Pengaruh Intellectual Capital terhadap Return Saham Melalui Kinerja Keuangan pada Perusahaan Sektor Industri Barang Konsumsi di BEI Tahun 2012-2017

This study aims to determine the effect of intellectual capital’s components on stock return indirectly through financial performance as intervening variabel. Intellectual capital with of three components, those are; Value Added Human Capital (VAHU), Value Added Capital Employed (VACA), dan Structural Capital Value Added (STVA). Meanwhile financial performance is represented by Return on Equity (ROE). Research was conduct on 19 companies of consumer goods industries listed in Indonesian Stock Exchange on the year 2012-2017. To test the hypothesis in this research is using path analysis by AMOS version 22. The result test of hyphothesis show that three components of intellecetual capital; VAHU, VACA, and STVA, has significantly effects to financial performance. Meanwhile VAHU, VACA, STVA and financial performance has not effect on stock return. The result of Sobel test show that financial performance has failed to mediate indirect effect of intellectual capital’s components on stock return. Generally, intellectual capital can increase corporate’s profits but can’t be causeof reaction in stocks market

STUDENTS' SAVING BEHAVIOUR: WHAT ARE THE MOTIVES THAT INFLUENCE THEM TO SAVE?

This study aims to determine the determinants of saving behavior using financial literacy as a mediating variable. The endogenous variable in this study was saving behavior, while the exogenous variables were financial literacy, parental socialization, peer influence, and self-control. The respondents were 300 students from the Faculty of Economics of Indonesia. Data were analyzed by Structural Equation Modelling (SEM) using STATA software. The results show that parental socialization and peer influence positively affect financial literacy, whereas self-control does not. Financial literacy directly affects saving behavior. Parental socialization and peer influence directly influence saving behavior.  The results provide a new understanding of the importance of financial literacy in encouraging student-saving behavior.  The role of parents and peers in the environment is essential for improving students’ financial literacy and saving behavior. The banking industry can play a role in increasing financial literacy through collaboration with universities through a virtual account program and the socialization of savings to students. It is also an opportunity for saving service providers to introduce their products to consumers early.JEL : G41, G410.ABSTRAKTujuan penelitian ini untuk mengetahui determinan dari saving behaviour dengan menggunakan financial literacy sebagai variabel mediasi. Variabel endogen dalam penelitian ini adalah saving behaviour sedangkan variabel eksogen, yaitu financial literacy, parental socialization, peer influence, dan self-control. Responden penelitian ini adalah 300 mahasiswa Fakultas Ekonomi di Indonesia. Data dianalisis dengan Structural Equation Modeling (SEM) menggunakan software STATA. Hasil penelitian menunjukkan bahwa parental socialization dan peer influence berpengaruh positif terhadap financial literacy, sedangkan self-control berpengaruh negatif terhadap financial literacy. Financial literacy juga terbukti berpengaruh secara langsung pada saving behaviour. Parental socialization dan peer influence juga memiliki pengaruh langsung pada saving behaviour. Penelitian ini memberikan pemahaman baru mengenai pentingnya literasi keuangan untuk mendorong perilaku menabung bagi mahasiswa. Peran orang tua dan teman sebaya menjadi faktor penting dalam menumbuhkan literasi keuangan dan perilaku menabung mahasiswa. Industri perbankan dapat berperan dalam meningkatkan financial literacy melalui kerjasama dengan universitas dalam bentuk program virtual account sekaligus untuk sosialisasi tabungan ke mahasiswa. Ini juga menjadi peluang bagi penyedia layanan tabungan untuk memperkenalkan produknya ke konsumen lebih dini.Kata Kunci: literasi keuangan, peer influence, parental socialization, self-control, saving behaviour

PENGARUH FINANCIAL LITERACY DAN BEHAVIORAL FINANCE FACTORS TERHADAP KEPUTUSAN INVESTASI (STUDI TERHADAP INVESTOR SAHAM SYARIAH PADA GALERI INVESTASI SYARIAH UIN SUNAN AMPEL SURABAYA)

The development of the number of investors in Indonesia has increased from 2012 to 2018, especially for sharia investors. Investment decision making is based on rational and irrational attitudes of every investor. So that this study aims to determine the influence of financial literacy and behavioral finance factors (overconfidence, risk perception, loss aversion, and herding) on study investment decisions on sharia stock investors in the sharia investment gallery of UIN Sunan Ampel Surabaya. The analysis technique used in this study is multiple linear regression analysis with a total sample of 126 respondents. The results of this study show variable overconfidence and herding influence on investment decisions. Respondents have a high level of confidence in making investment decisions. In addition, respondents in making investment decisions are also based on other investors. Financial literacy in the respondents of this study is in the medium category, but this does not affect investment decision making because respondents feel they do not need to use knowledge in making investment decisions. Although the level of risk perception of respondents in the medium category and the level of loss aversion in the high category, respondents still tended to be brave and less careful in investing. Keywords: financial literacy; herding; investment decisions; loss aversion; overconfidence; risk perceptio

FAKTOR YANG MEMENGARUHI KEPUASAN KEUANGAN PENGGUNA FINANCIAL TECHNOLOGY DI SURABAYA

The existance of technology have made the growth of financial technology in Indonesia. People are aware of the use of financial technology that helps their mobility in managing finance. The aim of managing finances is to have a positive financial condition so they could achieve their financial satisfaction. Financial satisfaction of using financial technology is influenced by several factors. In this study the several factors are financial attitude, financial knowledge and financial behaviour. This study also determine the mediation effect of financial behavior on financial satisfaction. The sample in this study was 220 respondents of Surabaya society which is using a financial technology from range age 18-34 years. The analysis technique from this study is using Structural Equation Model (SEM) with AMOS 24 program. The results of this study indicate that financial attitude influences financial behavior, financial knowledge does not affect financial behavior, financial behavior influences financial satisaction, financial attitude does not affect on financial satisfaction , financial knowledge influences financial satisfaction, financial behaviour mediate financial attitude on financial behaviour, but financial behaviour does not mediate financial knowledge on financial satisfaction. Keywords: financial attitude; financial behaviour; financial knowledge; financial satisfaction

DEMOGRAFI, FAKTOR INDIVIDU, DAN LITERASI KEUANGAN WANITA KARIR DI SURABAYA

Penelitian ini bertujuan untuk menganalisis faktor-faktor yang berpengaruh terhadap literasi keuangan pada wanita karir di Surabaya. Penelitian ini menggunakan demografi (usia, pendidikan, pendapatan, marital status, dan status pekerjaan.) dan factor individu (adopsi teknologi mobile banking dan frekuensi mengakses informasi keuangan) untuk mengetahui tingkat literasi keuangan pada wanita karir di Surabaya. Populasi penelitian adalah seluruh wanita di Kota Surabaya. Sampel sebanyak 220 responden yang tersebar dalam lima wilayah mencangkup Surabaya Pusat, Surabaya Utara, Surabaya Timur, Surabaya Selatan, dan Surabaya Barat yang diambil menggunakan teknik proportionate stratified random sampling dan snowball sampling. Jenis data menggunakan data kuantitatif. Teknik analisis data yang digunakan adalah analisis regresi linear berganda. Hasil penelitian menunjukkan bahwa faktor individu yang berupa adopsi teknologi mobile banking dan frekuensi mengakses informasi keuangan berpengaruh positif terhadap literasi keuangan wanita karir di Surabaya dan variabel demografi (usia, pendidikan, pendapatan, marital status, dan status pekerjaan.) tidak berpengaruh terhadap literasi keuangan. Kata Kunci : Demografi, faktor individu, literasi keuanga

Pengaruh Financial Literacy, Illusion of Control, Overconfidence, Risk Tolerance, dan Risk Perception Terhadap Keputusan Investasi Pada Mahasiswa di Kota Surabaya

The development of the capital market along with the increase in Single Investor Identification (SID) makes investment an attractive destination for investors. In investing, investors act rationally or irrational in making investment decisions. So this research aimed to analyze the financial literacy, illusion of control, overconfidence, risk tolerance, and risk perception of investment decisions in students in the city of Surabaya. This research use multiple linier regression analysis technique with 220 respondent sample of university student investor who has Investment Gallery in Surabaya city. The results of this study indicate that the variables overconfidence and risk tolerance effect on investment decisions. Respondents belong to a group of investors who feel confident and like high risks with high returns as well. While the variables of financial literacy, illusion of control and risk perception have no effect on investment decision. Respondents belong to investor groups categorized as higher financial literacy, but respondents feel no need to use knowledge in decision making invetasi. In addition, in this study the average respondent sees historical information, but the information can not predict future changes, so respondents do not have an illusion of control attitude and tend to be careful in making investment decisions. The absence of the influence of risk perception on investment decisions, because in this study the length of investment makes respondents make investment decisions that tend to like the risk and expect a good situation in the future

PENGARUH CSR, LEVERAGE, KEPEMILIKAN MANAJERIAL DAN LIKUIDITAS TERHADAP KINERJA KEUANGAN (PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE DI BEI 2012-2017)

The purpose of this study was to determine the effect of CSR, leverage, managerial ownership, and liquidityon financial performance. This type of research uses quantitative research. The sampling technique usespurposive sampling. Data collection was carried out through publications from the property and real estatesector for the 2012-2017 period on the IDX. The statistical analysis used in this study uses SPSS. Analysis oftechnical data in terms of this study uses the classic assumption test, multiple linear regression analysis andhypothesis testing. The analysis shows that CSR does not have a negative influence on financial performance.Leverage does not have a positive effect on financial performance. Managerial ownership has a negativeinfluence on financial performance. Liquidity has a positive effect on financial performance. Keywords: CSR; financial performance; leverage; liquidity; managerial ownership

PENGARUH ECO-EFFICIENCY, CORPORATE SOCIAL RESPONSIBILITY, OWNERSHIP CONCENTRATION, DAN CASH HOLDING TERHADAP NILAI PERUSAHAAN SEKTOR CONSUMER GOODS DI BEI PERIODE 2011-2016

This research aimed to analyze the influence of eco-efficiency, Corporate Social Responsibility, Ownership Concentration, and Cash Holding on firm’s value which is proxied with Price Earning Ratio. The type of this research is a quantitative research using purposive sampling method, in order to obtain the 15 companies that meet the criteria for the research sample.The object in this research is the consumer goods sector companies listed on the Indonesia Stock Exchange period 2011-2016. The data used is secondary data is documented from company annual report that obtained from IDX (www.idx.co.id) and suistanbility report on official website of each company. Data were analyzed were multiple linear regression analysis and using IBM SPSS version 24.The result of this research eco-efficiency has a positive influence on firm’s value. Corporate sosial responsibility of the company has no influence on firm’s value, because the results of CSR calculations using the GRI 3.0 indicator, the 15 companies that were used as research sample, the results was that no company had a GRI value of more than 50%. GRI value greater than 50% means that the company describes the CSR information completely in compliance with 79 GRI items, and if the GRI value is less than 50% then the CSR information provided by the company is incomplete. Ownership concentration and cash holding has a negative influence on firm’s value

FAKTOR - FAKTOR YANG MEMPENGARUHI KEPUTUSAN INVESTASI PADA INVESTOR SAHAM DI SURABAYA

The number of investors in Indonesia from June 2017 to June 2018 has an impact on investment activities. Investment activities related to investment decision making by investors are influenced by various factors. The factors discussed in this study are Herding, Risk Perception, Risk Averse, Financial Literacy, and Demographic Factors towards Investment Decisions. This study uses a sample of 220 stock investors registered at the Investment Gallery in Surabaya, and uses multiple linear regression analysis techniques through SPSS 23. The results show that the herding variable influences investment decisions, while risk perception, risk averse, financial literacy, and demographic factors including gender, age, income, education, and experience have no effect on investment decisions. The implication of the results of this study is to provide knowledge about aspects and factors that influence investment decision making. Keywords: demographic factors; financial literacy; herding; risk averse; risk perception