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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 21, No 1 (2017): January 2017" : 15 Documents clear

SEMAKIN BERAGAM SEMAKIN BAIK? ISU KEBERAGAMAN GENDER, KEUANGAN, DAN INVESTASI PERUSAHAAN Zhafarina Isti Ramadhani; Desi Adhariani
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

This research aimed at investigating the impact of gender diversity on financial performance and investment efficiency in public companies listed in Indonesia Stock Exchange. As there was an increase in the number of women on board of directors and commissioners in several countries including Indonesia, it was important to know whether there was an influence to evaluate the role of gender diversity. The sample consisted of 282 and 253 public companies listed in Indonesia Stock Exchange in 2012 (for two different models). Using secondary data and regression tests to analyze the data, this study did not find the significant impact of gender diversity on financial performance and investment efficiency. This could be interpreted as there were still many things to do to improve the role of gender diversity and women capabilities in the board of commissioners and directors.

DAMPAK KEPUTUSAN INVESTASI DAN STRUKTUR KEPEMILIKAN KELUARGA TERHADAP KOMPENSASI DIREKSI PERUSAHAAN MANUFAKTUR INDONESIA Surtihati Surtihati; Cynthia Afriani Utama
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

This study examined the influence of family ownership structure and investment decisions on CEO compensation. This study also examined how the family ownership structure and investment decisions jointly affected CEO compensation. This study used 988 observations consisting of 150 manufacturing companies listed in Indonesia Stock Exchange from 2008 to 2014. The method used was fixed effects method (FEM). The results of the study showed that firms owned by a family gave higher compensation than non-family firms to their CEO. The family ownership structure proved the positive relationship between investment decisions and CEO compensation.

CONFIRMATION BIAS, SELF-ATTRIBUTION BIAS, DAN OVERCONFIDENCE DALAM TRANSAKSI SAHAM Supramono Supramono; Marisa Wandita
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

Overconfidence caused investors to overestimate their knowledge, underestimate risk and exaggerate their ability to control events. This led to excessive trading, unwarranted risk-taking, and ultimately, financial losses. The aim of this study was to analyze the relationship between overconfidence and confirmation bias and self-attribution bias. The subjects in this experiment were 53 students in finance classes at the Faculty of Economic and Business. Data that had been collected was analyzed using descriptive and inferential analysis techniques using bivariate correlation. The result of this study showed that there was a positive relationship between confirmation bias and overconfidence. However, there was no positive relationship between self-attribution bias and overconfidence.

PENILAIAN SAHAM PT PEMBANGUNAN PERUMAHAN PROPERTI DALAM RANGKA INITIAL PUBLIC OFFERING Rifki Khoirudin
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

This research aimed to estimate fair value per share of PT Pembangunan Perumahan Property Tbk. as a comparison value to the offered price, set at the time of Initial Public Offering (IPO). This research also aimed to determine whether the price offered at the time of IPO was undervalued or overvalued. Information used in this research was in the form of secondary data of PT Pembangunan Perumahan Property, the financial report of comparable companies, and stock prices of comparable companies. The analyzing tools used to determine the fair value per share were discounted cash flow method and the relative valuation method. The discounted cash flow method was performed through the projection of the financial statements i.e. the balance sheet and income statement, the projection of Free Cash Flow to Equity (FCFE), determination of the discount rate, determination of terminal value, and determining the estimated value of the equity. The relative valuation method was established by searching, choosing and determining the appropriate multiple of comparable companies in similar business. Multiples used were: Price Earnings Ratio (PER), Price to Book Value (PBV), and Price to Sales Ratio (P/S).

KINERJA INVESTASI JASA PENGUJIAN TABLEWARE UNTUK PRODUK KREATIF KERAMIK PADA BTIKK-BPPT Normal, I Nyoman
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

The aims of this research were to analyze the tableware testing service investment, especially on ceramic glaze for eating and drinking equipment at BTIKK-BPPT. The analysis techniques used were payback period, net present value, profitability index, internal rate of return, and break-even point. The research results shew that the expansion investment of tableware testing service of ceramic on glaze for eating and drinking equipments qualified by BSN according to SNI 7275:2008 was feasible to be acted or applicated because they fulfilled the criteria of investment feasibility valuation, namely: payback period analysis result was 4,65 years, in which its value was shorter than range time of investment that was 10 years; net present value analysis resultÂ was IDR.206.043.764,69, in which it was the positive value; profitability index analysis result wasÂ 1,41, in which its value was over than 1,00; internal rate of return analysis result was 18,93%, in which its value was over than 10,00%; and break-even point analysis resulted in 2.567,56 samples unit or IDR.256.911.104,11, in which it was smaller than 6.300,00 samples unit or IDR.783.000.000,00. For all criteria, the analysis of testing service investment (appearance, glazur hardness, temperature frightened tenacity, water absorption, Cd Pb solubility, glaze crack tenacity, and strike sturdy) was feasible to continue.

HUBUNGAN GOOD UNIVERSITY GOVERNANCE TERHADAP KINERJA MANAJEMEN KEUANGAN PERGURUAN TINGGI Wahyudin, Agus; Nurkhin, Ahmad; Kiswanto, Kiswanto
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : UNIVERSITY OF MERDEKA MALANG

The pattern of financial management institution had to be accountable as one indicator of university management assessment as a whole. This study examined the management of higher education in terms of the implementation of Good University Governance (GUG). GUG concept was adopted from the concept of good corporate governance. The samples were state universities in Central Java and Yogyakarta using purposive sampling technique. Data analysis used was the Structural Equation Model (SEM) analysis based on Path Analysis. The results showed that GUG directly influenced the Cultural Organization (CO), and Organizational Structure (OS) affected the Financial Management Performance (FMP). However, GUG did not directly influence FMP, OS, and PM (Planning Management). PM and OS were proven not directly influence the FMP. Other evidence found was the indirect effect of GUG to FMP through OS, PM, and CO. The conclusions of this research were GUG would increase CO and OS and would further increase FMP. Thus, universities should consider the implementation of GUG to increase the performance of financial management.

MEKANISME CORPORATE GOVERNANCE, ENTERPRISE RISK MANAGEMENT, DAN NILAI PERUSAHAAN PERBANKAN Bestari Dwi Handayani
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

The purpose of this study was to examine corporate governance mechanism. This study also examines the effect of mediation of ERM on relationships corporate governance mechanism and the value of the company. The population of this research is financial sector companies listed on the Indonesia Stock Exchange. Sample selection using purposive sampling. This study uses path analysis in hypothesis testing and Sobel test for testing mediation ERM. The results of this study indicate that there is significant influence between corporate governance mechanisms (managerial ownership, institutional ownership, independent commissioner and audit committee) with the value of the company. This study provides evidence that ERM mediating influence between institutional ownership, independent directors and audit committee with the company's value, but not significant in mediating the effect of managerial ownership.

RELATIONSHIP BETWEEN MACROECONOMIC FUNDAMENTALS, BANK’S CREDIT SCHEME, FIRM’S PERFORMANCE AND FIRM’S VALUE DIMENSIONS Harmono Harmono
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

This study investigated the relationship among macroeconomic fundamentals, bank’s credit scheme, firm’s performance, and firm’s value dimensions. The research design was explanatory research, using a structural equation model. The sample is PT. Bank Persero industry in Indonesia from 1999-2014 monthly. Empirically, based on confirmatory test it could be described that the variables represented for each dimension were that the dominant variable in macroeconomic was currency exchange rate IDR to USD, and working capital interest rate represented the bank credit interest scheme dimension, ROA was dominant for firm’s performance, and the frequency of stock trading was representing the firm’s value dimension. For the next, based on a structural equation model with a regression coefficient, path analysis could be discussed as follows. First, the working capital credit interest rate was as weak mediation variable between exchange rate IDR to USD and ROA. Second, working capital credit interest rate influenced the frequency of stock trading through ROA. In this case, ROA was a strong mediation variable. The last path analyzed the influence of exchange rate IDR against USD to the frequency of stock trading through ROA. Here ROA was the strong mediation variable.

SISTEM PENGENDALIAN RISIKO OPERASIONAL PADA BANK PERKREDITAN RAKYAT DENGAN PENDEKATAN INDIKATOR DASAR Sunarjo, Sunarjo; Yuniarti, Sari
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

BPR as the micro financial medium institution was seen as one of the translation media and risk transformation. The ability of BPR in managing risk became attention along with the increase of volume and the business operational complexity, including bank operational risks like fraud caused by people, system, or external condition. If there was no controlling, it would create loss potency for BPR itself. This research aimed to measure the loss effect because of operational risk and to identify the system of operational risk control using basic indicator approach. The population of this research was all BPR in Malang, namely 39 banks. The samples used were 20 banks. Data collection method used was observation and documentation. The research result showed that operational risk events were divided into 4 quadrants, namely Low Frequency/High Impact, High Frequency/High Impact, Low Frequency/Low Impact, and High Frequency/Low Impact. The quadrants division resulted in information related to how the operational risk would be managed. The total capital charge of all BPR in Malang was IDR.4.085.114.000,00. It indicated that the total capital charge used was to anticipate the operational risk.

HOW READY ARE PEOPLE FOR CASHLESS SOCIETY? Irwan Trinugroho; Hunik Sri Runing Sawitri; Muh Juan Suam Toro; Siti Khoiriyah; Arief Budi Santoso
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

Financial technology could be an effective tool to achieve financial inclusion. However, it neededa certain level of readiness of society. In this paper, we investigated the determinants of readinessin the implementation of digital financial services which led to cashless society. We did a surveyon 993 adults in a province in Indonesia using proportional sampling technique. Estimated usingordinary least square, our empirical results showed that readiness perception had high correlationwith the quality of supporting infrastructure. By taking into account some demographic factors,we found that more educated and younger people had high spirit to adopt this system. Evidenceshowed that men were more enthusiastic in using such technological-based system. However, wedid not find an evidence on the difference of readiness perception between those living in rural andthose living urban areas.

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