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Jurnal Keuangan dan Perbankan

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Published by Universitas Merdeka Malang

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Core Subject : Economy,

Economics, Econometrics & Finance

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Articles 12 Documents

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Search results for , issue "Vol 23, No 1 (2019): January 2019" : 12 Documents clear

The effect of commodity price changes and USD/IDR exchange rate on Indonesian mining companies’ stock return Adi Rahadi Putra; Robiyanto Robiyanto
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

There are many variables that will be influencing stock return. Some of those variables are come from the commodity market, such as gold, price and crude oil price changes, and also come from the exchange rate market. This study is about to test the effect of changes prices of gold, silver, crude oil, and exchange rate to the stock return of mining sector companies in Indonesia. There are 48 companies engaged in the mining sector listed on the Indonesia Stock Exchange (IDX). From 48 companies this study uses the purposive sampling method to choose a sample within the criteria, and there are 13 selected companies that will be the object of this study. This study also used an analysis tool GARCH (1,1) to avoid abnormal data. Before advancing to GARCH (1,1) analysis, the data must be tested the stationary first by using the Augmented Dickey-Fuller Test (ADF) to make sure the data stationary or not by using level, 1st difference, and two difference. The result shows that gold has a significant positive effect on stock return mining sector companies such as INCO, KKGI, PTBA, and TINS. Silver has a significant positive effect on HRUM companies and negatively on RUIS. Crude oil has a significant positive effect on HRUM and PTBA firms. Exchange rates have a significant negative impact on companies. ANTM, CTTH, DOID, ELSA, HRUM, ITMG, and KKGI.JEL Classification: E03, F31, G11, G23DOI: https://doi.org/10.26905/jkdp.v23i1.2084

The influence of earnings management and asymmetry information on the cost of equity capital moderated by disclosure level Kiswanto, Kiswanto; Fitriani, Novi
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : UNIVERSITY OF MERDEKA MALANG

Company value can be increased by minimizing the cost of equity capital. The cost of equity capital is the rate of return required by investors in accordance with company condition. The purpose of this study was to analyze the influence of earning management and asymmetry information on the cost of equity capital with disclosure level as the moderating variable by presenting Company Size, Market Capitalization, Leverage, and Profitability as the control variables. The population of the study was 148 manufacturing companies listed on the Indonesia Stock Exchange with the total unit of analysis was 330.Â Then, hypotheses were analyzed with software Eviews 9. The results of the study showed that earning management, asymmetry information, company size, profitability, and disclosure level had significant influences on the cost of equity capital for both large and small companies. Then, it also showed that disclosure level was able to moderate the influence of earning management on the cost of equity capital, but it was not able to moderate the influence of asymmetry information on the cost of equity capital both large and small companies. It was interesting because the coefficients of influence were different based on the company size. On small companies, the influence of disclosure level on asymmetry information was negative.JEL Classification: D82, G310DOI:Â https://doi.org/10.26905/jkdp.v23i1.1926

Corporate governance in Indonesia: One decade perspective Aliffianti Safiria Ayu Ditta; Doddy Setiawan
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

This study aim in describing the development of research on corporate governance in Indonesia. The sample of the study consists of 101 articles from 10 Indonesian accredited journals at 2007-2017 periods. This research applies to chart the field method that classifies articles based on topic, disciplines and research methods. Most of the article (40 out of 101 articles) study the consequences of the emergence of corporate governance, such as the performance of the company and most of the article applies the analytical method (96 articles). However, the discussion on Indonesia institutional context, such as two-tier board systems, is still rare. The study mostly focuses on the monitoring function of the Board of Commissioners. Most of the study also investigated the effect of corporate governance practice on firm performance. Followed by the effect of corporate governance practice on disclosure. Further, most of the study conducted research on short periods (3.5 years). It is expected that this article provides a review of the recent development of corporate governance research in Indonesia and the opportunity to conduct the study.JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v23i1.2182

Internal factors and firm value: A case study of banking listed companies Subing, Hesty Juni Tambuati; Susiani, Rini
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : UNIVERSITY OF MERDEKA MALANG

The weakening of the value of the rupiah against the US dollar has made Indonesia again experiencing economic crisis conditions. However, this condition did not make the performance of the banking sector share decline and vice versa, defeating nine other industrial sectors, this indicates that the firm value in the banking sector is still considered good by investors, which are the factors that influence the firm value? This study aims to analyze the factors that influence firm value in the banking sector and can be used by investors in making investment decisions. This research uses secondary data with 12 sample companies in the banking sector listed on the Indonesia Stock Exchange in the 2011-2016 period using the purposive sampling method and panel data regression analysis. The results of this study indicate that the variable interest income, a debt-equity ratio (DER) and firm age (AGE) influence the firm value (FV), while the managerial ownership variables and earnings per share (EPS) do not affect the firm value (FV). The results of these studies are expected to help companies and investors in decision making.JEL Classification: G32, L25DOI: https://doi.org/10.26905/jkdp.v23i1.2405

A determinant of state-owned enterprises profitability with an independent board of commissioners as moderation variables Sophie Tiara Adriaty; Budi Purwanto; Wita Juwita Ermawati
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

Corporate governance drives the control function so that management could manage the corporate more effective. Good corporate governance could be the factor that boosts financial management to enhance profitability. This study examines the moderated effect of the independent commissioner proportion to the interaction between liquidity, capital structure, and sales growth to profitability. This study using purposive sampling technique, there are four state-owned enterprises (SOEs) which fit the criteria. The analysis method used in this research is moderated regression analysis on panel data. The results of the study show that liquidity and the proportion of independent commissioners influence the profitability of the company. SOEs needs to reduce the allocation of funds to current assets. Optimizing the performance of the SOEs board of commissioners also needs to be improved. The supervisory function carried out by the board of commissioners will affect operational activities so that managers will be more motivated to utilize current assets for operational investment and the company's current assets can be used optimally. Increasing the proportion of independent commissioners will also increase oversight of debt so that the condition of the company's capital structure can be optimized through the reduction of debt from SOEs.JEL Classification: G31, G34DOI: https://doi.org/10.26905/jkdp.v23i1.2519

Constructing a predicting model for JCI return using adaptive network-based Fuzzy Inference System Endy Jeri Suswono; Dedi Budiman Hakim; Toni Bakhtiar
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

The high price fluctuations in the stock market make an investment in this area relatively risky. However, higher risk levels are associated with the possibility of higher returns. Predicting models allows investors to avoid loss rate due to price fluctuations. This study uses the ANFIS (Adaptive Network-based Fuzzy Inference System) to predict the Jakarta Composite Index (JCI) return. Forecasting JCI movement is considered to be the most influential predictor, consisting of Indonesia real interest rate, real exchange rate, US real interest rate, and WTI crude oil price. The results of this study point out that the best model to predict JCI return is the ANFIS model with pi membership function. The predicting model shows that real exchange rate is the most influential factor to the JCI movement. This model is able to predict the trend direction of the JCI movement with an accuracy of 83.33 percent. This model also has better performance than the Vector Error Correction Model (VECM) based on RMSE value. The ANFIS performance is relatively satisfactory to allow investors to forecast the market direction. Thus, investors can immediately take preventive action towards any potential for turmoil in the stock market.JEL Classification: D13, I31, J22DOI: https://doi.org/10.26905/jkdp.v23i1.2521

Determinants of capital structures based on the Pecking Order Theory and Trade-off Theory Hotman Jefferson Simatupang; Lilik Purwanti; Endang Mardiati
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i1.2579

Determining the decision of the company's capital structure is a very important thing because it influences the development of resources potency and the sustainability of a company. Related to deciding on the capital structure, there is still a different perception so far between pecking order theory and trade-off theory. This research aims to know the effect of profitability, sales growth, non-debt tax shield, the tangibility of assets, and funding surplus towards the capital structure of non-financial companies listed in Indonesia Stock Exchange (IDX) period 2014-2017. The research method used was Causal-Comparative Research with samples investigated were panel data of 154 non-financial companies experiencing funding surplus with total observation in the amount of 616. The result of this research shows that non-debt tax shield and growth sales do not affect the company's capital structure. Besides that, funding surplus has a positive effect on the capital structure, while profitability and tangibility assets have a negative effect on the capital structure.JEL Classification: C33, G02, G32DOI: https://doi.org/10.26905/jkdp.v23i1.2579

The effect of five price categories in tick size policy on trade and stock returns based on the LQ45 Index Nurlaila Firdani Fajri; Hermanto Siregar; Ferry Syarifuddin
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

The capital market has an influential role in the national economy of countries, including Indonesia. The capital market in Indonesia is regulated by the Indonesia Stock Exchange (IDX) with the new regulation number Kep-00113/BEI/12-2016 that focuses on five price categories of tick size. This study aimed to investigate the impact of five price categories in tick size policy on liquidity and volatility based on the LQ45 index and examine factors that influence stock return. This study was performed using a paired sample T-test and panel regression test. The result of the different test indicates a significant change in bid-ask spread, Depth, Depth to relative spread (DRS), volume, and volatility. The five price category in the tick size policy does not affect the depth. It is found that all the variables have a smaller value after the implementation of the tick size policy. The results of the panel regression test show that depth, volume, and volatility have a significant influence on stock returns, while the bid-ask spread, and DRS does not affect stock returns. The result of this study was expected to improve understanding of the tick size regulation to determine the best stock investment strategy.JEL Classification: G11, G12, G23, R53DOI: https://doi.org/10.26905/jkdp.v23i1.2598

Controlling shareholders, audit committee characteristics, and related party transaction disclosure: Evidence from Indonesia Dwi Ernawati; Y. Anni Aryani
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

The disclosure of related party transactions was required in the financial statements because it is potentially misused by controlling shareholders. This study aims to examine controlling shareholders, audit committee characteristics, and related party transaction disclosure. The controlling shareholders are proxied by the family share ownership and the proportion of the controlling shareholder family members on the board of directors. The samples used in this study are family companies listed on the Indonesia Stock Exchange (IDX) in the year 2017. In this study, the multiple regressions were used to test the hypothesis. We found that controlling shareholders have a negative influence on related party transaction disclosure. Meanwhile, accounting expertise of the audit committee has a positive influence on related party transaction disclosure. Our result show companies that controlled by the family have low motivation to disclose related party transaction disclosure. However, accounting expertise audit committee may encourage companies to disclose related party transactions.JEL Classifications: G32, G34DOI: https://doi.org/10.26905/jkdp.v23i1.2701

Theory of planned behavior and whistleblowing intention Tarjo Tarjo; Anang Suwito; Ifa Diah Aprillia; Greska Redielano Ramadan
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

This research examined the theory of planned behavior (TPB) as predictor whistleblowing intention. According to TPB, it is difficult to posit whistleblowing as actual behavior. Whistleblowing is more suited to be posited as intention. Intent means the likelihood of actual behavior occurred. We examined attitude, subjective norms, and perceived behavioral control as TPB variables. We also investigated a few control variables such as colleagues support, organizational support, and fear of retaliation. The online survey was conducted in obtaining data by a web-based questionnaire. Participants of this survey were employees of regional owned east java bank. The number of respondents was 112 employees from all departments and units. Validity, reliability, regression, and path analysis were used in testing research instrument and several hypotheses. The result showed that attitudes and subjective norms as TPB variables have a significant impact on whistleblowing intention. However, perceived behavioral control does not affect whistleblowing intention. While, among several control variables, only fear of retaliation that has a significant effect on whistleblowing intention. Furthermore, this study also found empirical evidence that knowledge and subjective norms have an indirect effect on whistleblowing intention through attitudes. This research suggests that regional owned east java bank should provide an environment and channels to support whistleblowing within effectively, especially through protection and/or reward systems, or etc.JEL Classification: D23, G34, L23DOI: https://doi.org/10.26905/jkdp.v23i1.2714

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