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Firm Value Predictor and the Role of Corporate Social Responsibility

Siregar, Ismi Farida ( Department of Accounting Faculty of Economics and Business University of Brawijaya ) , Roekhudin, Roekhudin ( Department of Accounting Faculty of Economics and Business University of Brawijaya ) , Purwanti, Lilik ( Department of Accounting Faculty of Economics and Business University of Brawijaya )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

The firm value was an important part of the company to survive in the business world. The right decision to maximize capital had implications for increasing the firm value with the collaboration between management and owners. We examined the effect of managerial ownership, profitability, and firm size toward firm value. Also,  we examined the moderation role of Corporate Social Responsibility (CSR) disclosure in strengthening the effect of managerial ownership, profitability, and firm size on firm value. The analytical technique used the analysis of moderation regression. The research population was manufacturing company sub-sector of consumer goods industry listed in Indonesia Stock Exchange (IDX), and the sample was selected using purposive sampling technique with the number of samples observation for 14 companies. We found that managerial ownership and firm size had a negative effect on firm value. Profitability gave a significant positive effect on firm value. CSR disclosure proved to strengthen the relationship of profitability to firm value, but CSR weakens the relationship between managerial ownership and firm size toward firm value.JEL Classification: G32, M14DOI: https://doi.org/10.26905/jkdp.v22i3.1804 

Dividend and Agency Conflict in Indonesian Manufacturing Firms

Amrullah, Andi Anugerah ( Department of Management Faculty of Business Widya Mandala Catholic University Surabaya Jl.Dinoyo 42-44, Surabaya, 60265 ) , Wijaya, Hendra ( Department of Accounting Faculty of Business Widya Mandala Catholic University Surabaya Jl.Dinoyo 42-44, Surabaya, 60265 )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

Firm’s investment and financing decision had been empirically proven to have a certain influence on firm value, as changes in investment and financing policies will result in alterations of the firm risk profile. In the case of Indonesia, where the degree of investor protection was poor, and minority shareholders were at risk of expropriation of majority shareholders, increase in investment and debt addition was ill-favored and hence, result in a lower firm value. To mitigate the risk of expropriation, firms might chose to apply cash rights to its shareholders by distributing dividends. Using panel data with moderation on 86 Indonesian manufacturing firms, we found that dividend policy positively moderates the effect of the investment decision in firm value and negatively moderates the effect of financing decision on the value of the firm. Our finding act as empirical evidence that dividend policy was an effective tool to mitigate expropriation risk, albeit its used also sent a negative signal to the shareholder when a firm increases loans to paid out dividends.JEL Classification: G31, G32.DOI: https://doi.org/10.26905/jkdp.v22i3.1820 

The Comparison of Investment Decision Frame and Belief-adjustment Model on Investment Decision Making

Almilia, Luciana Spica ( Department of Accounting, STIE Perbanas Surabaya ) , Wulanditya, Putri ( Department of Accounting, STIE Perbanas Surabaya ) , Nita, Riski Aprilia ( Department of Accounting, STIE Perbanas Surabaya )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

Investors sometimes performed the irrational behavior in the stock market. Framing indicated that decision maker would respond with different ways on the problem of the similar decision if the problem was presented in different format. Framing effect was need to be wary because it can created bias in decision making.  We examined investment decision making based on belief-adjustment model and investment decision frame.  The research method a mixed design experiment (between and within subject). Research participants in this research were non-professional investors.  The numbers of participants in this research were 113 people.  We found that participants gave a different response when receiving non-accountancy information (expressive decision frame) with different presentation patterns that were step-by-step and end-of-sequence. The other findings of these research showed that there was no different response between participants receiving accountancy information (financial decision frame) and participants receiving non-accountancy information (expressive decision frame) in end-of-sequence presentation pattern.  However, when participants received accountancy information compared to non-accountancy information in step-by-step presentation pattern, it showed that there was a different response. The overall results of the study indicated that the investment decision frame affects the investment decision making when the information presentation pattern was step-by-step.JEL Classification: D82, G11DOI: https://doi.org/10.26905/jkdp.v22i3.1880. 

Is Rights Issue Will Raising the Stock Price of PT Nippon Indosari Corpindo Tbk?

Damayanti, Sylviana Maya ( School of Business and Management, Institut Teknologi Bandung ) , Anwar, David ( School of Business and Management Institut Teknologi Bandung )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

The stock price of PT Nippon Indosari Corpindo Tbk (ROTI) declined due to the right issue announcement by the corporation, had caused the price of ROTI to fall from IDR 1,760 to IDR 1,195. As the price of the stock itself was in a volatile condition, it was interesting to understand more about the status of the stock price, whether it was undervalued or overvalued. The purpose of this study  to calculated the fair share price of ROTI in 2017 based on the 2010-2016 historical data. The findings will be compared with the stock price in the market to know that ROTI was undervalued or overvalued for the decision of the investor to buy, hold or sell its shares. The valuation model used Constant-Growth Model or the Gordon Model. Based on the calculation the fair stock price were IDR 1,617.39, whereas when using the Gordon Model the fair share price were IDR 1,104.19 per share. Based on data from Bursa Efek Indonesia, the closing price for ROTI on December 30, 2016, were IDR 1,600 and it can be concluded that the stock price of ROTI was undervalued.JEL Classification: G11, G23DOI: https://doi.org/10.26905/jkdp.v22i3.2020 

Management Dysfunctional Behaviour toward Financial Statements: Income Smoothing Practice in Indonesia’s Mining Industry Sector

Handoyo, Sigit ( Department of Accounting, Faculty of Economics, Islamic University of Indonesia ) , Fathurrizki, Safri ( Department of Accounting, Faculty of Economics, Islamic University of Indonesia )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

Companies tried to maintain reported fluctuations in earnings and intervene them to the desired level. With the practice of income smoothing, the information was presented in financial statements; especially income statement became invalid so that it will mislead information to the users. We analyzed the factors influencing the income smoothing practice. Populations in this study were 45 mining companies listed on Indonesian Stock Exchange (IDX). The data used in this study was a secondary data screened by using purposive sampling method. Variables used in this research were company size measured by total assets, profitability proxied by return on assets, dividend payout ratio was proxy by comparing the dividend per share divided by earning per share, financial leverage was proxied by debt to total assets, and income smoothing was measured using Eckel index as dependent variable. This study used logistic regression tools. We found that dividend payout ratio and financial leverage gave significant positive effect to income smoothing practice. However, the size of the company and profitability did not affect to influence income smoothing practice. The investor who willing to invest in shares, it was important to scrutinize dividend payout ratio and financial leverage level of the future company.JEL Classification: L25, G35DOI: https://doi.org/10.26905/jkdp.v22i3.1820 

Entrepreneurial Finance Perspective: Highlighting from the Supply Side

Rita, Maria Rio ( Department of Management Faculty of Economics and Business Satya Wacana Christian University Jl. Diponegoro 52-60 Salatiga, 50711, Indonesia ) , Muharam, Harjum ( Department of Management Faculty of Economics and Business Diponegoro University Jl. Erlangga Tengah No.17, Semarang 50241, Indonesia )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

The emergence of the entrepreneurial finance theory in developing the financial theory was still relatively new. Up until the early 1990s, the topic of entrepreneurial finance was still rarely discussed, although actually many aspects could be explored more in-depth by academicians. There was no consensus about the definition of entrepreneurial finance. It can be mapped out that past literature studies or previous research just looked at entrepreneurial finance from the financing provider side (supply side). A supply side test examined the fund provider (financier) perspective as a test center like formal and informal equity (venture, capitalists, angel investors, corporate venturing, crowdfunding), as well as formal and informal debt like bank debt, loans from friends and family members, and the release of other money (mezzanine) to develop start-up companies or micro, small, and medium enterprises. A synthetic meta-analysis in this research integrated and synthesized several qualitative research findings through better descriptions and facilitates the reconceptualization from a study. Based on this study, we found that actually there were still a lot of room from the topic of entrepreneurial finance to become future research, such as from the entrepreneur’s side (demand side) related with financial management or small enterprise development. JEL Classification: B10, B26, B30DOI: https://doi.org/10.26905/jkdp.v22i3.2096 

Business Strategy, Corporate Governance, Firm Characteristics, and Risk Disclosure in the Indonesian Stock Exchange

Mazaya, Nadhilla ( Department of Accounting Faculty of Economics and Business Universitas Diponegoro Semarang Jl. Prof. Soedarto, Semarang, 50275 ) , Fuad, Fuad ( Department of Accounting Faculty of Economics and Business Universitas Diponegoro Semarang Jl. Prof. Soedarto, Semarang, 50275 )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

Companies were required to disclose non-financial information other than financial statements, due to the rapid and changing business conditions. This study aimed to examine the impact of business strategy, corporate governance, and firm characteristics on the risk disclosure. More specifically, we examined the impact of barriers to entry, cost leadership, the board of commissioner size, ownership concentration, liquidity, industrial profile, and auditor type on risk disclosure. We used a sample consisted of 96 observations for the period of 2008-2015 listed in Indonesian Stock Exchange and PEFINDO 25. This research conducted using multiple regression analysis methods to examine the factors influenced risk disclosure. This research also used independent sample T-test to investigate the quality of risk disclosure before, and after the implementation of IFRS in Indonesia, We found that barriers to entry, the board of commissioner size, ownership concentration, industrial profile, and auditor type significantly affect the risk disclosure. However, cost leadership and liquidity did not have significant effects on the risk disclosure. Results of the study might provide a sound contribution for further research, government, management of the company, and investors regarding the risk disclosure practices.JEL Classifications: G32, G34DOI: https://doi.org/10.26905/jkdp.v22i3.2167 

Relationship of Earnings Quality and Segment Disclosure in Decreasing Cost of Equity

Khomsatun, Siti ( Department of Management, Sekolah Tinggi Ekonomi Islam (STEI) Tazkia ) , Siregar, Sylvia Veronica ( Department of Management, Faculty of Economics and Business, Universitas Indonesia ) , Utama, Sidharta ( Department of Management, Faculty of Economics and Business, Universitas Indonesia )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

Investors would analyze the reporting of segments disclosure in the notes to the financial statements, addition to the main reporting that presents earnings and cash flows. We investigated the relationship between the segment disclosure level and the earning quality that could decrease the cost of equity. Sample of this research were 242 firms-years of manufacture industry firms. This research used simultaneous test; the first stage was a regression of segment disclosure level on earning quality and the second stage was a regression on the cost of equity. Segment disclosure level was measured from PSAK 5 Operating Segment (2009); the cost of equity measured using industry-adjusted E/P Ratio; earning quality measured using absolute of accrual quality and absolute of abnormal accrual. We found that earnings quality positively influences on segment disclosure level. We proved that there was a complementary effect between them. The second result showed that the segment disclosure level decreases the cost of equity, but marginally. The third result proved that in the second order condition, the segment disclosure level was stronger in decreasing the cost of equity. We proved that there was endogeneity of segment disclosure level in decreasing cost of equity. JEL Classification: C34, D23, M14DOI: https://doi.org/10.26905/jkdp.v22i3.2304 

The Use Analysis of Internet Banking among SMEs Entrepreneurs

Nugraha, Indra Sungkana ( Magister Management Satya Wacana Christian University ) , Atahau, Apriani Dorkas Rambu ( [SCOPUS Author ID: 56410852000] Department of Management, Faculty of Economics and Business, Satya Wacana Christian University, Salatiga )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

The increasing number of financial transaction activities resulted in a need of the fast, safe and efficient transaction.The increasing number of financial transaction activities resulted in people to require a payment means that was fast, safe and efficient in making transactions. Internet banking as one of the modern financial transaction means offered many conveniences in the activities. We investigated the factors that influenced the interests that had an impact on the behavior of SMEs in using internet banking. The samples of this research were 129 SMEs entrepreneurs who used internet banking in Salatiga. By using TAM modification namely Trust and Risk in Technology Acceptance Model (TRiTAM) and also actual system usage variable, we found that pertinence perception, convenience perception, attitude, and trust were factors that affected interest and affected the behavior of internet banking usage in transaction activities. The implication of this research was that the relationship among trusts, risk, and technology acceptance model with transaction behavior and internet banking could be mediated by customer interest. Abstrak JEL Classification: G41, G21DOI: https://doi.org/10.26905/jkdp.v22i3.1798.   

The Causality of BI Rate and Federal Fund Rate

Huruta, Andrian Dolfriandra ( Department of Economics, Faculty of Economics and Business Satya Wacana Christian University Jl. Diponegoro 52-60, Salatiga, 50711, Indonesia )

Jurnal Keuangan dan Perbankan Vol 22, No 3 (2018): July 2018
Publisher : UNIVERSITY OF MERDEKA MALANG

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Abstract

The Central Bank held power to carry out a monetary policy through the setting of monetary targets such as the money supply or interest rates with the main objective of maintaining inflation at the level determined by the government. At the operational level, this monetary objective depends on the use of instruments, including open market operations in the foreign exchange market, the setting of the discount rate, the setting of minimum reserve requirements and regulating credit or financing. We analyzed the causality of Bank Indonesia (BI Rate) and US interest rates (Federal Fund Rate). This study used secondary data, especially data from Bank Indonesia and The Federal Reserve. This data was the ones from the monthly time series from January 2006 to May 2016. This study used Granger causality test to determine the causality of BI Rate and Federal Fund Rate. Granger Causality test results indicated that there was no causality between the BI Rate and the Federal Fund Rate. We found that the movement of interest rates was not only caused by the external side, but also by the internal side. The case in Indonesia showed that the movement of interest rates was mainly due to an increase in gross domestic product, low participation in the Global Value Chain and the adoption of the expansionary monetary policy.JEL Classification: E43, E52, E58DOI: https://doi.org/10.26905/jkdp.v22i3.1972