September 2014 – Jurnal Keuangan dan Perbankan (JKP)

Based on theory and previous research, some factors which influenced probability of corporate financial distress were found. This research was done for testing the consistency of research result with different research period that would strengthen the related empirical research finding. The purpose of this research was to test the impact of profitability ratio (Return on Assets), working capital policy, capital structure, size, current ratio and firm age toward the probability of financial distress of manufacturing firms at Indonesian Stock Exchange. The method used in this research was purposive sampling, which was taking data with certain criteria. The criteria was that the companies or firms used were those which issued bond and were listed in Indonesian Stock Exchange between 2007 until 2012 and had data completion needed in this research. The research results using Logistic Regression were 1) test of profitability ratio, working capital policy ratio, capital structure, size, and firm age had significant influence to the probability of financial distress manufacturing firms in Indonesia, 2) partially only profitability ratio that had negative significant influence to the probability of financial distress manufacturing firms in Indonesia while working capital ratio, capital structure, size, and age firm did not have significant influence to financial distress manufacturing firms in Indonesia. This research produced prediction model of financial distress.

Key words: capital structure, financial distress, firm age, firm size, profitability ratio, working capital

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Desak Nyoman_Abstract_1812014

September 15, 2014September 15, 2014 by jurkubank, posted in Finance

MODEL MEDIASI DALAM HUBUNGAN ANTARA INTELLECTUAL CAPITAL DISCLOSURE, NILAI PERUSAHAAN, DAN FINANCIAL PERFORMANCE

Desak Nyoman Sri Werastuti

Jurusan Akuntansi Fakultas Ekonomi dan Bisnis Universitas Pendidikan Ganesha

Jl. Udayana No.11 Singaraja, 81116.

Korespondensi dengan Penulis:

Desak Nyoman Sri Werastuti: Telp. +62 362 22570; Fax. +62 362 25735

E-mail: weras_tuti@yahoo.com

Abstract

This study aimed to determine the disclosure effect of intellectual capital on firm value through the financial performance of companies listed on the Indonesia Stock Exchange in the period of 2008 to 2012. Intellectual capital measurement used a model developed by Pulic (1998, 1999, 2000), which assessed the efficiency of value added as a result of the company’s intellectual capabilities (value added intellectual coefficient–VAIC^TM). Financial performance in this study was measured using return on assets (ROA) and firm value was measured by using the Market to Book Value (MtBV). The samples in this study were taken using purposive. The final samples in this study were 1.135 observations. This hypothesis was tested using path analysis. The results showed that (1) the disclosure of intellectual capital had a positive effect on financial performance; (2) disclosure of intellectual capital had no effect on firm value; (3) financial performance was able to mediate the relationship between intellectual capital disclosure and corporate value.

Key words: corporate value, financial performance, intellectual capital disclosure, value added

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Sri D.A.Ambarwati_Abstract_1802014

September 15, 2014 by jurkubank, posted in Finance

HUBUNGAN STRUKTUR KEPEMILIKAN, TINGKAT UTANG, DIVIDEN, DAN NILAI PERUSAHAAN DALAM MENGURANGI KONFLIK KEAGENAN DI INDONESIA

Sri Dwi Ari Ambarwati

Khoirul Hikmah

Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta

Jl. SWK No.104 Lingkar Utara, Condong Catur, Sleman, Yogyakarta, 55283.

Korespondensi Penulis:

Sri Dwi Ari Ambarwati: Telp./Fax.+62 274 486 255

E-mail: ambarwati_73@yahoo.com

Abstract

This research tried to analyze substitution relationship among debt policy, dividend and insider ownership structure as the agency control mechanism on manufacturing firms in period 2005-2009. The hypothesis proposed in this paper were there was a substitution relationship between insider’s ownership and debt policy in reducing agency conflict, there was a substitution relationship between debt and dividend policy in reducing agency conflict and there was substitution relationship between insider’s ownership and dividend policy in reducing agency conflict. This research used purposive sampling method to determine samples and there were 42 firms as the samples. The analysis instrument used was simultaneous equation model by using two stages least square method. These empirical results verified that debt and dividend policy was determined by simultaneous, while insider ownership did not influence debt policy. Hypothesis test showed that there was no substitution relationship between insider’s ownership and debt policy in reducing agency conflict, there was substitution relationship between debt and dividend policy in reducing agency conflict and there was substitution relationship between insider’s ownership and dividend policy in reducing agency conflict. Because as a whole, eventhough not fully, there was simultaneity among debt policy, insider’s ownership and dividend it was expected to increase firm value.

Key words: corporate value, debt policy, dividend policy, insider’s ownership

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Meythi_Abstract_1822014

September 15, 2014February 27, 2015 by jurkubank, posted in Finance

NILAI PERUSAHAAN: DAMPAK INTERAKSI ANTARA PROFITABILITAS DAN RISIKO FINANSIAL PADA PERUSAHAAN MANUFAKTUR

Meythi

Oktavianti

Riki Martusa

Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha

Jl. Prof. Drg. Suria Sumantri, MPH No.65, Bandung, 40164.

Korespondensi dengan Penulis:

Meythi: Telp. +62 22 201 2186 Ext.1528; Fax: +62 22 201 7625

E-mail: meycute79@yahoo.com

Abstract

This research was aimed to examine and find out the empirical evidence of the impact of the interaction between profitability and financial risk on firm value. Samples used in this research were manufactured companies listed in Indonesia Stock Exchange in 5 years observation period (2007-2012). The total samples were 31 companies. Sample election was done by using the purposive sampling method. The result of moderated regression analysis (MRA) showed that there was no interaction effect between profitability and financial risk on firm value. Thus, the hypothesis of the research was not empirically supported.

Key words: financial risk, firm value, leverage, market to book ratio, net profit margin, profitability

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Sri Isworo_Abstract_1812014

September 15, 2014September 15, 2014 by jurkubank, posted in Finance

UTANG DAN PENGARUHNYA TERHADAP KINERJA PERUSAHAAN

Sri Isworo Ediningsih

Nilmawati

Joko Sukendro

Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta

Jl. SWK No.104 LIngkar Utara, Condong Catur, Sleman, Yogyakarta, 55283.

Korespondensi dengan Penulis:

Sri Isworo Ediningsih: Telp. +62 274 486 733

E-mail: wororio@yahoo.co.id

Abstract

The purpose of this paper was to investigate the influence of debt on profitability of firms listed on Indonesian Stock Exchange. Multiple regression analysis was used in the study in estimating the relationship between debt and firm performance. This study also used three of accounting-based measures and one of market-based measure of financial performance i.e. return on equity (ROE), return on assets (ROA), gross profit margin (GPM), and Tobin’s Q). Based on a sample of non-financial Indonesian firms listed from 2006 to 2010 the results revealed that debt had a negative impact on firm’s performance. The result showed that industry of Hotel and Travel, and Construction was susceptible to use debt.

Key words: debt, firm age, firm size, growth, leverage, profitability

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Pujo Gunarso_Abstract_1812014

September 15, 2014 by jurkubank, posted in Finance

LABA AKUNTANSI, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP HARGA SAHAM DI BURSA EFEK INDONESIA

Pujo Gunarso

Jurusan Akuntansi Fakultas Ekonomi dan Bisnis Universitas Merdeka Malang

Jl. Terusan Raya Dieng 62-64 Malang, 65146.

Korespondensi dengan Penulis:

Pujo Gunarso: Telp. +62 341 568 395; Fax. +62 341 56148

E-mail: pujo.lelly@gmail.com

Abstract

Research data observed in 2008-2010 coincided with the global financial crisis that caused the stock price to decline and could trigger the companies listed in Indonesia Stock Exchange to perform income smoothing practices, with the condition of the researcher wanted to examine the effect of variable earnings, leverage and firm size on stock prices. The purpose of this study was to analyze the effect of accounting earnings , leverage and firm size on stock prices of public companies listed in the Indonesia Stock Exchange. The method of data analysis used was multiple linear regression analysis. The results showed that some of the first findings of accounting earnings and firm size significantly affected stock prices. Both leverages did not significantly affect the stock price. The empirical results showed that the higher the accounting profit and the size of the company were, the higher the price of shares outstanding was, and conversely the smaller the size of the company’s stock price was, the less the price of shares outstanding was. The results of this study supported the theory and the researches done by Ball & Brown (1968), Susan (2008), Sasongko & Wulandari (2006), Daniati & Suhairi (2006).

Key words: accounting income, firm size, leverage, stock price

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Reni Yendrawati_Abstract_1812014

September 15, 2014 by jurkubank, posted in Finance

TRANSAKSI PIHAK HUBUNGAN ISTIMEWA DAN MANAJEMEN LABA PADA PENAWARAN SAHAM PERDANA

Reni Yendrawati

Sophia Anggarda Paramitha

Jurusan Akuntansi Fakultas Ekonomi UII Yogyakarta

Jl. Prawirokuat, Condong Catur, Depok, Sleman, Yogyakarta, 55283.

Korespondensi dengan Penulis:

Reni Yendrawati: Telp. +62 274 881 546/ Fx. +62 274 882 589

E-mail: reni@fe.uii.ac.id

Abstract

This study was conducted with the background that many companies did earning management through transactions with a related party in Initial Public Offering (IPO). This study aimed to examine the influence of related party transaction about earnings management in IPO. The population in this study was companies listed in Indonesia Stock Exchange. The sampling method used for this study was purposive sampling. This study used 38 samples from non-financial firms that conducted IPO’s in the Indonesia Stocked Exchange in 2009-2011.Paired Sample t-test was used to examine the significant earnings management which was represented by ROA. Multiple linear regression used RP Sales, RP Purchases, and RP Liabilities to the effect of earnings management. The result of this study showed that there was no a significant change between ROAt=-1 and ROAt=0 IPO period. The related party sales transaction did not have a significant effect of earnings management. However, this study indicated that the related party purchases transaction had a significant negative effect and related party liabilities transaction had a significant positive effect on earnings management.

Key words: earnings management, IPO, related party transaction

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Riko Hendrawan_Abstract_1812014

September 15, 2014 by jurkubank, posted in Finance

THE IMPACT OF INFLATION RATES AND US DOLLAR EXCHANGE RATES ON INDONESIAN STOCK MARKET INDEX RETURN VOLATILITY

Riko Hendrawan

Rifqi Dzakiri

School of Economics and Business Telkom University Bandung

Jl. Gegerkalong Hilir No.47 Bandung, 40152.

Korespondensi dengan Penulis:

Riko Hendrawan: Telp. /Fax. +62 22 201 1384

E-mail: riko_hendrawan@yahoo.com

Abstract

This paper studied the impact of inflation rates and US Dollar exchange rates in Indonesian stock market return volatility in the period of 2002-2012. Daily data of stock market return, inflation rates and US Dollar exchange rates were used to estimate the daily volatility of the stock return. The data of stock market price, inflation rates and US Dollar exchange rates were taken from Yahoo Finance, Indonesia statistics bureau and central bank of Indonesia, respectively. The result showed that both inflation rates and US Dollar exchange rates did not have a significant impact on the Indonesian stock market return volatility. Inflation rates contributed 0.03% change in daily stock market return volatility whereas a 1% appreciation of Rupiah contributed to a 0.0000001% change in daily stock market return volatility. This research finding was different from the result in Nigeria where Yaya’s & Shittu’s (2010) research had the same variables. Inflation rates and US Dollar exchange rates were to examine the impact on Nigeria stock market index return volatility.

Key words: GARCH, inflation rates, investment, stock market return, US Dollar exchange rates

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