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Jurnal Keuangan dan Perbankan

jkdp
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Published by Universitas Merdeka Malang

ISSN : - EISSN : - DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

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Articles 15 Documents

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Search results for , issue "Vol 15, No 1 (2011): January 2011" : 15 Documents clear

THE EFFECT OF MULTINATIONAL UNDERWRITING FIRMS ON INTELLECTUAL CAPITAL DISCLOCURE IN INDONESIAN IPO PROSPECTUSES Dezie L. Warganegara
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

The objective of this study was to investigate the effects of multinational underwriters on intellectual capitaldisclosure in Indonesian IPO prospectuses. Intellectual capital disclosure practices were driven by the adviceof underwriters. Multinational underwriters had a greater capacity to produce more relevant information so itreduced the information gap for IPO market participants. The information included IC disclosure practices inIPO prospectuses. This study found that the nationality of underwriting firms positively affected the extent ofintellectual capital disclosure in Indonesian IPO prospectuses. Exposure to IPOs in other countries and theability to combine dispersed knowledge across their international branches seemed to have a positive effect onmulti-national underwriting firms in as much as it led to a higher standard of disclosure of intellectual capitalthan that of local underwriting firms.

THE RELATIVE ACCURACY OF MANAGEMENT EARNINGS FORECAST AND IPO PERFORMANCE Yanthi Hutagaol; I Gusti Ayu Esika
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Prior studies show that IPO earnings forecasts are robustly related to the IPO initial market valuation and itsshort-run performance (i.e., Chen, Firth, and Khrisnan, 2001; How and Yeo, 2001; Li and McConomy, 2004;Keasey and McGuiness, 2008). This study investigates the impact of management earning forecasts on thelong run performance of IPOs in Indonesia Stock Exchange (IDX). It hypothesizes that the relative accuracy,which is revealed at the end of IPO year, will affect the pricing process in the market that in turn will affect theIPO 1 year performance. Unlike most prior studies, this study uses relative forecast bias, as the direction of thebias will have different impact on the IPO after-market performance. Using 94 IPOs that went public in 2000-2008 in IDX, this study finds some interesting results. In general, the sample shows an average of negativeforecast bias. The upward bias IPOs has a better 1-year performance than the downward bias IPOs. They alsoappear to have a higher initial performance. Finally, the cross section analysis result shows a robust evidenceto support the research hypothesis that the relative accuracy of management earnings forecast is positivelyrelated to the IPO 1-year performance.

DETERMINANT FACTORS OF FINANCIAL REPORTING QUALITY AND ECONOMIC CONSEQUENCES Fanani, Zaenal
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

The aim of this research was to prove empirically the determining factors that influence the quality of financialreporting and the economic consequences, and there were influence differences of quality attributes of financialreporting to the economic consequences. The research samples were taken by purposive sampling so it obtained141 listed manufacturing businesses from 2001 to 2006. The research used four data analysis technique:auxiliary regression R2, confirmatory factor analysis, simple regression, and multiple regressions. The resultsshowed seven attributes, there were five attributes that gave contribution for financial reporting quality namelyaccrual quality, predictability, smoothness, relevance value, and conservatism while the persistence and timelinessgave small contribution. The five attributes were also different each other. From the thirteen determiningfactors, it showed nine factors that produced significant influences namely operation cycle, sales volatility,firm size, firm age, loss proportion, leverage, environmental risk, institutional ownership, market concentration,and auditor quality, while the other three, they were liquidity, managerial ownership, and investmentgrowth that were not significant. Testing results of economic consequences of quality of financial reportingshowed that the quality of factorial financial reporting influenced negatively and significantly toward informationasymmetry.

FAKTOR FUNDAMENTAL DAN RISIKO SISTEMATIK IMPLIKASINYA TERHADAP HARGA SAHAM M. Syahirman Yusi
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

The objective of the research was to examine the implication of fundamental factors and systematic risk towardthe stocks price, especially on manufacture industrial products in Indonesian Stock Exchange. It was a surveyresearch by survey research type. The number of sample required the criteria to be examined was 20 respondentstaken by purposive sampling. Through statistical analysis, the fundamental factors having a significanteffect toward the stocks price were return on assets (ROA), debt to equity ratio (DER), and value book. Amongthose variables, value book was the most dominant factor, and dividend payout ratio (DPR) was not significant.The other factor added having a significant effect toward the stocks price was systematic risk measuredby beta index.

MODEL PREDIKSI NILAI PERUSAHAAN MELALUI KEPEMILIKAN MANAJERIAL DAN SET KESEMPATAN INVESTASI Herry Laksito; Sutapa Sutapa
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

This study empirically examined the effect of managerial ownership on firm value of Investment OpportunitySet with mediation. Model, this research examined corporate governance measured by the shares of thecompanys value with the mediation set of investment opportunities. The purpose of this study was to analyzethe effect on the value of corporate governance mediation firm with an investment opportunity sets on manufacturingcompanies listed in Indonesia Stock Exchange. The populations in this study were all of manufacturingcompanies listed in Indonesia Stock Exchange and reporting financial statement in the Indonesian capitalmarket directory during the period 2005-2007. Determination of sample used purposive sampling. The datamet the characteristic of 37 firms. Statistical method used was path analysis. The results showed that managerialstock ownership (corporate governance) did not affect the value of a company with a negative direction.Managerial stock ownership (corporate governance) affected the investment opportunity set (IOS). IOS did notaffect the value of the company and investment opportunity set could not significantly mediate the effect ofmanagerial ownership (corporate governance) against the value of the firm.

STRUKTUR KEPEMILIKAN, KEBIJAKAN DIVIDEN DAN NILAI PERUSAHAAN MANUFAKTUR YANG GO PUBLIC I Ketut Yadnyana; Ni Wayan Alit Erlina Wati
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v15i1.1000

The aim of this study was to obtain the empirical evidence about the effect of managerial ownership structureand dividend policy on company value. This study consisted of 66 manufacturing companies which hadshared dividends in year period of 2005 until 2008 with 161 observations. The certainty sample method usedwas purposive sampling. Statistics methods used for testing the hypothesis were simple linear regression andmultiple linear regression method. Based on the statistical test showed that positive impact of managerialownership was on dividend policy and firm value. It showed that the greater level of managerial ownershipwas followed the increasing of dividends value paid to the shareholders and it also caused the value ofcompanies getting better. The variables of dividend policy caused positive impact for the companys value. Theresult showed that larger the dividend distributed to the shareholders, the better the value of the company was.

STRUKTUR KEPEMILIKAN DAN STRUKTUR MODAL TERHADAP KEBIJAKAN DIVIDEN DAN NILAI PERUSAHAAN Artini, Luh Gede Sri; Puspaningsih, Ni Luh Anik
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : UNIVERSITY OF MERDEKA MALANG

The companys long-term goal was to maximize corporate value. Maximization of corporate value could berealized by using the aspect of corporate financial decisions and the amount of stock ownership by managementin the company. This study aimed to determine the effect of direct and indirect ownership structure and capitalstructure toward dividend policy and firm value. Ownership structure was measured by total percentage ofstock ownership by management, capital structure was measured with debt to equity ratio (DER), dividendpolicy was measured by dividend payout ratio (DPR) and the value of the firm measured by price to book value(PBV). Population research was all the firms in the manufacturing industries listed in Indonesia Stock Exchange(IDX) from 2006 until the year of 2009 namely 149 companies. Sampling conducted in the researchwas purposive sampling method. Based on the criteria obtained by purposive sampling, 15 companies wereeligible to be utilized as the research sample. The results of this research were the impact of ownership structurewas not significant on dividend policy, the ownership structure had a significant positive impact on corporatevalue, capital structure did not significantly effect on dividend policy, capital structure did not significantlyaffect the value companies, dividend policy had a significant positive impact on corporate value.

FAKTOR-FAKTOR YANG MEMPENGARUHI DIVIDEND PAYOUT RATIO PADA PERUSAHAAN JASA KEUANGAN Sutoyo Sutoyo; Januar Eko Prasetio; Dian Kusumaningrum
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

The objective of this research was to analyze what factors influencing dividend payout ratio at the IndonesianStock Exchange (ISE). The method used in this research was the survey method. This research was conductedat the ISE using 82 emitens as the sample based on purposive sampling. The first and second hypothesis wasanalyzed using multiple regression. The result of the first hypothesis analysis showed profitability, liquidity,debt policy, institutional ownership, growth, and firm size simultaneously influential to dividend payoutratio. The second hypothesis analysis showed that only growth influencing dividend payout ratio.

TRADING VOLUME ACTIVITY AND BID-ASK SPREAD BEFORE AND AFTER THE MERGER ANNOUNCEMENT Lailatul Mubarokah; Agus Sucipto
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Jakarta stock exchange (JSX) and Surabaya Stock exchange (SSX) were the organizers of capital market inIndonesia. Thus, to srengthen the capital market in Indonesia SSX merged into JSX on November 30th, 2007.New information coming into market would influence the trading activities, including trading volume activity(TVA), and bid-ask spread. While, merger also influenced the total issuer of listed companies in Indonesiastock exchange (IDX). This research included an event study with quantitative method about the analysis oftotal issuer differences, TVA and bid-ask spread before and after the merger announcement of SSX into JSX. Itused t-test method and autoregressive distribution lag test. The result of research analysis showed the difference,significance and insignificance. Based on t-test, the total issuer, TVA, and bid-ask spread were notsignificant before and after the merger announcement of SSX into JSX shown by the higher value of sig.2 tailedthan level of significance and value of standard deviation before the merger announcement of SSX into JSXfrom each variable. Based on autoregressive distribution lag test, it showed significant response by hightrading volume of TVA and bid-ask spread and also high volume of buy-offer investor did on several days ofwindows period before and after the merger announcement of SSX into JSX.

KEPUTUSAN PREFERENSI INVESTASI ASET RIIL DAN ASET FINANSIAL DENGAN MODEL MINIMAX REGRET Didit Herlianto
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Target of investment would be kept if determining investment decision was in a certain condition. However, tobe able to realize the target was not easy too. This matter was caused in determining preference of investorinvestment given on to condition of uncertainty. Uncertainty investment could relate to the natural situation(states of nature) or dicey future situation. Relating to the problem above, hence intention of this research wouldgive the solution how to determine the investment decision in an uncertain condition, real asset investmentinstrument (gold property) and financial asset (obligation and share). Method used in determining decisionof preference of investment instrument was the model of analyzing the decision of investment of minimumregret. Result of research indicated that the economic investment decision in an uncertain condition was mostprecise preference investment instrument in the form of gold asset. Decision making in the preference investmentprincipally was approach base, that investor would experience the loss if event happened to cause thechosen investment instrument alternative less than real return maximum. This matter could be seen if investordid not choose the gold in its investment decision hence opportunity loss would be bigger, that was opportunityof loss property 10,3045%, opportunity loss obligation 19,6387% and opportunity loss share (IHSG) 9,7103%.

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