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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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RASIO KEUANGAN PENGUKUR KINERJA PERUSAHAAN DAN DAMPAKNYA TERHADAP EKSPEKTASI RETURN SAHAM Yarnest Yarnest
Jurnal Keuangan dan Perbankan Vol 16, No 1 (2012): January 2012
Publisher : University of Merdeka Malang

This research was intended to know and to describe BUMN firm performance listed at Indonesian Stock Exchange.It measured finance ratios and its impact to expectation return good stock partially and simultaneously.This observational object was corporate BUMN listed at Indonesian Stock Exchange, period 2005-2009. Thisresearch used design ex post facto. Exhaustive observational corporate BUMN listed at Indonesian Stock Exchange(BEI) were 13 firms. Because of little population, the method used was census method. Analysis techniquesused were analysis multiple regression, quiz f and quiz t, data processing by programs Aviews version 6.0. Theresult of observation showed that liquidity ratio, leverage ratio, activity ratio, profitability ratio and stock ratiocould measure simultaneous firm and performance impacted significant to expectation return stock. Activityratio consisted of average collection period and inventory turnover and stock ratio consisted of price earning ratioand book value per share partially impacted significant to expectation return stock. Meanwhile ratio was liquidity,leverage ratio. Profitability ratio partially did not impact significantly to expectation return stock. Stock ratiomeasured by book value per share constituting impacted as the dominant factor on exspectation return stock.

LIKUIDITAS, LEVERAGE, KOMISARIS INDEPENDEN, DAN MANAJEMEN LABA TERHADAP AGRESIVITAS PAJAK PERUSAHAAN Krisnata Dwi Suyanto; Supramono Supramono
Jurnal Keuangan dan Perbankan Vol 16, No 2 (2012): May 2012
Publisher : University of Merdeka Malang

Tax aggressive was the action designed to reduce taxable income appropriate to tax plan, which could be legalor illegal. This study investigated if extent of liquidity, leverage, independent commissioners and earningmanagement affected corporate tax aggressiveness. Effective tax rate (ETR) and cash effective tax rate (CETR)were used to measure tax aggressiveness. Test was conducted for manufacturing firms which were listed inIndonesian Stock Exchange during the period of 2006-2010. Panel data regression was used to test the hypothesis.The result of the hypothesis was that it failed to find significant relation between liquidity and taxaggressiveness. Independent commissioners had a negative impact to tax aggressiveness, but leverage andearning management had a positive impact to tax aggressiveness.

FAKTOR-FAKTOR YANG MEMENGARUHI KEBIJAKAN UTANG PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA Christine Dwi Karya Susilawati; Lidya Agustina; Se Tin
Jurnal Keuangan dan Perbankan Vol 16, No 2 (2012): May 2012
Publisher : University of Merdeka Malang

In the last several years, there had been an increase on the research emphasized on the agent-principal conceptat financial corporation. The objective of this research was to test empirically the agency concept and theirrelation toward the debt policy of corporations. This research analyzed the factors influencing debt policy atmanufacturing firms in Indonesia. Analyzing instruments in this research was multiple regression analysis.The result of this research showed that firm size, profitability and free cash flow had significant influence todebt policy while managerial ownership, institutional ownership, dividend policy and structure asset did nothave significant influence to debt policy. However, simultaneously the seven variables had significant influenceto debt policy.

STRUKTUR KEPEMILIKAN, UKURAN PERUSAHAAN DAN PRAKTEK CORPORATE GOVERNANCE TERHADAP MANAJEMEN LABA Reni Yendrawati; Wahyu Agung Setyo Nugroho
Jurnal Keuangan dan Perbankan Vol 16, No 2 (2012): May 2012
Publisher : University of Merdeka Malang

Many companies conducted earnings management in order to attract potential investors. The extent to whichthose companies undertook profit management was influenced by many factors, such as: ownership structure,company size and corporate governance practices. The objective of this study was to determine the effect ofownership structure, company size and corporate governance practices toward earnings management. Ownershipstructure was the proxy of management ownership, and firm size was the proxy of the log of total assets.In addition, corporate governance was measured by the composition of the board of commissioners and industryspecialization of audit firm. The companies used in this study were 16 LQ 45 firms from the year 2008 to2010. The method of analysis used in this study was multiple linear regressions. The results showed that thecomposition of commissioner board had a significant negative effect on earnings management while the otherthree variables, namely the ownership structure, firm size, and KAP industry specialization did not affectsignificantly toward earning management.

REAKSI INVESTOR ATAS CORPORATE GOVERNANCE PERCEPTION INDEX (CGPI) 2011 Makaryanawati Makaryanawati
Jurnal Keuangan dan Perbankan Vol 16, No 2 (2012): May 2012
Publisher : University of Merdeka Malang

The objective of this study was to determine the capital market reaction on the announcement of CorporateGovernance Perception Index (CGPI) 2011. The variables used in this study were stock prices over the closingprice and trading volume of shares. The type of analysis was comparative descriptive study which comparedthe stock price and trading volume before and after the CGPI 2011 award-winning announcement for thecompanies listed in IDX. Observations were made during the period of 10 trading days; five days before andfive days after the CGPI 2011 announcement. The data analysis instrument used in this study was the WilcoxonSigned Ranks Test with significance level = 5%. The results showed that there was no difference betweenstock prices before and after the announcement of CGPI 2011, there were differences in the trading volumeactivity before and after announcement of CGPI 2011 at the companies of CGPI 2011 winners that were listedin IDX. Based on these results, it could be concluded that stock price of the sample companies could not beaffected by the information content of CGPI 2011 because the sample companies were fundamentally strongcompanies. The award announcement could affect the shares trading volume in the capital market.

KARAKTERISTIK PERUSAHAAN DAN RISIKO BISNIS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN OTOMOTIF Sugeng Haryanto
Jurnal Keuangan dan Perbankan Vol 16, No 2 (2012): May 2012
Publisher : University of Merdeka Malang

The company financial management should be able to meet the needs of the funds that would be used to operateor expand their businesses. Financing the use of corporate funds was faced to a choice: debt or raise capital withthe level of consequence risk of each. Consideration of a company was choosing the source of funds in anefficient and profitable enterprise for both current and for the foreseeable future. It considered that the choice ofthe source of the funds would have an impact on corporate performance in the future, namely funding responsibilityof the company. The objective of this study was to analyze the influence of company characteristics andbusiness risk significantly influenced capital structure, to determine the effect of the variable characteristics ofcompanies and business risk simultaneously on the companys capital structure, to determine the variables ofcompany characteristics and business risk simultaneously toward the company capital structure, to know thevariables that had most dominant impact toward capital structure. The results of the analysis showed theintensity of DOL assets, sales growth, profitability (ROA) affected the companys capital structure, while thevariable of ROA had dominant contribution. Free variables simultaneously affected the capital structure.

MODEL PENGEMBANGAN PEMBIAYAAN: SOLUSI STRATEGIS PENGUATAN MODAL USAHA KECIL AGRIBISNIS DI SUMATERA SELATAN M. Syahirman Yusi
Jurnal Keuangan dan Perbankan Vol 16, No 2 (2012): May 2012
Publisher : University of Merdeka Malang

The objective of this study was to obtain the empirical evidence about the effect of financial development modeltoward the agribusiness small scale enterprises in South Sumatera. Primary data was collected through surveytechnique from 142 samples. Respondents were taken by using random sampling method and was analysed byusing multiple regression. Statistical analysis showed that all of variables which consisted of business climate,banks credit, entrepreneurship, the micro financial institutions, partnership, and multifinance credit had apositive influence. It meant that the hypothesis was not rejected. Among those variables, business climate wasthe most dominant factor. It meant that in strengthening the small scale enterprises capital, the role of governmentwhich created the condusive business climate became the most important factor, but in partial the entrepreneurshipvariable did not have significant effect. It meant the hypothesis was rejected.

THE ACCURACY OF EARNINGS FORECAST AND POST-IPO EARNINGS MANAGEMENT Hutagaol, Yanthi; Warganegara, Dezie L.; Wibisono, Christofer
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Prior studies showed that before IPO, many companies conducted earnings management in order to attract potential investors through impressive earnings figures. This study aimed to investigate the tendency of earningsmanagement practice post - IPO. This practice of earnings management was motivated to preserve managersâ€™reputation in achieving their earnings forecasts. Using a total of 165 IPOs in IDX during year 2000-2010, thisstudy employed descriptive analyses to identify the earnings management differences within the sample. A crosssectionanalysis was conducted to test the difference of earnings management indicator among the forecasters.Then, controlling for audit quality, ownership, firm size, and firm leverage, a regression analysis was performedto test the impact of earnings forecasts accuracy on the earnings management. The result of this research showedthat there was an indication that the forecasters conducted more earnings management than the non-forecasters.The study found that forecast accuracy was significantly related to managersâ€™ behavior to manage post-IPOearnings. Further analysis showed that optimistic forecasters tended to engage more in more earning managementthan conservative forecasters. The cross section analysis confirmed that optimistic earnings forecast strengthenedthe relationship of forecast accuracy and post-IPO earnings management, while high audit quality failed toweaken it.

TESTING OF PECKING ORDER THEORY THROUGH THE RELATIONSHIP: EARNINGS, CAPITAL STRUCTURE, DIVIDEND POLICY, AND FIRMS VALUE Harmono Harmono
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

This study aimed to test the pecking order theory through its correlation among earnings dimension, capitalstructure, dividend policy and firms value perspective. By loading the correlation between dimension one toanother, it indicated that management behavior tended to retained earnings accumulation or to debt collectionin financing the operation of the firm. The pecking order theory were tested when the management behaviortended to retained earnings in accumulating sources of the fund equity rather than borrowing liabilities fromcreditors. Therefore, rationally if the capital structure was optimum, management tended to external financinguntil any trade off between earnings and debt financing. Based on the testing hypothesis, it indicated that therole of capital structure dimension had significance as intervening variable between earnings dimension andfirms value. On the other hand, the dividend policy had no significance to become intervening variable.Empirically, it could be concluded that the management behavior in Indonesia tended to leverage rather thanretained earnings accumulation in supporting the pecking order theory. Furthermore, the variable had the roleto differentiate the characteristic of industries represented by the capital structure dimension, especially, debtto assets and debt to equity ratio.

EFFECTS OF CORPORATE GOVERNANCE VARIABLES ON EARNINGS MANAGEMENT IN INDONESIA Stephanus Remond Waworuntu; Marko Sebira Hermawan; Sheila Nerissa Hokardi
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

To determine the effects of corporate governance on earnings management, this paper analyzed 171 annualreports from issued 2006 to 2009 by 57 non-financial, joint stock companies implementing GCG (GoodCorporate Governance) practices, which were listed on the Indonesia Stock Exchange (IDX). Six corporategovernance variables (board composition, independent commissioners, separate chairman/CEO roles, auditcommittee, managerial share ownership, and audit quality) as well as three control variables (leverage, size,and ROA) were used. The results showed that two corporate governance variables significantly influencedearnings management practices (separate chairman/CEO roles and managerial share ownership); the othervariables had no effect because these companies used GCG practices only to follow regulations rather than tomonitor and control.

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