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Jurnal Keuangan dan Perbankan

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Published by Universitas Merdeka Malang

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Core Subject : Economy,

Economics, Econometrics & Finance

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Articles 784 Documents

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TINGKAT EFISIENSI BPRS DI INDONESIA: PERBANDINGAN METODE SFA DENGAN DEA DAN HUBUNGANNYA DENGAN CAMEL Syafaat Muhari; Muhamad Nadratuzzaman Hosen
Jurnal Keuangan dan Perbankan Vol 18, No 2 (2014): May 2014
Publisher : University of Merdeka Malang

The magnitude of the potential banking market-micro made many banks and other financial institutions makeprofits in the segment of small and micro finance as a market for rural banks (BPR), especially Islamic ruralbanks (BPRS). Thus, the BPRS efficiency was required to survive amid the competitions. This study usedparametric stochastic frontier approach (SFA) and the method of data envelopment analysis (DEA) to analyzethe level of efficiency of BPRS operation during the period of 2nd Quarter June 20111st Quarter March2013. The level of Bank efficiency could be integrated with the performance of banks which was adopted fromCentral Bank (BI) criterias, namely CAMEL (Capital, Asset Quality, Management, Earnings and liquidity).Based on the Spearman correlation, the results of this study indicated that the level of efficiency of BPRS usingthe SFA method had no real relationship with CAMEL, while the level of efficiency of BPRS using the DEAmethod had a real and weak relationship with CAMEL. Another result in this study showed that the level ofefficiency using SFA method was statistically higher than the level of efficiency using DEA method.

SINYAL PROFITABILITAS DAN REAKSI PASAR MODAL TERKAIT PENINGKATAN DIVIDEN SAAT LABA MENINGKAT Tarsisius Renald Suganda; El Hezekiah Sabbat
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

Dividend policy was a topic that still caused the pros and cons. Based on signaling theory, the announcementof dividend would be reacted by the market. The purposes of this study were to investigate the effect of thecompanys profitability as a result of dividend announcement, to examine the market reaction (using abnormalreturn and trading volume activity as the indicators) toward the announcement of dividend increase when theearning or profit was increasing. Event study method was used to answer the research questions. The resultshowed that there was a significant ROE decreasing in a year after the announcement. The market reactionshowed that there was a negative abnormal return during the period of the announcement of dividend increasewhen the earning or profit was increasing. The study also showed that the average trading volume wasinsignificantly increasing after the announcement. This study showed that the announcement indicated a badsignal for the Indonesian market. However, the findings of the research gave some suggestions for the sameresearches in Indonesia capital market.

PERSPEKTIF BIRD IN THE HAND: PENENTU DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR Sri Dwi Ari Ambarwati
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

This research was specially to test impact of Return On Investments (ROI), Insider Ownership (INSD), Debtto Equity Ratio (DER) to dividend payout ratio (DPR) by the use of free cash flow (FCF) as moderatingvariable on manufacturing firm listed on Indonesian Stock Exchange (ISE) period 2005 until 2011. Thisresearch hypothesized that moderating variable had a positive influence to dividend payout ratio (DPR).Hypothesis testing was done by the use of linear regression model (OLS). Empirical result on panel A (withoutmoderating variable) and panel B (with moderating) were simultaneously ROI, INSD, DER, FCF and moderatedvariable (FCF*ROI) had a significant impact to DPR. Meanwhile panel A showed an evident that DERvariable and FCF had an impact to dividend payout ratio (DPR) and panel B pointed out that DER, FCF,FCF*ROI and FCF*INSD had a significant impact to dividend payout ratio (DPR). Based on moderatedregression analysis (Panel B) FCF as moderating variable had an influence on the relationship between insiderownership and dividend payout ratio (DPR). It was seen in increasing R2 and Adjusted R2 in regression modelbefore being moderated and after. It meant that FCF as moderating variable increased the contribution onmodel one which was proposed.

IDENTIFIKASI VARIABEL PENENTU STRUKTUR MODAL DAN ADJUSTMENT TO TARGET CAPITAL STRUCTURE: TRADE-OFF THEORY C. Ambar Pujiharjanto; Nilmawati Nilmawati; R. Hendri Gusaptono
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

The purpose of this paper was to test the trade-off theory of capital structure. We started with identifyingvariables that influenced capital structure. Partial Adjustment Model used in this study was to test adjustmentto target capital structure. Based on a sample of non-financial Indonesian listed firms from 2008 to 2012, wefound liquidity, profitability, tangible asset, growth, and cash flow influenced the use of debt on the firm. Theresults of the test Speed of Adjustment (SOA) with Partial Adjustment Model showed the inconsistency of theDynamic Trade-Off Theory.

HUBUNGAN STRUKTUR MODAL DAN KEPUTUSAN INVESTASI PADA PERUSAHAAN MANUFAKTUR Risa Rolita
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

The background of this study was begun with the manufacturing company needs capital to continually improvetheir performance and investors needs to look at the capital structure to determine their decision to invest. Thepurpose of this research was to know the relation between capital structure and investment decisions in ManufacturingCompany listed on the Indonesia Stock Exchange during six years (2008-2013). This study was a causalresearch. Sampling technique used purposive sampling method. Adjusted R2 test was used to measure the modelcapability in explaining the variation of dependent variable. T-test was used to test the partial regression coefficientwith a significance level of 5%. Capital structure was represented by Debt to Asset Ratio (DAR), Debt toEquity Ratio (DER), Long term Debt to Asset Ratio (LDAR), Long term Debt to Equity Ratio (LDER), Equity toAsset Ratio (EAR). Investment decision was represented by changes of Fixed Asset Ratio (AT Ratio). The resultof this research was DAR and DER gave significant effect on investment decisions.

FAKTOR-FAKTOR FUNDAMENTAL DAN JENIS INDUSTRI TERHADAP CORPORATE SOCIAL RESPONSIBILITY SERTA DAMPAKNYA TERHADAP HARGA SAHAM Christine Dwi Karya Susilawati; Se Tin; Lidya Agustina
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

Different characteristics could be determined by using three approaches categories: structure, performance, andmarket. Structure was determined by factors associated with the development of the company included firmsize, firm age, and the ability to repay the debt. Performance was determined by quantitative factors includedthe companys liquidity and profitability, while the market was determined by factors namely qualitative formof public shares, and the status of the company. The purpose of this study was to test the influence of fundamentalfactors, namely liquidity, profitability, leverage, stock ownership, firm size, firm age and status of thecompanys CSR, and to test the different types of industries (Consumer Goods, Mining and Forestry sectorsBanking and widespread influence of CSR disclosure in Indonesia). The samples used were 30 companies ofconsumption sector, 31 companies of mining sector and plantation, and 28 companies of banking sector during2010-2012. The companys data was taken from the annual report. Data analysis technique used multipleregression analysis. The results of this study indicated that the stock ownership and firm age had a significanteffect on the area of CSR (CSR Index), and a significant effect on the CSR Index stock price and type industryinfluence on the CSR Index.

STRUKTUR KEPEMILIKAN SAHAM TERHADAP KEBIJAKAN UTANG PERUSAHAAN DI BURSA EFEK INDONESIA Luh Gede Sri Artini; Ni Nyoman Ayu Diantini
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

This paper examined the effects of insider ownership, institutional investors and shareholders dispersion ondebt ratio by pooled regression model. The research Population was all the firms in LQ 45 in Indonesia StockExchange (IDX) from 2009 until 2012, and sampling conducted in this research was purposive samplingmethod. Based on the criteria obtained by purposive sampling, 15 companies were eligible to be utilized as theresearch sample. The results of this research were that the impact of insider ownership was positive significanton debt ratio, the institutional investor had a significant positive impact on debt ratio, shareholder dispersionwas not significantly effect on debt ratio.

KARAKTERISTIK EKSEKUTIF TERHADAP TAX AVOIDANCE DENGAN LEVERAGE SEBAGAI VARIABEL INTERVENING Verani Carolina; Maria Natalia; Debbianita Debbianita
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

This research aimed to examine the influence of the executive characteristic on corporate tax avoidance. Risktakers executive tended to be more courageous and aggressive in taking decision related to the tax. On thecontrary, the risk averse executive tended to be carefully (Low, 2006). This research used leverage as interveningvariable. Therefore, there was an assumption that the executive characteristic determined the corporateleverage which then influenced their tax avoidance in the company. Manufacturing companies which werelisted in Indonesia Stock Exchange during the period 2010-2012 were used as samples. This research usedpurposive sampling method to select the sample with the criteria as follows: they were listed in Indonesia StockExchange during the period of 2010-2012, they made a profit during the period of 2010-2012, and they usedrupiah as reporting currency. Data was processed using path analysis and the result showed that the executivecharacteristic had an impact on corporate tax avoidance with leverage as the intervening variable. The resultof this research could be used for the investors to assess the corporate tax avoidance before they made a decision,and also for the policy makers to detect the corporate tax avoidance.

RISIKO INVESTASI, BID-ASK SPREAD, DAN COST OF EQUITY CAPITAL DI PASAR MODAL INDONESIA Agus Haryono; Edi Subiyantoro
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

A number of studies investigated how financial information affected investment decisions. The study extendedthis line of research by examining the effect of risk, proxied by price per share, number of shareholders, numberof dealers, trading volume, accounting risk and market risk measures on the bid ask spread. Further, theresearch tried to test the relationship between bid ask spread and cost of equity capital. The samples of thisresearch were the manufacturing companies listed at Indonesian Stock Exchange which shared the dividendfor 3 years; there were 40 companies. Data analysis technique used multiple regression analysis. The results ofregression provided evidence of statistically significant effect of price per share, market value, asset size andprice variability on bid ask spread. At last, there was a positive relationship between bid ask spread and cost ofequity capital

HUBUNGAN RETURN SAHAM DAN INFLASI DI INDONESIA Triaryati, Nyoman
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

The effect of inflation to the stock return research had been held since three decades ago based on GeneralizeFishers Hypotheses, but how inflation influenced stock return had become a debate until today. In Indonesiamost of the related research used inflation as one of the variables that influenced stock return despite of others inshort period of time. This research investigated the effect of inflation to the stock return in Indonesia within fifteenyears, which was divided into 3 (three) periods of time reflecting different economic growth for each of it. Thepurpose of this allotment was to see the consistency how inflation influenced the stock market. Using a secondarydata from monthly inflation and IHSG period 1998 until 2012, included three hundred and sixty observation,simple regression model analyses was applied. This research acknowledged that inflation negatively influencedstock return in a long time period, but it did not exist in the short time period, except when the level of inflationreached 10%. In conclusion, inflation influence on the stock return was not ascertained by how long the investigationwas held but if there was any inflation rate reaching 10% within the period of investigation.

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