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INDONESIA
Jurnal Keuangan dan Perbankan
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Core Subject : Economy,
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Articles 784 Documents
MEKANISME GCG DAN PENGUNGKAPAN TANGGUNG JAWAB SOSIAL TERHADAP KOEFISIEN RESPON LABA Nurika Restuningdiah
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (151.052 KB) | DOI: 10.26905/jkdp.v14i3.980

Abstract

The purpose of this research was to examine the impact of good corporate governance mechanism tocorporate social responsibility (CSR) disclosure and the impact of CSR disclosure to earning responsecoefficient. The proxy of good corporate governance mechanism were institutional ownership, managerialownership, independency of board commisioner and the size of board commisioner. Regression analysis of35 public companies listed in Indonesia Stock Exchange in year 2009 through a random sampling techniqueindicated that only the size of commisioner board had a positive effect CSR disclosure. This study alsoshowed that there was no significant impact of CSR disclosure to ERC. The implication of this study wasrelevant for the decision maker of public companies to consider the size of board commisioner to supportthe good corporate governance mechanism.
FAKTOR PENENTU DIVIDEN DAN BIAYA KEAGENAN SERTA PENGARUHNYA PADA NILAI PERUSAHAAN Isti Fadah
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (125.806 KB) | DOI: 10.26905/jkdp.v14i3.981

Abstract

The goals of the research were to know about ownership structure, cash dividend policy and agency cost, toknow the effect of ownership structure, risk and free cash flow to cash dividend and agency cost and to knowthe effect of cash dividend and agency cost to corporate value in Indonesian Stock Exchange. To find thebest measurement of latent variable used was confirmatory analysis. To test causality relationship, it usedstructural equation model. The result of confirmatory analysis showed that the best measurement of cashdividend policy variable was dividend payout ratio while for agency cost was selling and general administrativeratio. Before millennium era, risk had a significant effect to cash dividend. Risk had a significanteffect to agency cost and a significant effect to firm value. In Millennium era, risk had a significant effectto cash dividend. Risk had a significant effect to agency cost and cash dividend had a significant effect tofirm value. The test result on two different time horizons had a consistency result. It could be seen on test ofgoodness of fit and path analysis gave a consistent result.
PENDEKATAN ERROR CORRECTION MODEL SEBAGAI PENENTU HARGA SAHAM Kaluge, David
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (96.358 KB) | DOI: 10.26905/jkdp.v14i3.982

Abstract

This research was to find the effect of profitability, rate of interest, GDP, and foreign exchange rate on stockprices. Approach used was error correction model. Profitability was indicated by variables EPS, and ROIwhile the SBI (1 month) was used for representing interest rate. This research found that all variablessimultaneously affected the stock prices significantly. Partially, EPS, PER, and Foreign Exchange rate significantlyaffected the prices both in short run and long run. Interestingly that SBI and GDP did not affect theprices at all. The variable of ROI had only long run impact on the prices.
PEMBENTUKAN PORTOFOLIO OPTIMAL SAHAM – SAHAM PERBANKAN DENGAN MENGGUNAKAN MODEL INDEKS TUNGGAL Sari Yuniarti
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (260.927 KB) | DOI: 10.26905/jkdp.v14i3.987

Abstract

When Investor making an investment, they willing to get an optimal return, but on the reality, investor faced by uncertainty called risk. By making diversification, investor can be done by forming combination of portfolio to reduce the rate of risk and optimizes the rate of expected return. This research aimed atanalyzing the form of optimal portfolio at the stocks of banking by using Single Index Model based onportfolio chosen theory which was increased first time by Markowitz (1952). Data used was secondary data consisting the data of banking stocks price which was in LQ-45 during 2009. By using single index model where the combination of optimal portfolio was consisted of return and risk level of banking stock individually, composition of each candidate forming optimal portfolio was stock of BRI Bank, BCA, and BNI.
EFEKTIFITAS IMPLEMENTASI MODEL QUANTUM LEAP DALAM MENINGKATKAN PANGSA PASAR Suroyya Favourita
Jurnal Keuangan dan Perbankan Vol 14, No 3 (2010): September 2010
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (176.778 KB) | DOI: 10.26905/jkdp.v14i3.992

Abstract

The aim of this research was to find out the difference of fund and credit market share before quantum leapmodel implementation and one year after implementation. This research had been done at the Bank X(Persero) Tbk. in region 06 Surabaya. It consists of 29 branches as population and respondents. It used thetool of t-test and ANOVA to compare fund and credit market share before and after implementation. Theresult of this research showed that fund declines after implementation. This condition was strengthened byhypothesis test result. So, it was shown that there was no significance differences between before and afterimplementation. Company ability in credit contribution improved, the change was regarded as significantbetween before and after implementation. Based on market share data result, it could be concluded that thecompany ability in getting fund decline in average, so quantum leap model was not effectively improvesfund market share. In contrary, quantum leap model effectively improves credit market share.
THE EFFECT OF MULTINATIONAL UNDERWRITING FIRMS ON INTELLECTUAL CAPITAL DISCLOCURE IN INDONESIAN IPO PROSPECTUSES Dezie L. Warganegara
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (125.938 KB) | DOI: 10.26905/jkdp.v15i1.994

Abstract

The objective of this study was to investigate the effects of multinational underwriters on intellectual capitaldisclosure in Indonesian IPO prospectuses. Intellectual capital disclosure practices were driven by the adviceof underwriters. Multinational underwriters had a greater capacity to produce more relevant information so itreduced the information gap for IPO market participants. The information included IC disclosure practices inIPO prospectuses. This study found that the nationality of underwriting firms positively affected the extent ofintellectual capital disclosure in Indonesian IPO prospectuses. Exposure to IPOs in other countries and theability to combine dispersed knowledge across their international branches seemed to have a positive effect onmulti-national underwriting firms in as much as it led to a higher standard of disclosure of intellectual capitalthan that of local underwriting firms.
THE RELATIVE ACCURACY OF MANAGEMENT EARNINGS FORECAST AND IPO PERFORMANCE Yanthi Hutagaol; I Gusti Ayu Esika
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (151.395 KB) | DOI: 10.26905/jkdp.v15i1.995

Abstract

Prior studies show that IPO earnings forecasts are robustly related to the IPO initial market valuation and itsshort-run performance (i.e., Chen, Firth, and Khrisnan, 2001; How and Yeo, 2001; Li and McConomy, 2004;Keasey and McGuiness, 2008). This study investigates the impact of management earning forecasts on thelong run performance of IPOs in Indonesia Stock Exchange (IDX). It hypothesizes that the relative accuracy,which is revealed at the end of IPO year, will affect the pricing process in the market that in turn will affect theIPO 1 year performance. Unlike most prior studies, this study uses relative forecast bias, as the direction of thebias will have different impact on the IPO after-market performance. Using 94 IPOs that went public in 2000-2008 in IDX, this study finds some interesting results. In general, the sample shows an average of negativeforecast bias. The upward bias IPOs has a better 1-year performance than the downward bias IPOs. They alsoappear to have a higher initial performance. Finally, the cross section analysis result shows a robust evidenceto support the research hypothesis that the relative accuracy of management earnings forecast is positivelyrelated to the IPO 1-year performance.
DETERMINANT FACTORS OF FINANCIAL REPORTING QUALITY AND ECONOMIC CONSEQUENCES Fanani, Zaenal
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (413.9 KB) | DOI: 10.26905/jkdp.v15i1.997

Abstract

The aim of this research was to prove empirically the determining factors that influence the quality of financialreporting and the economic consequences, and there were influence differences of quality attributes of financialreporting to the economic consequences. The research samples were taken by purposive sampling so it obtained141 listed manufacturing businesses from 2001 to 2006. The research used four data analysis technique:auxiliary regression R2, confirmatory factor analysis, simple regression, and multiple regressions. The resultsshowed seven attributes, there were five attributes that gave contribution for financial reporting quality namelyaccrual quality, predictability, smoothness, relevance value, and conservatism while the persistence and timelinessgave small contribution. The five attributes were also different each other. From the thirteen determiningfactors, it showed nine factors that produced significant influences namely operation cycle, sales volatility,firm size, firm age, loss proportion, leverage, environmental risk, institutional ownership, market concentration,and auditor quality, while the other three, they were liquidity, managerial ownership, and investmentgrowth that were not significant. Testing results of economic consequences of quality of financial reportingshowed that the quality of factorial financial reporting influenced negatively and significantly toward informationasymmetry.
FAKTOR FUNDAMENTAL DAN RISIKO SISTEMATIK IMPLIKASINYA TERHADAP HARGA SAHAM M. Syahirman Yusi
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (67.849 KB) | DOI: 10.26905/jkdp.v15i1.998

Abstract

The objective of the research was to examine the implication of fundamental factors and systematic risk towardthe stocks price, especially on manufacture industrial products in Indonesian Stock Exchange. It was a surveyresearch by survey research type. The number of sample required the criteria to be examined was 20 respondentstaken by purposive sampling. Through statistical analysis, the fundamental factors having a significanteffect toward the stocks price were return on assets (ROA), debt to equity ratio (DER), and value book. Amongthose variables, value book was the most dominant factor, and dividend payout ratio (DPR) was not significant.The other factor added having a significant effect toward the stocks price was systematic risk measuredby beta index.
MODEL PREDIKSI NILAI PERUSAHAAN MELALUI KEPEMILIKAN MANAJERIAL DAN SET KESEMPATAN INVESTASI Herry Laksito; Sutapa Sutapa
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (100.045 KB) | DOI: 10.26905/jkdp.v15i1.999

Abstract

This study empirically examined the effect of managerial ownership on firm value of Investment OpportunitySet with mediation. Model, this research examined corporate governance measured by the shares of thecompanys value with the mediation set of investment opportunities. The purpose of this study was to analyzethe effect on the value of corporate governance mediation firm with an investment opportunity sets on manufacturingcompanies listed in Indonesia Stock Exchange. The populations in this study were all of manufacturingcompanies listed in Indonesia Stock Exchange and reporting financial statement in the Indonesian capitalmarket directory during the period 2005-2007. Determination of sample used purposive sampling. The datamet the characteristic of 37 firms. Statistical method used was path analysis. The results showed that managerialstock ownership (corporate governance) did not affect the value of a company with a negative direction.Managerial stock ownership (corporate governance) affected the investment opportunity set (IOS). IOS did notaffect the value of the company and investment opportunity set could not significantly mediate the effect ofmanagerial ownership (corporate governance) against the value of the firm.

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