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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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PENGARUH FAKTOR MAKRO EKONOMI DAN PERTUMBUHAN PERUSAHAAN TERHADAP LEVERAGE DAN NILAI PERUSAHAAN Sujoko Sujoko
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

The purpose of this empirical study is to investigate the influence of macro economic,growth firm on leverage and value of the firm.This study uses Agency Free Cash Flow, Static trade off Theory, Pecking Order Theory and Signaling Theory.This study uses empirical data from Indonesian Capital Market Directory 2015 issued By Indonesian Stock Exchange. This research uses quantitative analysis. The Population of the research are manufacturing firm listed in Indonesian Stock Exchange. The hypothesis test uses structural equation model-ing with the degree of signifance at 0.05. Sample in this study are manufacturing company listed in Indone-sian Stock Exchange during 2012-2014. As much as 75 manufacturing firm listed in Indonesian Stock exchange were taken as a sample using a purposive sampling method. The data were there analyzed by Structural Equation Modeling (SEM). The Result of the study show that: (1) Macro economic factor have negative significant influence on leverage with p value 0.06 (2) Growth firm have significant influences on leverage with value 0.004 (3) Macro economic have negative t influences on value of the firm with p value 0.006 (4) Growth firm have positive significant influence on value of the firm with p value 0.005 (5) Leverage have negatives significant influence on value of the firm with p value 0.006 The result of the study is support to Agency Free Cash Flow,Jensen (1986),Static Trade off Theory, Pecking Order Theory, Myers and Majluf (1984) and Signaling Theory, Ross (1977

UJI INTEGRASI DAN CONTAGION EFFECT PASAR MODAL PADA LIMA NEGARA ASEAN (RISET EMPIRIS PASCA TERJADINYA KRISIS SUBPRIME MORTGAGE DAN KRISIS YUNANI) Tarsisius Renald Suganda; Yonatan Soetrisno
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

Financial market comovement in ASEAN main member countries is still attractive to scrunitized, because this area is vulnerable to the impact on a global economic event. This study examined capital market integration of five ASEAN main members (Indonesia, Singapore, Malaysia, Philippines, and Thailand) by using September 200830 April 2013 data period. This period will divided into the post 2008 Subprime Mortgage crisis period and the post 2010 Greece crisis period. Vector Autoregressive (VAR) was used to test the comovement occurance among these capital markets and Granger Causality Test was used to analyze the contagion effect among these capital markets. The finding shows that the comovement was occurred among Indonesia, Malay-sia, Singapore and Thailands capital market during September 2008 to 30 April 2013 period. The comovement was still occured after 2008 Subpime Mortgage crisis period and 2010 Greece crisis period, although there is country namely Philippines which did not have the comovement at all against the other countries. Further-more, the finding shows that Indonesia capital market gives contagion effect to other ASEAN countries after 2008 Subprime Mortgage crisis and Greece financial crisis.

STRATEGI SISTEM AUDIT INTERNAL PEMERINTAH DALAM RANGKA TATA KELOLA YANG BAIK Maliki Heru Santosa; Syamsul Maarif; Eriyatno Eriyatno; Trias Andati
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

The problems related to governance system such as management irregularities or fraud, unaccountable finan-cial practices, and poor public service deliveries have raised some questions to the effectiveness of Units of Government Internal Audit (GIA). The complexity of role and function of GIA, which are both directly and indirectly influenced by the stakeholders and relevant environment, need an appropriate research using sys-temic context. The objective of this study was to identify and establish priority strategy in developing effective internal audit system. This research was based on qualitative approaches with systems methodology which was started with literature study, in-depth interview and focus group discussion (FGD). Then, the study was continued with analytical hierarchy process (AHP) with experts representing the stakeholders. The study showed that to enhance the effectiveness of GIA, it is important to have priority strategy to strengthen the governance system, risk management, and control. The role of the stakeholders and management maturity are the key requirements to successful and an effective of GIA System.

DAYA SAING BANK SYARIAH DI SEBUAH NEGARA RELIGIUS: TEMUAN EMPIRIK DARI INDONESIA Tastaftiyan Risfandy; Putri Permatasari Husa; Andi Asrihapsari
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

This is the first study examining the market power of Islamic banks in Indonesia which using quarterly data. Specifically, this paper attempts to answer a question whether, in the high-religiosity country as Indonesia, Islamic banks have greatermarket power compared to its conventional counterparts. We construct Lerners index to measure banks market power by using data from 2009 to 2013. We found that even in a biggest Muslim country in the world, Islamic banks have lowest market power. The result suggests that central banks of Indonesia should consider an alternative methods to promote Islamic banks market power since the balance between those two types of banks may enhance country financial stability.

LOAN PORTFOLIO COMPOSITION AND PERFORMANCE OF INDONESIAN BANKS: DOES OWNERSHIP MATTER? Apriani Dorkas Rambu Atahau
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

As a country which is hard-hit by the crisis, Indonesian banking industry underwents banking reform with changes in its bank ownership structures. The changes may have impacted the loan portfolio compositions of banks. However, there is no study that has empirically tested the impact of the ownership structures on loan portfolio composition and performance in Indonesia, although the facts that credit risk is a major bank risk. The objective of this research is to examine the loan portfolio composition of Indonesian banks in the post crisis period and to determine whether bank ownership plays a role in the composition and performance of the portfolios. This study used secondary data from the Indonesian Banking Directory of the Indonesian Central Bank and all commercial bank annual reports provided by Infobank magazine. The research sample consists of 109 commercial banks in the year 2011. The data is analysed by using multiple regression methods. It is envisaged that the research will give a broad insight on how different bank ownership types select their loan portfolio strategies when composing their loan portfolios.

DAMPAK TERUKUR FASILITAS KREDIT USAHA MIKRO POLA TANGGUNGRENTENG SEBAGAI ALAT PEMBETUK LENDING MODEL BAGI USAHA MIKRO PEMULA DAN PROGRAM PENDANAAN BERKELANJUTAN Sunardi Sunardi; Lita Dwipasari
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

The objectives of this research are to examine the revenue impact and the repayment capacity of working modal credit facility for Small Medium Eterprises by using joint liability. This research used a correlational ap-proach and purposive sampling technique with several criteria such as: (1) Small Medium Eterprises should have 5 (five) people minimally; (2) Small Medium Eterprises have been guided by a university; (3) Small Medium Eterprises have got a loan from a bank. The result of this research shows that the revenue and the rep6ayment capacity from the fourth Small Medium Eterprises have increased. The highest revenue is ob-tained from Batik sector and the lowest revenue is obtained from convection sector.

IMPLEMENTASI MODEL PENILAIAN KINERJA BERBASIS KNOWLEDGE MANAGEMENT SCORE CARD GUNA MENINGKATKAN KUALITAS DAN KEMANDIRIAN LEMBAGA KEUANGAN MIKRO BKAD DI JAWA TIMUR Yuntawati Fristin; Fajar Supanto; Umu Khouroh
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

Knowledge management as the process by which organizations accumulate intellectual capital and use it to gain competitive advantage. When organizations make a huge investment to intellectual assets, the organiza-tion must be able to measure the impact of knowledge management (KM) to the organization (tangible out-comes) and is confident that by the organization in order to collect the knowledge assets in line with the vision of the organizations mission. The objective of the research is to develop and test-development model of performance-based Knowledge Management (KM) Scorecard well as formulate a program for the development of BKAD based on intellectual capital owned.To achieve the objective, the research is carried out with the approach of participant observation. The result indicates that the assessment of KM scorecard in general provides adequately fine results when they are seen from four perspectives, those are intellectual, social, structural and humanity. The activities of human resource development (PSDM), natural resource develop-ment (PSDA), and economic resource development (PSDE) have resulted in economic increase, knowledge and skill increase, and have opened job opportunities and foster entrepreneurship opportunity. Seen from business development of real sector, BKAD has succeed to develop business of real sector based on areal resources which is in accordance with its regional potency.

INDONESIA PUBLIC BANKS PERFORMANCE EVALUATION USING FUZZY LOGIC Sugiarto Sugiarto; Tumpal Pandiangan
Jurnal Keuangan dan Perbankan Vol 20, No 2 (2016): May 2016
Publisher : University of Merdeka Malang

Return on Asset (ROA) is a variable that has the greatest ability in predicting public banks stock prices in Indonesia. The coefficient of determination of ROA on public banks stock prices in Indonesia reached 54.8%. ROA has a significant positive influence on public bank stock prices in Indonesia. Fuzzy logic process on the performance of the 15 public banks in Indonesia have been carried out using the data of ROA for the period 2010 up to 2013. Bank reference performance according to ROA is based on Bank Indonesia Letter No. 6 / 23DPNP / 2011. The performance of each bank was analyzed by conventional methods and as a comparison used fuzzy logic. The evaluation with fuzzy logic method able to provide added value to the currently enforced performance evaluation method. There is significant difference in conclusion between the determination of fuzzy logic models and conventional method

FOREIGN INSTITUTIONAL OWNERSHIP ANDSTOCK RETURN VOLATILITY IN INDONESIA Ekaputra, Irwan Adi
Jurnal Keuangan dan Perbankan Vol 19, No 3 (2015): September 2015
Publisher : University of Merdeka Malang

This paper examines the impact of foreign institutional ownership on contemporaneous stock return volatility in Indonesia. In this study, return volatility is measured as standard deviation of daily stockreturns. The dynamic panel data results based on System GMM (S-GMM) estimation, confirm that foreign institutional ownership tend to linearly and convexly increase monthly stock return volatility.The linear impact seems to be weaker for stocks with higher market capitalization, but stronger for stocks with higher turnover.Furthertest reveals that foreign financial institutional ownershiplinearly contributes to return volatility upsurge, while foreign non-financial corporation ownership convexly contribute to return volatility increase.The additional test also uncovers that domestic financial and non-financial institutionalownerships do not impact return volatility.

EX-DIVIDEND DATE DAN PERUBAHAN HARGA SAHAM Novriyanthi Taungke; S Supramono
Jurnal Keuangan dan Perbankan Vol 19, No 3 (2015): September 2015
Publisher : University of Merdeka Malang

The aim of this study is to analyze whether the stock prices decrease at ex-dividend date in Indonesia Stock Exchange (IDX) that is determined by amount of dividend drop-off ratio (DDR). This study also attempts to investigate the differences the stock prices decrease at ex-dividend date based on Investment Opportunity Set (IOS). Sample consist of the companiesthat announced the dividend during 2010-2012 periods. By using non-parametric tests, especially Chi-square Test and Mann Whitney Test, the result of this study showed the stock prices decreased less than dividend amount on ex-dividend date. Besides, the non-growth firms experienced decrease more than growth firms.

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