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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

53 54 55 56 57

Cost Efficiency, Total Assets, and Profitability: Evidence from Islamic Bank Sholikha Oktavi Khalifaturofi'ah
Jurnal Keuangan dan Perbankan Vol 22, No 4 (2018): October 2018
Publisher : University of Merdeka Malang

Inefficiency is one of the factors that can decrease the bank’s health. Efficiency was very important for banking. Efficient banking will increase total assets and profitability. This study examined the cost efficiency of sharia banks and their effects on total assets and profitability. This study aimed to analyze the effect of cost efficiency and other financial ratios on total assets and profitability. By using a stochastic frontier approach, it was found that the average cost efficiency level in sharia bank was 85.18 percent. Furthermore, by using a panel regression method in 12 sharia banks, it was found that cost efficiency had a negative effect on total assets but did not affect the profitability of sharia banks. In addition to cost efficiency, CAR also had negative effects on total assets. FDR and NPF had a negative effect on profitability which proxied by ROA while profitability proxied by ROE negatively affected by NPF. Sharia banking should pay attention to the level of cost efficiency, capital adequacy, and financing quality in order to increase total assets and profitability.JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v22i4.2218

The Impact of Interest Rate, Corruption Perception Index, and Economic Growth on Foreign Direct Investment in ASEAN-6 Diella Rahmawati Fazira; Malik Cahyadin
Jurnal Keuangan dan Perbankan Vol 22, No 4 (2018): October 2018
Publisher : University of Merdeka Malang

Foreign Direct Investment (FDI) becomes an economic indicator that drives economic development in developing countries. These countries need to identify some urgent indicators that attract FDI inflows. The interest rate policy is expected to become an effective instrument. This research analyzed the impact of economic growth, interest rate, and Corruption Perception Index (CPI) on FDI in ASEAN-6 in 2004-2016. ASEAN-6 were six of ASEAN member countries: Indonesia, Singapore, Malaysia, Thailand, Philippines, and Vietnam. The secondary data was collected from the reports of the World Bank, UNCTAD and Transparency International. This research used panel data with Fixed Effect Model (FEM). This research concluded that economic growth and interest rate had a positive and significant impact on FDI while CPI had a negative and significant impact on FDI. The recommendation of this research was the governments of ASEAN-6 maintain domestic economy to attract FDI. The domestic economy reflected by economic growth and interest rate. In addition, the governments need to improve the governance of FDI through the empowerment of anti-corruption institution.JEL Classification: E22, E43DOI: https://doi.org/10.26905/jkdp.v22i4.2355

Foreign Ownership, Corporate Governance Mechanism and Technical Efficiency of Indonesia Banking Industry Abdul Ghofar; Farisan Noviandry
Jurnal Keuangan dan Perbankan Vol 22, No 4 (2018): October 2018
Publisher : University of Merdeka Malang

A large number of commercial banks in Indonesia are considered not ideal for the future of Indonesian banking because most of these banks are considered unhealthy and inefficient. This research aimed to examine the input and output efficiency in the Indonesian banking industry and the influence of foreign ownership and corporate governance mechanisms measured by the size of the board of commissioners and the percentage of the independent commissioner on technical efficiency using a non-parametric approach of Data Envelopment Analysis (DEA). This research used 50 foreign exchange commercial banks of Indonesia from 2012-2014. The results of DEA indicated that the efficiency of foreign exchange commercial banks has increased significantly during the observation period. Other results showed that banks with foreign ownership had a strong and positive link with technical efficiency. In line with the established literature on emerging markets, foreign ownership banks appear to be more efficient than banks with fully domestic ownership. However, the board of commissioner size showed no effect on banks technical efficiency. The percentage of independent commissioner showed a negative effect on efficiency that consistent with the argument that tighter monitoring of board of commissioners might impede performance.JEL Classification: D61, G35, M41DOI: https://doi.org/10.26905/jkdp.v22i4.2461

Digital Banking, Corporate Governance, Ownership Structure, and Intellectual Capital Performance: Evidence from Indonesia Ratna Dewi Tjendani; Ari Kuncara Widagdo; Muthmainah Muthmainah
Jurnal Keuangan dan Perbankan Vol 22, No 4 (2018): October 2018
Publisher : University of Merdeka Malang

The base of the company’s growth has changed, from tangible assets to intangible assets. Many companies recognize the importance of IC as performance drivers. This research aimed to examine the effect of the implementation of digital banking, corporate governance, family ownership, foreign ownership, and government ownership on Intellectual Capital (IC) performance; and examined the effect of interactions between corporate governance and ownership structure on IC performance in banking companies listed on the Indonesia Stock Exchange (IDX) during 2012-2016. This research used a regression method with panel data. The total observations were 130 cases. In this research, IC performance used Value Added Intellectual Coefficient (VAIC). We proved that the implementation of digital banking did no significant implications for IC performance in the same year because it was still in the process of developing. Family ownership, foreign ownership, government ownership, and the interaction between corporate governance and ownership structure did not affect IC performance. On the contrary, this research proved that corporate governance had significant implications for improving IC performance. JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v22i4.2481

Monetary Policy and the Housing Market in Indonesia: Evidence from Selected Regions Ariyanto Adhi Nugroho; M. Yusuf Indra Purnama; Laela Rizki Fauzia
Jurnal Keuangan dan Perbankan Vol 22, No 4 (2018): October 2018
Publisher : University of Merdeka Malang

The housing market in Indonesia tends to have different characteristics in several regions. The government has implemented macroprudential policies regarding mortgage loans for housing and apartments through the Loan to Value (LTV) policy in dealing with credit risk in the housing market. The aimed of this study analyze the effect of LTV policy and regional economic indicator on the house prices in Indonesia, compare the impact of LTV policy and indicator on the types of houses and regions. We used secondary data from eight regions which derived from residential property survey and statistics Indonesia at a monthly frequency. In processing estimated data using Generalized Least Square (GLS) Fixed Effect Model (FEM) to ascertain the effect of LTV policy in each region. The result showed most attributes had a significant effect on housing prices. However, LTV had no significant effect on every type of housing (small, medium, and large). The LTV policy is spatial in accordance with housing market condition in each region.JEL Classification: E52, O18, R31DOI: https://doi.org/10.26905/jkdp.v22i4.2515

The effect of commodity price changes and USD/IDR exchange rate on Indonesian mining companies’ stock return Adi Rahadi Putra; Robiyanto Robiyanto
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

There are many variables that will be influencing stock return. Some of those variables are come from the commodity market, such as gold, price and crude oil price changes, and also come from the exchange rate market. This study is about to test the effect of changes prices of gold, silver, crude oil, and exchange rate to the stock return of mining sector companies in Indonesia. There are 48 companies engaged in the mining sector listed on the Indonesia Stock Exchange (IDX). From 48 companies this study uses the purposive sampling method to choose a sample within the criteria, and there are 13 selected companies that will be the object of this study. This study also used an analysis tool GARCH (1,1) to avoid abnormal data. Before advancing to GARCH (1,1) analysis, the data must be tested the stationary first by using the Augmented Dickey-Fuller Test (ADF) to make sure the data stationary or not by using level, 1st difference, and two difference. The result shows that gold has a significant positive effect on stock return mining sector companies such as INCO, KKGI, PTBA, and TINS. Silver has a significant positive effect on HRUM companies and negatively on RUIS. Crude oil has a significant positive effect on HRUM and PTBA firms. Exchange rates have a significant negative impact on companies. ANTM, CTTH, DOID, ELSA, HRUM, ITMG, and KKGI.JEL Classification: E03, F31, G11, G23DOI: https://doi.org/10.26905/jkdp.v23i1.2084

The influence of earnings management and asymmetry information on the cost of equity capital moderated by disclosure level Kiswanto, Kiswanto; Fitriani, Novi
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : UNIVERSITY OF MERDEKA MALANG

Company value can be increased by minimizing the cost of equity capital. The cost of equity capital is the rate of return required by investors in accordance with company condition. The purpose of this study was to analyze the influence of earning management and asymmetry information on the cost of equity capital with disclosure level as the moderating variable by presenting Company Size, Market Capitalization, Leverage, and Profitability as the control variables. The population of the study was 148 manufacturing companies listed on the Indonesia Stock Exchange with the total unit of analysis was 330.Â Then, hypotheses were analyzed with software Eviews 9. The results of the study showed that earning management, asymmetry information, company size, profitability, and disclosure level had significant influences on the cost of equity capital for both large and small companies. Then, it also showed that disclosure level was able to moderate the influence of earning management on the cost of equity capital, but it was not able to moderate the influence of asymmetry information on the cost of equity capital both large and small companies. It was interesting because the coefficients of influence were different based on the company size. On small companies, the influence of disclosure level on asymmetry information was negative.JEL Classification: D82, G310DOI:Â https://doi.org/10.26905/jkdp.v23i1.1926

Corporate governance in Indonesia: One decade perspective Aliffianti Safiria Ayu Ditta; Doddy Setiawan
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

This study aim in describing the development of research on corporate governance in Indonesia. The sample of the study consists of 101 articles from 10 Indonesian accredited journals at 2007-2017 periods. This research applies to chart the field method that classifies articles based on topic, disciplines and research methods. Most of the article (40 out of 101 articles) study the consequences of the emergence of corporate governance, such as the performance of the company and most of the article applies the analytical method (96 articles). However, the discussion on Indonesia institutional context, such as two-tier board systems, is still rare. The study mostly focuses on the monitoring function of the Board of Commissioners. Most of the study also investigated the effect of corporate governance practice on firm performance. Followed by the effect of corporate governance practice on disclosure. Further, most of the study conducted research on short periods (3.5 years). It is expected that this article provides a review of the recent development of corporate governance research in Indonesia and the opportunity to conduct the study.JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v23i1.2182

Internal factors and firm value: A case study of banking listed companies Subing, Hesty Juni Tambuati; Susiani, Rini
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : UNIVERSITY OF MERDEKA MALANG

The weakening of the value of the rupiah against the US dollar has made Indonesia again experiencing economic crisis conditions. However, this condition did not make the performance of the banking sector share decline and vice versa, defeating nine other industrial sectors, this indicates that the firm value in the banking sector is still considered good by investors, which are the factors that influence the firm value? This study aims to analyze the factors that influence firm value in the banking sector and can be used by investors in making investment decisions. This research uses secondary data with 12 sample companies in the banking sector listed on the Indonesia Stock Exchange in the 2011-2016 period using the purposive sampling method and panel data regression analysis. The results of this study indicate that the variable interest income, a debt-equity ratio (DER) and firm age (AGE) influence the firm value (FV), while the managerial ownership variables and earnings per share (EPS) do not affect the firm value (FV). The results of these studies are expected to help companies and investors in decision making.JEL Classification: G32, L25DOI: https://doi.org/10.26905/jkdp.v23i1.2405

A determinant of state-owned enterprises profitability with an independent board of commissioners as moderation variables Sophie Tiara Adriaty; Budi Purwanto; Wita Juwita Ermawati
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

Corporate governance drives the control function so that management could manage the corporate more effective. Good corporate governance could be the factor that boosts financial management to enhance profitability. This study examines the moderated effect of the independent commissioner proportion to the interaction between liquidity, capital structure, and sales growth to profitability. This study using purposive sampling technique, there are four state-owned enterprises (SOEs) which fit the criteria. The analysis method used in this research is moderated regression analysis on panel data. The results of the study show that liquidity and the proportion of independent commissioners influence the profitability of the company. SOEs needs to reduce the allocation of funds to current assets. Optimizing the performance of the SOEs board of commissioners also needs to be improved. The supervisory function carried out by the board of commissioners will affect operational activities so that managers will be more motivated to utilize current assets for operational investment and the company's current assets can be used optimally. Increasing the proportion of independent commissioners will also increase oversight of debt so that the condition of the company's capital structure can be optimized through the reduction of debt from SOEs.JEL Classification: G31, G34DOI: https://doi.org/10.26905/jkdp.v23i1.2519

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