FOREIGN INSTITUTIONAL OWNERSHIP ANDSTOCK RETURN VOLATILITY IN INDONESIA
Irwan Adi Ekaputra
Departemen Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Indonesia
Kampus UI, Depok 16424, Indonesia
This paper examines the impact of foreign institutional ownership on contemporaneous stock return volatility in Indonesia. In this study, return volatility is measured as standard deviation of daily stockreturns. The dynamic panel data results based on System GMM (S-GMM) estimation, confirm that foreign institutional ownership tend to linearly and convexly increase monthly stock return volatility.The linear impact seems to be weaker for stocks with higher market capitalization, but stronger for stocks with higher turnover.Furthertest reveals that foreign financial institutional ownershiplinearly contributes to return volatility upsurge, while foreign non-financial corporation ownership convexly contribute to return volatility increase.The additional test also uncovers that domestic financial and non-financial institutionalownerships do not impact return volatility.
JEL classifications: F32, G15, G23, G32
Keywords:capital market liberalization;general methods of moments; institutional ownership;volatility; Indonesia
19315357367_Irwan Adi Ekaputra (Full Text)
EX-DIVIDEND DATE DAN PERUBAHAN HARGA SAHAM
Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana
Jl. Diponegoro 52-60 Salatiga, 50711
The aim of this study is to analyze whether the stock prices decrease at ex-dividend date in Indonesia Stock Exchange (IDX) that is determined by amount of dividend drop-off ratio (DDR). This study also attempts to investigate the differences the stock prices decrease at ex-dividend date based on Investment Opportunity Set (IOS). Sample consist of the companies that announced the dividend during 2010-2012 periods. By using non-parametric tests, especially Chi-square Test and Mann Whitney Test, the result of this study showed the stock prices decreased less than dividend amount on ex-dividend date. Besides, the non-growth firms experienced decrease more than growth firms.
Keywords— ex-dividend date, dividend drop-off ratio, IOS
19315368377_Novriyanthi Taungke (Full Text)
PENGARUH MANAJEMEN LABA TERHADAP RASIO KEUANGAN PRODUK INDUSTRI KREATIF KERAMIK
I Nyoman Normal
Unit Pelaksana Teknis Pengembangan Seni dan Teknologi Keramik dan Porselin (UPT PSTKP) Bali,
Badan Pengkajian dan Penerapan Teknologi (BPPT),
Jl. By Pass Ngurah Rai-Suwung Kauh, Denpasar, 80221, Indonesia
E-mail : firstname.lastname@example.org
The aims of this research is determine the influence of earning management to financial ratio ceramics creative industry product. The research results shew that the earning management that applied by over production can increase financial ratio ceramics creative industry product, that is : a) The liquidity aspect (quick ratio) 5,33% for earthenware, 1,00% for stoneware, 0,67% for castle mass, 2,00% for glazur, and 0,33% for prothotype, b) The profitability aspect (profit margin) 2,89% for earthenware, 2,31% for stoneware, 0,18% for castle mass, 1,65% for glazur, and 0,41% for prothotype, c) The solvability aspect (time interest earned) 1,31 times for earthenware, 1,16 times for stoneware, 0,02 times for castle mass, 0,71 times for glazur, and 0,15 times for prothotype, and d) The valuation aspect (earning peer share) Rp 707,23 for earthenware, Rp 812,63 for stoneware, Rp 319,12 for castle mass, Rp 44,69 for glazur, and Rp 8,21 for prothotipe. Its contrary, the earning management can decrease activity aspect (turnover inventory) ceramics creative industry product (earthenware, stoneware, castle mass, glazur, and prothotype), these are 3,8 times, 6,47 times, 5,27 times, 8,11 times, and 11,90 times.
Key words : earning management, financial ratio, ceramic creative industry.
19315378390_I Nyoman Normal (Full Text)
Dampak Struktur Kepemilikan, Financial Leverage, Board Director terhadap Nilai Perusahaan
Sri Dwi Ari Ambarwati
Rini Dwi Astuti
Fakultas Ekonomi UPN “Veteran” Yogyakarta
This study tried to analyze the effect of ownership structure, financial leverage, size of board directors and sales Growth on the performance of companies with lower growth opportunities , whether there is a proxy growth opportunities with low PER. This research was conducted at the manufacturing company with the selection criteria for purposive sampling method 2010-2012 period, based on the criteria the obtained sample of 32 companies with low growth opportunities. Thus obtained 96 obervasi for each group. The results showed that: 1). simultaneously the ownership structure, financial leverage, size of board directors and sales Growth affect the performance of companies with low growth opportunities. 2). Partially, it was found empirical evidence that financial leverage and variable size of board directors significantly affect the company’s performance with lower growth opportunities. For institutional ownership structure revealed a significant effect on performance, but at a rate of 10% alpha tolerated.
Keyword: Ownership structure, leverage, size of board, growth opportunities
19315391399_Sri Dwi Ari Ambarwati (Full Text)
ANALISIS PENGARUH CORPORATE GOVERNANCE, CORPORATE SOCIAL RESPONSIBILITY, DAN CORPORATE FINANCIAL PERFORMANCE PERUSAHAAN INDEKS KOMPAS100
Annisa Putri Caesari
Abdul Kohar Irwanto
Pasca Sarjana Ilmu Manajemen Institut Pertanian Bogor
Jl. Raya Darmaga, Bogor, Jawa Barat 16680
The operational activities of a company are conducted to maximize the profits of shareholders. But besides that, the company also has an obligation to give contribution to society. To accommodate the goals and the obligations of the company, systems called Corporate Governance (CG) and Corporate Social Responsibility (CSR) can be applied. The implementations of CG and CSR are related because CSR is the consequence of applying CG. Besides CG and CSR are related one another, CG and CSR also linked to Corporate Financial Performance (CFP). A research was conducted on one hundred companies listed in Kompas100 index in order to know the relation among the implementation of CG, the exposure of CSR, and CFP. Analysis to know the relation of three variables was conducted using analysis of structural equation modeling (SEM). The result shows that the implementation of CG positively influenced to the exposure of CSR. Nevertheless, the implementation of CG is negatively nfluenced to the CFP. Similarly, the exposure of CSR is negatively influenced to the CFP. Due to the influence CG to CFP and the influence CSR to CFP is negative, implementation of CG is also influence negatively to the CFP through the disclosure of CSR as a moderating variable.
Keywords: CG, CSR, CFP
19315409417_Annisa Putri Caesari (Full Text)
REAKSI ASIMETRI ATAS SINYAL BELI DAN JUAL ANALISIS TEKNIS: PENGUJIAN BIAS KONFIRMASI SEBELUM PENGUMUMAN LABA*
Jurusan Akuntansi Fakultas Bisnis dan Ekonomika Universitas Surabaya
The main purpose of this study is to examine asymmetry reaction on buying and selling technical analysis signal before earnings announcements. Behavioral finance theory is used in explaining why confirmation bias stimulates asymmetry reaction to stock return. To support that idea, this article uses technical analysis as an important feature in testing confirmation bias. Using Indonesian stock market data, the results show that technical analysis signal produce higher return in buying signal than selling signal. Investors give different attention in anticipating technical analysis signal around earnings announcements. This finding contributes to behavioral finance and technical analysis studies.
Keywords: Technical analysis, asymmetry reaction, confirmation bias, and earnings announcements.
19315400408_Dedhy Sulistiawan (Full Text)
PERBANKAN SYARIAH: ANTARA IDEALISME DAN OPORTUNISME
Studi Kasus pada Perbankan Syariah di Indonesia
Program Pascasarjana Fakultas Ekonomi
Universitas Islam Indonesia – Yogyakarta
There are two motives establishment of Islamic banks in Indonesia, first established with the aim to develop the Islamic financial institutions (idealistic group). Second, Islmaic banks founded because there is profitable business opportunities (opportunistic group). The purpose ofthis study was to examine whether there are differences in performance between the idealistic Islamic banking group with opportunistic group. Variables in this study are financing, banking risk and profitability of Islamic banking. The populationin this study were all Islamic banks in Indonesia that divided into idealist goup and opportunist group. The results showed that financing by the opportunist group dominated by financing based on profit margin concept or trade concept, while the financing portion of idealist group provides the finiancing base on profit sharing concept. In terms of risk aspect, there is a significant difference in liquidity risk (FDR) and operating risk (BOPO) between groups of idealists by opportunists, while the risk capital(CAR) and risk financing (NPF) the difference was not significant. From the aspect of profitability, there are significant differences between idealist group and opportunists group.
Keywords: idealists group, opportunists group, profit sharing, trade concpt, the banking risk
19315418430_Sutrisno (Full Text)
Determinan Profitabilitas Bank : Studi Kasus Pada Bank Pembangunan Daerah
Gatot Nazir Ahmad
jurusan Manajemen Fakultas Ekonomi Universitas Negeri Jakarta
Gd RA Kartini Lantai 8 Komplek IKIP Rawamangun Muka 13220
This research has purpose to analyze determinants that affect State Development Bank’s (BPD) profiitability. This research is inspired by Bank Decree, State Bank Regulation and State Autonomy Decree when doing ths research. By using panel data analysis, random effect, we find that almost all determinants have predicted sign accordingly and statistically significant.
Keywords: BPD, panel data, random effect, bank decree.
19315431438_Gatot Nazir Ahmad (Full Text)
Competitive Strategy of Banking Industry (Studies in Bengkulu Province)
Lecturer of Management StudiesFaculty of Economics and Business, University of Bengkulu
The purpose of this study examines the competitive strategies tested the banking industry in the province of Bengkulu. Issues raised in this study is the extent the competitive strategy of banking and can ultimately increased customer. The aim to be achieved is to know what strategies can be applied. The analysis tool is to use qualitative paradigm mapping descriptive with banks in the province of Bengkulu with cluster analysis. Data collection method used in this study was secondary data collection and in-depth interviews. The results of this study conducted that the application of competitive strategy of Bank Rakyat Indonesia, Bank Mandiri, Bank Bengkulu and market penetration strategy was by opening a branch office network and cash office assistant sub-district area are yielded positive results. From the aspect of services offered, the customer feels that the diversification of services has been able to meet customer needs. The aspect of competitive strategy, distribution aspects of a positive assessment, especially the ease of access, is felt more quickly. Customers feel that the branch offices is still lack, particularly for the Bank are classified as market followers. Customers feel that the promotion is still lacking, particularly those Bank whose branches or cash office in the area. The strategy that may be used is a segmentation strategy, developing target market, and positioning.
Keywords: competitive strategy, penetration, segmentation, targeting and positioning
19315439449_Syaiful Awar AB (Full Text)