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INDONESIA
Jurnal Keuangan dan Perbankan
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Core Subject : Economy,
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Articles 784 Documents
EFEK INTRA INDUSTRI, DAMPAK PERUSAHAAN REPORTER DAN NONREPORTER DIVIDEN TERHADAP KANDUNGAN INFORMASI Emrinaldi Nur DP; Enny Susilowati Mardjono
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (296.123 KB) | DOI: 10.26905/jkdp.v17i3.756

Abstract

The influence of information not only for company itself which announcement company policy like financialstatement, dividend or others, but also the other company in same industry or same market. The purpose of theresearch was to investigate the information content and intra industry effect of dividend announcement. Theanalysis include four aspects: information content, risk (beta), intra industry effect of dividen by big and smallsize firms, and impact firm characteristics to abnormal return nonreporter firm.The analysis for informationcontent, risk (beta), intra industry effect used event study and for impact of firm characteristics used multiplelinier regressions.Result of this research showed that there was information content around the date of dividendannouncement, but there was no difference between abnormal return by big and small size firms. Thedifference between beta before and after dividend announcement is not significant. The difference between betabig size firms and small size firms after dividend announcement is not significant. The intra industry effect ofdividend announcement showed abnormal return with two effects: competitive effect and contagion effect. Thefirm specific characteristics used in this research were not significant to explain the fenomena intra industry.
STRUKTUR MODAL OPTIMAL PADA PERUSAHAAN TELEKOMUNIKASI INDONESIA Palti Marulitua Sitorus
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (336.72 KB) | DOI: 10.26905/jkdp.v17i3.758

Abstract

The background of this study was begun with the operational capital needs of telecommunication operators indebt. Bad managing of debt could cause the bankruptcy of the company. The purpose of this research was toknow the optimal capital structure of telecommunication companies in Indonesia. The method used were asimple linear regression and graphs of simulation. The logic was used when a company that used capital withlow cost got high value of company. There were two companies that had an optimal capital structure i.e. PTExcelcomindo Axiata and PT Indosat with optimal capital structure 1, 132 and 1,003.
PERGERAKAN HARGA SAHAM AKIBAT PERUBAHAN NILAI TUKAR, INFLASI, TINGKAT BUNGA, DAN GROSS DOMESTIC PRODUCT Shinta Heru Satoto; Sri Budiwati
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (183.683 KB) | DOI: 10.26905/jkdp.v17i3.759

Abstract

The purposes of this study were to provide an empirical evidence of the influence of macroeconomic variablesand the time varying volatility phenomena on stock price. This research used manufactured firms that list onIndonesian Capital Market on 2009 until 2011 periods for the sampel. This research also used several macroeconomicsvariables such as exchange rate, inflation, BI rate, and Gross Domestic Product. The empirical resultshowed that exchange rate, BI rate, and Gross Domestic Product influenced stock price. The result also showedthat time varying volatility was happenend on stock price fluctuation. This result indicated that Indonesianstock price have high volatility on 2009 til 2011 periods
HUBUNGAN NILAI KURS DENGAN INDEKS HARGA SAHAM PERTANIAN DI INDONESIA Vania Jessica Tedjamulia; Sahala Manalu; Rony Joyo Negoro Octavianus
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (197.047 KB) | DOI: 10.26905/jkdp.v17i3.760

Abstract

This study was conducted to test the independent variable exchange rate USD/IDR, EUR/IDR, JPY/IDR, andthe dependent variable agricultural stock index during five years (2008-2012). Sampling technique used waspurposive sampling method. Data analysis technique used was Auto Regressive Distributed Lag (ARDL)proposed by Pesaran et al. (2001) in order to investigate the order of co-integration. Hypothesis test used wasF-test to test the simultaneous effect and t-test for testing the partial regression coefficient with a significancelevel of 5%. F-test results indicated that exchange rate of USD/IDR, EUR/IDR, and JPY/IDR gave significanteffect on agriculture stock index. The t-test results indicated that the variable exchange rate of USD/IDR, EUR/IDR and JPY/IDR gave partially significant effect on agricultural stock index period 2008-2012. Adjusted Rsquare (R2) was 7,8%. The statistical results of Auto Regressive Distributed Lag indicated that changes inUSD/IDR and JPY/IDR were negatively related to changes in stock price index of agriculture. EUR/IDR hada positive impact to the stock price index of agriculture
PENGUJIAN VARIABEL KETENAGAKERJAAN TERHADAP BIAYA STICKINESS Windyastuti Windyastuti
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (194.897 KB) | DOI: 10.26905/jkdp.v17i3.761

Abstract

This study analyzed the effect of labor variable on the cost stickiness in Indonesian manufacturing industry. Theresearch data included sales, general and administration (SGA) and net sales of manufacturing companies thatgo public on the Indonesian stock effect. The data were supplemented by data of unions and regulations onseverance. This study used regression analysis based on panel data models. The results showed that sales, generaland administration (SGA) cost was sticky. The decreasing of the sales, general and administration (SGA) costwhen net sales decrease was smaller than the increase of this cost when equivalent increased in net sales. The laborunion increased the stickiness cost of SGA. The SGA cost did not decrease even though at the same time the netsales decreased. Furthermore, the larger severance pay did not increase stickiness SGA cost. When the net salesdecreased, the employer increased the sales cost in order to increase marketing activity so the net sales increasedagain. The increasing of sales cost in turn increased the cost of SGA.
PERAN ENVIRONMENTAL PERFORMANCE TERHADAP ENVIRONMENTAL DISCLOSURE DAN ECONOMIC PERFORMANCE Yendrawati, Reni; Tarusnawati, Lalitya Reni
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (186.937 KB) | DOI: 10.26905/jkdp.v17i3.762

Abstract

This study aimed to determine the effect of environmental performance on environmental disclosure andeconomic performance, and also the effect of environmental disclosure on economic performance. The data wastaken from the annual report of 2009-2011companies listed on the Indonesian Stock Exchange and participatingin PROPER. This study used multiple regressions. Environmental performance results showed there wasa significant positive effect on environmental disclosure, environmental disclosure and there was a significantpositive effect on economic performance, and the environmental performance did not significantly affect theeconomic performance. Environmental performance had indirect influence on economic performance.
BEHAVIOR OF FUNDING AND LENDING PRICING OF INDONESIAN BANKS: EVIDENCE FROM AGGREGATE POST CRISIS DATA Soenartomo Soepomo; Moch. Doddy Ariefianto
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (205.679 KB) | DOI: 10.26905/jkdp.v17i3.763

Abstract

The study aimed to reveal the behavior of lending and funding pricing (deposit interest rate and loan interestrate) of Indonesian banks after the great crisis in 1998. Specifically the research design aimed to uncover theform of interaction (state of equilibrium) and factors that might influence the state of equilibrium. We used amodel developed by Niehans (1978) and De Grauwe (1982) as a point of departure to address the researchproblem. There were 12 variables used in a simultanous equation econometric model that would be estimated byusing 4 different techniques namely GMM TS, GMM CS, 3SLS and SUR. Two variables namely price ofdeposit and price of loan were treated as endogenous. We also considered the impact of deposit insuranceadoption that was took place in September 2005.The empirical findings showed that the slopes of DD and LLequation were largely consistent with the hypotheses. The parameters were positive and statistically significant.However the numerical value of LL slope that was greater than the other one and comparable to DD slopehad raised a concern for the stability attainment. The most important variables (based on their magnitude andstatistical significance) found to affect the constellation were business prospect, system size, exchange rate,operational cost and profitability. In the second tier of importance, we found that monetary policy instruments(policy rate differential and base money supply), quality of loan, capital and total liquidity affected the systemin various degrees.
ANTESEDEN PEMBERDAYAAN KARYAWAN BANK DAN KONSEKUENSINYA TERHADAP KINERJA INDIVIDU Yuni Siswanti; Anis Siti Hartati
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (262.887 KB) | DOI: 10.26905/jkdp.v17i3.765

Abstract

This study investigated the impact of mediation effect of empowerment to relation among locus of control,organization tenure, education, leadership, and teams strength of team, belief of team, organizational culture,and Leader Member Exchange to employee performance. The Participants were employees (n=134) from someprivate banks in Jogjakarta with purpossive sampling.We used SEM to test hypotheses. Findings showed that:(1) empowerment had direct effect to employee performance (H1) supported), and (2) empowerment becamepartially mediated variable among locus of control, organization tenure, education, leadership, strength ofteam, belief of team, organizational culture, and Leader Member Exchange (LMX) to employee performance(H2) supported. Locus of control, organization tenure, education, leadership, strength of team, belief of team,organizational culture, and Leader Member Exchange had direct effect to employee performance.
ORGANIZATIONAL CITIZENSHIP BEHAVIOR DAN PEMBERDAYAAN TERHADAP KOMITMEN ORGANISASI SERTA DAMPAKNYA TERHADAP KINERJA KARYAWAN Idayanti Nursyamsi
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (201.381 KB) | DOI: 10.26905/jkdp.v17i3.766

Abstract

The success of banking institutions in providing excellent service to the customer was inseparable from theperformance of employees. This research aimed to study the influence of organizational citizenship behaviorand empowerment to organizational commitment and the influence to employee performance. Primary datawas taken by using questionnaires given to 128 employees by using Slovin formula. Path analysis model wasused to test the research hypothesis. The results showed that the level of employee performance positivelyinfluenced by organizational citizenship behavior, and employee empowerment and also comitment organizationalhad significant influence to employee performance. Improving the performance of employees was achallenge for banking institutions because employees were the important assets for the company.
ANTESEDEN PROBABILITAS FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR DI INDONESIA Triani Pujiastuti; Yuharningsih Yuharningsih
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (202.835 KB) | DOI: 10.26905/jkdp.v18i1.767

Abstract

Based on theory and previous research, some factors which influenced probability of corporate financialdistress were found. This research was done for testing the consistency of research result with different researchperiod that would strengthen the related empirical research finding. The purpose of this research was to test theimpact of profitability ratio (Return on Assets), working capital policy, capital structure, size, current ratioand firm age toward the probability of financial distress of manufacturing firms at Indonesian Stock Exchange.The method used in this research was purposive sampling, which was taking data with certain criteria.The criteria was that the companies or firms used were those which issued bond and were listed in IndonesianStock Exchange between 2007 until 2012 and had data completion needed in this research. The research resultsusing Logistic Regression were 1) test of profitability ratio, working capital policy ratio, capital structure, size,and firm age had significant influence to the probability of financial distress manufacturing firms in Indonesia,2) partially only profitability ratio that had negative significant influence to the probability of financialdistress manufacturing firms in Indonesia while working capital ratio, capital structure, size, and age firm didnot have significant influence to financial distress manufacturing firms in Indonesia. This research producedprediction model of financial distress.

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