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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 765 Documents
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Do executive compensation and government ownership effected performance banking listed in Asean? Rut Nova Gita Sihombing; Doddy Setiawan
Jurnal Keuangan dan Perbankan Vol 26, No 2 (2022): APRIL 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i2.6518

Abstract

This study identifies and analyzes the relationship between executive compensation and government ownership effected performance banking listed in Asean. The research sample is 96 Asean listed companies. This study examines the static between the framework, which controls for the specific effects of each of the factors being tested. This study finds that executive compensation has effect positively on ROE and Tobin’s Q. This finding indicates that investors perceive this as advantageous conditions. This indicates that executive compensation effect how board of executive improve bank performance. Another result shows that government ownership has a positive effect on bank performance.
Integration of Indonesian Capital Market and ASEAN Capital Market: A Study during the Covid-19 Pandemic Linda Ariany Mahastanti; Ursula Brigitta Anggun Dwiandaru Oktavia
Jurnal Keuangan dan Perbankan Vol 26, No 3 (2022): JULY 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i3.7813

Abstract

This research was conducted to examine the integration of the Indonesian capital market with the capital markets of other countries in ASEAN before and during the COVID-19 pandemic, so the results of this study are expected to provide an overview for investors in making investment decisions. Investment decision-making, especially in international diversification. The sample used in this study is the capital market index of Indonesia, Malaysia, Singapore, the Philippines, Thailand, and Vietnam. The analysis technique uses the Vector Error Correction Model (VECM). The analytical tool used is Eviews 11 software. The results show that there is proven integration between the Indonesian capital market and the capital markets of Malaysia, Singapore, the Philippines, Thailand, and Vietnam. In addition, this research also states that there is an increase in the integration of the Indonesian capital market with the capital markets that are members of the ASEAN Exchange, especially during the Covid-19 period.
Is there financial accelerator in indonesian banking? Dadang Lesmana; Felisitas Defung; Wirasmi Wardhani
Jurnal Keuangan dan Perbankan Vol 26, No 3 (2022): JULY 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i3.7556

Abstract

The purpose of this study is to examine the effect of the business cycle on price-cost margins in Indonesian banking. The research method used is the System Generalized Method Moment (SYS-GMM) to analyze 94 conventional banks in Indonesia for the period 2011-2020. The results of this study indicate that the business cycle has two effects on the price-cost margin in Indonesian banking. First, GDP has no effect on the price-cost margin. Second, credit has a negative effect on price-cost margins in Indonesian banks. Our result study is to prove the results of research on "financial accelerators" in previous studies. This study suggests banks and policymakers in Indonesia must be able to assist the economy in providing credit to accelerate economic recovery, which can reduce the default risk.
An Alternative for the External Debt with the Implementation of Islamic Financial Instrument: Study on Indonesia Deficit Budget Policy Putri Rizka Citaningati; Kamaluddin Kamaluddin
Jurnal Keuangan dan Perbankan Vol 26, No 3 (2022): JULY 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i3.7789

Abstract

Indonesian government tends to use a budget deficit policy which has an impact on the amount of the state budget being no larger than the revenue earned by the state. This certainly triggers the government to incur debt, especially foreign debt. Indonesia as a country with a majority Muslim population certainly has great potential in utilizing Islamic financial instruments as a substitute for foreign debt. Therefore, this study aims to examine good state budget policies in avoiding state debt through the implementation of Islamic financial instruments such as zakat and waqf. The paper uses a descriptive qualitative approach. This study uses secondary data on state revenues, state expenditures, the state budget deficit, and Indonesia's sovereign debt in 2016-2020. The data were analyzed descriptively to determine the negative impact of Indonesia's current foreign debt. The result concludes that Islamic financial instruments such as zakat and waqf can be used as an alternative to foreign debt. In addition, the government can also issue SBSN, such as Sukuk, which encourage public confidence to invest in the government
Predicting future performance and dividend policy by asset revaluation and leverage Ridwan Ridwan; Yossi Diantimala; Indayani Indayani
Jurnal Keuangan dan Perbankan Vol 26, No 3 (2022): JULY 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i3.7560

Abstract

This study aims to examine the effect of asset revaluation on the company's future performance and dividend policy through leverage as a mediating variable. Financial statements play an important role as a source of information for stakeholders in predicting the company's future performance. Stakeholder interest in dividends is limited by biased information about the company's future performance through leverage levels and asset revaluation results that can be handled through financial statements in decision making for dividend distribution. Therefore, this study supports agency theory and dividend policy theory. The sample of this research is 205 financial statements of companies listed on the Indonesia Stock Exchange for the period 2012-2019. The analytical method used is Path Analysis. The results show that an increase in asset revaluation reduces the company's level of leverage and future company performance, and an increase in the benefits of asset revaluation increases the company's dividend policy. The increase in leverage has a positive contribution to the company's performance in the future but does not have a significant effect on dividend policy due to the high level of company debt. Meanwhile, leverage does not mediate an increase in asset revaluation on future company performance and dividend policy. This study contributes to the improvement of the model to predict the company's future performance by implementing business strategies on asset revaluation and leverage.
Comparison of Microeconomics and Stock Returns Relationships in Financial Sector in 2019 and 2020 Mei Siang Jemima Aurelia; Edwin Setiawan Nugraha
Jurnal Keuangan dan Perbankan Vol 26, No 3 (2022): JULY 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i3.7877

Abstract

Stock return is crucial to analyze before making investment since gaining return is the main objective. The analyzing can implement fundamental analysis which involves microeconomics variables of company. According to IDX, financial sector generates the highest return, unfortunately it is still volatile. Moreover, since COVID-19 pandemic, economic situation becomes unstable. This research aims to analyze and compare partial and simultaneous relationship of microeconomics variables (Book Value Per Share, Price to Book Value, Price Earning Ratio, Debt to Equity Ratio, Net Profit Margin and Debt Ratio) with stock return in financial sector main board companies in 2019 (before COVID-19 pandemic) and 2020 (during COVID-19 pandemic). Multiple linear regression is implemented and resulting that in 2019, only Price to Book Value, Price Earning Ratio and Net Profit Margin have significant relationship with stock return. In 2020, only Price Earning Ratio and Debt to Equity Ratio have significant relationship with stock return. For both years, simultaneous relationship between all microeconomics variables and stock return are found. The result can be used for investor and main board financial sector companies.
Analysis of Capital Market Reactions To The Merger of Indonesian Sharia Banks: BRIS Stocks Evidence Grisvia Agustin
Jurnal Keuangan dan Perbankan Vol 26, No 3 (2022): JULY 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i3.7678

Abstract

This study aims to obtain evidence of the stock market’s reaction to the merger of Indonesian Islamic banks and its prediction power to JCI. The variables used in this study are abnormal returns and trading volume activity with an observation period of 60 days before the event and 60 days after the event. We use 2 types of time series data, which are daily data to analyze AR and trading volume activity, and weekly data to analyze the causality relationship. The results showed that there were no differences in abnormal returns before and after the merger, but there were differences in trading volume activity before and after the merger. In addition, this study also aims to determine the reciprocal relationship using Granger causality between the JCI and BRIS stocks prices before and after the merger of Indonesian Islamic banks. The results of the study show that there is no reciprocal relationship between the Composite Stocks Price Index and the stock’s price of BRIS and vice versa.
The Testing Of Pecking Order Theory For Behavior Financing In The Company's Life Stage Ode Sumail; Rezky Arianty Akob
Jurnal Keuangan dan Perbankan Vol 26, No 3 (2022): JULY 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i3.7607

Abstract

The diversity of behavior financing occurs in companies listed on the Indonesian capital market and still leaves debate on theoretical assumptions so that the researchers are motivated to do this research. This research aims to investigate the behavior financing of each stage of the company's life, specifically for young, mature and waning ages as the repressentations of Pecking Order Theory (POT) financing behavior. The object of this research is a manufacturing company that is listed Indonesian capital market at least 3 years after the IPO and has a complete financial performance report. The results of the regression analysis results  behavior of sales growth, profitability behavior, dividend behavior, retained earnings behavior, free cash flow behavior, risk behavior, size behavior and financial leverage behavior, shows various behaviors in each stage of the company's life. Behavior financing at the young and waning stages tends to favorPOTbehavior rather than trade-off behavior financing. In the mature stage, the behavior of profitability, retained earnings,FCF, and size do not supportPOTbehavior tends to lead to trade-off financing behavior.
The Influence of Corporate Governance Internal Mechanisms and Directors' Remuneration on Performance of the Company (The Case of Banking Industries in Indonesia) Narita Pravitasari; Erna Setiany
Jurnal Keuangan dan Perbankan Vol 26, No 3 (2022): JULY 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i3.7726

Abstract

This research was conducted with the point of knowing the impact of the corporate governance internal mechanism and the remuneration of directors on performance of the company. This research focuses on the internal mechanism consisting of the board of directors’ size, internal directors, external directors, Audit Committee, Nomination and Remuneration Committee, board meeting frequency, and ownership structure. Corporate performance consists of Return on Assets (ROA) utilized to measure financial performance while Price to Book Value (PBV) is utilized to measure market performance. This research data is derived from secondary data and is sourced from the official annual report of the company. The population used in this survey was from a banking company listed on the Indonesia Stock Exchange (IDX) between 2016 and 2020. This research used purposive sampling technique and obtained a sample of 38 companies. The analysis in this study uses a panel data regression model with the help of the EViews program. The results showed that the Audit Committee had a positive and significant influence on ROA but had no influence on PBV. The board meeting frequency has no influence on ROA, but this variable has a negative and significant influence on PBV. Meanwhile, the size of the board of directors, internal directors, external directors, Nomination and Remuneration Committee, ownership structure, and remuneration of directors have no influence on ROA and PBV.
Credit access and happiness: Evidence from Indonesia Muhammad Yusuf Indra Purnama; Siti Aisyah Tri Rahayu; Mulyanto Mulyanto; Johadi Johadi
Jurnal Keuangan dan Perbankan Vol 26, No 3 (2022): JULY 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i3.7551

Abstract

The objective of this study is to investigate household credit access and its impact on happiness. We use data from the Indonesia Family Life Survey (IFLS) and employ Ordinary Least Square (OLS) as well as an Ordered Probit approach to test our empirical framework. Our results reveal that per capita expenditure has positively affects the probability of being granted credit, and people in urban communities benefit more from accessing credit than those in rural areas also document that those who successfully obtain credit tend to increase their probability of being happy. We then recommend an improvement in access to credit, particularly for poor people and those who live in rural communities, as an important policy implication. In addition, a better financial capability and financial literacy should be improved continuously to ensure the positive impact of credit on happiness as the ultimate goal in life.

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