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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

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SEMAKIN BERAGAM SEMAKIN BAIK? ISU KEBERAGAMAN GENDER, KEUANGAN, DAN INVESTASI PERUSAHAAN Zhafarina Isti Ramadhani; Desi Adhariani
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

This research aimed at investigating the impact of gender diversity on financial performance and investment efficiency in public companies listed in Indonesia Stock Exchange. As there was an increase in the number of women on board of directors and commissioners in several countries including Indonesia, it was important to know whether there was an influence to evaluate the role of gender diversity. The sample consisted of 282 and 253 public companies listed in Indonesia Stock Exchange in 2012 (for two different models). Using secondary data and regression tests to analyze the data, this study did not find the significant impact of gender diversity on financial performance and investment efficiency. This could be interpreted as there were still many things to do to improve the role of gender diversity and women capabilities in the board of commissioners and directors.

DAMPAK KEPUTUSAN INVESTASI DAN STRUKTUR KEPEMILIKAN KELUARGA TERHADAP KOMPENSASI DIREKSI PERUSAHAAN MANUFAKTUR INDONESIA Surtihati Surtihati; Cynthia Afriani Utama
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

This study examined the influence of family ownership structure and investment decisions on CEO compensation. This study also examined how the family ownership structure and investment decisions jointly affected CEO compensation. This study used 988 observations consisting of 150 manufacturing companies listed in Indonesia Stock Exchange from 2008 to 2014. The method used was fixed effects method (FEM). The results of the study showed that firms owned by a family gave higher compensation than non-family firms to their CEO. The family ownership structure proved the positive relationship between investment decisions and CEO compensation.

CONFIRMATION BIAS, SELF-ATTRIBUTION BIAS, DAN OVERCONFIDENCE DALAM TRANSAKSI SAHAM Supramono Supramono; Marisa Wandita
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

Overconfidence caused investors to overestimate their knowledge, underestimate risk and exaggerate their ability to control events. This led to excessive trading, unwarranted risk-taking, and ultimately, financial losses. The aim of this study was to analyze the relationship between overconfidence and confirmation bias and self-attribution bias. The subjects in this experiment were 53 students in finance classes at the Faculty of Economic and Business. Data that had been collected was analyzed using descriptive and inferential analysis techniques using bivariate correlation. The result of this study showed that there was a positive relationship between confirmation bias and overconfidence. However, there was no positive relationship between self-attribution bias and overconfidence.

PENILAIAN SAHAM PT PEMBANGUNAN PERUMAHAN PROPERTI DALAM RANGKA INITIAL PUBLIC OFFERING Rifki Khoirudin
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

This research aimed to estimate fair value per share of PT Pembangunan Perumahan Property Tbk. as a comparison value to the offered price, set at the time of Initial Public Offering (IPO). This research also aimed to determine whether the price offered at the time of IPO was undervalued or overvalued. Information used in this research was in the form of secondary data of PT Pembangunan Perumahan Property, the financial report of comparable companies, and stock prices of comparable companies. The analyzing tools used to determine the fair value per share were discounted cash flow method and the relative valuation method. The discounted cash flow method was performed through the projection of the financial statements i.e. the balance sheet and income statement, the projection of Free Cash Flow to Equity (FCFE), determination of the discount rate, determination of terminal value, and determining the estimated value of the equity. The relative valuation method was established by searching, choosing and determining the appropriate multiple of comparable companies in similar business. Multiples used were: Price Earnings Ratio (PER), Price to Book Value (PBV), and Price to Sales Ratio (P/S).

KINERJA INVESTASI JASA PENGUJIAN TABLEWARE UNTUK PRODUK KREATIF KERAMIK PADA BTIKK-BPPT Normal, I Nyoman
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

The aims of this research were to analyze the tableware testing service investment, especially on ceramic glaze for eating and drinking equipment at BTIKK-BPPT. The analysis techniques used were payback period, net present value, profitability index, internal rate of return, and break-even point. The research results shew that the expansion investment of tableware testing service of ceramic on glaze for eating and drinking equipments qualified by BSN according to SNI 7275:2008 was feasible to be acted or applicated because they fulfilled the criteria of investment feasibility valuation, namely: payback period analysis result was 4,65 years, in which its value was shorter than range time of investment that was 10 years; net present value analysis resultÂ was IDR.206.043.764,69, in which it was the positive value; profitability index analysis result wasÂ 1,41, in which its value was over than 1,00; internal rate of return analysis result was 18,93%, in which its value was over than 10,00%; and break-even point analysis resulted in 2.567,56 samples unit or IDR.256.911.104,11, in which it was smaller than 6.300,00 samples unit or IDR.783.000.000,00. For all criteria, the analysis of testing service investment (appearance, glazur hardness, temperature frightened tenacity, water absorption, Cd Pb solubility, glaze crack tenacity, and strike sturdy) was feasible to continue.

HUBUNGAN GOOD UNIVERSITY GOVERNANCE TERHADAP KINERJA MANAJEMEN KEUANGAN PERGURUAN TINGGI Wahyudin, Agus; Nurkhin, Ahmad; Kiswanto, Kiswanto
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : UNIVERSITY OF MERDEKA MALANG

The pattern of financial management institution had to be accountable as one indicator of university management assessment as a whole. This study examined the management of higher education in terms of the implementation of Good University Governance (GUG). GUG concept was adopted from the concept of good corporate governance. The samples were state universities in Central Java and Yogyakarta using purposive sampling technique. Data analysis used was the Structural Equation Model (SEM) analysis based on Path Analysis. The results showed that GUG directly influenced the Cultural Organization (CO), and Organizational Structure (OS) affected the Financial Management Performance (FMP). However, GUG did not directly influence FMP, OS, and PM (Planning Management). PM and OS were proven not directly influence the FMP. Other evidence found was the indirect effect of GUG to FMP through OS, PM, and CO. The conclusions of this research were GUG would increase CO and OS and would further increase FMP. Thus, universities should consider the implementation of GUG to increase the performance of financial management.

The Role of Employee Stock Option Plan to Reduce Earnings Management Actions Namla Elfa syariati; Bambang Subroto; Wuryan Andayani
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

This research aimed to investigate the influence of earnings management to the compensation of the Employee Stock Option Plan (ESOP). Taking agency theory to explain theconflict between managers and shareholders. It was expected that ESOP would increasethe managerial responsibility to companies, but the managers have abused it to gainmore benefits for themselves. This research used simple linear regression and multiplelinear regression analysis with a sample of 120 publicly traded companies listed on theStock Exchange during 2011-2014. This study had one independent variable (ESOP) and controls four variables (managerial ownership, institutional ownership, the board of directors and audit committees). The result of this study was that earnings management had a positive impact on improving employee compensation due to the ESOP program. The existenceof managerial ownership and commissioners could reduce earnings managementactions in the implementation of the ESOP.DOI: https://doi.org/10.26905/jkdp.v21i3.1281

Asset Structure Impact on Capital Structure of Capital Market-Listed Firms in Indonesia and Malaysia Zainal Abidin Sahabuddin
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.v21i3.1312

The debt was able to be used by the firm as a source of funds for investment-related activities, especially when the amount of retained earnings was not sufficient to cover the amount of investment needed. Naturally, the use of debt definitely caused the agency conflict between firm shareholders and debt holders. To reduce this conflict, the existence of fixed assets as collateral was needed when the firm decided to borrow money from debt holders. The purpose of this study was to prove the agency theory perspective by testing an impact of asset structure on the capital structure of firms. The population of this study was the firms listed on the Indonesia Stock Exchange and Malaysian Stock Exchange. The firms as a sample were taken from the population by conducting a stratified random sampling method. The pooled data regression model was used as the data analysis method. This result of this study showed that asset structure had a positive impact on the capital structure. It meant the causal relationship between asset structure and capital structure happened and was supported by the agency theory perspective.DOI: https://doi.org/10.26905/jkdp.v21i3.1312

MANAJEMEN LABA DI INDONESIA: STUDI SEBUAH BIBLIOGRAPI Edy Suprianto; Doddy Setiawan
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

This research tries to describe the development of earnings management research in Indonesia which is from 6 accreditation journals in Indonesia which representing 3 biggest provinces in Java island. Samples obtained from 1999 to 2016 obtained 67 articles discussing earnings management. We classify this article based on the research topics, methods and models used by the researchers. The results obtained are most of the articles on earnings management in Indonesia published in Jurnal Akuntansi Keuangan Indonesia (JAKI) and Jurnal Akuntansi dan Keuangan(JAK). Antecedent topics of earnings management is a topic that is widely studied. Analytical method and accrual modified Jones model is the most popular model used because this model is considered the most appropriate to measure the accrual of earnings management compared to other models.

TVA, Abnormal Return, and Investor Perception on Changing of Tick Size 2 May 2016 Tri Gunarsih; Astri Wening Perwitasari
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

The objective of this study was to analyze the market reaction to the changing of the capital market's tick size regulation on May 2, 2016. The main goal of the regulation was to increase the capital market liquidity, then it’s important to test whether there was a difference in market liquidity before and after the regulation released. The method of this study was studying with Trading Volume Activity (TVA) and abnormal return based on secondary data and also investor perception based on primary data. The secondary data consist of 65 samples of listed companies in Indonesia Stock Exchange. The primary data consist of 67 investors in Yogyakarta that were selected using a purposive sampling method. The result of this study was a mix, there was no difference before and after the release of regulation in TVA, but there was a difference in abnormal return. The result of investor perception shows that there was a positive response to the changing of tick size regulation.

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