Arni Utamaningsih_Abstract_1812014

PERINGKAT PENJAMIN EMISI, UNDERPRICING, DAN KINERJA PASAR SEKUNDER SAHAM IPO DI BURSA EFEK INDONESIA

Arni Utamaningsih

Prodi Administrasi Bisnis Politeknik Negeri Padang

Kampus Limau Manis Pauh-Padang, 25166, Indonesia.

  • Korespondensi dengan Penulis:
  • Arni Utamaningsih: Telp.+62 751 72590; Faks.+62 751 72576
  • E-mail: Arni6965@gmail.com

 Abstract

This study discussed about the underwriters ranking, underpricing, and secondary market performance of IPO in Indonesia Stock Exchange. This study used the IPO prices, market prices, and data of underwriters ranking based on the total value of transactions per year. The data were elaborated with standard deviation approach. These studies provided weak support on finding of Carter and Manaster (1990) that the higher the reputation of underwriter was, the lower the initial return was. This study elaborated the weak support. This study also proved that underpricing had positive and significant effect on the excess returns of 30 days. The evidence of abnormal returns was elaborated for 30 days after the IPO.

Key words: IPO, secondary market, underpricing, underwriters ranking.

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Zaenal Fanani_Abstract_1812014

KARAKTERISTIK PERUSAHAAN DAN CORPORATE GOVERNANCE TERHADAP MANAJEMEN LABA: STUDI ANALISIS META

Zaenal Fanani

Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Airlangga

Jl. Airlangga No.4 Surabaya, 60286, Indonesia.

  • Korespondensi Penulis:
  • Zaenal Fanani: Telp. + 62 31 503 3642; Fax. +62 31 503 6584
  • E-mail: fanani_unair@yahoo.com

 Abstract

This study aimed to examine the factors influencing earning management in Indonesia, namely firm characteristics and good corporate governance. This study used META- analysis technique which was developed by Hunter & Schmidt (1990) and Lipsey & Wilson (2001) by using samples consisting of 12 journals which were accredited nationally minimal B. Empirical evidence found that good corporate governance represented by auditor quality, audit committee, management ownership, institutional ownership and independent commissioner, and firm characteristic represented by growth level, firm size, firm performance, firm book value, could be the predictor of earning management existence in a company while the other variable namely operation cash current could not be the predictor of earning management in a company.

Key words: firm characteristics, good corporate governance, META analysis, earnings management

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Levi T.Istorini_Abstract_1812014

KARAKTERISTIK DEWAN KOMISARIS, KARAKTERISTIK PERUSAHAAN, DAN KEBERADAAN RISK MANAGEMENT COMMITTEE

Levi Tri Istorini

Sigit Handoyo

Prodi Akuntansi Fakultas Ekonomi Universitas Islam Indonesia

Condongcatur, Depok, Sleman-Yogyakarta, 55283, Indonesia.

  • Korespondensi Penulis:
  • Sigit Handoyo: Telp.+62 274 881 546; Fax.+62 274 882 589
  • E-mail: sihando@yahoo.com

 Abstract

The research aimed to demonstrate empirically the relationship of commissioners board characteristics and the company characteristics against the existence of Risk Management Committee (RMC) and Separated Risk Management Committee (SRMC). In this research the characteristics of commissioners board consisted of independent commissioners and the size of commissioners board and also characteristics of the company consisting of auditors reputation, financial reporting risk, company industry type, company size, and leverage. The population taken in this research was all companies in BEI. The method of data analysis was logistic regression analysis with SPSS version 20. The results of this research showed that the variables that were proved to have positive and significant influence to the existence of the RMC were independent commissioner, leverage, and the size of the company while the size of commissioners board, auditors reputation, financial reporting risk, and types of industry were not proved to give an influence to the existence of RMC. The research also proved that the auditors reputation and the size of company gave  positive and significant effect to the existence of SRMC while independent commissioner variables, the size of commissioners board, financial report risk, and the type of industry did not have an effect to SRMC’s existence.

Key words: commissioners board characteristics, company characteristics, Risk Management Committee (RMC), Separated Risk Management Committee (SMRC)

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Palti M.Sitorus_Abstract_1812014

STRUKTUR MODAL DAN KEPUTUSAN INVESTASI PADA PERUSAHAAN TELEKOMUNIKASI INDONESIA

Palti Marulitua Sitorus

Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Telkom

Jl.Telekomunikasi No.1 Terusan Buah Batu-Bandung, 40257, Indonesia.

D.S. Priyarsono

Adler Haymans Manurung

Tubagus Ahmad Maulana

Program Doktor Manajemen dan Bisnis Pascasarjana Institut Pertanian Bogor

Jl. Raya Pajajaran Bogor, 16151, Indonesia.

  • Korespondensi Penulis:
  • Palti Marulitua Sitorus: Telp.+62 22 756 4108; Fax.+62 22 756 5200
  • E-mail: pmts_dori@yahoo.com

 Abstract

This study aimed to explore the interconnection of capital structure and investment decisions based on the relationship between corporate leverage and investment options. The samples used were telecommunication companies in Indonesia which had already become public companies from 2006 to 2013. The data was processed by using multiple regression technique and t test and F test to see the difference of investment source. This study revealed that an increase in the firm value as a result of an increase in the debts of the company and its increase was different between the companies that the investment came from foreign investment and local investment. Investment selection by using the debt was considered to be the correct choice made by management. The value of the company was obtained better by companies that used local investment. Telecommunication business was still considered by investors to be the prospective industries.

Key words: capital structure, investment decision, telecommunication

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Yuliani_Abstract_1812014

KEPEMILIKAN BLOCKHOLDER, INVESTMENT OPPORTUNITY SET, RASIO LIKUIDITAS, DAN NILAI PERUSAHAAN 

Yuliani

Muizuddin

Fakultas Ekonomi Jurusan Manajemen Universitas Sriwijaya

Jl. Raya Prabumulih, Inderalaya, Ogan Ilir, Indonesia, 30662.

  • Korespondensi Penulis:
  • Yuliani: Telp.+62 711 580 230; Fax.+62 711 580 964
  • E-mail: yuliasyapril@yahoo.com

Abstract

This research aimed to measure and to find empirical evidence, blockholder ownership toward firm value, the role of Investment Opportunity Set (IOS) as mediating effect of blockholder ownership on firm value and role of liquidity ratio as moderating effect of IOS on firm value. The research was conducted at manufacturing companies listed in Indonesia Stock Exchange in 2008-2012 period. This research used purposive sampling, and the units of analysis were 120 observations. Data analysis used was Structural Equation Modeling (SEM). The result showed that blockholder ownership did not have significant effect to firm value. IOS as full mediation had an effect on blokcholder ownership toward firm value and liquidity ratio as quite moderation in strengthening the effect of  IOS to firm value.

Key words: blockholder ownership, firm value, investment opportunity set, liquidity ratio

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Zaenal Arifin_Abstract_1812014

DAYA TARIK PASAR MODAL ISLAMI: STUDI DI BURSA EFEK INDONESIA

Zaenal Arifin

Prodi Manajemen Fakultas Ekonomi Universitas Islam Indonesia

Condongcatur, Depok, Sleman-Yogyakarta, 55283, Indonesia.

  • Korespondensi Penulis:
  • Zaenal Arifin: Telp. Telp.+62 274 883 525; Fax.+62 274 883 526
  • E-mail: zaenalarifin.fe@uii.ac.id

Abstract

Islamic capital market was a capital market in which the stock issuer’s business and the trading mechanism were both Islamic. Islamic corporate issuers were already selected in Islamic stock index while Islamic trade mechanism had to meet the requirements to avoid speculation (gharar). Some experts had proposed a model of an Islamic stock trading such as Metwally (1992) and Chapra (1992). The question was if the islamic model was applied, “was the stock market still interesting?” This study wanted to answer that question. By using a sample of companies in Jakarta Islamic Index (JII) from 2007 to 2013 this study showed the following results. Metwally model proved to be very attractive because it generated a return (capital gain) at least equal to real capital markets and the risk of capital loss was smaller. But investors should be careful because the standard deviation of return among stock in this stock market model was relatively high. Meanwhile, the Chapra model gave investors not only a lower risk but also lower returns. The performance of Chapra Islamic capital market model had not been conclusive because when using Sharpe index and Jensen index, the performance index decreased but when using the Treynor index, the performance did not decrease.

Key words: Chapra Model, islamic capital market, Jakarta Islamic Index (JII), Metwally Model

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Nisa A.C.Dewi_Abstract_1812014

INTELLECTUAL CAPITAL TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING

Nisa Ayu Castrena Dewi

Deannes Isynuwardhana

Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Telkom

Jl. Telekomunikasi Terusan Buahbatu-Bandung, 40257, Indonesia.

  • Korespondensi Penulis:
  • Nisa Ayu Castrena Dewi: Telp. +62 22 750 3055; Fax. +62 22 750 5522
  • E-mail: nisaayucatrenadewi@ymail.com

Abstract

Company competition ability was not only in the assets ownership but also in the innovation, information system, organization management and resources, including the importance of knowledge assets in the company. One of the approaches used in assessment and measuring of knowledge assets was Intellectual Capital (IC) which used model namely Value Added Intellectual Coefficient (VAICTM) and also used per IC component namely Value Added Capital Employed (VACA), Value Added Human Capital (VAHU) and Structural Capital Value Added (STVA). This research aimed to investigate the intellectual effect toward firm value with return on assets as the intervening variable.  The samples of this research were pharmacy companies listed in BEI. The samples were selected by using purposive sampling method and there were 24 observation data. The hypotheses of this research used path analysis, simple linear regression and double linear regression. The result of this research showed that IC had a positive significant effect toward Return on Assets as. IC did not have a direct effect toward firm value. It influenced indirectly toward firm value with Return on Assets as the intervening variable, simultaneously or partially.   VACA, VAHU and STVA did not have an effect toward Return on Assets of a firm simultaneously or partially. VACA, VAHU and STVA did not have an effect on firm value.

Key words: Intellectual Capital (IC), Price to Book Value (PBV), Return on Assets (ROA)

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Zulkifli Rangkuti_Abstract_1812014

KELAYAKAN INVESTASI USAHA DAN KEEKONOMIAN BIODIESEL

Zulkifli Rangkuti

Sekolah Tinggi Manajemen IMMI Jakarta

Jl. Tanjung Barat No.11 Jakarta Selatan, 12510, Indonesia.

Bambang Mulyana

Fakultas Ekonomi dan Bisnis Universitas Mercu Buana

Jl. Meruya Selatan, Kebun Jeruk-Jakarta Barat, 11650, Indonesia.

  • Korespondensi Penulis:
  • Zulkifli Rangkuti: Telp.+62 21 781 5142; Fax.+62 21 781 5144
  • E-mail: zrangkuti@gmail.com

Abstract

This study aimed to analyze the business feasibility and economy of the biodiesel industry in terms of various aspects with various assumptions. Main calculation Techniques used were: the benefit and cost ratio (B/C Ratio), the net present value (NPV), internal rate of return (IRR), and payback period (PBP). Assuming an installed capacity of 100,000 tons per year, the production of biodiesel could be produced in the third year, 90,278 tons per year. The production increased steadily until 92,778 tons per year from the fourth year to the tenth year. It can be achieved by general assumption that working days within 1 year, from January to December were 360 days. Economy of biodiesel would happen if the subsidy could cover the difference between the selling price of biodiesel and MOPS diesel fuel prices. In 2011, the average value of subsidy was Rp2,463.60 per liter, but because the rule stated that the maximum subsidy was Rp2,000.00 per liter, the government purchase on biodiesel products was Rp8,840.00 per liter, which was calculated based on diesel fuel MOPS in 2011 as much as Rp6,840.00 per liter plus maximum subsidy.  The result of analysis showed that biodiesel investment was worthy to be realized. 

Key words: benefit and cost ratio (B/C), biodiesel economy, internal rate of return (IRR), investment feasibility, net present value (NPV), payback period (PBP)

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Rizky Yudaruddin_abstract_1812014

DAMPAK TINGKAT KONSENTRASI TERHADAP KINERJA DAN STABILITAS PERBANKAN DI INDONESIA TAHUN 2003-2013

Rizky Yudaruddin

Prodi Manajemen Fakultas Ekonomi Universitas Mulawarman

Jl. Tanah Gerogot Kampus Gn. Kelua-Samarinda, 75119, Indonesia.

  • Korespondensi Penulis:
  • Rizky Yudaruddin: Telp. +62 541 748 915; Fax +62 541 743 916
  • E-mail: aa_rizkyyudaruddin@yahoo.co.id

 Abstract

The Indonesian Banking Architecture policy had increased banks’ concentration to strengthen their capital structure. Banks were forced to increase their capital so that banks consolidation might occur through mergers and or acquisitions. Based on these conditions, the purpose of this study was to analyze the impact of bank concentration level to the performance and stability of the bank. Using the efficiency hypothesis, “concentration-stability” hypothesis, and “concentration-fragility” hypothesis, this study analyzed the entire conventional banks in Indonesia. The data used were secondary data from Bank Indonesia and the Central Bureau of Statistics from 2003 to 2013, with panel data regression using eviews program. The results showed that banking industries in Indonesia supported the efficiency hypothesis and the “concentration-stability” hypothesis.

Key words: banking, concentration, efficiency, stability

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Cahyo L.Adiono_Abstract_1812014

ANALISIS PENGUNGKAPAN TATA KELOLA BANK SYARIAH DI INDONESIA

Cahyo Luthfi Adiono

Mahfud Sholihin

Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Gadjah Mada

Jl. Sosio Humaniora 1 Bulaksumur-Yogyakarta, 55281, Indonesia.

Abstract

This research aimed to analyze the disclosure level of corporate governance on annual report of BUS (Syariah Commercial Banks) in Indonesia in 2010-2012 with indicator stated in Indonesia Bank Rules number 11/33/PBI/2009. Besides, this research also analyzed the growth of the disclosure level. To reach the aim, this research used content analysis method. The result of research showed that Syariah Mandiri Bank, BCA Syariah Bank, and Muamalat Bank had the highest disclosure value while Bukopin Syariah Bank had the highest growth average. However, only four BUS had disclosure value above 70 percent and four BUS had growth rank above 5 percent per year. It showed that during 3 year-period the disclosure level of BUS corporate governance in annual report was not high and it had not had a meaningful growth.  

Key words: content analysis, corporate governance, disclosure, syariah bank

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