Foreign Institutional Ownership Andstock Return Volatility in Indonesia

This paper examines the impact of foreign institutional ownership on contemporaneous stock return volatility in Indonesia. In this study, return volatility is measured as standard deviation of daily stockreturns. The dynamic panel data results based on System GMM (S-GMM) estimation, confirm that foreign institutional ownership tend to linearly and convexly increase monthly stock return volatility.The linear impact seems to be weaker for stocks with higher market capitalization, but stronger for stocks with higher turnover.Furthertest reveals that foreign financial institutional ownershiplinearly contributes to return volatility upsurge, while foreign non-financial corporation ownership convexly contribute to return volatility increase.The additional test also uncovers that domestic financial and non-financial institutionalownerships do not impact return volatility

Kinerja PT Sarana Multigriya Finansial (Persero) Dibandingkan dengan Ginnie Mae Menggunakan Analisis Laporan Keuangan

PT Sarana Multigriya Finansial (Persero) tidak terlepas dari USAha dalam mencapai visi misinya juga bertujuan untuk memperoleh keuntungan dalam menghasilkan efektifitas dan efisiensi pengelolaan keuangan. PT Sarana Multigriya Finansial (Persero) merupakan perseroan baru dan merupakan satu-satunya perseroan yang ada dalam bidang pembiayaan sekunder Perumahan di Indonesia sehingga sangat penting dalam melakukan analisis laporan keuangan dalam hal menilai kinerja perseroan tersebut. Selain PT Sarana Multigriya Finansial (Persero) di Indonesia, terdapat perseroan yang bergerak di bidang yang sama di luar Indonesia yaitu Ginnie Mae yang beroperasi di Amerika yang juga dimiliki oleh Pemerintah Amerika. Penelitian ini bertujuan untuk menganalisis kinerja PT Sarana Multigriya Finansial (Persero) yang dibandingkan dengan Ginnie Mae yang merupakan Perusahaan pembiayaan sekunder Perumahan pertama. Populasi penelitian ini adalah PT Sarana Multigriya Finansial (Persero) dan Ginnie Mae pada periode 2009-2013. Penelitian ini menggunakan metode analisis deskriptif. Berdasarkan hasil analisis menunjukkan berdasarkan rasio profitabilitas, rasio likuiditas, dan rasio solvabilitas Ginnie Mae Masih lebih unggul dibandingkan PT Sarana Multigriya Finansial (Persero) baik dari segi angka rasio ataupun pergerakan dari tahun ke tahunnya. Hal tersebut dikarenakan Ginnie Mae yang sudah memiliki sumber pendanaan sendiri yang mampu mencukupi kebutuhan Perusahaan dalam melakukan kegiatan operasional. Sedangkan PT Sarana Multigriya Finansial (Persero) merupakan Perusahaan baru dan merupakan satu-satunya di industrinya dalam Indonesia sehingga masih membutuhkan modal untuk pengembangan perseroan dan untuk kegiatan operasional perseroan. Oleh karena itu PT Sarana Multigriya Finansial (Persero) masih mengandalkan permodalan dari luar perseroan, namun tetap berusaha meningkatkan permodalan dari dalam perseroan sendiri. Kata Kunci: Laporan Keuangan, Profitabilitas, Likuiditas, Solvabilitas, Analisis Laporan KeuanganPT Sarana Multigriya Financial (Persero) can not be separated from efforts to achieve the vision and mission also aims to gain an advantage in generating effectiveness and efficiency of financial management. PT Sarana Multigriya Financial (Persero) is a new company and is the only company that exists in the field of secondary mortgage in Indonesia so it is very important in the analysis of financial statements in terms of assessing the company\u27s performance. In addition to PT Sarana Multigriya Financial (Persero) in Indonesia, there is a company engaged in the same field outside Indonesia, Ginnie Mae that operates in the United States which is also owned by the US government. This study aims to analyze the performance of PT Sarana Multigriya Financial (Persero) is compared with Ginnie Mae is the first secondary mortgage company. The population was PT Sarana Multigriya Financial (Persero) and Ginnie Mae in the period 2009-2013. This study uses descriptive analysis. Based on the results of the analysis show based on the ratio of profitability, liquidity ratio and solvency ratio Ginnie Mae are still better to PT Sarana Multigriya Financial (Persero) both in terms of ratios or movement from year to year. That is because Ginnie Mae who already have their own sources of funding are able to meet the needs of the company in operational activities. While PT Sarana Multigriya Financial (Persero) is a new company and is the only one in its industry in Indonesia that still require capital for development of the company and for the company\u27s operations. Therefore PT Sarana Multigriya Financial (Persero) still rely on capital from outside the company, but still trying to increase the capital of the company itself. Key Words: Financial Statements, Profitability, Liquidity, Solvency, Financial Statement Analysis DAFTAR PUSTAKA Adriyanto, Mahargo. 2013. Analisa Laporan Keuangan Untuk Menilai Kinerja Keuangan Pada Perusahaan Automotive and Components Yang Terdaftar di Bursa Efek Indonesia. Surabaya: Skripsi Akuntansi Universitas 17 Agustus 1945. Afriyeni, Endang. 2008. PenilaianKInerja Keuangan Dengan Menggunakan Analisis Rasio. Jurnal Ekonomi dan Bisnis Volume 3 Nomor 2. Arens, A.A., Elder, R.J., Beasley, M.S. 2012. Auditing and Assurance Service An Integrated Approach,14th Global Edition Djarwanto, PS. 2004. Pokok-pokok Analisis Laporan Keuangan. Edisi ke-2. Yogyakarta: BPFE Ikatan Akuntansi Indonesia. 2007. Harahap, Sofyan Syafri. 2004. Akuntansi Aktiva Tetap, Edisi Ketiga. Jakarta: PT. Raja Grafindo. Harrington, R. Diana., et al. 1991. Corporate Financial Analysis, 3rd Edition. Tokyo: Toppan Co. Ltd. Ikatan Akuntansi Indonesia. 2011. Standar Akuntansi Keuangan (SAK)25. Jakarta: Salemba. Jumingan. 2006. Analisa Laporan Keuangan. Jakarta: PT. Bumi Aksara. Junita dan Khairani. 2013. Analisis Kinerja Perusahaan Dengan Menggunakan Analisa Rasio Keuangan Pada Perusahaan Telekomunikasi Yang Terdaftar di Bursa Efek Indonesia. Jurnal. STIE MDP. Sumber http://eprints.mdp.ac.id/748/ Kasmir. 2010.Analisis Laporan Keuangan. Cetakan Ke-3. Jakarta: PT. Rajagrafindo Persada. Komaruddin. 1994. Esiklopedia Manajemen, edisi kesatu. Jakarta: Bumi Aksara. Prastowo, Dwi dan Rifka Juliaty. 2005. Analisis Laporan Keuangan: Konsep dan Aplikasi. Edisi Kedua. Jilid 1. Yokyakarta: UPP AMP-YKPN. Sawir, Agnes. 2005. Analisis Kinerja Keuangan dan Perencanaan Keuangan Perusahaan. Jakarta: Penerbit PT. Gramedia Pustaka Utama. Standar Akuntansi Keuangan (SAK)1. 2010. Jakarta: Salemba. Weston, J. Fred. dan Copeland, Thomas E. 1995. Manajemen Keuangan Jilid 1, Edisi Kesembilan. Jakarta: Binarupa Aksara. Weygandt, Kimmel, Kieso. 2011. Financial Accounting IFRS Edition. USA: Wiley. Wild, John J. Bernstein, Leopold A., dan Subramanyam, K.R. 2001. Financial Statement Analysis, 7th Edition. New York: McGraw-Hill Companies, Inc.Yin, Robert K. 2003. Studi Kasus: Disain dan Metode. Jakarta : PT. Raja Grafindo PersadaWEBSITEKurniawan, Galih. 2014. Annual Report Award 2014: BRI Jadi Juara Umum. http://finansial.bisnis.com/read/20141017/90/265804/annual-report-award-2014-bri-jadi-juara-umum.Kamus Besar Bahasa Indonesia. Pengertian Analisis. http://kbbi.web.id/analisisTamam, Nurim. 2014. Apa Saja Manfaat Laporan Arus Kas?. http://zahiraccounting.com/id/blog/apa-saja-manfaat-laporan-arus-kas/Yudistira, Galvan. 2014. 2013, Laba Bersih Bank Mandiri Naik 17 Persen. http://bisnis.tempo.co/read/news/2014/02/10/087552879/2013-laba-bersih-bank-mandiri-naik-17-perse

Kajian Sistem Pengaturan Tarif untuk Meningkatkan Jumlah Penumpang

Tarif merupakan salah satu faktor terpenting yang akan digunakan oleh masyarakat dalam memilih angkutan umum atau angkutan pribadi. Jenis tarif yang dapat digunakan berupa seragam atau graduated. Lebih dari itu, pengembangan tarif dapat dilakukan untuk meningkatkan pengunaan angkutan umum. Jenis pengembangan tarif dapat dilakukan berdasarkan Perubahan tarif dasar dan metode pembelian tiket. Kajian ini ditujukan untuk mengetahui jenis pengembangan tarif seperti apa yang mampu meningkatkan penggunaan angkutan umum. Elastisitas tarif dan perbedaan metode pembayaran tarif menjadi faktor yang dilihat pada kajian pustaka yang dilakukan, sehingga dapat diketahui jenis strategi pengembangan yang mungkin dilakukan

Uji Empiris Model Asset Pricing Lima Faktor Fama-french Di Indonesia

The main purpose of this study is to evaluate and compare the performances of the Fama-French three- (FF3) and five-factor (FF5) models in the Indonesia stock market. This study also examines whether book-to-market factor (HML) is redundant in explaining the portfolio excess returns in Indonesia. This study employs asset pricing factor of the 2 x 3 sorts and excess returns of 25 Size-B/M, 25 Size-OP, dan 25 Size-Inv portfolios as dependent variables. This study employs Ordinary Least Square (OLS) with monthly time-series data from 2000 to 2015. Based on the average adjusted R2 from the two models, FF5 explains portfolio excess return variations better than FF3, although the profitability and investment factors only display weak effect on the excess returns. If we refer to Merton's (1973) zero-intercept criterion, the both models are not valid in Indonesia, because most intercepts are significant in each set of 25 portfolios. We also find that book-to-market factor is redundant in describing the variation of returns in Indonesia. The test of intercept difference between Indonesia and The US indicates that there are differences of abnormal return and market efficiency in both countries

The Determinants of Management Forecasts Error and the Ipo Underpricing: a Case Study of Indonesian Ipo

To reduce the well-known information asymmetry in the IPO market, the issuing firms are required to publish offering prospectuses. One type of information disclosed in the prospectus is the management financial forecasts in which the IPO firms predict expected earnings at the end of year after the listing. The purpose of this study is to investigate the determinants of forecasted error published by the management in the IPO prospectuses. This study observes six possible determinants that affect the absolute forecast errors (AFE). Furthermore, this study also examines whether the earning forecast errors could explain the IPO stylish underpricing phenomenon.A sample of 124 IPO firms that went public in Indonesian Stock Exchange (prior Jakarta Stock Exchange) during the 1997 – 2005 period. The results show that the research models proposed are valid models. The management AFE is determined by firm size, forecast interval period, industry, and the firm business range. This study also finds that the AFE is positively related to the IPO underpricing, suggesting that the higher the forecast errors, the more underpriced is the IPO. Moreover, it is also found that market condition also influences the underpricing level in Indonesian IPO market

Non-Linear Impact of Growth Opportunity and Firm Size on the Capital Structure

One of the focuses on capital structure studies is to identify economic forces influencing corporate capital structure. We investigated the non-linear effects of the firm-specific factors to the leverage of the firm of the US-listed firms. In the partial-adjusted model, growth opportunity and the size of the firm had non-linear effects on the leverage of the firm. Growth opportunity showed quadratic effects on leverage with a negative linear term but a positive quadratic term. It meant if the growth opportunity of a firm reached a certain level, fund providers can relatively detect it and subsequently causes a decrease in asymmetric information. This detection of ample growth opportunity will increase the accessibility of external funding. Firm size also exhibits quadratic effects on leverage with a positive linear term but a negative quadratic term. In other words, if the firm size as a proxy of various omitted variables was imminent, the financial market has been applied the diversification discount that will decrease the accessibility of external funding.JEL Classification: G32, D92DOI: https://doi.org/10.26905/jkdp.v22i4.240

Penyitaan Harta Kekayaan Pelaku Tindak Pidana Money Laundering Ditinjau dari Waktu Terjadinya Tindak Pidana (Tempus Delicti ) (Studi Putusan Mari No.1195/k/pidsus/ 2014)

The Verdict of the Jakarta Pusat District Court No. 38/pidsus/tpic/2013/Pn.Jkt.Pst indicted Luthfi Hasan Ishak for committing money laundering with 18 year-imprisonment. The result of the research showed that the confiscation of the property which came from money laundering criminal act that occurred before tempus delicti could be performed as it was stipulated in Chapter V, part 4 from 38 until Article 46 of the Penal Code, and some part of it stipulated in Chapter XIV on Confiscation stipulated in Article 1, letter 16 of the Penal Code. The judge\u27s consideration in his verdict was not contrary to das solen and das sein. In this case, the defendant\u27s statement could not prove that his property was obtained from LHKPN so that the panel of judges concluded that his property came from corruption criminal act. Judges as part of law enforcement should improve their performance in their verdicts in upholding legal certainty, sense of justice, and benefit

Telaahan Daya Dukung dan Daya Tampung Lingkungan dalam Pengelolaan Kawasan Daerah Aliran Sungai di Indonesia

DAS merupakan kawasan yang khas dan mempunyai fungsi yang sangat penting dalam hidrologi. Sekarang ini kawasan DAS di Indonesia telah mengalami kerusakan. Kerusakan ini telah menimbulkan berbagai bencana seperti longsor, erosi dan banjir. Hal ini umumnya disebabkan oleh terjadinya Perubahan penggunaan lahan. Bencana alam serta aktivitas manusia juga telah menimbulkan pencemaran pada air sungai. Dewasa ini hampir sebagian besar sungai-sungai di Indonesia telah mengalami pencemaran, bahkan di pulau Jawa pencemaran sungai sudah dalam tahap yang mengkhawatirkan. Perubahan penggunaan lahan dan pencemaran sungai telah melampaui daya dukung dan daya tampung lingkungan. Penyebab dari kerusakan ini antara lain disebabkan oleh pertambahan penduduk, kelembagaan, kemiskinan, pemenuhan kebutuhan hidup masyarakat seperti sandang, pangan dan pemukiman, perkebunan, pertambangan dan partisipasi masyarakat yang sangat rendah dalam melakukan konservasi. Beberapa cara penanggulangan telah dilakukan mulai dari konservasi secara teknis yaitu teras dan guludan, agroforestri, pelibatan masyarakat serta harmonisasi kelembagaan. Namun masih terjadi kerusakan di dalam DAS. Perlu dikaji lebih lanjut akar permasalahan yang sebenarnya sehingga bisa dicari penanggulangan yang tepat

Perlindungan Hukum Bagi Anak Pelaku Tindak Pidan (Studi Putusan Pengadilan Negeri Medan Nomor: 27/pid.sus-anak/2014/pn.mdn)

Indonesia as a State Party in the Convention on the Rights of the Child governing the principle of legal protection for the child is obliged to provide special protection to children in conflict with the law. One of the forms of child protection is realized through special criminal justice system for children in conflict with the law. This is confirmed in the United Nations Standard Minimum Rules for the Administration of Juvenile Justice. The findings show that, the first is the legal protection of children as perpetrators of criminal acts is indispensable because it is useful for: 1) Children are not stablephysically and mentally, 2) To ensure the children freed from inhuman or demeaningpunishment, 3 ) To ensure the independence of the child, so as not seized unlawfully or arbitrarily, 4) To ensure that the criminal (penalty) applies only as an ultimumremedium; the second is the legal protection should be given to the child is the legal protection that covers several concepts as follows: 1) The concept of Restorative Justice; and 2) Concept of Diversy. The third isthe child criminal liability based on the judge's decision are as follows: Accepting an appeal from lawyer and public prosecutor of the child; strengtheningdecision ofMedan District Court No.:27/Pid.SUS.Anak/2014/PN.Mdn; Establish the length of children detained entirely deducted from the sentence imposed; Ordered the child remains in custody; Charge a second child in the case of judicial level, which is in the level of appeal for Rp.2.500,00 (Two thousand five hundred rupiahs)