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Journal : Jurnal Keuangan dan Perbankan

APLIKASI Z-SCORE METHOD DALAM PEMBENTUKAN PORTOFOLIO Isynuwardhana, Deannes
Jurnal Keuangan dan Perbankan Vol 17, No 1 (2013): January 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (136.96 KB) | DOI: 10.26905/jkdp.v17i1.729

Abstract

The problem that often occurs in forming portfolio was regarding the selection and weighting the stock wichhad to be included in portfolio. This study attempted to solve the problem by using a simple model, which wasexpected to be applied easily by investors. This was a descriptive research with quantitative approach, andused stocks that was categorized as blue chip in Indonesias stock exchange as a sample. Stock selectionprocess used Z-score method with 6 criteria. There were, price earning ratio, price to book value, debt to equityratio, gross profit margin, return on equity, and stocks historical price. The weighting of each stock inportfolio was then calculated by were used Bodie, Kane, and Markus (2011) approach. The coefficient ofvariation, risk and return of the market used as benchmark to measure portfolio performance. The result showedthat portfolio which formed by Z-score method give higher return than the market. Although the portfolioprovided greater risk, but it was not comparable with the marker return that gave negative results in return.The result suggested that portfolio which was created using the Z-score method could be applied by investorsin Indonesias stock exchange.
INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING Dewi, Nisa Ayu Castrena; Isynuwardhana, Deannes
Jurnal Keuangan dan Perbankan Vol 18, No 2 (2014): May 2014
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (278.646 KB) | DOI: 10.26905/jkdp.v18i2.799

Abstract

Company competition ability was not only in the assets ownership but also in the innovation, informationsystem, organization management and resources, including the importance of knowledge assets in the company.One of the approaches used in assessment and measuring of knowledge assets was Intellectual Capital(IC) which used model namely Value Added Intellectual Coefficient (VAICTM) and also used per IC componentnamely Value Added Capital Employed (VACA), Value Added Human Capital (VAHU) and StructuralCapital Value Added (STVA). This research aimed to investigate the intellectual effect toward firm value withreturn on assets as the intervening variable. The samples of this research were pharmacy companies listed inBEI. The samples were selected by using purposive sampling method and there were 24 observation data. Thehypotheses of this research used path analysis, simple linear regression and double linear regression. Theresult of this research showed that IC had a positive significant effect toward Return on Assets as. IC did nothave a direct effect toward firm value. It influenced indirectly toward firm value with Return on Assets as theintervening variable, simultaneously or partially. VACA, VAHU and STVA did not have an effect towardReturn on Assets of a firm simultaneously or partially. VACA, VAHU and STVA did not have an effect onfirm value.
Market concentration, diversification, and financial distress in the Indonesian banking system Farida Titik Kristanti; Deannes Isynuwardhana; Sri Rahayu
Jurnal Keuangan dan Perbankan Vol 23, No 4 (2019): October 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i4.2693

Abstract

The economic theory provides conflicting predictions about the relationship between the market structure of the banking industry and financial distress. The view of "concentration-fragility" argues that a banking structure that is more concentrated with a number of large banks is more vulnerable to financial fragility than a banking sector that is less concentrated with many banks. We examine how the concentration market, market share, and diversification affect the bank's financial distress. Using the purposive sampling method and data of listed banks in the 2014-2017 period, the results of statistical tests with logistic regression showed that market concentration has a positive effect on the bank’s financial distress. The more concentrated the market, the greater the probability of the occurrence of financial distress in Indonesian banks. We also prove the validity of the SCP (The Structure-Conduct-Performance) hypothesis and efficiency hypothesis. Therefore, regulations need to be made in order to reduce this highly concentrated market so that the probability of financial distress decreases.JEL Classification: D4, G2DOI: https://doi.org/10.26905/jkdp.v23i4.2693