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Jurnal Keuangan dan Perbankan

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Published by Universitas Merdeka Malang

ISSN : - EISSN : - DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

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Articles 784 Documents

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MENELUSURI MEKANISME KERJA SYARAF OTAK UNTUK MEMBUKA KOTAK HITAM BIAS PSIKOLOGIS DI PASAR KEUANGAN Satia Nur Maharani
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

Neuro economics was a new science as an academic effort to explore the brain nerve when behavior wasinfluenced by psychological biases. Though neuro economics was relatively new, but it was a very interestingfield to study, especially because it was still minimal reviewed by scientists in Indonesian economy. This articleintroduced the concept of neuro economics in the role of explaining the behaviors of investors affected bypsychological biases. Some findings of neuro economics studies were to provide an understanding of this studythat contributed the development of the field of science especially behavioral finance. In addition, some of theconstraints in the development of neuro economics in Indonesia was also described as a reflection to the openingup to the spirit of science as an interdisciplinary effort to develop a comprehensive science.

PENGEMBANGAN UMKM DENGAN ANALISIS LINGKUNGAN BISNIS KETERAMPILAN MANAJEMEN DAN PINJAMAN MODAL Ibrahim Hafid
Jurnal Keuangan dan Perbankan Vol 18, No 3 (2014): September 2014
Publisher : University of Merdeka Malang

The purpose of this study was to analyze and determine the influence of the business environment, managementskills, and capital loans to business potential, scale of operations and improved performance of SMEs.This research was conducted through a survey to a number of SME business units that had received loans fromrural banks with a number of samples and 220 respondents that were analyzed using structural equationmodeling (SEM). The results of this study indicated the potential effect on the business environment of business,business scale, but it did not affect the performance improvement. The management skill influencedbusiness potential, business scale and performance improvement. Capital loans affected potential business,business scale, and performance improvement. Business potential influenced performance improvement but itdid not affect the scale of business. Business Scale affected performance improvement efforts.

REAKSI INVESTOR TERHADAP PEMILIHAN AUDITOR SPESIALIS INDUSTRI PADA PERUSAHAAN KELUARGA DI BURSA EFEK INDONESIA Eko Suyono
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

This study aimed to investigate the link between family firm and specialist auditor selection, the investorreaction in family and non family firms on specialist auditor selection, the influence of family CEO and hiredCEO on specialist auditor selection, and the influence of divergence between cash flow right and control righton auditor specialist selection.This research applied purposive sampling method by using 108 companies thatwere selected from 534 companies in period 2009-2013. Logistic regression was implemented to 108 companies(i.e 540 firms-years). The findings of the research were family firms were more likely to appoint auditorwith industry expertise than non family firm, family firms that switched audit partners from non-specialiststo specialists had higher earning response coefficient (ERC) than nonfamily firms, positive association betweenfamily firms and industry specialist auditor selection came primarily from CEOs hired outside ratherthan family CEOs, among family firms, the likelihood of choosing industry specialist auditors increased withthe divergence between control rights and cash flow rights.

TRANSACTION COSTS IN INDONESIA STOCK MARKET: A STUDY IN THE AUTOMATION PERIOD Mamduh M. Hanafi
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

We studied transaction costs in Indonesia market extended closely by Bonser-Neal et al. (1999). They investigatedtransaction costs in Jakarta Stock Exchange (JSX) using period before automation (May 1995). To matchclosely with Bonser-Neal et al. (1999), we used period right after JSX introduced trading automation (JATS orJakarta Automated Trading System). We used period from May 1995 to March 2003. We found that transactioncosts in the automation period were larger than those reported by Bonser-Neal et al. (1999). Automationdid not seem to automatically reduce transaction costs as expected. We found that domestic investors had largerprice impact than foreign investors. Similar to previous finding, we found that trade difficulty had a positiveeffect on price impacts. We also found transaction costs in crisis period were larger than those in normal period.We also found that size had a negative relationship with price impacts. Our paper provided evidence of thetransaction costs in Indonesia market after the automated trading was introduced in Indonesia market.

KINERJA JANGKA PANJANG DAN LIKUIDITAS PASCA IPO DI PAPAN UTAMA DAN PENGEMBANGAN BURSA EFEK INDONESIA Suherman Suherman
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

The purposes of this study were to examine and to compare the long-term performance of IPO firms on mainand development boards and to determine and to compare the liquidity of IPO firms on main and developmentboards. The sample of this study covered 59 IPO firms consisting of 32 firms listed on main board and 27 firmslisted on development board between 2010 and 2012. The results showed that one, two and three-years afterIPO, the long-term performance of IPO firms on the main and development boards were not statisticallydifferent, and one year after IPO, the liquidity of IPO firms on the main and development boards were notstatistically different.

DAMPAK PENGUMUMAN PERINGKAT OBLIGASI PADA KINERJA OBLIGASI DI BURSA EFEK INDONESIA Yuharningsih Yuharningsih; ST. Haryono ST. Haryono
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

The purpose of this study was to determine empirically the changes on bond rating that impacted on the bond’s performance. The changes on bond rating were rated by PT Pefindo. This study used 65 samples from 30 companies with bonds data issued in 2009 – 2012. The samples were grouped into 13 upgrade bonds, 8 downgrade bonds and 44 stable. Bond’s performance was indicated by the value of yield to maturity (YTM). The paired t-test was deployed with software SPSS version 15. The result showed that there was no different performance before and after the announcement of bond ratings for both the entire sample and upgrade bond groups. While for downgrade groups there was a significant difference before and after the announcement of bond ratings. These result indicated that only downgade group had a significant difference from YTM, therefore bond ratings announcement contained useful information for the investors.

PREDIKSI PERINGKAT OBLIGASI DENGAN CORPORATE GOVERNANCE PERCEPTION INDEX (CGPI) DAN KARAKTERISTIK OBLIGASI Gunarsih, Tri; Prasasti, Ponco Adityia; Sari, Septi Diana
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

The objective of this study was to predict the impact of Corporate Governance Perception Index (CGPI) andBond Characteristics to Bond Rating by using the ordinal logistic regression. This regression was used sincethe dependent variable was ordinal data, consisting of three groups. The CGPI issued by Indonesian Instituteof Corporate Governance (IICG) was a score from 0 to 100 while the characteristics of the bond consisted ofthree variables, namely subordinated bonds, industry type and the maturity of the bond. The results of thisstudy indicated that scores of CGPI, subordinated bonds and the type of the industry were statistically significantat ?5%while the maturity of the bond was not. The positive direction of the relationship between scores ofCGPI to bond rating suggested that the higher the score, the higher the rating. The negative sign of subordinatedbonds suggested that subordinated bonds had a rating lower than non-subordinated bonds. The lastsignificant variables, type of industry suggested that financial and utility industry had higher bond ratingfrom other industries.

KONFLIK KEAGENAN: HUBUNGAN SIMULTAN KEPEMILIKAN MANAJERIAL, KEBIJAKAN UTANG, DAN KEBIJAKAN DIVIDEN Fitri Susilowati; Eduardus Tandelilin
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

The main purpose of this research was to determine the agency theory in Indonesia capital market. The variableof agency conflict was represented by asset utility variable, while controlling the agency conflicts mechanismwas represented by the managerial ownership, leverage, and dividend. The secondary data used in this researchwas drawn from the Indonesia Capital Market Directory (ICMD) and Blommberg. The sample datawere limited at the manufacture companies and non-financial services, and they were listed on the IndonesiaStock Exchange (BEI). The research method approach used was quantitative method. The time period of thedata was year to year from 2000 to 2011. The instrument of analysis was seemingly unrelated regression(SUR), with panel data and simultaneous model regression techniques. The result of this research was that themanagerial ownership had a positive and significant effect on performance. Debt policy had a positive effectbut not significant to performance, so 1b hypothesis was not accepted. Dividend policy had a positive andsignificant effect on performance. Simultaneously there was a substitution and interdependence relationshipbetween the managerial ownership and debt policy. The relationship between two variables namely the managerialownership and dividend policy could not be concluded.

DETERMINAN INFORMASI ASIMETRIS PADA INDEKS SAHAM LQ45 Ni Nyoman Ayu Diantini
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

Managers directly involved in the management of companies often have internal company information moreabout the companys future prospects than shareholders. This asymmetric information that occurs between theinvestor and the manager will affect their decisions on investment and capital structure. The purpose of thisstudy was to analyze the effect of firm size, research and development expenditure, growth opportunities andthe number of shareholders of the asymmetric information on LQ45 index in the Indonesia Stock Exchange.The samples in this study was conducted with a purposive sampling on a consistent company that listed inLQ45 index between 2011-2013, total samples are 25 companies. The analysis technique used multiple linearregression analysis. The key findings of the paper are firm size has a significant negative effect on asymmetricinformation and number of shareholders have significant positive effect on asymmetric information. VariableR D expenditure and growth opportunities showed no significant effect on asymmetric information.

EARNING MANAGEMENT, STOCK RETURN AND COMPANIES’ MERGER AND ACQUISITION Sigit Handoyo; Fitria Rahmadani Putri
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

The purpose of this study was to find out the practice earning management before merger and acquisition announcement. It also aimed to examine the differences of stock return before and after merger and acquisition announcement among companies that were listed on Indonesia stock exchange. The samples were 35 companies that did merger and acquisition and listed in Indonesia Stock Exchange (IDX) period 2004–2013. Then, the data analysis was performed by computer statistic program SPSS. These samples were selected by using purposive sampling method. Analysis hypothesis used Independent sample t-test and Wilcoxon sign ranks test. The result of independent sample t-test showed that the companies tended to do earning management before merger and acquisitions. While the result of Wilcoxon signed ranks test showed that there was no difference between stock return before and after merger and acquisition announcement.

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