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Valentino Budhidharma
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valentino.budhidharma@uph.edu
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jfp@uph.edu
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INDONESIA
Jurnal Finansial dan Perbankan
Published by Universitas Pelita Harapan
ISSN : -     EISSN : 28283872     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Finansial dan Perbankan aims to foster leading scientific research on finance. It provides a central and independent forum for the critical evaluation and dissemination of research and to publish the highest quality research with evaluation, evidence and conclusions that are relevant to finance and banking while engaging finance scholars and practitioners. Jurnal Finansial dan Perbankan places a strong emphasis on both knowledge and practice, facilitating the exchange of ideas and discoveries on research issues. The journal is intended to give both an academic and practical focus, reflecting the trends, interests in on going strategic initiatives, phenomenon related to finances.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 5 Documents
 1 
Search results for , issue "Vol 1, No 1: January 2022" : 5 Documents clear
Stock Market Response to Unexpected Dividend Changed in Indonesia Daniel Wahap; Michael Basrie; Vina Nugroho
Jurnal Finansial dan Perbankan (JFP) Vol 1, No 1: January 2022
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/jfp.v1i1.3981

Abstract

The writer finds that bond rating and dividend can change the firm value. Specifically, when a firm with bond rating has an increase in their dividend, their firm value will decrease. While when the firm without bond rating has an increase in their dividend, their firm value will also increase. It is very strange as to why the firm with bond rating can decrease in their firm value when their dividend is increasing. In this research, the writer explains this phenomena. Besides explaining this phenomena, the writer also can prove that bond rating and dividend is really critical in determining the firm value by conducting two researches (firm with and without bond rating) which other researchers have not done yet. The data that will be using is the firms with and without bond rating in Indonesia between 2007 and 2016.
Pengaruh Diversifikasi Hutang Terhadap Nilai Perusahaan di Indonesia [The Effect of Debt Diversification on the Value of Companies in Indonesia] Alvin Javroni Chandra; Valentino Budhidharma
Jurnal Finansial dan Perbankan (JFP) Vol 1, No 1: January 2022
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/jfp.v1i1.4745

Abstract

The use of debt diversification is a common thing to do in firms. Prior studies found that diversification could affect the agency cost that affected value of firms as well. This study tries to examine the association between debt diversification to firms’ values. Firms’ values are calculated using Tobin’s Q. The yearly data are used for firms that have debt components in their capital structures listed in Indonesia Stock Exchange from 2005 to 2019. The results show that (1) debt diversification does not affect value of firms, (2) marginal change on debt diversification does not affect marginal change of firms’ values, (3) debt diversification does not affect financial constraints of firms, and (4) debt diversification has greater impact when firms have high potential agency cost.BAHASA INDONESIA ABSTRACTPenggunaan diversifikasi hutang amat umum dilakukan oleh perusahaan. Penelitian sebelumnya menemukan bahwa diversifikasi hutang berpengaruh kepada agency cost yang pada akhirnya memengaruhi nilai perusahaan. Penelitian ini mencoba untuk melihat bagaimana pengaruh diversifikasi hutang terhadap nilai perusahaan. Nilai perusahaan dihitung berdasarkan Tobin’s Q. Data dikumpulkan secara tahunan untuk perusahaan non-keuangan yang memiliki komponen hutang di dalam struktur modalnya yang terdaftar di Bursa Efek Indonesia (BEI) periode 2005 hingga 2019. Hasil dari penelitian menunjukkan (1) diversifikasi hutang tidak mempengaruhi nilai perusahaan, (2) perubahan marjinal pada diversifikasi hutang tidak mempengaruhi perubahan marjinal pada nilai perusahaan, (3) diversifikasi hutang tidak memiliki pengaruh terhadap financial constraints yang dimiliki oleh perusahaan, dan (4) pengaruh diversifikasi hutang lebih besar pada saat perusahaan memiliki potensi agency cost yang tinggi.
Pengaruh Net Operating Working Capital Terhadap Firm’s Value di Indonesia [The Effect of Net Operating Working Capital to the Firm's Value in Indonesia] Stefanie Kole
Jurnal Finansial dan Perbankan (JFP) Vol 1, No 1: January 2022
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/jfp.v1i1.4746

Abstract

The purpose of this study is to understand the effect of net operating working capital to the value of firms in Indonesia. This study also examines whether the effect is positive or negative. The data is 3,166 observations consisting of 427 listed firms in Indonesia Stock Exchange from 2010 to 2019 with certain criterias. The model used in this study is Fixed Effect Model. The result shows that net operating working capital does not have significant effect to the value of firms. The effectivity of investment management on net operating working capital is an important factor to determine the optimality of the use of net operating working capital.BAHASA INDONESIA ABSTRACTTujuan dari penelitian ini adalah untuk mengetahui pengaruh dari net operating working capital terhadap nilai perusahaan yang terdapat di Indonesia. Penelitian ini juga ingin melihat apakah pengaruh tersebut bersifat positif ataukah negatif. Penelitian ini memiliki 3.166 obeservasi yang terdiri dari 427 perusahaan yang terdaftar di Bursa Efek Indonesia sejak tahun 2010 hingga 2019 dengan beberapa kriteria tertentu. Model yang digunakan dalam penelitian ini adalah Fixed Effect Model. Hasil dari penelitian ini membuktikan bahwa net operating working capital tidak memiliki pengaruh yang signifikan terhadap nilai perusahaan. Efektifitas dari pengelolaan investasi pada net operating working capital penting untuk menentukan optimalitas dari penggunaan net operating working capital.
Kebijakan Dividen Dan Kebijakan Hutang Terhadap Nilai Perusahaan Dengan Economic Value Added (EVA) Sebagai Variabel Moderasi [Dividend Policy and Debt Policy on the Company’s Value with Economic Value Added (EVA) as Moderating Variable] Hanna Wijaya
Jurnal Finansial dan Perbankan (JFP) Vol 1, No 1: January 2022
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/jfp.v1i1.4772

Abstract

This research aims to analyze, describe, and determine the effect of dividend policy and debt policy on the company’s value which is moderated by EVA. This study used data obtained through financial statements and the S&P platform. The sample used in this research consists of company engaged in the property and real estate sector listed on the Indonesia Stock Exchange which was obtained by purposive sampling with a total of 112 observations. This study used financial statement data as of December 31. Some classic assumption tests are conducted to make sure the data obtained are free from abnormality or bias and multiple regression to find out the direct relationship between independent variables, namely dividend policy and debt policy, with dependent variables, namely the value of the company moderated by EVA. The data were processed using the SPSS Version 25 program in which the results obtained showed the dividend policy and debt policy independently had a significant positive effect on the value of the company. EVA variable independently has a significant negative effect on the value of the company. Meanwhile, EVA as a moderation variable does not affect the relationship between dividend policy and company value but weakens the positive relationship of debt policy to company value.BAHASA INDONESIA ABSTRACTPenelitian ini bertujuan untuk menganalisis, mendeskripsikan, dan mengetahui pengaruh kebijakan dividen dan kebijakan hutang terhadap nilai perusahaan yang dimoderasi EVA. Penelitian ini menggunakan data yang diperoleh melalui laporan keuangan dan platform S&P. Sampel yang digunakan adalah perusahaan yang bergerak di sektor property and real estate yang terdaftar di Bursa Efek Indonesia yang didapatkan dengan cara purposive sampling dengan total 112 observasi. Penelitian ini menggunakan data laporan keuangan per 31 Desember.  Uji yang digunakan adalah asumsi klasik untuk mengetahui apakah ada abnormalitas atau bias dari data yang diperoleh dan regresi berganda untuk mengetahui hubungan langsung antara variabel independen yaitu kebijakan dividen dan kebijakan hutang dengan variabel dependen yaitu nilai perusahaan yang dimoderasi oleh EVA. Data diolah menggunakan program SPSS Versi 25 di mana hasil yang diperoleh menunjukkan kebijakan dividen dan kebijakan hutang secara independen berpengaruh positif signifikan terhadap nilai perusahaan. Variabel EVA secara independen berpengaruh negatif signifikan terhadap nilai perusahaan. Sedangkan EVA sebagai variabel moderasi tidak mempengaruhi hubungan antara kebijakan dividen terhadap nilai perusahaan namun memperlemah hubungan positif kebijakan hutang terhadap nilai perusahaan.
Produktivitas dan Pendanaan Eksternal Perusahaan Manufaktur di Indonesia [Productivity and External Funding of Manufacturing Companies in Indonesia] Nathaniel Richard Suandi; Liza Handoko
Jurnal Finansial dan Perbankan (JFP) Vol 1, No 1: January 2022
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/jfp.v1i1.4883

Abstract

Good companies often find it difficult to prove their qualities to external financing. This research aims to test the productivity of company towards external financing. Sample of this research are 181 companies in manufacturing industry listed in Indonesia Stock Exchange, from year 2010–2019. Findings of this research is that there’s no influence of productivity towards external financing.BAHASA INDONESIA ABSTRACTPerusahaan berkualitas baik sering kali kesulitan untuk membuktikannya kepada pihak pendanaan eksternal tentang kualitas mereka yang sebenarnya dan membedakan diri dari perusahaan berkualitas buruk. Maka dari itu peneliti ingin menguji produktivitas dari perusahaan dan pengaruhnya terhadap pendanaan eksternal. Peneliti melakukan pengambilan sampel sebesar 181 perusahaan manufaktur yang tercatat di Bursa Efek Indonesia (BEI) dari tahun 2010–2019. Hasil penelitian menunjukkan bahwa produktivitas tidak berpengaruh terhadap pendanaan eksternal.

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