12 research outputs found

    Faktor-faktor yang Memengaruhi Deviden Payout di Bursa Efek Indonesia

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    The Dividend policy is an important information that investors shall know before investing in a stock market. In this study, an analysis of dividend policy is carried out involving the variables lagged dividend, profitability, growth, liquidity, debt, company size, ownership of BUMN and changes in the leadership towards the dividend payout ratio (DPR). The intention of this research are to analyze the variables that affect the DPR in Indonesia Stock Exchange (IDX), in each industrial sector and impact of changes in leadership on the dividend payout ratio within period 2010–2019. The purposive sampling method is applied in data preparation and there are 231 companies paid dividends during the periods. Dynamic panel data regression is practically applied in analysing data to get the conclusion of this research. The results find variables lagged dividend and profitability are significant and positively correlating on the period 2010– 2019. Result in each industrial sector find variable lagged dividend is significant in almost in all industrial sectors. Variable of the lagged dividend is also significant for both periods of the leadership but profitability and growth only significant in the period of 2015 - 2019. Meanwhile, changes in leadership does not has impact towards dividend payout ratio in Indonesia. This research provides additional empirical evidence that explains the dividend policy in Indonesia is following the dividend smoothing theory Keywords: DPR, IDX, industry, lagged dividend, profitabilit

    How National Zakat Board of Republic Indonesia (BAZNAS) Could Raise Zakat Funds: Riau Province Evidence

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    As a province in Indonesia with a majority Muslim population of 87.58%, Riau has a very large potential, reaching Rp 8.4 trillion but the highest realization that was collected by National Zakat Board (BAZNAS) of Riau Province was only Rp 12.15 billion in 2019. This zakat management organization (ZMO) has made various efforts in order to increase the zakat funds. This study analyzed the performance of this institution according to muzakki and recommended strategies to increase the number of muzakki and zakat funds. Using the Structural Equation Modeling (SEM) method, according to muzakki, BAZNAS of Riau Province has good transparency, accountability, socialization, and service quality. However, muzakki prefer to pay zakat in mosques and directly to mustahik. Therefore, this study recommended to increase collaboration with mosque administrators, increase numbers of Zakat Collecting Unit (ZCU) as fund collectors and also distributors, update websites regularly, and increase socialization with materials on procedures for paying zakat and the benefits of paying zakat through ZMO

    The Characteristics of Government Sukuk Return Volatility Before and During Covid-19, and After Implementation of Primary Dealer System

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    Government Sukuk (SBSN) has been launched since 2008, but it assumed illiquid. Therefore, the Ministry of Finance in 2020 regulates primary dealer for SBSN. At the same time, the restrictions on mobility due to the Covid-19 Pandemic in 2020 triggered negative sentiment. It increased volatility in the capital market. Asymmetric volatility occurs when market crash. The purpose of this study is to identify characteristics of government sukuk return volatility before and during the Covid-19 pandemic and after the implementation primary dealer system using EGARCH. The results show that SBSN responds to shocks more quickly during the pandemic. The benchmark series responds to shocks faster than non-benchmark. Moreover, during the pandemic, PBS04, PBS05, PBS07 and PBS22 were categorized high risk-high return. PBS02, PBS11, PBS14, PBS19, and SR10 were categorized low risk-low return. PBS17, PBS12, PBS15 and PBS21 were catogerized high risk-low return. PBS02, PBS14, PBS19, PBS17, PBS12 and SR10 have negative asymmetric return volatility. Furthermore, SBSN benchmark series PBS05 and PBS25 were categorized high risk-high return, PBS02 were categorized low risk-low return, and PBS026 were categorized high risk-low return. Most of the benchmark series have negative asymmetric return volatility. Keywords: Asymmetric volatility return, Covid-19, EGARCH, government sukuk, primary deale

    Determine Factors in The Use of Syariah Banking Mobile Apps Case Study in Bank Syariah Indonesia

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    This study aims to explore, measure, and analyze the factors that influence the intention to use the Bank Syariah Indonesia Mobile Application in the DKI Jakarta area. Researchers took a sample of 150 respondents using the BSI Mobile Application who are domiciled in DKI Jakarta. The research method used in this research is Structural Equation Modeling Partial Least Square (SEM PLS). where the hypothesis in this study is that there are six factors such as perceived ease of use (EU), perceived usefulness (PU), Trust (TR), expected performance (PE), social influence (SI), facilitating condition (FC), and intention to use behavioral BSI Mobile (BI), where there are two variables that have a positive effect on the intention to use BSI Mobile in the DKI Jakarta area, namely expected performance and facilitating condition. For variables that do not affect behavioral intention to use BSI Mobile, there are four variables, namely perceived ease of use, perceived usefulness, trust and social influence. This study proposes several recommendations for developing mobile banking to help customers gain more insight about banks and actively choose the BSI Mobile Application as a reliable transaction method. The reason customers use BSI Mobile is to simplify financial transactions. From six variables, there are two variables namely Expected performance and Social influence that have a very significant effect on behavioral intention to use BSI Mobile in the DKI Jakarta area. A scenario planning was designed as an alternative development strategy for increasing Bank Syariah Indonesia Mobile which is compiled using the TAIDA (Tracking, Analyzing, Imaging, Deciding, Acting) method. Keywords: behavioral intention, expected performance, facilitating condition, perceived ease of use, perceived usefulness, social influenc

    MODEL EFFECT OF COPPER PRICE ON FREEPORT MCMORAN STOCK PRICE

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    The copper price in copper mining companies is an essential aspect in terms of profit, revenue, production targets, and hedging. This research aims to determine an alternative of copper price modeling and its causality relationship to Freeport McMoRan (FCX) stock price. The methods utilized in this research were Autoregressive Integrated Moving Average (ARIMA), Artificial Neural Network (ANN), Genetic Algorithms (GA) and Granger Causality Test. Based on this research result, all modeling methods equally show excellent performance for modeling copper price. Another finding from this research is that the copper price positively affects the FCX stock price. Therefore, it can be concluded that the copper commodity price influences the value of a copper mining company. The results of this research can be utilized as a reference for company analysts as a part to estimate profit probability, estimate revenue, estimate production targets, and hedging strategies. Keywords: ARIMA, causality, genetic algorithm, neural network, price mode

    SKEMA TRANSFER PRICING UNTUK PENGALIHAN LABA

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    More than 60% of world transactions used a transfer pricing scheme. Transfer pricing for tax avoidance is not in accordance with domestic Indonesian tax rules. This study aim to generate understanding about transfer pricing concept, determine transfer pricing risk factors, identify transfer pricing schemes, and explain transfer pricing risk management. Descriptive analysis method based on secondary data and literature studies applied in this research. This research shows that transfer pricing should be based on the arm’s length principle. Factors that determine transfer pricing risks are inter-company transactions, tax rates, and foreign ownership. Transfer pricing can be implemented in inter-company transactions schemes related to sales, intangible asset, loan and services through one or a combination of several types of inter-company transactions. Transfer pricing risk management can be carried out through law enforcement, access of information agreement, and development of a transfer pricing risk-based monitoring system. The Directorate General of Taxes needs to pay attention to taxpayers who have affiliated transactions, lower tax rates, and foreign ownership in monitoring the risk of transfer pricing. Business groups also need to to fulfill the arm's length principle in the transfer pricing scheme in order to comply with the regulation. Keywords: business groups, inter-company transactions, profit shifting, tax avoidance, transfer pricin

    Faktor-faktor Penentu Harga Tembaga di Pasar Internasional Terhadap PT. Freeport Indonesia

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    This study aims to determine the factors that influence copper prices in the international market. The data used is monthly starting from January 2005 to December 2019. The variables are Copper price, Industrial Producer Index (IPI), Producer Price Index (PPI), Fed Rate, Consumer Price Index (CPI), New York Stock Exchange (NYSE), Oil Price, and Gold Price sourced from the internet. The research data was processed using the VECM method with Eviews 10 software. From data processing, the results were obtained: there is a two-way causality relationship between CPI and copper prices, gold prices and IPI have a one-way causality relationship to copper prices, and copper prices have a one-way causal relationship to PPI. The shock that occurred in the IPI variable gave the largest impulse response in the short and long term to the copper price in addition to the shock that occurred by the copper price itself. The shock was given by the fed rate, gold price, and CPI only gives an impulse response effect in the long term. In the short term, the largest decomposition variance was contributed by IPI and the price of copper itself, while in the long term the largest decomposition variance was contributed by IPI, fed rate, gold price, CPI, and also the price of copper itself. From the results of the study, it was concluded that IPI, Fed Rate, gold price, and CPI variables were the most influential factors in changes in copper prices. Keywords: causality, copper price, impulse response, variance Decomposition,  VEC

    Corporate Environmental, Social, and Governance (ESG) and SMEs' Value (a Lesson From Indonesian Public SMEs)

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    Corporate Environmental, Social, and Governance (ESG) has prominently emerged to address sustainability challenges. Despite the positive implications in the extant literature, corporate ESG performance was given less attention by small-medium enterprises (SMEs). Hence, this study aims to investigate corporate ESG performance in Indonesian public SMEs and its influence on firm value. The study was conducted on 17 non-financial SMEs consistently listed on IDX PEFINDO25 from 2016 to 2020. The study found a trend of the annual increase in corporate ESG performance of SMEs and disclosure. The detailed level of performance revealed governance performance was featured, followed by social and environmental performance. The regression analysis showed a significantly positive influence of corporate ESG on firm value. Following these positive influences, we suggest that SME managers amplify corporate ESG as a long-term business growth and value-creation strategy. In addition, investors are advised to consider SMEs with higher ESG performance as part of their investment portfolio. Keywords: corporate ESG, disclosure, firm value, SMEs, sustainability challenge

    Factors Affecting Collateral Valuation Performance During the Covid-19 Pandemic: An Evidence from Islamic Bank in Indonesia

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    This study aims to analyze the performance of collateral appraisers during the Covid-19 pandemic by using the variables of competence, motivation, and work stress as exogenous variables and through satisfaction as a mediating variable. Data for this study was collected through an online questionnaire from an Islamic bank in Indonesia. It involved 96 respondents, determined by the census sampling technique. Structural Equation Modeling with PLS version 3.0 was employed as an analysis tool. The results showed that competence, motivation, and satisfaction positively and significantly affected performance. In contrast, job stress had a negative and significant effect on the satisfaction and performance of collateral appraisers. The managerial implications that can be applied in the company are maintaining and increasing competence and motivation, increasing satisfaction, and quickly resolving sources of work stress.==========================================================================================================ABSTRAK – Faktor-Faktor yang Mempengaruhi Kinerja Penilai Agunan pada Masa Pandemi Covid-19: Kajian pada Bank Syariah di Indonesia. Penelitian ini bertujuan untuk menganalisis kinerja penilai agunan selama masa pandemi Covid 19 dengan menggunakan variabel kompetensi, motivasi dan stres kerja sebagai variabel eksogen dan variabel kepuasan sebagai variabel mediasi. Data penelitian diperoleh dari penyebaran kuesioner pada sebuah bank syariah di Indonesia. Responden penelitian ini berjumlah 96 orang yang didapat berdasarkan teknik census sampling. Analisis dilakukan dengan Structural Equation Modeling dengan PLS versi 3.0. Hasil penelitian menunjukkan bahwa kompetensi, motivasi dan kepuasan berpengaruh positif dan signifikan terhadap kinerja, sedangkan stres kerja berpengaruh negatif dan signifikan terhadap kepuasan dan kinerja agunan penilai. Implikasi manajerial yang dapat diterapkan di perusahaan adalah mempertahankan dan meningkatkan kompetensi dan motivasi, meningkatkan kepuasan, dan cepat menyelesaikan sumber stres kerja
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