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Jurnal Keuangan dan Perbankan

jkdp
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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

28 29 30 31 32

CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN Herman Darwis
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The research aimed to provide empirical evidence that corporate governance implementation,managerial ownership, institutional ownership, board of executive, and independent executiveaffected corporate performance. Population of the research was companies listed at IndonesianStock Exchange (ISX) between 2006 2008; sampling method used was purposive sampling as well asmultiple regression analysis. The result showed the implementation of GCG affected corporate performance.This meant that if the listed companies at BEI and have been surveyed by IICG implement agood corporate governance, the performance would increase. The higher corporate governance wasmeasured by corporate governance index perception, the higher corporate obedience and result ina good corporate performance. Institutional ownership affected corporate performance. The greaterinstitutional share ownership, the better corporate performance. The result showed that controlfunction from the ownership did determine improving corporate performance. Managerial ownership,board of commissioner, and commissioner independent did not affect corporate.

EARNINGS MANAGEMENT: DETERMINANT FACTORS AND STOCK PRICE IN DEVELOPING MARKET Zaenal Fanani
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The aim of this study was to prove whether manager coped its earnings for the purpose ofinformative or target opportunistic. Research also investigated whether investment opportunity setinfl uenced the choice of manager to report as opportunistic to hide performance, or to report earningmore informative concerning with debt, political cost, market share, and earning. Sample of thisresearch was chosen by using purposive sampling of 350 manufacturing business listed in the JakartaStock Exchange, started from 1997 up to 2002. Structural Equation Modeling (SEM) by using programof Analysis of Moment Structures (AMOS) was considered as the appropriate statistical technique toexamine pattern relation of formed model. The results showed that earning management conductedby manager in Developing Market such as Indonesia represented informative earning managementwhich meant all investors had more own belief in earning reporting, but this research could notprove that company owning high investment opportunity set tended to conduct informative earningmanagement.

MANAJEMEN LABA DENGAN MOTIVASI PAJAK PADA BADAN USAHA MANUFAKTUR DI INDONESIA Setiadi Alim
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

This research investigated whether accounting earnings of manufacture corporations listedon Indonesia Capital Market were managed decreasing in response to Income Tax Reform Actof 2008. To fi nd income decreasing, earning management evidence would used total accruals Jonesmodifi cation model (Dechow et al., 1995). Total accruals would be classifi ed to discretionary accrualsand non discretionary accruals. Our empirical tests found signifi cantly negative discretionary accrualsin 2008. This result showed that there was income decreasing earning management in fi nancial statement2008 of manufacture corporations listed on Indonesia Capital Market. Our study also found thatthis negative discretionary accruals were negatively associated with levels of debt, but there was norelation with corporates size.

KUALITAS AUDITOR EKSTERN DALAM MEMBATASI KESEMPATAN MANAJEMEN UNTUK MELAKUKAN MANAJEMEN LABA Prihat Assih
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

Earnings management practice related to a variety incentives to maximize fi rms value orto increase manager welfare. Many researchers focused on 3 main incentives for earnings managementpractice, as explained in positive accounting theory, that were incentive to decrease cost ofdebt covenant default, maximize bonus and reduce political cost (Watts Zimmerman, 1986). However,the earnings management would exist if management had incentive and opportunity to do so(Trueman Titman, 1988; Christensen, et al., 1999). The objectives of this research was to investigateexternal auditor quality as factor to constraining earnings management by managers. Analysis wasbased on 111 publicly manufacturing fi rms in Indonesian Stock Exchange period 2005 up to 2008.The result showed that the high level of fi rms debt motivated manager to practice more earningsmanagement. However, the level of earnings management was lower when the quality of auditorexternal work was higher. The results of these research contributed to accounting literature developmentespecially in corporate governance. Qualifi ed auditor, one of monitoring aspects, had functionas good corporate governance mechanism for reducing management practice to manage earningswhich would be costly for fi nancial statement users.

UNDERPRICING PENGARUHNYA TERHADAP IPO AFTERMARKET LIQUIDITY Nilmawati Nilmawati
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The purpose of the research was to analyze and fi nd empirical evidence of underpricing onIPO aftermarket liquidity in the listed companies in Indonesian Stock Exchange. Independent samplet-test and multiple linier regression were used for instrument analysis. Results showed that IPO aftermarketliquidity between fi rm with high underpricing and low underpricing were not different.The results also indicated that initial return was positively related to turnover ratio and negativelyrelated to percentage spread (weak effect) by controlling variables such as: size,volume,and risk inshort time.

DAY OF THE WEEK EFFECT TERHADAP RETURN DAN VOLUME PERDAGANGAN SAHAM LQ45 DAN NON LQ45 Yanuar Bachtiar
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

This research aimed to know: fi rst, day of the week effect that infl uence the return of LQ45and non LQ45 stocks. Second, to know day of the week effect that infl uenced the volume of commerceof LQ45 and non LQ45 stocks. The taken samples were a property stock and real estate stocksincluding 2 stocks that was part of LQ45 and 2 other stocks in non LQ45 at Jakarta Stock Exchange(JSX) in January up to December 2006 (242 trade days) by fulfi lling samples which were already valid.Analysis model used in this research was linear regression model. The result of this research showedthat the lowest return found on Monday trade days and the lighest return was on Friday trade day.However, day of the week effect only proved signifi cant at stock non LQ45 group. The trial on tradevolume did not fi nd any signifi cant result.

ECONOMIC VALUE ADDED DAN MARKET VALUE ADDED DAMPAKNYA TERHADAP NILAI PERUSAHAAN Mursalim, Mursalim
Jurnal Keuangan dan Perbankan Vol 13, No 3 (2009): September 2009
Publisher : University of Merdeka Malang

The aim of research was to fi nd out an infl uence of Economic Value Added (EVA) andMarket Value Added (MVA) towards share price of PT. International Nickel Indonesia, tbk (PT.INCO).The secondary data was gathered by capital market information centre (PIPM) Makasar. The data wascultivated by using multiple regression analyze using software SPSS 15.0 for windows. The analysisresult showed that variable independent that consisted of economic value added (EVA) and marketvalue added (MVA) had a simultaneously positive infl uence and signifi cant impact towards sharemarket price of PT. INCO Tbk as variable dependent. Partially, variable EVA (X1) had weak positiveand signifi cant infl uence meanwhile MVA (X2) had strong positive and signifi cant towards share pricePT. INCO, tbk infl uence. Both of variable independent (EVA and MVA) would be able to explain shareprice result (dependent variable) at that time as big as 85%. The other factor which was not studiedin this study that infl uenced social condition was for example share price, policies, economy unstablewith corporate action like stock split, bonus stock distribution, and right issue.

THE ANALYSIS OF CAPITAL MARKET INTEGRATION IN ASEAN REGION BY USING THE OGARCH APPROACH Robiyanto, Robiyanto
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : UNIVERSITY OF MERDEKA MALANG

Capital market integration is a topic that attracts a lot of research interests in regional and international capital markets. Unfortunately, the various studies that have been done tend to use analytical tools that have not been able to conclude the degree of capital market integration quantitatively, hence a study that is able to measure the degree of capital market integration quantitatively is required. This study investigated the capital markets integration in ASEAN by using the Orthogonal Generalized Autoregressive ConditionalHeteroscedasticity (OGARCH) method which could provide the degree of integration quantitatively. Capital markets studied were the Indonesia Stock Exchange, Kuala Lumpur Stock Exchange, Thailand Stock Exchange, Singapore Stock Exchange, and Philippines Stock Exchange during the period of January 2001 â€“ December 2016. The result of this study was there was a co-movement among ASEAN capital markets studied, but not all these ASEAN capital markets were fully integrated. This study also found that Indonesia stock Exchange, Kuala Lumpur Stock Exchange, Stock Exchange Thailand, and Singapore Stock Exchange were integrated but Philippines Stock Exchange was not. ThePhilippines Stock Exchange tended to be segmented rather than integrated.DOI: https://doi.org/10.26905/jkdp.v21i2.1138

Strategi Bisnis dalam Praktik Manajemen Laba pada Perusahaan Manufaktur di Indonesia Widyasari, Permata Ayu; Harindahyani, Senny; Rudiawarni, Felizia Arni
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

This study investigated whether a firmâ€™s business strategy is associated with real and accrual earnings management. It applied by Miles Snow (1978) business strategy typology and classified business strategy into two dominant and contrast strategy, prospector and defender. Business strategy is how the company make the decision to compete with its competitors and to sell its products. Compare with prospectors, Defenders have the motivation to engage in earnings management with the purpose of maintaining its reputation as a stable company and fulfill the investorâ€™s expectation. Furthermore, this study also examined whether audit quality can decrease real and accrual earnings management. The sample was used in this study are manufacturing firms that are listed in the Indonesia Stock Exchange in period 2011â€“2014. Hypotheses were tested using multiple linear regressions. Our findings show that the defender has higher absolute real earnings management compare to the prospector, especially for-profit firms. However, absolute real earnings management can be decreased along with the increase in audit quality. Such findings could be a consideration for the investors. On the other hand, the business strategy does not associate with accrual earnings management.DOI: https://doi.org/10.26905/jkdp.v21i3.1179

Dividend Policy and Corporate Value (A Meta-Analysis) Tifani Titah Dwi Tyastari; Rosidi Rosidi; Erwin Saraswati
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i3.1218

This study aimed to understand the effect of dividend policy on corporate value, as well as to examine and analyze the variation of result study on the corporate value in Indonesia. Dividend Signaling Model was the grand theory used to explain the effect of dividend policy on corporate value. This study used a meta-analysis approach with the sample were 70 researchers in Indonesia, both the published and unpublished in 2007-2015. The result of this study, meta-analysis strengthens the findings of the previous study which stated that the dividend policy could increase the corporate value. The differences of the previous studies were due to the presence of moderation effect from the measurement model of corporate value and dividend corporate.DOI: https://doi.org/10.26905/jkdp.v21i3.1218

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