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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 15 Documents
 1   2 
Search results for , issue "Vol 25, No 4 (2021): October 2021" : 15 Documents clear
Optimal Portfolio Formation with Combination of LQ45 Stocks and Corporate Bonds Soraya, Arditya
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.6381

Abstract

The objective of investors to invest their money was to maximize return, although they were subject to constraints, primarily risk, so this study aims to provide an alternative to the formation of portfolios and corporate bonds to obtain optimal returns with acceptable risk. The alternative model is to combine Graham's stock selection model with the formation of an optimal portfolio model, namely the Markowitz model. The results of the selection using the Graham model of defensive investors and aggressive investors are 9 and 13 stocks, respectively, of the 45 stocks listed on the LQ45 index. From the selected stocks, the optimal portfolio is formed using the Markowitz model. The results show that the Markowitz model optimizing portfolio provides better performance (reward to variability ratio) than the LQ45 portfolio index with a yield difference of 13.68 – 20.24% per year. Furthermore, the selection of corporate bonds for the optimal portfolio resulted in 8 corporate bonds with a portion of each bond, and this portfolio can generate rates of 8.88% per annum.JEL: G10, G11, G12
Investor Sentiment, Market Volatility, and IPO Initial Returns Soeroto, Wisudanto Mas; Saputra, Sahdan; Arifin, Vanesa Aristanti; Hasina, Zahwaril; Putri, Tri Veny
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.6119

Abstract

This research seeks to determine the impact of investor sentiment and market volatility on IPO initial return when an issuer conducts an Initial Public Offering (IPO). This research lasted ten years, from 2009 to 2020, with a total issuer of 237 conducting Initial Public Offerings (IPOs) on the Indonesia Stock Exchange. The total number of issuers conducting an initial public offering (IPO) met the purposive sampling criteria is 285. Multiple linear regression analysis, with control variables such as Gap of Days, Firm Age, IPO Size, and Firm Size, is used to determine the effect of Investor Sentiment and Market Volatility on IPO Initial Returns. The findings showed that Investor Sentiment and Market Volatility positively affected the IPO Initial Return during the study period. This research aims to increase investor awareness of the importance of IPO stock price, increasing the initial return in the future. In Indonesia, Otoritas Jasa Keuangan (OJK) plays a critical role in policies that facilitate Indonesian investors' monitoring of the volatility of stock price changes in the market.JEL: M2, M21
The Effect Of Tax Avoidance On Firm Value With Tax Expert As Moderating Variables Nurseto, Ian; Bandiyono, Agus
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.5563

Abstract

The company's goals in this modern era have undergone significant changes. The company's focus has changed from focusing on maximizing profit to increasing firm value. Firm value, which is reflected in the value of the company's shares, can grow along with the increase in company profits. Tax, which is an element of development, is seen by companies as one of the factors that determine the company's value. This is a consideration for companies to behave in tax avoidance or not. This study tries to analyze the relationship between tax avoidance by the entity and its firm value and the extent to which the tax expert influences both of these. This study provides several conclusions, i.e., tax avoidance has a negative effect on firm value. These results contradict the initial testing hypothesis where tax avoidance has a positive impact on firm value. The moderating influence, tax experts, don't affect the relationship between tax avoidance and firm value.JEL: D13, I31, J22*
The Investment Intention Among Indonesian Millennials via Peer-to-Peer Lending Applications Poeteri, Nandike Ayudiah; Simanjuntak, Megawati; Hasanah, Nur
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.6352

Abstract

This study analyzes the factors influencing millennial investment intentions via Peer-to- Peer (P2P) lending applications through trust and perceived risk. This research was conducted by respondents who were selected using non-probability sampling, with the criteria that they had never used a P2P lending application and were born in 1982 to 2000. An online questionnaire gathered the data analysis using Structural Equation Modeling (SEM) with LISREL. The study results found that perceived reputation, perceived structural assurance, and trust had a significant effect on perceived risk. In contrast, financial literacy and perceived information quality are not. Next, relative advantage perceived reputation and perceived information quality significantly affect trust. Meanwhile, perceived structural assurance is not. Furthermore, perceived risk and trust have a significant effect on investment intention. However, perceived risk is more vital in mediating investment intention via P2P lending than trust. The organizers have discussed the managerial implications to consider increasing the number of potential investors, especially the millennial generation.JEL: G20, G41, O33
Financial Performance Behavioral in the Company Life Cycle Sumail, La Ode; Akob, Rezki Arianty
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.6273

Abstract

The diversity of financial performance behavior occurs in companies listed on the Indonesian capital market. This study aims to investigate and analyze the behavior of financial performance in the company's life cycle at various stages, including early expansion, late expansion, maturity , and decline. The object of this research is a manufacturing company registered in the Indonesian capital market at least ten years after the IPO and has a complete financial performance report. The regression analysis results prove that the behavior of financial performance varies in each stage of the company's life. i.e., dividend behavior, retained earnings behavior (Retained Earnings to Total Equity), profitability behavior, financial leverage behavior, risk behavior, Cash flows from investment (CFI) behavior. Cash flows from operations (CFO) and behavior Cash flows from financial (CFF). JEL: G14, G23, G41
Mobility Service Applications to Facilitate Better MSME Financial Performance Jannah, Elok Nur; Zuhroh, Diana; Parawiyati, Parawiyati
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.5222

Abstract

Mobility service applications widely used by MSMEs during the Covid-19 pandemic include those offered by Go-Jek and Grab (Paath. et al. l, 2019). Based on field observations of MSME merchants, there was a rise in the use of Go-food and other applications during the Covid-19 pandemic, owing to social distancing circumstances and limitations on communal activities. The purpose of this research is to determine the impact of education level and the use of Accounting Information Systems (AIS) on the financial performance of Micro, Small, and Medium-Sized Enterprises (MSMEs), as well as the effect of the use of mobility service platforms as a moderating variable. In the study, the Mobility Service Applications that assist MSME business operations are Gojek and Grab. This is a quantitative study using data collected through questionnaires and surveyed 167 MSMEs. Data processing is MRA analysis. According to the findings, as a moderating variable, the mobility service platform substantially impacted financial performance. The study’s findings also indicate that a high level of education and the use of an adequate accounting information system may help MSMEs improve their financial performance. Through information technology systems, mobility service applications, including transportation services, may help MSME traders improve their financial performance by using different applications, operating systems, and networks to share information. The study findings are helpful to the success of the government’s MSME digitalization initiative, particularly the Ministry of Cooperatives and MSMEs.JEL: B21, O12, O14, G21
The Governance Role of Independent Directors in Indonesian Family and Non-Family Firms Atmaja, Lukas Setia; Hidayat, Athalia Ariati
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.6382

Abstract

This paper examines the governance role of independent directors in Indonesia using family and non-family firm samples. The literature suggests that independent directors can mitigate conflicts of interest between controlling families and non-controlling or minority shareholders among family firms. This study utilizes panel data of firms listed from 2005 to 2019, comprising 4.865 firm-year observations. Our result reveals that the performance of family firms is significantly worse than that of non-family firms measured by Tobin’s Q and that among family firms, independent directors or commissioners have an insignificance impact on firm value. Our findings support the expropriation theory and are not in line with the notion that independent directors can mitigate agency problems among family firms. Our analysis, however, provides strong evidence that independent directors or commissioners in non-family firms positively affect firm performance.JEL: D74, G32, H11
Macroeconomic, Corporate Fundamentals, Systematic Risk on Firm Value: Evidence from Indonesian Manufacturing Sector Mappadang, Agoestina
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.5769

Abstract

This paper aims to study the connection between the effect of macroeconomics, corporate fundamentals on systematic risk, and the firm’s value of the Indonesian manufacturing industry listed on the Indonesian Stock Exchange period 2015-2020. A total of 522 object analyses in this study with the purposive sampling method. This paper found that the direction and magnitude of the impact of firm value depend on macroeconomic measurement variables: interest rates, exchange rates, and the company’s fundamental measurement variables: leverage and capital expenditure. The paper also found that the macroeconomic positively affects firm value, and leverage has a significant positive effect on firm value. At the same time, capital expenditure shows different results in response to the firm value, that is, negatively significant. In particular, a systematic risk as a mediating variable becomes a significant and positive driver of macroeconomics and leverage on firm value. However, different results indicate that capital expenditure negatively affects the firm value if mediated by the systematic risk. The implication of this research is beneficial to enable companies and investors to make the right analytical decision in the Indonesian capital market in this pandemic covid-19 situation.JEL: E43, G10, G32
Determinants of green bond premium in the ASEAN market amidst the COVID-19 pandemic Oktavio, Laurent; Riyanti, Ririen Setiati
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.6356

Abstract

Green bonds as a means of financing instrument for sustainable projects have caught the eyes of investors in recent years. With the growth of the global green bond market exceeding 50% in 2019 (CBI, 2019), green bonds serve as a promising financial instrument for organizations and a promising financial asset for investors. Previous studies have conflicting results in identifying the premium investors pay for investing in green bonds where both a positive and negative premium was observed. This study aims to examine the premium of green bonds issued in Southeast Asia before and during the COVID-19 pandemic from March 2016 to April 2021 by using a two-step regression model. In the first step, by employing a fixed-effect model to 42 green bonds, the results of this study suggest a positive green bond premium before the COVID-19 pandemic and a negative green bond premium during the pandemic. Additionally, this study conducts cross-section regressions to investigate the determinants of green bond premium. The results imply that rating, currency, issue amount, and time to maturity significantly affect the green bond premium.JEL: C23, G12, G14, G20, Q56
Agency Cost, Financial Performance, And Women in Board of Commissioners Wijaya, Hendra
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.5788

Abstract

This study aims to examine the influence of agency costs on financial performance and women on the board of commissioners on the influence of agency costs on financial performance. The sample in this study is a non-financial company listed on the Indonesian stock exchange in 2014-2018. Data analysis was performed using panel data regression. This study indicates that agency costs negatively influence financial performance, and the existence of women on the board of commissioners can reduce the negative influence of agency costs on financial performance. It is indicated that women on the board of commissioners increase the alignment of principals and management. Women in the board of commissioners increase the board's ability to monitor the agent when making the decision, and women have characteristics such as risk-averse, conservatism, and ethics.JEL: G23, G32, J16

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