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INDONESIA
Journal of Applied Finance & Accounting
Published by Universitas Bina Nusantara
ISSN : 19796862     EISSN : 27466019     DOI : 10.21512/jafa.v7i2.6378
Core Subject : Economy,
Economics, Econometrics & Finance
Journal of Applied Finance & Accounting (JAFA) showcases useful theoretical and methodological results with the support of interesting empirical applications in the area of Finance and Accounting. Purely theoretical and methodological research with the potential for important applications is also published. Articles in the journal may examine significant research questions from a broad range of perspectives including economics, sustainability, organizational studies and other theories related to accounting and finance phenomena. JAFA is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments and banking.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 123 Documents
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Hedging Transaction and Economic Exposure: A Solution for PT Pura Daya Prima Ita Puspitasari Mulyono; Michael Suhardianto; Raymundus Parulian Sihotang
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.123

Abstract

Many companies use more than one currency in doing business, which make them being exposed to exchange rate risk fluctuation. Accordingly, the Company’s financial manager needs to understand how to measure the risk exposure in order to determine when and how to protect the company from the risk. PT Pura Daya Prima (PDP) is one of that companies which has long been concerned on how to mitigate its economic and transaction exposure. The purpose of this project is to help the company mitigate its risk exposure and find the best hedging technique or other mitigation strategy to minimize their risk. The result of the project is to determine the most favorable hedging policy and the best way to implement the financial instruments or products available in the market or simulated. It is expected that PT Pura Daya Prima would be able to quickly execute hedging techniques in order to prevent financial loss due to foreign exchange exposure.
Financial Planning Determination of Retirement Fund for Indonesian People: The Significant of Expenses Ratio Nathan Liman; Ligwina Poerwo Hananto
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.124

Abstract

Many Indonesian people do not have individual retirement fund. They think that their expenses in retirement years can be paid by their children. Although it is a good opportunity for younger people to look after their parents, it can be a burdensome to some of the people who do not have stable income for themselves. It is unfortunate that not all Indonesian people are aware of the individual retirement fund. Furthermore, even if they knew about individual retirement fund, they would not give the contribution to make individual retirement fund. Moreover, there is limitation on information on the website and local book to guide Indonesian people to have and calculate his/her individual retirement fund. The purpose of this research is to help Indonesian people to aware about total individual retirement fund by calculating their individual retirement fund. In order to calculate individual retirement fund, they must know the expenses ratio, inflation rate, net interest rate, productive years, and retirement years. These five variables will help them to give the formula to calculate the individual retirement fund. Due to limitation of time and data, this thesis will only give more emphasis in expenses ratio, because it has significant level of determining total individual retirement fund that will differ from one to another person. The result of this thesis explains the relationship between each variable toward the individual retirement fund by doing sensitivity analysis. Furthermore, this thesis guides Indonesian people step-by-step to calculate individual retirement fund by using spreadsheet, such as Microsoft Excel.
The Analysis of Internal Controls on Revenue and Expenditure Cycle in PT. Levina Leonny Ariesa; Ruben Garcia Berasategu
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.125

Abstract

This research intends to observe and to examine the revenue and expenditure cycle implemented in PT. LEVINA as well to analyze, to assess, and to identify potential weaknesses in the revenue and expenditure cycle, and the internal controls related to those cycles of the company using COSO’s Internal Control-Integrated Framework. Moreover, it provides specific recommendations based on the framework to overcome the discovered potential weaknesses. The method of analysis used in this study is by assessing the current revenue and expenditure cycle implemented in the company, along with the internal controls applied within the cycles. Subsequently, the potential weaknesses will be identified which then generates the specific recommendations. The data-collection methods used are literature and field research. The current revenue and expenditure cycle of PT. LEVINA are still comprised with potential weaknesses such as structural weaknesses, documentation and business activities (procedures) weaknesses, and Internal Control (IC) weaknesses. Hence, as the company business keeps growing, it is important to focus more on its RC and EC system as well as the IC in order to achieve the most effective and efficient methods in operating the business. As the result, the company could become more profitable.
Correlation Analysis between Jakarta Composite Index and LQ45 Index With Net Asset Value of Equity Mutual Fund and Balanced Mutual Fund Johan Halim; Sherly Meilintan Surya
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.126

Abstract

Subprime mortgage is one factor causes world economic in crisis. The impact has stroke the stock exchange world wide, included Indonesia Stock Exchange (BEI).The investors who are investing in the instrument of Stocks and Mutual Fund are having consequences of global financial crisis and index prices drops. In Indonesia, Mutual Fund is guaranteed by the BAPEPAM with the Act of Capital Market no.8, 1995 (Undang-Undang Pasar Modal). The main purposes of the research is to analyze JCI and LQ 45 index with Equity Mutual Fund and Balanced Mutual Fund in terms of risk and return, sharpe ratio, correlation and whether the JCI and LQ 45 are linked together over time with Vector Autoregression (VAR). Types of research methodology are using secondary research method and analysis method. In return, Equity Mutual Fund has a higher return than Balanced Mutual Fund because the portfolio diversification consists of money market and equity, but in Balanced Mutual Fund there is also bond as portfolio. In risk, Equity Mutual Fund is more risky than Balanced Mutual Fund as compensation with higher return. Sharpe ratio is used to measure the performance of mutual fund. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance. In VAR, both Equity Mutual Fund and Balanced Mutual Fund will affect by both JCI and LQ 45 Index.
Valuation in Multifinance Acquisition by Bank MDR: A Case Study Jiwo Sukarno; Tedy Fardiansyah
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.127

Abstract

Bank MDR as one of leading banks in Indonesia, aims to capture 20 to 30% of revenue share in each of their businesses, including Consumer Finance. One crucial sub-segment in Consumer Finance Business is Automotive Loan, which currently dominated by Multifinance companies. To increase the pace of becoming dominant in Automotive Loan, ”inorganic initiatives” are required to supplement the organic efforts to grow the revenue shares of Bank MDR. In early 2009, Bank MDR engages in inorganic investment by acquiring a multifinance company, Tunas Finance. The main purpose of this study is to examine an alternative approach to value an acquisition of a multifinance company, as well as to observe whether the acquisition done by Bank MDR is creating value for its shareholders. Valuation of an acquisition is not fundamentally different from valuation of any firm, however, valuing a multifinance company poses particular challenges. Given that Bank MDR has announced that it would pay 290 billion rupiahs for 51% shares of Tunas Finance, this study, following Excess Return Model Valuation (Damodaran, 2002), shows results that acquirer shareholders still earn positive value from the acquisition.
Identification of Firm Multiplier of Comparable Firm Valuation Method on Indonesian IPO Andrew Handaya; Dezie L. Warganegara; Doni S. Warganegara
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.128

Abstract

The aim of this research is to find the relevant valuation measurement, firm multiplier, which is utilized by issuers or underwriters during IPO. This research uses companies that conducted IPO, in the Indonesia Stock Exchange (IDX), within year 2001 to 2007, as the research sample. The hypotheses are developed to find the relevant valuation multiplier. The data are analyzed using One-Sample T Test, Kolmogorov-Smirnov (K-S) Test, and Binomial Test.  The empirical results suggest that there are similarities and differences in valuation results when comparable firm valuation is utilizing different firm multiplier. Among the five methods, i.e. arithmetic mean, median, harmonic mean, closest ROA, and closest TA, the closest TA method performs the worst in Indonesia capital market during 2001-2007. There is no statistical difference between selecting arithmetic mean, median, and harmonic mean methods. The closest ROA method outperforms the arithmetic mean and closest TA methods; however it has similar performance to median and harmonic mean methods.
Analysis of Indonesia Bond’s Duration: Corporate Versus Government Bond Rezki Adhitia; Adler Haymans Manurung
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.129

Abstract

The duration of a bond is a measure of its interest rate risk. The objective of this research is to test whether corporate bond duration is higher compare to government bonds. The higher duration mean that bond’s price is more affected to the change in its yield. Effective Duration and Modified Duration Approaches are used to calculate the duration. The sample used is bonds that traded in Indonesia Stock Exchange. The result shows that there is no enough evidence that Indonesia corporate bonds duration is higher compare to government bonds. The implication for this is that there is no difference in interest rate risk between corporate bonds and government bonds.
The Analysis of R&D Impact on the Public Listed Companies’ Performance in Indonesia Natasha I. E.; Yanthi R. I. Hutagaol
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.130

Abstract

Research & Development (R&D) is one of significant firms’ activities that is expected to enhance firms’ future value. This paper examines the relationship between R&D with firm’s operation and market performance. The sample used is 106 firm years from 32 non-finance firms that listed in Indonesia Stock Exchange (IDX) and report R&D expenditure during period 2004-2007. Two research hypotheses are developed and tested using a multiple regression model. The findings signify that all sample firms have reported their R&D activities accordingly to the applied accounting standard. However, the hypothesis testing results shows that there is no relationship between R&D and firm’s operation and market performance. These findings imply that R&D activities in Indonesian firms are not yet perceived as an important element in firms’ value added chain. 
Analisis Pengaruh Rasio ROA, LDR, NIM dan NPL Terhadap Abnormal Return Saham Perbankan di Indonesia pada Periode Sekitar Pengumuman Subprime Mortgage Risky Christian Syauta; Indra Widjaja
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.131

Abstract

Information has strongly influenced the capital market condition. The information could come from internal company as well as external parties. If an event contains information, usually the market will react at the time information is revealed to the market. An event study method could be used to test the content of information from the event. Like other market, Bursa Efek Indonesia is related to some information. This research analyzes the USA mortgage sub-prime effect on the banking stocks in Indonesia. The reaction from market could be seen in return abnormal changes in 7 days before and after the announcement. A sample of 26 banking stocks is chosen for this research to test the effect of USA sub-prime mortgage on banking stocks in Indonesia, particularly on its Return On Assets (ROA), Loan to Deposit Ratio (LDR), Net Interest Margin (NIM) and Non Performing Loan (NPL) with t-test and multiple regression. The result shows the abnormal returns of banking stocks at BEI are significantly influenced by USA sub-prime mortgage except 5 days and 1 day before the announcement and 1 day and 6 days after. The banking performances, ROA and NPL, are also affected by the USA sub-prime mortgage.
Pengaruh Pemilihan Metode Akuntansi Atas Biaya Research and Development (R&D) Terhadap Price Earnings Ratio (Studi Empirik Pada Perusahaan Sektor Industri Periode 2002-2005) Michell Suharli; Ani Arisandi
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.132

Abstract

Earnings reflect the equity growth stemmed from various economic transaction, except shareholders’ transactions in certain periods. Similar to the net income concept, earnings concept includes all transactions in net revenue in current period. The research sample is 14 listed companies that reported Research & Development (R&D) expenses during 2002-2004 period. Research variables used are earnings (as the dependent variable) that is proxied by price earning ratio (PER), and accounting method chosen to record the R&D expenses (as the independent variable). The research model is a simple regression model. The result shows that accounting method chosen is significantly related to the PER, however appears does not influence the profit of the company.

Page 2 of 13 | Total Record : 123

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