THE IMPACT OF CAPITAL ADEQUACY, EFFICIENCY, SIZE, EQUITY, LIQUIDITY AND FEE BASED INCOME TO BEHAVIORS OF FUNDING AND FINANCING OF ISLAMIC BANKS IN INDONESIA (JANUARY 2010 – DECEMBER 2014)

This study aimed to see the behavior of funding and financing of Islamic Banks in Indonesia in years period January 2010 until December 2014. Bank as the financial intermediary institution take a role to facilitate the channeling between the parties who have excessive fund and distribute to the parties who need fund. Emphasise the important of funding and financing, this study aimed to see the implication of CAR, Efficiency, Size, Equity, Liquidity and Fee based income to the behavior of Funding and Financing. This study used Data Envelopment Analysis to measure efficiency value through intermediary approach and Multiple Regression Analysis. The data used in this study are the data of Capital Adequacy Ratio (CAR), Efficiency, Asset, Equity, Financing to Deposit Ratio (FDR), Fee Based Income, Funding and Financing of Islamic Banks in Indonesia. The sample used were selected by purposive sampling method with some criterias. The samples are 11 Islamic Banks listed in Financial Service Authority database in years period January 2010 until December 2014. From the test result using the Data Envelopment Analysis, There are some Islamic Banks in Indonesia which are still inefficient. Meanwhile based to Multiple Regression Analysis showed that CAR has positive impact to funding and no impact financing, Efficiency has no impact to both of funding and financing, Asset has no impact to funding but has positive impact to financing, Equity has no impact to funding and negative impact to financing, Liquidity has no impact to funding and has positive impact to financing, while Fee based income has no impact to both of funding and financing

THE DETERMINANT OF FINANCIAL HEALTH ON SHARIA LIFE INSURANCE COMPANY (Empirical Research on Sharia Life Insurance Company in Indonesia Period 2010-2015)

Financial health is a term used to describe the state of one's personal or company financial situation. Considering the many factors that affect the level of health of the company, this research will develop research to analyze the effect of Firm Size (siz), Investment Performance (IP), Liquidity Ratio (LR), Incurred Loss Ratio (ILR) on Financial Health of Sharia Insurance company. The purpose of this study was to determine and analyze the factors that affect the Financial Health of Sharia Life Insurance Company in Indonesia the period 2010 to 2015. The Financial Health measured by two methods, namely by Altman Zscore and the second with a Risk Based Capital (RBC) with Firm Size (siz), Investment Performance (IP), Liquidity Ratio (LR), Incurred Loss Ratio (ILR) as independent variables . Samples used in this study as many as 14 Sharia Life Insurance, where the method used is purposive sampling is a sampling method that takes an object with certain criteria and using cross section data, where every year the amount of data taken is not same. Analysis of data using multiple regression analysis. The results of data analysis or regression results indicate that simultaneous Firm Size (siz), Investment Performance (IP), Liquidity Ratio (LR), and Incurred Loss Ratio (ILR) affects Financial Health (Z) and Financial Health (RBC). While partially produced different results, which is only variable Investment Performance (IP) which partially affects Financial Health (Z), but on the Financial Health (RBC), Investment Performance (IP), Liquidity Ratio (LR), Incurred Loss Ratio ( ILR) partially affect the Financial Health (RBC). The magnitude of the coefficient of determination (adjusted R-square) Financial Health (Z) is equal to 0.376. This means that 37.6% dependent variable, namely the Financial Health 1 (Z) can be explained by four independent variables, ie variables Firm Size (siz), Investment Performance (IP), Liquidity Ratio (LR), Incurred Loss Ratio (ILR) while the remaining 62.4% level Financial Health (Z) is explained by variables or other causes beyond the model. Then, magnitude of the coefficient of determination (adjusted R-square) Financial Health (RBC) is approximately 0.567. This means that 56.7% dependent variable 2, namely the Financial Health (RBC) can be explained by four independent variables are variables Firm Size (siz), Investment Performance (IP), Liquidity Ratio (LR), Incurred Loss Ratio (ILR) while the remaining 43.3% Financial Health (RBC) is explained by variables or other causes beyond the model

COMPARATIVE ANALYSIS ON DETERMINANTS OF PROFITABILITY OF DOMESTIC AND FOREIGN BANKS IN INDONESIA (EMPIRICAL STUDIES ON COMMERCIAL BANKS USING MONTHLY REPORT OF BANKS FINANCIAL STATEMENTS PERIOD OF 2014.1-2015.12)

Profitability has an important role for bank sustainability, profitability is one of the most important pillars for bank in running their activities. Bank in generating profit, there are some things that must be considered, for instance is determinant factors that will affect the growth of profitability. By knowing the determinant factors of profitability, banks will be more prudent in doing strategies for generating greater profit and to face the unpredictable circumstances. The purposes of this research are to analyse the influence of Total Assets, Equity, Loan Loss Provisions, Off-Balance Sheet Activities, Overhead Costs, and Lagged Profitability to Profitability (ROA and NIM) of Domestic and Foreign Banks that operating in Indonesia period of 2014 – 2015, and also this research will present the comparative analysis of both bank groups (domestic and foreign). The population of this study were 66 Domestic Banks and 39 Foreign Banks (commercial banks) operating in Indonesia. This research also used monthly report of banks financial statements over the period of 2014(1)-2015(12). In the fact, data of monthly reports will provide more complete and accurate information to give a better result. This study used the cross-section method in taking the population. The results of this research had found various results, proving that the determinant factors used in this research had an influence on Foreign and Domestic Banks profitability. But there were some results that were not in accordance with the hypotheses that had been made. From this research also obtained, that there was a difference between influence of determinants factors to Domestic Banks profitability with influence of determinant factors to Foreign Banks profitability

BANK CHARACTERISTICS, FIRM CHARACTERISTICS, BANK FUNDING STRUCTURE AND BANK LENDING DURING LIQUIDITY CRISIS USING A DYNAMIC PANEL MODEL (Study on Manufacturing Firms Listed on IDX 2011 – 2014)

This study aimed to see the behaviour of bank lending to manufacturing companies. The behaviour of bank lending is examined from the supply side, demand side and the structure of bank funding especially under a liquidity crisis. This study emphasize that less wholesale funding will be more beneficial for banks when there is a liquidity crisis. This study will also examine the effect of bank size, bank capital, bank credit risk, and the lender’s characteristics (firm size, firm value and firm leverage) on bank lending to manufacturing sector. The sample of this study is manufacturing companies listed in Indonesian Stock Exchange in 2011 until 2014. This study collected the long-term bank debt of manufacturing companies, the assets, CAR, NPL of the debtors and the assets, Tobin’s Q, DER of the lenders. The Arellano-Bond linear dynamic panel data method is used to analyse the determinants of bank lending. This study found that bank capital, firm leverage and firm value do not have significant influence on bank lending. On the other side, the interaction of bank funding structure and liquidity crisis, bank size and the first lagged value of bank lending have a positive and significant effect on bank lending while bank NPL and firm size have a negative and significant effect on bank lending

ANALISIS PENGARUH ILLUSION OF CONTROL, BETTER-THAN-AVERAGE, MISCALIBRATION, DESIRABILITY BIAS DAN PENDIDIKAN TERHADAP PERILAKU OVERCONFIDENCE (Studi Kasus pada Mahasiswa Ekonomi & Non-Ekonomi Universitas Diponegoro dalam Pengambilan Keputusan Keuangan)

Overconfidence is a behaviour where someone, feeling very confident about the things, ignoring unimportant factors, taking excessive risk because of their abilities. This is one of bias in behavioural finance, which is the modern financial theory that has a relation with the economics and psychological factors. Overconfidence itself affected by cognitive biases such as an illusion of control, better-than-average, miscalibration, desirability bias and education. This study will take a case study on the economic students and non-economic students through financial decision. Research population used was bachelor degree students at the Diponegoro University, and taken samples of the all-purpose 172 respondents which consisting of two categories. First, respondent against a background of economic education, and the second one is respondent with non-economics educational background. The separation of the group performed in order to know whether there are significant differences regarding the overconfidence behaviour in terms of financial decisions. The results showed that the illusion of control, better-than-average and desirability bias in respondents from the Faculty of Economics & Business has a positive and significant effect to the overconfidence related in financial decisions. Otherwise, miscalibration indicate negative and significant effect on overconfidence behaviour. Different side shown by respondents from NON-Faculty of Economics & Business. The results showed that the illusion of control and better-than-average has a positive and significant effect to the overconfidence. Furthermore, desirability bias has the positive and no significant effect on the overconfidence behaviour. While miscalibration has the negative and no significant effect on overconfidence. Mastery in economic and finance have a positive and significant influence to create overconfidence behavioural in terms of financial decision with the coefficient value of 0,591

ANALISIS PENGARUH STOCK SELECTION SKILL, MARKET TIMING ABILITY,FUND LONGEVITY, FUND CASH FLOW DAN FUND SIZE TERHADAP KINERJA REKSA DANA (Studi Kasus: Reksadana Saham Periode Tahun 2010-2014)

Investment growth of mutual funds in Indonesia has increased rapidly due to the mutual fund that able to overcome the investor problems in making investment. The problems associated with time, information, and the ability to invest. Mutual funds are managed by an investment manager that can manage the fund in accordance with its investment objectives. This study conducted to examine the relationship between the performance of mutual fund shares with five variables that affect it includes stock selection skills, market timing ability, longevity fund, fund cash flow and fund size. The data used in this study are SBI, JCI, TNA annually, NAB monthly, and age with 59 sample of mutual funds of stocks for 2010-2014 period and the number of observations as many as 188 data. This research using the method of multiple linear regression with the classical assumption using normality test, heteroscedasticity test, multicollinearity test, autocorrelation test. The method used to test the hypothesis is the F test and T test shows that partially market timing ability have significant positive impact to performance of mutual funds. Stock selection skill have significant negative impact to performance, but Fund Longevity and Fund Size have no significant negative impact to performance of mutual funds. Then cash have no significant positive impact to performance of mutual funds. Based on the test results show the value of the coefficient of determination adjusted R square of 0.633, so that the variables in this study may explain the variable performance of mutual funds amounted to 63.3%

DETERMINANT OF MARKET EFFICIENCY IN SHORT HORIZON DATA (STUDY ON NON-FINANCIAL COMPANIES LISTED AT KOMPAS 100 INDEX IN OCTOBER 2017- MARCH 2018)

Market efficiency has become an important research since the emergence of efficient market hypothesis by Fama in 1970. Indonesia researchers has done so many research in accordance of market efficiency, but almost all of them are focused on long term efficiencies and not many of them are try to determine the factors or variable that has the most impact on market efficiency in Indonesia. Different from research that had been conducted in Indonesia, This research focused on short horizon interval and tries finding the determinant of short horizon return predictability which founded as the inverse indicator of market efficiency by Chordia in 2008 and developed by Chung and Hrazadil and other researcher in the following years. The objective of this research are to analyze the effects of Volume, Price, Volatility, Effective Spread, Price Impact to Short Horizon Return Predictability of Non-Financial Companies that listed in KOMPAS100 index on October 2017-March 2018. The population of this study were 64 Non-Financial companies which actively traded and listed in KOMPAS100 Index Indonesia. This research also used the Historical Intraday Trading data from Bloomberg over the period of October 2017- March 2018. Intraday data will provide more specific and accurate information to give a specific result. This research used the multiple linear regression in order to determine the variable which has the most affect on Short Horizon Return Predictability. The result of this research showed us some various result, from proving that the determinant factors used in this research had influence on Non-Financial Companies Short Horizon Return Predictability. But there is a factor that was not in accordance with the hypothesis that had been made. This research also find that Price Impact is the most determining variable or factors that affects Short-Horizon Return Predictability of Non-Financial Companies in Indonesia

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PROFITABILITAS PERBANKAN (Studi pada Bank Umum Go Public yang Listed di Bursa Efek Indonesia Tahun 2011-2013)

Bank is a financial institution that aims to make a profit. The profits derived from the management of public funds. Return on Assets (ROA) is one way of measuring the level of the bank's ability to earn a profit. The purpose of this study was to test the return on assets (ROA) which influenced the Capital Adequacy Ratio (CAR), Non Performing Loan (NPL), Net Interest Margin (NIM), the Loan to Deposit Ratio (LDR), and ROA at commercial banks registered The Indonesia Stock Exchange during 2011-2013. For sampling used purposive sampling method. Data obtained by the publication of the Annual Bank, obtained the number of samples 20 commercial banks to go public. This study used a sample of commercial banks is consistently listed in the Indonesia Stock Exchange during the period 2011-2013. The analysis technique used is multiple linear regression analysis. The results of this study found that the net interest margin (NIM) and ROA has a positive and significant impact on the return on assets (ROA), Capital Adequacy Ratio (CAR) and the loan to deposit ratio (LDR) had no significant positive effect on return on assets (ROA), Non Performing Loan (NPL) has no significant negative effect on the return on assets (ROA)

ANALISIS PENGARUH CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN DAN RISIKO PERUSAHAAN Studi Pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia dan Mengikuti Pemeringkatan Corporate Governance Perception Index (CGPI) Periode 2007-2011

This research aims to examine affectiveness corporate governance for firms performance and firms risk. Based on index that have been developed from certain criteria by The Indonesian Institute for Corporate Governance (IICG), examining 61 firms performance and firms risk as samples. This research using purposive sampling method for non-financial firms that being participants of Corporate Governance Perception Index (CGPI) and listed in Indonesia Stock Exchange. This research using regression analysis. A significant relationship was observed between CGPI as corporate governance measurement and ROI as firms performance measurement. This result showed that higher CGPI will bring higher ROI for the firms. A negative significant relationship was observed between CGPI as corporate governance measurement and total leverage as firms risk measurement. This result showed that higher CGPI will bring lower firms risk significantl

VALUE VERSUS GROWTH STOCKS : PORTFOLIO ANALYSIS APPROACH ON INDONESIA STOCK EXCHANGE (Empirical Study to Companies Listed on Kompas100 Index 2003-2018 Period)

This research aims to clear the ambiguity in superiority between value and growth stocks strategy, particularly in Indonesia. Furthermore, we attempt to develop investment strategy on Indonesia Stock Market based on picking method using Price to Earnings (P/E), Price to Book Value (P/B), Price to Cash Flow (P/C) in relation with time period. This research conducted on non-financial companies listed in Kompas100 Index from 2003 to 2018 period. We are in compliance with previous research such as Fama and French (1992; 1998), Capaul et al. (1993), and Lakonishok et al. (1994). We conduct the research by using portfolio analysis method. By using this method, we formed portfolios and determined its average equally weighted return. After portfolios return are calculated, we proceed to conduct T-test to determine the difference in return between stock types (value and growth) during our research period. Last but not least, we conduct 3-way ANOVA test to find out any interaction regarding the performance of our variables. The results showed that value stocks outperform growth stocks based only on P/E and P/B ratio. The ANOVA test showed that after at least 1 year period, our investment starting to yield at least 76% of our initial investment. Also, the ANOVA test reaffirm the long-established result that value outperform growth stocks in general. Lastly, there are no differences between P/E, P/B and P/C ratio performance as sorting tool to classify value and growth stocks