Pengaruh Kualitas Pelaksanaan Islamic Corporate Governance dan Kompleksitas terhadap Frekuensi Terjadinya Fraud pada Perbankan Syariah di Indonesia

This study is explore the quality of ICG in sharia banking in Indonesia during the period of 2011 – 2020, analyze the effect of the quality of ICG implementation and complexity on the frequency of fraud in sharia banking in Indonesia. This study uses a descriptive method with a quantitative approach. The data analysis method used panel data regression. The results that the quality of ICG implementation at BUS during 2011-2020 on average was in the predicate of “very good”, “good” and “good enough”. The implementation of ICG in BUS BUKU III is better than BUS BUKU II and BUKU I. The results also show that the quality of ICG implementation has a significant effect on fraud, if the ICG value increases (the quality of ICG implementation decreases) by 1 unit, then fraud will increase by 1.3251 unit. Then, the complexity has no effect on the frequency of fraud, meaning that the complexity of banks reflected in the category of BUKU 1 banks has the same level of fraud as BUKU II and III

EFFICIENCY VS THE MAQASID SHARIAH INDEX: A COMPARATIVE STUDY OF CONVENTIONAL AND ISLAMIC BANKS IN INDONESIA

Over the last few years, Indonesian Islamic banking has experienced positive development, but there has been a dramatic dip in the growth of the assets and deposits of commercial Islamic banks. This indicates possible inefficiencies in these banks, and the sharp decline in the growth of their assets needs to be assessed in terms of efficiency and Islamic values, which are considered to be able to enhance performance. This research examines conventional and Islamic bank performance in terms of efficiency with data envelopment analysis (DEA) and the maqasid shariah index (MSI) with simple additive weighting (SAW) analysis, using data from fourteen commercial Islamic banks and four commercial conventional banks over the period 2007 to 2018. The results show that conventional banks were more efficient than Islamic ones, except in the financial crisis period, when the efficiency of Islamic banks was higher. In addition, the maqasid shariah index of conventional banks was lower than that of Islamic ones, although the index for Islamic banks was still very low. Furthermore, the study also found that the greater the level of total assets, the higher the maqasid shariah. Keywords: banking performance, commercial islamic banks, efficiency, maqasid shariah inde

Working Capital Management and Performance of Telecommunication Companies in ASEAN-4: The Role of Financial Development

Purpose: The research is designed to comprehensively analyze the influence of internal factors (working capital) and external (financial development) on the probability of telecommunication companies in ASEAN-4.   Theoretical framework: Managing Working capital is concerns about efficiency and proportion of investment in current assets and short-term financing to see the level of profitability and risk of the company that is a trade-off.   Design/Methodology/Approach: This study uses panel data regression analysis using secondary data from annual financial statements of telecommunications companies in ASEAN-4 from 2012-2021.   Findings:  Net Trade Cycle (NTC) positively affects long-term profitability (Tobin's Q), Average Payable Period to Sales (APPS) and Working Capital Financial Policy (WCFP) affect short-term profitability (ROA) and long-term profitability (Tobin's Q). Financial Development (FD) moderates the relationship of managing working capital (management and policy) to short-term performance (ROA) and long-term performance (Tobin'sQ).   Research, practical & social implications: Management and investors of telecommunication companies in ASEAN-4 need to consider internal factors such as working capital management and external factors such as financial development to improve company performance.   Originality/Value: This study is the first to analyze the influence of Financial Development in managing working capital for telecommunication companies in ASEAN-4

THE EFFECT OF BOND CHARACTERISTICS, FINANCIAL PERFORMANCE AND MACRO VARIABLES ON RETURN OF CORPORATE BOND IN THE AGRIBUSINESS SECTOR

There are several reasons why companies choose to issue bonds rather than borrowing from banks. Interest paid by companies to bond investors is often lower than the interest rate charged by the bank, but still at least bond issuance from the agricultural sub-sector and chooses to lend to the bank. The purpose of this study is to analyze the influence of bond characteristics, financial performance and macroeconomic return on corporate bonds in the agribusiness sector. This study uses a panel data regression method consisting of 12 bonds with the vulnerable time between 2014-2015 \quarterly. Based on the panel data model shows that the characteristics of bonds (yield to maturity, coupon, rank, and duration), financial performance (CFOS) and macroeconomics (IHSG) have a significant effect on the return of bonds. The Company should consider the amount of bond yield and coupon to be issued and pay attention to financial performance, especially cash flow and capital expenditure (capital expenditure). Keywords: agribusiness sector, bonds, characteristics, performance, macroeconomic

THE DETERMINANT OF MCMORAN STOCK PRICE

The Purpose of this paper is to research the determinant of fundamental factors consisting of Net Profit Margin (NPM), Return on Equity (ROE), Return on Asset (ROE), Earning per Share (EPS), Working Capital Turn Over (WCTO) and external factors namely: oil prices, gold prices, the Fed’s interest rate and systematic risk, and also Indonesia government regulation towards FCX stock prices. This paper utilizes the ECM analysis methodology, the data during the period of 2000-2019, are obtained from quarterly financial statements issued to the Security Exchange Commission (SEC), the internet for share and commodity prices and also created dummy variable to accommodate the impact of Indonesia government regulation (MINERBA LAW). The results indicate that fundamental and external factors simultaneous have a significant influence on FCX stock prices. Partially in the long-term ROA, gold prices and world oil prices have a significant positive effect, while the Fed Rate and government policies have a significant negative effect. In the short term, the price of oil, gold and WCTO has a significant positive effect, while ROE has a significant negative effect. Keywords: external factors, fundamental factors, minerba law, mining company, stock pric

Financial Performance of Plantation State Owned Enterprise Before and After Holding Establishment

Restructuration of State Owned Enterprise (SOE) through holding company establishment is aimed to transform the company to be more professional, independent and competitive in the global market. Thus far, the Ministry of SOE has established several holding companies, one of which is a plantation holding company. In the course of 5 years after the establishment, the plantation holding company has not shown proper financial performance. The objectives of this research are to analyze the impact of holding company formation towards company’s performance and the required strategy to be implemented related to the company’s capital structure. This research uses primary and secondary data to analyze IFE (Matrix Internal Factor Evaluation), EFE (Eksternal Factor Evaluation), and Internal-External (IE) matrices and compare them to the SWOT (strengths, weaknesses, opportunities, and threats) analysis. The research results show that the size and tangibility variables have increased while the other variables have decreased. Besides that, based on the results of financial performance research that have a significant effect on capital structure are profitability, size, growth, activity, lag leverage. Based on strategic analysis through IE matrix, the company is on the 5th quadrant which requires the company to implement market penetration strategy or doing product development. The SWOT analysis obtained several alternative strategies related to capital structure improvement. Keywords: plantation holding, holding company, company’s performance, financial performance, capital structur

The Impact of Changes in External and Internal Factors on Financial Performance and Stock Returns of Coal Companies

This study aimed to investigate the impact of external and internal factors on financial performance and stock return of coal companies listed in the Indonesia stock exchange. The simultaneous equations model was constructed and estimated using the 2SLS (Two-Stage Least Squares) method. The annual data panel of seven coal mining companies from 2012 up to 2017 were utilized. The results of the model validation showed that 76.92% of the variables have U-Theil values below 0.5 and 23.1%, the values are above 0.5, which means that the predictive values of endogenous variables were good enough for simulation models. Based on the modeling and simulation results, we concluded that coal prices, the rupiah exchange rate, China's GDP were external factors that influence the amount of coal export sales. The exchange rate of the dollar against the rupiah was an external factor that has a dominant impact on the value of MVA and the stock returns. Coal price was external factors that have a dominant impact on financial performance (EBIT, PAT, and EVA). Reduction of revenue costs, operational costs, and general administration was an internal factor that could be carried out to reduce the impact on financial performance in case of changes in external factors, but this did not affect the stock return and MVA.Keywords: Coal, EBIT, EVA, MVA, ReturnAbstrak: Penelitian ini bertujuan mengetahui dampak perubahan faktor eksternal dan internal terhadap kinerja keuangan dan return saham perusahaan batubara yang terdaftar di bursa efek Indonesia. Model persamaan simultan dibangun dan diestimasi menggunakan metode 2SLS (Two Stage Least Squares). Data panel tujuh perusahaan pertambangan batubara tahun 2012–2017 digunakan pada penelitian ini. Hasil validasi model yang dibangun menunjukkan bahwa 76,92% dari variabel mempunyai nilai U-Theil dibawah 0,5 dan 23,1% nilainya diatas 0,5, yang berarti bahwa nilai prediksi variabel endogen cukup baik digunakan untuk simulasi model. Berdasarkan pemodelan dan hasil simulasi dapat disimpulkan bahwa harga batubara, nilai tukar rupiah, GDP Tiongkok merupakan faktor-faktor eksternal yang mempengaruhi jumlah penjualan batubara ekspor. Nilai tukar dollar terhadap rupiah merupakan faktor eksternal yang berdampak dominan terhadap nilai MVA dan nilai return saham. Harga batubara merupakan faktor eksternal yang berdampak dominan terhadap kinerja keuangan (EBIT,PAT dan EVA). Pengurangan biaya pendapatan, biaya operasional dan administrasi umum merupakan satu-satunya faktor internal yang bisa dilakukan untuk mengurangi dampak terhadap kinerja keuangan jika terjadi perubahan faktor eksternal, namun hal itu tidak berdampak terhadap return saham dan MVA. Kata kunci: Batubara, EBIT, EVA,MVA, Retur

Respons Pasar Modal Indonesia Terhadap Pengumuman Insentif Fiskal Biaya R&D Korporat

This study examines the Indonesia stock market’s response to the announcement of tax deduction as an incentive for corporate R & D activity implementation. The study is performed using samples of 13 companies from Miscellaneous Industry and Consumer Goods Industry in Indonesia Stock Market June – July 2019 period. This study uses event study approach, by examining market reaction calculated by Cumulative Abnormal Return (CAR), Cumulative Abnormal Volume (CAV), and Cumulative Abnormal Frequency (CAF). To measure the significance of each variable, non-parametric statistic test Wilcoxon Signed Rank Test and Mann Whitney Test are performed. The Result shows that investors respond to the announcement of tax deduction as an incentive for Indonesia corporate R & D activity. Another result shows that there are different responses from Miscellaneous Industry and Consumer Goods Industry sectors in the Indonesia Stock Market. Keywords: Corporate R & D, event study, fiscal policy, tax deductio

Capital Market Reaction to The Tax Amnesty Policy (Study on Banking Sector Share in Indonesia)

An event or a policy taken by the government can be one of the considerations for investors in making investment decisions in a country. The existence of these events certainly contains information that can be interpreted to carry out transactions in the capital market. The tax amnesty policy is assumed to contain information that is able to respond to capital market players. The reaction of capital market participants can be measured by abnormal returns and trading volume activity. Therefore, it is necessary to conduct research on the reaction of the capital market to the tax amnesty policy in Indonesia on shares in the banking sector because banks are the gateway for the entry of tax amnesty funds. There are 14 bank shares included in the study that fall into the criteria of government perception banks and have IPOs. This study uses the event study analysis method with an observation period of 11 days, namely t-5 to t+5 and t0 as event dates in all tax amnesty policy periods, period I (1 July 2016), period II (1 October 2016), period III (1 January 2017). The research analysis technique used a paired sample t test. The results of the study indicate that there is a reaction in banking stocks to the tax amnesty policy which can be seen from the significant positive difference between the cumulative average abnormal return before and after the tax amnesty policy period I and II, as well as the difference in cumulative average trading volume activity between before and after the tax amnesty policy period I, II, and III. The results of the study conclude that the tax amnesty policy has succeeded in increasing trading activities and providing abnormal returns to investors for two periods on banking stocks so that this issue provides meaningful information and is good news for investors

Analisis Pengaruh Struktur Modal terhadap Kinerja Keuangan Perusahaan

At this time, business growth requires proper companys financial strategy, especially by managing the capitalstructure to meet funding need of business operations. This research describes the impact of capital structure onfinancial performance of finance company listed on the Indonesia Stock Exchange during the years 2009-2013. The dependent variable in this study is financial performance composed of return on assets ratio (ROA),return on equity ratio (ROE) and price-to-earnings ratio (PER).While the independent variable in the form ofcapital structure is the ratio of debt to total assets (DAR) and the ratio of debt to total equity (DER). The resultof panel data regression analysis showed that the capital structure has negative significant effect on financialperformance of ROA and ROE, but has positive significant effect on PER. Based on these results, the financecompanies should apply the precautionary principle in managing capital resources coming from debt financing,because the increased component of excessive debt in the capital structure of the company could lead to anincrease in the financial burden that affects the reduction in companys profit