Articles
<![CDATA[Good Corporate Governance: Firm Performance and Ownership Causality Test ]]>
<![CDATA[Tri Gunarsih]]>;
<![CDATA[Setiyono Setiyono]]>;
<![CDATA[Fran Sayekti]]>;
<![CDATA[Tamas Novak]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 22, No 4 (2018): October 2018 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
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DOI: 10.26905/jkdp.v22i4.2469
<![CDATA[Ownership structure, among other things, is one mechanism in corporate governance. In this context, ownership has a monitoring function. Another corporate governance mechanism is the market for corporate control. If managers did not act in the best interest of shareholder, then firm performance will decrease. The changing in ownership will follow the decreasing of firm performance. This will raise an interesting question, whether ownership caused by firm performance or vice versa. The objectives of this study to test whether monitoring function or market for corporate control that was implemented as a corporate governance mechanism in Indonesia using causality model. A panel Granger-causality test base on Ganger (1969) applied to test the causality. Samples in this study were manufacture listed companies in Indonesia Stock Exchange during 2012-2016. Ownership concentration was proxy by the Herfindahl Index of Domestic Institution ownership. The firm performance indicators in this study were efficiency, measured by Operating cost to Sales ratio, and Sales to Asset ratio and Tobin’s Q. The results of the study showed that there was a bi-causality relationship between ownership concentration and both firm performance indicators. These suggested that the monitoring function and the market for corporate control were implemented as a corporate governance mechanism in Indonesia. JEL Classification: G32, G34, G23DOI: https://doi.org/10.26905/jkdp.v22i4.2469]]>
<![CDATA[Bi-directional in sustainability reporting and profitability: A study in Indonesian banks and non-banks ]]>
<![CDATA[Tri Gunarsih]]>;
<![CDATA[Setiyono Setiyono]]>;
<![CDATA[Fran Sayekti]]>;
<![CDATA[Tamas Novak]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 24, No 1 (2020): January 2020 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
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DOI: 10.26905/jkdp.v24i1.3588
<![CDATA[We investigate the sustainability reporting differences in banks and non-banks sample firms and investigates reserve causality between sustainability reporting and profitability. The independent-sample t-test implemented to analyze the differences. The results report evidence that there are differences in sustainability reporting between the banks and non-bank. The average score of the sustainability reporting index in banks is higher than non-bank. The multiple regressions implemented in reserve causality between sustainability reporting and profitability. The empirical evidence shows that there is a negative relationship between sustainability reporting and profitability. We suggest that sustainability is merely a cost. The bi-directional relationship emerges in the economic and social dimension of sustainability reporting index. This result indicates that sustainability reporting influences firm performance and vice versa.JEL Classification: G21, G30 How to Cite:Gunarsih, T., Setiyono, Sayekti, F., Novak, T. (2020). Bi-directional insustainability reporting and profitability: A study in Indonesian banks and non-banks. Jurnal Keuangan dan Perbankan, 24(1), 20-29.DOI: https://doi.org/10.26905/jkdp.v24i1.3588]]>
<![CDATA[ANALISIS KETERLAMBATAN PENYAMPAIAN LAPORAN KEUANGAN DAN KINERJA KEUANGAN STUDI PADA PERUSAHAAN PUBLIK 1999-2005 ]]>
<![CDATA[Tri Gunarsih]]>
<![CDATA[ Jurnal Ekonomi dan Bisnis 2009: EKOBIS (Vol.10 No.1 2009) ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics, Universitas Islam Sutan Agung, Semarang ]]>
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DOI: 10.30659/ekobis.10.1.260-271
<![CDATA[The main objective of this study is to analyze timelines of financial statement reporting andfinancial performance in Indonesian Stock Exchange (IDX). Samples in this study are IDXpublic companies listed in 1999-2005. The research questions are tested by running ANOVAto analyze whether any differences in timelines of financial statement reporting and financialperformance between years and between size and also independent t test to analyze whetherany differences in timelines of financial statement and financial performance between industry.Timelines (KW) proxied by dummy variable, 1 if companies published financial reportingbefore 120 days after December 31 and 0 otherwise. Financial performance proxied bySales, Asset, Earning After Tax (EAT), Return on Investment (ROI), Return on Equity (ROE),and Sales Growth. The results of between year comparisons show that there are differences(increasing) between years for EAT, ROI and KW. These suggest that firm performance andtimelines of financial statement reporting are increasing over time. The results of betweensize comparisons show that there are differences between size for EAT, Sales and KW. Thebigger the size, the higher the financial performance and the timelines. The results of betweenindustry comparisons show that there are differences for Asset and EAT. Base on these variables,financial performance in service industry higher than manufacture industry.Keywords : Timelines, Financial Performance]]>
<![CDATA[PENGARUH PENGUNGKAPAN INTELLECTUAL CAPITAL DAN KEPEMILIKAN INSTITUSI TERHADAP UNDERPRICING PADA PENAWARAN UMUM PERDANA ]]>
<![CDATA[Tri Gunarsih]]>;
<![CDATA[Wulan Handayani]]>;
<![CDATA[Lilis Endang Wijayanti]]>
<![CDATA[ Jurnal Ekonomi dan Bisnis 2014: EKOBIS (Vol.15 No.1 2014) ]]>
Publisher : <![CDATA[Department of Management, Faculty of Economics, Universitas Islam Sutan Agung, Semarang ]]>
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DOI: 10.30659/ekobis.15.1.85-101
<![CDATA[The objective of this study is to examine the effect of intellectual capital disclosure and institutional ownership to the level of underpricing in Initial Public Offering (IPO) in Indonesian Stock Exchange. It is argued that the higher the intelectual capital disclosure the lower the level of underpricing. While because of assymmtric informatian, another argumentation is that institutional ownership influence underpricing. The sample in this study are company’s IPO in the Indonesian Stock Exchange (IDX) during 2007-2011. The sample are selected using purposive sampling method. The hypotheses are tested by running regression models. Thedependent variable is underpricing. The independent variables are the disclosure of intellectual capital and institutional ownership. This study also uses the control variable, they are return on assets, firm size, financial leverage, and underwriter reputation. The results show that intellectual capital disclosure has significant negative influence to the level of underpricing, while institutional ownership variable is not significant. Financial leverage and underwriter reputation as a control variable have significant negative effects to the level of underpricing.While other control variables are return on assets and firm size have no significant effect to the level of underpricing.Keywords: intellectual capital disclosure, institution ownership, underpricing, return on asset, firm size, financial leverage, underwriter’s reputation.]]>
<![CDATA[PENGARUH PENGETAHUAN, KEPEDULIAN DAN SIKAP PADA LINGKUNGAN TERHADAP MINAT PEMBELIAN PRODUK HIJAU ]]>
<![CDATA[Ristianawati Dwi Utami]]>;
<![CDATA[Tri Gunarsih]]>;
<![CDATA[Triana Aryanti]]>
<![CDATA[ MediaTrend Vol 9, No 2 (2014): Oktober ]]>
Publisher : <![CDATA[Trunojoyo University of Madura ]]>
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DOI: 10.21107/mediatrend.v9i2.775
<![CDATA[The main issues of this study is how cognitive and affective factors influencegreen products purchase. The objectives of this study are: (1) examine the influence ofenvironmental knowledge on green purchase intention based on gender differences as amoderating variable, (2) examine the influence of environmental concerns on on greenpurchase intention based on gender differences as a moderating variable, (3) examinethe influence of attitude on green purchase intention based on gender differences as amoderating variable, (4) examine the influence of gender on green purchase intentions.Results of this study are (1) environmental knowledge does not significantly influencegreen purchasing intention when moderated by gender with pvalue (0.560) 0.05, (2)environmental concern does not significantly influence green purchase intentions whenmoderated by gender with pvalue (0.475) 0.05, (3) green purchase attitude are notsignificantly influence green purchase intentions when moderated by gender with pvalue(0.781) 0.05, (4) gender diferences are not influence green purchase behavior withpvalue (0.628) 0.05. These results contrast with previous findings Tikka (2000) whoexplains that men are more likely to have more envormental knowledge compared withwoman. The findings also do not support research cby Mohai (1992) and Stern (1992)who found that women are more concerned about the environment than men andMustafa (2007) which states that women express greater environmental concern thanmen . But research is supported by the findings of Chen and Chai (2010) that there is nodifference between the attitude of male students and female students on the environmentand green products.]]>
<![CDATA[STRUKTUR CORPORATE GOVERNANCE DAN KETEPATAN WAKTU PENYAMPAIAN LAPORAN KEUANGAN: STUDI PADA PERUSAHAAN JASA DI BEI ]]>
<![CDATA[Tri Gunarsih]]>;
<![CDATA[Bambang Hartadi]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 12, No 2 (2008): May 2008 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
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DOI: 10.26905/jkdp.v12i2.886
<![CDATA[The main objective of this study was to examine the impact of corporate governancestructure and the performance of the firms to timeliness in Indonesian Stock Exchange. Thisstudy combined corporate governance structure and timeliness study. Samples in this studywere service public companies. The research questions were tested by running two logisticsregression models. The dependent variables were dyygre timeliness proxied by dummy variable.It got 1 if companies published financial report before 120 days after December 31st and itgot 0 if the report was published after 120 days after December 31st. Governance structureswere proxied by ownership concentration and number of the Board of Directors and numberof the Board of Commissioners. Ownerships concentration was measured by herfindahl indexdomestic institution (HI_DOM). HI_DOM was the sum of square of ownership proportion bydomestic institution. The result of this study showed that there was a negative relationshipbetween number of the Board of Directors (as one of governance structure proxy) andtimeliness. The other significant variable was ROI as financial performance proxy.]]>
<![CDATA[VALUE-AT-RISK ANALYSIS IN RISK MEASUREMENT AND FORMATION OF OPTIMAL PORTFOLIO IN BANKING SHARE ]]>
<![CDATA[Putri Endah Astuti]]>;
<![CDATA[Tri Gunarsih]]>
<![CDATA[ JBTI : Jurnal Bisnis : Teori dan Implementasi Vol 12, No 2 (2021): August 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta ]]>
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DOI: 10.18196/jbti.v12i2.12263
<![CDATA[This study analyzes the application of Value at Risk (VaR) in estimating the risk of investment in banking stocks and the formation of an optimal portfolio using the Mean-VaR method based on the Markowitz approach. Many studies show that market data are often abnormal and make the assumption of normality considered irrelevant. This is the background of research on VaR using the historical simulation method, which is a method that moves away from the concept of normality. In addition, the crisis due to the Covid-19 pandemic makes the market difficult to predict. The period used in this study is during a normal market and a crisis (covid-19 pandemic). VaR is calculated with a holding period (t) of one week and a confidence level of 95%. Based on the backtesting test, the historical simulation method is accepted as an accurate method in estimating the VaR value in both normal and crisis periods. The optimal portfolios formed based on the mean-VaR are Portfolio-1 (normal period) and Portfolio-2 (crisis period). The composition of Portfolio-1 is BBRI, BBCA, BNLI, BTPN, and BNBA with the optimal proportion of each share sequentially of (18.35%), (23.90%), (11.39%), (18.63 %), and (27.73%). The VaR value of Portfolio-1 is -0.0107. The composition of Portfolio-2 is BNII and BNBA with optimal proportions of each share (22.71%) and (77.29%). The VaR value of Portfolio-2 is -0.0354. The results of this study can be used by investors as a reference in making investment decisions that focus on downside risk.]]>
<![CDATA[Pecking Order Theory and Trade-Off Theory of Capital Structure: Evidence from Indonesian Stock Exchange ]]>
<![CDATA[Priska Ralna Eunike Culata]]>;
<![CDATA[Tri Gunarsih]]>
<![CDATA[ The Winners Vol. 13 No. 1 (2012): The Winners Vol. 13 No. 1 2012 ]]>
Publisher : <![CDATA[Bina Nusantara University ]]>
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DOI: 10.21512/tw.v13i1.666
<![CDATA[Numerous empirical studies in the finance field have tested many theories for firms’ capital structure. The pecking order theory and the trade-off theory of capital structure is among the most influential theories of firms’ capital structure. The trade-off theory predicts optimal capital structure, while the pecking order theory does not predict an optimal capital structure. According to pecking order theory, the order of financial sources used is the source of internal funds from profits, short-term securities, debt, preferred stock and common stock last. The main objective of this study is to econometrically test whether the listed companies in Indonesian Stock Exchange follow the pecking order theory or the trade-off theory. Samples in this study are public companies listed during 2009-2010. The research questions are tested by running regression models. The empirical result of this study shows that the pecking order theory is not supported, while the trade-off theory is supported. This suggests that the capital structure of listed companies in Indonesian Stock Exchange is financed based on optimal capital structure, not by the order financial resources.]]>
<![CDATA[ANALISIS KETERLAMBATAN PENYAMPAIAN LAPORAN KEUANGAN DAN KINERJA KEUANGAN STUDI PADA PERUSAHAAN PUBLIK 1999-2005 ]]>
<![CDATA[TRI GUNARSIH]]>
<![CDATA[ Jurnal DISPROTEK Vol 1, No 1 (2010) ]]>
Publisher : <![CDATA[Universitas Islam Nahdlatul Ulama Jepara ]]>
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DOI: 10.34001/jdpt.v1i1.239
<![CDATA[ABSTRACT The main objective of this study is to analyze timelines of financial statement reporting and financial performance in Indonesian Stock Exchange (IDX). Samples In this study are IDX public companies listed In 1999-2005, The research questions are tested by running ANOVA to analyze whether any differences in timelines of financial statement reporting and finanda/performance between years and between size and also Independent i test to analyze whether any differences in timelines of financial statement and financial penvnffance between industry. Timelines (KW) proxied by dummy variable, If companies published financial reporting before 120 days after December 31 and 0 otherwise. finandaf performance proxied by Sales, Asset Earning After Tax(EAT)f Return on Investment (ROI), Return on Equity (ROE), and Sales Growth. The results of between year comparisons show that there are differences (increasing) between years for EAT, ROI and KW. These suggest that firm performance and timelines of finandaf statement reporting are increasing over time. The results of between size comparisons show that there are differences between size for EAT, Sales and KW. The bigger the size, the higher the financial performance and the timelines. The results of between industry comparisons show that there are differences for Asset and EAT. Base on these variables, financialperformance in service industry higher than manufacture industry.]]>
<![CDATA[Apakah Kinerja Saham Syariah Lebih Baik Dibandingkan Saham Non-Syariah pada Tahun 2018-2019? ]]>
<![CDATA[Eka Maya Sari]]>;
<![CDATA[Tri Gunarsih]]>
<![CDATA[ Telaah Bisnis Vol 21, No 1 (2020): Juli 2020 ]]>
Publisher : <![CDATA[Sekolah Tinggi Ilmu Manajemen YKPN Yogyakarta ]]>
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DOI: 10.35917/tb.v21i1.202
<![CDATA[There are two considerations that investors need to notice if they want to invest in the capital market, namely, return and risk. An investor needs to diversify to gain benefits and minimize risk by forming the optimal stock portfolios. This research analyzes the differences between Islamic stock (based on JII) and non-Islamic stock (based on LQ45) stock portfolio investment using the single index model. The samples were consistently listed on the JII and LQ45 stock indices in January 2018-December 2019. There are 35 stocks for the LQ45 stock index and 25 stocks on the JII stock index. Sharia stocks' optimal portfolio comprises three stocks, while the optimal portfolio of non-Islamic stocks shall consist of four stocks. The Independent Sample T-Test was implemented to analyze the differences between the Islamic (JII) and non-Islamic (LQ45) optimal stock portfolios based on the Sharpe Ratio, Jensen Ratio, and Treynor Ratio. The results show that there is no significant difference between Islamic and non-Islamic stocks.]]>
