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Articles 784 Documents

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Sticky cost behavior in selling, general, and administrative costs in Indonesian manufacturing companies Lusiana Lusiana; Ika Kristianti
Jurnal Keuangan dan Perbankan Vol 24, No 2 (2020): April 2020
Publisher : University of Merdeka Malang

Cost response to decreasing activity is often smaller compared to rising costs when there is an increase in activity volume. The phenomenon of the cost response is often referred to as sticky cost behavior. This study aimed to determine whether there was sticky cost behavior in selling, general, and administrative (SGA) costs of manufacturing companies listed on the Indonesia Stock Exchange (IDX). The observation period was in 2015-2017. The sample used was 258 manufacturing companies selected by using a purposive sampling technique. The type of data used was panel data using quantitative methods in the form of stationary with panel data regression tests with the Generalized Least Square (GLS) model. We found that there was no sticky cost behavior in the SGA costs of manufacturing companies in Indonesia. This study implies that decision making on a scale of activity in a company is difficult to predict. JEL Classification: C33, G30, J39 How to Cite:Lusiana, Kristianti, I. (2020). Sticky cost behavior in selling, general, and administrative costs in Indonesian manufacturing companies. Jurnal Keuangan dan Perbankan, 24(2), 214-224.DOI: https://doi.org/10.26905/jkdp.v24i2.3195

The implementation of fintech: Efficiency of MSMEs loans distribution and usersâ€™ financial inclusion index Pambudianti, Feronica Fa Rozalyne; Purwanto, Budi; Maulana, Tubagus Nur Ahmad
Jurnal Keuangan dan Perbankan Vol 24, No 1 (2020): January 2020
Publisher : University of Merdeka Malang

The importance of understanding the efficiency of lending MSMEs through fintechpeer-to-peer lending (P2P Lending) and increasing the financial inclusion index ofits users (for lenders in particular). We use case studies on the accelerant platformwith grounded research methodology for data collection, estimation of technicalefficiency and intermediation through Data Envelopment Analysis (DEA). Descriptiveanalysis is used to investigate the determinants that influence the financialinclusion index of acceleration users. We indicate that technical efficiency has a muchsmaller value than the efficiency of intermediation with a strategy required to improvebusiness optimization and steer clear from any conditions of constant to return.In addition, factors considered in the strategy-making are loan period whichhas a positive effect on the business efficiency and non-performing loans that are notaffected by intermediacy efficiency as well as strategies to improve the index offinancial inclusion as targeted by the Financial Services Authority through the StrategyNational Financial Inclusion. In other words, the index of financial literacy,income level, and index of fintech knowledge have a positive effect on the financialinclusion index.JEL classification: D83, G23, O33Â How to Cite:Pambudianti, F. F. R., Purwanto, B., Maulana, T. N. A. (2020). The implementation of fintech: Efficiency of MSMEs loan distribution and usersâ€™ index of financial inclusion. Jurnal Keuangan dan Perbankan, 24(1), 68-82.DOI:Â https://doi.org/10.26905/jkdp.v24i1.3218

The level of conservatism and earnings management during IFRS adoption Yie Ke Feliana; Jessica Bagus
Jurnal Keuangan dan Perbankan Vol 24, No 1 (2020): January 2020
Publisher : University of Merdeka Malang

We analysis to determine the level of conservatism and earnings management in the period of IFRS adoption in Indonesia. We used a quantitative approach and was tested using a different group test, i.e. Mann-Whitney U, ANOVA, and MANOVA. The object of this research is all manufacturing companies listed in Indonesia Stock Exchange (IDX) for the period of 2012-2017. The number of samples used in this research is 516 firm-years. Earnings management is measured by two approaches, i.e. accrual earnings management and real earnings management, while conservatism is measured by Basu Model. The level of conservatism and earnings management in this study focuses on after the IFRS adoption period. We reveal that IFRS adoption does not change accounting conservatism in financial statements. In addition, the greater adoption of IFRS is not able to reduce the level of overall earnings management both in accrual earnings management and real earnings management.JEL Classification: C33, M41, G02 How to Cite:Feliana, Y. K., Bagus, J. (2020). The level of conservatism and earnings management during IFRS adoption. Jurnal Keuangan dan Perbankan, 24(1), 53-67.DOI: https://doi.org/10.26905/jkdp.v24i1.3294

The influence of investment-cash flow sensitivity and financially constrained on investment Wahyuni Rusliyana Sari; Farah Margaretha Leon
Jurnal Keuangan dan Perbankan Vol 24, No 1 (2020): January 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v24i1.3475

Investment decision making is a crucial process influenced by many factors, such as cash flow. Therefore, it is important for potential investors to understand the stability of cash flow. This study aims to examine cash flow and investment-cash flow sensitivity on investment in manufacturing companies listed in Indonesia Stock Exchange from 2011 to 2015. A panel data methodology by a fixed-effect model with cross-section weights, standard errors, and covariance were utilized. It comprises two models, Panel A and B, with each consisting of all samples, and financially constrained grouping by Kaplan and Zingales-index (KZ-index). The finding that investment-cash flow sensitivity and financially constrained had a significant positive on investment. The result suggests it is important for investment decisions. In panel B, Tobin’s Q was significantly applied to unconstrained companies to prevent a negative impact on sales, with the application of the closing price. The managerial implication of this research is addressed to company managers, potential investors, and readers. In conclusion, cash flow, long-term debt, working capital investment, leverage, and asset turnover impacts on investment for all estimations.JEL Classification: D13, I31, J22 How to Cite:Sari, W. R., Leon, F. M. (2020). The influence of investment-cash flow sensitivity and financially constrained on investment. Jurnal Keuangan dan Perbankan, 24(1), 30-39.DOI: https://doi.org/10.26905/jkdp.v24i1.3475

Banking, labor force, and regional economic growth: Evidence from Indonesia Abd Rahman Razak; Wahyoe Soedarmono; Wahdi Salasi April Yudhi
Jurnal Keuangan dan Perbankan Vol 24, No 2 (2020): April 2020
Publisher : University of Merdeka Malang

This paper examines whether regional economic growth across Indonesian provinces can be affected by the role of banking and labor force. In general, our empirical findings show that banking development is indeed positively linked to regional economic growth, although this relationship is more pronounced for poor provinces. Moreover, this paper finds that the link between banking development and regional economic growth is conditional on the degree of labor force. Specifically, the positive impact of banking on regional economic growth only occurs when labor force is sufficiently low regardless of whether we observe poor provinces or rich provinces. Eventually, this paper highlights that increasing access to bank credit is essential to boost regional economic growth, especially for poor provinces or provinces with lower labor force.JEL Classification: O16, G21, G28 How to Cite:Razak, A. R., Soedarmono, W., Yudhi, W. S. A. (2020). Banking, labor force,and regional economic growth: Evidence from Indonesia. Jurnal Keuangan dan Perbankan, 24(2), 156-163.DOI: https://doi.org/10.26905/jkdp.v24i2.3533

Clustering and regional growth in the housing market: Evidence from Indonesia Ariyanto Adhi Nugroho; Muhammad Yusuf Indra Purnama; Laela Rizki Fauzia
Jurnal Keuangan dan Perbankan Vol 24, No 1 (2020): January 2020
Publisher : University of Merdeka Malang

The housing market is one of the monetary policy instruments in macro-prudential terms. The overall policy adopted through the Loan-to-Value ratio does not accommodate different regional characteristics. Location and area characteristics are important factors that influence the development of housing property prices. This study uses panel data regression analysis, with objects of 15 cities in Indonesia during 2007-2017. The results of the analysis provide a proof that the building rent, population density, construction costs, Gross Regional Domestic Product, unemployment rate, and minimum income, affect housing prices differently in each growth category, while the LTV ratio and inflation do not have a significant effect onto house prices. The regional economic growth is used to form regional clustering based on the speed of house price growth so that monetary policy in the housing sector achieves the target.JEL Classification: E52, O18, R58 How to Cite:Nugroho, A. A., Purnama, M. Y. I., Fauzia, L. R. (2020). Clustering and regional growth in the housing market: Evidence from Indonesia. Jurnal Keuangan dan Perbankan, 24(1), 83-94.DOI: https://doi.org/10.26905/jkdp.v24i1.3565

Intellectual capital and firm performance in the Indonesian non-financial firms Sofian Sofian; S, Patricia Febrina Dwijayanti; Hendra Wijaya
Jurnal Keuangan dan Perbankan Vol 24, No 1 (2020): January 2020
Publisher : University of Merdeka Malang

This study analyzes the effect of intellectual capital and firm performance in non-financial firms. The firm performance comprises of market performance and financial performance of the firm. This study also breakdown the non-financial firms between three sectors that are the primary sector, manufacturing sector, and service sector. The three sectors are the three main sectors in the economy. This study measures intellectual capital in different ways using the intellectual capital index. The data were analyzed with unbalanced panel data regression and multiple regression. This study found that intellectual capital positively affects market performance and financial performance in non-financial firms. This study also found that intellectual capital positively affects market performance and financial performance in manufacturing and service firms, but in primary sectors, this study found inconclusive results when analyzed and used two different measurements. This study contributes to the firms in non-financial firms about the development of intellectual capital in the knowledge-based economy because intellectual capital is an asset that can create market performance and financial performance.JEL Classification: G32, O34 How to Cite:Sofian, Dwijayanti, S. P. F., Wijaya, H. (2020). Intellectual capital and firm performance in the Indonesian non-financial firms. Jurnal Keuangan dan Perbankan, 24(1), 106-116.DOI: https://doi.org/10.26905/jkdp.v24i1.3574

The determinant of the financial fraud of the village fund management Fachrurrozie Fachrurrozie; Agus Wahyudin; Ahmad Nurkhin; Hasan Mukhibad; Kardiyem Kardiyem; Fadhilah Mahanani Saputri
Jurnal Keuangan dan Perbankan Vol 24, No 1 (2020): January 2020
Publisher : University of Merdeka Malang

We examine the relationship between compensation, morality, organizational ethical culture, and financial fraud. The respondents were fifty-two village officials in Weru Subdistrict, Central Java Sukoharjo District who were directly responsible for managing village funds. They were selected using a purposive sampling method. Data was collected by means of the questionnaire was distributed and then, the data were analyzed using Path analysis with WarpPLS software. We found that morality had a positive and significant effect on compensation and organizational ethical culture, as well as a negative and significant effect on financial fraud. Organizational ethical culture proved to have a negative and significant effect on financial fraud. Compensation does not have a significant effect on the ethical culture of the organization and financial fraud. The other result shows that the organizational ethical culture had proven to be a mediator of the relationship between morality and financial fraud. Meanwhile, there is no proven significant relationship between the suitability of compensation for financial fraud through the ethical culture of the organization. Also, the study confirmed that the morality and ethical culture of the organization are factors that can reduce the occurrence of financial fraud. Hence, the village government is expected to have better organizational morality and ethical culture.JEL Classification: G28, H83, M41 How to Cite: Fachrurrozie, Wahyudin, A., Nurkhin, A., Mukhibad, H., Kardiyem, Saputri,F. M. (2020). The determinant of the financial fraud of the village fund management. Jurnal Keuangan dan Perbankan, 24(1), 95-105.DOI: https://doi.org/10.26905/jkdp.v24i1.3576

Bi-directional in sustainability reporting and profitability: A study in Indonesian banks and non-banks Tri Gunarsih; Setiyono Setiyono; Fran Sayekti; Tamas Novak
Jurnal Keuangan dan Perbankan Vol 24, No 1 (2020): January 2020
Publisher : University of Merdeka Malang

We investigate the sustainability reporting differences in banks and non-banks sample firms and investigates reserve causality between sustainability reporting and profitability. The independent-sample t-test implemented to analyze the differences. The results report evidence that there are differences in sustainability reporting between the banks and non-bank. The average score of the sustainability reporting index in banks is higher than non-bank. The multiple regressions implemented in reserve causality between sustainability reporting and profitability. The empirical evidence shows that there is a negative relationship between sustainability reporting and profitability. We suggest that sustainability is merely a cost. The bi-directional relationship emerges in the economic and social dimension of sustainability reporting index. This result indicates that sustainability reporting influences firm performance and vice versa.JEL Classification: G21, G30 How to Cite:Gunarsih, T., Setiyono, Sayekti, F., Novak, T. (2020). Bi-directional insustainability reporting and profitability: A study in Indonesian banks and non-banks. Jurnal Keuangan dan Perbankan, 24(1), 20-29.DOI: https://doi.org/10.26905/jkdp.v24i1.3588

Financial crisis and cointegration of systemic risk in Southeast Asian banking Herman Saheruddin; Wahyoe Soedarmono
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

This paper aims to investigate the banking sector integration through a cointegration analysis of bank systemic risk in ASEAN-5 from 1998 to 2013 by taking financial crises into consideration. Our empirical findings highlight that there is one cointegrating vector in general, suggesting that the ASEAN-5 banking sectors are not completely segmented in terms of systemic risk. A closer investigation, however, reveals that the banking sectors were completely segmented during the 1997/1998 Asian financial crisis (AFC) and partially segmented during the 2008 global financial crisis (GFC). The latter might indicate an improvement in banking sector integration in several countries of ASEAN-5 during the GFC compared to during the AFC. Hence, this paper highlights that the agenda of banking sector integration in ASEAN-5 should consider the influence of financial crises to ensure the effectiveness of cross-border crisis management protocol when the ASEAN-5 banking sector tends to be segmented in times of crisis. In general, portfolio diversification in ASEAN-5 also remains beneficial for global investors in banking.JEL Classification: F36, G21, G28DOI: https://doi.org/10.26905/jkdp.v23i4.3669

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