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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 Competitive Advantage between Intellectual Capital and Financial Performance of Banking Sector in ASEAN Rochmadhona, Bella Nursyarifa; Suganda, Tarsisius Renald; Cahyadi, Sendy
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

This research aims to examine the mediating effect of competitive advantage in the relationship between intellectual capital and financial performance of the banking sector in five ASEAN countries. Furthermore, this research analyzes the differentiation level of intellectual capital using its components namely human capital, structural capital, and relational capital measured by Extended VAIC Plus (E-VAIC+). This research using partial least square method to test the mediation effect and ANOVA to test the differentiation level of intellectual capital on the banking sector in five ASEAN countries. The results show intellectual capital has a positive effect to financial performance and competitive advantage, competitive advantage has a positive effect to financial performance, and there is a different level of intellectual capital in Indonesia, Laos, Vietnam, Philippines, and Thailand. These findings support the resource-based theory which asserts that a unique set of resources that are owned and controlled can make the company have sustainable superior performance. These resources can be derived from the intellectual capital component that is exploited in such a way as a competitive advantage.JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v22i2.2060

Bankometer Models for Predicting Financial Distress in Banking Industry Laely Aghe Africa
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

Banking is a collection of several functions of the bank, which is bank is a financial institution that focuses on profit and also social, but from the other side of the bank can also collapse and there are indications of bankruptcy, and one way to predict is to use one of the models to determine financial distress. The latest prediction model is the Bankometer Model. The objective of this research is to analyze The Bankometer Model can use to determine financial distress. A sample of this research is 111 listed bank data Indonesia Stock Exchange from 2012 to 2016, 60 for Foreign Exchange Bank and 51 for Non-Foreign Exchange Bank. Logistic Regression to analyze the data in SPSS 23 Version. The result of this study is The Bankometer Model can use to determine financial distress for Foreign Exchange Bank and Non-Foreign Exchange Bank. This research implication is for management of the company in decide regulator in a company that related to financial distress.JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v22i2.2050

KANDUNGAN INFORMASI PENGUMUMAN SAHAM BONUS: STUDI EMPIRIS DI BURSA EFEK INDONESIA Lydia Angela Natasya; Tarsisius Renald Suganda
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

The aim of this paper was to investigate the market reaction of bonus share announcement in Indonesia StockExchange. Bonus share was the signal given by company to public or stockholders. If bonus shares announcementconsisted of the information, it would be reacted by the market. There were pros and cons about thefinding of bonus shares announcement. The Standard of event study method had been used for the purpose ofstudying the bonus share issues announcement reaction. The proxies of market reaction were abnormal returnand trading volume activity. In this study, the researcher found a significant negative abnormal return and itmeant that the announcement of bonus share had negative information content. This finding probably meantthat most companies had liquidity problem. The study also found that the average of trading volume activitywas insignificantly decreased after bonus share announcement. This empirical study showed that bonus shareindicated a bad signal for the Indonesia market.

Firm Value Predictor and the Role of Corporate Social Responsibility Ismi Farida Siregar; Roekhudin Roekhudin; Lilik Purwanti
Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v22i3.1804

The firm value was an important part of the company to survive in the business world. The right decision to maximize capital had implications for increasing the firm value with the collaboration between management and owners. We examined the effect of managerial ownership, profitability, and firm size toward firm value. Also, we examined the moderation role of Corporate Social Responsibility (CSR) disclosure in strengthening the effect of managerial ownership, profitability, and firm size on firm value. The analytical technique used the analysis of moderation regression. The research population was manufacturing company sub-sector of consumer goods industry listed in Indonesia Stock Exchange (IDX), and the sample was selected using purposive sampling technique with the number of samples observation for 14 companies. We found that managerial ownership and firm size had a negative effect on firm value. Profitability gave a significant positive effect on firm value. CSR disclosure proved to strengthen the relationship of profitability to firm value, but CSR weakens the relationship between managerial ownership and firm size toward firm value.JEL Classification: G32, M14DOI: https://doi.org/10.26905/jkdp.v22i3.1804

Dividend and Agency Conflict in Indonesian Manufacturing Firms Andi Anugerah Amrullah; Hendra Wijaya
Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : University of Merdeka Malang

Firm’s investment and financing decision had been empirically proven to have a certain influence on firm value, as changes in investment and financing policies will result in alterations of the firm risk profile. In the case of Indonesia, where the degree of investor protection was poor, and minority shareholders were at risk of expropriation of majority shareholders, increase in investment and debt addition was ill-favored and hence, result in a lower firm value. To mitigate the risk of expropriation, firms might choose to apply cash rights to its shareholders by distributing dividends. Using panel data with moderation on 86 Indonesian manufacturing firms, we found that dividend policy positively moderates the effect of the investment decision in firm value and negatively moderates the effect of financing decision on the value of the firm. Our finding act as empirical evidence that dividend policy was an effective tool to mitigate expropriation risk, albeit its used also sent a negative signal to the shareholder when a firm increases loans to paid out dividends.JEL Classification: G31, G32.DOI: https://doi.org/10.26905/jkdp.v22i3.1820

The Comparison of Investment Decision Frame and Belief-adjustment Model on Investment Decision Making Almilia, Luciana Spica; Wulanditya, Putri; Nita, Riski Aprilia
Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : University of Merdeka Malang

Investors sometimes performed the irrational behavior in the stock market. Framing indicated that decision maker would respond with different ways on the problem of the similar decision if the problem was presented in different format. Framing effect was need to be wary because it can created bias in decision making.Â We examined investment decision making based on belief-adjustment model and investment decision frame. Â The research method a mixed design experiment (between and within subject). Research participants in this research were non-professional investors.Â The numbers of participants in this research were 113 people.Â We found that participants gave a different response when receiving non-accountancy information (expressive decision frame) with different presentation patterns that were step-by-step and end-of-sequence. The other findings of these research showed that there was no different response between participants receiving accountancy information (financial decision frame) and participants receiving non-accountancy information (expressive decision frame) in end-of-sequence presentation pattern.Â However, when participants received accountancy information compared to non-accountancy information in step-by-step presentation pattern, it showed that there was a different response. The overall results of the study indicated that the investment decision frame affects the investment decision making when the information presentation pattern was step-by-step.JEL Classification: D82, G11DOI: https://doi.org/10.26905/jkdp.v22i3.1880

Is Rights Issue Will Raising the Stock Price of PT Nippon Indosari Corpindo Tbk? Sylviana Maya Damayanti; David Anwar
Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : University of Merdeka Malang

The stock price of PT Nippon Indosari Corpindo Tbk (ROTI) declined due to the right issue announcement by the corporation, had caused the price of ROTI to fall from IDR 1,760 to IDR 1,195. As the price of the stock itself was in a volatile condition, it was interesting to understand more about the status of the stock price, whether it was undervalued or overvalued. The purpose of this study to calculated the fair share price of ROTI in 2017 based on the 2010-2016 historical data. The findings will be compared with the stock price in the market to know that ROTI was undervalued or overvalued for the decision of the investor to buy, hold or sell its shares. The valuation model used Constant-Growth Model or the Gordon Model. Based on the calculation the fair stock price were IDR 1,617.39, whereas when using the Gordon Model the fair share price were IDR 1,104.19 per share. Based on data from Bursa Efek Indonesia, the closing price for ROTI on December 30, 2016, were IDR 1,600 and it can be concluded that the stock price of ROTI was undervalued.JEL Classification: G11, G23DOI: https://doi.org/10.26905/jkdp.v22i3.2020

Management Dysfunctional Behaviour toward Financial Statements: Income Smoothing Practice in Indonesia’s Mining Industry Sector Sigit Handoyo; Safri Fathurrizki
Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v22i3.2047

Companies tried to maintain reported fluctuations in earnings and intervene them to the desired level. With the practice of income smoothing, the information was presented in financial statements; especially income statement became invalid so that it will mislead information to the users. We analyzed the factors influencing the income smoothing practice. Populations in this study were 45 mining companies listed on Indonesian Stock Exchange (IDX). The data used in this study was a secondary data screened by using purposive sampling method. Variables used in this research were company size measured by total assets, profitability proxied by return on assets, dividend payout ratio was proxy by comparing the dividend per share divided by earning per share, financial leverage was proxied by debt to total assets, and income smoothing was measured using Eckel index as dependent variable. This study used logistic regression tools. We found that dividend payout ratio and financial leverage gave significant positive effect to income smoothing practice. However, the size of the company and profitability did not affect to influence income smoothing practice. The investor who willing to invest in shares, it was important to scrutinize dividend payout ratio and financial leverage level of the future company.JEL Classification: L25, G35DOI: https://doi.org/10.26905/jkdp.v22i3.1820

Entrepreneurial Finance Perspective: Highlighting from the Supply Side Maria Rio Rita; Harjum Muharam
Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : University of Merdeka Malang

The emergence of the entrepreneurial finance theory in developing the financial theory was still relatively new. Up until the early 1990s, the topic of entrepreneurial finance was still rarely discussed, although actually many aspects could be explored more in-depth by academicians. There was no consensus about the definition of entrepreneurial finance. It can be mapped out that past literature studies or previous research just looked at entrepreneurial finance from the financing provider side (supply side). A supply-side test examined the fund provider (financier) perspective as a test center like formal and informal equity (venture, capitalists, angel investors, corporate venturing, crowdfunding), as well as formal and informal debt like bank debt, loans from friends and family members, and the release of other money (mezzanine) to develop start-up companies or micro, small, and medium enterprises. A synthetic meta-analysis in this research integrated and synthesized several qualitative research findings through better descriptions and facilitates the reconceptualization from a study. Based on this study, we found that actually there was still a lot of room from the topic of entrepreneurial finance to become future research, such as from the entrepreneur’s side (demand side) related with financial management or small enterprise development. JEL Classification: B10, B26, B30DOI: https://doi.org/10.26905/jkdp.v22i3.2096

Business Strategy, Corporate Governance, Firm Characteristics, and Risk Disclosure in the Indonesian Stock Exchange Nadhilla Mazaya; Fuad Fuad
Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : University of Merdeka Malang

Companies were required to disclose non-financial information other than financial statements, due to the rapid and changing business conditions. This study aimed to examine the impact of business strategy, corporate governance, and firm characteristics on the risk disclosure. More specifically, we examined the impact of barriers to entry, cost leadership, the board of commissioner size, ownership concentration, liquidity, industrial profile, and auditor type on risk disclosure. We used a sample consisted of 96 observations for the period of 2008-2015 listed in Indonesian Stock Exchange and PEFINDO 25. This research conducted using multiple regression analysis methods to examine the factors influenced risk disclosure. This research also used independent sample T-test to investigate the quality of risk disclosure before, and after the implementation of IFRS in Indonesia, We found that barriers to entry, the board of commissioner size, ownership concentration, industrial profile, and auditor type significantly affect the risk disclosure. However, cost leadership and liquidity did not have significant effects on the risk disclosure. Results of the study might provide a sound contribution for further research, government, management of the company, and investors regarding the risk disclosure practices.JEL Classifications: G32, G34DOI: https://doi.org/10.26905/jkdp.v22i3.2167

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