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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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THE IMPACT OF INTEGRATED AIS IMPLEMENTATION TO THE PURCHASING AND SALES BUSINESS PROCESSES IN ORDER TO IMPROVE EFFICIENCY AND EFFECTIVENESS: A CASE STUDY OF AN SME IN WEST JAKARTA Tohang, Valentina; Margaret, Bungan
Journal of Applied Finance & Accounting Vol. 5 No. 1 (2012): Publish on November 2012
Publisher : Bina Nusantara University

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Abstract

This exploratory study of the impact of integrated AIS implementation throughout the purchasing and sales business processes in an SME in West Jakarta is aimed to illustrate the result of an implementation of automated AIS in a small business to improve company’s efficiency and effectiveness.  The study was conducted through the document review of prior implementation and observation of current business process, and interview. The measurement of efficiency and effectiveness is derived from the accounting basic principles of time and cost efficiency and effectiveness.
THE MARKET PERFORMANCE OF BOOK BUILDING IPOs IN INDONESIA Noni Tanjung; Yanthi Hutagaol
Journal of Applied Finance & Accounting Vol. 5 No. 1 (2012): Publish on November 2012
Publisher : Bina Nusantara University

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Abstract

This research is aimed to determine the significant difference in short run and long run performance of Initial Public Offerings (IPOs) in Indonesian Capital Market through book building or fixed price marketing method. Moreover, it is intended to distinguish the characteristics of the issuer that might influence in their choice of marketing method. The sample firms are companies who went public in year 2007 to 2010. The aftermarket performance of the IPOs is assessed based on their short run performance (initial return) and long-term performance. The model has the marketing method as the dependent variable and size, age, industry and ownership of the issuer as independent variable. The result shows there is no significance difference in the short run performance between the marketing methods. However, there are significant difference in the long-run performance. For logistic regression, there are no significant relationship between the companies’ characteristics that influence the marketing method chosen.
VALUE RELEVANCE OF BANK OPERATIONAL PERFORMANCE IN INDONESIA Yulina Wong
Journal of Applied Finance & Accounting Vol. 5 No. 1 (2012): Publish on November 2012
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v5i1.431

Abstract

The objective of the paper is to examine the value relevance of the disclosure of bank operating performance, as regulated by Bank of Indonesia. There are five operating performance ratios (CAR, NIM, BOPO, LDR, NPL) are examined in this study. The valuation model, then, also includes earnings and market condition, as control variables. The sample firms are bank that are listed in IDX during period 2005-2010, which consists of 144 observations. The result shows that some observations had performance measures below or above Bank of Indonesia’s acceptable ratio ranges. The analysis shows that only NIM is regarded as a relevant valuation factor. CAR and BOPO are less relevant, when earnings are used as control variables. Earnings and market condition are positively related to market value of the banks. This concludes that market is indifferent in their valuation approach to banking industry and other industries.
MOMENTUM INVESTING STRATEGY IN IDX: AN EXPERIMENT Ronald W. Liem
Journal of Applied Finance & Accounting Vol. 5 No. 1 (2012): Publish on November 2012
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v5i1.432

Abstract

This research aims to test whether the Momentum investing strategy is better than passive investing strategy. The research method used is experiment design. The population observed is Kompas100 shares. The sample is filtered using several iterations based on the market performance as the momentum points and other fundamental factors to form optimal portfolios. The data used is the quarterly data. The t-test and Mann-Whitney means difference tests are performed to assess the differences of the results of momentum strategy and the market. The results show that momentum strategy provides higher returns than the market does.This experiment suggests that momentum investing strategy is applicable in IDX.
EVALUASI EFEKTIVITAS SISTEM INFORMASI MANAJEMEN DAN AKUNTANSI BARANG MILIK NEGARA ( SIMAK-BMN ) DI DEPARTEMEN KEBUDAYAAN DAN PARIWISATA REPUBLIK INDONESIA Anggita Kiki Rahardiyanti; Edi Abdurachman
Journal of Applied Finance & Accounting Vol. 5 No. 1 (2012): Publish on November 2012
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v5i1.433

Abstract

The Government obligate to secure BMN. The security include physical security, administrative, and legal secure. In order to secure the necessary administrative administration system that can create a control (controlling) on BMN. Thus the necessary tools in the form of system that can simplify the administration and control of BMN. Management Information Systems and Accounting State Assets (SIMAK-BMN) was organized with the aim to produce the necessary information as a tool of accountability for the implementation of the budget and management / control BMN controlled by an accounting unit of goods. But until now has not carried out an evaluation of the level of keefektivitas SIMAK-BMN especially in the Ministry of Culture and Tourism. Therefore conducted a study to determine the factors that influence the effectiveness of SIMAK-BMN. So this study can be useful for applications maker SIMAK-BMN in knowing what the important factors that must be considered to improve the effectiveness of SIMAK-BMN which have been implemented. The result is that the factors that influence the effectiveness of SIMAK-BMN are Facility, Usability and Quality Systems. Without the factors above, it is very unlikely that SIMAK-BMN can operate effectively.
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.

Page 6 of 10 | Total Record : 99

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