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INFORMASI LABA AKUNTANSI DAN ARUS KAS SERTA PENGARUHNYA PADA HARGA SAHAM
Susan, Marcellia
Jurnal Keuangan dan Perbankan Vol 13, No 2 (2009): May 2009
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v13i2.935
The purpose of this research was to investigate whether publication andannouncement of accounting profit and cash flow could be considered as drivers of stockprice. The result of this research showed that accounting profit announcement could influencethe stock price of telecommunication companies. The result also indicated that stock price wasinfluenced by the interaction between accounting profit and cash flow from investment.
STRATEGI DIVERSIFIKASI TERHADAP KINERJA PERUSAHAAN
Shinta Heru Satoto
Jurnal Keuangan dan Perbankan Vol 13, No 2 (2009): May 2009
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v13i2.936
The purposes of this research were to provide an empirical evidence of the influenceof diversification to the firm performance. This research used 75 manufacturer firms thatdiversified their business. It also used control variable that describe firms characteristic, such asfirm size, debt ratio, current ratio, and firm age. The empirical result showed that thediversification strategy negatively influenced firm performance. It could be because the firmin Indonesia was under the conditions of unstable economics.
KARAKTERISTIK PERUSAHAAN TERHADAP KUALITAS IMPLEMENTASI CORPORATE GOVERNANCE
Asrudin Hormati
Jurnal Keuangan dan Perbankan Vol 13, No 2 (2009): May 2009
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v13i2.937
This study aimed to provide empirical evidence that investment opportunities,ownership concentration, leverage, firm size and quality of external audit influenced the qualityof corporate governance. The study also observed companies that listing in BEI and participatinga survey which was conducted by IICG. The observation period range was 2006-2008. Thesample selection was using purposive sampling method. The companies matched the criteriawere 53 companies, and the analysis method used was multiple regression. The results of thestudy showed that investment opportunities, ownership concentration, and leverage did notinfluence the quality of corporate governance whereas the firm size and the quality of externalaudit influenced the quality of corporate governance.
APLIKASI MODEL ARTIFICIAL NEURAL NETWORKS UNTUK STOCK FORECASTING DI PASAR MODAL INDONESIA
Christian Herdinata
Jurnal Keuangan dan Perbankan Vol 14, No 1 (2010): January 2010
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v14i1.945
This research showed the applicat ion of model Art if icial Neural Networks (ANN) orJaringan Syaraf Tiruan (JST) at the f ield of monetary science, especially for the applicat ion off inancial forecast ing. ANN or JST was a new alternat ive for the applicat ion of f inancialforecast ing.The purpose of this research was to know whether the stock index instantaneouslyand fully ref lect historical informat ion, in Indonesia Stock Exchange (IDX). The research usedcomparison between return of technical t rading rule based Art if icial Neural Networks (ANN)model and return of buy hold st rategy. The result showed that the weakness form ofef f icient market hypothesis was rejected in the Indonesian capital market . Expectat ion ofthis research was giving informat ion and securing the market perpet rators that st ill enabledto get abnormal of return by doing commerce in chnical through forecast ing of model Art ificial Neural Networks (ANN) or Jaringan Syaraf Tiruan ( JST).
PERBANDINGAN MODEL OPSI BLACKSCHOLES DAN MODEL OPSI GARCH DI BURSA EFEK INDONESIA
Riko Hendrawan
Jurnal Keuangan dan Perbankan Vol 14, No 1 (2010): January 2010
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v14i1.946
The purpose of this research was to compare the accuracy of Black-Scholes Opt ionModel and GARCH opt ion models for Stock opt ion ut ilizing data f rom Ast ra, BCA, Indofoodand Telkom at the Indonesian Stock Exchange. The intraday stock return of Astra, BCA, Indofoodand Telkom exhibited an overwhelming presence of volat ilit y cluster, suggesting that GARCHmodel had an ef fect which best corresponded with the actual price. The best model wasconst ructed using ARIMA model and the best lag in GARCH model was ext racted. The findingf rom this research showed that by comparing the average percentage mean squared errors ofthe GARCH Opt ion Model and the Black-Scholes Opt ion Model, the former was found moreaccurate than the lat ter. GARCH Model relat ively improved average percentage mean squarederrors of Black-Scholes Model; one month opt ion showed a twent y eight point ten percentimprovement , two month option showed twenty three point thirt y percent and three monthopt ion showed twent y percent .
PERSEPSI DAN FAKTOR PSIKOLOGIS DALAM PENGAMBILAN KEPUTUSAN HUTANG
Supramono Supramono;
Nancy Putlia
Jurnal Keuangan dan Perbankan Vol 14, No 1 (2010): January 2010
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v14i1.947
The f inance literature supported an increasing role for psychological aspects inthe context of f inancial decision making. This paper explored percept ion of the owner andpsychological aspects related to debt as source of fund. Samples were the owner of indust ryof fermented soybean cake in Salat iga. The result of this study showed that the owner hadpercept ion that debt was as st imulator. It meant debt encouraged the owner more professionalin f inancial management , work bet ter, more product ive and discipline. The study alsodocumented that overconf idence, illusion of cont rol and availability played important rolein the debt decision.
INFORMATION GAP: DEMAND SUPPLY ENVIRONMENTAL DISCLOSURE DI INDONESIA
Djoko Suhardjanto;
Umi Choiriyah
Jurnal Keuangan dan Perbankan Vol 14, No 1 (2010): January 2010
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v14i1.950
The purposes of this study were to invest igate informat ion gap of environmentaldisclosure in Indonesian and to examine relat ionship between company characterist ics andits environmental disclosures. Company characterist ics were ident if ied as size, prof itability,leverage, prof ile, and companys operat ion territory. This study also examined proport ion ofindependent commissioner and the educat ional background of commissioner president ascont rol variable. Primary and secondary data were used in this research. Interview and questionnaire to 50 respondents as broader stakeholders were used as primary data. On average,there was high demand f rom respondents on environmental disclosure (score of 3.95 within5 Likert scale). Under purposive sampling, 100 annual reports of companies in BEI were selectedas secondary data. There was 44% of those disclosed environmental informat ion. Underweighted index, the level of disclosure was 4.84%. High demand f rom broader stakeholdersto disclose environmental informat ion does not supply properly by Indonesian companies.Thus, there was informat ion gap in environmetal disclosure. Result of logist ic regressionshowed that the determinants for Indonesian companies to disclosure environmentalinformat ion were Prof itabilit y; Leverage and Proport ion of Independent Commissioner. Inaddit ion, the signif icant predictors for the level of disclosure were Leverage; Proport ion ofIndependent Commissioner and the Educat ional Background of Commissioner President .
INTELLECTUAL CAPITAL DISCLOSURE DAN KAPITALISASI PASAR DI INDONESIA
Soelistijono Boedi
Jurnal Keuangan dan Perbankan Vol 14, No 1 (2010): January 2010
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v14i1.952
This study examined the differences of Intellectual Capital Disclosure (ICD) betweennew industry and old industry, therefore influence of ICD on market capitalizationcontinuing research by Abdolmohammadi (2005), as for becoming object from this researchwas all industry listed in Jakarta Stock Exchange (JSX). This research represented the empiricaltest which used purposive sampling techniques in data collection. Data were collectedusing a secondary data of 65 from industry 2003 to 2007. Data analysis used regression. Theresults of hypothesis examination indicated that from five hypothesis raised, there were fouraccepted hypothesis. Accepted hypothesis were hypothesis 1 (there were significant differencesbetween new industry and old industry of ICD on annual report), hypothesis 3 (therewas no significant influence in book value on market capitalization) and hypothesis 4 (therewas a significant influence in ROA Difference on market capitalization). There was one hypothesisthat was no correlation, it was hypothesis 2 (there was no significant influencebetween ICD on market capitalization). From this result, it could be concluded that intellectualcapital disclousure had no influence on capitalization market value therefore intellectualcapital disclosure had no difference between new industri and old industri.
KINERJA REKSADANA SYARIAH TAHUN 2009DI INDONESIA
Hariandy Hasbi
Jurnal Keuangan dan Perbankan Vol 14, No 1 (2010): January 2010
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v14i1.954
Syaria mutual fund was one of the investments in capital market products thatused Islamic principle. Current ly, people started switching to this investment product thatwas felt to give a bet ter alternat ive than banking products. The purpose of this research wasto f ind out the comparison between each performance of sharia mutual funds (f ixed, stock,mixed and protect ion) and Jakarta Islamic Index(JII) as a benchmark of syaria port folio inIndonesia period 2009 using Risk Adjusted Returns Measurement (Sharpe, Treynor, and Jensen),and its prospect ive in 2010. The method of this research used purposive sampling and SPSSver.13.0 as a tools of comparat ive stat ist ical tests. Overall, these empirical results were concludedthat the performance of syaria mutual funds was viewed f rom the aspect of returnand risk variables showed a good performance compared to its market index (JII) in 2009.
IMPLIKASI KOMPONEN LAPORAN ARUS KAS, LABA KOTOR, DAN SIZE PERUSAHAAN TERHADAP EXPECTED RETURN SAHAM
Totok Sasongko
Jurnal Keuangan dan Perbankan Vol 14, No 1 (2010): January 2010
Publisher : University of Merdeka Malang
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DOI: 10.26905/jkdp.v14i1.955
Expected return of an investment was the probabilit y rate dist ribut ion on invest -ment returns. Although investors (stockholders) did not know exact ly what rate of returnthey would get , they had base on their decisions to invest . Work performance measurementused by stockholders in investment decisions were prof it and cash f low. Besides, investorsalso considered company f inancial characterist ic like company size. The main purpose of thisresearch was to analyze the implicat ion of informat ion cash f low statement , gross prof it ,company size toward expected stock return. Populat ion of this research was manufacturecompanies listed at Jakarta Stock Exchange. The sample was selected by purposive sampling.The analysis data used was a mult i linear regression. The result showed that simultaneously,cash f low component , gross prof it and company size had signif icant ef fect to stock expectedreturns. But part ially, the cash f low f rom operat ion and f inancing didnt have signif icantef fect to stock expected returns.