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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
 1 
Search results for , issue "Vol. 5 No. 2 (2013): Publish on June 2013" : 5 Documents clear
FINANCIAL RESTRUCTURING DRIVEN BY SINGLE PRESENCE POLICY (SPP) (A CASE STUDY MERGER AT PT. BANK NIAGA TBK AND LIPPO BANK TBK) Mikael Rommy Kristanto; Parulian Sihotang
Journal of Applied Finance & Accounting Vol. 5 No. 2 (2013): Publish on June 2013
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v5i2.792

Abstract

The issuance of Single Ownership Policy stated in PBI No. 8/16//PBI/2006 has an implication on the controlling shareholders in more than one bank. The shareholders are given three choices to make adjustment of their structure of ownership in order to match it with the single ownership policy. One of the choices available is merger. At one side, merger can increase its capital and minimize the number of existing banks. On the order side, merger can also result in monopoly that inflicts loss to the fair business competition. The first objective of Financial Restructuring or Merger is to take measures that avert the impending insolvency and that ensure the sort-term survival of the business. This is the prerequisite for a sustainable restructuring process. The medium and long term goal of financial restructuring is reestablishment of a healthy and solid capital structure. In Bank Niaga and Lippo Bank merger process was driven by Single Presence Policy which normatively obligates the controlling share holders of a bank to consolidate its share possession by divesting their share, merging or even forming a holding company. One of the existing controlling share holder by far already got impacted by this policy is Khazanah National Berhad, a foreign investor from Malaysia, who used to control Bank Niaga and Lippo Bank. The SPP indicated its implementation in Indonesia, which foremost align with vision of Indonesian Banking Architecture which is to designate healthy, strong and dynamic national banking structure.
DO INDONESIAN MANAGERS TIME THEIR CORPORATE BONDS? Christine Andreani; Dewi Tamara
Journal of Applied Finance & Accounting Vol. 5 No. 2 (2013): Publish on June 2013
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v5i2.793

Abstract

Corporate bonds are becoming popular in Indonesian capital market due to the ongoing decline in interest rates and the increase in credit rating. Debt Market Timing Theory argues that managers try to time their bonds issuance according to the market interest rate, relatively. This paper aims to analyze the debt issuance timing profile of Indonesian public listed companies. The samples are 24 bonds issuances, which have maturity period between 3 to 7, and companies already issued more than 1 bond issued within year 2009 and 2011. The manager’s behavior to time government bond rates is observed in the 5 working days window, whether the corporate bonds being issued at the lowest market interest rate (i.e., government bond rates) on the window. Bootstrap method is utilized to construct counterfactual data. The research finds that 7 out of 24 bonds issuance were issued at the lowest government bond yield within the window. Indonesian public listed companies had no ability to time their bond issuances during period 2009 until 2011. This paper reveals that the frequency of bond issuances made by each Indonesian company does not necessarily determine their capability to time government bond rates. However, bootstrap is a useful and more robust tool to help assessing the debt market timing ability when the samples taken are small in numbers.
ANALYSIS OF OPEX, OIL LIFTING AND INDONESIA CRUDE PRICE IN AFFECTING CONTRACTOR’S NET SHARE ON AN OIL AND GAS COMPANY IN INDONESIA Endah Widiastuti; Rudy Kurniawan
Journal of Applied Finance & Accounting Vol. 5 No. 2 (2013): Publish on June 2013
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v5i2.794

Abstract

Oil and gas industry is an international scale of business which is very affected with the global issue and situation. Indonesia is a country that known for its wealth of natural resources especially in oil and gas resources. Production-Sharing Contract is the form cooperation types of contractual arrangements for petroleum exploration and development in Indonesia. With current oil and gas business situation, where oil prices are fluctuative, oil lifting is decreased, operating expenditure of a company tends to increase. The trend of contractor’s net shares on this oil and gas company in Indonesia is fluctuative, it seems very unpredictable pattern. If its continuing, it can obstruct the company’s sustainability and growth. In order to know the significance factor and  to optimize the contractors net share of this unpredictable pattern during time limitation to the end of contract then it raises the need to quantify, model and know the significant factors that is affecting the performance of Production Sharing Contract’s net share. Thus can be done based on historical financial data report. The data obtained is used to measure the relationship of independent variables such as operating expenditure, oil lifting and Indonesia crude price to the dependent variable: contractor’s net share in order having a base of decision making to determine the action plan for the PSC by using multiple regressions as its methods. The result showed that oil liftings and Indonesia crude price significantly affect the contractor’s net share.
THE INFLUENCE OF CORPORATE DISCLOSURE LEVEL ON COST OF EQUITY CAPITAL: EVIDENCE FROM INDONESIA Angela Tamara; Yanthi Hutagaol
Journal of Applied Finance & Accounting Vol. 5 No. 2 (2013): Publish on June 2013
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v5i2.795

Abstract

This research investigates the level of corporate disclosure in Indonesia and how corporate disclosure may influence company’s cost of equity capital. Moreover, this research is also wanted to investigate the profile of corporate disclosure in Indonesia.The samples used in this research are companies that are listed in LQ-45 from 2006 to 2010. The corporate disclosure information is derived from the annual report. Moreover, related information required are also extracted from annual report, such as leverage, total asset and auditor quality. For data analysis, this research will employ a multiple regression to determine the association among variables. The result shows the disclosure level in Indonesia is actually affected cost of equity capital even though the level of significant is considered as low. As the conclusion, although most of companies does not disclosed information as the expected number of regulation, Indonesia capital market still can be considered as semi strong since the information that are available for public are actually affecting investors decision on investment.
ANALISIS VALUASI NILAI WAJAR SAHAM PT. ADARO ENERGY TBK MENGGUNAKAN METODE FREE-CASH FLOW TO FIRM (FCFF) Ecryna Cyntia Hutapea; Tyara Pratiwi Poernomoputri; Pardomuan Sihombing
Journal of Applied Finance & Accounting Vol. 5 No. 2 (2013): Publish on June 2013
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v5i2.796

Abstract

PT Adaro Energy Tbk, an Indonesian private company engaged in coal mines and became the largest thermal coal producers both in Indonesia, which also operates coal mines and have the single biggest in the southern hemisphere. Coal products PT Adaro Energy Tbk has medium levels of energy content, and assign its trademark with the name of the Envirocoal. PT Adaro Energy Tbk is officially listed on the Indonesia Stock Exchange (BEI) on July 16, 2008 and was recorded as the largest company in the history of the Stock Exchange for deals done in rupiah (whereas in the US $ is the currency of the latter), and an IPO 4th largest for the year 2008 in Asia (excluding Japan) with a stock offering as much 11.139331 billion shares. To assess the stock price of PT Adaro Energy Tbk in the market, the valuation of shares is needed, where the valuation of these shares will be known intrinsic value (fair price). The method used in this valuation is the Discounted Cash Flow method using the model of Free Cash Flow to Firm. Valuation results would be very useful to be used as the basis for making investment decisions to buy, hold or sell stock. Based on the calculation that stock valuations have been carried out, obtained the intrinsic value of PT Adaro Energy Tbk amounting to Rp 1,570 while the price of shares in PT Adaro Energy Tbk as at July 6, 2012 is $ 1,866, with the conclusion of the stock price of PT Adaro Energy Tbk undervalued or is below the market price.

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