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INDONESIA
Jurnal Keuangan dan Perbankan
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Core Subject : Economy,
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Articles 784 Documents
PENETAPAN TARGET TERHADAP STICKINESS COST Windyastuti Windyastuti
Jurnal Keuangan dan Perbankan Vol 17, No 1 (2013): January 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (118.67 KB) | DOI: 10.26905/jkdp.v17i1.727

Abstract

This study aimed to analyze the influence of manager targeting to the stickiness cost. The research data was amanufacturing companys financial statements during 1999-2011 published at BEI. The research data includedcost of sales, administration and general, net sales and Price Earnings Ratio (PER). This study used adynamic panel data regression analysis. The results showed that cost of sales, administration and general weresticky. Furthermore, manager targeting caused the stickiness degree of sales, administration and general costlower. Manager targeting changed the managers behavior. When the net sales declined, manager reduced theresource use drastically so the cost of sales, administration and general also decreased drastically.
PERSEPSI RISIKO DAN KECENDERUNGAN RISIKO INVESTOR INDIVIDU Wiwik Lestari; Rr. Iramani Iramani
Jurnal Keuangan dan Perbankan Vol 17, No 1 (2013): January 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (164.789 KB) | DOI: 10.26905/jkdp.v17i1.728

Abstract

The two important measurements of risks on behavioral point of view were risk perception and risk propensity.The two construct hypothesizes had negative relationship. This study attempted to establish a model by whichto measure those attitudes towards investment risk and also examined some variables that were postulated asexternal factors of investor investment decision. External factors were the availability of information, socialinteraction, financial adviser and familiarity. The data were collected on a survey research to 150 investors asrespondents in Surabaya area. By employing GeSCA, the result showed that risk propensity and risk perceptionhad negative correlation, supporting previous studies on this two variables relationship. This study alsoproved that external factor significantly affected risk perception and risk propensity
APLIKASI Z-SCORE METHOD DALAM PEMBENTUKAN PORTOFOLIO Isynuwardhana, Deannes
Jurnal Keuangan dan Perbankan Vol 17, No 1 (2013): January 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (136.96 KB) | DOI: 10.26905/jkdp.v17i1.729

Abstract

The problem that often occurs in forming portfolio was regarding the selection and weighting the stock wichhad to be included in portfolio. This study attempted to solve the problem by using a simple model, which wasexpected to be applied easily by investors. This was a descriptive research with quantitative approach, andused stocks that was categorized as blue chip in Indonesias stock exchange as a sample. Stock selectionprocess used Z-score method with 6 criteria. There were, price earning ratio, price to book value, debt to equityratio, gross profit margin, return on equity, and stocks historical price. The weighting of each stock inportfolio was then calculated by were used Bodie, Kane, and Markus (2011) approach. The coefficient ofvariation, risk and return of the market used as benchmark to measure portfolio performance. The result showedthat portfolio which formed by Z-score method give higher return than the market. Although the portfolioprovided greater risk, but it was not comparable with the marker return that gave negative results in return.The result suggested that portfolio which was created using the Z-score method could be applied by investorsin Indonesias stock exchange.
EFFICIENCY OF INDONESIAS MUTUAL FUNDS DURING 2007-2011 BY USING DATA ENVELOPMENT ANALYSIS (DEA) Riko Hendrawan; Muhammad Bayu Aji Sumantri
Jurnal Keuangan dan Perbankan Vol 17, No 1 (2013): January 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (80.165 KB) | DOI: 10.26905/jkdp.v17i1.730

Abstract

The purpose of this research was to assess the efficiency of mutual funds in Indonesia during the period 2007to 2011. To measure their efficiencies, the output-input data consisting of a panel of 105 mutual funds thatconsisted of 29 equity mutual funds, 38 balanced mutual funds and 39 fixed mutual funds were empiricallyexamined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis(DEA). The study found that based on the average score in during 2007 2011 performance of equity mutualfund Commonwealth Life Investra Equity had the highest index score, meanwhile Trimegah - trim capital wasthe lowest, performance of balanced mutual fund Reksa Dana CIMB-principal Dollar had the highest indexscore, meanwhile first State Indonesian Multistrategy was the lowest. Performance of equity mutual fund BrentDana Tetap had the highest index score, meanwhile stable debenture fund had the lowest one.
ARAH DAN PERKEMBANGAN PARADIGMA PENELITIAN AKUNTANSI KEUANGAN DAN MANAJEMEN KEUANGAN BERBASIS PASAR MODAL Prasetyo, Whedy
Jurnal Keuangan dan Perbankan Vol 17, No 1 (2013): January 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (164.984 KB) | DOI: 10.26905/jkdp.v17i1.731

Abstract

Research paradigm of financial accounting and financial management based on capital market could be dividedinto five focus research areas, they were: market efficiency, economic consequences, income (earning) asa capital market research variable, accounting Information content except profit, and methodology. It wasbased on Ball and Brown research (1968), which focused on the relationship of accounting earnings informationon stock values.The purpose of this article was to describe research paradigm of financial accounting andfinancial management which used the same information based on the capital market. Therefore this articledescribed capital market variables that focused on five variables; market efficiency, economic consequences,earning as a capital market research variable, accounting information content except profit, and methodology. Theexistence of these variables would explain the accounting practices used as the basis in the capital market.
THE INCIDENCE AND QUALITY OF FINANCIAL GRAPHICS IN INDONESIAN IPO PROSPECTUSES Dezie L. Warganegara; Yanthi R.I. Hutagaol; Tjut F. Bachrumsyah
Jurnal Keuangan dan Perbankan Vol 17, No 2 (2013): May 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (267.977 KB) | DOI: 10.26905/jkdp.v17i2.736

Abstract

The purpose of this study was to investigate the selectivity and the quality of financial graphs in IndonesianIPO prospectuses. The first hypothesis of this study related to the intensiveness in the use of the graphs with theprofitability of the IPO firms, while the second hypothesis associated the distortion in the graphs constructionswith the intention to show financial performance in a more favorable way. Content analysis was used toinvestigate the relationship between the intensiveness in the use of the graphs and the profitability. Thedistortion in the graphs constructions was detected using the Relative Graph Discrepancy (RGD) index. Thisstudy found that there was no evidence more profitable firms using graphs more intensively in their IPOprospectuses. With regards to distortion, it was found that IPO firms tended to exaggerate their performancedepicted on the financial graphs in their prospectuses.
KARAKTERISTIK PERUSAHAAN SEBAGAI DETERMINAN INTERNET FINANCIAL AND SUSTAINABILITY REPORTING Indri Kartika; Apsarida Mila Puspa
Jurnal Keuangan dan Perbankan Vol 17, No 2 (2013): May 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (192.368 KB) | DOI: 10.26905/jkdp.v17i2.737

Abstract

The information technological development had facilitated companies to provide and spread informationaround the world. Through websites for an example, a company could present financial and non-financialreports which ensured the stakeholders based on the going concern status of the company. This researchexamined company characteristics as the internet financial and the sustainability reporting (IFSR) determinants.The research applied non-financial company populations which had website facilities and were listed inIndonesian Stock Exchange in 2009-2010. Using a purposive sampling technique, it obtained 326 companies.The analytical data method used in this research was a multiple-regression, of which the degree of significancewas 5%. The research result showed that size, profitability, and auditor influenced significantly and positivelytoward IFSR. While, the external ownership structure and listing age of companies influenced significantlyand negatively toward IFSR. On the other hand, leverage and types of industry and listing age ofcompanies had negative influences but not really significant towards IFSR.
STRUKTUR PERUSAHAAN DAN PROFITABILITAS PADA INDUSTRI REAL ESTATE DAN PROPERTY DI INDONESIA Fadjar O.P. Siahaan
Jurnal Keuangan dan Perbankan Vol 17, No 2 (2013): May 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (169.366 KB) | DOI: 10.26905/jkdp.v17i2.738

Abstract

Real estate property industry was a sector which had difficult characteristics to predict and high risk. WhenEconomy growth was high, it was booming and tended to be over supplied and the main capital was generallygot through bank loans. The purpose of this research was to analyze the impact of firm structure consisting ofthe firm size, firm age, capital structure, and stock ownership toward profitability measured using ROI andROE. The sample was selected using purposive sampling with 120 observations from 52 real estate propertycompanies listed in Indonesian Stock Exchange in 2009 2011. By using multiple regression, the result of thisresearch showed that firm size had positive significant effect on ROI and ROE; firm age had negative significanteffect on ROI but it did not have significant effect on ROE; capital structure had positive significant effecton ROE but did not have significant effect on ROI; public ownership had negative significant effect on ROIand ROE.
RASIO KEUANGAN TERBAIK UNTUK MEMPREDIKSI NILAI PERUSAHAAN Meythi Meythi
Jurnal Keuangan dan Perbankan Vol 17, No 2 (2013): May 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (178.294 KB) | DOI: 10.26905/jkdp.v17i2.739

Abstract

This study aimed to determine the best financial ratios in predicting firm value. There were 12 financial ratios,Current Ratio, Quick Ratio, Debt Ratio, Equity to Total Asset, Equity to Total Liabilities, Equity to FixedAsset, Profit Margin, Return on Asset, Return on Equity, Fixed Assets Turnover, Total Asset Turnover, andMarket to Book Ratio categorized into five factors (solvability factor, liquidity factor, profitability factor,activity factor, and firm value factor) in predicting firm value. Data in this study were from manufacturingfirms listed on Indonesia Stock Exchange during 2007-2012. Factor analysis was used to determine the bestfinancial ratios in predicting firm value. The empirical result showed that Equity to Total Asset was the bestfinancial ratio in predicting firm value.
FAKTOR FUNDAMENTAL EKONOMI MAKRO TERHADAP HARGA SAHAM LQ45 I Gusti Ayu Purnamawati; Desak Nyoman Sri Werastuti
Jurnal Keuangan dan Perbankan Vol 17, No 2 (2013): May 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (212.155 KB) | DOI: 10.26905/jkdp.v17i2.740

Abstract

The capital market was an important element that provided benefits for the economic progress through invest-ment development in a country. LQ45 index was the list of 45 excellent chosen stocks 45 which were the mostliquid and most active in the sale of the shares on the Stock Exchange. This study aimed to determine the effectof macroeconomic fundamentals on LQ45 stock price. The population used in this study was LQ45 shares inIndonesia Stock Exchange in 2007-2012. The method used in this study was the Error Correction Model(ECM). The dependent variable in this study was the stock price of LQ45, while the independent variables werethe rate of economic growth, inflation, the value of U.S. dollar against rupiah exchange rate, and SBI interestrate. The results showed that the rate of economic growth and a variable SBI interest rate had a negative effectin the short-term and long-term of LQ45 stock price. Inflation variable had a positive effect in the short-termand long-term of LQ45 stock price. While the exchange rate variable had a negative effect in the short-term andit had positive impact in long-term on the LQ45 stock price.

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