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INDONESIA
Jurnal Keuangan dan Perbankan
Published by Universitas Merdeka Malang
ISSN : -     EISSN : -     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Arjuna Subject : -
Articles 784 Documents
 59   60   61   62   63 
Determinants of capital adequacy ratio on banking industry: Evidence in Indonesia Stock Exchange Bahtiar Usman; Henny Setyo Lestari; Tiara Puspa
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.2981

Abstract

Capital adequacy ratio (CAR) is an important indicator of bank safety sustainability. Banks that can guarantee CAR means the bank has the power to resist the financial crisis, protecting the bank itself and funds from depositors. This study aimed to determine the factors that affect the CAR. The sample used in this study is the banking industry listed on the Indonesia Stock Exchange (IDX) from 2007 until 2018. Independent variables are bank size, leverage, loan loss reserves, net interest margin, loan assets ratio, and liquidity. The dependent variable is CAR. The number of samples is 27 conventional banks by using purposive sampling. By using panel data regression analysis by estimating ordinary General Least Squares (GLS) method. The results of this study indicate that bank size, leverage, loan loss reserve, net interest margin, and loan asset ratio has an effect on CAR significantly while liquidity has no effect on CAR. The results of this study are expected to be used as a reference for bank managers and investors in looking at the factors that affect the CAR in the banking industry.JEL Classification: C33, G21, G30DOI: https://doi.org/10.26905/jkdp.v23i3.2981
Examining the day-of-the-week-effect and the-month-of-the-year-effect in cryptocurrency market Robiyanto Robiyanto; Yosua Arif Susanto; Rihfenti Ernayani
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3005

Abstract

Cryptocurrency market is an attractive field for researchers in finance nowadays. One topic that can be studied is related to the existence of anomalies in the cryptocurrency market. This research was conducted to examine whether the cryptocurrency market, especially on Bitcoin and Litecoin, has day-of-the-week and month-of-the-year effects. The Bitcoin and Litecoin were used as objects because they were a cryptocurrency with a large market capitalization. The data used were monthly cryptocurrency returns for examining the month-of-the-year-effect and daily returns for examining the day-of-the-week-effect from 2014-2018. GARCH (1,1) analysis was done to see these effects on the cryptocurrency market. The results indicate that the phenomena of day-of-the-week and month-of-the-year effect existed in the cryptocurrency market. Therefore, the cryptocurrency market was not an efficient market. The pattern in the Bitcoin and Litecoin could later be utilized by investors. The investors should buy Bitcoin at the end of January and they should sell them at the end of February. While, for the investors who traded daily, can trade Bitcoin in Monday, Wednesday and Thursday because in these days, the Bitcoin have the potential to generate daily profits.JEL Classification: G14, G19DOI: https://doi.org/10.26905/jkdp.v23i3.3005
Has aggressive investing strategy performed? An insight from Malaysia listed companies Kontesa, Maria; Lim, Emily Jia Chee; Brahmana, Rayenda Khresna
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3069

Abstract

This study examines the role of aggressive investing strategy on firm performance for a sample of 514 listed firms in Malaysia from 2010 to 2017. In our first objective, we investigate the investing activism effect on firm performance by simultaneously controlling the firm characteristics and industry in our model. Our second objective is to test whether aggressive investing activism affects firm performance. Lastly, we want to investigate whether this aggressive investing may produce different results with different measures of performance. Our findings show that investment has significant effects on firm performance. Our research further indicates that companies with aggressive investing strategies had a better firm performance than compared to its peers. We test this theory using three different measures of aggressive investing strategies and substantiate this conclusion. Our research confirms the resource-based view theory and empirically proves that aggressive investments would result in better firm performance.JEL Classification: C23, D21, G31, L25DOI: https://doi.org/10.26905/jkdp.v23i3.3069
A note on Bitcoin’s price volatility Ahmad Farid Abdul Hamid; Ameen Ali Talib
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3103

Abstract

Cryptocurrencies such as bitcoin are sometimes referred to as the new gold and the buzz that surrounded bitcoins in the last few years is akin to the old day’s gold rush. Cryptocurrencies are not directly linked to any monetary policy instruments or fundamentals. Therefore, the analysis of common factors between these virtual currencies and other financial asset classes is challenging. Towards the end of 2017, Bitcoin’s price shot up to record high figures as cryptocurrency was gaining popularity not only for transactions but also for investments. This motivated us to investigate the relationship bitcoin prices have with Gold and stock index and crude oil. Historical prices were gathered from the start of 2017 to the end of the year, the Pearson’s Correlation analysis was chosen to study the relationship of Bitcoin and 3 other economic indicators namely gold, crude oil, and stock market prices. Then we did a multiple regression. Bitcoin has a correlation coefficient of 0.966 when compared to the stock market index SP 500 which means that they both share similar properties and characteristics. The t statistic for each variable was also significant. This is paper explores the possible factors that are correlated with the surge in bitcoin prices and offers views on the relevance of bitcoin in today’s world.JEL Classification: F62, G14, G15DOI: https://doi.org/10.26905/jkdp.v23i3.3103
The determinant factors of efficiency on Islamic banking and conventional banking in Indonesia Nur Majdina; Jono M. Munandar; Jaenal Effendi
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3157

Abstract

As intermediary institutions, conventional banks have larger amount of loans to third party funds than of Sharia banks. Thus, the bank needs a performance appraisal to measure banking operations through efficiency. We examine the efficiency of Islamic banks and conventional banks in Indonesia and analyzes the factors that influence the level of efficiency known as the Two-Stage Data Envelopment Analysis method. We found that there are significant efficiency differences between Islamic banking and conventional banking in the 1st quarter 2014- 4th quarter 2017. On the other hand, NPF and NPL results affected negatively towards Islamic and conventional banks efficiency. Asset and CAR affected positively significant toward Islamic banks efficiency. Asset and ROA had affected positively significantly toward conventional banks efficiency but CAR had affected positively insignificantly toward conventional banks. Lastly, ROA had affected positively insignificantly toward Islamic banks efficiency.JEL Classification: G31, G32, G33DOI: https://doi.org/10.26905/jkdp.v23i3.3157
Examining belief-adjustment model and investors overconfidence on investment decision making Dyah Eras Mita; Luciana Spica Almilia
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3203

Abstract

This research aims to examine whether there is a different judgment between the investor who receives good news followed by bad news and the one who receives bad news followed by good news information order in the step-by-step and the end-of-sequence disclosure pattern by using financial information type and non-financial information type and overconfidence characteristics on investment decision making. This research is included in the experimental design by using a mixed design of between-subjects and within-subject design and classified as experimental research which uses the 2x2x2 method. Participants used in this research are undergraduate business students in STIE Perbanas Surabaya who are studying and/or have completed investment management and/or financial statement analysis courses who will serve as non-professional investors. The results obtained in this research showed that recency effect occurred between the investor who receives good news followed by bad news and the one who receives bad news followed by good news in the step by step disclosure pattern, while there is no order effect occurred when the disclosure pattern used is the end-of-sequence.JEL Classification: G02, G11, G17DOI: https://doi.org/10.26905/jkdp.v23i4.3203
Testing marketing expenses role on the relation between leverage and performance Sri Murni Setyawati; Wita Ramadhanti
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3208

Abstract

Marketing expenses usually one of the most important costs for the companies, but still a few research in finance discussing this. The previous study still inconsistent about the role of marketing expenses as a moderator or mediator between the effects of leverage on financial performance. This research intended to empirically test on that subject. This research is using 1792 panel financial report data taken from 256 companies listed in Indonesian Stock Exchange during 2010-2016. There are three main variables in this research: a performance that measures using returns on assets (ROA), marketing expenses are measures using the natural logarithm of marketing expenses. Leverage is calculated using total debt per total asset. Data is analyzed using panel data regression. The results show that marketing expense is a moderator but not a mediator variable in the effect of leverage on financial performance. Marketing expense moderates negatively the relationship between financial leverage on ROA. This is consistent with strategic management using Resources Advantage Theory and Du Pont Business Model.JEL Classification: G32, M31DOI: https://doi.org/10.26905/jkdp.v23i3.3208
Strategic Management Accounting disclosure, ownership structure, and firm characteristics in Indonesia manufacturing companies Honggowati, Setianingtyas; Rahmawati, Rahmawati; Aryani, Y Anni; Probohudono, Agung Nur
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : UNIVERSITY OF MERDEKA MALANG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3228

Abstract

Why managers should choose to disclose their information with investors is one of the major issues in accounting research. Because of information asymmetry and the agency problem, disclosure is an important aspect of the modern capital market. This study aims to measure the extent of Strategic Management Accounting (SMA) disclosure and the impact of ownership structure (managerial ownership, foreign ownership, government ownership) and firm characteristics (firm size, leverage, profitability) on SMA practices in annual reports of Indonesia manufacturing companies.  The annual reports of 545 listed companies for 2012–2016 were examined to measure the extent of SMA disclosure and investigate potential determinant factors of SMA disclosure. This study used 42 items of weighted disclosure index, based on international guideline and SMA literature. This study used multiple regression analysis to examine the association between ownership structure, firm characteristics, and SMA disclosure. The results indicate a low extent of SMA disclosure in annual reports of Indonesia manufacturing companies. The average of SMA disclosure rate is only 39.4 percent, which indicates that SMA has not been commonly disclosed in annual reports. Further results indicate that only leverage that has an insignificant effect on the extent of SMA disclosure. The finding regarding SMA disclosure in annual reports should be on concern to regulatory authorities and standard-setters in Indonesia.JEL Classification: G30, G32, G34DOI: https://doi.org/10.26905/jkdp.v23i3.3228 
Myopia in investment: Seasoned manager’s age and long-term investment distortion Muhammad Madyan; Bayu Indra Kurniawan; Novian Abdi Firdausi
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3393

Abstract

Myopia in financial terms is included in the discussion of short-termism in investments. This study analyzes the effect of managerial age on investment policies taken by the top-level management with controlled variables consists of investment opportunity, firm size, profitability, leverage, and firm year effect. This study uses a fixed effect model estimation with data samples containing secondary data from 52 manufacturing firms listed in BEI. Data samples are selected through a purposive sampling method to filter and choose data that fit the study criteria. Study results show that the seasoned manager’s age has a negative and significant effect on long term investment, which implies that the older the seasoned manager’s age could increase the tendency of investment myopia. Controlled variables such as investment opportunity and firm size have a positive effect on long term investment, while the firm-year effect factor of 2013 and 2014 have positive effects but insignificant effect on long term investment.JEL Classification: D29, G32, G39, G41DOI: https://doi.org/10.26905/jkdp.v23i4.3393
Capital and lending growth of banking sector in Indonesia: Study on the BUKU category Ahmad Aziz Putra Pratama
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.3401

Abstract

Mostly, loans are an essential source of income for banks, and capital is used to absorb shocks during default risk. This study examines the effect of bank capital on lending growth in each Commercial Bank based on Business Activities (BUKU) category listed on the Indonesia Stock Exchange (IDX). This research used the fixed effect model. Data obtained from the company's financial report published in the 2010-2016 period. There is an inconsistency effect of bank capital on lending growth in each category. The results showed that bank capital has a significant positive effect on lending growth at all bank samples, BUKU 1, and BUKU 2. Furthermore, bank capital has a significant negative effect on lending growth at BUKU 3 and BUKU 4. Analysis results showed that behavioral lending differs based on their owned core capital. This study implied that BUKU 1 and BUKU 2 tend to implement aggressive strategies to deal with market competition, while BUKU 3 and BUKU 4 prefer to perform the defensive strategy on lending because they have various sources of income that not only depend on the loan. Finally, these findings are in line with policies that have been made by Financial Services Authority (FSA) regarding the categorization of the bank’s size based on owned core capital.JEL Classification: G20, G21, G40 DOI: https://doi.org/10.26905/jkdp.v23i4.3401 

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