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Jurnal Keuangan dan Perbankan

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Published by Universitas Merdeka Malang

ISSN : - EISSN : - DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

Arjuna Subject : -

Articles 15 Documents

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Search results for , issue "Vol 17, No 3 (2013): September 2013" : 15 Documents clear

DETERMINAN PENGUNGKAPAN ENTERPRISE RISK MANAGEMENT Bestari Dwi Handayani; Heri Yanto
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

The objective of this study was to identify the effect of firm size, RMC, auditor reputation and ownershipconcentration on ERM disclosure.The population of this research was all manufacturing companies listed inthe Indonesia Stock Exchange 2011-2012. The sampling technique used in this research was puposive sampling.There were 90 companies qualified as samples. This study used multiple regression analysis to determinethe influence of firm size, RMC, auditor reputation and ownership concentration on ERM disclosure. Theresults of regression analysis showed that the variables of firm size, RMC, auditor reputation and ownershipconcentration had positive effects on the ERM disclosure.

KEPEMILIKAN MANAJERIAL TERHADAP PAJAK PENGHASILAN TERUTANG MELALUI DISCRETIONARY ACCRUALS Kiswanto Kiswanto; Ahmad Nurkhin
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Governments efforts to boost revenue from the tax sector brought considerable consequences for businessmen.This made businessmen try to do tax planning, one of which was to conduct earnings management to reducepayable taxes . This study examined whether managerial ownership influenced the amount of payable incometax of corporate taxpayers through discretionary accruals. This study used path analysis approach (PathAnalysis) by taking sample of companies listed on the Indonesia Stock Exchange in 2009. The results showedthat managerial ownership directly influenced the payable income tax. Furthermore, it could be seen thatmanagerial ownership had a direct effect on earnings management. Besides, earnings management had a directeffect on payable income tax. Thus, the Sobel test was used to prove the ability of earnings managementvariables in mediating the effect of managerial ownership on income tax. Future research was expected toexpand the main object of observation payable income tax as an tax obligation to ensure that the behavior of thecompany in doing profit or income management for lowering profit or income could lower or raise the payableincome tax.

KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN LEVERAGE MELALUI PENDEKATAN KESEMPATAN BERTUMBUH DAN RISIKO PERUSAHAAN Cliff Kohardinata; Christian Herdinata
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

The main purpose of company was to increase companys value through increased prosperity of owner orshareholders. However, the management often had other objectives that caused conflicts of interest betweenmanagement and shareholders of the company, in which the conflict was referred to as Agency Problem (Jensen Meckling, 1976). To minimize the differences between the interests of owners and managers, the owner couldgive shares to managers or increased stock ownership by institutional in order to monitor managers. If theowner of the company wanted to reduce agency conflicts by increasing managerial ownership and institutionalownership, they will affect corporate leverage policy because managerial ownership and institutional ownershipcould reduce the financial risk that occurred from leverage. This study aimed to analyze the effect ofmanagerial ownership and institutional ownership on leverage policy. This study used the entire populationof companies listed in Indonesia Stock Exchange. Sampling was purposive sampling, and analytical techniquesused was ordinary least squares. The control variables were structure of assets, return on assets, financialdistress, asset utilization, asset growth. Furthermore, this paper considered growth opportunities and risksof the company. This study found that managers considered risk factors more than growth opportunities, andthe institutional shareholders considered growth opportunities more than company risk

KEPUTUSAN INVESTASI, PENDANAAN, DAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN RISIKO BISNIS SEBAGAI VARIABEL MEDIASI Yuliani Yuliani; Isnurhadi Isnurhadi; Samadi W. Bakar
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

This study aimed to analyze: the effect of investment decisions on firm value, the role of business risk as amediating effect investment decisions on firm value, the effect of financing decisions on firm value, the role ofbusiness risk as a mediating effect decisions financing on firm value, effect of dividend decisions on firm value,the role of business risk as a mediating effect dividend on firm value the effect of business risk on firm value.The research was conducted in the companies listed in Indonesia Stock Exchange (IDX). The observationperiod was 2009-2011. Based on the criteria population defined, the sampling method was census. The numberof analyzed samples were 18 companies. Data analysis was path analysis. The research findings were: theinvestment decisions could increase firm value, business risk did not have mediating effect on relationshipbetween investment decisions and firm value, the funding did not increase firm value, business risk as a fullmediation had an effect on relationship of funding and firm value, dividend decision did not have effect onfirm value, business risk did not have mediating effect on relationship between dividend decisions and firmvalue, business risk could increase firm value.

EFEK INTRA INDUSTRI, DAMPAK PERUSAHAAN REPORTER DAN NONREPORTER DIVIDEN TERHADAP KANDUNGAN INFORMASI Emrinaldi Nur DP; Enny Susilowati Mardjono
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

The influence of information not only for company itself which announcement company policy like financialstatement, dividend or others, but also the other company in same industry or same market. The purpose of theresearch was to investigate the information content and intra industry effect of dividend announcement. Theanalysis include four aspects: information content, risk (beta), intra industry effect of dividen by big and smallsize firms, and impact firm characteristics to abnormal return nonreporter firm.The analysis for informationcontent, risk (beta), intra industry effect used event study and for impact of firm characteristics used multiplelinier regressions.Result of this research showed that there was information content around the date of dividendannouncement, but there was no difference between abnormal return by big and small size firms. Thedifference between beta before and after dividend announcement is not significant. The difference between betabig size firms and small size firms after dividend announcement is not significant. The intra industry effect ofdividend announcement showed abnormal return with two effects: competitive effect and contagion effect. Thefirm specific characteristics used in this research were not significant to explain the fenomena intra industry.

STRUKTUR MODAL OPTIMAL PADA PERUSAHAAN TELEKOMUNIKASI INDONESIA Palti Marulitua Sitorus
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

The background of this study was begun with the operational capital needs of telecommunication operators indebt. Bad managing of debt could cause the bankruptcy of the company. The purpose of this research was toknow the optimal capital structure of telecommunication companies in Indonesia. The method used were asimple linear regression and graphs of simulation. The logic was used when a company that used capital withlow cost got high value of company. There were two companies that had an optimal capital structure i.e. PTExcelcomindo Axiata and PT Indosat with optimal capital structure 1, 132 and 1,003.

PERGERAKAN HARGA SAHAM AKIBAT PERUBAHAN NILAI TUKAR, INFLASI, TINGKAT BUNGA, DAN GROSS DOMESTIC PRODUCT Shinta Heru Satoto; Sri Budiwati
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

The purposes of this study were to provide an empirical evidence of the influence of macroeconomic variablesand the time varying volatility phenomena on stock price. This research used manufactured firms that list onIndonesian Capital Market on 2009 until 2011 periods for the sampel. This research also used several macroeconomicsvariables such as exchange rate, inflation, BI rate, and Gross Domestic Product. The empirical resultshowed that exchange rate, BI rate, and Gross Domestic Product influenced stock price. The result also showedthat time varying volatility was happenend on stock price fluctuation. This result indicated that Indonesianstock price have high volatility on 2009 til 2011 periods

HUBUNGAN NILAI KURS DENGAN INDEKS HARGA SAHAM PERTANIAN DI INDONESIA Vania Jessica Tedjamulia; Sahala Manalu; Rony Joyo Negoro Octavianus
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

This study was conducted to test the independent variable exchange rate USD/IDR, EUR/IDR, JPY/IDR, andthe dependent variable agricultural stock index during five years (2008-2012). Sampling technique used waspurposive sampling method. Data analysis technique used was Auto Regressive Distributed Lag (ARDL)proposed by Pesaran et al. (2001) in order to investigate the order of co-integration. Hypothesis test used wasF-test to test the simultaneous effect and t-test for testing the partial regression coefficient with a significancelevel of 5%. F-test results indicated that exchange rate of USD/IDR, EUR/IDR, and JPY/IDR gave significanteffect on agriculture stock index. The t-test results indicated that the variable exchange rate of USD/IDR, EUR/IDR and JPY/IDR gave partially significant effect on agricultural stock index period 2008-2012. Adjusted Rsquare (R2) was 7,8%. The statistical results of Auto Regressive Distributed Lag indicated that changes inUSD/IDR and JPY/IDR were negatively related to changes in stock price index of agriculture. EUR/IDR hada positive impact to the stock price index of agriculture

PENGUJIAN VARIABEL KETENAGAKERJAAN TERHADAP BIAYA STICKINESS Windyastuti Windyastuti
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

This study analyzed the effect of labor variable on the cost stickiness in Indonesian manufacturing industry. Theresearch data included sales, general and administration (SGA) and net sales of manufacturing companies thatgo public on the Indonesian stock effect. The data were supplemented by data of unions and regulations onseverance. This study used regression analysis based on panel data models. The results showed that sales, generaland administration (SGA) cost was sticky. The decreasing of the sales, general and administration (SGA) costwhen net sales decrease was smaller than the increase of this cost when equivalent increased in net sales. The laborunion increased the stickiness cost of SGA. The SGA cost did not decrease even though at the same time the netsales decreased. Furthermore, the larger severance pay did not increase stickiness SGA cost. When the net salesdecreased, the employer increased the sales cost in order to increase marketing activity so the net sales increasedagain. The increasing of sales cost in turn increased the cost of SGA.

PERAN ENVIRONMENTAL PERFORMANCE TERHADAP ENVIRONMENTAL DISCLOSURE DAN ECONOMIC PERFORMANCE Yendrawati, Reni; Tarusnawati, Lalitya Reni
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

This study aimed to determine the effect of environmental performance on environmental disclosure andeconomic performance, and also the effect of environmental disclosure on economic performance. The data wastaken from the annual report of 2009-2011companies listed on the Indonesian Stock Exchange and participatingin PROPER. This study used multiple regressions. Environmental performance results showed there wasa significant positive effect on environmental disclosure, environmental disclosure and there was a significantpositive effect on economic performance, and the environmental performance did not significantly affect theeconomic performance. Environmental performance had indirect influence on economic performance.

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