Novriyanthi Taungke_19315368377


Novriyanthi Taungke


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.

Keywordsex-dividend date, dividend drop-off ratio, IOS

19315368377_Novriyanthi Taungke (Full Text)


I Nyoman Normal_19315378390


 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 :


 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)

Sri Dwi Ari Ambarwati_19315391399

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)

Annisa Putri Caesari_19315409417


 Annisa Putri Caesari

Abdul Kohar Irwanto

Muhammad Syamsun

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)

Dedhy Sulistiawan_19315400408


Dedhy Sulistiawan

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)



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)

Gatot Nazir Ahmad_19315431438

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)