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Published by Universitas Merdeka Malang

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Economics, Econometrics & Finance

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Articles 784 Documents

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Islamic Financial Literacy and Personal Financial Planning: A Socio-Demographic Study Arum Setyowati; Harmadi Harmadi; Sunarjanto Sunarjanto
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This study aims to measure the level of Islamic Financial Literacy (IFL) in Solo society and to test the effect of IFL on personal financial planning. The socio-demographic variables such as age, gender, marital status, education level, and income are being used as the control variable. 313 respondents are involved in this research directly through survey method and Ordinary Least Square (OLS) is used to analyze the obtained research data. The study uses purposive sampling method and limiting the education level and income of research respondents. Study questionnaire consists of 20 multiple choice questions to measure respondent IFL and 13 questions to measure respondent personal financial planning. The results showed that: (1) the level of IFL in Solo reach 64.66 percent; (2) people with a good level of IFL tends to have better management in their personal finances; and (3) people with a good level of IFL tends to prefer investing on Islamic asset. Last, this paper will contribute to the scientific development of behavioral finance and financial inclusion which had been highly discussed in the financial literature. This study also became an early research in examining the influence of IFL on personal financial planning.JEL Classification: G2, G4, J1DOI: https://doi.org/10.26905/jkdp.v22i1.1625

The Intellectual Capital Components on Firm Value: Evidence from LQ-45 Index Companies Eristy Minda Utami
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

The purpose of this research is to analyze the influence of Intellectual Capital components on the firm value. Data used in this research is secondary data with the sampling method is purposive sampling. The population of this study is companies listed in LQ 45 period 2012 - 2015, then selected to be sampled in these study as many as 96 companies are observed. The analytical tool to test of hypothesis is multiple regression analysis. The result of Value Added Capital Employed (VACA) affects the firm value. This means that information about the efficient use of capital employed is captured by the market (investor) so as to affect the firm value, Value Added Human Capital (VAHU) affect the firm value, because the company has the best employees with a ratio perpendicular to the cost incurred by the company, get a lot of value added on them. Structural Capital Value Added (STVA) does not affect the firm value. This shows that the company's operational systems, organizational culture, management philosophy and all forms of intellectual property owned by the company are inefficient and economical in creating added value for the company.JEL Classification: G32; J24; O34DOI: https://doi.org/10.26905/jkdp.v22i2.1648

The Influence of Tax Understanding, Tax Awareness and Tax Amnesty toward Taxpayer Compliance Nurkhin, Ahmad; Novanty, Ine; Muhsin, Muhsin; Sumiadji, Sumiadji
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

Taxpayer compliance is still an interesting topic to study since the government has launched tax amnesty program. This study aims at examining the influence of tax understanding, tax awareness and tax amnesty perceptions toward taxpayersâ€™ compliance in East Semarang Pratama Tax Office, Semarang City, Central Java. The research population is taxpayers that are registered in East Semarang Pratama Tax Office. This study used convenience sampling as a sampling technique. This study used 200 (samples) units. Data collection technique used in this research is questionnaire which is developed from some previous studies. The writer then used descriptive statistical analysis and multiple linear regression analysis as the analysis method. The results of this study showed that the understanding of tax, taxpayer awareness and the perception of tax amnesty proved to have a positive and significant effect on taxpayer compliance. The taxpayer understanding and awareness become variables that have a stronger influence than a variable of tax amnesty perception. The other results indicate that gender can influence taxpayer compliance as well. Female taxpayers are more compliant than male taxpayers. It is then suggested that the tax office always enforce tax education programs to taxpayers regularly and continuously to increase the taxpayersâ€™ understanding and awareness.JEL Classification: H23; H26DOI: https://doi.org/10.26905/jkdp.v22i2.1678

Assessing Shock Volatility using Long Straddle Option Strategy: Evidence at IDX Composite Riko Hendrawan
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This study was to identify the probability of occurrence of shock volatility and was impact on return of an investment. Using IDX Composite data from 1998 to 2016 and long straddle option strategy at IDX composite consisting of two phases: high volatility daily return was 7 years with a total of 3432 observations, using 1716 call option simulation contracts, and 1716 put option simulation contracts and low volatility daily return were 12 years with a total of 5528 observations, using 2908 call option simulation contract and 2908 put option simulation contracts. The result showed that the shocking volatility occurs greater when the volatility below the average year of observation. Shock volatility during the year low volatility of 44.25% and period of year high volatility of 34.49%. But if calculated in total, based on 8960 observation from 1998-2016, where 4480 was call option and 4480 transactions were put transaction there were 1815 incident shock volatility or equal to 40.51. So the potential for profit (call and put option holders) or potential loss (call and put option seller) per day due to the occurrence of shock volatility of 40.51%.JEL Classification: G13, G17DOI: https://doi.org/10.26905/jkdp.v22i1.1707

Is Investment Policy Value-Enhancing through CSR Disclosure? Jaja Suteja; Annisa Nur Mayasari
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : University of Merdeka Malang

This study aims to analyze the effect of funding policy, dividend, and investment on firm value and the influence of corporate social responsibility (CSR) disclosure as moderating variable in the relationship between investment policy and firm value. By using purposive sampling methods, the selected sample of this research is 6 property, real estate and construction companies listed on IDX within the period of 2012-2016. Data analysis using the moderated regression analysis. From this study, it has been found that funding policy has no significant effect on firm value, dividend policy has a significant effect on firm value, and investment policy has a significant effect on firm value. The result also significantly showed CSR disclosure proved to be a moderating variable of the relationship between investment policy to firm value. Disclosure of CSR should be considered as a result of the implementation of the decision. The property, real estate, and construction companies should be more aware of the importance of implementing corporate social responsibility to increase corporate value. Disclosure of CSR should be considered as a result of the implementation of the decision.DOI: https://doi.org/10.26905/jkdp.v21i4.1724

Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia Mia Oktavina; Sahala Manalu; Sari Yuniarti
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.v22i1.1793

The purpose of this study has analyzed the determinants of policy decisions of the capital structure of family firms listed on the Indonesia Stock Exchange (IDX) in 2012-2016. The company's capital structure was measured by using debt to equity ratio (DER). Determinants of capital structure used include profitability (ROA), asset structure, growth (growth), firm size (size) and business risk (risk). This research was a quantitative research with a kind of causal research. Using a sample of 38 family companies in Indonesia listed on the Indonesia Stock Exchange (IDX). Hypotheses testing method of multiple linear regression. The result showed that ROA had a negative effect not significant to DER. The asset structure had a significant positive effect on DER, growth had no significant negative effect on DER, size had no significant positive effect on DER, and risk had a significant negative effect on DER. The findings research that the average family firm in Indonesia still uses the Pecking Order Theory in the application of capital structure.JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v22i1.1793

Recent Developments in Dividend Policy: Evidence from Indonesia Aning Fitriana; Aqlima Cendera Dewi; Doddy Setiawan
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This study aims to describe the development of dividend policy research in Indonesia. This study analyzes 7 accreditation journals in Indonesia from 2002 – 2017 periods, there are 35 articles discussing dividend policy. We have classified this article based on topics, research methods, models used, and descriptions of research results in Indonesia. The result obtained is mostly published in Jurnal Keuangan dan Perbankan (JKP) 11 articles out of 35 articles. The most of the studied antecedent topics are financial ratios, ownership structures, and capital structures while for the most consequences topic is firm value. Overall, this research uses an analytical method and the measurement of dividend policy most use dividend payout ratio. This research period in the articles ranged from an average of 5,5 years. This research aimed to give perspective about researches that have been done in Indonesia about dividend policy and the research result can be used as a reference for next research or others such as investor and practitioners.JEL Classification: G30, G35DOI: https://doi.org/10.26905/jkdp.v22i1.1799

Weak Form Efficiency of the Insurance Industry: Empirical Evidence from Nigeria Emenike Kalu Onwukwe; Peter Ifeanyichukwu Ali
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

This paper evaluates the insurance sector of the Nigeria Stock Exchange (NSE) for evidence weak-form efficiency using daily returns from January 2009 to February 2016. The study employs descriptive analysis, non-parametric runs test and autocorrelation function as well as Ljung-Box Q statistics in conducting the evaluation. Descriptive statistics of the insurance sector return series show negative skewness and leptokurtic distribution. Estimates from the Jarque-Bera normality test show that the insurance sector returns do not follow a normal distribution. Results of the runs test reject a null hypothesis of randomness in the return series of the insurance sector in the period studied. Furthermore, the autocorrelation functions and the Ljung-Box Q tests provide evidence of serial correlation in the stock returns of the insurance sector. Overall results from the study suggest that the insurance sector of NSE is not weak-form efficient. Consequently, technical analysis on the insurance sector of the NSE may not be fruitless. JEL Classification: G14, G22DOI: https://doi.org/10.26905/jkdp.v22i1.1800

The Impact of Hedging on Firm Value of Public Non-Bank State-Owned Enterprises Henny Galla Pradana; Prima Naomi
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

This research aimed to find the impact of hedging on firm value. This research focused on 14 public non-bank state-owned enterprises listed in Indonesia Stock Exchange. The data used were quarterly data from 2011 to 2015, and panel data analysis. The basic model of research used referred to the research of Júnior Laham (2008) as well as the development of models conducted by Allayanis Weston (2001) to correct endogenous factors. The results showed that only five of the fourteen state-owned corporations that used a hedging instrument. The research findings showed that the firms which did hedging had a higher value than a firm that did not do it. A more detailed investigation found that the adoption of hedging strategies could increase the firm value, and the dislocation of the hedging strategy had a negative effect on the firm value, compared to firms that kept implementing hedging strategy. The magnitude of hedging measured using the Total Notional Value of Derivative to Total Assets (TNVD) also had a positive impact on the firm value. This finding also supported Bank Indonesia Regulation Number 15/8/PBI/2013 which was effective in reducing exchange rate risk for state-owned enterprises which in turn increased the firm value.JEL Classification : G 2 1, G 28 , G3 2, G38DOI: https://doi.org/10.26905/jkdp.v22i2.1967

Financial Technologies: A Note on Mobile Payment Song Yee Leng; Ameen Talib; Ardi Gunardi
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

The financial market is currently disrupted by the rise of new technologies "FinTech” a short form for financial technology, which profoundly reshapes the financial intermediary structure and makes financial services more efficient. Mobile technology with Internet-enabled devices is the next logical phase of the World Wide Web campaign such as mobile phone taking over the mass market and will fundamentally change the way products are bought and sold as well as financial services especially the mobile payment system. This research examines changes payment method in financial services, particularly those involving mobile payments that can create new channels for consumers to purchase goods and services using a mobile phone. Mobile payment application is ready to replace traditional cash, checks, credit and debit card throughout the country. In this stage of development, the current situation of mobile payment market, review the previous literature on mobile payment services, analysis use of mobile payment worldwide and various initiatives use mobile phones to offer financial services for those ‘unbanked’.JEL Classification: G20, O14DOI: https://doi.org/10.26905/jkdp.v22i1.1993

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