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INDONESIA
Jurnal Keuangan dan Perbankan
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Core Subject : Economy,
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Articles 784 Documents
FAKTOR PENENTU RETURN SAHAM DENGAN PRICE TO BOOK VALUE SEBAGAI VARIABEL MODERASI DI BURSA EFEK INDONESIA Sri Lestari Kurniawati; Linda Purnama Sari; Nurul Hasanah Uswati Dewi
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (232.824 KB) | DOI: 10.26905/jkdp.v16i3.1076

Abstract

The purpose of this study was to exemine the effect of the companys financial performance variables consistingof earning growth ratio, dividend payout ratio and size, the variable return equity price to book value as amoderating variable. The samples in this study were all companies listed on the Indonesia Stock Exchangefrom 2005 to 2010 by using purposive sampling with criteria that the company had a positive book value ofequity during the study period. The company splitted the cash dividend and the company did not do corporateactions such as stock splits, reverse stock, stock dividend. The data used in this study were all companies listedon the Indonesia Stock Exchange from 2005 to 2010 (except for companies engaged in finance and banking) byusing multiple linear regression to test the interaction or Multiple Regresion Analysis (MRA). The studyfound that the price to book value was not able to significantly moderate the effect of earning growth ratio,dividend payout ratio and size toward the stock return variable for the interaction test results showed thesignificant value was greater than interaction of alpha as 5%.
PENDEKATAN MODEL PENILAIAN DALAM PENGAMBILAN KEPUTUSAN INVESTASI SAHAM DI BURSA EFEK INDONESIA Sri Isworo Ediningsih; Aryono Yacobus
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (86.744 KB) | DOI: 10.26905/jkdp.v16i3.1077

Abstract

A valuation model was a mechanism that converted a set of forecast, a series of company and economic variablesinto a forecast of market value for the companys stock. The purpose of this study was to examine relevance amongdividend yield, retained earnings, book value and total debt on stock price: approximation valuation model in theIndonesia Stock Exchange. Samples in this study were manufacture firms listed on the Indonesia Stock Exchangeperiod 20082011 and divided dividend. The results showed that few of samples were undervalue and the otherswere overvalue. It meant valuation model could be applicated in the Indonesian stock exchange. By using multipleregressions, this study found that: valuation model relevans used in investment decission in manufacturefirms in the Indonesia Stock Exchange could prove simultaneously dividend yield, retained earnings, book valueand total debt had significant effect to stock price and partially dividend yield had no significant effect to stockprice and whereas retained earnings, book value and total debt had significant effect in partial to stock price.
PENERAPAN METODE BOOTSTRAP FINANCING PADA USAHA KECIL DAN MENENGAH DI SURABAYA Tommy C. Efrata; Christian Herdinata
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (71.702 KB) | DOI: 10.26905/jkdp.v16i3.1078

Abstract

Application of bootstrap financing methods had been very popular among small-scale entrepreneurs in Indonesia.This was because their access to capital was still very limited. Although bootstrap financing methodswere used by many entrepreneurs, the risk factors, timing, market share, education, age, and gender was not yetknown. This study aimed to determine whether there was an influence of risk, time, market share, education,age, and gender of the application of bootstrap financing methods. The sample in this study was small andmedium entrepreneurs in the city of Surabaya. The sampling method used was stratified random sampling.The analysis technique used was multiple regression. The results of this study showed that the risk factors,time, age, and gender affected significantly to the application of the bootstrap method significant financing,while the market share and education had no significant effect.
DAMPAK INTERAKSI ANTARA KEBIJAKAN UTANG DAN KEBIJAKAN DIVIDEN DALAM MENILAI PERUSAHAAN Meythi Meythi
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (147.455 KB) | DOI: 10.26905/jkdp.v16i3.1079

Abstract

This research aimed to examine and know empirical evidence of the positive effect of debt policy on firms valuewith dividend policy as moderating variable. Samples used in this research were manufacturing companieslisted in Indonesia Stock Exchange in 4 years observation period (2007-2010). Total samples were 13 companies.The data were collected by using purposive sampling method. The result of moderated regression analysis(MRA) showed that debt policy did not effect firms value with dividend policy as moderating variable. Thus,the hypothesis of the research was not empirically supported.
PORTOFOLIO SAHAM OPTIMAL MENGGUNAKAN SINGLE INDEX MODEL PADA SELURUH KANTOR SEKURITAS DI KOTA MALANG Anthony Satyanegara; Tarsisius Renald Suganda
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (297.408 KB) | DOI: 10.26905/jkdp.v16i3.1080

Abstract

Investment was the commitment of funds to one or more assets that would be held over some future time period.The goal of doing investment was to get the best return. Investment portfolio was one of the main considerationsto achieve the goal. This study aimed to establish the optimal stock portfolio using stock mutual fund productdata which was obtained from the survey results on securities office in Malang City in 2011 as a researchpopulation. Research method used was Single Index Model and data used were daily stock prices for 47 sharesin 2011. The results of this study indicated that there were twelve stocks in the optimal portfolio, namely:JKON, KAEF, TSPC, BKSL, BFIN, MAPI, KKGI, BHIT, CTRA, GGRM, MYOR. Based on the calculation, theresult was 76.71% for portfolio expected return and 7.23% for portfolio risk in 1 year.
PERMASALAHAN PENGEMBANGAN SUKUK KORPORASI DI INDONESIA MENGGUNAKAN METODE ANALYTICAL NETWORK PROCESS (ANP) Endri Endri
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (439.677 KB) | DOI: 10.26905/jkdp.v13i3.1085

Abstract

This paper analyzed the problem of developing corporate sukuk in Indonesia using AnalyticNetwork Process (ANP) methodology, proceeded by literature survey and in-depth interviewwith scholars, practitioners, and regulator of Islamic capital market to fully understand the problemand to develop an appropriate ANP network. The cause of this problem could be grouped into fouraspects, namely 1) market player; 2) product characteristic; 3) regulation; and 4) government. Thisresearch found that the problems of developing corporate sukuk in Indonesia could be summed upinto two main causes from market player and regulation aspects, namely the lack of market playerunderstanding and quality of human resource which involved in Islamic capital market, and alsothe uncertainty of tax regulations. The suggested solution was to increase understanding of marketplayer by promoting Islamic capital market intensively, and then providing quality of human resourceby training and education comprehensively, revising tax regulation to avoid double taxation becomethe next solution. Other suggested solution from government aspect was to give support throughissuance sovereign sukuk. Moreover, the most effective policy strategy to overcome the problems ofIslamic capital market, specially in developing corporate sukuk market was by implementing marketdriven strategy, where policies were intended to make market mechanism running well.
INVESTMENT OPPORTUNITY, INSTITUTIONAL OWNERSHIP, CASH FLOW, COMPANY LIFE CYCLE TERHADAP KEBIJAKAN DIVIDEN DAN RETURN SAHAM Ni Luh Putu Wiagustini
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (302.085 KB) | DOI: 10.26905/jkdp.v13i3.1086

Abstract

The objective of this research was to examine and to analyze the infl uences of investmentopportunity, cash fl ow, company institutional ownership, and company life cycle stages to dividendpolicy; and the infl uences of dividend policy to investment opportunity, cash fl ow, institutionalownership, and company life cycle stages to share return. The samples used in this research weremanufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularlywithin the period of 2003 - 2006. Path Analysis was used as technical analysis in this research. Theresearch result indicated that, the investment opportunity negatively infl uenced the dividend policy,while the cash fl ow did not infl uence the dividend policy determination; ownership structure did notinfl uence dividend policy determination; the company life cycle stages infl uenced the dividend policydetermination; dividend policy determination infl uenced company share return; investment opportunitydid not directly infl uence to share return; the cash fl ow negatively infl uenced to share return;company institutional ownership negatively infl uenced the company share return; and company lifecycle stages negatively infl uenced the company share return.
CORPORATE GOVERNANCE DAN KARAKTERISTIK PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN Muhammad Asril Arilaha
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (201.907 KB) | DOI: 10.26905/jkdp.v13i3.1087

Abstract

The objective of this study was to give empirical evidence, the infl uence of corporategovernance, profi tability, and fi rm growth to dividend policy. Population of study was fi rms whichwere followed survey by The Indonesian Institute for Corporate Governance (IICG) in 2006-2008. Datawas collected by purposive sampling and multiple regression. The result showed there is no supportsubstitution that fi rm which had bad corporate governance mechanism would give dividend to investors.Firm profi tability and fi rm size gave positive infl uence to dividend policy, but fi rm growth gavenegative infl uence to dividend policy.
KEBERADAAN CORPORATE GOVERNANCE DAN KONDISI FINANCIAL DISTRESSED TERHADAP VOLUNTARY DISCLOSURE Riesanti Edie Wijaya
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (249.097 KB) | DOI: 10.26905/jkdp.v13i3.1088

Abstract

Voluntary disclosure meant giving information to public either about fi nancial or non-fi -nancial regarding the fi rms operations without any legal requirement (Fishman and Hagerty, 1997).Giving information about voluntary disclosure enables all the concerned parties obtaining more relevantinformation about the strategies and critical elements of the fi rms. In this study, we examinedthe impact of corporate governance and fi nancial distress condition on the level of voluntary informationdisclosure. This research used a sample of manufacture fi rms listed in Indonesian stockexchange. Based on data processing using sample above, we found that corporate governance andfi nancial distress could be associated with the voluntary disclosure level.
MEKANISME CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN KUALITAS LABA SEBAGAI VARIABEL INTERVENING Freddy Semuel Kawatu
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (213.514 KB) | DOI: 10.26905/jkdp.v13i3.1089

Abstract

The objectives of the study were to investigate the relationship between corporate governanceand earnings quality, earnings quality and value of the fi rm, corporate governance mechanismand value of the fi rm, and whether earnings quality was the intervening variable between corporategovernance and value of the fi rm. By using 74 samples and 197 observations, the result indicatedthat fi rst, corporate governance infl uenced earnings quality. (1)Managerial ownership positively influenced earnings quality, (2) Board of commissioner negatively infl uenced earnings quality, (3) Auditcommittee positively infl uenced earnings quality. Second, earnings quality positively infl uenced valueof fi rm. Third, corporate governance mechanism infl uenced value of the fi rm. Finally, the result indicatedthat earnings quality was not the intervening variable between corporate governance mechanismand value of the fi rm.

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