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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
 67   68   69   70   71 
Diversification Strategy and Good Governance: Does It Affect Firm’s Leverage? Katiya Nahda; Azaria Lionara Rahmadana
Jurnal Keuangan dan Perbankan Vol 25, No 3 (2021): Juli 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i3.5758

Abstract

This paper aims to analyze whether firm diversification affects firm leverage in developing countries. This research model is based on the agency theory view that focuses on diversification in leverage through good governance mechanisms. The data comes from 43 companies from 215 observation companies listed on the Indonesia Stock Exchange in the 2014–2018 period, supporting the co-insurance hypothesis; our findings suggest a positive effect of diversification on debt levels. Our findings show that cost advantages occur in diversified firms, including higher debt ratios in the firm’s capital structure. These effects are more substantial when firms have better corporate governance. These findings add value to the existing literature on the relationship between firm diversification, corporate management, and leverage and can be helpful for managers and policy-makers regarding the evaluation of diversification strategy and corporate governance implementations in Indonesia that has been widely studied.DOI: 10.26905/jkdp.v25i3.5758
Optimization of Profit-Sharing Financing at Islamic Banking in Indonesia Riyadi, Selamet; Iqbal, Muhammad; Pangastuti, Annisa Arifah; Muditomo, Arianto
Jurnal Keuangan dan Perbankan Vol 25, No 2 (2021): April 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i2.5212

Abstract

The purpose of this study is to identify factors that can encourage an increase in profit- sharing financing. These factors are third-party funds in the form of mudharabah deposits, non-performing financing, equivalent rate, operational efficiency ratio, economic growth, and inflation. The research method uses a co-integration and error correction model (ECM) with a sample of the Islamic banking industry in Indonesia from the first quarter of 2015 to the third quarter of 2020. The results show that the factors that encourage profit-sharing financing are the growth of third-party funds in the form of mudharabah deposits, non- performing low funding, low equivalent rate, operational efficiency, and economic growth. These factors are the key to driving the growth of profit-sharing financing. This research contributes to providing various alternative strategies in encouraging the growth of profit- sharing financing, such as increasing retained earnings from profit, providing attractive profit-sharing incentives, transparency of financial reports to attract people to invest in Islamic banks, prevention and supervision of non-performing financing, be careful in determining the ratio by taking into account several internal and external aspects, as well as paying attention to the movements of existing economic growth. DOI : https://doi.org/10.26905/jkdp.v25i2.5212
The Impact of Gold Price and Us Dollar Index: The Volatile Case of Shanghai Stock Exchange and Bombay Stock Exchange During the Crisis of Covid-19 Kumar, Joseph John Allwyn; Robiyanto, Robiyanto
Jurnal Keuangan dan Perbankan Vol 25, No 3 (2021): Juli 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i3.5142

Abstract

This literature aims to analyze the impact of the Dollar Index and Gold Price returns and volatility on stock market volatility of India and China, viz., Shanghai Stock Exchange and Bombay Stock Exchange Sensex, during the period of Covid-19. This study employs daily time-series data from January up to August for 2019, 2020, and a merged data of 2019-2020, i.e., Pre-Pandemic, Mid-Pandemic and Pre through Mid-Pandemic periods, respectively; to avoid possible abnormalities and heteroscedasticity, the GARCH (1,1) model is utilized to scrutinize the data depending on which distribution is more acceptable, GED or Gaussian, which is decided based on the Unit-Root and normality test results. The findings of this study prove that Gold Price mostly does have a significant effect on both markets, especially during times of financial crisis like the Covid-19 epidemic. Whereas Dollar Index has a significant impact on emerging markets such as India and China though significant effects persist in some cases, it is not valid in most cases.DOI: 10.26905/jkdp.v25i3.5142
Coal Prices and Foreign Ownership on the Capital Structure of Indonesian Coal Companies Pratiwi, Hanum Amalia Budhi; Achsani, Noer Azam; Irawan, Toni
Jurnal Keuangan dan Perbankan Vol 26, No 1 (2022): January 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i1.6872

Abstract

This paper investigated the effect of coal prices and foreign ownership on the capital structure of coal companies in the Indonesian stock exchange. This study used debt to equity ratio (DER) to proxy capital structure and control variables, i.e., size, liquidity, and profitability. This study employed the statistic descriptive analysis and regression analysis of panel data and covered quarter data of 23 coal companies listed in the Indonesian stock exchange in a 3-year time horizon (2018-2020). This study concludes that ten out of 23 coal companies have more than 100% DER. Based on the sources of liabilities, debt originating from third parties is the primary source of debt for coal companies listed on the IDX in 2018-2020. The next order of sources of debt in a row is bank loans, debts from related parties, lease payables, bonds, and dividends. The result showed that ten out of 23 companies have a more than 100% capital structure value. The panel data regression analysis showed that capital structure significantly impacts coal prices, foreign ownership, size, liquidity, and profitability. As one of the main coal exporters, Indonesia has a good bargaining position in the international market. An investor can use the movement of coal prices as one of the criteria for deciding to invest in this industry.
The Mediating Effect of Debt Equity Ratio on The Effect of Current Ratio, Return on Equity and Total Asset Turnover on Price to Book Value Colline, Fredella
Jurnal Keuangan dan Perbankan Vol 26, No 1 (2022): January 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i1.6882

Abstract

The research conducted here has two aims: firstly, it endeavors to examine the impacts of liquidity, Profitability, and activity ratio on capital structure as well as the firm value; and, secondly, it attempts to examine the role of capital structure as a mediator. We conduct the test with multiple regression and path analysis over 2020 – 2021 quarterly, with Eviews 8 software. Some companies in the technology sector are taken as samples. Besides, we also analyze financial statement data from Indonesia Stock Exchange. The result indicates Current Ratio, Return on Equity, Debt Equity Ratio significantly affect the Price Book Value, while Total Asset Turnover does not. The Current Ratio does not significantly affect the Debt Equity Ratio, while Total Asset Turnover and Return on Equity have significant negative effects. Path Analysis has confirmed that the Debt Equity Ratio cannot mediate the effect of the Current Ratio and Return on Equity on Price Book Value. However, it fully mediates the effect of Total Asset Turnover on Price Book Value. This finding of the present study supports the pecking order and static theory. The novelty of this research is that there is still little research on debt equity ratio as a mediator. There is no research especially on the technology sector, using those factors to determine the firm value. This research also uses the latest data of financial statements.
Exchange Rate Volatility and Economic Growth: Managed Floating and Free-Floating Regime Utomo, Felicia Grace Ratnasari; Saadah, Siti
Jurnal Keuangan dan Perbankan Vol 26, No 1 (2022): January 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i1.5878

Abstract

Indonesia's economy has been in its worst period. At that time, economic growth was below zero percent. One of the reasons is the high volatility of exchange rates in 1997-1998 when the exchange rate regime was transferred from managed floating to free-floating. Now, the high volatility of the exchange rate is feared to have an impact on the economy, especially economic growth, because it is one of the main focuses of the government's current achievements. Therefore, this study aims to see whether volatility impacts Indonesia's economic growth, especially in two different exchange rate regimes, managed floating and free-floating. This empirical research is based on quarterly data for 1994 - 2020, using the estimation method of Generalized Autoregressive Conditional Heteroskedasticity (GARCH) and Vector Autoregressive Model (VAR). The result shows that exchange rate volatility has a significant negative effect on economic growth, while the exchange rate regime moderates the impact of exchange rate volatility on economic growth.
Does Bank Governance Reduce Financial Statement Fraud? The Moderating Role of Operational Risk Saraswati, Ety; Agustina, Iin
Jurnal Keuangan dan Perbankan Vol 26, No 1 (2022): January 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i1.6611

Abstract

The complexity generally triggers the opportunity of fraud in operation experienced, so that it can potentially be a serious threat which has a significant loss impact for the company. This study focuses on the indications of financial statement fraud committed by commercial banks in Indonesia. The purpose of this study is to examine whether the implementation of good corporate governance can reduce fraudulent financial statements activity in banks, using the moderating role of operational risk. The population determined is all commercial banks listed on the IDX for 2016 to 2020. All 25 banks that met the specified criteria were used as research samples. The data analysis technique used the Moderated Regression Analysis (MRA) method analyzed with SPSS Software. The research findings reveal no significant relationship between Bank governance and financial statement fraud directly. However, operational risk is shown to have a moderating role in the relationship between Bank governance and financial statement fraud. In addition, operational risk also has a function as a predictor concerning fraud. Overall findings of this study are exciting because the interaction between corporate governance and operational risk can influence the company's decisions on the possibility of fraudulent financial statement activities. The benefits of this research are expected to provide input for bank management in assessing the level of corporate governance implementation and response plans for financial statement fraud actions that have a significant impact on high operational risk costs. In addition, it can provide information for regulators in supervising and evaluating regulations related to anti-fraud strategies set in commercial banks and for investors to ensure the security of their investments to increase investor confidence in banks. Finally, it suggested that further research reconsider the concept and size of the study and add new concepts to provide more determinant factors that affect fraudulent financial statements in companies.
The Impact of Geopolitical Risk, State Ownership, and Group Affiliations on Indonesian Firms' Cash Reserves Sandra, Sandra; Kim, Sung Suk
Jurnal Keuangan dan Perbankan Vol 26, No 1 (2022): January 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i1.6930

Abstract

The purpose of this study is to examine whether geopolitical risks affect firms' cash reserves in Indonesia. Using a panel data analysis, we analyze the role of GPR (short for geopolitical risk) on firms' cash reserves from 2010 to 2020. The results reveal that firms spend their cash reserves when encountering geopolitical risk, specifically financially constrained firms. We extend our study by investigating the effects of state ownership and group affiliations on firms' attitudes towards GPR. State ownership positively affects the relation of GPR and firms' cash reserves, while group affiliation doesn't show a notable impact. The result was robust to endogeneity issues. However, further studies are still needed to determine the extent of geopolitical risk impacts firms' performances. This research is hoped to be useful for policy-makers to anticipate appropriate future regulations in order to help entrepreneurs and the country's economic growth. As for the practitioner itself, i.e., firms, business owners, and entrepreneurs, this research is expected to provide notable information about the impact of risk on firms in Indonesia. Since the economy is shifting to a borderless economy, it can be one of the considerations in making business or economic decisions when firms are faced with geopolitical uncertainty.
Factors involved in adopting mobile banking for Sharia Banking Sector using UTAUT 2 Yuliana, Putri Dewi; Aprianingsih, Atik
Jurnal Keuangan dan Perbankan Vol 26, No 1 (2022): January 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i1.6858

Abstract

The technology development and covid 19 that hit in 2020 have triggered an increase in digital transactions in Indonesia in recent years. The condition of the Indonesian people, which is dominated by the productive age classified as digital savvy, further strengthens the opportunities and challenges for digital transformation in almost all industrial fields. This study was aimed at determining the important factors for consumers in behavioral intentions to adopt mobile banking. The model examining the factors in this study used constructs in the unified technology acceptance user technology (UTAUT) extension theory, UTAUT 2. The other constructs were perceived value for non-monetary value and perceived credibility, which was an additional construct to predict behavioral intentions. This study used a questionnaire involving 305 respondents randomly as a cross-generational sampling in Indonesia. Structural Equation Method (SEM) and smartPls 3.0 software were used to analyze the data. It was found that perceived value was the strongest predictor of an individual's behavioral intention to adopt mobile banking. Furthermore, performance expectancy, facilitating conditions, habit and perceived credibility (except effort expectancy, social influence and hedonic motivation) were also significant predictors of consumer behavioral intentions. This research is expected to shed insight into the adoption of mobile banking and can help the banking industry, in particular Sharia banking in Indonesia, in launching a strategy to increase market share through digitalization of banking, especially mobile banking services.
A Model to Identify the Potential Target for Leveraged Buyout Hermawan, Devina; Tanuwijaya, Elaine; Aditama, Jonathan; Kusno, John Iwan; Teja, Adrian
Jurnal Keuangan dan Perbankan Vol 26, No 1 (2022): January 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i1.6265

Abstract

This study aims to find a model based on agency theory to identify the target firms of leveraged buyout (LBO) transactions one year ahead. The likelihood of a firm being a target in an LBO transaction is estimated using logistic regression. The dependent variable is defined as one for the LBO target and zeroes otherwise. The independent variables are a firm's financial characteristics related to agency problems: leverage, tangible assets, free cash flow, market-to-book value ratio, profitability, and revenue growth. The sample is public-to-private LBO transactions in the United States from 2009 to 2019. We find that a firm with high leverage and free cash flow is more likely to become an LBO target. The findings are consistent with the agency theory. The management uses firm high free cash flow to gain more debt to pursue their benefits which is detrimental to shareholders' interest. Contrary to previous research, the firm's tangible asset does not increase the likelihood of becoming an LBO target.

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