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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

Arjuna Subject : -

Articles 784 Documents

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MODEL PENCIPTAAN NILAI TAMBAH EKONOMIS DAN NILAI PERUSAHAAN Suripto Suripto
Jurnal Keuangan dan Perbankan Vol 15, No 3 (2011): September 2011
Publisher : University of Merdeka Malang

This research test and macroeconomic analyze influence to the firms characteristic, capital structure, valuebasedmanagement and corporate value. This research conducted at the firms of SWA 100 value creatorsamong year 2002 - 2006 in Stock Exchange Indonesia (BEI). This research use analysis of Structural EquationModeling (SEM). Result of analysis use modeling equation structural (SEM) of indicating that there is influenceof macroeconomic significant to characteristic of the firms, macroeconomic have effect significant to valuebasedmanagement and macro economics have effect significant to corporate value. Characteristic of the firmshave effect significant to value based management and characteristic of the firms have effect significant tocorporate value. Capital structure have effect significant to value based management, capital structure haveeffect significant to value of the firms and Value-based Management have effect to corporate value. Whilemacro economics do not significant to macro economics, characteristic of the firms do not significant to capitalstructure, so also value-based management do not significant to corporate value.

DEWAN KOMISARIS DAN TRANSPARANSI: TEORI KEAGENAN ATAU TEORI STEWARDSHIP? Tarmizi Achmad
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : University of Merdeka Malang

This paper examined the impact of the board of commissioners on voluntary disclosures provided by listed firmsin Indonesia for the period of year 2004 to 2010. The board of commissioners were characterized by boardcomposition, board size, board role and board intensity. Voluntary disclosure was proximate by an aggregateddisclosure score of non-mandatory, non-financial and financial information. The results indicated that boardsize, board intensity (number of board meetings), or board role (number of audit committe members) was significantlyand positively related to the extent of voluntary disclosure as predicted by the agency theory, while boardcomposition (number of insiders) was significantly and negatively related to the extent of voluntary disclosure aspredicted by the stewardship theory. The result showed that independent board members did not conduct theirmonitoring function on management effectively. Alternatively, insiders were involved in operating firms activities.This phenomena might be because most firms were owned by family that tended to appoint the board andmanagement team based on the family ties. Hence, using the stewardship theory was more appropriate to analyzethe boards composition than that of using the agency theory.

KETERKAITAN DINAMIS PASAR SAHAM INDONESIA DAN ASIA PASIFIK Haryo Suparmun
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : University of Merdeka Malang

This study aimed to detect and identify short-term dynamic linkages between Indonesian stock market andAsia-Pacific stock markets during the period of January 2nd, 2003 until December 31st, 2009 by using theimpulse response function analysis and forecast error variance decomposition. The period was divided intosub-period of before, during, and after the global financial crisis. The results showed that Indonesian stockmarket responded positively to each shock caused by the Asia-Pacific stock markets. The response becamestronger during crisis sub-period. This condition proved a significant increase of short-term dynamic linkagesbetween Indonesian stock market and other Asia Pacific during the global financial crisis. After crisis sub-period, many Asian-Pacific stock markets shocks were responded negatively by Indonesian stock market.Australian, China and Hong Kong stock markets were the top three in share among the countries of the AsiaPacific contributing to influence the Indonesian stock market movements

EKSPLORATORI TUJUAN MANAJEMEN KEUANGAN BISNIS HIJAU Djoko Wintoro
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : University of Merdeka Malang

Companies were facing growth pressure to transform into green business. They needed green management aswell as green finance to guide the implementation of green business. This research explored the objectives ofgreen financial management. By sending questionnaires to Finance Director of Indonesian companies, thisresearch found that the objective of green finance included three objectives which were to maximize shareholderwealth, maximize social wealth, and sustain natural resources.

CORPORATE GOVERNANCE DAN KETAATAN PENGUNGKAPAN WAJIB PADA BADAN USAHA MILIK NEGARA Abdul Kharis; Djoko Suhardjanto
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : University of Merdeka Malang

The purpose of this study was to examine corporate governance and mandatory disclosures compliance ofIndonesian BUMN (Badan Usaha Milik Negara). Under purposive sampling, secondary data of 48 annualreports year 2005-2010 of BUMN in Indonesian Stock Exchange were selected.The average level of mandatorydisclosures compliance was at 54.99%. This number indicated that Indonesians BUMN was not fullycompliance to SE Bapepam No. SE-02/PM/2002 and SE-02/BL/2008. In accordance with the purpose of thestudy, the result of multiple regression showed that corporate governance affected the level of mandatorydisclosure compliance through the variable number of board and educational background of director. Othervariables, such as board size, the composition of independent commissioner, audit committee size, the compositionof independent audit committee members and number of audit committee meetings were not good predictorsfor level of mandatory disclosure compliance.

MANAJEMEN LABA TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE GOVERNANCE SEBAGAI PEMODERASI Herman Darwis
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : University of Merdeka Malang

The objective of study was to provide empirical evidence of the influence of earnings management on corporatevalue. Managerial ownership affected the relationship between earning management with corporate values,and institutional ownership affected the relations between earning management to the corporate value.Thepopulation of this study was manufacturing companies listed on the Indonesia Stock Exchange, the observa-tion period from the year 2008-2010. The technique used was purposive sample with the analysis method usedwas a simple regression for hypothesis one, and moderate analyst regression for hypotheses two and three. Thestudy found that earnings management had no effect on corporate value. Managerial ownership did not affectthe relationship between earnings management to corporate value. Institutional ownership affected the rela-tionship between earnings management to corporate value. Ownership of shares held by institutional partiescould weaken the influence of earnings management on corporate value. It was because the institutional own-ership could control the company more closely so that the possibility of management performed earningsmanagement could be reduced.

PENGGUNAAN THE ZMIJEWSKI MODEL, THE ALTMAN MODEL, DAN THE SPRINGATE MODEL SEBAGAI PREDIKTOR DELISTING Mila Fatmawati
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : University of Merdeka Malang

The purpose of this study was to investigate empirical evidence that the Zmijewski model, the Altman model, andthe Springate models could be used as a predictor of delisting the company. Object of this study was to remove thelist of companies that trade shares (delisted) in Indonesia Stock Exchange in 2003-2009. As a benchmark forcompanies delisted at the top used companies that were still listed on the Stock Exchange with the same numberand kind of business field. Comparison samples were taken randomly over the same period with the companydelisted. The method of analysis used logic regression. The results found that from the three delisting of predictormodels, only the Zmijewski models that could be used to predict the company delisted in the period of observation,while the Altman model and the Springate models could not be used as predictive models delisting. It is becauseThe Zmijewski model emphasized amounts of debt in predict delisting. The bigger the debt was, it would be moreaccurate in predicting as the companys delisting. Meanwhile, the Altman model and the Springate modelemphasized more on profitability measures. The smaller the profitability was, the more precisely to predictcompanys delisting. Condition of delisting the company that became object of observation company trends wasstill able to get profit, but it had a relative amount of debt.

EFISIENSI PASAR MODAL SYARIAH INDONESIA SEBELUM DAN SESUDAH KRISIS FINANSIAL GLOBAL 2008 Ibnu Khajar
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : University of Merdeka Malang

Efficient markets could be classified into three forms: weak, semistrong, and strong. Weak-form efficiency suggestedthat security prices reflected all trade-related information, such as historical security price movements andvolume of securities trades, so they did not relate to current price and volume. In other words historical pricemovements was independent or random over time. Thus, test of weak-form efficiency related to random walktheory. This research had two objectives. The first objective was to analyze whether Indonesian capital market wasefficient (weak-form). The second one was to analyze increasing efficient market in two different periods. Thestudy was carried out on the 6 stocks in the Jakarta Islamic Indexs (JII), based on before, while, and after globalfinancial crisis 2008. The first objective was analyzed by using run test. The result showed that most stocks wererandom in three (before, while, and after) different periods. The second one was analyzed by searching number ofstocks that were random in the three periods. The result showed there was decreasing weak-form efficiency intheperiod before and while crisis and increasing in the period before and after global financial crisis 2008.

REAKSI PASAR TERHADAP PENGUMUMAN EMPLOYEE STOCK OWNERSHIP PROGRAM Herdinata, Christian
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : UNIVERSITY OF MERDEKA MALANG

In Indonesia, the increasing of Employee Stock Ownership Program (ESOP) was relative known new, so itneeded any evidence for the market reaction in Indonesia stock exchange. From the latest problem, the purposeof this research was to know how the market reaction for the announcement of ESOP in Indonesia StockExchange. Samples on this research were the companies which were listed in BEI that had announced ESOP forperiod January 1st, 2000 December 31st, 2010. Analysis technique on hypotesis test related with marketreaction for ESOP announcement was done by event study to calculate abnormal return. Research resultshowed that market tended to ignore ESOP announcement. And it meant that ESOP announcement was notconsidered as a signaling, which gave a good information for the investor in Indonesia to achieve profit.

KANDUNGAN INFORMASI LABA BERSIH DAN ARUS KAS TERHADAP REAKSI PERUBAHAN RETURN SAHAM Maharani, Satia Nur
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : University of Merdeka Malang

This paper presented an investigation of the listed LQ45 companies in Indonesia Security Exchange (BEI).This investigation examined the influence of earnings (EPS) and cash flows (OCF) to the in explaining stockreturns and stock price.This study used the accounting data of the companies listed in the BEI from 2008-2010.Furthermore, it employed a two of statistical procedures (regression analysis and path analysis). Also, 31Indonesian corporations were selected for testing the hypotheses. The results of this paper indicated the existenceof information value of earnings and there was sufficient evidence to confirm information content to makethe market react but cash flow does not have sufficient evidence to affect stock returns and stock price

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