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Heny Kurniawati
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INDONESIA
Journal of Applied Finance & Accounting
Published by Universitas Bina Nusantara
ISSN : 19796862     EISSN : 27466019     DOI : 10.21512/jafa.v7i2.6378
Core Subject : Economy,
Economics, Econometrics & Finance
Journal of Applied Finance & Accounting (JAFA) showcases useful theoretical and methodological results with the support of interesting empirical applications in the area of Finance and Accounting. Purely theoretical and methodological research with the potential for important applications is also published. Articles in the journal may examine significant research questions from a broad range of perspectives including economics, sustainability, organizational studies and other theories related to accounting and finance phenomena. JAFA is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments and banking.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 5 Documents
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Search results for , issue "Vol. 3 No. 1 (2010): Published on November 2010" : 5 Documents clear
A STUDY TO TEST STOCK RETURN BASED ON PE STRATEGY AND THE COMBINATION BETWEEN PE AND 200 DMA STRATEGY IN COMPARISON TO THE RETURN GENERATED BY BUY AND HOLD STRATEGY Anthony Alvin; Dian Triasurya
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.160

Abstract

The main purpose of this study is to test a market perception that a low Price to Earnings ratio (PE) relatives to 5-year historical average and the combination with 200 Daily Moving Average (DMA), are a good indicator to generate buy & sell signal that can beat buy & hold strategy. The research uses 28 samples taken from 45 companies in the Kompas 100 index. The first study will use low PE, when company’s PE is below its 5-years average PE, the buy signal will be generated. The second study will use combination of low PE and 200 DMA, if PE of company below its 5-years average and its stock price is above 200 DMA, the buy signal will be generated. The T-test analysis will be conducted whether the different return between PE and PEDMA with buy and hold strategy is significant or not. The results shows that the low PE strategy and the combination of PE and DMA can give positive returns to the investor although it cannot beat the return by using buy & hold strategy. The investor cannot only use low PE as a single indicator in buying or selling stock, there should be another parameters.
STUDY OF GOOD CORPORATE GOVERNANCE IMPLEMENTATION IN LISTED STATE-OWNED ENTERPRISES THROUGH A CONTENT ANALYSIS METHOD OF ANNUAL REPORTS Sally Marcelina Djauhari; Raymondus Parulian Sihotang
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.161

Abstract

Good Corporate Governance (GCG) is a concept of directing and controlling business corporations. This concept specifies the distribution of rights and obligations between the company’s stakeholders and the procedures for taking decisions on corporate affairs. It provides a mechanism through which the company’s objectives are set, and for attaining those objectives and monitoring performance. The main objective of this study is to explore how far the GCG principles have been implemented in listed State-Owned Enterprises (SOE). In addition, the writer compares the GCG implementation among the participant companies as well as across the industries, in which the companies are classified. The method used in the data collection is observation through the company’s annual report (content analysis). The writer uses GCG Evaluation Manual of Badan Pengawasan Keuangan dan Pembangunan (BPKP) released and endorsed in 2004 by the Ministry of SOE, as the scoring system. The results generated from this study are the company’s scores in implementing the GCG principles. In addition, the writer generates ranking among the participant companies, within the same industry and across the industries. The best company with the highest score in implementing the GCG principles among the participant companies is Aneka Tambang. In addition, the top companies with the highest scores within each industry are Bank BNI (Finance), Indofarma (Consumption Goods), Telkom (Infrastructure, Utility & Transportation), and Aneka Tambang (Mining). Moreover, the best industry with the highest average score of the players is Property & Real Estate.
REAL OPTIONS APPROACH: A BANK ACQUISITION BY BANK X Shantie Poespa Dewi; Junius Tirok
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.162

Abstract

Indonesia offers a lot of promising growth opportunities and particularly to the banking industry, a combination of attractive macro-economic conditions and introduction of new regulatory policies as well as reformation to consolidate and strengthen the banking sector primarily by M&A activity provides an attractive backdrop for acquisition of Indonesian banks by foreign investors. In this paper, we introduce real options theory as an alternative to a traditional project valuation for a bank acquisition that would allow the acquiring firm to recognize the options embedded in their investments. The objective of this case study is to analyze, from real options perspective, whether the acquisitions of the target firm compliment the acquiring firm. The methods use for the analysis are DCF, Black-Scholes and Binomial Lattice that would help determine the project real value, which result suggested that the acquiring firm should reconsider their options. On this thesis, the DCF method suggesting that the acquisition of Bank Y by Bank X does increase the value of Bank X but there would not be added value on the synergy itself. While from the real options perspective, the project value (with and without real options flexibility) is worth less than the target firm underlying assets and has doubtful prospect.
FAKTOR-FAKTOR YANG MEMPENGARUHI MANAJEMEN LABA PERUSAHAAN PUBLIK DI INDONESIA PADA TAHUN 2008 Yanuar Nanok S.; Natasya Natasya; Brigitta Azaria Widadi3
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.163

Abstract

Financial report are one of the measurement for company achivement and income is the easiest and one of the most usefull kriteria for company performance. One  alternative to make financial report look good for investor, usually company use income smoothing for window dressing. Using 219 company in Indonesian stock exchange at 2008, we can assume that size of the company, leverage, accounting public, and operating cash flow are the significant variabel to make manajemen create income smoothing. We can concluded, with good control, owners can push manajemen to create financial report more transparant.
ANALISIS PERBANDINGAN ECONOMIC VALUE ADDED (EVA) DAN FINANCIAL VALUE ADDED (FVA) SEBAGAI ALAT UKUR PENILAIAN KINERJA KEUANGAN PADA INDUSTRI PERKEBUNAN DI BURSA EFEK INDONESIA Nora Alverniatha; Samuel Dossugi
Journal of Applied Finance & Accounting Vol. 3 No. 1 (2010): Published on November 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i1.164

Abstract

Economic Value Added (EVA) and the Financial Value Added (FVA) are the concept of management performance assessment based on the size of the added value which is created by the company during the specified period. EVA measures the economic profit of the company taking into account the cost of capital, whereas FVA earnings measure taking into account the contribution of fixed assets in generating net profits of the company. The study aims to determine the ratio of Economic Value Added (EVA) and the Financial Value Added (FVA) as a measurement of financial performance assessment on the industrial estates listed in Indonesia Stock Exchange for the period 2004 to 2009. The method used a descriptive analysis method using time series data. The results of this study indicated that companies using EVA to create economic value and have a good financial performance from 2004 until 2009. While using the FVA, the company is also able to create a positive financial value of good financial performance from 2004 until 2009. The results also show that there are significantly differences between the EVA and the FVA for the period 2004 to 2009.

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