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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

54 55 56 57 58

Constructing a predicting model for JCI return using adaptive network-based Fuzzy Inference System Endy Jeri Suswono; Dedi Budiman Hakim; Toni Bakhtiar
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

The high price fluctuations in the stock market make an investment in this area relatively risky. However, higher risk levels are associated with the possibility of higher returns. Predicting models allows investors to avoid loss rate due to price fluctuations. This study uses the ANFIS (Adaptive Network-based Fuzzy Inference System) to predict the Jakarta Composite Index (JCI) return. Forecasting JCI movement is considered to be the most influential predictor, consisting of Indonesia real interest rate, real exchange rate, US real interest rate, and WTI crude oil price. The results of this study point out that the best model to predict JCI return is the ANFIS model with pi membership function. The predicting model shows that real exchange rate is the most influential factor to the JCI movement. This model is able to predict the trend direction of the JCI movement with an accuracy of 83.33 percent. This model also has better performance than the Vector Error Correction Model (VECM) based on RMSE value. The ANFIS performance is relatively satisfactory to allow investors to forecast the market direction. Thus, investors can immediately take preventive action towards any potential for turmoil in the stock market.JEL Classification: D13, I31, J22DOI: https://doi.org/10.26905/jkdp.v23i1.2521

Determinants of capital structures based on the Pecking Order Theory and Trade-off Theory Hotman Jefferson Simatupang; Lilik Purwanti; Endang Mardiati
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i1.2579

Determining the decision of the company's capital structure is a very important thing because it influences the development of resources potency and the sustainability of a company. Related to deciding on the capital structure, there is still a different perception so far between pecking order theory and trade-off theory. This research aims to know the effect of profitability, sales growth, non-debt tax shield, the tangibility of assets, and funding surplus towards the capital structure of non-financial companies listed in Indonesia Stock Exchange (IDX) period 2014-2017. The research method used was Causal-Comparative Research with samples investigated were panel data of 154 non-financial companies experiencing funding surplus with total observation in the amount of 616. The result of this research shows that non-debt tax shield and growth sales do not affect the company's capital structure. Besides that, funding surplus has a positive effect on the capital structure, while profitability and tangibility assets have a negative effect on the capital structure.JEL Classification: C33, G02, G32DOI: https://doi.org/10.26905/jkdp.v23i1.2579

The effect of five price categories in tick size policy on trade and stock returns based on the LQ45 Index Nurlaila Firdani Fajri; Hermanto Siregar; Ferry Syarifuddin
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

The capital market has an influential role in the national economy of countries, including Indonesia. The capital market in Indonesia is regulated by the Indonesia Stock Exchange (IDX) with the new regulation number Kep-00113/BEI/12-2016 that focuses on five price categories of tick size. This study aimed to investigate the impact of five price categories in tick size policy on liquidity and volatility based on the LQ45 index and examine factors that influence stock return. This study was performed using a paired sample T-test and panel regression test. The result of the different test indicates a significant change in bid-ask spread, Depth, Depth to relative spread (DRS), volume, and volatility. The five price category in the tick size policy does not affect the depth. It is found that all the variables have a smaller value after the implementation of the tick size policy. The results of the panel regression test show that depth, volume, and volatility have a significant influence on stock returns, while the bid-ask spread, and DRS does not affect stock returns. The result of this study was expected to improve understanding of the tick size regulation to determine the best stock investment strategy.JEL Classification: G11, G12, G23, R53DOI: https://doi.org/10.26905/jkdp.v23i1.2598

Controlling shareholders, audit committee characteristics, and related party transaction disclosure: Evidence from Indonesia Dwi Ernawati; Y. Anni Aryani
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

The disclosure of related party transactions was required in the financial statements because it is potentially misused by controlling shareholders. This study aims to examine controlling shareholders, audit committee characteristics, and related party transaction disclosure. The controlling shareholders are proxied by the family share ownership and the proportion of the controlling shareholder family members on the board of directors. The samples used in this study are family companies listed on the Indonesia Stock Exchange (IDX) in the year 2017. In this study, the multiple regressions were used to test the hypothesis. We found that controlling shareholders have a negative influence on related party transaction disclosure. Meanwhile, accounting expertise of the audit committee has a positive influence on related party transaction disclosure. Our result show companies that controlled by the family have low motivation to disclose related party transaction disclosure. However, accounting expertise audit committee may encourage companies to disclose related party transactions.JEL Classifications: G32, G34DOI: https://doi.org/10.26905/jkdp.v23i1.2701

Theory of planned behavior and whistleblowing intention Tarjo Tarjo; Anang Suwito; Ifa Diah Aprillia; Greska Redielano Ramadan
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

This research examined the theory of planned behavior (TPB) as predictor whistleblowing intention. According to TPB, it is difficult to posit whistleblowing as actual behavior. Whistleblowing is more suited to be posited as intention. Intent means the likelihood of actual behavior occurred. We examined attitude, subjective norms, and perceived behavioral control as TPB variables. We also investigated a few control variables such as colleagues support, organizational support, and fear of retaliation. The online survey was conducted in obtaining data by a web-based questionnaire. Participants of this survey were employees of regional owned east java bank. The number of respondents was 112 employees from all departments and units. Validity, reliability, regression, and path analysis were used in testing research instrument and several hypotheses. The result showed that attitudes and subjective norms as TPB variables have a significant impact on whistleblowing intention. However, perceived behavioral control does not affect whistleblowing intention. While, among several control variables, only fear of retaliation that has a significant effect on whistleblowing intention. Furthermore, this study also found empirical evidence that knowledge and subjective norms have an indirect effect on whistleblowing intention through attitudes. This research suggests that regional owned east java bank should provide an environment and channels to support whistleblowing within effectively, especially through protection and/or reward systems, or etc.JEL Classification: D23, G34, L23DOI: https://doi.org/10.26905/jkdp.v23i1.2714

Liquidity, asset quality, and efficiency to sustainable growth rate for banking at Indonesia Stock Exchange Syapril Junaidi; Sulastri Sulastri; Isnurhadi Isnurhadi; Mohamad Adam
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

The focus of the bank to increase profit. However, the increase in profit is not important to focus on because the sustainability of growth is more important. Measure the level of sustainable growth is an important factor that needs attention as a reflection for the performance of a bank. The measurement uses the concept of growth called the Sustainable Growth Rate (SGR). This study aims to provide empirical evidence on the effect of liquidity proxy Loan to Funding Ratio (LFR), asset quality proxy by Non-Performing Loan (NPL) and efficiency proxy by Operating Cost to Operating Income (BOPO) toward SGR. The sampling technique is purposive based on the criteria so that the selected 22 banks with the study period 2012-2107. Unit analysis as much as 132 observations. The analysis of data using panel data regression. The findings of the study showed that LFR, NPL, and BOPO had a significant negative effect on SGR. The implications of research that SGR becomes important as it relates to the bank's strategy to continue to grow and continue in order to expand its business maximally while maintaining internal and external funding sources.JEL Classification: G2, G21DOI: https://doi.org/10.26905/jkdp.v23i2.2699

Macroeconomic variables towards net asset value of sharia mutual funds in Indonesia and Malaysia Riwi Sumantyo; Dessy Anis Savitri
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Sharia mutual fund as one of the investment instruments in sharia capital market shows significant development. There are various factors that may influence, among these factors are macroeconomic variables. This research aims to analyze the effect of macroeconomic factors on the development of sharia capital market industry. Macroeconomic variables that are used is the money supply (M1), Gross Domestic Product (GDP), and inflation. The data used in this research is a quarterly money supply data, GDP, and inflation from January 2012 to December 2016. The methods used to analyze regression data is the data panel. The results of the analysis showed that all of the independent variable used in this study i.e. the money supply (M1), GDP, and inflation has a positive influence and significance to the Net Asset Value (NAV) mutual funds sharia in Indonesia and Malaysia. These results can provide a sound contribution for further research, government, management of the company, and investors regarding the Net Assets Value mutual funds sharia in Indonesia and Malaysia.JEL Classification: D51, E43, F41, G15DOI: https://doi.org/10.26905/jkdp.v23i2.2195

Dividend payouts, internal and other external factors, and its impact on stock price Tribella Kembaren; Noer Azam Achsani; Tb Nur Ahmad Maulana
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

This study focuses on the effect of dividend payouts, internal and external factors on stock prices of corporate banking sub-sector. Based on core capital, banking companies in Indonesia are categorized into 4 BUKU (Commercial Bank Based on Business Activities). The findings of this study show that BUKU 4 (its core capital = IDR. 30 billion) provides annual dividend payouts. Its dividend per share, dividend yield, and dividend payout ratio are higher than BUKU bank group 1, 2, and 3. This study also analyzes the effect of dividend payout, Net Interest Margin (NIM), Non-Performing Loan (NPL), inflation rate, interest rate, and Rupiah exchange rate (REER) on the stock prices of 31 banking companies indexed in IDX from annual data over the period of 2013 to 2017. Dividend payout and NIM have a positive and significant effect on stock prices. Panel data regression analysis found that the interest rate has a negative significant effect on stock prices. Meanwhile, the OLS regression test (dummy variable) found that NPL has a negative significant effect on stock prices.JEL Classification: C33, E44, G21DOI: https://doi.org/10.26905/jkdp.v23i2.2520

The role of earnings and tax on dividend policy of Indonesian listed firms Hutagaol-Martowidjojo, Yanthi; Joachim, Hansi; Anggreni, Dellia
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

Prior studies show that profitability is the main financial aspect that determines a firmâ€™s dividend policy. To add to the Indonesianâ€™ dividends literature, this study examines the role of earnings and tax as dividend policy in Indonesian listed firms. This study argues that besides profitability, Indonesian firms consider other financial performance, namely earnings (contributed capital and prior year earnings) and tax to determine their dividend policy, since earnings reflect firmâ€™s real ability to pay dividends, and tax affects the number of dividends should be paid. Â Using 1688 firm-year observations of Indonesian firms from 2012 to 2016, the panel data regression result shows that prior yearâ€™s earnings and contributed capital, are the significant determinants of firms sampleâ€™s dividend policy. However, the insignificant result is found in the corporate tax role. Meanwhile, the robustness test, earnings, and tax are significant and of the expected sign. The result implies that the higher the firmsâ€™ earnings, the higher the dividend payout ratio that is used as a proxy to the firmsâ€™ dividend policy. Corporate tax, on the other hand, is a significant negative determinant in some years of the observation. Higher corporate tax hinders managers to increase the dividend payout ratio.JEL Classification: G35, M19, M40DOI: https://doi.org/10.26905/jkdp.v23i1.2581

The optimal cash holdings speed of adjustment and firm value: An empirical study in Indonesia Heru Kristanto Hendro Cahyono; Mamduh M Hanafi; Bowo Setiyono
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i2.2604

This study employs two models of the speed of cash holdings adjustment to measure the effect of cash management on firm value, they are the deviation standard cash holding model and partial speed of adjustment model. Using sampling companies from Indonesia during 2001-2017, the study employs some techniques of regression for dynamic panel data with fixed effects, the pooled ordinary least square with fixed effects, and regression moderated analysis. Research findings show that: first, the deviation standard cash holding and partial speed of adjustment affect firm value; second, by using the deviation standard cash holding model, it shows that managerial ownership, institutional ownership, investment and debt moderate the effect of the deviation standard cash holding on firm value; third, by using the partial speed of adjustment model, it shows that investment moderates the effect of partial speed of adjustment on firm value. The implications of the study are to explain two speed of cash holding adjustment models and their impacts on the increasing trend of firm value.JEL Classification: C33, G31, G34DOI: https://doi.org/10.26905/jkdp.v23i2.2604

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