Articles
<![CDATA[STOCK PORTFOLIO PERFORMANCE BASED ON STOCK VOLATILITY: A STUDY OF INDONESIA STOCK MARKET ]]>
<![CDATA[Kusno, John Iwan]]>;
<![CDATA[Teja, Adrian]]>
<![CDATA[ Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT Vol 4 No 1 (2019) ]]>
Publisher : <![CDATA[Economic Faculty, Attahiriyah Islamic University ]]>
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DOI: 10.36226/jrmb.v4i1.238
<![CDATA[The aim of the study was to investigate the relevancy of capital asset pricing model (CAPM) in Indonesia. CAPM states investor who has willingness to take higher risk should compensate with higher return as compensation. Hypothesis testing uses the one sample t-test to validate the return portfolio is not equal to zero. The result of the study revealed that portfolio with highest risk did not provide highest return. Supposition of the results is because limitation of CAPM theory (frictionless market and everyone has risk averse profile). This creates low risk anomaly phenomenon in Indonesia stock market which lower risk portfolio can provide higher return and contractive monetary policy magnify the portfolio performance differences.]]>
<![CDATA[TAX RATE AND NON-DEBT TAX SHIELD ]]>
<![CDATA[Teja, Adrian]]>
<![CDATA[ Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT Vol 4 No 2 (2019) ]]>
Publisher : <![CDATA[Economic Faculty, Attahiriyah Islamic University ]]>
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DOI: 10.36226/jrmb.v4i2.261
<![CDATA[Firm can minimize their tax obligation by debt tax shield and non-debt tax shield (NDTS). However, research findings on how firm treat debt tax shield and NDTS, as a substitute or as a complement, remain inconclusive. This paper objective is to provide evidence on how firm usage of NDTSchange when tax rates change in Indonesia. Multivariate regression analysis performed with NDTSas dependent variable and tax rates change and debt level as independent variable. Multivariate regression analysis covering 73 Indonesia firms with 146 observations for the period of year 2008 to year 2010. Within this period, Indonesia corporate tax rate being reduce twice from 30% in 2008 to 28% in 2009 and 25% in 2010. This research find when tax rates is decrease, public firm increase their usage of NDTSwith a lag of one year and debt financing remain increased alongside with non-debt tax shield. This finding provide support to debt tax shield and NDTSas a complement.]]>
<![CDATA[Indonesian Fintech Business: New Innovations or Foster and Collaborate in Business Ecosystems? ]]>
<![CDATA[Teja, Adrian]]>
<![CDATA[ The Asian Journal of Technology Management (AJTM) Vol 10, No 1 (2017) ]]>
Publisher : <![CDATA[School of Business and Management Institut Teknologi Bandung ]]>
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DOI: 10.12695/ajtm.2017.10.1.2
<![CDATA[Abstract. There are many innovative products fail to reach minimum critical mass adopter and cease to exist. New financial technology products are not an exception because the current financial technology to facilitate transactions, whether payment, investment, and insurance still function remarkably well. Since new financial technology products have features to better serve low to middle-level customers in the form of higher convenience level and lower costs than the current financial technology products, the initiatives to ensure their success is imperative. Thus, the purpose of this study is to present propositions based on a literature review to encourage companies to simultaneously have two competencies, first competencies in new product development and second, competencies to foster and collaborate with other companies in within and across business ecosystems. The implications of this paper are companies with higher competencies to foster and collaborate with other companies, even though they start with relatively basic innovative product, have higher probability to reach minimum critical mass of adopter and higher probability to become leader in their business ecosystem and government need to maintain their active role to foster collaboration within and across business ecosystem. Â Keywords: Business ecosystem, business ecosystems leader, collaboration, fintech (financial technology), new product development.]]>
<![CDATA[Investor Limited Information Processing Capacity: Industry Level Analysis ]]>
<![CDATA[Winston Sutandar]]>;
<![CDATA[Angel Angel]]>;
<![CDATA[Trixie Josunarto]]>;
<![CDATA[John Iwan Kusno]]>;
<![CDATA[Adrian Teja]]>
<![CDATA[ Jurnal Manajemen dan Keuangan Vol 8 No 1 (2019): JURNAL MANAJEMEN DAN KEUANGAN ]]>
Publisher : <![CDATA[Program Studi Manajemen Fakultas Ekonomi Universitas Samudra ]]>
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DOI: 10.33059/jmk.v8i1.1307
<![CDATA[Investor has cognitive limitation in the form of limited information-processing capacity relative to the amount of information available to them. This limitation force investors to optimize their valuable resources by focusing only to a specific set of information based on their unique preference. Since different industry have different information complexities, different industries will have different investor segment in terms of investor number, investor sophistication, and investor speed to gather and to comprehend information from other industry. We investigate the prevalence of investor’s limited information-processing capacity in Indonesian stock market using autoregressive model. We used monthly data from 31 December 1999 to 30 September 2015 to identify whether there are industries that consistently lead other industries. We find only mining industry return, with small market capitalization only 3.3% relative to total Jakarta Composite Index market capitalization, which consistently leads Jakarta Composite Index return for one to two months.]]>
<![CDATA[A COMPARISON OF UNDERWRITER REPUTATION MEASUREMENT METHODS IN EXPLAINING IPO STOCK PERFORMANCE ]]>
<![CDATA[Adrian Teja]]>
<![CDATA[ Akurasi : Jurnal Studi Akuntansi dan Keuangan Vol 4 No 2 (2021): Akurasi: Jurnal Studi Akuntansi dan Keuangan, Desember 2021 ]]>
Publisher : <![CDATA[Magister Akuntansi Fakultas Ekonomi dan Bisnis Unram ]]>
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DOI: 10.29303/akurasi.v4i2.85
<![CDATA[This study objective compares the underwriter reputation, measured by a different method, in explaining Initial Public Offering (IPO) performance. The reputation is measured based on underwriter IPO frequency and deal value. The underwriter's reputation is then ranked and categorized into quartiles. We use cross-section regression methods to test the effect of different underwriter reputation measurement methods on IPO performance. The dependent variable is short-term and long-term IPO performance. The independent variable is four underwriter reputation categories represented by three-level dummy variables. We found that only underwriter reputation measured by IPO frequency can explain IPO performance. The findings suggest IPO frequency help underwriter understand the market condition and value IPO more accurately. Firms that want to reduce the cost of IPO underpricing should choose underwriters with a higher IPO frequency.]]>
<![CDATA[CORPORATE GOVERNANCE: PERSPEKTIF TEORI PERUSAHAAN ]]>
<![CDATA[Adrian Teja]]>
<![CDATA[ Bina Ekonomi Vol. 7 No. 2 (2003) ]]>
Publisher : <![CDATA[Center for Economic Studies Universitas Katolik Parahyangan ]]>
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DOI: 10.26593/be.v7i2.607.%p
<![CDATA[The main differences between corporate governance theory from the theory of the firm perspective and other perspectives, such as simple finance perspective, the stewardship perspective, the political perspective, and the stakeholder perspective, is the power of the agent The theory of the firm perspective assumes that agent has a dominant power but the other perspectives assume principal has a dominant power. The agent build information asymmetry through increasing risk and complexity of the firm. The increasing of business risk induce principal to invite other principal to spread the risk. When the stake of principal in the firm is small relative to her wealth, their incentive to monitor the agent tend to decreasing. The complexity of the firm need a lot of good monitor. Since good monitor is limited then agent will be under monitored.]]>
<![CDATA[Country Tax Regime And Firm Debt Financing ]]>
<![CDATA[Grace Then]]>;
<![CDATA[Michael Gunawan]]>;
<![CDATA[Hendra Fong]]>;
<![CDATA[Adrian Teja]]>
<![CDATA[ Bina Ekonomi Vol. 23 No. 2 (2019): Bina Ekonomi: Majalah Ilmiah Fakultas Ekonomi Universitas Katolik Parahyangan ]]>
Publisher : <![CDATA[Center for Economic Studies Universitas Katolik Parahyangan ]]>
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DOI: 10.26593/be.v23i2.4453.78-71
<![CDATA[The ASEAN country’s tax regime can be distinguished into the classical tax regime (Indonesia, Thailand, and Philippines) and integrated tax regime (Singapore, Malaysia, and Vietnam). This paper aims to understand the effect of the different tax regimes to firm debt financing policy. We analyze the effects of different tax regimes using the cross section regression method. The dependent variable is Debt to Equity Ratio, the independent variable is proxied by a dummy variable with the classical tax regime are defined as 1 and the integrated tax regime are defined as 0, and firms’ characteristics, as a control variable: Net Property Plan and Equipment to Total Asset Ratio, One Year Sales Growth, Price to Book Value Ratio, and Earnings before Interest, Taxes, Depreciation and Amortization to Total Asset Ratio. Since the classical tax regime has higher tax rates relative to the integrated tax regime, firm operating in the classical tax regime able to experience the same debt tax saving using lower debt financing relative to firm operating in the integrated tax regime. Keywords: ClassicalTtax Regime; Integrated Tax Regime; Debt Tax Saving; Debt Financing; ASEAN Country]]>
<![CDATA[The M&A Short-Term Wealth Effect of A Consistent Dividend-Paying Firm ]]>
<![CDATA[Veeghan Frances Tirtasaputra]]>;
<![CDATA[Veren Geby Salim]]>;
<![CDATA[John Iwan Kusno]]>;
<![CDATA[Adrian Teja]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
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DOI: 10.26905/jkdp.v26i2.6572
<![CDATA[AbstractThe paper examines the MA short-term wealth effect of a consistent dividend-paying firm. The consistent dividend-paying firm is unique because they are associated with lower agency problems. Hence, it is expected that the MA by the dividend-paying firm has a short-term positive wealth effect. To test the hypothesis, we perform two steps analysis. The event-study method examines the acquirer stock performance on the announcement date, the deal close date, and the announcement to deal close date. The cross-section regression to test the short-term wealth effect of MA by the dividend-paying firm. The dependent variable is the acquirer's stock performance from the event-study method. The independent variable is a dividend-paying firm. The control variables are the acquisition deal value relative to the acquirer's stock market capitalization, the acquirer's stock dividend yield, and the acquirer's price-to-book value (PBV) ratio. The samples are MA transactions in ASEAN-5 (Indonesia, Malaysia, The Philippines, Thailand, and Vietnam) for 2015-2019. The regression analysis shows that the variable representing a dividend- paying firm has a negative sign. The finding suggests that investors react negatively to the MA by the dividend-paying firm. The negative wealth effect is relatively small compared to the MA deal value and the acquirer's stock valuation. The result is that the MA by a dividend-paying firm provides a short-term positive wealth effect.JEL: G34, G35]]>
<![CDATA[Pengaruh Penurunan Tarif Pajak Terhadap Modal Saham Bank ]]>
<![CDATA[Adrian Teja]]>
<![CDATA[ Studi Akuntansi dan Keuangan Indonesia Vol 4 No 1 (2021): Studi Akuntansi dan Keuangan Indonesia (SAKI) ]]>
Publisher : <![CDATA[Universitas Prasetiya Mulya ]]>
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DOI: 10.21632/saki.4.1.30-37
<![CDATA[Tujuan makalah ini adalah menemukan pengaruh penurunan tarif pajak penghasilan badan terhadap modal saham bank. Teori struktur modal menyatakan tarif pajak yang lebih rendah mengurangi manfaat pajak dari hutang. Dengan demikian, penurunan tarif pajak akan meningkatkan modal bank. Pengujian hipotesis dilakukan dengan menggunakan metode regresi cross-section. Variabel terikat adalah rasio modal bank terhadap total aset. Variabel bebas adalah perubahan tarif pajak dari 30% menjadi 28% dan 28% menjadi 25% pada tahun 2008-2010. Berbeda dengan hipotesis, kami menemukan penurunan tarif pajak penghasilan bank mengakibatkan pelemahan modal bank. Temuan ini menunjukkan bank mengkompensasi penurunan tarif pajak penghasilan badan dengan menambah sumber dana hutang sehingga nilai uang manfaat pajak dari penggunaan hutang (debt tax saving) dapat dipertahankan. Penurunan tarif pajak penghasilan badan berpengaruh negatif pada modal saham bank. Bank Indonesia harus menerbitkan regulasi untuk menghambat kecenderungan bank untuk mengambil resiko dan memperkuat modal saham bank.]]>
<![CDATA[Effect of Corporate and Dividend Income Tax Rates on Bank Capital ]]>
<![CDATA[Adrian Teja]]>
<![CDATA[ INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 15, No 2 (2022): August - November 2022 ]]>
Publisher : <![CDATA[Universitas Prasetiya Mulya ]]>
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DOI: 10.21632/irjbs.15.2.167-176
<![CDATA[The study uses quantitative method to estimate the effect of Corporate- and Dividend-Income-Tax rates on Total-Bank-Capital, Tier-1-Bank-Capital, and Tier-2-Bank-Capital ratios. The samples are banks from ASEAN-4 countries, i.e. Indonesia, Malaysia, The Philippines, and Thailand, taken in 2020. The effects of Corporate- and Dividend-Income-Tax on Total-Bank-Capital, Tier-1-Bank-Capital, and Tier-2-Bank-Capital ratios were analyzed using cross-section regression. We placed Total-Bank-Capital, Tier-1-Bank-Capital, and Tier-2-Bank-Capital ratios as the dependent variable. Corporate- and Dividend-Income-Tax rates were placed as the independent variable. Both Corporate- and Dividend-Income-Tax rates are statistically significant and positively affect the Total-Bank-Capital and Tier-1-Bank-Capital. The findings suggest that high Corporate- and Dividend-Income-Tax rates reduce banks' significant risks. Corporate-Income-Tax rates and negatively affect Tier-2-Bank-Capital. The finding suggests that lower tax rates will induce banks to increase their Tier-2-Bank-Capital ratio. However the effect of Dividend-Income-Tax rates on Tier-2-Bank-Capital is not statistically significant.]]>
