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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

Arjuna Subject : -

Articles 784 Documents

31 32 33 34 35

The Influence of Voluntary Disclosure, Stock Beta, and Firms Size on Cost of Equity Capital Yati Mulyati
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

This study aimed to examine the effect of voluntary disclosure, stock beta, and firm size on the cost of equity capital in manufacturing companies in the period 2013-2015. This research used a purposive sampling method and analyzed by multiple regression, a total sample of 39 manufacturing companies listed in the IDX period 2013-2015. The results showed that voluntary disclosure did not affect the cost of equity disclosure, the more voluntary disclosure had not been able to decrease the occurrence of cost of equity disclosure, beta of stock variables affected the cost of equity capital, because the stock beta was an indicator to see the condition of the company’s financial health, the company had no effect on voluntary disclosure, this result showed that the size of a company’s size could not reduce the risk level.DOI: https://doi.org/10.26905/jkdp.v21i3.1506

Performance Evaluation of Equity Mutual Funds in Indonesia Irene Rini Demi Pangestuti; Sugeng Wahyudi; Robiyanto Robiyanto
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

Mutual funds considered an investment alternative for investors. One type of mutual fund that attracts many investors was the equity mutual funds. Equity mutual fund a type of mutual funds that most part of the investment consists of stocks in the capital market so the risk rate was higher than the other types of mutual funds. For its different characteristic, the measurement for equity funds performance did not be same with other types of mutual funds. As a stock portfolio, equity mutual funds can measure with portfolio measurement methods such as Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index, Adjusted Jensen Index, and Sortino Ratio. This study was conducted by using all of those performance measurements as most research in Indonesia was conducted by using limited performance measurements (focusing on Sharpe Index, Treynor Ratio, and Jensen Index). This study aims to evaluate the performance of 42 equity mutual funds available in Indonesia by employing Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index (ASI), Adjusted Jensen Index (AJI), and Sortino Ratio because most previous researches in Indonesian setting disregards ASI and AJI. In general, it was concluded that the SAM Indonesian Equity was the best-performing equity fund during the study period. It was further found that most equity mutual fund studied have been well diversified.DOI: https://doi.org/10.26905/jkdp.v21i4.1503

Shift in the Funding Theory Paradigm: From Newtonian-Positivistic to Critical-Phenomenology Maria Rio Rita; Sony Heru Priyanto
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

Theories about funding have developed rapidly, it was starting from the traditional-rational theory to the behavior-based funding theory, which response to the gap between reality and financial theories. The theoretical developments can depict the real condition of financial management involving funding decisions, investment decisions, and dividend policies in an enterprise. These developments and evolution enable financial managers and also entrepreneurs to realistically apply them in their business activities. This research used a meta-synthesis analysis technique to integrate results from a number of different but inter-related qualitative studies. There has already been a shift in the funding theory paradigm from a Newtonian paradigm which emphasizes positivistic epistemology leading to a Critical paradigm, which places more emphasis on a phenomenological approach to see the reality. This shift has resulted in many changes related to the financial essence, research related to financing, as well as the advantages of the funding or financing theory in a company. A new essence about funding has surfaced, where funding and its benefits can solve company funding problems. DOI: https://doi.org/10.26905/jkdp.v21i4.1510

The Determinants of Dividend Policy: A Study of Financial Industry in Indonesia Gusni Gusni
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

Dividend policy is still a controversial issue and often debated in the literature of corporate finance. Previous literature has examined that companies pay a dividend is to attract investors to buy their companies shares. The question, what are the determinants of the company’s dividend policy? The purpose of this study is to find out the determinants of dividend policy in the financial industry listed in Indonesia Stock Exchange. This study uses a panel data analysis method to investigate the determinants of dividend policy (corporate governance mechanism, profitability, systematic risk, firm size, and leverage) in Indonesia Stock Exchange which sample was taken from 17 companies by using purposive sampling technique from the period of 2009-2015. The empirical result shows that profitability, leverage, and institutional ownership have a negative impact on the firm’s dividend policy. This study revealed that systematic risk, firm size, and board of directors have no impact on the firm’s dividend policy.DOI: https://doi.org/10.26905/jkdp.v21i4.1521

Ownership Structure and Publicness of Firms: A Literature Review Untoro, Wisnu
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

There has been an extensive body of literature studying the link between ownership structure and firm performance. Some of them focus on the performance difference across ownership types (i.e. state vs foreign vs private domestic). On the other hand, some studies stress ownership structure on the fraction of ownership based on agency theory (i.e. majority versus minority) and its derivatives (e.g. ultimate ownership, cross-listing). However, an important element has not been explored while discussing the ownership structure of firms which is the concept of the publicness of firms. Publicness is important to explain to which extent an organization is related to governmental institutions. In fact, there are many engagements of firms with governmental bodies (e.g. deposit and lending from and to the public organization). In this present paper, I provide a comprehensive literature review on the intersection between the publicness level of firms and ownership structure. Going deeper, I also provide a literature review on the measurement of publicness and postulate a model to link between these two and firm performance as a venue for future studies.DOI: https://doi.org/10.26905/jkdp.v21i4.1560

Taxpayer Compliance in SMEs Sector: A Theory of Planned Behavior Made Sudiartana; Ni Putu Yuria Mendra
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

The low level of taxpayer compliance is assessed as one of the causes of not achieving the target of tax revenue in Indonesia. One of the efforts made by the government to optimize tax revenue is by requiring UMKM sector to fulfill the obligation of taxation. Based on the above, the researcher is interested to conduct research on taxpayer compliance of UMKM using the psychological approach that is Theory of Planned Behavior. This theory describes the effect of attitudes on behavior, subjective norms, and perceived behavioral control on taxpayer compliance intent and behavior. This research uses a survey method at formal UMKM in Bali Province. Methods of sampling using proportional random sampling. Data analysis using the Structural Equation Model (SEM). The results showed that attitudes toward behavior, subjective norms, and perceived behavioral control have an effect on one's intentions to comply with tax provisions. Nevertheless, perceived behavioral control variables have no direct effect on individual tax compliance behavior. The test results on the variable intention to comply with tax compliance behavior support Theory of PlannedJEL Classification: H24; H26; M41DOI: https://doi.org/10.26905/jkdp.v22i2.1561

Taxpayer Compliance, Trust, and Power Theresia Woro Damayanti; Samuel Martono
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

Self-assessment system as adopted in Indonesia, focusing on taxpayer awareness. Therefore trust should be the spearhead of tax compliance rather than power. This study aims to examine how trust and power play a role in improving tax compliance by the slippery slope framework. Method of data collection in this research surveys in Central Java. The sampling technique is a multi-stage sampling that combines stratified random sampling and convenience sampling. Data has been collected from October 2015-April 2016, and 242 instruments were collected (86.4 percent response rate). By using multiple regression tests, the results of this study indicate that trust and power both simultaneously and partially affect tax compliance. Based on the coefficient different test, power has a greater impact than trust in creating tax compliance. This means that the compliance created in Indonesia is mandatory compliance that denies from self-assessment system that based on voluntary compliance.JEL Classification: H26; G41DOI: https://doi.org/10.26905/jkdp.v22i2.1580

Family Involvement in Firm’s Management and Productivity: An Empirical Evidence from Indonesia Eko Suyono
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

This study aims to investigate the effect of family ownership on productivity, the difference on the productivity level between family managers and professional managers, and to evaluate whether family firm better to hire professional managers or family managers. Implementing purposive method on 535 companies listed on The Indonesian Stock Exchange in sampling technique, this study ended-up with 144 listed companies as a sample for five years (2011-2015), thus totally there are 720 company year observations. Then, this study uses OLS regression to test the hypotheses. The findings show that family ownership affects negatively on firm productivity which is measured by Standard Cobb-Douglas production function. Moreover, family managers are less productive than professional managers, therefore, this study recommends the family firm hire professional managers in order to improve firm productivity. To the best of my knowledge, it is the first study which relates the family ownership and firm productivity in Indonesia, thus it will be beneficial in knowledge development in this research field.JEL Classification: G32; M41 DOI: https://doi.org/10.26905/jkdp.v22i2.1587

Survival Analysis of Industrial Sectors in Indonesia Companies Farida Titik Kristanti; Deannes Isnuwardhana
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

The objective of this study is to discover evidence whether the variables selected as predictors affect the probability of companies experiencing financial distress. Through a purposive sampling technique, 336 companies listed on the Indonesia Stock Exchange were chosen and then grouped into three sectoral groups of companies. One of evidence resulted from survival analysis using the Cox hazard model showed that if the control of corruption increases then the probability of companies undergoing financial distress will decrease. During the research, the evidence was consistent across the three sectoral groups of Infrastructure, Mining, Property (IMP); Basic industry and chemical, Consumer goods industry, Miscellaneous (BCM); and Agriculture, Trade, and Investment (AT). Results of the study also showed that the companies, on the average, had implemented good corporate governance. It could be seen from the percentage of the independent commissioner involvement, which exceeded the minimum requirement of 30 percent as stated in its regulation. Among the groups, IMP had the highest average of leverage, operational risk, and size, but contrastively it had the lowest average of profitability. The results of this study can be used by the government to further improve the control of corruption in order to prevent companies from experiencing financial distress. Meanwhile, companies should not also do something encouraging bureaucrats to corrupt.JEL Classification: G33, G34DOI: https://doi.org/10.26905/jkdp.v22i1.1601

Reaction of Indonesian Capital Market Investors to the Implementation of Tax Amnesty Wibowo, Agung; Darmanto, Susetyo
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : UNIVERSITY OF MERDEKA MALANG

This study was an event study that aimed to find empirical evidence of the reaction of Indonesian capital market investors towards the implementation of tax amnesty. The population of this study was consisting of sectoral indexes listed on the Indonesia Stock Exchange during the study period. The data used were secondary data in the form of a daily sectoral index five days before and five days after the event. The statistical test used to test the hypotheses was paired sample t-test. The result showed that there was no significant positive abnormal return in the period around the event date, as well as the period between the pre-event and event date of the tax amnesty implementation. The result also proved that there was no significant difference between the average trading volume activity in the period between pre-event and event date, event date and post event, and pre-event and post event of the tax amnesty implementation. In general, it can be concluded that investors did not respond to the events of the tax amnesty implementation as good news.DOI: https://doi.org/10.26905/jkdp.v21i4.1607

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