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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 99 Documents
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Debt to Equity Ratio, Degree of Operating Leverage Stock Beta and Stock Returns of Food and Beverages Companies on the Indonesian Stock Exchange Lusia Astra Sari; Yanthi R.I. Hutagaol
Journal of Applied Finance & Accounting Vol. 2 No. 1 (2009): Published on November 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i1.149

Abstract

This research examines three factors that may have relationships with returns on stock investment. The factors tested under this research are three types of risk associated with a company’s capital structure, company’s business risk, and market risk of the company’s stock. A company’s capital structure is measured by debt to equity ratio, a company’s business risk is measured by degree of operating leverage, while the market risk of the company’s stock is measured by stock beta. This research focuses on the food and beverages (F&B) industry. The sample firms are F&B firms that are listed on the Indonesian Stock Exchange in the period of 2003-2008. The results show that there is a positive relationship between debt to equity ratio and stock return; however this result is insignificant statistically. A similar result is found between the degree of operating leverage and stock return. There is a positive significant relationship between the stock beta and stock return. The result also shows that debt to equity ratio, degree of operating leverage, and stock beta all together do not have a significant influence on the stock returns of food and beverage companies on the Indonesian Stock Exchange during 2003-2008.
Analysis on Accounting Conservatism and CSR Disclosures of Indonesian Banks Listed on IDX from 2004 to 2007 Melissa Kurniawan; Daryanto Hesti Wibowo
Journal of Applied Finance & Accounting Vol. 2 No. 1 (2009): Published on November 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i1.150

Abstract

Disclosing corporate social responsibility (CSR) activities is mandatory in Indonesia as  regulated by the government. This research investigates whether Indonesian companies are internally motivated to voluntarily conduct their social responsibility agenda.  First, this research examines the conservatism in financial reporting practices of Indonesian banks. It also analyzes the relationship between conservatism and CSR disclosure.  Using 21 Indonesian banks that went public in 2003-2007 as sample, this research conducts a content analysis on their financial reports to measure the conservatism and the CSR disclosure index. The findings of this research reveal that Indonesian banks are, on average, conservative in their financial reporting. This research also provides the ranking of the banks under study in terms of conservatism. Further analysis shows that there is no clear evidence to support the relationship between conservatism and the Indonesian banks’ CSR reporting.  Overall, this research concludes that CSR disclosure practices in Indonesian banks are driven by government regulation. This research does not find any internal motive of the sample banks in disclosing their CSR activities voluntarily.
Analysis of Corporate Governance and Relative Efficiency of Public Companies Listed in Indonesian Stock Exchange Olivia Liputri; Junius Tirok
Journal of Applied Finance & Accounting Vol. 2 No. 1 (2009): Published on November 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i1.151

Abstract

This research aims to investigate the relationship between corporate governance and company’s relative efficiency. The research sample is 34 public companies listed in Indonesian Stock Exchange. A modified Jones (1991) model is used to detect the earnings management practice as a proxy to corporate governance. In regard with the efficiency score, this research employs Data Envelopment Analysis (DEA). This research find that the there is no significant relationship between corporate governance and its efficiency.
Analisis Hubungan Profitabilitas Dengan Pergerakan Harga Saham Pada Sektor Usaha PERBANKAN di Bursa Efek Indonesia Hartono Hartono; Raymundus Parulian Sihotang
Journal of Applied Finance & Accounting Vol. 2 No. 1 (2009): Published on November 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i1.152

Abstract

Today, stock market activity influenced by many thinks or factors, where could be from internal or external factors company it self. This study analyzed profitability ratio which measured by Net Profit Margin (NPM), Return On Assets (ROA), and Return On Equity (ROE) banking company and the effects to stock market activity. The result showed that only ROE ratio influenced significantly to stock market activity, while others ratio, who is NPM and ROA did not influence significantly to stock market activity.
Analisis Faktor-Faktor Yang Mempengaruhi Penciptaan Nilai Pada Perusahaan-Perusahaan di Bursa Efek Jakarta Samuel Dossugi
Journal of Applied Finance & Accounting Vol. 2 No. 1 (2009): Published on November 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i1.153

Abstract

This paper studies the value creation process in the Jakarta stock exchange using a sample of 33 listed companies during the period of 2001-2003. The random probit model estimation procedure is used to find out the determinants of the value creation of the selected companies. The results suggest that the probability of creating future values is positively and significantly correlated with profitability factor. The results also indicate that the value creation is affected by size, that is, the probability to create value is stronger in big firms than in small ones.
THE BALANCED SCORECARD AS A STRATEGIC PERFORMANCE CONTROL TOOL AND ITS LINK TO THE ECONOMIC PROFIT MEASUREMENT- EVA AND MVA: A LITERATURE REVIEW Anbalagan Krishnan; R. Ravindran
Journal of Applied Finance & Accounting Vol. 2 No. 2 (2010): Published on June 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i2.155

Abstract

The organizational performance measurement and control system is vital to sustain the business in all economic environments. Organization requires a control system that measures the performance strategically. This paper gathers the literature discussion of one such popular integrated strategic performance control system, the balanced scorecard approach (BSC).  The discussion focuses on BSC approach on facilitating the implementation of organizational strategic and its link to the economic profit measures. Two popular economic profit measures, the Economic Value Added (EVA) and Market Value Added (MVA) are discussed in detail from various researchers point of view. The paper highlights the difference between these two measures and difference with the Return on Investment (ROI). The limitation of the economic profit measure is also highlighted in the discussion. As conclusion the link between the BSC strategic performance control tool and the economic profit measures are noted. This paper provides detailed discussions of both BSC strategic tool and economic profit measures based on literature review.
THE DEGREE OF COMPANY VULNERABILITY USING ALTMAN MODEL: A SURVEY OF PUBLIC LISTED COMPANIES IN INDONESIA Marko S. Hermawan; Junius Tirok; Dharma S. Dawis
Journal of Applied Finance & Accounting Vol. 2 No. 2 (2010): Published on June 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i2.156

Abstract

This research is purposed to analyze the degree of vulnerability of a company’s performance. From the financial report produced, investor will analyze the level of its performance. There are several variables of defining the performances, in which they are used to distinguish the degree of vulnerability. This level of degree affects investor’s decision on company’s performance. The object of this research, after taking relevant data from years 2006- 2008 published annual financial reports, there are 184 public companies listed in Indonesian Stock Exchange that are qualified in the analysis procedure. The Altman (1993) model of Z-score formula is used to define variables reflecting in a company performance, in which is classified into three-zone index (safe zone, grey zone and distress zone). This research has found that more companies lie in the grey and distress zone. Amongst the safe zone companies are Mining Industry and the lowest degree is the Infrastructure Industry. Also, a trend of decreasing performance occurred during 2008. There are possible reasons that might result in the performance of the industries. This result of research will benefit for investors in considering investing in Indonesian companies.
INVESTIGATION TOWARDS THE LONG-RUN PERFORMANCE OF INITIAL PUBLIC OFFERINGS: EVIDENCE FROM INDONESIAN CAPITAL MARKET Lioniva Emasari; Dewi Tamara
Journal of Applied Finance & Accounting Vol. 2 No. 2 (2010): Published on June 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i2.157

Abstract

We study the long-term performance of IPO share issued in Indonesia during the 1996-2001 periods. The IPOs in this period are mostly concentrated in Finance, Trade, Property and Basic Industry & Chemicals. The cumulative abnormal return (CAR) and buy-and-hold abnormal return (BHAR) in the third year are 15.83% and negative 68.02%, respectively. The CAR and BHAR in the fifth year are negative 1% and negative 139.7%, respectively. The highest CAR for 3 and 5 years are mining industry, with 289.29% and 226.80%, respectively. The lowest CAR for third year is trade, service & investment industry, with negative 59.36% and fifth year is agriculture with negative 59.72%. The lowest BHAR for third and fifth year is trade, service and investment industry with negative 113.01% and negative 230.99 respectively. The long-run performance using cumulative abnormal return is similar with the market and cannot outperform the market.  
EMPIRICAL INVESTIGATION OF ORGANIC GROWTH, EVIDENCE FROM INDONESIAN PUBLIC LISTED COMPANIES Stephanus Remond Waworuntu; Carina Tjhatra
Journal of Applied Finance & Accounting Vol. 2 No. 2 (2010): Published on June 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i2.158

Abstract

The main objective of this research is to examine Indonesian public listed companies with earnings generated organically rather than through earnings management, income manipulation, financial engineering, or through mergers and acquisitions. 70 samples were taken from Kompas 100 Stock Index from the period of 2004 to 2007 excluding banks, financial institutions, REITs and insurance companies. The authors applied the model of Organic Growth Index (OGI), developed by Hess (2007). The OGI model designed to illuminate value-creating companies that have consistently outperformed industry competition through organic growth. The test begins by selecting the best Economic Value Added and high growth companies. The result of our study shows that there are 10 percent of Indonesian public listed companies identified as OGI winners. These companies passed the core earnings test, income manipulation test and cash realization test, and thus indicated that those Indonesian public companies have a low level of earnings manipulation and low engagement in non-core earnings such as hedging activities.
PENGARUH BIAYA KUALITAS TERHADAP PENJUALAN PADA PT. GUARDIAN PHARMATAMA Rilla Gantino; Erwin Erwin
Journal of Applied Finance & Accounting Vol. 2 No. 2 (2010): Published on June 2010
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i2.159

Abstract

This is an empirical research to determine the influence of the independent variable quality cost to the dependent variable sales. A T-test on prevention cost, valuation cost, internal failure cost, and external failure cost showed significant influence on sales. An F-test on prevention cost, valuation cost, internal failure cost and external failure cost also showed significant influence on sales. Regression analysis was done using the multiple linear regression equation Y = -240710057,3 + 496,753 X1 + 411,237 X2 + 38,384 X3 + 21,283 X4. Regression analysis showed positive that prevention cost, valuation cost, internal failure cost, and external failure cost had a positive influence on sales, which indicates that increasing costs of quality leads to increase in sales. A coefficient determination test (Kd) showed that 95% of quality cost contributes to sales; the remaining 5% is influenced by factors other than cost of quality.

Page 3 of 10 | Total Record : 99

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