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INDONESIA
Jurnal Keuangan dan Perbankan
Published by Universitas Merdeka Malang
ISSN : -     EISSN : -     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Arjuna Subject : -
Articles 12 Documents
 1   2 
Search results for , issue "Vol 23, No 3 (2019): July 2019" : 12 Documents clear
Determinants of capital structure in Sharia criteria manufacturing firms on the Indonesia Stock Exchange Muhamad Umar Mai
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.1860

Abstract

Theories and results of research on the determinants of a firm’s capital structure provide different explanations and evidence. Sharia criteria companies on the Indonesia Stock Exchange (IDX) are not allowed to have a ratio of total interest-based debt to total assets of more than 45%, which predicted have an impact on the determinants of their capital structure. This research was conducted at Sharia criteria manufacturing companies on the Indonesia Stock Exchange in 2011-2017. The results of the analysis showed that only profitability had the same direction that is negative on the two capital structure measures, book leverage and market leverage. Growth opportunity and firm size have different effects on the two capital structure measures, which are a positive effect on book leverage and negative on market leverage. Tangibility, business risk, and inflation only affect market leverage. Tangibility and inflation have a positive effect on market leverage, while business risk has a negative effect. This study found no evidence that gross domestic product (GDP) affects leverage, both on book leverage and market leverage.JEL Classification: C12, C33, E22, E52, G32DOI: https://doi.org/10.26905/jkdp.v23i3.1860
Dividend policy, investment opportunity set, free cash flow, and company performance: Indonesian’s agricultural sector Choiri Chosiah; Budi Purwanto; Wita Juwita Ermawati
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.2517

Abstract

Dividends are a tool that can be an essential source of information for investors or other stakeholders as it contains information that can provide a signal about the company's prospects (dividend signaling theory). This study aims to examine the effect of dividend policy on company performance through moderation of investment opportunity set (IOS) and free cash flow (FCF) and examine the effect of the application of corporate governance on dividend policy and company performance. Based on purposive sampling technique obtained a sample of 71 companies that meet the criteria. The study was conducted using panel data regression method. The results showed that dividend policy had a significant negative effect on company performance in the following year. IOS has a positive and insignificant effect on company performance, while FCF has a positive and significant effect on company performance. IOS variable is able to moderate the relationship of dividend policy on company performance in the following year, while FCF is not able to moderate the influence of dividend policy on company performance in the following year. In addition, the corporate governance mechanism has an insignificant effect on dividend policy which shows that the corporate governance mechanism is still not effective in increasing the number of dividends paid to shareholders.JEL Classification: D13, I31, J22DOI: https://doi.org/10.26905/jkdp.v23i3.2517
Asymmetric volatility and macroeconomic factors on Indonesian government bond returns Megasari, Debbie; Siregar, Hermanto; Syarifuddin, Ferry
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.2613

Abstract

Macroeconomic are important variables influencing volatility in the bond market. Some of the challenges faced such as default risk, liquidity risk, interest rate risk, inflation risk, and exchange rate risk. This study is aimed at examining asymmetric volatility using the EGARCH model and at estimating macroeconomic variables which influence the return of Indonesian Government bonds. The asymmetric volatility can be measured by determining the best order value of the EGARCH model. Based on the findings of the study, EGARCH (2.1) is the best model for assessing volatility in short-term SUN returns, EGARCH (3.1) for medium-term SUN and EGARCH (2.3) for the long term. The asymmetric volatility pertains in the returns of short, medium and long-term government bonds. In addition, the negative information has a greater impact than positive information in the short, medium and long term. The deposit rate and return of the Composite Stock Price Index have a significant positive effect on short, medium and long term bond returns. The effective federal funds rate or FED interest rate has a significant positive effect on the return of short and long-term SUN bonds while in the medium term it has no effect. Exchange rates have a significant negative effect on short, medium and long term bond returns.JEL Classification: D13, I31, J22DOI: https://doi.org/10.26905/jkdp.v23i3.2613
Corporate life cycle, corporate governance structure, and corporate social responsibility disclosure Permata Ayu Widyasari; Christian Sutanto; Maria Eugenia Hastuti
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.2694

Abstract

The existence of Law No. 40/2007 concerning Limited Liability Company (or UU PT) in Indonesia can be an external motivation of the companies to ensure the conduct of corporate social responsibility (CSR) activities. In addition, the internal factor of the company can both drive and inhibit the conduct of CSR activities, such as the corporate life cycle. This study aims to determine the effect of the corporate life cycle, board of commissioners, and board of directors toward the disclosure of corporate social responsibility activities in manufacturing companies listed in Indonesian Stock Exchange. The corporate life cycle is categorized into five stages, including introduction, growth, maturity, decline, and shake-out. To accommodate the possibility of a non-linear corporate life cycle stage, the study employed multiple linear regressions and ANOVA analysis. The results showed that the corporate life cycle and board of commissioners have a significant effect on the disclosure of corporate social responsibility; while the board of directors has no effect on the disclosure of corporate social responsibility. The control variables used in this research include profitability, firm size, slack, research and development, market-to-book ratio, and firm age.JEL Classification: M12, M14, M41DOI: https://doi.org/10.26905/jkdp.v23i3.2694
The transition of enhancing financial performance in the mining and agriculture sector Leo Cahya Trias Putra Rachman; Muhammad Firdaus; Bunasor Sanim
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.2755

Abstract

In times of crisis, a decline in company performance can potentially be the cause of bankruptcy. The study of financial distress and turnaround has a close relationship, because the successful turnaround is determined from efforts to overcome the company's problems with financial distress. The purpose of this study is to analyze the factors that significantly influence the transition of financial performance and also to formulate managerial implications related to the success of turnaround in mining and agriculture sub-sector companies. The logistic regression method (logit) is used to discriminate samples of companies with the distressed category and also the turnaround category. The results of the study show that the transition of the company's financial performance is influenced by the variables of company size, level of distress and industry type. Alternative strategies that have been formulated consist of efficiency and entrepreneurial oriented strategies. Based on studies that have been conducted, the agricultural sector has a better probability of transition than the mining sector.JEL Classification: C01, C58, G01, G33DOI: https://doi.org/10.26905/jkdp.v23i3.2755
Determinants of capital adequacy ratio on banking industry: Evidence in Indonesia Stock Exchange Bahtiar Usman; Henny Setyo Lestari; Tiara Puspa
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.2981

Abstract

Capital adequacy ratio (CAR) is an important indicator of bank safety sustainability. Banks that can guarantee CAR means the bank has the power to resist the financial crisis, protecting the bank itself and funds from depositors. This study aimed to determine the factors that affect the CAR. The sample used in this study is the banking industry listed on the Indonesia Stock Exchange (IDX) from 2007 until 2018. Independent variables are bank size, leverage, loan loss reserves, net interest margin, loan assets ratio, and liquidity. The dependent variable is CAR. The number of samples is 27 conventional banks by using purposive sampling. By using panel data regression analysis by estimating ordinary General Least Squares (GLS) method. The results of this study indicate that bank size, leverage, loan loss reserve, net interest margin, and loan asset ratio has an effect on CAR significantly while liquidity has no effect on CAR. The results of this study are expected to be used as a reference for bank managers and investors in looking at the factors that affect the CAR in the banking industry.JEL Classification: C33, G21, G30DOI: https://doi.org/10.26905/jkdp.v23i3.2981
Examining the day-of-the-week-effect and the-month-of-the-year-effect in cryptocurrency market Robiyanto Robiyanto; Yosua Arif Susanto; Rihfenti Ernayani
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3005

Abstract

Cryptocurrency market is an attractive field for researchers in finance nowadays. One topic that can be studied is related to the existence of anomalies in the cryptocurrency market. This research was conducted to examine whether the cryptocurrency market, especially on Bitcoin and Litecoin, has day-of-the-week and month-of-the-year effects. The Bitcoin and Litecoin were used as objects because they were a cryptocurrency with a large market capitalization. The data used were monthly cryptocurrency returns for examining the month-of-the-year-effect and daily returns for examining the day-of-the-week-effect from 2014-2018. GARCH (1,1) analysis was done to see these effects on the cryptocurrency market. The results indicate that the phenomena of day-of-the-week and month-of-the-year effect existed in the cryptocurrency market. Therefore, the cryptocurrency market was not an efficient market. The pattern in the Bitcoin and Litecoin could later be utilized by investors. The investors should buy Bitcoin at the end of January and they should sell them at the end of February. While, for the investors who traded daily, can trade Bitcoin in Monday, Wednesday and Thursday because in these days, the Bitcoin have the potential to generate daily profits.JEL Classification: G14, G19DOI: https://doi.org/10.26905/jkdp.v23i3.3005
Has aggressive investing strategy performed? An insight from Malaysia listed companies Kontesa, Maria; Lim, Emily Jia Chee; Brahmana, Rayenda Khresna
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3069

Abstract

This study examines the role of aggressive investing strategy on firm performance for a sample of 514 listed firms in Malaysia from 2010 to 2017. In our first objective, we investigate the investing activism effect on firm performance by simultaneously controlling the firm characteristics and industry in our model. Our second objective is to test whether aggressive investing activism affects firm performance. Lastly, we want to investigate whether this aggressive investing may produce different results with different measures of performance. Our findings show that investment has significant effects on firm performance. Our research further indicates that companies with aggressive investing strategies had a better firm performance than compared to its peers. We test this theory using three different measures of aggressive investing strategies and substantiate this conclusion. Our research confirms the resource-based view theory and empirically proves that aggressive investments would result in better firm performance.JEL Classification: C23, D21, G31, L25DOI: https://doi.org/10.26905/jkdp.v23i3.3069
A note on Bitcoin’s price volatility Ahmad Farid Abdul Hamid; Ameen Ali Talib
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3103

Abstract

Cryptocurrencies such as bitcoin are sometimes referred to as the new gold and the buzz that surrounded bitcoins in the last few years is akin to the old day’s gold rush. Cryptocurrencies are not directly linked to any monetary policy instruments or fundamentals. Therefore, the analysis of common factors between these virtual currencies and other financial asset classes is challenging. Towards the end of 2017, Bitcoin’s price shot up to record high figures as cryptocurrency was gaining popularity not only for transactions but also for investments. This motivated us to investigate the relationship bitcoin prices have with Gold and stock index and crude oil. Historical prices were gathered from the start of 2017 to the end of the year, the Pearson’s Correlation analysis was chosen to study the relationship of Bitcoin and 3 other economic indicators namely gold, crude oil, and stock market prices. Then we did a multiple regression. Bitcoin has a correlation coefficient of 0.966 when compared to the stock market index SP 500 which means that they both share similar properties and characteristics. The t statistic for each variable was also significant. This is paper explores the possible factors that are correlated with the surge in bitcoin prices and offers views on the relevance of bitcoin in today’s world.JEL Classification: F62, G14, G15DOI: https://doi.org/10.26905/jkdp.v23i3.3103
The determinant factors of efficiency on Islamic banking and conventional banking in Indonesia Nur Majdina; Jono M. Munandar; Jaenal Effendi
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.3157

Abstract

As intermediary institutions, conventional banks have larger amount of loans to third party funds than of Sharia banks. Thus, the bank needs a performance appraisal to measure banking operations through efficiency. We examine the efficiency of Islamic banks and conventional banks in Indonesia and analyzes the factors that influence the level of efficiency known as the Two-Stage Data Envelopment Analysis method. We found that there are significant efficiency differences between Islamic banking and conventional banking in the 1st quarter 2014- 4th quarter 2017. On the other hand, NPF and NPL results affected negatively towards Islamic and conventional banks efficiency. Asset and CAR affected positively significant toward Islamic banks efficiency. Asset and ROA had affected positively significantly toward conventional banks efficiency but CAR had affected positively insignificantly toward conventional banks. Lastly, ROA had affected positively insignificantly toward Islamic banks efficiency.JEL Classification: G31, G32, G33DOI: https://doi.org/10.26905/jkdp.v23i3.3157

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