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Jurnal Keuangan dan Perbankan

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Published by Universitas Merdeka Malang

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Core Subject : Economy,

Economics, Econometrics & Finance

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Articles 784 Documents

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The Effect of Capital Working Management on the Profitability Slamet Mulyono; Djumahir Djumahir; Kusuma Ratnawati
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v22i1.1332

Companies must maintain the sustainability business. In order to keep their existence and competitiveness, companies must increase profitability in every year. It also applies to state fertilizer companies. However, 10 years of history (2005-2014), the state fertilizer company have been facing difficulties in maintaining business sustainability. Profitability fluctuates and tends to decrease every year. One of the causes is inefficient working capital management. The objective of this study is to determine the relationship between working capital management and corporate profitability. To ensure the absence of the influence of unexamined factors, this study uses control variables of firm size, financial leverage, and gross domestic product. This research uses a positivist paradigm with a quantitative approach and multiple regression analysis. The results of this study indicate that state fertilizer companies will be able to increase ROA by accelerating Days of Sales in Inventory and Days of Payables. Higher assets, reduce profitability, and increasing debt withdrawal, which further declines profitability. State fertilizer companies should accelerate inventory turnover and obligation payments to suppliers to minimize the risk of foreign exchange loss, considering that 80% of raw materials are still imported. In addition, state fertilizer should maintain asset quality and minimize debt withdrawal to increase profitability.JEL Classification: G02; G31DOI: https://doi.org/10.26905/jkdp.v22i1.1332

Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia Aldea Mita Cheryta; Moeljadi Moeljadi; Nur Khusniyah Indrawati
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This research aimed to analyze the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. A sample of this research was a saturated sample and census, consisted of 56 firms related to the population criteria. This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had a negative effect on the cash holdings, asymmetry information had a negative effect on the firm value through cash holding, and cash holding had a negative effect on the firm value. With leverage and effect on cash, holding cannot affect the firm value, due to investor risk-averse, investor risk seeker, and neutral investor has their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company's performance, so that indirectly, with the existence of asymmetry information had an effect on the declining the firm value.JEL Classifications: G32, G35DOI: https://doi.org/10.26905/jkdp.v22i1.1334

The Determinants Stock Price Crash Risk of the Manufacturing Firms in Indonesia Fidya Gumilang Arianwuri; Sutrisno T.; Yeney Widya Prihatiningtias
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

This study aimed to examine the effect of the business strategy of prospector and defender companies on stock price crash risk, test the influenced of equity market competition on stock price crash risk, and test the effect of prospector strategy on stock price crash risk through overvalued equities. The population of this study was manufacturing firms listed on the Indonesia Stock Exchange for seven years of observation. The data analysis used in this research was Path Analysis by using Multiple Linear Regression. The results of this study that the business strategy prospector positively affects the stock price crash risk, while the defender strategy did not affect the stock price crash risk. Companies that implemented business prospector strategies will be faced with higher uncertainty than defender business strategies. In addition, prospector's business strategy can affect the stock price crash risk through overvalued equities. Companies that implemented business prospector strategies will tend to overvalued equities, which can lead to future stock price crashes. One way reduced to the stock price crash risk is in the presence of equity market competition. The equity market competition had a negative effect on the stock price crash risk so that a high equity market competition can reduced information asymmetry and minimize the stock price crash risk.DOI: https://doi.org/10.26905/jkdp.v21i4.1353

Do Financial Constraints Moderate the Impact of Financing Decisions From Internal-financing Sources on Investment? Andewi Rokhmawati
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

To prevent investment growth from 2013 to 2015 from decreasing, the Industrial Ministry provided fiscal incentives to stimulate investment-growth. Nevertheless, the investment growth of manufacturing firms still declined. This condition indicated that fiscal stimulus might be ineffective to prevent investment-growth from declining. The decline of investment might be influenced by the increase of firm financial constraints to access a source of long term debts. This study aimed to examine the influence of financial constraints in moderating the effect of financing decisions from internal financing sources on investment. The population of the study was all listed-manufacturing firms in Indonesia from 2013 to 2015. Samples were chosen based on the availability of firms’ financial report covering the period of the study. The study concluded that financial constraints significantly weaken the effect of internal funding decision on investment. Unconstrained firms had a higher beta than constrained firms. Although unconstrained firms had an opportunity to choose their source of funding, they preferred to finance their investment from cash flows because the cost of debts might be much higher than the cost of equity. Hence, to help firms to finance their feasible investment opportunity, the government should not only provide tax incentives but also provide a low-interest loan.DOI: https://doi.org/10.26905/jkdp.v21i3.1357

Forward, Forward Option and No Hedging Which One is the Best for Managing Currency Risk? Riko Hendrawan
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Bank Indonesia Regulation No.18/18/PBI/2016 concerning foreign exchange transactions against rupiah between banks and domestic parties, indicates that the importance of hedging for business actors in Indonesia. Based on the data of the rupiah exchange rate movements against the dollar from January 2006 to December 2016 shows that the fluctuation of the rupiah against the US dollar tends to weaken, although at some point the observation shows the strengthening of the rupiah against the US dollar. The purpose of this research is to assess the impact of forward, Forward Option and No Hedging Strategy for managing currency exposure between IDR to USD. Using data from January 2006–December 2016 taken from the website of Bank Indonesia and Federal Reserve. Total 396 simulations, consists of 132 using Forward simulations, 132 using Forward Option simulations and 132using No Hedging simulations. Findings from this research show that Forward Option was has no positive contribution in managing currency exposure, No Hedging Strategy has 36,36 percent positive contribution and the forward contract has 72,73 percent positive contribution in managing currency exposure. Its means Forward Contract was better than forward Option and No Hedging Strategies in managing currency exposure.DOI: https://doi.org/10.26905/jkdp.v21i3.1428

The Differences Cost of Equity Capital between Before and After Adoption of IFRS Sanjaya, I Putu Sugiartha; Br. Barus, May Hosiani
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : UNIVERSITY OF MERDEKA MALANG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i4.1479

The objective of this study was to analyze and compare between the cost of equity capital between before and after the adoption of IFRS on Statement of Financial Accounting Standard Financial Instrument (PSAK) for banking companies listed in Indonesian Stock Exchange. The period on this study was 2008-2009 for before adoption and 2013-2014 for after adoption. Data on this study was secondary data such as annual financial reporting and share price. Cost of equity capital was measured using the Ohlson Model. The sample in this study was banking companies listed in Indonesian Stock Exchange in 2008, 2009, 2013, and 2014. Selecting a sample was by purposive sampling with specific criteria. Results of this study proved that the cost of equity capital was lower for after adoption of IFRS on Statement of Financial Accounting Standard Financial Instrument for banking companies listed in Indonesian Stock Exchange than before adoption. It meant that adoption IFRS could reduce the cost of equity capital. This result had an impact on reducing the non-performing loan, increasing the loan to deposit ratio, and increasing net interest margin.DOI: https://doi.org/10.26905/jkdp.v21i4.1479

Kinerja Keuangan dan Ukuran Perusahaan terhadap Harga Saham dengan Kebijakan Dividen sebagai Variabel Intervening Rico Wijaya
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

This was research conducted to examine the effect of the leverage ratio, activity ratio, and size firm on stock price with dividend policy as a mediating variable the companies listed in Indonesia Stock Exchange 2012-2014. This research has a total number of samples 141 samples and using purposive sampling with criteria declare a dividend payout for 3 consecutive years, and the debt to equity ratio, total asset turnover, which is positive. The first result is total asset turnover, Ln_totalasset have a positive effect on dividend payout ratio, and debt to equity don’t have a positive effect on the dividend payout ratio. The second result is total asset turnover, Ln_total assets, and dividend payout ratio have a positive effect on Ln_stock prices and debt to equity don’t have a positive effect on Ln_stock prices. Test results mediating dividend payout ratio is not proven mediates the relationship debt to equity, total asset turn over, and Ln_total asset on Ln_stock prices. The result of this research proves that there is no influence of dividend policy in the relation of financial performance to stock price.DOI: https://doi.org/10.26905/jkdp.v21i3.1432

Macro and Micro Determinants of Stock Return Companies in LQ-45 Index Rahmat Fajar Basarda; Moeljadi Moeljadi; Nur Khusniyah Indrawati
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

The purpose of this study is to analyze the influence of solvability ratio, market ratio, inflation and interest rate on stock return of company LQ-45 listed in Indonesia Stock Exchange. The population of this study is the companies included in the LQ-45 index in the listing on the Indonesia Stock Exchange during the period 2015-2016 amounted to 90 companies. Data analysis in this research used multiple regression. The results showed that the variable solvabilities proxied with debt to equity ratio have a negative and significant effect on stock returns. The market ratio variable is proxied by price to book value have the positive and significant effect on stock return. The market ratio variable is proxied by price earnings ratio has the positive and significant effect on stock return. This means that any increase in the percentage of market value proxied by price earnings ratio will increase stock return. Inflation variable has a negative and significant effect on stock return. This means any increase in inflation will reduce the stock return, and interest rate variables have a positive and significant effect on stock returns.JEL Classification: D04; E44; G11DOI: https://doi.org/10.26905/jkdp.v22i2.1439

ANALYSIS OF FACTORS AFFECTING THE CAPITAL STRUCTURE AND PROFITABILITY IN INDONESIANS MANUFACTURING COMPANY YEAR 2009 2013 Hamidah Hamidah
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

This study is to determine the effect of variable business risk, liquidity, growth and tangibility asset directlyagainst leverage, as well as the influence of these variables directly to the profitability and indirectly moderatedby leverage variable. The population studies were all manufacturing companies listed in Indonesia StockExchange, during year 2009 up to 2013. The sample was determined by using purposive sampling method,with the specified criteria obtained 88 sample of companies in Indonesia. This Research used financial statementsdata issued by the Indonesian Stock Exchange, and used path analysis techniques to answer the hypothesisof the study by using software SPSS 20.The result shows that business risks, companies, liquidity and asset tangibility grow significantly and havenegative effect on leverage. Liquidity and companies growth dont have positive effect on profitability as wellas asset tangibility and leverage, while business risk have positive effect. For the indirect effect indicates therewere indirect influences on profitability were tangibility asset and liquidity. For further research, the samplecan be used not only in the manufacturing sector but also other sectors.Keywords: profitability, leverage, business risk, liquidity, growth, asset tangibility, path analysis

The Use of Financial Literacy for Growing Personal Finance Ardi Gunardi; Mochammad Ridwan; Gugum Mukdas Sudarjah
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Financial literacy played an important role for everyone in managing personal finances. This research aimed to determine how the level of financial literacy in students S1 Faculty of Economics and Business, Universitas Pasundan and investigate what factors are influencing it. The observed respondents were students from the Faculty of Economics and business, Universitas Pasundan. The research data was collected through questionnaires, descriptive analysis, and test multinomial logit. Based on the results of the research showed that the level of financial literacy from undergraduate students UniversitasPasundan was in a low category. Financial literacy was determined by gender, GreaterAcademic Achievement (GPA), parental education level, and parental income level, whereas for age, year of study and residence do not contribute to the research model. The results of this study were expected to support the personal financial planning of students in improving the skills of reading, analyzing, and managing their own finances, thus avoiding the daily financial problems.DOI: https://doi.org/10.26905/jkdp.v21i3.1489

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