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Jurnal Keuangan dan Perbankan

jkdp
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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 2 (2019): April 2019" : 12 Documents clear

Liquidity, asset quality, and efficiency to sustainable growth rate for banking at Indonesia Stock Exchange Syapril Junaidi; Sulastri Sulastri; Isnurhadi Isnurhadi; Mohamad Adam
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

The focus of the bank to increase profit. However, the increase in profit is not important to focus on because the sustainability of growth is more important. Measure the level of sustainable growth is an important factor that needs attention as a reflection for the performance of a bank. The measurement uses the concept of growth called the Sustainable Growth Rate (SGR). This study aims to provide empirical evidence on the effect of liquidity proxy Loan to Funding Ratio (LFR), asset quality proxy by Non-Performing Loan (NPL) and efficiency proxy by Operating Cost to Operating Income (BOPO) toward SGR. The sampling technique is purposive based on the criteria so that the selected 22 banks with the study period 2012-2107. Unit analysis as much as 132 observations. The analysis of data using panel data regression. The findings of the study showed that LFR, NPL, and BOPO had a significant negative effect on SGR. The implications of research that SGR becomes important as it relates to the bank's strategy to continue to grow and continue in order to expand its business maximally while maintaining internal and external funding sources.JEL Classification: G2, G21DOI: https://doi.org/10.26905/jkdp.v23i2.2699

Macroeconomic variables towards net asset value of sharia mutual funds in Indonesia and Malaysia Riwi Sumantyo; Dessy Anis Savitri
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Sharia mutual fund as one of the investment instruments in sharia capital market shows significant development. There are various factors that may influence, among these factors are macroeconomic variables. This research aims to analyze the effect of macroeconomic factors on the development of sharia capital market industry. Macroeconomic variables that are used is the money supply (M1), Gross Domestic Product (GDP), and inflation. The data used in this research is a quarterly money supply data, GDP, and inflation from January 2012 to December 2016. The methods used to analyze regression data is the data panel. The results of the analysis showed that all of the independent variable used in this study i.e. the money supply (M1), GDP, and inflation has a positive influence and significance to the Net Asset Value (NAV) mutual funds sharia in Indonesia and Malaysia. These results can provide a sound contribution for further research, government, management of the company, and investors regarding the Net Assets Value mutual funds sharia in Indonesia and Malaysia.JEL Classification: D51, E43, F41, G15DOI: https://doi.org/10.26905/jkdp.v23i2.2195

Dividend payouts, internal and other external factors, and its impact on stock price Tribella Kembaren; Noer Azam Achsani; Tb Nur Ahmad Maulana
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

This study focuses on the effect of dividend payouts, internal and external factors on stock prices of corporate banking sub-sector. Based on core capital, banking companies in Indonesia are categorized into 4 BUKU (Commercial Bank Based on Business Activities). The findings of this study show that BUKU 4 (its core capital = IDR. 30 billion) provides annual dividend payouts. Its dividend per share, dividend yield, and dividend payout ratio are higher than BUKU bank group 1, 2, and 3. This study also analyzes the effect of dividend payout, Net Interest Margin (NIM), Non-Performing Loan (NPL), inflation rate, interest rate, and Rupiah exchange rate (REER) on the stock prices of 31 banking companies indexed in IDX from annual data over the period of 2013 to 2017. Dividend payout and NIM have a positive and significant effect on stock prices. Panel data regression analysis found that the interest rate has a negative significant effect on stock prices. Meanwhile, the OLS regression test (dummy variable) found that NPL has a negative significant effect on stock prices.JEL Classification: C33, E44, G21DOI: https://doi.org/10.26905/jkdp.v23i2.2520

The optimal cash holdings speed of adjustment and firm value: An empirical study in Indonesia Heru Kristanto Hendro Cahyono; Mamduh M Hanafi; Bowo Setiyono
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i2.2604

This study employs two models of the speed of cash holdings adjustment to measure the effect of cash management on firm value, they are the deviation standard cash holding model and partial speed of adjustment model. Using sampling companies from Indonesia during 2001-2017, the study employs some techniques of regression for dynamic panel data with fixed effects, the pooled ordinary least square with fixed effects, and regression moderated analysis. Research findings show that: first, the deviation standard cash holding and partial speed of adjustment affect firm value; second, by using the deviation standard cash holding model, it shows that managerial ownership, institutional ownership, investment and debt moderate the effect of the deviation standard cash holding on firm value; third, by using the partial speed of adjustment model, it shows that investment moderates the effect of partial speed of adjustment on firm value. The implications of the study are to explain two speed of cash holding adjustment models and their impacts on the increasing trend of firm value.JEL Classification: C33, G31, G34DOI: https://doi.org/10.26905/jkdp.v23i2.2604

The differences between family firms and non-family firms: Evidence in Indonesia Farida Titik Kristanti; Riko Hendrawan; Salehudin Eka Saputra Alrasidi
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

A family firm is a firm controlled by members of a family through their ownership in the management. This study aimed to observe the presence of differences in gender diversity, cash holding, and financial performance on Family Firms (FFs) and Non-Family Firms (NFFs). The purposive sampling conducted in this study produced 67 samples of companies listed on the Compass 100 Index. They mostly belong to the FF criteria. They also have gender diversity, non-conservative capital structure, medium-size, and low cash holding. The results of difference tests proved the presence of significant differences between the FFs and the NFFs on the variables of firm size, leverage, and gender diversity. Although ROE did not show significant differences, the FFs had higher ROE than the NFFs. Furthermore, the practical implication of this study is the need to consider the presence of women on the board and their share in the firms’ decision making. JEL Classification: G10, G19, G32DOI: https://doi.org/10.26905/jkdp.v23i2.2687

Private information, yield volatility, and interaction between groups of investors: Case of Indonesia government bond market Buddi Wibowo
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Relation of private information and yield volatility in the relatively low liquid markets such as the Indonesia government bond market is one of the recent important research topics in finance. Because private information accumulation mastery affects interaction patterns between dealers dan their customers, it is urgent to identify this price mechanism in the government bond market, especially in a low liquid market in which small trading volume may create serious yield volatility. If there is a substantial disagreement on bond fair value because of distinct private information quality between each of those groups of investors' success to accumulate it, bond price will fluctuate wildly. This paper study the dealer and customer order flow interaction to identify which side that have greater impact on yield volatility. The results show that from the two layers of order flow, disagreement between dealers and customers is slightly in a short-term and medium-term bond so their volatility is relatively low. But for a long-term bond, disagreement is substantial and creates high yield volatility. Different trading platforms and strategies between dealers and customers play an important role in creating high yield fluctuations.JEL Classification: G12, G14, G11DOI: https://doi.org/10.26905/jkdp.v23i2.2823

Bank loan loss provisions research: A review of the empirical literature Oryza Sativa Heningtyas; Ari Kuncara Widagdo
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

This paper aims to provide an overview of the literature on Loan loss provisions in the Banking industry. This research was conducted by reviewing some literature. LLP is a solution for banks to deal with risks that will be faced by banks or as a prudent banking principle. We have reviewed and mapped the literature in several sections, developments in the Basel Regulations, mapping LLP literature based on the research area, and LLP and hypothesis mapping. The main fact that we reveal is that most banks use LLP regulations for various purposes. This paper relies on the literature and highlights information as well as important issues related to LLP in the research field, this study highlights several important issues related to the banking industry in various countries. This study observed the role of LLP during the application of Basel III regulation which tended to provide flexibility to bank managers in determining provision reserves. We have reviewed the specific LLP literature in one country and cross-country research. This study identifies gaps and provides direction that can be used as a research contribution in the future.JEL Classification: G1, G2, G4DOI: https://doi.org/10.26905/jkdp.v23i2.2835

Probability of default as the early warning system for the Indonesian banking sector Ari Christianti
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Early Warning System for banks is used to predict default risk. This research is to test the probability of defaults with the probability of default in the real condition of banks. The probability of default risk is measured by KMV-Merton Model and the probability of default in the real condition of banks is bank’s performance based on whether there are bank’s actions that cause changes in the bank's financial statements report. This study using banks listed in the Indonesian Stock Exchange (IDX) from 2010-2015. This study analysis probability of default with financial condition based from 4 commercial bank categories and BUKU (Commercial Bank Based on Business Activities) categories. The results of this study are the probability of default with Merton model give a strong signal against the default of bank for one bank only but for banks in BUKU 4 give a strong signal that banks in this category do not default. Since for other banks and for other BUKU categories do not represent the real condition from the probability of default. It can be concluded that the Merton model is not generated sufficient enough model to predict the probability of default since it assumes that the market is in under efficient condition, and it just considers firm-specific risk.JEL Classification: G21, G32, G33DOI: https://doi.org/10.26905/jkdp.v23i2.2856

Budget gaming behavior: Evidence in Indonesian manufacturing companies SeTin SeTin; Roy Sembel; Yvonne Augustine
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i2.2945

Budget gaming behavior in the budgeting process has a serious impact on organizational performance. This behavior continues to exist as a consequence of the prevalence of traditional budgeting practices. This unsolved budget behavior needs serious handling. Understanding this behavior through gathering evidence is the first step in controlling the practice of budget gaming. This study aims to obtain evidence about budget gaming practice in Indonesia. Data collection through interviews, surveys, and analysis of annual reports. Interviews were conducted on four managers of go public manufacturing companies. Survey through questionnaires to 31 managers. The analysis of the 2013-2017 annual report on directors' reports and management discussion reports on three companies. This study concluded that budget gaming practice still occurs in manufacturing companies in Indonesia and is still an important problem that has not yet been solved. This study also found that budget gaming is related to the performance evaluation system. The study result provides important information for stakeholders and researchers in understanding budget gaming behavior and finding solutions to minimize budget gaming practice.JEL Classification: M2, M40, M41DOI: https://doi.org/10.26905/jkdp.v23i2.2945

Intellectual capital and bank profitability: Evidence from conventional and Islamic bank in Indonesia Danes Quirira Octavio; Yuli Soesetio
Jurnal Keuangan dan Perbankan Vol 23, No 2 (2019): April 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i2.3028

This study investigates the effect of intellectual capital on bank profitability. In addition, we also analyze the effect of intellectual capital on bank profitability based on bank types, conventional and Islamic bank. Our data consist of conventional and Islamic banks operated in Indonesia from 2010 to 2016 annually. Since our data are a panel, we employ panel regression. Intellectual capital is measured by using Value Added Intellectual Capital (VAIC). Our result shows that intellectual capital has a positive significant impact on bank profitability. After data classified based on bank types, intellectual capital only has a positive significant effect on conventional bank profitability. We also attempt to estimate the impact of VAIC components, such as Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE) and Capital Employed Efficiency (CEE), on bank profitability. The results show that the impact of HCE is strongly significant in both banks. However, CEE and SCE do not have a significant effect on both types of bank profitability. Our results indicate that conventional banks synergize their intellectual and physical capital in creating profit better than Islamic banks. Thus, this research could be a critique of the Indonesian Islamic banking industry in determining and overcome their weakness.JEL Classification: G21, G32, G32DOI: https://doi.org/10.26905/jkdp.v23i2.3028

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