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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 18, No 1 (2014): January 2014" : 15 Documents clear

ANTESEDEN PROBABILITAS FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR DI INDONESIA Triani Pujiastuti; Yuharningsih Yuharningsih
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

Based on theory and previous research, some factors which influenced probability of corporate financialdistress were found. This research was done for testing the consistency of research result with different researchperiod that would strengthen the related empirical research finding. The purpose of this research was to test theimpact of profitability ratio (Return on Assets), working capital policy, capital structure, size, current ratioand firm age toward the probability of financial distress of manufacturing firms at Indonesian Stock Exchange.The method used in this research was purposive sampling, which was taking data with certain criteria.The criteria was that the companies or firms used were those which issued bond and were listed in IndonesianStock Exchange between 2007 until 2012 and had data completion needed in this research. The research resultsusing Logistic Regression were 1) test of profitability ratio, working capital policy ratio, capital structure, size,and firm age had significant influence to the probability of financial distress manufacturing firms in Indonesia,2) partially only profitability ratio that had negative significant influence to the probability of financialdistress manufacturing firms in Indonesia while working capital ratio, capital structure, size, and age firm didnot have significant influence to financial distress manufacturing firms in Indonesia. This research producedprediction model of financial distress.

MODEL MEDIASI DALAM HUBUNGAN ANTARA INTELLECTUAL CAPITAL DISCLOSURE, NILAI PERUSAHAAN, DAN FINANCIAL PERFORMANCE Desak Nyoman Sri Werastuti
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

This study aimed to determine the disclosure effect of intellectual capital on firm value through the financial performance of companies listed on the Indonesia Stock Exchange in the period of 2008 to 2012. Intellectual capital measurement used a model developed by Pulic (1998, 1999, 2000), which assessed the efficiency of value added as a result of the company's intellectual capabilities (value added intellectual coefficient-VAICTM). Financial performance in this study was measured using return on assets (ROA) and firm value was measured by using the Market to Book Value (MtBV). The samples in this study were taken using purposive. The final samples in this study were 1.135 observations. This hypothesis was tested using path analysis. The results showed that (1) the disclosure of intellectual capital had a positive effect on financial performance; (2) disclosure of intellectual capital had no effect on firm value; (3) financial performance was able to mediate the relationship between intellectual capital disclosure and corporate value.

HUBUNGAN STRUKTUR KEPEMILIKAN, TINGKAT UTANG, DIVIDEN, DAN NILAI PERUSAHAAN DALAM MENGURANGI KONFLIK KEAGENAN DI INDONESIA Sri Dwi Ari Ambarwati; Khoirul Hikmah
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

This research tried to analyze substitution relationship among debt policy, dividend and insider ownership structure as the agency control mechanism on manufacturing firms in period 2005-2009. The hypothesis proposed in this paper were there was a substitution relationship between insider's ownership and debt policy in reducing agency conflict, there was a substitution relationship between debt and dividend policy in reducing agency conflict and there was substitution relationship between insider's ownership and dividend policy in reducing agency conflict. This research used purposive sampling method to determine samples and there were 42 firms as the samples. The analysis instrument used was simultaneous equation model by using two stages least square method. These empirical results verified that debt and dividend policy was determined by simultaneous, while insider ownership did not influence debt policy. Hypothesis test showed that there was no substitution relationship between insider's ownership and debt policy in reducing agency conflict, there was substitution relationship between debt and dividend policy in reducing agency conflict and there was substitution relationship between insider's ownership and dividend policy in reducing agency conflict. Because as a whole, eventhough not fully, there was simultaneity among debt policy, insider's ownership and dividend it was expected to increase firm value.

NILAI PERUSAHAAN: DAMPAK INTERAKSI ANTARA PROFITABILITAS DAN RISIKO FINANSIAL PADA PERUSAHAAN MANUFAKTUR Meythi Meythi; Oktavianti Oktavianti; Riki Martusa
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

This research was aimed to examine and find out the empirical evidence of the impact of the interaction betweenprofitability and financial risk on firm value. Samples used in this research were manufactured companieslisted in Indonesia Stock Exchange in 5 years observation period (2007-2012). The total samples were 31companies. Sample election was done by using the purposive sampling method. The result of moderatedregression analysis (MRA) showed that there was no interaction effect between profitability and financial riskon firm value. Thus, the hypothesis of the research was not empirically supported.

UTANG DAN PENGARUHNYA TERHADAP KINERJA PERUSAHAAN Sri Isworo Ediningsih; Nilmawati Nilmawati; Joko Sukendro
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v18i1.772

The purpose of this paper was to investigate the influence of debt on profitability of firms listed on Indonesian Stock Exchange. Multiple regression analysis was used in the study in estimating the relationship between debt and firm performance. This study also used three of accounting-based measures and one of market-based measure of financial performance i.e. return on equity (ROE), return on assets (ROA), gross profit margin (GPM), and Tobin’s Q). Based on a sample of non-financial Indonesian firms listed from 2006 to 2010 the results revealed that debt had a negative impact on firm’s performance. The result showed that industry of Hotel and Travel, and Construction was susceptible to use debt.

LABA AKUNTANSI, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP HARGA SAHAM DI BURSA EFEK INDONESIA Gunarso, Pujo
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

Research data observed in 2008-2010 coincided with the global financial crisis that caused the stock price to decline and could trigger the companies listed in Indonesia Stock Exchange to perform income smoothing practices, with the condition of the researcher wanted to examine the effect of variable earnings, leverage and firm size on stock prices. The purpose of this study was to analyze the effect of accounting earnings , leverage and firm size on stock prices of public companies listed in the Indonesia Stock Exchange. The method of data analysis used was multiple linear regression analysis. The results showed that some of the first findings of accounting earnings and firm size significantly affected stock prices. Both leverages did not significantly affect the stock price. The empirical results showed that the higher the accounting profit and the size of the company were, the higher the price of shares outstanding was, and conversely the smaller the size of the company's stock price was, the less the price of shares outstanding was. The results of this study supported the theory and the researches done by Ball Brown (1968),Â Susan (2008), Sasongko Wulandari (2006), Daniati Suhairi (2006).

DAYA INFORMASI AKUNTANSI MEMODERASI PENGARUH POSITIF CORPORATE SOCIAL RESPONSIBILTY TERHADAP COST OF EQUITY CAPITAL Yuniarta, Gede Adi; Agustini, Yuli
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

This research investigated the influence of informativeness of accounting on the relation of Corporate SocialResponsibility disclosure and the cost of equity capital of public companies listed in the Indonesian StockExchange in the period of 2008-2012. Purposive sampling method was used to determine samples and 154observations were obtained. Hypothesis testing was conducted using moderated regression analysis (MRA).This study found that the informativeness of accounting influenced the relation of Corporate Social Responsibilitydisclosure and the cost of equity capital. It weakened the positive impact of corporate social responsibilityon the cost of equity capital. The greater level of Corporate Social Responsibility disclosure accompanied by agood informativeness of accounting by companies, the lower the cost of equity capital was. Corporate SocialResponsibility disclosure with good informativeness accounting would give potential benefits like the growingnumber of investors, reducing estimated risks and asymmetry of information each of which indicated areduction in the cost of equity capital of firms.

TRANSAKSI PIHAK HUBUNGAN ISTIMEWA DAN MANAJEMEN LABA PADA PENAWARAN SAHAM PERDANA Reni Yendrawati; Sophia Anggarda Paramitha
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

This study was conducted with the background that many companies did earning management through transactions with a related party in Initial Public Offering (IPO). This study aimed to examine the influence of related party transaction about earnings management in IPO. The population in this study was companies listed in Indonesia Stock Exchange. The sampling method used for this study was purposive sampling. This study used 38 samples from non-financial firms that conducted IPO’s in the Indonesia Stocked Exchange in 2009-2011.Paired Sample t-test was used to examine the significant earnings management which was represented by ROA. Multiple linear regression used RP Sales, RP Purchases, and RP Liabilities to the effect of earnings management. The result of this study showed that there was no a significant change between ROAt=-1 and ROAt=0 IPO period. The related party sales transaction did not have a significant effect of earnings management. However, this study indicated that the related party purchases transaction had a significant negative effect and related party liabilities transaction had a significant positive effect on earnings management.

THE IMPACT OF INFLATION RATES AND US DOLLAR EXCHANGE RATES ON INDONESIAN STOCK MARKET INDEX RETURN VOLATILITY Riko Hendrawan; Rifqi Dzakiri
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

This paper studied the impact of inflation rates and US Dollar exchange rates in Indonesian stock market return volatility in the period of 2002-2012. Daily data of stock market return, inflation rates and US Dollar exchange rates were used to estimate the daily volatility of the stock return. The data of stock market price, inflation rates and US Dollar exchange rates were taken from Yahoo Finance, Indonesia statistics bureau and central bank of Indonesia, respectively. The result showed that both inflation rates and US Dollar exchange rates did not have a significant impact on the Indonesian stock market return volatility. Inflation rates contributed 0.03% change in daily stock market return volatility whereas a 1% appreciation of Rupiah contributed to a 0.0000001% change in daily stock market return volatility. This research finding was different from the result in Nigeria where Yaya’s Shittu’s (2010) research had the same variables. Inflation rates and US Dollar exchange rates were to examine the impact on Nigeria stock market index return volatility.

SUSTAINABILITAS KINERJA FINANSIAL: STUDI DALAM PERSPEKTIF KNOWLEDGE MANAGEMENT, TALENT DEVELOPMENT, DAN MODAL SOSIAL Pujo Sugito; Kamaluddin Kamaluddin
Jurnal Keuangan dan Perbankan Vol 18, No 1 (2014): January 2014
Publisher : University of Merdeka Malang

The aim of this research was to explore the financial performance sustainability of small and medium industriesin perspective of knowledge management, talent development and social capital. The population in thisstudy was all small and medium industries in the district of Tulungagung, East Java. The number of sampleswas 100 respondents. The purposive random sampling technique was used to collect data. Furthermore, thedata was analyzed by descriptive and inferential technique analysis and Structural Equation Modeling (SEM).Factor analysis on SEM was used to confirm the most dominant variable in one group. Regression weight onconfirmatory SEM was used to examine how much the relationship between variables. The results of dataanalysis showed that the three research hypotheses that had been formulated statistically were accepted. Firstin detail, the better the knowledge management was, the better the financial performance sustainability (CR =2,896 and P = 0,001) was. Second, the better the talent development was, the better the financial performancesustainability of (CR = 2,734 and P = 0,003) was, and third, the higher the intensity of social capital was, thehigher the financial performance sustainability (CR = 2,221 and P = 0,020) was. It meant that all factors hadto be concerned to develop the small and medium industries.

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