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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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A STUDY TO TEST STOCK RETURN BASED ON PE STRATEGY AND THE COMBINATION BETWEEN PE AND 200 DMA STRATEGY IN COMPARISON TO THE RETURN GENERATED BY BUY AND HOLD STRATEGY Anthony Alvin; Dian Triasurya
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.160

Abstract

The main purpose of this study is to test a market perception that a low Price to Earnings ratio (PE) relatives to 5-year historical average and the combination with 200 Daily Moving Average (DMA), are a good indicator to generate buy & sell signal that can beat buy & hold strategy. The research uses 28 samples taken from 45 companies in the Kompas 100 index. The first study will use low PE, when company’s PE is below its 5-years average PE, the buy signal will be generated. The second study will use combination of low PE and 200 DMA, if PE of company below its 5-years average and its stock price is above 200 DMA, the buy signal will be generated. The T-test analysis will be conducted whether the different return between PE and PEDMA with buy and hold strategy is significant or not. The results shows that the low PE strategy and the combination of PE and DMA can give positive returns to the investor although it cannot beat the return by using buy & hold strategy. The investor cannot only use low PE as a single indicator in buying or selling stock, there should be another parameters.
STUDY OF GOOD CORPORATE GOVERNANCE IMPLEMENTATION IN LISTED STATE-OWNED ENTERPRISES THROUGH A CONTENT ANALYSIS METHOD OF ANNUAL REPORTS Sally Marcelina Djauhari; Raymondus Parulian Sihotang
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.161

Abstract

Good Corporate Governance (GCG) is a concept of directing and controlling business corporations. This concept specifies the distribution of rights and obligations between the company’s stakeholders and the procedures for taking decisions on corporate affairs. It provides a mechanism through which the company’s objectives are set, and for attaining those objectives and monitoring performance. The main objective of this study is to explore how far the GCG principles have been implemented in listed State-Owned Enterprises (SOE). In addition, the writer compares the GCG implementation among the participant companies as well as across the industries, in which the companies are classified. The method used in the data collection is observation through the company’s annual report (content analysis). The writer uses GCG Evaluation Manual of Badan Pengawasan Keuangan dan Pembangunan (BPKP) released and endorsed in 2004 by the Ministry of SOE, as the scoring system. The results generated from this study are the company’s scores in implementing the GCG principles. In addition, the writer generates ranking among the participant companies, within the same industry and across the industries. The best company with the highest score in implementing the GCG principles among the participant companies is Aneka Tambang. In addition, the top companies with the highest scores within each industry are Bank BNI (Finance), Indofarma (Consumption Goods), Telkom (Infrastructure, Utility & Transportation), and Aneka Tambang (Mining). Moreover, the best industry with the highest average score of the players is Property & Real Estate.
REAL OPTIONS APPROACH: A BANK ACQUISITION BY BANK X Shantie Poespa Dewi; Junius Tirok
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.162

Abstract

Indonesia offers a lot of promising growth opportunities and particularly to the banking industry, a combination of attractive macro-economic conditions and introduction of new regulatory policies as well as reformation to consolidate and strengthen the banking sector primarily by M&A activity provides an attractive backdrop for acquisition of Indonesian banks by foreign investors. In this paper, we introduce real options theory as an alternative to a traditional project valuation for a bank acquisition that would allow the acquiring firm to recognize the options embedded in their investments. The objective of this case study is to analyze, from real options perspective, whether the acquisitions of the target firm compliment the acquiring firm. The methods use for the analysis are DCF, Black-Scholes and Binomial Lattice that would help determine the project real value, which result suggested that the acquiring firm should reconsider their options. On this thesis, the DCF method suggesting that the acquisition of Bank Y by Bank X does increase the value of Bank X but there would not be added value on the synergy itself. While from the real options perspective, the project value (with and without real options flexibility) is worth less than the target firm underlying assets and has doubtful prospect.
FAKTOR-FAKTOR YANG MEMPENGARUHI MANAJEMEN LABA PERUSAHAAN PUBLIK DI INDONESIA PADA TAHUN 2008 Yanuar Nanok S.; Natasya Natasya; Brigitta Azaria Widadi3
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.163

Abstract

Financial report are one of the measurement for company achivement and income is the easiest and one of the most usefull kriteria for company performance. One  alternative to make financial report look good for investor, usually company use income smoothing for window dressing. Using 219 company in Indonesian stock exchange at 2008, we can assume that size of the company, leverage, accounting public, and operating cash flow are the significant variabel to make manajemen create income smoothing. We can concluded, with good control, owners can push manajemen to create financial report more transparant.
ANALISIS PERBANDINGAN ECONOMIC VALUE ADDED (EVA) DAN FINANCIAL VALUE ADDED (FVA) SEBAGAI ALAT UKUR PENILAIAN KINERJA KEUANGAN PADA INDUSTRI PERKEBUNAN DI BURSA EFEK INDONESIA Nora Alverniatha; Samuel Dossugi
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.164

Abstract

Economic Value Added (EVA) and the Financial Value Added (FVA) are the concept of management performance assessment based on the size of the added value which is created by the company during the specified period. EVA measures the economic profit of the company taking into account the cost of capital, whereas FVA earnings measure taking into account the contribution of fixed assets in generating net profits of the company. The study aims to determine the ratio of Economic Value Added (EVA) and the Financial Value Added (FVA) as a measurement of financial performance assessment on the industrial estates listed in Indonesia Stock Exchange for the period 2004 to 2009. The method used a descriptive analysis method using time series data. The results of this study indicated that companies using EVA to create economic value and have a good financial performance from 2004 until 2009. While using the FVA, the company is also able to create a positive financial value of good financial performance from 2004 until 2009. The results also show that there are significantly differences between the EVA and the FVA for the period 2004 to 2009.
VALUE-AT-RISK (VaR) FOR LQ – 45 COMPANIES Rangga Handika
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.165

Abstract

This paper offers a new measurement of risk, Value-at-Risk (VaR) for LQ-45 index in Indonesian Stock Exchange (ISX). Basic finance uses standard deviation in measuring and quantifying the risks. This paper uses VaR as a risk measure by using historical and analytical methods. This study uses the data containing all LQ-45 weekly data from January 1st, 2005 to December, 31st 2010. Moreover, this paper also calculates VaR of three indices (IHSG, Dow Jones, and S&P 500) for benchmarking purpose. This study finds that LQ-45 companies have VaR ranging from -5.30 to -41.05 percent with 95 percent level of confidence. It means that we can expect to suffer a minimum weekly loss between 5.30 to 41.05 percent in 5 percent probability when we invest in the LQ-45 companies stocks individually. Furthermore, this study finds that individual LQ-45 stock is riskier than indices based on VaR measure. This paper also concludes that individual LQ-45 stock tends not to follow normal distribution while index tends to follow by comparing their historical and analytical VaR calculation.
EMPIRICAL INVESTIGATION OF THE UNDERPRICING PHENOMENON ON IPOs IN PRIVATIZATION OF SOEs: EVIDENCE FROM INDONESIA Monika Setiobudi; Dezie L. Warganegara; Doni S. Warganegara
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.166

Abstract

The Objective this empirical research is conducted with the main purpose to assess whether the short-run underpricing level of IPOs on privatization is lower or not compared to the privately owned enterprises in Indonesia. The aim is intended to identify whether the presence of excessive underpricing is occurred among the Privatization IPOs in Indonesia. Method are used to fullfil the objective, the samples are derived from both SOEs and Non-SOEs that conducted the Initial Public Offerings (IPO) during period 2000-2009. The total final samples used are 147 samples. Moreover, this research focuses on the initial return of the first trading day to determine the underpricing level. The data is also analyzed by using descriptive statistics, Kolmogorov Smirnov test, parametric tests, Non-parametric tests and Multiple Regression Analysis. Result of the research shows the evidence that the extent of underpricing is significantly lower in IPOs conducted by the SOEs compared to the privately owned in Indonesia. Furthermore, the result also clarifies that there is no occurrence of excessive underpricing within the Privatization IPOs in Indonesia.Conclusion is the degree of underpricing within the SOEs is proven to be lower than the Non-SOEs. This fact is supported by the reasons of tight standardize legislation, underwriter’s reputation, budget deficit in Indonesia, and well-established industry within the SOEs.
THE DETERMINANTS OF MANAGEMENT FORECASTS ERROR AND THE IPO UNDERPRICING: A CASE STUDY OF INDONESIAN IPO Yanthi Hutagaol; Florens Siauw; Irwan A. Ekaputra
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.167

Abstract

To reduce the well-known information asymmetry in the IPO market, the issuing firms are required to publish offering prospectuses. One type of information disclosed in the prospectus is the management financial forecasts in which the IPO firms predict expected earnings at the end of year after the listing. The purpose of this study is to investigate the determinants of forecasted error published by the management in the IPO prospectuses. This study observes six possible determinants that affect the absolute forecast errors (AFE). Furthermore, this study also examines whether the earning forecast errors could explain the IPO stylish underpricing phenomenon.A sample of 124 IPO firms that went public in Indonesian Stock Exchange (prior Jakarta Stock Exchange) during the 1997 – 2005 period. The results show that the research models proposed are valid models. The management AFE is determined by firm size, forecast interval period, industry, and the firm business range.  This study also finds that the AFE is positively related to the IPO underpricing, suggesting that the higher the forecast errors, the more underpriced is the IPO. Moreover, it is also found that market condition also influences the underpricing level in Indonesian IPO market.
VALUE-AT-RISK (VAR) APPLICATION AT HYPOTHETICAL PORTFOLIOS IN JAKARTA ISLAMIC INDEX Dewi Tamara; Grigory Ryabtsev
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.168

Abstract

The paper is an exploratory study to apply the method of historical simulation based on the concept of Value at Risk on hypothetical portfolios on Jakarta Islamic Index (JII). Value at Risk is a tool to measure a portfolio’s exposure to market risk. We construct four portfolios based on the frequencies of the companies in Jakarta Islamic Index on the period of 1 January 2008 to 2 August 2010. The portfolio A has 12 companies, Portfolio B has 9 companies, portfolio C has 6 companies and portfolio D has 4 companies. We put the initial investment equivalent to USD 100 and use the rate of 1 USD=Rp 9500. The result of historical simulation applied in the four portfolios shows significant increasing risk on the year 2008 compared to 2009 and 2010. The bigger number of  the member in one portfolio also affects the VaR compared to smaller member. The level of confidence 99% also shows bigger loss compared to 95%. The historical simulation shows the simplest method to estimate the event of increasing risk in Jakarta Islamic Index during the Global Crisis 2008.
ANALISIS PENGARUH PERGERAKAN BURSA INTERNASIONAL TERHADAP PERGERAKAN BURSA INDONESIA Johan Halim; Marcories Marcories
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.169

Abstract

The purpose of this study was to determine and obtain empirical evidence on whether there is influence and reciprocal relationships on the movement of international exchanges (Dow Jones, FTSE, Nikkei, Straits Times and Hang Seng), economic conditions, and the relationship between the state of the market movements Indonesia (JSX and IDX). Method of multiple linear regressions with Eviews 5.1 program used in this study to determine the effect of the variables mentioned above. The sample in this study includes daily data for the JSX ongoing since January 1, 2006 through December 31, 2008, and taken to IDX data starting from January 1, 2009 through June 30, 2009. Results of this study are contained influences of the international exchanges separately. No effect occurs when tested simultaneously. JSX influenced by outside markets, but otherwise IDX positively affect international markets. IDX was due to the influence of the shifting influence of the American economy, which affected Subprime Mortgage crisis and the market is already pretty saturated, to Asia which is devoted to research in Indonesia, which is not affected by the Subprime Mortgage and developing countries (developing countries) that could affect other markets Subprime Mortgage crisis affected.Conclusion that there was a shift in which the effect of Indonesia's market affect other markets in the same region even European markets (FTSE) and the U.S. (Dow Jones) due to the improvement in the economic situation of Indonesia that resilience to the global crisis.

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