Accounting and Financial Review
ISSN : 25987763     EISSN : 25987771
Accounting and Financial Review (AFRe), is a publication of Graduate School Program, University of Merdeka Malang. The journal is an article published continuously which is intended not only as a place to share ideas, study, and analysis but also as an information channel to improve and develop accounting and finance science. This publication consists of scientific writings in the form of research finding, analysis, and application theory, conceptual idea, new book review, bibliography, practical writing from experts, academics, and practitioners. The published writings have been in the process of editing needed by the publisher without changing the substance as the original script. The writing in each publication is the personal responsibility of the author and it does not reflect the publisher’s idea.
Articles
6
Articles
Cognitive Dissonance Bias, Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham

Setiawan, Yehezkiel Chris ( Department of Management, Faculty of Economics and Business, Satya Wacana Christian University ) , Atahau, Apriani Dorkas Rambu ( Department of Management, Faculty of Economics and Business, Satya Wacana Christian University ) , Robiyanto, Robiyanto ( [SCOPUS ID: 56968203800] Department of Management, Faculty of Economics and Business, Satya Wacana Christian University )

Accounting and Financial Review Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Original Source | Check in Google Scholar | Full PDF (487.666 KB)

Abstract

In practice, there are some aspects which contribute to decision making process. One of those aspects is psychological aspect which cannot be separated from human being. Psychological aspect in the study of finance is called as the study of behavioral finance (cognitive bias, emotional bias, and social bias) could lead to investor’s irrationality in decision making. This study aimed to analyze the influence of dissonance bias, overconfidence bias, and herding bias to investment decision in Investor Club of Satya Wacana Christian University (SWCU). This study utilizes the purposive sampling method. The sample in this study covers the whole investor in Investor Club of SWCU. The results of this study indicate that: (i) Cognitive dissonance bias has an insignificant influence to investment decision ; (ii) Overconfidence bias has a positive and significant influence to investment decision; (iii) Herding bias has an insignificant influence to investment decision. This means that investors tend to use the emotional aspect rather than on the cognitive and social aspects of investment decision making. As a result investors are overconfident of their ability and the outcome of investment decisions is not maximal and can cause losses.

Determinan Efisiensi Bank: Analisis Bank Di Indonesia

Haryanto, Sugeng ( Universitas Merdeka Malang )

Accounting and Financial Review Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Original Source | Check in Google Scholar | Full PDF (432.732 KB)

Abstract

This research analyzes the factors influencing bank efficiency. Bank efficiency is measured by BOPO. Predictable variable use risk, which is proxied with non performance loan (NPL), bank size, and CAR. Population in research is in national banking industry which go public in BEI, research period 2009-2016. Sampling technique used purposive sampling, with criterion of bank have go public before year 2008 and bank publish financial report year 2009-2016. The sample of research are 23 banks. The purpose of this study was to analyze the effect of bank risk, bank size and CAR to efficiency either simultaneously or partially. The analytical technique used multiple linear regression. The results showed simultaneously bank risk, bank size and CAR effect on efficiency. Risks, bank size and CAR affect the efficiency with negative direction. Scale of economics does not apply in the industry of national banks. Increasing the CAR as a countercyclical capital buffer (CCB) to control the occurrence of systematic risk can reduce credit growth, can impact the decrease in bank income.

Identifikasi Struktur Modal Melalui Profitabilitas, Pertumbuhan Penjualan dan Ukuran Perusahaan

Chandrarin, Grahita ( Universitas Merdeka Malang ) , Cahyaningsih, Diyah Sukanti ( Universitas Merdeka Malang )

Accounting and Financial Review Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Original Source | Check in Google Scholar | Full PDF (576.857 KB)

Abstract

This study aims to analyze the effect of profitability, sales growth and firm size on capital structure. The population of this research is basic industrial and chemical company which go public in Bursa Efek Indonesia. The observations are conducted in 2013-2016. The data source is taken from Indonesian Capital Directory Market (ICMD). Sampling technique used with purposive sampling. The sample size is 19 companies with 4 years observation period, so there are 76 observation data. Management in determining the source of financing will consider the cost or risk with a refund. In theory pecking order manajamen will expose the source of internal funding, external in the form of debt, then the issuance of shares. Profitability of the company during the year 2013-2016 shows positive. Sales increase except in 2015, where sales growth is negative. Company assets show an increase every year. Data analysis techniques use multiple linear regression. The results show that profitability and sales growth affect the capital structure. The size of the firm has no effect on the capital structure. The results support pecking order theory.

Indonesia Most Trusted Company dan Nilai Perusahaan

Kurniawan, Yusuf ( Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Gajayana Malang )

Accounting and Financial Review Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Original Source | Check in Google Scholar | Full PDF (425.319 KB)

Abstract

This study analyzes the value of firms in Indonesia as the Most Trusted Company. Independentvariables include: Good Corporate Governance (GCG), capital structure, dividendpolicy and profitability. While the dependent variable is the value of the company. Companyvalue is proxied by Price Book Value (PBV). The purpose of this study was to analyzethe effect of capital structure, dividend policy, profitability and GCG on corporate value,either simultaneously or partially. This research was conducted at public go public companyin Indonesia which entered into Indonesia Most Trusted Companies in 2015. The researchpopulation is a company that go public in Bursa Efek Indonesia. The sampling techniqueuses purposive sampling. The sample of research company that entered IndonesiaMost Trusted Company in 2015. Indonesia Most Trusted Company is a company thatapply GCG and published SWA Magazine. The sample size is 25 companies. The analysistechnique used multiple regression. The results showed that simultaneously GCG, capitalstructure, dividend policy and profitability affect the value of the company. Partially, capitalstructure and profitability have an effect on company value, while dividend policy andGCG do not influence to company value.

Stuktur Modal, Kinerja Perusahaan, dan Altman Z-Score Pengaruhnya Terhadap Ekspektasi Investor

ananda, anton ferry ( Sekolah Tinggi Ilmu Ekonomi Kertanegara Malang )

Accounting and Financial Review Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Original Source | Check in Google Scholar | Full PDF (436.147 KB)

Abstract

This study analyzes the influence of capital structure policy, Z Score companys performance against investor expectations. The study was conducted on the banking industry that went public on the IDX, the 2013-2014 research period. The sampling technique uses purposive sampling. The sample of research are 27 banks. The purpose of this research is to analyze the influence of capital structure policy, firm performance and Z Score proxy with Working Capital to Total Assets ratio, Retained Earnings Ratio to Total Assets, Ratio Earning Before Interest and Tax to Total Assets, Market Value of Equity to Book Value of Ratio Total Liability, the ratio of Sales to Total Assets to investor expectations in national banking. Analysis techniques used multiple linear regression. The research results show the policy of capital structure, company performance, Working Capital to Total Assets ratio, Retained Earnings Ratio to Total Assets, Market Value of Equity to Book Value of Total Liability ratio to investors expectation. As for Z-score for Ratio Earning Before Interest and Tax to Total Assets and Sales to Total Assets ratio does not affect investors expectations on the national banking

Mampukah Good Corporate Governance dan Risiko Kredit Sebagai Prediktor Financial Distress?

Putri, Elysa Listiana ( Universitas Kanjuruhan Malang ) , Haryanto, Sugeng ( Universitas Merdeka Malang ) , Firdaus, Riril Mardiana

Accounting and Financial Review Vol 1, No 1 (2018): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Original Source | Check in Google Scholar | Full PDF (467.399 KB)

Abstract

This study aims to predict financial distress at Bank foreign exchange (BUSN) by using GCG analysis, credit risk, profitability, capital adequacy ratio and bank size. GCG, credit risk, and profitability. The population in this research is 35 BUSN of foreign exchange registered in Bank Indonesia. Sampling technique used purposive sampling. The sample size is 17 banks. Data analysis technique using linear regression. This research performs 4 regression test that is in BUSN of foreign exchange for all condition, financial distress condition, gray area condition, and condition of non financial distres. The results of this study indicate that GCG and credit risk have no effect on fianansial pressure for all conditions, financial distress condition, gray area condition, and non-financial distress condition. Profitability affects financial difficulties for all conditions, gray area conditions and non-financial distress conditions. CAR affects financial difficulties for all conditions, gray area conditions and non-financial pressure conditions. Profitability and CAR have no effect on financial difficulties for gray area conditions. The size of the bank affects financial difficulties in all conditions and grays, whereas in the financial distress position the size of the bank does not affect financial distress.