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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
 6   7   8   9   10 
MEDIATION OF CSR AND PROFITABILITY ON THE INFLUENCES OF GCG MECHANISMS TO THE FIRM VALUE Muhamad Umar Mai
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2455.382 KB) | DOI: 10.26905/jkdp.v21i2.393

Abstract

The purpose of this research was to determine the causal relationship among GCG mechanism, financial performance, CSR and firm’s value. The model of the research was constructed by using financial performance and CSR as intervening variables on the effect ofGCG mechanism to firm’s value. This research was accomplished on companies listed in Jakarta Islamic Index (JII) in Indonesia Stock Exchange for the period of 2007-2013. The result showed that GCG mechanism tended to reject every CSR financing. CSR was positively affected by Return on Investment (ROI). GCG mechanism represented by institutional ownership (INWN) had a positive effect on ROI. ROI had a positive effect to return on equity (ROE), and ROE had a positive effect on the firm’s value. This study proved that ROI was mediating significantly the effect of INWN to CSR, and ROE was mediating significantly the effect of ROI to firm’s value.
GOOD CORPORATE GOVERNANCE DAN PENGARUHNYA TERHADAP NILAI PERUSAHAAN MELALUI CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE I Gusti Ayu Purnamawati; Gede Adi Yuniarta; Putu Ria Astria
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (232.461 KB) | DOI: 10.26905/jkdp.v21i2.505

Abstract

This research explained the relationship between Good Corporate Governance mechanism to company’s value, and the extent disclosure of Corporate Social Responsibility as moderation variable. Hierarchical regression analysis was used to examine modernization impact in the relationship between dependent and independent variable. Sample gathering was undertaken from 2012 to 2014. Tobin’s Q was used to assess the company’s value. Whereas Good Corporate Governance mechanism that was proxy by the number of managerial ownership and institutional ownership quantity was taken from ownership scale existed in company financial report. Extent measurement of Corporate Social Responsibility expressing was carried out by calculating each company’s CSR Index. This research used 44 samples of manufacturing companies meeting the criteria of purposive sampling. The testing of moderation effect and the main effect in the research was done using hierarchical regression analysis. The result showed that there was a positive and significant relationship between GCG mechanism and company value, whereas between CSR extent disclosure and company value there was an insignificant result. For examining the moderation impacts, CSR extent disclosure succeeded to moderate the relationship between managerial ownership and company value, but the extent of CSR expression did not succeed in moderating the relationship between institutional ownership and company value.
MANAJEMEN LABA: BAGAIMANA DAMPAKNYA TERHADAP IPO UNDERPRICING? Andre Yulius Sahat Nauli Sitompul; Unggul Purwohedi; Ari Warokka
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (222.715 KB) | DOI: 10.26905/jkdp.v21i2.573

Abstract

The purpose of this research was to investigate the effect of accrual and real earning management on IPO underpricing which was measured by initial return, on the first day of trading in Indonesia Stock Exchange, of Indonesian manufacturing companies during 2010-2014. This research was conducted using a purposive sampling technique from 20 analyzed manufacturing companies. Earnings management variable was measured using discretionary accruals, abnormal cash flow, abnormal production cost, and abnormal discretionary expenses while IPO underpricing was calculated using the initial return on the first day of stock trading in the stock exchange. This research used ordinary least squares technique (OLS) multiple linear regression analysis. The result of this study revealed that the real earning management practice through abnormal cash flow had a positive effect on IPO underpricing while the other earnings management proxy had a negative significant effect on underpricing. This finding indicated that every earnings management practice could give an effect in a different direction on IPO underpricing phenomenon, as a response of investors on the published company’s performance. Hence, this study’s finding provided a significant empirical contribution to the signaling theory, in particular for the issue of IPO underpricing in Indonesian Capital Market practices.
CORPORATE GOVERNANCE DISCLOSURE IN THE EXISTENCE OF OWNERSHIP STRUCTURE AND GROWTH OPPORTUNITIES Melinda Lydia Nelwan
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (199.971 KB) | DOI: 10.26905/jkdp.v21i2.647

Abstract

This study examines whether ownership structure which was divided into blockholderownership, managerial ownership, and public ownership had influence on corporategovernance disclosure, and whether growth opportunities moderate that influence. Studiesin this area mostly examined the role of ownership structure on corporate financialdisclosure or public announcements conducted in the context of different countries andin more regulated industries in Indonesia. The scope of this study was manufacturingcompanies listed on the Indonesian Stock Exchange for the period of 2013. The resultsshowed that between the ownership structures only blockholder ownership had a negativeand significant influence on the corporate governance disclosure. Being the largestshareholders, blockholders might have better access on the inside information whichmade them better informed relative to other shareholders, thus arguably might desire lessdisclosure. The results also showed that the interaction variable between managerialownership and growth opportunities was negative and significant. This indicates that ina growing company where the managerial ownership increases, the management wouldtend to reduce the corporate governance information they provided to the stakeholders.
Financial Performance in Manufacturing Company with Multiple Linier Regression and MARS Moch Bisyri Effendi
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v22i1.1609

Abstract

The purpose of this research is to analyze the influence of environmental disclosure and environmental performance on economic performance with firm size as a control variable. The environmental disclosure was measured by GRI index, environmental performance measured by PROPER index, firm size measured by ln total assets and economic performance measured by economic performance index. The sample of this study consists of 32 companies listed on the IDX 2013-2016. The criteria of the research sample are manufacturing companies that follow PROPER index, issuing financial statements with rupiah currency, publish a complete annual report. The results of this study inform that the performance of Multivariate Adaptive Regression Spline (MARS) is better than multiple linear regression. The result of multiple linear regression informs that not all classical assumption requirements are fulfilled. This results in a non-significant regression model, small R-square, and many predictor variables have no effect on response variables. MARS is one of the alternative methods to overcome the lack of multiple linear regression methods. MARS is not a requirement with classical assumptions because it includes one of the non-parametric regressions. MARS results informed that the MARS model is significant, R-square is large and the variables that affecting the economic performance are environmental disclosure and environmental performance while the most influential is the environmental performance.JEL Classification: F64; G30DOI: https://doi.org/10.26905/jkdp.v22i1.1609  
QUALITY OF FINANCIAL CONGLOMERATES’ PERFORMANCE IN EMERGING ECONOMY: THE INDUSTRIAL ORGANIZATION THEORY PERSPECTIVE Adawiyah, Wiwiek Rabiatul; Pramuka, Bambang Agus
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i2.649

Abstract

Financial conglomerates are financial institutions that provide all forms of financial services on the top of ordinary banking service. The quality of financial conglomerates’ performance depends on a number of factors namely ownership structure, internal capital market, and resources sharing. Research on the performance of financial conglomerates is still lacking in Indonesia.  This study, therefore, is among the first attempt to assess the influence of ownership structure, internal capital market and resources sharing on the performance financial conglomerate firms in Indonesia, from the industrial-organizational theory perspectives. The methodology employed is the ex-post facto research design, using secondary data. The population of the study is all the conglomerate's firms listed on the Indonesian Stock Exchange between 2010 until 2015 persistently. The study used regression as a tool of analysis. Findings supported three out of the five hypotheses proposed.  Efficient subsidy and managerial ownership had no significant influence on firms’ performance. Efficient transfer segment had a positive influence on firms’ performance.  Similarly, the result supported the proposition that intangible and tangible resources had a positive effect on firms’ performance.DOI: https://doi.org/10.26905/jkdp.v21i2.649
MEMPREDIKSI FINANCIAL DISTRESS DENGAN BINARY LOGIT REGRESSION PERUSAHAAN TELEKOMUNIKASI Tiara Widya Antikasari; Djuminah Djuminah
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i2.654

Abstract

In this globalization era, sub-sector telecommunication industry has rapid development as time goes by with the number of customers’ growth. However, its growth is not balanced with operational revenue development. Therefore, it is important to analyze the financial distress in telecommunication companies in order to avoid bankruptcy. This research aimed to investigate the effect of financial ratios to predict the probability of financial distress. Financial ratios indicator used profitability ratio, liquidity ratio, activity ratio, and leverage ratio. The population in this research was telecommunication companies listed in the Indonesia Stock Exchange periods 2009-2016. Based on purposive sampling method, the criteria of financial distress in this study was measured by using net operation negative two years, while statistic analysis used was logistic regression with a significance level of 10%. The result was that liquidity ratio (current ratio) and activity ratio (total asset turnover ratio) had a negative significant value, and profitability ratio(return on asset) and a leverage ratio (debt to total asset) had positive significant value to predict financial distress.
DEBT AND AGENCY CONFLICT IN INDONESIAN MANUFACTURING FIRMS Hendra Wijaya; Rr. Puruwita Wardani
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (166.543 KB) | DOI: 10.26905/jkdp.v21i2.659

Abstract

Companies in Indonesia have shareholders who are not dispersed or in other words theownership is only held by one majority shareholder. This study examined the effects ofinvestment decision on the firm value and the debt moderation on the effects of investmentdecisions on firm value. Debt moderation was used to test the agency conflict of debtuse on investment decision. The company samples in this research were 90 companies.This research was conducted by using panel data regression with moderation. This studyfound that investment decision had a positive effect on firm value and the use of higherdebt could lower the positive effect of investment decision on firm value.
The Dynamic Correlation between ASEAN-5 Stock Markets and World Oil Prices Robiyanto Robiyanto
Jurnal Keuangan dan Perbankan Vol 22, No 2 (2018): April 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (482.151 KB) | DOI: 10.26905/jkdp.v22i2.1688

Abstract

Various studies on the relationship between world oil prices and stock markets that have been done previously mostly still done by using a static approach or an approach to test whether there is a short-term or long-term relationship. This research scrutinizes the dynamic relationship between world oil price change with the return of ASEAN’s main stock markets such as Indonesia, Singapore, Malaysia, the Philippines, and Thailand by using Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroscedasticity (DCC-GARCH). The result shows that the correlation between world oil price’s change with the return of ASEAN’s main stock market was not static but change according to the stock market and the commodity market’s condition. During the normal period, DCC-GARCH is in the narrow range and stable, but during the period of stock market and commodity market turbulence, DCC-GARCH could alter extremely from positive to negative in some ASEAN countries. Generally, it is concluded that the use of a static approach was not appropriate especially for rapidly changing in the financial market and commodity market.JEL Classification: G10; G15; Q41DOI: https://doi.org/10.26905/jkdp.v22i2.1688
GCG Role and Audit Quality in Reducing Earnings Management Action in Indonesian Manufacturing Firms Sigit Handoyo; Windri Bulan Agustianingrum
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i3.673

Abstract

All elements in the financial statements were the responsibility of the management, however, investors more pay attention to profit information so that this will trigger the management to do earnings management. This study was intended to analyze the effect of managerial ownership, institutional ownership, independent board, audit committee, and the quality of audit toward earnings management. This study is using data 35 manufacturing companies listed on Indonesia Stock Exchange 2013-2015, determination of samples in this study using a purposive sampling method. The data of the managerial ownership, institutional ownership, independent board, audit committee and quality of audit were gathered from the company’s annual report. Hypothesis testing using multiple regression analysis. The outcome of the hypothesis testing shows that the managerial ownership, institutional ownership, audit committee and quality of audit will give a significant negative effect on earnings management while the independent board has no influence on earnings management.DOI: https://doi.org/10.26905/jkdp.v21i3.673

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