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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
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Stock Indices Forecasting: A Comparison of Holt-Winters Seasonality and Dynamic Harmonic Regression Regi Muzio Ponziani
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6755

Abstract

This research aims to investigate the performance of various time-series forecasting approaches in predicting stock indices in Indonesia. This research compared the performance of additive Holt-Winters seasonality, multiplicative Holt-Winters seasonality, and Dynamic Harmonic regression. The stock indices being forecast are SRI-KEHATI, LQ45, and IHSG. Forecasting SRI-KEHATI index is the novelty in this research. SRI-KEHATI index contains all the companies that comply with the requirements regarding sustainability and concerns for the environmental impact of the companies operations. Decompositions of SRI-KEHATI, LQ45, and IHSG reveal that the trend and seasonality components are all existent within all indices. The results showed that Holt-Winters models are superior to Dynamic Harmonic Regression. Multiplicative Holt-Winters seasonality forecast best for SRI-KEHATI and LQ45. Additive Holt-Winters excelled at predicting IHSG. Although Dynamic Harmonic Regression had less accuracy, its performance was still very outstanding since its mean average percentage errors never exceeded 8%. The result signifies the excellence of the Holt-Winters model for predicting stock indices and also shows that Dynamic Harmonic Regression also scores high in accuracy. Both models validate the time variance notion of the stock market proposed by Boudreaux (1995). The practical benefit for Investors is that this research enables investors to forecast the stock indices in the future and make adjustments in their trading strategy thereof.
The M&A Short-Term Wealth Effect of A Consistent Dividend-Paying Firm Veeghan Frances Tirtasaputra; Veren Geby Salim; John Iwan Kusno; Adrian Teja
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6572

Abstract

AbstractThe paper examines the MA short-term wealth effect of a consistent dividend-paying firm. The consistent dividend-paying firm is unique because they are associated with lower agency problems. Hence, it is expected that the MA by the dividend-paying firm has a short-term positive wealth effect. To test the hypothesis, we perform two steps analysis. The event-study method examines the acquirer stock performance on the announcement date, the deal close date, and the announcement to deal close date. The cross-section regression to test the short-term wealth effect of MA by the dividend-paying firm. The dependent variable is the acquirer's stock performance from the event-study method. The independent variable is a dividend-paying firm. The control variables are the acquisition deal value relative to the acquirer's stock market capitalization, the acquirer's stock dividend yield, and the acquirer's price-to-book value (PBV) ratio. The samples are MA transactions in ASEAN-5 (Indonesia, Malaysia, The Philippines, Thailand, and Vietnam) for 2015-2019. The regression analysis shows that the variable representing a dividend- paying firm has a negative sign. The finding suggests that investors react negatively to the MA by the dividend-paying firm. The negative wealth effect is relatively small compared to the MA deal value and the acquirer's stock valuation. The result is that the MA by a dividend-paying firm provides a short-term positive wealth effect.JEL: G34, G35
Altering Tick Sizes, Liquidity, and Stock Return in Indonesia sung suk kim
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7402

Abstract

This study aimed to investigate the effect of tick-size altering on liquidity and stock return using the 2000-2018 Indonesia stock market (IDX) data. IDX was used to alter the tick size regime five times during the sample period. The results showed that a decrease in absolute tick size increases the liquidity estimated by the effective spread. The zero-return transaction frequency decreases consistently with a decrease in absolute tick size. The size also negatively impacts the abnormal stock return. Therefore, Fama-MacBeth approaches using individual firms' data show consistent results as the time series methods after controlling characteristic factors.
Strategy to Increase Sharia Banking Performance through Value-added Creation Intellectual Didit Supriyadi
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7538

Abstract

Based on the continuous flourishing of Sharia banking all over the globe, the current study aims to examine the impact of various factors on Sharia banking performance. These factors include cost efficiency, financial risks, funding, board characteristics, environmental analysis, and strategic value-added creation intellectual. A quantitative research methodology with a survey technique was employed to collect 421 respondents' data from 33 financial institutions, including 20 Sharia business units and 13 Sharia commercial banks. Descriptive analysis and structural equation modeling were performed in SmartPLS 3.0 software. The findings revealed the significant positive impact of environmental analysis on board characteristics, financial risk, cost efficiency, and funding. Likewise, results revealed the significant impact of board characteristics on financial risks, cost efficiency, funding, and value-added creation intellectual. Strategic value-added creation intellectual was found to positively impact the performance of Sharia banking in Indonesia. Except funding that has a moderate influence on Sharia banking performance, all other variables reflected the strong presence and impact on Sharia banking performance. The current study is novel in the existing body of literature by introducing this strategic value-added creation intellectual as a predictor of Sharia banking performance in Indonesia, along with the impacts of various other factors. Theoretically, the current study adds to the body of literature by providing a comprehensive framework related to the factors that impact Sharia banking performance. Moreover, based on the study results, the banks should keep a fair track of their capital and returns to enhance their performance. Simultaneously, it helps Sharia banks identify the significance of winning the investors' confidence by providing them security and catering to their needs cost-effectively.
Financial Inclusion on Indonesia's Financial System Stability: The Role Intervening of Financial Technology I Dewa Made Endiana; Luh Komang Merawati
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6914

Abstract

This study aims to express the concept of thinking related to in-depth financial development through financial inclusion with the intervention of new technological developments which are expected to have a positive impact on increasing the stability of Indonesia's financial system. This study uses the Estimation Error Correction Model (ECM). Banking instruments represented by international investment banking have a significant effect in the long term on the stability of the Indonesian financial system. Then on financial inclusion instruments, the number of financial office services has a significant influence on NPL performance which reflects the performance of the financial system. Fintech instruments that encourage financial inclusion, such as the number of ATMs and e-money, do not have a significant impact on financial system stability. Policy recommendations that can be made can be through fintech socialization as a form of financial integration to achieve speed, effectiveness and efficiency of access to unbanked communities. In addition, in the short term, as the socialization and realization of fintech processes are integrated into the unbankable community, the construction of bank branches as financial service offices also needs to be carried out as an effort to expand the deepening of access to financial information and services
Can Risk Tolerance Moderate Financial Literacy and Internet Banking Behavior During Covid-19? Fida Muthia; Nyimas Dewi Murnila Saputri; Sri Andaiyani; Agil Novriansa
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6814

Abstract

This study aims to examine whether risk tolerance can moderate the relationship between financial literacy on Internet banking behavior during Covid-19. 133 respondents are chosen as the sample of this study through purposive sampling with criteria. The hypothesis testing of this research was carried out using two models, namely, the direct relationship model and the moderation model. The results show that financial literacy has a positive effect on Internet banking. However, risk tolerance is unable to be a moderating variable. The results give the implication that Internet banking users can be increased by improving financial literacy, and financial risk may not be a significant driver in the use of internet banking during Covid-19.
Navigating Village Credit Institutions Based On Sad Kerthi Loka Bali In Buleleng Regency I Made Mai Noval; A.A.N Oka Suryadinatha Gorda; A.A.N Eddy Supriadinata Gorda
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7046

Abstract

This study examines how the village credit institution implements the local wisdom of Sad Kerthi in the form of the vision of "Nangun Sad Kerthi Loka Bali" and how the vision can help maintain the existence of LPD in the future. This phenomenon is important to study considering the magnitude of the benefits that can be given by the Village Credit Institution for the development and development of the rural economy sector. This research was conducted using qualitative methods, as well as data analysis techniques using interactive analysis techniques, and data collection techniques in the study through interviews, observation, and documentation. This research was conducted at 9 LPD in Buleleng Regency. This study found that the implementation of local wisdom of Sad Kerthi in LPD, of the six concepts of the existing Local Wisdom, 4 concept of local wisdom Sad Kerthi could already be well implemented by LPD. And the local wisdom of Sad Kerthi in the form of the vision was able to contribute to the sustainability of the LPD through conservation of custom villages and was able to create a sturdy economic pattern within the scope of traditional villages, and this economic pattern would also help maintain LPD's existence through sustainable performance results. The results of this study were able to contribute to all village credit institutions in the province of Bali as an effort to maintain its existence 
Implementation of Service Recovery on Behavioral Intentions through Perceived Value in Banking Services During the Covid 19 Pandemic Syarif Hidayatullah; Ryan Gerry Patalo; Ery Sulistyorini
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7348

Abstract

Banking is a financial intermediary or liaison institution whose activities are aimed at collecting funds from the wider community (clients) and distributing them to people in need of funds. So that customer needs can be met and bank growth and bank financing can be increased. The Covid-19 virus pandemic has affected several activities, including the banking sector. Therefore, in order for the banking sector to continue to operate and survive in the midst of the corona virus pandemic, banks must be able to mitigate risks appropriately and carefully, as well as employ a variety of innovative strategies in the current uncertainty. Objectives of this study: 1. To identify and analyze the impact of partial and simultaneous service recovery and perceived value on behavioral intentions at BNI Malang, 2. To identify and analyze the indirect impact of service recovery on behavioral intention through perceived value in BNI Malang. The type of research used is explanatory research. With the study site at BNI Malang, the study targets are people who have been at BNI Malang. The population in this study was 100 respondents. The data analysis methodology used quantitative descriptive analysis and path analysis.
Corporate Governance and Profitability: The Role of Cost of Capital as Mediation Eka Febiyanti; Hersugondo Hersugondo
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7548

Abstract

This study aims to analyze the effect of internal corporate governance mechanisms with the cost of capital as mediating variable and profitability as a dependent variable in companies listed on the Indonesia Stock Exchange during period 2015 to 2020. This study uses secondary data collected from Bloomberg's financial data and the company's annual report. A total of 807 companies as a population by sampling with purposive sampling method in order to obtain 300 companies from various sectors. The analysis method employs a structural equation model Structural Equation Modeling (SEM) based on the Partial Least Square (PLS). Based on hypothesis testing through the t-statistical test with a bootstrapping method, the results show that corporate governance has a positive relationship with profitability, and the cost of capital has a fully mediating role in the relationship between corporate governance and profitability.
COVID-19 Outbreak Impact on Stock Return in Indonesia and Malaysia Merinda Wijaya; Hesniati Hesnaiti; Robin Robin; Ferdinand Nainggolan
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.7618

Abstract

The COVID-19 outbreak drastically impacts the worldwide economy including the stock returns. This study uses Indonesia and Malaysia cases with a total of 141.585 and 219.381 observations in 2020. The measurement of COVID-19 of this study uses daily new confirmed cases and daily death cases from each country. To test the hypothesis, an unbalanced panel and multiple regression are used to test the crowded data. The results show different results for each country. In Indonesia, we found that the COVID-19 outbreak is a strong negative effect on stock return, in contrast, Malaysia found it to be less influence. Furthermore, the effect of Monday and Friday was used to test any impact of the day during the pandemic on stock return. Surprisingly, the effect of Friday affects different from Monday. The weekend effect still occurs in a pandemic situation and the investor mood sentiment to Indonesia’s stock market. This could be one of the aspects for investors consider when making investment decisions during a pandemic.

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