility. Hence, DCC-GARCH method was used to see the dynamic correlation between CSPI with gold and IHSG with exchange rate. The result showed that changes of gold prices has significant effect of on stock price volatility, the presence of a positive dynamic correlation between CSPI and gold, and a negative dynamic correlation between CSPI and exchange rates. This research can be used as a reference for investors for their investments by looking at the relationship between the CSPI, gold, and the exchange rate. JEL Classification: G10, G11, G12DOI: https://doi.org/10.26905/jkdp.v24i3.4621
A trade-off between tax reporting and financial reporting aggressiveness based on financial variables Acropolis Gemilang Mada Ngara Ledewara; Ari Budi Kristanto; Maria Rio Rita
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4018

Abstract

Firms likely exhibit greater financial reporting aggressiveness to increase their earnings and eventually attract investors. However, firms also tend to reduce their taxable income to maximize their cash flow. Consequently, firms arguably manage their corporate income tax aggressively. This research aims to investigate whether firms with low debt levels are more aggressive in their tax reporting than in financial reporting, firms with financial deficits are more aggressive in their financial reporting than in tax reporting, and firms with better access to external/internal capital market are more aggressive in their tax reporting rather than in financial reporting. We use three financial variables, namely debt ratios, financial deficits, and access to internal or external capital markets as proxies for firms’ financial condition. This study finds that all financial variables except financial deficits, motivate firms to engage in aggressive reporting decisions. Specifically, firms with higher debt ratios and easier access to external or internal capital markets will likely exhibit more aggressive tax reporting than financial reporting. JEL Classification: H26, G32, M41DOI: https://doi.org/10.26905/jkdp.v24i3.4018
The effect of compensation and religiosity on managers’ CSR decision Poppy Dian Indira Kusuma; Wiwiek Rabiatul Adawiyah; Bambang Agus Pramuka; Zahrotush Sholikhah
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4063

Abstract

This study aims to examine the relationship between compensation schemes and religiosity and managers’ investment decisions in CSR. We argue that compensation scheme and managers’ level of religiosity associate with managers’ choice whether to invest in value-increasing or value-decreasing CSR. Data were collected through a laboratory experiment which involved 100 participants. The Chi-square test results show that managers who work under a performance-based compensation tend to choose a value-increasing CSR. Meanwhile, managers who work under nonperformance-based compensation tend to choose a value-decreasing CSR. However, this study failed to prove the relationship between manager’s religiosity level and CSR investment decision made by managers. A small variance of our participants’ religiosity level may lead to this finding. This research contributes to the CSR and behavioral finance literature by providing an understanding of how compensation and religiosity can direct managers’ investment decisions on CSR. Our results imply the importance of designing an appropriate compensation scheme in an organization in order to direct managers to make an optimal CSR decision.JEL Classification: M48, M12, M14 DOI: https://doi.org/10.26905/jkdp.v24i3.4063 
Belief Adjustment Model with self-review debiaser presentation patterns on investment decision making Antiqueain Maliu; Luciana Spica Almilia; Putri Wulanditya
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4097

Abstract

This study aims to examine and find out the influence of related variables, namely evidence sequence (good news followed by bad news and bad news followed by good news) and information series (long and short information) on the self-review debiaser presentation pattern based on accounting information for investment decision making. The experimental design used in this study is a 2 x 2 mixed design factorial experimental design (between subject and within subject) that manipulates the independent variable evidence sequence (good news followed by bad news and bad news followed by good news) and information series (long and short) on the Self-review debiaser presentation pattern. Participants in this study were 124 S1 Accounting Students of STIE Perbanas Surabaya. This study used the normality test and the Mann Whitney Test. The overall results of the hypothesis are partially held. The results of this study indicate that the self-review debiaser presentation pattern is proven to reduce the effect of sequences on long information series. However, self-review debiaser presentation pattern has proven unable to reduce the effect of sequence or no order effet on short information series.JEL Classification: G32, G34, M41DOI: https://doi.org/10.26905/jkdp.v24i3.4097
Does ownership moderate the effects of size on pension funds’ efficiency and investment performance? Lintang Putri; Imanuel Madea Sakti; Apriani Dorkas Rambu Atahau
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4108

Abstract

This study aims to explore the effect of specific characteristics of pension funds: size, efficiency, and ownership on pension fund performance. Specifically, it aims to obtain empirical evidence of whether pension fund ownership moderates the effect of size and efficiency on pension fund performance. We use annual financial statements obtained from the Indonesian Pension Fund Association (ADPI) for the period 2013-2017. The sampling technique generates the final sample of 167 pension funds and number of observations 835 firm-year. Using panel regression, we find that pension fund size has no significant positive effect on pension funds efficiency and investment performance. In addition, ownership does not moderate the effect of pension fund size on the efficiency and investment performance of pension funds. We suggest that large pension funds do not necessarily generate revenues higher than investment costs. Hence, our results inform the Financial Service Authority (FSA) to encourage pension funds to utilize their large size to generate higher revenues and exhibit more positive performance. JEL Classification: G22, G32DOI: https://doi.org/10.26905/jkdp.v24i3.4108 
The background of board, compensation, leverage, and fixed asset revaluation decision Fanani, Zaenal; Kamelia, Arika
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4220

Abstract

This research aims to obtain empirical evidence in Indonesia whether it is true that companies with boards of commissioners and directors with political, accounting, military background, and the amount of compensation received will affect the selection of revaluation methods to measure their fixed assets that revaluation is commonly used to facilitate the company in obtaining additional loan funds and attract investors to invest. This can occur because in the revaluation method, the company's fixed assets are presented under fair conditions. In addition, this study also wants to test whether a company with high debt levels will tend to revalue its fixed assets measured by the leverage of the company. This research used the entire company population in all types of industries listed on the IDX for the period 2016. The final sample used in this research was 458 using logistic regression analysis. In this research, it is found that political background and accounting background has no positive effect, military background had positive effect, and compensation and leverage had no negative effect on the asset revaluation decision remains. JEL Classification: M48, D72, G32DOI: https://doi.org/10.26905/jkdp.v24i3.4220
Sustainable and responsible investment portfolio performance analysis in Indonesia Stock Exchange Natasha Angelica; Cynthia Afriani Utama
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4338

Abstract

This study is intended for knowing the Sustainable and Responsible Investment (SRI) stock portfolio performance in the Indonesia Stock Exchange (IDX). SRI is a concept where the investor is not only considering financial performance, but also non-financial aspects in the company such as Environmental, Social, and Governance (ESG). The main objective of this study is to compare the performance of the SRI portfolio with the performance of comparable portfolios. Is the performance of the SRI portfolio in IDX better than conventional portfolio and Islamic portfolio? To answer this question, the SRI portfolio will be formed from SRI-KEHATI Index (SRI), a conventional portfolio will be formed from the LQ45 index, and the Islamic portfolio will be formed from Jakarta Islamic Index (JII). The performances of those three portfolios will be compared based on alpha value, Sharpe Ratio, Treynor Ratio, and Sortino Ratio. This study result shows that the SRI portfolio performance in IDX is better than the conventional portfolio and Islamic portfolio. That performance occurs because the average of SRI portfolio excess return has positive value during the study period. JEL Classification: F64, G11, G32DOI: https://doi.org/10.26905/jkdp.v24i3.4338
Investor attention and return reversal in sneakers resale market Deliana Deliana; Irwan Adi Ekaputra
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4434

Abstract

Sneakers, traditionally refer to rubber-soled shoes, are worth more than just footwear nowadays. Resellers believe that sneakers may be considered an investment-grade item due to the profit they booked in recent years. To the best of our knowledge, no former research has investigated the sneakers' resale market behavior specifically. Considering the global sneakers resale market's growth, we aim to analyze investor attention's association with sneakers' return in the sneakers resale market. We use hand-collected sneakers data from StockX.com website and Google Search Volume Index (SVI) as the proxy of investor attention. Based on the system GMM dynamic panel data analysis using some best-seller sneakers as the sample, we conclude that an increase in investor attention tends to increase the sneakers' return as well. Furthermore, the GMM and Fama-Macbeth regression results robustly show short-term return reversals indicated by the negative impact of sneakers' return in the previous period to sneakers' return in the current period. The return reversal may indicate that sneakers' price and return are driven by attention-grabbing information rather than fundamental value.JEL Classification: G11, G14DOI: https://doi.org/10.26905/jkdp.v24i3.4434
The role of structural factors in real interest rate behaviour: A cross-country study Ariefianto, Moch. Doddy; Trinugroho, Irwan
Jurnal Keuangan dan Perbankan Vol 24, No 3 (2020): July 2020
Publisher : UNIVERSITY OF MERDEKA MALANG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i3.4777

Abstract

Real Interest Rate (RIR) has a profound impact on the well-functioning of any economy hence a good understanding of its behavior is a key policy element. Using a Keynesian framework, we model and empirically test the relationship of RIR to selected structural variables namely inequality, dependency, financial depth, and institutional set up. We employ a panel dataset comprised of 115 countries with annual frequency from the period 2000 to 2018. Considering the structure of the dataset and possible endogeneity in the model; System GMM is used to estimate regressions parameters. We found that inequality and dependency do not have a significant influence on RIR. Financial development contributes to improving efficiency while institutional set up has a quadratic relationship with RIR. The better institution first increases RIR; after passing a certain cut off; further institution development would improve efficiency. RIR is found to be significantly procyclical. Further elaboration on the model; also revealed two different global RIR regimes with 2008 as threshold. There is also a significant counter cycle impact of financial development: negative interaction effect with the business cycle. JEL Classification: C23, E43, E32, O43 DOI: https://doi.org/10.26905/jkdp.v24i3.4777

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