June 2015 – Jurnal Keuangan dan Perbankan (JKP)

Abstract
Investing in the stock market is one option for investors. Investment in ordinary shares was classified as longterm investments to be able to provide added value and the risk for fixed income. This study focused on the difference of APTM versus CAPM, and it also focused on the sensitivity of the APTM on the stock returns. This study was based on the assumption that: there were differences in sectoral stock return volatility, volatility of market risk factors, and macroeconomic risks affecting sectoral differences in the sensitivity of stock returns; there were differences in the results of testing the validity, robustness unconditional CAPM and APTM multifactorial; and time-varying volatility referring to the phenomena of structural breaks and asymmetric effect. The method of analysis used nested models with panel data. Data were analyzed by using secondary data from 2005-2012. The results of this study concluded that: there was no different sensitivity of stock returns across sectors, but there was different insensitivity between systematic risk factors, CAPM and APTM multifactor that showed the inconsistency of the sectoral shares, but the proven model of unconditional CAPM was valid; the difference of factor risk premiums was as a result of the structural break, the financial crisis period of 2008 within the period 2005-2012.

Keywords: arbitrage price theory model, capital asset pricing model, structural break, time-varying volatility, volatility of sectoral stock returns

19215181199_Mathius Tandiontong (Full Text)

Ratna Wardhani_19215200212

June 26, 2015November 1, 2015 by jurkubank, posted in Finance

RISIKO EKSPROPRIASI OLEH PEMILIK PENGENDALI DAN TATA KELOLA PERUSAHAAN TERHADAP TINGKAT PENGGUNAAN UTANG BANK

Ratna Wardhani
Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Indonesia
Kampus FEUI Jl. Prof. Dr. Sumitro Djojohadikusumo Depok, 16424, Indonesia

Korespondensi dengan Penulis:
Ratna Wardhani: Telp. +62 21 786 3571; Fax. +62 21 727 2649
E-mail: ratnawardhani@yahoo.com

Abstract
This study aimed to analyze the effect of the expropriation risk by controller shareholders and corporate governance (GCG) to the use level of bank loan owned by the company. The samples used in this study were the data 226 manufacturing companies listed in Indonesia Stock Exchange in period 2010-2012. The results showed that the magnitude of expropriation risk that could be done by controlling shareholders adversely affected the level of bank loan. This showed two things: in making loans to the company, banks considered the possibility of the expropriation. The companies that had the expropriation risk would have less loan to the bank because the company avoided scrutiny which was higher than banks. This study could not prove the influence of corporate governance on the level of bank loan. The result on the audit quality variable showed a positive correlation between KAP size and bank loan levels.

Keywords: bank loan, controller shareholders, corporate governance, information risk, the risk of expropriation

19215200212_Ratna Wardhani (Full Text)

Muh.Umar Mai_19215213225

June 26, 2015November 1, 2015 by jurkubank, posted in Finance

CORPORATE GOVERNANCE DAN INTERDEPENDENSI ANTARA LEVERAGE, PROFITABILITAS SERTA KEBIJAKAN DIVIDEN DALAM MENCAPAI NILAI PERUSAHAAN

Muhamad Umar Mai
Prodi Keuangan dan Perbankan Politeknik Negeri Bandung
Jl. Geger Kalong Hilir Ds. Ciwaruga Bandung, 40012, Indonesia

Korespondensi dengan Penulis:
Muhamad Umar Mai: Telp.+62 22 2013 789; Fax. +62 22 2013 889
E-mail: umarmai@yahoo.com

Abstract
This research aimed to find out and to analyze the role of corporate governance mechanism in utilizing the interdependence among funding decisions, financial performance, and dividend policy in an attempt to increase the value of the company. The study was conducted at the manufacturing companies listed in Indonesia Stock Exchange, with the observation in the period of 2000-2012. A pooled data with a total of 290 companies were analyzed using path analysis. This study proved that the escalation in the value of the company was mainly influenced by the company’s ability to increase the profitability and dividend payments. Institutional ownership and board size as a proxy of corporate governance mechanism played a crucial part to encourage companies to enhance its return on equity, while the independent board persuaded the companies to amplify its dividend payments. The Board size showed a strong role in inspiring companies to improve its profitability, and it had a positive effect on firm value.

Keywords: corporate governance mechanism, dividend payout ratio, firm’s value, leverage, return on equity

19215213225_Muh.Umar Mai (Full Text)

Lia Uzliawati_19215226234

June 26, 2015November 1, 2015 by jurkubank, posted in Finance

DEWAN KOMISARIS DAN INTELLECTUAL CAPITAL DISCLOSURE PADA PERBANKAN DI INDONESIA

Lia Uzliawati
Prodi Akuntansi Fakultas Ekonomi Universitas Sultan Ageng Tirtayasa
Jl. Raya Jakarta Km. 4 Pakupatan Serang Banten, 42118, Indonesia

Korespondensi dengan Penulis:
Lia Uzliawati: Telp. +62 254 20330
E-mail: uzliawati@yahoo.co.id

Abstract
The purpose of this study is to examine the relationship between board of commissioner and intellectual capital disclosure in Indonesia Banking Industry.The purpose of this study was to examine the relationship between the board of commissioner and intellectual capital disclosure in Indonesia Banking Industry. The intellectual capital disclosure measurement in this study used the index developed by Sveiby (1997).The data were collected from 31 banks listed in Indonesia Stock Exchange period 2008-2012. The disclosure of intellectual capital measurement in this study used the index developed by Sveiby (1997). The Data were collected from 31 banks listed in Indonesia Stock Exchange period 2008-2012. This study finds that size, independent commissioner, and meeting frequency have positive relationship with intellectual capital disclosure. This study found that the size, independent commissioner, and meeting frequency had a positive relationship with intellectual capital disclosure. The finding of this research can be as a reference and portrait that board of commissioner already aware the importance of ICD. The finding of this research could be as a reference and portrait that board of commissioner was already aware of the importance of ICD.

Keywords: board of commissioner, corporate governance, Intellectual Capital Disclosure, banking industry

19215226234_Lia Uzliawati (Full Text)

Ridwan Nurazi_19215235251

June 26, 2015November 1, 2015 by jurkubank, posted in Finance

PUBLIC ATTENTION AND FINANCIAL INFORMATION AS DETERMINANTS OF FIRMS PERFORMANCE IN THE TELECOMMUNICATION SECTOR

Ridwan Nurazi
Berto Usman
Faculty of Economics and Business, University of Bengkulu
Jl. WR. Supratman Kandang Limun, Bengkulu, 38371, Indonesia

Korespondensi dengan Penulis:
Ridwan Nurazi: Telp. + 62 736 21170; Fax. +62 736 22105
Email: ridwan_nurazi@yahoo.co.id

Abstract
The remarkable progress of information technology had driven every firm to publish their financial performance by using internet. This circumstance resulted in the high public attention in order to generate the stock return. In addition, financial information such as financial ratio namely DER, LEV, NPM, ROI, and ROE were supposed to influence the firm’s performance either in positive or negative effects. This study focused on the investigation of public attention (PA) and financial information as determinants of financial performance on four companies in Telecommunication sector, Indonesia Stock Exchange (IDX), within time period from 2007 to 2012. Hereby, we pointed out that public attention and financial information considerably contribute to firm performance, in which the Pooled Least Square (EGLS) with cross section and period weight was employed. The results showed that Public Attention (PA) positively contributed towards stock return. Further, financial ratio such as debt-to-equity ratio (DER) negatively influenced the return. Leverage (LEV), net profit margin (NPM) and return on investment (ROI) positively related to return. However, return on equity (ROE) showed the contrary sign, in which it negatively influenced the return but was statistically insignificant. Then, we reported that the stock price (LNSP) did not significantly contribute towards return (RET).

Keywords: public attention, financial information, financial ratios, firm performance, return.

19215235251_Ridwan Nurazi (Full Text)

Emrinaldi Nur DP_19215252262

June 26, 2015November 1, 2015 by jurkubank, posted in Finance

PERBANDINGAN TINGKAT DAN RUANG LINGKUP PENGUNGKAPAN PELAPORAN KEUANGAN BASIS INTERNET TERHADAP HARGA SAHAM

Emrinaldi Nur DP
Prodi Akuntansi Fakultas Ekonomi Universitas Riau
Kampus Bina Widya Km.12,5 Simpang Baru Pekanbaru, 28293, Indonesia
Enny Susilowati
Prodi Akuntansi Fakultas Ekonomi Universitas Dian Nuswantoro
Jl. Nakula I No.5-11 Semarang, 50131, Indonesia

Korespondensi dengan Penulis:
Emrinaldi Nur DP: Telp. +62 761 632 66; Fax.+62 761-632 79
E-mail: enurdp@yahoo.co.uk

Abstract
Applications of Internet financial reporting (IFR) by companies have reduced the asymmetry of information and facilitate investor access to corporate information. IFR application is considered a good news that allegedly able to influence the market by watching the stock price, the value of stocks and abnormal stock returns. The purpose of this study was to observe the practice of IFR influence on stock prices by making comparisons against companies that do not apply to IFR and comparison of the company with defferent degree and scope of disclosure. The study was conducted on the companies included in the index compass 100 and tested using event study approach and independent sample t-test between two groups of samples. Results of tests performed showed no difference between the market reaction to the company and which do not apply IFR. There is also a difference in price saha and stock value for the company with the different degree and scope of IFR disclosure, while the abnormal returnnya got no support.

Keywords: abnormal return, disclosure, Internet Financial Reporting, market reaction

19215252262_Emrinaldi Nur DP (Full Text)

Riko Hendrawan_19215263270

June 26, 2015November 1, 2015 by jurkubank, posted in Finance

TEST OF SPEED OF ADJUSTMENT TOWARDS THE CAPITAL STRUCTURE IN INDONESIA TELECOMMUNICATION INDUSTRY

Riko Hendrawan
Dwipanca Adi Nugraha
Magister Manajemen Universitas Telkom
Jl. Gegerkalong Hilir No.47 Bandung, 40152, Indonesia

Korespondensi dengan Penulis:
Riko Hendrawan: Telp. +62 22 201 1388/ +62 22 201 13887
E-mail: riko_hendrawan@yahoo.com

Abstract
The purpose of this research was to test whether or not the pecking order theory occurred in telecommunication industry in Indonesia and also in its speed of adjustment. Using the purposive sampling method and taking 7 years period of data collection from 2006 up to 2012, the data were gathered from the companies’ financial statement. The data were analyzed using the random effect model of Hausman test with interest bearing debt as its dependent variable and deficit as its independent variable. Finding from this research showed that pecking order theory was not applied in the telecommunication industry in Indonesia and it was quite different from the finding of Huang & Ritter (2009) that publicly traded firms in US adjusted to their target leverage at a moderate speed with a period of 3.9 years. It also discovered that the fastest growth of the speed of adjustment was shown by XL Axiata with -493.96% per year, and then Bakrie Telecom with -65.62%. Indosat and Telkom Indonesia showed a different behavior with a slower speed of adjustment Indosat with 13.22%, and Telkom Indonesia with 274.14% slower.

Keywords: capital structure, pecking order theory, speed of adjustment

19215263270_Riko Hendrawan (Full Text)

Maria Oktaviani_19215271282

June 26, 2015November 1, 2015 by jurkubank, posted in Finance

EARLY WARNING SYSTEM DAN PERTUMBUHAN PENDAPATAN KONTRIBUSI PADA PERUSAHAAN ASURANSI JIWA SYARIAH DI INDONESIA

Maria Oktaviani
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01 Malang, 65151, Indonesia.

Abstract
The background of this study was the lack of awareness Indonesian society toward syariah life insurance and it needed to be investigated whether there was a problem on its financial instruments by using Early Warning System ratio. The purpose of this study was to prove the influence of Early Warning System ratio for contribution revenue growth syariah life insurance companies in Indonesia period 2010-2013. The sampling technique used was purposive sampling. Samples that acquired the criteria were 10 companies. Data were analyzed using multiple linear regression. The ratio of the Early Warning System consisted of 6 solvencies: solvency margin ratio, change in surplus ratio, return on investment ratio, liquidity ratio, agent’s balance to surplus ratio and technical ratio. The result of this study was Early Warning System ratio influenced simultaneously on contribution revenue growth ratio and partial contribution of technical ratio influenced positively to contribution revenue growth ratio. So, Early Warning System ratio could be applied in order to increase contribution revenue growth of life insurance syariah units companies.

Keywords: early warning system ratio, contribution revenue growth ratio, life insurance, syariah unit

19215271282_Maria Oktaviani (Full Text)

Erna Setijani_19215283294

June 26, 2015November 1, 2015 by jurkubank, posted in Finance

INVESTIGASI KEWIRAUSAHAAN SEBAGAI VARIABEL MODERASI KEPUTUSAN STRUKTUR MODALTERHADAP KINERJA KEUANGAN

Erna Setijani
Pudjo Sugito
Chodidjah
Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Merdeka Malang
Jl. Terusan Raya Dieng 62-64 Malang, 65146, Indonesia

Korespondensi dengan Penulis:
Pudjo Sugito: Telp.+62 341 568 395; Fax.+62 341 561 448
E-mail: pudjo.sugito@unmer.ac.id

Abstract
This study intends to analyze the role of entrepreneurship as a moderating variable on the effects of capital structure decisions on financial performance. Population, all the small and medium industries (SMEs) in the town of Probolinggo, with a sample set of 100 units of SMEs and data collection using purposive random sampling technique. Data were analyzed using factor analysis in the SEM is used to confirm the most dominant factors in a group of variables and regression weight on the SEM used for confirmatory examine how much the relationship between variables. Furthermore, SEM modeling needs to step (a) the development of a theoretical model, (b) the development path diagram (c) selecting an input matrix and estimation of covariance or correlation models, (d) the possibility of the emergence of problem identification, (e) evaluation criteria of goodness-of-fit and (f) the interpretation and modification of the model. The results showed, capital structure decisions have a significant effect on financial performance. Capital structure decisions have a significant
effect on the financial performance through entrepreneurship moderating variable. Entrepreneurship significant effect on the financial performance.

Keywords: capital structure, entrepreneurship, financial performance

19215283294_Erna Setijani (Full Text)