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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 26, No 2 (2022): APRIL 2022" : 15 Documents clear
Interaction between Gender and Cognitive Factor toward Investment Decision Tiar Lina Situngkir; Nugraha Nugraha; Disman Disman; Yayat Supriyatna
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7021

Abstract

This study aims to analyze whether there is an influence of irrational behaviour of individual investors in determining investment decisions. The irrational behaviour studied in this article are overconfidence and risk aversion. To increase the complexity, the moderating variables of gender and income level are used to sharpen the influence on investment decisions. The data used are primary data collected from 161 individual investor respondents. The data available in this study were analysed using the Moderated Regression Analysis Technique. From the data processing results, it was found that irrational behaviour proxied by overconfidence and risk aversion has an influence on investors in determining investment decisions. It is proven that risk aversion interacts with gender in influencing investment decisions. At the same time, gender does not interact with the independent variable in influencing investment decisions. JEL : G4, G41
The Effect of Financial Literacy and Financial Education on Women's Healthy Financial Behavior through Investment Motivation Sihar Tambun; Riris Rotua Sitorus; Fitri Nurwanti
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7387

Abstract

This study aims to prove the effect of financial literacy and financial education on women's healthy financial behavior through investment motivation. The sample in this study consisted of 285 respondents from among women. Testing the data quality in this study uses Partial Least Square (PLS) analysis, namely the Structural Equation Modeling (SEM) equation model with a variance-based approach or component-based structural equation modeling. Based on the study results, financial literacy has a significant effect on women's healthy financial behavior through investment motivation, and financial education has a significant impact on women's healthy financial behavior through investment motivation. This study recommends to women, that if they want to create healthy financial behavior, then the priority strategy applied is to have excellent and adequate financial education, then try to have the motivation to invest in themselves and have good financial literacy. It is believed that the improvement of women's healthy financial behavior can help overcome the low percentage of women's literacy index in IndonesiaJEL: A2, G4, I2
Leverage, Product Diversification, and Performance of Life Insurance Companies in Indonesia Fanny Septina
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7527

Abstract

The insurance sector is often faced with dynamic economic changes. Product adjustments to new policies and the availability of funding for the company's operational activities are crucial. This study aims to observe the effect of leverage on the financial performance of life insurance companies and examine the moderation of product diversification on the relationship of leverage to the financial performance of life insurance companies. The study also aims to confirm the pecking-order theory related leverage funding and the synergistic- effect theory about diversification product strategy. Firm-size variables and dummy periods are used as control variables. Leverage is proxied by the ratio of total debt to total equity, product diversification uses the Herfindahl index, and financial performance is proxied by return on equity. The research sample are 25 life insurance companies in Indonesia registered with the Financial Services Authority (OJK) and have published financial reports for the period of 2016 to 2020. The data analysis method uses panel regression analysis with the estimation approach of the Chow Test, the Hausman Test, the Lagrange Multiplier Test, and the moderated regression analysis. The results show that leverage has a significant negative effect on the performance of life insurance companies, and product diversification significantly strengthens the effect of leverage on the performance of life insurance companies. Firm size has a significant positive effect, while the dummy period variable has no significant effect on the performance of life insurance companies. Company with high or low leverage, both must be able to see the potential and current market risks then adjust policies. For both creditors and investor can take advantage of information to provide funding and investment on the relationship between the use of leverage and the life insurance company's product diversification strategy. Finally, the regulatory authorities of the insurance sector present as controllers of life insurance companies in serving their customers.JEL: G2, G22, M11
The Role of Locus of Control as a Mediation of Financial Literacy and Financial Inclusion on The Financial Performance of MSMEs Ni Wayan Novi Budiasni; Ni Made Sri Ayuni
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6846

Abstract

This study examines the relationship between financial literacy and financial inclusion of MSMEs' financial performance in Buleleng Regency, where the locus of control variables are intervening variables. This phenomenon is essential to be studied given the condition of the performance of MSMEs in the Buleleng Regency, which is not optimal, and the importance of the MSME sector to improve the national economy. This research was conducted using quantitative methods and data analysis techniques using SEM (Structural Equation Modeling) with the PLS (Partial Least Square) method. The processed sample is 100 MSMEs samples with the Slovin formula determined by the random sampling technique. The test results show that the locus of control can intervene variables between financial literacy and financial inclusion of MSME's financial performance in Buleleng Regency with a positive and significant influence. These results reinforce that the Locus of Control has an important role in supporting the influence between financial literacy and financial inclusion on the financial performance of MSMEs in the Buleleng Regency.
Stock Indices Forecasting: A Comparison of Holt-Winters Seasonality and Dynamic Harmonic Regression Regi Muzio Ponziani
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6755

Abstract

This research aims to investigate the performance of various time-series forecasting approaches in predicting stock indices in Indonesia. This research compared the performance of additive Holt-Winters seasonality, multiplicative Holt-Winters seasonality, and Dynamic Harmonic regression. The stock indices being forecast are SRI-KEHATI, LQ45, and IHSG. Forecasting SRI-KEHATI index is the novelty in this research. SRI-KEHATI index contains all the companies that comply with the requirements regarding sustainability and concerns for the environmental impact of the companies operations. Decompositions of SRI-KEHATI, LQ45, and IHSG reveal that the trend and seasonality components are all existent within all indices. The results showed that Holt-Winters models are superior to Dynamic Harmonic Regression. Multiplicative Holt-Winters seasonality forecast best for SRI-KEHATI and LQ45. Additive Holt-Winters excelled at predicting IHSG. Although Dynamic Harmonic Regression had less accuracy, its performance was still very outstanding since its mean average percentage errors never exceeded 8%. The result signifies the excellence of the Holt-Winters model for predicting stock indices and also shows that Dynamic Harmonic Regression also scores high in accuracy. Both models validate the time variance notion of the stock market proposed by Boudreaux (1995). The practical benefit for Investors is that this research enables investors to forecast the stock indices in the future and make adjustments in their trading strategy thereof.
The M&A Short-Term Wealth Effect of A Consistent Dividend-Paying Firm Veeghan Frances Tirtasaputra; Veren Geby Salim; John Iwan Kusno; Adrian Teja
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6572

Abstract

AbstractThe paper examines the MA short-term wealth effect of a consistent dividend-paying firm. The consistent dividend-paying firm is unique because they are associated with lower agency problems. Hence, it is expected that the MA by the dividend-paying firm has a short-term positive wealth effect. To test the hypothesis, we perform two steps analysis. The event-study method examines the acquirer stock performance on the announcement date, the deal close date, and the announcement to deal close date. The cross-section regression to test the short-term wealth effect of MA by the dividend-paying firm. The dependent variable is the acquirer's stock performance from the event-study method. The independent variable is a dividend-paying firm. The control variables are the acquisition deal value relative to the acquirer's stock market capitalization, the acquirer's stock dividend yield, and the acquirer's price-to-book value (PBV) ratio. The samples are MA transactions in ASEAN-5 (Indonesia, Malaysia, The Philippines, Thailand, and Vietnam) for 2015-2019. The regression analysis shows that the variable representing a dividend- paying firm has a negative sign. The finding suggests that investors react negatively to the MA by the dividend-paying firm. The negative wealth effect is relatively small compared to the MA deal value and the acquirer's stock valuation. The result is that the MA by a dividend-paying firm provides a short-term positive wealth effect.JEL: G34, G35
Altering Tick Sizes, Liquidity, and Stock Return in Indonesia sung suk kim
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7402

Abstract

This study aimed to investigate the effect of tick-size altering on liquidity and stock return using the 2000-2018 Indonesia stock market (IDX) data. IDX was used to alter the tick size regime five times during the sample period. The results showed that a decrease in absolute tick size increases the liquidity estimated by the effective spread. The zero-return transaction frequency decreases consistently with a decrease in absolute tick size. The size also negatively impacts the abnormal stock return. Therefore, Fama-MacBeth approaches using individual firms' data show consistent results as the time series methods after controlling characteristic factors.
Strategy to Increase Sharia Banking Performance through Value-added Creation Intellectual Didit Supriyadi
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7538

Abstract

Based on the continuous flourishing of Sharia banking all over the globe, the current study aims to examine the impact of various factors on Sharia banking performance. These factors include cost efficiency, financial risks, funding, board characteristics, environmental analysis, and strategic value-added creation intellectual. A quantitative research methodology with a survey technique was employed to collect 421 respondents' data from 33 financial institutions, including 20 Sharia business units and 13 Sharia commercial banks. Descriptive analysis and structural equation modeling were performed in SmartPLS 3.0 software. The findings revealed the significant positive impact of environmental analysis on board characteristics, financial risk, cost efficiency, and funding. Likewise, results revealed the significant impact of board characteristics on financial risks, cost efficiency, funding, and value-added creation intellectual. Strategic value-added creation intellectual was found to positively impact the performance of Sharia banking in Indonesia. Except funding that has a moderate influence on Sharia banking performance, all other variables reflected the strong presence and impact on Sharia banking performance. The current study is novel in the existing body of literature by introducing this strategic value-added creation intellectual as a predictor of Sharia banking performance in Indonesia, along with the impacts of various other factors. Theoretically, the current study adds to the body of literature by providing a comprehensive framework related to the factors that impact Sharia banking performance. Moreover, based on the study results, the banks should keep a fair track of their capital and returns to enhance their performance. Simultaneously, it helps Sharia banks identify the significance of winning the investors' confidence by providing them security and catering to their needs cost-effectively.
Financial Inclusion on Indonesia's Financial System Stability: The Role Intervening of Financial Technology I Dewa Made Endiana; Luh Komang Merawati
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6914

Abstract

This study aims to express the concept of thinking related to in-depth financial development through financial inclusion with the intervention of new technological developments which are expected to have a positive impact on increasing the stability of Indonesia's financial system. This study uses the Estimation Error Correction Model (ECM). Banking instruments represented by international investment banking have a significant effect in the long term on the stability of the Indonesian financial system. Then on financial inclusion instruments, the number of financial office services has a significant influence on NPL performance which reflects the performance of the financial system. Fintech instruments that encourage financial inclusion, such as the number of ATMs and e-money, do not have a significant impact on financial system stability. Policy recommendations that can be made can be through fintech socialization as a form of financial integration to achieve speed, effectiveness and efficiency of access to unbanked communities. In addition, in the short term, as the socialization and realization of fintech processes are integrated into the unbankable community, the construction of bank branches as financial service offices also needs to be carried out as an effort to expand the deepening of access to financial information and services
Can Risk Tolerance Moderate Financial Literacy and Internet Banking Behavior During Covid-19? Fida Muthia; Nyimas Dewi Murnila Saputri; Sri Andaiyani; Agil Novriansa
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6814

Abstract

This study aims to examine whether risk tolerance can moderate the relationship between financial literacy on Internet banking behavior during Covid-19. 133 respondents are chosen as the sample of this study through purposive sampling with criteria. The hypothesis testing of this research was carried out using two models, namely, the direct relationship model and the moderation model. The results show that financial literacy has a positive effect on Internet banking. However, risk tolerance is unable to be a moderating variable. The results give the implication that Internet banking users can be increased by improving financial literacy, and financial risk may not be a significant driver in the use of internet banking during Covid-19.

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